SEC Contract Filing

Filing Date: 2021-01-05

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ex101.htm
<DESCRIPTION>MATERIAL CONTRACT
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<P style="line-height:0pt; padding-left:0pt; padding-right:0pt; text-indent:0pt; font-size:10pt" align=left>Exhibit 10.1 </P>
<P style="line-height:0pt; padding-left:115.9pt; padding-right:145.75pt; text-indent:-0.5pt; font-size:10pt" align=center><FONT FACE="Times New Roman"><b>PURCHASE AGREEMENT</b></P>
<P style="line-height:10pt; padding-right:30.4pt; text-indent:36pt" align=justify><B>THIS PURCHASE AGREEMENT</B> (the "<U>Agreement</U>"), dated as of December 29, 2020, by and between <B>GALAXY NEXT GENERATION, INC.</B>, a Nevada corporation (the "<U>Company</U>"), and <B>TYSADCO PARTNERS</B>, <B>LLC</B>, a Delaware limited liability company (the "<U>Investor</U>"). &nbsp;</P>
<P style="line-height:10pt; padding-left:115.9pt; padding-right:145.8pt; text-indent:-0.5pt" align=center>WHEREAS: </P>
<P style="line-height:11.65pt; line-height:10pt; padding-left:-0.75pt; padding-right:29.75pt; text-indent:35.5pt" align=justify>This Amendment amends and restates the Agreement in its entirety.</P>
<P style="line-height:10pt; padding-left:-0.75pt; padding-right:29.75pt; text-indent:35.5pt" align=justify>Subject to the terms and conditions set forth in this Amendment, the Company wishes to sell to the Investor, and the Investor wishes to purchase from the Company, up to Ten Million Dollars ($10,000,000) of the Company's common stock, par value $0.0001 per share (the "<U>Common Stock</U>"). The shares of Common Stock to be purchased hereunder are referred to herein as the "<U>Purchase Shares</U>." </P>
<P style="line-height:10pt; padding-left:-0.75pt; padding-right:29.75pt; text-indent:35.5pt" align=justify>NOW THEREFORE, in consideration of the mutual covenants contained in this Amendment, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Company and the Investor hereby agree as follows: </P>
<P style="line-height:10pt; padding-left:36.95pt; text-indent:-36.95pt" align=justify><b>1. CERTAIN DEFINITIONS.</b> </P>
<P style="line-height:10pt; padding-left:36pt; padding-right:29.75pt" align=justify>For purposes of this Amendment, the following terms shall have the following meanings: </P>
<P style="line-height:10pt; margin-bottom:3.95pt; padding-left:36pt; padding-right:29.75pt; text-indent:35.5pt" align=justify>(a) "<U>Average Price</U>" means a price per Purchase Share (rounded to the nearest tenth of a cent) equal to the quotient obtained by dividing (i) the aggregate gross purchase price paid by the Investor for all Purchase Shares purchased pursuant to this Amendment, by (ii) the aggregate number of Purchase Shares issued pursuant to this Amendment. </P>
<P style="line-height:10pt; padding-left:36pt; padding-right:29.75pt; text-indent:35.5pt" align=justify>(b) "<U>Bankruptcy Law</U>" means Title 11, U.S. Code, or any similar federal or state law for the relief of debtors. &nbsp;</P>
<P style="line-height:10pt; padding-left:36pt; padding-right:29.75pt; text-indent:35.5pt" align=justify>(c)"<U>Business Day</U>" means any day on which the Principal Market is open for trading, including any day on which the Principal Market is open for trading for a period of time less than the customary time. </P>
<P style="line-height:10pt; padding-left:36pt; padding-right:29.75pt; text-indent:35.5pt" align=justify>(d) "<U>Closing Sale Price</U>" means, for any security as of any date, the last closing sale price for such security on the Principal Market as reported by the Principal Market. </P>
<P style="line-height:10pt; padding-left:36pt; padding-right:29.75pt; text-indent:35.5pt" align=justify>(e) "<U>Closings</U>" means shall occur upon the settlement of the trades of the Purchase Share Amount associated with a Request (or sooner as directed by the Investor). </P>
<P style="line-height:10pt; padding-left:36pt; padding-right:29.75pt; text-indent:35.5pt" align=justify>(f) "<U>Commitment Amount</U>" means, initially, Ten Million Dollars ($10,000,000) in the aggregate, which amount shall be reduced by the Purchase Amount each time the Investor purchases shares of Common Stock pursuant to <U>Section 2</U> hereof. </P>
<P style="line-height:10pt; padding-left:36pt; padding-right:29.75pt; text-indent:35.5pt" align=justify>(g) "<U>Commitment Fee</U>" means the 50,000,000 restricted shares issued to Investor in connection with the entry into the Agreement. </P>
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<P style="line-height:10pt; padding-left:36pt; padding-right:29.75pt; text-indent:35.5pt" align=justify>(h) "<U>Confidential Information</U>" means any information disclosed by either party to the other party, either directly or indirectly, in writing, orally or by inspection of tangible objects (including, without limitation, documents, prototypes, samples, plant and equipment), which is designated as "Confidential," "Proprietary" or some similar designation. Information communicated orally shall be considered Confidential Information if such information is confirmed in writing as being Confidential Information within ten (10) Business Days after the initial disclosure. Confidential Information may also include information disclosed to a disclosing party by third parties. Confidential Information shall not, however, include any information which (i) was publicly known and made generally available in the public domain prior to the time of disclosure by the disclosing party; (ii) becomes publicly known and made generally available after disclosure by the disclosing party to the receiving party through no action or inaction of the receiving party; (iii) is already in the possession of the receiving party without confidential restriction at the time of disclosure by the disclosing party as