Document:

Exhibit
10.1

 

NOTE
PURCHASE AGREEMENT

 

THIS
NOTE PURCHASE AGREEMENT (this “Agreement”), dated as of January 18, 2022, (the “Execution Date”),
is entered into by and between NEXIEN BIOPHARMA, INC., a Delaware corporation (the
“Company”), and QUICK CAPITAL, LLC, a Wyoming limited liability company (the “Buyer”). Each
capitalized term used herein shall have the meaning ascribed thereto in Section 10 below, or as otherwise defined herein.

 

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

 

WHEREAS,
the Buyer desires to purchase and the Company desires to issue and sell, upon the terms and conditions set forth in this Agreement (i)
a convertible promissory note of the Company, in the form attached hereto as Exhibit A, in an aggregate funded amount of $500,000
as set forth on the Issuance Schedule attached hereto (such note, together with any note(s) issued in replacement thereof or as
a dividend thereon or otherwise with respect thereto in accordance with the terms thereof, a “Note”), convertible
into shares (the “Conversion Shares”) of common stock, $0.0001 par value per share, of the Company (the “Common
Stock”) pursuant to the terms of the Note; and (ii) warrants to acquire shares (the “Warrant Shares”) of
Common Stock in the form attached hereto as Exhibit B (the “Warrant”), in such amounts set forth on the Issuance
Schedule; and

 

WHEREAS,
as inducement to enter into this Agreement, and for the funding of the Note, the Company desires to issue to the Buyer shares of Common
Stock (the “Commitment Shares”) as set forth herein.

 

NOW
THEREFORE, in consideration of the mutual covenants contained in this Agreement, and for other good and valuable consideration, the
receipt and adequacy of which are hereby acknowledged, the Company and the Buyer hereby agree as follows:

 

	1.	PURCHASE
                                            AND SALE OF SECURITIES.

 

		(a)	First
                                            Closing. On the First Closing Date (as defined below), the Company shall sell and issue
                                            to the Buyer and the Buyer shall purchase and fund a Note in such principal amount, and for
                                            such funding price, set forth on the Issuance Schedule under “First Closing”
                                            (the “First Closing”), which such funding amount shall be $150,000 for
                                            the First Closing (the “First Funding Amount”).
	 	 	 
		(b)	Additional
                                            Closings. On each Additional Closing Date (as defined below), the Buyer shall purchase
                                            Note(s) in such amounts that shall be mutually agreed upon between the parties (each, an
                                            “Additional Closing”), provided that (i) the aggregate purchase price
                                            paid by the Buyer at the Additional Closings shall not exceed $350,000.00 (the “Additional
                                            Purchase Price”), (ii) the parties shall amend the Issuance Schedule at
                                            each Additional Closing to record such issuances, (iii) no Additional Closings shall occur
                                            if the Company has not satisfied all conditions applicable to it as set forth in Section
                                            7 and Section 8 below, and has not breached any terms of any of the Transaction
                                            Documents, and (iv) the timing and occurrence of any Additional Closing shall only proceed
                                            upon the mutual consent of the Buyer and the Company.

 

    	 

     

    

 

		(c)	Closing
                                            Dates. Subject to the satisfaction (or written waiver) of the conditions set forth in
                                            Section 7 and Section 8 below, the date of the issuance and sale of the Note
                                            constituting the First Closing pursuant to this Agreement (the “First Closing Date”)
                                            shall be the Execution Date. Subject to the satisfaction (or written waiver) of the conditions
                                            set forth in Section 7 and Section 8 below, the date of the issuance and sale
                                            of the Notes constituting each Additional Closing pursuant to this Agreement (each, an “Additional
                                            Closing Date”) shall (i) not occur prior to the 120th day after the
                                            First Closing Date, (ii) be comprised of an initial Additional Closing Date on or about May
                                            7, 2022, and thereafter (iii) occur on every 90th day thereafter until the aggregate
                                            Additional Purchase Price has been paid, and (iv) in each case be on a date that is mutually
                                            agreed to by the Buyer and Company but shall not occur after the end of the Term. Each of
                                            the First Closing and Additional Closings of the transactions contemplated by this Agreement
                                            (each, a “Closing”) shall occur on the respective closing dates (each,
                                            a “Closing Date”) at such location as may be agreed to by the parties.
	 	 	 
		(d)	Form
                                            of Payment. On the First Closing Date, the Buyer shall deliver the First Funding Amount
                                            by wire transfer of immediately available funds, in accordance with the Company’s written
                                            wiring instructions. In the event that the Buyer funds any Additional Closing, as contemplated
                                            by subsections (b) and (c) above, the Buyer shall pay the Additional Purchase Price, by wire
                                            transfer of immediately available funds, in accordance with the Company’s written wiring
                                            instructions.
	 	 	 
		(e)	Warrants.
                                            On each Closing Date, the Company shall deliver Warrants to the Buyer constituting 20% warrant
                                            coverage in such amounts as set forth on the Issuance Schedule. In each case, the
                                            exercise of each Warrant shall be equal to 150% of the closing market price of the Common
                                            Stock on the Trading Day preceding each Closing Date.
	 	 	 
		(f)	Commitment
                                            Shares. The Company shall be required to deliver the Commitment Shares to the Buyer,
                                            and the Buyer shall be entitled to receive such shares, in an aggregate amount of 500,000
                                            shares of Common Stock to be issued at the First Closing as set forth on the Issuance
                                            Schedule.

 

	2.	REPRESENTATIONS
                                            AND WARRANTIES OF THE BUYER. The Buyer represents and warrants to the Company that:

 

		(a)	Investment
                                            Purpose. As of the Execution Date, the Buyer is purchasing the Securities for its own
                                            account for investment only and not with a view towards the public sale or distribution thereof,
                                            except pursuant to sales registered or exempted from registration under the Securities Act;
                                            provided, however, that by making the foregoing representation and warranty,
                                            the Buyer does not agree to hold any of the Securities for any minimum or other specific
                                            term and reserves the right to dispose of all or any portion of the Securities at any time
                                            in accordance with or pursuant to a registration statement or an exemption under the Securities
                                            Act.

 

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		(b)	Reliance
                                            on Exemptions. The Buyer understands that the Securities are being offered and sold to
                                            it in reliance upon specific exemptions from the registration requirements of United States
                                            federal and state securities laws and that the Company is relying upon the truth and accuracy
                                            of, and the Buyer’s compliance with, the representations, warranties, agreements, acknowledgments
                                            and understandings of the Buyer set forth herein in order to determine the availability of
                                            such exemptions and the eligibility of the Buyer to acquire the Securities.
	 	 	 
		(c)	Information.
                                            The Buyer and its advisors, if any, have been furnished with all materials relating to the
                                            business, finances and operations of the Company and materials relating to the offer and
                                            sale of the Securities which have been requested by the Buyer or its advisors. The Buyer
                                            and its advisors, if any, have been afforded the opportunity to ask questions of the Company.
                                            Notwithstanding the foregoing, the Company has not disclosed to the Buyer any material non-public
                                            information and will not disclose such information unless such information is disclosed to
                                            the public prior to or promptly following such disclosure to the Buyer. Neither such inquiries
                                            nor any other due diligence investigation conducted by Buyer or any of its advisors or representatives
                                            shall modify, amend or affect Buyer’s right to rely on the Company’s representations
                                            and warranties contained in Section 3 below.
	 	 	 
		(d)	Authorization;
                                            Enforcement; Organization. This Agreement has been duly and validly authorized by the
                                            Buyer. This Agreement has been duly executed and delivered on behalf of the Buyer, and this
                                            Agreement constitutes a valid and binding agreement of the Buyer enforceable in accordance
                                            with its terms. The Buyer is a limited liability company organized under the laws of the
                                            State of Wyoming.
	 	 	 
		(e)	Accredited
                                            Investor Status. The Buyer is (i) an “accredited investor” as that term is
                                            defined in Rule 501 of the General Rules and Regulations under the Securities Act by reason
                                            of Rule 501(a)(3) (an “Accredited Investor”), (ii) experienced in making
                                            investments of the kind described in this Agreement and the related documents, (iii) able,
                                            by reason of the business and financial experience of its officers (if an entity) and professional
                                            advisors (who are not affiliated with or compensated in any way by the Company or any of
                                            its Affiliates or selling agents), to protect its own interests in connection with the transactions
                                            described in this Agreement, and the related documents, and (iv) able to afford the entire
                                            loss of its investment in the Securities.
	 	 	 
		(f)	General
                                            Solicitation. The Buyer is not purchasing the Securities as a result of any advertisement,
                                            article, notice or other communication regarding the Securities published in any newspaper,
                                            magazine or similar media or broadcast over television or radio or presented at any seminar
                                            or any other general solicitation or general advertisement.

 

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	3.	REPRESENTATIONS
                                            AND WARRANTIES OF THE COMPANY. The Company represents and warrants to the Buyer that
                                            as of the Execution Date and as of each Closing Date (or as of such other time expressly
                                            specified below):

 

		(a)	Corporate
                                            Governance Compliance:

 

		(i)	Issuance
                                            of Commitment Shares, Note and Conversion Shares and Warrant and Warrant Shares. The
                                            Note has been duly authorized and is being validly issued to the Buyer. The Conversion Shares
                                            have been duly authorized and fully reserved for issuance and, upon conversion of the Note
                                            in accordance with its terms, will be validly issued, fully paid and non-assessable, and
                                            free from all taxes, liens, claims and encumbrances with respect to the issue thereof, with
                                            the holders being entitled to all rights accorded to a holder of Common Stock. The Conversion
                                            Shares shall not be subject to pre-emptive rights or other similar rights of stockholders
                                            of the Company (except to the extent already waived) and will not impose personal liability
                                            upon the holder thereof, other than restrictions on transfer provided for in the Transaction
                                            Documents and under the Securities Act. The Warrant has been duly authorized and is being
                                            validly issued to the Buyer. The Warrant Shares have been duly authorized and fully reserved
                                            for issuance and, upon exercise of the Warrant in accordance with its terms, will be validly
                                            issued, fully paid and non-assessable, and free from all taxes, liens, claims and encumbrances
                                            with respect to the issue thereof, with the holders being entitled to all rights accorded
                                            to a holder of Common Stock. The Warrant Shares shall not be subject to pre-emptive rights
                                            or other similar rights of stockholders of the Company (except to the extent already waived)
                                            and will not impose personal liability upon the holder thereof, other than restrictions on
                                            transfer provided for in the Transaction Documents and under the Securities Act. The Commitment
                                            Shares have been duly authorized and upon delivery to the Buyer shall be validly issued,
                                            fully paid and non-assessable, and free from all taxes, Liens, claims and encumbrances with
                                            respect to the issue thereof, with the Buyer being entitled to all rights accorded to a holder
                                            of Common Stock. The Commitment Shares shall not be subject to pre-emptive rights or other
                                            similar rights of stockholders of the Company (except to the extent already waived) and will
                                            not impose personal liability upon the holder thereof, other than restrictions on transfer
                                            provided for in the Transaction Documents and under the Securities Act.
	 	 	 
		(ii)	Organization
                                            and Qualification. The Company is a corporation duly incorporated, validly existing and
                                            in good standing under the laws of the State of Delaware, with the requisite corporate power
                                            and authority to own and use its properties and assets and to carry on its business as currently
                                            conducted. 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 corporate power and authority to own and use its properties
                                            and assets and to carry on its business as currently conducted. Each of the Company and the
                                            Subsidiaries is not in violation or 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.

 

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		(iii)	Authorization;
                                            Enforcement. The Company has the requisite corporate power and authority to enter into
                                            and perform its obligations under this Agreement and the other Transaction Documents. The
                                            execution and delivery of this Agreement and the other 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. Each of this Agreement
                                            and the other Transaction Documents has 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.
	 	 	 
		(iv)	Capitalization.
                                            As of the Execution Date, the authorized capital stock of the Company is as set forth in
                                            the SEC Documents (as defined below). Except as set forth on Schedule 3(a)(iv), the
                                            Company has not issued any capital stock since its most recently filed SEC Document, 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 executive officers pursuant to a compensation
                                            arrangement disclosed in the SEC Documents and pursuant to the conversion and/or exercise
                                            of Common Stock Equivalents outstanding as of the date of the most recently filed SEC Document.
                                            Except as disclosed in the SEC Documents, no shares are reserved for issuance pursuant to
                                            the Company’s stock option plans, no shares are reserved for issuance pursuant to the
                                            terms of any Common Stock Equivalents (other than the Note and the Warrant) exercisable for,
                                            or convertible into or exchangeable for shares of Common Stock and sufficient shares are
                                            reserved for issuance upon conversion of the Note and upon exercise of the Warrant (as required
                                            by the Note, the Warrant and Transfer Agent Instruction Letter). All of such outstanding
                                            shares of capital stock are, or upon issuance will be, duly authorized, validly issued, fully
                                            paid and non-assessable. No shares of capital stock of the Company are subject to preemptive
                                            rights or any other similar rights of the stockholders of the Company or any liens or encumbrances
                                            imposed through the actions or failure to act of the Company. Except as disclosed in the
                                            SEC Documents, as of the Execution Date, (i) there are no outstanding options, warrants,
                                            scrip, rights to subscribe for, puts, calls, rights of first refusal, agreements, understandings,
                                            claims or other commitments or rights of any character whatsoever relating to, or securities
                                            or rights convertible into or exchangeable for any shares of capital stock of the Company
                                            or any of its Subsidiaries, or arrangements by which the Company or any of its Subsidiaries
                                            is or may become bound to issue additional shares of capital stock of the Company or any
                                            of its Subsidiaries, (ii) there are no agreements or arrangements under which the Company
                                            or any of its Subsidiaries is obligated to register the sale of any of its or their securities
                                            under the Securities Act and (iii) 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 the Securities. The Company has
                                            filed in its SEC Documents true and correct copies of the Company’s Certificate of
                                            Incorporation as in effect on the Execution Date, the Company’s bylaws, as in effect
                                            on the Execution Date, 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 Company shall provide the Buyer a certification of this representation signed by the
                                            Company’s Chief Executive Officer on behalf of the Company as of the Closing Date.

 

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		(v)	No
                                            Conflicts. The execution, delivery and performance of this Agreement and the other Transaction
                                            Documents by the Company and the consummation by the Company of the transactions contemplated
                                            hereby and thereby (including, without limitation, the issuance and reservation for issuance
                                            of the Conversion Shares and the Warrant Shares) 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 issue the Conversion Shares or the Warrant
                                            Shares or to execute, deliver or perform any of its obligations under this Agreement or the
                                            other Transaction Documents (other than any SEC, FINRA or state securities filings that may
                                            be required to be made by the Company subsequent to Closing).

 

		(b)	SEC
                                            and Offering Compliance:

 

		(i)	SEC
                                            Documents. The Company shall file all reports, schedules, forms, statements and other
                                            documents, via “Super 8-K” or otherwise, required to be filed by the Company
                                            under the Securities Act and the Exchange Act for the Company to be deemed fully “fully
                                            reporting” and “current” and in compliance with the periodic and current
                                            reporting requirements of Section 13 or 15(d) of the Exchange Act, and in compliance with
                                            the Rule 144(c)(1) under the Securities Act (the foregoing materials, including the exhibits
                                            thereto and documents incorporated by reference therein, being collectively referred to herein
                                            as the “SEC Documents”). The SEC Documents will comply 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 will contain any untrue statement of a material fact or omit
                                            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.

 

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		(ii)	Financial
                                            Statements. The financial statements of the Company included in its SEC Documents and
                                            in the OTC Filings and Disclosures (the “Financial Statements”) comply
                                            as to form and substance in all material respects with applicable accounting requirements
                                            and the published rules and regulations of the SEC as well as 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). The Company maintains a system of internal
                                            accounting controls appropriate for its size. There is no transaction, arrangement, or other
                                            relationship between the Company and an unconsolidated or other off balance sheet entity
                                            that is not disclosed by the Company in its Financial Statements or otherwise that would
                                            be reasonably likely to have a Material Adverse Effect. 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 Buyer
                                            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 Buyer will
                                            rely on the foregoing representation in effecting transactions in securities of the Company.
	 	 	 
		(iii)	Acknowledgment
                                            Regarding Buyer’s Purchase of Securities. The Company acknowledges and agrees that
                                            the Buyer is acting solely in the capacity of an arm’s length purchaser with respect
                                            to the Transaction Documents and the transactions contemplated hereby and thereby and that
                                            the Buyer is neither (i) an officer or director of the Company or any of its Subsidiaries,
                                            nor (ii) an “affiliate” (as defined in Rule 144) of the Company or any of its
                                            Subsidiaries. The Company further acknowledges that the Buyer is not acting as a financial
                                            advisor or fiduciary of the Company or any of its Subsidiaries (or in any similar capacity)
                                            with respect to the Transaction Documents and the transactions contemplated hereby and thereby,
                                            and any advice given by a Buyer or any of its representatives or agents in connection with
                                            the Transaction Documents and the transactions contemplated hereby and thereby is merely
                                            incidental to the Buyer’s purchase of the Securities. The Company further represents
                                            to the Buyer that the Company’s decision to enter into the Transaction Documents has
                                            been based solely on the independent evaluation by the Company and its representatives.
	 	 	 
		(iv)	No
                                            Integrated Offering. Neither the Company, nor any person acting on its or their behalf,
                                            has directly or indirectly made any offers or sales in any security or solicited any offers
                                            to buy any security under circumstances that would require registration under the Securities
                                            Act of the issuance of the Securities to the Buyer. The issuance of the Securities to the
                                            Buyer will not be integrated with any other issuance of the Company’s securities (past,
                                            current or future) for purposes of any stockholder approval provisions applicable to the
                                            Company or its securities.
	 	 	 
		(v)	No
                                            Brokers. No broker is entitled to a commission payable by the Company in connection with
                                            the transactions contemplated by this transaction and the Company has taken no action which
                                            would give rise to any claim by any person for brokerage commissions, transaction fees or
                                            similar payments relating to this Agreement or the transactions contemplated hereby.

 

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		(vi)	Disclosure.
                                            All information relating to or concerning the Company or any of its Subsidiaries set
                                            forth in this Agreement and provided to the Buyer pursuant in connection with the transactions
                                            contemplated hereby is true and correct in all material respects and the Company has not
                                            omitted to state any material fact necessary in order to make the statements made herein
                                            or therein, in light of the circumstances under which they were made, not misleading. No
                                            event or circumstance has occurred or exists with respect to the Company or any of its Subsidiaries
                                            or its or their business, properties, prospects, operations or financial conditions, which,
                                            under applicable law, rule or regulation, requires public disclosure or announcement by the
                                            Company but which has not been so publicly announced or disclosed (assuming for this purpose
                                            that the Company’s reports filed under the Exchange Act are being incorporated into
                                            an effective registration statement filed by the Company under the Securities Act).
	 	 	 
		(vii)	Shell
                                            Company Status. The Company is not currently an issuer identified in Rule 144(i)(1)(i)
                                            under the Securities Act, and, if it was at any time previously been such an issuer, then
                                            the Company is subject to the reporting requirements of Section 13 or 15(d) of the Exchange
                                            Act, has filed all reports and other materials required to be filed by Section 13 or 15(d)
                                            of the Exchange Act, as applicable during the preceding 12 months, and, as of a date at least
                                            one year prior to the Execution Date, has filed current “Form 10 information”
                                            with the SEC (as defined in Rule 144(i)(3) of the Securities Act) reflecting its status as
                                            an entity that is no longer an issuer described in Rule 144(i)(1)(i) of the Securities Act.
	 	 	 
		(viii)	No
                                            Disqualification Events. With respect to Securities to be offered and sold hereunder
                                            in reliance on Rule 506 under the Securities Act (“Regulation D Securities”),
                                            none of the Company, any of its predecessors, any affiliated issuer, any director, executive
                                            officer, other officer of the Company participating in the offering hereunder, any beneficial
                                            owner of 20% or more of the Company’s outstanding voting equity securities, calculated
                                            on the basis of voting power, nor any promoter (as that term is defined in Rule 405 under
                                            the Securities Act) connected with the Company in any capacity at the time of sale (each,
                                            an “Issuer Covered Person” and, together, “Issuer Covered Persons”)
                                            is subject to any of the “bad actor” disqualifying events described in Rule 506(d)(1)(i)(viii)
                                            under the Securities Act (each, a “Disqualification Event”), except for
                                            a Disqualification Event covered by Rule 506(d)(2) or (d)(3). The Company has exercised reasonable
                                            care to determine whether any Issuer Covered Person is subject to a Disqualification Event.
                                            The Company has complied, to the extent applicable, with its disclosure obligations under
                                            Rule 506(e), and has furnished to the Buyers a copy of any disclosures provided thereunder.
	 	 	 
		(ix)	Other
                                            Covered Persons. The Company is not aware of any Person (other than any Issuer Covered
                                            Person) that has been or will be paid (directly or indirectly) remuneration for solicitation
                                            of buyers or potential purchasers in connection with the sale of any Regulation D Securities.

 

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		(x)	No
                                            General Solicitation; Placement Agent. Neither the Company, nor any of its Subsidiaries
                                            or Affiliates, nor any Person acting on its or their behalf, has engaged in any form of general
                                            solicitation or general advertising (within the meaning of Regulation D) in connection with
                                            the offer or sale of the Securities. Neither the Company nor any of its Subsidiaries has
                                            engaged any placement agent in connection with the sale of the Securities. In the event that
                                            a broker-dealer or other agent or advisory is engaged by the Company subsequent to the initial
                                            Closing, the Company shall be responsible for the payment of any placement agent’s
                                            fees, financial advisory fees, or brokers’ commissions (other than for persons engaged
                                            by any Buyer or its investment advisor) relating to or arising out of the transactions contemplated
                                            hereby in connection with the sale of the Securities. The Company shall pay, and hold the
                                            Buyer harmless against, any liability, loss or expense (including, without limitation, attorney’s
                                            fees and out-of-pocket expenses) arising in connection with any such claim.
	 	 	 
		(xi)	Investment
                                            Company Status. The Company is not, and upon consummation of the sale of the Securities
                                            will not be, an “investment company,” a company controlled by an “investment
                                            company” or an “affiliated person” of, or “promoter” or “principal
                                            underwriter” for, an “investment company” as such terms are defined in
                                            the Investment Company Act of 1940, as amended.
	 	 	 
		(xii)	Transfer
                                            Taxes. On the Closing Date, all stock transfer or other taxes (other than income or similar
                                            taxes) which are required to be paid in connection with the sale and transfer of the Securities
                                            to be sold to the Buyer hereunder will be, or will have been, fully paid or provided for
                                            by the Company, and all laws imposing such taxes will be or will have been complied with.
	 	 	 
		(xiii)	Compliance
                                            with Rule 15c2-11. On the Closing Date, and at all times that any of the Securities remain
                                            outstanding, the Company shall maintain as publicly available all information required by
                                            paragraph (b) of Rule 15c2-11 of the Exchange Act (as effective on September 26, 2021), as
                                            amended, such that brokers or dealers attempting to publish any quotation for the Common
                                            Stock or, directly or indirectly, to submit any such quotation for publication, shall be
                                            able to comply with Rule 15c2-11(a).

 

		(c)	Operations
                                            Related:

 

		(i)	Absence
                                            of Certain Changes. No event has occurred that would have a Material Adverse Effect on
                                            the Company or any Subsidiary that has not been disclosed in the SEC Documents, OTC Filings
                                            and Disclosures. Without limiting the generality of the foregoing, except as disclosed in
                                            the SEC Documents, OTC Filings and Disclosures, neither the Company nor any of its Subsidiaries
                                            has taken any of the actions set forth on Schedule 3(c)(i).
	 	 	 
		(ii)	Absence
                                            of Litigation. Except as disclosed in the SEC Documents, 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 or would require disclosure
                                            under the Securities Act or the Exchange Act. 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. Except as disclosed
                                            in the SEC Documents, OTC Filings and Disclosures or as set forth on Schedule 3(c)(ii)
                                            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.

 

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		(iii)	Patents,
                                            Copyrights, etc. The Company and the Subsidiaries own or possess adequate rights
                                            or licenses to use all material trademarks, trade names, service marks, service mark registrations,
                                            service names, patents, patent rights, copyrights, inventions, licenses, approvals, governmental
                                            authorizations, trade secrets and rights necessary to conduct their respective businesses
                                            as now conducted (“Intellectual Property”). None of the Company’s
                                            nor any Subsidiary’s Intellectual Property rights have expired or terminated, or, by
                                            the terms and conditions thereof, could expire or terminate within two years from the Execution
                                            Date. The Company does not have any Knowledge of any infringement by the Company and/or any
                                            Subsidiary of any material trademark, trade name rights, patents, patent rights, copyrights,
                                            inventions, licenses, service names, service marks, service mark registrations, trade secret
                                            or other similar rights of others, or of any such development of similar or identical trade
                                            secrets or technical information by others, and there is no claim, action or proceeding being
                                            made or brought against, or to the Company’s Knowledge, being threatened against, the
                                            Company and/or any Subsidiary regarding trademark, trade name, patents, patent rights, invention,
                                            copyright, license, service names, service marks, service mark registrations, trade secret
                                            or other infringement, which could reasonably be expected to have a Material Adverse Effect.
	 	 	 
		(iv)	Tax
                                            Status. The Company and each of its Subsidiaries has made or filed all federal and material
                                            state and foreign income and all other material tax returns, reports and declarations required
                                            by any jurisdiction to which it is subject (unless and only to the extent that the Company
                                            and each of its Subsidiaries has set aside on its books provisions reasonably adequate for
                                            the payment of all unpaid and unreported taxes) and has paid all taxes and other governmental
                                            assessments and charges that are material in amount, shown or determined to be due on such
                                            returns, reports and declarations, except those being contested in good faith and has set
                                            aside on its books provisions reasonably adequate for the payment of all taxes for periods
                                            subsequent to the periods to which such returns, reports or declarations apply. There are
                                            no unpaid taxes in any material amount claimed to be due by the taxing authority of any jurisdiction,
                                            and the officers of the Company know of no basis for any such claim. The Company has not
                                            executed a waiver with respect to the statute of limitations relating to the assessment or
                                            collection of any foreign, federal, state or local tax. None of the Company’s tax returns
                                            is presently being audited by any taxing authority.
	 	 	 
		(v)	Certain
                                            Transactions. Except as set forth in the SEC Documents, OTC Filings and Disclosures,
                                            none of the officers or directors of the Company or any Subsidiary, and to the Knowledge
                                            of the Company, none of the employees of the Company or any Subsidiary is presently a party
                                            to any transaction with the Company or any Subsidiary (other than for services as employees,
                                            officers and directors), including any contract, agreement or other arrangement providing
                                            for the furnishing of services to or by, providing for rental of real or personal property
                                            to or from, or otherwise requiring payments to or from any officer, director or such employee
                                            or, to the Knowledge of the Company, any entity in which any officer, director, or any such
                                            employee has a substantial interest or is an officer, director, trustee or partner, in each
                                            case in excess of the lesser of (i) $120,000 or (ii) one percent of the average of the Company’s
                                            total assets at year end for the last two completed fiscal years, other than for (i) payment
                                            of salary or consulting fees for services rendered, (ii) reimbursement for expenses incurred
                                            on behalf of the Company or any Subsidiary and (iii) other employee benefits, including stock
                                            option agreements under any stock option plan of the Company.

 

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		(vi)	Permits;
                                            Compliance. The Company and each of its Subsidiaries is in possession of all franchises,
                                            grants, authorizations, licenses, permits, easements, variances, exemptions, consents, certificates,
                                            approvals and orders necessary to own, lease and operate its properties and to carry on its
                                            business as it is now being conducted (collectively, the “Company Permits”),
                                            and there is no action pending or, to the Knowledge of the Company, threatened regarding
                                            suspension or cancellation of any of the Company Permits. Neither the Company nor any of
                                            its Subsidiaries is in conflict with, or in default or violation of, any of the Company Permits,
                                            except for any such conflicts, defaults or violations which, individually or in the aggregate,
                                            would not reasonably be expected to have a Material Adverse Effect. Neither the Company nor
                                            any of its Subsidiaries has received any notification with respect to possible conflicts,
                                            defaults or violations of applicable laws, except for notices relating to possible conflicts,
                                            defaults or violations, which conflicts, defaults or violations would not have a Material
                                            Adverse Effect.
	 	 	 
		(vii)	Environmental
                                            Matters. The Company is in compliance with all applicable Environmental Laws in all respects
                                            except where the failure to comply does not have and could not reasonably be expected to
                                            have a Material Adverse Effect. For purposes of the foregoing: “Environmental Laws”
                                            means, collectively, the Comprehensive Environmental Response, Compensation and Liability
                                            Act of 1980, as amended, the Superfund Amendments and Reauthorization Act of 1986, the Resource
                                            Conservation and Recovery Act, the Toxic Substances Control Act, as amended, the Clean Air
                                            Act, as amended, the Clean Water Act, as amended, any other “Superfund” or “Superlien”
                                            law or any other applicable federal, state or local statute, law, ordinance, code, rule,
                                            regulation, order or decree regulating, relating to, or imposing liability or standards of
                                            conduct concerning, the environment or any Hazardous Material.
	 	 	 
		(viii)	Title
                                            to Property. Except as disclosed in the SEC Documents, OTC Filings and Disclosures, the
                                            Company and each Subsidiary has good and marketable title in fee simple to all real property
                                            owned by it and good and marketable title in all personal property owned by it that is material
                                            to the business of the Company and each Subsidiary, in each case free and clear of all Liens
                                            and, except for Liens as do not materially affect the value of such property and do not materially
                                            interfere with the use made and proposed to be made of such property by the Company or any
                                            Subsidiary and Liens for the payment of federal, state or other taxes, the payment of which
                                            is neither delinquent nor subject to penalties. Any real property and facilities held under
                                            lease by the Company or any Subsidiary is held under valid, subsisting and enforceable leases
                                            with which the Company is in compliance with such exceptions as are not material and do not
                                            interfere with the use made and proposed to be made of such property and buildings by the
                                            Company or any Subsidiary.

 

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		(ix)	Internal
                                            Accounting Controls. Except as disclosed in the SEC Documents the Company and each of
                                            its Subsidiaries maintain a system of internal accounting controls sufficient, in the judgment
                                            of the Company’s board of directors, to provide reasonable assurance that (i) transactions
                                            are executed in accordance with management’s general or specific authorizations, (ii)
                                            transactions are recorded as necessary to permit preparation of financial statements in conformity
                                            with generally accepted accounting principles and to maintain asset accountability, (iii)
                                            access to assets is permitted only in accordance with management’s general or specific
                                            authorization and (iv) the recorded accountability for assets is compared with the existing
                                            assets at reasonable intervals and appropriate action is taken with respect to any differences.
                                            The Company is in compliance with all provisions of the Sarbanes-Oxley Act of 2002, as amended,
                                            which are applicable to it.
	 	 	 
		(x)	Foreign
                                            Corrupt Practices. Neither the Company, nor any of its Subsidiaries, nor any director,
                                            officer, agent, employee or other person acting on behalf of the Company or any Subsidiary
                                            has, in the course of his actions for, or on behalf of, the Company, used any corporate funds
                                            for any unlawful contribution, gift, entertainment or other unlawful expenses relating to
                                            political activity; made any direct or indirect unlawful payment to any foreign or domestic
                                            government official or employee from corporate funds; violated or is in violation of any
                                            provision of the U.S. Foreign Corrupt Practices Act of 1977, as amended, or made any bribe,
                                            rebate, payoff, influence payment, kickback or other unlawful payment to any foreign or domestic
                                            government official or employee.
	 	 	 
		(xi)	Financial
                                            Condition. Except as disclosed in the SEC Documents, OTC Filings and Disclosures or on
                                            Schedule 3(c)(xi), the Company did not receive a qualified opinion from its auditors
                                            with respect to its most recent fiscal year end and, after giving effect to the transactions
                                            contemplated by this Agreement, does not anticipate or know of any basis upon which its auditors
                                            might issue a qualified opinion in respect of its current fiscal year. For the avoidance
                                            of doubt any qualification of the auditors’ opinion relating to the Company’s
                                            ability to continue as a “going concern” shall not, by itself, be a violation
                                            of this Section 3(c)(xi).
	 	 	 
		(xii)	Insurance.
                                            The Company and each Subsidiary is insured by insurers of recognized financial responsibility
                                            against such losses and risks and in such amounts as management of the Company believes to
                                            be prudent and customary in the businesses in which the Company and each Subsidiary is engaged.
                                            Neither the Company, nor any Subsidiary has been refused any insurance coverage sought or
                                            applied for, and the Company has no reason to believe that it or any Subsidiary will not
                                            be able to renew its existing insurance coverage as and when such coverage expires or to
                                            obtain similar coverage from similar insurers as may be necessary to continue its business
                                            at a cost that would not materially and adversely affect the condition, financial or otherwise,
                                            or the earnings, business or operations of the Company, taken as a whole.
	 	 	 
		(xiii)	No
                                            Undisclosed Events, Liabilities, Developments or Circumstances. Except as set forth in
                                            the SEC Documents, OTC Filings and Disclosures, the Company and its Subsidiaries have no
                                            liabilities or obligations of any nature (whether accrued, absolute, contingent, unasserted
                                            or otherwise and whether due or to become due) other than those liabilities or obligations
                                            that are disclosed in the Financial Statements or which do not exceed, individually in excess
                                            of $50,000 and in the aggregate in excess of $200,000. The reserves, if any, established
                                            by the Company or the lack of reserves, if applicable, are reasonable based upon facts and
                                            circumstances known by the Company on the Execution Date and there are no loss contingencies
                                            that are required to be accrued by the Statement of Financial Accounting Standard No. 5 of
                                            the Financial Accounting Standards Board which are not provided for in the Financial Statements.

 

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		(xiv)	Management.
                                            During the past five year period, no current or former officer or director or, to the Knowledge
                                            of the Company, stockholder of the Company or any of its Subsidiaries has been the subject
                                            of any matter that would require disclosure under Paragraph (f) of Rule 401 of Regulation
                                            S-K that has not been publicly disclosed.
	 	 	 
		(xv)	Assets;
                                            Title. Except as disclosed on Schedule 3(c)(xv), each of the Company and its Subsidiaries
                                            has good and valid title to, or a valid leasehold interest in, as applicable, all of its
                                            properties and assets, free and clear of all Liens except (i) any Lien for taxes not yet
                                            due or delinquent or being contested in good faith by appropriate proceedings for which adequate
                                            reserves have been established in accordance with GAAP, (ii) any statutory Lien arising in
                                            the ordinary course of business by operation of law with respect to a liability that is not
                                            yet due or delinquent, (iii) any Lien created by operation of law, such as materialmen’s
                                            liens, mechanics’ liens and other similar liens, arising in the ordinary course of
                                            business with respect to a liability that is not yet due or delinquent or that are being
                                            contested in good faith by appropriate proceedings, and (iv) such as have been disposed of
                                            in the ordinary course of business. To the Company’s Knowledge, all tangible personal
                                            property owned by the Company and its Subsidiaries has been maintained in good operating
                                            condition and repair, except (x) for ordinary wear and tear, and (y) where such failure would
                                            not have a Material Adverse Effect. To the Company’s Knowledge, all assets leased by
                                            the Company or any of its Subsidiaries are in the condition required by the terms of the
                                            lease applicable thereto during the term of such lease and upon the expiration thereof. To
                                            the Company’s Knowledge, the Company and its Subsidiaries have good and marketable
                                            title in fee simple to all real property and good and marketable title to all personal property
                                            owned by them which is material to the business of the Company and its Subsidiaries, in each
                                            case free and clear of all liens, encumbrances and defects. Any real property and facilities
                                            held under lease by the Company or any of its Subsidiaries are held by them under valid,
                                            subsisting and enforceable leases with such exceptions as are not material and do not interfere
                                            with the use made and proposed to be made of such property and buildings by the Company and
                                            its Subsidiaries.
	 	 	 
		(xvi)	Subsidiary
                                            Rights. The Company or one of its Subsidiaries has the unrestricted right to vote, and
                                            to receive dividends and distributions on, all equity securities of its Subsidiaries as owned
                                            by the Company or such Subsidiary.
	 	 	 
		(xvii)	Books
                                            and Records. To the Company’s Knowledge, the books of account, ledgers, order books,
                                            records and documents of the Company and its Subsidiaries accurately and completely reflect
                                            all information relating to the respective businesses of the Company and its Subsidiaries,
                                            the nature, acquisition, maintenance, location and collection of each of their respective
                                            assets, and the nature of all transactions giving rise to material obligations or accounts
                                            receivable of the Company or its Subsidiaries, as the case may be, except where the failure
                                            to so reflect such information would not have a Material Adverse Effect. To the Company’s
                                            Knowledge, the minute books of the Company and its Subsidiaries contain accurate records
                                            in all material respects of all meetings and accurately reflect all other actions taken by
                                            the stockholders, boards of directors and all committees of the boards of directors, and
                                            other governing Persons of the Company and its Subsidiaries, respectively.

 

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		(xviii)	Money
                                            Laundering. The Company and its Subsidiaries are in compliance with, and have not previously
                                            violated, the USA PATRIOT ACT of 2001 and all other applicable U.S. and non-U.S. anti-money
                                            laundering laws and regulations, including, but not limited to, the laws, regulations and
                                            Executive Orders and sanctions programs administered by the U.S. Office of Foreign Assets
                                            Control, including, but not limited, to (i) Executive Order 13224 of September 23, 2001 entitled,
                                            “Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to
                                            Commit, or Support Terrorism” (66 Fed. Reg. 49079 (2001)); and (ii) any regulations
                                            contained in 31 CFR, Subtitle B, Chapter V.

 

		(d)	General

 

		(i)	Acknowledgment
                                            of Dilution. The Company understands and acknowledges the potentially dilutive effect
                                            to the Common Stock upon the issuance of the Conversion Shares upon conversion of the Note.
                                            The Company further acknowledges that its obligation to issue Conversion Shares upon conversion
                                            of the Note is absolute and unconditional regardless of the dilutive effect that such issuances
                                            may have on the ownership interests of other stockholders of the Company. The Company understands
                                            and acknowledges the potentially dilutive effect to the Common Stock upon the issuance of
                                            the Warrant Shares upon exercise of the Warrant. The Company further acknowledges that its
                                            obligation to issue Warrant Shares upon exercise of the Warrant is absolute and unconditional
                                            regardless of the dilutive effect that such issuances may have on the ownership interests
                                            of other stockholders of the Company. The Company understands and acknowledges the potentially
                                            dilutive effect to the Common Stock upon the issuance of the Commitment Shares upon execution
                                            of this Agreement. The Company further acknowledges that its obligation to issue Commitment
                                            Shares upon execution of this Agreement is absolute and unconditional regardless of the dilutive
                                            effect that such issuance may have on the ownership interests of other stockholders of the
                                            Company.
	 	 	 
		(ii)	Breach
                                            of Representations and Warranties by the Company. If the Company breaches any of the
                                            representations or warranties set forth in this Section 3, and in addition to any
                                            other remedies available to the Buyer pursuant to this Agreement, it will be considered an
                                            Event of Default under the Note.
	 	 	 
		(iii)	Absence
                                            of Schedules. In the event that at the Closing Date, the Company does not deliver and
                                            attach hereto any disclosure schedule contemplated by this Agreement, the Company hereby
                                            acknowledges and agrees that (i) each such undelivered disclosure schedule shall be deemed
                                            to read as follows: “Nothing to Disclose”, and (ii) the Buyer has not otherwise
                                            waived delivery of such disclosure schedule.

 

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	4.	GENERAL
                                            COVENANTS.

 

		(a)	Best
                                            Efforts. The parties shall use their commercially reasonable best efforts to satisfy
                                            timely each of the conditions described in Section 7 and 8 of this Agreement.
	 	 	 
		(b)	Use
                                            of Proceeds. The Company shall use the proceeds from the sale of the Notes first as set
                                            forth on Schedule 4(b), and thereafter for other general corporate purposes and shall
                                            not, directly or indirectly, use such proceeds for any loan to or investment in any other
                                            corporation, partnership, enterprise or other person.
	 	 	 
		(c)	Financial
                                            Information. The Company agrees to send or make available the following reports to the
                                            Buyer until the Buyer transfers, assigns, or sells all of the Securities: (i) within ten
                                            (10) days after the filing with the SEC, a copy of its Annual Report on Form 10-K, its Quarterly
                                            Reports on Form 10-Q and any Current Reports on Form 8-K; (ii) within five (5) days after
                                            upload or filing, any filings made in the SEC Documents, OTC Filings and Disclosures; (iii)
                                            within one (1) day after release, copies of all press releases issued by the Company or any
                                            of its Subsidiaries relating to the transactions contemplated hereby; and (iv) contemporaneously
                                            with the making available or giving to the stockholders of the Company, copies of any notices
                                            or other information the Company makes available or gives to such stockholders. For the avoidance
                                            of doubt, filing the documents required in (i) above via EDGAR or releasing any documents
                                            set forth in (ii) above via a recognized wire service shall satisfy the delivery requirements
                                            of this Section 4(c).
	 	 	 
		(d)	Listing.
                                            The Company shall work in good faith to secure the listing of the Conversion Shares, the
                                            Commitment Shares, and the Warrant Shares upon each national securities exchange or automated
                                            quotation system, if any, upon which shares of Common Stock are then listed (subject to official
                                            notice of issuance) and, so long as the Buyer owns any of the Securities, shall maintain,
                                            so long as any other shares of Common Stock shall be so listed, such listing of all Conversion
                                            Shares, Commitment Shares, and all Warrant Shares from time to time issuable upon exercise
                                            of the Note and the Warrant, respectively. The Company will obtain and, so long as the Buyer
                                            owns any of the Securities, maintain the listing and trading of its Common Stock on the Trading
                                            Market and will comply in all respects with the Company’s reporting, filing and other
                                            obligations under the bylaws or rules of the Financial Industry Regulatory Authority (“FINRA”)
                                            and such exchanges, as applicable.
	 	 	 
		(e)	Corporate
                                            Existence. So long as the Buyer beneficially owns any of the Securities, the Company
                                            shall maintain its corporate existence and shall not sell all or substantially all of the
                                            Company’s assets, except in the event of a merger or consolidation or sale of all or
                                            substantially all of the Company’s assets, where the surviving or successor entity
                                            in such transaction (i) assumes the Company’s obligations hereunder and under the agreements
                                            and instruments entered into in connection herewith and (ii) is a publicly traded corporation
                                            whose Common Stock is listed or quoted for trading on the Trading Market.
	 	 	 
		(f)	No
                                            Integration. The Company shall not make any offers or sales of any security (other than
                                            the Securities) under circumstances that would require registration of the Securities being
                                            offered or sold hereunder under the Securities Act or cause the offering of the Securities
                                            to be integrated with any other offering of securities by the Company for the purpose of
                                            any stockholder approval provision applicable to the Company or its securities.

 

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		(g)	Failure
                                            to Comply with the Exchange Act. So long as the Buyer beneficially owns any of the Securities,
                                            the Company shall comply with the reporting requirements of the Exchange Act; and the Company
                                            be subject to the periodic reporting and other reporting requirements of the Exchange Act.
	 	 	 
		(h)	Breach
                                            of Covenants. If the Company breaches any of the covenants set forth in this Section
                                            4, then in addition to any other remedies available to the Buyer pursuant to this Agreement,
                                            each such breach will be considered an “Event of Default” under the Note.
	 	 	 
		(i)	Reservation
                                            of Shares. The Company covenants that while the Note and/or Warrant remain outstanding,
                                            the Company will reserve from its authorized and unissued Common Stock, three times (300%)
                                            of the number of shares of Common Stock, free from pre-emptive rights, that would be issuable
                                            upon full, unconditioned conversion of the Note and exercise of the Warrant calculated on
                                            the basis of the conversion price and exercise price, respectively, in effect as the Closing
                                            Date, which such reserved amounts shall be increased by the Company from time to time in
                                            accordance with its obligations under such Securities. In addition to all other rights in
                                            this Agreement and the Note, in the event that on any date (the “Reserve Depletion
                                            Date”) the Company does not have available enough authorized shares of Common Stock
                                            to satisfy any conversion request regarding the Note, or exercise of the Warrant, the Company
                                            shall repay all outstanding amounts owed under the Note in full within sixty (60) days of
                                            the Reserve Depletion Date.
	 	 	 
		(j)	Indemnification.
                                            Each party hereto (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 or the rules and regulations thereunder
                                            (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 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.
	 	 	 
		(k)	Certain
                                            Expenses and Fees. The Company shall pay all stamp taxes and other taxes and duties levied
                                            in connection with the delivery of the Note to the Buyer. In addition, the Buyer shall be
                                            entitled to withhold $3,250 for the Buyer’s transaction expenses from the amounts delivered
                                            at Closing.

 

	5.	SPECIAL
                                            COVENANTS

 

		(a)	Piggyback
                                            Registration Rights. The Company shall include on any registration and/or offering statement
                                            filed with the SEC, including without limitation on any offering statement on Form 1-A, all
                                            Conversion Shares, all Warrant Shares, and all Commitment Shares for resale by the Buyer.
                                            In addition to all other remedies at law or in equity or otherwise under this Agreement or
                                            other Transaction Documents, failure to do so will result in liquidated damages of $20,000.00
                                            pursuant to this Section 5(a), being immediately due and payable to the Buyer at its
                                            election in the form of cash payment.

 

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		(b)	Variable
                                            Rate Transactions. The Company covenants and agrees that it will not, without the prior
                                            written consent of the Buyer, enter into any equity line of credit agreement with any other
                                            party or enter into any transaction resulting in, or with, any Variable Security Holders,
                                            excluding the Buyer, without the Buyer’s prior written consent, which consent may be
                                            granted or withheld in the Buyer’s sole and absolute discretion unless the proceeds
                                            of such transaction are used first and primarily to repay the Note in full; provided that
                                            such arrangements evidenced by written agreements that exist as of the Execution Date shall
                                            not be subject to the provisions of this Section 5(b). “Variable Security
                                            Holder” means any holder of any securities of the Company that (A) have or may
                                            have conversion rights of any kind, contingent, conditional or otherwise, in which the number
                                            of shares that may be issued pursuant to such conversion right varies with the market price
                                            of the Common Stock, and/or (B) are or may become convertible into Common Stock (including
                                            without limitation convertible debt, warrants or convertible preferred stock), with a conversion
                                            price that varies with the market price of the Common Stock, even if such security only becomes
                                            convertible following an event of default, the passage of time, or another trigger event
                                            or condition.
	 	 	 
		(c)	Repayment
                                            from Proceeds. While any portion of the Note is outstanding, if the Company receives
                                            cash proceeds from any source or series of related or unrelated sources, including but not
                                            limited to, from payments from customers, the issuance of equity or debt, the conversion
                                            of outstanding warrants of the Company, the issuance of securities pursuant to an equity
                                            line of credit of the Company or the sale of assets, the Company shall, within one (1) business
                                            day of the Company’s receipt of such proceeds, inform the Buyer of such receipt, following
                                            which the Buyer shall have the right in its sole discretion to require the Company to immediately
                                            apply all or any portion of such proceeds to repay all or any portion of the outstanding
                                            amounts owed under the Note. In the event that such proceeds are received by the Holder (as
                                            defined in the Note) prior to the Maturity Date (as defined in the Note), the required prepayment
                                            shall be subject to all prepayment terms in the Note.
	 	 	 
		(d)	Participation
                                            Rights. During the twelve (12) months immediately following the Closing, with respect
                                            to each and any securities offering conducted by the Company, the Company agrees to, and
                                            hereby does, irrevocably grant to the Buyer the option to purchase up to $1,000,000 worth
                                            of the securities offered in such offering at the applicable offering prices thereunder.

 

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		(e)	Right
                                            of First Refusal. During the twelve (12) months immediately following the Closing, in
                                            the event that the Company receives a Bona Fide Offer (defined below) of capital or financing
                                            from any third party consisting of any securities offering, including but not limited to
                                            any debt or equity securities, then the Company must, and irrevocably agrees to, first offer
                                            such opportunity to the Buyer to provide such capital or financing to the Company on the
                                            same or similar terms as each respective third party’s terms, and the Buyer may in
                                            its sole discretion determine whether the Buyer will provide such capital or financing. Upon
                                            receipt of the third party offer, the Company shall promptly provide notice thereof to the
                                            Buyer (the “Offer Notice”) and provide copies of the pending transaction
                                            documents. Should the Buyer be unwilling or unable to provide such capital or financing to
                                            the Company within two (2) Trading Days from the Buyer’s receipt of the Offer Notice
                                            from the Company, then the Company may obtain such capital or financing from the respective
                                            third party upon the exact same terms and conditions offered by the Company to the Buyer,
                                            which transaction must be completed within seven (7) Trading Days after the date of the Offer
                                            Notice. If the Company does not receive the capital or financing from the respective third
                                            party within seven (7) Trading Days after the date of the respective Offer Notice, then the
                                            Company must again offer the capital or financing opportunity to the Buyer as described above,
                                            and the process detailed above shall be repeated. A “Bona Fide Offer”
                                            is one in which the purchaser is irrevocably and contractually bound to purchase the subject
                                            securities from the Company, subject to the Buyer’s right of first refusal.
	 	 	 
		(f)	Regulation
                                            A Offering Participation. [RESERVED]
	 	 	 
		(g)	Compliance
                                            with Rule 15c2-11. The Company take all actions to maintain as publicly available all
                                            information required by paragraph (b) of Rule 15c2-11 of the Exchange Act (as effective on
                                            September 26, 2021), as amended, such that brokers or dealers attempting to publish any quotation
                                            for the Common Stock or, directly or indirectly, to submit any such quotation for publication,
                                            shall be able to comply with Rule 15c2-11(a).
	 	 	 
		(h)	Prohibition
                                            on Certain Transactions. The Buyer covenants and agrees that neither it, nor any affiliate
                                            acting on its behalf or pursuant to any understanding with it will execute any “short
                                            sales” of the Common Stock as defined in Rule 200 of Regulation SHO under the Exchange
                                            Act.
	 	 	 
		(i)	Up-listing.
                                            [RESERVED].
	 	 	 
		(j)	Registration
                                            Rights. [RESERVED].
	 	 	 
		(k)	Breach
                                            of Covenants. If the Company breaches any of the covenants set forth in this Section
                                            5, then in addition to any other remedies available to the Buyer pursuant to this Agreement,
                                            each such breach will be considered an “Event of Default” under the Note.
	 	 	 
		(l)	Exceptions.
                                            Notwithstanding the other terms of this Section 5, the provisions of Sections,
                                            5(b), 5(c), 5(d) and 5(e) shall not be applicable to any transaction
                                            between the Company and Rhino Biotech or the IP Capital Group.

 

    	18

     

    

 

	6.	Transfer
                                            Agent Instructions.
                                            Prior to registration of the Conversion Shares and the Warrant Shares under the Securities
                                            Act or the date on which the Conversion Shares or the Warrant Shares may be sold pursuant
                                            to Rule 144 without any restriction as to the number of Securities as of a particular date
                                            that can then be immediately sold, all such certificates shall bear the restrictive legend
                                            specified in the Note or Warrants as applicable. The Company warrants that: (i) no stop transfer
                                            instructions will be given by the Company to its Transfer Agent and that the Securities shall
                                            otherwise be freely transferable on the books and records of the Company as and to the extent
                                            provided in this Agreement and the Note; (ii) it will not direct its Transfer Agent not to
                                            transfer or delay, impair, and/or hinder its Transfer Agent in transferring (or issuing)
                                            (electronically or in certificated form) any certificate for Conversion Shares or Warrant
                                            Shares to be issued to the Buyer upon conversion/exercise of or otherwise pursuant to the
                                            Note or the Warrant, respectively, as and when required by the Note, the Warrant or this
                                            Agreement; and (iii) it will not fail to remove (or direct its Transfer Agent not to remove
                                            or impairs, delays, and/or hinders its Transfer Agent from removing) any restrictive legend
                                            (or to withdraw any stop transfer instructions in respect thereof) on any certificate for
                                            any Conversion Shares or any Warrant Shares as contemplated by the terms of this Agreement,
                                            the Note and the Warrant, as applicable. Nothing in this Section shall affect in any way
                                            the Buyer’s obligations and agreement to comply with all applicable prospectus delivery
                                            requirements, if any, upon re-sale of the Securities. If the Buyer provides the Company (which
                                            shall be at the cost of the Company), with (i) an opinion of counsel in form, substance and
                                            scope customary for opinions in comparable transactions, to the effect that a public sale
                                            or transfer of any Securities may be made without registration under the Securities Act and
                                            such sale or transfer is effected or (ii) the Buyer provides reasonable assurances that the
                                            Securities can be sold pursuant to Rule 144, the Company shall permit the transfer, and,
                                            in the case of the Conversion Shares, the Commitment Shares, and the Warrant Shares, promptly
                                            instruct its Transfer Agent to issue one or more certificates, free from restrictive legend,
                                            in such name and in such denominations as specified by the Buyer or, in the sole discretion
                                            of the Buyer, the Company shall take all action necessary to ensure that such Common Stock
                                            is transferred electronically as DWAC (as defined in the Note) shares. The Company acknowledges
                                            that a breach by it of its obligations hereunder will cause irreparable harm to the Buyer,
                                            by vitiating the intent and purpose of the transactions contemplated hereby. Accordingly,
                                            the Company acknowledges that the remedy at law for a breach of its obligations under this
                                            Section may be inadequate and agrees, in the event of a breach or threatened breach by the
                                            Company of the provisions of this Section, that the Buyer shall be entitled, in addition
                                            to all other available remedies, to an injunction restraining any breach and requiring immediate
                                            transfer, without the necessity of showing economic loss and without any bond or other security
                                            being required.

 

	7.	CONDITIONS
                                            PRECEDENT TO THE COMPANY’S OBLIGATIONS TO SELL. The obligation of the Company hereunder
                                            to issue and sell any Note, Warrant, and Commitment Shares to the Buyer at the applicable
                                            Closing is subject to the satisfaction, at or before the Closing Date of each of the following
                                            conditions thereto, provided that these conditions are for the Company’s sole benefit
                                            and may be waived by the Company at any time in its sole discretion:

 

		(a)	The
                                            Buyer shall have executed this Agreement and delivered the same to the Company.
	 	 	 
		(b)	The
                                            Buyer shall have delivered the First Funding Amount or Additional Purchase Price, as applicable,
                                            in accordance with Section 1 above.
	 	 	 
		(c)	The
                                            representations and warranties of the Buyer shall be true and correct in all material respects
                                            as of the date when made and as of the Closing Date as though made at that time (except for
                                            representations and warranties that speak as of a specific date), and the Buyer shall have
                                            performed, satisfied and complied in all material respects with the covenants, agreements
                                            and conditions required by this Agreement to be performed, satisfied or complied with by
                                            the Buyer at or prior to the Closing Date.
	 	 	 
		(d)	No
                                            litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall
                                            have been enacted, entered, promulgated or endorsed by or in any court or governmental authority
                                            of competent jurisdiction or any self-regulatory organization having authority over the matters
                                            contemplated hereby which prohibits the consummation of any of the transactions contemplated
                                            by this Agreement.

 

    	19

     

    

 

	8.	CONDITIONS
                                            PRECEDENT TO THE BUYER’S OBLIGATION TO PURCHASE. The obligation of the Buyer hereunder
                                            to purchase any Note and fund such Note at any Closing is subject to the satisfaction, at
                                            or before the applicable Closing Date of each of the following conditions, provided that
                                            these conditions are for the Buyer’s sole benefit and may be waived by the Buyer at
                                            any time in its sole discretion:

 

		(a)	The
                                            Company shall have executed this Agreement and delivered the same to the Buyer on the First
                                            Closing Date.
	 	 	 
		(b)	The
                                            Company shall have delivered to the Buyer the duly executed Note and the Commitment Shares
                                            in accordance with Section 1 above on the Closing Date.
	 	 	 
		(c)	The
                                            Company shall have delivered to the Buyer the duly executed Warrant on the Closing Date.
	 	 	 
		(d)	The
                                            Company shall have delivered to the Buyer the duly executed Transfer Agent Instruction Letter
                                            on the Closing Date.
	 	 	 
		(e)	The
                                            Company shall have delivered a copy of its Directors’ resolutions relating to the transactions
                                            contemplated hereby, the form of which is attached hereto as Exhibit D, on the Closing
                                            Date.
	 	 	 
		(f)	No
                                            litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall
                                            have been enacted, entered, promulgated or endorsed by or in any court or governmental authority
                                            of competent jurisdiction or any self-regulatory organization having authority over the matters
                                            contemplated hereby which prohibits the consummation of any of the transactions contemplated
                                            by this Agreement, as of the Closing Date.
	 	 	 
		(g)	No
                                            event shall have occurred which could reasonably be expected to have a Material Adverse Effect
                                            on the Company including but not limited to a change in the Exchange Act reporting status
                                            of the Company or the failure of the Company to be timely in its Exchange Act reporting obligations,
                                            as of the Closing Date.
	 	 	 
		(h)	The
                                            Company shall have delivered to the Buyer a copy of its certificate of good standing with
                                            the State of Delaware dated within five (5) days of the Closing.
	 	 	 
		(i)	Prior
                                            to each Additional Closing, the Company shall have satisfied and be in compliance with all
                                            conditions contained in this Agreement regarding its use of proceeds from the sale of the
                                            Notes, including those set forth in Section 4(b) and Schedule 4(b), additionally,
                                            no Additional Closing shall occur except upon the mutual agreement of the Buyer and the Company.
	 	 	 
		(j)	The
                                            Company shall have delivered a legal opinion to the Buyer regarding the enforceability of
                                            the Transaction Documents in form and substance acceptable to the Buyer.

 

    	20

     

    

 

		(k)	The
                                            representations and warranties of the Company shall be true and correct in all material respects
                                            as of the date when made and as of the Execution Date and the Closing Date as though made
                                            at such time (except for representations and warranties that speak as of a specific date,
                                            which shall be true and correct in all material respects as of such specific date) and the
                                            Company shall have performed, satisfied and complied in all material respects with the covenants,
                                            agreements and conditions required by this Agreement to be performed, satisfied or complied
                                            with by the Company at or prior to the Closing Date. The Buyer shall have received a certificate
                                            or certificates, executed by the chief executive officer of the Company, dated as of the
                                            Closing Date, to the foregoing effect and as to such other matters as may be reasonably requested
                                            by the Buyer, in the form prescribed by the Buyer.

 

	9.	GOVERNING
                                            LAW; MISCELLANEOUS.

 

		(a)	Governing
                                            Law. This Agreement shall be governed by and construed in accordance with the laws of
                                            the State of Wyoming without regard to principles of conflicts of laws. Any action brought
                                            by either party against the other concerning the transactions contemplated by this Agreement
                                            shall be brought only in the state courts of Miami, Florida, or in the federal courts located
                                            in the Southern District of Florida. The parties to this Agreement hereby irrevocably waive
                                            any objection to jurisdiction and venue of any action instituted hereunder and shall not
                                            assert any defense based on lack of jurisdiction or venue or based upon forum non conveniens.
                                            The prevailing party shall be entitled to recover from the other party its reasonable attorney’s
                                            fees and costs. In the event that any provision of this Agreement or any other agreement
                                            delivered in connection herewith is invalid or unenforceable under any applicable statute
                                            or rule of law, then such provision shall be deemed inoperative to the extent that it may
                                            conflict therewith and shall be deemed modified to conform with such statute or rule of law.
                                            Any such provision which may prove invalid or unenforceable under any law shall not affect
                                            the validity or enforceability of any other provision of any agreement. Each party hereby
                                            irrevocably waives personal service of process and consents to process being served in any
                                            suit, action or proceeding in connection with this Agreement or any other Transaction Document
                                            by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence
                                            of delivery) to such party at the address in effect for notices to it under this Agreement
                                            and agrees that such service shall constitute good and sufficient service of process and
                                            notice thereof. Nothing contained herein shall be deemed to limit in any way any right to
                                            serve process in any other manner permitted by law.
	 	 	 
		(b)	JURY
                                            TRIAL WAIVER. THE COMPANY AND THE BUYER 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.
	 	 	 
		(c)	Counterparts;
                                            Signatures by Electronic Mail. This Agreement may be executed in one or more counterparts,
                                            each of which shall be deemed an original but all of which shall constitute one and the same
                                            agreement and shall become effective when counterparts have been signed by each party and
                                            delivered to the other party. This Agreement, once executed by a party, may be delivered
                                            to the other party hereto by electronic mail transmission of a copy of this Agreement bearing
                                            the signature of the party so delivering this Agreement.

 

    	21

     

    

 

		(d)	Headings.
                                            The headings of this Agreement are for convenience of reference only and shall not form part
                                            of, or affect the interpretation of, this Agreement.
	 	 	 
		(e)	Severability.
                                            In the event that any provision of this Agreement or of any of the Transaction Documents
                                            is invalid or unenforceable under any applicable statute or rule of law, then such provision
                                            shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed
                                            modified to conform with such statute or rule of law. Any provision hereof which may prove
                                            invalid or unenforceable under any law shall not affect the validity or enforceability of
                                            any other provision hereof.
	 	 	 
		(f)	Entire
                                            Agreement; Amendments. This Agreement and the instruments referenced herein contain the
                                            entire understanding of the parties with respect to the matters covered herein and therein
                                            and, except as specifically set forth herein or therein, neither the Company nor the Buyer
                                            makes any representation, warranty, covenant or undertaking with respect to such matters.
                                            No provision of this Agreement may be waived or amended other than by an instrument in writing
                                            signed by the Buyer.
	 	 	 
		(g)	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, or e-mail as a PDF (with read receipt), 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 e-mail (with read receipt) 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.

 

If
to the Company, to:

 

NEXIEN
BIOPHARMA, INC.

4340
E. Kentucky Ave., Suite 206

Glendale,
CO 80246

Attn:
Richard Greenberg, CEO

E-mail:
rgreenberg@nexienbiopharma.com

 

    	22

     

    

 

With
copy to:

 

Fay
Matsukage, Esq.

Doida
Crow Legal LLC

8480
East Orchard Road, Suite 2000

Greenwood
Village, CO 80111

E-mail:
fay@doidacrow.com

 

If
to the Buyer, to:

 

QUICK
CAPITAL, LLC

66
West Flagler Street, 900-#2292

Miami,
FL 33130

Attn:
Eilon D. Natan, Manager

E-mail:
eilon@quick-cap.com

 

Either
party hereto may from time to time change its address or e-mail for notices under this Section 9(g) by giving at least ten (10)
days’ prior written notice of such changed address to the other party hereto.

 

		(h)	Successors
                                            and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties
                                            and their successors and assigns. Neither the Company nor the Buyer shall assign this Agreement
                                            or any rights or obligations hereunder without the prior written consent of the other. Notwithstanding
                                            the foregoing, subject to Section 2(e), the Buyer may assign its rights hereunder
                                            to any person that purchases Securities in a private transaction from the Buyer or to any
                                            of its “affiliates,” as that term is defined under the Exchange Act, without
                                            the consent of the Company.
	 	 	 
		(i)	Third
                                            Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto
                                            and their respective permitted successors and assigns and is not for the benefit of, nor
                                            may any provision hereof be enforced by, any other person.
	 	 	 
		(j)	Survival.
                                            The representations and warranties of the Company and the agreements and covenants set forth
                                            in this Agreement shall survive the Closings hereunder as well as the termination/satisfaction
                                            of the Note for the longest period allowable under applicable law. The Company agrees to
                                            indemnify and hold harmless the Buyer and all their officers, directors, employees and agents
                                            for loss or damage arising as a result of or related to any breach by the Company of any
                                            of its representations, warranties and covenants set forth in this Agreement or any of its
                                            covenants and obligations under this Agreement, including advancement of expenses as they
                                            are incurred.
	 	 	 
		(k)	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.

 

    	23

     

    

 

		(l)	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.
	 	 	 
		(m)	Remedies.

 

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

 

		(ii)	In
                                            addition to any other remedy provided herein or in any document executed in connection herewith,
                                            the Company shall pay the Buyer for all costs, fees and expenses in connection with any arbitration,
                                            litigation, contest, dispute, suit or any other action to enforce any rights of the Buyer
                                            against the Company in connection herewith, including, but not limited to, costs and expenses
                                            and attorneys’ fees, and costs and time charges of counsel to the Buyer.

 

		(n)	Publicity.
                                            The Company and the Buyer shall have the right to review a reasonable period of time before
                                            issuance of any press releases, SEC, Trading Market, or FINRA filings, or any other public
                                            statements with respect to the transactions contemplated hereby; provided, however,
                                            that the Company shall be entitled, without the prior approval of the Buyer, to make any
                                            press release or SEC, Trading Market or FINRA filings with respect to such transactions as
                                            is required by applicable law and regulations (although the Buyer shall be consulted by the
                                            Company in connection with any such press release prior to its release and shall be provided
                                            with a copy thereof).

 

	10.	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):

 

“Affiliate”
means, with respect to any Person, any other Person that, directly or indirectly through one or more intermediaries, controls, or is
controlled by, or is under common control with, such Person, and the term “control” (including the terms “controlled
by” and “under common control with”) means the possession, directly or indirectly, of the power to direct or cause
the direction of the management policies of such Person, whether through ownership of voting securities, by contract or otherwise.

 

“Common
Stock Equivalents” means any securities of the Company or the Subsidiaries that 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.

 

    	24

     

    

 

“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).

 

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

 

“Hazardous
Material” means and includes any hazardous, toxic or dangerous waste, substance or material, the generation, handling, storage,
disposal, treatment or emission of which is subject to any Environmental Law.

 

“Knowledge”
including the phrase “to the Company’s Knowledge” shall mean the actual knowledge after reasonable investigation
of the Company’s officers and directors.

 

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

 

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

 

“OTC
Filings and Disclosures” shall mean the Company’s documents uploaded as of the Execution Date onto the Company’s
“Filings and Disclosures” page on the OTCMarkets.com website.

 

“Person”
means 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.

 

“Registrable
Securities” means all of the Commitment Shares, Conversion Shares and Warrant Shares, and any and all shares of capital stock
issued or issuable as a result of any stock split, stock dividend, recapitalization, exchange or similar event or otherwise, without
regard to any limitation on issuances under any of the Transaction Documents.

 

“Securities”
means, collectively, the Note, the Conversion Shares, the Warrant, the Warrant Shares, the Commitment Shares, and any other securities
of the Company issued in connection with or in exchange for any of the foregoing.

 

“Subsidiary”
or “Subsidiaries” 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.

 

“Term”
shall mean the period commencing on the Effective Date and ending (1) one year thereafter.

 

“Trading
Day” shall mean a day on which the NASDAQ stock market shall be open for business.

 

“Trading
Market” means the OTC-PINK market of the OTC-Markets.

 

“Transaction
Documents” shall mean this Agreement, the Note, the Warrant, the Transfer Agent Instruction Letter 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.

 

“Transfer
Agent Instruction Letter” means the letter from the Company to the Transfer Agent in the form of Exhibit C attached
hereto.

 

**
signature page follows **

 

    	25

     

    

 

IN WITNESS WHEREOF, the Buyer and the Company have caused their respective signature page to this Note Purchase Agreement
to be duly executed as of the Execution Date.

 

	 	COMPANY:
	 	 	 
	 	NEXIEN
    BIOPHARMA, INC.
	 	 	 
	 	By:
    	/s/
    Richard Greenberg
	 	Name:
    	Richard
    Greenberg
	 	Title:
    	CEO
	 	 	 
	 	BUYER:
	 	 	 
	 	QUICK
    CAPITAL, LLC
	 	 	 
	 	By:
    	/s/
    Eilon D. Natan
	 	Name:
    	Eilon
    D. Natan
	 	Title:
    	Manager

 

**
Signature Page to Note Purchase Agreement **

 

    	 

     

    

 

ISSUANCE
SCHEDULE

 

FIRST
CLOSING

 

	(1)	 	(2)	 	 	(3)	 	 	(4)	 	 	(5)	 
	Buyer	 	Face Value of Note	 	 	Warrant Shares	 	 	Number of Commitment Shares	 	 	Funding Amount	 
	Quick Capital, LLC	 	$	170,454	*	 	 	347,512	 	 	 	500,000	 	 	$	146,750	*

 

*The
Face Value of the Note includes an original issuance discount of 12%.

**
The Buyer has the right to withhold $3,250 from the $150,000 funding amount for payment of its transaction costs.

 

ADDITIONAL
CLOSING (To be updated at the time of each such Closing)

 	(1)	 	(2)	 	 	(3)	 	 	(4)	 	 	(5)	 
	Buyer	 	Face Value of Note	 	 	Warrant Shares*	 	 	Number of Commitment Shares	 	 	Funding Amount	 
	Quick Capital, LLC	 	 		 	 	 		 	 	 		 	 	 		 

 

*Warrants
shall constitute 20% warrant coverage and in each case, the exercise of each Warrant shall be equal to 150% of the closing market price
of the Common Stock on the Trading Day preceding each Closing Date.

 

    	 

     

    

 

DISCLOSURE
SCHEDULES

 

Schedule
3(c)(i)

 

Except
as disclosed in the SEC Documents, OTC Filings and Disclosures, neither
the Company nor any of its Subsidiaries has:

 

(1)
declared, set aside or paid any dividend or other distribution with respect to any shares of capital stock of the Company or any of its
Subsidiaries or any direct or indirect redemption, purchase or other acquisition of any such shares;

 

(2)
sold, assigned, pledged, encumbered, transferred or otherwise disposed of any tangible asset of the Company or any of its Subsidiaries
(other than sales or the licensing of its products to customers in the ordinary course of business consistent with past practice), or
sold, assigned, pledged, encumbered, transferred or otherwise disposed of any Intellectual Property (as defined below), other than licensing
of products of the Company or its Subsidiaries in the ordinary course of business and on a non-exclusive basis;

 

(3)
entered into any licensing or other agreement with regard to the acquisition or disposition of any Intellectual Property other than licenses
in the ordinary course of business consistent with past practice or any amendment or consent with respect to any licensing agreement
filed or required to be filed with respect to any governmental authority;

 

(4)
made capital expenditures, individually or in the aggregate, in excess of $100,000;

 

(5)
incurred any obligation or liability (whether absolute, accrued, contingent or otherwise, and whether due or to become due) on the Company’s
behalf or any of its Subsidiaries, in excess of $100,000 individually, other than obligations under customer contracts, current obligations
and liabilities, in each case incurred in the ordinary course of business and consistent with past practice;

 

(6)
had any Lien on any property of the Company or any of its Subsidiaries except as disclosed in the SEC Documents, OTC Filings and Disclosures;

 

(7)
made any payment, discharge, satisfaction or settlement of any suit, action, claim, arbitration, proceeding or obligation of the Company
or any of its Subsidiaries, except in the ordinary course of business and consistent with past practice;

 

(8)
effected any split, combination or reclassification of any equity securities;

 

(9)
sustained any material loss, destruction or damage to any property of the Company or any Subsidiary, whether or not insured;

 

(10)
effected any acceleration or prepayment of any indebtedness for borrowed money or the refunding of any such indebtedness;

 

(11)
experienced any labor trouble involving the Company or any Subsidiary or any material change in their personnel or the terms and conditions
of employment;

 

    	 

     

    

 

(12)
made any waiver of any valuable right, whether by contract or otherwise;

 

(13)
made any loan or extension of credit to any officer or employee of the Company;

 

(14)
made any change in the independent public accountants of the Company or its Subsidiaries or any material change in the accounting methods
or accounting practices followed by the Company or its Subsidiaries, as applicable, or any material change in depreciation or amortization
policies or rates;

 

(15)
experienced any resignation or termination of any officer, key employee or group of employees of the Company or any of its Subsidiaries;

 

(16)
effected any change in any compensation arrangement or agreement with any employee, officer, director or stockholder that would result
in the aggregate compensation to such Person in such year to exceed $100,000;

 

(17)
effected any material increase in the compensation of employees of the Company or its Subsidiaries (including any increase pursuant to
any written bonus, pension, profit sharing or other benefit or compensation plan, policy or arrangement or commitment), or any increase
in any such compensation or bonus payable to any officer, stockholder, director, consultant or agent of the Company or any of its Subsidiaries
having an annual salary or remuneration in excess of $100,000;

 

(18)
made any revaluation of any of their respective assets, including, without limitation, writing down the value of capitalized inventory
or writing off notes or accounts receivable or any sale of assets other than in the ordinary course of business;

 

(19)
made any acquisition or disposition of any material assets (or any contract or arrangement therefor), or any other material transaction
by the Company or any Subsidiary otherwise than for fair value in the ordinary course of business;

 

(20)
written-down the value of any asset of the Company or its Subsidiaries or written-off as uncollectible of any accounts or notes receivable
or any portion thereof except in the ordinary course of business and in a magnitude consistent with historical practice;

 

(21)
cancelled any debts or claims or any material amendment, termination or waiver of any rights of the Company or its Subsidiaries; or

 

(22)
entered into any agreement, whether in writing or otherwise, to take any of the actions specified in the foregoing items (1) through
(21).

 

    	 

     

    

 

SCHEDULE
4(b)

 

Use
of Proceeds

 

(1)
Patent fees, Chemistry/Manufacturing/Controls, non-clinical studies, clinical studies, development (IND), legal fees, and

(2)
General working capital.

 

    	 

     

    

 

EXHIBITS

 

A
- NOTE

 

B
- WARRANT

 

C
- TRANSFER AGENT INSTRUCTIONS

 

D
- BOARD RESOLUTIONSExhibit 10.2

 

NEITHER
THE ISSUANCE NOR SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE CONVERTIBLE
HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED
FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES FILED PURSUANT
TO THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER), IN A GENERALLY
ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT.
NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING
ARRANGEMENT SECURED BY THE SECURITIES.

 

	Principal
    Amount: $170,454.00	Issue
    Date: January 18, 2022

 

CONVERTIBLE
PROMISSORY NOTE

 

FOR
VALUE RECEIVED, as of January 18, 2022 (the “Issue Date”), NEXIEN BIOPHARMA, INC., a December corporation (hereinafter
called the “Borrower” or “Company”), hereby promises to pay to the order of Quick Capital, LLC,
a Wyoming limited liability company, or its registered assigns (the “Holder”), the principal sum of $170,454,
payable upon the earlier of maturity or upon acceleration or upon prepayment of this Note as set forth herein. The term “Note”
and all references thereto, as used throughout this instrument, shall mean this instrument as originally executed, or if later amended
or supplemented, then as so amended or supplemented. No interest rate charge shall accrue on the principal amount of this Note, provided
that upon and following any occurrence of an Event of Default, this Note shall accrue an interest charge at a rate equal to the lesser
of 24% on the principal amount of this Note or the maximum rate of interest under applicable law. The maturity date of this Note shall
be the date that is twelve (12) months after the Issue Date (the “Maturity Date”), and is the date upon which the
principal amount, as well as any accrued and unpaid interest and other fees, shall be due and payable. This Note may be prepaid in
whole or in part as explicitly set forth herein. All payments due hereunder (to the extent not converted into common stock of the Company,
$0.0001 par value per share (the “Common Stock”) in accordance with the terms hereof) shall be made in lawful money
of the United States of America. All payments shall be made at such address as the Holder shall hereafter give to the Borrower by written
notice made in accordance with the provisions of this Note. Whenever any amount expressed to be due by the terms of this Note is due
on any day which is not a business day, the same shall instead be due on the next succeeding day which is a business day and, in the
case of any interest payment date which is not the date on which this Note is paid in full, the extension of the due date thereof shall
not be taken into account for purposes of determining the amount of interest due on such date. As used in this Note, the term “business
day” shall mean any day other than a Saturday, Sunday or a day on which commercial banks in the city of Miami, Florida are authorized
or required by law or executive order to remain closed. Each capitalized term used herein, and not otherwise defined, shall have the
meaning ascribed thereto in that certain Note Purchase Agreement dated January 18, 2022, pursuant to which this Note was originally issued
(as amended and/or restated from time to time, the “Purchase Agreement”).

 

The
cash consideration delivered to the Borrower at the closing of this Note is $146,750.00 as this Note is being issued with a twelve percent
(12%) original issuance discount, and with $3,250.00 being withheld to offset transaction and legal costs of the Holder.

 

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

 

    	 

     

    

 

The
Company hereby affirms all of its obligations to the Holder under all of the Transaction Documents and agrees and affirms as follows:
(i) that as of the Issue Date, the Company has performed, satisfied and complied in all material respects with all the covenants, agreements
and conditions under each of the Transaction Documents to be performed, satisfied or complied with by the Company; (ii) that the Company
shall continue to perform each and every covenant, agreement and condition set forth in each of the Transaction Documents and this Note,
and continue to be bound by each and all of the terms and provisions thereof and hereof; (iii) that as of the Issue Date, no default
or Event of Default has occurred or is continuing under the Purchase Agreement, the Note or any other Transaction Documents, and no event
has occurred that, with the passage of time, the giving of notice, or both, would constitute a default or an Event of Default under the
Purchase Agreement, the Note or any other Transaction Documents; and (iv) that as of the Issue Date, no event, fact, or other set of
circumstances has occurred which could reasonably be expected to have, cause, or result in a Material Adverse Effect.

 

The
Company hereby acknowledges, represents, warrants and confirms to the Holder that: (i) each of the Transaction Documents executed by
the Company are valid and binding obligations of the Company, enforceable against the Company in accordance with their respective terms;
and (ii) no oral representations, statements, or inducements have been made by Holder, or any agent or representative of Holder, with
respect to this Note, the Purchase Agreement, and all other Transaction Documents.

 

The
following additional terms shall also apply to this Note:

 

ARTICLE
I

CONVERSION
RIGHTS

 

1.1
Conversion Right. The Holder shall have the right at any time, and from time to time, on or after the Issue Date to convert all
or any part of the outstanding and unpaid principal, interest, fees, or any other obligation owed pursuant to this Note into fully paid
and non-assessable shares of Common Stock, as such Common Stock exists on the Issue Date, or any shares of capital stock or other securities
of the Borrower into which such Common Stock shall hereafter be changed or reclassified at the Conversion Price (as defined below) selected
by the Holder for any particular conversion, determined as provided herein (a “Conversion”); provided, however,
that in no event shall the Holder be entitled to convert any portion of this Note in excess of that portion of this Note upon conversion
of which the sum of (1) the number of shares of Common Stock beneficially owned by the Holder and its affiliates (other than shares of
Common Stock which may be deemed beneficially owned through the ownership of the unconverted portion of this Note or the unexercised
or unconverted portion of any other security of the Borrower subject to a limitation on conversion or exercise analogous to the limitations
contained herein) and (2) the number of shares of Common Stock issuable upon the Conversion of the portion of this Note with respect
to which the determination of this proviso is being made, would result in beneficial ownership by the Holder and its affiliates of more
than 9.99% of the outstanding shares of Common Stock. For purposes of the proviso to the immediately preceding sentence, beneficial ownership
shall be determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
and Regulations 13D-G thereunder, except as otherwise provided in clause (1) of such proviso. The number of shares of Common Stock to
be issued upon each Conversion of this Note shall be determined by dividing the Conversion Amount (as defined below) (the numerator)
by the applicable Conversion Price then in effect on the date specified in the notice of conversion (the denominator), in the form attached
hereto as Exhibit A (the “Notice of Conversion”), delivered to the Borrower by the Holder in accordance with
Section 1.4 below; provided that the Notice of Conversion is submitted by facsimile or e-mail (or by other means resulting in,
or reasonably expected to result in, notice) to the Borrower before 6:00 p.m., Miami, Florida time on such conversion date (the “Conversion
Date”). The term “Conversion Amount” means, with respect to any Conversion of this Note, the sum of (1)
the principal amount of this Note to be converted in such Conversion plus (2) at the Holder’s option, accrued and unpaid
interest, if any, on such principal amount at the interest rates provided in this Note to the Conversion Date, provided however, that
the Borrower shall have the right to pay any or all interest in cash plus (3) at the Holder’s option, fees on the amounts
referred to in the immediately preceding clauses (1) and/or (2) plus (4) at the Holder’s option, any amounts owed to the
Holder pursuant to Sections 1.3 and 1.4(g) hereof.

 

    	2

     

    

 

1.2
Conversion Price. Subject to the adjustments described herein, this Note shall be convertible into shares of Common Stock at any
time, and from time to time, in any portion at the Conversion Price. “Conversion Price” means the then applicable
Fixed Conversion Price, Default Conversion Price, or other conversion price as determined in accordance with this Note as selected by
the Holder in connection with any particular Conversion. The Conversion Price shall be automatically adjusted equitably for stock splits,
stock dividends or rights offerings by the Borrower relating to the Borrower’s securities or the securities of any subsidiary of
the Borrower, as well as combinations, recapitalization, reclassifications, extraordinary distributions and similar events:

 

(a)
Fixed Conversion Price; Default Conversion Price. At any time, and from time to time, the Holder may utilize the Fixed Conversion
Price for conversions of this Note into Common Stock. The Fixed Conversion Price shall be a rate per share equal to $0.035 (the “Fixed
Conversion Price”). At any time, and from time to time after an Event of Default, the Holder may utilize the Default Conversion
Price in its sole discretion. The “Default Conversion Price” shall be a rate per share equal to 60% multiplied by
the Market Price (as defined herein) (representing a discount rate of 40%). “Market Price” means the volume-weighted
average Closing Price (as defined below) for the Common Stock during the ten (10) Trading Day period ending on the latest complete Trading
Day prior to the Conversion Date. “Trading Day” shall mean any day on which the Common Stock is tradable for any period
on the OTCBB, OTCQB or on the principal securities exchange or other securities market on which the Common Stock is then being quoted
or traded. “Closing Price” means, for any security as of any date, the closing bid price as reported on the OTCBB,
OTCQB or applicable trading market or exchange as reported by a reliable reporting service designated by the Holder or, if the OTCBB
is not the principal trading market for such security, the closing bid price of such security on the principal securities exchange or
trading market where such security is quoted, listed or traded.

 

(b)
Additional Conversion Considerations. To the extent the Conversion Price of the Borrower’s Common Stock closes below the
par value per share, the Borrower will take all steps necessary to solicit the consent of the stockholders to reduce the par value of
the Common Stock to the lowest value possible under law. The Borrower agrees to honor all conversions submitted pending this adjustment.
If the shares of the Borrower’s Common Stock have not been delivered within three (3) business days to the Holder, the Notice of
Conversion may be rescinded by the Holder. If the Trading Price cannot be calculated for such security on such date in the manner provided
above, the Trading Price shall be the fair market value as mutually determined by the Borrower and the Holder for which the calculation
of the Trading Price is required in order to determine the Conversion Price of such Notes. If at any time the Conversion Price as determined
hereunder for any conversion would be less than the par value of the Common Stock, then at the sole discretion of the Holder, the Conversion
Price hereunder may equal such par value for such conversion and the Conversion Amount for such conversion may be increased to include
Additional Principal, where “Additional Principal” means such additional amount to be added to the Conversion Amount
to the extent necessary to cause the number of conversion shares issuable upon such conversion to equal the same number of conversion
shares as would have been issued had the Conversion Price not been adjusted by the Holder to the par value price.

 

(c)
Pro Rata Conversion; Disputes. In the event of a dispute as to the number of shares of Common Stock issuable to the Holder in
connection with a conversion of this Note, the Borrower shall issue to the Holder the number of shares of Common Stock not in dispute
and resolve such dispute in accordance with this Note.

 

    	3

     

    

 

1.3
Authorized Shares. The Borrower covenants that during the period the Conversion right exists, the Borrower will reserve from its
authorized and unissued Common Stock a sufficient number of shares, free from preemptive rights, to provide for the issuance of Common
Stock upon the full conversion of this Note issued pursuant to the Purchase Agreement. The Borrower is required at the Issue Date to
have 100,000,000 shares reserved, and upon the 90th day following the Issue Date and thereafter at all times to have authorized
and reserved three times (300%) the number of shares that is actually issuable upon full conversion of the Note (based on the Conversion
Price of the Note in effect from time to time) (the “Reserved Amount”). The Reserved Amount shall be increased from
time to time in accordance with the Borrower’s obligations pursuant to Section 4(i) of the Purchase Agreement. The Borrower
represents that upon issuance, such shares of Common Stock will be duly and validly issued, fully paid and non-assessable. In addition,
if the Borrower shall issue any securities or make any change to its capital structure which would change the number of shares of Common
Stock into which this Note shall be convertible at the then current Conversion Price, the Borrower shall at the same time make proper
provision so that thereafter there shall be a sufficient number of shares of Common Stock authorized and reserved, free from preemptive
rights, for conversion of the outstanding Note. The Borrower (i) represents that it has irrevocably instructed its transfer agent to
issue certificates for the Common Stock issuable upon conversion of this Note, and (ii) agrees that its issuance of this Note shall constitute
full authority to its officers and agents who are charged with the duty of executing stock certificates to execute and issue the necessary
certificates for shares of Common Stock in accordance with the terms and conditions of this Note. Notwithstanding the foregoing, in no
event shall the Reserved Amount be lower than the initial Reserved Amount, regardless of any prior conversions.

 

Borrower’s
failure to maintain or to replenish the Reserved Amount within three (3) business days of a request of the Holder, shall be an Event
of Default under this Note.

 

1.4
Method of Conversion.

 

(a)
Mechanics of Conversion. Subject to Section 1.1, this Note may be converted by the Holder in whole or in part at any time
from time to time on or after the Issue Date, by (i) submitting to the Borrower a Notice of Conversion (by facsimile, e-mail or other
reasonable means of communication dispatched on the Conversion Date prior to 6:00 p.m., Miami, Florida time) and (ii) subject to Section
1.4(b), surrendering this Note at the principal office of the Borrower.

 

(b)
Surrender of Note Upon Conversion. Notwithstanding anything to the contrary set forth herein, upon conversion of this Note in
accordance with the terms hereof, the Holder shall not be required to physically surrender this Note to the Borrower unless the entire
unpaid principal amount of this Note is so converted. The Holder and the Borrower shall maintain records showing the principal amount
so converted and the dates of such conversions or shall use such other method, reasonably satisfactory to the Holder and the Borrower,
so as not to require physical surrender of this Note upon each such conversion. In the event of any dispute or discrepancy, such records
of the Holder shall, prima facie, be controlling and determinative in the absence of manifest error. The Holder and any assignee,
by acceptance of this Note, acknowledge and agree that, by reason of the provisions of this paragraph, following conversion of a portion
of this Note, the unpaid and unconverted principal amount of this Note represented by this Note may be less than the amount stated on
the face hereof.

 

(c)
Payment of Taxes. The Borrower shall not be required to pay any tax which may be payable in respect of any transfer involved in
the issue and delivery of shares of Common Stock or other securities or property on conversion of this Note in a name other than that
of the Holder (or in street name), and the Borrower shall not be required to issue or deliver any such shares or other securities or
property unless and until the person or persons (other than the Holder or the custodian in whose street name such shares are to be held
for the Holder’s account) requesting the issuance thereof shall have paid to the Borrower the amount of any such tax or shall have
established to the satisfaction of the Borrower that such tax has been paid.

 

(d)
Delivery of Common Stock Upon Conversion. Upon receipt by the Borrower from the Holder of a facsimile transmission or e-mail (or
other reasonable means of communication) of a Notice of Conversion meeting the requirements for conversion as provided in this Section
1.4, the Borrower shall issue and deliver or cause to be issued and delivered to or upon the order of the Holder certificates (or
electronic shares via DWAC transfer, at the option of Holder) for the Common Stock issuable upon such conversion within three (3) business
days after such receipt (the “Deadline”) (and, solely in the case of conversion of the entire unpaid principal amount
hereof, surrender of this Note) in accordance with the terms hereof and the Purchase Agreement.

 

    	4

     

    

 

(e)
Obligation of Borrower to Deliver Common Stock. Upon receipt by the Borrower of a Notice of Conversion, the Holder shall be deemed
to be the holder of record of the Common Stock issuable upon such conversion, the outstanding principal amount and the amount of accrued
and unpaid interest on this Note shall be reduced to reflect such conversion, and, unless the Borrower defaults on its obligations under
this Article I, all rights with respect to the portion of this Note being so converted shall forthwith terminate except the right
to receive the Common Stock or other securities, cash or other assets, as herein provided, on such conversion. If the Holder shall have
given a Notice of Conversion as provided herein, the Borrower’s obligation to issue and deliver the certificates for Common Stock
shall be absolute and unconditional, irrespective of the absence of any action by the Holder to enforce the same, any waiver or consent
with respect to any provision thereof, the recovery of any judgment against any person or any action to enforce the same, any failure
or delay in the enforcement of any other obligation of the Borrower to the holder of record, or any setoff, counterclaim, recoupment,
limitation or termination, or any breach or alleged breach by the Holder of any obligation to the Borrower, and irrespective of any other
circumstance which might otherwise limit such obligation of the Borrower to the Holder in connection with such conversion. The Conversion
Date specified in the Notice of Conversion shall be the Conversion Date so long as the Notice of Conversion is received by the Borrower
before 6:00 p.m., Miami, Florida time, on such date.

 

(f)
Delivery of Common Stock by Electronic Transfer. In lieu of delivering physical certificates representing the Common Stock issuable
upon conversion, provided the Borrower is participating in the Depository Trust Company (“DTC”) Fast Automated Securities
Transfer (“FAST”) program, upon request of the Holder and its compliance with the provisions contained in Section
1.1 and in this Section 1.4, the Borrower shall use its best efforts to cause its transfer agent to electronically transmit
the Common Stock issuable upon conversion to the Holder by crediting the account of Holder’s Prime Broker with DTC through its
Deposit Withdrawal At Custodian (“DWAC”) system.

 

(g)
Failure to Deliver Common Stock Prior to Delivery Deadline. Without in any way limiting the Holder’s right to pursue other
remedies, including actual damages and/or equitable relief, the parties agree that if delivery of the Common Stock issuable upon conversion
of this Note is not delivered by the Deadline (other than a failure due to the circumstances described in Section 1.3 above, which
failure shall be governed by such Section) the Borrower shall pay to the Holder $1,000 per day in cash, for each day beyond the
Deadline that the Borrower fails to deliver such Common Stock until the Borrower issues and delivers a certificate to the Holder or credit
the Holder’s balance account with DTC for the number of shares of Common Stock to which the Holder is entitled upon such Holder’s
conversion of any Conversion Amount (under Holder’s and Borrower’s expectation that any damages will tack back to the Issue
Date). Such cash amount shall be paid to Holder by the fifth day of the month following the month in which it has accrued or, at the
option of the Holder (by written notice to the Borrower by the first day of the month following the month in which it has accrued), shall
be added to the principal amount of this Note, in which event interest shall accrue thereon in accordance with the terms of this Note
and such additional principal amount shall be convertible into Common Stock in accordance with the terms of this Note. The Borrower agrees
that the right to convert is a valuable right to the Holder. The damages resulting from a failure, attempt to frustrate, interference
with such conversion right are difficult if not impossible to qualify. Accordingly, the parties acknowledge that the liquidated damages
provision contained in this Section 1.4(g) are justified.

 

(h)
Rescindment of a Notice of Conversion. If (i) the Borrower fails to respond to Holder within one (1) business day from the Conversion
Date confirming the details of Notice of Conversion, (ii) the Borrower fails to provide any of the shares of the Borrower’s Common
Stock requested in the Notice of Conversion within three (3) business days from the date of receipt of the Note of Conversion, (iii)
the Holder is unable to procure a legal opinion required to have the shares of the Borrower’s Common Stock issued unrestricted
and/or deposited to sell for any reason related to the Borrower’s standing, (iv) the Holder is unable to deposit the shares of
the Borrower’s Common Stock requested in the Notice of Conversion for any reason related to the Borrower’s standing, (v)
at any time after a missed Deadline, at the Holder’s sole discretion, or (vi) if OTC Markets Group, Inc. changes the Borrower’s
designation to ‘Limited Information’ (Yield), ‘No Information’ (Stop Sign), ‘Caveat Emptor’ (Skull
& Crossbones), ‘OTC’, ‘Other OTC’ or ‘Grey Market’ (Exclamation Mark Sign) or other trading restriction
on the day of or any day after the Conversion Date, the Holder maintains the option and sole discretion to rescind the Notice of Conversion
with a “Notice of Rescindment.”

 

    	5

     

    

 

1.5
Concerning the Shares. The shares of Common Stock issuable upon conversion of this Note may not be sold or transferred unless
(i) such shares are sold pursuant to an effective registration statement under the Securities Act of 1933, as amended 1933 Act or (ii)
the Borrower or its transfer agent shall have been furnished with an opinion of counsel (which opinion shall be in form, substance and
scope customary for opinions of counsel in comparable transactions) to the effect that the shares to be sold or transferred may be sold
or transferred pursuant to an exemption from such registration or (iii) such shares are sold or transferred pursuant to Rule 144 under
the 1933 Act (or a successor rule) (“Rule 144”) or (iv) such shares are transferred to an “affiliate”
(as defined in Rule 144) of the Borrower who agrees to sell or otherwise transfer the shares only in accordance with this Section
1.5 and who is an “accredited investor” (as defined in Rule 501(a) of the 1933 Act). Except as otherwise provided in
the Purchase Agreement (and subject to the removal provisions set forth below), until such time as the shares of Common Stock issuable
upon conversion of this Note have been registered under the 1933 Act or otherwise may be sold pursuant to Rule 144 without any restriction
as to the number of securities as of a particular date that can then be immediately sold, each certificate for shares of Common Stock
issuable upon conversion of this Note that has not been so included in an effective registration statement or that has not been sold
pursuant to an effective registration statement or an exemption that permits removal of the legend, shall bear a legend substantially
in the following form, as appropriate:

 

“NEITHER
THE ISSUANCE OR SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF
(A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL
(WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER), IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR
(II) UNLESS SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION
WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.”

 

The
legend set forth above shall be removed and the Borrower shall issue to the Holder a new certificate therefore free of any transfer legend
if (i) the Borrower or its transfer agent shall have received an opinion of counsel, in form, substance and scope customary for opinions
of counsel in comparable transactions, to the effect that a public sale or transfer of such Common Stock may be made without registration
under the 1933 Act, which opinion shall be reasonably accepted by the Company so that the sale or transfer is effected or (ii) in the
case of the Common Stock issuable upon conversion of this Note, such security is registered for sale by the Holder under an effective
registration statement filed under the 1933 Act or otherwise may be sold pursuant to Rule 144 without any restriction as to the number
of securities as of a particular date that can then be immediately sold. In the event that the Company does not accept the opinion of
counsel provided by the Holder with respect to the transfer of Securities pursuant to an exemption from registration, such as Rule 144
or Regulation S, at the Deadline, and the Company does not provide a suitable replacement opinion to the Holder within four (4) business
days, it will be considered an Event of Default pursuant to Section 3.2 of the Note.

 

    	6

     

    

 

1.6
Effect of Certain Events.

 

(a)
Effect of Merger, Consolidation, Etc. At the option of the Holder, the sale, conveyance or disposition of all or substantially
all of the assets of the Borrower, the effectuation by the Borrower of a transaction or series of related transactions in which more
than 50% of the voting power of the Borrower is disposed of, or the consolidation, merger or other business combination of the Borrower
with or into any other Person (as defined below) or Persons when the Borrower is not the survivor shall either: (i) be deemed to be an
Event of Default (as defined in Article III) pursuant to which the Borrower shall be required to pay to the Holder upon the consummation
of and as a condition to such transaction an amount equal to the Default Amount (as defined in Article III) or (ii) be treated
pursuant to Section 1.6(b) hereof. “Person” shall mean any individual, corporation, limited liability company,
partnership, association, trust or other entity or organization.

 

(b)
Adjustment Due to Merger, Consolidation, Etc. If, at any time when this Note is issued and outstanding and prior to conversion
of all of the Notes, there shall be any merger, consolidation, exchange of shares, recapitalization, reorganization, or other similar
event, as a result of which shares of Common Stock of the Borrower shall be changed into the same or a different number of shares of
another class or classes of stock or securities of the Borrower or another entity, or in case of any sale or conveyance of all or substantially
all of the assets of the Borrower other than in connection with a plan of complete liquidation of the Borrower, then the Holder of this
Note shall thereafter have the right to receive upon conversion of this Note, upon the basis and upon the terms and conditions specified
herein and in lieu of the shares of Common Stock immediately theretofore issuable upon conversion, such stock, securities or assets which
the Holder would have been entitled to receive in such transaction had this Note been converted in full immediately prior to such transaction
(without regard to any limitations on conversion set forth herein), and in any such case appropriate provisions shall be made with respect
to the rights and interests of the Holder of this Note to the end that the provisions hereof (including, without limitation, provisions
for adjustment of the Conversion Price and of the number of shares issuable upon conversion of the Note) shall thereafter be applicable,
as nearly as may be practicable in relation to any securities or assets thereafter deliverable upon the conversion hereof. The Borrower
shall not affect any transaction described in this Section 1.6(b) unless (a) it first gives, to the extent practicable, thirty
(30) days prior written notice (but in any event at least fifteen (15) days prior written notice) of the record date of the special meeting
of shareholders to approve, or if there is no such record date, the consummation of, such merger, consolidation, exchange of shares,
recapitalization, reorganization or other similar event or sale of assets (during which time the Holder shall be entitled to convert
this Note) and (b) the resulting successor or acquiring entity (if not the Borrower) assumes by written instrument the obligations of
this Section 1.6(d). The above provisions shall similarly apply to successive consolidations, mergers, sales, transfers or share
exchanges.

 

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

 

(d)
Adjustment Due to Dilutive Issuance. If, at any time when this Note is issued and outstanding, the Borrower issues or sells, or
in accordance with this Section 1.6(d) hereof is deemed to have issued or sold, except for shares of Common Stock issued directly
to vendors or suppliers of the Borrower in satisfaction of amounts owed to such vendors or suppliers (provided, however, that such vendors
or suppliers shall not have an arrangement to transfer, sell or assign such shares of Common Stock prior to the issuance of such shares),
any shares of Common Stock for no consideration or for a consideration per share (before deduction of reasonable expenses or commissions
or underwriting discounts or allowances in connection therewith) less than the Conversion Price in effect on the date of such issuance
(or deemed issuance) of such shares of Common Stock (a “Dilutive Issuance”), then immediately upon the Dilutive Issuance,
the Conversion Price will be reduced to the amount of the consideration per share received by the Borrower in such Dilutive Issuance,
subject to the Holder’s rights under Section 1.2 to select its Conversion Price. For the avoidance of doubt, the following
shall not be Dilutive Issuances: Borrower’s issuance of shares of Common Stock to its executive officers pursuant to the compensation
arrangement described in the Borrower’s Form 10-K for the fiscal year ended June 30, 2021, Borrower’s issuance of shares
of Common Stock upon exercise of existing stock options, and Borrower’s issuance of shares of Common Stock upon conversion or exercise,
as the case may be, of existing convertible promissory notes and warrants.

 

    	7

     

    

 

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

 

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

 

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

 

(f)
Notice of Adjustments. Upon the occurrence of each adjustment or readjustment of the Conversion Price as a result of the events
described in this Section 1.6, or under Section 1.2 (regarding stock splits, combinations, etc.), the Borrower, at its
expense, shall promptly compute such adjustment or readjustment and prepare and furnish to the Holder a certificate setting forth such
adjustment or readjustment and showing in detail the facts upon which such adjustment or readjustment is based. The Borrower shall, upon
the written request at any time of the Holder, furnish to such Holder a like certificate setting forth (i) such adjustment or readjustment,
(ii) the Conversion Price at the time in effect and (iii) the number of shares of Common Stock and the amount, if any, of other securities
or property which at the time would be received upon conversion of the Note.

 

    	8

     

    

 

1.7
Trading Market Limitations. Unless permitted by the applicable rules and regulations of the principal securities market on which
the Common Stock is then quoted, listed or traded, in no event shall the Borrower issue upon conversion of or otherwise pursuant to this
Note more than the maximum number of shares of Common Stock that the Borrower can issue pursuant to any rule of the principal United
States securities market on which the Common Stock is then traded (the “Maximum Share Amount”), subject to equitable
adjustment from time to time for stock splits, stock dividends, combinations, capital reorganizations and similar events relating to
the Common Stock occurring after the Issue Date. Once the Maximum Share Amount has been issued, if the Borrower fails to eliminate any
prohibitions under applicable law or the rules or regulations of any stock exchange, interdealer quotation system or other self-regulatory
organization with jurisdiction over the Borrower or any of its securities on the Borrower’s ability to issue shares of Common Stock
in excess of the Maximum Share Amount, in lieu of any further right to convert this Note, this will be considered an Event of Default
under Section 3.2 of the Note.

 

1.8
Status as Shareholder. Upon submission of a Notice of Conversion by a Holder, (i) the shares covered thereby (other than the shares,
if any, which cannot be issued because their issuance would exceed such Holder’s allocated portion of the Reserved Amount or Maximum
Share Amount) shall be deemed converted into shares of Common Stock and (ii) the Holder’s rights as a Holder of such converted
portion of this Note shall cease and terminate, excepting only the right to receive certificates for such shares of Common Stock and
to any remedies provided herein or otherwise available at law or in equity to such Holder because of a failure by the Borrower to comply
with the terms of this Note. Notwithstanding the foregoing, if a Holder has not received certificates or transmission of such shares
pursuant to Section 1.4(f) for all shares of Common Stock prior to the tenth (10th) business day after the expiration of the Deadline
with respect to a conversion of any portion of this Note for any reason, then (unless the Holder otherwise elects to retain its status
as a holder of Common Stock by so notifying the Borrower) the Holder shall regain the rights of a Holder of this Note with respect to
such unconverted portions of this Note and the Borrower shall, as soon as practicable, return such unconverted Note to the Holder or,
if this Note has not been surrendered, adjust its records to reflect that such portion of this Note has not been converted. In all cases,
the Holder shall retain all of its rights and remedies (including, without limitation, (i) the right to receive Conversion default payments
pursuant to Section 1.3 to the extent required thereby for such Conversion default and any subsequent Conversion default and (ii)
the right to have the Conversion Price with respect to subsequent conversions determined in accordance with Section 1.2) for the
Borrower’s failure to convert this Note.

 

1.9
Prepayment. Notwithstanding anything to the contrary contained in this Note, the Borrower may prepay the amounts outstanding hereunder
with the consent of the Holder pursuant to the following terms and conditions:

 

(a)
At any time during the period beginning on the Issue Date and ending on the date which is the 180 days after the Issue Date, the Borrower
shall have the right, exercisable on not less than three (3) Trading Days prior written notice to the Holder of the Note to prepay the
outstanding Note (principal and accrued interest), in full by making a payment to the Holder of an amount in cash equal to 130%, multiplied
by the sum of: (w) the then outstanding principal amount of this Note plus (x) accrued and unpaid interest on the unpaid principal
amount of this Note.

 

(b)
Any notice of prepayment hereunder (an “Optional Prepayment Notice”) shall be delivered to the Holder of the Note
at its registered addresses and shall state: (1) that the Borrower is exercising its right to prepay the Note, and (2) the date of prepayment
which shall be not more than three (3) Trading Days from the date of the Optional Prepayment Notice. On the date fixed for prepayment
(the “Optional Prepayment Date”), the Borrower shall make payment of the applicable prepayment amount to or upon the
order of the Holder as specified by the Holder in writing to the Borrower at least one (1) business day prior to the Optional Prepayment
Date. If the Borrower delivers an Optional Prepayment Notice and fails to pay the applicable prepayment amount due to the Holder of the
Note within two (2) business days following the Optional Prepayment Date, the Borrower shall forever forfeit its right to prepay the
Note pursuant to this Section 1.9.

 

    	9

     

    

 

ARTICLE
II

CERTAIN
COVENANTS

 

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

 

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

 

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

 

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

 

2.5
Advances and Loans. So long as the Borrower shall have any obligation under this Note, the Borrower shall not, without the Holder’s
written consent, lend money, give credit or make advances to any person, firm, joint venture or corporation, including, without limitation,
officers, directors, employees, subsidiaries and affiliates of the Borrower, except loans, credits or advances (a) in existence or committed
on the Issue Date and which the Borrower has informed Holder in writing prior to the Issue Date, (b) made in the ordinary course of business
or (c) not in excess of $15,000.

 

2.6
Section 3(a)(9) or 3(a)(10) Transaction. So long as this Note is outstanding, the Borrower shall not enter into any transaction
or arrangement structured in accordance with, based upon, or related or pursuant to, in whole or in part, either Section 3(a)(9) of the
1933 Act (a “3(a)(9) Transaction”) or Section 3(a)(10) of the 1933 Act (a “3(a)(10) Transaction”).
In the event that the Borrower does enter into, or makes any issuance of Common Stock related to a 3(a)(9) Transaction or a 3(a)(10)
Transaction while this Note is outstanding, a liquidated damages charge of 25% of the outstanding principal balance of this Note, but
not less than Fifteen Thousand Dollars ($15,000), will be assessed and will become immediately due and payable to the Holder at its election
in the form of cash payment or addition to the balance of this Note.

 

    	10

     

    

 

2.7
Preservation of Existence, etc. The Borrower shall maintain and preserve, and cause each of its Subsidiaries to maintain and preserve,
its existence, rights and privileges, and become or remain, and cause each of its Subsidiaries (other than dormant Subsidiaries that
have no or minimum assets) to become or remain, duly qualified and in good standing in each jurisdiction in which the character of the
properties owned or leased by it or in which the transaction of its business makes such qualification necessary.

 

2.8
Non-circumvention. The Borrower hereby covenants and agrees that the Borrower will not, by amendment of its Certificate or Articles
of Incorporation or Bylaws, or through any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, dissolution,
issue or sale of securities, or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms
of this Note, and will at all times in good faith carry out all the provisions of this Note and take all action as may be required to
protect the rights of the Holder.

 

2.9
Repayment from Proceeds. While any portion of this Note is outstanding, if the Borrower receives cash proceeds from any source
or series of related or unrelated sources, including but not limited to, from payments from customers, the issuance of equity or debt,
the conversion of outstanding warrants of the Borrower, the issuance of securities pursuant to an equity line of credit of the Borrower
or the sale of assets, the Borrower shall, within one (1) business day of Borrower’s receipt of such proceeds, inform the Holder
of such receipt, following which the Holder shall have the right in its sole discretion to require the Borrower to immediately apply
all or any portion of such proceeds to repay all or any portion of the outstanding amounts owed under this Note. Failure of the Borrower
to comply with this provision shall constitute an Event of Default. In the event that such proceeds are received by the Holder prior
to the Maturity Date, the required prepayment shall be subject to the terms of Section 1.9 herein.

 

2.10
Piggyback Registration Rights. The Company shall include on any registration statement or offering statement filed with the SEC,
all Conversion Shares, all Warrant Shares, and all Commitment Shares. In addition to all other remedies at law or in equity or otherwise
in connection with any breaches under this Note or the other Transaction Documents, failure to do so in compliance with this Section
2.10 will result in liquidated damages of $20,000, being immediately due and payable to the Holder at its election in the form of
cash payment.

 

ARTICLE
III

EVENTS
OF DEFAULT

 

The
occurrence of any of the following shall each constitute an “Event of Default” with no right to notice or the right
to cure except as specifically stated:

 

3.1
Failure to Pay Principal or Interest. The Borrower fails to pay the principal hereof or interest thereon when due on this Note,
whether at the Maturity Date, upon acceleration or otherwise.

 

3.2
Conversion and the Shares. The Borrower fails to issue shares of Common Stock to the Holder (or announces or threatens in writing
that it will not honor its obligation to do so) upon exercise by the Holder of the Conversion rights of the Holder in accordance with
the terms of this Note, fails to transfer or cause its transfer agent to transfer (issue) (electronically or in certificated form) any
certificate for shares of Common Stock issued to the Holder upon conversion of or otherwise pursuant to this Note as and when required
by this Note, the Borrower directs its transfer agent not to transfer or delays, impairs, and/or hinders its transfer agent in transferring
(or issuing) (electronically or in certificated form) any certificate for shares of Common Stock to be issued to the Holder upon conversion
of or otherwise pursuant to this Note as and when required by this Note, or fails to remove (or directs its transfer agent not to remove
or impairs, delays, and/or hinders its transfer agent from removing) any restrictive legend (or to withdraw any stop transfer instructions
in respect thereof) on any certificate for any shares of Common Stock issued to the Holder upon conversion of or otherwise pursuant to
this Note as and when required by this Note (or makes any written announcement, statement or threat that it does not intend to honor
the obligations described in this paragraph) and any such failure shall continue uncured (or any written announcement, statement or threat
not to honor its obligations shall not be rescinded in writing) for three (3) business days after the Holder shall have delivered a Notice
of Conversion. It is an obligation of the Borrower to remain current in its obligations to its transfer agent. It shall be an “Event
of Default” of this Note, if a conversion of this Note is delayed, hindered or frustrated due to a balance owed by the Borrower
to its transfer agent. If at the option of the Holder, the Holder advances any funds to the Borrower’s transfer agent in order
to process a conversion, such advanced funds shall be paid by the Borrower to the Holder within forty-eight (48) hours of a demand from
the Holder.

 

    	11

     

    

 

3.3
Breach of Covenants. The Borrower breaches any covenant or other term or condition contained in this Note, or in any of the Transaction
Documents including but not limited to the Purchase Agreement.

 

3.4
Breach of Representations and Warranties. Any representation or warranty of the Borrower made herein or in any agreement, statement
or certificate given in writing pursuant hereto or in connection herewith (including, without limitation, the Purchase Agreement), shall
be false or misleading in any material respect when made.

 

3.5
Receiver or Trustee. The Company or any subsidiary of the Company shall make an assignment for the benefit of creditors, or apply
for or consent to the appointment of a receiver or trustee for it or for a substantial part of its property or business, or such a receiver
or trustee shall otherwise be appointed.

 

3.6
Judgments. Any money judgment, writ or similar process shall be entered or filed against the Borrower or any subsidiary of the
Borrower or any of its property or other assets for more than $50,000, and shall remain unvacated, unbonded or unstayed for a period
of twenty (20) days unless otherwise consented to by the Holder, which consent will not be unreasonably withheld.

 

3.7
Bankruptcy; Liquidation. (i) Bankruptcy, insolvency, reorganization or liquidation proceedings or other proceedings, voluntary
or involuntary, for relief under any bankruptcy law or any law for the relief of debtors shall be instituted by or against the Company
or any subsidiary of the Company or the Borrower admits in writing its inability to pay its debts generally as they mature, or have filed
against it an involuntary petition for bankruptcy; or (ii) any dissolution, liquidation, or winding up of Borrower or any substantial
portion of its business occurs.

 

3.8
Delisting of Common Stock; Failure to Uplist. The Borrower shall fail to maintain the listing of the Common Stock on at least
one of the OTCBB, OTCQB, OTC Pink or an equivalent replacement exchange, the Nasdaq Capital Market, the New York Stock Exchange, or the
NYSE American.

 

3.9
Failure to Comply with the Exchange Act. The Borrower shall fail to timely comply with the reporting requirements of the 1934
Act (including but not limited to becoming delinquent in its filings); and/or the Borrower shall cease to be subject to the reporting
requirements of the Exchange Act; and/or the Borrower shall not have publicly available all information required by paragraph (b) of
Rule 15c2-11 of the Exchange Act (as effective on September 26, 2021), as amended, such that brokers or dealers attempting to publish
any quotation for the Common Stock or, directly or indirectly, to submit any such quotation for publication, shall be able to comply
with Rule 15c2-11(a).

 

3.10
DTC . The Company is currently in the process of applying for “DWAC/FAST” electronic transfer. Once in place, if the
Company (i) loses its ability to deliver shares via “DWAC/FAST” electronic transfer, or (ii) loses its stats as “DTC
Eligible.”

 

3.11
Cessation of Operations. Any cessation of operations by Borrower or Borrower admits it is otherwise generally unable to pay its
debts as such debts become due, provided, however, that any disclosure of the Borrower’s ability to continue as a “going
concern” shall not be an admission that the Borrower cannot pay its debts as they become due.

 

    	12

     

    

 

3.12
Maintenance of Assets. The failure by Borrower to maintain any material intellectual property rights, personal, real property
or other assets which are necessary to conduct its business (whether now or in the future) or any disposition or conveyance of any material
asset of the Borrower.

 

3.13
Financial Statement Restatement. The restatement of any financial statements filed by the Borrower with the SEC for any date or
period from two years prior to the Issue Date of this Note and until this Note is no longer outstanding, if the result of such restatement
would, by comparison to the unrestated financial statement, have constituted a material adverse effect on the rights of the Holder with
respect to this Note or the Purchase Agreement.

 

3.14
Reverse Splits. The Borrower effectuates a reverse split of its Common Stock without twenty (20) days prior written notice to
the Holder.

 

3.15
Rights of Participation. The failure of the Borrower to fully satisfy its obligations to the Holder under Section 5(d)
and/or Section 5(e) of the Purchase Agreement.

 

3.16
Replacement of Transfer Agent. In the event that the Borrower proposes to replace its transfer agent, the Borrower fails to provide,
prior to the effective date of such replacement, a fully executed Transfer Agent Instruction Letter in a form as initially delivered
pursuant to the Purchase Agreement (including but not limited to the provision to irrevocably reserve shares of Common Stock in the Reserved
Amount) signed by the successor transfer agent to Borrower and the Borrower.

 

3.17
Cessation of Trading. Any cessation of trading of the Common Stock on at least one of the OTCBB, OTCQB, OTC Pink or an equivalent
replacement exchange, the Nasdaq Capital Market, the New York Stock Exchange, or the NYSE American, and such cessation of trading shall
continue for a period of five consecutive (5) Trading Days.

 

3.18
Cross-Default. Notwithstanding anything to the contrary contained in this Note or the other related or companion documents, a
breach or default by the Borrower of any material covenant or other term or condition contained in any of the Other Agreements, other
than any such breach or default which is cured by agreement of the parties, after the passage of all applicable notice and cure or grace
periods, shall, at the option of the Holder, be considered a default under this Note and the Other Agreements, in which event the Holder
shall be entitled (but in no event required) to apply all rights and remedies of the Holder under the terms of this Note and the Other
Agreements by reason of a default under said Other Agreement or hereunder. “Other Agreements” means, collectively,
all agreements and instruments between, among or by: (1) the Borrower, and, or for the benefit of, (2) the Holder and any affiliate of
the Holder, including, without limitation, promissory notes. Each of the loan transactions will be cross-defaulted with each other loan
transaction and with all other existing and future debt of Borrower to the Holder.

 

3.19
Bid Price. The Borrower shall lose the “bid” price for its Common Stock ($0.01 on the “Ask” with zero
market makers on the “Bid” per Level 2) and/or a market (including the OTCBB, OTCQB or an equivalent replacement exchange).

 

3.20
OTC Markets Designation. If the OTC-Markets changes the Borrower’s designation to ‘No Information’ (Stop Sign),
‘Caveat Emptor’ (Skull and Crossbones), or ‘OTC’, ‘Other OTC’ or ‘Grey Market’ (Exclamation
Mark Sign).

 

3.21
Inside Information. Any attempt by the Borrower or its officers, directors, and/or affiliates to transmit, convey, disclose, or
any actual transmittal, conveyance, or disclosure by the Borrower or its officers, directors, and/or affiliates of, material non-public
information concerning the Borrower, to the Holder or its successors and assigns, which is not immediately cured by Borrower’s
filing of a Form 8-K pursuant to Regulation FD on that same date.

 

    	13

     

    

 

3.22
Unavailability of Rule 144. If, at any time on or after the date which is six (6) months after the Issue Date, the Holder is unable
to (i) obtain a standard “144 legal opinion letter” from an attorney reasonably acceptable to the Holder, the Holder’s
brokerage firm (and respective clearing firm), and the Borrower’s transfer agent in order to facilitate the Holder’s conversion
of any portion of the Note into free trading shares of the Borrower’s Common Stock pursuant to Rule 144, and (ii) thereupon deposit
such shares into the Holder’s brokerage account.

 

Upon
the occurrence of any Event of Default specified in Sections 3.1, 3.2, 3.3, 3.4, 3.5, 3.6, 3.7, 3.8, 3.9, 3.10, 3.11, 3.12, 3.13,
3.14, 3.15, 3.16. 3.17, 3.18, 3.19, 3.20, 3.21, and/or 3.22 exercisable through the delivery of written notice to the Borrower
by such Holders, the Note shall become immediately due and payable and the Borrower shall pay to the Holder, in full satisfaction of
its obligations hereunder, an amount equal to (i) 150% times the sum of (x) the then outstanding principal amount of this
Note plus (y) accrued and unpaid interest on the unpaid principal amount of this Note to the date of payment (the “Mandatory
Prepayment Date”), on the amounts referred to in clauses (x) and/or (y) plus (z) any amounts owed to the Holder pursuant
to Sections 1.3 and 1.4(g) hereof (the then outstanding principal amount of this Note to the date of payment plus
the amounts referred to in clauses (x), (y) and (z) shall collectively be known as the “Default Sum”) or (ii) at the
option of the Holder, the “parity value” of the Default Sum to be prepaid, where parity value means (a) the highest number
of shares of Common Stock issuable upon conversion of or otherwise pursuant to such Default Sum in accordance with Article I,
treating the Trading Day immediately preceding the Mandatory Prepayment Date as the “Conversion Date” for purposes of determining
the lowest applicable Conversion Price, unless the Event of Default arises as a result of a breach in respect of a specific Conversion
Date (in which case such Conversion Date shall be the Conversion Date), multiplied by (b) the highest Closing Price (defined below)
for the Common Stock during the period beginning on the date of first occurrence of the Event of Default and ending one day prior to
the Mandatory Prepayment Date (the “Default Amount”) and all other amounts payable hereunder shall immediately become
due and payable, all without demand, presentment or notice, all of which hereby are expressly waived, together with all costs, including,
without limitation, legal fees and expenses, of collection, and the Holder shall be entitled to exercise all other rights and remedies
available at law or in equity.

 

The
Holder shall have the right at any time, to require the Borrower to immediately issue, in lieu of the Default Amount, the number of shares
of Common Stock of the Borrower equal to the Default Amount divided by the Conversion Price then in effect, subject to the terms of this
Note. This requirement by the Borrower shall automatically apply upon the occurrence of an Event of Default without the need for any
party to give any notice or take any other action.

 

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 Borrower for its attorneys’ fees and
other costs and expenses incurred in the investigation, preparation and prosecution of such action or proceeding.

 

ARTICLE
IV

MISCELLANEOUS

 

4.1
Failure or Indulgence Not Waiver. No failure or delay on the part of the Holder in the exercise of any power, right or privilege
hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude
other or further exercise thereof or of any other right, power or privileges. All rights and remedies existing hereunder are cumulative
to, and not exclusive of, any rights or remedies otherwise available.

 

    	14

     

    

 

4.2
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 (i) personally served, (ii) deposited in the mail, registered or certified,
return receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid, or (iv) transmitted
by hand delivery, or electronic transmission by e-mail (with read-receipt required) addressed as set forth below or to such other address
as such party shall have specified most recently by written notice. Any notice or other communication required or permitted to be given
hereunder shall be deemed effective (a) upon hand delivery or delivery by electronic transmission by e-mail (with read-receipt required),
at the address or number 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 (b) on the second business day following the date of mailing by express courier service, 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 Borrower, to:

 

Nexien
BioPharma, Inc.

4340
East Kentucky Avenue

Suite
206

Glendale,
CO 80246

Attn:
Richard Greenberg, CEO

E-mail:
rgreenberg@nexienbiopharma.com

 

With
copy to:

 

Fay
Matsukage, Esq.

Doida
Crow Legal LLC

8480
East Orchard Road, Suite 2000

Greenwood
Village, CO 80111

E-mail:
fay@doidacrow.com

 

If
to the Holder:

 

Quick
Capital, LLC

66
West Flagler Street, 900-#2292

Miami,
FL 33130

Attn:
Eilon D. Natan, Manager

E-mail:
eilon@quick-cap.com

 

4.3
Amendments. This Note and any provision hereof may only be amended by an instrument in writing signed by the Borrower and the
Holder.

 

4.4
Assignability. This Note shall be binding upon the Borrower and its successors and assigns, and shall inure to be the benefit
of the Holder and its successors and assigns. Neither the Borrower nor the Holder shall assign this Note or any rights or obligations
hereunder without the prior written consent of the other. Notwithstanding the foregoing, the Holder may assign its rights hereunder to
any “accredited investor” (as defined in Rule 501(a) of the 1933 Act) in a private transaction from the Holder or to any
of its “affiliates”, as that term is defined under the 1934 Act, without the consent of the Borrower. Notwithstanding anything
in this Note to the contrary, this Note may be pledged as collateral in connection with a bonafide margin account or other lending arrangement.
The Holder and any assignee, by acceptance of this Note, acknowledge and agree that following conversion of a portion of this Note, the
unpaid and unconverted principal amount of this Note represented by this Note may be less than the amount stated on the face hereof.

 

4.5
Cost of Collection. If default is made in the payment of this Note, the Borrower shall pay the Holder hereof reasonable costs
of collection, including reasonable attorneys’ fees.

 

    	15

     

    

 

4.6
Governing Law. This Note shall be governed by and construed in accordance with the laws of the State of Wyoming without regard
to principles of conflicts of laws. Any action brought by either party against the other concerning the transactions contemplated by
this Note shall be brought only in the state courts of Miami, Florida, or in the federal courts located in the Southern District of Florida.
The parties to this Note hereby irrevocably waive any objection to jurisdiction and venue of any action instituted hereunder and shall
not assert any defense based on lack of jurisdiction or venue or based upon forum non conveniens. EACH PARTY HEREBY IRREVOCABLY
WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION
WITH OR ARISING OUT OF THIS NOTE OR ANY TRANSACTION CONTEMPLATED HEREBY. The prevailing party shall be entitled to recover from the
other party its reasonable attorney’s fees and costs. In the event that any provision of this Note or any other agreement delivered
in connection herewith is invalid or unenforceable under any applicable statute or rule of law, then such provision shall be deemed inoperative
to the extent that it may conflict therewith and shall be deemed modified to conform with such statute or rule of law. Any such provision
which may prove invalid or unenforceable under any law shall not affect the validity or enforceability of any other provision of any
agreement. Each party hereby irrevocably waives personal service of process and consents to process being served in any suit, action
or proceeding in connection with this Note or any other Transaction Document by mailing a copy thereof via registered or certified mail
or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Note and agrees
that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed
to limit in any way any right to serve process in any other manner permitted by law.

 

4.7
Certain Amounts. Whenever pursuant to this Note the Borrower is required to pay an amount in excess of the outstanding principal
amount (or the portion thereof required to be paid at that time) plus accrued and unpaid interest, the Borrower and the Holder agree
that the actual damages to the Holder from the receipt of cash payment on this Note may be difficult to determine and the amount to be
so paid by the Borrower represents stipulated damages and not a penalty and is intended to compensate the Holder in part for loss of
the opportunity to convert this Note and to earn a return from the sale of shares of Common Stock acquired upon conversion of this Note
at a price in excess of the price paid for such shares pursuant to this Note. The Borrower and the Holder hereby agree that such amount
of stipulated damages is not plainly disproportionate to the possible loss to the Holder from the receipt of a cash payment without the
opportunity to convert this Note into shares of Common Stock.

 

4.8
Purchase Agreement and Security Agreement. By its acceptance of this Note, each party agrees to be bound by the applicable terms
of the Purchase Agreement.

 

4.9
Notice of Corporate Events. Except as otherwise provided in this Note, the Holder of this Note shall have no rights as a Holder
of Common Stock unless and only to the extent that it converts this Note into Common Stock. The Borrower shall provide the Holder with
prior notification of any meeting of the Borrower’s shareholders (and copies of proxy materials and other information sent to shareholders).
In the event of any taking by the Borrower of a record of its shareholders for the purpose of determining shareholders who are entitled
to receive payment of any dividend or other distribution, any right to subscribe for, purchase or otherwise acquire (including by way
of merger, consolidation, reclassification or recapitalization) any share of any class or any other securities or property, or to receive
any other right, or for the purpose of determining shareholders who are entitled to vote in connection with any proposed sale, lease
or conveyance of all or substantially all of the assets of the Borrower or any proposed liquidation, dissolution or winding up of the
Borrower, the Borrower shall mail a notice to the Holder, at least twenty (20) days prior to the record date specified therein (or thirty
(30) days prior to the consummation of the transaction or event, whichever is earlier), of the date on which any such record is to be
taken for the purpose of such dividend, distribution, right or other event, and a brief statement regarding the amount and character
of such dividend, distribution, right or other event to the extent known at such time. The Borrower shall make a public announcement
of any event requiring notification to the Holder hereunder substantially simultaneously with the notification to the Holder in accordance
with the terms of this Section 4.9 including, but not limited to, name changes, recapitalizations, etc. as soon as possible under
law.

 

    	16

     

    

 

4.10
Usury. 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 Borrower covenants (to the extent that it may lawfully do so) that it will not seek to claim or take
advantage of any usury law that would prohibit or forgive the Borrower from paying all or a portion of the principal or interest on this
Note.

 

4.11
Remedies. The Borrower acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Holder,
by vitiating the intent and purpose of the transaction contemplated hereby. Accordingly, the Borrower acknowledges that the remedy at
law for a breach of its obligations under this Note will be inadequate and agrees, in the event of a breach or threatened breach by the
Borrower of the provisions of this Note, that the Holder shall be entitled, in addition to all other available remedies at law or in
equity, and in addition to the penalties assessable herein, to an injunction or injunctions restraining, preventing or curing any breach
of this Note and to enforce specifically the terms and provisions thereof, without the necessity of showing economic loss and without
any bond or other security being required. No provision of this Note shall alter or impair the obligation of the Borrower, 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.

 

4.12
Severability. In the event that any provision of this Note is invalid or unenforceable under any applicable statute or rule of
law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform
with such statute or rule of law. Any provision hereof which may prove invalid or unenforceable under any law shall not affect the validity
or enforceability of any other provision hereof.

 

4.13
Dispute Resolution. In the case of a dispute as to the determination of the Conversion Price, Conversion Amount, any prepayment
amount or Default Amount, Default Sum, Closing Date or Maturity Date, the closing bid price, or fair market value (as the case may be)
or the arithmetic calculation of the Conversion Price or the applicable prepayment amount(s) (as the case may be), the Borrower or the
Holder shall submit the disputed determinations or arithmetic calculations via electronic transmission by e-mail (with read-receipt required)
(i) within two (2) Trading Days after receipt of the applicable notice giving rise to such dispute to the Borrower or the Holder or (ii)
if no notice gave rise to such dispute, at any time after the Holder learned of the circumstances giving rise to such dispute. If the
Holder and the Borrower are unable to agree upon such determination or calculation within two (2) business days of such disputed determination
or arithmetic calculation (as the case may be) being submitted to the Borrower or the Holder, then the Borrower shall, within two (2)
business days, submit via electronic transmission by e-mail (with read-receipt required) (a) the disputed determination of the Conversion
Price, the closing bid price, the or fair market value (as the case may be) to an independent, reputable investment bank selected by
the Borrower and approved by the Holder or (b) the disputed arithmetic calculation of the Conversion Price, Conversion Amount, any prepayment
amount or Default Amount, Default Sum to an independent, outside accountant selected by the Holder that is reasonably acceptable to the
Borrower. The Borrower shall cause at its expense the investment bank or the accountant to perform the determinations or calculations
and notify the Borrower and the Holder of the results no later than ten (10) business days from the time it receives such disputed determinations
or calculations. Such investment bank’s or accountant’s determination or calculation shall be binding upon all parties absent
demonstrable error.

 

4.14
Terms of Future Financings. So long as this Note is outstanding, upon any issuance by the Borrower or any of its subsidiaries
of any security with any term more favorable to the holder of such security or with a term (including without limitation any Conversion
Price) in favor of the holder of such security that was not similarly provided to the Holder in this Note (other than a future financing
with the Holder), then the Borrower shall notify the Holder of such additional or more favorable term and such term, at Holder’s
option, shall become a part of the Transaction Documents with the Holder. The types of terms contained in another security that may be
more favorable to the holder of such security include, but are not limited to, terms addressing conversion discounts, prepayment rate,
conversion lookback periods, interest rates, original issue discounts, stock sale price, private placement price per share, and warrant
coverage.

 

***
signature page follows ***

 

    	17

     

    

 

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

 

	 	COMPANY:
	 	 
	 	Nexien
    BioPharma, Inc.
	 	 	 
	 	By:	/s/
    Richard Greenberg
	 	Name:	Richard
    Greenberg
	 	Title:	CEO

 

	Acknowledged
    and Accepted by:	 
	 	 
	HOLDER:	 
	 	 
	Quick
    Capital, LLC	 
	 	 	 
	By:	/s/
    Eilon D. Natan	 
	Name:	Eilon
    D. Natan	 
	Title:	Manager	 

 

    	18

     

    

 

EXHIBIT
A

 

NOTICE
OF CONVERSION

 

The
undersigned hereby elects to convert $_________________ principal amount of the Note (defined below) together with $________________
of accrued and unpaid interest thereto, totaling $_____________ into that number of shares of Common Stock to be issued pursuant to the
conversion of the Note (“Common Stock”) as set forth below, of Nexien BioPharma, Inc., a Delaware corporation (the “Borrower”),
according to the conditions of the convertible note of the Borrower dated as of _____________ ____, 2022 (the “Note”), as
of the date written below. No fee will be charged to the Holder for any conversion, except for transfer taxes, if any.

 

Box
Checked as to applicable instructions:

 

	 	☐	The
    Borrower shall electronically transmit the Common Stock issuable pursuant to this Notice of Conversion to the account of the undersigned
    or its nominee with DTC through its Deposit Withdrawal At Custodian system (“DWAC Transfer”).

 

Name
of DTC Prime Broker: ____________________________________________________________

Account
Number: ___________________________________________________________________

 

	 	☐	The
    undersigned hereby requests that the Borrower issue a certificate or certificates for the number of shares of Common Stock set forth
    below (which numbers are based on the Holder’s calculation attached hereto) in the name(s) specified immediately below or,
    if additional space is necessary, on an attachment hereto:

 

Name:
[NAME]_____________________________________________________________________

Address:
[ADDRESS]________________________________________________________________

 

Date
of Conversion: _______________________________________

Applicable
Conversion Price: $ _______________________________

Number
of Shares of Common Stock to be Issued 

Pursuant
to Conversion of the Notes:  __________________________

Amount
of Principal Balance Due remaining 

Under
the Note after this conversion:  __________________________

Accrued
and unpaid interest remaining: _________________________

 

		[HOLDER]	

 

	By:	 	 
	Name:
	[NAME]	 
	Title:
	[TITLE]	 
	Date:	[DATE]

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