Document:

Exhibit 4.1

 

NEITHER THIS WARRANT NOR ANY OF THE SECURITIES
ISSUABLE HEREUNDER HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER THE SECURITIES LAWS OF ANY STATE. THEY
HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. THEY MAY NOT BE SOLD,
TRANSFERRED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT COVERING THESE SECURITIES UNDER THE SAID ACT
OR LAWS, OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY AND ITS COUNSEL THAT REGISTRATION IS NOT REQUIRED THEREUNDER.

 

SOW GOOD INC.

 

COMMON STOCK WARRANT

 

THIS CERTIFIES THAT, for
value received, the Holder is entitled to purchase, and Sow Good Inc., a Nevada corporation (the “Company”), promises
and agrees to sell and issue to the Holder, at any time, or from time to time, during the Exercise Period, up to [_________] shares of
Common Stock, par value $0.001 per share (the “Common Stock”), of the Company, at the Exercise Price, subject to the
provisions and upon the terms and conditions hereinafter set forth.

 

1.             
Definitions of Certain Terms. In addition to the terms defined elsewhere in this Warrant, the following terms have the
following meanings:

 

(a)            
“Business Day” means a day on which banks are open for business in the city of Dallas, Texas.

 

(b)            
“Commission” means the U.S. Securities and Exchange Commission.

 

(c)            
“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated
thereunder.

 

(d)           
“Exercise Price” means the price at which the Holder may purchase one share of Common Stock upon exercise of
this Warrant as determined from time to time pursuant to the provisions hereof. The initial Exercise Price is $2.21 per share, subject
to adjustment as provided herein.

 

(e)           
“Expiration Date” means the 120-month anniversary of the Issue Date.

 

(f)            
“Holder” means a record holder of the Warrant or shares of Common Stock obtained or obtainable upon exercise
of the Warrant, as applicable. The initial Holder is [_______________].

 

(g)           
“Issue Date” means December 31, 2021.

 

(h)           
“Purchase Agreement” means that certain Note and Warrant Purchase Agreement, dated as of the Issue Date, between
the Company and the purchasers of Notes and Warrants specified therein.

 

(i)             
“Securities Act” means the Securities Act of 1933, as amended.

 

(j)             
“Warrant” means this warrant and any warrant or warrants hereafter issued as a consequence of the exercise
or transfer of this warrant in whole or in part.

 

 

 

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2.             
Exercise of Warrant; Redemption; Manner of Exercise.

 

(a)           
Cash Exercise. This Warrant may be exercised, in whole or in part, at any time or from time to time, during the period
commencing as of 8:30:01 a.m., Dallas, Texas time, on the Issue Date and ending as of 4:30 p.m., Dallas, Texas time, on the Expiration
Date (the “Exercise Period”), for [_________] fully paid and non-assessable shares of Common Stock (the “Warrant
Shares”), for an exercise price per share equal to the Exercise Price, by delivery to the Company at its headquarters, or at
such other place as is designated in writing by the Company, of:

 

(i)            
a duly executed Notice of Exercise, substantially in the form of Attachment I attached hereto and incorporated by reference
herein;

 

(ii)           
this Warrant; and

 

(iii)          
payment of an amount in cash equal to the product of the Exercise Price multiplied by the number of Warrant Shares being purchased
upon such exercise, with such payment being in the form of a wire transfer of funds to an account designated in writing by the Company.

 

The date on which the Company
receives the Notice of Exercise, this Warrant, and the Exercise Price payable with respect to the Warrant Shares being purchased shall
be deemed to be the date of exercise (the “Date of Exercise”).

 

(b)          
Delivery of Certificates. Subject to the provisions below, upon receipt of the Notice of Exercise, the Company shall immediately
instruct its transfer agent to prepare certificates for the Warrant Shares to be received by the Holder upon such exercise. The Company
shall, at its own cost and expense, cause the transfer agent to deliver such certificates to the Holder (or to such other nominee as
may be designated by the Holder) within five Business Days following the Date of Exercise (the “Delivery Period”).
The Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which
this Warrant has been exercised as of the Date of Exercise, irrespective of the date such certificates are actually delivered by the
transfer agent to the Holder or are credited to the Holder’s Depository Trust Company (“DTC”) account, as the
case may be. If fewer than all of the Warrant Shares purchasable under the Warrant are purchased, the Company will, upon such partial
exercise, execute and deliver to the Holder a new Warrant (dated as of the Issue Date), in the same form and tenor as this Warrant, evidencing
that portion of the Warrant not exercised.

 

(c)           
Delivery of Electronic Shares. In lieu of delivering physical certificates representing the Warrant Shares issuable upon
exercise (provided that the transfer agent is participating in the DTC Fast Automated Securities Transfer program and provided further
that the Holder provides the transfer agent with information required in order to issue such Warrant Shares to the Holder electronically),
upon the request of the Holder as set forth in the Notice of Exercise, but only if the Warrant Shares may be issued without restrictive
legends, the Company shall use its best efforts to cause its transfer agent to electronically transmit, within the Delivery Period, the
Warrant Shares issuable upon exercise to the Holder by crediting Holder’s account with DTC through its Deposit Withdrawal Agent
Commission system. Any delivery not effected by electronic transmission shall be effected by delivery of physical certificates.

 

(d)           
No Fractional Shares. If a fractional share of Warrant Shares would, but for the provisions of this Section 2(d),
be issuable upon exercise of the rights represented by this Warrant, the Company shall (i) round a half share or greater to be delivered
to Holder up to the next whole share and (ii) round a less-than-half share to be delivered to Holder down to the nearest whole share.

 

 

 

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(e)           
Buy-In. Notwithstanding anything else to the contrary contained herein, in addition to any other rights available to the
Holder, if the Company fails to cause its transfer agent to transmit to the Holder a certificate or certificates representing the applicable
Warrant Shares purchased upon exercise hereof or credit the Holder’s balance account with DTC, as applicable, on or before the
end of the Delivery Period (other than a failure caused by any incorrect or incomplete information provided by Holder to the Company
hereunder), and if after such date the Holder purchases shares of Common Stock to deliver in satisfaction of a sale by the Holder of
Warrant Shares that the Holder anticipated receiving from the Company upon exercise of this Warrant (a “Buy-In”),
then the Company shall, within three Business Days after the Holder’s request, (1) pay cash to the Holder the amount by which (x)
the Holder’s total purchase price (including commissions, if any) for the shares of Common Stock so purchased exceeds (y) the amount
obtained by multiplying (A) the number of Warrant Shares that the Company was required to deliver to the Holder in connection with the
exercise at issue, by (B) the price at which the sell order giving rise to such purchase obligation was executed, or (2) at the option
of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored,
or deliver to the Holder the number of Warrant Shares that would have been issued had the Company timely complied with its exercise and
delivery obligations hereunder. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect
of the Buy-In, together with applicable confirmations and other evidence reasonably requested by the Company. Nothing herein shall limit
the Holder’s right to pursue any other remedies available to it hereunder, 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
the net exercise number of Warrant Shares as required pursuant to the terms hereof.

 

(f)           
No Charge to Holder Upon Issuance. The issuance of Warrant Shares upon exercise of this Warrant shall be made without charge
to Holder for any issuance tax in respect thereof or other cost incurred by the Company in connection with such exercise and the related
issuance of Warrant Shares (other than any transfer taxes resulting from the issuance of Warrant Shares to any person other than Holder).

 

(g)          
Reservation of Shares. During the Exercise Period, the Company shall reserve and keep available out of its authorized but
unissued Common Stock such number of Warrant Shares issuable upon the full exercise of this Warrant. All Warrant Shares which are so
issuable shall, when issued and upon the payment of the applicable Exercise Price, be duly and validly issued, fully paid and nonassessable
and free from all taxes, liens and charges and not subject to the pre-emptive rights of any holder of Common Stock or any other class
or series of stock of the Company. During the Exercise Period, the Company shall not take any action which would cause the number of
authorized but unissued Common Stock to be less than the number of such shares required to be reserved hereunder for issuance upon exercise
of this Warrant.

 

(h)           
Redemption.

 

(i)             We
may call this Warrant for redemption, in whole and not in part, at a price of $0.01 per share (the “Redemption Price”)
(A) at any time after the Issue Date, and (B) upon not less than 30 days’ prior written notice of redemption to Holder specifying
the time and place for redemption, and (C) only if, the volume weighted average sale price per share of Common Stock equals or exceeds
$9.00 per share for thirty (30) consecutive trading days ending on the third business day prior to the mailing of notice of redemption
to Holder. This Warrant may be exercised for cash at any time after the notice of redemption shall have been given and prior to the date
fixed for redemption. On and after the redemption date, the Holder of this Warrant shall have no further rights except to receive, upon
surrender of this Warrant, the Redemption Price.  

 

(ii)            A
redemption may only occur if all of the warrants issued to the investors as of the date hereof are being redeemed at the same time.

 

 

 

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3.             
Adjustments in Certain Events. The number, class, and price of Warrant Shares for which this Warrant may be exercised are
subject to adjustment from time to time upon the happening of certain events as follows:

 

(a)           
Subdivisions, Combinations and Other Issuances. If the outstanding shares of the Company’s Common Stock are divided
into a greater number of shares, by forward stock split or otherwise, or a dividend in stock is paid on the Common Stock, then the number
of shares of Warrant Shares for which the Warrant is then exercisable will be proportionately increased and the Exercise Price will be
proportionately reduced. Conversely, if the outstanding shares of Common Stock are combined into a smaller number of shares of Common
Stock, by reverse stock split or otherwise, then the number of Warrant Shares for which the Warrant is then exercisable will be proportionately
reduced and the Exercise Price will be proportionately increased. The increases and reductions provided for in this Section 3(a)
will be made with the intent and, as nearly as practicable, the effect that neither the percentage of the total equity of the Company
obtainable on exercise of the Warrants nor the price payable for such percentage upon such exercise will be affected by any event described
in this Section 3(a).

 

(b)         
Merger, Consolidation, Reclassification, Reorganization, Etc. In case of any change in the Common Stock through merger,
consolidation, reclassification, reorganization, partial or complete liquidation, purchase of all or substantially all the assets of
the Company, or other change in the capital structure of the Company, then, as a condition of such change, lawful and adequate provision
will be made so that the Holder will have the right thereafter to receive upon the exercise of the Warrant the kind and amount of shares
of stock or other securities or property to which he would have been entitled if, immediately prior to such event, Holder had held the
number of Warrant Shares obtainable upon the exercise of the Warrant. In any such case, appropriate adjustment will be made in the application
of the provisions set forth herein with respect to the rights and interest thereafter of the Holder, to the end that the provisions set
forth herein will thereafter be applicable, as nearly as reasonably may be, in relation to any shares of stock or other property thereafter
deliverable upon the exercise of the Warrant. The Company will not permit any change in its capital structure to occur unless the issuer
of the shares of stock or other securities to be received by the Holder, if not the Company, agrees to be bound by and comply with the
provisions of this Warrant.

 

(c)           
Notice of Record Date, Etc. In the event the Company shall propose to take any action of the types requiring an adjustment
pursuant to this Section 3 or a dissolution, liquidation or winding up of the Company shall be proposed, the Company shall give
notice to Holder as provided in Section 6 below, which notice shall specify the record date, if any, with respect to any such
action and the date on which such action is to take place. Such notice shall also set forth such facts with respect thereto as shall
be reasonably necessary to indicate the effect of such action (to the extent such effect may be known at the date of such notice) on
the Exercise Price and the number, kind or class of shares or other securities or property which shall be deliverable or purchasable
upon the occurrence of such action or deliverable upon the exercise of the Warrant. In the case of any action which will require the
fixing of a record date, unless otherwise provided in this Warrant, such notice shall be given at least twenty (20) days prior to the
date so fixed, and in case of all other action, such notice shall be given at least thirty (30) days prior to the taking of such proposed
action.

 

(d)          
Stock Dividends. If securities of the Company or securities of any subsidiary of the Company are distributed pro rata to
holders of Common Stock, such number of securities will be distributed to the Holder or its assignee upon exercise of its rights hereunder
as such Holder or assignee would have been entitled to if this Warrant had been exercised prior to the record date for such distribution.
The provisions with respect to adjustment of the Common Stock provided in this Section 3 will also apply to the securities
to which the Holder or its assignee is entitled under this Section 3(d).

 

4.            
No Rights as a Stockholder. Except as otherwise provided herein, the Holder will not, by virtue of ownership of the Warrant,
be entitled to any rights of a stockholder of the Company but will, upon written request to the Company, be entitled to receive such
quarterly or annual reports as the Company distributes to its stockholders.

 

 

 

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5.             
Restrictions on Transfer; Legends.

 

(a)           
Registration or Exemption Required. Assuming the accuracy of the representations and warranties of the Holder contained
in the Purchase Agreement, this Warrant has been issued in a transaction exempt from the registration requirements of the Securities
Act by virtue of Regulation D and exempt from state registration or qualification under applicable state laws. Neither this Warrant nor
the Warrant Shares may be pledged, transferred, sold or assigned except pursuant to an effective registration statement or an exemption
to the registration requirements of the Securities Act and applicable state laws. If,
at the time of the surrender of this Warrant in connection with any transfer of this Warrant,
or upon surrender of the Warrant Shares for transfer, the transfer of this Warrant, or where applicable the Warrant Shares, shall not
be registered pursuant to an effective registration statement under the Securities
Act and under applicable state securities or blue sky laws, the Company may
require, as a condition of allowing such transfer (i) that the Holder or transferee of this Warrant or the Warrant Shares, as the case
may be, furnish to the Company a written opinion of counsel (which opinion shall be in form, substance and scope customary for opinions
of counsel in comparable transactions) to the effect that such transfer may be made withoutregistration under the
Securities Act and under applicable state securities or blue sky laws, (ii) that the holder or transferee execute and deliver to the
Company an investment letter in form and substance acceptable to the Company and (iii) that the transferee be an “accredited investor”
as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7), or (a)(8) promulgated under the Securities Act or a “qualified institutional
buyer” as defined in Rule 144A(a) under the Securities Act in a transaction pursuant to Rule 144A.

 

(b)           
Restrictive Legend. The Holder understands that until such time as the Warrant Shares have been registered under the Securities
Act, or otherwise may be sold pursuant to Rule 144 under the Securities Act or an exemption from registration under the Securities Act
without any restriction as to the number of securities as of a particular date that can then be immediately sold, this Warrant and the
Warrant Shares, as applicable, shall bear a restrictive legend in substantially the form set forth on the cover page of this Warrant
(and a stop-transfer order may be placed against transfer of the certificates for such securities).

 

(c)           
Removal of Restrictive Legends. The certificates evidencing the Warrant Shares shall not contain any legend restricting
the transfer thereof: (A) while a registration statement covering the sale or resale of the Warrant Shares is effective under the Securities
Act, or (B) following any sale of such Warrant Shares pursuant to Rule 144, or (C) if such Warrant Shares are eligible for sale under
Rule 144(b)(1), or (D) if such legend is not required under applicable requirements of the Securities Act (including judicial interpretations
and pronouncements issued by the staff of the Commission) and the Company shall have received an opinion of counsel to the Holder in
form reasonably acceptable to the Company to such effect (collectively, the “Unrestricted Conditions”). The Company
shall cause its counsel to issue a legal opinion to its transfer agent if required by the transfer agent to effect the issuance of the
Warrant Shares, as applicable, without a restrictive legend or removal of the legend hereunder. The Company agrees that at such time
as the Unrestricted Conditions are met, it will, no later than seven (7) trading days following the delivery by the Holder to the Company
or the transfer agent of a certificate representing Warrant Shares, issued with a restrictive legend, deliver or cause to be delivered
to such Holder a certificate (or electronic transfer) representing such Warrant Shares that is free from all restrictive and other legends.

 

6.             
Notices; Adjustments.

 

(i)            
All notices required or permitted hereunder shall be in writing and shall be deemed effectively given and received for all purposes
if in compliance with the notice provisions of the Note Purchase Agreement.

 

(ii)           
Upon the occurrence of any adjustments pursuant to Section 3 hereof, the Company at its expense shall, as promptly as reasonably
practicable but in any event not later than 10 days thereafter, compute such adjustment in accordance with the terms hereof and furnish
to Holder a certificate setting forth such adjustment and showing in detail the facts upon which such adjustment is based.

 

 

 

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7.            
Non-Circumvention. The Company hereby covenants and agrees that the Company will not, by amendment of its articles of incorporation,
bylaws or through any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, dissolution, issue or sale of
securities, or any other action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, and will at
all times in good faith carry out all the provisions of this Warrant and take all action as may be reasonably required to protect the
rights of the Holder.

 

8.            
Governing Law. This Warrant shall be governed by and construed in accordance with the laws of the State of Nevada, without
regard to conflict of law principles, and notwithstanding the fact that one or more counterparts hereof may be executed outside of the
state, or one or more of the obligations of the parties hereunder are to be performed outside of the state.

 

9.             
Loss, Theft, Destruction or Mutilation of Warrant. Upon receipt by the Company of evidence reasonably satisfactory to it
of the loss, theft, destruction or mutilation of this Warrant, and, in the case of loss, theft, or destruction, of indemnity reasonably
satisfactory to it, and, if mutilated, upon surrender and cancellation of this Warrant, the Company will execute and deliver a new Warrant,
having terms and conditions identical to this Warrant, in lieu hereof.

 

10.           
Modification and Waiver. The Warrant and any provision hereof may be amended, waived, discharged or terminated only by
an instrument in writing signed by the Company and the Holder of the Warrant.

 

11.          
Successors.  This Warrant shall be binding and inure to the benefit of the parties and their respective successors
and assigns hereunder; provided that this Warrant may be assigned by Holder only in compliance with the conditions specified in and in
accordance with all of the terms of this Warrant. This Warrant does not create and shall not be construed as creating any rights enforceable
by any other person or corporation.

 

12.           
Headings.  The headings used in this Warrant are used for convenience only and are not to be considered in construing
or interpreting this Warrant.

 

13.           
Saturdays, Sundays, Holidays.  If the last or appointed day for the taking of any action or the expiration of any
right required or granted herein shall be a Saturday or a Sunday or shall be a legal holiday in the State of Texas, then such action
may be taken or such right may be exercised on the next succeeding day not a legal holiday.

 

14.          
Severability. If any provision of this Warrant shall be held to be invalid or unenforceable, such invalidity or unenforceability
shall not affect any other provisions of this Warrant.

 

15.          
Execution and Counterparts. This Warrant may be executed in any number of counterparts, each of which when so executed
and delivered shall be deemed an original, and such counterparts together shall constitute only one instrument. Any one of such counterparts
shall be sufficient for the purpose of proving the existence and terms of this Warrant, and no party shall be required to produce an
original or all of such counterparts in making such proof.

 

[THE REMAINDER OF THIS
PAGE INTENTIONALLY LEFT BLANK]

 

 

 

 

 

 

 

 

 

 

 

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IN WITNESS WHEREOF, each of the Company and Holder
have each caused this Warrant to be executed and delivered as of the Issue Date by an officer thereunto duly authorized.

 

 

	 	SOW GOOD INC.
	 	a Nevada corporation
	 	 
	 	 
	 	By _______________________________________________
	 	Claudia Goldfarb
	 	Chief Executive Officer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	7	 

     

    

 

ATTACHMENT I

 

NOTICE OF EXERCISE

 

SOW GOOD INC.

 

Attention: __________________

 

The undersigned hereby elects
to purchase, pursuant to the provisions of the Common Stock Warrant issued by Sow Good Inc. dated as of December 31, 2021, and held by
the undersigned, the original of which is attached hereto, and (check the applicable box):

 

		 ̈	Tenders
                                            herewith payment of the Exercise Price in the form of cash, via wire transfer of immediately
                                            available funds, in the amount of $____________ for _________ shares of Common Stock.

 

		 ̈	If
                                            this box is checked, as long as the Company’s transfer agent participates in the DTC
                                            Fast Automated Securities Transfer program (“FAST”), and except as otherwise
                                            provided in the next following sentence, the Company shall effect delivery of the shares
                                            of Common Stock to the Holder by crediting to the account of the Holder or its nominee at
                                            DTC (as specified in this Exercise Notice) with the number of shares of Common Stock required
                                            to be delivered. In the event that the Company’s transfer agent is not a participant
                                            in FAST, or if the shares of Common Stock are not otherwise eligible for delivery through
                                            FAST, the Company shall effect delivery of the shares of Common Stock by delivering to Holder
                                            or its nominee physical certificates representing such shares.

 

Information for Delivery of uncertificated Shares by DWAC:

 

	Account Number:	 	 
	Account Name:	 	 
	DTC Number:	 	 

 

 

 

 

 

	 	HOLDER:
	 	 
	 	 
	 	______________________________
	 	Name:
	 	Title:
	 	 
	 	Date: __________________________

 

 

 

 

    	 	8Exhibit 10.1

 

NOTE AND WARRANT PURCHASE AGREEMENT

 

This NOTE AND WARRANT PURCHASE
AGREEMENT (this “Agreement”) dated December 31, 2021 (the “Closing Date”) is entered into by and
among Sow Good Inc., a Nevada corporation (the “Company”) and the parties indicated as Purchasers on one or more counterpart
signature pages hereof (each of which is a “Purchaser,” and collectively the “Purchasers”).

 

WHEREAS, subject to the terms
and conditions set forth in this Agreement and pursuant to an exemption from the registration requirements of Section 5 of the Securities
Act of 1933, as amended (the “Securities Act”), the Company desires to issue and sell to each Purchaser, and each Purchaser,
severally and not jointly, desires to purchase from the Company, its unsecured 2021 Promissory Notes (the “Notes”) and warrants
to purchase its common stock, par value $.001 (the “Warrants”) as more fully described in this Agreement;

 

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

 

Section
1.               
Closing; Closing and Post-Closing Deliveries.

 

(a)              
On the Closing Date, upon the terms and subject to the conditions set forth herein, substantially concurrent with the execution
and delivery of this Agreement by the parties hereto, the Company agrees to sell, and the Purchasers, severally and not jointly, agree
to purchase the aggregate value of Notes as indicated on their counterpart signature page hereto (the “Subscription Amount”)
in the form of unsecured promissory note attached as Exhibit A hereto, and the number of Warrants obtained by dividing such Subscription
Amount by $100,000, multiplied by 15,000 and rounding down to the nearest share in the form attached as Exhibit B hereto (the consummation
of such transaction, the “Closing”).

 

(b)              
At the Closing, each Purchaser shall deliver to the Company (i) such Purchaser’s Subscription Amount via wire transfer
of immediately available funds, and (ii) and this Agreement duly executed by such Purchaser.

 

(c)              
(i) At the Closing, the Company shall deliver to each Purchaser this Agreement duly executed, and (ii) promptly following
acceptance of the Subscription Amounts, the Company shall deliver to each Purchaser the Notes and Warrants (it being acknowledged the
Company shall have a reasonable time for its counsel to prepare and distribute such Notes and Warrants).

 

Section
2.               
Closing Conditions.

 

(a)              
The obligations of the Company hereunder in connection with the Closing are subject to the following conditions being met:

 

(i)                
all representations and warranties of the Purchasers contained herein shall have been accurate in all material respects
when made and on the Closing Date;

 

(ii)             
the Company shall have obtained all necessary “blue sky” law permits and qualifications, or have the availability
of exemptions therefrom, required by any state for the offer, sale and issuance of the Notes and Warrants, and any shares of common stock
underlying the Warrants (such shares, the “Underlying Shares”); and

 

(iii)           
each Purchaser shall have delivered all of the items set forth in Section 1(b) of this Agreement.

 

 

 

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(b)              
The respective obligations of the Purchasers hereunder in connection with the Closing are subject to the following conditions
being met:

 

(i)                
all representations and warranties of the Company contained herein shall have been accurate in all material respects when
made and on the Closing Date; and

 

(ii)             
the Company shall have delivered the items set forth in Section 1(c)(i) of this Agreement.

 

Section
3.               
Representations and Warranties of the Company. The Company represents and warrants to the Purchasers as follows:

 

(a)              
The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Nevada
and has all requisite corporate power and authority to carry on its business as now conducted. The Company is duly qualified to conduct
business and is in good standing as a foreign corporation or other entity in each jurisdiction in which the nature of the business conducted
or property owned by it makes such qualification necessary, except where the failure to be so qualified or in good standing, as the case
may be, would not reasonably be expected to result in a material adverse effect.

 

(b)              
This Agreement has been duly and validly authorized, executed and delivered by the Company and constitutes a binding obligation
of the Company enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency, fraudulent conveyance,
reorganization, moratorium and similar laws affecting creditors’ rights and remedies generally, and subject, as to enforceability,
to general principles of equity, including principles of commercial reasonableness, good faith and fair dealing (regardless of whether
enforcement is sought in a proceeding at law or in equity).

 

(c)              
The Notes and the Warrants, when issued, will be duly authorized and validly issued. The Underlying Shares, when issued,
will be duly authorized, validly issued, fully paid and nonassessable, and will have the rights, preferences, and privileges specified
in the certificate of incorporation of the Company.

 

(d)              
The Company’s Board of Directors has approved this Agreement and the transactions contemplated by this Agreement to
the extent required by the laws, regulations and policies of the State of Nevada, and such laws, regulations and policies do not require
that the Company’s stockholders approve the Agreement and the transactions contemplated by the Agreement.

 

Section
4.               
Representations and Warranties of the Purchasers. Each of the Purchasers, severally and not jointly, represents and
warrants to the Company as follows:

 

(a)              
The Purchaser is either an individual or an entity duly incorporated or formed, validly existing and in good standing under
the laws of the jurisdiction of its incorporation or formation with full right, corporate, partnership, limited liability company or similar
power and authority to enter into and to consummate the transactions and otherwise to carry out its obligations hereunder. The execution
and delivery of this Agreement and performance by such Purchaser of the transactions contemplated hereby have been duly authorized by
all necessary corporate, partnership, limited liability company or similar action, as applicable, on the part of such Purchaser.

 

(b)              
The Purchaser is an “Accredited Investor” within the meaning of Rule 501(a) of Regulation D promulgated under
the Securities Act.

 

(c)              
The Purchaser is purchasing the Notes and Warrants for the Purchaser’s own account, for investment purposes only and
not with a present intention of entering into or making any subsequent sale, assignment, conveyance, pledge, hypothecation or other transfer
thereof.

 

 

 

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(d)              
The Purchaser has no need for liquidity in the Purchaser’s investment in the Notes and Warrants and understands that
there are restrictions on the subsequent resale or other transfer of the Notes or Warrants.

 

(e)              
The Purchaser is familiar with the business in which the Company is engaged, and based upon their knowledge and experience
in financial and business matters, they are is familiar with the investments of the type that they are undertaking to purchase; they are
fully aware of the problems and risks involved in making an investment of this type; and they are capable of evaluating the merits and
risks of this investment.

 

(f)               
The Purchaser acknowledges that, prior to executing this Agreement, he or she has had the opportunity to ask questions of,
and receive satisfactory answers from, representatives of the Company, about the Company and the Notes and Warrants and Underlying Shares
and any additional information deemed necessary by the Purchaser to verify the accuracy and adequacy of any written information provided
to the Purchaser by the Company. Such Purchaser further acknowledges the availability of the Company’s SEC reports, specifically
include the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 and Quarterly Report on Form 10-Q for the
quarter ended September 30, 2021.

 

(g)              
The Purchaser understands that the Notes and Warrants, and when issued the Underlying Shares, purchased by the Purchaser
are deemed “restricted securities” as such term is defined in Rule 144 promulgated under the Securities Act (“Rule
144”), and they may not be sold, assigned, conveyed, pledged, hypothecated or otherwise transferred by a holder thereof except
pursuant to Rule 144, pursuant to an effective Registration Statement registering the Notes, Warrants and/or Underlying Shares under the
Securities Act or pursuant to any other available exemption from the registration requirements of the Securities Act then in effect. Further,
the following legends (or similar language) shall be placed on such certificate(s) representing the Notes, Warrants and/or Underlying
Shares:

 

[NEITHER] THIS SECURITY [NOR THE SECURITIES
INTO WHICH THIS SECURITY IS [EXERCISABLE] HAS [NOT] BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER THE SECURITIES
LAWS OF ANY STATE. THEY HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF.
THEY MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT COVERING THESE SECURITIES
UNDER THE SAID ACT OR LAWS, OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY AND ITS COUNSEL THAT REGISTRATION IS NOT REQUIRED
THEREUNDER. 

 

(h)              
This Agreement constitutes a binding obligation of the Purchaser enforceable against it, him or her in accordance with its
terms, subject to applicable bankruptcy, insolvency, fraudulent conveyance, moratorium and similar laws affecting creditors’ rights
and remedies generally, and subject, as to enforceability, to general principles of equity, including principles of commercial reasonableness,
good faith and fair dealing (regardless of whether enforcement is sought in a proceeding at law or in equity).

 

(i)                
No state, federal or foreign regulatory approvals, permits, licenses or consents or other contractual or legal obligations
are required with respect to the Purchaser in order for the Purchaser to enter into this Agreement or purchase the Notes, Warrants and/or
Underlying Shares.

 

(j)                
Such Purchaser is not purchasing the Notes and Warrants as a result of any advertisement, article, notice or other communication
regarding the Notes, Warrants, Underlying Shares or any other securities of the Company published in any newspaper, magazine or similar
media or broadcast over television or radio or presented at any seminar or any other general solicitation or general advertisement. Such
Purchaser has a pre-existing relationship with the Company.

 

(k)              
Each Purchaser understands that nothing in the Company’s SEC filings, this Agreement, or any other materials presented
to the Purchaser in connection with the purchase and sale of the Notes and Warrants constitutes legal, tax or investment advice. Each
Purchaser has consulted such legal, tax and investment advisors as it, in its sole discretion, has deemed necessary or appropriate in
connection with its purchase of Notes and Warrants.

 

 

 

    	 	3	 

     

    

 

(l)                
Other than consummating the transactions contemplated hereunder, each Purchaser has not, nor has any person acting on behalf
of or pursuant to any understanding with such Purchaser, directly or indirectly executed any purchases or sales of the securities of the
Company during the period commencing as of the time that such Purchaser first received information regarding the transaction contemplated
in this Agreement (written or oral) from the Company or any other person representing the Company setting forth the material terms of
the transactions contemplated hereunder and ending immediately prior to the execution hereof. Other than to other persons party to this
Agreement, each Purchaser has maintained the confidentiality of all disclosures made to it in connection with this transaction (including
the existence and terms of this transaction).

 

(m)            
Each Purchaser acknowledges that certain statements included in this investor presentation provided in connection with this
Agreement are “forward-looking statements” as defined in the U.S. Private Securities Litigation Reform Act of 1995 and are
subject to risks and uncertainties. Each Purchaser acknowledges that the Company has based these statements on its expectations about
future events, but such statements and projections are subject to numerous known and unknown risks and uncertainties. Each Purchaser acknowledges
that the Company cannot assure the Purchasers that these expectations will be achieved and that the Company's actual results may differ
materially from what it currently expect. Each Purchaser further acknowledges that the comparisons provided of market capitalization value
and other sector information is provided for reference only and the Company cannot assure the Purchasers that similar results will be
obtained by the Company.

 

Section
5.               
Covenants.

 

(a)              
If the Company or the Purchasers determines a filing is or may be required under applicable law in connection with the transactions
contemplated hereunder, the Company and the Purchasers shall use reasonable best efforts to promptly prepare and file all necessary documentation
and to effect all applications that are necessary or advisable under applicable law with respect to the transactions contemplated hereunder
so that any applicable waiting period shall have expired or been terminated as soon as practicable after the date hereof.

 

(b)              
The Purchasers shall not issue any public announcement, statement or other disclosure with respect to this Agreement or
the transactions contemplated hereby without the prior consent of the Company, which consent shall not be unreasonably withheld, conditioned
or delayed, except with respect to the filing by the Purchasers of any Schedule 13D or Schedule 13G, or any amendments thereto, to which
a copy of this Agreement may be attached as an exhibit thereto.

 

(c)              
With a view to making available to the Purchasers the benefits of certain rules and regulations of the Securities and Exchange
Commission (“SEC”) which may permit the sale of the Notes, Warrants and/or Underlying Shares to the public without
registration, the Company agrees to use its reasonable efforts to file with the SEC, in a timely manner, all reports and other documents
required of the Company under the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder. The Company will
otherwise take such further action as a Purchaser may reasonably request, all to the extent required from time to time to enable such
Purchaser to sell the Notes, Warrants and Underlying Shares without registration under the Securities Act or any successor rule or regulation
adopted by the SEC.

 

(d)              
So long as a Purchaser owns any of the Warrants or Underlying Shares, the Company will use its reasonable efforts to maintain
the quotation of its common stock on the OTCQB or OTCQX, each as administered by OTC Markets Group or, in lieu thereof, on a national
securities exchange and will comply in all material respects with the Company’s reporting, filing and other obligations under the
rules of any such market or exchange, as applicable.

 

(e)              
The Company shall use the net proceeds from the sale of the Notes and Warrants hereunder primarily for working capital purposes
and to fund the general corporate purposes of the Company.

 

(f)               
Each Purchaser, severally and not jointly with the other Purchasers, covenants that neither it nor any affiliate acting
on its behalf or pursuant to any understanding with it will execute any purchases or sales of any of the Company’s securities during
the period commencing with the execution of this Agreement and ending at such time that the transactions contemplated by this Agreement
are first publicly announced by the Company. Each Purchaser, severally and not jointly with the other Purchasers, covenants that until
such time as the transactions contemplated by this Agreement are publicly disclosed by the Company, such Purchaser will maintain the confidentiality
of the existence and terms of this transaction.

 

 

 

    	 	4	 

     

    

 

Section
6.               
Survival. The representations and warranties of the Company and the Purchasers contained in this Agreement or in
any certificate delivered hereunder shall survive the Closing hereunder.

 

Section
7.               
Notices. All notices, communications and deliveries required or permitted by this Agreement shall be made in writing
signed by the party making the same, shall specify the Section of this Agreement pursuant to which it is given or being made and shall
be deemed given or made (a) on the date delivered if delivered in person, (b) on the date of delivery if delivered by facsimile or email
during business hours, or on the next business day if delivered by facsimile or email outside of business hours, in each case upon confirmation
of receipt, (c) on the third (3rd) business day after it is mailed if mailed by registered or certified mail (return receipt requested)
(with postage and other fees prepaid) or (d) on the day after it is delivered, prepaid, to an overnight express delivery service that
confirms to the sender delivery on such day, as follows:

 

	If to the Company:	 
	 	Sow Good Inc.
	 	1440 North Union Bower Rd.
	 	Irving, TX 75061
	 	Attention: Claudia Goldfarb
	 	Email: claudia@sowginc.com
	 	 
	With a copy to:	 
	 	Stinson LLP
	 	50 South Sixth Street Suite 2600
	 	Minneapolis, MN 55402
	 	Attention: Jill R. Radloff
	 	Email: jill.radloff@stinson.com

 

If to the Purchasers, as provided on the applicable
signature pages hereto.

 

Or to such other representative or at such other
address of a party as such party hereto may furnish to the other parties in writing in accordance with this Section 7.

 

Section
8.               
Entire Agreement. This Agreement embodies the entire agreement and understanding, and supersedes all prior agreements
and understandings, between the parties hereto with respect to in respect of the subject matter contained herein. No party to this Agreement
shall have any legal obligation to enter into the transactions contemplated hereby unless and until this Agreement shall have been executed
and delivered by each of the parties.

 

Section
9.               
Indemnification. To the fullest extent permitted by law, each party hereto hereby agrees to indemnify and hold harmless
the other party, its affiliates, and their respective directors, officers and authorized agents from and against any and all losses, claims,
damages, expenses and liabilities relating to or arising out of any breach of any representation, warranty, covenant or undertaking made
by or on behalf of such party in this Agreement.

 

Section
10.            Governing
Law. This Agreement and all disputes or controversies arising out of or relating to this Agreement or the transactions contemplated
hereby shall be governed by and construed in accordance with the internal laws of the State of Nevada (other than its rules of conflict
of laws to the extent the application of the laws of another jurisdiction would be required thereby).

 

 

 

    	 	5	 

     

    

 

Section
11.            WAIVER
OF JURY TRIAL. IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY, THE PARTIES EACH
KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY, IRREVOCABLY AND EXPRESSLY
WAIVES FOREVER TRIAL BY JURY.

 

Section
12.            Modification.
This Agreement may not be amended, modified or supplemented in any manner, whether by course of conduct or otherwise, except by an instrument
in writing specifically designated as an amendment hereto, signed on behalf of each party.

 

Section
13.            Severability.
If any provision of this Agreement shall be held to be invalid, illegal or unenforceable in any respect under the applicable law of any
jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision hereof.

 

Section
14.            Miscellaneous.

 

(a)              
Notwithstanding any term to the contrary herein, no person other than the Company or the Purchasers, or their respective
successors, shall be entitled to rely on and/or have the benefit of, as a third party beneficiary or under any other theory, any of the
representations, warranties, agreements, covenants or other provisions of this Agreement.

 

(b)              
The headings in this Agreement are for purposes of reference only and shall not limit or otherwise affect the meaning of
this Agreement.

 

(c)              
This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all of
which, when taken together, shall constitute one and the same instrument. This Agreement may be executed by facsimile, .pdf or electronic
signature and a facsimile, .pdf or electronic signature shall constitute an original for all purposes.

 

(d)              
The obligations of each Purchaser under this Agreement are several and not joint with the obligations of any other Purchaser,
and no Purchaser shall be responsible in any way for the performance or non-performance of the obligations of any other Purchaser under
this Agreement. Nothing contained herein, and no action taken by any Purchaser pursuant hereto, shall be deemed to constitute the Purchasers
as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Purchasers are in any
way acting in concert or as a group with respect to such obligations or the transactions contemplated by this Agreement. Each Purchaser
shall be entitled to independently protect and enforce its rights including, without limitation, the rights arising out of this Agreement,
and it shall not be necessary for any other Purchaser to be joined as an additional party in any proceeding for such purpose. Each Purchaser
has been represented by its own separate legal counsel in its review and negotiation of this Agreement. The Company has elected to provide
all Purchasers with the same terms and this Agreement for the convenience of the Company and not because it was required or requested
to do so by any of the Purchasers. It is expressly understood and agreed that each provision contained in this Agreement is between the
Company and a Purchaser, solely, and not between the Company and the Purchasers collectively and not between and among the Purchasers.

 

[Signature page follows]

 

 

 

 

    	 	6	 

     

    

 

[SIGNATURE PAGES FOR PURCHASERS ON FILE WITH COMPANY
AND WILL BE PROVIDED TO THE COMMISSION UPON REQUEST] 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Purchaser Signature
Page – Note Purchase Agreement (December 2021) (Sow Good Inc.)]

 

 

 

    	 	7	 

     

    

 

 

LIST OF PURCHASERS

 

	PURCHASER	PRINCIPAL
    NOTES AMOUNT
	Ira and Claudia Goldfarb	$  1,500,000.00
	Lyle Berman Revocable Trust	$     500,000.00 
	Cesar Gutierrez Living Trust	$       75,000.00
	Bradley Burke	$       25,000.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Purchaser Signature
Page – Note Purchase Agreement (December 2021) (Sow Good Inc.)]

 

 

 

    	 	8	 

     

    

 

ACCEPTED:

 

Sow Good Inc. 

 

	By:	 	 
	Name:  	Claudia Goldfarb	 
	Title:	Chief Executive Officer	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Company Signature
Page – Note Purchase Agreement (December 2021) (Sow Good Inc.)]

 

 

 

    	 	9	 

     

    

 

EXHIBIT A

FORM OF PROMISSORY NOTE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	10	 

     

    

 

EXHIBIT B

FORM OF WARRANT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	11

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