Document:

EX-10.8

 Exhibit 10.8 

[            ], 2021 

Blockchain Coinvestors Acquisition Corp. I 
 PO Box 1093,
Boundary Hall 
 Cricket Square, Grand Cayman 
 KY1-1102, Cayman Islands 
 Re: Initial Public Offering 

Ladies and Gentlemen: 
 This letter (this “Letter
Agreement”) is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”) entered into by and among Blockchain Coinvestors Acquisition Corp. I, a Cayman Islands exempted
company (the “Company”) and Cantor Fitzgerald & Co. and Moelis and Company[, as representatives (the “Representatives”) of the several underwriters (the
“Underwriters”)], relating to an underwritten initial public offering (the “Public Offering”) of 28,750,000 of the Company’s units (including up to 3,750,000 units that may be purchased pursuant
to the Underwriters’ option to purchase additional units, the “Units”), each comprising one of the Company’s Class A ordinary shares, par value $0.0001 per share (the “Ordinary Shares”),
and one-third of one redeemable warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder thereof to purchase one Ordinary Share at a price of $11.50 per share,
subject to adjustment. The Units will be sold in the Public Offering pursuant to a registration statement on Form S-1 and a prospectus (the “Prospectus”) filed by the Company with the
U.S. Securities and Exchange Commission (the “Commission”). Certain capitalized terms used herein are defined in paragraph 1 hereof. 

In order to induce the Company and the Underwriters to enter into the Underwriting Agreement and to proceed with the Public Offering and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Blockchain Coinvestors Acquisition Sponsors I LLC (the “Sponsor) and each of the undersigned (each, an “Insider” and
collectively, the “Insiders”) hereby agree with the Company as follows: 
 1. Definitions. As used herein,
(i) “Business Combination” shall mean a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities; (ii) “Founder
Shares” shall mean the 8,625,000 Class B ordinary shares of the Company, par value $0.0001 per share, outstanding prior to the consummation of the Public Offering; (iii) “Private Placement Warrants” shall
mean the warrants to purchase Ordinary Shares of the Company that will be acquired by the Sponsor for an aggregate purchase price of $7,000,000, or $1.50 per Warrant, in a private placement that shall close simultaneously with the consummation of
the Public Offering (including Ordinary Shares issuable upon conversion thereof); (iv) “Public Shareholders” shall mean the holders of Ordinary Shares included in the Units issued in the Public Offering; (v)
“Public Shares” shall mean the Ordinary Shares included in the Units issued in the Public Offering; (vi) “Trust Account” shall mean the trust account into which a portion of the net proceeds of the
Public Offering and the sale of the Private Placement Warrants shall be deposited; (vii) “Transfer” shall mean the (a) sale of, offer to sell, contract or agreement to sell, hypothecate, pledge, grant of any option to
purchase or otherwise dispose of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position or liquidation with respect to or decrease of a call equivalent position within the meaning of
Section 16 of the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder with respect to, any security, (b) entry into any swap or other arrangement that transfers to another, in
whole or in part, any of the economic consequences of ownership of any security, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (c) public announcement of any intention to effect any
transaction specified in clause (a) or (b); and (viii) “Charter” shall mean the Company’s Amended and Restated Memorandum and Articles of Association, as the same may be amended from time to time. 

 2. Representations and Warranties. 

(a) The Sponsor and each Insider, with respect to itself, herself or himself, represent and warrant to the Company that it, she or he has the
full right and power, without violating any agreement to which it, she or he is bound (including, without limitation, any non-competition or non-solicitation agreement
with any employer or former employer), to enter into this Letter Agreement, as applicable, and to serve as an officer of the Company and/or a director on the Company’s Board of Directors (the “Board”), as applicable, and each Insider
hereby consents to being named in the Prospectus, road show and any other materials as an officer and/or director of the Company, as applicable. 

(b) Each Insider represents and warrants, with respect to herself or himself, that such Insider’s biographical information furnished to
the Company (including any such information included in the Prospectus) is true and accurate in all material respects and does not omit any material information with respect to such Insider’s background. The Insider’s questionnaire
furnished to the Company is true and accurate in all material respects. Each Insider represents and warrants that such Insider is not subject to or a respondent in any legal action for, any injunction, cease-and-desist order or order or stipulation to desist or refrain from any act or practice relating to the offering of securities in any jurisdiction; such Insider has never been convicted of, or pleaded
guilty to, any crime (i) involving fraud, (ii) relating to any financial transaction or handling of funds of another person, or (iii) pertaining to any dealings in any securities and such Insider is not currently a defendant in any
such criminal proceeding; and such Insider has never been suspended or expelled from membership in any securities or commodities exchange or association or had a securities or commodities license or registration denied, suspended or revoked. 

3. Business Combination Vote. It is acknowledged and agreed that the Company shall not enter into a definitive agreement regarding a
proposed Business Combination without the prior consent of the Sponsor. The Sponsor and each Insider, with respect to itself or herself or himself, agrees that if the Company seeks shareholder approval of a proposed initial Business Combination,
then in connection with such proposed initial Business Combination, it, she or he, as applicable, shall vote all Founder Shares and any Public Shares held by it, her or him, as applicable, in favor of such proposed initial Business Combination
(including any proposals recommended by the Company’s Board of Directors (the “Board”) in connection with such Business Combination) and not redeem any Public Shares held by it, her or him, as applicable, in connection
with such shareholder approval. 
 4. Failure to Consummate a Business Combination; Trust Account Waiver. 

(a) The Sponsor and each Insider hereby agree, with respect to itself, herself or himself, that in the event that the Company fails to
consummate its initial Business Combination within the time period set forth in the Charter, the Sponsor and each Insider shall take all reasonable steps to cause the Company to (i) cease all operations except for the purpose of winding up;
(ii) as promptly as reasonably possible but not more than 10 business days thereafter, redeem 100% of the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on
deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay income taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the number of
then outstanding Public Shares, which redemption will completely extinguish Public Shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any); and (iii) as promptly as reasonably
possible following such redemption, subject to the approval of the Company’s remaining shareholders and the Board, liquidate and dissolve, subject in the case of clauses (ii) and (iii) to the Company’s obligations under Cayman Islands
law to provide for claims of creditors and in all cases subject to the other requirements of applicable law. The Sponsor and each Insider agree not to propose any amendment to the Charter (i) that would modify the substance or timing of the
Company’s obligation to provide holders of the Public Shares the right to have their shares redeemed in connection with an initial Business Combination or to redeem 100% of the Public Shares if the Company does not complete an initial Business
Combination within the required time period set forth in the Charter or (ii) with respect to any provision relating to the rights of holders of Public Shares unless the Company provides its Public Shareholders with the opportunity to redeem
their Public Shares upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in
the Trust Account and not previously released to the Company to pay taxes, if any, divided by the number of then-outstanding Public Shares. 

 (b) The Sponsor and each Insider, with respect to itself, herself or himself, acknowledges
that it, she or he has no right, title, interest or claim of any kind in or to any monies held in the Trust Account or any other asset of the Company as a result of any liquidation of the Company with respect to the Founder Shares held by it, her or
him, if any. The Sponsor and each of the Insiders hereby further waive, with respect to any Founder Shares and Public Shares held by it, her or him, as applicable, any redemption rights it, she or he may have in connection with the consummation of a
Business Combination, including, without limitation, any such rights available in the context of a shareholder vote to approve such Business Combination or a shareholder vote to approve an amendment to the Charter (i) that would modify the
substance or timing of the Company’s obligation to provide holders of the Public Shares the right to have their shares redeemed in connection with an initial Business Combination or to redeem 100% of the Public Shares if the Company has not
consummated an initial Business Combination within the time period set forth in the Charter or (ii) with respect to any provision relating to the rights of holders of Public Shares (although the Sponsor and the Insiders shall be entitled to
liquidation rights with respect to any Public Shares they hold if the Company fails to consummate a Business Combination within the required time period set forth in the Charter). 

5. Lock-up; Transfer Restrictions. 

(a) The Sponsor and the Insiders agree that the Insider shall not Transfer any Founder Shares (the “Founder Shares Lock-up”) until (x) with respect to one-third of such shares, until competition of our initial Business Combination, (y) with respect to two-thirds of such shares, the earlier of (i) two years after the completion of the initial Business Combination, (ii) with respect to one-third of such shares,
until the closing price of the Ordinary Shares exceeds $12.00 for any 20 trading days within a 30-trading day period following the consummation of the initial Business Combination, or (iii) with respect
to one-third of such shares, until the closing price of the Ordinary Shares exceeds $13.50 for any 20 trading days within a 30-trading day period following the
consummation of the initial Business Combination, or (z) earlier, in any case, if, following the Business Combination, the Company completes a liquidation, merger, share exchange or other similar transaction that results in all of the
Company’s public shareholders having the right to exchange their ordinary shares for cash, securities or other property (the “Founder Shares Lock-up Period”). 

(b) The Sponsor and Insiders agree that they shall not effectuate any Transfer of Private Placement Warrants or Ordinary Shares underlying
such warrants until 30 days after the completion of an initial Business Combination. 
 (c) Notwithstanding the provisions set forth in
paragraphs 5(a) and (b), Transfers of the Founder Shares, Private Placement Warrants and Ordinary Shares underlying the Private Placement Warrants are permitted (a) to the Company’s officers or directors, any affiliate or
family member of any of the Company’s officers or directors, any members or partners of the Sponsor or their affiliates, any affiliates of the Sponsor, or any employees of such affiliates; (b) in the case of an individual, by gift to a
member of one of the individual’s immediate family or to a trust, the beneficiary of which is a member of the individual’s immediate family, an affiliate of such person or to a charitable organization; (c) in the case of an
individual, by virtue of laws of descent and distribution upon death of the individual; (d) in the case of an individual, pursuant to a qualified domestic relations order; (e) by private sales or transfers made in connection with any
forward purchase agreement or similar arrangement or in connection with the consummation of a Business Combination at prices no greater than the price at which the Founder Shares, Private Placement Warrants or Ordinary Shares, as applicable, were
originally purchased; (f) by virtue of the Sponsor’s organizational documents upon liquidation or dissolution of the Sponsor; (g) to the Company for no value for cancellation in connection with the consummation of an initial Business
Combination, (h) in the event of the Company’s liquidation prior to the completion of a Business Combination; or (i) in the event of completion of a liquidation, merger, share exchange or other similar transaction which results in all
of the Company’s Public Shareholders having the right to exchange their Ordinary Shares for cash, securities or other property subsequent to the completion of an initial Business Combination; provided, however, that in the case of
clauses (a) through (f) these permitted transferees must enter into a written agreement agreeing to be bound by these transfer restrictions. 

(d) During the period commencing on the effective date of the Underwriting Agreement and ending 180 days after such date, the Sponsor and each
Insider shall not, without the prior written consent of the Representatives, Transfer any Units, Ordinary Shares, Warrants or any other securities convertible into, or exercisable or exchangeable for, Ordinary Shares held by it, her or him, as
applicable, subject to certain exceptions enumerated in Section [    ] of the Underwriting Agreement. 

 6. Remedies. The Sponsor and each of the Insiders hereby agree and acknowledge that
(i) each of the Underwriters and the Company would be irreparably injured in the event of a breach by the Sponsor or such Insider of its, her or his obligations, as applicable under paragraphs 3, 4, 5, 7, 10 and
11 (ii) monetary damages may not be an adequate remedy for such breach and (iii) the non-breaching party shall be entitled to injunctive relief, in addition to any other remedy that such party may
have in law or in equity, in the event of such breach. 
 7. Payments by the Company. Except as disclosed in the Prospectus, neither
the Sponsor nor any affiliate of the Sponsor nor any director or officer of the Company nor any affiliate of the officers shall receive from the Company any finder’s fee, reimbursement, consulting fee, monies in respect of any payment of a loan
or other compensation prior to, or in connection with any services rendered in order to effectuate the consummation of the Company’s initial Business Combination (regardless of the type of transaction that it is). 

8. Director and Officer Liability Insurance. The Company will maintain an insurance policy or policies providing directors’ and
officers’ liability insurance, and the Insiders shall be covered by such policy or policies, in accordance with its or their terms, to the maximum extent of the coverage available for any of the Company’s directors or officers. 

9. Termination. This Letter Agreement shall terminate on the earlier of (i) the expiration of the Founder Shares Lock-up Period and (ii) the liquidation of the Company. 
 10. Indemnification. In the event
of the liquidation of the Trust Account upon the failure of the Company to consummate its initial Business Combination within the time period set forth in the Charter, the Sponsor (the “Indemnitor”) agrees to indemnify and
hold harmless the Company against any and all loss, liability, claim, damage and expense whatsoever (including, but not limited to, any and all legal or other expenses reasonably incurred in investigating, preparing or defending against any
litigation, whether pending or threatened) to which the Company may become subject as a result of any claim by (i) any third party for services rendered or products sold to the Company (except for the Company’s independent auditors) or
(ii) any prospective target business with which the Company has discussed entering into a transaction agreement (a “Target”); provided, however, that such indemnification of the Company by the Indemnitor (x) shall
apply only to the extent necessary to ensure that such claims by a third party for services rendered or products sold to the Company or a Target do not reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00 per Public
Share and (ii) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account if less than $10.00 per Public Share due to reductions in the value of the trust assets, in each case net of
interest that may be withdrawn to pay the Company’s tax obligations, (y) shall not apply to any claims by a third party or Target who executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such
waiver is enforceable) and (z) shall not apply to any claims under the Company’s indemnity of the Underwriters against certain liabilities, including liabilities under the Securities Act of 1933, as amended. The Indemnitor shall have the
right to defend against any such claim with counsel of its choice reasonably satisfactory to the Company if, within 15 days following written receipt of notice of the claim to the Indemnitor, the Indemnitor notifies the Company in writing that it
shall undertake such defense. For the avoidance of doubt, none of the Company’s officers or directors will indemnify the Company for claims by third parties, including, without limitation, claims by vendors and prospective target businesses.

 11. Forfeiture of Founder Shares. To the extent that the Underwriters do not exercise their option to purchase additional Units
within 45 days from the date of the Prospectus in full (as further described in the Prospectus), the Sponsor agrees to automatically surrender to the Company for no consideration, for cancellation at no cost, an aggregate number of Founder Shares so
that the number of Founder Shares will equal 23% of the sum of the total number of Ordinary Shares and Founder Shares outstanding at such time. The Sponsor and Insiders further agree that to the extent that the size of the Public Offering is
increased or decreased, the Company will effect a share capitalization or a share repurchase, as applicable, with respect to the Founder Shares immediately prior to the consummation of the Public Offering in such amount as to maintain the number of
Founder Shares at 23% of the sum of the total number of Ordinary Shares and Founder Shares outstanding upon completion of the Public Offering. 

 12. Entire Agreement. This Letter Agreement constitutes the entire agreement and
understanding of the parties hereto in respect of the subject matter hereof and supersedes all prior understandings, agreements, or representations by or among the parties hereto, written or oral, to the extent they relate in any way to the subject
matter hereof or the transactions contemplated hereby. This Letter Agreement may not be changed, amended, modified or waived (other than to correct a typographical error) as to any particular provision, except by a written instrument executed by all
parties hereto. 
 13. Assignment. No party hereto may assign either this Letter Agreement or any of its rights, interests, or
obligations hereunder without the prior written consent of the other parties. Any purported assignment in violation of this paragraph shall be void and ineffectual and shall not operate to transfer or assign any interest or title to the purported
assignee. This Letter Agreement shall be binding on the Sponsor, each of the Insiders, and each of their respective successors, heirs, personal representatives and assigns and permitted transferees. 

14. Counterparts. This Letter Agreement may be executed in any number of original or facsimile counterparts, and each of such
counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. 

15. Effect of Headings. The paragraph headings herein are for convenience only and are not part of this Letter Agreement and shall not
affect the interpretation thereof. 
 16. Severability. This Letter Agreement shall be deemed severable, and the invalidity or
unenforceability of any term or provision hereof shall not affect the validity or enforceability of this Letter Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the
parties hereto intend that there shall be added as a part of this Letter Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable. 

17. Governing Law. This Letter Agreement shall be governed by and construed and enforced in accordance with the laws of the State of
Delaware, without giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. The parties hereto (i) all agree that any action, proceeding, claim or dispute arising out of,
or relating in any way to, this Letter Agreement shall be brought and enforced only in the Court of Chancery of the State of Delaware, and irrevocably submit to such jurisdiction and venue, which jurisdiction and venue shall be exclusive, and
(ii) waive any objection to such exclusive jurisdiction and venue or that such courts represent an inconvenient forum. 
 18.
Notices. Any notice, consent or request to be given in connection with any of the terms or provisions of this Letter Agreement shall be in writing and shall be sent by express mail or similar private courier service, by certified mail (return
receipt requested), by hand delivery or facsimile or other electronic transmission. 
 [Signature Page Follows] 

 
			
	Sincerely,
	
	BLOCKCHAIN COINVESTORS ACQUISITION SPONSORS I LLC
		
	By:	 	
                     
                                         
          

	Name:	 	
	Title:	 	
		
		 	  

		 	[NAME]

  

			
	Acknowledged and Agreed:
	BLOCKCHAIN COINVESTORS ACQUISITION CORP. 1
		
	By:	 	  

		 	Name:
		 	Title:Exhibit 10.1

 

 

COMMON STOCK PURCHASE AGREEMENT

This Common Stock Purchase
Agreement is entered into as of August 23, 2021 (this “Agreement”), by and between CANNABIS GLOBAL, INC., a
Nevada corporation (the “Company”), and DUTCHESS CAPITAL GROWTH FUND LP, a Delaware limited partnership (the
“Investor”). The Company and Investor may be referred to herein as each a “Party” and collectively, the
“Parties”.

WHEREAS, the Parties
desire that, upon the terms and subject to the conditions contained herein, the Investor shall purchase, from time to time, as provided
herein, and the Company shall issue and sell Five Million Dollars ($5,000,000) of the Company’s Common Stock (as defined below);

NOW, THEREFORE,
the Parties hereto agree as follows:

ARTICLE I

CERTAIN DEFINITIONS

Section
1.1      
DEFINED TERMS. As used in this Agreement, the following terms shall have the following meanings
specified or indicated (such meanings to be equally applicable to both the singular and plural forms of the terms defined):

“Agreement”
shall have the meaning specified in the preamble hereof.

“Average Daily
Trading Volume” shall mean the average trading volume of the Company’s Common Stock in the five (5) Business Days immediately
preceding the respective Purchase Notice date.

“Bankruptcy Law”
means Title 11, U.S. Code, or any similar federal or state law for the relief of debtors.

“Business Day”
shall mean a day on which the Principal Market shall be open for business.

“Claim Notice”
shall have the meaning specified in Section 9.3(a).

“Clearing Costs”
shall mean all of the Investor’s broker, Transfer Agent, and commission expenses.

“Clearing Date”
shall mean the first entire Business Day that the Investor holds the Purchase Notice Shares in its brokerage account and is eligible to
trade shares.

“Closing”
shall mean one of the closings of a purchase and sale of shares of Common Stock pursuant to Section 2.2.

“Closing Date”
shall mean the date that is five (5) Business Days after the Clearing Date.

“Commitment Amount”
shall mean Five Million Dollars ($5,000,000).

“Commitment Period”
shall mean the thirty-six (36) months immediately following the initial date of effectiveness of the S-1 Registration Statement.

“Common Stock”
shall mean the Company’s common stock, $0.001 value per share, and any shares of any other class of common stock whether now or
hereafter authorized, having the right to participate in the distribution of dividends (as and when declared) and assets (upon liquidation
of the Company).

“Common Stock
Equivalents” means any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire at any
time Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument that is at any
time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock.

    	1  

    	 

    

 

“Company”
shall have the meaning specified in the preamble to this Agreement.

“Custodian”
means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.

“Damages”
shall mean any loss, claim, damage, liability, cost and expense (including, without limitation, reasonable attorneys’ fees and disbursements
and costs and expenses of expert witnesses and investigation).

“Dispute Period”
shall have the meaning specified in Section 9.3(a).

Drawdown Notice”
shall mean a written notice from Company, substantially in the form of Exhibit A hereto, to Investor setting forth the Drawdown Notice
Shares which the Company intends to require Investor to purchase pursuant to the terms of this Agreement.

“Drawdown Notice
Shares” shall mean all shares of Common Stock issued, or that the Company shall be entitled to issue, per applicable Drawdown
Notice in accordance with the terms and conditions of this Agreement.

“DTC”
shall mean The Depository Trust Company, or any successor performing substantially the same function for the Company.

“DTC/FAST Program”
shall mean the DTC’s Fast Automated Securities Transfer Program.

“DWAC”
shall mean Deposit Withdrawal at Custodian as defined by the DTC.

“DWAC Eligible”
shall mean that (a) the Common Stock is eligible at DTC for full services pursuant to DTC’s Operational Arrangements, including,
without limitation, transfer through DTC’s DWAC system, (b) the Company has been approved (without revocation) by the DTC’s
underwriting department, (c) the Transfer Agent is approved as an agent in the DTC/FAST Program, (d) the Drawdown Notice Shares are otherwise
eligible for delivery via DWAC, and (e) the Transfer Agent does not have a policy prohibiting or limiting delivery of the Drawdown Notice
Shares, as applicable, via DWAC.

“DWAC Shares”
means shares of Common Stock that are (i) issued in electronic form, (ii) freely tradable and transferable and without restriction on
resale and (iii) timely credited by the Company to the Investor’s or its designee’s specified DWAC account with DTC under
the DTC/FAST Program, or any similar program hereafter adopted by DTC performing substantially the same function.

“Exchange Act”
shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

“Exchange Cap”
shall have the meaning set forth in Section 7.1(c).

“Execution Date”
shall mean the date of this Agreement.

“FINRA”
shall mean the Financial Industry Regulatory Authority, Inc.

“Indemnified Party”
shall have the meaning specified in Section 9.2.

“Indemnifying
Party” shall have the meaning specified in Section 9.2.

“Indemnity Notice”
shall have the meaning specified in Section 9.3(e).

“Draw Amount”
shall mean the Drawdown Notice Shares referenced in the Drawdown Notice multiplied by the Purchase Price.

 

    	2  

    	 

    

 

“Investor”
shall have the meaning specified in the preamble to this Agreement.

“Lien”
means a lien, charge, pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.

“Material Adverse
Effect” shall mean any effect on the business, operations, properties, or financial condition of the Company and the Subsidiaries
that is material and adverse to the Company and the Subsidiaries and/or any condition, circumstance, or situation that would prohibit
or otherwise materially interfere with the ability of the Company to enter into and perform its obligations under any Transaction Document.

“Person”
shall mean an individual, a corporation, a partnership, an association, a trust or other entity or organization, including a government
or political subdivision or an agency or instrumentality thereof.

“Principal Market”
shall mean any of the national exchanges (i.e. NYSE, NYSE AMEX, Nasdaq), or principal quotation systems (i.e. OTCQX, OTCQB, OTC Pink,
the OTC Bulletin Board), or other principal exchange or recognized quotation system which is at the time the principal trading platform
or market for the Common Stock.

“Purchase Price”
shall mean ninety three percent (93%) of the lowest traded price of the Common Stock the five (5) Business Day prior to the Closing Date.

“Registration
Statement” shall have the meaning specified in Section 6.2.

“Regulation D”
shall mean Regulation D promulgated under the Securities Act.

“Rule 144”
shall mean Rule 144 under the Securities Act or any similar provision then in force under the Securities Act.

“SEC”
shall mean the United States Securities and Exchange Commission.

“SEC Documents”
shall have the meaning specified in Section 4.5.

“Securities”
means, collectively, the Purchase Notice Shares.

“Securities Act”
shall mean the Securities Act of 1933, as amended.

“Subsidiary”
means any Person the Company wholly-owns or controls, or in which the Company, directly or indirectly, owns a majority of the voting stock
or similar voting interest, in each case that would be disclosable pursuant to Item 601(b)(21) of Regulation S-K promulgated under the
Securities Act.

“Third Party Claim”
shall have the meaning specified in Section 9.3(a).

“Transaction Documents”
shall mean this Agreement and all schedules and exhibits hereto and thereto.

“Transfer Agent”
shall mean the current transfer agent of the Company, and any successor transfer agent of the Company.

ARTICLE II

PURCHASE AND SALE OF COMMON STOCK

Section
2.1       
DRAWDOWN NOTICES. Upon the terms and conditions set forth herein (including, without limitation,
the provisions of Article VII), the Company shall have the right, but not the obligation, to direct the Investor, by its delivery to the
Investor of a Drawdown Notice from time to time, to purchase Drawdown Notice Shares provided that the amount of Purchase Notice Shares
shall not exceed the lesser of; (i) $250,000 or (ii) 200% of the Average Daily Traded Value of the Stock during the five (5) days immediately
preceding the Drawdown Notice date or (iii) the Beneficial Ownership Limitation set forth in Section 7.2(g). Notwithstanding the foregoing,
the Company may not deliver a subsequent Drawdown Notice until the Closing of an active Drawdown Notice, except if waived by the Investor
in writing.

 

    	3  

    	 

    

 

Section
2.2        
MECHANICS.

(a)     
DRAWDOWN NOTICE. At any time and from time to time during the Commitment Period, except as
provided in this Agreement, the Company may deliver a Drawdown Notice to Investor, subject to satisfaction of the conditions set forth
in Section 7.2 and otherwise provided herein. The Company shall deliver the Drawdown Notice Shares as DWAC Shares to the Investor alongside
delivery of the Drawdown Notice.

(b)    
DATE OF DELIVERY OF DRAWDOWN NOTICE. A Drawdown Notice shall be deemed delivered on (i) the
Business Day it is received by email by the Investor if such notice is received on or prior to 8:00 a.m. New York time or (ii) the immediately
succeeding Business Day if it is received by email after 8:00 a.m. New York time on a Business Day or at any time on a day which is not
a Business Day.

(c)     CLOSING.
The Closing of a Drawdown Notice shall occur after the market close five (5) Business Days after the Clearing Date, whereby the Investor,
shall deliver the Investment Amount (minus the Clearing Costs), by wire transfer of immediately available funds to an account designated
by the Company.

ARTICLE III

REPRESENTATIONS AND WARRANTIES OF INVESTOR

The Investor represents
and warrants to the Company that:

Section
3.1      
INTENT. The Investor is entering into this Agreement for its own account and the Investor
has no present arrangement (whether or not legally binding) at any time to sell the Securities to or through any Person in violation of
the Securities Act or any applicable state securities laws; provided, however, that the Investor reserves the right to dispose
of the Securities at any time in accordance with federal and state securities laws applicable to such disposition.

Section
3.2       
NO LEGAL ADVICE FROM THE COMPANY. The Investor acknowledges that it has had the opportunity
to review this Agreement and the transactions contemplated by this Agreement with its own legal counsel and investment and tax advisors.
The Investor is relying solely on such counsel and advisors and not on any statements or representations of the Company or any of its
representatives or agents for legal, tax or investment advice with respect to this investment, the transactions contemplated by this Agreement
or the securities laws of any jurisdiction.

Section
3.3      
ACCREDITED INVESTOR. The Investor is an accredited investor as defined in Rule 501(a)(3) of
Regulation D, and the Investor has such experience in business and financial matters that it is capable of evaluating the merits and risks
of an investment in the Securities. The Investor acknowledges that an investment in the Securities is speculative and involves a high
degree of risk.

Section
3.4      
AUTHORITY. The Investor has the requisite power and authority to enter into and perform its
obligations under the Transaction Documents and to consummate the transactions contemplated hereby and thereby. The execution and delivery
of the Transaction Documents and the consummation by it of the transactions contemplated hereby and thereby have been duly authorized
by all necessary action and no further consent or authorization of the Investor is required. The Transaction Documents to which it is
a party has been duly executed by the Investor, and when delivered by the Investor in accordance with the terms hereof, will constitute
the valid and binding obligation of the Investor enforceable against it in accordance with its terms, subject to applicable bankruptcy,
insolvency, or similar laws relating to, or affecting generally the enforcement of, creditors’ rights and remedies or by other equitable
principles of general application.

Section
3.5      
NOT AN AFFILIATE. The Investor is not an officer, director nor “affiliate”
(as that term is defined in Rule 405 of the Securities Act) of the Company.

Section
3.6        ORGANIZATION AND STANDING. The Investor
is an entity duly incorporated or formed, validly existing and in good standing under the laws of the jurisdiction of its
incorporation or formation with full right, corporate, partnership, limited liability company or similar power and authority to
enter into and to consummate the transactions contemplated by the Transaction Documents.

 

    	4  

    	 

    

 

Section
3.7      
ABSENCE OF CONFLICTS. The execution and delivery of the Transaction Documents, and the consummation
of the transactions contemplated hereby and thereby and compliance with the requirements hereof and thereof, will not (a) violate any
law, rule, regulation, order, writ, judgment, injunction, decree or award binding on the Investor, (b) violate any provision of any indenture,
instrument or agreement to which the Investor is a party or is subject, or by which the Investor or any of its assets is bound, or conflict
with or constitute a material default thereunder, (c) result in the creation or imposition of any lien pursuant to the terms of any such
indenture, instrument or agreement, or constitute a breach of any fiduciary duty owed by the Investor to any third party, or (d) require
the approval of any third-party (that has not been obtained) pursuant to any material contract, instrument, agreement, relationship or
legal obligation to which the Investor is subject or to which any of its assets, operations or management may be subject.

Section
3.8     
DISCLOSURE; ACCESS TO INFORMATION. The Investor had an opportunity to review copies of the
SEC Documents filed on behalf of the Company and has had access to all publicly available information with respect to the Company.

Section
3.9      
MANNER OF SALE. At no time was the Investor presented with or solicited by or through any
leaflet, public promotional meeting, television advertisement or any other form of general solicitation or advertising.

ARTICLE IV

REPRESENTATIONS AND WARRANTIES OF THE COMPANY

The Company represents
and warrants to the Investor that, except as disclosed in the SEC Documents or except as set forth in the disclosure schedules hereto:

Section
4.1      
ORGANIZATION OF THE COMPANY. The Company and each of the Subsidiaries is an entity duly incorporated
or otherwise organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization,
with the requisite power and authority to own and use its properties and assets and to carry on its business as currently conducted. Neither
the Company nor any Subsidiary is in violation nor default of any of the provisions of its respective certificate or articles of incorporation,
bylaws or other organizational or charter documents. Each of the Company and the Subsidiaries is duly qualified to conduct business and
is in good standing as a foreign corporation or other entity in each jurisdiction in which the nature of the business conducted or property
owned by it makes such qualification necessary, except where the failure to be so qualified or in good standing, as the case may be, could
not have or reasonably be expected to result in a Material Adverse Effect and no proceeding has been instituted in any such jurisdiction
revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority or qualification.

Section
4.2       
AUTHORITY. The Company has the requisite corporate power and authority to enter into and perform
its obligations under the Transaction Documents. The execution and delivery of the Transaction Documents by the Company and the consummation
by it of the transactions contemplated hereby and thereby have been duly authorized by all necessary corporate action and no further consent
or authorization of the Company or its Board of Directors or stockholders is required. The Transaction Documents have been duly executed
and delivered by the Company and constitutes a valid and binding obligation of the Company enforceable against the Company in accordance
with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, or similar laws relating to, or affecting
generally the enforcement of, creditors’ rights and remedies or by other equitable principles of general application.

 

    	5  

    	 

    

 

Section
4.3     
CAPITALIZATION. As of the date hereof, the authorized capital stock of the Company consists
of 500,000,000 shares of Common Stock, par value of $0.001 per share, of which approximately 79,297,868 shares of Common Stock are issued
and outstanding. Except as set forth on Schedule 4.3, the Company has not issued any capital stock since its most recently filed
periodic report under the Exchange Act, other than pursuant to the exercise of employee stock options under the Company’s stock
option plans, the issuance of shares of Common Stock to employees pursuant to the Company’s employee stock purchase plans and pursuant
to the conversion and/or exercise of Common Stock Equivalents outstanding as of the date of the most recently filed periodic report under
the Exchange Act. No Person has any right of first refusal, preemptive right, right of participation, or any similar right to participate
in the transactions contemplated by the Transaction Documents. Except as set forth on Schedule 4.3 and except as a result of the
purchase and sale of the Securities, there are no outstanding options, warrants, scrip rights to subscribe to, calls or commitments of
any character whatsoever relating to, or securities, rights or obligations convertible into or exercisable or exchangeable for, or giving
any Person any right to subscribe for or acquire any shares of Common Stock, or contracts, commitments, understandings or arrangements
by which the Company or any Subsidiary is or may become bound to issue additional shares of Common Stock or Common Stock Equivalents.
The issuance and sale of the Securities will not obligate the Company to issue shares of Common Stock or other securities to any Person
(other than the Investor) and will not result in a right of any holder of Company securities to adjust the exercise, conversion, exchange
or reset price under any of such securities. Except as otherwise disclosed in its SEC filings, there are no stockholders agreements, voting
agreements or other similar agreements with respect to the Company’s capital stock to which the Company is a party or, to the knowledge
of the Company, between or among any of the Company’s stockholders and the Company is not obligated to register the sale of any
of its or their securities under the 1933 Act and there are no anti-dilution or price adjustment provisions contained in any security
issued by the Company (or in any agreement providing rights to security holders) that will be triggered by the issuance of any of the
Securities. The Company has furnished to the Investor true and correct copies of the Company’s Certificate of Incorporation as in
effect on the date hereof (“Certificate of Incorporation”), the Company’s By-laws, as in effect on the date hereof (the
“By-laws”), and the terms of all securities convertible into or exercisable for Common Stock of the Company and the material
rights of the holders thereof in respect thereto. The Common Stock is registered pursuant to Section 12(b) or 12(g) of the Exchange Act,
and the Company has taken no action designed to, or which to its knowledge is likely to have the effect of, terminating the registration
of the Common Stock under the Exchange Act nor has the Company received any notification that the SEC is contemplating terminating such
registration. The Company has not, in the twelve (12) months preceding the date hereof, received notice from the Principal Market on which
the Common Stock is or has been listed or quoted to the effect that the Company is not in compliance with the listing or maintenance requirements
of such Principal Market. The Company is and has no reason to believe that it will not in the foreseeable future continue to be, in compliance
with all such listing and maintenance requirements.

Section
4.4      
SEC DOCUMENTS; DISCLOSURE. Except as set forth on Schedule 4.5, the Company has filed
all reports, schedules, forms, statements and other documents required to be filed by the Company under the Securities Act and the Exchange
Act, including pursuant to Section 13(a) or 15(d) thereof, for the one (1) year preceding the date hereof (or such shorter period as the
Company was required by law or regulation to file such material) (the foregoing materials, including the exhibits thereto and documents
incorporated by reference therein, being collectively referred to herein as the “SEC Documents”) on a timely basis
or has received a valid extension of such time of filing and has filed any such SEC Documents prior to the expiration of any such extension.
As of their respective dates, the SEC Documents complied in all material respects with the requirements of the Securities Act and the
Exchange Act, as applicable, and other federal laws, rules and regulations applicable to such SEC Documents, and none of the SEC Documents
when filed contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary
in order to make the statements therein, in light of the circumstances under which they were made, not misleading. The financial statements
of the Company included in the SEC Documents comply as to form and substance in all material respects with applicable accounting requirements
and the published rules and regulations of the SEC or other applicable rules and regulations with respect thereto. Such financial statements
have been prepared in accordance with generally accepted accounting principles applied on a consistent basis during the periods involved
(except (a) as may be otherwise indicated in such financial statements or the notes thereto or (b) in the case of unaudited interim statements,
to the extent they may not include footnotes or may be condensed or summary statements) and fairly present in all material respects the
financial position of the Company as of the dates thereof and the results of operations and cash flows for the periods then ended (subject,
in the case of unaudited statements, to normal, immaterial, year-end audit adjustments). Except with respect to the material terms and
conditions of the transactions contemplated by the Transaction Documents, the Company confirms that neither it nor any other Person acting
on its behalf has provided the Investor or its agents or counsel with any information that it believes constitutes or might constitute
material, non-public information. The Company understands and confirms that the Investor will rely on the foregoing representation in
effecting transactions in securities of the Company.

 

    	6  

    	 

    

 

Section
4.5      VALID ISSUANCES. The Securities are duly authorized and, when issued and paid for in accordance
with the applicable Transaction Documents, will be duly and validly issued, fully paid, and non-assessable, free and clear of all Liens
imposed by the Company other than restrictions on transfer provided for in the Transaction Documents.

Section
4.6      
NO CONFLICTS. The execution, delivery and performance of the Transaction Documents by the
Company and the consummation by the Company of the transactions contemplated hereby and thereby, including, without limitation, the issuance
of the Drawdown Notice Shares, does not and will not: (a) result in a violation of the Company’s or any Subsidiary’s certificate
or articles of incorporation, by-laws or other organizational or charter documents, (b) conflict with, or constitute a material default
(or an event that with notice or lapse of time or both would become a material default) under, result in the creation of any Lien upon
any of the properties or assets of the Company or any Subsidiary, or give to others any rights of termination, amendment, acceleration
or cancellation of, any agreement, indenture, instrument or any “lock-up” or similar provision of any underwriting
or similar agreement to which the Company or any Subsidiary is a party, or (c) result in a violation of any federal, state or local law,
rule, regulation, order, judgment or decree (including federal and state securities laws and regulations) applicable to the Company or
any Subsidiary or by which any property or asset of the Company or any Subsidiary is bound or affected (except for such conflicts, defaults,
terminations, amendments, accelerations, cancellations and violations as would not, individually or in the aggregate, have a Material
Adverse Effect) nor is the Company otherwise in violation of, conflict with or in default under any of the foregoing. The business of
the Company is not being conducted in violation of any law, ordinance or regulation of any governmental entity, except for possible violations
that either singly or in the aggregate do not and will not have a Material Adverse Effect. The Company is not required under federal,
state or local law, rule or regulation to obtain any consent, authorization or order of, or make any filing or registration with, any
court or governmental agency in order for it to execute, deliver or perform any of its obligations under the Transaction Documents (other
than any SEC, FINRA or state securities filings that may be required to be made by the Company in connection with or subsequent to any
Closing or any registration statement that may be filed pursuant hereto); provided that, for purposes of the representation made in this
sentence, the Company is assuming and relying upon the accuracy of the relevant representations and agreements of Investor herein.

Section
4.7      
NO MATERIAL ADVERSE CHANGE. No event has occurred that would have a Material Adverse Effect
on the Company that has not been disclosed in subsequent SEC filings.

Section
4.8       
LITIGATION AND OTHER PROCEEDINGS. Except as disclosed in the SEC Documents or as set forth
on Schedule 4.9, there are no actions, suits, investigations, inquiries or proceedings pending or, to the knowledge of the Company,
threatened against or affecting the Company, any Subsidiary or any of their respective properties, nor has the Company received any written
or oral notice of any such action, suit, proceeding, inquiry or investigation, which would have a Material Adverse Effect. No judgment,
order, writ, injunction or decree or award has been issued by or, to the knowledge of the Company, requested of any court, arbitrator
or governmental agency which would have a Material Adverse Effect. There has not been, and to the knowledge of the Company, there is not
pending or contemplated, any investigation by the SEC involving the Company, any Subsidiary or any current or former director or officer
of the Company or any Subsidiary.

Section
4.9      
REGISTRATION RIGHTS. Except as set forth on Schedule 4.10, no Person (other than the
Investor) has any right to cause the Company to effect the registration under the Securities Act of any securities of the Company or any
Subsidiary.

ARTICLE V

COVENANTS OF INVESTOR

Section
5.1    
SHORT SALES AND CONFIDENTIALITY. Neither the Investor, nor any affiliate of the Investor,
trading for or on behalf of the Investor as a “related party” as defined by Item 404 of Regulation SK, will execute any Short
Sales during the period from the date hereof to the end of the Commitment Period. For the purposes hereof, and in accordance with Regulation
SHO, the sale after delivery of the Drawdown Notice of such number of shares of Common Stock reasonably expected to be purchased under
the Drawdown Notice shall not be deemed a Short Sale. The Investor shall, until such time as the transactions contemplated by the Transaction
Documents are publicly disclosed by the Company in accordance with the terms of the Transaction Documents, maintain the confidentiality
of the existence and terms of this transaction and the information included in the Transaction Documents.

    	7  

    	 

    

 

Section
5.2     
COMPLIANCE WITH LAW; TRADING IN SECURITIES. The Investor’s trading activities with respect
to shares of Common Stock will be in compliance with all applicable state and federal securities laws and regulations and the rules and
regulations of FINRA and the Principal Market.

ARTICLE VI

COVENANTS OF THE COMPANY

Section
6.1      
LISTING OF COMMON STOCK. The Company shall promptly secure the listing of all of the Drawdown
Notice Shares to be issued to the Investor hereunder on the Principal Market (subject to official notice of issuance) and shall use commercially
reasonable best efforts to maintain, so long as any shares of Common Stock shall be so listed, the listing of all such Drawdown Notice
Shares from time to time issuable hereunder. The Company shall use its commercially reasonable efforts to continue the listing and trading
of the Common Stock on the Principal Market (including, without limitation, maintaining sufficient net tangible assets) and will comply
in all respects with the Company’s reporting, filing and other obligations under the bylaws or rules of FINRA and the Principal
Market.

Section
6.2      
FILING OF CURRENT REPORT AND REGISTRATION STATEMENT. The Company agrees that it shall file
a Current Report on Form 8-K, including the Transaction Documents as exhibits thereto, with the SEC within the time required by the Exchange
Act, relating to the transactions contemplated by, and describing the material terms and conditions of, the Transaction Documents (the
“Current Report”). The Company shall permit the Investor to review and comment upon the final pre-filing draft version
of the Current Report at least two (2) Business Days prior to its filing with the SEC, and the Company shall give reasonable consideration
to all such comments. The Investor shall use its reasonable best efforts to comment upon the final pre-filing draft version of the Current
Report within one (1) Business Day from the date the Investor receives it from the Company. The Company shall also file with the SEC,
within ten (10) Business Days from the date hereof, a new registration statement (the “Registration Statement”) covering
only the resale of the Drawdown Notice Shares and any other shares as directed by Investor.

ARTICLE VII

CONDITIONS TO DELIVERY OF

PURCHASE NOTICE AND CONDITIONS TO CLOSING

Section
7.1     
CONDITIONS PRECEDENT TO THE RIGHT OF THE COMPANY TO ISSUE AND SELL DRAWDOWN NOTICE SHARES.
The right of the Company to issue and sell the Drawdown Notice Shares to the Investor is subject to the satisfaction of each of the conditions
set forth below:

(a)  
ACCURACY OF INVESTOR’S REPRESENTATIONS AND WARRANTIES. The representations and warranties
of the Investor shall be true and correct in all material respects as of the date of this Agreement and as of the date of each Closing
as though made at each such time.

(b)        
PERFORMANCE BY INVESTOR. Investor shall have performed, satisfied and complied in all respects
with all covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied with by the Investor at
or prior to such Closing.

(c)         PRINCIPAL
MARKET REGULATION. The Company shall not issue any Drawdown Notice Shares, and the Investor shall not have the right to receive any
Drawdown Notice Shares, if the issuance of such Drawdown Notice Shares would exceed the aggregate number of shares of Common Stock which
the Company may issue without breaching the Company’s obligations under the rules or regulations of the Principal Market (the “Exchange
Cap”).

Section
7.2  
CONDITIONS PRECEDENT TO THE OBLIGATION OF INVESTOR TO PURCHASE DRAWDOWN NOTICE SHARES. The
obligation of the Investor hereunder to purchase Drawdown Notice Shares is subject to the satisfaction of each of the following conditions:

    	8  

    	 

    

 

(a)     
EFFECTIVE REGISTRATION STATEMENT. The Registration Statement, and any amendment or supplement
thereto, shall remain effective for the resale by the Investor of the Drawdown Notice Shares and (i) neither the Company nor the Investor
shall have received notice that the SEC has issued or intends to issue a stop order with respect to such Registration Statement or that
the SEC otherwise has suspended or withdrawn the effectiveness of such Registration Statement, either temporarily or permanently, or intends
or has threatened to do so and (ii) no other suspension of the use of, or withdrawal of the effectiveness of, such Registration Statement
or related prospectus shall exist.

(b)   
ACCURACY OF THE COMPANY’S REPRESENTATIONS AND WARRANTIES. The representations and warranties
of the Company shall be true and correct in all material respects as of the date of this Agreement and as of the date of each Closing
(except for representations and warranties specifically made as of a particular date).

(c)      PERFORMANCE
BY THE COMPANY. The Company shall have performed, satisfied and complied in all material respects with all covenants, agreements
and conditions required by this Agreement to be performed, satisfied or complied with by the Company.

(d)    
NO INJUNCTION. No statute, rule, regulation, executive order, decree, ruling or injunction
shall have been enacted, entered, promulgated or adopted by any court or governmental authority of competent jurisdiction that prohibits
or directly and materially adversely affects any of the transactions contemplated by the Transaction Documents, and no proceeding shall
have been commenced that may have the effect of prohibiting or materially adversely affecting any of the transactions contemplated by
the Transaction Documents.

(e)      
ADVERSE CHANGES. Since the date of filing of the Company’s most recent SEC Document,
no event that had or is reasonably likely to have a Material Adverse Effect has occurred.

(f)        NO
SUSPENSION OF TRADING IN OR DELISTING OF COMMON STOCK. The trading of the Common Stock shall not have been suspended by the SEC,
the Principal Market or FINRA, or otherwise halted for any reason, and the Common Stock shall have been approved for listing or quotation
on and shall not have been delisted from the Principal Market. In the event of a suspension, delisting, or halting for any reason, of
the trading of the Common Stock, as contemplated by this Section 7.2(f), the Investor shall have the right to return to the Company any
amount of Drawdown Notice Shares associated with such Drawdown Notice, and the Investment Amount with respect to such Drawdown Notice
shall be reduced accordingly.

(g)     
BENEFICIAL OWNERSHIP LIMITATION. The number of Drawdown Notice Shares then to be purchased
by the Investor shall not exceed the number of such shares that, when aggregated with all other shares of Common Stock then owned by the
Investor beneficially or deemed beneficially owned by the Investor, would result in the Investor owning more than the Beneficial Ownership
Limitation (as defined below), as determined in accordance with Section 16 of the Exchange Act and the regulations promulgated thereunder.
For purposes of this Section 7.2(g), in the event that the amount of Common Stock outstanding is greater on a Closing Date than on the
date upon which the Drawdown Notice associated with such Closing Date is given, the amount of Common Stock outstanding on such issuance
of a Drawdown Notice shall govern for purposes of determining whether the Investor, when aggregating all purchases of Common Stock made
pursuant to this Agreement, would own more than the Beneficial Ownership Limitation following such Closing Date. The “Beneficial
Ownership Limitation” shall be 4.99% of the number of shares of the Common Stock outstanding immediately prior to the issuance
of shares of Common Stock issuable pursuant to a Drawdown Notice.

(h)      
PRINCIPAL MARKET REGULATION. The issuance of the Purchase Notice Shares shall not exceed the
Exchange Cap.

(i)        NO
KNOWLEDGE. The Company shall have no knowledge of any event more likely than not to have the effect of causing the Registration Statement
to be suspended or otherwise ineffective (which event is more likely than not to occur within the fifteen (15) Business Days following
the Business Day on which such Drawdown Notice is deemed delivered).

    	9  

    	 

    

 

(j)      
NO VIOLATION OF SHAREHOLDER APPROVAL REQUIREMENT. The issuance of the Drawdown Notice Shares
shall not violate the shareholder approval requirements of the Principal Market.

(k)     
DWAC ELIGIBLE. The Common Stock must be DWAC Eligible and not subject to a “DTC chill”.

(l)        SEC
DOCUMENTS. All reports, schedules, registrations, forms, statements, information and other documents required to have been filed
by the Company with the SEC pursuant to the reporting requirements of the Exchange Act shall have been filed with the SEC within the
applicable time periods prescribed for such filings under the Exchange Act.

ARTICLE VIII

LEGENDS

Section
8.1        NO RESTRICTIVE STOCK LEGEND. No restrictive stock legend shall be placed on the share certificates
representing the Purchase Notice Shares.

Section
8.2       INVESTOR’S
COMPLIANCE. Nothing in this Article VIII shall affect in any way the Investor’s obligations hereunder to comply with all applicable
securities laws upon the sale of the Common Stock.

ARTICLE IX

NOTICES; INDEMNIFICATION

Section
9.1      NOTICES. All notices, demands, requests, consents, approvals, and other communications required
or permitted hereunder shall be in writing and, unless otherwise specified herein, shall be (a) personally served, (b) deposited in the
mail, registered or certified, return receipt requested, postage prepaid, (c) delivered by reputable air courier service with charges
prepaid, or (d) transmitted by hand delivery, telegram, or email as a PDF, addressed as set forth below or to such other address as such
party shall have specified most recently by written notice given in accordance herewith. Any notice or other communication required or
permitted to be given hereunder shall be deemed effective (i) upon hand delivery or delivery by email at the address designated below
(if delivered on a business day during normal business hours where such notice is to be received), or the first business day following
such delivery (if delivered other than on a business day during normal business hours where such notice is to be received) or (ii) on
the second business day following the date of mailing by express courier service or on the fifth business day after deposited in the mail,
in each case, fully prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first occur.

The addresses for such communications
shall be:

If to the Company:

CANNABIS GLOBAL, INC.

ATT/ Arman Tabatabaei

520 South Grand Avenue, Ste. 320

Los Angeles, CA 90071

Email: arman@cannabisglobalinc.com

 

If to the Investor:

DUTCHESS CAPITAL GROWTH FUND LP

ATT/Michael Novielli

75 Port City Landing

Suite 200

Mount Pleasant, SC 29464

Email: mnovielli@dutchesscapital.com

Either party hereto may from time to time change its address or email for notices under this Section 9.1 by giving at least ten (10) days’
prior written notice of such changed address to the other party hereto.

    	10  

    	 

    

 

 

Section
9.2       
INDEMNIFICATION. Each Party (an “Indemnifying Party”) agrees to indemnify
and hold harmless the other Party along with its officers, directors, employees, and authorized agents, and each Person or entity, if
any, who controls such party within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (an “Indemnified
Party”) from and against any Damages, joint or several, and any action in respect thereof to which the Indemnified Party becomes
subject to, resulting from, arising out of or relating to (i) any misrepresentation, breach of warranty or nonfulfillment of or failure
to perform any covenant or agreement on the part of the Indemnifying Party contained in this Agreement, (ii) any untrue statement or alleged
untrue statement of a material fact contained in the Registration Statement or any post-effective amendment thereof or supplement thereto,
or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein
not misleading, (iii) any untrue statement or alleged untrue statement of a material fact contained in any preliminary prospectus or contained
in the final prospectus (as amended or supplemented, if the Company files any amendment thereof or supplement thereto with the SEC) or
the omission or alleged omission to state therein any material fact necessary to make the statements made therein, in the light of the
circumstances under which the statements therein were made, not misleading, or (iv) any violation or alleged violation by the Company
of the Securities Act, the Exchange Act, any state securities law or any rule or regulation under the Securities Act, the Exchange Act
or any state securities law, as such Damages are incurred, except to the extent such Damages result primarily from the Indemnified Party’s
failure to perform any covenant or agreement contained in this Agreement or the Indemnified Party’s negligence, recklessness or
bad faith in performing its obligations under this Agreement; provided, however, that the foregoing indemnity agreement
shall not apply to any Damages of an Indemnified Party to the extent, but only to the extent, arising out of or based upon any untrue
statement or alleged untrue statement or omission or alleged omission made by an Indemnifying Party in reliance upon and in conformity
with written information furnished to the Indemnifying Party by the Indemnified Party expressly for use in the Registration Statement,
any post-effective amendment thereof or supplement thereto, or any preliminary prospectus or final prospectus (as amended or supplemented).

Section
9.3         
METHOD OF ASSERTING INDEMNIFICATION CLAIMS. All claims for indemnification by any Indemnified
Party under Section 9.2 shall be asserted and resolved as follows:

(a)       
In the event any claim or demand in respect of which an Indemnified Party might seek indemnity under
Section 9.2 is asserted against or sought to be collected from such Indemnified Party by a Person other than a party hereto or an affiliate
thereof (a “Third Party Claim”), the Indemnified Party shall deliver a written notification, enclosing a copy of all
papers served, if any, and specifying the nature of and basis for such Third Party Claim and for the Indemnified Party’s claim for
indemnification that is being asserted under any provision of Section 9.2 against an Indemnifying Party, together with the amount or,
if not then reasonably ascertainable, the estimated amount, determined in good faith, of such Third Party Claim (a “Claim Notice”)
with reasonable promptness to the Indemnifying Party. If the Indemnified Party fails to provide the Claim Notice with reasonable promptness
after the Indemnified Party receives notice of such Third Party Claim, the Indemnifying Party shall not be obligated to indemnify the
Indemnified Party with respect to such Third Party Claim to the extent that the Indemnifying Party’s ability to defend has been
prejudiced by such failure of the Indemnified Party. The Indemnifying Party shall notify the Indemnified Party as soon as practicable
within the period ending thirty (30) calendar days following receipt by the Indemnifying Party of either a Claim Notice or an Indemnity
Notice (as defined below) (the “Dispute Period”) whether the Indemnifying Party disputes its liability or the amount
of its liability to the Indemnified Party under Section 9.2 and whether the Indemnifying Party desires, at its sole cost and expense,
to defend the Indemnified Party against such Third Party Claim.

    	11  

    	 

    

 

(i)                 
If the Indemnifying Party notifies the Indemnified Party within the Dispute Period that the Indemnifying
Party desires to defend the Indemnified Party with respect to the Third Party Claim pursuant to this Section 9.3(a), then the Indemnifying
Party shall have the right to defend, with counsel reasonably satisfactory to the Indemnified Party, at the sole cost and expense of the
Indemnifying Party, such Third Party Claim by all appropriate proceedings, which proceedings shall be vigorously and diligently prosecuted
by the Indemnifying Party to a final conclusion or will be settled at the discretion of the Indemnifying Party (but only with the consent
of the Indemnified Party in the case of any settlement that provides for any relief other than the payment of monetary damages or that
provides for the payment of monetary damages as to which the Indemnified Party shall not be indemnified in full pursuant to Section 9.2).
The Indemnifying Party shall have full control of such defense and proceedings, including any compromise or settlement thereof;
provided, however, that the Indemnified Party may, at the sole cost and expense of the Indemnified Party, at any time prior to
the Indemnifying Party’s delivery of the notice referred to in the first sentence of this clause (i), file any motion, answer or
other pleadings or take any other action that the Indemnified Party reasonably believes to be necessary or appropriate to protect its
interests; and provided, further, that if requested by the Indemnifying Party, the Indemnified Party will, at the sole cost
and expense of the Indemnifying Party, provide reasonable cooperation to the Indemnifying Party in contesting any Third Party Claim that
the Indemnifying Party elects to contest. The Indemnified Party may participate in, but not control, any defense or settlement of any
Third Party Claim controlled by the Indemnifying Party pursuant to this clause (i), and except as provided in the preceding sentence,
the Indemnified Party shall bear its own costs and expenses with respect to such participation. Notwithstanding the foregoing, the Indemnified
Party may take over the control of the defense or settlement of a Third Party Claim at any time if it irrevocably waives its right to
indemnity under Section 9.2 with respect to such Third Party Claim.

(ii)               
If the Indemnifying Party fails to notify the Indemnified Party within the Dispute Period that the
Indemnifying Party desires to defend the Third Party Claim pursuant to Section 9.3(a), or if the Indemnifying Party gives such notice
but fails to prosecute vigorously and diligently or settle the Third Party Claim, or if the Indemnifying Party fails to give any notice
whatsoever within the Dispute Period, then the Indemnified Party shall have the right to defend, at the sole cost and expense of the Indemnifying
Party, the Third Party Claim by all appropriate proceedings, which proceedings shall be prosecuted by the Indemnified Party in a reasonable
manner and in good faith or will be settled at the discretion of the Indemnified Party(with the consent of the Indemnifying Party, which
consent will not be unreasonably withheld). The Indemnified Party will have full control of such defense and proceedings, including any
compromise or settlement thereof; provided, however, that if requested by the Indemnified Party, the Indemnifying Party will, at the sole
cost and expense of the Indemnifying Party, provide reasonable cooperation to the Indemnified Party and its counsel in contesting any
Third Party Claim which the Indemnified Party is contesting. Notwithstanding the foregoing provisions of this clause (ii), if the Indemnifying
Party has notified the Indemnified Party within the Dispute Period that the Indemnifying Party disputes its liability or the amount of
its liability hereunder to the Indemnified Party with respect to such Third Party Claim and if such dispute is resolved in favor of the
Indemnifying Party in the manner provided in clause (iii) below, the Indemnifying Party will not be required to bear the costs and expenses
of the Indemnified Party’s defense pursuant to this clause (ii) or of the Indemnifying Party’s participation therein at the
Indemnified Party’s request, and the Indemnified Party shall reimburse the Indemnifying Party in full for all reasonable costs and
expenses incurred by the Indemnifying Party in connection with such litigation. The Indemnifying Party may participate in, but not control,
any defense or settlement controlled by the Indemnified Party pursuant to this clause (ii), and the Indemnifying Party shall bear its
own costs and expenses with respect to such participation.

(iii)             
If the Indemnifying Party notifies the Indemnified Party that it does not dispute its liability or
the amount of its liability to the Indemnified Party with respect to the Third Party Claim under Section 9.2 or fails to notify the Indemnified
Party within the Dispute Period whether the Indemnifying Party disputes its liability or the amount of its liability to the Indemnified
Party with respect to such Third Party Claim, the amount of Damages specified in the Claim Notice shall be conclusively deemed a liability
of the Indemnifying Party under Section 9.2 and the Indemnifying Party shall pay the amount of such Damages to the Indemnified Party on
demand. If the Indemnifying Party has timely disputed its liability or the amount of its liability with respect to such claim, the Indemnifying
Party and the Indemnified Party shall proceed in good faith to negotiate a resolution of such dispute; provided, however,
that if the dispute is not resolved within thirty (30) days after the Claim Notice, the Indemnifying Party shall be entitled to institute
such legal action as it deems appropriate.

    	12  

    	 

    

 

(b)     
In the event any Indemnified Party should have a claim under Section 9.2 against the Indemnifying
Party that does not involve a Third Party Claim, the Indemnified Party shall deliver a written notification of a claim for indemnity under
Section 9.2 specifying the nature of and basis for such claim, together with the amount or, if not then reasonably ascertainable, the
estimated amount, determined in good faith, of such claim (an “Indemnity Notice”) with reasonable promptness to the
Indemnifying Party. The failure by any Indemnified Party to give the Indemnity Notice shall not impair such party’s rights hereunder
except to the extent that the Indemnifying Party demonstrates that it has been irreparably prejudiced thereby. If the Indemnifying Party
notifies the Indemnified Party that it does not dispute the claim or the amount of the claim described in such Indemnity Notice or fails
to notify the Indemnified Party within the Dispute Period whether the Indemnifying Party disputes the claim or the amount of the claim
described in such Indemnity Notice, the amount of Damages specified in the Indemnity Notice will be conclusively deemed a liability of
the Indemnifying Party under Section 9.2 and the Indemnifying Party shall pay the amount of such Damages to the Indemnified Party on demand.
If the Indemnifying Party has timely disputed its liability or the amount of its liability with respect to such claim, the Indemnifying
Party and the Indemnified Party shall proceed in good faith to negotiate a resolution of such dispute; provided, however, that if the
dispute is not resolved within thirty (30) days after the Claim Notice, the Indemnifying Party shall be entitled to institute such legal
action as it deems appropriate.

(c)        The Indemnifying Party agrees to pay the Indemnified Party, promptly as such expenses are incurred
and are due and payable, for any reasonable legal fees or other reasonable expenses incurred by them in connection with investigating
or defending any such Claim.

(d)       
The indemnity provisions contained herein shall be in addition to (i) any cause of action or similar
rights of the Indemnified Party against the Indemnifying Party or others, and (ii) any liabilities the Indemnifying Party may be subject
to.

ARTICLE X

MISCELLANEOUS

Section
10.1      
GOVERNING LAW; JURISDICTION. This Agreement shall be governed by and interpreted in accordance
with the laws of the State of Delaware without regard to the principles of conflicts of law. Each of the Company and the Investor hereby
submits to the exclusive jurisdiction of the United States federal and state courts located in California, County of Los Angeles, with
respect to any dispute arising under the Transaction Documents or the transactions contemplated thereby.

Section
10.2        
JURY TRIAL WAIVER. The Company and the Investor hereby waive a trial by jury in any action,
proceeding or counterclaim brought by either of the Parties hereto against the other in respect of any matter arising out of or in connection
with the Transaction Documents.

Section
10.3       ASSIGNMENT. The Transaction Documents shall be binding upon and inure to the benefit of the
Company and the Investor and their respective successors. Neither this Agreement nor any rights of the Investor or the Company hereunder
may be assigned by either party to any other Person.

Section
10.4    
NO THIRD-PARTY BENEFICIARIES. This Agreement is intended for the benefit of the Company and
the Investor and their respective successors, and is not for the benefit of, nor may any provision hereof be enforced by, any other Person,
except as set forth in Section 9.3.

Section
10.5      
TERMINATION. The Company may terminate this Agreement at any time by written notice to the
Investor in the event of a material breach of this Agreement by the Investor. In addition, this Agreement shall automatically terminate
on the earlier of (i) the end of the Commitment Period; (ii) the date that the Company sells and the Investor purchases the Commitment
Amount; (iii) the date in which the Registration Statement is no longer effective, or (iv) the date that, pursuant to or within the meaning
of any Bankruptcy Law, the Company commences a voluntary case or any Person commences a proceeding against the Company, a Custodian is
appointed for the Company or for all or substantially all of its property or the Company makes a general assignment for the benefit of
its creditors; provided, however, that the provisions of Articles III, IV, V, VI, IX and the agreements and covenants of the Company and
the Investor set forth in Article X shall survive the termination of this Agreement.

    	13  

    	 

    

 

Section
10.6     ENTIRE AGREEMENT. The Transaction Documents, together with the exhibits and schedules thereto,
contain the entire understanding of the Company and the Investor with respect to the matters covered herein and therein and supersede
all prior agreements and understandings, oral or written, with respect to such matters, which the parties acknowledge have been merged
into such documents, exhibits and schedules.

Section
10.7      
FEES AND EXPENSES. Except as expressly set forth in the Transaction Documents or any other
writing to the contrary, each Party shall pay the fees and expenses of its advisers, counsel, accountants and other experts, if any, and
all other expenses incurred by such party incident to the negotiation, preparation, execution, delivery and performance of this Agreement.
The Company shall pay the Clearing Cost associated with each Closing, and any Transfer Agent fees (including any fees required for same-day
processing of any instruction letter delivered by the Company), stamp taxes and other taxes and duties levied in connection with the delivery
of any Securities to the Investor.

Section
10.8     
COUNTERPARTS. The Transaction Documents may be executed in multiple counterparts, each of
which may be executed by less than all of the Parties and shall be deemed to be an original instrument which shall be enforceable against
the Parties actually executing such counterparts and all of which together shall constitute one and the same instrument. The Transaction
Documents may be delivered to the other parties hereto by email of a copy of the Transaction Documents bearing the signature of the parties
so delivering this Agreement.

Section
10.9      
SEVERABILITY. In the event that any provision of this Agreement becomes or is declared by
a court of competent jurisdiction to be illegal, unenforceable or void, this Agreement shall continue in full force and effect without
said provision; provided that such severability shall be ineffective if it materially changes the economic benefit of this Agreement to
any party.

Section
10.10     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.

Section
10.11    
NO STRICT CONSTRUCTION. The language used in this Agreement will be deemed to be the language
chosen by the Parties to express their mutual intent, and no rules of strict construction will be applied against any Party.

Section
10.12    
EQUITABLE RELIEF. The Company recognizes that in the event that it fails to perform, observe,
or discharge any or all of its obligations under this Agreement, any remedy at law may prove to be inadequate relief to the Investor.
The Company therefore agrees that the Investor shall be entitled to temporary and permanent injunctive relief in any such case without
the necessity of proving actual damages.

Section
10.13     TITLE AND SUBTITLES. The titles and subtitles used in this Agreement are used for the convenience
of reference and are not to be considered in construing or interpreting this Agreement.

Section
10.14    AMENDMENTS; WAIVERS. No provision of this Agreement may be amended or waived by the parties
from and after the date that is one (1) Business Day immediately preceding the initial filing of the Registration Statement with the SEC.
Subject to the immediately preceding sentence, (i) no provision of this Agreement may be amended other than by a written instrument signed
by both parties hereto and (ii) no provision of this Agreement may be waived other than in a written instrument signed by the party against
whom enforcement of such waiver is sought. No failure or delay 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 privilege.

Section
10.15  
PUBLICITY. The Company and the Investor shall consult with each other in issuing any press
releases or otherwise making public statements with respect to the transactions contemplated hereby and no Party shall issue any such
press release or otherwise make any such public statement, other than as required by law, without the prior written consent of the other
parties, which consent shall not be unreasonably withheld or delayed, except that no prior consent shall be required if such disclosure
is required by law, in which such case the disclosing Party shall provide the other Party with prior notice of such public statement.
Notwithstanding the foregoing, the Company shall not publicly disclose the name of the Investor without the prior written consent of the
Investor, except to the extent required by law. The Investor acknowledges that the Transaction Documents may be deemed to be “material
contracts,” as that term is defined by Item 601(b)(10) of Regulation S-K, and that the Company may therefore be required to
file such documents as exhibits to reports or registration statements filed under the Securities Act or the Exchange Act. The Investor
further agrees that the status of such documents and materials as material contracts shall be determined solely by the Company, in consultation
with its counsel.

[Signature Page Follows]

    	14  

    	 

    

IN WITNESS WHEREOF,
the parties have caused this Agreement to be duly executed by their respective officers thereunto duly authorized as of the day and year
first above written.

CANNABIS GLOBAL, INC.

 

By:

 

/s/ Arman Tabatabaei     

Name: Arman Tabatabaei

Title: Chief
Executive  Officer

DUTCHESS CAPITAL
GROWTH FUND LP

By:

 

 

/s/ Michael Novielli     

Name: Michael Novielli

		Title:	Managing Member, Dutchess Capital Advisors LLC, General Partner to: Dutchess Capital Growth Fund L.P.

 

[Signature Page to Common Stock Purchase
Agreement]

    	15  

    	 

    

DISCLOSURE SCHEDULES TO

EQUITY PURCHASE AGREEMENT

Schedule 4.3 – Capitalization

Schedule 4.5 – SEC Documents

Schedule 4.9 – Litigation

Schedule 4.10 – Registration Rights

 

 

    	  

    	 

    

EXHIBIT A

FORM OF DRAWDOWN NOTICE

TO: DUTCHESS CAPITAL GROWTH FUND LP

We refer to the common stock purchase
agreement, dated as of August __, 2021, (the “Agreement”), entered into by and between Cannabis Global, Inc. and you.
Capitalized terms defined in the Agreement shall, unless otherwise defined herein, have the same meaning when used herein.

We hereby:

1) Give you notice that we require you to purchase
__________  Drawdown Notice Shares; and

2) Certify that, as of the date hereof, the
conditions set forth in Section 7.2 of the Agreement are satisfied.

CANNABIS GLOBAL, INC.

By:

Name:

Title:

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