Document:

Exhibit 10.1

 

NEITHER
THIS 6% UNSECURED CONVERTIBLE PROMISSORY NOTE (THE “NOTE”) NOR THE SECURITIES ISSUABLE IN CONNECTION WITH THIS NOTE
HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (“ACT”), OR THE SECURITIES LAWS OF ANY STATE. NEITHER
THIS NOTE NOR THE SECURITIES ISSUABLE IN CONNECTION WITH THIS NOTE MAY BE SOLD, PLEDGED OR OTHERWISE TRANSFERRED WITHOUT REGISTRATION
UNDER THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR DELIVERY TO TORCHLIGHT ENERGY RESOURCES, INC. OF AN OPINION OF LEGAL
COUNSEL SATISFACTORY TO TORCHLIGHT ENERGY RESOURCES, INC. THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE ACT OR ANY APPLICABLE
STATE SECURITIES LAWS.

 

6%
UNSECURED CONVERTIBLE PROMISSORY NOTE

OF

TORCHLIGHT
ENERGY RESOURCES, INC.

 

	NOTE
    NO. 12-30-20	December 30, 2020
	 	 

FOR
VALUE RECEIVED, TORCHLIGHT ENERGY RESOURCES, INC., a Nevada corporation with its principal office located at 5700 Plano Parkway,
Ste. 3600, Plano, Texas 75093 (the “Company” or “Debtor”), unconditionally promises to pay
to Gregory McCabe, whose address is 500 W Texas Ave, Ste. 890, Midland, Texas 79702, or the registered assignee, upon presentation
of this 6% Unsecured Convertible Promissory Note (the “Note”) by the registered holder hereof (the “Registered
Holder” or “Holder”) at the office of the Company, the principal amount of $100,000.00 (“Principal
Amount”), together with the accrued and unpaid interest thereon and other sums as hereinafter provided, subject to the
terms and conditions as set forth below. The effective date of execution and issuance of this Note is December 30, 2020 (“Original
Issue Date”).

 

1.           Schedule
for Payment of Principal and Interest. The Principal Amount outstanding hereunder, along with all accrued and unpaid interest
shall be paid in one lump sum payment on or before the earlier of (i) May 10, 2021 or (ii) the closing of the business combination
transaction between Metamaterial Inc. and the Company (the “Maturity Date”). All interest on the Principal
Amount outstanding hereunder shall be payable at the rate of 6% per annum and shall be due and payable on the Maturity Date. Accrual
of interest on the outstanding Principal Amount, shall commence on the date of receipt of funds by the Company and shall continue
until payment in full of the outstanding Principal Amount has been made hereunder. The principal and interest so payable will
be paid to the person whose name is registered on the records of the Company regarding registration and transfers of this Note
(the “Note Register”).

 

2.           Payment.
Payment of any sums due to the Holder under the terms of this Note shall be made in United States Dollars by check or wire transfer
at the option of the Company. Payment shall be made at the address last appearing on the Note Register of the Company as designated
in writing by the Holder hereof from time to time. If any payment hereunder would otherwise become due and payable on a day on
which commercial banks in Plano, Texas, are permitted or required to be closed, such payment shall become due and payable on the
next succeeding day on which commercial banks in Plano, Texas, are not permitted or required to be closed (“Business
Day”) and, with respect to payments of Principal Amount, interest thereon shall be payable at the then applicable rate
during such extension, if any. The forwarding of such funds shall constitute a payment of outstanding principal and interest hereunder
and shall satisfy and discharge the liability for principal and interest on this Note to the extent of the sum represented by
such payment. Except as provided in Section 3 hereof, this Note may not be prepaid without the prior written consent of the Holder.

    6% Unsecured Convertible Promissory Note
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 3.           Company’s
Option to Redeem Note. On or after the Original Issue Date, up to 100%, in whole or in part, of the outstanding Principal
Amount of the Note, plus any accrued and unpaid interest, will be subject to redemption at the option of the Company. Additionally,
the Company shall pay the Holder all unpaid interest on the portion of the Principal Amount redeemed that would have been earned
from the Redemption Payment Date (as defined below) through the Maturity Date. Any amount of the Note subject to redemption, as
set forth herein (the “Redemption Amount”), may be redeemed by the Company at any time and from time to time,
upon not less than 10 nor more than 30 days notice to the Holder. The Company shall deliver to the Holder a written Notice of
Redemption (the “Notice of Redemption”) specifying the date for the redemption (the “Redemption Payment
Date”), which date shall be at least 10 but not more than 30 days after the date of the Notice of Redemption (the “Redemption
Period”). A Notice of Redemption shall not be effective with respect to any portion of this Note for which the Holder
has previously delivered a Notice of Conversion (as defined in Section 4(b) below) or for conversions elected to be made by the
Holder pursuant to Section 4 during the Redemption Period. The Redemption Amount shall be determined as if the Holder’s conversion
elections had been completed immediately prior to the date of the Notice of Redemption. On the Redemption Payment Date, the Redemption
Amount must be paid in good funds to the Holder.

 

4.          
Conversion Rights.

 

(a)          Conversion.
The Holder of this Note will have the right, at the Holder’s option, to convert up to the entire Principal Amount, plus all
unpaid interest accrued under the Note, into shares of common stock, par value $.001 per share, of the Company (“Common
Stock”). Any such conversion under this paragraph will occur in the manner and in accordance with Section 4(b) below
(unless earlier paid or redeemed) at the conversion price as set forth below in Section 4(c) (subject to adjustment as described
herein). The right to convert the Principal Amount or interest thereon of this Note called for redemption will terminate at the
close of business on the Business Day prior to the Redemption Payment Date for such Note, unless the Company subsequently fails
to pay the applicable Redemption Amount. The shares of Common Stock to be issued upon conversion under this Section 4 are hereinafter
referred to as the “Conversion Shares”. 

    6% Unsecured Convertible Promissory Note
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 (b)          Mechanics
of Holder’s Conversion. In the event that the Holder elects to convert any portion of this Note into Common Stock, the
Holder shall give notice of such election by delivering an executed and completed notice of conversion (“Notice of Conversion”)
to the Company. The Notice of Conversion will provide a breakdown in reasonable detail of the Principal Amount and/or accrued
interest that is being converted and state the denominations in which such Holder wishes the certificate or certificates for the
Conversion Shares to be issued. The Registered Holder must surrender this Note to the Company with the Notice of Conversion, unless
such Notice of Conversion is only for accrued interest and no Principal Amount. On each Conversion Date (as hereinafter defined)
and in accordance with its Notice of Conversion, the Company shall make the appropriate reduction to the Principal Amount and/or
accrued interest as entered in its records and shall provide written notice thereof to the Holder within five (5) Business Days
after the Conversion Date. Each date on which a Notice of Conversion is delivered or telecopied to the Company in accordance with
the provisions hereof shall be deemed a Conversion Date (the “Conversion Date”). Pursuant to the terms of the
Notice of Conversion, the Company will issue instructions to its transfer agent as soon as practicable thereafter, to cause to
be issued and delivered to the Holder certificates for the number of full shares of Conversion Shares to which such Holder shall
be entitled as aforesaid and, if necessary, the Company shall cause to be issued and delivered to the Holder a new promissory
note representing any unconverted portion of this Note. The Company shall not issue fractional Conversion Shares upon conversion,
and the number of Conversion Shares to be received by any Holder upon conversion shall be rounded down to the next whole number.
In the case of the exercise of the conversion rights set forth herein the conversion privilege shall be deemed to have been exercised
and the Conversion Shares issuable upon such conversion shall be deemed to have been issued upon the date of receipt by the Company
of the Notice of Conversion. The Holder shall be treated for all purposes as the record holder of the Conversion Shares, unless
the Holder provides the Company written instructions to the contrary.

 

(c)          Conversion
Price. The Conversion Price of the Common Stock into which the Principal Amount, or the then outstanding interest due thereon,
of this Note is convertible shall be $1.00 per share (subject to adjustment as described herein).

 

(d)          Adjustment
Provisions. The Conversion Price and number and kind of shares or other securities to be issued upon conversion pursuant to
this Note shall be subject to adjustment from time to time upon the happening of certain events while this conversion right remains
outstanding, as follows:

 

(i)       Reclassification.
In case of any reclassification, consolidation or merger of the Company with or into another entity or any merger of another entity
with or into the Company, or in the case of any sale, transfer or conveyance of all or substantially all of the assets of the
Company (computed on a consolidated basis), each Note then outstanding will, without the consent of any Holder, become convertible
only into the kind and amount of securities, cash or other property receivable upon such reclassification, consolidation, merger,
sale, transfer or conveyance by a Holder of the number of shares of Common Stock into which such Note was convertible immediately
prior thereto, after giving effect to any adjustment event.

 

(ii)      Stock
Split, Dividend. If the number of shares of Common Stock outstanding at any time after the date hereof is increased by a subdivision
or split of Common Stock, or by the declaration of a dividend on the Common Stock, which dividend is wholly or partially in the
form of additional shares of Common Stock or any other securities of the Company, then immediately after the effective date of
such subdivision or split-up, or the record date with respect to such dividend, as the case may be, the Conversion Price shall
be appropriately reduced so that the holder of this Note thereafter exchanged shall be entitled to receive the percentage of shares
of Common Stock which such holder would have owned immediately following such action had this Note been exchanged immediately
prior thereto; 

    6% Unsecured Convertible Promissory Note
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 (iii)    Reverse
Split. If the number of Common Stock outstanding at any time after the date hereof is decreased by a combination of the outstanding
Common Stock or reverse split, then, immediately after the effective date of such combination, the Conversion Price shall be appropriately
increased so that the holder of this Note thereafter exchanged shall be entitled to receive the percentage of shares of Common
Stock which such holder would have owned immediately following such action had this Note been exchanged immediately prior thereto.

 

(e)           Issuance
of New Note. Upon any partial conversion of this Note, a new promissory note containing the same date and provisions of this
Note shall be issued by the Company to the Holder for the principal balance of this Note and interest which shall not have been
converted or paid. The Holder shall not pay any costs, fees or any other consideration to the Company for the production and issuance
of a new promissory note.

 

(f)          Reservation
of Shares. The Company shall at all times reserve for issuance and maintain available, out of its authorized but unissued
Common Stock, solely for the purpose of effecting the full conversion of the Note, the full number of shares of Common Stock deliverable
upon the conversion of the Note from time to time outstanding. The Company shall from time to time (subject to obtaining necessary
director and stockholder action), in accordance with the laws of the State of Nevada, increase the authorized number of shares
of its Common Stock if at any time the authorized number of shares of its Common Stock remaining unissued shall not be sufficient
to permit the conversion of the Note.

 

5.           Representations
and Warranties of the Company. The Company represents and warrants to the Holder that:

 

(a)          Organization.
The Company is validly existing and in good standing under the laws of the state of Nevada and has the requisite power to own,
lease and operate its properties and to carry on its business as now being conducted. The Company is duly qualified to do business
and is in good standing in each jurisdiction in which the character or location of the properties owned or leased by the Company
or the nature of the business conducted by the Company makes such qualification necessary or advisable, except where the failure
to do so would not have a material adverse effect on the Company.

 

(b)          Power
and Authority. The Company has the requisite power to execute, deliver and perform this Note, and to consummate the transactions
contemplated hereby. The execution and delivery of this Note by the Company and the consummation of the transactions contemplated
hereby have been duly authorized by all necessary corporate action on the part of the Company. This Note has been duly executed
and delivered by the Company and constitutes a legal, valid and binding obligation of the Company and is enforceable against the
Company in accordance with its terms except (i) that such enforcement may be subject to bankruptcy, insolvency, moratorium or
similar laws affecting creditors’ rights and (ii) that the remedy of specific performance and injunctive and other forms
of equitable relief are subject to certain equitable defenses and to the discretion of the court before which any proceedings
therefor may be brought. 

    6% Unsecured Convertible Promissory Note
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 (c)          Approvals.
No authorization, approval or consent of any court, governmental body, regulatory agency, self-regulatory organization, or stock
exchange or market is required to be obtained by the Company for the issuance and sale of the Note and common stock as contemplated
by this Note, except such authorizations, approvals and consents that have been obtained.

 

6.           Events
of Defaults and Remedies. The following are deemed to be an event of default (“Event of Default”) hereunder:
(i) the failure by the Company to pay any installment of interest on this Note as and when due and payable and the continuance
of any such failure for 10 days; (ii) the failure by the Company to pay all or any part of the principal on this Note when and
as the same become due and payable as set forth above, at maturity, by acceleration or otherwise; (iii) the failure of the Company
to perform any conversion of the Note required under this Note and the continuance of any such failure for 10 days; (iv) the failure
by the Company to observe or perform any covenant or agreement contained in this Note and the continuance of such failure for
a period of 30 days after the written notice is given to the Company; (v) the assignment by the Company for the benefit of creditors,
or an application by the Company to any tribunal for the appointment of a trustee or receiver of a substantial part of the assets
of the Company, or the commencement of any proceedings relating to the Company under any bankruptcy, reorganization, arrangement,
insolvency, readjustment of debts, dissolution or other liquidation law of any jurisdiction; or the filing of such application,
or the commencement of any such proceedings against the Company and an indication of consent by the Company to such proceedings,
or the appointment of such trustee or receiver, or an adjudication of the Company bankrupt or insolvent, or approval of the petition
in any such proceedings, and such order remains in effect for 60 days; (vi) the declaration of an event of default or default,
occurring after the Original Issue Date, under any other contract, agreement, debt or obligation of the Company with a monetary
amount in excess of $1,000,000; or (vii) the entry of a judgment against the Company, which is not otherwise appealable, or for
which all appeals have been exhausted and for which the Company has not posted a bond to satisfy the amount of the judgment in
excess of $2,500,000.

 

7.           The
Holder’s Rights and Remedies upon the Occurrence of an Event of Default. If any Event of Default occurs and is not
otherwise cured, and the Holder shall have provided written notice to the Company, that the full unpaid principal amount of this
Note, together with interest owing in respect thereof, is immediately due and payable, time being of the essence, and said principal
sum shall bear interest from the date of the Event of Default at the rate per annum 4% in excess of the applicable rate of interest
provided in Section 1. Failure to exercise this option shall not constitute a waiver of the right to exercise the same in the
event of a subsequent Event of Default. If the Note for which the then outstanding principal amount, together with interest owing
in respect thereof, shall have been paid in accordance herewith, the Note shall promptly be surrendered to or as directed by the
Company.

 

8.           Limitation
on Merger, Sale or Consolidation. The Company may not, directly or indirectly, consolidate with or merge into another
person or sell, lease, convey or transfer all or substantially all of its assets (computed on a consolidated basis), whether in
a single transaction or a series of related transactions, to another person or group of affiliated persons, unless either (i)
in the case of a merger or consolidation, the Company is the surviving entity or (ii) the resulting, surviving or transferee entity
expressly assumes by supplemental agreement all of the obligations of the Company in connection with the Note. Upon any consolidation
or merger or any transfer of all or substantially all of the assets of the Company in accordance with the foregoing, the successor
entity formed by such consolidation or into which the Company is merged or to which such transfer is made, shall succeed to, and
be substituted for, and may exercise every right and power of the Company under the Note with the same effect as if such successor
entity had been named therein as the Company, and the Company will be released from its obligations under the Note, except as
to any obligations that arise from or as a result of such transaction. 

    6% Unsecured Convertible Promissory Note
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 9.           Listing
of Registered Holder of Note. This Note will be registered as to principal amount in the Holder’s name on the books
of the Company at its principal office in Plano, Texas (the “Note Register”), after which no transfer hereof
shall be valid unless made on the Company’s books at the office of the Company, by the Holder hereof, in person, or by attorney
duly authorized in writing, and similarly noted hereon.

 

10.         Registered
Holder Not Deemed a Stockholder.No Holder, as such, of this Note shall be entitled to vote or receive dividends or
be deemed the holder of shares of the Company for any purpose, nor shall anything contained in this Note be construed to confer
upon the Holder hereof, as such, any of the rights of a stockholder of the Company or any right to vote, give or withhold consent
to any corporate action (whether any reorganization, issue of stock, reclassification of stock, consolidation, merger, conveyance
or otherwise), receive notice of meetings, receive dividends or subscription rights, or otherwise.

 

11.          Waiver
of Demand, Presentment, Etc. The Company hereby expressly waives demand and presentment for payment, notice of nonpayment,
protest, notice of protest, notice of dishonor, notice of acceleration or intent to accelerate, bringing of suit and diligence
in taking any action to collect amounts called for hereunder and shall be directly and primarily liable for the payment of all
sums owing and to be owing hereunder, regardless of and without any notice, diligence, act or omission as or with respect to the
collection of any amount called for hereunder.

 

12.          Attorney’s
Fees. The Company agrees to pay all costs and expenses, including without limitation reasonable attorney’s fees,
which may be incurred by the Holder in collecting any amount due under this Note.

 

13.          Enforceability.
In case any provision of this Note 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 Note will not in any way be affected or impaired
thereby. 

    6% Unsecured Convertible Promissory Note
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 14.          Intent
to Comply with Usury Laws. In no event will the interest to be paid on this Note exceed the maximum rate provided by law.
It is the intent of the parties to comply fully with the usury laws of the State of Texas; accordingly, it is agreed that notwithstanding
any provisions to the contrary in this Note, in no event shall such Note require the payment or permit the collection of interest
(which term, for purposes hereof, shall include any amount which, under Texas law, is deemed to be interest, whether or not such
amount is characterized by the parties as interest) in excess of the maximum amount permitted by the laws of the State of Texas.
If any excess of interest is unintentionally contracted for, charged or received under this Note, or in the event the maturity
of the indebtedness evidenced by the Note is accelerated in whole or in part, or in the event that all of part of the Principal
Amount or interest of this Note shall be prepaid, so that the amount of interest contracted for, charged or received under this
Note, on the amount of the Principal Amount actually outstanding from time to time under this Note shall exceed the maximum amount
of interest permitted by the applicable usury laws, then in any such event (i) the provisions of this paragraph shall govern and
control, (ii) neither the Company nor any other person or entity now or hereafter liable for the payment thereof, shall be obligated
to pay the amount of such interest to the extent that it is in excess of the maximum amount of interest permitted by such applicable
usury laws, (iii) any such excess which may have been collected shall be either applied as a credit against the then unpaid principal
amount thereof or refunded to the Company at the Holder’s option, and (iv) the effective rate of interest shall be automatically
reduced to the maximum lawful rate of interest allowed under the applicable usury laws as now or hereafter construed by the courts
having jurisdiction thereof. It is further agreed that without limitation of the foregoing, all calculations of the rate of interest
contracted for, charged or received under the Note which are made for the purpose of determining whether such rate exceeds the
maximum lawful rate of interest, shall be made, to the extent permitted by applicable laws, by amortizing, prorating, allocating
and spreading in equal parts during the period of the full stated term of the Note evidenced thereby, all interest at any time
contracted for, charged or received from the Company or otherwise by the Holders in connection with this Note.

 

15.         Governing
Law; Consent to Jurisdiction. This Note shall be governed by and construed in accordance with the laws of the State of
Texas without regard to the conflict of laws provisions thereof. In any action between or among any of the parties, whether rising
out of this Note or otherwise, each of the parties irrevocably consents to the exclusive jurisdiction and venue of the federal
and/or state courts located in Collin County, Texas.

 

16.         Amendment
and Waiver. Any waiver or amendment hereto shall be in writing signed by the Holder. No failure on the part of the Holder
to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof, nor shall any single or partial
exercise by the Holder of any right hereunder preclude any other or further exercise thereof or the exercise of any other rights.
The remedies herein provided are cumulative and not exclusive of any other remedies provided by law.

 

17.         Restrictions
Against Transfer or Assignment. Neither this Note nor any of the shares issuable in connection with this Note may be sold,
transferred, assigned, pledged, hypothecated or otherwise disposed of by the Registered Holder hereof, in whole or in part, unless
and until either (i) the Note or the shares issuable in connection with the Note have been duly and effectively registered for
resale under the Securities Act of 1933, as amended, and under any then applicable state securities laws; or (ii) the Registered
Holder delivers to the Company a written opinion acceptable to the Company’s counsel that an exemption from such registration
requirements is then available with respect to any such proposed sale or disposition. Any transfer of this Note otherwise permissible
hereunder shall be made only at the principle office of the Company upon surrender of this Note for cancellation and upon the
payment of any transfer tax or other government charge connected therewith, and upon any such transfer a new Note will be issued
to the transferee in exchange therefor.

    6% Unsecured Convertible Promissory Note
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 18.         Entire
Agreement; Headings. This Note constitutes the entire agreement between the Holder and the Company pertaining to the subject
matter hereof and supersedes all prior and contemporaneous agreements, representations and understandings, written or oral, of
such parties. The headings are for reference purposes only and shall not be used in construing or interpreting this Note.

 

19.         Notices.
Any notices or other communications required or permitted hereunder shall be sufficiently given if in writing and delivered in
person, or sent by registered or certified mail (return receipt requested) or recognized overnight delivery service, postage pre-paid,
or sent by email addressed as follows, or to such other address as such party may notify to the other parties in writing:

 

(a)          If
to the Company, to it at the following address:

 

5700
Plano Parkway, Ste. 3600

Plano,
Texas 75093

Attn:
John Brda, President

Email:
john@torchlightenergy.com

 

(b)        If
to Registered Holder, then to the address listed on the front of this Note, unless changed, by notice in writing as provided for
herein.

 

A
notice or communication will be effective (i) if delivered in person or by overnight courier, on the Business Day it is delivered,
(ii) if sent by registered or certified mail, the earlier of the date of actual receipt by the party to whom such notice is required
to be given or three (3) days after deposit in the United States mail and (iii) if sent by email, on the date sent. If any notice
or other communication is sent by email, the party providing such notice shall, no later than the next business day after such
emailed notice is sent, send a written notice by registered or certified mail (return receipt requested) or recognized overnight
delivery service, postage pre-paid.

 

20.         Use
of Proceeds. The Company will use the proceeds from the Note for general corporate purposes, including without limitation,
expenses incurred by the Company in connection with the completion of the business combination with Meta.

 

21.         Survival.
The representations, warranties, obligations and covenants of the Company shall survive execution of this Note.

 

IN
WITNESS WHEREOF, Torchlight Energy Resources, Inc. has caused this Note to be duly executed in its corporate name by the manual
signature of its President/CEO.

 

	 	TORCHLIGHT
    ENERGY RESOURCES, INC.
	 	 
	 	By: 	/s/
    John
    Brda 
	 	 	John
    Brda, President/CEO

 

    6% Unsecured Convertible Promissory Note
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ANNEX
A

 

NOTICE
OF CONVERSION

 

The undersigned hereby elects to convert principal and/or interest
under the 6% Unsecured Convertible Promissory Note due May 10, 2021 of Torchlight Energy Resources, Inc., a Nevada corporation
(the “Company”), into shares of common stock, $0.001 par value per share, (the “Common Stock”) of the Company,
according to the conditions hereof, as of the date written below. No fee will be charged to the Holder for any conversion.

 

Conversion
Calculations:

 

	 	Date
    to Effect Conversion:
	 	 
	 	 
	 	Principal Amount of 6% Unsecured Convertible Promissory Note to be Converted:
	 	 
	 	 
	 	Interest
    Amount of 6% Unsecured Convertible Promissory Note to be Converted:
	 	 
	 	 
	 	Number of Shares of Common Stock to be Issued:
	 	 

 

	 	      	 
	If
    Holder is a Natural Person:	 	If
    Holder is an Entity:
	 	 	 
	Print
    Name:	 	 	Print
    Name of Entity:	 
	 	 	 
	Signature:	 	 	Signature:	 
	 	 	 
	Print
    Name (if joint investment):	 	 	Print
    Name of Signatory: 	 
	 	 	 	 	 	 	 
	Signature:	 	 	Title:	 
	 	 	 
	Telephone
    No.	 	 	Telephone
    No.	 
	 	 	 
	E-mail
    Address:	 	 	E-mail
    Address:	 
	 	 	 
	 	 	 
	Street
    Address	 	Street
    Address
	 	 	 
	City,
    State, Zip	 	City,
    State, Zip
	 	 	 

 

    6% Unsecured Convertible Promissory Note
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FORM
OF ASSIGNMENT

 

FOR VALUE RECEIVED, ________________ hereby sells, assigns and
transfers to each assignee set forth below all of the rights of the undersigned under the attached 6% Unsecured Convertible Promissory
Note (the “Note”) with respect to the principal amount of the Note (plus interest thereon) covered thereby as set forth
opposite the name of such assignee:

 

	 	 	Principal
    Amount of
	Name
    of Assignee	Address	Note
    Assigned

 

If the total principal amount of the Note shall not be assigned,
the undersigned requests that a new Note evidencing the balance of the principal amount due and owing on the Note not so assigned
be issued in the name of and delivered to the undersigned.

  

	Dated: 	 	 	Name
    of Holder (Print): 	 
	 	 	 	 	 
	 	 	 	 
	 	 	 	(Signature of Holder)

 

    6% Unsecured Convertible Promissory Note
 Page 10 of 10Exhibit 10.1

 

 

 

1185
Avenue of the Americas, 2nd Floor, New York, NY 10036

 

January 4, 2021

 

High Trail Investments SA LLC

221 River Street, 9th Floor

Hoboken, NJ 07030

Attention: Eric Helenek

 

Re:        Pareteum
Corporation Financing

 

Ladies and Gentlemen:

 

This letter agreement pertains to that certain
Senior Secured Convertible Note due 2025, dated as of June 8, 2020 (as amended by that certain Amendment to Senior Secured
Convertible Note Due 2025, dated as of July 18, 2020, and as further amended by that certain Forbearance Agreement, dated
as of November 30, 2020 (the “Forbearance Agreement”), the “Note”), made by Pareteum
Corporation, a Delaware corporation (the “Company”), to High Trail Investments SA LLC (“HT”).
All capitalized terms used in this letter agreement, but not defined herein, have the meanings ascribed to such terms in the Forbearance
Agreement or, if not defined therein, the Note.

 

HT and the Company hereby agree as follows:

 

1.            Shares
in Lieu of January 1, 2021 Cash Interest Payment. HT hereby agrees to accept, in full satisfaction of the Company’s
obligation to make the payment of Stated Interest on the January 1, 2021 Interest Payment Date, 583,334 shares of Common Stock
(the “Shares in Lieu of Interest Payment”). The Company shall cause its transfer agent to credit such shares
to HT’s account with The Depositary Trust Company on the date hereof.

 

2.            Securities
Purchase Agreement. The parties hereby agree that for purposes of Sections 5(d) and 5(e) of the Securities Purchase
Agreement, the Shares in Lieu of Interest Payment shall constitute “Securities” and HT shall constitute a “Buyer”
as such terms are used therein.

 

3.            Material
Non-Public Information. On or before 9:00 a.m., New York time, on the trading day after the date of this letter agreement,
the Company shall file a Current Report on Form 8-K describing all the material terms of the transactions contemplated by
this letter agreement in the form required by the Exchange Act. From and after the filing of the such Form 8-K, the Company
shall have disclosed all material, non-public information (if any) provided to HT by the Company or any of its subsidiaries or
any of their respective officers, directors, employees or agents. In addition, effective upon the issuance of such Form 8-K,
the Company acknowledges and agrees that any and all confidentiality or similar obligations under any agreement, whether written
or oral, between the Company, any of its subsidiaries or any of their respective officers, directors, affiliates, employees or
agents, on the one hand, and HT or any of its affiliates, on the other hand, shall terminate. The Company shall not, and the Company
shall cause each of its subsidiaries and each of its and their respective officers, directors, employees and agents not to, provide
HT with any material, non-public information regarding the Company or any of its subsidiaries from and after the date hereof unless
prior thereto HT shall have consented in writing to the receipt of such information and agreed with the Company to keep such information
confidential.

 

     

     

    

 

High Trail Investments SA LLC

January 4, 2021

Page 2 of 3

 

4.            Limited
Nature of Agreement. The agreement set forth in this letter agreement is limited to the extent specifically set forth above
and shall in no way serve to amend or waive compliance with any terms, covenants or provisions of the Note, other than as expressly
set forth above.

 

5.            Acknowledgements.
To induce HT to enter into this letter agreement, the Company hereby acknowledges, stipulates, warrants and agrees as follows:

 

(a)            upon
giving effect to this letter agreement, other than as disclosed in the Forbearance Agreement, no default or Event of Default currently
exists or is continuing as of the date hereof and none is currently expected; and

 

(b)            the
execution of this letter agreement does not constitute an agreement by HT that there are no events of default existing under the
Note, the March Warrant, the June Warrant or the Securities Purchase Agreement, and HT has reserved all rights and remedies
with respect to any other such defaults or events of default, subject to the Forbearance Agreement.

 

6.            Miscellaneous.
The Note, the March Warrant, the June Warrant and the Securities Purchase Agreement remain in full force and effect in
accordance with their terms. Nothing in this letter agreement, any other correspondence, or any oral communications between the
Company and HT should be construed to be a waiver, limitation, or forgiveness of any default or any of HT’s default rights
and remedies under any of the Note, the March Warrant, the June Warrant and the Securities Purchase Agreement, any other
agreement, instrument or document between the Company and HT, and as provided by applicable law, all of which rights and remedies
remain in full force and effect.

 

The terms and provisions of the Note, the
March Warrant, the June Warrant and the Securities Purchase Agreement are ratified and confirmed and remain in full force
and effect. Any breach of the terms and conditions of this letter agreement will constitute an event of default under the Note,
the March Warrant, the June Warrant and the Securities Purchase Agreement, as applicable.

 

If the foregoing correctly sets forth the
understanding between the Company and HT, please so indicate in the space provided below for that purpose, whereupon this letter
shall constitute a binding agreement between the Company and HT.

 

[Remainder of Page Left Blank; Signature
Page Follows]

 

     

     

    

 

High Trail Investments SA LLC

January 4, 2021

Page 3 of 3

 

This letter agreement
may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed
and delivered shall be deemed an original, but all of which counterparts together shall constitute but one and the same instrument.

 

	 	Very truly yours,
	 	 	 
	 	PARETEUM CORPORATION
	 	 	 
	 	By:	/s/ Alexander Korff
	 	Name:	Alexander Korff
	 	Title:	Corporate Secretary

 

AGREED AND ACCEPTED:

 

	HIGH TRAIL INVESTMENTS SA LLC	 
	 	 	 
	By:	/s/ Eric Helenek	 
	Name:	Eric Helenek	 
	Title:	Authorized Signatory

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