Document:

Exhibit
4.4

 

DESCRIPTION
OF REGISTRANT’S SECURITIES

REGISTERED
PURSUANT TO SECTION 12 OF THE

SECURITIES
EXCHANGE ACT OF 1934

 

Set
forth below is the description of each class of securities of Esports Entertainment Group, Inc. (the “Company”) outstanding
as of June 30, 2022. The following description summarizes the most important terms of these securities. This summary does not purport
to be complete and is qualified in its entirety by the provisions of our Amended and Restated Articles of Incorporation and our Bylaws,
copies of which have been previously filed with the Securities and Exchange Commission and are incorporated by reference into the Annual
Report on Form 10-K for the year ended June 30, 2022. You should refer to our Amended and Restated Articles of Incorporation, Bylaws
and the applicable provisions of the Delaware General Corporation Law for a complete description.

 

Common
Stock, par value $0.001 per share (the “Common Stock”) is the only class of our securities currently registered under Section
12 of the Securities Exchange Act of 1934 (the “Exchange Act”). Our Common Stock, Unit A Warrants and March 2022 Warrants
and April Overallotment Warrants are quoted for trading on Nasdaq under the symbols “GMBL”, GMBLW and “GMBLZ”,
respectively.

 

DESCRIPTION
OF COMMON STOCK

 

The
authorized capital stock of the Company consists of 500,000,000 shares of Common Stock at a par value of $0.001 per share, and 10,000,000
shares of blank check preferred stock, par value $0.001.

 

Dividend
Rights

 

Subject
to the prior or equal rights of holders of all classes of stock at the time outstanding having prior or equal rights as to dividends,
the holders of our Common Stock may, receive dividends out of funds legally available if our Board of Directors, in its discretion, determines
to issue dividends and then only at the times and in the amounts that our Board of Directors may determine. We have not paid any dividends
on our Common Stock and do not contemplate doing so in the foreseeable future.

 

Voting
Rights

 

Each
holder of the Common Stock is entitled to one vote for each share of Common Stock held by such stockholder.

 

No
Preemptive or Similar Rights

 

Our
Common Stock is not entitled to preemptive rights, and is not subject to conversion, redemption or sinking fund provisions.

 

Liquidation

 

In
the event of a liquidation, dissolution or winding up, each outstanding share entitles its holder to participate pro rata in all assets
that remain after payment of liabilities and after providing for each class of stock, if any, having preference over the Common Stock.

 

Transfer
Agent

 

The
transfer agent and registrar for our Common Stock is VStock Transfer, LLC, with an address at 18 Lafayette Place, Woodmere, NY 11598.
Their phone number is (212) 828-8436.

 

DESCRIPTION
10% SERIES A CUMULATIVE REDEEMABLE CONVERTIBLE PREFERRED STOCK

 

The
Company is authorized to issue 10,000,000 shares of preferred stock. On November 10, 2021, the
Company designated 1,725,000 shares of preferred stock as 10% Series A Cumulative Redeemable Convertible Preferred Stock (“10%
Series A Cumulative Redeemable Convertible Preferred Stock”), with a par value of $0.001 per share and liquidation value of $11.00.

 

Conversion

 

Each
share of 10% Series A Cumulative Redeemable Convertible Preferred Stock is convertible into one share of the Company’s Common Stock
at a conversion price of $17.50 per common share. Subject to earlier conversion or redemption, the 10% Series A Cumulative Redeemable
Convertible Preferred Stock matures five years from issuance, or November 15, 2026, at which point the Company must redeem the shares
of 10% Series A Cumulative Redeemable Convertible Preferred Stock in cash.

 

    	 

    	 

    

 

Dividends

 

Dividends
on the 10% Series A Cumulative Redeemable Convertible Preferred Stock accrue daily and are cumulative from the date of issuance. The
dividends on the 10% Series A Cumulative Redeemable Convertible Preferred Stock are payable monthly in arrears on the last day of each
calendar month, when, as and if declared by the Company’s Board of Directors, at the rate of 10.0% per annum. In the event the
dividends are not paid in cash, the dividends shall continue to accrue at a dividend rate of 10.0%.

 

Redemption
and Liquidation

 

The
10% Series A Cumulative Redeemable Convertible Preferred Stock is also redeemable, at the option of the Board of Directors, in whole
or in part, at any time on or after January 1, 2023.

 

The
10% Series A Cumulative Redeemable Convertible Preferred Stock includes a change of control put option which allows the holders of the
10% Series A Cumulative Redeemable Convertible Preferred Stock to require the Company to repurchase such holders’ shares in cash
in an amount equal to the initial purchase price plus accrued dividends.

 

The
10% Series A Cumulative Redeemable Convertible Preferred Stock is contingently redeemable upon certain deemed liquidation events, such
as a change in control. Because a deemed liquidation event could constitute a redemption event outside of the Company’s control,
all shares of preferred stock have been presented outside of permanent equity in mezzanine equity on the consolidated balance sheets.
The instrument is initially recognized at fair value net of issuance costs. The Company reassesses whether the 10%
Series A Cumulative Redeemable Convertible Preferred Stock is currently redeemable, or probable to become redeemable in the future,
as of each reporting date. If the instrument meets either of these criteria, the Company will accrete the carrying value to the redemption
value.

 

The
10% Series A Cumulative Redeemable Convertible Preferred Stock is not mandatorily redeemable, but rather is only contingently redeemable,
and given that the redemption events are not certain to occur, the shares have not been accounted for as a liability. As the 10% Series
A Cumulative Redeemable Convertible Preferred Stock is contingently redeemable on events outside of the control of the Company, all shares
of 10% Series A Cumulative Redeemable Convertible Preferred Stock have been presented outside of permanent equity in mezzanine equity
on the consolidated balance sheets.

 

Voting
Rights

 

The
holders of the 10% Series A Cumulative Redeemable Convertible Preferred Stock will not have any voting rights, except whenever dividends
on any share of any series of preferred stock (“Applicable Preferred Stock”) have not been paid in an aggregate amount equal
to four monthly dividends on the share, the holders of the Applicable Preferred Stock will have the exclusive and special right, voting
separately as a class and without regard to series, to elect at an annual meeting of shareholders or special meeting held in place of
it one member of the Board of Directors, until all arrearages in dividends and dividends in full for the current monthly period have
been paid.

 

DESCRIPTION
OF UNIT A WARRANTS

 

Exercisability.
The Unit A Warrants are exercisable immediately upon issuance and at any time up to the date that is five years from the date of
issuance. The Unit A Warrants are exercisable, at the option of each holder, in whole or in part, by delivering to us a duly executed
exercise notice accompanied by payment in full for the number of shares of our Common Stock purchased upon such exercise (except in the
case of a cashless exercise as discussed below). Unless otherwise specified in the warrant, the holder does not have the right to exercise
any portion of the warrant if the holder (together with its affiliates) would beneficially own in excess of 4.99% of the number of shares
of our Common Stock outstanding immediately after giving effect to the exercise (or, upon election by a Holder prior to the issuance
of any Unit A Warrants, 9.99%), as such percentage ownership is determined in accordance with the terms of the Unit A Warrants.

 

    	 

    	 

    

 

Cashless
Exercise. In the event that a registration statement covering shares of Common Stock underlying the Unit A Warrants, is not available
for the issuance of such shares of Common Stock underlying the Unit A Warrants, the holder may, in its sole discretion, exercise the
warrant in whole or in part and, in lieu of making the cash payment otherwise contemplated to be made to us upon such exercise in payment
of the aggregate exercise price, elect instead to receive upon such exercise the net number of shares of Common Stock determined according
to the formula set forth in the warrant. In no event shall we be required to make any cash payments or net cash settlement to the registered
holder in lieu of issuance of Common Stock underlying the Unit A Warrants.

 

Certain
Adjustments. The exercise price and the number of shares of Common Stock purchasable upon the exercise of the Unit A Warrants are
subject to adjustment upon the occurrence of specific events, including stock dividends, stock splits, combinations and reclassifications
of our Common Stock.

 

Transferability.
Subject to applicable laws, the Unit A Warrants may be transferred at the option of the holders upon surrender of the Unit A Warrants
to our Transfer Agent together with the appropriate instruments of transfer.

 

Warrant
Agent and Exchange Listing. The Unit A Warrants are in registered form under a warrant agency agreement between Vstock Transfer LLC,
as warrant agent, and us.

 

Fundamental
Transactions. If, at any time while the Unit A Warrants are outstanding, (1) we consolidate or merge with or into another corporation
and we are not the surviving corporation, (2) we sell, lease, license, assign, transfer, convey or otherwise dispose of all or substantially
all of our assets, (3) any purchase offer, tender offer or exchange offer (whether by us or another individual or entity) is completed
pursuant to which holders of our shares of Common Stock are permitted to sell, tender or exchange their shares of Common Stock for other
securities, cash or property and has been accepted by the holders of 50% or more of our outstanding shares of Common Stock, (4) we effect
any reclassification or recapitalization of our shares of Common Stock or any compulsory share exchange pursuant to which our shares
of Common Stock are converted into or exchanged for other securities, cash or property, or (5) we consummate a stock or share purchase
agreement or other business combination with another person or entity whereby such other person or entity acquires more than 50% of our
outstanding shares of Common Stock, each a “Fundamental Transaction,” then upon any subsequent exercise of the Unit A Warrants,
the holder thereof will have the right to receive the same amount and kind of securities, cash or property as it would have been entitled
to receive upon the occurrence of such Fundamental Transaction if it had been, immediately prior to such Fundamental Transaction, the
holder of the number of warrant shares then issuable upon exercise of the warrant, and any additional consideration payable as part of
the Fundamental Transaction.

 

Rights
as a Stockholder. Except as otherwise provided in the Unit A Warrants or by virtue of such holder’s ownership of shares of
our Common Stock, the holder of a warrant does not have the rights or privileges of a holder of our Common Stock, including any voting
rights, until the holder exercises the warrant.

 

Beneficial
Ownership Limitation. Holder’s exercise shall be limited 4.99% of the Company’s outstanding Common Stock (or, upon election
by a Holder prior to the issuance of any Unit A Warrants, 9.99%) of the number of shares of the Common Stock outstanding immediately
after giving effect to the issuance of shares of Common Stock issuable upon exercise. The Holder, upon notice to the Company, may increase
or decrease the beneficial ownership limitation provided that the beneficial ownership limitation in no event exceeds 9.99% of the number
of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock upon exercise of
the warrant held by the Holder. Any increase in the beneficial ownership limitation will not be effective until the 61st day
after such notice is delivered to the Company.

 

Governing
Law. The Unit A Warrants and the warrant agency agreement are governed by New York law.

 

DESCRIPTION
OF THE MARCH 2022 WARRANTS AND APRIL 2022 OVERALLOTMENT WARRANTS

 

Exercisability.
The March 2022 Warrants and April 2022 Overallotment Warrants are exercisable immediately upon issuance and at any time up to the
date that is five years from the date of issuance. The March 2022 Warrants and April 2022 Overallotment Warrants are exercisable, at
the option of each holder, in whole or in part, by delivering to us a duly executed exercise notice accompanied by payment in full for
the number of shares of our Common Stock purchased upon such exercise (except in the case of a cashless exercise as discussed below).
Unless otherwise specified in the warrant, the holder does not have the right to exercise any portion of the warrant if the holder (together
with its affiliates) would beneficially own in excess of 4.99% of the number of shares of our Common Stock outstanding immediately after
giving effect to the exercise (or, upon election by a Holder prior to the issuance of any the March 2022 Warrants and April 2022 Overallotment
Warrants, 9.99%), as such percentage ownership is determined in accordance with the terms of the March 2022 Warrants and April 2022 Overallotment
Warrants.

 

    	 

    	 

    

 

Cashless
Exercise. In the event that a registration statement covering shares of Common Stock underlying the March 2022 Warrants and April
2022 Overallotment Warrants, is not available for the issuance of such shares of Common Stock underlying the March 2022 Warrants and
April 2022 Overallotment Warrants, the holder may, in its sole discretion, exercise the warrant in whole or in part and, in lieu of making
the cash payment otherwise contemplated to be made to us upon such exercise in payment of the aggregate exercise price, elect instead
to receive upon such exercise the net number of shares of Common Stock determined according to the formula set forth in the warrant.
In no event shall we be required to make any cash payments or net cash settlement to the registered holder in lieu of issuance of Common Stock underlying the March 2022 Warrants and April 2022 Overallotment Warrants.

 

Certain
Adjustments. The exercise price and the number of shares of Common Stock purchasable upon the exercise of the March 2022 Warrants
and April 2022 Overallotment Warrants are subject to adjustment upon the occurrence of specific events, including stock dividends, stock
splits, combinations and reclassifications of our Common Stock.

 

Transferability.
Subject to applicable laws, the March 2022 Warrants and April 2022 Overallotment Warrants may be transferred at the option of the
holders upon surrender of the March 2022 Warrants and April 2022 Overallotment Warrants to our Transfer Agent together with the appropriate
instruments of transfer.

 

Warrant
Agent and Exchange Listing. The March 2022 Warrants and April 2022 Overallotment Warrants are in registered form under a warrant
agency agreement between Vstock Transfer LLC, as warrant agent, and us.

 

Fundamental
Transactions. If, at any time while the March 2022 Warrants and April 2022 Overallotment Warrants are outstanding, (1) we consolidate
or merge with or into another corporation and we are not the surviving corporation, (2) we sell, lease, license, assign, transfer, convey
or otherwise dispose of all or substantially all of our assets, (3) any purchase offer, tender offer or exchange offer (whether by us
or another individual or entity) is completed pursuant to which holders of our shares of Common Stock are permitted to sell, tender or
exchange their shares of Common Stock for other securities, cash or property and has been accepted by the holders of 50% or more of our
outstanding shares of Common Stock, (4) we effect any reclassification or recapitalization of our shares of Common Stock or any compulsory
share exchange pursuant to which our shares of Common Stock are converted into or exchanged for other securities, cash or property, or
(5) we consummate a stock or share purchase agreement or other business combination with another person or entity whereby such other
person or entity acquires more than 50% of our outstanding shares of Common Stock, each a “Fundamental Transaction,” then
upon any subsequent exercise of the March 2022 Warrants and April 2022 Overallotment Warrants, the holder thereof will have the right
to receive the same amount and kind of securities, cash or property as it would have been entitled to receive upon the occurrence of
such Fundamental Transaction if it had been, immediately prior to such Fundamental Transaction, the holder of the number of warrant shares
then issuable upon exercise of the warrant, and any additional consideration payable as part of the Fundamental Transaction.

 

Rights
as a Stockholder. Except as otherwise provided in the March 2022 Warrants and April 2022 Overallotment Warrants or by virtue of such
holder’s ownership of shares of our Common Stock, the holder of a warrant does not have the rights or privileges of a holder of
our Common Stock, including any voting rights, until the holder exercises the warrant.

 

Beneficial
Ownership Limitation. Holder’s exercise shall be limited 4.99% of the Company’s outstanding Common Stock (or, upon election
by a Holder prior to the issuance of any of the March 2022 Warrants and April 2022 Overallotment Warrants, 9.99%) of the number of shares
of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise. The
Holder, upon notice to the Company, may increase or decrease the beneficial ownership limitation provided that the beneficial ownership
limitation in no event exceeds 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance
of shares of Common Stock upon exercise of the warrant held by the Holder. Any increase in the beneficial ownership limitation will not
be effective until the 61st day after such notice is delivered to the Company.

 

Governing
Law. The March 2022 Warrants and April 2022 Overallotment Warrants and the warrant agency agreement are governed by New York law.Exhibit
10.34

 

October
13, 2021

 

Esports
Entertainment Group, Inc.

13/14 Penthouse Office

Mannarino Road

Birkirkara,
Malta, BKR 9080

Attn: Grant Johnson

 

VIA
ELECTRONIC MAIL

 

Re:
Waiver

 

Dear
Mr. Johnson:

 

Reference
is made to that certain Securities Purchase Agreement, dated as of May 28, 2021 (the “Purchase Agreement”), between
Esports Entertainment Group, Inc. (the “Company”) and Alto Opportunity Master Fund, SPC – Segregated Master
Portfolio B (the “Purchaser” and together with the Company, the “Parties”). Defined terms used
herein but not defined herein shall have the meanings ascribed to such terms in the Purchase Agreement and the Note (as defined in the
Purchase Agreement).

 

For
good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the Purchaser hereby waives (this agreement,
the “Waiver”):

 

		(i)	the
                                            Purchaser’s rights pursuant to Section 4(b) of the Note arising from any breaches or
                                            potential breaches by the Company or its Subsidiaries of the covenants set forth in Sections
                                            14(l), 14(o)(i), and 14(o)(iv) of the Note, as of the date hereof through December 25, 2021
                                            only;

 

		(ii)	the
                                            Purchaser’s rights pursuant to Section 4(b) of the Note arising from any breaches of
                                            Section 14(c) of the Note, solely relating to any lien on and a pledge of a maximum of 25,101,200
                                            ordinary shares of Prozone Limited, a Maltese limited liability company (“Prozone”),
                                            granted by the Company in favor of Gameday Group PLC, a Maltese limited liability company
                                            (“Gameday”), in connection with the Pledge of Shares Agreement, dated
                                            as of July 13, 2021, as amended, by and among Gameday, Prozone and the Company, as of the
                                            date hereof through December 25, 2021 only, provided that such liens and pledge shall not
                                            be amended or renewed at any time following the date hereof and the Pledge of Shares Agreement
                                            shall not be amended at any time following the date hereof; and

 

		(iii)	in
                                            connection with the Company’s proposed purchase of certain equity interests in Game
                                            Fund Partners Group LLC, a Florida limited liability company (the “Fund”),
                                            for consideration of 200,000 shares of the Company’s common stock (the “Common
                                            Stock”) to be issued to the Fund in two tranches of 100,000 shares of Common Stock
                                            per tranche, the prohibition against issuances of Common Stock set forth in Section 4.13(a)
                                            of the Purchase Agreement solely in connection with the issuance of an aggregate of 200,000
                                            shares of Common Stock to the Fund, provided that such 200,000 shares of Common Stock shall
                                            be issued for per share consideration of not less than $17.50 per share (as adjusted for
                                            reverse and forward stock splits and recapitalizations of the Common Stock after the date
                                            hereof until the date of such issuance).

 

In
addition, the Parties hereby agree that Section 14(o)(iii) of the Note shall be deemed in a manner to replace “25%” with
“35%” for the period from the date hereof through December 25, 2021 only, and “25%” shall be restored, and “35%”
shall no longer apply, in Section 14(o)(iii) of the Note as of December 26, 2021 and each date thereafter. The Company acknowledges and
agrees that “25%” shall apply on November 10, 2021 and each date thereafter for purposes of the thirty consecutive Business
Days period in Section 14(o)(iii) of the Note.

 

    	 

    	 

    

 

The
Company and the Purchaser hereby agree that the waiver by the Purchaser set forth in clauses (i), (ii) and (iii) above and the agreement
in the paragraph following such clauses is conditional upon, and subject to, the Company’s filing of its Annual Report on Form
10-K for the fiscal year ended June 30, 2021 (“Form 10-K”) with the Commission prior to 5:30 p.m. EST on October 13,
2021 and if the Form 10-K is not filed with the Commission prior to 5:30 p.m. EST on October 13, 2021, this waiver is null and void,
ab initio.

 

In
consideration of the waiver and agreement set forth herein, the Company hereby acknowledges and agrees that the Purchaser shall be permitted
to immediately convert up to $7,500,000 of Principal under the Note into validly issued, fully paid and non-assessable shares of Common
Stock pursuant to Section 3(e) of the Note. The Company hereby represents, warrants, covenants and agrees to the Purchaser that the number
of shares of Common Stock in the Purchaser’s Exchange Cap Allocation is 2,733,364 shares of Common Stock as of the date hereof.

 

The
waiver set forth herein constitutes a one-time waiver only and is limited to the matters expressly waived as set forth herein and should
not be construed as an indication that the Purchaser has agreed to any modifications to, consent of, or waiver of any other terms or
provisions of the Purchase Agreement, the Note or any Transaction Document or any other agreement, instrument or security. The Parties
agree that nothing herein shall have any effect upon the Holder’s right to convert the Principal under the Note at its discretion
in any manner provided for in the Transaction Documents.

 

The
Company hereby represents, warrants, covenants and agrees to the Purchaser that nothing contained herein or otherwise disclosed to the
Purchaser or any of its affiliates by the Company, orally or in writing, constitutes or may constitute material non-public information.
Effective upon the Disclosure Filing (as defined below), the Company shall have disclosed all material non-public information (if any)
provided up to the date hereof to the Purchaser or any of its affiliates by the Company or any of its Subsidiaries or any of their respective
officers, directors, employees, affiliates or agents, that has not previously been publicly disclosed by the Company in a filing with
the Commission. The Company understands and confirms that the Purchaser shall be relying on the foregoing representation, warranty and
covenant in effecting transactions in securities in the Company.

 

The
Company hereby represents, warrants, covenants and agrees to the Purchaser that, effective upon the Disclosure Filing, (i) the Purchaser
and each of its affiliates has no confidentiality or similar obligation under any agreement to the Company, any of its Subsidiaries or
any of their respective officers, directors, employees, affiliates or agent and (ii) the Purchaser and each of its affiliates has made
no agreement to the Company, any of its Subsidiaries or any of their respective officers, directors, employees, affiliates or agent to
not purchase or sell, long and/or short, the Common Stock or any other securities of the Company.

 

The
Company shall file a Form 8-K with the Commission disclosing the terms of the waiver herein (and including the Waiver as an exhibit thereto)
within one Trading Day of the date of the Waiver, provided, however, that, in lieu of filing an 8-K as set forth in this sentence, the
Company may disclose the terms of the waiver herein in the Form 10-K (and include the Waiver as an exhibit thereto), if the Form 10-K
is filed prior to 5:30 p.m. EST on October 13, 2021 (the “Disclosure Filing”).

 

In
connection with this Waiver, the Company shall reimburse the Purchaser the amount of $5,000 for legal fees and expenses of the Purchaser
within ten days of the date hereof.

 

This
letter agreement shall be governed by and construed in accordance with the laws of the State of New York without regard to choice of
law principles. Any dispute arising under or relating to or in connection with this letter agreement shall be subject to the exclusive
jurisdiction and venue of the State and/or Federal courts located in New York. This letter agreement may be executed in any number of
counterparts, each of which shall be an original but all of which together shall constitute one and the same instrument.

 

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    	Page 2

    	 

    

 

	 	Very truly yours,
	 	 	 
	 	Alto Opportunity Master Fund, SPC – Segregated Master Portfolio B
	 	 	 
	 	By:	/s/
                                            Waqas Khatri

	 	Name:	Waqas Khatri
	 	Title:	 

 

Acknowledged
and Agreed:

 

Esports
Entertainment Group, Inc.

 

	By:	/s/
    Grant Johnson	 
	Name:	Grant
    Johnson	 
	Title:	Chief
    Executive Officer	 

 

    	Page 3

    	 

    

 

	 	Very truly yours,
	 	Alto Opportunity Master Fund, SPC – Segregated Master Portfolio B
	 	 	 
	 	By:	/s/ Waqas Khatri                      
	 	Name:	Waqas Khatri
	 	Title:	 

 

	Acknowledged and Agreed: 	 
	 	 	 
	Esports Entertainment Group, Inc.	 
	 	 	 
	By:	/s/
    Grant Johnson                      	 
	Name:	Grant
    Johnson	 
	Title:	 	 

 

    	Page 4

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