SEC Contract Filing

Filing Date: 2025-02-25

Document Content:
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<TYPE>EX-10.1
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<FILENAME>ex10-1.htm
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.1</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>FORM OF SECURITIES PURCHASE AGREEMENT</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; text-indent: 0.5in">This <B>SECURITIES
PURCHASE AGREEMENT </B>(the &ldquo;Agreement&rdquo;), dated as of February 21, 2025, by and between <B>SNAIL, INC.</B>, a Delaware corporation,
with headquarters located at 12049 Jefferson Blvd, Culver City, CA 90230 (the &ldquo;Company&rdquo;), and <B>[______]</B> (the &ldquo;Buyer&rdquo;).</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">WHEREAS<FONT STYLE="font-weight: normal">:</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">A.
</FONT>The Company and the Buyer are executing and delivering this Agreement in reliance upon the exemption from securities registration
afforded by Section 4(a)(2) of the Securities Act of 1933, as amended (the &ldquo;1933 Act&rdquo;) and Rule 506(b) promulgated by the
United States Securities and Exchange Commission (the &ldquo;SEC&rdquo;) under the 1933 Act;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">B.
</FONT>The Company intends to enter into securities purchase agreements on the same terms as this Agreement (the &ldquo;February 2025
Offering&rdquo;) with certain accredited investors for the issuance of promissory notes in the aggregate principal amount of up to $11,000,000.00
(including the principal amount of the Note (as defined below)) (collectively the &ldquo;February 2025 Notes&rdquo;) (the February 2025
Notes and Common Stock into which the February 2025 Notes are convertible into, are collectively referred to herein as the &ldquo;February
2025 Securities&rdquo;) (for the avoidance of doubt, the Securities (as defined in this Agreement) are being issued as part of the February
2025 Securities);</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">C.
</FONT>As part of the February 2025 Offering, Buyer desires to purchase from the Company, and the Company desires to issue and sell to
the Buyer, upon the terms and conditions set forth in this Agreement, a 10% original issue discount promissory note of the Company, in
the aggregate principal amount of $[$2,200,000.00][$1,100,000.00] (as the principal amount thereof may be increased pursuant to the terms
thereof, and together with any note(s) issued in replacement thereof or as a dividend thereon or otherwise with respect thereto in accordance
with the terms thereof, in the form attached hereto as <U>Exhibit A</U>, the &ldquo;Note&rdquo;), convertible into shares of Class A common
stock, $0.0001 par value per share, of the Company (the &ldquo;Common Stock&rdquo;), upon the terms and subject to the limitations and
conditions set forth in such Note; and</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-size: 10pt">D.
</FONT>As part of the February 2025 Offering, the Buyer wishes to purchase, upon the terms and conditions stated in this Agreement, such
principal amount of the Note as is set forth immediately below its name on the signature pages hereto; and</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">E.
</FONT>In connection with this Agreement, the Company and the Buyer have entered into a registration rights agreement (the &ldquo;Registration
Rights Agreement&rdquo;) on the date of this Agreement, a form of which is attached hereto as Exhibit B.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; text-indent: 35.95pt"><B>NOW THEREFORE</B>,
in consideration of the foregoing and of the agreements and covenants herein contained, and for other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the Company and the Buyer hereby agree as follows:</P>

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