Document:

Exhibit 10.3

 

SECURITIES PURCHASE AGREEMENT

 

This SECURITIES PURCHASE
AGREEMENT (this “Agreement”), dated as of May 17, 2019, is entered into by and between Nanoflex Power Corporation,
a Florida corporation (the “Company”), and EMA Financial, LLC, a Delaware limited liability company (the “Purchaser”).

 

WHEREAS, subject to
the terms and conditions set forth in this Agreement and pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended
(the “Securities Act” or “1933 Act”), and Rule 506 promulgated thereunder by the United States Securities
and Exchange Commission (the “SEC”), the Company desires to issue and sell to the Purchaser, and the Purchaser desires
to purchase from the Company a 10% convertible note of the Company, in the form attached hereto as Exhibit A, in the principal
amount of $61,000.00 (together with any note(s) issued in replacement thereof or as interest thereon or otherwise with respect
thereto in accordance with the terms thereof, the “Note”), convertible into shares (“Conversion Shares”)
of common stock, $0.0001 par value per share (the “Common Stock”), of the Company, upon the terms and subject to the
limitations and conditions set forth in such Note.

 

NOW, THEREFORE, IN
CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, the Company and the Purchaser agree as follows:

 

1. Purchase and Sale of Note.

 

a) Purchase of Note.
On the Closing Date (as defined below), the Company shall issue and sell to the Purchaser, and the Purchaser agrees to purchase
from the Company, the Note for an aggregate purchase price of $58,000.00 (“Purchase Price”).

 

b) Form of Payment.
On the Closing Date (i) the Purchaser shall pay the Purchase Price by wire transfer of immediately available funds, in accordance
with the Company’s written instructions as provided in the disbursement authorization dated May 17, 2019 and signed by the
Company (the “Disbursement Authorization”), simultaneously with delivery of the Note, and (ii) the Company shall deliver
such Note duly executed on behalf of the Company to the Purchaser, simultaneously with delivery of such Purchase Price.

 

c) Closing Date.
Subject to the satisfaction (or written waiver) of the conditions thereto set forth in Section 8 and Section 9 below, the closing
of the transactions contemplated by this Agreement (the “Closing”) shall occur on the first business day following
the date hereof or such other mutually agreed upon time (the “Closing Date”)

 

2. Purchaser’s Representations and Warranties.
The Purchaser represents and warrants to the Company that:

 

a) Investment Purpose.
Purchaser is acquiring the Note and the Conversion Shares (collectively, the “Securities”) for its own account and
not with a view towards, or for resale in connection with, the public sale or distribution thereof in violation of applicable securities
laws; provided, however, by making the representations herein, Purchaser does not agree, or make any representation or warranty,
to hold any of the Securities for any minimum or other specific term and reserves the right to dispose of the Securities at any
time in accordance with or pursuant to a registration statement or an exemption under the 1933 Act. The Purchaser is acquiring
the Securities hereunder in the ordinary course of its business. The Purchaser does not presently have any agreement or understanding,
directly or indirectly, with any person to distribute any of the Securities in violation of applicable securities laws.

 

     

     

    

 

b) Accredited Investor
Status. The Purchaser is an “accredited investor” as that term is defined in Rule 501(a) of Regulation D (an “Accredited
Investor”).

 

3. Representations and Warranties of
the Company. Except as disclosed by the Company in the publicly filed SEC Documents (as defined in this Agreement) the Company
represents and warrants to the Purchaser, as of the date hereof and the Closing Date, that:

 

a) Organization and
Qualification. The Company and each of its Subsidiaries (as defined below), if any, is a corporation duly organized, validly
existing and in good standing under the laws of the jurisdiction in which it is incorporated, with full power and authority (corporate
and other) to own, lease, use and operate its properties and to carry on its business as and where now owned, leased, used, operated
and conducted. The SEC Documents set forth a list of all of the Subsidiaries of the Company and the jurisdiction in which each
is incorporated The Company and each of its Subsidiaries is duly qualified as a foreign corporation to do business and is in good
standing in every jurisdiction in which its ownership or use of property or the nature of the business conducted by it makes such
qualification necessary except where the failure to be so qualified or in good standing would not have a Material Adverse Effect.
“Material Adverse Effect” means any material adverse effect on the business, operations, assets, financial condition
or prospects of the Company or its Subsidiaries, if any, taken as a whole, or on the transactions contemplated hereby or by the
agreements or instruments to be entered into in connection herewith. “Subsidiaries” means any corporation or other
organization, whether incorporated or unincorporated, in which the Company owns, directly or indirectly, any equity or other ownership
interest.

 

b) Authorization;
Enforcement. (i) The Company has all requisite corporate power and authority to enter into and perform this Agreement and the
Note and to consummate the transactions contemplated hereby and thereby and to issue the Securities, in accordance with the terms
hereof and thereof, (ii) the execution and delivery of this Agreement and the Note by the Company and the consummation by it of
the transactions contemplated hereby and thereby (including without limitation, the issuance of the Note and the issuance and reservation
for issuance of the Conversion Shares issuable upon conversion and exercise thereof) have been duly authorized by the Company’s
Board of Directors and no further consent or authorization of the Company, its Board of Directors, or its shareholders is required,
(iii) this Agreement has been duly executed and delivered by the Company by its authorized representative, and such authorized
representative is the true and official representative with authority to sign this Agreement and the other documents executed in
connection herewith and bind the Company accordingly, and (iv) this Agreement constitutes, and upon execution and delivery by the
Company of the Note and each of such instruments will constitute, a legal, valid and binding obligation of the Company enforceable
against the Company in accordance with its terms.

 

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c) Capitalization.
As of the date hereof, the authorized capital stock of the Company, and number of shares issued and outstanding, is as set forth
in the Company’s most recent periodic report filed with the SEC. Except as disclosed in the SEC Documents no shares are reserved
for issuance pursuant to the Company’s stock option plans. Except as disclosed in the SEC Documents no shares are reserved
for issuance pursuant to securities exercisable for, or convertible into or exchangeable for shares of Common Stock. All of such
outstanding shares of capital stock are, or upon issuance will be, duly authorized, validly issued, fully paid and non-assessable.
No shares of capital stock of the Company are subject to preemptive rights or any other similar rights of the shareholders of the
Company or any liens or encumbrances imposed through the actions or failure to act of the Company. As of the effective date of
this Agreement, and except as disclosed in the SEC Documents, (i) there are no outstanding options, warrants, scrip, rights to
subscribe for, puts, calls, rights of first refusal, agreements, understandings, claims or other commitments or rights of any character
whatsoever relating to, or securities, notes or rights convertible into or exchangeable for any shares of capital stock of the
Company or any of its Subsidiaries, or arrangements by which the Company or any of its Subsidiaries is or may become bound to issue
additional shares of capital stock of the Company or any of its Subsidiaries, (ii) there are no agreements or arrangements under
which the Company or any of its Subsidiaries is obligated to register the sale of any of its or their securities under the 1933
Act and (iii) there are no anti-dilution or price adjustment provisions contained in any security issued by the Company (or in
any agreement providing rights to security holders) that will be triggered by the issuance of any of the Securities. The Company
has furnished to the Purchaser true and correct copies of the Company’s Certificate or Articles of Incorporation as in effect
on the date hereof (“Formation Documents”), the Company’s By-laws, as in effect on the date hereof (the “By-laws”),
and the terms of all securities convertible into or exercisable for Common Stock of the Company and the material rights of the
holders thereof in respect thereto.

 

d) Issuance of Shares.
The Conversion Shares are duly authorized and reserved for issuance and, upon conversion of the Note, as the case may be, in accordance
with their respective terms, will be validly issued, fully paid and non-assessable, and free from all taxes, liens, claims and
encumbrances with respect to the issue thereof and shall not be subject to preemptive rights or other similar rights of shareholders
of the Company and will not impose personal liability upon the holder thereof.

 

e) Acknowledgment
of Dilution. The Company’s executive officers and directors understand the nature of the Securities being sold hereby
and recognize that the issuance of the Securities will have a potential dilutive effect on the equity holdings of other holders
of the Company’s equity or rights to receive equity of the Company. The Board of Directors of the Company has concluded,
in its good faith business judgment that the issuance of the Securities is in the best interests of the Company. The Company specifically
acknowledges that its obligation to issue the Conversion Shares upon conversion of the Notes is binding upon the Company and enforceable
regardless of the dilution such issuance may have on the ownership interests of other stockholders of the Company or parties entitled
to receive equity of the Company.

 

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f) No Conflicts.
The execution, delivery and performance of this Agreement, and the Note by the Company and the consummation by the Company of the
transactions contemplated hereby and thereby (including, without limitation, the issuance and reservation for issuance of the Conversion
Shares) will not (i) conflict with or result in a violation of any provision of the Formation Documents or By-laws, or (ii) violate
or conflict with, or result in a breach of any provision of, or constitute a default (or an event which with notice or lapse of
time or both could become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation
of, any agreement, indenture, patent, patent license or instrument to which the Company or any of its Subsidiaries is a party and
that is not filed as an SEC Document or other document filed with the SEC, or (iii) result in a violation of any law, rule, regulation,
order, judgment or decree (including federal and state securities laws and regulations and regulations of any self-regulatory organizations
to which the Company or its securities are subject) applicable to the Company or any of its Subsidiaries or by which any property
or asset of the Company or any of its Subsidiaries is bound or affected (except for such conflicts, defaults, terminations, amendments,
accelerations, cancellations and violations as would not, individually or in the aggregate, have a Material Adverse Effect). Neither
the Company nor any of its Subsidiaries is in violation of its Formation Documents, By-laws or other organizational documents and
neither the Company nor any of its Subsidiaries is in default (and no event has occurred which with notice or lapse of time or
both could put the Company or any of its Subsidiaries in default) under, and neither the Company nor any of its Subsidiaries has
taken any action or failed to take any action that would give to others any rights of termination, amendment, acceleration or cancellation
of, any agreement, indenture or instrument to which the Company or any of its Subsidiaries is a party or by which any property
or assets of the Company or any of its Subsidiaries is bound or affected, except for possible defaults as would not, individually
or in the aggregate, have a Material Adverse Effect. The businesses of the Company and its Subsidiaries, if any, are not being
conducted, and shall not be conducted so long as the Purchaser owns any of the Securities, in violation of any law, ordinance or
regulation of any governmental entity. Except as specifically contemplated by this Agreement and as required under the 1933 Act
and any applicable state securities laws, the Company is not required to obtain any consent, authorization or order of, or make
any filing or registration with, any court, governmental agency, regulatory agency, self-regulatory organization or stock market
or any third party in order for it to execute, deliver or perform any of its obligations under this Agreement and the Note in accordance
with the terms hereof or thereof or to issue and sell the Securities in accordance with the terms hereof and thereof and to issue
the Conversion Shares. All consents, authorizations, orders, filings and registrations which the Company is required to obtain
pursuant to the preceding sentence have been obtained or effected on or prior to the date hereof. The Company is not in violation
of the listing requirements of the Principal Market (as defined in this Agreement) and does not reasonably anticipate that the
Common Stock will be delisted by the Principal Market in the foreseeable future. The Company and its Subsidiaries are unaware of
any facts or circumstances which might give rise to any of the foregoing.

 

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g) SEC Documents;
Financial Statements. The Company has filed all reports, schedules, forms, statements and other documents required to be filed
by it with the SEC (all of the foregoing filed prior to the date hereof and all exhibits included therein and financial statements
and schedules thereto and documents (other than exhibits to such documents) incorporated by reference therein, being hereinafter
referred to herein as the “SEC Documents”). Upon written request the Company will deliver to the Purchaser true and
complete copies of the SEC Documents, except for such exhibits and incorporated documents. As of their respective dates, the SEC
Documents complied in all material respects with the requirements of the Securities Exchange Act of 1934, as amended (“1934
Act” or “Exchange Act”), and none of the SEC Documents, at the time they were filed with the SEC, contained any
untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to
make the statements therein, in light of the circumstances under which they were made, not misleading. None of the statements made
in any such SEC Documents is, or has been, required to be amended or updated under applicable law (except for such statements as
have been amended or updated in subsequent filings prior the date hereof). As of their respective dates, the financial statements
of the Company included in the SEC Documents complied as to form in all material respects with applicable accounting requirements
and the published rules and regulations of the SEC with respect thereto. Such financial statements have been prepared in accordance
with United States generally accepted accounting principles, consistently applied, during the periods involved and fairly present
in all material respects the consolidated financial position of the Company and its consolidated Subsidiaries as of the dates thereof
and the consolidated results of their operations and cash flows for the periods then ended (subject, in the case of unaudited statements,
to normal year-end audit adjustments). Except as set forth in the financial statements of the Company included in the SEC Documents,
the Company has no liabilities, contingent or otherwise, other than (i) liabilities incurred in the ordinary course of business,
and (ii) obligations under contracts and commitments incurred in the ordinary course of business and not required under generally
accepted accounting principles to be reflected in such financial statements, which, individually or in the aggregate, are not material
to the financial condition or operating results of the Company. The Company is subject to the reporting requirements of the 1934
Act.

 

h) Absence of Certain
Changes. Since December 31, 2018, there has been no material adverse change and no material adverse development in the assets,
liabilities, business, properties, operations, financial condition, results of operations, prospects or 1934 Act reporting status
of the Company or any of its Subsidiaries.

 

i) Absence of Litigation.
There is no action, suit, claim, proceeding, inquiry or investigation before or by any court, public board, government agency,
self-regulatory organization or body pending or, to the knowledge of the Company or any of its Subsidiaries, threatened against
or affecting the Company or any of its Subsidiaries, or their officers or directors in their capacity as such, that could have
a Material Adverse Effect. The public filings contain a complete list and summary description of any pending or, to the knowledge
of the Company, threatened proceeding against or affecting the Company or any of its Subsidiaries, without regard to whether it
would have a Material Adverse Effect. The Company and its Subsidiaries are unaware of any facts or circumstances which might give
rise to any of the foregoing.

 

j) Patents, Copyrights,
etc. The Company and each of its Subsidiaries owns or possesses the requisite licenses or rights to use all patents, patent
applications, patent rights, inventions, know-how, trade secrets, trademarks, trademark applications, service marks, service names,
trade names and copyrights (“Intellectual Property”) necessary to enable it to conduct its business as now operated
(and, as presently contemplated to be operated in the future); there is no claim or action by any person pertaining to, or proceeding
pending, or to the Company’s knowledge threatened, which challenges the right of the Company or of a Subsidiary with respect
to any Intellectual Property necessary to enable it to conduct its business as now operated (and, as presently contemplated to
be operated in the future); to the best of the Company’s knowledge, the Company’s or its Subsidiaries’ current
and intended products, services and processes do not infringe on any Intellectual Property or other rights held by any person and/or
entity; and the Company is unaware of any facts or circumstances which might give rise to any of the foregoing. The Company and
each of its Subsidiaries have taken reasonable security measures to protect the secrecy, confidentiality and value of their Intellectual
Property.

 

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k) No Materially Adverse
Contracts, Etc. Neither the Company nor any of its Subsidiaries is subject to any charter, corporate or other legal restriction,
or any judgment, decree, order, rule or regulation which in the judgment of the Company’s officers has or is expected in
the future to have a Material Adverse Effect. Neither the Company nor any of its Subsidiaries is a party to any contract or agreement
which in the judgment of the Company’s officers has or is expected to have a Material Adverse Effect.

 

I) Disclosure.
No event or circumstance has occurred or exists with respect to the Company or any of its Subsidiaries or its or their business,
properties, prospects, operations or financial conditions, which, under applicable law, rule or regulation, requires public disclosure
or announcement by the Company but which has not been so publicly announced or disclosed.

 

m) Brokers. The
Company hereby represents and warrants that it has not hired, retained or dealt with any broker, finder, consultant, person, firm
or corporation (“Broker”) in connection with the negotiation, execution or delivery of this Agreement or the transactions
contemplated hereunder. The Company covenants and agrees that should any claim be made against Purchaser for any commission or
other compensation by the Broker, based upon the Company’s engagement of such person in connection with this transaction,
the Company shall indemnify, defend and hold Purchaser harmless from and against any and all damages, expenses (including attorneys’
fees and disbursements) and liability arising from such claim. The Company shall pay the commission of the Broker, to the attention
of the Broker, pursuant to their separate agreement(s) between the Company and the Broker.

 

n) Permits; Compliance.
The Company and each of its Subsidiaries is in possession of all franchises, grants, authorizations, licenses, permits, easements,
variances, exemptions, consents, certificates, approvals and orders necessary to own, lease and operate its properties and to carry
on its business as it is now being conducted (collectively, the “Company Permits”), and there is no action pending
or, to the knowledge of the Company, threatened regarding suspension or cancellation of any of the Company Permits. Neither the
Company nor any of its Subsidiaries is in conflict with, or in default or violation of, any of the Company Permits, except for
any such conflicts, defaults or violations which, individually or in the aggregate, would not reasonably be expected to have a
Material Adverse Effect. Since December 31, 2018, neither the Company nor any of its Subsidiaries has received any notification
with respect to possible conflicts, defaults or violations of applicable laws, except for notices relating to possible conflicts,
defaults or violations, which conflicts, defaults or violations would not have a Material Adverse Effect.

 

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o)
Insurance. The Company and its Subsidiaries are insured by insurers of recognized financial responsibility against such
losses and risks and in such coverage, amounts as are prudent and customary in the businesses in which the Company is engaged,
including, but not
limited to, directors and officer’s insurance coverage with coverage amounts that are at least equal to the aggregate Purchase
Price. Neither the Company nor any Subsidiary has any reason to believe that it will not be able to renew its existing insurance
coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue
its business without a significant increase in cost.

 

p) No “Shell”.
As of the date of this Agreement the Company is an operating company and, either (i) is not or has never been a “shell issuer”
as defined in Rule 144(i)(2) or (ii) at least 12 months have passed since the Company filed Form 10 Type information indicating
it is not a “shell issuer” (and supporting the claim that it is no longer a shell company), filed all required reports
for at least twelve consecutive months after the filing of the respective Form 10 information, and has therefore complied with
Rule 144(i)(2).

 

q) Bad Actor.
No officer or director of the Company would be disqualified under Rule 506(d) of the Securities Act as amended on the basis of
being a “bad actor”.

 

r) Acknowledgement
Regarding Purchaser’s Trading Activity. Notwithstanding anything in this Agreement or elsewhere to the contrary it is
understood and acknowledged by the Company that: (i) the Purchaser has not been asked by the Company to agree, nor has any Purchaser
agreed, to desist from purchasing or selling, securities of the Company, or “derivative” securities based on securities
issued by the Company or to hold the Securities for any specified term; (ii) each Purchaser shall not be deemed to have any affiliation
with or control over any arm’s length counter-party in any “derivative” transaction.

 

s) Sarbanes-Oxley
Act. The Company and each Subsidiary is in material compliance with all applicable requirements of the Sarbanes-Oxley Act of
2002 that are effective as of the date hereof, and all applicable rules and regulations promulgated by the SEC thereunder that
are effective as of the date hereof.

 

4. COVENANTS.

 

a) Best Efforts.
The parties shall use their best efforts to satisfy timely each of the conditions described in Section 6 and 7 of this Agreement.

 

b) Form D; Blue Sky
Laws. The Company agrees when applicable to timely file a Form D with respect to the Securities as required under Regulation
D and to provide a copy thereof to the Purchaser promptly after such filing. The Company shall, on or before the Closing Date,
take such action as the Company shall reasonably determine is necessary to qualify the Securities for sale to the Purchaser at
the applicable closing pursuant to this Agreement under applicable securities or “blue sky” laws of the states of the
United States (or to obtain an exemption from such qualification), and shall provide evidence of any such action so taken to the
Purchaser on or prior to the Closing Date.

 

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c) Use of Proceeds.
The Company shall use the proceeds from the sale of the Securities for general corporate purposes, marketing and sales, product
development, key personnel recruiting and business development purposes, and shall not, directly or indirectly, use such proceeds
for the repayment of any debt issued in corporate finance transactions or any loan to or investment in any other corporation, partnership,
enterprise or other person (except in connection with the Company’s currently existing operations).

 

d) Financial Information.
Upon written request of the Purchaser, the Company agrees to within (3) three days of the written request send or make available
the following reports filed with the SEC or OTC Markets Group to the Purchaser: a copy of its Annual Report and its Quarterly Reports
and any Supplemental Reports; (ii) copies of all press releases issued by the Company or any of its Subsidiaries; and (iii) copies
of any notices or other information the Company makes available or gives to such shareholders. Notwithstanding the foregoing, the
Company shall not disclose any material nonpublic information to the Purchaser without its consent unless such information is disclosed
to the public prior to or promptly following such disclosure to the Purchaser.

 

e) Listing. The
Company will obtain and, so long as the Purchaser owns any of the Securities, maintain the listing and trading of its Common Stock
on the Principal Market, and will comply in all respects with the Company’s reporting, filing and other obligations under
the bylaws or rules of the Financial Industry Regulatory Authority (“FINRA”) and such exchanges, as applicable. The
Company shall promptly provide to the Purchaser copies of any notices it receives from the SEC, OTC Markets Group and any other
exchanges or quotation systems on which the Common Stock is then listed regarding the continued eligibility of the Common Stock
for listing on such exchanges and quotation systems, provided that it shall not provide any notices constituting material nonpublic
information. if at any time while the Note is outstanding the Company fails to maintain the listing and trading and of its Common
Stock, or fails in any way to comply with the Company’s reporting/ filing obligations such failure(s) will result in liquidated
damages of fifteen thousand dollars ($15,000), being immediately due and payable to Holder at its election in the form of cash
payment or addition to the balance of the Note.

 

f) Corporate Existence.
So long as the Purchaser beneficially owns any Securities, the Company shall maintain its corporate existence and shall not sell
all or substantially all of the Company’s assets, except in the event of a merger or consolidation or sale of all or substantially
all of the Company’s assets, where the surviving or successor entity in such transaction (i) assumes the Company’s
obligations hereunder and under the agreements and instruments entered into in connection herewith and (ii) is a publicly traded
corporation whose Common Stock is listed for trading on Principal Market.

 

g) No Integration.
The Company shall not make any offers or sales of any security (other than the Securities) under circumstances that would require
registration of the Securities being offered or sold hereunder under the 1933 Act or cause the offering of the Securities to be
integrated with any other offering of securities by the Company for the purpose of any stockholder approval provision applicable
to the Company or its securities.

 

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h) Securities Laws
Disclosure; Publicity. The Company shall comply with applicable securities laws by filing a Current Report on Form 8-K, within
four (4) Trading Days following the date hereof, disclosing all the material terms of the transactions contemplated hereby.

 

i) Non-Public Information.
Except with respect to the material terms and conditions of the transactions contemplated by this Agreement, the Company covenants
and agrees that neither it nor any other person acting on its behalf will provide the Purchaser or its agents or counsel with any
information that the Company believes constitutes material non-public information, unless prior thereto the Purchaser shall have
executed a written agreement regarding the confidentiality and use of such information. The Company understands and confirms that
the Purchaser shall be relying on the foregoing covenant in effecting transactions in securities of the Company.

 

j) Subsidiaries.
So long as the Note remains outstanding, the Company shall not transfer any assets or rights to any of its subsidiaries or permit
any of its subsidiaries to engage in any significant business or operations, whether such subsidiaries are currently existing or
hereafter created.

 

k) Insurance.
So long as the Note remains outstanding, the Company and its Subsidiaries shall maintain in full force and effect insurance reasonably
believed by the Company to be adequate coverage (a) on all assets and activities, covering property loss or damage and loss of
income by fire or other hazards or casualty, and (b) against all liabilities, claims and risks for which it is customary for companies
similarly situated to the Company to insure, including without limitation applicable product liability insurance, required workmen’s
compensation insurance, and other insurance covering injury or damage to persons or property, but excluding directors and officers
insurance coverage. The Company shall promptly furnish or cause to be furnished evidence of such insurance to the Purchaser, in
form and substance reasonably satisfactory to the Purchaser

 

l) ROFR. At any
time while the Note is outstanding, the Company desires to borrow funds, raise additional capital and/or issue additional promissory
notes convertible into shares of securities of the Company (a “Prospective Financing”), the Purchaser shall have the
right of first refusal to participate in the Prospective Financing, and the Company shall provide written notice containing the
terms of such Prospective Financing (the “ROFR Notice”) to the Purchaser prior to effectuating any such transaction.
The ROFR Notice shall specify all of the key terms of the Prospective Financing, including, but not limited to, the proposed investment
amount, the proposed rate of interest, the proposed conversion price, the proposed term of the investment, the type and number
of securities to be sold and any and all other relevant terms, each as applicable. Upon Purchaser’s receipt of the ROFR Notice,
Purchaser shall have the exclusive right to participate in such Prospective Financing(s), upon the terms specified in the ROFR
Notice, by sending written notice to the Company within seven (7) business days after Purchaser’s receipt of the ROFR Notice.
In the event Purchaser fails to exercise its right of first refusal with respect to an ROFR Notice within the time set forth above,
Purchaser shall be deemed to have waived its right of first refusal with respect to such Prospective Financing, provided that it
shall retain such right with respect to any future Prospective Financing. Notwithstanding anything contained herein, the Company
shall not furnish any material non-public information concerning the Company without the Purchaser’s prior written consent,
and shall initially only indicate to the Purchaser that the Company contemplates a financing. Notwithstanding anything contained
herein, in no event shall the Purchaser be entitled to purchase any securities which would cause the sum of (1) the number of shares
of Common Stock beneficially owned by the Purchaser and its affiliates (other than shares of Common Stock which may be deemed beneficially
owned through the ownership of the unconverted portion of the Note or the unexereised or unconverted portion of any other security
of the Company subject to a limitation on conversion or exercise analogous to the limitations contained herein) and (2) the number
of shares of directly or indirectly purchasable under this Section, to exceed 4.99% of the outstanding shares of Common Stock (or
9.99% of the total issued Common Stock of the Company if specified by Purchaser and accompanied with applicable documentation such
as any Amendment made to this Agreement or the Note).

 

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m) Future Financings:
From the date hereof until such time as the Purchaser no longer holds any of the Securities, in the event the Company issues or
sells any shares of Common Stock or securities directly or indirectly convertible into or exercisable for Common Stock (“Common
Stock Equivalents”) or amends the transaction documents relating to any sale or issuance of Common Stock or Common Stock
Equivalents, and the Purchaser reasonably believes that the terms and conditions thereunder are more favorable to such investors
as the terms and conditions granted under this Agreement, Note or any document provided by the Purchaser to the Company relating
to any sale or issuance of Common Stock (the “Transaction Documents”), upon notice to the Company by such Purchaser,
the Transaction Documents shall be deemed automatically amended so as to give the Purchaser the benefit of such more favorable
terms or conditions. Promptly following a request to the Company, the Company shall provide Purchaser with all executed transaction
documents relating to any such sale or issue of Common Stock or Common Stock Equivalents. Company shall deliver acknowledgment
of such automatic amendment to the Transaction Documents to Purchaser in form and substance reasonably satisfactory to the Purchaser
(the “Acknowledgment”) within three (3) business days of Company’s receipt of request from Purchaser (the “Deadline”),
provided that Company’s failure to timely provide the Acknowledgement shall not affect the automatic amendments contemplated
hereby. If the Acknowledgement is not delivered by the Deadline, Company shall pay to the Purchaser $1,000.00 per day in cash,
for each day beyond the Deadline that the Company fails to deliver such Acknowledgement such cash amount shall be paid to Holder
by the first day of the month following the month in which it has accrued or, at the option of the Holder, shall be added to the
principal amount of the Note, in which event interest shall accrue thereon in accordance with the terms of the Note and such additional
principal amount shall be convertible into Common Stock in accordance with the terms of the Note.

 

n) Piggyback Registration
Rights. Borrower shall include all shares issuable upon conversion of the Note on: (i) the next registration statement and
Regulation A offering statement Borrower files with the SEC; (ii) the subsequent registration statement if such previous registration
statement is withdrawn, (iii) the subsequent Regulation A offering statement if such previous Regulation A offering statement is
withdrawn, (iv) any amendment to any registration statement previously filed but not effective as of the Issue Date (as defined
in the Note), and (v) any amendment to any Regulation A offering statement previously filed but not qualified as of the Issue Date.
Failure to do so will result in liquidated damages of fifty percent (50%) of the outstanding principal amount of the Note, but
not less than twenty-five thousand dollars ($25,000), being immediately due and payable to Holder at its election in the form of
cash payment or addition to the balance of the Note.

 

    10

     

    

 

o) Subsequent Financings.
Notwithstanding anything contained herein, if at any time while this Note is outstanding the Company enters into any capital raising
transaction, including without limitation an equity line transaction, a loan transaction or the sale of shares of Common Stock
or securities convertible into or exercisable or exchangeable for Common Stock, whether or not permitted under the Transaction
Documents (“Subsequent Financing”), then following the closing of each such Subsequent Financing the Holder in its
sole and absolute discretion may compel the Company to redeem up to the entire outstanding balance of the Note from the gross proceeds
therefrom (“Redemption Amount”), provided however (a) if the Holder is holding other convertible notes similar to this
Note whether issued prior or after the Issue Date of this Note (collectively with this Note, the “Notes”), the Redemption
Amount may be applied to redeem any or all of the Notes specified by the Holder, (b) the Holder shall be notified in writing of
the closing of each such Subsequent Financing within one (1) day following such closing, and (c) the Holder may elect not to exercise
its right to such redemption in whole or in part, in which case the Company may not redeem any Notes in connection with such Subsequent
Financing to the extent so rejected (for clarification, if the holder elects to reject any redemption in any instance, such rejection
shall not affect the Holder’s redemption rights hereunder in the future). Further, in the event that the Holder demands redemption
of a portion or the full balance of the Note within the first six (6) months from Note’s Issue Date, such Redemption Amount
shall subject to then then applicable Prepayment Factor, as defined in the Note shall be applied). To the extent the Company is
obligated to redeem any portion of the Notes pursuant to this Section but fails to do so, such default shall constitute an Event
of Default under all the Notes.

 

p) Additional Investment
Right. Purchaser shall have the right at any time from time to time, as of the date hereof, and until such date when the Note
is no longer outstanding, to in its sole and absolute discretion purchase an additional convertible promissory note, or additional
convertible promissory notes, from the Company for up to a principal amount equal to the amount of the Note purchased hereunder
(each a “Subsequent Note” and collectively the “Subsequent Notes”) on the same terms and conditions as
applicable to the purchase and sale of the Note purchased on the date hereof by Purchaser, and in substantially the same form and
substance as the Note issued pursuant to this Agreement, mutatis mutandis, (each a “Subsequent Note Purchase”
and collectively “Subsequent Note Purchases”). For Purchaser to exercise such Subsequent Note Purchase right, Purchaser
shall deliver written notice, to the Company (for clarity notice sent via electronic mail shall satisfy such written notice requirement)
electing to exercise such Subsequent Note Purchase right, which notice shall specify the principal amount of the Additional Note
to be purchased by such Purchaser (“Subsequent Note Amount”) and the date on which such purchase and sale shall occur
(“Subsequent Note Closing”), which Subsequent Note Closing shall occur within five (5) days following such notice by
such Purchaser, or such.other date mutually agreed upon by the Purchaser and Company. The terms and conditions of any
Subsequent Note Purchase shall be identical to the terms and conditions set forth in this Agreement applicable to the sale of the
Note on the date hereof, including without limitation each Subsequent Note will be in the form of the Note issued hereto, provided
that the Maturity Date thereunder shall be on ninth (9th) month from the Subsequent Note’s issue date. Further,
if a warrant to purchase Company’s common stock was issued pursuant to this Agreement then Purchaser shall receive a warrant
in the form as the same form and substance as the warrant issued pursuant to this Agreement (“Subsequent Warrant”),
provided that the Termination Date of the Additional Warrant shall be the fifth (5th) anniversary from the issue date of the Subsequent
Warrant. On or prior to any Subsequent Note Closing(s), the Company and the Purchaser shall, upon Purchaser’s request, execute
and deliver a new securities purchase agreement with respect to the Subsequent Note Purchase(s) in the same form and substance
as this Agreement (each a “Subsequent Purchase Agreement and collectively “Subsequent Purchase Agreements”),
mutatis mutandis, and all the representations, warranties, covenants, indemnities and conditions set forth herein shall
be included and incorporated with respect to such Note Purchase, mutatis mutandis. Purchaser may assign its Subsequent Note
Purchase right hereunder to any affiliate of such Purchaser.

 

    11

     

    

 

5. Transfer Agent
Instructions. Upon receipt of a duly executed Notice of Conversion, the Company shall issue irrevocable instructions to its
transfer agent to issue certificates, registered in the name of the Purchaser or its nominee, for the Conversion Shares in such
amounts as specified from time to time by the Purchaser to the Company upon conversion of the Note, or any part thereof, in accordance
with the terms thereof (the “Irrevocable Transfer Agent Instructions”). In the event that the Company proposes to replace
its transfer agent, the Company shall provide, prior to the effective date of such replacement, a fully executed Irrevocable Transfer
Agent Instructions in a form as initially delivered pursuant to this Agreement and the Securities (including but not limited to
the provision to irrevocably reserve shares of Common Stock in the Reserved Amount (as defined in the Note)) signed by the successor
transfer agent (to the Company) and the Company. Prior to registration of the Conversion Shares under the 1933 Act or the date
on which the Conversion Shares may be sold pursuant to Rule 144 without any restriction as to the number of Securities as of a
particular date that can then be immediately sold, all such certificates shall bear the restrictive legend specified in Section
2(g) of this Agreement. The Company warrants that: (i) no instruction other than the Irrevocable Transfer Agent Instructions referred
to in this Section 5, and stop transfer instructions to give effect to hereof (in the case of the Conversion Shares, prior to registration
of the Conversion Shares under the 1933 Act or the date on which the Conversion Shares may be sold pursuant to Rule 144 without
any restriction as to the number of Securities as of a particular date that can then be immediately sold), will be given by the
Company to its transfer agent and that the Securities shall otherwise be freely transferable on the books and records of the Company
as and to the extent provided in this Agreement and the Note; (ii) it will not direct its transfer agent not to transfer or delay,
impair, and/or hinder its transfer agent in transferring (or issuing)(e1eetronically or in certificated form) any certificate for
Conversion Shares to be issued to the Purchaser upon conversion of or otherwise pursuant to the Note as and when required by the
Note and this Agreement; and (iii) it will not fail to remove (or direct its transfer agent not to remove or impair, delay, and/or
hinder its transfer agent from removing) any restrictive legend (or to withdraw any stop transfer instructions in respect thereof)
on any certificate for any Conversion Shares issued to the Purchaser upon conversion of or otherwise pursuant to the Note as and
when required by the Note and this Agreement. Nothing in this Section shall affect in any way the Purchaser’s obligations
and agreement set forth in Section 2(g) hereof to comply with all applicable prospectus delivery requirements, if any, upon re-sale
of the Securities. If the Purchaser provides the Company with (i) an opinion of counsel in form, substance and scope customary
for opinions in comparable transactions, to the effect that a public sale or transfer of such Securities may be made without registration
under the 1933 Act and such sale or transfer is effected or (ii) the Purchaser provides reasonable assurances that the Securities
can be sold pursuant to Rule 144, the Company shall permit the transfer, and, in the case of the Conversion Shares, promptly instruct
its transfer agent to issue one or more certificates, free from restrictive legend, in such name and in such denominations as specified
by the Purchaser. The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the
Purchaser, by vitiating the intent and purpose of the transactions contemplated hereby. Accordingly, the Company acknowledges that
the remedy at law for a breach of its obligations under this Section 5 may be inadequate and agrees, in the event of a breach or
threatened breach by the Company of the provisions of this Section, that the Purchaser shall be entitled, in addition to all other
available remedies, to an injunction restraining any breach and requiring immediate transfer, without the necessity of showing
economic loss and without any bond or other security being required.

 

    12

     

    

 

6. Injunction Posting
of Bond. In the event the Purchaser shall elect to convert the Note or any parts thereof, the Company may not refuse conversion
or exercise based on any claim that Purchaser or anyone associated or affiliated with Purchaser has been engaged in any violation
of law, or for any other reason. In connection with any injunction sought or attempted by the Company, the Company shall be required
to post a bond at least equal to the greater of either: (i) the outstanding principal amount of the Note; and (ii) the market value
of the Conversion Shares sought to be converted, exercised or issued, based on the sale price per share of Common Stock on the
principal market on which it is traded.

 

7. Delivery of
Unlegended Shares.

 

a) Within one (I) business
day (such first business day being the “Unlegended Shares Delivery Date”) after the business day on which the
Company has received (i) a notice that Conversion Shares, or any other Common Stock held by the Purchaser has been sold pursuant
to a registration statement or Rule 144 under the 1933 Act, (ii) a representation that the prospectus delivery requirements, or
the requirements of Rule 144, as applicable and if required, have been satisfied, (iii) the original share certificates representing
the shares of Common Stock that have been sold, and (iv) in the case of sales under Rule 144, customary representation letters
of the Purchaser and, if required, Purchaser’s broker regarding compliance with the requirements of Rule 144, the Company
at its expense, (y) shall deliver, and shall cause legal counsel selected by the Purchaser to deliver to its transfer agent (with
copies to Purchaser) an appropriate instruction and opinion of such counsel, directing the delivery of shares of Common Stock
without any legends including the legend set forth in Section 4(h) above (the “Unlegended Shares”); and (z)
cause the transmission of the certificates representing the Unlegended Shares together with a legended certificate representing
the balance of the submitted Common Stock certificate, if any, to the Purchaser at the address specified in the notice of sale,
via express courier, by electronic transfer or otherwise on or before the Unlegended Shares Delivery Date.

 

    13

     

    

 

b) The Company understands
that a delay in the delivery of the Unlegended Shares later than the Unlegended Shares Delivery Date could result in economic loss
to the Purchaser. As compensation to Purchaser for such loss, the Company agrees to pay late payment fees (as liquidated damages
and not as a penalty) to the Purchaser for late delivery of Unlegended Shares in the amount of $250.00 per business day after the
Unlegended Shares Delivery Date. If during any three hundred and sixty (360) day period, the Company fails to deliver Unlegended
Shares as required by this Section for an aggregate of thirty (30) days, then Purchaser or assignee holding Securities subject
to such default may, at its option, require the Company to redeem all or any portion of the shares subject to such default at a
price per share equal to the greater of (i) 200% of the most recent closing price of the Common Stock or (ii) the parity value
of the Default Sum to be paid (as defined in Section 3.16 of the Note) (“Unlegended Redemption Amount”). The
Company shall pay any payments incurred under this Section in immediately available funds upon demand.

 

8. Conditions to
the Company’s Obligation to Sell. The obligation of the Company hereunder to issue and sell the Note to the Purchaser
at the Closing is subject to the satisfaction, at or before the Closing Date of each of the following conditions provided that
these conditions are for the Company’s sole benefit and may be waived by the Company at any time in its sole discretion:

 

a) The Purchaser shall
have executed this Agreement and delivered the same to the Company.

 

b) The Purchaser shall
have delivered the Purchase Price to the Company.

 

c) The representations
and warranties of the Purchaser shall be true and correct in all material respects as of the date when made and as of the Closing
Date as though made at that time {except for representations and warranties that speak as of a specific date), and the Purchaser
shall have performed, satisfied and complied in all material respects with the covenants, agreements and conditions required by
this Agreement to be performed, satisfied or complied with by the Purchaser at or prior to the Closing Date.

 

d) No litigation, statute,
rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed by or
in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority over the
matters contemplated hereby which prohibits the consummation of any of the transactions contemplated by this Agreement.

 

9. Conditions to
The Purchaser’s Obligation to Purchase. The obligation of the Purchaser hereunder to purchase the Note at the Closing
is subject to the satisfaction, at or before the Closing Date of each of the following conditions, provided that these conditions
are for the Purchaser’s sole benefit and may be waived by the Purchaser at any time in its sole discretion:

 

a) The Company shall
have executed this Agreement and delivered the same to the Purchaser.

 

    14

     

    

 

b) The Company shall
have delivered to the Purchaser the duly executed Note (in such denominations as the Purchaser shall request) in accordance with
Section 1 above.

 

c) The irrevocable Transfer
Agent Instructions, in form and substance satisfactory to the Purchaser, shall have been delivered to and acknowledged in writing
by the Company’s Transfer Agent (a copy of which written acknowledgment shall be provided to Purchaser prior to Closing).

 

d) The representations
and warranties of the Company shall be true and correct in all material respects as of the date when made and as of the Closing
Date as though made at such time (except for representations and warranties that speak as of a specific date) and the Company shall
have performed, satisfied and complied in all material respects with the covenants, agreements and conditions required by this
Agreement to be performed, satisfied or complied with by the Company at or prior to the Closing Date. The Purchaser shall have
received a certificate or certificates reasonably requested by the Purchaser including, but not limited to certificates with respect
to the Company’s Formation Documents, By-laws, and Board of Directors’ resolutions relating to the transactions contemplated
hereby.

 

e) No litigation, statute,
rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed by or
in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority over the
matters contemplated hereby which prohibits the consummation of any of the transactions contemplated by this Agreement.

 

f) No event shall have
occurred which could reasonably be expected to have a Material Adverse Effect on the Company including but not limited to a change
in the 1934 Act reporting status of the Company or the failure of the Company to be timely in its 1934 Act reporting obligations.

 

g) The Conversion Shares
shall have been authorized for quotation on the Principal Market and trading of the Common Stock on the Principal Market shall
not have been suspended by the SEC or the Principal Market.

 

10. Governing Law; Miscellaneous.

 

a) Governing Law.
This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware without regard to principles
of conflicts of laws thereof or any other State. Any action brought by any party against any other party hereto concerning the
transactions contemplated by this Agreement shall be brought only in the state courts of New York or in the federal courts located
in the state and county of New York. The parties to this Agreement hereby irrevocably waive any objection to jurisdiction and venue
of any action instituted hereunder and shall not assert any defense based on lack of jurisdiction or venue or based upon forum
non conveniens. The parties executing this Agreement and other agreements referred to herein or delivered in connection
herewith on behalf of the Company agree to submit to the in personam jurisdiction of such courts and hereby irrevocably waive trial
by jury. The prevailing party shall be entitled to recover from the other party its reasonable attorney’s fees and costs.
In the event that any provision of this Agreement or any other agreement delivered in connection herewith is invalid or unenforceable
under any applicable statute or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict
therewith and shall be deemed modified to conform with such statute or rule of law. Any such provision which may prove invalid
or unenforceable under any law shall not affect the validity or enforceability of any other provision of any agreement. Each party
hereto hereby irrevocably waives personal service of process and consents to process being served in any suit, action or proceeding
in connection with this Agreement or any other transaction document contemplated hereby by mailing a copy thereof via registered
or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under
this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing
contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law.

 

    15

     

    

 

b) Removal of Restrictive
Legends. In the event that Purchaser has any shares of the Company’s Common Stock bearing any restrictive legends, and
Purchaser, through its counsel or other representatives, submits to the Transfer Agent any such shares for the removal of the restrictive
legends thereon in connection with a sale of such shares pursuant to any exemption to the registration requirements under the Securities
Act, and the Company and or its counsel refuses or fails for any reason (except to the extent that such refusal or failure is based
solely on applicable law that would prevent the removal of such restrictive legends) to render an opinion of counsel or any other
documents or certificates required for the removal of the restrictive legends, then the Company hereby agrees and acknowledges
that the Purchaser is hereby irrevocably and expressly authorized to have counsel to the Purchaser render any and all opinions
and other certificates or instruments which may be required for purposes of removing such restrictive legends, and the Company
hereby irrevocably authorizes and directs the Transfer Agent to, without any further confirmation or instructions from the Company,
issue any such shares without restrictive legends as instructed by the Purchaser, and surrender to a common carrier for overnight
delivery to the address as specified by the Purchaser, certificates, registered in the name of the Purchaser or its designees,
representing the shares of Common Stock to which the Purchaser is entitled, without any restrictive legends and otherwise freely
transferable on the books and records of the Company.

 

c) Filing Requirements.
From the date of this Agreement until the Notes are no longer outstanding, the Company will timely and voluntarily comply with
all reporting requirements that are applicable to an issuer with a class of shares registered pursuant to Section 12(g) of the
1934 Act, whether or not the Company is then subject to such reporting requirements, and comply with all requirements related
to any registration statement filed pursuant to this Agreement. The Company will use reasonable efforts not to take any action
or file any document (whether or not permitted by the 1933 Act or the 1934 Act or the rules thereunder) to terminate or suspend
such registration or to terminate or suspend its reporting and filing obligations under said acts until the Notes are no longer
outstanding. The Company will maintain the quotation or listing of its Common Stock on the OTCQX, OTCQB, OTC Pink, New York Stock
Exchange, NASDAQ Stock Market, NYSE MKT, f/k/a American Stock Exchange, or other applicable principal trading exchange or market
for the Common Stock (whichever of the foregoing is at the time the principal trading exchange or market for the Common Stock)
(the “Principal Market”), and will comply in all respects with the Company’s reporting, filing and other
obligations under the bylaws or rules of the Principal Market, as applicable. The Company will provide Purchaser with copies of
all notices it receives notifying the Company of the threatened and actual delisting of the Common Stock from any Principal Market.
As of the date of this Agreement and the Closing Date, the OTCQB is the Principal Market. Until the Note is no longer outstanding,
the Company will continue the listing or quotation of the Common Stock on a Principal Market and will comply in all respects with
the Company’s reporting, filing and other obligations under the bylaws or rules of the Principal Market.

 

    16

     

    

 

d) Fees and Expenses.
On or prior to the Closing, the Company shall pay or reimburse to Purchaser a non-refundable, non-accountable sum equal to $1,000.00
for the fees, costs and expenses (including without limitation due diligence and administrative expenses) incurred by the Purchaser
in connection with the Purchaser’s due diligence and negotiation of the Transaction Documents and consummation of the Transactions.
The Purchaser may withhold and offset the balance of such amount from the payment of its Purchase Price otherwise payable hereunder
at Closing, which offset shall constitute partial payment of such Purchase Price in an amount equal to such offset. Except as expressly
set forth in this Agreement, the Note, or the Disbursement Authorization to the contrary, each party shall pay the fees and expenses
of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party incident to the
negotiation, preparation, execution, delivery and performance of this Agreement. The Company shall pay all transfer agent fees,
stamp taxes and other taxes and duties levied in connection with the delivery of any Securities to the Purchaser. The Disbursement
Authorization includes a disbursement of $2,750.00 to Purchaser’s legal counsel for the Purchaser’s legal fees.

 

e) Usury. To
the extent it may lawfully do so, the Company hereby agrees not to insist upon or plead or in any manner whatsoever claim, and
will resist any and all efforts to be compelled to take the benefit or advantage of, usury laws wherever enacted, now or at any
time hereafter in force, in connection with any claim, action or proceeding that may be brought by the Purchaser in order to enforce
any right or remedy under the Note. Notwithstanding any provision to the contrary contained in herein or under the Note, it is
expressly agreed and provided that the total liability of the Company under the Note for payments in the nature of interest shall
not exceed the maximum lawful rate authorized under applicable law (the “Maximum Rate”), and, without limiting
the foregoing, in no event shall any rate of interest or default interest, or both of them, when aggregated with any other sums
in the nature of interest that the Company may be obligated to pay under the Note or herein exceed such Maximum Rate. It is agreed
that if the maximum contract rate of interest allowed by law and applicable to the Note is increased or decreased by statute or
any official governmental action subsequent to the date hereof, the new maximum contract rate of interest allowed by law will
be the Maximum Rate applicable to the Note from the effective date forward, unless such application is precluded by applicable
law. If under any circumstances whatsoever, interest in excess of the Maximum Rate is paid by the Company to the Purchaser with
respect to indebtedness evidenced by the Note, such excess shall be applied by the Purchaser to the unpaid principal balance of
any such indebtedness or be refunded to the Company, the manner of handling such excess to be at the Purchaser’s election.

 

    17

     

    

 

f) Headings. The
headings of this Agreement are for convenience of reference only and shall not form part of, or affect the interpretation of, this
Agreement.

 

g) Severability.
In the event that any provision of this Agreement is invalid or unenforceable under any applicable statute or rule of law, then
such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform
with such statute or rule of law. Any provision hereof which may prove invalid or unenforceable under any law shall not affect
the validity or enforceability of any other provision hereof.

 

h) Entire Agreement;
Amendments. This Agreement and the instruments referenced herein contain the entire understanding of the parties with respect
to the matters covered herein and therein and, except as specifically set forth herein or therein, neither the Company nor the
Purchaser makes any representation, warranty, covenant or undertaking with respect to such matters. No provision of this Agreement
may be waived or amended other than by an instrument in writing signed by the Purchaser.

 

i) Notices. All
notices, demands, requests, consents, approvals, and other communications required or permitted hereunder shall be in writing and,
unless otherwise specified herein, shall be: (i) personally served, (ii) deposited in the mail, registered or certified, return
receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid, or (iv) transmitted
by hand delivery, telegram, email or facsimile, addressed as set forth below or to such other address as such party shall have
specified most recently by written notice. Any notice or other communication required or permitted to be given hereunder shall
be deemed effective (a) upon hand delivery or delivery by email or facsimile with accurate confirmation generated by the transmitting
facsimile machine or computer, at the address, email address or facsimile number designated below (if delivered on a business day
during normal business hours where such notice is to be received), or the first business day following such delivery (if delivered
other than on a business day during normal business hours where such notice is to be received) or (b) on the second business day
following the date of mailing by express courier service, fully prepaid, addressed to such address, or upon actual receipt of such
mailing, whichever shall first occur. The addresses for such communications shall be:

 

	Purchaser:	
        EMA Financial, LLC

        40 Wall Street, 17th Floor

        New York, NY 10005

        Attn: Felicia Preston

        Email: admin@emafin.com

	 	 
	Company:	
        Nanoflex Power Corporation

        17207 N Perimeter Dr., Suite 210

        Scottsdale, AZ 85255

        Attn: Dean Ledger, Chief Executive Officer

        Email: investorrelations@nanoflexpower.com

 

Each party shall provide notice to the other party of any change
in address.

 

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j) Successors and
Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and assigns. Neither
the Company nor the Purchaser shall assign this Agreement or any rights or obligations hereunder without the prior written consent
of the other. Notwithstanding the foregoing, subject to Section 2(f), the Purchaser may assign its rights hereunder to any person
that purchases Securities in a private transaction from the Purchaser or to any of its “affiliates,” as that term is
defined under the 1934 Act, without the consent of the Company.

 

k) Third Party Beneficiaries.
This Agreement is intended for the benefit of the parties hereto and their respective permitted successors and assigns, and is
not for the benefit of, nor may any provision hereof be enforced by, any other person.

 

l) Survival. The
representations and warranties of the Company and the agreements and covenants set forth in this Agreement shall survive the Closing
hereunder notwithstanding any due diligence investigation conducted by or on behalf of the Purchaser. The Company agrees to indemnify
and hold harmless the Purchaser and all their officers, directors, employees and agents for loss or damage arising as a result
of or related to any breach or alleged breach by the Purchaser of any of its representations, warranties and covenants set forth
in this Agreement or any of its covenants and obligations under this Agreement, including advancement of expenses as they are incurred.

 

m) Further Assurances.
Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver
all such other agreements, certificates, instruments and documents, as the other party may reasonably request in order to carry
out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

 

n) No Strict Construction.
The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and
no rules of strict construction will be applied against any party.

 

o) Remedies. The
Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Purchaser by vitiating
the intent and purpose of the transaction contemplated hereby. Accordingly, the Company acknowledges that the remedy at law for
a breach of its obligations under this Agreement will be inadequate and agrees, in the event of a breach or threatened breach by
the Company of the provisions of this Agreement, that the Purchaser shall be entitled, in addition to all other available remedies
at law or in equity, and in addition to the penalties assessable herein, to an injunction or injunctions restraining, preventing
or curing any breach of this Agreement and to enforce specifically the terms and provisions hereof, without the necessity of showing
economic loss and without any bond or other security being required.

 

p) Counterparts.
This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed to
be an original and all of which together shall be deemed to be one and the same agreement. Any signature transmitted by facsimile,
e-mail, or other electronic means shall be deemed to be an original signature.

 

[signature page to follow]

 

    19

     

    

 

IN WITNESS WHEREOF, the
undersigned Purchaser and the Company have caused this Agreement to be duly executed as of the date first above written.

 

NANOFLEX POWER CORPORATION

 

	By:	/s/ Dean Ledger	 
	Name:	Dean Ledger	 
	Title:	Chief Executive Officer	 

 

EMA FINANCIAL, LLC

 

	By:	 	 
	Name:	Felicia Preston	 
	Title:	Director	 

 

GUARANTY

 

The undersigned subsidiary of the Company
jointly and severally, absolutely, unconditionally and irrevocably, guarantees to the Purchaser and their respective successors,
indorsees, transferees and assigns, the prompt and complete payment and performance by the Company when due (whether at the stated
maturity, by acceleration or otherwise) of all amounts due under, and all other obligations under, the Note. The undersigned subsidiary’s
liability under this Guaranty shall be unlimited, open and continuous for so long as this Guaranty remains in force.

 

GLOBAL PROTONIC ENERGY CORPORATION

 

	By: 	/s/ Dean Ledger	 
	Print Name: Dean Ledger	 
	Title: CEO	 

 

 

20Exhibit 10.4

 

SECURITIES
PURCHASE AGREEMENT

 

This SECURITIES
PURCHASE AGREEMENT (the “Agreement”), dated as of June 19, 2019, by and between NANOFLEX POWER CORPORATION,
a Florida corporation, with headquarters located at 15333 N Pima Road, Suite 305, Scottsdale, Arizona 85260 (the “Company”),
and ODYSSEY CAPITAL FUNDING, LLC, a Delaware limited liability company, with its address at 1249 Broadway, Suite 103, Hewlett,
NY 11557 (the “Buyer”).

 

WHEREAS:

 

A. The
Company and the Buyer are executing and delivering this Agreement in reliance upon the exemption from securities registration afforded
by the rules and regulations as promulgated by the United States Securities and Exchange Commission (the “SEC”) under
the Securities Act of 1933, as amended (the “1933 Act”);

 

B. Buyer
desires to purchase and the Company desires to issue and sell, upon the terms and conditions set forth in this Agreement a 12%
convertible note of the Company, in the form attached hereto as Exhibit A, in the aggregate principal amount of $100,000.00 (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, the “Note”), convertible into shares of common stock, of the Company (the “Common Stock”), upon
the terms and subject to the limitations and conditions set forth in such Note.

 

C. The
Buyer wishes to purchase, upon the terms and conditions stated in this Agreement, such principal amount of Note as is set forth
immediately below its name on the signature pages hereto; and

 

NOW THEREFORE,
the Company and the Buyer severally (and not jointly) hereby agree as follows:

 

1. Purchase
and Sale of Note. 

 

a.
Purchase of Note. On the Closing Date (as defined below), the Company shall issue and sell to the Buyer and the Buyer agrees
to purchase from the Company such principal amount of Note as is set forth immediately below the Buyer’s name on the signature
pages hereto.

 

b.
Form of Payment. On the Closing Date (as defined below), (i) the Buyer shall pay the purchase price for the Note to be
issued and sold to it at the Closing (as defined below) (the “Purchase Price”) by wire transfer of immediately available
funds to the Company, in accordance with the Company’s written wiring instructions, against delivery of the Note in the principal
amount equal to the Purchase Price as is set forth immediately below the Buyer’s name on the signature pages hereto, and (ii)
the Company shall deliver such duly executed Note on behalf of the Company, to the Buyer, against delivery of such Purchase Price.

 

     

     

    

 

c. Closing
Date. The date and time of the first issuance and sale of the Note pursuant to this Agreement (the
“Closing Date”) shall be on or about June 19, 2019, or such other mutually agreed upon time. The closing of the
transactions contemplated by this Agreement (the “Closing”) shall occur on the Closing Date at such location as may
be agreed to by the parties.

 

2. Buyer’s Representations and Warranties.
The Buyer represents and warrants to the Company that:

 

a. Investment Purpose.
As of the date hereof, the Buyer is purchasing the Note and the shares of Common Stock issuable upon conversion of or otherwise
pursuant to the Note, such shares of Common Stock being collectively referred to herein as the “Conversion Shares”
and, collectively with the Note, the “Securities”) for its own account and not with a present view towards the public
sale or distribution thereof, except pursuant to sales registered or exempted from registration under the 1933 Act; provided,
however, that by making the representations herein, the Buyer does not agree to hold any of the Securities for any minimum
or other specific term and reserves the right to dispose of the Securities at any time in accordance with or pursuant to a registration
statement or an exemption under the 1933 Act.

 

b. Accredited Investor
Status. The Buyer is an “accredited investor” as that term is defined in Rule 501(a) of Regulation D (an “Accredited
Investor”).

 

c. Reliance on Exemptions.
The Buyer understands that the Securities are being offered and sold to it in reliance upon specific exemptions from the registration
requirements of United States federal and state securities laws and that the Company is relying upon the truth and accuracy of,
and the Buyer’s compliance with, the representations, warranties, agreements, acknowledgments and understandings of the Buyer
set forth herein in order to determine the availability of such exemptions and the eligibility of the Buyer to acquire the Securities.

 

d. Information.
The Buyer and its advisors, if any, have been, and for so long as the Note remain outstanding will continue to be, furnished with
all materials relating to the business, finances and operations of the Company and materials relating to the offer and sale of
the Securities which have been requested by the Buyer or its advisors. The Buyer and its advisors, if any, have been, and for
so long as the Note remain outstanding will continue to be, afforded the opportunity to ask questions of the Company. Notwithstanding
the foregoing, the Company has not disclosed to the Buyer any material nonpublic information and will not disclose such information
unless such information is disclosed to the public prior to or promptly following such disclosure to the Buyer. Neither such inquiries
nor any other due diligence investigation conducted by Buyer or any of its advisors or representatives shall modify, amend or
affect Buyer’s right to rely on the Company’s representations and warranties contained in Section 3 below. The Buyer understands
that its investment in the Securities involves a significant degree of risk. The Buyer is not aware of any facts that may constitute
a breach of any of the Company’s representations and warranties made herein.

 

    2

     

    

 

e.
Governmental Review. The Buyer understands that no United States federal or state agency or any other government or governmental
agency has passed upon or made any recommendation or endorsement of the Securities.

 

f. Transfer or
Re-sale. The Buyer understands that (i) the sale or re- sale of the Securities has not been and is not being registered
under the 1933 Act or any applicable state securities laws, and the Securities may not be transferred unless (a) the
Securities are sold pursuant to an effective registration statement under the 1933 Act, (b) the Buyer shall have delivered to
the Company, at the cost of the Buyer, an opinion of counsel that shall be in form, substance and scope customary for
opinions of counsel in comparable transactions to the effect that the Securities to be sold or transferred may be sold or
transferred pursuant to an exemption from such registration, which opinion shall be accepted by the Company, (c) the
Securities are sold or transferred to an “affiliate” (as defined in Rule 144 promulgated under the 1933 Act (or a
successor rule) (“Rule 144”)) of the Buyer who agrees to sell or otherwise transfer the Securities only in
accordance with this Section 2(f) and who is an Accredited Investor, (d) the Securities are sold pursuant to Rule 144, or (e)
the Securities are sold pursuant to Regulation SAY under the 1933 Act (or a successor rule) (“Regulation S”), and the
Buyer shall have delivered to the Company, at the cost of the Buyer, an opinion of counsel that shall be in form, substance
and scope customary for opinions of counsel in corporate transactions, which opinion shall be accepted by the Company; (ii)
any sale of such Securities made in reliance on Rule 144 may be made only in accordance with the terms of said Rule and
further, if said Rule is not applicable, any re-sale of such Securities under circumstances in which the seller (or the
person through whom the sale is made) may be deemed to be an underwriter (as that term is defined in the 1933 Act) may
require compliance with some other exemption under the 1933 Act or the rules and regulations of the SEC thereunder; and (iii)
neither the Company nor any other person is under any obligation to register such Securities under the 1933 Act or any state
securities laws or to comply with the terms and conditions of any exemption thereunder (in each case). Notwithstanding the
foregoing or anything else contained herein to the contrary, the Securities may be pledged as collateral in connection with a bona
fide margin account or other lending arrangement.

 

g. Legends.
The Buyer understands that the Note and, until such time as the Conversion Shares have been registered under the 1933 Act may
be sold pursuant to Rule 144 or Regulation S without any restriction as to the number of securities as of a particular date
that can then be immediately sold, the Conversion Shares may bear a restrictive legend in substantially the following form
(and a stop-transfer order may be placed against transfer of the certificates for such Securities):

 

“NEIIHER
THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE
EXERCISABLE HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE
SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION
STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL (WHICH
COUNSEL SHALL BE SELECTED BY THE HOLDER), IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT
OR (II) UNLESS SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE
PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE
SECURITIES.”

 

    3

     

    

 

 

The legend set forth
above shall be removed and the Company shall issue a certificate without such legend to the holder of any Security upon which
it is stamped, if, unless otherwise required by applicable state securities laws, (a) such Security is registered for sale under
an effective registration statement filed under the 1933 Act or otherwise may be sold pursuant to Rule 144 or Regulation S without
any restriction as to the number of securities as of a particular date that can then be immediately sold, or (b) such holder provides
the Company with an opinion of counsel, in form, substance and scope customary for opinions of counsel in comparable transactions,
to the effect that a public sale or transfer of such Security may be made without registration under the 1933 Act, which opinion
shall be accepted by the Company so that the sale or transfer is effected. The Buyer agrees to sell all Securities, including
those represented by a certificate(s) from which the legend has been removed, in compliance with applicable prospectus delivery
requirements, if any. In the event that the Company does not accept the opinion of counsel provided by the Buyer with respect
to the transfer of Securities pursuant to an exemption from registration, such as Rule 144 or Regulation 5, within 2 business
days, it will be considered an Event of Default under the Note.

 

h. Authorization;
Enforcement. This Agreement has been duly and validly authorized. This Agreement has been duly executed and delivered on behalf
of the Buyer, and this Agreement constitutes a valid and binding agreement of the Buyer enforceable in accordance with its terms.

 

i. Residency.
The Buyer is a resident of the jurisdiction set forth immediately below the Buyer’s name on the signature pages hereto.

 

3. Representations and Warranties of the Company.
The Company represents and warrants to the Buyer that:

 

a. Organization and
Qualification. The Company and each of its subsidiaries, if any, is a corporation duly organized, validly existing and in
good standing under the laws of the jurisdiction in which it is incorporated, with full power and authority (corporate and other)
to own, lease, use and operate its properties and to carry on its business as and where now owned, leased, used, operated and
conducted.

 

b. Authorization;
Enforcement. (i) The Company has all requisite corporate power and authority to enter into and perform this Agreement, the
Note and to consummate the transactions contemplated hereby and thereby and to issue the Securities, in accordance with the terms
hereof and thereof, (ii) the execution and delivery of this Agreement, the Note by the Company and
the consummation by it of the transactions contemplated hereby and thereby (including without limitation, the issuance of the
Note and the issuance and reservation for issuance of the Conversion Shares issuable upon conversion or exercise thereof) have
been duly authorized by the Company’s Board of Directors and no further consent or authorization of the Company, its Board of
Directors, or its shareholders is required, (iii) this Agreement has been duly executed and delivered by the Company by its authorized
representative, and such authorized representative is the true and official representative with authority to sign this Agreement
and the other documents executed in connection herewith and bind the Company accordingly, and (iv) this Agreement constitutes,
and upon execution and delivery by the Company of the Note, each of such instruments will constitute, a legal, valid and binding
obligation of the Company enforceable against the Company in accordance with its terms.

 

    4

     

    

 

c. Issuance of Shares.
The Conversion Shares are duly authorized and reserved for issuance and, upon conversion of the Note in accordance with its
respective terms, will be validly issued, fully paid and non-assessable, and free from all taxes, liens, claims and encumbrances
with respect to the issue thereof and shall not be subject to preemptive rights or other similar rights of shareholders of the
Company and will not impose personal liability upon the holder thereof.

 

d. Acknowledgment
of Dilution. The Company understands and acknowledges the potentially dilutive effect to the Common Stock upon the issuance
of the Conversion Shares upon conversion of the Note. The Company further acknowledges that its obligation to issue Conversion
Shares upon conversion of the Note in accordance with this Agreement, the Note is absolute and unconditional regardless of the
dilutive effect that such issuance may have on the ownership interests of other shareholders of the Company.

 

e. No Conflicts. The
execution, delivery and performance of this Agreement, the Note by the Company and the consummation by the Company of the transactions
contemplated hereby and thereby (including, without limitation, the issuance and reservation for issuance of the Conversion Shares)
will not (i) conflict with or result in a violation of any provision of the Certificate of Incorporation or By-laws, or (ii) violate
or conflict with, or result in a breach of any provision of, or constitute a default (or an event which with notice or lapse of
time or both could become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation
of, any agreement, indenture, patent, patent license or instrument to which the Company or any of its subsidiaries is a party,
or (iii) result in a violation of any law, rule, regulation, order, judgment or decree (including federal and state securities
laws and regulations and regulations of any self-regulatory organizations to which the Company or its securities are subject)
applicable to the Company or any of its subsidiaries or by which any property or asset of the Company or any of its subsidiaries
is bound or affected (except for such conflicts, defaults, terminations, amendments, accelerations, cancellations and violations
as would not, individually or in the aggregate, have a material adverse effect). All consents, authorizations, orders, filings
and registrations which the Company is required to obtain pursuant to the preceding sentence have been obtained or effected on
or prior to the date hereof. The Company is not in violation of the listing requirements of the OTC Markets Exchange (the “OTC
MARKETS”) and does not reasonably anticipate that the Common Stock will be delisted by the OTC MARKETS in the foreseeable
future, nor are the Company’s securities “chilled” by FINRA. The Company and its subsidiaries are unaware of any facts
or circumstances which might give rise to any of the foregoing.

 

    5

     

    

 

f. Absence of Litigation.
Except as disclosed in the Company’s public filings, there is no action, suit, claim, proceeding, inquiry or investigation
before or by any court, public board, government agency, self-regulatory organization or body pending or, to the knowledge of
the Company or any of its subsidiaries, threatened against or affecting the Company or any of its subsidiaries, or their officers
or directors in their capacity as such, that could have a material adverse effect. Schedule 3(f) contains a complete list and
summary description of any pending or, to the knowledge of the Company, threatened proceeding against or affecting the Company
or any of its subsidiaries, without regard to whether it would have a material adverse effect. The Company and its subsidiaries
are unaware of any facts or circumstances which might give rise to any of the foregoing.

 

g. Acknowledgment
Regarding Buyer’ Purchase of Securities. The Company acknowledges and agrees that the Buyer is acting solely in the capacity
of arm’s length purchasers with respect to this Agreement and the transactions contemplated hereby. The Company further acknowledges
that the Buyer is not acting as a financial advisor or fiduciary of the Company (or in any similar capacity) with respect to this
Agreement and the transactions contemplated hereby and any statement made by the Buyer or any of its respective representatives
or agents in connection with this Agreement and the transactions contemplated hereby is not advice or a recommendation and is
merely incidental to the Buyer’ purchase of the Securities. The Company further represents to the Buyer that the Company’s decision
to enter into this Agreement has been based solely on the independent evaluation of the Company and its representatives.

 

h. No Integrated Offering.
Neither the Company, nor any of its affiliates, nor any person acting on its or their behalf, has directly or indirectly made
any offers or sales in any security or solicited any offers to buy any security under circumstances that would require registration
under the 1933 Act of the issuance of the Securities to the Buyer. The issuance of the Securities to the Buyer will not be integrated
with any other issuance of the Company’s securities (past, current or future) for purposes of any shareholder approval provisions
applicable to the Company or its securities.

 

i. Title to Property.
The Company and its subsidiaries have good and marketable title in fee simple to all real property and good and marketable
title to all personal property owned by them which is material to the business of the Company and its subsidiaries, in each ease
free and clear of all liens, encumbrances and defects except such as are described in Schedule 3(i) or such as would not have
a material adverse effect. Any real property and facilities held under lease by the Company and its subsidiaries are held by them
under valid, subsisting and enforceable leases with such exceptions as would not have a material adverse effect.

 

j. Bad Actor.
No officer or director of the Company would be disqualified under Rule 506(d) of the Securities Act as amended on the basis of
being a “bad actor” as that term is established in the September 19, 2013 Small Entity Compliance Guide published by
the Securities and Exchange Commission.

 

    6

     

    

 

k. Breach
of Representations and Warranties by the Company. If the Company breaches any of the representations or warranties
set forth in this Section 3, and in addition to any other remedies available to the Buyer pursuant to this Agreement, it will
be considered an Event of default under the Note.

 

4. COVENANTS.

 

a. Expenses. At
the Closing, the Company shall reimburse Buyer for expenses incurred by them in connection with the negotiation, preparation,
execution, delivery and performance of this Agreement and the other agreements to be executed in connection herewith (“Documents”),
including, without limitation, reasonable attorneys’ and consultants’ fees and expenses, transfer agent fees, fees for stock quotation
services, fees relating to any amendments or modifications of the Documents or any consents or waivers of provisions in the Documents,
fees for the preparation of opinions of counsel, escrow fees, and costs of restructuring the transactions contemplated by the
Documents. When possible, the Company must pay these fees directly, otherwise the Company must make immediate payment for reimbursement
to the Buyer for all fees and expenses immediately upon written notice by the Buyer or the submission of an invoice by the Buyer.

 

b. Listing. The
Company shall promptly secure the listing of the Conversion Shares upon each national securities exchange or automated quotation
system, if any, upon which shares of Common Stock are then listed (subject to official notice of issuance) and, so long as the
Buyer owns any of the Securities, shall maintain, so long as any other shares of Common Stock shall be so listed, such listing
of all Conversion Shares from time to time issuable upon conversion of the Note. The Company will obtain and, so long as the Buyer
owns any of the Securities, maintain the listing and trading of its Common Stock on the OTC MARKETS or any equivalent replacement
exchange, the Nasdaq National Market (“Nasdaq”), the Nasdaq SmallCap Market (“Nasdaq SmallCap”) or the New
York Stock Exchange (“NYSE”), and will comply in all respects with the Company’s reporting, filing and other obligations
under the bylaws or rules of the Financial Industry Regulatory Authority (“FINRA”) and such exchanges, as applicable.
The Company shall promptly provide to the Buyer copies of any notices it receives from the OTC MARKETS and any other exchanges
or quotation systems on which the Common Stock is then listed regarding the continued eligibility of the Common Stock for listing
on such exchanges and quotation systems.

 

c. Corporate Existence.
So long as the Buyer beneficially owns any Note, the Company shall maintain its corporate existence and shall not sell all or
substantially all of the Company’s assets, except in the event of a merger or consolidation or sale of all or substantially
all of the Company’s assets, where the surviving or successor entity in such transaction (i) assumes the Company’s
obligations hereunder and under the agreements and instruments entered into in connection herewith and (ii) is a publicly traded
corporation whose Common Stock is listed for trading on the OTC MARKETS, Nasdaq, Nasdaq SmallCap or NYSE.

 

    7

     

    

 

d.
No Integration. The Company shall not make any offers or sales of any security (other than the Securities) under circumstances
that would require registration of the Securities being offered or sold hereunder under the 1933 Act or cause the offering of
the Securities to be integrated with any other offering of securities by the Company for the purpose of any stockholder approval
provision applicable to the Company or its securities.

 

e. Breach of Covenants.
If the Company breaches any of the covenants set forth in this Section 4, and in addition to any other remedies available to the
Buyer pursuant to this Agreement, it will be considered an event of default under the Note.

 

5. Governing Law; Miscellaneous.

 

a. Governing Law.
This Agreement shall be governed by and construed in accordance with the laws of the State of New York without regard to principles
of conflicts of laws. Any action brought by either party against the other concerning the transactions contemplated by this Agreement
shall be brought only in the state courts of New York or in the federal courts located in the state and county of New York, or
the Federal courts within the southern or eastern districts of New York. The parties to this Agreement hereby irrevocably waive
any objection to jurisdiction and venue of any action instituted hereunder and shall not assert any defense based on lack of jurisdiction
or venue or based upon forum non conveniens. The Company and Buyer waive trial by jury. The prevailing party shall
be entitled to recover from the other party its reasonable attorney’s fees and costs. In the event that any provision of
this Agreement or any other agreement delivered in connection herewith is invalid or unenforceable under any applicable statute
or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed
modified to conform with such statute or rule of law. Any such provision which may prove invalid or unenforceable under any law
shall not affect the validity or enforceability of any other provision of any agreement. Each party hereby irrevocably waives
personal service of process and consents to process being served in any suit, action or proceeding in connection with this Agreement
or any other Transaction Document by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence
of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall
constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any
way any right to serve process in any other manner permitted by law.

 

b. Counterparts; Signatures
by Facsimile. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original but all
of which shall constitute one and the same agreement and shall become effective when counterparts have been signed by each party
and delivered to the other party. This Agreement, once executed by a party, may be delivered to the other party hereto by facsimile
transmission of a copy of this Agreement bearing the signature of the party so delivering this Agreement.

 

c. Headings. The
headings of this Agreement are for convenience of reference only and shall not form part of, or affect the interpretation of,
this Agreement.

 

    8

     

    

 

d. Severability.
In the event that any provision of this Agreement is invalid or unenforceable under any applicable statute or rule of law, then
such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform
with such statute or rule of law. Any provision hereof which may prove invalid or unenforceable under any law shall not affect
the validity or enforceability of any other provision hereof.

 

e. Entire Agreement;
Amendments. This Agreement and the instruments referenced herein contain the entire understanding of the parties with respect
to the matters covered herein and therein and, except as specifically set forth herein or therein, neither the Company nor the
Buyer makes any representation, warranty, covenant or undertaking with respect to such matters. No provision of this Agreement
may be waived or amended other than by an instrument in writing signed by the majority in interest of the Buyer.

 

f. Notices. All
notices, demands, requests, consents, approvals, and other communications required or permitted hereunder shall be in writing
and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered or certified, return
receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid, (iv) via electronic
mail or (v) transmitted by hand delivery, telegram, or facsimile, addressed as set forth below or to such other address as such
party shall have specified most recently by written notice. Any notice or other communication required or permitted to be given
hereunder shall be deemed effective (a) upon hand delivery or delivery by facsimile, with accurate confirmation generated by the
transmitting facsimile machine, at the address or number designated below (if delivered on a business day during normal business
hours where such notice is to be received) or delivery via electronic mail, or the first business day following such delivery
(if delivered other than on a business day during normal business hours where such notice is to be received) or (b) on the second
business day following the date of mailing by express courier service, fully prepaid, addressed to such address, or upon actual
receipt of such mailing, whichever shall first occur. The addresses for such communications shall be:

 

If to the Company, to:

 

NANOFLEX POWER CORPORATION

15333 N Pima Road.,
Suite 305

Scottsdale, AZ 85260

Attn: Dean L. Ledger, CEO

 

 

If to the Buyer:

 

ODYSSEY CAPITAL FUNDING, LLC

1249 Broadway, Suite 103

Hewlett, NY 11557

Attn: Ahron Fraiman, Manager

 

 Each party shall provide notice to the other party of any
change in address.

 

    9

     

    

 

g 
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their
successors and assigns. Neither the Company nor the Buyer shall assign this Agreement or any rights or obligations hereunder
without the prior written consent of the other. Notwithstanding the foregoing, the Buyer may assign its rights hereunder to
any person that purchases Securities in a private transaction from the Buyer or to any of its “affiliates,” as that
term is defined under the 1934 Act, without the consent of the Company.

 

h. Third Party Beneficiaries.
This Agreement is intended for the benefit of the parties hereto and their respective permitted successors and assigns, and is
not for the benefit of, nor may any provision hereof be enforced by, any other person.

 

i. Survival. The
representations and warranties of the Company and the agreements and covenants set forth in this Agreement shall survive the closing
hereunder notwithstanding any due diligence investigation conducted by or on behalf of the Buyer. The Company agrees to indemnify
and hold harmless the Buyer and all their officers, directors, employees and agents for loss or damage arising as a result of
or related to any breach or alleged breach by the Company of any of its representations, warranties and covenants set forth in
this Agreement or any of its covenants and obligations under this Agreement, including advancement of expenses as they are incurred.

 

j. Further Assurances.
Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver
all such other agreements, certificates, instruments and documents, as the other party may reasonably request in order to carry
out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

 

k. No Strict Construction.
The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and
no rules of strict construction will be applied against any party.

 

1. Remedies.
The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Buyer by
vitiating the intent and purpose of the transaction contemplated hereby. Accordingly, the Company acknowledges that the
remedy at law for a breach of its obligations under this Agreement will be inadequate and agrees, in the event of a breach or
threatened breach by the Company of the provisions of this Agreement, that the Buyer shall be entitled, in addition to all
other available remedies at law or in equity, and in addition to the penalties assessable herein, to an injunction or
injunctions restraining, preventing or curing any breach of this Agreement and to enforce specifically the terms and
provisions hereof, without the necessity of showing economic loss and without any bond or other security being required.

 

    10

     

    

 

IN WITNESS WHEREOF, the undersigned Buyer and the Company have caused this Agreement
to be duly executed as of the date first above written.

 

	NANOFLEX
    POWER CORPORATION
	 	 	 
	By:	/s/ Dean L. Ledger 	 
	Name:	 Dean L. Ledger 	 
	Title:	CEO	 

 

	ODYSSEY CAPITAL FUNDING, LLC.	 
	 	 
	By:		 
	Name:	Ahron Fraiman	 
	Title:	 Manager	 

 

	AGGREGATE SUBSCRIPTION AMOUNT:
	 	 	 	 	 
	Aggregate Principal Amount of Notes:	 	$	100,000.00	 
	 	 	 	 	 
	Aggregate Purchase Price:	 	 	 	 

 

Note
1: $100,000.00 less $5,000.00 in legal fees.

 

    11

     

    

 

EXHIBIT A

144 NOTE - $100,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12

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