Document:

Exhibit
10.1

 

COMMON
STOCK PURCHASE AGREEMENT

 

This
Common Stock Purchase Agreement (the “Agreement”) is entered into as of January 6, 2022, by and between SUGARMADE, INC,
a Delaware corporation (the “Company”), and DUTCHESS CAPITAL GROWTH FUND LP, a Delaware limited partnership
(the “Investor”). The Company and Investor may be referred to herein as each a “Party” and collectively,
the “Parties”.

 

WHEREAS,
the Parties desire that, upon the terms and subject to the conditions contained herein, the Investor shall purchase, from time to time,
as provided herein, and the Company shall issue and sell Ten Million Dollars ($10,000,000) of the Company’s Common Stock (as defined
below);

 

NOW,
THEREFORE, the Parties hereto agree as follows:

 

ARTICLE
I

CERTAIN DEFINITIONS

 

Section
1.1 DEFINED TERMS. As used in this Agreement, the following terms shall have the following meanings specified or indicated (such
meanings to be equally applicable to both the singular and plural forms of the terms defined):

 

“Agreement”
shall have the meaning specified in the preamble hereof.

 

“Average
Daily Trading Value” shall mean a per share price that shall be equal to the average closing price of the Company’s Common
Stock on the Principal Exchange during the during the five (5) Business Days immediately preceding the respective Drawdown Notice Delivery
Date multiplied by the Average Daily Trading Volume (as defined herein).

 

“Average
Daily Trading Volume” shall mean the average trading volume of the Company’s Common Stock for the five (5) Business Days
immediately preceding the respective Drawdown Notice Date.

 

“Bankruptcy
Law” means Title 11, U.S. Code, or any similar federal or state law for the relief of debtors.

 

“Business
Day” shall mean a day on which the Principal Market shall be open for business.

 

“Claim
Notice” shall have the meaning specified in Section 9.3(a).

 

“Clearing
Costs” shall mean all of the Investor’s broker, Transfer Agent, and commission expenses.

 

“Clearing
Date” shall mean the first entire Business Day that the Investor holds the Drawdown Notice Shares in its brokerage account
and is eligible to trade shares.

 

“Closing”
shall mean one of the closings of a purchase and sale of shares of Common Stock pursuant to Section 2.2.

 

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“Closing
Date” shall mean the date that is eight (8) Business Days after the Clearing Date.

 

“Commitment
Amount” shall mean Ten Million Dollars ($10,000,000).

 

“Commitment
Period” shall mean the thirty-six (36) months immediately following the initial date of effectiveness of the S-1 Registration
Statement.

 

“Common
Stock” shall mean the Company’s common stock, $0.001 value per share, and any shares of any other class of common stock
whether now or hereafter authorized, having the right to participate in the distribution of dividends (as and when declared) and assets
(upon liquidation of the Company).

 

“Common
Stock Equivalents” means any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire
at any time Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument that is
at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock.

 

“Company”
shall have the meaning specified in the preamble to this Agreement.

 

“Custodian”
means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.

 

“Damages”
shall mean any loss, claim, damage, liability, cost and expense (including, without limitation, reasonable attorneys’ fees and
disbursements and costs and expenses of expert witnesses and investigation).

 

“Dispute
Period” shall have the meaning specified in Section 9.3(a).

 

Drawdown
Notice” shall mean a written notice from Company, substantially in the form of Exhibit A hereto, to Investor setting forth
the Drawdown Notice Shares which the Company intends to require Investor to purchase pursuant to the terms of this Agreement.

 

“Drawdown
Notice Date” shall have the meaning specified in Section 2.2 (b).

 

“Drawdown
Notice Shares” shall mean all shares of Common Stock issued, or that the Company shall be entitled to issue, per applicable
Drawdown Notice in accordance with the terms and conditions of this Agreement.

 

“DTC”
shall mean The Depository Trust Company, or any successor performing substantially the same function for the Company.

 

“DTC
Chill” shall mean a limitation of certain services available for a security on deposit at the DTC, such as the ability to make
a deposit of withdrawal of a security at DTC.

 

“DTC/FAST
Program” shall mean the DTC’s Fast Automated Securities Transfer Program.

 

“DWAC”
shall mean Deposit Withdrawal at Custodian as defined by the DTC.

 

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“DWAC
Eligible” shall mean that (a) the Common Stock is eligible at DTC for full services pursuant to DTC’s Operational Arrangements,
including, without limitation, transfer through DTC’s DWAC system, (b) the Company has been approved (without revocation) by the
DTC’s underwriting department, (c) the Transfer Agent is approved as an agent in the DTC/FAST Program, (d) the Drawdown Notice
Shares are otherwise eligible for delivery via DWAC, and (e) the Transfer Agent does not have a policy prohibiting or limiting delivery
of the Drawdown Notice Shares, as applicable, via DWAC.

 

“DWAC
Shares” means shares of Common Stock that are (i) issued in electronic form, (ii) freely tradable and transferable and without
restriction on resale and (iii) timely credited by the Company to the Investor’s or its designee’s specified DWAC account
with DTC under the DTC/FAST Program, or any similar program hereafter adopted by DTC performing substantially the same function.

 

“Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Exchange
Cap” shall have the meaning set forth in Section 7.1(c).

 

“Execution
Date” shall mean the date of this Agreement.

 

“FINRA”
shall mean the Financial Industry Regulatory Authority, Inc.

 

“Indemnified
Party” shall have the meaning specified in Section 9.2.

 

“Indemnifying
Party” shall have the meaning specified in Section 9.2.

 

“Indemnity
Notice” shall have the meaning specified in Section 9.3(e).

 

“Investment
Amount” shall mean the Drawdown Notice Shares referenced in the Drawdown Notice multiplied by the Purchase Price (as defined
herein).

 

“Investor”
shall have the meaning specified in the preamble to this Agreement.

 

“Lien”
means a lien, charge, pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.

 

“Material
Adverse Effect” shall mean any effect on the business, operations, properties, or financial condition of the Company and the
Subsidiaries that is material and adverse to the Company and the Subsidiaries and/or any condition, circumstance, or situation that would
prohibit or otherwise materially interfere with the ability of the Company to enter into and perform its obligations under any Transaction
Document.

 

“Person”
shall mean an individual, a corporation, a partnership, an association, a trust or other entity or organization, including a government
or political subdivision or an agency or instrumentality thereof.

 

“Pricing
Period” shall mean the period of five (5) Business Days immediately following the Clearing Date.

 

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“Principal
Market” shall mean any of the national exchanges (i.e., NYSE, NYSE AMEX, Nasdaq), or principal quotation systems (i.e. OTCQX,
OTCQB, OTC Pink, the OTC Bulletin Board), or other principal exchange or recognized quotation system which is at the time the principal
trading platform or market for the Common Stock.

 

“Purchase
Price” shall mean ninety-three percent (93%) of the lowest traded price of the Common Stock during the Pricing Period.

 

“Registration
Statement” shall have the meaning specified in Section 6.2.

 

“Regulation
D” shall mean Regulation D promulgated under the Securities Act.

 

“Rule
144” shall mean Rule 144 under the Securities Act or any similar provision then in force under the Securities Act.

 

“SEC”
shall mean the United States Securities and Exchange Commission.

 

“SEC
Documents” shall have the meaning specified in Section 4.5.

 

“Securities”
means, collectively, the Drawdown Notice Shares.

 

“Securities
Act” shall mean the Securities Act of 1933, as amended.

 

“Subsidiary”
means any Person the Company wholly-owns or controls, or in which the Company, directly or indirectly, owns a majority of the voting
stock or similar voting interest, in each case that would be disclosable pursuant to Item 601(b)(21) of Regulation S-K promulgated under
the Securities Act.

 

“Third
Party Claim” shall have the meaning specified in Section 9.3(a).

 

“Transaction
Documents” shall mean this Agreement and all schedules and exhibits hereto and thereto, including, but not limited to, the
Registration Rights Agreement by and between the Parties of even date herewith, attached hereto as Exhibit B

 

“Transfer
Agent” shall mean the current transfer agent of the Company, and any successor transfer agent of the Company.

 

ARTICLE
II

PURCHASE AND SALE OF COMMON STOCK

 

Section
2.1 DRAWDOWN NOTICES. Upon the terms and conditions set forth herein (including, without limitation, the provisions of Article
VII), the Company shall have the right, but not the obligation, to direct the Investor, by its delivery to the Investor of a Drawdown
Notice from time to time, to purchase Drawdown Notice Shares provided that the amount of Drawdown Notice Shares shall not exceed the
lesser of; (i) $250,000 or (ii) 200% of the Average Daily Traded Value of the Stock during the five (5) days immediately preceding the
Drawdown Notice date or (iii) the Beneficial Ownership Limitation set forth in Section 7.2(g). Notwithstanding the foregoing, the Company
may not deliver a subsequent Drawdown Notice until the Closing of an active Drawdown Notice, except if waived by the Investor in writing.

 

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Section
2.2 MECHANICS.

 

	 	(a)	DRAWDOWN
    NOTICE. At any time and from time to time during the Commitment Period, except as provided in this Agreement, the Company may
    deliver a Drawdown Notice to Investor, subject to satisfaction of the conditions set forth in Section 7.2 and otherwise provided
    herein. The Company shall deliver the Drawdown Notice Shares as DWAC Shares to the Investor alongside delivery of the Drawdown Notice.
	 	 	 
	 	(b)	DATE
    OF DELIVERY OF DRAWDOWN NOTICE. A Drawdown Notice shall be deemed delivered on (i) the Business Day it is received by email by
    the Investor if such notice is received on or prior to 8:00 a.m. New York time or (ii) the immediately succeeding Business Day if
    it is received by email after 8:00 a.m. New York time on a Business Day or at any time on a day which is not a Business Day.
	 	 	 
	 	(c)	CLOSING.
    The Closing of a Drawdown Notice shall occur after the market close eight (8) Business Days after the Clearing Date, whereby the
    Investor, shall deliver the Investment Amount (minus the Clearing Costs), by wire transfer of immediately available funds to an account
    designated by the Company.

 

Section
2.3 ADJUSTMENT. The Parties acknowledge and agree that the Company is in the process of reverse split of the Common Stock, and an increase
in the authorized shares of Common Stock (the “Corporate Events”). Any representations, warranties, covenants, and
agreements of the Parties herein, and the terms and conditions herein, shall be equitably adjusted as a result of such Corporate Events
once completed.

 

ARTICLE
III

REPRESENTATIONS AND WARRANTIES OF INVESTOR

 

The
Investor represents and warrants to the Company that:

 

Section
3.1 INTENT. The Investor is entering into this Agreement for its own account and the Investor has no present arrangement (whether
or not legally binding) at any time to sell the Securities to or through any Person in violation of the Securities Act or any applicable
state securities laws; provided, however, that the Investor reserves the right to dispose of the Securities at any time
in accordance with federal and state securities laws applicable to such disposition.

 

Section
3.2 NO LEGAL ADVICE FROM THE COMPANY. The Investor acknowledges that it has had the opportunity to review this Agreement and the
transactions contemplated by this Agreement with its own legal counsel and investment and tax advisors. The Investor is relying solely
on such counsel and advisors and not on any statements or representations of the Company or any of its representatives or agents for
legal, tax or investment advice with respect to this investment, the transactions contemplated by this Agreement or the securities laws
of any jurisdiction.

 

Section
3.3 ACCREDITED INVESTOR. The Investor is an accredited investor as defined in Rule 501(a)(3) of Regulation D, and the Investor
has such experience in business and financial matters that it is capable of evaluating the merits and risks of an investment in the Securities.
The Investor acknowledges that an investment in the Securities is speculative and involves a high degree of risk.

 

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Section
3.4 AUTHORITY. The Investor has the requisite power and authority to enter into and perform its obligations under the Transaction
Documents and to consummate the transactions contemplated hereby and thereby. The execution and delivery of the Transaction Documents
and the consummation by it of the transactions contemplated hereby and thereby have been duly authorized by all necessary action and
no further consent or authorization of the Investor is required. The Transaction Documents to which it is a party has been duly executed
by the Investor, and when delivered by the Investor in accordance with the terms hereof, will constitute the valid and binding obligation
of the Investor enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency, or similar laws relating
to, or affecting generally the enforcement of, creditors’ rights and remedies or by other equitable principles of general application.

 

Section
3.5 NOT AN AFFILIATE. The Investor is not an officer, director nor “affiliate” (as that term is defined in
Rule 405 of the Securities Act) of the Company.

 

Section
3.6 ORGANIZATION AND STANDING. The Investor is 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, power of a limited partnership, limited liability company
or similar power in such jurisdiction and duly authorized to enter into and to consummate the transactions contemplated by the Transaction
Documents.

 

Section
3.7 ABSENCE OF CONFLICTS. The execution and delivery of the Transaction Documents, and the consummation of the transactions contemplated
hereby and thereby and compliance with the requirements hereof and thereof, will not (a) violate any law, rule, regulation, order, writ,
judgment, injunction, decree or award binding on the Investor, (b) violate any provision of any indenture, instrument or agreement to
which the Investor is a party or is subject, or by which the Investor or any of its assets is bound, or conflict with or constitute a
material default thereunder, (c) result in the creation or imposition of any Lien pursuant to the terms of any such indenture, instrument
or agreement, or constitute a breach of any fiduciary duty owed by the Investor to any third party, or (d) require the approval of any
third-party (that has not been obtained) pursuant to any material contract, instrument, agreement, relationship or legal obligation to
which the Investor is subject or to which any of its assets, operations or management may be subject.

 

Section
3.8 DISCLOSURE; ACCESS TO INFORMATION. The Investor had an opportunity to review copies of the SEC Documents filed on behalf of
the Company and has had access to all publicly available information with respect to the Company.

 

Section
3.9 MANNER OF SALE. At no time was the Investor presented with or solicited by or through any leaflet, public promotional meeting,
television advertisement or any other form of general solicitation or advertising.

 

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Section
3.10 BROKERS, FINDERS AND FINANCIAL ADVISORS. No broker, finder or financial advisor has acted for the Investor in connection with
this Agreement or the transactions contemplated hereby, and no broker, finder or financial advisor is entitled to any broker’s,
finder’s or financial advisor’s fee, commission or similar payment in respect thereof based in any way on any contract with
Investor.

 

ARTICLE
IV

REPRESENTATIONS AND WARRANTIES OF THE COMPANY

 

The
Company represents and warrants to the Investor that, except as disclosed in the SEC Documents or except as set forth in the disclosure
schedules hereto:

 

Section
4.1 ORGANIZATION OF THE COMPANY. The Company and each of the Subsidiaries is an entity duly incorporated or otherwise organized,
validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization, with the requisite power
and authority to own and use its properties and assets and to carry on its business as currently conducted. Neither the Company nor any
Subsidiary is in violation nor default of any of the provisions of its respective certificate or articles of incorporation, bylaws or
other organizational or charter documents. Each of the Company and the Subsidiaries 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, could
not have or reasonably be expected to result in a Material Adverse Effect and no proceeding has been instituted in any such jurisdiction
revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority or qualification.

 

Section
4.2 AUTHORITY. The Company has the requisite corporate power and authority to enter into and perform its obligations under the
Transaction Documents. The execution and delivery of the Transaction Documents by the Company and the consummation by it of the transactions
contemplated hereby and thereby have been duly authorized by all necessary corporate action and no further consent or authorization of
the Company or its Board of Directors or stockholders is required. The Transaction Documents have been duly executed and delivered by
the Company and constitutes a valid and binding obligation of the Company enforceable against the Company in accordance with its terms,
except as such enforceability may be limited by applicable bankruptcy, insolvency, or similar laws relating to, or affecting generally
the enforcement of, creditors’ rights and remedies or by other equitable principles of general application.

 

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Section
4.3 CAPITALIZATION. As of the date hereof, the authorized capital stock of the Company consists of 10,000,000,000 shares of Common
Stock, par value of $0.001 per share, of which approximately 9,050,267,683 shares of Common Stock are issued and outstanding. Except
as set forth on Schedule 4.3, the Company has not issued any capital stock since its most recently filed periodic report under
the Exchange Act, other than pursuant to the exercise of employee stock options under the Company’s stock option plans, the issuance
of shares of Common Stock to employees pursuant to the Company’s employee stock purchase plans and pursuant to the conversion and/or
exercise of Common Stock Equivalents outstanding as of the date of the most recently filed periodic report under the Exchange Act. No
Person has any right of first refusal, preemptive right, right of participation, or any similar right to participate in the transactions
contemplated by the Transaction Documents. Except as set forth on Schedule 4.3 and except as a result of the purchase and sale
of the Securities, there are no outstanding options, warrants, scrip rights to subscribe to, calls or commitments of any character whatsoever
relating to, or securities, rights or obligations convertible into or exercisable or exchangeable for, or giving any Person any right
to subscribe for or acquire any shares of Common Stock, or contracts, commitments, understandings or arrangements by which the Company
or any Subsidiary is or may become bound to issue additional shares of Common Stock or Common Stock Equivalents. The issuance and sale
of the Securities will not obligate the Company to issue shares of Common Stock or other securities to any Person (other than the Investor)
and will not result in a right of any holder of Company securities to adjust the exercise, conversion, exchange or reset price under
any of such securities. Except as otherwise disclosed in its SEC filings, there are no stockholders’ agreements, voting agreements
or other similar agreements with respect to the Company’s capital stock to which the Company is a party or, to the knowledge of
the Company, between or among any of the Company’s stockholders and the Company is not obligated to register the sale of any of
its or their securities under the 1933 Act and there are no anti-dilution or price adjustment provisions contained in any security issued
by the Company (or in any agreement providing rights to security holders) that will be triggered by the issuance of any of the Securities.
The Company has furnished to the Investor true and correct copies of the Company’s Certificate of Incorporation as in effect on
the date hereof (“Certificate of Incorporation”), the Company’s By-laws, as in effect on the date hereof (the “By-laws”),
and the terms of all securities convertible into or exercisable for Common Stock of the Company and the material rights of the holders
thereof in respect thereto. The Common Stock is registered pursuant to Section 12(b) or 12(g) of the Exchange Act, and the Company has
taken no action designed to, or which to its knowledge is likely to have the effect of, terminating the registration of the Common Stock
under the Exchange Act nor has the Company received any notification that the SEC is contemplating terminating such registration. The
Company has not, in the twelve (12) months preceding the date hereof, received notice from the Principal Market on which the Common Stock
is or has been listed or quoted to the effect that the Company is not in compliance with the listing or maintenance requirements of such
Principal Market. The Company is and has no reason to believe that it will not in the foreseeable future continue to be, in compliance
with all such listing and maintenance requirements.

 

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Section
4.4 SEC DOCUMENTS; DISCLOSURE. Except as set forth on Schedule 4.4, the Company has filed all reports, schedules, forms,
statements and other documents required to be filed by the Company under the Securities Act and the Exchange Act, including pursuant
to Section 13(a) or 15(d) thereof, for the one (1) year preceding the date hereof (or such shorter period as the Company was required
by law or regulation to file such material) (the foregoing materials, including the exhibits thereto and documents incorporated by reference
therein, being collectively referred to herein as the “SEC Documents”) on a timely basis or has received a valid extension
of such time of filing and has filed any such SEC Documents prior to the expiration of any such extension. As of their respective dates,
the SEC Documents complied in all material respects with the requirements of the Securities Act and the Exchange Act, as applicable,
and other federal laws, rules and regulations applicable to such SEC Documents, and none of the SEC Documents when filed contained any
untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the
statements therein, in light of the circumstances under which they were made, not misleading. The financial statements of the Company
included in the SEC Documents comply as to form and substance in all material respects with applicable accounting requirements and the
published rules and regulations of the SEC or other applicable rules and regulations with respect thereto. Such financial statements
have been prepared in accordance with generally accepted accounting principles applied on a consistent basis during the periods involved
(except as may be otherwise indicated in such financial statements or the notes thereto or (b) in the case of unaudited interim statements,
to the extent they may not include footnotes or may be condensed or summary statements) and fairly present in all material respects the
financial position of the Company as of the dates thereof and the results of operations and cash flows for the periods then ended (subject,
in the case of unaudited statements, to normal, immaterial, year-end audit adjustments). Except with respect to the material terms and
conditions of the transactions contemplated by the Transaction Documents, the Company confirms that neither it nor any other Person acting
on its behalf has provided the Investor or its agents or counsel with any information that it believes constitutes or might constitute
material, non-public information. The Company understands and confirms that the Investor will rely on the foregoing representation in
effecting transactions in securities of the Company.

 

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Section
4.5 VALID ISSUANCES. The Securities are duly authorized and, when issued and paid for in accordance with the applicable Transaction
Documents, will be duly and validly issued, fully paid, and non-assessable, free and clear of all Liens imposed by the Company other
than restrictions on transfer provided for in the Transaction Documents.

 

Section
4.6 NO CONFLICTS. The execution, delivery and performance of the Transaction Documents by the Company and the consummation by
the Company of the transactions contemplated hereby and thereby, including, without limitation, the issuance of the Drawdown Notice Shares,
does not and will not: (a) result in a violation of the Company’s or any Subsidiary’s certificate or articles of incorporation,
by-laws or other organizational or charter documents, (b) conflict with, or constitute a material default (or an event that with notice
or lapse of time or both would become a material default) under, result in the creation of any Lien upon any of the properties or assets
of the Company or any Subsidiary, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement,
indenture, instrument or any “lock-up” or similar provision of any underwriting or similar agreement to which the
Company or any Subsidiary is a party, or (c) result in a violation of any federal, state or local law, rule, regulation, order, judgment
or decree (including federal and state securities laws and regulations) applicable to the Company or any Subsidiary or by which any property
or asset of the Company or any Subsidiary is bound or affected (except for such conflicts, defaults, terminations, amendments, accelerations,
cancellations and violations as would not, individually or in the aggregate, have a Material Adverse Effect) nor is the Company otherwise
in violation of, conflict with or in default under any of the foregoing. The business of the Company is not being conducted in violation
of any law, ordinance or regulation of any governmental entity, except for possible violations that either singly or in the aggregate
do not and will not have a Material Adverse Effect. The Company is not required under federal, state or local law, rule or regulation
to obtain any consent, authorization or order of, or make any filing or registration with, any court or governmental agency in order
for it to execute, deliver or perform any of its obligations under the Transaction Documents (other than any SEC, FINRA or state securities
filings that may be required to be made by the Company in connection with or subsequent to any Closing or any registration statement
that may be filed pursuant hereto); provided that, for purposes of the representation made in this sentence, the Company is assuming
and relying upon the accuracy of the relevant representations and agreements of Investor herein.

 

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Section
4.7 NO MATERIAL ADVERSE CHANGE. No event has occurred that would have a Material Adverse Effect on the Company that has not been
disclosed in subsequent SEC filings.

 

Section
4.8 LITIGATION AND OTHER PROCEEDINGS. Except as disclosed in the SEC Documents or as set forth on Schedule 4.8, there are
no actions, suits, investigations, inquiries or proceedings pending or, to the knowledge of the Company, threatened against or affecting
the Company, any Subsidiary or any of their respective properties, nor has the Company received any written or oral notice of any such
action, suit, proceeding, inquiry or investigation, which would have a Material Adverse Effect. No judgment, order, writ, injunction
or decree or award has been issued by or, to the knowledge of the Company, requested of any court, arbitrator or governmental agency
which would have a Material Adverse Effect. There has not been, and to the knowledge of the Company, there is not pending or contemplated,
any investigation by the SEC involving the Company, any Subsidiary or any current or former director or officer of the Company or any
Subsidiary.

 

Section
4.9 REGISTRATION RIGHTS. Except as set forth on Schedule 4.9, in the Registration Rights Agreement by and between the Parties
of even date herewith, attached hereto as Exhibit B, no Person (other than the Investor) has any right to cause the Company to effect
the registration under the Securities Act of any securities of the Company or any Subsidiary.

 

ARTICLE
V

COVENANTS OF INVESTOR

 

Section
5.1 SHORT SALES AND CONFIDENTIALITY. Neither the Investor, nor any affiliate of the Investor, trading for or on behalf of the
Investor as a “related party” as defined by Item 404 of Regulation SK, will execute any Short Sales (as defined by the US
Securities and Exchange Commission) during the period from the date hereof to the end of the Commitment Period. For the purposes hereof,
and in accordance with Regulation SHO, the sale after delivery of the Drawdown Notice of such number of shares of Common Stock reasonably
expected to be purchased under the Drawdown Notice shall not be deemed a Short Sale. The Investor shall, until such time as the transactions
contemplated by the Transaction Documents are publicly disclosed by the Company in accordance with the terms of the Transaction Documents,
maintain the confidentiality of the existence and terms of this transaction and the information included in the Transaction Documents.

 

Section
5.2 COMPLIANCE WITH LAW; TRADING IN SECURITIES. The Investor’s trading activities with respect to shares of Common Stock
will be in compliance with all applicable state and federal securities laws and regulations and the rules and regulations of FINRA and
the Principal Market.

 

ARTICLE
VI

COVENANTS OF THE COMPANY

 

Section
6.1 LISTING OF COMMON STOCK. The Company shall promptly secure the listing of all of the Drawdown Notice Shares to be issued to
the Investor hereunder on the Principal Market (subject to official notice of issuance) and shall use commercially reasonable efforts
to maintain, so long as any shares of Common Stock shall be so listed, the listing of all such Drawdown Notice Shares from time to time
issuable hereunder. The Company shall use its commercially reasonable efforts to continue the listing and trading of the Common Stock
on the Principal Market (including, without limitation, maintaining sufficient net tangible assets) and will comply in all respects with
the Company’s reporting, filing and other obligations under the bylaws or rules of FINRA and the Principal Market.

 

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Section
6.2 FILING OF CURRENT REPORT AND REGISTRATION STATEMENT. The Company agrees that it shall file a Current Report on Form 8-K, including
the Transaction Documents as exhibits thereto, with the SEC within the time required by the Exchange Act, relating to the transactions
contemplated by, and describing the material terms and conditions of, the Transaction Documents (the “Current Report”).
The Company shall permit the Investor to review and comment upon the final pre-filing draft version of the Current Report at least two
(2) Business Days prior to its filing with the SEC, and the Company shall give reasonable consideration to all such comments. The Investor
shall use its commercially reasonable efforts to comment upon the final pre-filing draft version of the Current Report within one (1)
Business Day from the date the Investor receives it from the Company. The Company shall also file with the SEC, within forty-five
(45) Business Days from the date hereof, a new registration statement (the “Registration Statement”) covering
only the resale of the Drawdown Notice Shares and any other shares as directed by Investor.

 

ARTICLE
VII

CONDITIONS TO DELIVERY OF

DRAWDOWN NOTICE AND CONDITIONS TO CLOSING

 

Section
7.1 CONDITIONS PRECEDENT TO THE RIGHT OF THE COMPANY TO ISSUE AND SELL DRAWDOWN NOTICE SHARES. The right of the Company to issue
and sell the Drawdown Notice Shares to the Investor is subject to the satisfaction of each of the conditions set forth below:

 

 

	 	(a)	ACCURACY
    OF COMPANY’S REPRESENTATIONS AND WARRANTIES. The representations and warranties of the Company shall be true and correct
    in all material respects as of the date of this Agreement and as of the date of each Closing as though made at each such time.
	 	 	 
	 	(b)	ADVERSE
    CHANGES. Since the date of filing of the Company’s most recent SEC Document, no event that had or is reasonably likely
    to have a Material Adverse Effect has occurred.
	 	 	 
	 	(c)	NO
    KNOWLEDGE. The Company shall have no knowledge of an event it reasonably deems more likely than not to have the effect of causing
    the Registration Statement to be suspended or otherwise ineffective (which event is more likely than not to occur within the fifteen
    (15) Business Days following the Business Day on which such Drawdown Notice is deemed delivered).
	 	 	 
	 	(d)	PERFORMANCE
    BY COMPANY. Company shall have performed, satisfied and complied in all respects with all covenants, agreements and conditions
    required by this Agreement to be performed, satisfied or complied with by the Company at or prior to such Closing.
	 	 	 
	 	(e)	PRINCIPAL
    MARKET REGULATION. The Company shall not issue any Drawdown Notice Shares, and the Investor shall not have the right to receive
    any Drawdown Notice Shares, if the issuance of such Drawdown Notice Shares would exceed the aggregate number of shares of Common
    Stock which the Company may issue without breaching the Company’s obligations under the rules or regulations of the Principal
    Market (the “Exchange Cap”).
	 	 	 
	 	(f)	NO
    VIOLATION OF SHAREHOLDER APPROVAL REQUIREMENT. The issuance of the Drawdown Notice Shares shall not violate the shareholder approval
    requirements of the Principal Market.

 

    	Page 12 of 23

     

    

 

Section
7.2 CONDITIONS PRECEDENT TO THE OBLIGATION OF INVESTOR TO DRAWDOWN NOTICE SHARES. The obligation of the Investor hereunder to
purchase Drawdown Notice Shares is subject to the satisfaction of each of the following conditions:

 

 

	 	(a)	EFFECTIVE
    REGISTRATION STATEMENT. The Registration Statement, and any amendment or supplement thereto, shall remain effective for the resale
    by the Investor of the Drawdown Notice Shares and (i) neither the Company nor the Investor shall have received notice that the SEC
    has issued or intends to issue a stop order with respect to such Registration Statement or that the SEC otherwise has suspended or
    withdrawn the effectiveness of such Registration Statement, either temporarily or permanently, or intends or has threatened to do
    so and (ii) no other suspension of the use of, or withdrawal of the effectiveness of, such Registration Statement or related prospectus
    shall exist.
	 	 	 
	 	(b)	ACCURACY
    OF THE COMPANY’S REPRESENTATIONS AND WARRANTIES. The representations and warranties of the Company’s shall be true
    and correct in all material respects as of the date of this Agreement and as of the date of each Closing (except for representations
    and warranties specifically made as of a particular date). 
	 	 	 
	 	(c)	PERFORMANCE
    BY THE COMPANY. The Company shall have performed, satisfied and complied in all material respects with all covenants, agreements
    and conditions required by this Agreement to be performed, satisfied or complied with by the Company.
	 	 	 
	 	(d)	NO
    INJUNCTION. No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated
    or adopted by any court or governmental authority of competent jurisdiction that prohibits or directly and materially adversely affects
    any of the transactions contemplated by the Transaction Documents, and no proceeding shall have been commenced that may have the
    effect of prohibiting or materially adversely affecting any of the transactions contemplated by the Transaction Documents.
	 	 	 
	 	(e)	SEC
    DOCUMENTS. All reports, schedules, registrations, forms, statements, information and other documents required to have been filed
    by the Company with the SEC pursuant to the reporting requirements of the Exchange Act shall have been filed with the SEC within
    the applicable time periods prescribed for such filings under the Exchange Act.
	 	 	 
	 	(f)	NO
    SUSPENSION OF TRADING IN OR DELISTING OF COMMON STOCK. The trading of the Common Stock shall not have been suspended by the SEC,
    the Principal Market or FINRA, or otherwise halted for any reason, and the Common Stock shall have been approved for listing or quotation
    on and shall not have been delisted from the Principal Market. In the event of a suspension, delisting, or halting for any reason,
    of the trading of the Common Stock, as contemplated by this Section 7.2(f), the Investor shall have the right to return to the Company
    any amount of Drawdown Notice Shares associated with such Drawdown Notice, and the Investment Amount with respect to such Drawdown
    Notice shall be reduced accordingly.
	 	 	 
	 	(g)	BENEFICIAL
    OWNERSHIP LIMITATION. The number of Drawdown Notice Shares then to be purchased by the Investor shall not exceed the number of
    such shares that, when aggregated with all other shares of Common Stock then owned by the Investor beneficially or deemed beneficially
    owned by the Investor, would result in the Investor owning more than the Beneficial Ownership Limitation (as defined below), as determined
    in accordance with Section 16 of the Exchange Act and the regulations promulgated thereunder. For purposes of this Section 7.2(g),
    in the event that the amount of Common Stock outstanding is greater on a Closing Date than on the date upon which the Drawdown Notice
    associated with such Closing Date is given, the amount of Common Stock outstanding on such issuance of a Drawdown Notice shall govern
    for purposes of determining whether the Investor, when aggregating all purchases of Common Stock made pursuant to this Agreement,
    would own more than the Beneficial Ownership Limitation following such Closing Date. The “Beneficial Ownership Limitation”
    shall be 4.99% of the number of shares of the Common Stock outstanding immediately prior to the issuance of shares of Common Stock
    issuable pursuant to a Drawdown Notice. 
	 	 	 
	 	(h)	PRINCIPAL
    MARKET REGULATION. The issuance of the Drawdown Notice Shares shall not exceed the Exchange Cap.
	 	 	 
	 	(i)	DWAC
    ELIGIBLE. The Common Stock must be DWAC Eligible and not subject to a “DTC chill”.

 

    	Page 13 of 23

     

    

 

ARTICLE
VIII

LEGENDS

 

Section
8.1 NO RESTRICTIVE STOCK LEGEND. No restrictive stock legend shall be placed on the share certificates representing the Drawdown
Notice Shares.

 

Section
8.2 INVESTOR’S COMPLIANCE. Nothing in this Article VIII shall affect in any way the Investor’s obligations hereunder
to comply with all applicable securities laws upon the sale of the Common Stock.

 

ARTICLE
IX

NOTICES; INDEMNIFICATION

 

Section
9.1 NOTICES. All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder shall
be in writing and, unless otherwise specified herein, shall be (a) personally served, (b) deposited in the mail, registered or certified,
return receipt requested, postage prepaid, (c) delivered by reputable air courier service with charges prepaid, or (d) transmitted by
hand delivery, telegram, or email as a PDF, addressed as set forth below or to such other address as the Party shall have specified most
recently by written notice given in accordance herewith. Any notice or other communication required or permitted to be given hereunder
shall be deemed effective (i) upon hand delivery or delivery by email at the address designated below (if delivered on a business day
during normal business hours where such notice is to be received), or the first business day following such delivery (if delivered other
than on a business day during normal business hours where such notice is to be received) or (ii) on the second business day following
the date of mailing by express courier service or on the fifth business day after deposited in the mail, in each case, fully prepaid,
addressed to such address, or upon actual receipt of such mailing, whichever shall first occur.

 

The
addresses for such communications shall be:

 

If
to the Company:

 

Sugarmade,
Inc.

Attn:
Jimmy Chan

750
Royal Oaks Drive, Suite 108

Monrovia,
CA 91016

Email: jimmy@sugarmade.com  

 

If
to the Investor:

 

DUTCHESS
CAPITAL GROWTH FUND LP

ATT/Michael
Novielli

75
Port City Landing, Suite 200

Mount
Pleasant, SC 29464

Email:
mnovielli@dutchesscapital.com

 

Either party hereto may from time to time change its address or email for notices under this Section 9.1 by giving at least ten (10)
days’ prior written notice of such changed address to the other party hereto.

 

    	Page 14 of 23

     

    

 

Section
9.2 INDEMNIFICATION. Each Party (an “Indemnifying Party”) agrees to indemnify and hold harmless the other Party
along with its officers, directors, employees, and authorized agents, and each Person or entity, if any, who controls such party within
the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (an “Indemnified Party”) from and
against any Damages, joint or several, and any action in respect thereof to which the Indemnified Party becomes subject to, resulting
from, arising out of or relating to (i) any misrepresentation, breach of warranty or nonfulfillment of or failure to perform any covenant
or agreement on the part of the Indemnifying Party contained in this Agreement, (ii) any untrue statement or alleged untrue statement
of a material fact contained in the Registration Statement or any post-effective amendment thereof or supplement thereto, or the omission
or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein not misleading,
(iii) any untrue statement or alleged untrue statement of a material fact contained in any preliminary prospectus or contained in the
final prospectus (as amended or supplemented, if the Company files any amendment thereof or supplement thereto with the SEC) or the omission
or alleged omission to state therein any material fact necessary to make the statements made therein, in the light of the circumstances
under which the statements therein were made, not misleading, or (iv) any violation or alleged violation by the Company of the Securities
Act, the Exchange Act, any state securities law or any rule or regulation under the Securities Act, the Exchange Act or any state securities
law, as such Damages are incurred, except to the extent such Damages result primarily from the Indemnified Party’s failure to perform
any covenant or agreement contained in this Agreement or the Indemnified Party’s negligence, recklessness or bad faith in performing
its obligations under this Agreement; provided, however, that the foregoing indemnity agreement shall not apply to any
Damages of an Indemnified Party to the extent, but only to the extent, arising out of or based upon any untrue statement or alleged untrue
statement or omission or alleged omission made by an Indemnifying Party in reliance upon and in conformity with written information furnished
to the Indemnifying Party by the Indemnified Party expressly for use in the Registration Statement, any post-effective amendment thereof
or supplement thereto, or any preliminary prospectus or final prospectus (as amended or supplemented).

 

Section
9.3 METHOD OF ASSERTING INDEMNIFICATION CLAIMS. All claims for indemnification by any Indemnified Party under Section 9.2 shall
be asserted and resolved as follows:

 

	 	(a)	In
    the event any claim or demand in respect of which an Indemnified Party might seek indemnity under Section 9.2 is asserted against
    or sought to be collected from such Indemnified Party by a Person other than a party hereto or an affiliate thereof (a “Third
    Party Claim”), the Indemnified Party shall deliver a written notification, enclosing a copy of all papers served, if any,
    and specifying the nature of and basis for such Third Party Claim and for the Indemnified Party’s claim for indemnification
    that is being asserted under any provision of Section 9.2 against an Indemnifying Party, together with the amount or, if not then
    reasonably ascertainable, the estimated amount, determined in good faith, of such Third Party Claim (a “Claim Notice”)
    with reasonable promptness to the Indemnifying Party. If the Indemnified Party fails to provide the Claim Notice with reasonable
    promptness after the Indemnified Party receives notice of such Third Party Claim, the Indemnifying Party shall not be obligated to
    indemnify the Indemnified Party with respect to such Third Party Claim to the extent that the Indemnifying Party’s ability
    to defend has been prejudiced by such failure of the Indemnified Party. The Indemnifying Party shall notify the Indemnified Party
    as soon as practicable within the period ending thirty (30) calendar days following receipt by the Indemnifying Party of either a
    Claim Notice or an Indemnity Notice (as defined below) (the “Dispute Period”) whether the Indemnifying Party disputes
    its liability or the amount of its liability to the Indemnified Party under Section 9.2 and whether the Indemnifying Party desires,
    at its sole cost and expense, to defend the Indemnified Party against such Third Party Claim.

 

    	Page 15 of 23

     

    

 

	 	(i)	If
    the Indemnifying Party notifies the Indemnified Party within the Dispute Period that the Indemnifying Party desires to defend the
    Indemnified Party with respect to the Third Party Claim pursuant to this Section 9.3(a), then the Indemnifying Party shall have the
    right to defend, with counsel reasonably satisfactory to the Indemnified Party, at the sole cost and expense of the Indemnifying
    Party, such Third Party Claim by all appropriate proceedings, which proceedings shall be vigorously and diligently prosecuted by
    the Indemnifying Party to a final conclusion or will be settled at the discretion of the Indemnifying Party (but only with the consent
    of the Indemnified Party in the case of any settlement that provides for any relief other than the payment of monetary damages or
    that provides for the payment of monetary damages as to which the Indemnified Party shall not be indemnified in full pursuant to
    Section 9.2). The Indemnifying Party shall have full control of such defense and proceedings, including any compromise or settlement
    thereof; provided, however, that the Indemnified Party may, at the sole cost and expense of the Indemnified Party,
    at any time prior to the Indemnifying Party’s delivery of the notice referred to in the first sentence of this clause (i),
    file any motion, answer or other pleadings or take any other action that the Indemnified Party reasonably believes to be necessary
    or appropriate to protect its interests; and provided, further, that if requested by the Indemnifying Party, the Indemnified
    Party will, at the sole cost and expense of the Indemnifying Party, provide reasonable cooperation to the Indemnifying Party in contesting
    any Third Party Claim that the Indemnifying Party elects to contest. The Indemnified Party may participate in, but not control, any
    defense or settlement of any Third Party Claim controlled by the Indemnifying Party pursuant to this clause (i), and except as provided
    in the preceding sentence, the Indemnified Party shall bear its own costs and expenses with respect to such participation. Notwithstanding
    the foregoing, the Indemnified Party may take over the control of the defense or settlement of a Third Party Claim at any time if
    it irrevocably waives its right to indemnity under Section 9.2 with respect to such Third Party Claim.
	 	 	 
	 	(ii)	If
    the Indemnifying Party fails to notify the Indemnified Party within the Dispute Period that the Indemnifying Party desires to defend
    the Third Party Claim pursuant to Section 9.3(a), or if the Indemnifying Party gives such notice but fails to prosecute vigorously
    and diligently or settle the Third Party Claim, or if the Indemnifying Party fails to give any notice whatsoever within the Dispute
    Period, then the Indemnified Party shall have the right to defend, at the sole cost and expense of the Indemnifying Party, the Third
    Party Claim by all appropriate proceedings, which proceedings shall be prosecuted by the Indemnified Party in a reasonable manner
    and in good faith or will be settled at the discretion of the Indemnified Party(with the consent of the Indemnifying Party, which
    consent will not be unreasonably withheld). The Indemnified Party will have full control of such defense and proceedings, including
    any compromise or settlement thereof; provided, however, that if requested by the Indemnified Party, the Indemnifying Party will,
    at the sole cost and expense of the Indemnifying Party, provide reasonable cooperation to the Indemnified Party and its counsel in
    contesting any Third Party Claim which the Indemnified Party is contesting. Notwithstanding the foregoing provisions of this clause
    (ii), if the Indemnifying Party has notified the Indemnified Party within the Dispute Period that the Indemnifying Party disputes
    its liability or the amount of its liability hereunder to the Indemnified Party with respect to such Third Party Claim and if such
    dispute is resolved in favor of the Indemnifying Party in the manner provided in clause (iii) below, the Indemnifying Party will
    not be required to bear the costs and expenses of the Indemnified Party’s defense pursuant to this clause (ii) or of the Indemnifying
    Party’s participation therein at the Indemnified Party’s request, and the Indemnified Party shall reimburse the Indemnifying
    Party in full for all reasonable costs and expenses incurred by the Indemnifying Party in connection with such litigation. The Indemnifying
    Party may participate in, but not control, any defense or settlement controlled by the Indemnified Party pursuant to this clause
    (ii), and the Indemnifying Party shall bear its own costs and expenses with respect to such participation.

 

    	Page 16 of 23

     

    

 

	 	(iii)	If
    the Indemnifying Party notifies the Indemnified Party that it does not dispute its liability or the amount of its liability to the
    Indemnified Party with respect to the Third Party Claim under Section 9.2 or fails to notify the Indemnified Party within the Dispute
    Period whether the Indemnifying Party disputes its liability or the amount of its liability to the Indemnified Party with respect
    to such Third Party Claim, the amount of Damages specified in the Claim Notice shall be conclusively deemed a liability of the Indemnifying
    Party under Section 9.2 and the Indemnifying Party shall pay the amount of such Damages to the Indemnified Party on demand. If the
    Indemnifying Party has timely disputed its liability or the amount of its liability with respect to such claim, the Indemnifying
    Party and the Indemnified Party shall proceed in good faith to negotiate a resolution of such dispute; provided, however,
    that if the dispute is not resolved within thirty (30) days after the Claim Notice, the Indemnifying Party shall be entitled to institute
    such legal action as it deems appropriate.
	 	 	 
	 	(b)	In
    the event any Indemnified Party should have a claim under Section 9.2 against the Indemnifying Party that does not involve a Third
    Party Claim, the Indemnified Party shall deliver a written notification of a claim for indemnity under Section 9.2 specifying the
    nature of and basis for such claim, together with the amount or, if not then reasonably ascertainable, the estimated amount, determined
    in good faith, of such claim (an “Indemnity Notice”) with reasonable promptness to the Indemnifying Party. The
    failure by any Indemnified Party to give the Indemnity Notice shall not impair such party’s rights hereunder except to the
    extent that the Indemnifying Party demonstrates that it has been irreparably prejudiced thereby. If the Indemnifying Party notifies
    the Indemnified Party that it does not dispute the claim or the amount of the claim described in such Indemnity Notice or fails to
    notify the Indemnified Party within the Dispute Period whether the Indemnifying Party disputes the claim or the amount of the claim
    described in such Indemnity Notice, the amount of Damages specified in the Indemnity Notice will be conclusively deemed a liability
    of the Indemnifying Party under Section 9.2 and the Indemnifying Party shall pay the amount of such Damages to the Indemnified Party
    on demand. If the Indemnifying Party has timely disputed its liability or the amount of its liability with respect to such claim,
    the Indemnifying Party and the Indemnified Party shall proceed in good faith to negotiate a resolution of such dispute; provided,
    however, that if the dispute is not resolved within thirty (30) days after the Claim Notice, the Indemnifying Party shall be entitled
    to institute such legal action as it deems appropriate.
	 	 	 
	 	(c)	The
    Indemnifying Party agrees to pay the Indemnified Party, promptly as such expenses are incurred and are due and payable, for any reasonable
    legal fees or other reasonable expenses incurred by them in connection with investigating or defending any such Claim.
	 	 	 
	 	(d)	The
    indemnity provisions contained herein shall be in addition to (i) any cause of action or similar rights of the Indemnified Party
    against the Indemnifying Party or others, and (ii) any liabilities the Indemnifying Party may be subject to.

 

    	Page 17 of 23

     

    

 

ARTICLE
X

MISCELLANEOUS

 

Section
10.1 GOVERNING LAW; JURISDICTION. This Agreement shall be governed by and interpreted in accordance with the laws of the State
of Delaware without regard to the principles of conflicts of law. Each of the Company and the Investor hereby submits to the exclusive
jurisdiction of the United States federal and state courts located in California, County of Los Angeles, with respect to any dispute
arising under the Transaction Documents or the transactions contemplated thereby.

 

Section
10.2 JURY TRIAL WAIVER. The Company and the Investor hereby waive a trial by jury in any action, proceeding or counterclaim brought
by either of the Parties hereto against the other in respect of any matter arising out of or in connection with the Transaction Documents.

 

Section
10.3 ASSIGNMENT. The Transaction Documents shall be binding upon and inure to the benefit of the Company and the Investor and their respective
successors. Neither this Agreement nor any rights of the Investor or the Company hereunder may be assigned by either party to any other
Person.

 

Section
10.4 NO THIRD-PARTY BENEFICIARIES. This Agreement is intended for the benefit of the Company and the Investor and their respective
successors, and is not for the benefit of, nor may any provision hereof be enforced by, any other Person, except as set forth in Section
9.3.

 

Section
10.5 TERMINATION. The Company may terminate this Agreement at any time by written notice to the Investor in the event of a material
breach of this Agreement by the Investor. In addition, this Agreement shall automatically terminate on the earlier of (i) the end of
the Commitment Period; (ii) the date that the Company sells and the Investor purchases the Commitment Amount; (iii) the date in which
the Registration Statement is no longer effective, or (iv) the date that, pursuant to or within the meaning of any Bankruptcy Law, the
Company commences a voluntary case or any Person commences a proceeding against the Company, a Custodian is appointed for the Company
or for all or substantially all of its property or the Company makes a general assignment for the benefit of its creditors; provided,
however, that the provisions of Articles III, IV, V, VI, IX and the agreements and covenants of the Company and the Investor set forth
in Article X shall survive the termination of this Agreement.

 

    	Page 18 of 23

     

    

 

Section
10.6 ENTIRE AGREEMENT. The Transaction Documents, together with the exhibits and schedules thereto, contain the entire understanding
of the Company and the Investor with respect to the matters covered herein and therein and supersede all prior agreements and understandings,
oral or written, with respect to such matters, which the Parties acknowledge have been merged into such documents, exhibits and schedules.

 

Section
10.7 FEES AND EXPENSES. Except as expressly set forth in the Transaction Documents or any other writing to the contrary, each
Party shall pay the fees and expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred
by such party incident to the negotiation, preparation, execution, delivery and performance of this Agreement. The Company shall pay
the Clearing Cost associated with each Closing, and any Transfer Agent fees (including any fees required for same-day processing of any
instruction letter delivered by the Company), stamp taxes and other taxes and duties levied in connection with the delivery of any Securities
to the Investor.

 

Section
10.8 COUNTERPARTS. The Transaction Documents may be executed in multiple counterparts, each of which may be executed by less than
all of the Parties and shall be deemed to be an original instrument which shall be enforceable against the Parties actually executing
such counterparts and all of which together shall constitute one and the same instrument. The Transaction Documents may be delivered
to the other parties hereto by email of a copy of the Transaction Documents bearing the signature of the parties so delivering this Agreement.

 

Section
10.9 SEVERABILITY. In the event that any provision of this Agreement becomes or is declared by a court of competent jurisdiction
to be illegal, unenforceable or void, this Agreement shall continue in full force and effect without said provision; provided that such
severability shall be ineffective if it materially changes the economic benefit of this Agreement to any Party.

 

Section
10.10 FURTHER ASSURANCES. Each Party shall do and perform, or cause to be done and performed, all such further acts and things,
and shall execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably request
in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated
hereby.

 

Section
10.11 NO STRICT CONSTRUCTION. The language used in this Agreement will be deemed to be the language chosen by the Parties to express
their mutual intent, and no rules of strict construction will be applied against any Party.

 

Section
10.12 EQUITABLE RELIEF. The Company recognizes that in the event that it fails to perform, observe, or discharge any or all of
its obligations under this Agreement, any remedy at law may prove to be inadequate relief to the Investor. The Company therefore agrees
that the Investor shall be entitled to temporary and permanent injunctive relief in any such case without the necessity of proving actual
damages.

 

    	Page 19 of 23

     

    

 

Section
10.13 TITLE AND SUBTITLES. The titles and subtitles used in this Agreement are used for the convenience of reference and are not
to be considered in construing or interpreting this Agreement.

 

Section
10.14 AMENDMENTS; WAIVERS. No provision of this Agreement may be amended or waived by the Parties from and after the date that
is one (1) Business Day immediately preceding the initial filing of the Registration Statement with the SEC. Subject to the immediately
preceding sentence, (i) no provision of this Agreement may be amended other than by a written instrument signed by both Parties hereto
and (ii) no provision of this Agreement may be waived other than in a written instrument signed by the Party against whom enforcement
of such waiver is sought. No failure or delay in the exercise of any power, right or privilege hereunder shall operate as a waiver thereof,
nor shall any single or partial exercise of any such power, right or privilege preclude other or further exercise thereof or of any other
right, power or privilege.

 

Section
10.15 PUBLICITY. The Company and the Investor shall consult with each other in issuing any press releases or otherwise making
public statements with respect to the transactions contemplated hereby and no Party shall issue any such press release or otherwise make
any such public statement, other than as required by law, without the prior written consent of the other parties, which consent shall
not be unreasonably withheld or delayed, except that no prior consent shall be required if such disclosure is required by law, in which
such case the disclosing Party shall provide the other Party with prior notice of such public statement. Notwithstanding the foregoing,
the Company shall not publicly disclose the name of the Investor without the prior written consent of the Investor, except to the extent
required by law. The Investor acknowledges that the Transaction Documents may be deemed to be “material contracts,”
as that term is defined by Item 601(b)(10) of Regulation S-K, and that the Company may therefore be required to file such documents as
exhibits to reports or registration statements filed under the Securities Act or the Exchange Act. The Investor further agrees that the
status of such documents and materials as material contracts shall be determined solely by the Company, in consultation with its counsel.

 

[Signature
Page Follows]

 

    	Page 20 of 23

     

    

 

IN
WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed by their respective officers thereunto duly authorized
as of the day and year first above written.

 

	 	SUGARMADE,
    INC.
	 	 
	 	By:	 
	 	 	/s/
    Jimmy Chan
	 	Name:	Jimmy
    Chan
	 	Title:	Chief
    Executive Officer
	 	 	 
	 	DUTCHESS
    CAPITAL GROWTH FUND LP
	 	 	 
	 	By:	 
	 	 	/s/
    Michael Novielli
	 	Name:	Michael
    Novielli
	 	Title:	Managing
    Member, Dutchess Capital

 Advisors LLC, General Partner to:

 Dutchess Capital Growth Fund L.P.

 

[Signature
Page to Common Stock Purchase Agreement]

 

    	Page 21 of 23

     

    

 

DISCLOSURE
SCHEDULES TO

EQUITY PURCHASE AGREEMENT

 

Schedule
4.3 – Capitalization

 

Schedule
4.4 – SEC Documents

 

Schedule
4.8 – Litigation

 

Schedule
4.9 – Registration Rights

 

    	Page 22 of 23

     

    

 

EXHIBIT
A

 

FORM
OF DRAWDOWN NOTICE

 

TO:
DUTCHESS CAPITAL GROWTH FUND LP

 

We
refer to the common stock purchase agreement, dated as of January [___], 2022, (the “Agreement”), entered into by
and between SUGARMADE, INC. and you. Capitalized terms defined in the Agreement shall, unless otherwise defined herein, have the same
meaning when used herein.

 

We
hereby:

 

1)
Give you notice that we require you to purchase _______________ Drawdown Notice Shares; and

 

2)
Certify that, as of the date hereof, the conditions set forth in Section 7.2 of the Agreement are satisfied.

 

 

	 	SUGARMADE,
    INC.
	 	 
	 	By:	 
	 	Name:	Jimmy
    Chan
	 	Title:	Chief
    Executive Officer

 

    	Page 23 of 23Exhibit
10.2

 

REGISTRATION
RIGHTS AGREEMENT

 

This
REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of January 6, 2022, by and between SUGARMADE, INC., a Delaware
corporation (the “Company”), and DUTCHESS CAPITAL GROWTH FUND, LP, a Delaware limited partnership (together with it
permitted assigns, the “Investor”) (the Company and Investor each a “Party” and together the “Parties”).
Capitalized terms used herein and not otherwise defined herein shall have the respective meanings set forth in the Common Stock Purchase
Agreement by and between the Parties, dated as of the date hereof (as amended, restated, supplemented, or otherwise modified from time
to time, the “Purchase Agreement”).

 

RECITALS

 

WHEREAS,
in consideration of Ten Million Dollars ($10,000,000) of Company Common stock that may be issued by the Company under
the Purchase Agreement, and to induce the Investor to enter into the Purchase Agreement, the Company has agreed to provide to Investor
certain registration rights under the Securities Act of 1933, as amended, and the rules and regulations thereunder, or any similar successor
statute (collectively, the “Securities Act”), and any applicable state securities laws. This Agreement sets for the
terms and conditions agreed upon by the Parties of such registration rights.

 

NOW,
THEREFORE, in consideration of the promises and the mutual covenants contained herein and in the Purchase Agreement, and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:

 

	1.	DEFINITIONS.
                                            As used in this Agreement, the following terms shall have the following meanings:

 

		(a)	“Investor”
                                            means Dutchess Capital Growth Fund, LP, as defined above, including any transferee or assignee
                                            thereof to whom an Investor assigns its rights under this Agreement in accordance with Section
                                            8 hereof, and who agrees to become bound by the provisions of this Agreement, and any transferee
                                            or assignee thereof to whom a transferee or assignee subsequently assigns its rights under
                                            this Agreement in accordance with Section 8 hereof, and who agrees to become bound by the
                                            provisions of this Agreement.

 

		(b)	“Person”
                                            means any individual or entity including, but not limited to, any corporation, a limited
                                            liability company, an association, a partnership, an organization, a business, an individual,
                                            a governmental or political subdivision thereof or a governmental agency.

 

		(c)	“Register”,
                                            “registered”, and “registration” refer to a registration
                                            effected by preparing and filing one or more registration statements of the Company in compliance
                                            with the Securities Act and/or pursuant to Rule 415 under the Securities Act or any successor
                                            rule providing for offering securities on a continuous basis (“Rule 415”),
                                            and the declaration or ordering of effectiveness of such registration statement(s) by the
                                            United States Securities and Exchange Commission (the “SEC”).

 

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		(d)	“Registrable
                                            Securities” means (a) an aggregate of up to the Drawdown Notice Shares , and (b)
                                            any shares of common stock issued to the Investor as a result of any stock split, stock dividend,
                                            recapitalization, exchange or similar event.

 

		(e)	“Registration
                                            Statement” means one or more registration statements of the Company covering only
                                            the sale of the Registrable Securities.

 

	2.	REGISTRATION.

 

		(a)	Mandatory
                                            Registration. The Company shall, within forty-five (45) Business Days from the date hereof,
                                            file with the SEC an initial Registration Statement covering the maximum number of Registrable
                                            Securities (beginning with the Drawdown Notice Shares as shall be permitted to be included
                                            thereon in accordance with applicable SEC rules, regulations and interpretations so as to
                                            permit the resale of such Registrable Securities by the Investor, including but not limited
                                            to under Rule 415 under the Securities Act at then-prevailing market prices (and not fixed
                                            prices), as mutually determined by both the Company and the Investor in consultation with
                                            their respective legal counsel, not to exceed the aggregate number of authorized shares of
                                            the Company’s Common Stock then available for issuance in its Certificate of Incorporation
                                            at the time such Registration Statement is filed. The initial Registration Statement shall
                                            register only the Registrable Securities. The Investor and its counsel shall have a reasonable
                                            opportunity to review and comment upon such Registration Statement and any amendment or supplement
                                            to such Registration Statement and any related prospectus prior to its filing with or submission
                                            to the SEC, and the Company shall consider any reasonable recommendations. The Investor shall
                                            promptly furnish all information reasonably requested by the Company for inclusion therein.
                                            The Company shall use commercially reasonable efforts to have the initial Registration Statement
                                            and any amendment declared effective by the SEC as soon as practicable. The Company shall
                                            use commercially reasonable efforts to maintain the effective status of the Registration
                                            Statement, including, but not limited, to requirements under Rule 415 promulgated under the
                                            Securities Act and available for the resale by the Investor of all of the Registrable Securities
                                            covered thereby at all times until the earlier of (i) the date as of which the Investor may
                                            sell all of the Registrable Securities without restriction pursuant to Rule 144 promulgated
                                            under the Securities and (ii) the date on which the Investor shall have sold all the Registrable
                                            Securities covered thereby and no Available Amount remains under the Purchase Agreement (the
                                            “Registration Period”). The Company shall use commercially reasonable
                                            efforts in preparing the Registration Statement (including any amendments or supplements
                                            thereto and prospectuses contained therein) in order for the Registration Statement to not
                                            contain any untrue statement of a material fact or omit to state a material fact required
                                            to be stated therein, or necessary to make the statements therein, in light of the circumstances
                                            in which they were made, not misleading.

 

		(b)	Rule
                                            424 Prospectus. The Company shall, as required by applicable securities regulations,
                                            from time-to-time file with the SEC, pursuant to Rule 424 promulgated under the Securities
                                            Act, the prospectus and prospectus supplements, if any, to be used in connection with sales
                                            of the Registrable Securities under the Registration Statement. The Investor and its counsel
                                            shall have a reasonable opportunity to review and comment upon such prospectus prior to its
                                            filing with or submission to the SEC, and the Company shall give due consideration to all
                                            such comments and/or reasonable recommendations. The Investor shall use commercially reasonable
                                            efforts to comment upon such prospectus within one (1) Business Day from the date the Investor
                                            receives the final pre-filing version of such prospectus.

 

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		(c)	Sufficient
                                            Number of Shares Registered. In the event the number of shares available under the Registration
                                            Statement is insufficient to cover all of the Registrable Securities, the Company shall amend
                                            the Registration Statement or file a new Registration Statement (a “New Registration
                                            Statement”), so as to cover all of such Registrable Securities (subject to the limitations
                                            set forth in Section 2(a)) as soon as practicable, but in any event not later than ten (10)
                                            Business Days after the necessity therefor arises, subject to any limits that may be imposed
                                            by the SEC pursuant to Rule 415 under the Securities Act. The Company shall use its commercially
                                            reasonable efforts to cause such amendment and/or New Registration Statement to become effective
                                            as soon as practicable following the filing thereof. Unless the Registration Period has ended,
                                            in the event that any of the Drawdown Notice Shares are not included in the Registration
                                            Statement, or have not been included in any New Registration Statement and the Company files
                                            any other registration statement under the Securities Act (other than on Form S-4, Form S-8,
                                            or with respect to other employee related plans or rights offerings) (“Other Registration
                                            Statement”) then the Company shall include in such Other Registration Statement
                                            first all of such Drawdown Notice Shares that have not been previously registered, and second
                                            any other securities the Company wishes to include in such Other Registration Statement.
                                            Unless the Registration Period has ended, the Company agrees that it shall not file any such
                                            Other Registration Statement unless all of the Drawdown Notice Shares have been included
                                            in such Other Registration Statement or otherwise have been registered for resale as described
                                            above.

 

		(d)	Offering.
                                            If the staff of the SEC (the “Staff’) or the SEC seeks to characterize
                                            any offering pursuant to a Registration Statement filed pursuant to this Agreement as constituting
                                            an offering of securities that does not permit such Registration Statement to become effective
                                            and be used for resales by the Investor under Rule 415 at then-prevailing market prices (and
                                            not fixed prices), or if after the filing of the initial Registration Statement with the
                                            SEC pursuant to Section 2(a), the Company is otherwise required by the Staff or the SEC to
                                            reduce the number of Registrable Securities included in such initial Registration Statement,
                                            then the Company shall reduce the number of Registrable Securities to be included in such
                                            initial Registration Statement (with the prior consent, which shall not be unreasonably withheld,
                                            of the Investor and its legal counsel as to the specific Registrable Securities to be removed
                                            therefrom) until such time as the Staff and the SEC shall so permit such Registration Statement
                                            to become effective and be used as aforesaid. Unless the Registration Period has ended, in
                                            the event of any reduction in Registrable Securities pursuant to this paragraph, the Company
                                            shall file one or more New Registration Statements in accordance with Section 2(c) until
                                            such time as all Registrable Securities have been included in Registration Statements that
                                            have been declared effective and the prospectus contained therein is available for use by
                                            the Investor. Notwithstanding any provision herein or in the Purchase Agreement to the contrary,
                                            the Company’s obligations to register Registrable Securities (and any related conditions
                                            to the Investor’s obligations) shall be qualified as necessary to comport with any
                                            requirement of the SEC or the Staff as addressed in this Section 2(d).

 

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	3.	RELATED
                                            OBLIGATIONS. With respect to the Registration Statement and whenever any Registrable
                                            Securities are to be registered pursuant to Section 2 including on any New Registration Statement,
                                            the Company shall use its commercially reasonable efforts to affect the registration of the
                                            Registrable Securities in accordance with the intended method of disposition thereof and,
                                            pursuant thereto, the Company shall have the following obligations:

 

		(a)	The
                                            Company shall prepare and file with the SEC such amendments (including post-effective amendments)
                                            and supplements to any registration statement and the prospectus used in connection with
                                            such registration statement, which prospectus is to be filed pursuant to Rule 424 promulgated
                                            under the Securities Act, as may be necessary to keep the Registration Statement or any New
                                            Registration Statement effective at all times during the Registration Period, and, during
                                            such period, comply with the provisions of the Securities Act with respect to the disposition
                                            of all Registrable Securities of the Company covered by the Registration Statement or any
                                            New Registration Statement until such time as all of such Registrable Securities shall have
                                            been disposed of in accordance with the intended methods of disposition by the seller or
                                            sellers thereof as set forth in such registration statement.

 

		(b)	The
                                            Company shall permit the Investor to review and comment upon the Registration Statement or
                                            any New Registration Statement and all amendments and supplements thereto at least two (2)
                                            Business Days prior to their filing with the SEC, and not file any document in a form to
                                            which Investor reasonably objects. The Investor shall use its commercially reasonable efforts
                                            to comment upon the Registration Statement or any New Registration Statement and any amendments
                                            or supplements thereto within two (2) Business Days from the date the Investor receives the
                                            final version thereof. The Company shall furnish to the Investor, without charge any correspondence
                                            from the SEC or the staff of the SEC to the Company or its representatives relating to the
                                            Registration Statement or any New Registration Statement.

 

		(c)	Upon
                                            request of the Investor, the Company shall furnish to the Investor, (i) promptly after the
                                            same is prepared and filed with the SEC, at least one copy of such registration statement
                                            and any amendment(s) thereto, including financial statements and schedules, all documents
                                            incorporated therein by reference and all exhibits, (ii) upon the effectiveness of any registration
                                            statement, a copy of the prospectus included in such registration statement and all amendments
                                            and supplements thereto (or such other number of copies as the Investor may reasonably request)
                                            and (iii) such other documents, including copies of any preliminary or final prospectus,
                                            as the Investor may reasonably request from time to time in order to facilitate the disposition
                                            of the Registrable Securities owned by the Investor. For the avoidance of doubt, any filing
                                            available to the Investor via the SEC’s live EDGAR system shall be deemed “furnished
                                            to the Investor” hereunder.

 

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		(d)	The
                                            Company shall use commercially reasonable efforts to (i) register and qualify the Registrable
                                            Securities covered by a registration statement under such other securities or “blue
                                            sky” laws of any state in which such registration would be required, (ii) prepare and
                                            file in those jurisdictions, such amendments (including post-effective amendments) and supplements
                                            to such registrations and qualifications as may be necessary to maintain the effectiveness
                                            thereof during the Registration Period, (iii) take such other actions as may be necessary
                                            to maintain such registrations and qualifications in effect at all times during the Registration
                                            Period, and (iv) take all other actions reasonably necessary or advisable to qualify the
                                            Registrable Securities for sale in such jurisdictions; provided, however, that the Company
                                            shall not be required in connection therewith or as a condition thereto to (x) qualify to
                                            do business in any jurisdiction where it would not otherwise be required to qualify but for
                                            this Section 3(d), (y) subject itself to general taxation in any such jurisdiction, or (z)
                                            file a general consent to service of process in any such jurisdiction. The Company shall
                                            promptly notify the Investor who holds Registrable Securities of the receipt by the Company
                                            of any notification with respect to the suspension of the registration or qualification of
                                            any of the Registrable Securities for sale under the securities or “blue sky”
                                            laws of any state in which such registration would be required or its receipt of actual notice
                                            of the initiation or threatening of any proceeding for such purpose.

 

		(e)	As
                                            promptly as practicable after becoming aware of such event or facts, the Company shall notify
                                            the Investor in writing of the happening of any event or existence of such facts as a result
                                            of which the prospectus included in any registration statement, as then in effect, includes
                                            an untrue statement of a material fact or omits to state a material fact required to be stated
                                            therein or necessary to make the statements therein, in light of the circumstances under
                                            which they were made, not misleading, and promptly prepare a supplement or amendment to such
                                            registration statement to correct such untrue statement or omission, and deliver a copy of
                                            such supplement or amendment to the Investor (or such other number of copies as the Investor
                                            may reasonably request). The Company shall also promptly notify the Investor in writing (i)
                                            when a prospectus or any prospectus supplement or post-effective amendment has been filed,
                                            and when a registration statement or any post-effective amendment has become effective (notification
                                            of such effectiveness shall be delivered to the Investor by email or facsimile on the same
                                            day of such effectiveness and by overnight mail), (ii) of any request by the SEC for amendments
                                            or supplements to any registration statement or related prospectus or related information,
                                            and (iii) of the Company’s reasonable determination that a post-effective amendment
                                            to a registration statement would be appropriate.

 

		(f)	The
                                            Company shall use its commercially reasonable efforts to prevent the issuance of any stop
                                            order or other suspension of effectiveness of any registration statement, or the suspension
                                            of the qualification of any Registrable Securities for sale in any jurisdiction and, if such
                                            an order or suspension is issued, to obtain the withdrawal of such order or suspension at
                                            the earliest possible moment and to notify the Investor of the issuance of such order and
                                            the resolution thereof or its receipt of actual notice of the initiation or threat of any
                                            proceeding for such purpose.

 

		(g)	The
                                            Company shall (i) cause all the Registrable Securities to be listed on each securities exchange
                                            on which securities of the same class or series issued by the Company are then listed, if
                                            any, if the listing of such Registrable Securities is then permitted under the rules of such
                                            exchange, or (ii) secure designation and quotation of all the Registrable Securities on the
                                            Principal Market. The Company shall pay all fees and expenses in connection with satisfying
                                            its obligation under this Section 3.

 

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		(h)	The
                                            Company shall cooperate with the Investor to facilitate the timely preparation and delivery
                                            of certificates (not bearing any restrictive legend) representing the Registrable Securities
                                            to be offered pursuant to any registration statement and enable such certificates to be in
                                            such denominations or amounts as the Investor may reasonably request and registered in such
                                            names as the Investor may request.

 

		(i)	The
                                            Company shall at all times provide a transfer agent and registrar with respect to its Common
                                            Stock.

 

		(j)	If
                                            reasonably requested by the Investor, the Company shall (i) immediately incorporate in a
                                            prospectus supplement or post-effective amendment such information as the Investor believes
                                            should be included therein relating to the sale and distribution of Registrable Securities,
                                            including, without limitation, information with respect to the number of Registrable Securities
                                            being sold, the purchase price being paid therefor and any other terms of the offering of
                                            the Registrable Securities; (ii) make all required filings of such prospectus supplement
                                            or post-effective amendment as soon as practicable upon notification of the matters to be
                                            incorporated in such prospectus supplement or post-effective amendment; and (iii) supplement
                                            or make amendments to any registration statement.

 

		(k)	The
                                            Company shall use its commercially reasonable efforts to cause the Registrable Securities
                                            covered by any registration statement to be registered with or approved by such other governmental
                                            agencies or authorities as may be necessary to consummate the disposition of such Registrable
                                            Securities.

 

		(l)	Within
                                            three (3) Business Days after any registration statement which includes the Registrable Securities
                                            is ordered effective by the SEC, the Company shall deliver, and shall cause legal counsel
                                            for the Company to deliver, to the transfer agent for such Registrable Securities (with copies
                                            to the Investor) confirmation that such registration statement has been declared effective
                                            by the SEC in the form attached hereto as Exhibit A. Thereafter, if requested by the Investor
                                            at any time, the Company shall require its counsel to deliver to the Investor a written confirmation
                                            whether or not the effectiveness of such registration statement has lapsed at any time for
                                            any reason (including, without limitation, the issuance of a stop order) and whether or not
                                            the registration statement is current and available to the Investor for sale of all of the
                                            Registrable Securities.

 

		(m)	The
                                            Company shall take all other reasonable actions necessary to expedite and facilitate disposition
                                            by the Investor of Registrable Securities pursuant to any registration statement.

 

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	4.	OBLIGATIONS
                                            OF THE INVESTOR.

 

		(a)	The
                                            Company shall notify the Investor in writing of the information the Company reasonably requires
                                            from the Investor in connection with any registration statement hereunder. The Investor shall
                                            furnish to the Company such information regarding itself, the Registrable Securities held
                                            by it and the intended method of disposition of the Registrable Securities held by it as
                                            shall be reasonably required to affect the registration of such Registrable Securities and
                                            shall execute such documents in connection with such registration as the Company may reasonably
                                            request.

 

		(b)	The
                                            Investor agrees to cooperate with the Company as reasonably requested by the Company in connection
                                            with the preparation and filing of any registration statement hereunder.

 

		(c)	The
                                            Investor agrees that, upon receipt of any notice from the Company of the happening of any
                                            event or existence of facts of the kind described in Section 3(f) or the first sentence of
                                            Section 3(e), the Investor will immediately discontinue disposition of Registrable Securities
                                            pursuant to any registration statement(s) covering such Registrable Securities until the
                                            Investor’s receipt of the copies of the supplemented or amended prospectus contemplated
                                            by Section 3(f) or the first sentence of Section 3(e). Notwithstanding anything to the contrary,
                                            the Company shall cause its transfer agent to promptly deliver shares of Common Stock without
                                            any restrictive legend in accordance with the terms of the Purchase Agreement in connection
                                            with any sale of Registrable Securities with respect to which an Investor has entered into
                                            a contract for sale prior to the Investor’s receipt of a notice from the Company of
                                            the happening of any event of the kind described in Section 3(f) or the first sentence of
                                            Section 3(e) and for which the Investor has not yet settled.

 

	5.	EXPENSES
                                            OF REGISTRATION. All reasonable expenses, other than sales or brokerage commissions,
                                            incurred in connection with registrations, filings or qualifications pursuant to Sections
                                            2 and 3, including, without limitation, all registration, listing and qualifications fees,
                                            printers and accounting fees, and fees and disbursements of counsel for the Company, shall
                                            be paid by the Company.

 

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	6.	INDEMNIFICATION.

 

		(a)	BY
                                            THE COMPANY: To the fullest extent permitted by law, the Company will, and hereby does,
                                            indemnify, hold harmless and defend the Investor, each Person, if any, who controls the Investor,
                                            the members, the directors, officers, partners, employees, agents, representatives of the
                                            Investor and each Person, if any, who controls the Investor within the meaning of the Securities
                                            Act or the Securities Exchange Act of 1934, as amended (the “Exchange Act”)
                                            (each, an “Investor Indemnified Person”), against any losses, claims,
                                            damages, liabilities, judgments, fines, penalties, charges, costs, attorneys’ fees,
                                            amounts paid in settlement or expenses, joint or several, (collectively, “Claims”)
                                            incurred in investigating, preparing or defending any action, claim, suit, inquiry, proceeding,
                                            investigation or appeal taken from the foregoing by or before any court or governmental,
                                            administrative or other regulatory agency, body or the SEC, whether pending or threatened,
                                            whether or not an indemnified party is or may be a party thereto (“Indemnified Damages”),
                                            to which any of them may become subject insofar as such Claims (or actions or proceedings,
                                            whether commenced or threatened, in respect thereof) arise out of or are based upon: (i)
                                            any untrue statement or alleged untrue statement of a material fact in the Registration Statement,
                                            any New Registration Statement or any post-effective amendment thereto or in any filing made
                                            in connection with the qualification of the offering under the securities or other “blue
                                            sky” laws of any jurisdiction in which Registrable Securities are offered (“Blue
                                            Sky Filing”), or the omission or alleged omission to state a material fact required
                                            to be stated therein or necessary to make the statements therein not misleading, (ii) any
                                            untrue statement or alleged untrue statement of a material fact contained in the final prospectus
                                            (as amended or supplemented, if the Company files any amendment thereof or supplement thereto
                                            with the SEC) or the omission or alleged omission to state therein any material fact necessary
                                            to make the statements made therein, in light of the circumstances under which the statements
                                            therein were made, not misleading, (iii) any violation or alleged violation by the Company
                                            of the Securities Act, the Exchange Act, any other law, including, without limitation, any
                                            state securities law, or any rule or regulation thereunder relating to the offer or sale
                                            of the Registrable Securities pursuant to the Registration Statement or any New Registration
                                            Statement or (iv) any material violation by the Company of this Agreement (the matters in
                                            the foregoing clauses (i) through (iv) being, collectively, “Violations”).
                                            The Company shall reimburse each Investor Indemnified Person promptly as such expenses are
                                            incurred and are due and payable, for any reasonable legal fees or other reasonable expenses
                                            incurred by them in connection with investigating or defending any such Claim. Notwithstanding
                                            anything to the contrary contained herein, the indemnification agreement contained in this
                                            Section 7(a): (i) shall not apply to a Claim by an Investor Indemnified Person arising out
                                            of or based upon a Violation which occurs in reliance upon and in conformity with information
                                            about the Investor furnished in writing to the Company by such Investor Indemnified Person
                                            expressly for use in connection with the preparation of the Registration Statement, any New
                                            Registration Statement or any such amendment thereof or supplement thereto, if such prospectus
                                            was timely made available by the Company pursuant to Section 3(c) or Section 3(e); (ii) with
                                            respect to any superseded prospectus, shall not inure to the benefit of any such person from
                                            whom the person asserting any such Claim purchased the Registrable Securities that are the
                                            subject thereof (or to the benefit of any person controlling such person) if the untrue statement
                                            or omission of material fact contained in the superseded prospectus was corrected in the
                                            revised prospectus, as then amended or supplemented, if such revised prospectus was timely
                                            made available by the Company pursuant to Section 3(c) or Section 3(e), and the Investor
                                            Indemnified Person was promptly advised in writing not to use the incorrect prospectus prior
                                            to the use giving rise to a violation and such Investor Indemnified Person, notwithstanding
                                            such advice, used it; (iii) shall not be available to the extent such Claim is based on a
                                            failure of the Investor to deliver or to cause to be delivered the prospectus made available
                                            by the Company, if such prospectus was timely made available by the Company pursuant to Section
                                            3(c) or Section 3(e); and (iv) shall not apply to amounts paid in settlement of any Claim
                                            if such settlement is effected without the prior written consent of the Company, which consent
                                            shall not be unreasonably withheld. Such indemnity shall remain in full force and effect
                                            regardless of any investigation made by or on behalf of the Investor Indemnified Person and
                                            shall survive the transfer of the Registrable Securities by the Investor pursuant to Section
                                            10.

 

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		(b)	BY
                                            THE INVESTOR: To the fullest extent permitted by law, the Investor will, and hereby does,
                                            indemnify, hold harmless and defend the Company, each Person, if any, who controls the Company,
                                            the members, the directors, officers, partners, employees, agents, representatives of the
                                            Company and each Person, if any, who controls the Company within the meaning of the Securities
                                            Act or the Exchange Act (each, with respect to the Company, a “Company Indemnified
                                            Person”), against Claims (with respect to the Company and related Company Indemnified
                                            Persons) and Indemnified Damages (with respect to the Company and related Indemnified Persons),
                                            to which any of them may become subject insofar as such Claims (or actions or proceedings,
                                            whether commenced or threatened, in respect thereof) arise out of or are based upon (i) any
                                            untrue statement of a material fact in any Registration Statement under which such Registrable
                                            Securities were registered or sold under the Securities Act (including any final, preliminary
                                            or summary prospectus contained therein or any amendment thereof or supplement thereto or
                                            any documents incorporated by reference therein) or (ii) any omission to state therein a
                                            material fact required to be stated therein or necessary to make the statements therein (in
                                            the case of a prospectus or preliminary prospectus, in light of the circumstances under which
                                            they were made) not misleading, in each case to the extent, but only to the extent, that
                                            such untrue statement or omission is contained in any information relating to the Investor
                                            furnished in writing by the Investor to the Company specifically for inclusion in a Registration
                                            Statement and used by the Company in conformity therewith.

 

		(c)	INDEMNIFICATION
                                            PROCEDURES: Any references herein to an “Indemnified Person” shall mean an
                                            Investor Indemnified Person or a Company Indemnified Person, as applicable.

 

		1.	Promptly
                                            after receipt by an Indemnified Person under Sections 7(a) or 7(b) of notice of the commencement
                                            of any action or proceeding (including any governmental action or proceeding) involving a
                                            Claim, such Indemnified Person shall, if a Claim in respect thereof is to be made against
                                            any indemnifying party under this Section 7, deliver to the indemnifying party a written
                                            notice of the commencement thereof, and the indemnifying party shall have the right to participate
                                            in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying
                                            party similarly noticed, to assume control of the defense thereof with counsel mutually satisfactory
                                            to the indemnifying party and the Indemnified Person; provided, however, that an Indemnified
                                            Person shall have the right to retain its own counsel with the fees and expenses to be paid
                                            by the indemnifying party, if, in the reasonable opinion of counsel retained by the indemnifying
                                            party, the representation by such counsel of the Indemnified Person and the indemnifying
                                            party would be inappropriate due to actual or potential differing interests between such
                                            Indemnified Person and any other party represented by such counsel in such proceeding. The
                                            Indemnified Person shall cooperate fully with the indemnifying party in connection with any
                                            negotiation or defense of any such action or claim by the indemnifying party and shall furnish
                                            to the indemnifying party all information reasonably available to the Indemnified Person
                                            which relates to such action or claim. The indemnifying party shall keep the Indemnified
                                            Person fully apprised at all times as to the status of the defense or any settlement negotiations
                                            with respect thereto. No indemnifying party shall be liable for any settlement of any action,
                                            claim or proceeding effectuated without its written consent, provided, however, that the
                                            indemnifying party shall not unreasonably withhold, delay, or condition its consent. No indemnifying
                                            party shall, without the consent of the Indemnified Person, consent to entry of any judgment
                                            or enter into any settlement or other compromise which does not include as an unconditional
                                            term thereof the giving by the claimant or plaintiff to such Indemnified Person of a release
                                            from all liability in respect to such claim or litigation. Following indemnification as provided
                                            for hereunder, the indemnifying party shall be subrogated to all rights of the Indemnified
                                            Person with respect to all third parties, firms or corporations relating to the matter for
                                            which indemnification has been made. The failure to deliver written notice to the indemnifying
                                            party within a reasonable time of the commencement of any such action shall not relieve such
                                            indemnifying party of any liability to the Indemnified Person under this Section 7, except
                                            to the extent that the indemnifying party is prejudiced in its ability to defend such action.

 

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		2.	The
                                            indemnification required by this Section 7 shall be made by periodic payments of the amount
                                            thereof during the course of the investigation or defense, as and when bills are received,
                                            or Indemnified Damages are incurred.

 

		3.	The
                                            indemnity agreements contained herein shall be in addition to (i) any cause of action or
                                            similar right of the Person against the indemnifying party or others, and (ii) any liabilities
                                            the indemnifying party may be subject to pursuant to the law.

 

		(d)	INDEMNIFICATION
                                            LIMITATIONS: To the extent any indemnification by an indemnifying party is prohibited
                                            or limited by law, the indemnifying party agrees to make the maximum contribution with respect
                                            to any amounts for which it would otherwise be liable under Section 7 to the fullest extent
                                            permitted by law; provided, however, that: (i) no seller of Registrable Securities guilty
                                            of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act)
                                            shall be entitled to contribution from any seller of Registrable Securities who was not guilty
                                            of fraudulent misrepresentation; and (ii) contribution by any seller of Registrable Securities
                                            shall be limited in amount to the net amount of proceeds received by such seller from the
                                            sale of such Registrable Securities.

 

	7.	REPORTS
                                            AND DISCLOSURE UNDER THE SECURITIES ACTS. With a view to making available to the Investor
                                            the benefits of Rule 144 promulgated under the Securities Act or any other similar rule or
                                            regulation of the SEC that may at any time permit the Investor to sell securities of the
                                            Company to the public without registration (“Rule 144”), the Company agrees,
                                            at the Company’s sole expense, to:

 

		(a)	make
                                            and keep public information available, as those terms are understood and defined in Rule
                                            144;

 

		(b)	use
                                            reasonable efforts to file with the SEC in a timely manner all reports and other documents
                                            required of the Company under the Securities Act and the Exchange Act so long as the Company
                                            remains subject to such requirements and the filing of such reports and other documents is
                                            required for the applicable provisions of Rule 144;

 

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		(c)	furnish
                                            to the Investor so long as the Investor owns Registrable Securities, promptly upon request,
                                            (i) a written statement by the Company that it has complied with the reporting and or disclosure
                                            provisions of Rule 144, the Securities Act and the Exchange Act, (ii) a copy of the most
                                            recent annual or quarterly report of the Company and such other reports and documents so
                                            filed by the Company, and (iii) such other information as may be reasonably requested to
                                            permit the Investor to sell such securities pursuant to Rule 144 without registration; and

 

		(d)	take
                                            such additional action as is requested by the Investor to enable the Investor to sell the
                                            Registrable Securities pursuant to Rule 144, including, without limitation, delivering all
                                            such legal opinions, consents, certificates, resolutions and instructions to the Company’s
                                            Transfer Agent as may be requested from time to time by the Investor and otherwise fully
                                            cooperate with Investor and Investor’s broker to effect such sale of securities pursuant
                                            to Rule 144.

 

	8.	ASSIGNMENT.
                                            This Agreement shall be binding upon and shall inure to the benefit of the Parties and their
                                            respective successors and permitted assigns. No Party shall have any power or any right to
                                            assign or transfer, in whole or in part, this Agreement, or any of its rights or any of its
                                            obligations hereunder, including, without limitation, any right to pursue any claim for damages
                                            pursuant to this Agreement or the transactions contemplated herein, or to pursue any claim
                                            for any breach or default of this Agreement, or any right arising from the purported assignor’s
                                            due performance of its obligations hereunder, without the prior written consent of the other
                                            Party and any such purported assignment in contravention of the provisions herein shall be
                                            null and void and of no force or effect.

 

	9.	AMENDMENT.
                                            No provision of this Agreement may be amended or waived by the Parties from and after the
                                            date that is one Business Day immediately preceding the initial filing of the Registration
                                            Statement with the SEC. Subject to the immediately preceding sentence, no provision of this
                                            Agreement may be (i) amended other than by a written instrument signed by both Parties or
                                            (ii) waived other than in a written instrument signed by the Party against whom enforcement
                                            of such waiver is sought. Failure of any Party to exercise any right or remedy under this
                                            Agreement or otherwise, or delay by a Party in exercising such right or remedy, shall not
                                            operate as a waiver thereof.

 

	10.	MISCELLANEOUS.

 

		(a)	CONFLICTING
                                            INSTRUCTION: A Person is deemed to be a holder of Registrable Securities whenever such
                                            Person owns or is deemed to own of record such Registrable Securities. If the Company receives
                                            conflicting instructions, notices or elections from two or more Persons with respect to the
                                            same Registrable Securities, the Company shall act upon the basis of instructions, notice
                                            or election received from the registered owner of such Registrable Securities.

 

		(b)	NOTICES:
                                            All notices, demands, requests, consents, approvals, and other communications required
                                            or permitted hereunder shall be in writing and, unless otherwise specified herein, shall
                                            be (a) personally served, (b) deposited in the mail, registered or certified, return receipt
                                            requested, postage prepaid, (c) delivered by reputable air courier service with charges prepaid,
                                            or (d) transmitted by hand delivery, telegram, or email as a PDF, addressed as set forth
                                            below or to such other address as the Party shall have specified most recently by written
                                            notice given in accordance herewith. Any notice or other communication required or permitted
                                            to be given hereunder shall be deemed effective (i) upon hand delivery or delivery by email
                                            at the address designated below (if delivered on a business day during normal business hours
                                            where such notice is to be received), or the first business day following such delivery (if
                                            delivered other than on a business day during normal business hours where such notice is
                                            to be received) or (ii) on the second business day following the date of mailing by express
                                            courier service or on the fifth business day after deposited in the mail, in each case, fully
                                            prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall
                                            first occur. The addresses for such communications shall be:

 

    	11

     

    

 

If
to the Company:

 

Sugarmade,
Inc.

Attn:
Jimmy Chan

750
Royal Oaks Drive, Suite 108

Monrovia,
CA 91016

Email:
jimmy@sugarmade.com

 

If
to the Investor:

 

DUTCHESS
CAPITAL GROWTH FUND LP

Attn:
Michael Novielli

75
Port City Landing Suite 200

Mount
Pleasant, SC 29464

Email:
mnovielli@dutchesscapital.com

 

Either
Party may from time to time change its address or email for notices under this Section 10 by
giving at least ten (10) days’ prior written notice of such changed address to the other Party.

 

		(c)	CHOICE
                                            OF LAW, VENUE, AND JURY TRIAL WAIVER: This Agreement shall be governed by and interpreted
                                            in accordance with the laws of the State of Delaware without regard to the principles of
                                            conflicts of law. Each of the Company and the Investor hereby submits to the exclusive jurisdiction
                                            of the United States federal and state courts located in California, County of Los Angeles
                                            (the “Selected Courts”), with respect to any dispute arising under the Transaction
                                            Documents or the transactions contemplated thereby. EACH PARTY HERETO HEREBY IRREVOCABLY
                                            SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE SELECTED COURTS FOR THE ADJUDICATION OF ANY
                                            DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR WITH ANY TRANSACTION CONTEMPLATED HEREBY OR
                                            DISCUSSED HEREIN (INCLUDING WITH RESPECT TO THE ENFORCEMENT OF THE RIGHTS OF A PARTY UNDER
                                            THIS AGREEMENT), AND HEREBY IRREVOCABLY WAIVES, AND AGREES NOT TO ASSERT IN ANY SUIT, ACTION
                                            OR PROCEEDING, ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF SUCH SELECTED
                                            COURTS, OR SUCH SELECTED COURTS ARE IMPROPER OR INCONVENIENT VENUE FOR SUCH PROCEEDING. EACH
                                            PARTY HEREBY IRREVOCABLY WAIVES PERSONAL SERVICE OF PROCESS AND CONSENTS TO PROCESS BEING
                                            SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING BY MAILING A COPY THEREOF VIA REGISTERED OR
                                            CERTIFIED MAIL OR OVERNIGHT DELIVERY (WITH EVIDENCE OF DELIVERY) TO SUCH PARTY AT THE ADDRESS
                                            IN EFFECT FOR NOTICES TO IT UNDER THIS AGREEMENT AND AGREES THAT SUCH SERVICE SHALL CONSTITUTE
                                            GOOD AND SUFFICIENT SERVICE OF PROCESS AND NOTICE THEREOF. NOTHING CONTAINED HEREIN SHALL
                                            BE DEEMED TO LIMIT IN ANY WAY ANY RIGHT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY
                                            APPLICABLE LAW.

 

    	12

     

    

 

TO
THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING
OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY HERETO (A) CERTIFIES
THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT,
IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN
INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

		(d)	EQUITABLE
                                            REMEDIES: Each Party acknowledges that a breach by it of its obligations hereunder will
                                            cause irreparable harm to the other Party, and thus each Party acknowledges that the remedy
                                            at law for a breach of its obligations under this Agreement will be inadequate and agrees,
                                            in the event of a breach or threatened breach by such Party of the provisions of this Agreement,
                                            that the other Party shall be entitled, in addition to all other available remedies at law
                                            or in equity, and in addition to the penalties assessable herein, to an injunction or injunctions
                                            restraining, preventing or curing any breach of this Agreement and to enforce specifically
                                            the terms and provisions hereof, without the necessity of showing economic loss and without
                                            any bond or other security being required.

 

		(e)	ENTIRE
                                            AGREEMENT: This Agreement, together with the Purchase Agreement and Transaction Documents
                                            (as defined therein), and all associated exhibits and schedules hereto and thereto, contain
                                            the entire understanding of the Parties with respect to the matters covered herein and therein
                                            and supersedes all prior agreements and understandings, oral or written, with respect to
                                            such matters, which the Parties acknowledge have been merged into such documents, exhibits
                                            and schedules.

 

		(f)	HEADINGS:
                                            The titles and subtitles used in this Agreement are used for the convenience of reference
                                            and are not to be considered in construing or interpreting this Agreement.

 

    	13

     

    

 

		(g)	COUNTERPARTS:
                                            This Agreement may be executed in multiple counterparts, each of which shall be deemed
                                            an original and all of which taken together shall be but a single instrument. Counterparts
                                            may be delivered via facsimile, electronic mail (including pdf or any electronic signature
                                            complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission
                                            method and any counterpart so delivered shall be deemed to have been duly and validly delivered
                                            and be valid and effective for all purposes.

 

		(h)	FURTHER
                                            ACTS: Each Party shall do and perform, or cause to be done and performed, all such further
                                            acts and things, and shall execute and deliver all such other agreements, certificates, instruments,
                                            and documents, as the other Party may reasonably request in order to carry out the intent
                                            and accomplish the purposes of this Agreement and the consummation of the transactions contemplated
                                            hereby.

 

		(i)	SEVERABILITY:
                                            In the event that any provision of this Agreement becomes or is declared by a court of
                                            competent jurisdiction to be illegal, unenforceable or void, this Agreement shall continue
                                            in full force and effect without said provision; provided that such severability shall be
                                            ineffective if it materially changes the economic benefit of this Agreement to any Party.

 

		(j)	INTERPRETATION:
                                            The language used in this Agreement will be deemed to be the language chosen by the Parties
                                            to express their mutual intent, and no rules of strict construction will be applied against
                                            any Party.

 

		(k)	NO
                                            THIRD-PARTY BENEFICIARIES: This Agreement is intended for the benefit of the Parties
                                            and their respective successors and permitted assigns, and is not for the benefit of, nor
                                            may any provision hereof be enforced by, any other Person.

 

[Signature
Page Follows]

 

    	14

     

    

 

IN
WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed as of day and year first above written.

 

	 	SUGARMADE,
    INC.
	 	 	 
	 	By:	/s/
    Jimmy Chan
	 	Name:	Jimmy
    Chan
	 	Title:	Chief
    Executive Officer
	 	 	 
	 	DUTCHESS
    CAPITAL GROWTH FUND LP
	 	 	 
	 	By:
    	/s/
    Michael Novielli
	 	Name:	Michael
    Novielli
	 	Title:
    	Managing
    Member of Dutchess Capital Advisors LLC, General Partner of Dutchess Capital Growth Fund L.P.

 

    	15

     

    

 

EXHIBIT
A

 

TO
REGISTRATION RIGHTS AGREEMENT

 

FORM
OF NOTICE OF EFFECTIVENESS OF REGISTRATION STATEMENT

 

[______,
2022]

 

Re:
[  ]

 

Ladies
and Gentlemen:

 

We
are counsel to SUGARMADE, INC., a Delaware corporation (the “Company”), and have represented the Company in connection
with that certain Common Stock

 

Purchase
Agreement, dated as of January [___], 2022 (the “Purchase Agreement”), entered into by and between the Company and
DUTCHESS CAPITAL GROWTH FUND, LP (the “Investor”) pursuant to which the Company has agreed to issue to the Investor
shares of the Company’s Common Stock, $0.0001 par value (the “Common Stock “), in an amount up to Ten
Million Dollars ($10,000,000) (the “Drawdown Notice Shares”), in accordance with the terms of the Purchase
Agreement. In connection with the transactions contemplated by the Purchase Agreement, the Company has registered with the U.S. Securities
& Exchange Commission the following shares of Common Stock:

 

(1)
Purchase Notice Shares to be issued to the Investor upon purchase from the Company by the Investor from time to time in accordance
with the Purchase Agreement.

 

(2)
Commitment Shares which were issued to the Investor pursuant to the Purchase Agreement.

 

Pursuant
to the Purchase Agreement, the Company also has entered into a Registration Rights Agreement, of even date with the Purchase Agreement
with the Investor (the “Registration Rights Agreement”) pursuant to which the Company agreed, among other things,
to register the Purchase Notice Shares and Commitment Shares under the Securities Act of 1933, as amended (the “Securities Act”).
In connection with the Company’s obligations under the Purchase Agreement and the Registration Rights Agreement, on [  ], 2022,
the Company filed a Registration Statement (File No. 333-[  ]) (the “Registration Statement”) with the Securities and
Exchange Commission (the “SEC”) relating to the resale of the Purchase Notice Shares and Commitment Shares.

 

    	16

     

    

 

In
connection with the foregoing, we advise you that a member of the SEC’s staff has advised us by telephone that the SEC has entered
an order declaring the Registration Statement effective under the Securities Act at [  ] [A.M./P.M.] on [  ], 2022 and we have no knowledge,
after telephonic inquiry of a member of the SEC’s staff, that any stop order suspending its effectiveness has been issued or that
any proceedings for that purpose are pending before, or threatened by, the SEC and the Purchase Notice Shares are available for resale
under the Securities Act pursuant to the Registration Statement and may be issued without any restrictive legend.

 

Very
truly yours,

 

[ANTHONY
L.G., PLLC]

 

By:

 

cc:
Dutchess Capital Growth Fund, LP

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