SEC Contract Filing

Filing Date: 2024-03-15

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>grom_ex1001.htm
<DESCRIPTION>SECOND AMENDMENT TO THE NOVEMBER 2023 SPA
<TEXT>
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<P STYLE="margin: 0"><B>Exhibit 10.1</B></P>

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

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<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in">This SECOND AMENDMENT TO SECURITIES PURCHASE
AGREEMENT (this &ldquo;<B><U>Amendment</U></B>&rdquo;) is dated effective as of March 11, 2024 (the <B>&ldquo;Amendment Effective Date</B>&rdquo;),
by and among <B>Grom Social Enterprises, Inc.</B>, a Florida corporation (the &ldquo;<B><U>Company</U></B>&rdquo;), and <B>Generating
Alpha Ltd.</B>, a Saint Kitts and Nevis corporation (the &ldquo;<B><U>Buyer,</U></B>&rdquo; and together with the Company, the &ldquo;<B><U>Parties</U></B>&rdquo;).</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-indent: 0.5in"><B>WHEREAS,
</B>the Company and the Buyer entered into and executed that certain Securities Purchase Agreement, dated as of November 9, 2023 and amended
on November 20, 2023 (such Securities Purchase Agreement, together with all amendments, modifications, substitutions, or replacements
thereof, collectively referred to as the <B>&ldquo;<U>SPA</U></B>&rdquo;), pursuant to which the Company has agreed to sell two convertible
promissory notes of the Company (each, a &ldquo;<B><U>Note</U></B>&rdquo; and collectively, the &ldquo;<B><U>Notes</U></B>&rdquo;), with
each Note having an initial principal amount of $4,000,000, for a price of $3,640,000 per Note;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-indent: 0.5in"><B>WHEREAS</B>,
in connection with the purchase and sale of the Notes, the Company has agreed to issue to the Buyer warrants (each, a &ldquo;<B><U>Warrant</U></B>&rdquo;
and collectively, the &ldquo;<B><U>Warrants</U></B>&rdquo;) to acquire a total of 3,028,146 shares of the Company&rsquo;s Common Stock,
par value $0.001 per share (the &ldquo;<B><U>Common Stock</U></B>&rdquo;) (the issuance of the Warrants together with the purchase and
sale of the Notes, the &ldquo;<B><U>Transactions</U></B>&rdquo;);</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-indent: 0.5in"><B>WHEREAS</B>, the issuance of
the Notes and the Warrants shall occur at two closings (the &ldquo;<B><U>First Closing</U></B>&rdquo; and the &ldquo;<B><U>Second Closing</U></B>&rdquo;,
each a &ldquo;<B><U>Closing</U></B>&rdquo;);</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-indent: 0.5in"><B>WHEREAS</B>,
on November 20, 2023, the Parties entered into a First Amendment to Securities Purchase Agreement (the &ldquo;<B><U>First Amendment</U></B>&rdquo;),
pursuant to which the SPA was amended to reflect (i) the Warrants to be issued at the First Closing to be (a) a Warrant A for <FONT STYLE="color: #333333">757,036
</FONT>shares of Common Stock with an exercise price of $1.78 per share of Common Stock (&ldquo;<B><U>Warrant A</U></B>&rdquo;) and (b)
a Warrant B for <FONT STYLE="color: #333333">757,036</FONT> shares of Common Stock with an exercise price of $.001 per share of Common
Stock (together, the &ldquo;<B><U>First Closing Warrants</U></B>&rdquo;), and (ii) the Warrants to be issued at the Second Closing to
be (a) a Warrant C for <FONT STYLE="color: #333333">757,036</FONT> shares of Common Stock with an exercise price of $1.78 per share of
Common Stock and (b) a Warrant D for <FONT STYLE="color: #333333">757,036</FONT> shares of Common Stock with an exercise price of $.001
per share of Common Stock (together, the &ldquo;<B><U>Second Closing Warrants</U></B>&rdquo;); and</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-indent: 0.5in"><B>WHEREAS</B>,
the Parties wish further amend the SPA (the &ldquo;<B><U>Second Amendment</U></B>&rdquo;) to (i) reprice the exercise price of Warrant
A; and (ii) include a mandatory reverse stock split covenant.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-indent: 0.5in"><B>WHEREAS</B>, the Parties have agreed to amend the SPA as
provided herein.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-indent: 0.5in"><B>NOW, THEREFORE,
</B>in consideration of the premises and the mutual covenants of the parties hereinafter expressed and other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the par