Document:

Exhibit 10.6

 

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

 

 

US $483,000.00

 

 

B2DIGITAL, INCORPORATED

8% REDEEMABLE PROMISSORY
NOTE

DUE JULY 7, 2023

 

 

FOR VALUE RECEIVED, B2digital, Inc. (the “Company”) promises to pay to the order of GS CAPITAL PARTNERS,
LLC and its authorized successors and permitted assigns ("Holder"), the aggregate principal face amount of Four Hundred
and Eighty Three Thousand Dollars exactly (U.S. $483,000.00) on July 7, 2023 ("Maturity Date") and to pay interest on
the principal amount outstanding hereunder at the rate of 8% per annum commencing on July 7, 2022. The Note contains an original issue
discount of $33,810.00 such that the purchase price of the Note is $449,190.00. The interest will be paid to the Holder in whose name
this Note is registered on the records of the Company regarding registration and transfers of this Note. The principal of, and interest
on, this Note are payable at 1 East Liberty Street Suite 600, Reno, Nevada 89501, initially, and if changed, last appearing on the records
of the Company as designated in writing by the Holder hereof from time to time. The Company will pay each interest payment and the out-
standing principal due upon this Note before or on the Maturity Date, less any amounts required by law to be deducted or withheld, to
the Holder of this Note by check or wire transfer addressed to such Holder at the last address appearing on the records of the Company.
The forwarding of such check or wire transfer shall constitute a payment of outstanding principal hereunder and shall satisfy and discharge
the liability for principal on this Note to the extent of the sum represented by such check or wire transfer. Interest shall be payable
in Common Stock (as defined below) pursuant to paragraph 4(b) herein.

 

This Note
is subject to the following additional provisions:

 

1. This
Note is exchangeable for an equal aggregate principal amount of Notes of different authorized denominations, as requested by the Holder
surrendering the same. No ser- vice charge will be made for such registration or transfer or exchange, except that Holder shall pay any
tax or other governmental charges payable in connection therewith.

 

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

 

3. This
Note may be transferred or exchanged only in compliance with the Securities Act of 1933, as amended ("Act") and applicable
state securities laws. Any attempted transfer to a non-qualifying party shall be treated by the Company as void. Prior to due present-
ment for transfer of this Note, the Company and any agent of the Company may treat the person in whose name this Note is duly registered
on the Company's records as the owner hereof for all other purposes, whether or not this Note be overdue, and neither the Company nor
any such agent shall be affected or bound by notice to the contrary.

 

4. (a)[RESERVED].

 

(b) Interest
on any unpaid principal balance of this Note shall be paid at the rate of 8% per annum.

 

(c) The
Notes may be prepaid without penalty, provided that an Event of Default has not occurred.

 

 

    	 	1	 

     

    

 

(d) Upon
(i) a transfer of all or substantially all of the assets of the Company to any person in a single transaction or series of related transactions,
(ii) a reclassification, capital reorganization or other change or exchange of outstanding shares of the Common Stock, other than a forward
or reverse stock split or stock dividend, or (iii) any consolidation or merger of the Company with or into another person or entity
in which the Company is not the surviving entity (other than a merger which is effected solely to change the jurisdiction of incorporation
of the Company and results in a reclassification, conversion or exchange of outstanding shares of Common Stock solely into shares of
Common Stock) (each of items (i), (ii) and (iii) being referred to as a "Sale Event"), then, in each case, the Company shall,
upon request of the Holder, redeem this Note in cash, plus accrued but unpaid interest through the date of redemption.

 

(e) [RESERVED]

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(d) The
Company shall (1) become insolvent; (2) admit in writing its inability to pay its debts generally as they mature; (3) make an assignment
for the benefit of creditors or commence proceedings for its dissolution; (4) apply for or consent to the appointment of a trustee, liquidator
or receiver for its or for a substantial part of its property or business; (5) file a petition for bankruptcy relief, consent to the
filing of such petition or have filed against it an involuntary petition for bankruptcy relief, all under federal or state laws as applicable;
or

 

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

 

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

 

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

 

(h) The
Company shall have defaulted on or breached any term of any other note of similar debt instrument into which the Company has entered
and failed to cure such default within the appropriate grace period; or

 

 

    	 	2	 

     

    

 

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

 

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

 

(k) [RESERVED];
or

 

(l) [RESERVED];
or.

 

(m) The
Company shall not be “current” in its filings with the Securities and Exchange Commission; or

 

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

 

Upon the
occurrence of any of the above “Events of Default,” the Company shall have a 15-day grace period, during which no default
shall be deemed to have occurred (“Grace Period”). Further, after the conclusion of such Grace Period, Holder shall be required
to provide the Company with written notice of Default, after which time the Holder shall have a 45-day cure period to remedy such default
(“Cure Period”). Then, after the passage of such Cure Period, the Holder may consider this Note immediately due and payable,
without presentment, demand, protest or (further) notice of any kind (other than notice of acceleration), all of which are hereby expressly
waived, anything herein or in any note or other instruments contained to the contrary notwithstanding, and the Holder may immediately,
and without expiration of any period of grace, enforce any and all of the Holder's rights and remedies provided herein or any other rights
or remedies afforded by law. Upon an Event of Default, interest shall accrue at a default interest rate of 24% per annum or, if such
rate is usurious or not permitted by current law, then at the highest rate of interest permitted by law.

 

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

 

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

 

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

 

11. [RESERVED].

 

12. [RESERVED].

 

13. The
Company will give the Holder direct notice of any corporate actions, including but not limited to name changes, stock splits, recapitalizations
etc. This notice shall be given to the Holder as soon as possible under law.

 

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

 

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

 

 

    	 	3	 

     

    

 

 

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

 

 

Dated: July 7, 2022

 

 

 

B2DIGITAL INC.

 

By: /s/ Greg P. Bell                                   

 

Title: Chairman & CEO                         

 

 

 

 

 

    	 	4Exhibit 10.7

 

PLEDGE AGREEMENT

 

THIS PLEDGE AGREEMENT (as may
be amended, restated or modified from time to time, this “Pledge Agreement”), dated as of July 7, 2022, is
made by and between Greg P. Bell (“Bell”), B2 Management Group LLC, a Nevada limited liability
company (“B2 Management”), and B2digital, Inc., a Delaware corporation (together with its wholly owned
subsidiaries listed on the signature page, “B2digital”), (each, a “Pledgor” and together
the “Pledgors”), and GS Capital Partners, LLC, as pledgee (the “Pledgee”).

 

W I T N E S S E T H:

 

WHEREAS, pursuant to that certain
Securities Purchase Agreement, dated as of July 1, 2022 the date hereof (the “Agreement”), by and among B2digital
(the “Borrower”), and the Pledgee, as lender, the Pledgee has agreed to advance to the Borrower a loan in the
aggregate principal amount of Four Hundred Eighty Three Thousand Dollars (US$483,000.00), and Pledgee has previous advanced to the Borrower
numerous other loans as listed in the attached Schedule A (together, the “Loans”), which Loans are further evidenced
by promissory notes issued by the Borrower in favor of the Pledgee;

 

WHEREAS, as of the date hereof,
B2 Management is the registered and beneficial owner of shares of B2digital’s Series A Preferred Stock and Bell is the registered
and beneficial owner of Series B Preferred Stock, as set forth on Schedule B hereto (the “Pledged Shares”);

 

WHEREAS, it is a condition precedent
to the Pledgee making the instant loan available to the Borrower under the Agreement that each Pledgor execute and deliver to the Pledgee,
as security for the obligations of the Borrower to the Pledgee under the Loans, a pledge of all of Bell’s and B2 Management’s
right, title and interest in and to the Pledged Shares, as well as certificates for the Pledged Shares (with executed Stock Powers); and

 

WHEREAS, it is a condition precedent
to the Pledgee making the instant loan available to the Borrower under the Agreement that B2digital execute and deliver to the Pledgee,
as security for the obligations of the Borrower to the Pledgee under the Loans, a pledge of all of B2digital’s present and future
Accounts, Chattel Paper, Inventory, Equipment, Instruments, Investment Property, Documents, Letter of Credit Rights, Commercial Tort Claims,
Deposit Accounts and General Intangibles, as any of the foregoing terms are defined in the Uniform Commercial Code (the “UCC”);

 

NOW, THEREFORE, in consideration
of the premises set forth above, the covenants and agreements hereinafter set forth, and other good and valuable consideration, the receipt
and adequacy of which are hereby acknowledged, each Pledgor and the Pledgee agree as set forth below:

 

SECTION 1. Defined Terms.
Except as otherwise defined herein, terms defined in the Agreement shall have the same meaning when used herein.

 

SECTION 2. Grant of Security.

 

2.1. As security for the Loans,
Bell and B2 Management hereby pledge to the Pledgee the Pledged Shares and hereby grant to the Pledgee a first priority lien on and a
first priority security interest in the following (collectively, the “Stock Collateral”):

 

(i) the
Pledged Shares and all capital, revenue, profit, income, gain or other property or proceeds, return on contribution or otherwise with
respect to the Pledged Shares;

 

(ii) all
securities, moneys or property representing dividends or interest on any of the Pledged Shares, or representing a distribution in respect
of the Pledged Shares, or resulting from a split-up, revision, reclassification or other like change of the Pledged Shares or otherwise
received in exchange therefor, and any subscription warrants, rights or options issued to the holders of, or otherwise in respect of,
the Pledged Shares (exclusive of any equity holder Loans);

 

(iii) all
right, title and interest of Bell and/or B2 Management in, to and under any policy of insurance payable by reason of loss or damage to
the Pledged Shares and any other Stock Collateral;

 

 

    	 	1	 

     

    

 

(iv) all
other payments due or to become due to Bell and/or B2 Management in respect of the Pledged Shares whether under any organizational document
or otherwise, whether as contractual obligations, damages or otherwise;

 

(v) all
“accounts”, “general intangibles”, “instruments” and “investment property” (in each case
as defined in the UCC) constituting or relating to the foregoing;

 

(vi) all
Proceeds of any of the foregoing property of Bell and/or B2 Management (including, without limitation, any proceeds of insurance thereon,
all “accounts”, “general intangibles”, “instruments” and “investment property”, in each
case as defined in the UCC, constituting or relating to the foregoing); and

 

(vii) all
other property hereafter delivered in substitution for or in addition to any of the foregoing, all certificates and instruments representing
or evidencing such other property and all cash, securities, interest, dividends, rights and other property at any time and from time
to time received, receivable or otherwise distributed in respect of or in exchange for any or all thereof.

 

2.2: As security for the Loans,
B2digital hereby pledges to the Pledgee and hereby grants to the Pledgee a first priority lien on and a first priority security interest
in the following (collectively, the “General Collateral,” and with the “Shares Collateral”, the
“Pledged Collateral”): In all B2digital’s present and future Accounts, Chattel Paper, Inventory, Equipment,
Instruments, Investment Property, Documents, Letter of Credit Rights, Commercial Tort Claims, Deposit Accounts and General Intangibles,
as any of the foregoing terms are defined in the UCC.

 

(i) As provided for in the
UCC, Pledgee may notify any of B2digital’s account debtors that the underlying Account has been assigned to Pledgee by Maker and
that payment thereof is to be made to the order of and directly and solely to Pledgee.

 

SECTION 3. Pledge Documents.
Concurrently with the execution of this Pledge Agreement and upon the circumstances described in Section 6 hereof, each Pledgor shall
execute and deliver to the Pledgee an irrevocable proxy in favor of the Pledgee in respect of the Pledged Shares in the form set out in
Exhibit A hereto (the “Irrevocable Proxy”) and shall deliver to the Pledgee the certificates representing
the Pledged Shares together with a signed, undated instrument of transfer in the form set out in Exhibit B hereto (an “Instrument
of Transfer”) pertaining thereto duly executed in blank.

 

SECTION 4. Representations and Warranties. Each Pledgor represents
and warrants that:

 

(a) each
Pledgor is the legal and beneficial owner of, and has good and marketable title to, the Pledged Collateral, subject to no pledge, lien,
mortgage, hypothecation, security interest, charge, option or other encumbrance whatsoever, except the lien and security interest created
and contemplated by this Pledge Agreement;

 

(b) each
Pledgor has full power, authority and legal right to execute, deliver and perform its obligations under this Pledge Agreement and to
create the lien and security interest contemplated by this Pledge Agreement;

 

(c) the
Pledged Shares (i) have been duly and validly issued to each Pledgor, (ii) are evidenced by the certificates set forth on Schedule B,
and (iii) are the only shares of that class issued by the Borrower at any time;

 

(d) the
Pledged Shares are “securities” governed by Article 8 of the UCC;

 

(e) as of
the date hereof, no Person has entered into any options, warrants or other agreements to acquire any of the Pledged Shares and there
are no voting trusts or other member agreements or arrangements relating to any Pledged Collateral;

 

(f) this
Pledge Agreement constitutes a valid obligation of each Pledgor, legally binding upon it and enforceable in accordance with its terms;

 

(g) the
pledge, hypothecation, assignment of the Pledged Collateral and the delivery of the Pledged Shares (together with the Instrument of Transfers)
pursuant to and/or described in this Pledge Agreement create a valid and perfected first priority security interest in the Pledged Collateral;

 

 

    	 	2	 

     

    

 

(h) no consent
of any other party (including equity interest holders of each Pledgor) is required in connection with the execution, delivery, performance,
validity, enforceability or enforcement of this Pledge Agreement, and no consent, license, approval or authorization of, or registration
or declaration with, any governmental authority, bureau or agency is required in connection with the execution, delivery, performance,
validity, enforceability or enforcement of this Pledge Agreement;

 

(i) the
execution, delivery and performance of this Pledge Agreement will not violate or contravene any provision of any existing law or regulation
or decree of any court, governmental authority, bureau or agency having jurisdiction in the premises or of the organizational documents
of each Pledgor or of any mortgage, indenture, security agreement, contract, undertaking or other agreement to which each Pledgor is
a party or which purports to be binding upon it or any of its properties or assets and will not result in the creation or imposition
of any lien, charge or encumbrance on, or security interest in, any of its properties or assets pursuant to the provisions of any such
mortgage, indenture, security agreement, contract, undertaking or other agreement; and

 

(j) the
representations and warranties set forth in the Agreement insofar as they relate to each Pledgor are true and complete and each Pledgor
shall comply with each of the covenants set forth in the Agreement which are applicable thereto.

 

SECTION 5. Pledgor Covenants. Each Pledgor
hereby covenants that during the continuance of this Pledge Agreement:

 

(a) it shall
warrant and defend the right and title of the Pledgee conferred by this Pledge Agreement in and to the Pledged Collateral at the cost
of each Pledgor against the claims and demands of all persons whomsoever;

 

(b) it shall
not sell, assign, transfer, charge, pledge or encumber in any manner any part of the Pledged Collateral or suffer to exist any encumbrance
on the Pledged Collateral;

 

(c) it shall
not vote the Pledged Shares in favor of the consolidation, merger, dissolution, liquidation or any other corporate reorganization of
the issuer of such shares;

 

(d) it shall
not, without the prior written approval of the Pledgee, alter or change the rights, preferences or privileges of the Pledged Shares by
way of reverse stock split, reclassification, merger consolidation or otherwise, so as to adversely affect in any manner the voting rights
including number of votes presently allowed or the conversion basis by which the shares of Pledged Shares are presently converted into
shares of B2digital Common Stock;

 

(e) it shall
not, without the prior written approval of the Pledgee, increase the authorized number of B2digital Preferred Shares;

 

(f) it shall
not, without the prior written approval of the Pledgee, create any new class of shares having preferences over or being on a parity with
the Pledged Shares as to dividends or assets;

 

(g) it shall
not, without the prior written approval of the Pledgee, merge or consolidate with any other Company, except into or with a wholly-owned
subsidiary of the Company with the requisite shareholder approval;

 

(h) it shall
not, without the prior written approval of the Pledgee, sell, convey or otherwise dispose of, or create or incur any mortgage, lien,
charge or encumbrance on or security interest in or pledge of, or sell and leaseback, all or substantially all of the property or business
of the Company;

 

(i) it shall
furnish to Pledgee from time to time statements and schedules further identifying and describing the Pledged Collateral as Pledgee reasonably
requests, all in reasonable detail;

 

(j) it shall
indemnify the Pledgee from, and hold it harmless against, any and all liabilities with respect to, or resulting from any delay in paying,
any and all stamp, excise, sales or other taxes which may be payable or determined to be payable with respect to any of the Pledged Collateral
or in connection with the transaction contemplated by this Pledge Agreement; and

 

 

    	 	3	 

     

    

 

(k) each
Pledgor undertakes and agrees that so long as this Pledge Agreement shall remain in force and effect, and while any amount is owing on
or related to the Loans, each Pledgor shall take any and all necessary actions (including all actions that may be requested by Pledgee
from time to time), including in each Pledgor’s capacities as shareholders and Director of Borrower, to maintain the rights, privileges
and economic value (including actual and proportionate voting rights) of the Pledged Collateral without offset, reduction, dilution or
mitigation of any kind.

 

SECTION 6. Pledgee Covenant.
Pledgee hereby covenants that, during the continuance of this Pledge Agreement, in the event the Pledgors receive a bona fide offer
to purchase B2digital and or the Pledged Shares, even after the occurrence of an Event of Default under the terms of the Loans or this
Agreement, Pledgee shall not oppose such acquisition, provided that the closing of such acquisition shall include the satisfaction of
all B2digital’s Loans and obligations to the Pledgee.

 

SECTION 7. Delivery of Additional
Collateral. If Bell and/or B2 Management shall become entitled to receive or shall receive any equity interests, option or rights,
whether as an addition to, in substitution of, or in exchange for any of the Pledged Shares, Bell and B2 Management agree to accept the
same as the agent of the Pledgee and to hold the same in trust for the benefit of the Pledgee and to deliver the same forthwith to the
Pledgee in the exact form received, with the endorsement of Bell and/or B2 Management when necessary and/or appropriate undated Instruments
of Transfer duly executed in blank, and Irrevocable Proxies for any shares of capital stock (or other equity or debt securities) so received,
in substantially the forms attached hereto to be held by the Pledgee, subject to the terms hereof, as additional collateral security for
the Loans.

 

SECTION 8. General Authority.
Each Pledgor hereby consents that, without the necessity of any reservation of rights against each Pledgor, and without notice to or
further assent by each Pledgor, any demand for payment of any of the Loans made by the Pledgee may be rescinded by the Pledgee and any
of the Loans continued, and the Loans, or the liability of each Pledgor upon or for any part thereof, or any other collateral security
(including, without limitation, any collateral security held pursuant to any of the other Transaction Documents) or right of offset with
respect thereto, may, from time to time, in whole or in part, be renewed, extended, modified, accelerated, compromised, waived, surrendered,
or released by the Pledgee, and the Transaction Documents, any guarantees and any other collateral security documents executed and delivered
by each Pledgor or any other obligors in respect of the Loans may be amended, modified, supplemented or terminated, in whole or in part,
as the Pledgee may deem advisable, from time to time, and any other collateral security at any time held by the Pledgee for the payment
of the Loans (including, without limitation, any collateral security held pursuant to any other collateral security document executed
and delivered pursuant to the Transaction Documents) may be sold, exchanged, converted, waived, surrendered or released, all without
notice to or further assent by each Pledgor, which shall remain bound hereunder, notwithstanding any such renewal, extension, modification,
acceleration, conversion, compromise, amendment, supplement, termination, sale, exchange, waiver, surrender or release. Each Pledgor
waives any and all notices of the creation, renewal, extension or accrual of any of the Loans and notice of or proof of reliance by the
Pledgee upon this Pledge Agreement, and the Loans, and any of them, shall conclusively be deemed to have been created, contracted or
incurred in reliance upon this Pledge Agreement, and all dealings between the issuer and the Pledgee shall likewise be conclusively presumed
to have been had or consummated in reliance upon this Pledge Agreement. Each Pledgor waives diligence, presentment, protest, demand for
payment and notice of default or non-payment to or upon each Pledgor with respect to the Loans.

 

SECTION 9. Voting Rights.
The Pledgee shall, as the Pledgee and as the holder of the Irrevocable Proxies, receive five business days’ advance written notice
of any annual or special meeting, as the case may be, of the shareholders of the issuer company. Pledgee shall be entitled to exercise
such right (but not the obligation) to vote the Pledged Shares at its own discretion either (a) upon the occurrence of an Event of Default
(which shall not be cured, as applicable) or (b) upon determination by the Pledgee in its sole discretion that any of the security created
by or pursuant to this Pledge Agreement shall be deemed imperiled or jeopardized.

 

SECTION 10. UCC Filings.
Each Pledgor does hereby authorize the Pledgee to do all things the Pledgee may deem to be necessary or advisable from time to time in
order to perfect or maintain the security interest granted by this Pledge Agreement including, but not limited to, taking possession and
control of the Pledged Shares and any other securities delivered pursuant to Section 6 above, and filing any and all Uniform Commercial
Code financing statements or renewals thereof that Pledgor shall deem prudent in its sole discretion.

 

SECTION 11. Remedies.
At any time after the occurrence of an Event of Default or in the event any of the security created by or pursuant to this Pledge Agreement
shall be imperiled or jeopardized in a manner deemed material by the Pledgee in its sole discretion, the Pledgee shall be entitled, without
further notice to each Pledgor:

 

 

    	 	4	 

     

    

 

(a) subject
to the limitations of Sections 9-610 and 9-615 of the UCC (to the extent applicable), to sell, assign, transfer and deliver at any time
the whole, or from time to time any part, of the Pledged Collateral or any rights or interests therein, at public or private sale or
in any other manner, at such price or prices and on such terms as the Pledgee may deem appropriate, and either for cash, on credit, for
other property or for future delivery, at the option of the Pledgee, upon not less than 10 days’ written notice (which 10 day notice
is hereby acknowledged by each Pledgor to be reasonable) addressed to each Pledgor at its last address provided to the Pledgee pursuant
to this Pledge Agreement, but without demand, advertisement or other notice of any kind (all of which are hereby expressly waived by
each Pledgor). If any of the Pledged Collateral or any rights or interests thereon are to be disposed of at a public sale, the Pledgee
may, without notice or publication, adjourn any such sale or cause the same to be adjourned from time to time by announcement at the
time and place fixed for sale, and such sale may, without further notice, occur at the time and place identified in such announcement.
If any of the Pledged Collateral or any rights or interests therein shall be disposed of at a private sale, the Pledgee shall be relieved
from all liability or claim for inadequacy of price. At any such public sale the Pledgee may purchase the whole or any part of the Pledged
Collateral or any rights or interests therein so sold. Each purchaser, including the Pledgee should it acquire the Pledged Collateral,
at any public or private sale, shall hold the property sold free from any claim or right of redemption, stay, appraisal or reclamation
on the part of each Pledgor which are hereby expressly waived and released to the extent permitted by applicable law. If any of the Pledged
Collateral or any rights or interests therein shall be sold on credit or for future delivery, the Pledged Collateral or rights or interests
so sold may be retained by the Pledgee until the selling price thereof shall be paid by the purchaser, but the Pledgee shall not incur
any liability in case of failure of the purchaser to take up and pay for the Pledged Collateral or rights or interests therein so sold.
In case of any such failure, the Pledged Collateral or rights or interests therein may again be sold on not less than 10 days’
written notice as aforesaid; and

 

(b) to exercise
all voting and other equity interest rights at any meeting of any issuer of Pledged Shares and exercise any and all rights of conversion,
exchange, subscription or any other rights, privileges or options pertaining to the Pledged Shares as if it was the absolute owner thereof,
including, without limitation, the right to exchange at its discretion, such Pledged Shares upon the merger, consolidation, reorganization,
recapitalization or other readjustment of the issuer of the Pledged Shares or, upon the exercise by the issuer of the Pledged Shares
or the Pledgee of any right, privilege or option pertaining to such Pledged Share, and in connection therewith, to deposit and deliver
such Pledged Shares with any committee, depository, transfer agent, registrar or other designated agency upon such terms and conditions
as it may determine, all without liability except to account for property actually received by it.

 

SECTION 12. No Duty on Pledgee.
The Pledgee shall have no duty to exercise any of the aforesaid rights, privileges or options and shall not be responsible for any failure
to do so or delay in so doing.

 

SECTION 13. Miscellaneous.

 

13.1 Further
Assurances. Each Pledgor agrees that if this Pledge Agreement shall, in the reasonable opinion of the Pledgee, at any time be deemed
by the Pledgee, for any reason, insufficient in whole or in part to carry out the true intent and spirit hereof, it shall execute or
cause to be executed such other documents or deliver or cause to be delivered such further assurances as in the opinion of the Pledgee
may be required in order to more effectively accomplish the purposes of this Pledge Agreement including, without limitation, an alternative
pledge or such other alternative security as the Pledgee shall require.

 

13.2 Remedies
Cumulative and Not Exclusive; No Waiver. Each and every right, power and remedy herein given to the Pledgee shall be cumulative and
shall be in addition to every other right, power and remedy of the Pledgee now or hereafter existing at law, in equity or by statute,
and each and every right, power and remedy, whether herein given or otherwise existing, may be exercised from time to time, in whole
or in part, and as often and in such order as may be deemed expedient by the Pledgee, and the exercise or the beginning of the exercise
of any right, power or remedy shall not be construed to be a waiver of the right to exercise at the same time or thereafter any other
right, power or remedy. No failure, delay or omission by the Pledgee in the exercise of any right or power or in the pursuance of any
remedy accruing upon any breach or default by each Pledgor or Borrower shall impair any such right, power or remedy or be construed to
be a waiver of any such right, power or remedy or to be an acquiescence therein; nor shall the acceptance by the Pledgee of any security
or of any payment of or on account of any of the amounts due from each Pledgor or Borrower to the Pledgee and maturing after any breach
or default or of any payment on account of any past breach or default be construed to be a waiver of any right with respect to any future
breach or default or of any past breach or default not completely cured thereby. In addition to the rights and remedies granted to it
in this Pledge Agreement and in any other instrument or agreement securing, evidencing or relating to any of the Loans, the Pledgee shall
have rights and remedies of a secured party under the UCC.

 

 

    	 	5	 

     

    

 

13.3 Successors
and Assigns. This Pledge Agreement and all obligations of each Pledgor hereunder shall be binding upon the successors and assigns
of each Pledgor and shall, together with the rights and remedies of the Pledgee hereunder, inure to the benefit of the Pledgee, and its
successors and assigns.

 

13.4 Waiver;
Amendment. None of the terms and conditions of this Pledge Agreement may be changed, waived, modified or varied in any manner whatsoever
unless in writing duly signed by each Pledgor and the Pledgee.

 

13.5 Invalidity.
If any provision of this Pledge Agreement shall at any time, for any reason, be declared invalid, void or otherwise inoperative by a
court of competent jurisdiction, such declaration or decision shall not affect the validity of any other provision or provisions of this
Pledge Agreement, or the validity of this Pledge Agreement as a whole and, to the fullest extent permitted by law, the other provisions
hereof shall remain in full force and effect in such jurisdiction and shall be liberally construed in favor of the Pledgee in order to
carry out the intentions of the parties hereto as nearly as may be possible. The invalidity and unenforceability of any provision hereof
in any jurisdiction shall not affect the validity or enforceability of such provision in any other jurisdiction.

 

13.6 Notices.
Any notice, request or other communication to be given or made under this Pledge Agreement to each Pledgor or the Pledgee shall be in
writing. Such notice, request or other communication shall be deemed to have been duly given or made when it shall be delivered by hand,
international courier (confirmed by facsimile), or facsimile (with a hard copy delivered within two (2) Business Days) to each Pledgor
or the Pledgee to which it is required or permitted to be given or made at such party’s address specified below or at such other
address as such party shall have designated by notice to the party given or making such notice, request or other communication, it being
understood that the failure to deliver a copy of any notice, request or other communication to a party to whom copies are to be sent
shall not affect the validity of any such notice, request or other communication or constitute a breach of this Pledge Agreement.

 

If to the Bell:

Greg P. Bell

4522 West Village Dr, Tampa,
Florida 33624

gbell@b3enterprises.net

 

If
to B2 Management: 

4522 West
Village Drive, Suite 215, Tampa, FL

Attn: Greg
P. Bell, CEO

gbell@b3enterprises.net

 

If
to the B2digital: 

B2digital,
Inc.

4522 West
Village Drive, Suite 215, Tampa, FL

Attn: Greg
P. Bell, CEO

gbell@b3enterprises.net

  

If
to the Pledgee: 

GS CAPITAL
PARTNERS, LLC

1 East Liberty
Street, Suite 600

Reno, NV
85901

Attn: Gabe
Sayegh

 

13.7 Counterparts;
Electronic Delivery. This Pledge Agreement may be executed in any number of counterparts, each of which shall be deemed an original,
but all such counterparts together shall constitute one and the same instrument. Delivery of an executed counterpart of this Pledge Agreement
by electronic transmission or a recognized electronic document signature and delivery system shall be deemed as effective as delivery
of an originally executed counterpart. In the event that each Pledgor delivers an executed counterpart of this Pledge Agreement by electronic
transmission or a recognized electronic document signature and delivery system, each Pledgor shall also deliver an originally executed
counterpart as soon as practicable, but the failure of each Pledgor to deliver an originally executed counterpart of this Pledge Agreement
shall not affect the validity or effectiveness of this Pledge Agreement.

 

 

    	 	6	 

     

    

 

13.8 References.
References herein to Sections, Exhibits and Schedules are to be construed as references to sections of, exhibits to, and schedules to,
this Pledge Agreement, unless the context otherwise requires.

 

13.9 Headings.
In this Pledge Agreement, Section headings are inserted for convenience of reference only and shall not be taken into account in the
interpretation of this Pledge Agreement.

 

13.10 Termination.
When all of the Loans shall have been fully satisfied, the Pledgee agrees that it shall forthwith release each Pledgor from its Loans
hereunder and the Pledgee, at the request and expense of each Pledgor, shall promptly execute and deliver to each Pledgor a proper instrument
or instruments acknowledging the satisfaction and termination of this Pledge Agreement, and the Irrevocable Proxies shall terminate forthwith
and be delivered to each Pledgor forthwith together with the other items furnished to the Pledgee pursuant to this Pledge Agreement.

 

SECTION
14. Applicable Law, Jurisdiction and Waivers.

 

14.1 Governing
Law. This Pledge Agreement shall be governed by and construed in accordance with the laws of the State of Nevada, without regard
to principles of conflicts of laws thereof. The prevailing party shall be entitled to recover from the other party its reasonable attorney's
fees and costs.

 

14.2 MANDATORY
FORUM SELECTION. ANY DISPUTE ARISING UNDER, RELATING TO, OR IN CONNECTION WITH THE AGREEMENT OR RELATED TO ANY MATTER WHICH IS THE
SUBJECT OF OR INCIDENTAL TO THE AGREEMENT (WHETHER OR NOT SUCH CLAIM IS BASED UPON BREACH OF CONTRACT OR TORT) SHALL BE SUBJECT TO THE
EXCLUSIVE JURISDICTION AND VENUE OF THE STATE AND/OR FEDERAL COURTS LOCATED IN NEVADA. THIS PROVISION IS INTENDED TO BE A “MANDATORY”
FORUM SELECTION CLAUSE AND GOVERNED BY AND INTERPRETED CONSISTENT WITH NEVADA LAW.

 

14.3 WAIVER
OF IMMUNITY. TO THE EXTENT THAT ANY PLEDGOR HAS OR HEREAFTER MAY ACQUIRE ANY IMMUNITY FROM SUIT, JURISDICTION OF ANY COURT OR ANY
LEGAL PROCESS (WHETHER THROUGH ATTACHMENT PRIOR TO JUDGMENT, ATTACHMENT IN AID OF EXECUTION, EXECUTION OF A JUDGMENT, OR FROM ANY OTHER
LEGAL PROCESS OR REMEDY) WITH RESPECT TO ITSELF OR ITS PROPERTY, EACH PLEDGOR HEREBY IRREVOCABLY WAIVES SUCH IMMUNITY IN RESPECT OF ITS
OBLIGATIONS UNDER THIS PLEDGE AGREEMENT.

 

14.4 WAIVER
OF JURY TRIAL. EACH PLEDGOR AND THE PLEDGEE HEREBY WAIVES TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM BROUGHT BY ANY
PARTY HERETO OR ANY BENEFICIARY HEREOF ON ANY MATTER WHATSOEVER ARISING OUT OF OR IN ANY WAY CONNECTED WITH THIS PLEDGE AGREEMENT

 

14.5 WAIVER
OF SERVICE. EACH PARTY HEREBY IRREVOCABLY WAIVES PERSONAL SERVICE OF PROCESS AND CONSENTS TO PROCESS BEING SERVED IN ANY SUIT, ACTION
OR PROCEEDING IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT BY MAILING A COPY THEREOF VIA REGISTERED OR CERTIFIED
MAIL OR OVERNIGHT DELIVERY (WITH EVIDENCE OF DELIVERY) TO SUCH PARTY AT THE ADDRESS IN EFFECT FOR NOTICES TO IT UNDER THIS AGREEMENT
AND AGREES THAT SUCH SERVICE SHALL CONSTITUTE GOOD AND SUFFICIENT SERVICE OF PROCESS AND NOTICE THEREOF. NOTHING CONTAINED HEREIN SHALL
BE DEEMED TO LIMIT IN ANY WAY ANY RIGHT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW.

 

14.6 Other
Remedies. Pledgors recognize that any breach by them of the covenants contained herein will cause irreparable harm to the Pledgee
for which a monetary remedy may not be adequate. Therefore, for every breach or threatened or anticipated breach by Pledgors, Pledgors
consent to equitable remedies, including injunctive relief against them, from any court of competent jurisdiction, without the necessity
of showing any actual damages or that monetary damages would not afford an adequate remedy, and without the necessity of posting any
bond or other security. The aforementioned equitable relief shall be in addition to, not in lieu of, legal remedies, monetary damages,
or other available forms of relief. Pledgors agree to be liable to the Pledgee for its reasonable attorney’s fees resulting from
his breach or threatened breach of this Agreement. Nothing herein shall be construed as prohibiting the Pledgee from pursuing any other
remedies available to the Pledgee at law or in equity for such breach or threatened breach, including the recovery of damages from the
Pledgors.

 

 

[-signature page follows-]

 

    	 	7	 

     

    

 

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

 

 

	PLEDGORS:	PLEDGEE
	 	 
	Greg P. Bell

	GS Capital Partners LLC
	 	 
	By: /s/ Greg P. Bell                                         	By: ________________________
	Greg P. Bell, an Individual	Gabe Sayegh, President

 

 

B2 Management Group LLC

 

By: /s/ Greg P. Bell                                         

Greg P. Bell, Sole Member and CEO

 

 

B2digital, Inc.

 

By: /s/ Greg P. Bell                                         

Greg P. Bell, CEO

 

 

B2 Productions LLC

 

By: /s/ Greg P. Bell                                         

Greg P. Bell, CEO

 

 

One More Gym Tuscaloosa LLC

 

By:
/s/ Greg P. Bell                                          

Greg P.
Bell, CEO

 

 

One
More Gym Birmingham, Inc.

 

By: /s/
Greg P. Bell                                         

Greg P.
Bell, CEO

 

 

    	 	8	 

     

    

 

SCHEDULE A

 

	Note Date	Maturity Date	Principal Amount
	8/4/20	4/18/22*	$156,000.00
	10/2/20	4/18/22*	$205,000.00
	10/15/20	4/18/22*	$172,000.00
	11/2/20	4/18/22*	$69,000.00
	11/12/20	4/18/22*	$69,000.00
	12/10/20	4/18/22*	$80,000.00
	1/14/21	4/18/22*	$107,000.00
	1/27/21	4/18/22*	$60,000.00
	4/26/21	4/26/22*	$153,000.00
	4/30/21	4/30/22*	$104,000.00
	5/25/21	5/25/22*	$104,000.00
	6/24/21	6/24/22*	$185,652.00
	7/27/21	7/27/22*	$265,000.00
	8/5/21	8/5/22*	$129,800.00
	8/11/21	8/11/22*	$151,500.00
	8/20/21	8/20/22*	$151,500.00
	8/30/21	8/30/22*	$140,650.00
	9/2/21	9/2/22*	$216,385.00
	9/17/21	9/17/22*	$270,480.00
	9/30/21	9/30/22*	$270,480.00
	10/19/21	10/19/22*	$270,480.00
	11/3/21	11/3/22*	$270,480.00
	11/16/21	11/16/22*	$324,576.00
	11/30/21	11/30/22*	$270,480.00
	12/15/21	12/15/22*	$270,480.00
	12/23/21	12/23/22	$54,100.00
	1/4/22	1/4/23	$270,480.00
	1/19/22	1/19/23	$270,480.00
	2/2/22	2/2/23	$270,480.00
	2/15/22	2/15/23	$270,480.00
	3/1/22	3/1/23	$270,480.00
	3/16/22	3/16/23	$270,480.00
	4/1/22	4/1/23	$270,480.00
	4/15/22	4/15/23	$270,480.00
	4/29/22	4/29/23	$270,480.00
	5/26/22	5/26/23	$135,240.00
	Total	 	$7,090,603.00

 

*The Maturity Date for these promissory notes have been extended
pursuant to an amendment.

 

 

    	 	9	 

     

    

 

SCHEDULE B

 

 

	Issuer	Beneficial Owner	Title of Shares Pledged	Number of Shares	Certificate Number
	B2digital, Inc.	B2 Management Group LLC	Series A Preferred stock	850,000	 
	B2digital, Inc.	Greg P. Bell	Series B Preferred stock	40,000,000	 

 

 

    	 	10	 

     

    

 

EXHIBIT A-1 IRREVOCABLE
PROXY

 

The undersigned, the registered
and beneficial owners of the below described capital stock of B2digital, Inc, a corporation incorporated under the laws of the State of
Delaware (“BTDG”), hereby make, constitute and appoint, GS Capital Partners LLC, (the “Pledgee”),
with full power to appoint a nominee or nominees to act hereunder from time to time, the true and lawful attorney and proxy of the undersigned
to vote a total of 40,000,000 shares of the capital stock of BTDG in the form of Series B Preferred Stock, at all annual
and special meetings of the shareholders of BTDG and to take any action by written consent with the same force and effect as the undersigned
might or could do, hereby ratifying and confirming all that the said attorney or its nominee or nominees shall do or cause to be done
by virtue hereof.

 

The said capital stock has been
pledged (the “Pledge”) to the Pledgee pursuant and subject to a Pledge Agreement, dated as of July 7, 2022,
by and between the undersigned and the Pledgee.

 

This power and proxy is coupled with an interest
and is irrevocable and shall remain irrevocable so long as the Pledge is outstanding and is in full force and effect.

 

IN WITNESS WHEREOF, the undersigned has caused this
instrument to be duly executed on July 7, 2022.

 

/s/ Greg P. Bell                             

Greg P. Bell, an individual

 

 

    	 	11	 

     

    

 

EXHIBIT A-2

 

IRREVOCABLE
PROXY

 

The undersigned, the registered
and beneficial owner of the below described capital stock of B2digital, Inc., a corporation incorporated under the laws of the State of
Delaware (“BTDG”), hereby make, constitute and appoint, GS Capital Partners LLC, (the “Pledgee”),
with full power to appoint a nominee or nominees to act hereunder from time to time, the true and lawful attorney and proxy of the undersigned
to vote a total of 850,000 shares of the capital stock of BTDG in the form of Series A Preferred Stock, at all annual and
special meetings of the shareholders of BTDG and to take any action by written consent with the same force and effect as the undersigned
might or could do, hereby ratifying and confirming all that the said attorney or its nominee or nominees shall do or cause to be done
by virtue hereof.

 

The said capital stock has been
pledged (the “Pledge”) to the Pledgee pursuant and subject to a Pledge Agreement, dated as of July 7, 2022,
by and between the undersigned and the Pledgee.

 

This power and proxy is coupled with an interest
and is irrevocable and shall remain irrevocable so long as the Pledge is outstanding and is in full force and effect.

 

IN WITNESS WHEREOF, the undersigned has caused this
instrument to be duly executed on July 7, 2022.

 

B2 MANAGEMENT GROUP LLC

 

By: /s/ Greg P. Bell                               

Greg P. Bell, Sole Member and CEO

 

 

 

 

 

    	 	12	 

     

    

 

EXHIBIT B-1

 

INSTRUMENT OF TRANSFER

 

 

FOR VALUE RECEIVED:  Greg P. Bell

 

hereby sells, assigns and transfers unto: GS Capital Partners LLC
(82-1042853)

 

40,000,000
shares of Series B Preferred Stock of B2digital, Inc.

 

standing
in my (our) name(s) on the books of said corporation represented by Certificate(s) No.(s).  0100  herewith, and
do hereby irrevocably constitute and appoint     GS Capital Partners LLC   attorney to
transfer the said stock on the books of said corporation with full power of substitution in the premises, This Instrument is given
for collateral purposes only pursuant to that certain Pledge Agreement between the undersigned and GS Capital Partners LLC dated
July 7, 2022.

 

Dated ________________

 

 

/s/ Greg
P. Bell                       

Greg P.
Bell, an individual

 

In presence of

 

___________________________

 

 

 

    	 	13	 

     

    

 

 

EXHIBIT B-2

 

INSTRUMENT OF TRANSFER

 

 

FOR VALUE RECEIVED:   B2 Management Group LLC

 

hereby sells,
assigns and transfers unto GS Capital Partners LLC (82-1042853)

 

850,000
shares of Series A Preferred Stock of B2digital, Inc.

 

standing
in my (our) name(s) on the books of said corporation represented by Certificate(s) No.(s).  0100  herewith,
and do hereby irrevocably constitute and appoint  GS Capital Partners LLC attorney to transfer the said stock on the books
of said corporation with full power of substitution in the premises, This Instrument is given for collateral purposes only pursuant to
that certain Pledge Agreement between the undersigned and GS Capital Partners LLC dated July 7, 2022.

 

Dated ______________

 

 

B2
MANAGEMENT GROUP LLC

 

By:
                                            /s/ Greg P. Bell                    

Greg
P. Bell, Sole Member and CEO

 

In presence
of

 

___________________________

 

 

 

 

 

 

    	 	14

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00350-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00350-of-00352.parquet"}]]