Document:

Exhibit 4.1

 

 

NEITHER
THIS SECURITY NOR THE SECURITIES FOR WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION
OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. THIS SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE
OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

 

COMMON
STOCK PURCHASE WARRANT

 

Esports
Technologies, Inc.

 

Warrant Shares: [●]

 

THIS
COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value received, [●] or its assigns (the “Holder”)
is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after
the Shareholder Approval Date (as defined in the Purchase Agreement) (the “Initial Exercise Date”) and on or prior
to 5:00 p.m. (New York City time) on the fifth anniversary of the Initial Exercise Date, (the “Termination Date”)
but not thereafter, to subscribe for and purchase from Esports Technologies, Inc., a Nevada corporation (the “Company”),
up to [●] of shares of Company common stock, par value $0.001 per share (the “Common Stock”) (the Common Stock
issuable hereunder, as subject to adjustment hereunder, the “Warrant Shares”). The purchase price of one Warrant Share
under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b).

 

Section
1.               Definitions. Capitalized
terms used and not otherwise defined herein shall have the meanings set forth in that certain Subscription Agreement (the
“Purchase Agreement”), dated October 1, 2021, among the Company and the investors signatory
thereto. In addition, the following terms have the meanings indicated in this Section 1:

 

“Adjustment
Right” means any right granted with respect to any securities issued in connection with, or with respect to, any issuance or
sale (or deemed issuance or sale in accordance with Section 3(b)) of Common Stock (other than rights of the type described in Section
3(d) hereof) that could result in a decrease in the net consideration received by the Company in connection with, or with respect to,
such securities (including, without limitation, any cash settlement rights, cash adjustment or other similar rights).

 

“Closing
Sale Price” means, for any security as of any date, the last closing trade price for such security on the Trading Market, as
reported by Bloomberg L.P., or, if the Trading Market begins to operate on an extended hours basis and does not designate the closing
trade price, then the last trade price of such security prior to 4:00:00 p.m., New York time, as reported by Bloomberg L.P., or, if the
Trading Market is not the principal securities exchange or trading market for such security, the last trade price of such security on
the principal securities exchange or trading market where such security is listed or traded as reported by Bloomberg L.P., or if the
foregoing does not apply, the last trade price of such security in the over-the-counter market on the electronic bulletin board for such
security as reported by Bloomberg L.P., or, if no last trade price is reported for such security by Bloomberg L.P., the average of the
ask prices of any market makers for such security as reported on The Pink Open Market (or a similar organization or agency succeeding
to its functions of reporting prices). If the Closing Sale Price cannot be calculated for a security on a particular date on any of the
foregoing bases, the Closing Sale Price of such security on such date shall be the fair market value as mutually determined by the Company
and the Holder. All such determinations shall be appropriately adjusted for any share dividend, share split, share combination or other
similar transaction during such period.

 

“Convertible
Securities” means any shares or other security (other than Options) that is at any time and under any circumstances, directly
or indirectly, convertible into, exercisable or exchangeable for, or which otherwise entitles the holder thereof to acquire, any Common
Stock.

 

 

 

    	 	1	 

     

    

 

“Exempt
Issuance” means the issuance of (a) Common Stock or Options to employees, officers or directors of the Company pursuant to
any equity plan duly adopted for such purpose, by a majority of the non-employee members of the Board of Directors or a majority of the
members of a committee of non-employee directors established for such purpose for services rendered to the Company; (b) securities upon
the exercise or exchange of or conversion of any Securities issued in the Purchase Agreement and/or other securities exercisable or exchangeable
for or convertible into Common Stock issued and outstanding on the date of the Purchase Agreement, provided that such securities have
not been amended since the date of the Purchase Agreement to increase the number of such securities or to decrease the exercise price,
exchange price or conversion price of such securities (other than in connection with share splits or combinations) or to extend the term
of such securities, (c) securities issued pursuant to acquisitions or strategic transactions approved by a majority of the disinterested
directors of the Company, provided that any such issuance shall only be to a Person (or to the equityholders of a Person) which is, itself
or through its subsidiaries, an operating company or an owner of an asset in a business synergistic with the current business of the
Company at such time and shall provide to the Company additional benefits in addition to the investment of funds, but shall not include
a transaction in which the Company is issuing securities primarily for the purpose of raising capital or to an entity whose primary business
is investing in securities, and (d) securities issued in connection with any financings to be completed to fund the Acquisition.

 

“Options”
means any rights, warrants or options to subscribe for or purchase shares of Common Stock or Convertible Securities.

 

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed
or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date)
on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30
a.m. (New York City time) to 4:02 p.m. (New York City time)), (b)  the Common Stock is then listed or quoted on OTCQB or OTCQX,
the volume weighted average price of the shares of Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable,
(c) if the shares of Common Stock are not then listed or quoted for trading on a Trading Market, OTCQB or OTCQX and if prices for the
shares of Common Stock are then reported on the Pink Open Market (or a similar organization or agency succeeding to its functions of
reporting prices), the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date), or (d) in
all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by
the Purchasers of a majority in interest of the Securities then outstanding and reasonably acceptable to the Company, the fees and expenses
of which shall be paid by the Company.

 

Section
2.               Exercise.

 

a)            
Exercise of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any
time or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company of a duly executed
PDF copy submitted by e-mail (or e-mail attachment) of the Notice of Exercise in the form annexed hereto (the “Notice of Exercise”,
and each such date, an “Exercise Date”). Within the earlier of (i) two (2) Trading Days and (ii) the number of Trading
Days comprising the Standard Settlement Period (as defined in Section 2(d)(i) herein) following the date of exercise as aforesaid, the
Holder shall deliver the aggregate Exercise Price for the Warrant Shares specified in the applicable Notice of Exercise by wire transfer
unless the cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise. No ink-original
Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of
Exercise be required. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this
Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised
in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading Days of the
date on which the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a
portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant
Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall
maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection
to any Notice of Exercise within one (1) Business Day of receipt of such notice. The Holder and any assignee, by acceptance of this
Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant
Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated
on the face hereof.

 

b)            
Exercise Price. The exercise price per Warrant Share under this Warrant shall be $30.00, subject to adjustment hereunder
(the “Exercise Price”).

 

 

 

    	 	2	 

     

    

 

c)            
Cashless Exercise. If on the later of (i) the Shareholder Approval Date, or (ii) six months from the dates hereof, at the
time of exercise hereof there is no effective registration statement registering, or the prospectus contained therein is not available
for the resale of the Warrant Shares by the Holder, then this Warrant may also be exercised, in whole or in part, at such time by means
of a “cashless exercise” in which the Holder shall be entitled to receive a number of Warrant Shares equal to the quotient
obtained by dividing [(A-B) (X)] by (A), where:

 

(A)
= as applicable: (i) the Closing Sale Price on the Trading Day immediately preceding the date of the applicable Notice of Exercise if
such Notice of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2)
both executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours”
(as defined in Rule 600(b) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of
the Holder, either (y) the Closing Sale Price on the Trading Day immediately preceding the date of the applicable Notice of Exercise
or (z) the Bid Price of the Common Stock on the principal Trading Market as reported by Bloomberg L.P. (“Bloomberg”)
as of the time of the Holder’s execution of the applicable Notice of Exercise if such Notice of Exercise is executed during “regular
trading hours” on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after the close
of “regular trading hours” on a Trading Day) pursuant to Section 2(a) hereof or (iii) the Closing Sale Price on the date
of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed
and delivered pursuant to Section 2(a) hereof after the close of “regular trading hours” on such Trading Day;

 

(B)
= the Exercise Price of this Warrant, as adjusted hereunder; and

 

(X)
= the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such
exercise were by means of a cash exercise rather than a cashless exercise.

 

d)            
Mechanics of Exercise.

 

		i.	Delivery of
                                            Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder
                                            to be transmitted by the Transfer Agent to the Holder by crediting the account of the Holder’s
                                            or its designee’s balance account with The Depository Trust Company through its Deposit
                                            or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant
                                            in such system and either (A) there is an effective registration statement permitting the
                                            issuance of the Warrant Shares to or resale of the Warrant Shares by the Holder or (B) the
                                            Warrant Shares are eligible for resale by the Holder without volume or manner-of-sale limitations
                                            pursuant to Rule 144 (assuming cashless exercise of the Warrants), and otherwise by physical
                                            delivery of a certificate, registered in the Company’s share register in the name of
                                            the Holder or its designee, for the number of Warrant Shares to which the Holder is entitled
                                            pursuant to such exercise to the address specified by the Holder in the Notice of Exercise
                                            by the date that is the earliest of (i) two (2) Trading Days after the delivery to the Company
                                            of the Notice of Exercise, (ii) one (1) Trading Day after delivery of the aggregate Exercise
                                            Price to the Company and (iii) the number of Trading Days comprising the Standard Settlement
                                            Period after the delivery to the Company of the Notice of Exercise (such date, the “Warrant
                                            Share Delivery Date”). Upon delivery of the Notice of Exercise, the Holder shall
                                            be deemed for all corporate purposes to have become the holder of record of the Warrant Shares
                                            with respect to which this Warrant has been exercised, irrespective of the date of delivery
                                            of the Warrant Shares, provided that payment of the aggregate Exercise Price (other than
                                            in the case of a cashless exercise) is received within the earlier of (i) two (2) Trading
                                            Days and (ii) the number of Trading Days comprising the Standard Settlement Period following
                                            delivery of the Notice of Exercise. The Company agrees to maintain a transfer agent that
                                            is a participant in the FAST program so long as this Warrant remains outstanding and exercisable.
                                            As used herein, “Standard Settlement Period” means the standard settlement
                                            period, expressed in a number of Trading Days, on the Company’s primary Trading Market
                                            with respect to the Common Stock as in effect on the date of delivery of the Notice of Exercise.

 

ii.           
Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request
of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a new
Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant
shall in all other respects be identical with this Warrant.

 

iii.           
Rescission Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant
to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.

 

 

 

    	 	3	 

     

    

 

iv.           
No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise
of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company
shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied
by the Exercise Price or round up to the next whole share.

 

v.           
Charges, Taxes and Expenses. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer
tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the
Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder;
provided, however, that in the event that Warrant Shares are to be issued in a name other than the name of the Holder,
this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and
the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto.
The Company shall pay all Transfer Agent fees required for same-day processing of any Notice of Exercise and all fees to the Depository
Trust Company (or another established clearing corporation performing similar functions) required for same-day electronic delivery of
the Warrant Shares.

 

vi.           
Closing of Books. The Company will not close its shareholder books or records in any manner which prevents the timely exercise
of this Warrant, pursuant to the terms hereof.

 

e)            
Holder’s Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall not
have the right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to
such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates,
and any other Persons acting as a group together with the Holder or any of the Holder’s Affiliates (such Persons, “Attribution
Parties”)), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below).  For purposes
of the foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder and its Affiliates and Attribution Parties
shall include the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which such determination is
being made, but shall exclude the number of shares of Common Stock which would be issuable upon (i) exercise of the remaining, nonexercised
portion of this Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion
of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any other Common Stock
Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the
Holder or any of its Affiliates or Attribution Parties.  Except as set forth in the preceding sentence, for purposes of this Section
2(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated
thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance
with Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith.
To the extent that the limitation contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable (in
relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant
is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s
determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates
and Attribution Parties) and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation,
and the Company shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to
any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations
promulgated thereunder. For purposes of this Section 2(e), in determining the number of outstanding shares of Common Stock, a Holder
may rely on the number of outstanding shares of Common Stock as reflected in (A) the Company’s most recent periodic or annual report
filed with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice
by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding.  Upon the written or oral request
of a Holder, the Company shall within one Trading Day confirm orally and in writing to the Holder the number of shares of Common Stock
then outstanding.  In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the
conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates or Attribution Parties since
the date as of which such number of outstanding shares of Common Stock was reported. The “Beneficial Ownership Limitation”
shall be 4.99% of the number of shares of Common Stock outstanding immediately after giving effect to the issuance of the shares of Common
Stock issuable upon exercise of this Warrant. The Holder, upon notice to the Company, may increase or decrease the Beneficial Ownership
Limitation provisions of this Section 2(e), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number
of shares of Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock upon exercise of this
Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply. Any increase in the Beneficial Ownership
Limitation will not be effective until the 61st day after such notice is delivered to the Company. The provisions of this
paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 2(e) to correct
this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein
contained or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained
in this paragraph shall apply to a successor holder of this Warrant.

 

 

 

    	 	4	 

     

    

 

Section
3.               Certain Adjustments.

 

a)            
Share Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a share dividend or
otherwise makes a distribution or distributions on its Common Stock or any other equity or equity equivalent securities payable in Common
Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon exercise of this Warrant),
(ii) subdivides outstanding Common Stock into a larger number of shares, (iii) combines (including by way of reverse share split) outstanding
Common Stock into a smaller number of shares, or (iv) issues by reclassification of shares of the Common Stock any share capital of the
Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of shares
of Common Stock (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the
number of shares of Common Stock outstanding immediately after such event, and the number of shares issuable upon exercise of this Warrant
shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made
pursuant to this Section 3(a) shall become effective immediately after the record date for the determination of shareholders entitled
to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision,
combination or re-classification.

 

b)           
Adjustment Upon Issuance of Common Stock. If and whenever on or after the date hereof and prior to the one-year anniversary
of the date this Warrant is issued, the Company grants, issues or sells (or enters into any agreement to grant, issue or sell), or in
accordance with this Section 3(b) is deemed to have issued or sold, any shares of Common Stock (including the issuance or sale of Common
Stock owned or held by or for the account of the Company, but excluding any Exempt Issuances issued or sold or deemed to have been issued
or sold) for a consideration per share (the “New Issuance Price”) less than a price equal to the Exercise Price in
effect immediately prior to such issuance or sale or deemed issuance or sale (such Exercise Price then in effect is referred to herein
as the “Applicable Price”) (the foregoing a “Dilutive Issuance”), then immediately after such Dilutive
Issuance, the Exercise Price then in effect shall be reduced to an amount equal to the New Issuance Price. For all purposes of the foregoing
(including, without limitation, determining the adjusted Exercise Price and the New Issuance Price under this Section 3(b)), the
following shall be applicable:

 

i.              
Issuance of Options. If the Company in any manner grants, issues or sells any Options and the lowest price per share for
which Common Stock is issuable upon the exercise of such Options or upon conversion, exercise or exchange of any Convertible Securities
issuable upon exercise of such Options or otherwise pursuant to the terms thereof is less than the Applicable Price, then such share
of Common Stock shall be deemed to be outstanding and to have been issued and sold by the Company at the time of the granting, issuance
or sale of such Option for such price per share. Except as contemplated below, no further adjustment of the Exercise Price shall be made
upon the actual issuance of such Common Stock or of such Convertible Securities upon the exercise of such Options or upon the actual
issuance of such Common Stock upon conversion, exercise or exchange of such Convertible Securities.

 

ii.             
Issuance of Convertible Securities. If the Company in any manner issues or sells any Convertible Securities and the lowest
price per share for which Common Stock is issuable upon the conversion, exercise or exchange thereof is less than the Applicable Price,
then such share of Common Stock shall be deemed to be outstanding and to have been issued and sold by the Company at the time of the
issuance or sale of such Convertible Securities for such price per share. Except as contemplated below, no further adjustment of the
Exercise Price shall be made upon the actual issuance of such Common Stock upon conversion, exercise or exchange of such Convertible
Securities, and if any such issuance or sale of such Convertible Securities is made upon exercise of any Options for which adjustment
of this Warrant has been or is to be made pursuant to other provisions of this Section 3(b), except as contemplated below, no further
adjustment of the Exercise Price shall be made by reason of such issuance or sale.

 

iii.            
Change in Option Price or Rate of Conversion. If the purchase or exercise price provided for in any Options, the additional
consideration, if any, payable upon the issue, conversion, exercise or exchange of any Convertible Securities, or the rate at which any
Convertible Securities are convertible into or exercisable or exchangeable for Common Stock increases or decreases at any time (other
than proportional changes in conversion or exercise prices, as applicable, in connection with an event referred to in Section 3(a)),
the Exercise Price in effect at the time of such increase or decrease shall be adjusted to the Exercise Price which would have been in
effect at such time had such Options or Convertible Securities provided for such increased or decreased purchase price, additional consideration
or increased or decreased conversion rate, as the case may be, at the time initially granted, issued or sold. For purposes of this Section
3(b)(iii), if the terms of any Option or Convertible Security that was outstanding as of the Initial Exercise Date are increased or decreased
in the manner described in the immediately preceding sentence, then such Option or Convertible Security and the Common Stock deemed issuable
upon exercise, conversion or exchange thereof shall be deemed to have been issued as of the date of such increase or decrease. No adjustment
pursuant to this Section 3(b) shall be made if such adjustment would result in an increase of the Exercise Price then in effect.

 

 

 

    	 	5	 

     

    

 

iv.           
Calculation of Consideration Received. If any Option and/or Convertible Security and/or
Adjustment Right is issued in connection with the issuance or sale or deemed issuance or sale of any other securities of the Company
(as determined by the Company, the “Primary Security”, and such Option and/or Convertible Security and/or Adjustment
Right, the “Secondary Securities” and together with the Primary Security, each a “Unit”), together
comprising one integrated transaction, the aggregate consideration per share of Common Stock with respect to such Primary Security shall
be deemed to be the lowest of (x) the purchase price of such Unit, and (y) if such Primary Security is an Option and/or Convertible Security,
the lowest price per share for which one share of Common Stock is at any time issuable upon the exercise or conversion of the Primary
Security in accordance with Section 3(b)(i) or 3(b)(ii) above. If any shares of Common Stock, Options or Convertible Securities are issued
or sold or deemed to have been issued or sold for cash, the consideration received therefor will be deemed to be the net amount of consideration
received by the Company therefor. If any shares of Common Stock, Options or Convertible Securities are issued or sold for a consideration
other than cash, the amount of such consideration received by the Company will be the fair value of such consideration, except where
such consideration consists of publicly traded securities, in which case the amount of consideration received by the Company for such
securities will be the arithmetic average of the VWAPs of such security for each of the five (5) Trading Days immediately preceding the
date of receipt. If any shares of Common Stock, Options or Convertible Securities are issued to the owners of the non-surviving entity
in connection with any merger in which the Company is the surviving entity, the amount of consideration therefor will be deemed to be
the fair value of such portion of the net assets and business of the non-surviving entity as is attributable to such shares of Common
Stock, Options or Convertible Securities (as the case may be). The fair value of any consideration other than cash or publicly traded
securities will be determined in good faith by the Company.

 

v.            
Record Date. If the Company takes a record of the holders of shares of Common Stock for the purpose of entitling them (A)
to receive a dividend or other distribution payable in shares of Common Stock, Options or in Convertible Securities or (B) to subscribe
for or purchase shares of Common Stock, Options or Convertible Securities, then such record date will be deemed to be the date of the
issuance or sale of the Common Stock deemed to have been issued or sold upon the declaration of such dividend or the making of such other
distribution or the date of the granting of such right of subscription or purchase (as the case may be).

 

c)            
Voluntary Adjustment by Company. The Company may at any time during the term of this Warrant, but after receipt of Shareholder
Approval and subject to the approval of the principal Trading Market, reduce the then current Exercise Price to any amount and for any
period of time deemed appropriate by the board of directors of the Company.

 

d)            
Subsequent Rights Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company
grants, issues or sells any Common Stock Equivalents or rights to purchase shares, warrants, securities or other property pro rata to
the record holders of any class of Common Stock (“Purchase Rights”), then the Holder will be entitled to acquire,
upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had
held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise
hereof, including without limitation, the Beneficial Ownership Limitation) 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 shares
of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights (provided, however, to the extent
that the Holder’s right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership
Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or beneficial ownership of such
shares of Common Stock as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance
for the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

 

 

 

    	 	6	 

     

    

 

e)            
Pro Rata Distributions. During such time as this Warrant is outstanding, if the Company
shall declare or make any dividend or other distribution of its assets (or rights to acquire its assets) to holders of shares of Common
Stock, by way of return of capital or otherwise (including, without limitation, any distribution of cash, shares or other securities,
property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar
transaction) (a “Distribution”), at any time after the issuance of this Warrant, then, in each such case, the Holder
shall be entitled to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder
had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on
exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date of which a record is
taken for such Distribution, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to
be determined for the participation in such Distribution (provided, however, to the extent that the Holder's right to participate
in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled
to participate in such Distribution to such extent (or in the beneficial ownership of any shares of Common Stock as a result of such
Distribution to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such
time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation). To the extent that
this Warrant has not been partially or completely exercised at the time of such Distribution, such portion of the Distribution shall
be held in abeyance for the benefit of the Holder until the Holder has exercised this Warrant.

 

f)             
Fundamental Transaction. If, at any time while this Warrant is outstanding, (i) the Company (or any Subsidiary), directly
or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii)
the Company (or any Subsidiary), directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other
disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase
offer, tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of shares of
Common Stock are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the
holders of 50% or more of the outstanding shares of Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions
effects any reclassification, reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which
the Common Stock is effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly,
in one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without
limitation, a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another Person or group of Persons whereby
such other Person or group acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock
held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to,
such stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”), then, upon
any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable
upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to
any limitation in Section 2(e) on the exercise of this Warrant), the number of shares of Common Stock of the successor or acquiring corporation
or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”)
receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant is
exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this
Warrant). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such
Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental
Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the
relative value of any different components of the Alternate Consideration. If holders of Common Stock are given any choice as to the
securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate
Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. The Company shall cause any successor
entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in
writing all of the obligations of the Company under this Warrant and the other Transaction Documents in accordance with the provisions
of this Section 3(e) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder
(without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange
for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to
this Warrant which is exercisable for a corresponding number of share capital of such Successor Entity (or its parent entity) equivalent
to the Common Stock acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this
Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such share capital
(but taking into account the relative value of the Common Stock pursuant to such Fundamental Transaction and the value of such share
capital, such number of shares in such share capital and such exercise price being for the purpose of protecting the economic value of
this Warrant immediately prior to the consummation of such Fundamental Transaction). Upon the occurrence of any such Fundamental Transaction,
the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions
of this Warrant and the other Transaction Documents referring to the “Company” shall refer instead to the Successor Entity),
and may exercise every right and power of the Company and shall assume all of the obligations of the Company under this Warrant and the
other Transaction Documents with the same effect as if such Successor Entity had been named as the Company herein.

 

 

 

    	 	7	 

     

    

 

g)            
Calculations. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share,
as the case may be. For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a
given date shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

 

h)            
Notice to Holder.

 

i.             
Adjustment to Exercise Price. Whenever the Exercise Price or the number Warrant Shares subject to the Warrant is adjusted
pursuant to any provision of this Section 3, the Company shall promptly deliver to the Holder by email a notice setting forth the Exercise
Price after such adjustment and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts
requiring such adjustment.

 

ii.            
Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever
form) on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock,
(C) the Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any share
capital of any class or of any rights, (D) the approval of any shareholders of the Company shall be required in connection with any reclassification
of the Common Stock, any consolidation or merger to which the Company (or any of its Subsidiaries) is a party, any sale or transfer of
all or substantially all of its assets, or any compulsory share exchange whereby the Common Stock is converted into other securities,
cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs
of the Company, then, in each case, the Company shall cause to be delivered by email to the Holder at its last email address as it shall
appear upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable record or effective date hereinafter
specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption,
rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Stock of record to be entitled
to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification,
consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected
that holders of the Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other
property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to
deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to
be specified in such notice. To the extent that any notice provided pursuant to this Warrant constitutes, or contains, material, non-public
information regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant
to Form 8-K report. The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such notice
to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.

 

Section
4.               Transfer of Warrant.

 

a)            
Transferability. Subject to compliance with any applicable securities laws, the conditions set forth in Section 4(d) hereof
and the provisions of Section 7 of the Purchase Agreement, this Warrant and all rights hereunder (including, without limitation, any
registration rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or
its designated agent, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the
Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender
and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees,
as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a
new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. Notwithstanding
anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder
has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days
of the date on which the Holder delivers an assignment form to the Company assigning this Warrant in full. The Warrant, if
properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant
issued.

 

 

 

    	 	8	 

     

    

 

b)            
New Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office
of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed
by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such division
or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided
or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the initial issuance date of
this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.

 

c)             
Warrant Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose
(the “Warrant Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat
the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the
Holder, and for all other purposes, absent actual notice to the contrary.

 

d)            
Transfer Restrictions. If, at the time of the surrender of this Warrant in connection with any transfer of this Warrant,
the transfer of this Warrant shall not be either (i) registered pursuant to an effective registration statement under the Securities
Act and under applicable state securities or blue sky laws or (ii) eligible for resale without volume or manner-of-sale restrictions
or current public information requirements pursuant to Rule 144.

 

e)             
Representation by the Holder. The Holder, by the acceptance hereof, represents and warrants that it is acquiring this Warrant
and, upon any exercise hereof, will acquire the Warrant Shares issuable upon such exercise, for its own account and not with a view to
or for distributing or reselling such Warrant Shares or any part thereof in violation of the Securities Act or any applicable state securities
law, except pursuant to sales registered or exempted under the Securities Act.

 

Section
6.               Miscellaneous.

 

a)            
Currency. Unless otherwise indicated, all dollar amounts referred to in this Warrant are in United States Dollars (“U.S.
Dollars”). All amounts owing under this Warrant shall be paid in U.S. Dollars. All amounts denominated in other currencies
shall be converted in the U.S. Dollar equivalent amount in accordance with the Exchange Rate on the date of calculation. “Exchange
Rate” means, in relation to any amount of currency to be converted into U.S. Dollars pursuant to this Warrant, the U.S. Dollar
exchange rate as published in the Wall Street Journal (New York edition) on the relevant date of calculation.

 

b)            
No Rights as Shareholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other
rights as a shareholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in
Section 3.

 

c)             
Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any certificate relating to the Warrant Shares, and
in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall
not include the posting of any bond), and upon surrender and cancellation of such Warrant or share certificate, if mutilated, the Company
will make and deliver a new Warrant or certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or certificate.

 

d)            
Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right
required or granted herein shall not be a Business Day, then, such action may be taken or such right may be exercised on the next succeeding
Business Day.

 

 

 

    	 	9	 

     

    

 

e)            
Authorized Shares.

 

The
Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued shares of Common
Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under
this Warrant (the “Required Reserve Amount”). The Company further covenants that its issuance of this Warrant shall
constitute full authority to its officers who are charged with the duty of issuing the necessary Warrant Shares upon the exercise of
the purchase rights under this Warrant. The Company will take all such reasonable action as may be necessary to assure that such Warrant
Shares may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of the Trading
Market upon which the Common Stock may be listed. The Company covenants that all Warrant Shares which may be issued upon the exercise
of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment
for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes,
liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously
with such issue).

 

Except
and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending
its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, 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 Warrant,
but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary
or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality of the
foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise
immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company
may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially
reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof,
as may be, necessary to enable the Company to perform its obligations under this Warrant.

 

Before
taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the
Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from
any public regulatory body or bodies having jurisdiction thereof.

 

f)             
Governing Law. This Warrant shall be governed by and construed and enforced in accordance with, and all questions concerning
the construction, validity, interpretation and performance of this Warrant shall be governed by, the internal laws of the State of California,
without giving effect to any choice of law or conflict of law provision or rule (whether of the State of California or any other jurisdictions)
that would cause the application of the laws of any jurisdictions other than the State of California. The Company hereby irrevocably
waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof
to the Company at the address set forth on the signature page of the Purchase Agreement and agrees that such service shall constitute
good and sufficient service of process and notice thereof. The Company hereby irrevocably submits to the exclusive jurisdiction of the
state and federal courts sitting in Los Angeles County, California, for the adjudication of any dispute hereunder or in connection herewith
or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit,
action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding
is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper.

 

g)            
Restrictions. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered,
and the Holder does not utilize cashless exercise, may have restrictions upon resale imposed by state and federal or foreign securities
laws.

 

h)            
Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder
shall operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. Without limiting any other
provision of this Warrant or the Purchase Agreement, if the Company willfully and knowingly fails to comply with any provision of this
Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient
to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including those of appellate proceedings,
incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies
hereunder.

 

 

 

    	 	10	 

     

    

 

i)             
Notices. Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company
shall be delivered in accordance with the notice provisions of the Purchase Agreement.

 

j)             
Limitation of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant
to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of
the Holder for the purchase price of any shares of Common Stock or as a shareholder of the Company, whether such liability is asserted
by the Company or by creditors of the Company.

 

k)           
Remedies. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages,
will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate
compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to
assert the defense in any action for specific performance that a remedy at law would be adequate.

 

l)             
Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby
shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted
assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant
and shall be enforceable by the Holder or holder of Warrant Shares.

 

m)           
Amendment. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company
and the Holder.

 

n)           
Severability. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision
shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining
provisions of this Warrant.

 

o)            
Headings. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be
deemed a part of this Warrant.

 

********************

 

(Signature Page
Follows)

 

IN
WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above
indicated.

 

 

	 	Esports Technologies,
    Inc.

     

     

	 	By:__________________________________________

    Name:

    Title:

     

 

 

 

    	 	11	 

     

    

 

NOTICE OF EXERCISE

 

To:          Esports
Technologies, Inc.

 

 

(1)  
The undersigned hereby elects to purchase ________ Warrant Shares of the Company
pursuant to the terms of the attached Warrant (only if exercised in full), and tenders herewith payment of the exercise price in full,
together with all applicable transfer taxes, if any.

 

(2)  
Payment shall take the form of (check applicable box):

 

[_] in lawful money of the United States; or

 

[_] if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection
2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure
set forth in subsection 2(c).

 

(3)  
Please issue said Warrant Shares in the name of the undersigned or in such
other name as is specified below:

 

 

_______________________________

 

 

The Warrant Shares
shall be delivered to the following DWAC Account Number:

 

_______________________________

 

_______________________________

 

_______________________________

 

 

[SIGNATURE
OF HOLDER]

 

Name of Investing
Entity: ________________________________________________________________________

Signature of Authorized
Signatory of Investing Entity: _________________________________________________

Name of Authorized
Signatory: ___________________________________________________________________

Title of Authorized
Signatory: ____________________________________________________________________

Date: ________________________________________________________________________________________

 

 

 

    	 	12	 

     

    

 

EXHIBIT
B

 

 

ASSIGNMENT
FORM

 

(To
assign the foregoing Warrant, execute this form and supply required information. Do not use this form to purchase shares.)

 

FOR
VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to

 

	Name:	______________________________________
	 	(Please Print)
	 	 
	Address:	______________________________________
	 

    

    
	(Please Print)

        

    

    

    

	 	 
	Phone
    Number:	______________________________________
	 	 
	Email
    Address: 	______________________________________
	 	 
	Dated: _______________ __, ______	 
	 	 
	Holder’s Signature:___________________________	 
	 	 
	Holder’s Address:____________________________	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	13Exhibit 10.1

 

 

 

 

 

 

 

 

 

 

 

 

SUBSCRIPTION AGREEMENT

 

by and among

 

ESPORTS TECHNOLOGIES, INC.,

 

and

 

THE INVESTORS NAMED HEREIN

 

Dated as of October 1, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	1	 

     

    

 

This SUBSCRIPTION
AGREEMENT (this “Agreement”), dated as of October 1, 2021, is entered into by and among
Esports Technologies, Inc., a Nevada corporation (the “Company”), and the Persons named on the signature
pages hereto (the “Investors”). Certain terms used and not otherwise defined in the text of this Agreement
are defined in Section 9 hereof.

 

The Company and the Investors
have agreed that, pursuant to the terms of this Agreement, the Investors will purchase (i) shares of the Series A Convertible Preferred
Stock (the “Shares”), and (ii) a warrant to purchase shares of Common Stock in the form set forth as Exhibit
A (the “Warrants”), concurrently with the consummation of the closing of the Acquisition. The Shares and
Warrants to be sold to the Investors pursuant to this Agreement are referred to herein as the “Securities”.

 

NOW, THEREFORE, in consideration
of the foregoing and the mutual representations, warranties and covenants herein contained, the parties hereto, intending to be bound,
hereby agree as follows:

 

 1.      Sale and Purchase of the Securities; Additional Investors.

 

1.1. Sale and Purchase of
Securities. Upon the terms and subject to the conditions herein contained, the Company shall sell to each Investor, and each Investor,
severally and not jointly, shall purchase from the Company, at the Closing, the number of Shares (rounded up to the nearest whole share)
equal to the amount determined by dividing the “Investor Commitment Amount” on the signature page to this Agreement as set
forth on Schedule I (which Schedule I may be amended to reflect (a) subsequent commitments to purchase Shares by Additional Investors
(as defined below) who execute a joinder to this Agreement in the form attached hereto as Exhibit A (each, a “Joinder”)
after the date hereof or (b) assignments permitted under Section 13.4) attached hereto), divided by a price per share of $1,000.00
(the “Purchase Price”), in exchange for a cash payment equal to the Investor Commitment Amount delivered in
accordance with Section 2. At the Closing, the Company shall deliver or cause to be delivered to each Investor a Warrant registered
in the name of such Investor to purchase up to a number of shares of Common Stock equal to 150% of the Common Stock underlying the Shares
(as of the Closing Date), with an initial exercise price of $30.00.

 

1.2. Additional Investors.
During the period beginning on the date hereof and ending on the Closing Date, the Company may join, in its sole discretion, on substantially
the same terms and conditions as those contained in this Agreement, additional parties as Investors hereto (each, an “Additional
Investor”). Any such Additional Investor shall become a party to this Agreement as an “Investor” hereunder by
signing a Joinder, and the name, address, and Investor Commitment Amount of such Additional Investor provided in such Joinder shall be
added to Schedule I. The Investors represent that they do not intend to form a “group” under the Securities Act or
the Exchange Act, and, to the knowledge of the Investors, no such “group” has been formed.

 

2.      Closing.

 

2.1. Closing Date.
Upon the closing of the transactions contemplated in Section 1 hereof following the satisfaction or waiver of the conditions specified
in Section 5 (the “Closing”), the Company shall issue to each Investor the number of Shares and Warrants
determined pursuant to the provisions of Section 1, against payment of the Investor Commitment Amount for such Securities. The
Closing shall take place on the same date as the Acquisition, remotely at 9:00 a.m. on the closing date set forth in the Acquisition Agreement
(the “Closing Date”) and after the satisfaction or waiver of the other conditions specified in Section 5,
other than conditions that by their nature must be satisfied on the Closing Date. Upon the request of any Investor, the Company shall
deliver to such Investor, at least three (3) business days prior to the Closing Date, a duly completed and executed Internal Revenue Service
Form W-9 or W8-BenE, as applicable.

 

2.2 Closing Mechanics.
Each Investor agrees to deposit its Investor Commitment Amount into an escrow account designated by the Company (“Escrow Account)
prior to the Closing Date. Not less than ten (10) Business Days prior to the expected Closing Date, the Company will provide each Investor
that has not previously deposited funds in the Escrow Account with notice (“Closing Notice”) of the Closing
Date and wire transfer information to an Escrow Account. Each such Investor agrees to deposits its Investor Commitment Amount into the
Escrow Account within seven (7) Business Days of receipt of the Closing Notice.

 

 

 

    	 	2	 

     

    

 

3.     Representations and
Warranties of the Investors. Each Investor, severally and not jointly, hereby represents and warrants to the Company as follows:

 

3.1. Organization. If
such Investor is an entity, such Investor is duly formed or organized, validly existing and in good standing under the laws of its jurisdiction
of organization or formation, and has all requisite corporate, limited liability company, partnership or trust (as the case may be) power
and authority to enter into the Transaction Documents to which it is a party and perform its obligations thereunder.

 

3.2. Authorization; Enforceability.
If such Investor is an entity, such Investor has full right, power, authority and capacity to enter into each of the Transaction Documents
to which it is a party and to consummate the transactions contemplated by each such Transaction Document. If such Investor is an entity,
the execution, delivery and performance of each of the Transaction Documents to which it is a party has been duly authorized by all necessary
action on the part of such Investor and its equityholders. This Agreement has been duly executed and delivered by such Investor, and the
other Transaction Documents and instruments referred to herein to which he, she, they or it is a party will be duly executed and delivered
by such Investor at Closing, and each such agreement constitutes or at Closing will constitute a valid and binding obligation of such
Investor enforceable against he, she, they or it in accordance with its terms, subject to bankruptcy, insolvency, fraudulent conveyance
or other similar laws affecting creditors’ rights generally and to general equitable principles.

 

3.3. Brokers. There is
no investment banker, broker, finder, financial advisor or other person that has been retained by or is authorized to act on behalf of
such Investor and who is entitled to any fees or commissions in connection with the transactions contemplated by this Agreement other
than such fees or commissions for which the Investor is solely responsible.

 

3.4. Investment Representations
and Warranties. Such Investor understands that the offer and sale of Securities by the Company to the Investors as contemplated hereby
has not been, nor (except pursuant to the provisions of Section 8) will be, registered under the Securities Act and is being made
in reliance upon federal and state exemptions for transactions not involving a public offering which depend upon, among other things,
the bona fide nature of the investment intent and the accuracy of such Investor’s representations as expressed herein.

 

3.5. Acquisition for Own
Account. Such Investor is acquiring the Securities for his, her, their or its own account for investment and not with a view toward
distribution in a manner which would violate the Securities Act; it being understood that by making the representation contained in this
Section 3.5, such Investor is not contractually agreeing to hold any of Securities for any minimum period of time.

 

3.6. Ability to Protect Its
Own Interests and Bear Economic Risks. Such Investor acknowledges that he, she, they or it can bear the economic risk and complete
loss of his, her, their or its investment in the Securities and has such knowledge and experience in financial or business matters that
he, she, they or it is capable of evaluating the merits and risks of the investment contemplated hereby.

 

3.7. Investor Status.
Such Investor is an “accredited investor” within the meaning of Rule 501(a) under the United States Securities Act of 1933,
as amended, and is a sophisticated investor, experienced in investing in private equity transactions and capable of evaluating investment
risks independently, both in general and with regard to all transactions and investment strategies involving a security or securities,
including your participation in the Transaction. Such Investor has determined based on its own independent review and such professional
advice as it deems appropriate that its purchase of the Securities and participation in the Transaction (i) are fully consistent with
its financial needs, objectives and condition, (ii) comply and are fully consistent with all investment policies, guidelines and other
restrictions applicable to it, and (iii) are a fit, proper and suitable investment for it, notwithstanding the substantial risks inherent
in investing in or holding the Securities. Such Investor is able to bear the substantial risks associated with its purchase of the Securities,
including but not limited to loss of its entire investment therein. Such Investor is not party to any voting agreements or similar arrangements
with respect to the Securities. With regard to acquiring, holding, voting, or disposing of any stock of the Company, including the Shares,
such Investor (a) has not acted in concert with any Person; (b) other than any Investors that are Affiliates of such Investor, is not,
and has never been, a member or beneficiary of a trust, partnership, limited partnership, syndicate, or other group with any agreement,
understanding, or arrangement, whether formal or informal (for the avoidance of doubt, the fact that an Investor is a trust or partnership
or limited partnership or a passive investor in a private equity fund in and of itself shall not breach this clause (b)); and (c) has
no plan or intention to enter into an arrangement described in clause (a) or clause (b). As of the date of this Agreement, each Investor
represents and warrants to the Company that it has provided to the Company a duly executed IRS Form W 9 or applicable IRS Form W 8, and
after the date of this Agreement each Investor will provide updated forms, statements or tax related documentation that the Company may
reasonably request in connection with the offering and sale of the Securities pursuant to an exemption from registration under the Securities
Act.

 

 

 

    	 	3	 

     

    

 

3.8. Foreign Investors.
If such Investor is not a United States person (as defined by Section 7701(a)(30) of the Code), such Investor hereby represents that he,
she, they or it has satisfied itself as to the full observance of the laws of his, her, their or its jurisdiction in connection with any
invitation to subscribe for the Securities, including (i) the legal requirements within his, her, their or its jurisdiction for the purchase
of the Securities, (ii) any foreign exchange restrictions applicable to such purchase, (iii) any governmental or other consents that may
need to be obtained, and (iv) the income tax and other tax consequences, if any, that may be relevant to the purchase, holding, redemption,
sale, or transfer of the Securities.

 

3.9. Consents. The execution,
delivery and performance by such Investor of the Transaction Documents require no consent of, authorization by, exemption from, filing
with or notice to any Governmental Entity or any other Person, except such as may be required under the Securities Act and the approval
for listing on the Trading Market and such consents, approvals, authorizations, orders, registrations or qualifications as may be required
under state securities or Blue Sky laws in connection with the purchase of the Securities by such Investor.

 

3.10. No Violations.
The execution, delivery and performance by such Investor of, and compliance with, each of the Transaction Documents, and the consummation
by such Investor of the transactions contemplated by each of the Transaction Documents (including, without limitation, the issuance and
sale of the Securities) will not (a) result in a violation of the organizational documents of such Investor, (b) violate or result in
the breach of the terms, conditions or provisions of or constitute a default (or an event which with notice or lapse of time or both would
become a default) under, or give rise to any right of termination, acceleration or cancellation under, any agreement, lease, mortgage,
license, indenture, instrument or other contract to which such Investor is a party, (c) result in a violation of any law, rule, regulation,
order, judgment or decree (including, without limitation, U.S. federal and state securities laws and regulations) applicable to such Investor
or by which any property or asset of such Investor is bound or affected, or (d) result in a violation of any rule or regulation of FINRA
or any Trading Markets, in each case (other than with respect to foregoing clause (a)) except for such violations, defaults, or rights
of termination, acceleration or cancellation that would not have a material adverse effect on such Investor’s ability to perform
his, her, their or its obligation under the Transaction Documents. If such Investor is an entity, such Investor is not in violation of
its organizational documents.

 

3.11. Access to Information.
Such investor has (i) received, reviewed and understood the offering materials made available to it in connection with its purchase of
the Securities, (ii) had the opportunity to ask questions of and receive answers from the Company directly and (iii) conducted and completed
its own independent due diligence with respect to the purchase of the Securities. Based on such information as it has deemed appropriate
and without reliance upon Needham & Company, LLC (“Needham”), such Investor has independently made its own
analysis and decision to enter into the Transaction Documents. Except for the representations, warranties and agreements of the Company
expressly set forth in this Agreement, you are relying exclusively on your own sources of information, investment analysis and due diligence
(including professional advice you deem appropriate) with respect to the Transaction, the Securities and the business, condition (financial
and otherwise), management, operations, properties and prospects of the Company, including but not limited to all business, legal, regulatory,
accounting, credit and tax matters. Neither such inquiries nor any other investigation conducted by or on behalf of such Investor or his,
her, their or its representatives or counsel shall modify, amend or affect such Investor’s right to rely on the truth and accuracy
of the Company’s representations and warranties contained in this Agreement.

 

3.12. Restricted Securities.
Such Investor understands that the Shares, Warrants, and Common Stock underlying the Shares and Warrants, will be characterized as “restricted
securities” under the federal securities laws inasmuch as they are being acquired from the Company in a transaction not involving
a public offering and that under such laws and applicable regulations such securities may be resold without registration under the Securities
Act only in certain limited circumstances, and such Investor further understands that the Shares and Common Stock underlying the Shares
and Warrants will be subject to the transfer restrictions and legending requirements specified in Section 7.

 

3.13. Sufficient Funds.
Such Investor has sufficient funds available to him, her, them or it to pay his, her, their or its full Investor Commitment Amount at
Closing.

 

3.14. Bad Actor Disqualifications.
Such Investor represents on its behalf and the behalf of its officers, directors and principal stockholders, that he, she, they or it
is not subject to any “Bad Actor” disqualifications described in Rule 506(d)(1) (subject to Rule 506(d)(2) and 506(d)(3))
with respect to the Company.

 

 

 

    	 	4	 

     

    

 

3.15. OFAC. Neither such
Investor nor, as of the date hereof to the knowledge of the Investor, any director, officer, agent, employee or person acting on behalf
of the Investor is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department.

 

3.16 Placement Agent.
Such Investor hereby acknowledges and agrees that (a) Needham is acting solely as the Company’s placement agent in connection with
the purchase and sale of the Securities and is not acting as an underwriter or in any other capacity and is not and shall not be construed
as a fiduciary for such Investor, the Company or any other person or entity in connection with the purchase and sale of the Securities,
(b) Needham has not made and will not make any representation or warranty, whether express or implied, of any kind or character and has
not provided any advice or recommendation in connection with the purchase and sale of the Securities, (c) Needham will have no responsibility
with respect to (i) any representations, warranties or agreements made by any person or entity under or in connection with the purchase
and sale of the Securities or any of the documents furnished pursuant thereto or in connection therewith, or the execution, legality,
validity or enforceability (with respect to any person) or any thereof, or (ii) the business, affairs, financial condition, operations,
properties or prospects of, or any other matter concerning the Company, or the purchase and sale of the Securities, and (d) Needham shall
have no liability or obligation (including without limitation, for or with respect to any losses, claims, damages, obligations, penalties,
judgments, awards, liabilities, costs, expenses or disbursements incurred by such Investor, the Company or any other person or entity),
whether in contract, tort or otherwise, to such Investor, or to any person claiming through such Investor, in respect of the purchase
and sale of the Securities.

 

4.     Representations and
Warranties by the Company. The Company represents and warrants to the Investors as follows:

 

4.1. Organization and Good
Standing. The Company (i) has been duly incorporated and is validly existing and in good standing under the laws of the state of Nevada,
with power and authority (corporate and other) to own its properties and assets, conduct its business as described in the Company’s
Form S-1 and enter into this Agreement and perform its obligations hereunder, and (ii) is duly qualified as a foreign corporation for
the transaction of business and is in good standing under the laws of each other jurisdiction in which it owns or leases properties or
assets or conducts any business so as to require such qualification, except, in the case of this clause (ii), where the failure to be
so qualified or in good standing would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.
Each of the Company’s subsidiaries has been duly organized and is validly existing as a corporation or other entity, as applicable,
and in good standing (or the foreign equivalent) under the laws of its jurisdiction of organization, with power and authority (corporate
and otherwise) to own its properties and conduct its business as described in the Company’s Form S-1, except where the failure to
be in good standing (or the foreign equivalent) would not, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect.

 

4.2. Authorization. All
corporate action on the part of the Company, its officers, directors and stockholders necessary for the authorization, execution and delivery
of this Agreement and the performance of all obligations of the Company under this Agreement, and for the authorization, issuance, sale
and delivery of the Securities being sold hereunder has been taken, and this Agreement constitutes the valid and legally binding obligation
of the Company, enforceable in accordance with its terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization,
moratorium, and other laws of general application affecting enforcement of creditors’ rights generally and (ii) as limited by laws
relating to the availability of specific performance, injunctive relief, or other equitable remedies.

 

4.3. Valid Issuance of Securities.
The Shares being purchased by the Investors hereunder, when issued, sold and delivered in accordance with the terms of this Agreement
for the consideration expressed herein, (a) will be duly and validly issued, fully paid and nonassessable, free and clear of any liens,
will be free of restrictions on transfer other than restrictions on transfer under applicable state and federal securities laws and (b)
will not have been issued in violation of any preemptive or similar rights created under the Company’s organizational documents
(as adopted on or prior to the Closing Date), the Acquisition Agreement or the laws of the State of Nevada. The Common Stock issuable
upon conversion of the Shares, when issued in accordance with the terms of the Shares, will be validly issued, fully paid and nonassessable,
free and clear of all liens imposed by the Company. The Warrants are duly authorized and, when issued and paid for in accordance with
this Agreement, will be duly and validly issued, fully paid and nonassessable, free and clear of all liens imposed by the Company, and
the Common Stock issuable upon exercise of the Warrants, when issued in accordance with the terms of the Warrants, will be validly issued,
fully paid and nonassessable, free and clear of all liens imposed by the Company.

 

 

 

    	 	5	 

     

    

 

4.4. Compliance with Other
Instruments. Neither the Company nor any of its subsidiaries is (i) in violation of its certificate of incorporation or by laws (or
other applicable organizational document), (ii) in violation of any law, statute or any judgment, order, rule or regulation of any court
or governmental agency or body having jurisdiction over the Company or any of its subsidiaries or any of their properties, or (iii) in
default in the performance or observance of any obligation, agreement, covenant or condition contained in any indenture, mortgage, deed
of trust, loan agreement, lease or other agreement or instrument to which it is a party or by which it or any of its properties or assets
may be bound, except, in the case of the foregoing clauses (ii) and (iii) for such violations or defaults related to matters disclosed
in the Company’s Form S-1 or as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

4.5 No Conflicts. The
execution, delivery and performance by the Company of this Agreement, and the compliance by the Company with this Agreement and the consummation
of the transactions contemplated in this Agreement will not conflict with or result in a breach or violation of any of the terms or provisions
of, or constitute a default under, (A) any indenture, mortgage, deed of trust, loan agreement, lease or other agreement or instrument
to which the Company or any of its subsidiaries is a party or by which the Company or any of its subsidiaries is bound or to which any
of the property or assets of the Company or any of its subsidiaries is subject, (B) the certificate of incorporation or by-laws (or other
applicable organizational document) of (1) the Company or (2) any of its subsidiaries, (C) any law, statute or any judgment, order, rule
or regulation of any court or governmental agency or body having jurisdiction over the Company or any of its subsidiaries or any of their
properties, or (D) any rule or regulation of FINRA or any Trading Markets, except in the case of (A), (C) and (D) for such violations
that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; and no consent, approval,
authorization, exemption, filing or notice order, registration or qualification of or with is required by any court or Governmental Entity
or any other Person, except such as may be required under the Securities Act and the approval for listing on the Trading Market and such
consents, approvals, authorizations, orders, registrations or qualifications as may be required under state securities or Blue Sky laws
in connection with the purchase of the Securities by the Investors.

 

4.6. Description of Capital
Stock. Other than with respect to information permitted to be excluded at the time the Form S-1 was declared effective by the Commission,
the statements set forth in the Form S-1 under the caption “Description of Securities”, insofar as they purport to constitute
a summary of the terms of the Common Stock are accurate, complete and fair in all material respects

 

4.7. Registration Statement.
Other than with respect to information permitted to be excluded at the time the Form S-1was declared effective by the SEC, as of the date
it was declared effective by the SEC, the Form S-1 complied in all material respects with the requirements of the Securities Act and the
rules and regulations of the Commission promulgated thereunder, and did not 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.

 

4.8. Brokers or Finders.
Neither the Company nor any of its subsidiaries have engaged any brokers, finders or agents such that the Investors will incur, directly
as a result of any action taken by the Company, any liability for brokerage or finders’ fees or agents’ commissions or any
similar charges in connection with the sale of the Securities contemplated by this Agreement.

 

4.9. Private Placement.
Assuming the accuracy of the representations, warranties and covenants of the Investors set forth in Section 3 of this Agreement,
no registration under the Securities Act is required for the offer and sale of the Securities by the Company to the Investors under this
Agreement.

 

4.10. No Bad Actors.
No “bad actor” disqualifying event described in Rule 506(d)(1)(i)-(viii) of the Securities Act (a “Disqualification
Event”) is applicable to the Company or any person listed in the first paragraph of Rule 506(d)(i) with respect to the Company as
an “issuer” for purposes of Rule 506 promulgated under the Securities Act, except for a Disqualification Event as to which
Rule 506(d)(2)(ii–iv) or (d)(3) is applicable.

 

4.11. Tax Classification
of the Company. The Company is classified as a Subchapter C corporation for U.S. federal income tax purposes.

 

 

 

    	 	6	 

     

    

 

4.12. Absence of Changes.
Since June 30, 2021, and except as disclosed in the Quarterly Report on Form 10-Q filed with the Commission on August 13, 2021and except
as it relates to the Acquisition (including any financing arrangements related to the Acquisition), there has not been any change in the
assets, liabilities, financial condition or operating results of the Company, except changes in the ordinary course of business that have
not had, in the aggregate, a Material Adverse Effect.

 

4.13. Litigation. There
is no claim, action, suit or legal proceeding pending or, to the knowledge of the Company, threatened in writing against the Company,
before any Governmental Entity that seeks to prevent the Company from consummating the transactions contemplated by this Agreement or
the Acquisition Agreement. As of the date hereof, and except with respect to matters disclosed in the Form S-1, (i) there are no, claims,
actions, suits or legal proceedings pending, or, to the knowledge of the Company, threatened in writing against the Company or its subsidiaries
before any Governmental Entity against the Company and its subsidiaries, that would, individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect, and (ii) to the knowledge of the Company, there are no pending investigations or disciplinary proceedings
reasonably likely to lead to any claim, action, suit or legal proceeding before any Governmental Entity that would, individually or in
the aggregate, reasonably be expected to have a Material Adverse Effect. As of the date hereof, none of the Company or its subsidiaries
are subject to any unsatisfied order, judgment, injunction, ruling, decision, award or decree of any Governmental Entity.

 

4.14. Compliance with Laws;
OFAC. The business of the Company and its subsidiaries; taken as a whole, is not currently being conducted in violation of, and each
of the Company and its subsidiaries are and have been since September 30, 2019 (or, if later than such date, the date of incorporation
of such entity) in compliance with any federal, state, provisional, county, municipal or local laws, ordinances and regulations applicable
to the Company and its subsidiaries, except with respect to matters disclosed in the Form S-1 or such non-compliance that would not, individually
or in the aggregate, reasonably be expected to have a Material Adverse Effect. Neither the Company or its subsidiaries nor, to the Company’s
knowledge, any director, officer, agent, employee or person acting on behalf of the Company or its subsidiaries (a) is currently subject
to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”),
or (b) has violated any law relating to bribery, corruption, money laundering, or sanctions.

 

4.15. Data Privacy. Each
of the Company and its subsidiaries are and have been since December 31, 2019 (or, if later than such date, the date of incorporation
of such entity), in material compliance with (a) all applicable laws governing the collection, storage or any other use of information
that identifies or could be used to identify an individual person (“Personal Information”) and governing data security
and cyber security; (b) all of the Company’s policies and notices regarding Personal Information, and (c) all of the Company’s
and its subsidiaries’ contractual obligations with respect to Personal Information, data security and cyber security (together,
the “Data Protection Requirements”). The Company has implemented and continues to implement and maintain commercially
reasonable technical and organizational safeguards which the Company believes to be sufficient to protect Personal Information and other
confidential data in its possession or under its control. Except with respect to matters disclosed in the Form S-1, there have been no
breaches or security incidents, and there has been no unauthorized access to or disclosure of any Personal Information in the possession
or control of the Company or its subsidiaries, except for such breaches or security incidents, unauthorized access to or disclosure of
any Personal Information that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Except
with respect to matters disclosed in the Form S-1 or as would not, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect, (a) the Company has not received any written notice of any claims of or investigations or regulatory inquiries
related to, or been charged with, the violation of any Data Protection Requirements, and (b) to the knowledge of the Company, there are
no facts or circumstances that could reasonably form the basis of any such notice or claim.

 

4.16. Intellectual Property.
To the knowledge of the Company, (i) all patents, registered copyrights, and applications for any of the foregoing related to the business
of the Company and its subsidiaries that are owned or purported to be owned by the Company or its subsidiaries were created, developed
or authored by: (a) employees acting within the scope of their employment, or (b) consultants or contractors, and (ii) each such employee,
consultant or contractor engaged in such activities within the last five years executed and delivered to the Company or the relevant subsidiary
written agreements pursuant to which each such Person assigned to the Company or the relevant subsidiary the intellectual property rights
created by such Persons in their performance of such services for the Company or the relevant subsidiary, except where failure to do so
would not be material and other than non-assignable rights (such as moral rights). To the knowledge of the Company, no trade secret or
other proprietary confidential information material to the business of the Company has been actually disclosed to any former or current
employee or any third party other than pursuant to a written agreement restricting the disclosure and use of such information except where
failure to do so would not be material.

 

 

 

    	 	7	 

     

    

 

4.17. Financial Statements.
The audited financial statements as of, and for the period ended, September 30, 2020 of the Company set forth in the Form S-1 and the
unaudited interim financial statements as of, and for the period ended June 30, 2021 of the Company set forth on the Quarterly Report
on Form 10-Q filed with the Commission on August 13, 2021, (the “Financial Statements”), together with the notes thereto,
have been prepared in accordance with GAAP applied on a consistent basis throughout the periods indicated. The Financial Statements fairly
present in all material respects the financial condition and operating results of the Company as of the dates, and for the periods, indicated
therein.

 

4.18. Affiliate Transactions.
Other than (w) as disclosed in the Form S-1 (x) standard employee benefits generally made available to all employees, (y) standard director
and officer indemnification agreements approved by the Board of Directors of the Company (the “Board of Directors”),
and (z) the purchase of shares of the Company’s capital stock and the issuance of equity awards, none of the Company or its subsidiaries
is a party to any agreement that is currently in effect with any equityholder, officer, member, partner or director of the Company or
its subsidiaries or their respective affiliates (other than the Company or its subsidiaries).

 

4.19. Labor Relations.
Since September 30, 2019 (or, if later than such date, the date of incorporation of such entity), (a) there has not been nor is there
pending or, to the knowledge of the Company, threatened any labor strike, walk-out, slowdown, work stoppage or lockout with respect to
the Company or its subsidiaries, (b) none of the Company or its subsidiaries have received written notice of any unfair labor practice
charges against the Company or its subsidiaries that are pending before the National Labor Relations Board or any similar state, local
or foreign Governmental Entity and (c) none of the Company or its subsidiaries have received written notice of any pending or in progress
and, to the knowledge of the Company, there are no threatened, suits, actions or other proceedings against the Company or its subsidiaries
before the Equal Employment Opportunity Commission or any similar state, local or foreign Governmental Entity responsible for the prevention
of unlawful employment practices, except, in the case of each of clauses (i), (ii) and (iii) above, for any such matters that would not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

4.20. Investment Company
Act. The Company is not and, after giving effect to the transactions contemplated by this Agreement, will not be, required to register
as an “investment company” under the Investment Company Act of 1940, as amended.

 

4.21. No Other Company Representations
and Warranties. Except for the representations and warranties made by the Company in this Section 4, neither the Company, any
of its Affiliates nor any other Person acting on its behalf makes any other express or implied representation or warranty in connection
with or related to this Agreement or the transactions contemplated hereby, including with respect to its capital stock, the Company or
any of its subsidiaries or their respective businesses, operations, properties, assets, liabilities, condition (financial or otherwise)
or prospects, and each Investor acknowledges and agrees to the foregoing. In entering into this Agreement, each Investor has relied solely
on its own investigation and analysis and the representations of the Company expressly set forth in this Section 4 and no other
representations or warranties of the Company, any of their respective Affiliates or any other Person, whether express or implied.

 

5.      Conditions of Parties’
Obligations.

 

5.1. Conditions of the Investors’
Obligations at the Closing. The obligations of the Investors to purchase the Securities at the Closing (except where otherwise specified)
are subject to the fulfillment prior to the Closing Date of all of the following conditions, any of which may be waived in whole or in
part by the Required Investors in their sole discretion.

 

(a) Representations
and Warranties. The (a) representations set forth in Sections 4.1, 4.2, 4.3(a) and 4.11 shall be true
and correct as of immediately prior to the Closing as though such representations and warranties were made, as written herein, as of immediately
prior to the Closing; (b) the representations and warranties set forth in Sections 4.3(b), 4.5, 4.6, 4.7,
4.9, and 4.10 shall be true and correct in all material respects as of immediately prior to the Closing as though such representations
and warranties were made, as written herein, as of immediately prior to the Closing (subject to the specified time periods, as applicable,
qualifying such representations and warranties and other than with respect to Section 4.7, without giving effect to any qualifications
or limitations as to “materiality” or “Material Adverse Effect” contained therein); and (c) the remaining representations
and warranties of the Company contained in Section 4 of this Agreement shall be true and correct as of immediately prior to the
Closing as though such representations and warranties were made, as written herein, as of immediately prior to the Closing (subject to
the specified time periods, as applicable, qualifying such representations and warranties and without giving effect to any qualifications
or limitations as to “materiality” or “Material Adverse Effect” contained therein), except where the failure of
such representations and warranties to be so true and correct does not constitute, individually or in the aggregate, a Material Adverse
Effect.

 

 

 

    	 	8	 

     

    

 

(b) Performance.
The Company shall have performed in all material respects all covenants and agreements contained in this Agreement required to be performed
by the Company on or prior to the Closing.

 

(c) No Material
Adverse Effect. Since the date of this Agreement, there shall not have occurred a Material Adverse Effect.

 

(d) Compliance
Certificate. The Company shall have delivered to the Investors a Compliance Certificate, executed by the Chief Executive Officer of
the Company, dated as of the Closing Date to the effect that the conditions specified in subsections (a) and (b) of this Section 5.1
have been satisfied.

 

(e) Listing.
The Company’s Common Stock shall have been listed for trading on the Nasdaq Capital Market from the date hereof until the Closing
Date.

 

5.2. Conditions of the Company’s
Obligations. The obligations of the Company under Section 1 hereof with respect to each Investor (on a several, and not joint,
Investor-by-Investor basis) are subject to the fulfillment prior to or on the Closing Date of all of the following conditions with respect
to such Investor, any of which may be waived in whole or in part by the Company in its sole discretion.

 

(a) Covenants;
Representations and Warranties. (i) The Investors shall have performed in all material respects all covenants and agreements contained
in this Agreement required to be performed by the Investors on or prior to the Closing, (ii) the representations and warranties of the
Investors contained in Section 3.7 shall be true and correct in all material respects as of immediately prior to the Closing as
though such representations and warranties were made, as written herein, as of immediately prior to the Closing (subject to the specified
time periods, as applicable, qualifying such representations and warranties), and (iii) the representations and warranties of the Investors
contained in Section 3 of this Agreement shall be true and correct as of immediately prior to the Closing as though such representations
and warranties were made, as written herein, as of immediately prior to the Closing (subject to the specified time periods, as applicable,
qualifying such representations and warranties), except where the failure of such representations and warranties to be so true and correct
does not constitute, individually or in the aggregate, material adverse effect on (y) the eligibility of the Company to issue the Securities
in reliance on the exemption from registration provided by Regulation D under the Securities Act, or (z) such Investor’s ability
to perform its obligation under the Transaction Documents.

 

5.3. Conditions of Each Party’s
Obligations.

 

(a) Obligations under this
Agreement. The respective obligations of each party to consummate the transactions at the Closing contemplated hereunder are subject
to the absence of any statute, rule, regulation, injunction, order or decree, enacted, enforced, promulgated, entered, issued or deemed
applicable to this Agreement or the transactions contemplated hereby by any court, government or governmental authority or agency or legislative
body, domestic, foreign or supranational, in each case of the foregoing authorities, agencies or bodies, of competent jurisdiction, prohibiting
or enjoining the transactions contemplated by this Agreement.

 

(b) Acquisition. All
of the conditions to the consummation of the Acquisition, as set forth in the Acquisition Agreement have been satisfied, or to the extent
permitted by applicable law, waived by the Company.

 

6.      Covenants.

 

6.1. Furnishing of Information
and Legend Removal. In order to enable the Investors to sell the Securities under Rule 144, for a period of twenty-four (24) months
from the consummation of the Closing, the Company shall use its commercially reasonable efforts to (i) timely file (or obtain extensions
in respect thereof and file within the applicable grace period) all reports required to be filed by the Company after the consummation
of the Closing pursuant to the Exchange Act and (ii) following an Investor’s request, promptly cause the removal of all restrictive
legends from any Shares held by such Investor that may be sold by Investor (x) pursuant to the Resale Restriction Statement or (y) without
restriction under Rule 144, including without limitation, any volume and manner of sale restrictions.

 

 

 

    	 	9	 

     

    

 

6.2. Integration. The
Company shall use its commercially reasonable efforts such that neither it nor any of its Affiliates shall sell, offer for sale or solicit
offers to buy any security that will be integrated with the offer or sale of the Securities hereunder that would require the registration
under the Securities Act of the sale of Securities hereunder to the Investors.

 

6.3. Delivery of Shares After
Closing. The Company shall deliver or cause to be delivered to each Investor evidence of the book-entry issuance of the Shares and
physical delivery of the Warrants purchased by such Investor within five (5) Trading Days of the Closing Date.

 

6.4. No Volume Limitations.
Any Investor, or any Affiliates of any Investor, that purchase Shares hereunder shall not be subject to any volume restrictions related
to any securities of the Company that are purchased hereunder or were held prior to the date hereof. Notwithstanding the foregoing, Investors
shall continue to be required to comply with all federal securities laws with respect to any sales of securities.

 

6.5. Tax Matters.

 

(a) The Company shall not
withhold any U.S. withholding tax in respect of payments or distributions made to Investor except for U.S. withholding tax that the Company
is required to withhold due to (i) a failure of Investor to furnish a valid IRS Form as described above in Section 3.7 of this Agreement,
(ii) any change in law or (iii) any change in fact. In the event that the Company has determined that withholding is required with respect
to any payment or distribution by the Company to the Investor, the Company shall (i) notify Investor promptly but at least ten (10) Business
Days prior to any such withholding and (ii) reasonably consult and cooperate with the Investor in good faith to attempt to reduce or eliminate
any amounts that would otherwise be deducted or withheld. The Company is entitled to withhold if the Company, after consulting and cooperating
with the Investor as described in the prior sentence, determines in good faith that such withholding is required due to the circumstances
above under the applicable law. The Company shall provide Investor with any information or documentation reasonably requested by Investor
for a refund of any tax and shall otherwise assist and reasonably cooperate in any such application by Investor.

 

(b) The Company agrees to
provide promptly, upon the reasonable request of Investor, (i) a determination as to whether the Company is a “United States real
property holding corporation” for U.S. federal income tax purposes (a “USRPHC”) and (ii) provided that
the Company determines that it is not a USRPHC, a statement issued pursuant to Treasury Regulations §1.897-2(g)(1)(ii) that the Shares
are not a U.S. real property interest for U.S. federal income tax purposes, as defined for purposes of that Regulation.

 

(c) The Company shall provide
notice to the Investor no less than 30 days prior to taking any actions to alter its entity classification as a Subchapter C corporation
for U.S. Federal income tax purposes. Further, the Company shall cooperate with Investor to mitigate or eliminate the tax effect on such
Investor of any such change in entity classification.

 

7.      Transfer Restrictions;
Restrictive Legend.

 

7.1. Transfer Restrictions.
Each Investor understands that the Company (or its transfer agent) may, as a condition to the transfer of the Securities, require that
the request for transfer be accompanied by an opinion of Company counsel to be delivered within two Business Days after receipt of all
required documentation, to the effect that the proposed transfer does not result in a violation of the Securities Act or Rule 144 under
the Securities Act, unless such transfer is covered by an effective registration statement. It is understood that the certificates evidencing
the Securities shall bear substantially the following legend:

 

“THE SECURITIES
REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER THE SECURITIES
LAWS OF ANY OTHER JURISDICTIONS. THESE SECURITIES MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE ACT, APPLICABLE STATE
SECURITIES LAWS (PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM). INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL
RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND
SUBSTANCE SATISFACTORY TO THE ISSUER TO THE EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE ACT AND ANY APPLICABLE
STATE SECURITIES LAWS.”

 

 

 

    	 	10	 

     

    

 

7.2. Unlegended Certificates.
Subject to the receipt of standard written documentation provided by the holder pursuant to Rule 144 and a representation that the holder
is not an Affiliate of the Company, the Company shall as soon as practicable reissue unlegended certificates upon the request of any holder
thereof (x) at such time as the holding period under Rule 144 or another applicable exemption from the registration requirements of the
Securities Act for a transfer of such Shares to the public has been satisfied or (y) at such time as a registration statement is available
for the transfer of such Shares.

 

8.     Registration Rights.

 

8.1. Registration Statements.
The Company shall use commercially reasonable efforts to file as soon as reasonably practicable, but in any event no later than 45 calendar
days after the Closing (the “Filing Deadline”), and use commercially reasonable efforts to cause to be declared
effective as soon as reasonably practicable thereafter, a registration statement filed with the Commission (the “Resale Registration
Statement”) registering the resale of all of the Common Stock underlying the Shares and Warrants (the “Registrable
Securities”) issued to the Investors pursuant to this Agreement (the “Effectiveness Deadline”);
provided, that the Company’s obligations to include an Investor’s Registrable Securities in the Resale Registration Statement
are contingent upon such Investor furnishing in writing to the Company such information regarding such Investor, the securities of the
Company held by such Investor and the intended method of disposition of the Registrable Securities held by such Investor (which shall
be limited to non-underwritten public offerings) to the extent required as shall be reasonably requested by the Company to effect the
registration of the Registrable Securities held by such Investor, and Investor shall execute such documents in connection with such registration
as the Company may reasonably request to the extent required. The Company agrees to use commercially reasonable efforts to keep such Resale
Registration Statement, or another shelf registration statement that includes the Registrable Securities, effective with respect to each
Investor until the earliest of (x) the date on which such Investor ceases to hold any Registrable Securities issued pursuant to this Agreement,
(y) the first date on which such Investor is able to sell all of its Registrable Securities in a 90-day period without registration under
Rule 144 of the Securities Act or any successor rule (but with no volume or other restrictions or limitations including as to manner or
timing of sale) and (z) if the Registrable Securities purchased hereunder by such Investor represent greater than five percent (5%) of
the outstanding Common Stock of the Company, the date upon which the Registrable Securities purchased hereunder by such Investor no longer
represent greater than five percent (5%) of the outstanding Common Stock of the Company; provided, that the Company shall be entitled
to delay or postpone the effectiveness of the Resale Registration Statement, and from time to time require the Investors not to sell under
the Resale Registration Statement or suspend effectiveness thereof, if it reasonably determines in good faith that in order for the Resale
Registration Statement not to contain a material misstatement or omission, (i) the negotiation or consummation of a transaction by the
Company or its subsidiaries is pending or another event has occurred, which negotiation, consummation or (ii) other event the Company’s
Board of Directors reasonably and in good faith believes would require additional disclosure by the Company in the Resale Registration
Statement of material information that the Company has a bona fide business purpose for keeping confidential and the non-disclosure of
which in the Resale Registration Statement would be expected, in the reasonable determination of the Company’s board of directors,
to cause the Resale Registration Statement to fail to comply with applicable disclosure requirements (such circumstance, a “Suspension
Event”); provided, however, that the Company may not delay or suspend the Resale Registration Statement on more than two
occasions or for more than 60 consecutive calendar days, or more than 90 calendar days in the aggregate, in each case during any 12-month
period. Upon receipt of written notice from the Company (which notice shall not contain any material non-public information regarding
the Company) of the happening of any Suspension Event during the period that the Resale Registration Statement is effective or if as a
result of a Suspension Event the Resale Registration Statement or related prospectus contains any untrue statement of a material fact
or omits to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances
under which they were made (in the case of the prospectus) not misleading, each Investor hereby agrees that (i) it will immediately discontinue
offers and sales of the Registrable Securities under the Resale Registration Statement (excluding, for the avoidance of doubt, sales conducted
pursuant to Rule 144) until such Investor receives copies of a supplemental or amended prospectus (which the Company agrees to promptly
prepare) that corrects the misstatement(s) or omission(s) referred to above and receives notice that any post-effective amendment has
become effective or unless otherwise notified by the Company that it may resume such offers and sales, and (ii) it will maintain the confidentiality
of any information included in such written notice delivered by the Company unless otherwise required by law or subpoena. If so directed
by the Company, each Investor will deliver to the Company or, in such Investor’s sole discretion destroy, all copies of the prospectus
covering the Registrable Securities in such Investor’s possession; provided, however, that this obligation to deliver or destroy
all copies of the prospectus covering the Registrable Securities shall not apply (A) to the extent such Investor is required to retain
a copy of such prospectus (I) in order to comply with applicable legal, regulatory, self-regulatory or professional requirements or (II)
in accordance with a bona fide pre-existing document retention policy or (B) to copies stored electronically on archival servers as a
result of automatic data back up. The Investors shall not in connection with the foregoing be required to execute any lock up or similar
agreement or otherwise be subject to any contractual restriction on the ability to transfer the Registrable Securities. Any failure by
Company to file the Resale Registration Statement by the Filing Deadline or to effect such Resale Registration Statement by the Effectiveness
Deadline shall not otherwise relieve the Company of its obligations to file or effect the Resale Registration Statement as set forth in
this Section 8.1(a).

 

 

 

    	 	11	 

     

    

 

8.2. Company Obligations.

 

(a) The Company shall
advise the Investors as expeditiously as possible and within five business days after:

 

(i)             a
Resale Registration Statement or any amendment thereto has been filed with the Commission and when such Resale Registration Statement
or any post-effective amendment thereto has become effective;

 

(ii)            any
request by the Commission for amendments or supplements to any Resale Registration Statement or the prospectus included therein or for
additional information;

 

(iii)           the
issuance by the Commission of any stop order suspending the effectiveness of any Resale Registration Statement or the initiation of any
proceedings for such purpose;

 

(iv)           the
receipt by the Company of any notification with respect to the suspension of the qualification of the Shares included therein for sale
in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and

 

(v)            subject
to the provisions in this Agreement, the occurrence of any event that requires the making of any changes in any Resale Registration Statement
or prospectus so that, as of such date, the statements therein are not misleading and do not omit to state a material fact required to
be stated therein or necessary to make the statements therein (in the case of a prospectus, in the light of the circumstances under which
they were made) not misleading.

 

Notwithstanding anything
to the contrary set forth herein, when so advising the Investors of such events, the Company shall not be obligated, to provide any Investor
with any material, nonpublic information regarding the Company, nor shall the Company provide any Investor with any such material, nonpublic
information regarding the Company without such Investor’s prior written consent (e-mail being sufficient), in each case other than
to the extent that providing notice to such Investor of the occurrence of the events listed in (i) through (v) above constitutes material,
nonpublic information regarding the Company.

 

(b) The Company shall
use its commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of any Resale Registration
Statement as soon as reasonably practicable.

 

(c) Upon the occurrence
of any Suspension Event, except for such times as the Company is permitted hereunder to suspend, and has suspended, the use of a prospectus
forming part of a Resale Registration Statement as contemplated by this Agreement, the Company shall use its commercially reasonable efforts
to as soon as reasonably practicable prepare a post-effective amendment to such Resale Registration Statement or a supplement to the related
prospectus, or file any other required document so that, as thereafter delivered to purchasers of the Shares included therein, such prospectus
will not include any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein,
in the light of the circumstances under which they were made, not misleading.

 

(d) The Company shall
provide the Investor the ability to review disclosure regarding such Investor in the Resale Registration Statement prior to the filing
or submission of such Resale Registration Statement and consider in good faith any reasonable comments of such Investor.

 

(e) The Company shall
otherwise, in good faith, cooperate reasonably with, and take such customary actions as may reasonably be requested by the Investor, consistent
with the terms of this Agreement, in connection with the registration of the Shares

 

 

 

    	 	12	 

     

    

 

8.3. Indemnification.

 

(a) Indemnification
by the Company. The Company agrees to indemnify and hold harmless, to the extent permitted by law, each Investor, their respective
directors, and officers, employees, and agents, and each person who controls such Investors (within the meaning of the Securities Act
or the Exchange Act) and each Affiliate of such Investor from and against any and all losses, claims, damages, liabilities and expenses
(including, without limitation, any reasonable attorneys’ fees and expenses incurred in connection with defending or investigating
any such action or claim) caused by any untrue or alleged untrue statement of material fact contained in any Resale Registration Statement,
prospectus included in any Resale Registration Statement or preliminary prospectus or any amendment thereof or supplement thereto or any
omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein (in the case
of a prospectus, in light of the circumstances in which they were made) not misleading, except insofar as the same are caused by or contained
in any information furnished in writing to the Company by or on behalf of any Investor expressly for use therein.

 

(b) Indemnification
by the Investors. Each Investor agrees, severally and not jointly with any other Investor, to indemnify and hold harmless the Company,
its directors, officers, employees and agents, and each person who controls the Company (within the meaning of the Securities Act or the
Exchange Act) and each Affiliate of the Company against any losses, claims, damages, liabilities and expenses (including, without limitation,
reasonable attorneys’ fees and expenses incurred in connection with defending or investigating any such action or claim) resulting
from any untrue statement of material fact contained in the Resale Registration Statement, prospectus or preliminary prospectus or any
amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein or necessary
to make the statements therein (in the case of a prospectus, in the light of the circumstances in which they were made) not misleading,
but only to the extent that such untrue statement or omission is contained in any information or affidavit so furnished in writing by
such Investor expressly for use therein. In no event shall the liability of any Investor pursuant to this Section 8.3(b) or Section
8.3(d) be greater in amount than the dollar amount of the net proceeds received by such Investor upon the sale of the Securities giving
rise to such indemnification obligation.

 

(c) Indemnification
Procedures. Any person entitled to indemnification herein shall (a) give prompt written notice to the indemnifying party of any claim
with respect to which it seeks indemnification (provided that the failure to give prompt notice shall not impair any person’s right
to indemnification hereunder to the extent such failure has not prejudiced the indemnifying party) and (b) permit such indemnifying party
to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying
party shall not be subject to any liability for any settlement made by the indemnified party without its consent. An indemnifying party
who elects not to assume the defense of a claim shall not be obligated to pay the fees and expenses of more than one counsel for all parties
indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of legal counsel to any indemnified
party a conflict of interest exists between such indemnified party and any other of such indemnified parties with respect to such claim.
No indemnifying party shall, without the consent of the indemnified party, consent to the entry of any judgment or enter into any settlement
which cannot be settled in all respects by the payment of money (and such money is so paid by the indemnifying party pursuant to the terms
of such settlement) or which settlement does not include as an unconditional term thereof the giving by the claimant or plaintiff to such
indemnified party of a release from all liability in respect to such claim or litigation.

 

(d) Contribution.
If the indemnification provided under this Section 8 from the indemnifying party is unavailable or insufficient to hold harmless
an indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to herein, then the indemnifying party,
in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified party as a result of
such losses, claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying
party and the indemnified party, as well as any other relevant equitable considerations. The relative fault of the indemnifying party
and indemnified party shall be determined by reference to, among other things, whether any action in question, including any untrue or
alleged untrue statement of a material fact or omission or alleged omission to state a material fact, was made by, or relates to information
supplied by or on behalf of, such indemnifying party or indemnified party, and the indemnifying party’s and indemnified party’s
relative intent, knowledge, access to information and opportunity to correct or prevent such action. The amount paid or payable by a party
as a result of the losses or other liabilities referred to above shall be deemed to include, subject to the limitations set forth above,
any legal or other fees, charges or expenses reasonably incurred by such party in connection with any investigation or proceeding. No
person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution
pursuant to this Section 8 from any person who was not guilty of such fraudulent misrepresentation. Notwithstanding anything to
the contrary herein, in no event will any party be liable for consequential (including enterprise value, business value or market value
damages), special, exemplary or punitive damages in connection with this Agreement.

 

(e) Survival.
The indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation made by or
on behalf of the indemnified party or any officer, director, employee, agent, Affiliate or controlling person of such indemnified party
and shall survive the transfer of the Securities purchased pursuant to this Agreement.

 

 

 

    	 	13	 

     

    

 

9.     Definitions. Unless
the context otherwise requires, the terms defined in this Section 9 shall have the meanings specified for all purposes of this
Agreement.

 

Except as otherwise expressly
provided, all accounting terms used in this Agreement, whether or not defined in this Section 9, shall be construed in accordance
with GAAP.

 

“Acquisition”
means the closing of the share purchase described in the Acquisition Agreement.

 

“Acquisition Agreement”
means that certain Share Purchase Agreement dated on or about the date hereof, pursuant to which ESPORTS PRODUCT TECHNOLOGIES MALTA LTD.,
a company incorporated under the laws of Malta shall acquire from each of Aspire Global International Limited, a company incorporated
under the laws of Malta, AG Communications Limited, a company incorporated under the laws of Malta, Aspire Global 7 Limited, a company
incorporated under the laws of Malta, Aspire Global plc, a company incorporated under the laws of Malta (collectively the “Selling
Shareholders”) 100% of the shares owned by said Selling Shareholder in Karamba Limited, a limited liability company incorporated
under the laws of Malta.

 

“Additional Investor”
has the meaning assigned to it in Section 1.2 hereof.

 

“Affiliate”
shall have the meaning ascribed to such term in Rule 12b-2 promulgated under the Exchange Act.

 

“Agreement”
has the meaning assigned to it in the introductory paragraphs hereof.

 

“Business Day”
means any day that is not a Saturday, a Sunday or other day on which banks are required or authorized by law to be closed in the City
of New York.

 

“Closing”
has the meaning assigned to it in Section 2 hereof.

 

“Closing Date”
has the meaning assigned to it in Section 2 hereof.

 

“Code”
means the Internal Revenue Code of 1986, as amended.

 

“Commission”
means the Securities and Exchange Commission.

 

“Common
Stock” has the meaning assigned to it in the recitals hereof.

 

“Company”
has the meaning assigned to it in the introductory paragraph hereof.

 

“control,”
“controlled,” “controlled by” and “under common control with”
means the possession, directly or indirectly or as trustee or executor, of the power to direct or cause the direction of the management
policies of a Person, whether through the ownership of a majority of such Person’s outstanding voting equity or by contract, and
with respect to “controlled Affiliates” includes Affiliates controlled by such Person.

 

“Disclosure Time”
means, (i) if this Agreement is signed on a day that is not a Trading Day or after 9:00 a.m. (New York City time) and before midnight
(New York City time) on any Trading Day, 9:01 a.m. (New York City time) on the Trading Day immediately following the date hereof, unless
otherwise instructed as to an earlier time by Needham, and (ii) if this Agreement is signed between midnight (New York City time) and
9:00 a.m. (New York City time) on any Trading Day, no later than 9:01 a.m. (New York City time) on the date hereof, unless otherwise instructed
as to an earlier time by Needham.

 

“Effectiveness
Deadline” has the meaning assigned to it in Section 8.1 hereof.

 

 

 

    	 	14	 

     

    

 

“Encumbrances”
means any lien, claim, judgment, charge, mortgage, security interest, pledge, escrow, equity or other encumbrance.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended.

 

“Filing Deadline”
has the meaning assigned to it in Section 8.1 hereof.

 

“FINRA”
means the Financial Industry Regulatory Authority, Inc.

 

“Form S-1”
means that certain Registration Statement on Form S-1 (File No. 333-254068), initially filed by the Company with the Commission on March
10, 2021, as amended thereafter, including the exhibits thereto.

 

“GAAP”
means U.S. generally accepted accounting principles consistently applied.

 

“Governmental Entity”
means any national, federal, state, municipal, local, territorial, foreign or other government or any department, commission, board, bureau,
agency, regulatory authority or instrumentality thereof, or any court, judicial, administrative or arbitral body or public or private
tribunal.

 

“Investor Commitment
Amount” has the meaning assigned to it in Section 1.1 hereof.

 

“Investors”
has the meaning assigned to it in the introductory paragraph of this Agreement and shall include any Affiliates of the Investors and any
transferees of Investors who are obligated to execute and deliver this Agreement in connection with such transfer.

 

“Joinder”
has the meaning assigned to it in Section 1.1 hereof.

 

“knowledge”
or any similar phrase means (a) with respect to the Company, the actual knowledge, after reasonable inquiry, of each of the chief executive
officer, chief financial officer and the chief technology officer and (b) with respect to an Investor, the actual knowledge of such person
or entity.

 

“Material Adverse
Effect” means any event, circumstance, change, development, effect or occurrence (collectively “Effect”)
that, individually or in the aggregate with all other Effects, (a) has or would reasonably be expected to have a material adverse effect
on the business, condition (financial or otherwise), assets, liabilities or operations of the Company or (b) would prevent, materially
delay or materially impede the performance by the Company of its obligations under this Agreement or the consummation of the Acquisition;
provided, however, that none of the following shall be deemed to constitute, alone or in combination, or be taken into account
in the determination of whether there has been or will be, a Material Adverse Effect: (i) any change or proposed change in or change in
the interpretation of any law (including any quarantine, “shelter in place,” “stay at home,” workforce reduction,
social distancing, shut down, closure, sequester, workplace safety or similar law promulgated by any Governmental Entity in connection
with or in response to the COVID 19 pandemic) or accounting principles; (ii) events or conditions generally affecting the industries or
geographies in which the Company operates; (iii) any downturn in general economic conditions, including changes in the credit, debt, securities,
financial or capital markets (including changes in interest or exchange rates, prices of any security or market index or commodity or
any disruption of such markets); (iv) acts of war, sabotage, civil unrest, terrorism, cyberattack, epidemics, pandemics or disease outbreaks
(including the COVID 19 pandemic), or any escalation or worsening of any such acts of war, sabotage, civil unrest, terrorism epidemics,
pandemics or disease outbreaks, or changes in global, national, regional, state or local political or social conditions; (v) any hurricane,
tornado, flood, earthquake, natural disaster, or other acts of God; (vi) any failure in and of itself to meet any projections, forecasts,
guidance, estimates, milestones, budgets or financial or operating predictions of revenue, earnings, cash flow or cash position, provided
that this clause (vi) shall not prevent a determination that any Effect underlying such failure has resulted in a Material Adverse Effect,
or (vii) the completion of the Acquisition or the completion of any additional financing related to the Acquisition, except in the cases
of clauses (i) through (v), to the extent that the Company is disproportionately affected thereby as compared with other participants
in the industries or geographies in which the Company operates.

 

 

 

    	 	15	 

     

    

 

“Person”
means and includes all natural persons, corporations, business and other trusts, associations, companies, partnerships, joint ventures,
limited liability companies and other entities and governments and agencies and political subdivisions.

 

“Proceeding”
means an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial proceeding,
such as a deposition), whether commenced or threatened.

 

“Purchase Price”
has the meaning assigned to it in Section 1 hereof.

 

“Register,”
“registered” and “registration” refer to a registration made by preparing and filing
a Registration Statement or similar document in compliance with the Securities Act, and the declaration or ordering of effectiveness of
such Registration Statement or document.

 

“Required Investors”
means, prior to the Closing, Investors entitled to acquire at least a majority of the Shares to be issued hereunder based on the total
Investor Commitment Amounts at such time, and following the Closing, Investors holding at least a majority of the Shares then beneficially
owned by all Investors.

 

“Resale Registration
Statement” has the meaning assigned to it in Section 8.1 hereof.

 

“Securities Act”
or “Act” means the Securities Act of 1933, as amended.

 

“Shares”
has the meaning assigned to such term in the recitals hereto.

 

“Subsidiary”
means any corporation, association trust, limited liability company, partnership, joint venture or other business association or entity
(i) at least 50% of the outstanding voting securities of which are at the time owned or controlled directly or indirectly by the Company
or (ii) with respect to which the Company possesses, directly or indirectly, the power to direct or cause the direction of the affairs
or management of such Person.

 

“Suspension Event”
has the meaning assigned to it in Section 8.1 hereof.

 

“Trading Day”
means a day on which the principal Trading Market is open for trading.

 

“Trading Market”
means the Nasdaq Capital Market and or any other exchanges on which the Common Stock is listed or quoted for trading on the date in question.

 

“Transaction Documents”
means this Agreement, any Joinders and any other agreement between the Company and an Investor that expressly identifies itself as a Transaction
Document.

 

10.    Survival. The representations,
warranties, covenants, indemnities and agreements contained in this Agreement and in the other Transaction Documents shall survive the
Closing of the transactions contemplated by this Agreement.

 

 

 

    	 	16	 

     

    

 

11.   Enforcement; Specific
Performance. In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages,
the Investors and the Company will be entitled to specific performance, injunctive and other equitable relief under the Transaction Documents.
The parties agree that monetary damages will not be adequate compensation for any loss incurred by reason of any breach of obligations
contained in the Transaction Documents and hereby agree to waive and not to assert in any action for specific performance of any such
obligation (i) security or the posting of any bond in connection with such relief, or (ii) the defense that a remedy at law would be adequate.
Each Investor acknowledges and agrees that notwithstanding anything contained in this Agreement or any Transaction Document, the Company
may, in its sole discretion, abandon the Acquisition prior to the Closing without any liability to the Investors party hereto or party
to any Transaction Document.

 

12.   Miscellaneous.

 

12.1. Waivers and Amendments.
Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either generally or in a particular
instance and either retroactively or prospectively), only in a writing executed by the Company and the Required Investors; provided,
that (i) such written consent must also be executed by any Investor that is materially, disproportionately and adversely affected, and
(ii) no amendment or waiver may increase the obligations of any Investor without the prior written consent of such Investor. Any amendment
or waiver effected in accordance with this paragraph shall be binding upon each holder of any Shares purchased under this Agreement at
the time outstanding, each future holder of all such Shares, and the Company. Neither this Agreement, nor any provision hereof, may be
changed, waived, discharged or terminated orally or by course of dealing, but only by an instrument in writing.

 

12.2. Notices. Any notices,
requests, demands and other communications required or permitted in this Agreement shall be effective if in writing and (i) delivered
personally, (ii) sent by e-mail or (iii) delivered by overnight courier, in each case, addressed as follows:

 

If to the Company to:

 

Esports Technologies, Inc.

197 E. California Ave., Ste. 302

Las Vegas, Nevada 89104

Attn: Aaron Speech

Email: aspeach@esportstechnologies.com

 

If to any Investor:

 

To the address set forth on the signature
page hereto;

 

or at such other address as the Company or such
Investor each may specify by written notice to the other parties hereto. Any party may change the address to which notices, requests,
consents or other communications hereunder are to be delivered by giving the other parties notice in the manner set forth in this Section
12.2. Any such notice or other communication shall be deemed to have been given as of the date so personally delivered or transmitted
by e-mail (or, if delivered or transmitted after normal business hours at the location of recipient, on the next Business Day), one Business
Day after the date when sent by overnight delivery services or seven days after the date so mailed if by certified or registered mail.

 

12.3. Cumulative Rights.
The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by law.

 

 

 

    	 	17	 

     

    

 

12.4. Successors and Assigns;
Syndication. All the terms and provisions of this Agreement shall be binding upon and inure to the benefit of and be enforceable by
the respective parties hereto, the successors and permitted assigns of the Investors and the successors of the Company, whether so expressed
or not. Except for the representations and warranties set forth in Sections 3.2, 3.5, 3.7, 3.10 through 3.16,
10 and this Section 12.4, for which Needham and its affiliates are beneficiaries, this Agreement shall not confer any rights
or remedies upon any person other than the parties hereto, and their respective successors and assigns, and the parties hereto acknowledge
Needham and its affiliates are third party beneficiaries of this Agreement for the purposes of, and to the extent of, the rights granted
to them, if any, pursuant to the sections referenced in this Section 12.4. Prior to the Closing Date, the Investors may transfer
and assign any portion of their rights and obligations to acquire Shares at the Closing under this Agreement to a Person or Persons only
with the prior written consent of the Company (unless such assignment is made to an Affiliate, in which case, only prior written notice
to the Company shall be required); provided that each such transferee shall become a party to this Agreement as an “Investor”
hereunder, and Schedule I shall be updated accordingly to include such transferee and reflect applicable Investor Commitment Amount.
Following the Closing Date, an Investor may transfer and assign all of its rights and obligations under this Agreement to its Affiliate
in connection with a legally permissible transfer of all or a portion of the Shares purchased under this Agreement by such Investor to
such Affiliate. Any attempt to assign or transfer any right hereunder in violation of this Section 12.4 shall be void ab initio.

 

12.5. Headings. The headings
of the Sections and paragraphs of this Agreement have been inserted for convenience of reference only and do not constitute a part of
this Agreement.

 

12.6. Governing Law.
This Agreement shall be governed in all respects by the internal laws of the State of California, without regard to principles of conflicts
of law.

 

12.7. Fees and Expenses.
Each party shall bear and be responsible for his, her, their or its own fees and expenses incurred in connection with entering into this
Agreement and the transactions contemplated hereby.

 

12.8. Jurisdiction. Any
suit, action or proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement
or the transactions contemplated hereby shall be brought in any federal or state court located in the State of California, and each of
the parties hereby consents to the jurisdiction of such courts (and of the appropriate appellate courts therefrom) in any such suit, action
or proceeding and irrevocably waives, to the fullest extent permitted by law, any objection which it may now or hereafter have to the
laying of the venue of any such suit, action or proceeding in any such court or that any such suit, action or proceeding which is brought
in any such court has been brought in an inconvenient forum. Process in any such suit, action or proceeding may be served on any party
anywhere in the world, whether within or without the jurisdiction of any such court. Without limiting the foregoing, each party agrees
that service of process on such party as provided in Section 12.2 shall be deemed effective service of process on such party.

 

12.9. Waiver of Jury Trial.
TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW WHICH CANNOT BE WAIVED, THE INVESTORS AND THE COMPANY HEREBY WAIVE, AND COVENANT THAT NEITHER
THE COMPANY NOR THE INVESTORS WILL ASSERT, ANY RIGHT TO TRIAL BY JURY ON ANY ISSUE IN ANY PROCEEDING, WHETHER AS PLAINTIFF, DEFENDANT
OR OTHERWISE, IN RESPECT OF ANY ISSUE, CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING OUT OF OR BASED UPON THIS AGREEMENT, ANY OTHER
AGREEMENT OR THE SUBJECT MATTER HEREOF OR THEREOF OR IN ANY WAY CONNECTED WITH, RELATED OR INCIDENTAL TO THE DEALINGS OF THE INVESTORS
AND THE COMPANY HEREUNDER OR THEREUNDER, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING AND WHETHER IN TORT OR CONTRACT OR OTHERWISE.
The Company and each Investor acknowledge that it has been informed by the other that the provisions of this Section 12.9 constitute
a material inducement upon which the Company and the Investors are relying and will rely in entering into this Agreement and consummating
the transactions contemplated hereby. Any Investor or the Company may file an original counterpart or a copy of this Section 12.9
with any court as written evidence of the consent of the Investors and the Company to the waiver of the right to trial by jury.

 

12.10. Termination. This
Agreement shall terminate (a) upon the termination of the Acquisition Agreement, (b) at any time upon the written consent of the Company
and the Required Investors, or (c) on November 30, 2021 if the Closing has not occurred.

 

 

 

    	 	18	 

     

    

 

12.11. Counterparts; Effectiveness.
This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, with the same effect
as if all parties had signed the same document. All such counterparts shall be deemed an original, shall be construed together and shall
constitute one and the same instrument. This Agreement shall become effective when each party hereto shall have received counterparts
hereof signed by all of the other parties hereto.

 

12.12. Entire Agreement.
The Transaction Documents contain the entire agreement among the parties hereto with respect to the subject matter hereof and thereof
and such agreements supersede and replace all other prior agreements, written or oral, among the parties hereto with respect to the subject
matter hereof and thereof.

 

12.13. No Presumption.
With regard to each and every term and condition of this Agreement and the other Transaction Documents, the parties understand and agree
that the same has been mutually negotiated, prepared and drafted, and if at any time the parties desire or are required to interpret or
construe any such term or condition or any agreement or instrument subject hereto, no consideration shall be given to the issue of which
party actually prepared, drafted or requested any term or condition of this Agreement.

 

12.14. Non-Reliance and Exculpation.
Each Investor acknowledges and agrees that it is not relying upon, and has not relied upon, any statement, representation or warranty
made by any person, firm or corporation (including, without limitation, any placement agent, any of its affiliates or any control persons,
officers, directors, employees, partners, agents or representatives of any of the foregoing), other than the statements, representations
and warranties of the Company expressly contained in Section 4 of this Agreement, in making its investment or decision to invest in the
Company. Each Investor acknowledges and agrees that none of (i) any other Investor pursuant to this Agreement or any other agreement related
to the private placement of the Shares (including any other Investor’s respective affiliates or any control persons, officers, directors,
employees, partners, agents or representatives of any of the foregoing), (ii) any placement agent, its affiliates or any control persons,
officers, directors, employees, partners, agents or representatives of any of the foregoing, (iii) any other party to the Transaction
Documents (other than the Company), or (iv) any affiliates, or any control persons, officers, directors, employees, partners, agents or
representatives of the Company or any other party to the Transaction Documents shall be liable to the Investor, or to any other Investor,
pursuant to this Agreement or any other agreement related to the private placement of the Shares, the negotiation hereof or thereof or
the subject matter hereof or thereof, or the transactions contemplated hereby or thereby, for any action heretofore or hereafter taken
or omitted to be taken by any of them in connection with the purchase of the Shares.

 

12.15. Severability.
If any provision of this Agreement shall be found by any court of competent jurisdiction to be invalid or unenforceable, the parties hereby
waive such provision to the extent that it is found to be invalid or unenforceable. Such provision shall, to the maximum extent allowable
by law, be modified by such court so that it becomes enforceable, and, as modified, shall be enforced as any other provision hereof, all
the other provisions hereof continuing in full force and effect.

 

12.16. Waiver of Conflicts.
Each party to this Agreement acknowledges that Schiff Hardin LLP, counsel for the Company, may have in the past performed and may continue
to perform legal services for certain of the Investors in matters unrelated to the transactions described in this Agreement. Accordingly,
each party to this Agreement hereby (a) acknowledges that they have had an opportunity to ask for information relevant to this disclosure;
and (b) gives his, her, their or its informed consent to Schiff Hardin LLP’s representation of certain of the Investors in such
unrelated matters and to Schiff Hardin LLP’s representation of the Company in connection with this Agreement and the transactions
contemplated hereby.

 

 

 

    	 	19	 

     

    

 

12.17. Securities Laws Disclosure;
Publicity. The Company shall (a) by the Disclosure Time, issue a press release disclosing the material terms of the transactions contemplated
hereby, and (b) file a Current Report on Form 8-K, including the Transaction Documents as exhibits thereto, with the Commission within
the time required by the Exchange Act. From and after the issuance of such press release, the Company represents to the Investors that
it shall have publicly disclosed all material, non-public information delivered to any of the Investors by the Company or any of its Subsidiaries,
or any of their respective officers, directors, employees or agents in connection with the transactions contemplated by the Transaction
Documents. In addition, effective upon the issuance of such press release, the Company acknowledges and agrees that any and all confidentiality
or similar obligations under any agreement, whether written or oral, between the Company, any of its Subsidiaries or any of their respective
officers, directors, agents, employees or Affiliates on the one hand, and any of the Investors or any of their Affiliates on the other
hand, shall terminate. The Company and each Investors shall consult with each other in issuing any other press releases with respect to
the transactions contemplated hereby, and neither the Company nor any Investors shall issue any such press release nor otherwise make
any such public statement without the prior consent of the Company, with respect to any press release of any Investor, or without the
prior consent of each Investors, with respect to any press release of the Company, which consent shall not unreasonably be withheld or
delayed, except if such disclosure is required by law, in which case the disclosing party shall promptly provide the other party with
prior notice of such public statement or communication. Notwithstanding the foregoing, the Company shall not publicly disclose the name
of any Investor, or include the name of any Investor in any filing with the Commission or any regulatory agency or Trading Market, without
the prior written consent of such Investor, except (a) as required by federal securities law in connection with the filing of final Transaction
Documents with the Commission and (b) to the extent such disclosure is required by law or Trading Market regulations, in which case the
Company shall provide the Investors with prior notice of such disclosure permitted under this clause (b).

 

12.18. Non-Public Information.
Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents, which shall be
disclosed pursuant to Section 12.17, the Company covenants and agrees that neither it, nor any other Person acting on its behalf will
provide any Investor or its agents or counsel with any information that constitutes, or the Company reasonably believes constitutes, material
non-public information, unless prior thereto such Investor shall have consented to the receipt of such information and agreed with the
Company to keep such information confidential. The Company understands and confirms that each Investor shall be relying on the foregoing
covenant in effecting transactions in securities of the Company. To the extent that the Company, any of its Subsidiaries, or any of their
respective officers, directors, agents, employees or Affiliates delivers any material, non-public information to an Investor without such
Investor’s consent, the Company hereby covenants and agrees that such Investor shall not have any duty of confidentiality to the
Company, any of its Subsidiaries, or any of their respective officers, directors, agents, employees or Affiliates, or a duty to the Company,
any of its Subsidiaries or any of their respective officers, directors, agents, employees or Affiliates not to trade on the basis of,
such material, non-public information, provided that the Investor shall remain subject to applicable law. To the extent that any notice
provided pursuant to any Transaction Document constitutes, or contains, material, non-public information regarding the Company or any
Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K. The Company
understands and confirms that each Investor shall be relying on the foregoing covenant in effecting transactions in securities of the
Company.

 

12.19. Independent Nature
of Investors’ Obligations and Rights. The obligations of each Investor under any Transaction Document are several and not joint
with the obligations of any other Investor, and no Investor shall be responsible in any way for the performance or non-performance of
the obligations of any other Investor under any Transaction Document. Nothing contained herein or in any other Transaction Document, and
no action taken by any Investor pursuant hereto or thereto, shall be deemed to constitute the Investors as a partnership, an association,
a joint venture or any other kind of entity, or create a presumption that the Investors are in any way acting in concert or as a group
with respect to such obligations or the transactions contemplated by the Transaction Documents. Each Investor shall be entitled to independently
protect and enforce its rights including, without limitation, the rights arising out of this Agreement or out of the other Transaction
Documents, and it shall not be necessary for any other Investor to be joined as an additional party in any Proceeding for such purpose.
Each Investor has been represented by its own separate legal counsel in its review and negotiation of the Transaction Documents. For reasons
of administrative convenience only, each Investor and its respective counsel have chosen to communicate with the Company through Schiff.
Schiff does not represent any of the Investors and only represents the Company. The Company has elected to provide all Investors with
the same terms and Transaction Documents for the convenience of the Company and not because it was required or requested to do so by any
of the Investors. It is expressly understood and agreed that each provision contained in this Agreement and in each other Transaction
Document is between the Company and an Investor, solely, and not between the Company and the Investors collectively and not between and
among the Investors.

 

 

 

    	 	20	 

     

    

 

12.20 Indemnification
of Investors. Subject to the provisions of this Section 12.20, the Company will indemnify and hold each Investor and its directors,
officers, shareholders, members, partners, employees and agents (and any other Persons with a functionally equivalent role of a Person
holding such titles notwithstanding a lack of such title or any other title), each Person who controls such Investor (within the meaning
of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, shareholders, agents, members, partners
or employees (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding a lack of such
title or any other title) of such controlling persons (each, an “Investor Party”) harmless from any and all losses,
liabilities, obligations, claims, contingencies, damages, costs and expenses, including all judgments, amounts paid in settlements, court
costs and reasonable attorneys’ fees and costs of investigation that any such Investor Party may suffer or incur as a result of
or relating to (a) any breach of any of the representations, warranties, covenants or agreements made by the Company in this Agreement
or in the other Transaction Documents or (b) any action instituted against the Investor Parties in any capacity, or any of them or their
respective Affiliates, by any stockholder of the Company who is not an Affiliate of such Purchaser Party, with respect to any of the transactions
contemplated by the Transaction Documents (unless such action is solely based upon a material breach of such Investor Party’s representations,
warranties or covenants under the Transaction Documents or any agreements or understandings such Investor Party may have with any such
stockholder or any violations by such Investor Party of state or federal securities laws or any conduct by such Investor Party which is
finally judicially determined to constitute fraud, gross negligence, willful misconduct or malfeasance) or (c) in connection with any
registration statement of the Company providing for the resale by the Investors of the Warrant Shares (as defined in the Warrants) issued
and issuable upon exercise of the Warrants, the Company will indemnify each Investor Party, to the fullest extent permitted by applicable
law, from and against any and all losses, claims, damages, liabilities, costs (including, without limitation, reasonable attorneys’
fees) and expenses, as incurred, arising out of or relating to (i) any untrue or alleged untrue statement of a material fact contained
in such registration statement, any prospectus or any form of prospectus or in any amendment or supplement thereto or in any preliminary
prospectus, or arising out of or relating to any omission or alleged omission of a material fact required to be stated therein or necessary
to make the statements therein (in the case of any prospectus or supplement thereto, in light of the circumstances under which they were
made) not misleading, except to the extent, but only to the extent, that such untrue statements or omissions are based solely upon information
regarding such Investor furnished in writing to the Company by such Investor expressly for use therein, or (ii) any violation or alleged
violation by the Company of the Securities Act, the Exchange Act or any state securities law, or any rule or regulation thereunder in
connection therewith. If any action shall be brought against any Investor Party in respect of which indemnity may be sought pursuant to
this Agreement, such Investor Party shall promptly notify the Company in writing, and the Company shall have the right to assume the defense
thereof with counsel of its own choosing reasonably acceptable to the Investor Party. Any Investor Party shall have the right to employ
separate counsel in any such action and participate in the defense thereof, but the fees and expenses of such counsel shall be at the
expense of such Investor Party except to the extent that (i) the employment thereof has been specifically authorized by the Company in
writing, (ii) the Company has failed after a reasonable period of time to assume such defense and to employ counsel or (iii) in such action
there is, in the reasonable opinion of counsel, a material conflict on any material issue between the position of the Company and the
position of such Investor Party, in which case the Company shall be responsible for the reasonable fees and expenses of no more than one
such separate counsel. The Company will not be liable to any Investor Party under this Agreement (y) for any settlement by an Investor
Party effected without the Company’s prior written consent, which shall not be unreasonably withheld or delayed; or (z) to the extent,
but only to the extent that a loss, claim, damage or liability is attributable to any Investor Party’s breach of any of the representations,
warranties, covenants or agreements made by such Purchaser Party in this Agreement or in the other Transaction Documents. The indemnification
required by this Section 12.20 shall be made by periodic payments of the amount thereof during the course of the investigation or defense,
as and when bills are received or are incurred. The indemnity agreements contained herein shall be in addition to any cause of action
or similar right of any Investor Party against the Company or others and any liabilities the Company may be subject to pursuant to law.

 

12.21 Stockholder Approval.
The Company shall provide each shareholder entitled to vote at a special meeting of shareholders of the Company (the “Shareholder
Meeting”), which shall be promptly called and held not later than 120 days after the Closing (the “Shareholder Meeting
Deadline”), a proxy statement soliciting each such shareholder’s affirmative vote at the Shareholder Meeting for approval
of resolutions (“Shareholder Resolutions”) providing for the approval of the issuance of all of the Securities in compliance
with the rules and regulations of the Trading Market (without regard to any limitations on conversion or exercise, as applicable, with
respect thereto) (the “Shareholder Approval”, and the date the Shareholder Approval is obtained, the “Shareholder
Approval Date”), and the Company shall use its reasonable best efforts to solicit its shareholders’ approval of such resolutions
and to cause the Board of Directors of the Company to recommend to the shareholders that they approve such resolutions. The Company shall
be obligated to seek to obtain the Shareholder Approval by the Shareholder Meeting Deadline. If, despite the Company’s reasonable
best efforts the Shareholder Approval is not obtained on or prior to the Shareholder Meeting Deadline, the Company shall cause an additional
Stockholder Meeting to be held on or prior to the six month-anniversary of the Closing. If, despite the Company’s reasonable best
efforts the Shareholder Approval is not obtained after such subsequent shareholder meetings, the Company shall cause an additional Shareholder
Meeting to be held each quarter thereafter until such Shareholder Approval is obtained.

 

12.22 Subsequent Equity Sales.
From the date hereof until Shareholder Approval Date, without the approval of the holders of 60% of the Preferred Stock issued pursuant
to this Agreement, other than Exempt Issuances (as defined in the Warrant) the Company shall not (i) issue, enter into any agreement to
issue or announce the issuance or proposed issuance of any Common Stock or Common Stock equivalents or (ii) file any registration statement
or any amendment or supplement thereto, other than as contemplated pursuant to Section 8 herein.

 

Signature pages follow.

 

 

 

    	 	21	 

     

    

 

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

 

 

	 	THE COMPANY
	 	 
	 	ESPORTS TECHNOLOGIES, INC.
	 	 
	 	 	 
	 	By:	 
	 	Name:	Aaron Speach
	 	Title:	Chief Executive Officer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	22	 

     

    

 

[PURCHASER SIGNATURE PAGES TO SuBSCRIPTION
AGREEMENT]

 

IN WITNESS WHEREOF, the undersigned
have caused this Subscription Agreement to be duly executed by their respective authorized signatories as of the date first indicated
above.

 

Name of Investor: _______________________________________________________

 

Signature of Authorized Signatory of Investor:
_________________________________

 

Name of Authorized Signatory: _____________________________________________

 

Title of Authorized Signatory: ______________________________________________

 

Email Address of Authorized Signatory: ______________________________________

 

Address for Notice to Investor:

 

 

 

 

Address for Delivery of Warrant to Investor (if not same as address
for notice):

 

 

 

 

 

Investor Commitment Amount: $_________________

 

Shares: _________________

 

Warrant Shares: __________________

 

EIN Number: _______________________

 

 

 

[SIGNATURE PAGES CONTINUE]

 

 

 

    	 	23	 

     

    

 

Form of Joinder Agreement

 

JOINDER AGREEMENT

 

The undersigned is executing
and delivering this Joinder Agreement pursuant to that certain Common Stock Subscription Agreement, dated as of _____, 2021 (as amended,
restated, supplemented or otherwise modified from time to time, the “Agreement”) by and among Esports Technologies,
Inc., a Nevada corporation (the “Company”) and the Investors party thereto. Capitalized terms used but not defined
in this Joinder Agreement shall have the respective meanings ascribed to them in the Agreement.

 

By executing and delivering
this Joinder Agreement to the Agreement, the undersigned hereby agrees to (i) subject to and in accordance with the terms of the Agreement,
purchase from the applicable Seller the number of Shares set forth below in exchange for a cash payment equal to the aggregate price set
forth below at a price per share equal to the Purchase Price, subject to, and in accordance with, the terms and conditions set forth in
the Agreement and (ii) become a party to, to be bound by, and to comply with the provisions of the Agreement in the same manner as if
the undersigned were an original signatory to such agreement as an Investor.]

 

Accordingly, the undersigned
has executed and delivered this Joinder Agreement as of the ___ day of ____________, 2021.

 

 

	 	[INVESTOR]
	 	 
	 	By:
	 	Name: _______________________
	 	Title: _______________________
	 	 
	 	_________________________
	 	Address of [Investor]

 

 

 

 

	Shares	Warrants	Purchase Price
	______	______	$_____

 

 

 

 

    	 	24	 

     

    

 

Schedule I

 

INVESTORS

 

	
    Investor
	
    Investor
    Commitment Amount

	 	\
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	25	 

     

    

 

Exhibit A

 

Form of Warrant

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	26

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00334-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00334-of-00352.parquet"}]]