Document:

Exhibit
10.3

 

REGISTRATION
RIGHTS AGREEMENT

 

THIS
REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of August 31, 2021, is made by and between Simplicity
Esports and Gaming Company, a Delaware corporation (the “Company”), and Lucas Ventures, LLC (the “Holder”).
The Company and the Holder are hereinafter sometimes collectively referred to as the “Parties” and each a “Party”
to this Agreement.

 

RECITALS

 

WHEREAS,
the Company’s Board of Directors (the “Board”) has unanimously approved, upon the terms and subject to the conditions
of, that certain Securities Purchase Agreement, of even date herewith, by and between the Holder and the Company (the “Securities
Purchase Agreement”), that the Company shall issue and sell to Holder a convertible promissory note in the principal amount
of $200,000.00 (the “Note”), a warrant to purchase shares of common stock in the Company (the “Warrant”)
and three thousand seven hundred forty-nine (3,749) shares of Common Stock of the Company (the “Commitment Shares”,
together with the Note, and any shares of common stock in the Company issuable upon conversion or exercise of either, the “Securities”),
to the Holder; and

 

WHEREAS,
to induce the Holder to execute and deliver the Securities Purchase Agreement and this Agreement, the Company has agreed to provide certain
registration rights under the Securities Act of 1933, as amended (the “Securities Act”) and the rules and regulations
promulgated thereunder, and applicable state securities laws, with respect to the shares of Securities issuable pursuant to the Securities
Purchase Agreement.

 

NOW,
THEREFORE, for and in consideration of the foregoing premises, the agreements and covenants herein contained, and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Holder, intending to be legally
bound, hereby agree as follows:

 

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

 

a.
“Closing Date” has the meaning given in the Securities Purchase Agreement.

 

b.
“Effective Date” shall mean the date the SEC declares the Registration Statement effective and the Company has filed
all necessary amendments, including the letter to request accelerated effectiveness and the Prospectus covering the resale of Registrable
Securities.

 

c.
“Filing Date” shall mean the date the Registration Statement has been filed with the SEC (as determined by EDGAR)
and no stop order of acceptance has been issued by the SEC.

 

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d.
“Person” means a 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.

 

e.
“Principal Market” means any of the New York Stock Exchange (including NYSE American), any tier of the Nasdaq Stock
Market, or any tier of the OTC Markets, whichever is the principal market on which the Securities are listed.

 

f.
“Purchase Amount” means the Purchase Price, as such term is defined in the Securities Purchase Agreement.

 

g.
“Register”, “Registered” and “Registration” refer to a registration effected
by preparing and filing with the SEC one or more Registration Statements in compliance with the Securities Act and pursuant to Rule 415
under the Securities Act or any successor rule providing for Note securities on a continuous basis (“Rule 415”), and
effectiveness of such Registration Statement(s).

 

h.
“Registrable Securities” means the shares of Common Stock issued or issuable (i) pursuant to the Securities Purchase
Agreement, including shares issued pursuant to any conversion of the Note or exercise of the Warrant, and (ii) any shares of capital
stock issued or issuable with respect to the Securities as a result of any stock split, stock dividend, recapitalization, exchange or
similar event or otherwise, which have not been (x) included in a Registration Statement that has been declared effective by the SEC,
(y) sold under circumstances meeting all of the applicable conditions of Rule 144, promulgated under the Securities Act or (z) saleable
without limitation as to time, manner and volume pursuant to Rule 144(k) (or any similar provision then in force) under the Securities
Act. In addition, the Registrable Securities shall include the shares of Common Stock owned by the Holder and any shares of Common Stock
issuable upon conversion or exercise of any existing securities between the Holder and the Company.

 

i.
“Registration Statement” means a registration statement of the Company filed with the SEC under the Securities Act.

 

j.
“SEC” means the United States Securities and Exchange Commission.

 

All
capitalized terms used but not defined in this Agreement shall have the meaning ascribed to them in the Securities Purchase Agreement;
provided however, that any references to Fixed Conversion Price shall have the meaning ascribed to them in the Note.

 

For
the purposes of determining dates for penalties or filing deadlines, as outlined in this Agreement, both Parties agree that the date
given by the SEC shall constitute the official date.

 

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2.
Registration.

 

a.
Mandatory Registration. Pursuant to the terms and conditions herein, the Company shall prepare and file with the SEC a Registration
Statement or Registration Statements (as is necessary) covering the resale of all of the Registrable Securities, which Registration Statement(s)
shall state that, in accordance with Rule 415 promulgated under the Securities Act, such Registration Statement also covers such indeterminate
number of additional shares of Common Stock as may become issuable upon stock splits, stock dividends or similar transactions. The Company
shall initially register for resale all of the Registrable Securities, or an amount equal to the maximum amount allowed under Rule 415
(a)(1)(i) as interpreted by the SEC. In the event the Company cannot register sufficient shares to cover the Registerable Securities,
due to the remaining number of authorized shares of Common Stock being insufficient, the Company will use its commercially reasonable
efforts to register the maximum number of shares of Common Stock it can, based upon the remaining balance of authorized shares of Common
Stock and will use its commercially reasonable efforts to increase the number of its authorized shares of Common Stock as soon as reasonably
practicable.

 

b.
The Company shall use its commercially reasonable efforts to have the Registration Statement filed with the SEC within ninety (90) days
following the Closing Date (the “Filing Deadline”). If the Registration Statement covering the Registrable Securities
required to be filed by the Company pursuant to Section 2(a) hereof is not filed by the Filing Deadline, then the Company shall
pay the Holder the sum of one percent (1%) of the Purchase Amount as liquidated damages, and not as a penalty. The liquidated damages
set forth in this Section 2(b) shall be paid, at the Holder’s option, in cash or shares of Common Stock priced at the Fixed
Conversion Price, or in portions thereof. Failure of the Company to make payment within five (5) business days of the Filing Deadline
shall be considered a breach of this Agreement.

 

Notwithstanding
the foregoing, the amounts payable by the Company pursuant to this Section 2 shall not be payable to the extent any delay in the
filing of the Registration Statement occurs because of an act of, or a failure to act or to act timely by the Holder or is otherwise
attributable to the Holder.

 

The
Company acknowledges that its failure to have the Registration Statement filed by the Filing Deadline will cause the Holder to suffer
irreparable harm, and, that damages will be difficult to ascertain. Accordingly, the Parties agree that it is appropriate to include
in this Agreement a provision for liquidated damages. The Parties acknowledge and agree that the liquidated damages provision set forth
in this Section 2(b) represents the Parties’ good faith effort to quantify such damages and, as such, agree that the form
and amount of such liquidated damages are reasonable and will not constitute a penalty. The payment of liquidated damages shall not relieve
the Company from its obligations to register the Registrable Securities and deliver the Registrable Securities and the Securities pursuant
to the terms of this Agreement and the Securities Purchase Agreement.

 

c.
The Company shall use its commercially reasonable efforts to have the Registration Statement declared effective by the SEC within one
hundred twenty (120) calendar days after the Closing Date (the “Effective Deadline”). If the Registration Statement
covering the Registrable Securities required to be filed by the Company pursuant to Section 2(a) hereof has not become effective
by the Effective Deadline, then the Company shall pay the Holder the sum of one percent (1%) of the Purchase Amount as liquidated damages,
and not as a penalty. The liquidated damages set forth in this Section 2(c) shall be paid, at the Holder’s option, in cash
or shares of Common Stock priced at the Fixed Conversion Price, or portion thereof. Failure of the Company to make payment within five
(5) business days of the date the Registration Statement is declared effective by the SEC shall be considered a breach of this Agreement.

 

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If
the Registration Statement covering the Registrable Securities required to be filed by the Company pursuant to Section 2(a) hereof
has become effective, and, thereafter, the Holder’s right to sell is suspended, for any reason, then the Company shall pay the
Holder the sum of one percent (1%) of the Purchase Amount (the “Suspension Damages”). The Suspension Damages shall
be paid, at the Holder’s option, in cash or shares of Common Stock priced at the Fixed Conversion Price, or portion thereof. Failure
of the Company to make payment of the Suspension Damages within five (5) business days after they become payable shall be considered
a breach of this Agreement.

 

Notwithstanding
the foregoing, the amounts payable by the Company pursuant to this Section 2(c) shall not be payable to the extent any delay in
the effectiveness of the Registration Statement or any suspension of the effectiveness occurs because of an act of, or a failure to act
or to act timely by the Holder or is otherwise attributable to the Holder.

 

Further,
if the Registration Statement prohibits, or otherwise limits, the ability of the Holder to sell any of the Registrable Securities at
the prevailing market price (each or any, a “Price Restriction”), the Company’s obligations under this Section 2(c)
shall not be met. For avoidance of doubt, the Registration Statement will not be considered effective for purposes of this Agreement
if there is a Price Restriction on the Registrable Securities, despite the Registration Statement being otherwise declared effective
by the SEC.

 

The
Company acknowledges that its failure to have the Registration Statement become effective by the Effective Deadline or to permit the
suspension of the effectiveness of the Registration Statement, will cause the Holder to suffer irreparable harm and, that damages will
be difficult to ascertain. Accordingly, the Parties agree that it is appropriate to include in this Agreement a provision for liquidated
damages. The Parties acknowledge and agree that the liquidated damages provision set forth in this Section 2(c) represents the
Parties’ good faith effort to quantify such damages and, as such, agree that the form and amount of such liquidated damages are
reasonable and will not constitute a penalty. The payment of liquidated damages shall not relieve the Company from its obligations to
register the Registrable Securities and deliver the Registrable Securities and the Securities pursuant to the terms of this Agreement
and the Securities Purchase Agreement.

 

d.
The Company agrees to only register such securities as are necessary to meet its obligations to the Holder hereunder including the Securities
and any other of the Company’s securities held by the Holder, and agrees not to register additional securities without the Holder’s
prior written consent to be agreed upon in writing by the Holder before the Filing Date. Furthermore, the Company agrees that it will
not file any other Registration Statement, including those on Form S-8 or Form S-4, for other securities, for a period of twelve (12)
months from the Closing Date, unless it has the prior written approval from the Holder. Failure to obtain prior written approval from
the Holder will cause the Holder to suffer damages that will be difficult to ascertain. Accordingly, the Parties agree that it is appropriate
to include a provision for liquidated damages and the Company agrees to pay the Holder the sum of one percent (1%) of the Purchase Amount
as liquidated damages and not as a penalty for each thirty (30) calendar day period, pro rata, compounded daily, until the unauthorized
Registration Statement is withdrawn.

 

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3.
Related Obligations.

 

At
such time as the Company is obligated to prepare and file a Registration Statement with the SEC pursuant to Section 2(a) hereof,
the Company will use its commercially reasonable efforts to effect the registration of the Registrable Securities in accordance with
the intended method of disposition thereof and, with respect thereto, the Company shall have the following obligations:

 

a.
The Company shall use its commercially reasonable efforts to cause such Registration Statement relating to the Registrable Securities
to keep such Registration Statement effective pursuant to Rule 415 under the Securities Act until the date on which the Holder shall
have sold all the Registrable Securities or the shares of Common Stock included therein otherwise cease to be Registrable Securities
(the “Registration Period”), which Registration Statement (including any amendments or supplements thereto and prospectuses
contained therein) shall, as of the date thereof, 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.
The Company shall prepare and file with the SEC such amendments (including post-effective amendments) and supplements to a Registration
Statement and the prospectus used in connection with such Registration Statement, which prospectus is to be filed pursuant to Rule 424
under the Securities Act, as may be necessary to keep such Registration Statement effective 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 covered by
such 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 Holder as set forth in such Registration Statement. In the event the number of shares of Registrable
Securities available under a Registration Statement filed pursuant to this Agreement is at any time insufficient to cover all of the
Registrable Securities, the Company shall amend such Registration Statement, or file a new Registration Statement (on the short form
available therefor, if applicable), or both, so as to cover all of the Registrable Securities, in each case, as soon as practicable,
but in any event within thirty (30) calendar days after the necessity therefor arises (based on relevant factors on which the Company
reasonably elects to rely), assuming the Company has sufficient authorized shares at that time, and if it does not, within thirty (30)
calendar days after such shares are authorized. The Company shall use it commercially reasonable efforts to cause such amendment and/or
new Registration Statement to become effective as soon as practicable following the filing thereof.

 

c
The Company shall furnish to the Holder and its legal counsel without charge and upon request (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, the prospectus included in such Registration Statement
(including each preliminary prospectus) and, with regards to such Registration Statement(s), any correspondence by or on behalf of the
Company to the SEC or the staff of the SEC and any correspondence from the SEC or the staff of the SEC to the Company or its representatives,
(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 Holder may reasonably request) and (iii) such other documents, including
copies of any preliminary or final prospectus, as the Holder may reasonably request from time to time in order to facilitate the disposition
of the Registrable Securities. The Company filing the documents described in this paragraph through EDGAR shall constitute delivery.

 

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d.
[RESERVED]

 

e.
The Company shall immediately notify the Holder in writing of the happening of any event as a result of which the prospectus included
in a Registration Statement, as then in effect, would then contain an untrue statement of a material fact or omission to state a material
fact, which would otherwise be 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, as a result, is required to be supplemented or as a result of which the Registration
Statement is required to be amended (“Registration Default”) and use all diligent efforts to promptly prepare any
necessary supplement to such prospectus or amendment to such Registration Statement and take any other necessary steps to cure the Registration
Default, (which, if such Registration Statement is on Form S-3, may consist of a document to be filed by the Company with the SEC pursuant
to Section 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and to
be incorporated by reference in the prospectus) to correct such untrue statement or omission, and deliver one (1) copy of such supplement
or amendment to Holder (or such other number of copies as Holder may reasonably request; delivery via EDGAR shall constitute delivery).
Failure to cure the Registration Default within five (5) business days shall result in the Company paying liquidated damages of one percent
(1%) of the Purchase Amount for each thirty (30) calendar day period or portion thereof, beginning on the date of suspension. The Company
shall also promptly notify Holder 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 Holder by facsimile on the same day of such effectiveness and by overnight mail); (ii) of any request by the SEC for
amendments or supplements to a Registration Statement or related prospectus or related information; (iii) of the Company’s reasonable
determination that a post-effective amendment to a Registration Statement would be appropriate; (iv) in the event the Registration Statement
is no longer effective; or (v) the Registration Statement is stale for a period of more than five (5) trading days as a result of the
Company’s failure to timely file its financials with the SEC.

 

The
Company acknowledges that its failure to cure the Registration Default within five (5) business days will cause the Holder irreparable
harm, and that damages will be difficult to ascertain. Accordingly, the Parties agree that it is appropriate to include in this Agreement
a provision for liquidated damages. The Parties acknowledge and agree that the liquidated damages provision set forth in this Section
4(e) represents the Parties’ good faith effort to quantify such damages and, as such, agree that the form and amount of such
liquidated damages are reasonable and will not constitute a penalty.

 

It
is the intention of the Parties that interest payable under any of the terms of this Agreement shall not exceed the maximum amount permitted
under any applicable law. If a law, which applies to this Agreement which sets the maximum interest amount, is finally interpreted so
that the interest in connection with this Agreement exceeds the permitted limits, then: (1) any such interest shall be reduced by the
amount necessary to reduce the interest to the permitted limit; and (2) any sums already collected (if any) from the Company which exceed
the permitted limits will be refunded to the Company. The Holder may choose to make this refund by reducing the amount that the Company
owes under this Agreement or by making a direct payment to the Company. If a refund reduces the amount that the Company owes the Holder,
the reduction will be treated as a partial payment. In the event that any provision of this Agreement is held by a court of competent
jurisdiction to be excessive in scope or otherwise invalid or unenforceable, such provision shall be adjusted rather than voided, if
possible, so that it is enforceable to the maximum extent possible, and the validity and enforceability of the remaining provisions of
this Agreement will not in any way be affected or impaired thereby.

 

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f.
The Company shall use its commercially reasonable efforts to prevent the issuance of any stop order or other suspension of effectiveness
of a Registration Statement, or the suspension of the qualification of any of the 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 Holder of the issuance of such order and the resolution thereof. The Company will immediately notify the Holder of a proceeding,
or threat of proceeding of which the Company becomes aware, the result of which could affect the effectiveness of the registration statement.

 

g.
The Company shall permit the Holder and its counsel, of the Holder’s choosing, to review and comment upon all Registration Statements,
amendments and supplements, at least seven (7) days prior to filing. The Company shall not file any Registration Statement with which
Holder or its counsel reasonably objects.

 

h.
The Company shall make available for inspection by (i) the Holder and (ii) one firm of attorneys and one firm of accountants or other
agents retained by the Holder at Holder’s expense (collectively, the “Inspectors”) all pertinent financial and
other records, and pertinent corporate documents and properties of the Company (collectively, the “Records”), as shall
be reasonably deemed necessary by each Inspector, and cause the Company’s officers, directors and employees to supply all information
which any Inspector may reasonably request; provided, however, that each Inspector shall hold in strict confidence and shall not make
any disclosure (except to the Holder) or use of any Record or other information which the Company determines in good faith to be confidential,
and of which determination the Inspectors are so notified, unless (a) the disclosure of such Records is necessary to avoid or correct
a misstatement or omission in any Registration Statement or is otherwise required under the Securities Act, (b) the release of such Records
is ordered pursuant to a final, non-appealable subpoena or order from a court or government body of competent jurisdiction, or (c) the
information in such Records has been made generally available to the public other than by disclosure in violation of this or any other
agreement of which the Inspector has knowledge. The Holder agrees that it shall, upon learning that disclosure of such Records is sought
in or by a court or governmental body of competent jurisdiction or through other means, give prompt notice to the Company and allow the
Company, at its expense, to undertake appropriate action to prevent disclosure of, or to obtain a protective order for, the Records deemed
confidential.

 

i.
The Company shall hold in confidence and not make any disclosure of information concerning the Holder unless (i) disclosure of such information
is necessary to comply with federal or state securities laws or in connection with fulfilling the obligations of the Company hereunder,
(ii) the disclosure of such information is necessary to avoid or correct a misstatement or omission in any Registration Statement, (iii)
the release of such information is ordered pursuant to a subpoena or other final, non-appealable order from a court or governmental body
of competent jurisdiction, or (iv) such information has been made generally available to the public other than by disclosure in violation
of this Agreement or any other agreement. The Company agrees that it shall, upon learning that disclosure of such information concerning
a Holder is sought in or by a court or governmental body of competent jurisdiction or through other means, give prompt written notice
to the Holder and allow the Holder, at the Holder’s expense, to undertake appropriate action to prevent disclosure of, or to obtain
a protective order for, such information.

 

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j.
If necessary, the Company shall use its commercially reasonable efforts to secure designation and quotation of all the Registrable Securities
covered by any Registration Statement on the Principal Market. If, despite the Company’s commercially reasonable efforts, the Company
is unsuccessful in satisfying this obligation, it shall use its commercially reasonable efforts to cause all the Registrable Securities
covered by any Registration Statement to be listed on each other national securities exchange and automated quotation system, if any,
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 system. If, despite the Company’s commercially reasonable efforts, the Company
is unsuccessful in satisfying its obligation in this Section, it will use its commercially reasonable efforts to secure the inclusion
for quotation with Pink Sheets, LLC. The Company shall pay all fees and expenses in connection with satisfying its obligation under this
Section 3(j).

 

k.
The Company shall cooperate with the Holder to facilitate the timely preparation and delivery of certificates (not bearing any restrictive
legend) representing the Registrable Securities to be offered pursuant to a Registration Statement and enable such certificates to be
in such denominations or amounts, as the case may be, as the Holder may reasonably request and registered in such names of the Persons
who shall acquire such Registrable Securities from the Holder, as the Holder may request.

 

l.
The Company shall provide a transfer agent for all the Registrable Securities not later than the Effective Date of the first Registration
Statement filed pursuant hereto.

 

m.
If requested by the Holder, the Company shall (i) as soon as reasonably practical, incorporate in a prospectus supplement or post-effective
amendment such information as Holder reasonably determines should be included therein relating to the sale and distribution of Registrable
Securities; (ii) make all required filings of such prospectus supplement or post-effective amendment as soon as notified of the matters
to be incorporated in such prospectus supplement or post-effective amendment; and (iii) supplement or make amendments to any Registration
Statement if reasonably requested by Holder.

 

n.
The Company shall use its commercially reasonable efforts to cause the Registrable Securities covered by the applicable 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.

 

o.
The Company shall make available to the Holder as soon as reasonably practical, but not later than ninety (90) calendar days after the
close of the period covered thereby, an earnings statement (in form complying with the provisions of Rule 158 under the Securities Act)
covering a 12-month period beginning not later than the first day of the Company’s fiscal quarter next following the effective
date of any Registration Statement. Filing via EDGAR shall constitute delivery.

 

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p.
The Company shall otherwise use its commercially reasonable efforts to comply with all applicable rules and regulations of the SEC in
connection with any registration hereunder.

 

q.
Within five (5) business days after the Registration Statement which includes Registrable Securities is declared 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 Holder, confirmation that such Registration Statement has been declared effective by the SEC in the form attached
hereto as Exhibit A.

 

r.
After the SEC declares the Registration Statement cleared of all comments and the Company’s acceptance of the effectiveness of
the Registration Statement, the Company shall file a prospectus covering the resale of the Registrable Securities (the “Prospectus”)
within five (5) trading days.

 

s.
The Company shall take all other reasonable actions necessary to expedite and facilitate disposition by the Holder of the Registrable
Securities pursuant to a Registration Statement.

 

t.
In addition to the obligation to register the Registerable Securities under a Registration Statement hereunder, so long as any amounts
remain outstanding under the Note or the Warrants, Holder shall also have the right to obtain any unallocated shares under any outstanding
effective registration statement of the Company for any conversions under the Note or exercises of any Warrant. The Company shall first
offer allocation of any unallocated shares to Holder before allocating them to any other person. Further, any Registered Securities offered
by the Company, shall first be made to the Holder. Holder shall have five (5) business days to either accept the offer of Registered
Securities, in whole or in part, or to decline such offer. The Company shall be able to offer and sell any number of Registered Securities
offered to, but not purchased by, Holder after five (5) business days.

 

4.
Obligations Of The Holder.

 

a.
At least five (5) calendar days prior to the first anticipated filing date of a Registration Statement, the Company shall notify the
Holder in writing of the information the Company requires from the Holder. It shall be a condition precedent to the obligations of the
Company to complete the registration pursuant to this Agreement with respect to the Registrable Securities that the Holder furnishes
to the Company that information regarding itself, the Registrable Securities and the intended method of disposition of the Registrable
Securities as shall reasonably be required to effect the registration of such Registrable Securities and the Holder shall execute such
documents in connection with such registration as the Company may reasonably request. The Holder covenants and agrees that, in connection
with any resale of Registrable Securities by it pursuant to a Registration Statement, it shall comply with the “Plan of Distribution”
section of the current prospectus relating to such Registration Statement.

 

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b.
The Holder, by the Holder’s acceptance of the Registrable Securities, agrees to cooperate with the Company as reasonably requested
thereby in connection with the preparation and filing of any Registration Statement hereunder and in responding to SEC comments in connection
therewith.

 

c.
The Holder agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in Section
3(f) hereof or the first sentence of Section 3(e) hereof, the Holder will immediately discontinue disposition of Registrable
Securities pursuant to any Registration Statement(s) covering such Registrable Securities until Holder’s receipt of the copies
of the supplemented or amended prospectus contemplated by Section 3(f) hereof or the first sentence of Section 3(e) hereof.

 

5.
Expenses Of Registration.

 

All
expenses, other than underwriting discounts and commissions, incurred in connection with registrations, filings or qualifications pursuant
to Section 2 and Section 3 hereof, including, without limitation, all registration, listing and qualifications fees, printing
and accounting fees, and reasonable fees and disbursements of counsel for the Company shall be paid by, and are the sole obligation of,
the Company, other than as specifically set forth herein.

 

6.
Indemnification.

 

In
the event any Registrable Securities are included in a Registration Statement under this Agreement:

 

a.
To the fullest extent permitted by law, the Company agrees to indemnify, hold harmless and defend the Holder, the directors, officers,
partners, employees, counsel, agents, representatives of, and each Person, if any, who controls, Holder within the meaning of the Securities
Act or the Exchange Act (each, a “Holder Indemnified Party”), 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 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 the Holder has requested in writing that the Company register or qualify the Registrable
Securities (“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, in light of the circumstances under which the statements therein were made, 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, or (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, and the Company shall notify Purchaser promptly of the institution, threat
or assertion of any proceeding arising from or in connection with the transactions contemplated by this Agreement of which the Company
is aware (the matters in the foregoing clauses (i) through (iii) being, collectively, “Violations”). Subject to the restrictions
set forth in Section 6(d) hereof with respect to the number of legal counsel, the Company shall reimburse the Holder and each
such controlling 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 related to a Violation. Notwithstanding anything
to the contrary contained herein, the indemnification agreement contained in this Section 6(a) (i) shall not apply to a Claim arising
out of or based upon a Violation which is due to the inclusion in the Registration Statement of the information furnished to the Company
by any Holder Indemnified Party expressly for use in connection with the preparation of the Registration Statement or any such amendment
thereof or supplement thereto; (ii) shall not be available to the extent such Claim is based on (a) a failure of the Holder to deliver
or to cause to be delivered the prospectus made available by the Company or (b) the Holder Indemnified Party’s use of an incorrect
prospectus despite being promptly advised in advance by the Company in writing not to use such incorrect prospectus; (iii) any claims
based on the manner of sale of the Registrable Securities by the Holder or of the Holder’s failure to register as a dealer under
applicable securities Laws; (iv) any omission of the Holder to notify the Company of any material fact that should be stated in the Registration
Statement or prospectus relating to the Holder or the manner of sale; and (v) any 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 Holder Indemnified Party and shall survive
the resale of the Registrable Securities by the Holder pursuant to the Registration Statement.

 

    	10

    	 

    

 

b.
Holder agrees to indemnify, hold harmless and defend, to the same extent and in the same manner as is set forth in Section 6(a), the
Company, the officers, directors, members, partners, agents and employees (and any other individuals or entities with a functionally
equivalent role of a person holding such titles, notwithstanding a lack of such title or any other title) of the Company, each individual
or entity who controls the Company (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) and the
officers, directors, members, partners, agents and employees (and any other individuals or entities with a functionally equivalent role
of a person holding such titles, notwithstanding a lack of such title or any other title) of each such controlling individual (each a
“Company Indemnified Party”) against any Claim or Indemnified Damages to which any of them may become subject insofar
as such Claim or Indemnified Damages arise out of or are based upon any Violation, in each case to the extent, and only to the extent,
that such Violation is incurred, arises out of or related to (1) any untrue or alleged untrue statement of a material fact contained
in a Registration Statement, any related prospectus or any form of prospectus or in any amendment or supplement thereto or in any preliminary
prospectus, or arising out of or relating to any omission or alleged omission of a material fact required to be stated therein or necessary
to make the statements therein (in the case of any such prospectus or supplement thereto, in light of the circumstances under which they
were made) not misleading or (2) any violation or alleged violation by the Company of the Securities Act, the Exchange Act or any state
securities law, or any rule or regulation thereunder, in connection with the performance of its obligations under this Agreement, but
only to the extent that such untrue statements or omissions are based upon information regarding Holder furnished to the Company by Holder
for use therein, and the Holder will reimburse any legal or other expenses reasonably incurred by any Company Indemnified Party in connection
with investigating or defending any such Claim; provided, however, that the indemnity agreement contained in this Section 6(b) shall
not apply to amounts paid in settlement of any Claim if such settlement is effected without the prior written consent of the Holder,
which consent shall not be unreasonably withheld. Holder shall notify the Company promptly of the institution, threat or assertion of
any proceeding arising from or in connection with the transactions contemplated by this Agreement of which Holder is aware.

 

c.
Any indemnity hereunder shall remain in full force and effect regardless of any investigation made by or on behalf of any Holder Indemnified
Party or Company Indemnified Party (each, an “Indemnified Party”), as applicable, and shall survive the resale of
the Registrable Securities by the Holder pursuant to the Registration Statement. Notwithstanding anything to the contrary contained herein,
the indemnification agreement contained in this Section 6 with respect to any preliminary prospectus shall not inure to the benefit of
any Indemnified Party if the untrue statement or omission of material fact contained in the preliminary prospectus were corrected on
a timely basis in the prospectus, as then amended or supplemented. This indemnification provision shall apply separately to each Holder
and liability hereunder shall not be joint and several.

 

d.
Promptly after receipt by an Indemnified Party under this Section 6 of notice of the commencement of any action or proceeding
(including any governmental action or proceeding) involving a Claim, such Indemnified Party shall, if a Claim in respect thereof is to
be made against any indemnifying party under this Section 6, 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 or the Indemnified Party, as the case may be; provided, however, that an Indemnified Party
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 Party and the indemnifying
party would be inappropriate due to actual or potential differing interests between such Indemnified Party and any other party represented
by such counsel in such proceeding. The indemnifying party shall pay for only one separate legal counsel for the Indemnified Parties,
as applicable, and such counsel shall be selected by the Holder, if the Holder is entitled to indemnification hereunder, or the Company,
if the Company is entitled to indemnification hereunder, as applicable. The Indemnified Party 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 Party which relates to such action or claim. The indemnifying party shall
keep the Indemnified Party 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 effected 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 Party, 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 Party of a release from all liability
in respect to such Claim. Following indemnification as provided for hereunder, the indemnifying party shall be subrogated to all rights
of the Indemnified Party 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 Party under this Section 6, except to the extent
that the indemnifying party is actually prejudiced in its ability to defend such action.

 

    	11

    	 

    

 

e.
The indemnification required by this Section 6 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.

 

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

 

7.
Contribution.

 

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 6 hereof to the fullest extent permitted
by law; provided, however, that: (i) no contribution shall be made under circumstances where the maker would not have been liable for
indemnification under the fault standards set forth in Section 6 hereof; (ii) 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 (iii) 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.

 

8.
Reports Under The Exchange Act. 

 

With
a view to making available to the Holders the benefits of Rule 144 under the Securities Act or any similar rule or regulation of the
SEC that may at any time permit the Holders to sell securities of the Company to the public without registration (“Rule 144”)
the Company agrees to:

 

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

 

b.
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 as are required by
the applicable provisions of Rule 144; and

 

c.
furnish to the Holder so long as the Holder owns Registrable Securities, promptly upon request, (i) a written statement by the Company
that it has complied with the reporting requirements 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 Holders to sell such securities pursuant to Rule 144 without registration.

 

    	12

    	 

    

 

9.
No Assignment Of Registration Rights.

 

The
registration rights and obligations under this Agreement shall not be assignable.

 

10.
Amendment Of Registration Rights.

 

Provisions
of this Agreement may be amended and the observance thereof may be waived (either generally or in a particular instance and either retroactively
or prospectively), only with the written consent of both the Company and the Holder. Any amendment or waiver effected in accordance with
this Section 10 shall be binding upon the Holder and the Company. No such amendment shall be effective to the extent that it applies
to less than all of the Holders of the Registrable Securities. No consideration shall be offered or paid to any Person to amend or consent
to a waiver or modification of any provision of any of this Agreement unless the same consideration also is offered to all of the Parties
to this Agreement.

 

11.
Miscellaneous.

 

a.
Any notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement must be in
writing and will be deemed to have been delivered (i) upon receipt, when delivered personally; (ii) upon receipt, when sent by facsimile
(provided a confirmation of transmission is mechanically or electronically generated and kept on file by the sending Party); or (iii)
one (1) day after deposit with a nationally recognized overnight delivery service, in each case properly addressed to the Party to receive
the same. The addresses for such communications are as set forth on the signature page to this Agreement. Each Party shall provide five
(5) business days prior notice to the other Party of any change in address, phone number or facsimile number.

 

b.
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.

 

c.
This Agreement and all acts and transactions pursuant hereto and the rights and obligations of the Parties hereto shall be governed,
construed and interpreted in accordance with the laws of the State of Delaware, without giving effect to principles of conflicts of law.
The Parties submit to the jurisdiction of the state of California and federal courts in the county of San Diego, California, and agree
that any legal action or proceeding relating to this Agreement may be brought in those courts.

 

d.
This Agreement, the Note, the Warrant, and the Securities Purchase Agreement constitute the entire set of agreements among the Parties
hereto with respect to the subject matter hereof and thereof and supersede all prior agreements and understandings among the Parties
hereto with respect to the subject matter hereof and there. There are no restrictions, promises, warranties or undertakings, other than
those set forth or referred to herein or in the Note, the Warrant or the Securities Purchase Agreement.

 

e.
The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

 

    	13

    	 

    

 

f.
This Agreement may be executed in two or more counterparts, all of which taken together shall constitute one instrument. Execution and
delivery of this Agreement by exchange of facsimile copies bearing the facsimile signature of a Party shall constitute a valid and binding
execution and delivery of this Agreement by such Party. Such facsimile copies shall constitute enforceable original documents.

 

g.
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.

 

h.
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.

 

i.
The Company hereby represent and warrants to the Holder that: (i) it has voluntarily entered into this Agreement of its own freewill,
(ii) it is not entering into this Agreement under economic duress, (iii) the terms of this Agreement are reasonable and fair to the Company,
and (iv) the Company has had independent legal counsel of its own choosing review this Agreement, advise the Company with respect to
this Agreement, and represent the Company in connection with its entering into this Agreement.

 

j.
Notwithstanding anything in this Agreement to the contrary, the Parties hereto hereby acknowledge and agree to the following: (i) the
Holder makes no representations or covenants that it will not engage in trading in the securities of the Company; (ii) the Company has
not and shall not provide material non-public information to the Holder unless prior thereto the Holder shall have executed a written
agreement regarding the confidentiality and use of such information; and (iii) the Company understands and confirms that the Holder will
be relying on the acknowledgements set forth in clauses (i) through (iii) above if the Holder effects any transactions in the securities
of the Company.

 

12.
Waiver.

 

Any
Party’s delay or failure at any time or times hereafter to require strict performance by other Party of any undertakings, agreements
or covenants shall not waive, affect, or diminish any right of the first Party under this Agreement to demand strict compliance and performance
herewith. Any waiver by a Party of any breach under this Agreement (an “Event of Default”) shall not waive or affect
any other Event of Default, whether such Event of Default is prior or subsequent thereto and whether of the same or a different type.
None of the undertakings, agreements and covenants of a Party contained in this Agreement, and no Event of Default by a Party, shall
be deemed to have been waived by the other Party other than in a writing signed by the waiving Party. This Agreement may not be amended,
changed or modified other than by an instrument in writing specifying such amendment and signed by both Parties.

 

13.
Payment Of Liquidated Damages.

 

Any
liquidated damages or other fees incurred herein by the Company for failure to act in a timely manner shall be charged to the Purchase
Amount, unless specifically noted otherwise. The Holder reserves the rights to take payment of such amounts in cash or in Securities
priced at the Fixed Conversion Price.

 

[Signature
Page Follows]

 

    	14

    	 

    

 

IN
WITNESS WHEREOF, the Parties hereto have caused this Registration Rights Agreement to be duly executed on the day and year first
above written.

 

	 	THE
    COMPANY:
	 	 
	 	SIMPLICITY
    ESPORTS AND GAMING COMPANY 
	 	 
	 	By:	/s/
    Roman Franklin
	 	Name:	Roman
    Franklin
	 	Title:	Chief
    Executive Officer
	 	Address:	7000
    West Palmetto Park Road, Suite 505
	 	 	Boca
    Raton, Florida 33433
	 	 	 
	 	HOLDER:
	 	 
	 	Lucas
    Ventures, LLC
	 	(entity
    name, if applicable)
	 	 
	 	By:	/s/
    Luke Hoppel
	 	Name:	Luke
    Hoppel, Manager 
	 	Address:
    	
	 	 	 

 

    	15

    	 

    

 

EXHIBIT
A

 

FORM
OF NOTICE OF EFFECTIVENESS

OF
REGISTRATION STATEMENT

 

Date:
__________

 

[TRANSFER
AGENT]

 

	 	Re:	Simplicity Esports and
  Gaming Company

 

Ladies
and Gentlemen:

 

We
are counsel to Simplicity Esports and Gaming Company, a Delaware corporation (the “Company”), and have represented
the Company in connection with that certain Securities Purchase Agreement (the “Securities Purchase Agreement”) entered into
by and among the Company and Lucas Ventures, LLC (the “Holder”), pursuant to which the Company has agreed to issue to the
Holder, a Convertible Promissory Note and Warrant (together the “Securities”) on the terms and conditions set forth
in the Securities Purchase Agreement. Pursuant to the Securities Purchase Agreement, the Company also has entered into a Registration
Rights Agreement with the Holder (the “Registration Rights Agreement”) pursuant to which the Company agreed, among
other things, to register the Registrable Securities (as defined in the Registration Rights Agreement), including the shares of the Common
Stock of the Company issued or issuable under the Securities Purchase Agreement, the Note or the Warrant under the Securities Act of
1933, as amended (the “Securities Act”). In connection with the Company’s obligations under the Registration
Rights Agreement, on ____________ ___, 20__, the Company filed a Registration Statement on Form ________ (File No. 333-________) (the
“Registration Statement”) with the United States Securities and Exchange Commission (the “SEC”)
relating to the Registrable Securities which names the Holder as a selling shareholder thereunder.

 

In
connection with the foregoing, we advise you that the Registration Statement has become effective under the Securities Act at [enter
the time of effectiveness] on [enter the date of effectiveness] and to the best of our knowledge, after telephonic inquiry of a member
of the SEC’s staff, no stop order suspending its effectiveness has been issued and no proceedings for that purpose are pending
before, or threatened by, the SEC and the Registrable Securities are available for resale under the Securities Act pursuant to the Registration
Statement.

 

	 	Very
    truly yours,
	 	 
	 	[Company
    Counsel]
	 	 
	 	By:	          

 

    	16Exhibit 10.4

 

NEITHER
THIS SECURITY NOR THE SECURITIES FOR WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION
OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR
TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. THIS SECURITY AND THE SECURITIES ISSUABLE UPON
EXERCISE OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

COMMON
STOCK PURCHASE WARRANT 

 

SIMPLICITY
ESPORTS AND GAMING COMPANY

 

	Warrant Shares: 187,480		Issuance Date: August 31, 2021

 

THIS
COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value received, LUCAS VENTURES, LLC, an Arizona
limited liability company, or its registered assigns (the “Holder”) is entitled, upon the terms and subject to the limitations
on exercise and the conditions hereinafter set forth, at any time on or after the date hereof (the “Issuance Date”) and on
or prior to the close of business on the third anniversary of the Issuance Date (the “Termination Date”) but not thereafter,
to subscribe for and purchase from SIMPLICITY ESPORTS AND GAMING COMPANY, a Delaware corporation (the “Company”),
up to 187,480 shares of Common Stock (as subject to adjustment hereunder, the “Warrant Shares”). The purchase price of one
share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 2.

 

Section
1. Definitions. Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain Securities
Purchase Agreement dated as of the Issuance Date (the “Purchase Agreement”), among the Company and the Holder and the note
issued to the Holder contemporaneously with this Warrant (the “Note”).

 

Section
2. Exercise.

 

a)
Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after the Issuance
Date and on or before the Termination Date by delivery to the Company (or such other office or agency of the Company as it may designate
by notice in writing to the registered Holder at the address of the Holder appearing on the books of the Company) of a duly executed
facsimile copy of the Notice of Exercise Form attached hereto. Within two (2) Trading Days following the date of aforesaid exercise,
the Holder shall deliver the aggregate Exercise Price (if the exercise is pursuant to Section 2(b) herein) for the shares specified in
the applicable Notice of Exercise by wire transfer or cashier’s check drawn on a United States bank specified in the applicable
Notice of Exercise. Notwithstanding anything herein to the contrary (although the Holder may surrender the Warrant to, and receive a
replacement Warrant from, the Company), the Holder shall not be required to physically surrender this Warrant to the Company until the
Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder
shall surrender this Warrant to the Company for cancellation within three (3) Trading Days of the date the final Notice of Exercise is
delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares
available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal
to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant
Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise Form within three
(3) Trading Days of delivery of such notice. The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that,
by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant
Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof.

 

    	1

     

    

 

b)
Exercise Price. The exercise price per share of the Common Stock under this Warrant shall be, subject to adjustment as described
herein, as follows: (i) one hundred ten percent (110%) of the per share offering price of the offering made in connection with any “up-listing”
of the Common Stock; or (ii) prior to the determination of the per share offering price of the offering made in connection with any “up-listing”
of the Common Stock and following such time if the “up-listing” contemplated in Section 2(b)(i) is not completed by November
1, 2021, the exercise price shall be closing price of the Common Stock as of the day prior to the Issuance Date (as applicable, the “Exercise
Price”).

 

c)
Cashless Exercise. In the event that there is no effective registration statement registering the Warrant Shares, or no current
prospectus available for the resale of the Warrant Shares by the Holder, then this Warrant may also be exercised at the Holder’s
election, in whole or in part, at such time by means of a “cashless exercise” in which the Holder shall be entitled to receive
a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) * (X)] by (A), where:

 

(A)
= the Market Price (as defined below) on the Trading Day immediately preceding the date on which Holder elects to exercise this Warrant
by means of a “cashless exercise,” as set forth in the applicable Notice of Exercise, where the Market Price equals the highest
traded price of the Common Stock during the one hundred fifty (150) Trading Days prior to the date of the respective Exercise Notice;

 

(B)
= the Exercise Price of this Warrant, as adjusted hereunder; and

 

(X)
= the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such
exercise were by means of a cash exercise rather than a cashless exercise.

 

Notwithstanding
anything herein to the contrary, on the Termination Date, unless the Holder notifies the Company otherwise, if there is no effective
registration statement registering the Warrant Shares, or no current prospectus available for, the resale of the Warrant Shares by the
Holder, then this Warrant shall be automatically exercised via cashless exercise pursuant to this Section 2(c); provided however, that
if the automatic exercise contemplated under this Section shall result in a conflict with the beneficial ownership limitations of Section
2(f) hereof, the Termination Date shall be extended so long as necessary to provide for full exercise of the Warrant under this Section.

 

d)
Anti-Dilution Adjustments to Exercise Price. If the Company or any Subsidiary thereof, as applicable, at any time while this Warrant
is outstanding, shall sell or grant any option to purchase, or sell or grant any right to reprice, or otherwise dispose of or issue (or
announce any offer, sale, grant or any option to purchase or other disposition) any Common Stock or securities entitling any person or
entity (for purposes of clarification, including but not limited to the Holder pursuant to (i) any other security of the Company issued
to Holder on or after the Issuance Date (including the Note) or (ii) any other agreement entered into between the Company and Holder)
to acquire shares of Common Stock (upon conversion, exercise or otherwise), at an effective price per share less than the then Exercise
Price (such lower price, the “Base Share Price” and such issuances collectively, a “Dilutive Issuance”) (if the
holder of the Common Stock or Common Stock Equivalents so issued shall at any time, whether by operation of purchase price adjustments,
elimination of an applicable floor price for any reason in the future (including but not limited to the passage of time or satisfaction
of certain condition(s)), reset provisions, floating conversion, exercise or exchange prices or otherwise, or due to warrants, options
or rights per share which are issued in connection with such issuance, be entitled or potentially entitled to receive shares of Common
Stock at an effective price per share which is less than the Exercise Price at any time while such Common Stock or Common Stock Equivalents
are in existence, such issuance shall be deemed to have occurred for less than the Exercise Price on such date of the Dilutive Issuance
(regardless of whether the Common Stock or Common Stock Equivalents are (i) subsequently redeemed or retired by the Company after the
date of the Dilutive Issuance or (ii) actually converted or exercised at such Base Share Price), then the Exercise Price shall be reduced
at the option of the Holder and only reduced to equal the Base Share Price, and the number of Warrant Shares issuable hereunder shall
be increased such that the aggregate Exercise Price payable hereunder, after taking into account the decrease in the Exercise Price,
shall be equal to the aggregate Exercise Price prior to such adjustment (for the avoidance of doubt, the aggregate Exercise Price prior
to such adjustment is calculated as follows: the total number of Warrant Shares issuable upon exercise of this Warrant immediately prior
to such adjustment (without regard to the Beneficial Ownership Limitation) multiplied by the Exercise Price in effect immediately prior
to such adjustment). By way of example, if E is the total number of Warrant Shares issuable upon exercise of this Warrant immediately
prior to such adjustment (without regard to the Beneficial Ownership Limitation), F is the Exercise Price in effect immediately prior
to such adjustment, and G is the Base Share Price, the adjustment to the number of Warrant Shares can be expressed in the following formula:
Total number of Warrant Shares after such Dilutive Issuance = the number obtained from dividing [E x F] by G. Such adjustment shall be
made whenever such Common Stock or Common Stock Equivalents are issued, regardless of whether the Common Stock or Common Stock Equivalents
are (i) subsequently redeemed or retired by the Company after the date of the Dilutive Issuance or (ii) actually converted or exercised
at such Base Share Price by the holder thereof (for the avoidance of doubt, the Holder may utilize the Base Share Price even if the Company
did not actually issue shares of its common stock at the Base Share Price under the respective Common stock Equivalents). The Company
shall notify the Holder in writing, no later than the Trading Day following the issuance of any Common Stock or Common Stock Equivalents
subject to this Section 2(d), indicating therein the applicable issuance price, or applicable reset price, exchange price, conversion
price and other pricing terms (such notice the “Dilutive Issuance Notice”). For purposes of clarification, whether or not
the Company provides a Dilutive Issuance Notice pursuant to this Section 2(d), upon the occurrence of any Dilutive Issuance, after the
date of such Dilutive Issuance the Holder is entitled to receive a number of Warrant Shares based upon the Base Share Price regardless
of whether the Holder accurately refers to the Base Share Price in the Notice of Exercise.

 

    	2

     

    

 

e)
Mechanics of Exercise.

 

i.
Delivery of Certificates Upon Exercise. Certificates for shares purchased hereunder shall be transmitted by the Transfer Agent
to the Holder by crediting the account of the Holder’s prime broker with The Depository Trust Company through its Deposit or Withdrawal
at Custodian system (“DWAC”) if the Company is then a participant in such system and there is an effective registration
statement permitting the issuance of the Warrant Shares to, or resale of the Warrant Shares, by the Holder and otherwise by physical
delivery to the address specified by the Holder in the Notice of Exercise by the date that is three (3) Trading Days after the latest
of (A) the delivery to the Company of the Notice of Exercise, (B) surrender of this Warrant (if required), and (C) payment of the aggregate
Exercise Price as set forth above (such date, the “Warrant Share Delivery Date”). The Warrant Shares shall be deemed
to have been issued, and Holder or any other person so designated to be named therein shall be deemed to have become a holder of record
of such shares for all purposes, as of the date the Warrant has been exercised, with payment to the Company of the Exercise Price and
all taxes required to be paid by the Holder, if any, prior to the issuance of such shares, having been paid. The Company understands
that a delay in the delivery of the Warrant Shares after the Warrant Share Delivery Date could result in economic loss to the Holder.
As compensation to the Holder for such loss, the Company agrees to pay (as liquidated damages and not as a penalty) to the Holder for
late issuance of Warrant Shares upon exercise of this Warrant the amount of $100.00 per Trading Day. The Company shall pay any payments
incurred under this Section in immediately available funds, or shares of Common Stock of the Company, in the Holder’s discretion,
upon demand. Furthermore, in addition to any other remedies which may be available to the Holder, in the event that the Company fails
for any reason to effect delivery of the Warrant Shares by the Warrant Share Delivery Date, the Holder may revoke all or part of the
relevant Warrant exercise by delivery of a notice to such effect to the Company, whereupon the Company and the Holder shall each be restored
to their respective positions immediately prior to the exercise of the relevant portion of this Warrant, except that the liquidated damages
described above shall be payable through the date notice of revocation or rescission is given to the Company.

 

    	3

     

    

 

ii.
Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request of
Holder and upon surrender of this Warrant certificate, at the time of delivery of the certificate or certificates representing Warrant
Shares, deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for
by this Warrant, which new Warrant shall in all other respects be identical with this Warrant.

 

iii.
Rescission Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder a certificate or the certificates
representing the Warrant Shares by the Warrant Share Delivery Date, then the Holder will have the right, at any time prior to issuance
of such Warrant Shares, to rescind such exercise.

 

 

iv.
Compensation for Buy-In on Failure to Timely Deliver Certificates Upon Exercise. In addition to any other rights available to
the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder a certificate or the certificates representing
the Warrant Shares pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date the Holder is required
by its broker to purchase (in an open market transaction or otherwise), or the Holder’s brokerage firm otherwise purchases, shares
of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon
such exercise (a “Buy-In”), then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x)
the Holder’s total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased exceeds
(y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection
with the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation was executed, and (B)
at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise
was not honored (in which case such exercise shall be deemed rescinded) or deliver to the Holder the number of shares of Common Stock
that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the
Holder purchases Common Stock having a total purchase price of $11,000.00 to cover a Buy-In with respect to an attempted exercise of
shares of Common Stock with an aggregate sale price giving rise to such purchase obligation of $10,000.00, under clause (A) of the immediately
preceding sentence the Company shall be required to pay the Holder $1,000.00. The Holder shall provide the Company written notice indicating
the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing
herein shall limit Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without
limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver certificates
representing shares of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof.

 

v.
No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise
of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company
shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied
by the Exercise Price or round up to the next whole share.

 

vi.
Charges, Taxes and Expenses. Issuance of certificates for Warrant Shares shall be made without charge to the Holder for any issue
or transfer tax or other incidental expense in respect of the issuance of such certificate, all of which taxes and expenses shall be
paid by the Company, and such certificates shall be issued in the name of the Holder or in such name or names as may be directed by the
Holder; provided, however, that in the event certificates for Warrant Shares are to be issued in a name other than the
name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed
by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax
incidental thereto. The Company shall pay all Transfer Agent fees required for same-day processing of any Notice of Exercise.

 

    	4

     

    

 

vii.
Closing of Books. The Company will not close its stockholder books or records in any manner which prevents the timely exercise
of this Warrant, pursuant to the terms hereof.

 

f)
Holder’s Exercise Limitations. From and after the date that the Warrant Shares are of a class of equity of the borrower
registered under Section 12(g) of the Exchange Act or the Company is subject to the reporting requirements of Section 13 or Section 15(d)
of the Exchange Act, the Company shall not effect any exercise of this Warrant, and Holder shall not have the right to exercise any portion
of this Warrant, to the extent that after giving effect to such issuance after exercise as set forth on the applicable Notice of Exercise,
the Holder (together with the Holder’s affiliates, and any other Persons acting as a group together with the Holder or any of the
Holder’s affiliates), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes
of the foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder and its affiliates shall include the
number of shares of Common Stock issuable upon exercise of this Warrant with respect to which such determination is being made, but shall
exclude the number of shares of Common Stock which would be issuable upon (i) exercise of the remaining, nonexercised portion of this
Warrant beneficially owned by the Holder or any of its affiliates and (ii) exercise or conversion of the unexercised or nonconverted
portion of any other securities of the Company (including, without limitation, any other Common Stock Equivalents) subject to a limitation
on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its affiliates. Except
as set forth in the preceding sentence, for purposes of this Section 2(f), beneficial ownership shall be calculated in accordance with
Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the
Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder
is solely responsible for any schedules required to be filed in accordance therewith. To the extent that the limitation contained in
this Section 2(f) applies, the determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder
together with any affiliates) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and
the submission of a Notice of Exercise shall be deemed to be the Holder’s determination of whether this Warrant is exercisable
(in relation to other securities owned by the Holder together with any affiliates) and of which portion of this Warrant is exercisable,
in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy
of such determination. In addition, a determination as to any group status as contemplated above shall be determined in accordance with
Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 2(f), in determining
the number of outstanding shares of Common Stock, Holder may rely on the number of outstanding shares of Common Stock as reflected in
(A) the Company’s most recent periodic or annual report filed with the Commission, as the case may be, (B) a more recent public
announcement by the Company or (C) a more recent written notice by the Company or the Transfer Agent setting forth the number of shares
of Common Stock outstanding. Upon the written or oral request of Holder, the Company shall within two Trading Days confirm orally and
in writing to the Holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common
Stock shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by
the Holder or its affiliates since the date as of which such number of outstanding shares of Common Stock was reported. The “Beneficial
Ownership Limitation” shall be 4.99% of the number of shares of the Common Stock outstanding immediately after giving effect to
the issuance of shares of Common Stock issuable upon exercise of this Warrant. The Holder may decrease the Beneficial Ownership Limitation
at any time and the Holder, upon not less than sixty-one (61) days’ prior notice to the Company, may increase the Beneficial Ownership
Limitation provisions of this Section 2(f), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number
of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock upon exercise of
this Warrant held by the Holder and the provisions of this Section 2(f) shall continue to apply. Any such increase will not be effective
until the 61st day after such notice is delivered to the Company. The provisions of this paragraph shall be construed and
implemented in a manner otherwise than in strict conformity with the terms of this Section 2(f) to correct this paragraph (or any portion
hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes
or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply
to a successor holder of this Warrant.

 

    	5

     

    

 

Section
3. Certain Adjustments.

 

a)
Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise
makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares
of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon exercise of this
Warrant or pursuant to any of the other Transaction Documents); (ii) subdivides outstanding shares of Common Stock into a larger number
of shares; (iii) combines (including by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares;
or (iv) issues by reclassification of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise
Price shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares,
if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding
immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such
that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become
effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution and
shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

 

b)
Fundamental Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or
more related transactions effects any merger or consolidation of the Company with or into another individual, a partnership, a joint
venture, a corporation, a limited liability company, a trust, an unincorporated organization or any other legal entity and a government
or any department or agency thereof (each, a “Person”), (ii) the Company, directly or indirectly, effects any sale, lease,
license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related
transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person)
is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange their shares for other securities, cash
or property and has been accepted by the holders of 50% or more of the outstanding Common Stock, (iv) the Company, directly or indirectly,
in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Stock or any compulsory
share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property,
or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other
business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another
Person or group of Persons whereby such other Person or group acquires more than 50% of the outstanding shares of Common Stock (not including
any shares of Common Stock held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons
making or party to, such stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”),
then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have
been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder, the
number of shares of common stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and
any additional consideration (the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a
holder of the number of shares of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental Transaction.
For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate
Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction,
and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value
of any different components of the Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash
or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration
it receives upon any exercise of this Warrant following such Fundamental Transaction.

 

    	6

     

    

 

c)
Voluntary Reduction. The Company may unilaterally reduce the Exercise Price at any time.

 

d)
Calculations. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the
case may be. For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a given date
shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

 

e)
Notice to Holder.

 

i.
Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision in this Warrant, the Company shall
promptly mail to the Holder a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number
of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

 

ii.
Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on
the Common Stock; (B) the Company shall declare a special nonrecurring cash dividend on, or a redemption of, the Common Stock; (C) the
Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares of
capital stock of any class or of any rights; (D) the approval of any stockholders of the Company shall be required in connection with
any reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any sale or transfer of all or
substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Stock is converted into other securities;
or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company,
then, in each case, to the extent that such information constitutes material non-public information (as determined in good faith by the
Company) the Company shall follow the procedure described the Purchase Agreement and shall deliver to the Holder at its last address
as it shall appear upon the Warrant Register of the Company, at least twenty (20) calendar days prior to the applicable record or effective
date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution,
redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Stock of record to
be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification,
consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected
that holders of the Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other
property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to
mail such notice or any defect therein or in the mailing thereof shall not affect the validity of the corporate action required to be
specified in such notice. To the extent that any notice provided hereunder constitutes, or contains, material, non-public information
regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the SEC pursuant to a Current
Report on Form 8-K. The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such notice
to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.

 

f)
[Intentionally omitted].

 

g)
[Intentionally omitted].

 

    	7

     

    

 

Section
4. Transfer of Warrant.

 

a)
Transferability. Subject to compliance with any applicable securities laws and the provisions of the Purchase Agreement, this
Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in part, upon
surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this
Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any
transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute
and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations
specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not
so assigned, and this Warrant shall promptly be cancelled. The Warrant, if properly assigned in accordance herewith, may be exercised
by a new holder for the purchase of Warrant Shares without having a new Warrant issued.

 

b)
New Warrants. Subject to compliance with all applicable securities laws, this Warrant may be divided or combined with other Warrants
upon presentation hereof at the aforesaid office of the Company, together with a written notice specifying the names and denominations
in which new Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to
any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in
exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges
shall be dated the initial issuance date of this Warrant and shall be identical with this Warrant except as to the number of Warrant
Shares issuable pursuant thereto.

 

c)
Warrant Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the
“Warrant Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered
Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for
all other purposes, absent actual notice to the contrary.

 

Section
5. Miscellaneous.

 

a)
No Rights as Stockholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other rights
as a stockholder of the Company prior to the exercise hereof as set forth herein.

 

b)
Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares,
and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which shall not include the posting
of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make and deliver
a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate.

 

c)
Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required
or granted herein shall not be a Trading Day, then, such action may be taken or such right may be exercised on the next succeeding Trading
Day.

 

d)
Authorized Shares. The Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized
and unissued Common Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase
rights under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers
who are charged with the duty of executing stock certificates to execute and issue the necessary certificates for the Warrant Shares
upon the exercise of the purchase rights under this Warrant. The Company will take all such reasonable action as may be necessary to
assure that such Warrant Shares may be issued as provided herein without violation of any applicable law or regulation, or of any requirements
of the Trading Market upon which the Common Stock may be listed. The Company covenants that all Warrant Shares which may be issued upon
the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant
and payment for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid and non-assessable and free
from all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer
occurring contemporaneously with such issue). Except and to the extent as waived or consented to by the Holder, the Company shall not
by any action, including, without limitation, amending its certificate of incorporation or through any reorganization, transfer of assets,
consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance
or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms
and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant
against impairment. Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant
Shares above the amount payable therefor upon such exercise immediately prior to such increase in par value; (ii) take all such action
as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares
upon the exercise of this Warrant; and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents
from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under
this Warrant. Before taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is
exercisable or in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as
may be necessary from any public regulatory body or bodies having jurisdiction thereof. Failure to maintain sufficient shares for exercise
of the Warrant, shall constitute an Event of Default under the Purchase Agreement and Holder shall be able to rely on any applicable
default remedies thereunder.

 

    	8

     

    

 

e)
Governing Law and Jurisdiction. This Warrant shall be governed by and construed in accordance with the laws of the State of Delaware
without regard to principles of conflicts of laws. All questions concerning jurisdiction, venue and the construction, validity, enforcement
and interpretation of this Warrant shall be determined in accordance with the provisions of the Purchase Agreement.

 

f)
Restrictions. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, will
have restrictions upon resale imposed by state and federal securities laws.

 

g)
Non-waiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall
operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. Without limiting any other provision
of this Warrant or the Purchase Agreement, if the Company willfully and knowingly fails to comply with any provision of this Warrant,
which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover
any costs and expenses including, but not limited to, reasonable attorneys’ fees, including those of appellate proceedings, incurred
by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.

 

h)
Notices. Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall
be delivered in accordance with the notice provisions of the Purchase Agreement.

 

i)
Limitation of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant
to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of
the Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company
or by creditors of the Company.

 

j)
Remedies. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will
be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate
compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to
assert the defense in any action for specific performance that a remedy at law would be adequate.

 

k)
Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall
inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns
of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall
be enforceable by the Holder or holder of Warrant Shares.

 

l)
Amendment. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and
the Holder.

 

m)
Severability. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid
under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall
be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining
provisions of this Warrant.

 

n)
Headings. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed
a part of this Warrant.

 

 

********************

(Signature
Page Follows)

 

    	9

     

    

 

IN
WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above
indicated.

 

	SIMPLICITY
    ESPORTS AND GAMING COMPANY	 
	 	 	 
	By:	/s/
    Roman Franklin	 
	Name:	Roman
    Franklin	 
	Title:	Chief
    Executive Officer	 

 

    	10

     

    

 

NOTICE
OF EXERCISE

 

TO:
SIMPLICITY ESPORTS AND GAMING COMPANY:

 

(1)
The undersigned hereby elects to purchase Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised
in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

 

(2)
Payment shall take the form of lawful money of the United States;

 

(3)
Please issue a certificate or certificates representing said Warrant Shares in the name of the undersigned or in such other name as is
specified below:

  

(4)
After giving effect to this Notice of Exercise, the undersigned will not have exceeded the Beneficial Ownership Limitation.

 _____________________________________

 

The
Warrant Shares shall be delivered to the following DWAC Account Number or by physical delivery of a certificate to:

_________________________________________

_________________________________________

_________________________________________

_________________________________________

 

Name
of Investing Entity:

__________________________________________

 

Signature
of Authorized Signatory of Investing Entity:

 

_______________________________________

	Name:	 	 
	Title:	 	 
	Date:
    	 	 

 

    	 

     

    

 

ASSIGNMENT
FORM

 

(To
assign the foregoing warrant, execute this form and supply required information. Do not use this form to exercise the warrant.)

 

SIMPLICITY
ESPORTS AND GAMING COMPANY

 

FOR
VALUE RECEIVED, [_____] all of or [_________] shares of the foregoing Warrant and all rights evidenced thereby are hereby assigned to ____________________________________________whose
address is

____________________________________________________________________.

 

Dated:
______________________________________, __________________

 

 

	Holder’s Signature: 	 	 
	Holder’s Address: 	 	 
	 	 	 

 

Signature
Guaranteed: _____________________________________

 

NOTE:
The signature to this Assignment Form must correspond with the name as it appears on the face of the Warrant, without alteration or enlargement
or any change whatsoever, and must be guaranteed by a bank or trust company. Officers of corporations and those acting in a fiduciary
or other representative capacity should file proper evidence of authority to assign the foregoing Warrant.

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