Document:

Exhibit 10.3

 

DEBT PURCHASE AGREEMENT

 

This Debt Purchase Agreement (the “Agreement”)
made as of this 8th day of September, 2017, by and between Eagle Equities, LLC (the “Buyer”) and Auctus
Fund, LLC. (the “Seller”).

 

1.       PURCHASE
AND SALE OF THE CONVERTIBLE NOTE

 

Upon the terms and conditions herein contained,
at the Closing (as hereinafter defined), the Seller hereby sells, assigns and transfers to the Buyer and the Buyer agrees to purchase
from the Seller the “Transferred Rights” of the Seller and all rights thereto, free and clear of all liens, claims,
pledges, mortgages, restrictions, obligations, security interests and encumbrances of any kind, nature and description. Transferred
Rights shall mean all rights with respect to $84,576.44 in principal and in accrued interest (the “Assigned Portion”)
under that convertible promissory note in the amount of $80,000.00 issued by Nightfood Holdings, Inc. (“Borrower” or
“Company”) on March 20, 2017, true and correct copies which have been provided to New Venture Attorneys, P.C. (the
“Note”). By its signatures hereto the Borrower accepts the assignment of the Transferred Rights to Buyer.

 

2.       CONSIDERATION

 

The purchase price for the Note shall be the Buyer’s payment
of $84,576.44 to the Seller (the “Purchase Price”). Notwithstanding anything to the contrary contained herein, Buyer
must pay the Purchase Price to Seller on or before September 12, 2017 (the “Deadline”). If Buyer does not pay the Purchase
Price to Seller on or before the Deadline, then this Agreement shall, at the sole option of the Seller, be null and void and of
no further force or effect.

 

3.       CLOSING

 

The closing of the transactions contemplated by this Agreement
(the “Closing”) shall take place against the delivery of the Purchase Price of the Note to the Seller as set forth
in Exhibit A.

 

4.       REPRESENTATIONS
AND WARRANTIES OF SELLER The Seller hereby represents and warrants to the Buyer as follows:

 

4.1       Status of the Seller and the
Note. The Seller is the beneficial owner of the Note, and the Note is free and clear of all mortgages, pledges,
restrictions, liens, charges, encumbrances, security interests, obligations or other claims.

 

4.2       Authorization;
Enforcement. (i) Seller has all requisite corporate power and authority to enter into and perform the Agreement and to
consummate the transactions contemplated hereby and to sell each Note, in accordance with the terms hereof, (ii) the
execution and delivery of this Agreement by the Seller and the consummation by it of the transactions contemplated hereby
(including, without limitation, the sale of the Note to the Buyer) have been duly authorized by the Seller and no further
consent or authorization of the Seller or its members is required, (iii) this Agreement has been duly executed and delivered
by the Seller, and (iv) this Agreement constitutes a legal, valid and binding obligation of the Seller enforceable against
the Seller in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium, liquidation or similar laws relating to, or affecting generally, the enforcement of
creditors’ rights and remedies or by other equitable principles of general application.

 

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4.3       No
Conflicts. The execution, delivery and performance of this Agreement by the Seller and the consummation by the Seller of
the transactions contemplated hereby (including, without limitation, the sale of the Note to the Buyer) will not (i) conflict
with or result in a violation of any provision of its certificate of formation or other organizational documents, or (ii)
violate or conflict with or result in a breach of any provision of, or constitute a default (or an event which with notice or
lapse of time or both could become a default) under, or give to others any rights of termination, amendment, acceleration or
cancellation of, any agreement, note, bond, indenture or other instrument to which Seller are a party, or (iii) result in a
violation of any law, rule, regulation, order, judgment or decree (including federal and state securities laws and
regulations and regulations of any self-regulatory organizations to which Seller are subject) applicable to Seller or the
Note is bound or affected. The Seller is not required to obtain any consent, authorization or order of, or make any filing or
registration with, any court, governmental agency, regulatory agency, self-regulatory organization or stock market or any
third party in order for it to execute, deliver or perform any of its obligations under this Agreement in accordance with the
terms hereof.

 

4.4       Title; Rule 144 Matters. Seller
has good and marketable title to the Note, free and clear of all liens, restrictions, pledges and encumbrances of any kind.
Seller is not an “Affiliate” of the Company, as that term is defined in Rule 144 of the Securities Act of 1933,
as amended (the “1933 Act”).

 

4.5       Consent of the Company.

 

(i)       The
Company, as evidence by its signature at the foot of this Agreement, hereby represents and warrants that, upon delivery to the
Company of the Note, the Company shall promptly cause to be issued to and in the name of Buyer one of more new executed Notes in
the aggregate amount equal to the value of the Note, but otherwise having the sale terms (including, but not necessarily limited
to, referring to the original issue date) as in the Note. The Note may contain the same restrictive legend as provided in the original
Note, but no stop transfer order. The Note is currently outstanding in the entire amount stated and represents bona fide debt obligation
of the Company.

 

(ii)     The
signature by the Company also represents the Company’s agreement to treat Buyer as a party to, and having all the rights
of the Seller with respect to the Transferred Rights.

 

5.       REPRESENTATIONS,
WARRANTIES AND ACKNOWLEDGEMENTS OF THE BUYER. The Buyer hereby represents warrants and acknowledges to the Seller as follows:

 

5.1       Accredited
Investor. The Buyer has sufficient knowledge and experience of financial and business matters, is able to evaluate the
merits and risks of the partial purchase of the Note and has had substantial experience in previous private and public
purchases of securities. The Buyer is an “accredited investor” as that term is defined in Rule 501 of Regulation
D of the Securities Act of 1933, as amended.

 

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5.2       Authorization;
Enforcement. (i) Buyer has all requisite corporate power and authority to enter into and perform the Agreement and to consummate
the transactions contemplated hereby and to purchase each Note, in accordance with the terms hereof, (ii) the execution and delivery
of this Agreement by the Buyer and the consummation by it of the transactions contemplated hereby (including, without limitation,
the purchase of the Note by the Buyer) have been duly authorized by the Buyer and no further consent or authorization of the Buyer
or its members is required, (iii) this Agreement has been duly executed and delivered by the Buyer, and (iv) this Agreement constitutes
a legal, valid and binding obligation of the Buyer enforceable against the Buyer in accordance with its terms, except as such
enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or similar laws relating
to, or affecting generally, the enforcement of creditors’ rights and remedies or by other equitable principles of general
application.

 

5.3       No Conflicts. The execution,
delivery and performance of this Agreement by the Buyer and the consummation by the Buyer of the transactions contemplated
hereby will not (i) conflict with or result in a violation of any provision of its certificate of formation or other
organizational documents, or (ii) violate or conflict with or result in a breach of any provision of, or constitute a default
(or an event which with notice or lapse of time or both could become a default) under, or give to others any rights of
termination, amendment, acceleration or cancellation of, any agreement, note, bond, indenture or other instrument to which
Buyer is a party, or (iii) result in a violation of any law, rule, regulation, order, judgment or decree (including federal
and state securities laws and regulations and regulations of any self-regulatory organizations to which Buyer is subject)
applicable to Seller or the Note is bound or affected. The Buyer is not required to obtain any consent, authorization or
order of, or make any filing or registration with, any court, governmental agency, regulatory agency, self-regulatory
organization or stock market or any third party in order for it to execute, deliver or perform any of its obligations under
this Agreement in accordance with the terms hereof.

 

6.       MISCELLANEOUS

 

6.1       Binding
Effect; Benefits. This Agreement shall inure to the benefit of, and shall be binding upon, the parties hereto and their
respective successors and permitted assigns. Except as otherwise set forth herein, this Agreement may not be assigned by any
party hereto without the prior written consent of the other party hereto. Except as otherwise set forth herein, nothing in
this Agreement, expressed or implied, is intended to confer on any person other than the parties hereto or their respective
successors and permitted assigns any rights, remedies, obligations or liabilities under or by any reason of this
Agreement.

 

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6.2       Notices. All notices,
requests, demands and other communications which are required to be or may be given under this Agreement shall be in writing
and shall be deemed to have been duly given when delivered in person, or transmitted by telecopy or telex, or upon receipt
after dispatch by certified or registered first class mail, postage prepaid, return receipt requested, to the party to whom
the same is so given or made, at the following addresses (or such others as shall be provided in writing hereafter):

 

(a)          If
to the Buyer to:

 

Eagle Equities, LLC

91 Shelton Avenue, Suite 107

New Haven, CT 06511

Attn: Yakov Borenstein

 

(b)          If to
the Seller to:

 

Auctus Fund, LLC.

177 Huntington Avenue, 17th Floor

Boston, MA 02115

Attn: Lou Posner

 

6.3       Entire Agreement. This Agreement
constitutes the entire agreement and supersedes all prior agreements and understandings, oral and written, between the
parties hereto with respect to the subject matter hereof.

 

6.4       Further Assurances. After the
Closing, at the request of either party, the other party shall execute, acknowledge and deliver, without further
consideration, all such further assignments, conveyances, endorsements, deeds, powers of attorney, consents and other
documents and take such other action as may be reasonably requested to consummate the transactions contemplated by this
Agreement.

 

6.5       Headings. The section and other headings
contained in this Agreement are for reference purposes only and shall not be deemed to be part of this Agreement or to affect
the meaning or interpretation of this Agreement.

 

6.6       Counterparts. This Agreement may be
executed in any number of counterparts and by facsimile, each of which, when executed, shall be deemed to be an original and all
of which together shall be deemed to be one and the same instrument.

 

6.7       Governing Law. This Agreement shall
be construed as to both validity and performance and enforced in accordance with and governed by the laws of the State of New
York, without giving effect to the conflicts of law principles thereof.

 

6.8       Severability. If any term or
provision of this Agreement shall to any extent be invalid or unenforceable, the remainder of this Agreement shall not be
affected thereby, and each term and provision of the Agreement shall be valid and enforced to the fullest extent permitted by
law.

 

6.9       Amendments. This Agreement may not
be modified or changed except by an instrument or instruments in writing executed by the parties hereto.

 

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IN WITNESS WHEREOF, the
parties hereto have caused this Agreement to be duly executed as of the date first above written.

 

	 	BUYER:
	 	 	 
	 	Eagle Equities, LLC
	 	 	 
	 	By:	/s/
	 	 	Yakov Borenstein, Managing Member
	 	 	 
	 	SELLER:
	 	 	 
	 	AUCTUS FUND, LLC.
	 	 	 
	 	By:	/s/
	 	 	 
	 	Title:	 

 

ACCEPTED AND AGREED: 

 

NIGHTFOOD
HOLDINGS, INC.

 

	By: 	/s/ Sean Folkson	 
	Title:	CEO	 

 

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EXHIBIT A

WIRE INSTRUCTIONS FOR SELLER

 

 

 

 

 

 

 

 

 

 

 

[INSERT WIRING INFO]

 

 

 

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NON-AFFILIATION LETTER

 

September 8, 2017

 

Counsel to Nightfood Holdings, Inc.

 

Counsel to Eagle
Equities, LLC

 

Gentlemen:

 

Please let this letter serve as confirmation that Auctus Fund,
LLC is not now, and has not been during the preceding 90 days, an officer, director, 10% or more shareholder of Nightfood Holdings,
Inc., or in any other way an “affiliate” (as that term is defined in Rule 144(a)(1) adopted pursuant to the Securities
Act of 1933, as amended) of said issuer.

 

Very truly yours,

 

Auctus Fund, LLC.

 

	By:	/s/	 
	 	 	 
	Title:	 	 

 

 

7Exhibit 10.4

 

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

 

US $90,798.63

 

REPLACEMENT NOTE ORIGINALLY ISSUED
MARCH 23, 2017 IN THE AMOUNT OF $80,000.00, AND REASSIGNED ON JUNE 30, 2017 IN THE AMOUNT OF $95,000.00

 

NIGHTFOOD HOLDINGS, INC.

8% CONVERTIBLE REDEEMABLE NOTE

DUE SEPTEMBER 8, 2018

 

FOR
VALUE RECEIVED, Nightfood Holdings, Inc. (the “Company”) promises to pay to the order of EAGLE EQUITIES, LLC and its
authorized successors and Permitted Assigns, defined below, (“Holder”), the aggregate principal face amount
Ninety Thousand Seven Hundred Ninety Eight Dollars 63/100 cents exactly (U.S. $90,798.63) on September 8, 2018 (“Maturity
Date”) and to pay interest on the principal amount outstanding hereunder at the rate of 8% per annum commencing on September
8, 2017. The interest will be paid to the Holder in whose name this Note is registered on the records of the Company regarding
registration and transfers of this Note. The principal of, and interest on, this Note are payable at 91 Shelton Ave, Suite 107,
New Haven, CT 06511, initially, and if changed, last appearing on the records of the Company as designated in writing by the Holder
hereof from time to time. The Company will pay each interest payment and the outstanding principal due upon this Note before or
on the Maturity Date, less any amounts required by law to be deducted or withheld, to the Holder of this Note by check or wire
transfer addressed to such Holder at the last address appearing on the records of the Company. The forwarding of such check or
wire transfer shall constitute a payment of outstanding principal hereunder and shall satisfy and discharge the liability for
principal on this Note to the extent of the sum represented by such check or wire transfer. Interest shall be payable in Common
Stock (as defined below) pursuant to paragraph 4(b) herein. Permitted Assigns means any Holder assignment, transfer or sale of
all or a portion of this Note accompanied by an Opinion of Counsel as provided for in Section 2(f) of the Securities Purchase
Agreement.

 

 

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This Note
is subject to the following additional provisions:

 

1.       This
Note is exchangeable for an equal aggregate principal amount of Notes of different authorized denominations, as requested by the
Holder surrendering the same. No service charge will be made for such registration or transfer or exchange, except that Holder
shall pay any tax or other governmental charges payable in connection therewith. To the extent that Holder subsequently transfers,
assigns, sells or exchanges any of the multiple lesser denomination notes, Holder acknowledges that it will provide the Company
with Opinions of Counsel as provided for in Section 2(f) of the Securities Purchase Agreement.

 

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

 

3.       This
Note may be transferred or exchanged only in compliance with the Securities Act of 1933, as amended (“Act”),
applicable state securities laws and Sections 2(f) and 5(f) of the Securities Purchase Agreement. Any attempted transfer to a
non-qualifying party shall be treated by the Company as void. Prior to due presentment for transfer of this Note, the Company
and any agent of the Company may treat the person in whose name this Note is duly registered on the Company’s records as
the owner hereof for all other purposes, whether or not this Note be overdue, and neither the Company nor any such agent shall
be affected or bound by notice to the contrary. Any Holder of this Note electing to exercise the right of conversion set forth
in Section 4(a) hereof, in addition to the requirements set forth in Section 4(a), and any prequalified prospective transferee
of this Note, also is required to give the Company written confirmation that this Note is being converted (“Notice of
Conversion”) in the form annexed hereto as Exhibit A. The date of receipt (including receipt by telecopy) of
such Notice of Conversion shall be the Conversion Date. All notices of conversion will be accompanied by an Opinion of Counsel.

 

4.       (a)The
Holder of this Note is entitled, at its option, at any time, to con-vert all or any amount of the principal face amount of this
Note then outstanding into shares of the Company’s common stock (the “Common Stock”) at a price (“Conversion
Price”) for each share of Common Stock equal to 50% of the lowest trading price of the Common Stock
as reported on the National Quotations Bureau OTC Markets exchange which the Company’s shares are traded or any exchange
upon which the Common Stock may be traded in the future (“Exchange”), for the twenty prior
trading days including the day upon which a Notice of Conversion is received by the Company (provided such Notice of Conversion
is delivered together with an Opinion of Counsel, by fax or other electronic method of communication to the Company after 4 P.M.
Eastern Standard or Daylight Savings Time if the Holder wishes to include the same day closing price). If the shares have not
been delivered within 3 business days, the Notice of Conversion may be rescinded. Such conversion shall be effectuated by the
Company delivering the shares of Common Stock to the Holder within 3 business days of receipt by the Company of the Notice of
Conversion. Accrued, but unpaid interest shall be subject to conversion. No fractional shares or scrip representing fractions
of shares will be issued on conversion, but the number of shares issuable shall be rounded to the nearest whole share. To the
extent the Conversion Price of the Company’s Common Stock closes below the par value per share, the Company will take all
steps necessary to solicit the consent of the stockholders to reduce the par value to the lowest value possible under law. The
Company agrees to honor all conversions submitted pending this increase. In the event the Company experiences a DTC “Chill”
on its shares, the conversion price shall be decreased to 40% instead of 50% while that “Chill” is in effect. If
the Company fails to maintain the share reserve at the 4x discount of the note 60 days after the issuance of the note,
the conversion discount shall be increased by 10%. In no event shall the Holder be allowed to effect a conversion if such conversion,
along with all other shares of Company Common Stock beneficially owned by the Holder and its affiliates would exceed 4.99% of
the outstanding shares of the Common Stock of the Company (which may be increased up to 9.9% upon 60 days’ prior written
notice by the Investor).

 

 

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

 

(c)       The
Note may not be prepaid.

 

(d)       Upon
(i) a transfer of all or substantially all of the assets of the Company to any person in a single transaction or series of related
transactions, (ii) a reclassification, capital reorganization (excluding an increase in authorized capital) or other change or
exchange of outstanding shares of the Common Stock, other than a forward or reverse stock split or stock dividend, or (iii) any
consolidation or merger of the Company with or into another person or entity in which the Company is not the surviving entity (other
than a merger which is effected solely to change the jurisdiction of incorporation of the Company and results in a reclassification,
conversion or exchange of outstanding shares of Common Stock solely into shares of Common Stock) (each of items (i), (ii) and (iii)
being referred to as a “Sale Event”), then, in each case, the Company shall, upon request of the Holder, redeem this
Note in cash for 150% of the principal amount, plus accrued but unpaid interest through the date of redemption, or at the election
of the Holder, such Holder may convert the unpaid principal amount of this Note (together with the amount of accrued but unpaid
interest) into shares of Common Stock immediately prior to such Sale Event at the Conversion Price.

 

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

 

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

 

 

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

 

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

 

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

 

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

 

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

 

(c)     The
Company shall fail to perform or observe, in any respect, any covenant, term, provision, condition, agreement or obligation of
the Company under this Note or any other note issued to the Holder; or

 

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

 

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

 

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

 

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

 

 

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

 

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

 

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

 

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

 

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

 

(m)     The
Company shall be delinquent in its periodic report filings with the Securities and Exchange Commission; or

 

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

 

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

 

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

12.       The
Company shall issue irrevocable transfer agent instructions reserving (23,271,000) shares of its Common Stock for
conversions under this Note (the “Share Reserve”). Upon full conversion of this Note, any shares remaining in the
Share Reserve shall be cancelled. The Company shall pay all transfer agent costs associated with issuing and delivering the
share certificates to Holder. If such amounts are to be paid by the Holder, it may deduct such amounts from the Conversion
Price. The company should at all times reserve a minimum of four times the amount of shares required if the note would be
fully converted. The Holder may reasonably request increases from time to time to reserve such amounts. The Company will
instruct its transfer agent to provide the outstanding share information to the Holder in connection with its
conversions.

 

 

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

 

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

 

 

____

Initials

 

    	 	7	 

     

    

 

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

 

Dated: September 8, 2017

 

	 	Nightfood Holdings, Inc.
	 	 	 
	 	By:	/s/
    Sean Folkson
	 	Name:	Sean Folkson
	 	Title:	CEO

 

 

____

Initials

 

    	 	8	 

     

    

 

EXHIBIT A

 

NOTICE OF CONVERSION

 

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

 

The undersigned hereby irrevocably elects
to convert $____________of the above Note into_________Shares of Common Stock of    Nightfood Holdings, Inc. (“Shares”)
according to the conditions set forth in such Note, as of the date written below.

 

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

 

Date of Conversion:                                                                                                                        

Applicable Conversion Price:                                                                                                        

Signature:                                                                                                                                          

[Print Name of Holder and Title of Signer]

Address:                                                                                                                                          

                                                                                                                                           

 

SSN or
EIN:_________________________

Shares are to be registered in the following
name:                                                                                               

 

Name:                                                                                                                                          

Address:                                                                                                                                     

Tel:                                                                                 

Fax:                                                                                 

SSN or EIN:                                                                   

 

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

 

Account Name:                                                                                                                              

Address:                                                                                                                                          

 

 

____

Initials

 

 

9

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