Document:

Exhibit 10.1

 

ASHFORD INC.

14185 Dallas Parkway, Suite 1100

Dallas, Texas 75254

 

December 29, 2020

 

[NAME]

c/o Ashford Inc.

14185 Dallas Parkway, Suite 1100

Dallas, TX 75254

 

RE: Payment of Remaining Portion of 2019 Annual Cash Bonus

 

Dear [NAME],

 

As we have discussed, in light of the uncertainty
created by the effects of the novel coronavirus (Covid-19), the remaining portion of your 2019 annual cash bonus, which represents
twenty-five percent (25%) of your overall 2019 annual cash bonus (the “Remaining Portion”) will be paid to you [at
least partially] in the form of fully vested common stock of Ashford Inc. (the “Company”) issued under the Company’s
2014 Incentive Plan, by no later than December 31, 2020, [with the proportion paid in stock (or cash, if any) determined by the
Company’s Board of Directors in its discretion].

 

By your signature below, you hereby acknowledge
and consent to the payment [of a portion] of the Remaining Portion in the form of fully vested common stock as described above,
and further acknowledge and agree that you shall not have, and hereby waive, any right to resign for “Good Reason”
(or any term of similar meaning) solely in connection with the payment of the Remaining Portion by no later than December 31, 2020
[(including the payment of a portion thereof in the form of common stock)] under any and all employment, compensation, and benefits
agreements, programs, policies, and arrangements of the Company and the entities that it and its subsidiaries advise, including,
without limitation, your employment agreement with the Company and Ashford Hospitality Advisors, LLC (and further including, without
limitation, the fact that such employment agreement would otherwise generally require payment of your full 2019 annual bonus in
cash no later than June 1, 2020). You expressly acknowledge and agree that all such entities are third party beneficiaries of this
letter agreement.

 

We appreciate your continued service in
helping the Company navigate the uncertainty created by Covid-19.

 

Very truly yours,

 

ASHFORD INC.

 

	 	 
	By:	 
	Its:	 

 

ACKNOWLEDGED AND AGREED:

 

	 	 
	[NAME]Exhibit
4.1

 

Note:
December 22, 2020

 

NEITHER
THIS NOTE NOR THE SECURITIES INTO WHICH THIS NOTE ARE CONVERTIBLE HAVE BEEN REGISTERED WITH THE UNITED STATES SECURITIES AND EXCHANGE
COMMISSION 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. 

 

THIS
NOTE DOES NOT REQUIRE PHYSICAL SURRENDER OF THE NOTE IN THE EVENT OF A PARTIAL REDEMPTION OR CONVERSION. AS A RESULT, FOLLOWING
ANY REDEMPTION OR CONVERSION OF ANY PORTION OF THIS NOTE, THE OUTSTANDING PRINCIPAL SUM REPRESENTED BY THIS NOTE MAY BE LESS THAN
THE PRINCIPAL SUM AND ACCRUED INTEREST SET FORTH BELOW.

 

8%
FIXED CONVERTIBLE PROMISSORY NOTE 

 

OF

 

TAURIGA
SCIENCES, INC.

 

Issuance
Date: December 22, 2020

Principal
Sum: $210,000

 

This
Note is a duly authorized Fixed Convertible Promissory
Note of Tauriga Sciences, Inc., a corporation duly organized and existing under the laws of the State of Florida (the
“Company”), designated as the Company’s 8% Fixed Convertible Promissory Note due June 22, 2021 (“Maturity
Date”) in the face amount of $210,000 (the “Note”).

 

For
Value Received, the Company hereby promises to
pay to the order of Tangiers Global, LLC or its registered assigns or successors-in-interest (the “Holder”)
the Principal Sum of $210,000 (the “Principal Sum”) and to pay “guaranteed” interest on the principal
balance hereof at an amount equivalent to 8% of the Principal Sum, to the extent such Principal Sum and “guaranteed”
interest and any other interest, fees, liquidated damages and/or items due to Holder herein have not been repaid or converted
into the Company’s Common Stock (the “Common Stock”), in accordance with the terms hereof. The sum of
shall be remitted and delivered to the Company, and $10,000 shall be retained by the Holder through an original issue discount
(the “OID”) for due diligence and legal bills related to this transaction. The OID is set at 5% of any consideration
paid. The Company covenants that within months of the Effective Date of the Note, it shall utilize approximately $200,000
of the proceeds in the manner set forth on Schedule 1, attached hereto (the “Use of Proceeds”), and shall promptly
provide evidence thereof to Holder, in sufficient detail as reasonably requested by Holder.

 

    	 

    	 

    

 

In
addition to the “guaranteed” interest referenced above, and upon the occurrence of an Event of Default (as defined
in Section 3.00(a)), additional interest will accrue from the date of the Event of Default at the rate equal to the lower of 18%
per annum or the highest rate permitted by law (the “Default Rate”).

 

This
Note will become effective only upon the execution by both parties, including the execution of Exhibits B, C, D, E, Schedule 1
(collectively, the “Exhibits”), and the Irrevocable Transfer Agent Instructions (the “Date of Execution”)
and delivery of the initial payment of consideration by the Holder (the “Effective Date”). The Company acknowledges
and agrees the Exhibits are material provisions of this Note.

 

As
an investment incentive, the Company will issue to the Holder 1,000,000 shares of its Common Stock (the “Origination
Shares”), which shall be issued and delivered to Holder within 5 Trading Days following the Effective Date. The Company
agrees the Origination Shares are a material obligation and are deemed fully earned as of the Effective Date of the Note.

 

For
purposes hereof the following terms shall have the meanings ascribed to them below:

 

“Business
Day” shall mean any day other than a Saturday, Sunday or a day on which commercial banks in the City of New York
are authorized or required by law or executive order to remain closed.

 

“Fixed
Conversion Price” shall be equal to $0.03 per share.

 

“Principal
Amount” shall refer to the sum of (i) the original principal amount of this Note (including the original issue discount,
prorated if the Note has not been funded in full), (ii) all guaranteed and other accrued but unpaid interest hereunder, (iii)
any fees due hereunder, (iv) liquidated damages, and (v) any default payments owing under the Note, in each case previously paid
or added to the Principal Amount.

 

“Principal
Market” shall refer to the primary exchange or trading platform on which the Company’s common stock is traded
or quoted.

 

“Trading
Day” shall mean a day on which there is trading or quoting for any security on the Principal Market.

 

“Underlying
Shares” means the shares of Common Stock into which the Note is convertible (including interest, fees, liquidated
damages and/or principal payments in common stock as set forth herein) in accordance with the terms hereof.

 

The
following terms and conditions shall apply to this Note:

 

Section
1.00 Repayment.

 

(a)
The Company may pay this Note, in whole or in part, in cash or in other good funds, according to the following schedule:

 

	Days
    Since Effective Date	Payment
    Amount
	Under
    90	110%
    of Principal Amount so paid
	91-180	120%
    of Principal Amount so paid

 

    	 

    	 

    

 

(b)
After 180 days from the Effective Date, the Company may not pay this Note, in whole or in part, in cash or in other good funds,
without prior written consent from Holder, which consent may be withheld, delayed, denied, or conditioned in Holder’s sole
and absolute discretion. Whenever any amount expressed to be due by the terms of this Note is due on any day that is not a Business
Day, the same shall instead be due on the next succeeding day that is a Business Day. Upon the occurrence of an Event of Default,
the Company may not pay the Note, in whole or in part, in cash or in other good funds without written consent of the Holder, which
consent may be withheld, delayed, denied, or conditioned in Holder’s sole and absolute discretion. Further, the Company
shall provide the Holder with two weeks’ prior written notice of the Company’s determination to pay any or all of
its obligations hereunder. During such two-week period, the Holder may exercise any or all of its conversion rights hereunder.
In the event that the Holder does not exercise its conversion rights in respect of any or all of such noticed, prospective payment,
the Company shall tender the full amount set forth in such notice (less any amount in respect of which the Holder has exercised
its conversion rights) to the Holder within 2 Business Days following the Holder’s exercise (or notification to the Company
of non-exercise) of the Holder’s conversion rights in respect of the amount set forth in such notice. Any such payment by
the Company in connection with this provision shall be deemed to have been made on the date that the Holder first receives the
above-referenced notice.

 

Section
2.00 Conversion.

 

(a)
Conversion Right. Subject to the terms hereof and restrictions and limitations contained herein, the Holder shall have
the right, at the Holder’s sole option, at any time and from time to time to convert in whole or in part the outstanding
and unpaid Principal Amount under this Note into shares of Common Stock at the Conversion Price (defined below), but not to exceed
the Restricted Ownership Percentage, as defined in Section 2.00(f). The date of any conversion notice (“Conversion Notice”)
hereunder shall be referred to herein as the “Conversion Date”.

 

(b)
Stock Certificates or DWAC. The Company will deliver to the Holder, or Holder’s authorized designee, no later than
2 Trading Days after the Conversion Date, a certificate or certificates (which certificate(s) shall be free of restrictive legends
and trading restrictions if the shares of Common Stock underlying the portion of the Note being converted are eligible under a
resale exemption pursuant to Rule 144(b)(1)(ii) and Rule 144(d)(1)(ii) of the Securities Act of 1933, as amended (the “1933
Act”) representing the number of shares of Common Stock being acquired upon the conversion of this Note. In lieu of
delivering physical certificates representing the shares of Common Stock issuable upon conversion of this Note, provided the Company’s
transfer agent is participating in Depository Trust Company’s (“DTC”) Fast Automated Securities Transfer
(“FAST”) program, the Company shall instead use commercially reasonable efforts to cause its transfer agent
to electronically transmit such shares issuable upon conversion to the Holder (or its designee), by crediting the account of the
Holder’s (or such designee’s) broker with DTC through its Deposits and Withdrawal at Custodian (“DWAC”)
program (provided that the same time periods herein as for stock certificates shall apply).

 

    	 

    	 

    

 

(c)
Charges and Expenses. Issuance of Common Stock to Holder, or any of its assignees, upon the conversion of this Note shall
be made without charge to the Holder for any issuance fee, transfer tax, legal opinion and related charges, postage/mailing charge
or any other expense with respect to the issuance of such Common Stock. Company shall pay all transfer agent fees incurred from
the issuance of the Common Stock to Holder, as well as any and all other fees and charges required by the transfer agent as a
condition to effectuate such issuance. Any such fees or charges, as noted in this Section that are paid by the Holder (whether
from the Company’s delays, outright refusal to pay, or otherwise), will be automatically added to the Principal Sum of the
Note and tack back to the Effective Date for purposes of Rule 144.

 

(d)
Delivery Timeline. If the Company fails to deliver to the Holder such certificate or certificates (or shares through the
DWAC program) pursuant to this Section (free of any restrictions on transfer or legends, if eligible) prior to 3 Trading Days
after the Conversion Date, the Company shall pay to the Holder as liquidated damages an amount equal to $2,000 per day, until
such certificate or certificates are delivered. The Company acknowledges that it would be extremely difficult or impracticable
to determine the Holder’s actual damages and costs resulting from a failure to deliver the Common Stock and the inclusion
herein of any such additional amounts are the agreed upon liquidated damages representing a reasonable estimate of those damages
and costs. Such liquidated damages will be automatically added to the Principal Sum of the Note and tack back to the Effective
Date for purposes of Rule 144.

 

(e)
Reservation of Underlying Securities. The Company covenants that it will at all times reserve and keep available for Holder,
out of its authorized and unissued Common Stock solely for the purpose of issuance upon conversion of this Note, free from preemptive
rights or any other actual contingent purchase rights of persons other than the Holder, 2.5 times the number of shares
of Common Stock as shall be issuable (taking into account the adjustments under this Section 2.00, but without regard to any ownership
limitations contained herein) upon the conversion of this Note (consisting of the Principal Amount), under the formula in Section
3.00(c) below, to Common Stock (the “Required Reserve”). The Company covenants that all shares of Common Stock
that shall be issuable will, upon issue, be duly authorized, validly issued, fully-paid, non-assessable and freely-tradable (if
eligible). If the amount of shares on reserve in Holder’s name at the Company’s transfer agent for this Note shall
drop below the Required Reserve, the Company will, within 2 Trading Days of notification from Holder, instruct the transfer agent
to increase the number of shares so that the Required Reserve is met. In the event that the Company does not instruct the transfer
agent to increase the number of shares so that the Required Reserve is met, the Holder will be allowed, if applicable, to provide
this instruction as per the terms of the Irrevocable Transfer Agent Instructions attached to this Note. The Company agrees that
the maintenance of the Required Reserve is a material term of this Note and any breach of this Section 2.00(e) will result in
a default of the Note. Notwithstanding any terms of this Note to the contrary, the Company shall initially reserve 3,000,000
shares of its Common Stock solely related to this Note under the Transfer Agent Instruction letter (“TA Letter”) entered
into and dated as of the date hereof, which shall be automatically increased to the Required Reserve on the 21st day following
the Effective Date of the Note.

 

(f)
Conversion Limitation. The Holder will not submit a conversion to the Company that would result in the Holder beneficially
owning more than 9.99% of the then total outstanding shares of the Company (“Restricted Ownership Percentage”).

 

(g)
Conversion Delays. If the Company fails to deliver shares in accordance with the timeframe stated in Section 2.00(c), the
Holder, at any time prior to selling all of those shares, may rescind any portion, in whole or in part, of that particular conversion
attributable to the unsold shares. The rescinded conversion amount will be returned to the Principal Sum with the rescinded conversion
shares returned to the Company, under the expectation that any returned conversion amounts will tack back to the Effective Date.

 

(h)
Shorting and Hedging. Holder may not engage in any “shorting” or “hedging” transaction(s) in the
Common Stock of the Company prior to conversion.

 

    	 

    	 

    

 

(i)
Conversion Right Unconditional. If the Holder shall provide a Conversion Notice as provided herein, the Company’s
obligations to deliver Common Stock shall be absolute and unconditional, irrespective of any claim of setoff, counterclaim, recoupment,
or alleged breach by the Holder of any obligation to the Company.

 

Section
3.00 Defaults and Remedies.

 

(a)
Events of Default. An “Event of Default” is: (i) a default in payment of any amount due hereunder; (ii)
a default in the timely issuance of underlying shares upon and in accordance with terms of Section 2.00, which default continues
for 2 Trading Days after the Company has failed to issue shares or deliver stock certificates within the 3rd Trading Day following
the Conversion Date; (iii) if the Company does not issue the press release or file the Current Report on Form 8-K, in each case
in accordance with the provisions and the deadlines referenced Section 6.00(i); (iv) failure by the Company for 3 days after notice
has been received by the Company to comply with any material provision of this Note; (iv) any representation or warranty of the
Company in this Note that is found to have been incorrect in any material respect when made, including, without limitation, the
Exhibits; (vi) failure of the Company to remain compliant with DTC, thus incurring a “chilled” status with DTC; (vii)
any default of any mortgage, indenture or instrument which may be issued, or by which there may be secured or evidenced any indebtedness,
for money borrowed by the Company or for money borrowed the repayment of which is guaranteed by the Company, whether such indebtedness
or guarantee now exists or shall be created hereafter; (viii) if the Company is subject to any Bankruptcy Event; (ix) any failure
of the Company to satisfy its “filing” obligations under Securities Exchange Act of 1934, as amended (the “1934
Act”) and the rules and guidelines issued by OTC Markets News Service, OTCMarkets.com and their affiliates; (x) failure
of the Company to remain in good standing under the laws of its state of domicile; (xi) any failure of the Company to provide
the Holder with information related to its corporate structure including, but not limited to, the number of authorized and outstanding
shares, public float, etc. within 1 Trading Day of request by Holder; (xii) the Company’s filing with the United States
Securities and Exchange Commission (the “SEC”) a Certification and Notice of Termination of Registration Under
Section 12(g) of The Securities Exchange Act of 1934 or Suspension of Duty to File Reports Under Sections 13 and 15(d) of The
Securities Exchange Act of 1934 on Form 15; (xiii) failure by the Company to maintain the Required Reserve in accordance with
the terms of Section 2.00(e); (xiv) failure of Company’s Common Stock to maintain a closing bid price in its Principal Market
for more than 3 consecutive Trading Days; (xv) any delisting from a Principal Market for any reason; (xvi) failure by Company
to pay any of its transfer agent fees in excess of $2,000 or to maintain a transfer agent of record; (xvii) failure by Company
to notify Holder of a change in transfer agent within 24 hours of such change; (xviii) any trading suspension or revocation of
the registration of Company’s class of Common Stock imposed by the SEC under Sections 12(j) or 12(k) of the 1934 Act; (xix)
failure by the Company to meet all requirements necessary to satisfy the availability of Rule 144 to the Holder or its assigns,
including but not limited to the timely fulfillment of its filing obligations under Section 13 or 15(d) of the 1934 Act, requirements
for XBRL filings, and requirements for disclosure of financial statements on its website; (xx) failure of the Company to abide
by the Use of Proceeds or failure of the Company to inform the Holder of a change in the Use of Proceeds; or (xxi) failure of
the Company to abide by the terms of the right of first refusal contained in Section 6.00(k).

 

    	 

    	 

    

 

(b)
Remedies. If an Event of Default occurs, the outstanding Principal Amount of this Note owing in respect thereof through
the date of acceleration, shall become, at the Holder’s election, immediately due and payable in cash at the “Mandatory
Default Amount”. The Mandatory Default Amount means 20% of the outstanding Principal Amount of this Note will be automatically
added to the Principal Sum of the Note and tack back to the Effective Date for purposes of Rule 144. Commencing 5 days after the
occurrence of any Event of Default that results in the eventual acceleration of this Note, this Note shall accrue additional interest,
in addition to the Note’s “guaranteed” interest, at a rate equal to the lesser of 18% per annum or the maximum
rate permitted under applicable law. In connection with such acceleration described herein, the Holder need not provide, and the
Issuer hereby waives, any presentment, demand, protest or other notice of any kind, and the Holder may immediately and without
expiration of any grace period enforce any and all of its rights and remedies hereunder and all other remedies available to it
under applicable law. Such acceleration may be rescinded and annulled by the Holder at any time prior to payment hereunder and
the Holder shall have all rights as a holder of the note until such time, if any, as the Holder receives full payment pursuant
to this Section 3.00(b). No such rescission or annulment shall affect any subsequent event of default or impair any right consequent
thereon. Nothing herein shall limit the Holder’s right to pursue any other remedies available to it at law or in equity
including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure
to timely deliver certificates representing shares of Common Stock upon conversion of the Note as required pursuant to the terms
hereof.

 

(c)
Variable Conversion Price. If the Note is not retired on or before the Maturity Date, then at any time and from time to
time after the Maturity Date, and subject to the terms hereof and restrictions and limitations contained herein, the Holder shall
have the right, at the Holder’s sole option, to convert in whole or in part the outstanding and unpaid Principal Amount
under this Note into shares of Common Stock at the Variable Conversion Price. The “Variable Conversion Price”
(together with the Fixed Conversion Price, the “Conversion Price”) shall be equal to the lower of: (a)
the Fixed Conversion Price or (b) 70% of the lowest volume weighted average price of the Company’s Common Stock during the
15 consecutive Trading Days prior to the date on which Holder elects to convert all or part of the Note. For the purpose of calculating
the Variable Conversion Price only, any time after 4:00 pm Eastern Time (the closing time of the Principal Market) shall be considered
to be the beginning of the next Business Day. If the Company is placed on “chilled” status with the DTC, the discount
shall be increased by 10%, i.e., from 30% to 40%, until such chill is remedied. If the Company is not DWAC eligible
through their transfer agent and DTC’s FAST system, the discount will be increased by 5%, i.e., from 30% to
35%. In the case of both, the discount shall be a cumulative increase of 15%, i.e., from 30% to 45%.

 

    	 

    	 

    

 

Section
4.00 Representations and Warranties of Holder.

 

Holder
hereby represents and warrants to the Company that:

 

(a)
Holder is an “accredited investor,” as such term is defined in Regulation D of the 1933 Act, and will acquire this
Note and the Underlying Shares (collectively, the “Securities”) for its own account and not with a view to
a sale or distribution thereof as that term is used in Section 2(a)(11) of the 1933 Act, in a manner which would require registration
under the 1933 Act or any state securities laws. Holder has such knowledge and experience in financial and business matters that
such Holder is capable of evaluating the merits and risks of the Securities. Holder can bear the economic risk of the Securities,
has knowledge and experience in financial business matters and is capable of bearing and managing the risk of investment in the
Securities. Holder recognizes that the Securities have not been registered under the 1933 Act, nor under the securities laws of
any state and, therefore, cannot be resold unless the resale of the Securities is registered under the 1933 Act or unless an exemption
from registration is available. Holder has carefully considered and has, to the extent Holder believes such discussion necessary,
discussed with its professional, legal, tax and financial advisors, the suitability of an investment in the Securities for its
particular tax and financial situation and its advisers, if such advisors were deemed necessary, and has determined that the Securities
are a suitable investment for it. Holder has not been offered the Securities by any form of general solicitation or advertising,
including, but not limited to, advertisements, articles, notices or other communications published in any newspaper, magazine,
or other similar media or television or radio broadcast or any seminar or meeting where, to Holders’ knowledge, those individuals
that have attended have been invited by any such or similar means of general solicitation or advertising. Holder has had an opportunity
to ask questions of and receive satisfactory answers from the Company, or any person or persons acting on behalf of the Company,
concerning the terms and conditions of the Securities and the Company, and all such questions have been answered to the full satisfaction
of Holder. The Company has not supplied Holder any information regarding the Securities or an investment in the Securities other
than as contained in this Agreement, and Holder is relying on its own investigation and evaluation of the Company and the Securities
and not on any other information.

 

(b)
The Holder is a limited liability company duly organized, validly existing and in good standing under the laws of the state of
its incorporation and has all requisite corporate power and authority to carry on its business as now conducted. The Holder is
duly qualified to transact business and is in good standing in each jurisdiction in which the failure to so qualify would have
a material adverse effect on its business or properties.

 

(c)
All limited liability company action has been taken on the part of the Holder, its officers, directors, managers and members necessary
for the authorization, execution and delivery of this Note. The Holder has taken all limited liability company action required
to make all of the obligations of the Holder reflected in the provisions of this Note, valid and enforceable obligations.

 

(d)
Each certificate or instrument representing Securities will be endorsed with the following legend (or a substantially similar
legend), unless or until registered under the 1933 Act or exempt from registration:

 

THE
SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE
SOLD, TRANSFERRED, ASSIGNED OR HYPOTHECATED UNLESS THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT COVERING SUCH SECURITIES,
THE TRANSFER IS MADE IN COMPLIANCE WITH RULE 144 PROMULGATED UNDER SUCH ACT OR THE COMPANY RECEIVES AN OPINION OF COUNSEL FOR
THE HOLDER OF THESE SECURITIES WHICH IS REASONABLY SATISFACTORY TO THE COMPANY, STATING THAT SUCH SALE, TRANSFER, ASSIGNMENT OR
HYPOTHECATION IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SUCH ACT.

 

    	 

    	 

    

 

Section
5.00 Representations, Warranties and Amendments.

 

The
Company, for itself, and for its affiliates, successors and assigns, hereby acknowledges, represents, warrants and agrees as follows:

 

(a)
The Company has full power and authority to enter into this Note and to incur and perform all obligations and covenants contained
herein, all of which have been duly authorized by all proper and necessary action. No consent, approval, filing or registration
with or notice to any governmental authority is required as a condition to the validity of this Note or the performance of any
of the obligations of the Company hereunder.

 

(b)
All understandings, representations, warranties and recitals contained or expressed in this Note are true, accurate, complete,
and correct in all respects. The Company acknowledges and agrees that Holder has been induced in part to enter into this Note
based upon Holder’s justifiable reliance on the truth, accuracy, and completeness of all understandings, representations,
warranties, and recitals contained in the Note.

 

(c)
No officer or director of the Company would be disqualified under Rule 506(d) of the 1933 Act, on the basis of being a “bad
actor” as that term is established in the September 13, 2013 Small Entity Compliance Guide published by the SEC.

 

(d)
The Company hereby acknowledges that it has freely and voluntarily entered into the Note after an adequate opportunity and sufficient
period of time to review, analyze, and discuss (i) all terms and conditions of this the Note, (ii) any and all other documents
executed and delivered in connection with the transactions contemplated by the Note, and (iii) all factual and legal matters relevant
to the Note and/or any and all such other documents, with counsel freely and independently selected by the Company (or had the
opportunity to be represented by counsel). The Company further acknowledges and agrees that it has actively and with full understanding
participated in the negotiation of the Note and all other documents executed and delivered in connection with the Note after consultation
and review with its counsel (or had the opportunity to be represented by counsel), that all of the terms and conditions of the
Note and the other documents executed and delivered in connection with the Note have been negotiated at arm’s-length, and
that the Note and all such other documents have been negotiated, prepared, and executed without fraud, duress, undue influence,
or coercion of any kind or nature whatsoever having been exerted by or imposed upon any party by any other party. No provision
of the Note or such other documents shall be construed against or interpreted to the disadvantage of any party by any court or
other governmental or judicial authority by reason of such party having or being deemed to have structured, dictated, or drafted
such provision.

 

Section
6.00 General.

 

(a)
Payment of Expenses. The Company agrees to pay all reasonable charges and expenses, including attorneys’ fees and
expenses, which may be incurred by the Holder in successfully enforcing this Note and/or collecting any amount due under this
Note.

 

(b)
Assignment, Etc. The Holder may assign or transfer this Note to any transferee at its sole discretion. This Note shall
be binding upon the Company and its successors and shall inure to the benefit of the Holder and its successors and permitted assigns.

 

    	 

    	 

    

 

(c)
Amendments. This Note may not be modified or amended, or any of the provisions of this Note waived, except by written agreement
of the Company and the Holder.

 

(d)
Funding Window. The Company agrees that it will not enter into a convertible debt financing transaction, including 3(a)(9)
and 3(a)(10) transactions, with any party other than the Holder for a period of 45 Trading Days following the Effective Date.
The Company agrees that this is a material term of this Note and any breach of this will result in a default of the Note.

 

(e)
Terms of Future Financings. So long as this Note is outstanding, upon any issuance by the Company or any of its subsidiaries
of any convertible debt security (whether such debt begins with a convertible feature or such feature is added at a later date)
with any term more favorable to the holder of such security or with a term in favor of the holder of such security that was not
similarly provided to the Holder in this Note, then the Company shall notify the Holder of such additional or more favorable term
and such term, at the Holder’s option, shall become a part of this Note and its supporting documentation.. The types of
terms contained in the other security that may be more favorable to the holder of such security include, but are not limited to,
terms addressing conversion discounts, terms addressing maturity, conversion look back periods, interest rates, original issue
discount percentages and warrant coverage.

 

(f)
Governing Law; Jurisdiction.

 

(i)
Governing Law. This Note will be governed by, and construed and interpreted in accordance with, the laws of the state of Florida
without regard to any conflicts of laws or provisions thereof that would otherwise require the application of the law of any other
jurisdiction.

 

(ii)
Jurisdiction and Venue. Any dispute, claim, suit, action or other legal proceeding arising out of or relating to this Note
or the rights and obligations of each of the parties shall be brought only in the state courts of Florida or in the federal courts
of the United States of America located in Miami-Dade County, Florida.

 

(iii)
No Jury Trial. The Company hereto knowingly and voluntarily waives any and all rights it may have to a trial by jury with
respect to any litigation based on, or arising out of, under, or in connection with, this Note.

 

(iv)
Delivery of Process by the Holder to the Company. In the event of an action or proceeding by the Holder against the Company,
and only by the Holder against the Company, service of copies of summons and/or complaint and/or any other process that may be
served in any such action or proceeding may be made by the Holder via U.S. Mail, overnight delivery service such as FedEx or UPS,
email, fax, or process server, or by mailing or otherwise delivering a copy of such process to the Company at its last known attorney
as set forth in its most recent SEC filing.

 

(v)
Notices. Any notice required or permitted hereunder (including Conversion Notices) must be in writing and either personally
served, sent by facsimile or email transmission, or sent by overnight courier. Notices will be deemed effectively delivered at
the time of transmission if by facsimile or email, and if by overnight courier the business day after such notice is deposited
with the courier service for delivery

 

    	 

    	 

    

 

(g)
Counterparts. The Note may be executed in any number of counterparts with the same effect as if all signing parties had
signed the same document. All counterparts shall be construed together and constitute the same instrument. The exchange of copies
of the Note and of signature pages by facsimile transmission or other electronic transmission (including email) shall constitute
effective execution and delivery of the Note as to the parties and may be used in lieu of the original Note for all purposes.
Signatures of the parties transmitted by facsimile transmission or other electronic transmission (including email) shall be deemed
to be their original signatures for all purposes.

 

(h)
Usury. If it shall be found that any interest or other amount deemed interest due hereunder violates any applicable law
governing usury, the applicable rate of interest due hereunder shall automatically be lowered to equal the maximum rate of 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, fees, liquidated
damages or interest on this Note.

 

(i)
Securities Laws Disclosure; Publicity. The Company shall (a) by 9:30 a.m. Eastern Time on the Trading Day immediately following
the Date of Execution, issue a press release disclosing the material terms of the transactions contemplated hereby, and (b) file
a Current Report on Form 8-K, including a copy of this Note as an exhibit thereto, with the SEC within the time required by the
1934 Act. From and after the filing of such press release, the Company represents to the Holder that it shall have publicly disclosed
all material, non-public information delivered to the Holder by the Company, or any of its officers, directors, employees, or
agents in connection with the transactions contemplated by this Note. The Company and the Holder shall consult with each other
in issuing any other press releases with respect to the transactions contemplated hereby, and neither the Company nor the Holder
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 the Holder, or without the prior consent of the Holder, with respect to any press release of the
Company, none of which consents shall be unreasonably withheld, delayed, denied, or conditioned 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 the Holder, or include the name
of the Holder in any filing with the SEC or any regulatory agency or Principal Market, without the prior written consent of the
Holder, except to the extent such disclosure is required by law or Principal Market regulations, in which case the Company shall
provide the Holder with prior notice of such disclosure permitted hereunder.

 

The
Company agrees that this is a material term of this Note and any breach of this Section 6.00(i) will result in a default of the
Note.

 

    	 

    	 

    

 

(j)
Attempted Below-par Issuance. In the event that the Holder delivers a Conversion Notice to the Company and, if as of such
date, (i) the Conversion Price would be less than par value of the Company’s Common Stock and (ii) within three business
days of the delivery of the Conversion Notice, the Company shall not have reduced its par value such that all of the requested
conversion transaction may then be accomplished, then the Company and the Holder shall utilize the following conversion protocol
for Par Value Adjustment. The Holder shall transmit to the Company: (X) a “preliminary” Conversion Notice for the
full number of shares of Common Stock that would be issued at the Conversion Price without regard to any below-par value conversion
issues; followed by (Y) a “par value” Conversion Notice for the number of shares of Common Stock with the Conversion
Price increased from the “preliminary” Conversion Price to a Conversion Price at par value; and, finally, (Z) a “liquidated
damages” Conversion Notice for that number of shares of Common Stock that represents the difference between the “preliminary”
Conversion Notice full number of shares and the “par value” Conversion Notice limited number of shares. The Conversion
Price of such “liquidated damages Common Shares” would be the par value of the Common Stock. Accordingly, through
this protocol, the Company would issue, in two transactions, an amount of shares of its Common Stock equivalent to the full number
of shares of Common Stock that would have been issued in accordance with the “preliminary” Conversion Notice without
regard to any below-par value conversion issues. In the event that the Holder is precluded from exercising any or all of its conversion
rights hereunder as a result of a proposed “below par” conversion, the Company agrees that, in lieu of actual damages
for such failure, liquidated damages may be assessed and recovered by the Holder without being required to present any evidence
of the amount or character of actual damages sustained by reason thereof. The amount of such liquidated damages shall be an amount
equivalent to the trading price utilized in the “preliminary” Conversion Notice multiplied by the number of shares
calculated on the “liquidated damages” Conversion Notice. Such amount shall be assessed and become immediately due
and payable to the Holder (at its election) in the form of a (i) cash payment, (ii) an addition to the Principal Sum of this Note,
or (iii) the immediate issuance of that number of shares of Common Stock as calculated on the “liquidated damages”
Conversion Notice. Such liquidated damages are intended to represent estimated actual damages and are not intended to be a penalty,
but, by virtue of their genesis and subject to the election of the Holder (as set forth in the immediately preceding sentence),
will be automatically added to the Principal Sum of the Note and tack back to the Effective Date for purposes of Rule 144, as
the Company’s failure to maintain the par value of its Common Stock at an amount that would not result in a “below
par” conversion failure is equivalent to a default as of the Issuance Date of the Note.

 

(k)
Right of First Refusal. From and after the date of this Note and at all times hereafter while the Note is outstanding,
the Parties agree that, in the event that the Company receives any written or oral proposal (the “Proposal”)
containing one or more offers to provide additional capital or equity or debt financing (the “Financing Amount”),
the Company agrees that it shall provide a copy of all documents received relating to the Proposal together with a complete and
accurate description of the Proposal to the Holder and all amendments, revisions, and supplements thereto (the “Proposal
Documents”) no later than 3 business days from the receipt of the Proposal Documents. Following receipt of the Proposal
Documents from the Company, the Holder shall have the right (the “Right of First Refusal”), but not the obligation,
for a period of 5 business days thereafter (the “Exercise Period”), to invest, at similar or better terms to
the Company, an amount equal to or greater than the Financing Amount, upon written notice to the Company that the Holder is exercising
the Right of First Refusal provided hereby. In furtherance of the Right of First Refusal, the Company agrees that it will cooperate
and assist the Holder in conducting a due diligence investigation of the Company and its corporate and financial affairs and promptly
provide the Holder with information and documents that the Holder may reasonably request so as to allow the Holder to make an
informed investment decision. However, the Company and the Holder agree that the Holder shall have no more than 5 business days
from and after the expiration of the Exercise Period to exercise its Right of First Refusal hereunder. This Right of First Refusal
shall extend to all purchases of debt held by, or assigned to or from, current stockholders, vendors, or creditors, all transactions
under Sections 3(a)(9) and/or 3(a)(10) or the 1933 Act, as amended, and all equity line-of-credit transactions. In the event that
the Company does enter into, or makes any issuance of Common Stock related to a 3(a)(9) Transaction or a 3(a)(10) Transaction
while this note is outstanding, without giving Right of First Refusal to the Holder, a liquidated damages charge of 25% of the
outstanding principal balance of this Note, but not less than $25,000, will be assessed and will become immediately due and payable
to the Holder at its election in the form of cash payment or addition to the balance of this Note. Such liquidated damages will
be automatically added to the Principal Sum of the Note and tack back to the Effective Date for purposes of Rule 144.

 

[Signature
Page to Follow.]

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, the Company has caused this Fixed Convertible Promissory Note to be duly executed on the day and in the year
first above written.

 

	 	TAURIGA
    SCIENCES, INC.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	Email:	 
	 	Address:	 

 

This
Fixed Convertible Promissory Note of December 22, 2020 is accepted this ___ day of , 2020 by

 

TANGIERS
GLOBAL, LLC

 

	By:	 	 
	Name:	 	 
	Title:	Managing
    Member	 

 

    	 

    	 

    

 

EXHIBIT
A

 

FORM
OF CONVERSION NOTICE

 

(To
be executed by the Holder in order to convert all or part of that certain $210,000 Fixed Convertible Promissory Note identified
as the Note)

 

	DATE:		 
	FROM:	Tangiers
    Global, LLC	 

 

	 	Re:	$210,000
    Fixed Convertible Promissory Note (this “Note”) originally issued by Tauriga Sciences, Inc., a Florida corporation,
    to Tangiers Global, LLC on December 22, 2020.

 

The
undersigned, on behalf of Tangiers Global, LLC, hereby elects to convert $_______________________ of the aggregate
outstanding Principal Amount (as defined in the Note) indicated below of this Note into shares of Common Stock, $0.00001 par value
per share, of Tauriga Sciences, Inc. (the “Company”), according to the conditions hereof, as of the date written
below. If shares are to be issued in the name of a person other than undersigned, the undersigned will pay all transfer taxes
payable with respect thereto and is delivering herewith such certificates and opinions as reasonably requested by the Company
in accordance therewith. No fee will be charged to the holder for any conversion, except for such transfer taxes, if any. The
undersigned represents as of the date hereof that, after giving effect to the conversion of this Note pursuant to this Conversion
Notice, the undersigned will not exceed the “Restricted Ownership Percentage” contained in this Note.

 

	Conversion
    information:	 	 
	 	 	 
	 	 	Date
    to Effect Conversion
	 	 	 
	 	 	 
	 	 	Aggregate
    Principal Sum of Note Being Converted
	 	 	 
	 	 	 
	 	 	Aggregate
    Interest/Fees of Principal Amount Being Converted
	 	 	 
	 	 	 
	 	 	Remaining
    Principal Balance
	 	 	 
	 	 	 
	 	 	Number
    of Shares of Common Stock to be Issued
	 	 	 
	 	 	 
	 	 	Applicable
    Conversion Price
	 	 	 
	 	 	 
	 	 	Signature
    
	 	 	 
	 	 	 
	 	 	Name
	 	 	 
	 	 	 
	 	 	Address

 

    	 

    	 

    

 

EXHIBIT
B

 

WRITTEN
CONSENT OF THE BOARD OF DIRECTORS OF

 

TAURIGA
SCIENCES, INC.

 

The
undersigned, being directors of Tauriga Sciences, Inc., a Florida corporation (the “Company”), acting pursuant
to the Bylaws of the Corporation, do hereby consent to, approve and adopt the following preamble and resolutions:

 

Convertible
Note with Tangiers Global, LLC

 

The
board of directors of the Company has reviewed and authorized the following documents relating to the issuance of a Fixed Convertible
Promissory Note in the amount of $210,000 with Tangiers Global, LLC.

 

The
documents agreed to and dated December 22, 2020 are as follows:

 

8%
Fixed Convertible Promissory Note of Tauriga Sciences, Inc.

Irrevocable
Transfer Agent Instructions

Certificate
of Corporate Secretary

Disbursement
Instructions

Schedule
1 – Use of Proceeds

 

The
board of directors further agree to authorize and approve the issuance of shares to the Holder at Conversion prices that are below
the Company’s then current par value.

 

IN
WITNESS WHEREOF, the undersign member(s) of the board of the Company executed this unanimous written consent as of December 22,
2020.

 

	 	 
	 	 
	By:
    	 
	Its:
    	 

 

    	 

    	 

    

 

EXHIBIT
C

 

CERTIFICATE
OF CORPORATE SECRETARY OF

 

TAURIGA
SCIENCES, INC.

 

(Two
Pages)

 

The
undersigned, _______________________ is the duly elected Corporate Secretary of Tauriga Sciences, Inc., a Florida corporation
(the “Company”).

 

I
hereby warrant and represent that I have undertaken a complete and thorough review of the Company’s corporate and financial
books and records, including, but not limited to, the Company’s records relating to the following:

 

		(A)	The issuance of that certain convertible promissory note dated December 22, 2020 (the “Note
Issuance Date”) issued to Tangiers Global, LLC (the “Holder”) in the stated original principal amount
of $210,000 (the “Note”);

 

		(B)	The Company’s Board of Directors duly approved the issuance of the Note to the Holder;

 

		(C)	The Company has not received and does not contemplate receiving any new consideration from any
persons in connection with any later conversion of the Note and the issuance of the Company’s Common Stock upon any said
conversion;

 

		(D)	To my best knowledge and after completing the aforementioned review of the Company’s stockholder
and corporate records, I am able to certify that the Holder (and the persons affiliated with the Holder) are not officers, directors,
or directly or indirectly, ten percent (10.00%) or more stockholders of the Company and none of said persons has had any such status
in the one hundred (100) days immediately preceding the date of this Certificate;

 

		(E)	The Company’s Board of Directors have approved duly adopted resolutions approving the Irrevocable
Instructions to the Company’s Stock Transfer Agent dated December 22, 2020;

 

		(F)	Mark the appropriate selection:

 

___ The Company represents that it
is not a “shell company,” as that term is defined in Section 12b-2 of the Securities Exchange Act of 1934, as amended,
and has never been a shell company, as so defined; or

 

___ The Company represents that (i)
it was a “shell company,” as that term is defined in Section 12b-2 of the Securities Exchange Act of 1934, as amended,
(ii) since ______, 201__, it has no longer been a shell company, as so defined, and (iii) on _______, 201__, it provided Form 10-type
information in a filing with the United States Securities and Exchange Commission.

 

		(G)	I understand the constraints imposed under Rule 144 on those persons who are or may be deemed to
be “affiliates,” as that term is defined in Rule 144(a)(1) of the Securities Act of 1933, as amended.

 

		(H)	I understand that all of the representations set forth in this Certificate will be relied upon
by counsel to Tangiers Global, LLC in connection with the preparation of a legal opinion.

 

I
hereby affix my signature to this Certificate and hereby confirm the accuracy of the statements made herein.

 

	Signed:	 	Date:	 
	Name:		Title:	    

 

    	 

    	 

    

 

EXHIBIT
D

 

	TO:	Tangiers
    Global, LLC
	FROM:	Tauriga
    Sciences, Inc.
	DATE:	December
    22, 2020
	RE:	Disbursement
    of Funds

 

Pursuant
to that certain Fixed Convertible Promissory Note between the parties listed above and dated December 22, 2020, a disbursement
of funds will take place in the amount and manner described below:

 

	Please
    disburse to:	 
	Amount
    to disburse:	$200,000
	Form
    of distribution	Wire
	Name	Tauriga
    Sciences, Inc.
	Company
    Address	 

        

	Wire
    Instructions:	Bank:

        ABA
        Routing Number:

        Account
        Number:

        SWIFT
        Code:

        Account
        Name:

        Phone:

	 	 
	 	                TOTAL:
    $200,000

 

	For:
    Tauriga Sciences, Inc.	 	 
	 	 	 	 
	By:	 	 	Dated:
    December 22, 2020
	Name:	 	 	 
	Its:	 	 	 

 

    	 

    	 

    

 

EXHIBIT
E

 

COMPANY
CAPITALIZATION TABLE AS OF DECEMBER 22, 2020

 

COMMON
STOCK AND COMMON STOCK EQUIVALENTS

ISSUED,
OUTSTANDING AND RESERVED

 

	DESCRIPTION	 	AMOUNT
	Authorized Common Stock	 	 
	Authorized Capital Stock	 	 
	Authorized Common Stock	 	 
	Issued Common Stock	 	 
	Outstanding Common Stock	 	 
	Treasury Stock	 	 
	*Authorized, but unissued	 	 
	 	 	 
	Authorized Preferred Stock	 	 
	Issued Preferred Stock	 	 
	 	 	 
	Reserved for Equity Incentive Plans	 	 
	Reserved for Convertible Debt	 	 
	Reserved for Options and Warrants	 	 
	Reserved for Other Purposes	 	 
	 	 	 
	TOTAL COMMON STOCK AND COMMON STOCK EQUIVALENTS OUTSTANDING	 	 

 

*
This number includes all shares reserved for Convertible Debt

 

Note:
If not applicable, enter “n/a” or “zero” in Column 2.

 

    	 

    	 

    

 

CURRENT
DEBT AND LIABILITIES TABLE

 

CONVERTIBLE
PROMISSORY NOTE BALANCES AND PROMISSORY NOTE BALANCES

 

	DESCRIPTION	 	ISSUANCE
    DATE	 	AMOUNT
	Convertible
    Promissory Note	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	Promissory
    Note	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	Other
    Debt and Liabilities	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

Note:
If not applicable, enter “n/a” or “zero” in Column 2.

 

To
my best knowledge and after completing the aforementioned review of the Company’s stockholder and corporate records, I am
able to certify the accuracy of the statements made herein.

 

	TAURIGA
    SCIENCES, INC.	 	 
	 	 	 	 
	By:	 	 	Dated:
    December 22, 2020
	Name:	 	 	 
	Title:	 	 	 

 

    	 

    	 

    

 

SCHEDULE
1

 

USE
OF PROCEEDS

 

Pursuant
to that certain Fixed Convertible Promissory Note between the parties listed above and dated December 22, 2020, the Company covenants
that it will within, ______month(s) of the Effective Date of the Note, it shall use approximately $200,000 of the proceeds in the manner
set forth below (the “Use of Proceeds”):

 

	 
	 
	 
	 
	 
	 
	 

 

	TAURIGA
    SCIENCES, INC.	 	 
	 	 	 	 
	By:	 	 	Dated:
    December 22, 2020
	Name:	 	 	 
	Title:

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