Document:

Exhibit 4.1

 

NEITHER
THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE CONVERTIBLE
HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED
FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL, REASONABLY ACCEPTABLE TO THE ISSUER, THAT REGISTRATION IS NOT REQUIRED UNDER SAID
ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT. THE PRINCIPAL AMOUNT REPRESENTED BY THIS NOTE AND, ACCORDINGLY,
THE SECURITIES ISSUABLE UPON CONVERSION HEREOF MAY BE LESS THAN THE AMOUNTS SET FORTH ON THE FACE HEREOF DUE TO PARTIAL PAYMENT OF PRINCIPAL
DUE HEREUNDER.

 

CONVERTIBLE PROMISSORY NOTE 

 

Effective Date: September 26, 2022Principal
Amount: U.S. $6,440,000.00

 

FOR VALUE RECEIVED, Farmmi,
Inc., a Cayman Islands company (“Borrower”), promises to pay to Streeterville
Capital, LLC, a Utah limited liability company, or its successors or assigns (“Lender”), $6,440,000.00 and any
interest, fees, charges, and late fees accrued hereunder on the date that is twelve (12) months after the Purchase Price Date (the “Maturity
Date”) in accordance with the terms set forth herein and to pay interest on the Outstanding Balance at the rate of seven percent
(7%) per annum simple interest from the Purchase Price Date until the same is paid in full. All interest calculations hereunder shall
be computed on the basis of a 360-day year comprised of twelve (12) thirty (30) day months and shall be payable in accordance
with the terms of this Note. This Convertible Promissory Note (this “Note”) is issued and made effective as of the
date set forth above (the “Effective Date”). This Note is issued pursuant to that certain Securities Purchase Agreement
dated September __, 2022, as the same may be amended from time to time, by and between Borrower and Lender (the “Purchase Agreement”).
Certain capitalized terms used herein are defined in Attachment 1 attached hereto and incorporated herein by this reference.

 

This Note carries an OID of
$420,000.00. In addition, Borrower agrees to pay $20,000.00 to Lender to cover Lender’s legal fees, accounting costs, due diligence,
monitoring and other transaction costs incurred in connection with the purchase and sale of this Note (the “Transaction Expense
Amount”). The OID and the Transaction Expense Amount are included in the initial principal balance of this Note and are deemed
to be fully earned and non-refundable as of the Purchase Price Date. The purchase price for this Note shall be $6,000,000.00 (the “Purchase
Price”), computed as follows: $6,440,000.00 original principal balance, less the OID, less the Transaction Expense Amount. The
Purchase Price shall be payable by Lender by wire transfer of immediately available funds.

 

1.                  
Payment; Prepayment; Share Reserve.

 

1.1.            
Payment. All payments owing hereunder shall be in lawful money of the United States of America or Conversion Shares (as
defined below), as provided for herein, and delivered to Lender at the address or bank account furnished to Borrower for that purpose.
All payments shall be applied first to (a) costs of collection, if any, then to (b) fees and charges, if any, then to (c) accrued and
unpaid interest, and thereafter, to (d) principal.

 

     

     

    

 

1.2.             Prepayment.
Notwithstanding the foregoing, Borrower shall have the right to prepay all or any portion of the Outstanding Balance (less such
portion of the Outstanding Balance for which Borrower has received a Redemption Notice (as defined below) from Lender where the
applicable Conversion Shares have not yet been delivered). If Borrower exercises its right to prepay this Note, Borrower shall make
payment to Lender of an amount in cash equal to 105% multiplied by the portion of the Outstanding Balance Borrower elects to
prepay.

 

1.3.            
Share Reserve. In the event Borrower fails to establish the Share Reserve (as defined in the Purchase Agreement) as required
under the Purchase Agreement by January 31, 2023, then the Outstanding Balance will automatically increase by two and a half percent (2.5%)
(the “Share Reserve Failure Fee”). A Share Reserve Failure Fee will also be automatically charged if Borrower fails
to establish the Share Reserve on or before February 28, 2023. For the avoidance of doubt, Borrower’s failure to establish the Share
Reserve by January 31, 2023 and/or February 28, 2023 will not be considered a Trigger Event (as defined below) hereunder, but Borrower’s
failure to establish the Share Reserve by the Authorized Increase Date (as defined in the Purchase Agreement) will be considered a Trigger
Event hereunder.

 

2.                  
Security. This Note shall be unsecured.

 

3.                  
Redemptions.

 

3.1.            
Redemption Conversion Price. Subject to the adjustments set forth herein, the conversion price for each Redemption Conversion
shall be the Redemption Conversion Price.

 

3.2.            
Redemption Conversions. Beginning on the date that is six (6) months from the Purchase Price Date, Lender shall have the
right, exercisable at any time in its sole and absolute discretion, to redeem all or any portion of the Note (such amount, the “Redemption
Amount”), subject to the Maximum Monthly Redemption Amount, by providing Borrower with a notice substantially in the form attached
hereto as Exhibit A (each, a “Redemption Notice”, and each date on which Lender delivers a Redemption Notice,
a “Redemption Date”). For the avoidance of doubt, Lender may submit to Borrower one (1) or more Redemption Notices
in any given calendar month; provided that the aggregate Redemption Amounts in such calendar month do not exceed the Maximum Monthly Redemption
Amount. Payments of each Redemption Amount may be made, at the Borrower’s election, (a) in cash, or (b) by converting such Redemption
Amount into Ordinary Shares (each, a “Redemption Conversion”) per the following formula: the number of Conversion Shares
equals the portion of the applicable Redemption Amount being converted divided by the Redemption Conversion Price (the “Conversion
Shares”), or (c) by any combination of the foregoing, so long as the cash is delivered to Lender on the third (3rd)
Trading Day immediately following the applicable Redemption Date and the Redemption Conversion Shares are delivered to Lender on or before
the applicable Delivery Date (as defined below). Notwithstanding the foregoing, Borrower will not be entitled to elect a Redemption Conversion
with respect to any portion of any applicable Redemption Amount and shall be required to pay the Redemption Amount in cash, if on the
applicable Redemption Date there is an Equity Conditions Failure, and such failure is not waived in writing by Lender. Notwithstanding
that failure to repay this Note in full by the Maturity Date is an Event of Default (as defined below), the Redemption Dates shall continue
after the Maturity Date pursuant to this Section 3.2 until the Outstanding Balance is repaid in full.

 

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3.3.             Allocation
of Redemption Amounts. Following its receipt of a Redemption Notice, Borrower may either ratify Lender’s proposed
allocation in the applicable Redemption Notice or elect to change the allocation by written notice to Lender by email or fax within
two (2) Trading Days of its receipt of such Redemption Notice, so long as the sum of the cash payments and the amount of Redemption
Conversions equal the applicable Redemption Amount. If Borrower fails to notify Lender of its election to change the allocation
prior to the deadline set forth in the previous sentence, it shall be deemed to have ratified and accepted the allocation set forth
in the applicable Redemption Notice prepared by Lender. Borrower acknowledges and agrees that the amounts and calculations set forth
thereon are subject to correction or adjustment because of error, mistake, or any adjustment resulting from an Event of Default or
other adjustment permitted under the Transaction Documents (an “Adjustment”). Furthermore, no error or mistake in
the preparation of such notices, or failure to apply any Adjustment that could have been applied prior to the preparation of a
Redemption Notice may be deemed a waiver of Lender’s right to enforce the terms of any Note, even if such error, mistake, or
failure to include an Adjustment arises from Lender’s own calculation. Borrower shall deliver the Redemption Conversion Shares
from any Redemption Conversion to Lender in accordance with Section 7 below on or before each applicable Delivery Date.

 

4.                  
Trigger Events, Defaults and Remedies.

 

4.1.            
Trigger Events. The following are trigger events under this Note (each, a “Trigger Event”): (a) Borrower
fails to pay any principal, interest, fees, charges, or any other amount when due and payable hereunder; (b) a receiver, trustee or other
similar official shall be appointed over Borrower or a material part of its assets and such appointment shall remain uncontested for twenty
(20) days or shall not be dismissed or discharged within sixty (60) days; (c) Borrower becomes insolvent or generally fails to pay, or
admits in writing its inability to pay, its debts as they become due, subject to applicable grace periods, if any; (d) Borrower makes
a general assignment for the benefit of creditors; (e) Borrower files a petition for relief under any bankruptcy, insolvency or similar
law (domestic or foreign); (f) an involuntary bankruptcy proceeding is commenced or filed against Borrower; (g) the occurrence of a Fundamental
Transaction without Lender’s prior written consent, unless this Note is paid in full in connection with such Fundamental Transaction,
in which case no consent will be required; (h) Borrower fails to maintain to timely establish and maintain the Share Reserve (except as
set forth in Section 1.3 above); (i) Borrower fails to observe or perform any covenant set forth in Section 4 of the Purchase Agreement;
(j) Borrower fails to deliver any Conversion Shares in accordance with the terms hereof; (k) Borrower defaults or otherwise fails to observe
or perform any covenant, obligation, condition or agreement of Borrower contained herein or in any other Transaction Document (as defined
in the Purchase Agreement) in any material respect, other than those specifically set forth in this Section 4.1 and Section 4 of the Purchase
Agreement; (l) any representation, warranty or other statement made or furnished by or on behalf of Borrower to Lender herein, in any
Transaction Document, or otherwise in connection with the issuance of this Note is false, incorrect, incomplete or misleading in any material
respect when made or furnished; (m) Borrower effectuates a reverse split of its Ordinary Shares without twenty (20) Trading Days prior
written notice to Lender unless the reverse split is required to maintain compliance with the minimum bid price requirements of the principal
market; (n) any final money judgment, writ or similar process following the conclusion of the appeal is entered against Borrower or any
subsidiary of Borrower or any of its property or other assets for more than $1,000,000, and shall remain unvacated, unbonded or unstayed
for a period of ninety (90) calendar days unless otherwise consented to by Lender; (o) Borrower fails to be DWAC Eligible; or (p) Borrower
or any subsidiary of Borrower, breaches any covenant or other term or condition contained in any Other Agreements in any material respect.

 

4.2.            
Trigger Event Remedies. At any time following the occurrence of any Trigger Event, Lender may, at its option, increase the
Outstanding Balance by applying the Trigger Effect (subject to the limitation set forth below).

 

4.3.            
Defaults. At any time following the occurrence and during the continuance of a Trigger Event, Lender may, at its option,
send written notice to Borrower demanding that Borrower cure the Trigger Event within ten (10) Trading Days following the date of receipt
of such written notice by Borrower. If Borrower fails to cure the Trigger Event within the required ten (10) Trading Day cure period after
receipt of such written notice by Borrower, Lender may, at its option, send written notice to the Borrower that the Trigger Event, as
of the date of such notice, become an event of default hereunder (each, an “Event of Default”).

 

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4.4.            
 Default Remedies. At any time and from time to time following the occurrence of any Event of Default, Lender may accelerate
this Note by written notice to Borrower, with the Outstanding Balance becoming immediately due and payable in cash at the Mandatory Default
Amount. Notwithstanding the foregoing, upon the occurrence of any Trigger Event described in clauses (b) – (f) of Section 4.1, an
Event of Default will be deemed to have occurred and the Outstanding Balance as of the date of the occurrence of such Trigger Event shall
become immediately and automatically due and payable in cash at the Mandatory Default Amount, without any written notice required by Lender
for the Trigger Event to become an Event of Default. At any time following the occurrence of any Event of Default, upon written notice
given by Lender to Borrower, interest shall accrue on the Outstanding Balance beginning on the date the applicable Event of Default occurred
at an interest rate equal to the lesser of fifteen percent (15%) per annum simple interest or the maximum rate permitted under applicable
law (“Default Interest”). For the avoidance of doubt, Lender may continue making Redemption Conversions at any time
following an Event of Default until such time as the Outstanding Balance is paid in full, subject to the limitation set forth in Section
9 (Ownership Limitation) hereof. In connection with acceleration described herein, Lender need not provide, and Borrower hereby waives,
any presentment, demand, protest or other notice of any kind, and Lender 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 Lender at any time prior to payment hereunder and Lender shall have all rights as a holder of the Note until
such time, if any, as Lender receives full payment pursuant to this Section 4.2. No such rescission or annulment shall affect any subsequent
Trigger Event or Event of Default or impair any right consequent thereon. Nothing herein shall limit Lender’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 Borrower’s failure to timely deliver Conversion Shares upon Conversion of the Note as required pursuant to the terms
hereof.

 

5.                  
Unconditional Obligation; No Offset. Borrower acknowledges that this Note is an unconditional, valid, binding and enforceable
obligation of Borrower not subject to offset, deduction or counterclaim of any kind. Borrower hereby waives any rights of offset it now
has or may have hereafter against Lender, its successors and assigns, and agrees to make the payments or Conversions called for herein
in accordance with the terms of this Note.

 

6.                  
Waiver. No waiver of any provision of this Note shall be effective unless it is in the form of a writing signed by the party
granting the waiver. No waiver of any provision or consent to any prohibited action shall constitute a waiver of any other provision or
consent to any other prohibited action, whether or not similar. No waiver or consent shall constitute a continuing waiver or consent or
commit a party to provide a waiver or consent in the future except to the extent specifically set forth in writing.

 

7.                   Method
of Conversion Share Delivery. On or before the close of business on the third (3rd) Trading Day following each
Redemption Date (the “Delivery Date”), Borrower shall, provided it is DWAC Eligible at such time and such
Conversion Shares are eligible for delivery via DWAC, deliver or cause its transfer agent to deliver the applicable Conversion
Shares electronically via DWAC to the account designated by Lender in the applicable Redemption Notice. If Borrower is not DWAC
Eligible or such Conversion Shares are not eligible for delivery via DWAC, it shall deliver to Lender or its broker (as designated
in the Redemption Notice), via reputable overnight courier, a certificate representing the number of Ordinary Shares equal to the
number of Conversion Shares to which Lender shall be entitled, registered in the name of Lender or its designee. For the avoidance
of doubt, Borrower has not met its obligation to deliver Conversion Shares by the Delivery Date unless Lender or its broker, as
applicable, has actually received the certificate representing the applicable Conversion Shares no later than the close of business
on the relevant Delivery Date pursuant to the terms set forth above. Moreover, and notwithstanding anything to the contrary herein
or in any other Transaction Document, in the event Borrower or its transfer agent refuses to deliver any Conversion Shares without a
restrictive securities legend to Lender on grounds that such issuance is in violation of Rule 144 under the Securities Act of 1933,
as amended (“Rule 144”), Borrower shall deliver or cause its transfer agent to deliver the applicable Conversion
Shares to Lender with a restricted securities legend, but otherwise in accordance with the provisions of this Section 7. In
conjunction therewith, Borrower will also deliver to Lender a written explanation from its counsel or its transfer agent’s
counsel opining as to why the issuance of the applicable Conversion Shares violates Rule 144.

 

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8.                  
Conversion Delays. If Borrower fails to deliver Conversion Shares in accordance with the timeframe stated in Section 7,
Lender may at any time prior to receiving the applicable Conversion Shares rescind in whole or in part such Conversion, with a corresponding
increase to the Outstanding Balance (any returned amount will tack back to the Purchase Price Date for purposes of determining the holding
period under Rule 144). In addition, for each Conversion, in the event that Conversion Shares are not delivered by the Delivery Date,
a late fee equal to 2% of the applicable Conversion Share Value rounded to the nearest multiple of $100.00 but with a floor of $500.00
per day (but in any event the cumulative amount of such late fees for each Conversion shall not exceed 150% of the applicable Conversion
Share Value) will be assessed for each day after the Delivery Date until Conversion Share delivery is made; and such late fees will be
added to the Outstanding Balance (such fees, the “Conversion Delay Late Fees”).

 

9.                  
Ownership Limitation. Notwithstanding anything to the contrary contained in this Note or the other Transaction Documents,
Borrower shall not effect any conversion of this Note to the extent that after giving effect to such conversion would cause Lender (together
with its affiliates) to beneficially own a number of shares exceeding 4.99% of the number of Ordinary Shares outstanding on such date
(including for such purpose the Ordinary Shares issuable upon such issuance) (the “Maximum Percentage”). For purposes
of this section, beneficial ownership of Ordinary Shares will be determined pursuant to Section 13(d) of the 1934 Act. Notwithstanding
the forgoing, the term “4.99%” above shall be replaced with “9.99%” at such time as the Market Capitalization
is less than $15,000,000.00. Notwithstanding any other provision contained herein, if the term “4.99%” is replaced with “9.99%”
pursuant to the preceding sentence, such increase to “9.99%” shall remain at 9.99% until increased, decreased or waived by
Lender as set forth below. By written notice to Borrower, Lender may increase, decrease or waive the Maximum Percentage as to itself but
any such waiver will not be effective until the 61st day after delivery thereof. The foregoing 61-day notice requirement is enforceable,
unconditional and non-waivable and shall apply to all affiliates and assigns of Lender.

 

10.              
Opinion of Counsel. In the event that an opinion of counsel is needed for conversion of this Note, Lender has the right
to have any such opinion provided by its counsel.

 

11.              
Governing Law; Venue. This Note shall be construed and enforced in accordance with, and all questions concerning the construction,
validity, interpretation and performance of this Note shall be governed by, the internal laws of the State of Utah, without giving effect
to any choice of law or conflict of law provision or rule (whether of the State of Utah or any other jurisdiction) that would cause the
application of the laws of any jurisdiction other than the State of Utah. The provisions set forth in the Purchase Agreement to determine
the proper venue for any disputes are incorporated herein by this reference.

 

12.              
Arbitration of Disputes. By its issuance or acceptance of this Note, each party agrees to be bound by the Arbitration Provisions
(as defined in the Purchase Agreement) set forth as an exhibit to the Purchase Agreement.

 

13.              
Cancellation. After repayment or conversion of the entire Outstanding Balance, this Note shall be deemed paid in full, shall
automatically be deemed canceled, and shall not be reissued.

 

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14.              
 Amendments. The prior written consent of both parties hereto shall be required for any change or amendment to this Note.

 

15.              
Assignments. Borrower may not assign this Note without the prior written consent of Lender. This Note and any Ordinary Shares
issued upon conversion of this Note may be offered, sold, assigned or transferred by Lender without the consent of Borrower, so long as
such transfer is in accordance with applicable federal and state securities laws.

 

16.              
Notices. Whenever notice is required to be given under this Note, unless otherwise provided herein, such notice shall be
given in accordance with the subsection of the Purchase Agreement titled “Notices.”

 

17.              
Liquidated Damages. Lender and Borrower agree that in the event Borrower fails to comply with any of the terms or provisions
of this Note, Lender’s damages would be uncertain and difficult (if not impossible) to accurately estimate because of the parties’
inability to predict future interest rates, future share prices, future trading volumes and other relevant factors. Accordingly, Lender
and Borrower agree that any fees, balance adjustments, Default Interest or other charges assessed under this Note are not penalties but
instead are intended by the parties to be, and shall be deemed, liquidated damages (under Lender’s and Borrower’s expectations
that any such liquidated damages will tack back to the Purchase Price Date for purposes of determining the holding period under Rule 144).
Therefore, no additional penalty claims, lost profits or liquidated damages shall be claimed in excess of agreed liquidated damage amounts
under this Note.

 

18.              
Severability. If any part of this Note is construed to be in violation of any law, such part shall be modified to achieve
the objective of Borrower and Lender to the fullest extent permitted by law and the balance of this Note shall remain in full force and
effect.

 

[Remainder of page intentionally left blank;
signature page follows]

 

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IN WITNESS WHEREOF, Borrower
has caused this Note to be duly executed as of the Effective Date.

 

	 	BORROWER:
	 	 
	 	Farmmi,
    Inc.
	 	 
	 	By:	 
	 	 	Yefang Zhang, Chief Executive Officer

 

ACKNOWLEDGED, ACCEPTED AND AGREED:

LENDER:

 

	Streeterville
    Capital, LLC	 
	 	 
	By:	           	                                         
	John
    M. Fife, President	 

 

[Signature Page to Secured Convertible Promissory
Note]

 

     

     

    

 

ATTACHMENT 1

DEFINITIONS

 

For purposes of this
Note, the following terms shall have the following meanings:

 

A1.             
“Closing Bid Price” and “Closing Trade Price” means the last closing bid price and last closing
trade price, respectively, for the Ordinary Shares on its principal market, as reported by Bloomberg, or, if its principal market begins
to operate on an extended hours basis and does not designate the closing bid price or the closing trade price (as the case may be) then
the last bid price or last trade price, respectively, of the Ordinary Shares prior to 4:00:00 p.m., New York time, as reported by
Bloomberg, or, if its principal market is not the principal securities exchange or trading market for the Ordinary Shares, the last closing
bid price or last trade price, respectively, of the Ordinary Shares on the principal securities exchange or trading market where the Ordinary
Shares is listed or traded as reported by Bloomberg, or if the foregoing do not apply, the last closing bid price or last trade price,
respectively, of the Ordinary Shares in the over-the-counter market on the electronic bulletin board for the Ordinary Shares as reported
by Bloomberg, or, if no closing bid price or last trade price, respectively, is reported for the Ordinary Shares by Bloomberg, the average
of the bid prices, or the ask prices, respectively, of any market makers for the Ordinary Shares as reported by OTC Markets Group, Inc.,
and any successor thereto. If the Closing Bid Price or the Closing Trade Price cannot be calculated for the Ordinary Shares on a particular
date on any of the foregoing bases, the Closing Bid Price or the Closing Trade Price (as the case may be) of the Ordinary Shares on such
date shall be the fair market value as mutually determined by Lender and Borrower. All such determinations shall be appropriately adjusted
for any stock dividend, stock split, stock combination or other similar transaction during such period.

 

A2.             
“DTC” means the Depository Trust Company or any successor thereto.

 

A3.             
“DTC/FAST Program” means the DTC’s Fast Automated Securities Transfer program.

 

A4.             
“DWAC” means the DTC’s Deposit/Withdrawal at Custodian system.

 

A5.             
“DWAC Eligible” means that (a) Borrower’s Ordinary Shares is eligible at DTC for full services pursuant
to DTC’s operational arrangements, including without limitation transfer through DTC’s DWAC system; (b) Borrower has been
approved (without revocation) by DTC’s underwriting department; (c) Borrower’s transfer agent is approved as an agent in the
DTC/FAST Program; (d) the Conversion Shares are otherwise eligible for delivery via DWAC; and (e) Borrower’s transfer agent does
not have a policy prohibiting or limiting delivery of the Conversion Shares via DWAC.

 

A6.             
“Equity Conditions Failure” means that any of the following conditions has not been satisfied on any given Redemption
Date: (a) with respect to the applicable date of determination all of the Conversion Shares would be freely tradable pursuant to
an effective registration statement, under Rule 144 or without the need for registration under any applicable federal or state securities
laws (in each case, disregarding any limitation on conversion of this Note); (b) the applicable Conversion Shares would be eligible for
immediate resale by Lender; (c) no Trigger Event shall have occurred or be continuing hereunder; (d) the average and median daily
dollar trading volume of the Ordinary Shares on its principal market for the previous twenty (20) Trading Days is greater than $500,000.00;
and (e) with respect to the applicable date of determination, the Ordinary Shares are trading on Nasdaq or NYSE.

 

A7.              “Fundamental
Transaction” means that (a) (i) Borrower or any of its subsidiaries shall, directly or indirectly, in one or more
related transactions, consolidate or merge with or into (whether or not Borrower or any of its subsidiaries is the surviving
corporation) any other person or entity, or (ii) Borrower or any of its subsidiaries shall, directly or indirectly, in one or
more related transactions, sell, lease, license, assign, transfer, convey or otherwise dispose of all or substantially all of its
respective properties or assets to any other person or entity, provided that the value of such properties or assets exceed 25% of
the total assets of Borrower and its subsidiaries on a consolidated basis or (iii) Borrower or any of its subsidiaries shall,
directly or indirectly, in one or more related transactions, allow any other person or entity to make a purchase, tender or exchange
offer that is accepted by the holders of more than 50% of the outstanding shares of voting stock of Borrower (not including any
shares of voting stock of Borrower held by the person or persons making or party to, or associated or affiliated with the persons or
entities making or party to, such purchase, tender or exchange offer), or (iv) Borrower or any of its subsidiaries shall,
directly or indirectly, in one or more related transactions, consummate a stock or share purchase agreement or other business
combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with any other
person or entity whereby such other person or entity acquires more than 50% of the outstanding shares of voting stock of Borrower
(not including any shares of voting stock of Borrower held by the other persons or entities making or party to, or associated or
affiliated with the other persons or entities making or party to, such stock or share purchase agreement or other business
combination), or (v) Borrower or any of its subsidiaries shall, directly or indirectly, in one or more related transactions,
reorganize, recapitalize or reclassify the Ordinary Shares which, in the opinion of Lender’s legal counsel, would materially
adversely affect Borrower’s ability to repay the Note, other than an increase in the number of authorized shares of
Borrower’s Ordinary Shares, or (b) Borrower shall facilitate or cause any “person” or “group” (as
these terms are used for purposes of Sections 13(d) and 14(d) of the 1934 Act and the rules and regulations promulgated thereunder)
to become the “beneficial owner” (as defined in Rule 13d-3 under the 1934 Act), directly or indirectly, of 50% of
the aggregate ordinary voting power represented by issued and outstanding voting stock of Borrower.

 

    Attachment 1 to Secured Convertible Promissory Note, Page 1

     

    

 

A8.             
“Major Trigger Event” means any Trigger Event occurring under Sections Error! Reference source not found.
- Error! Reference source not found..

 

A9.             
“Mandatory Default Amount” means the Outstanding Balance following the application of the Trigger Effect.

 

A10.          
“Market Capitalization” means a number equal to (a) the average VWAP of the Ordinary Shares for the immediately
preceding fifteen (15) Trading Days, multiplied by (b) the aggregate number of issued and outstanding Ordinary Shares as reported on Borrower’s
most recently filed Form 20-F or other SEC filings containing the number of issued and outstanding Ordinary Shares.

 

A11.          
“Maximum Monthly Redemption Amount” means $1,200,000.00.

 

A12.          
“Minor Trigger Event” means any Trigger Event that is not a Major Trigger Event.

 

A13.          
“Nasdaq Minimum Price” means the lower of: (i) the Closing Price on the Trading Day immediately preceding the
date the Redemption Conversion Price is measured; or (ii) the average Closing Price of the Ordinary Shares for the five (5) Trading Days
immediately preceding the date the Redemption Conversion Price is measured.

 

A14.          
“Other Agreements” means, collectively, all existing and future agreements and instruments between, among or
by Borrower (or it subsidiary), on the one hand, and Lender (or an affiliate), on the other hand.

 

A15.          
“Outstanding Balance” means as of any date of determination, the Purchase Price, as reduced or increased, as
the case may be, pursuant to the terms hereof for payment, Conversion, offset, or otherwise, the Transaction Expense Amount, accrued but
unpaid interest, collection and enforcements costs (including reasonable attorneys’ fees) incurred by Lender, transfer, stamp, issuance
and similar taxes and fees related to Conversions, and any other fees or charges (including without limitation Conversion Delay Late Fees)
incurred under this Note.

 

A16.          
“Purchase Price Date” means the date the Purchase Price is delivered by Lender to Borrower.

 

A17.          
“Redemption Conversion Price” means eighty percent (80%) multiplied by the Nasdaq Minimum Price.

 

A18.          
“Trading Day” means any day on which Borrower’s principal market is open for trading.

 

A19.          
“Trigger Effect” means multiplying the Outstanding Balance as of the date the applicable Trigger Event occurred
by (a) ten percent (10%) for each occurrence of any Major Trigger Event, or (b) five percent (5%) for each occurrence of any Minor Trigger
Event, and then adding the resulting product to the Outstanding Balance as of the date the applicable Trigger Event occurred, with the
sum of the foregoing then becoming the Outstanding Balance under this Note as of the date the applicable Trigger Event occurred; provided
that the Trigger Effect may only be applied three (3) times hereunder with respect to Major Trigger Events and three (3) times hereunder
with respect to Minor Trigger Events; and provided further that the Trigger Effect shall not apply to any Trigger Event pursuant to Section
4.1(j) hereof. Notwithstanding the foregoing, the application of the Trigger Effects will be capped at twenty-five (25%) in the aggregate.

 

A20.          
“VWAP” means the volume weighted average price of the Ordinary Shares on the principal market for a particular
Trading Day or set of Trading Days, as the case may be, as reported by Bloomberg.

 

[Remainder of page intentionally
left blank]

 

    Attachment 1 to Secured Convertible Promissory Note, Page 2

     

    

 

EXHIBIT A

 

Streeterville Capital, LLC

303 East Wacker Drive, Suite 1040

Chicago, Illinois 60601

 

	Farmmi, Inc.	Date:	 
	Attn: Yefang Zhang, Chief Executive Officer	 
	Floor 1, Building No. 1, 888 Tianning Street, Liandu District	 
	Lishui, Zhejiang Province	 
	People’s Republic of China 323000	 

  

REDEMPTION NOTICE

 

The above-captioned Lender hereby gives notice
to Farmmi, Inc., a Cayman Islands company (the “Borrower”), pursuant to that certain Convertible Promissory Note made
by Borrower in favor of Lender on September __, 2022 (the “Note”), that Lender elects to redeem a portion of the Note
in Redemption Conversion Shares or in cash as set forth below. In the event of a conflict between this Redemption Notice and the Note,
the Note shall govern, or, in the alternative, at the election of Lender in its sole discretion, Lender may provide a new form of Redemption
Notice to conform to the Note. Capitalized terms used in this notice without definition shall have the meanings given to them in the Note.

 

REDEMPTION INFORMATION 

 

		A.	Redemption Date: ____________, 202_

		B.	Redemption Amount: ____________

		C.	Portion of Redemption Amount to be Paid in Cash: ____________

		D.	Portion of Redemption Amount to be Converted into Ordinary Shares: ____________ (B minus C)

		E.	Redemption Conversion Price: _______________

		F.	Redemption Conversion Shares: _______________ (D divided by E)

		G.	Remaining Outstanding Balance of Note: ____________ *

* Subject to adjustments for corrections, defaults,
interest and other adjustments permitted by the Transaction Documents (as defined in the Purchase Agreement), the terms of which shall
control in the event of any dispute between the terms of this Redemption Notice and such Transaction Documents.

 

Please transfer the Redemption Conversion
Shares, if applicable, electronically (via DWAC) to the following account:

 

	Broker:  	 	Address:	 
	DTC#:  	 	 	 
	Account #:  	 	 	 
	Account Name:  	 	 	 

 

To the extent the Redemption
Conversion Shares are not able to be delivered to Lender electronically via the DWAC system, deliver all such certificated shares to Lender
via reputable overnight courier after receipt of this Redemption Notice (by facsimile transmission or otherwise) to:

 

	 	 	 
	 	 	 
	 	 	 

 

     Exhibit A to Secured Convertible Promissory Note, Page 1

     

    

 

Sincerely,

 

Lender:

 

	Streeterville
    Capital, LLC	 
	 	 
	By:	 	 
	 	John
    M. Fife, President	 

 

     Exhibit A to Secured Convertible Promissory Note, Page 2

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