Document:

Exhibit 4.5

 

 

 

Date:
October 15th, 2020

 

Promissory
Note Issuer: Digerati Technologies, Inc.

 

Re:
Convertible Promissory Note Payoff Agreement

 

This
letter is to confirm an agreement, whereby Platinum Point Capital, LLC agrees to accept $139,000.00 from Digerati Technologies,
Inc. (“the Issuer”) as consideration to extinguish certain convertible promissory notes and share purchase agreements
entered into by both parties on July 11th 2019, and on October 18th, 2019 as outlined below:

 

		●	July
11th, 2019 Convertible Promissory Note
	 	 	 

		o	Total
Remaining Balance: $72,529.60
	 	 	 

		●	October
                                         18th, 2019 Convertible Promissory Note
	 	 	 

		o	Total
                                         Remaining balance: $68,168.10 (Minus agreed disc. of $1,697.70)

 

	Total Balance Due:	 	$	139,000.00	 

 

Upon
confirmation of receipt of the wired funds from the Issuer, Platinum Point Capital will provision the Issuer with a zero-balance
letter with regards to convertible promissory notes referenced in this email.

 

Feel
free to contact us if you have any questions.

 

Sincerely,

Brian
Freifeld

 

	/s/ Arthur
    L Smith	 	/s/ Brian
    Freifeld
	Art Smith : Digerati Technologies Inc	 	Brian Freifeld : Platinum Point CapitalExhibit 4.6

 

Digerati Technologies, Inc.

Description
of Securities

 

General

 

We are authorized to issue an aggregate
of 150,000,000 shares of common stock, $0.001 par value per share and 50,000,000 shares of preferred stock in one or more series
and to fix the voting powers, preferences and other rights and limitations of the preferred stock. As of October 28, 2020, we had
121,932,409 shares of common stock outstanding and no shares of preferred stock outstanding.

 

Each share of common stock shall have one
(1) vote per share. Our common stock does not provide a preemptive, subscription or conversion rights and there are no redemption
or sinking fund provisions or rights. Our common stock holders are not entitled to cumulative voting for election of Board of Directors.

 

Dividends

 

We have not paid any dividends on our common
stock since our inception and do not intend to pay any dividends in the foreseeable future.

 

The declaration of any future cash dividends
is at the discretion of our board of directors and depends upon our earnings, if any, our capital requirements and financial position,
our general economic conditions, and other pertinent conditions. It is our present intention not to pay any cash dividends in the
foreseeable future, but rather to reinvest earnings, if any, in our business operations.

  

Warrants

 

As of October 28, 2020, we have issued
warrants to purchase 2,240,000 shares of Common Stock issuable with a weighted average exercise price of $0.33. Of which 1,940,000
warrants are exercisable immediately, have a weighted-average remaining life of 1.49 years and a weighted-average exercise price
of $0.22 as of October 27, 2020.

 

Options

 

As of October 28, 2020, we have issued
options to purchase 5,000,000 shares of Common Stock issuable with a weighted average exercise price of $0.27. Of which 4,717,699
options are exercisable immediately, have a weighted-average remaining life of 2.62 years and a weighted-average exercise price
of $0.26 as of October 27, 2020.

 

Securities Authorized for Issuance Under Equity Compensation
Plans

 

In November 2015, Digerati adopted the
Digerati Technologies, Inc. 2015 Equity Compensation Plan (the “Plan”). The Plan authorizes the grant of up to 7.5
million stock options, restricted common shares, non-restricted common shares and other awards to employees, directors, and certain
other persons. The Plan is intended to permit Digerati to retain and attract qualified individuals who will contribute to the overall
success of Digerati. Digerati’s Board of Directors determines the terms of any grants under the Plan. Exercise prices of
all stock options and other awards vary based on the market price of the shares of common stock as of the date of grant. The stock
options, restricted common stock, non-restricted common stock and other awards vest based on the terms of the individual grant.
On November 18, 2015, the Company filed a Registration Statement on Form S-8 to register with the U.S. Securities and Exchange
Commission 7,500,000 shares of the Company’s common stock, which may be issued by the Company upon the exercise of options
granted, or other awards made, pursuant to the terms of the Plan. Please see the Plan filed as Exhibit 4.1 to the Company’s
Registration Statement on Form S-8 filed with the U.S. Securities and Exchange Commission on November 18, 2015. 

 

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Preferred Stock

 

The Company has authorized 50,000,000 shares
of preferred stock. The board of directors has the authority to issue these shares and to set dividends, voting and conversion
rights, redemption provisions, liquidation preferences, and other rights and restrictions.

 

Anti-Takeover Effects of Various Provisions of Nevada Law 

 

Provisions of the Nevada Revised Statutes,
our articles of incorporation, as amended, and bylaws could make it more difficult to acquire us by means of a tender offer, a
proxy contest or otherwise, or to remove incumbent officers and directors. These provisions, summarized below, would be expected
to discourage certain types of takeover practices and takeover bids our Board may consider inadequate and to encourage persons
seeking to acquire control of us to first negotiate with us. We believe that the benefits of increased protection of our ability
to negotiate with the proponent of an unfriendly or unsolicited proposal to acquire or restructure us will outweigh the disadvantages
of discouraging takeover or acquisition proposals because, among other things, negotiation of these proposals could result in an
improvement of their terms.

 

Blank Check Preferred 

 

Our articles of incorporation permit our
Board to issue preferred stock with voting, conversion and exchange rights that could negatively affect the voting power or other
rights of our Common Stockholders. The issuance of our preferred stock could delay or prevent a change of control of our Company.

 

Amendments to our Articles of Incorporation
and Bylaws

 

Under the Nevada Revised Statutes, our
articles of incorporation may not be amended by stockholder action alone.

 

Nevada Anti-Takeover Statute

 

We may be subject to Nevada’s Combination
with Interested Stockholders Statute (Nevada Corporation Law Sections 78.411-78.444) which prohibits an “interested stockholder”
from entering into a “combination” with the corporation, unless certain conditions are met. An “interested stockholder”
is a person who, together with affiliates and associates, beneficially owns (or within the prior two years, did beneficially own)
10% or more of the corporation’s capital stock entitled to vote.

  

Limitations on Liability and Indemnification
of Officers and Directors

 

The Nevada Revised Statutes limits or eliminates
the personal liability of directors to corporations and their stockholders for monetary damages for breaches of directors’
fiduciary duties as directors.

 

The limitation of liability and indemnification
provisions under the Nevada Revised Statutes and in our articles of incorporation and bylaws may discourage stockholders from bringing
a lawsuit against directors for breach of their fiduciary duties. These provisions may also have the effect of reducing the likelihood
of derivative litigation against directors and officers, even though such an action, if successful, might otherwise benefit us
and our stockholders. However, these provisions do not limit or eliminate our rights, or those of any stockholder, to seek non-monetary
relief such as injunction or rescission in the event of a breach of a director’s fiduciary duties. Moreover, the provisions
do not alter the liability of directors under the federal securities laws. In addition, your investment may be adversely affected
to the extent that, in a class action or direct suit, we pay the costs of settlement and damage awards against directors and officers
pursuant to these indemnification provisions.

  

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 Authorized but Unissued Shares

 

Our authorized but unissued shares of Common
Stock and preferred stock will be available for future issuance without stockholder approval, except as may be required under the
listing rules of any stock exchange on which our Common Stock is then listed. We may use additional shares for a variety of corporate
purposes, including future public offerings to raise additional capital, corporate acquisitions and employee benefit plans. The
existence of authorized but unissued shares of Common Stock and preferred stock could render more difficult or discourage an attempt
to obtain control of us by means of a proxy contest, tender offer, merger or otherwise.

 

Penny Stock Considerations

 

Our shares will be “penny stocks”
as that term is generally defined in the Securities Exchange Act of 1934 to mean equity securities with a price of less than $5.00
per share. Thus, our shares will be subject to rules that impose sales practice and disclosure requirements on broker-dealers who
engage in certain transactions involving a penny stock. Under the penny stock regulations, a broker-dealer selling a penny stock
to anyone other than an established customer must make a special suitability determination regarding the purchaser and must receive
the purchaser’s written consent to the transaction prior to the sale, unless the broker-dealer is otherwise exempt.

 

In addition, under the penny stock regulations,
the broker-dealer is required to:

 

	 	●	Deliver, prior to any transaction involving a penny stock, a disclosure schedule prepared by the Securities and Exchange Commission relating to the penny stock market, unless the broker-dealer or the transaction is otherwise exempt;

 

	 	●	Disclose commissions payable to the broker-dealer and our registered representatives and current bid and offer quotations for the securities;

 

	 	●	Send monthly statements disclosing recent price information pertaining to the penny stock held in a customer’s account, the account’s value, and information regarding the limited market in penny stocks; and

 

	 	●	Make a special written determination that the penny stock is a suitable investment for the purchaser and receive the purchaser’s written agreement to the transaction, prior to conducting any penny stock transaction in the customer’s account.

 

Because of these regulations, broker-dealers
may encounter difficulties in their attempt to sell shares of our common stock, which may affect the ability of selling shareholders
or other holders to sell their shares in the secondary market and have the effect of reducing the level of trading activity in
the secondary market. These additional sales practice and disclosure requirements could impede the sale of our securities, if our
securities become publicly traded. In addition, the liquidity for our securities may be decreased, with a corresponding decrease
in the price of our securities. Our shares in all probability will be subject to such penny stock rules and our shareholders will,
in all likelihood, find it difficult to sell their securities.

 

  

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