Document:

onesix_ex106.htm

EXHIBIT 10.6
  
 THIRD AMENDED PROMISSORY NOTE
  
 	 $655,050 
	 Date: September 30, 2022

  
 1606 Corp. (the “Borrower”), for value received hereby promises to pay to Gregory Lambrecht (the “Holder”), the principal sum of Six Hundred Fifty-Five Thousand Fifty Dollars ($655,050), or such lesser amount as shall equal the then outstanding principal amount hereof, inclusive of accrued and unpaid interest on such outstanding principal amount, as set forth below, on June 30th, 2023 (“Maturity”). The Borrower and Holder agree that this Amended Promissory Note shall replace and supersede that Amended Promissory Note issued by the Borrower to the Holder on March 30, 2022. Payment for all amounts due hereunder shall be made by mail to the registered address of the Holder, or, if requested in writing by the Holder, by wire transfer in accordance with the Holder’s instructions.
  
 The following is a statement of the rights of the Holder and the conditions to which this Note is subject, and to which the Holder, by the acceptance of this Note, agrees:
  
 1. Payment of Principal. All outstanding principal on this Note shall be paid in full on Maturity.
  
 2. Events of Default. If one or more of the following events (each an “Event of Default”) shall occur:
  
 (a) Borrower shall fail to pay in full any principal or other amounts due to Holder under this
  
 Note;
  
 (b) Borrower shall default in the performance of or compliance with any covenant, agreement or other obligation of Borrower contained in this Note that is not remedied, waived or cured within 15 business days following such default in performance or noncompliance;
  
 (c) any representation or warranty of the Borrower contained herein shall prove to have been false or incorrect in any material respect as of the date of this Note;
  
 (d) Borrower shall have an uncured default for more than 30 days (as principal, guarantor or other surety) in the payment of any principal of, premium (if any) or interest on any indebtedness for borrowed money to any other party, or shall default in the performance of or compliance with any other obligation contained in the documentation evidencing or securing any such other indebtedness, and in connection with such default such indebtedness becomes due and payable prior to the date it would otherwise become due and payable, or the Borrower shall fail to pay such indebtedness at its stated maturity;
  
 (e) other than on terms approved beforehand by the Holder, the Borrower shall institute proceedings to be adjudicated as bankrupt or insolvent, or shall consent to institution of bankruptcy or insolvency proceedings against it or the filing by it of a petition or answer or consent seeking reorganization or release under Title XI of the United States Code, or any other applicable federal or state law, or shall consent to the filing of any such petition or the appointment of a receiver, liquidator, assignee, trustee or other similar official of the Borrower, or of any substantial part of its property, or shall make an assignment for the benefit of creditors, or shall take corporate action in furtherance of any such action;
  
 	 
	
	

	 

  
 (f) within 30 days after the commencement of an action against the Borrower (and service of process in connection therewith on the Borrower) seeking any bankruptcy, reorganization, liquidation, dissolution, or similar relief under any present or future statute, law, or regulation, such action shall not have been resolved in favor of the Borrower or all orders or proceedings thereunder affecting the operations or the business of the Borrower stayed, or the stay of any such order or proceeding shall thereafter be set aside, or within 30 days after the appointment without the consent or acquiescence of the Borrower of any trustee, receiver or liquidator of the Borrower, such appointment shall not have been vacated;
  
 (g) entry of a final judgment in excess of $500,000 (excluding insured portions) against the Borrower or for which the Borrower is otherwise responsible that is not stayed, bonded or discharged within 30 days; or
  
 (h) any plan of liquidation or dissolution or winding up is adopted by the Borrower’s board of directors or stockholders or the Borrower is involuntarily dissolved or otherwise wound up;
  
 then, upon the occurrence of any Event of Default described in paragraph (a), (d), (e), (f), or (h) above, all outstanding principal of this Note and all accrued but unpaid interest thereon shall be accelerated automatically, without any further action by any party, and shall become immediately due and payable notwithstanding any other provision of this Note, without presentment, demand, protest, notice of protest or other notice of dishonor of any kind, all of which are hereby expressly waived by the Borrower; and upon the occurrence of any other Event of Default described in the other paragraphs above, the Holder may, at the Holder’s option exercisable at any time thereafter, by notice to the Borrower in writing, accelerate this Note and declare the entire outstanding principal balance of this Note and all accrued but unpaid interest thereon immediately due and payable, without presentment, demand, protest, notice of protest or other notice of dishonor of any kind, all of which are hereby expressly waived by the Borrower. The Holder may enforce its rights under this Note and otherwise at law or in equity or both, all remedies available to the Holder under this Note or otherwise shall be cumulative, and no course of dealing between the Borrower and the Holder or any delay or omission in exercising any power or right shall operate as a waiver thereof. The Borrower shall notify the Holder immediately in writing of the occurrence of any Event of Default, which notification shall include a summary of the material facts relating to such Event of Default and shall specify the date on which such Event of Default occurred.
  
 3. Assignment. The rights and obligations of the Borrower and the Holder shall be binding upon and benefit the successors, assigns, heirs, administrators and transferees of the parties.
  
 4. Waiver and Amendment. Any provision of this Note may be amended, waived or modified upon the written consent of the Borrower and the Holder. Any amendment, waiver, modification or consent entered into pursuant to this Section 4 shall be effective only in the specific instance and for the specific purpose for which it was given.
  
 5. Notices. All notices and other communications required or permitted hereunder shall be in writing and shall be deemed effectively given upon personal delivery; upon confirmed transmission by telecopy or telex if sent during normal business hours of the recipient (or if not, on the next business day of the recipient); three days after deposit with the United States Post Office, by registered or certified mail, postage prepaid; or otherwise upon delivery by hand or by messenger or one day after deposit with a nationally recognized courier service, addressed (a) if to the Borrower, 1606
  
 	 
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 Corp., 2425 E Camelback Rd., Suite 150, Phoenix AZ 85016, or to such other address as the Borrower shall have furnished to the Holder in writing, or (b) if to the Holder, Gregory Lambrecht, 6738 N. Central Avenue, Phoenix, Arizona 85012, or to such other addresses as the Holder shall have furnished to the Borrower in writing.
  
 6. Governing Law. The Agreement shall be governed by, and construed under, the laws of the State of Arizona.
  
 7. Collection Costs. The Borrower shall pay on demand all reasonable costs and expenses, including without limitation reasonable fees and expenses of counsel, incurred by the Holder in connection with enforcement of its rights under this Note.
  
 8. Lost, Stolen or Mutilated Note. If this Note is lost, stolen, mutilated or destroyed, the Borrower will, on such reasonable terms with respect to indemnity or otherwise as it may in its discretion impose, issue a new note of like denomination, tenor, and date as this Note. Any such new note shall constitute an original contractual obligation of the Borrower, and the lost, stolen, mutilated or destroyed, as applicable, Note shall be null and void.
  
 9. Counterparts. This Note may be executed in counterparts, each of which shall be enforceable against the party actually executing such counterpart, and which together shall constitute one instrument.
  
 This Note has been executed and delivered as of the date first written above.
  
 BORROWER:
  
 1606 Corp.
  
 	 By:
	 /s/ Austen Lambrecht
	  

	  
	 Austen Lambrecht, COO
	  

  
 HOLDER AS TO AMOUNT AND EXTENSION
   
 	 By:
	 /s/ Gregory Lambrecht
	  

	  
	 Gregory Lambrecht
	  

   
 	 
	3Exhibit
10.15

 

ONE
WORLD PRODUCTS, INC.

 

CONVERTIBLE
PROMISSORY NOTE PURCHASE AGREEMENT

 

THIS
CONVERTIBLE PROMISSORY NOTE PURCHASE AGREEMENT (this “Agreement”), dated as of September 16, 2022 (the “Effective
Date”), is entered into by and among One World Products, Inc., a Nevada corporation (the “Company”),
and Dr. John McCabe (“Investor”).

 

RECITALS

 

WHEREAS,
the Company has agreed to issue and sell, and Investor has agreed to purchase, a Convertible Promissory Note of the Company in the principal
amount of $750,000, in the form attached as Exhibit A hereto (the “Note”), subject to the conditions
specified herein.

 

AGREEMENT

 

NOW,
THEREFORE, in consideration of the foregoing, and the representations, warranties, covenants and conditions set forth below, the
Company and Investor, intending to be legally bound, hereby agree as follows:

 

1.
Authorization of Note. The Company has authorized the issuance and sale of the Note in accordance with the terms hereof.

 

2.
Sale and Issuance of the Note. At the Closing, the Company shall sell and issue the Note to Investor, and Investor shall purchase
and acquire the Note from the Company, upon the terms and conditions set forth herein.

 

3.
Closing. 

 

(a)
Closing. The closing of the sale and purchase of the Note (the “Closing”) shall be held on the
Effective Date concurrently with the execution of this Agreement.

 

(b)
Delivery. At the Closing (i) the Investor shall make a loan to the Company in the principal amount of the Note, as set
forth on the signature page hereto (the “Principal Amount”) and in accordance with Section 3(c) below; and
(ii) the Company shall issue and deliver to the Investor the Note in the Principal Amount.

 

(c)
Wire of Principal Amount. The Principal Amount of Note shall be paid to the Company by delivery of a check made payable to One
World Products, Inc.

 

4.
Representations and Warranties of the Company. The Company represents and warrants to the Investor as follows:

 

(a)
Organization, Good Standing and Qualification. The Company is a corporation duly organized, validly existing and in good standing
under the laws of the State of Nevada. The Company has the requisite corporate power to own and operate its properties and assets and
to carry on its business as now conducted and as proposed to be conducted. The Company is duly qualified and is authorized to do business
as a foreign entity and is in good standing in each jurisdiction in which it does business, except where the failure to so qualify would
not have a material adverse effect on the business, financial condition, results of operations, assets or liabilities of the Company.

 

    	 

    	 

    

 

(b)
Corporate Power. The Company has all requisite corporate power to execute and deliver this Agreement and the Note (collectively
the “Note Documents”) and to carry out and perform its obligations under the terms of the Note Documents.

 

(c)
Authorization. All corporate action on the part of the Company, its directors and its stockholders necessary for the authorization,
execution, delivery and performance of this Agreement by the Company and the performance of the Company’s obligations hereunder,
including the issuance and delivery of the Note. The Note Documents, when executed and delivered by the Company, shall constitute valid
and binding obligations of the Company enforceable in accordance with their terms, subject to laws of general application relating to
bankruptcy, insolvency, the relief of debtors and, with respect to rights to indemnity, subject to federal and state securities laws.

 

(d)
Offering. Assuming the accuracy of the representations and warranties of Investor contained in Section 5 hereof, the offer,
issue, and sale of the Note are and will be exempt from the registration and prospectus delivery requirements of the Securities Act of
1933, as amended (the “Act”), and have been registered or qualified (or are exempt from registration and qualification)
under the registration, permit, or qualification requirements of all applicable state securities law.

 

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

 

(a)
Purchase for Own Account. Investor represents that it is acquiring the Note solely for its own account and beneficial interest
for investment and not for sale or with a view to distribution of the Note or any securities issuable upon conversion thereof (“Securities”)
or any part thereof, has no present intention of selling (in connection with a distribution or otherwise), granting any participation
in, or otherwise distributing the same, and does not presently have reason to anticipate a change in such intention.

 

(b)
Information and Sophistication. Without lessening or obviating the representations and warranties of the Company set forth in
Section 4, Investor hereby: (i) acknowledges that it has received all the information it has requested from the Company and it considers
necessary or appropriate for deciding whether to acquire the Note, (ii) represents that it has had an opportunity to ask questions and
receive answers from the Company regarding the terms and conditions of the offering of the Note and to obtain any additional information
necessary to verify the accuracy of the information given to Investor and (iii) further represents that it has such knowledge and experience
in financial and business matters that it is capable of evaluating the merits and risk of this investment.

 

(c)
Ability to Bear Economic Risk. Investor acknowledges that investment in the Note involves a high degree of risk, and represents
that it is able, without materially impairing its financial condition, to hold the Note for an indefinite period of time and to suffer
a complete loss of its investment.

 

(d)
Further Limitations on Disposition. Without in any way limiting the representations set forth above, Investor further agrees not
to make any disposition of all or any portion of the Securities unless and until:

 

(i)
There is then in effect a registration statement under the Act covering such proposed disposition and such disposition is made in accordance
with such registration statement; or

 

(ii)
Investor shall have notified the Company of the proposed disposition and shall have furnished the Company with a detailed statement of
the circumstances surrounding the proposed disposition, and if reasonably requested by the Company, Investor shall have furnished the
Company with an opinion of counsel, reasonably satisfactory to the Company, that such disposition will not require registration under
the Act or any applicable state securities laws, provided that no such opinion shall be required for dispositions in compliance with
Rule 144.

 

(e)
Accredited Investor Status. Investor is an “accredited investor” as such term is defined in Rule 501 under
the Act.

 

    	2

    	 

    

 

6.
Ownership Limitation. The Company shall not permit any conversion of the Series B Preferred Stock issuable upon conversion
of the Note, and the Investor shall not have the right to convert any portion of such Series B Preferred Stock, to the extent that, after
giving effect to such conversion, the Investor (together with its affiliates) would beneficially own in excess of 4.99% of the number
of shares of Common Stock of the Company outstanding on such date (the “Beneficial Ownership Limitation”) as calculated pursuant
to Section 13(d) of the Securities Exchange Act of 1934, as amended, and Rule 13d-3 promulgated thereunder. Upon the written or oral
request of the Investor, the Company shall promptly confirm orally or in writing to the Investor the number of shares of Common Stock
then outstanding. The Investor and the Company shall each cooperate in good faith in the determinations required hereby and the application
hereof. The Investor’s written certification to the Company of the applicability of the Beneficial Ownership Limitation, and the
resulting effect thereof hereunder at any time, shall be conclusive with respect to the applicability thereof and such result absent
manifest error.

 

7.
Miscellaneous.

 

(a)
Binding Agreement. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective
successors and assigns of the parties. Nothing in this Agreement, expressed or implied, is intended to confer upon any third party any
rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

 

(b)
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Nevada, without giving
effect to conflicts of laws principles.

 

(c)
Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which taken
together shall constitute one and the same instrument.

 

(d)
Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered
in construing or interpreting this Agreement.

 

(e)
Notices. All notices required or permitted hereunder shall be in writing and shall be deemed effectively given: (a) upon personal
delivery to the party to be notified, (b) when sent by confirmed telex, electronic mail or facsimile if sent during normal business hours
of the recipient, if not, then on the next business day, (c) five (5) days after having been sent by registered or certified mail, return
receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally recognized overnight courier, specifying next
day delivery, with written verification of receipt. All communications shall be sent to Investor at its address set forth on the signature
page, or at such other addresses as Investor may designate by ten (10) days’ advance written notice to the other party hereto.
All communications to the Company shall be sent to 2332 Galiano Street, 2nd Floor, Coral Gables, Florida 33134, Attn: Timothy Woods,
or at such other address as the Company may designate by ten (10) days’ advance written notice to the Investor.

 

(f)
Modification; Waiver. No modification or waiver of any provision of this Agreement or consent to departure therefrom shall be
effective unless in writing and approved by the Company and Investor.

 

(g)
Expenses. The Company and each Investor shall each bear its respective expenses and legal fees incurred with respect to this Agreement
and the transactions contemplated herein.

 

(h)
Delays or Omissions. It is agreed that no delay or omission to exercise any right, power or remedy accruing to Investor upon any
breach or default of the Company under this Agreement or the Note shall impair any such right, power or remedy, nor shall it be construed
to be a waiver of any such breach or default, or any acquiescence therein, or of or in any similar breach or default thereafter occurring;
nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring.
It is further agreed that any waiver, permit, consent or approval of any kind or character by Investor of any breach or default under
this Agreement, or any waiver by Investor of any provisions or conditions of this Agreement must be in writing and shall be effective
only to the extent specifically set forth in writing and that all remedies, either under this Agreement, or by law or otherwise afforded
to the Investor, shall be cumulative and not alternative. If any action at law or in equity (including arbitration) is necessary to enforce
or interpret the terms of this Agreement, the prevailing party shall be entitled to reasonable attorneys’ fees, costs and disbursements
in addition to any other relief to which such party may be entitled.

 

(i)
Entire Agreement. This Agreement and the Exhibits hereto constitute the full and entire understanding and agreement between the
parties with regard to the subjects hereof and no party shall be liable or bound to any other party in any manner by any representations,
warranties, covenants and agreements except as specifically set forth herein.

 

[Signature
Pages Follow]

 

    	3

    	 

    

 

IN
WITNESS WHEREOF, the parties have executed this Note Purchase Agreement as of the date first written above.

 

	 	COMPANY:
	 	 
	 	ONE
    WORLD PRODUCTS, INC.
	 	 	 
	 	 	 
	 	By:
    	/s/
    Isiah L. Thomas, III
	 	Name:	Isiah
    L. Thomas, III
	 	Title:	Chief
    Executive Officer
	 	 	 
	 	INVESTOR:
	 	 	 
	 	 	/s/
    Dr. John McCabe
	 	 	Dr.
John McCabe
	 	 	 
	 	Address:
	 	 	 
	 	 
	 	 
	 	 

 

Signature
Page to Note Purchase Agreement

 

    	 

    	 

    

 

Exhibit
A

 

Form
of Convertible Promissory Note

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