Document:

Exhibit 4.5

 

NEITHER THE ISSUANCE
NOR SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE CONVERTIBLE 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.

 

	Principal Amount: $75,000.00	Issue Date: May 13, 2019

 

CONVERTIBLE PROMISSORY NOTE

 

FOR VALUE RECEIVED, NANOFLEX
POWER CORPORATION, a Florida corporation (hereinafter called the “Borrower”), hereby promises to pay to the order
of MORNINGVIEW FINANCIAL, LLC, a Wyoming limited liability company, or registered assigns (the “Holder”) the
principal sum of $75,000.00 (the “Principal Amount”), together with interest at the rate of twelve percent (12%) per
annum, at maturity or upon acceleration or otherwise, as set forth herein (the “Note”). The maturity date shall be
twelve (12) months from the Issue Date (the “Maturity Date”), and is the date upon which the principal sum, as well
as any accrued and unpaid interest and other fees shall be due and payable. This Note may not be prepaid in whole or in part except
as otherwise explicitly set forth herein. Any amount of principal or interest on this Note, which is not paid by the Maturity
Date, shall bear interest at the rate of the lesser of (i) eighteen percent (18%) per annum and (ii) the maximum amount permitted
by applicable law from the due date thereof until the same is paid (“Default Interest”). Interest shall commence accruing
on the date that the Note is fully paid and shall be computed on the basis of a 365-day year and the actual number of days elapsed.
All payments due hereunder (to the extent not converted into the Borrower’s common stock (the “Common Stock”)
in accordance with the terms hereof) shall be made in lawful money of the United States of America. All payments shall be made
at such address as the Holder shall hereafter give to the Borrower by written notice made in accordance with the provisions of
this Note. Whenever any amount expressed to be due by the terms of this Note is due on any day which is not a business day, the
same shall instead be due on the next succeeding day which is a business day and, in the case of any interest payment date which
is not the date on which this Note is paid in full, the extension of the due date thereof shall not be taken into account for
purposes of determining the amount of interest due on such date. As used in this Note, the term “business day” shall
mean any day other than a Saturday, Sunday or a day on which commercial banks in the city of New York, New York are authorized
or required by law or executive order to remain closed.

 

     

     

    

 

This Note is 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 Borrower and will not impose personal liability upon the holder thereof.

 

The following additional terms shall also apply to
this Note:

 

ARTICLE I. CONVERSION RIGHTS

 

1.1 Conversion Right.
The Holder shall have the right at any time on or after the Issue Date to convert all or any part of the outstanding and unpaid
principal amount and accrued and unpaid interest of this Note into fully paid and non-assessable shares of Common Stock, as such
Common Stock exists on the Issue Date, or any shares of capital stock or other securities of the Borrower into which such Common
Stock shall hereafter be changed or reclassified at the conversion price (the “Conversion Price”) determined as provided
herein (a “Conversion”); provided, however, that in no event shall the Holder be entitled to convert
any portion of this Note in excess of that portion of this Note upon conversion of which the sum of (1) the number of shares of
Common Stock beneficially owned by the Holder and its affiliates (other than shares of Common Stock which may be deemed beneficially
owned through the ownership of the unconverted portion of the Notes or the unexercised or unconverted portion of any other security
of the Borrower subject to a limitation on conversion or exercise analogous to the limitations contained herein) and (2) the number
of shares of Common Stock issuable upon the conversion of the portion of this Note with respect to which the determination of
this proviso is being made, would result in beneficial ownership by the Holder and its affiliates of more than 4.99% of the outstanding
shares of Common Stock. For purposes of the proviso to the immediately preceding sentence, beneficial ownership shall be determined
in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Regulations
13D-G thereunder, except as otherwise provided in clause (1) of such proviso, provided, further, however,
that the limitations on conversion may be waived (up to a maximum of 9.99%) by the Holder upon, at the election of the Holder,
not less than 61 days’ prior notice to the Borrower, and the provisions of the conversion limitation shall continue to apply
until such 61st day (or such later date, as determined by the Holder, as may be specified in such notice of waiver). The number
of shares of Common Stock to be issued upon each conversion of this Note shall be determined by dividing the Conversion Amount
(as defined below) by the applicable Conversion Price then in effect on the date specified in the notice of conversion, in the
form attached hereto as Exhibit A (the “Notice of Conversion”), delivered to the Borrower by the Holder in accordance
with Section 1.4 below; provided that the Notice of Conversion is submitted by facsimile or e-mail (or by other means resulting
in, or reasonably expected to result in, notice) to the Borrower before 6:00 p.m., New York, New York time on such conversion
date (the “Conversion Date”). The teem “Conversion Amount” means, with respect to any conversion of this
Note, the sum of (1) the principal amount of this Note to be converted in such conversion plus (2) at the Holder’s
option, accrued and unpaid interest, if any, on such principal amount at the interest rates provided in this Note to the Conversion
Date, plus (3) at the Holder’s option, Default Interest, if any, on the amounts referred to in the immediately preceding
clauses (1) and/or (2) plus (4) at the Holder’s option, any amounts owed to the Holder pursuant to Sections 1.3 and
1.4(g) hereof.

 

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1.2 Conversion Price.

 

(a) Calculation
of Conversion Price. The Conversion Price shall equal $0.25 per share during the initial 180 calendar day period after the
Issue Date, provided, however, that the Conversion Price shall equal the lesser of the (i) closing price of the Borrower’s
common stock on the Trading Market (as defined below) on the Issue Date or (ii) Variable Conversion Price (as defined herein) at
all times after the initial 180 calendar day period after the Issue Date (the Variable Conversion Price shall be subject to equitable
adjustments for stock splits, stock dividends or rights offerings by the Borrower relating to the Borrower’s securities or
the securities of any subsidiary of the Borrower, combinations, recapitalization, reclassifications, extraordinary distributions
and similar events) (also subject to adjustment as further described herein). The “Variable Conversion Price” shall
mean 60% multiplied by the Market Price (as defined herein) (representing a discount rate of 40%). “Market Price” means
the lowest one (1) Trading Price (as defined below) for the Common Stock during the twenty (20) Trading Day period ending on the
last complete Trading Day prior to the Conversion Date. “Trading Price” means, for any security as of any date, the
lesser of the (i) lowest traded price or (ii) lowest closing bid price on the Over-the-Counter Pink Marketplace, OTCQB, or applicable
trading market (the “Trading Market”) as reported by a reliable reporting service (“Reporting Service”)
designated by the Holder (i.e. www.Nasdaq.com) or, if the Trading Market is not the principal trading market for such security,
on the principal securities exchange or trading market where such security is listed or traded or, if the lowest intraday trading
price of such security is not available in any of the foregoing manners, the lowest intraday price of any market makers for such
security that are quoted on the OTC Markets. If the Trading Prices cannot be calculated for such security on such date in the manner
provided above, the Trading Prices shall be the fair market value as mutually determined by the Borrower and the holders of a majority
in interest of the Notes being converted for which the calculation of the Trading Prices are required in order to determine the
Conversion Price of such Notes. “Trading Day” shall mean any day on which the Common Stock is tradable for any period
on the Trading Market, or on the principal securities exchange or other securities market on which the Common Stock is then being
traded. If at any time while this Note is outstanding, an Event of Default (as defined herein) occurs, then an additional discount
of 15% shall be factored into the Variable Conversion Price until this Note is no longer outstanding (resulting in a discount rate
of 55% assuming no other adjustments are triggered hereunder). If at any time while this Note is outstanding, the Borrower’s
Common Stock are not deliverable via DWAC, an additional 10% discount shall be factored into the Variable Conversion Price until
this Note is no longer outstanding (resulting in a discount rate of 50% assuming no other adjustments are triggered hereunder).

 

Each time, while
this Note is outstanding, the Borrower enters into a Section 3(a)(9) transaction (including but not limited to the issuance of
new promissory notes or of a replacement promissory note), or Section 3(a)(10) transaction, in which any 3rd party has
the right to convert monies owed to that 3rd party (or receive shares pursuant to a settlement or otherwise) at a discount
to market greater than the Variable Conversion Price in effect at that time (prior to all other applicable adjustments in the Note),
then the Variable Conversion Price shall be automatically adjusted to such greater discount percentage (prior to all applicable
adjustments in this Note) until this Note is no longer outstanding. Each time, while this Note is outstanding, the Borrower enters
into a Section 3(a)(9) transaction (including but not limited to the issuance of new promissory notes or of a replacement promissory
note), or Section 3(a)(10) transaction, in which any 3rd party has a look back period greater than the look back period
in effect under the Note at that time, then the Holder’s look back period shall automatically be adjusted to such greater
number of days until this Note is no longer outstanding. The adjustments in this paragraph, with respect to Section 3(a)(9) transactions,
shall not take effect unless the holder of the note with more favorable terms is eligible to convert. The Borrower shall give written
notice to the Holder, with the adjusted Variable Conversion Price and/or adjusted look back period (each adjustment that is applicable
due to the triggering event), within one (1) business day of an event that requires any adjustment described in the two immediately
preceding sentences.

 

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Holder
shall be entitled to deduct $500.00 from the conversion amount in each Notice of Conversion to cover Holder’s deposit fees
associated with each Notice of Conversion. All expenses incurred by Holder with respect to the Borrower’s transfer agent,
for the issuance of the Common Stock into which this Note is convertible into, shall immediately and automatically be added to
the balance of the Note at such time as the expenses are incurred by Holder.

 

If at
any time the Conversion Price as determined hereunder for any conversion would be less than the par value of the Common Stock,
then at the sole discretion of the Holder, the Conversion Price hereunder may equal such par value for such conversion and the
Conversion Amount for such conversion may be increased to include Additional Principal, where “Additional Principal”
means such additional amount to be added to the Conversion Amount to the extent necessary to cause the number of conversion shares
issuable upon such conversion to equal the same number of conversion shares as would have been issued had the Conversion Price
not been adjusted by the Holder to the par value price.

 

1.3 Authorized Shares. The Borrower covenants
that during the period the conversion right exists, the Borrower will reserve from its authorized and unissued Common Stock a sufficient
number of shares, free from preemptive rights, to provide for the issuance of Common Stock upon the full conversion of this Note.
The Borrower is required at all times to have authorized and reserved eight (8) times the number of shares that is actually issuable
upon full conversion of the Note (based on the Variable Conversion Price at all times) (the “Reserved Amount”). The
Reserved Amount shall be increased from time to time in accordance with the Borrower’s obligations hereunder. The Borrower
represents that upon issuance, such shares will be duly and validly issued, fully paid and non-assessable. In addition, if the
Borrower shall issue any securities or make any change to its capital structure which would change the number of shares of Common
Stock into which the Notes shall be convertible at the then current Conversion Price, the Borrower shall at the same time make
proper provision so that thereafter there shall be a sufficient number of shares of Common Stock authorized and reserved, free
from preemptive rights, for conversion of the outstanding Notes. The Borrower (i) acknowledges that it has irrevocably instructed
its transfer agent to issue certificates for the Common Stock issuable upon conversion of this Note, and (ii) agrees that its issuance
of this Note shall constitute full authority to its officers and agents who are charged with the duty of executing stock certificates
to execute and issue the necessary certificates for shares of Common Stock in accordance with the terms and conditions of this
Note.

 

If, at any time the Borrower
does not maintain the Reserved Amount it will be considered an Event of Default under Section 3.2 of the Note.

 

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1.4 Method of Conversion.

 

(a) Mechanics of Conversion.
Subject to Section 1.1, this Note may be converted by the Holder in whole or in part, at any time on or after the Issue Date,
by (A) submitting to the Borrower a Notice of Conversion (by facsimile, e-mail or other reasonable means of communication dispatched
on the Conversion Date prior to 6:00 p.m., New York, New York time) and (B) subject to Section 1.4(b), surrendering this Note
at the principal office of the Borrower.

 

(b) Surrender of Note Upon
Conversion. Notwithstanding anything to the contrary set forth herein, upon conversion of this Note in accordance with the
terms hereof, the Holder shall not be required to physically surrender this Note to the Borrower unless the entire unpaid principal
amount of this Note is so converted. The Holder and the Borrower shall maintain records showing the principal amount so converted
and the dates of such conversions or shall use such other method, reasonably satisfactory to the Holder and the Borrower, so as
not to require physical surrender of this Note upon each such conversion. In the event of any dispute or discrepancy, such records
of the Borrower shall, prima facie, be controlling and determinative in the absence of manifest error. Notwithstanding
the foregoing, if any portion of this Note is converted as aforesaid, the Holder may not transfer this Note unless the Holder
first physically surrenders this Note to the Borrower, whereupon the Borrower will forthwith issue and deliver upon the order
of the Holder a new Note of like tenor, registered as the Holder (upon payment by the Holder of any applicable transfer taxes)
may request, representing in the aggregate the remaining unpaid principal amount of this Note. The Holder and any assignee, by
acceptance of this Note, acknowledge and agree that, by reason of the provisions of this paragraph, following conversion of a
portion of this Note, the unpaid and unconverted principal amount of this Note represented by this Note may be less than the amount
stated on the face hereof.

 

(c) Payment of Taxes.
The Borrower shall not be required to pay any tax which may be payable in respect of any transfer involved in the issue and delivery
of shares of Common Stock or other securities or property on conversion of this Note in a name other than that of the Holder (or
in street name), and the Borrower shall not be required to issue or deliver any such shares or other securities or property unless
and until the person or persons (other than the Holder or the custodian in whose street name such shares are to be held for the
Holder’s account) requesting the issuance thereof shall have paid to the Borrower the amount of any such tax or shall have
established to the satisfaction of the Borrower that such tax has been paid.

 

(d) Delivery
of Common Stock Upon Conversion. Upon receipt by the Borrower from the Holder of a facsimile transmission or e-mail (or other
reasonable means of communication) of a Notice of Conversion meeting the requirements for conversion as provided in this Section
1.4, the Borrower shall issue and deliver or cause to be issued and delivered to or upon the order of the Holder certificates for
the Common Stock issuable upon such conversion within two (2) business days after such receipt (the “Deadline”) (and,
solely in the case of conversion of the entire unpaid principal amount hereof, surrender of this Note) in accordance with the terms
hereof.

 

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(e) Obligation
of Borrower to Deliver Common Stock. Upon receipt by the Borrower of a Notice of Conversion, the Holder shall be deemed to
be the holder of record of the Common Stock issuable upon such conversion, the outstanding principal amount and the amount of accrued
and unpaid interest on this Note shall be reduced to reflect such conversion, and, unless the Borrower defaults on its obligations
under this Article I, all rights with respect to the portion of this Note being so converted shall forthwith terminate except the
right to receive the Common Stock or other securities, cash or other assets, as herein provided, on such conversion. If the Holder
shall have given a Notice of Conversion as provided herein, the Borrower’s obligation to issue and deliver the certificates
for Common Stock shall be absolute and unconditional, irrespective of the absence of any action by the Holder to enforce the same,
any waiver or consent with respect to any provision thereof, the recovery of any judgment against any person or any action to enforce
the same, any failure or delay in the enforcement of any other obligation of the Borrower to the holder of record, or any setoff,
counterclaim, recoupment, limitation or termination, or any breach or alleged breach by the Holder of any obligation to the Borrower,
and irrespective of any other circumstance which might otherwise limit such obligation of the Borrower to the Holder in connection
with such conversion. The Conversion Date specified in the Notice of Conversion shall be the Conversion Date so long as the Notice
of Conversion is received by the Borrower before 6:00 p.m., New York, New York time, on such date.

 

(f) Delivery of Common
Stock by Electronic Transfer. In lieu of delivering physical certificates representing the Common Stock issuable upon conversion,
provided the Borrower is participating in the Depository Trust Company (“DTC”) Fast Automated Securities Transfer
(“FAST”) program, upon request of the Holder and its compliance with the provisions contained in Section 1.1 and in
this Section 1.4, the Borrower shall use its best efforts to cause its transfer agent to electronically transmit the Common Stock
issuable upon conversion to the Holder by crediting the account of Holder’s Prime Broker with DTC through its Deposit Withdrawal
Agent Commission (“DWAC”) system.

 

(g) Failure to Deliver
Common Stock Prior to Deadline. Without in any way limiting the Holder’s right to pursue other remedies, including
actual damages and/or equitable relief, the parties agree that if delivery of the Common Stock issuable upon conversion of this
Note is not delivered by the Deadline (other than a failure due to the circumstances described in Section 1.3 above, which failure
shall be governed by such Section) the Borrower shall pay to the Holder $2,000 per day in cash, for each day beyond the Deadline
that the Borrower fails to deliver such Common Stock. Such cash amount shall be paid to Holder by the fifth day of the month following
the month in which it has accrued or, at the option of the Holder (by written notice to the Borrower by the first day of the month
following the month in which it has accrued), shall be added to the principal amount of this Note, in which event interest shall
accrue thereon in accordance with the terms of this Note and such additional principal amount shall be convertible into Common
Stock in accordance with the terms of this Note. The Borrower agrees that the right to convert is a valuable right to the Holder.
The damages resulting from a failure, attempt to frustrate, interference with such conversion right are difficult if not impossible
to qualify. Accordingly the parties acknowledge that the liquidated damages provision contained in this Section 1.4(g) are justified.

 

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1.5 Concerning the Shares. The shares of Common
Stock issuable upon conversion of this Note may not be sold or transferred unless (1) such shares are sold pursuant to an effective
registration statement under the Act or (ii) the Borrower or its transfer agent shall have been furnished with an opinion of counsel
(which opinion shall be in form, substance and scope customary for opinions of counsel in comparable transactions) to the effect
that the shares to be sold or transferred may be sold or transferred pursuant to an exemption from such registration or (iii) such
shares are sold or transferred pursuant to Rule 144 under the Act (or a successor rule) (“Rule 144”) or (iv) such shares
are transferred to an “affiliate” (as defined in Rule 144) of the Borrower who agrees to sell or otherwise transfer
the shares only in accordance with this Section 1.5 and who is an Accredited Investor. Except as otherwise provided (and subject
to the removal provisions set forth below), until such time as the shares of Common Stock issuable upon conversion of this Note
have been registered under the Act or otherwise 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, each certificate for shares of Common Stock issuable upon conversion
of this Note that has not been so included in an effective registration statement or that has not been sold pursuant to an effective
registration statement or an exemption that permits removal of the legend, shall bear a legend substantially in the following form,
as appropriate:

 

“NEITHER 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 (U) 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.”

 

The legend set forth
above shall be removed and the Borrower shall issue to the Holder a new certificate therefore free of any transfer legend if (i)
the Borrower or its transfer agent shall have received 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 Common Stock may be made without registration
under the Act, which opinion shall be accepted by the Borrower so that the sale or transfer is effected or (ii) in the case of
the Common Stock issuable upon conversion of this Note, such security is registered for sale by the Holder under an effective registration
statement filed under the Act or otherwise 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. In the event that the Borrower does not accept the opinion of counsel
provided by the Holder with respect to the transfer of Securities pursuant to an exemption from registration, such as Rule 144
or Regulation S, at the Deadline, it will be considered an Event of Default pursuant to Section 3.2 of the Note.

 

1.6 [Intentionally Omitted].

 

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1.7 Status as Shareholder.
Upon submission of a Notice of Conversion by a Holder, (i) the shares covered thereby (other than the shares, if any, which cannot
be issued because their issuance would exceed such Holder’s allocated portion of the Reserved Amount or Maximum Share Amount)
shall be deemed converted into shares of Common Stock and (ii) the Holder’s rights as a Holder of such converted portion
of this Note shall cease and terminate, excepting only the right to receive certificates for such shares of Common Stock and to
any remedies provided herein or otherwise available at law or in equity to such Holder because of a failure by the Borrower to
comply with the terms of this Note. Notwithstanding the foregoing, if a Holder has not received certificates for all shares of
Common Stock prior to the tenth (10th) business day after the expiration of the Deadline with respect to a conversion
of any portion of this Note for any reason, then (unless the Holder otherwise elects to retain its status as a holder of Common
Stock by so notifying the Borrower) the Holder shall regain the rights of a Holder of this Note with respect to such unconverted
portions of this Note and the Borrower shall, as soon as practicable, return such unconverted Note to the Holder or, if the Note
has not been surrendered, adjust its records to reflect that such portion of this Note has not been converted. In all cases, the
Holder shall retain all of its rights and remedies (including, without limitation, (i) the right to receive Conversion Default
Payments pursuant to Section 1.3 to the extent required thereby for such Conversion Default and any subsequent Conversion Default
and (ii) the right to have the Conversion Price with respect to subsequent conversions determined in accordance with Section 1.3)
for the Borrower’s failure to convert this Note.

 

ARTICLE II. CERTAIN COVENANTS

 

2.1 Distributions on Capital Stock. So long
as the Borrower shall have any obligation under this Note, the Borrower shall not without the Holder’s written consent (a)
pay, declare or set apart for such payment, any dividend or other distribution (whether in cash, property or other securities)
on shares of capital stock other than dividends on shares of Common Stock solely in the form of additional shares of Common Stock
or (b) directly or indirectly or through any subsidiary make any other payment or distribution in respect of its capital stock
except for distributions pursuant to any shareholders’ rights plan which is approved by a majority of the Borrower’s
disinterested directors.

 

2.2 Restriction on Stock Repurchases. So long
as the Borrower shall have any obligation under this Note, the Borrower shall not without the Holder’s written consent redeem,
repurchase or otherwise acquire (whether for cash or in exchange for property or other securities or otherwise) in any one transaction
or series of related transactions any shares of capital stock of the Borrower or any warrants, rights or options to purchase or
acquire any such shares.

 

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ARTICLE III. EVENTS OF DEFAULT

 

If any of the following events of default (each, an
“Event of Default”) shall occur:

 

3.1 Failure to Pay Principal or Interest. The
Borrower fails to pay the principal hereof or interest thereon when due on this Note, whether at maturity, upon acceleration or
otherwise, and such breach continues for a period of five (5) days.

 

3.2 Conversion and the Shares. The Borrower
fails to reserve a sufficient amount of shares of common stock as required under the terms of this Note (including Section 1.3
of this Note), fails to issue shares of Common Stock to the Holder (or announces or threatens in writing that it will not honor
its obligation to do so) upon exercise by the Holder of the conversion rights of the Holder in accordance with the terms of this
Note, fails to transfer or cause its transfer agent to transfer (issue) (electronically or in certificated form) shares of Common
Stock issued to the Holder upon conversion of or otherwise pursuant to this Note as and when required by this Note, the Borrower
directs its transfer agent not to transfer or delays, impairs, and/or hinders its transfer agent in transferring (or issuing) (electronically
or in certificated form) shares of Common Stock to be issued to the Holder upon conversion of or otherwise pursuant to this Note
as and when required by this Note, or fails to remove (or directs its transfer agent not to remove or impairs, delays, and/or hinders
its transfer agent from removing) any restrictive legend (or to withdraw any stop transfer instructions in respect thereof) on
any shares of Common Stock issued to the Holder upon conversion of or otherwise pursuant to this Note as and when required by this
Note (or makes any written announcement, statement or threat that it does not intend to honor the obligations described in this
paragraph) and any such failure shall continue uncured (or any written announcement, statement or threat not to honor its obligations
shall not be rescinded in writing) for two (2) business days after the Holder shall have delivered a Notice of Conversion. It is
an obligation of the Borrower to remain current in its obligations to its transfer agent. It shall be an event of default of this
Note, if a conversion of this Note is delayed, hindered or frustrated due to a balance owed by the Borrower to its transfer agent.

 

3.3 Breach of Covenants. The Borrower breaches
any material covenant or other material term or condition contained in this Note and any collateral documents and such breach continues
for a period of ten (10) days after written notice thereof to the Borrower from the Holder.

 

3.4 Breach of Representations and Warranties.
Any representation or warranty of the Borrower made herein or in any agreement, statement or certificate given in writing pursuant
hereto or in connection herewith, shall be false or misleading in any material respect when made and the breach of which has (or
with the passage of time will have) a material adverse effect on the rights of the Holder with respect to this Note.

 

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3.5 Receiver or Trustee. The Borrower or any
subsidiary of the Borrower shall make an assignment for the benefit of creditors, or apply for or consent to the appointment of
a receiver or trustee for it or for a substantial part of its property or business, or such a receiver or trustee shall otherwise
be appointed.

 

3.6 Judgments. Any
money judgment, writ or similar process shall be entered or filed against the Borrower or any subsidiary of the Borrower or any
of its property or other assets for more than $50,000, and shall remain unvacated, unbonded or unstayed for a period of twenty
(20) days unless otherwise consented to by the Holder, which consent will not be unreasonably withheld.

 

3.7 Bankruptcy. Bankruptcy, insolvency, reorganization
or liquidation proceedings or other proceedings, voluntary or involuntary, for relief under any bankruptcy law or any law for the
relief of debtors shall be instituted by or against the Borrower or any subsidiary of the Borrower.

 

3.8 Delisting of Common Stock. The Borrower
shall fail to maintain the listing or quotation of the Common Stock on the Trading Market or an equivalent replacement exchange,
the Nasdaq Global Market, the Nasdaq Capital Market, the New York Stock Exchange, or the NYSE MKT.

 

3.9 Failure to Comply with the Exchange Act.
The Borrower shall fail to comply with the reporting requirements of the Exchange Act (including but not limited to becoming delinquent
in its filings), and/or the Borrower shall cease to be subject to the reporting requirements of the Exchange Act.

 

3.10 Liquidation. Any dissolution, liquidation,
or winding up of Borrower or any substantial portion of its business.

 

3.11 Cessation of Operations. Any cessation
of operations by Borrower or Borrower admits it is otherwise generally unable to pay its debts as such debts become due, provided,
however, that any disclosure of the Borrower’s ability to continue as a “going concern” shall not be an admission
that the Borrower cannot pay its debts as they become due.

 

3.12 Financial Statement Restatement. The Borrower
replaces its auditor, or any restatement of any financial statements filed by the Borrower with the SEC for any date or period
from two years prior to the Issue Date of this Note and until this Note is no longer outstanding, if the result of such restatement
would, by comparison to the unrestated financial statement, have constituted a material adverse effect on the rights of the Holder
with respect to this Note.

 

    10

     

    

 

3.13 Replacement of Transfer Agent. In the
event that the Borrower replaces its transfer agent, and the Borrower fails to provide prior to the effective date of such replacement,
a fully executed Irrevocable Transfer Agent Instructions (including but not limited to the provision to irrevocably reserve shares
of Common Stock in the Reserved Amount) signed by the successor transfer agent to Borrower and the Borrower.

 

3.14 Cross-Default. Notwithstanding anything
to the contrary contained in this Note or the other related or companion documents, a breach or default by the Borrower of any
covenant or other term or condition contained in any of the other financial instrument, including but not limited to all convertible
promissory notes, currently issued, or hereafter issued, by the Borrower, to the Holder or any other 3rd party (the
“Other Agreements”), after the passage of all applicable notice and cure or grace periods, shall, at the option of
the Holder, be considered a default under this Note, in which event the Holder shall be entitled to apply all rights and remedies
of the Holder under the teens of this Note by reason of a default under said Other Agreement or hereunder.

 

3.15 Inside Information. Any attempt by the
Borrower or its officers, directors, and/or affiliates to transmit, convey, disclose, or any actual transmittal, conveyance, or
disclosure by the Borrower or its officers, directors, and/or affiliates of, material non-public information concerning the Borrower,
to the Holder or its successors and assigns, which is not immediately cured by Borrower’s filing of a Form 8-K pursuant to
Regulation FD on that same date.

 

3.16 No bid. At any time while this Note is
outstanding, the lowest Trading Prices on the Trading Market or other applicable principal trading market for the Common Stock
is equal to or less than $0.0001.

 

3.17 Failure to Repay Upon Qualified Offering.
The Borrower fails to repay the Note, in its entirety, pursuant to the terms of the Note, with funds received from its next completed
offering (with the understanding that all related issuances of an offering shall be aggregated for purposes of the calculation
hereunder) of $8,000,000.00 or more (consummated on or after the Issue Date).

 

3.18 Dilutive Issuances. The Borrower issues
shares of its common stock to any holder of any variable convertible debt of the Borrower, upon conversion or exercise of that
holder’s rights thereunder, at a cost basis of less than $0.25 per share.

 

Upon
the occurrence of any Event of Default specified in Sections 3.1, 3.2, 3.3, 3.4, 3.5, 3.6, 3.7, 3.8, 3.9, 3.10, 3.11, 3.12, 3.13,
3.14, 3.15, 3.16, 3.17, and/or 3.18, exercisable through the delivery of written notice to the Borrower by such Holders (the “Default
Notice”), the Note shall become immediately due and payable and the Borrower shall pay to the Holder, in full satisfaction
of its obligations hereunder, an amount equal to 150% (EXCEPT THAT 150% SHALL BE REPLACED WITH 200% WITH RESPECT TO A DEFAULT UNDER
SECTION 3.2) multiplied by the then outstanding entire balance of the Note (including principal and accrued and unpaid interest)
plus Default Interest, if any, plus any amounts owed to the Holder pursuant to Sections 1.4(g) hereof (collectively,
in the aggregate of all of the above, the “Default Sum”), and all other amounts payable hereunder shall immediately
become due and payable, all without demand, presentment or notice, all of which hereby are expressly waived, together with all
costs, including, without limitation, legal fees and expenses, of collection, and the Holder shall be entitled to exercise all
other rights and remedies available at law or in equity.

 

    11

     

    

 

The Holder shall
have the right at any time to require the Borrower to issue the number of shares of Common Stock of the Borrower equal to the Default
Amount divided by the Conversion Price then in effect, subject to issuance in tranches due to the beneficial ownership limitations
contained in this Note.

 

ARTICLE IV. MISCELLANEOUS

 

4.1 Failure or Indulgence Not Waiver. No failure
or delay on the part of the Holder in the exercise of any power, right or privilege hereunder shall operate as a waiver thereof,
nor shall any single or partial exercise of any such power, right or privilege preclude other or further exercise thereof or of
any other right, power or privileges. All rights and remedies existing hereunder are cumulative to, and not exclusive of, any rights
or remedies otherwise available.

 

4.2 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,
facsimile, or electronic mail 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, upon electronic mail 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 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 Borrower, to:

 

NANOFLEX POWER CORPORATION

15333 N. Pima Road,
Suite 305

Scottsdale, AZ 85260

e-mail: investorrelations@nanoflexpower.com

 

If to the Holder:

 

MORN1NGVIEW FINANCIAL, LLC

401 Park Ave. South, 10th

Floor New York, NY 10016

e-mail: max@morningviewfn.corn

 

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4.3 Amendments. This Note and any provision
hereof may only be amended by an instrument in writing signed by the Borrower and the Holder. The term “Note” and all
reference thereto, as used throughout this instrument, shall mean this instrument as originally executed, or if later amended or
supplemented, then as so amended or supplemented.

 

4.4 Assignability. This Note shall be binding
upon the Borrower and its successors and assigns, and shall inure to be the benefit of the Holder and its successors and assigns.
Neither the Borrower nor the Holder shall assign this Note or any rights or obligations hereunder without the prior written consent
of the other. Notwithstanding the foregoing, the Holder may assign its rights hereunder to any “accredited investor”
(as defined in Rule 501(a) of the 1933 Act) in a private transaction from the Holder or to any of its “affiliates”,
as that term is defined under the 1934 Act, without the consent of the Borrower. Notwithstanding anything in this Note to the contrary,
this Note may be pledged as collateral in connection with a bona fide margin account or other lending arrangement. The Holder and
any assignee, by acceptance of this Note, acknowledge and agree that following conversion of a portion of this Note, the unpaid
and unconverted principal amount of this Note represented by this Note may be less than the amount stated on the face hereof.

 

4.5 Cost of Collection. If default is made
in the payment of this Note, the Borrower shall pay the Holder hereof costs of collection, including reasonable attorneys’
fees.

 

4.6 Governing Law. This Note shall be governed
by and construed in accordance with the laws of the State of Nevada without regard to principles of conflicts of laws. Any action
brought by either party against the other concerning the transactions contemplated by this Note shall be brought only in the state
and/or federal courts of New York, NY. The parties to this Note 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 Borrower and Holder 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 Note 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.

 

    13

     

    

 

4.7 Certain Amounts. Whenever pursuant to this
Note the Borrower is required to pay an amount in excess of the outstanding principal amount (or the portion thereof required to
be paid at that time) plus accrued and unpaid interest plus Default Interest on such interest, the Borrower and the Holder agree
that the actual damages to the Holder from the receipt of cash payment on this Note may be difficult to determine and the amount
to be so paid by the Borrower represents stipulated damages and not a penalty and is intended to compensate the Holder in part
for loss of the opportunity to convert this Note and to earn a return from the sale of shares of Common Stock acquired upon conversion
of this Note at a price in excess of the price paid for such shares pursuant to this Note. The Borrower and the Holder hereby agree
that such amount of stipulated damages is not plainly disproportionate to the possible loss to the Holder from the receipt of a
cash payment without the opportunity to convert this Note into shares of Common Stock.

 

4.8 Remedies. The Borrower acknowledges that
a breach by it of its obligations hereunder will cause irreparable harm to the Holder, by vitiating the intent and purpose of the
transaction contemplated hereby. Accordingly, the Borrower acknowledges that the remedy at law for a breach of its obligations
under this Note will be inadequate and agrees, in the event of a breach or threatened breach by the Borrower of the provisions
of this Note, that the Holder 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 Note and
to enforce specifically the terms and provisions thereof, without the necessity of showing economic loss and without any bond or
other security being required.

 

4.9 Prepayment. Notwithstanding
anything to the contrary contained in this Note, the Borrower may prepay this Note, during the initial 90 calendar day period
after the Issue Date, by making a payment to the Holder of an amount in cash equal to 115% multiplied by the total amount outstanding
under the Note. Notwithstanding anything to the contrary contained in this Note, the Borrower may prepay this Note, beginning
on the 91st calendar day after the Issue Date, and ending on the 120th calendar day after the Issue Date, by making a payment
to the Holder of an amount in cash equal to 130% multiplied by the total amount outstanding under the Note. Notwithstanding anything
to the contrary contained in this Note, the Borrower may prepay this Note, beginning on the 121st calendar day after
the Issue Date, and ending on the 150th calendar day after the Issue Date, by making a payment to the Holder of an
amount in cash equal to 135% multiplied by the total amount outstanding under the Note. Notwithstanding anything to the contrary
contained in this Note, the Borrower may prepay this Note, beginning on the 151st calendar day after the Issue Date,
and ending on the 180th calendar day after the Issue Date, by making a payment to the Holder of an amount in cash equal to 140%
multiplied by the total amount outstanding under the Note. The Borrower may not prepay this Note after the 180th calendar
day after the issuance of this Note.

 

    14

     

    

 

4.10 Usury. To the extent it may lawfully do
so, the Borrower 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 action or proceeding that may be brought by the Holder in order to enforce any right or remedy under this Note. Notwithstanding
any provision to the contrary contained in this Note, it is expressly agreed and provided that the total liability of the Borrower
under this Note for payments which under the applicable law are in the nature of interest shall not exceed the maximum lawful rate
authorized under the law applicable to this Note (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 which under the law applicable
to this Note in the nature of interest that the Borrower may be obligated to pay under this Note exceed such Maximum Rate. It is
agreed that if the maximum contract rate of interest allowed by the law applicable to this Note is increased or decreased by statute
or any official governmental action subsequent to the Issue Date, the new maximum contract rate of interest allowed by law will
be the Maximum Rate applicable to this Note from the effective date thereof 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 Borrower to the Holder with respect
to indebtedness evidenced by this the Note, such excess shall be applied by the Holder to the unpaid principal balance of any such
indebtedness or be refunded to the Borrower, the manner of handling such excess to be at the Holder’s election.

 

4.11 Section 3(a)(10) Transactions. If at any
time while this Note is outstanding, the Borrower enters into a transaction structured in accordance with, based upon, or related
or pursuant to, in whole or in part, Section 3(a)(10) of the Securities Act (a “3(a)(10) Transaction”), then a liquidated
damages charge of 25% of the outstanding principal balance of this Note at that time, will be assessed and will become immediately
due and payable to the Holder, either in the form of cash payment or as an addition to the balance of the Note, as determined by
mutual agreement of the Borrower and Holder.

 

4.12 Reverse Split Penalty. If at any time
while this Note is outstanding, the Borrower effectuates a reverse split with respect to the Common Stock, then a liquidated damages
charge of 25% of the outstanding principal balance of this Note at that time, will be assessed and will become immediately due
and payable to the Holder, either in the form of cash payment or as an addition to the balance of the Note, as determined by mutual
agreement of the Borrower and Holder.

 

4.13 Right of First Refusal.
If at any time while this Note is outstanding, the Borrower has a bona fide offer of capital or financing from any 3rd
party, that the Borrower intends to act upon, then the Borrower must first offer such opportunity to the Holder to provide such
capital or financing to the Borrower on the same terms as each respective 3rd party’s terms. Should the Holder
be unwilling or unable to provide such capital or financing to the Borrower within 10 trading days from Holder’s receipt
of written notice of the offer (the “Offer Notice”) from the Borrower, then the Borrower may obtain such capital or
financing from that respective 3rd party upon the exact same terms and conditions offered by the Borrower to the Holder,
which transaction must be completed within 30 days after the date of the Offer Notice. If the Borrower does not receive the capital
or financing from the respective 3rd party within 30 days after the date of the respective Offer Notice, then the Borrower
must again offer the capital or financing opportunity to the Holder as described above, and the process detailed above shall be
repeated. The Offer Notice must be sent via electronic mail to max@morningviewfn.com. In addition, the Holder shall have the right,
at any time until the Note is satisfied in its entirety, and upon written notice to the Borrower, to purchase an additional convertible
promissory note from the Borrower, with the exact same terms and conditions as provided in this Note (with the understanding that
the Borrower shall execute the form of this Note and all related transaction documents with updated dates within three (3) business
days after the Holder exercises such right).

 

    15

     

    

 

4.14 Terms of Future Financings. So long as
this Note is outstanding, upon any issuance by the Borrower or any of its subsidiaries of any security with any term more favorable
to the holder of such security or with a term in favor of the holder of such security that was not similarly provided to the Holder
in this Note, then the Borrower shall notify the Holder of such additional or more favorable term and such term, at Holder’s
option, shall become a part of the transaction documents with the Holder. The types of terms contained in another security that
may be more favorable to the holder of such security include, but are not limited to, terms addressing conversion discounts, prepayment
rate, conversion lookback periods, interest rates, original issue discounts, stock sale price, private placement price per share,
and warrant coverage. With respect to promissory notes issued prior to the Issue Date, this Section 4.14 shall only apply if the
holder of the respective promissory note is eligible to convert pursuant to the terms thereunder at any time after the Issue Date.

 

[signature page to follow]

 

    16

     

    

 

IN WITNESS WHEREOF, Borrower has caused
this Note to be signed in its name by its duly authorized officer this May 13, 2019.

 

NANOFLEX POWER CORPORATION

 

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

 

    17

     

    

 

EXHIBIT A -- NOTICE OF CONVERSION

 

The undersigned hereby elects to convert
$_________________ principal amount of the Note (defined below) into that number of shares of Common Stock to be issued
pursuant to the conversion of the Note (“Common Stock”) as set forth below, of NANOFLEX POWER CORPORATION, a
Florida corporation (the “Borrower”) according to the conditions of the convertible note of the Borrower dated as
of May 13, 2019 (the “Note”), as of the date written below. No fee will be charged to the Holder for any
conversion, except for transfer taxes, if any.

 

Box Checked as to applicable instructions:

 

		☐	The Borrower shall electronically transmit the Common
Stock issuable pursuant to this Notice of Conversion to the account of the undersigned or its nominee with DTC through its Deposit
Withdrawal Agent Commission system (“DWAC Transfer”).

 

Name of DTC Prime

Broker: Account Number:

 

		☐	The undersigned hereby requests that the Borrower issue
a certificate or certificates for the number of shares of Common Stock set forth below (which numbers are based on the Holder’s
calculation attached hereto) in the name(s) specified immediately below or, if additional space is necessary, on an attachment
hereto:

 

 

 

 

 

	 	Date of Conversion:	 	 	 	 	 
	 	Applicable Conversion Price:	 	$	 	 	 
	 	Number of Shares of Common Stock to be Issued Pursuant to Conversion of the Notes:	 	 	 	 	 
	 	Amount of Principal Balance Due remaining Under the Note after this conversion:	 	 	 	 	 

 

MORNINGVIEW FINANCIAL, LLC

 

		By:	 	 
	 	Name: 	 	 
	 	Title:	 	 
	 	Date:	 	 

 

 

18Exhibit 4.6

 

THIS
NOTE AND THE COMMON STOCK ISSUABLE UPON CONVERSION OF THIS NOTE HAVE NOT BEEN AND WILL NOT BE REGISTERED WITH THE UNITED STATES
SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND THE RULES AND REGULATIONS PROMULGATED THEREUNDER (THE “1933 ACT”)

 

US $50,000.00

 

NANOFLEX POWER CORPORATION.

12% CONVERTIBLE REDEEMABLE NOTE

DUE MAY 14, 2020

 

FOR VALUE RECEIVED,
NANOFLEX POWER CORPORATION. (the “Company”) promises to pay to the order of LG CAPITAL FUNDING, LLC and its authorized
successors and permitted assigns (“Holder”), the aggregate principal face amount of Fifty Thousand Dollars
(U.S. $50,000.00) on May 14, 2020 (“Maturity Date”) and to pay interest on the principal amount outstanding
hereunder at the rate of 12% per annum commencing on May 14, 2019 (“Issuance Date”). The interest will
be paid to the Holder in whose name this Note is registered on the records of the Company regarding registration and transfers
of this Note. This Note contains shall contain a due diligence fee deduction of $3,500 such that purchase price shall be $46,500.00.
The principal of, and interest on, this Note are payable at 1218 Union Street, Suite #2, Brooklyn, NY 11225, initially, and if
changed, last appearing on the records of the Company as designated in writing by the Holder hereof from time to time. The Company
will pay each interest payment and the outstanding principal due upon this Note before or on the Maturity Date, less any amounts
required by law to be deducted or withheld, to the Holder of this Note by check or wire transfer addressed to such Holder at the
last address appearing on the records of the Company. The forwarding of such check or wire transfer shall constitute a payment
of outstanding principal hereunder and shall satisfy and discharge the liability for principal on this Note to the extent of the
sum represented by such check or wire transfer. Interest shall be payable in Common Stock (as defined below) pursuant to paragraph
4(b) herein.

 

This Note is subject to the following additional provisions:

 

1. This Note is exchangeable for an equal
aggregate principal amount of Notes of different authorized denominations, as requested by the Holder surrendering the same. No
service; charge will be made for such registration or transfer or exchange, except that Holder shall pay any tax or other governmental
charges payable in connection therewith.

  

     

     

    

 

2. The Company shall be entitled to withhold
from all payments any amounts required to be withheld under applicable laws.

 

3. This Note may be
transferred or exchanged only in compliance with the Securities Act of 1933, as amended (“Act”) and applicable
state securities laws. Any attempted transfer to a non-qualifying party shall be treated by the Company as void. Prior to due
presentment for transfer of this Note, the Company and any agent of the Company may treat the person in whose name this Note is
duly registered on the Company’s records as the owner hereof for all other purposes, whether or not this Note be overdue,
and neither the Company nor any such agent shall be affected or bound by notice to the contrary. Any Holder of this Note electing
to exercise the right of conversion set forth in Section 4(a) hereof, in addition to the requirements set forth in Section 4(a),
and any prospective transferee of this Note, also is required to give the Company written confirmation that this Note is being
converted (“Notice of Conversion”) in the form annexed hereto as Exhibit A. The date of receipt (including
receipt by telecopy) of such Notice of Conversion shall be the Conversion Date.

 

4.(a)During
the first 6 months this Note is in effect, the Holder of this Note is entitled, at its option, to convert all or any amount
of the principal face amount of this Note then outstanding into shares of the Company’s common stock (the “Common
Stock”) at a price (“Conversion Price”) for each share of Common Stock at fixed price of $0.25 per
share. After the 6 monthly anniversary, the Conversion Price shall be equal to 58% of the lowest trading price
of the Common Stock as reported on the National Quotations Bureau OTC Markets exchange which the Company’s shares are traded
or any exchange upon which the Common Stock may be traded in the future (“Exchange”), for the twenty
prior trading days including the day upon which a Notice of Conversion is received by the Company or its transfer
agent (provided such Notice of Conversion is delivered by fax or other electronic method of communication to the Company or its
transfer agent after 4 P.M. Eastern Standard or Daylight Savings Time if the Holder wishes to include the same day closing price).
If the shares have not been delivered within 3 business days, the Notice of Conversion may be rescinded. Such conversion shall
be effectuated by the Company delivering the shares of Common Stock to the Holder within 3 business days of receipt by the Company
of the Notice of Conversion. Accrued but unpaid interest shall be subject to conversion. No fractional shares or scrip representing
fractions of shares will be issued on conversion, but the number of shares issuable shall be rounded to the nearest whole share.
To the extent the Conversion Price of the Company’s Common Stock closes below the par value per share, the Company will
take all steps necessary to solicit the consent of the stockholders to reduce the par value to the lowest value possible under
law. The Company agrees to honor all conversions submitted pending this increase. In the event the Company experiences a DTC
“Chill” on its shares, the conversion price shall be decreased to 48% instead of 58% while that “Chill”
is in effect. In no event shall the Holder be allowed to effect a conversion if such conversion, along with all other shares
of Company Common Stock beneficially owned by the Holder and its affiliates would exceed 9.9% of the outstanding shares of the
Common Stock of the Company. On the 6 monthly anniversary of the Note, all the terms set forth herein, including
but not limited to interest rate, prepayment terms, conversion discount or lookback period will be adjusted downward (i.e. for
the benefit of the Holder) if the Company offers a more favorable conversion discount (whether via interest, rate OID or otherwise)
or lookback period to another party or otherwise grants any more favorable terms to any third party than those contained herein
while this Note is in effect.

 

    2 

     

    

  

(b) Interest on any unpaid principal balance
of this Note shall be paid at the rate of 12% per annum. Interest shall be paid by the Company in Common Stock (“Interest
Shares”). Holder may, at any time, send in a Notice of Conversion to the Company for Interest Shares based on the formula
provided in Section 4(a) above. The dollar amount converted into Interest Shares shall be all or a portion of the accrued interest
calculated on the unpaid principal balance of this Note to the date of such notice.

 

(c) The Notes may be prepaid or assigned
with the following penalties/ premiums:

 

	PREPAY DATE	 	PREPAY AMOUNT
	≤ 60 days	 	115% of principal plus accrued interest
	61- 120 days	 	125% of principal plus accrued interest
	121-180 days	 	135% of principal plus accrued interest

 

This Note may not be prepaid after the
180th day. Such redemption must be closed and funded within 3 days of giving notice of redemption of the right to redeem
shall be null and void.

 

(d) Upon (i) a transfer of all or substantially
all of the assets of the Company to any person in a single transaction or series of related transactions, (ii) a reclassification,
capital reorganization or other change or exchange of outstanding shares of the Common Stock, other than a forward or reverse
stock split or stock dividend, or (iii) any consolidation or merger of the Company with or into another person or entity in which
the Company is not the surviving entity (other than a merger which is effected solely to change the jurisdiction of incorporation
of the Company and results in a reclassification, conversion or exchange of outstanding shares of Common Stock solely into shares
of Common Stock) (each of items (i), (ii) and (iii) being referred to as a “Sale Event”), then, in each case, the
Company shall, upon request of the Holder, redeem this Note in cash for 150% of the principal amount, plus accrued but unpaid
interest through the date of redemption, or at the election of the Holder, such Holder may convert the unpaid principal amount
of this Note (together with the amount of accrued but unpaid interest) into shares of Common Stock immediately prior to such Sale
Event at the Conversion Price.

 

(e) In case of any Sale Event (not to include
a sale of all or substantially all of the Company’s assets) in connection with which this Note is not redeemed or converted,
the Company shall cause effective provision to be made so that the Holder of this Note shall have the right thereafter, by converting
this Note, to purchase or convert this Note into the kind and number of shares of stock or other securities or property (including
cash) receivable upon such reclassification, capital reorganization or other change, consolidation or merger by a holder of the
number of shares of Common Stock that could have been purchased upon exercise of the Note and at the same Conversion Price, as
defined in this Note, immediately prior to such Sale Event. The foregoing provisions shall similarly apply to successive Sale
Events. If the consideration received by the holders of Common Stock is other than cash, the value shall be as determined by the
Board of Directors of the Company or successor person or entity acting in good faith.

 

5. No provision of this Note shall alter
or impair the obligation of the Company, which is absolute and unconditional, to pay the principal
of, and interest on, this Note at the time, place, and rate, and in the form, herein prescribed.

 

    3 

     

    

  

6. The Company hereby expressly
waives demand and presentment for payment, notice of non-payment, protest, notice of protest, notice of dishonor, notice of acceleration
or intent to accelerate, and diligence in taking any action to collect amounts called for hereunder and shall be directly and
primarily liable for the payment of all sums owing and to be owing hereto.

 

7. The Company agrees to pay all costs and
expenses, including reasonable attorneys’ fees and expenses, which may be incurred by the Holder in collecting any amount
due under this Note.

 

8. If one or more of the following described
“Events of Default” shall occur:

 

(a) The Company shall default in the payment
of principal or interest on this Note or any other note issued to the Holder by the Company; or

 

(b) Any of the representations or warranties
made by the Company herein or in any certificate or financial or other written statements heretofore or hereafter furnished by
or on behalf of the Company in connection with the execution and delivery of this Note, or the Securities Purchase Agreement under
which this note was issued shall be false or misleading in any respect; or

 

(c) The Company shall fail to perform or
observe, in any respect, any covenant, term, provision, condition, agreement or obligation of the Company under this Note or any
other note issued to the Holder; or

 

(d) The Company shall (1) become insolvent;
(2) admit in writing its inability to pay its debts generally as they mature; (3) make an assignment for the benefit of creditors
or commence proceedings for its dissolution; (4) apply for or consent to the appointment of a trustee, liquidator or receiver
for its or for a substantial part of its property or business; (5) file a petition for bankruptcy relief, consent to the filing
of such petition or have filed against it an involuntary petition for bankruptcy relief, all under federal or state laws as applicable;
or

 

(e) A trustee, liquidator or receiver shall
be appointed for the Company or for a substantial part of its property or business without its consent and shall not be discharged
within sixty (60) days after such appointment; or

 

(f) Any governmental agency or any court
of competent jurisdiction at the instance of any governmental agency shall assume custody or control of the whole or any substantial
portion of the properties or assets of the Company; or

 

(g) One or more money judgments, writs or
warrants of attachment, or similar process, in excess of fifty thousand dollars ($50,000) in the aggregate, shall be entered or
filed against the Company or any of its properties or other assets and shall remain unpaid, unvacated, unbonded or unstayed for
a period of fifteen (15) days or in any event later than five (5) days prior to the date of any proposed sale thereunder; or

 

    4 

     

    

  

(h) The Company
shall have defaulted on or breached any term of any other note of similar debt instrument into which the Company has entered and
failed to cure such default within the appropriate grace period; or

 

(i) The Company shall have its Common Stock
delisted from an exchange (including the OTC Market exchange) or, if the Common Stock trades on an exchange, then trading in the
Common Stock shall be suspended for more than 10 consecutive days or ceases to file its 1934 act reports with the SEC;

 

(j) If a majority of the members of the Board
of Directors of the Company on the date hereof are no longer serving as members of the Board;

 

(k) The Company shall not deliver to the
Holder the Common Stock pursuant to paragraph 4 herein without restrictive legend within 3 business days of its receipt of a Notice
of Conversion; or

 

(l) The Company shall not replenish the reserve
set forth in Section 12, within 3 business days of the request of the Holder.

 

(m) The Company shall not be “current”
in its filings with the Securities and Exchange Commission; or

 

(n) The Company shall lose the “bid”
price for its stock in a market (including the OTC marketplace or other exchange).

 

Then, or at any time thereafter, unless cured within 5 days,
and in each and every such case, unless such Event of Default shall have been waived in writing by the Holder (which waiver shall
not be deemed to be a waiver of any subsequent default) at the option of the Holder and in the Holder’s sole discretion,
the Holder may consider this Note immediately due and payable, without presentment, demand, protest or (further) notice of any
kind (other than notice of acceleration), all of which are hereby expressly waived, anything herein or in any note or other instruments
contained to the contrary notwithstanding, and the Holder may immediately, and without expiration of any period of grace, enforce
any and all of the Holder’s rights and remedies provided herein or any other rights or remedies afforded by law. Upon an
Event of Default, interest shall accrue at a default interest rate of 24% per annum or, if such rate is usurious or not permitted
by current law, then at the highest rate of interest permitted by law. In the event of a breach of Section 8(k) the penalty shall
be $250 per day the shares are not issued beginning on the 4th day after the conversion notice was delivered to the
Company. This penalty shall increase to $500 per day beginning on the 10th day. The penalty for a breach of Section
8(n) shall be an increase of the outstanding principal amounts by 20%. Further, if a breach of Section 8(m) occurs or is continuing
after the 6 month anniversary of the Note, then the Holder shall be entitled to use the lowest closing bid price during the delinquency
period as a base price for the conversion. For example, if the lowest closing bid price during the delinquency period is $0.01
per share and the conversion discount is 50% the Holder may elect to convert future conversions at $0.005 per share.

 

    5 

     

    

  

If the Holder
shall commence an action or proceeding to enforce any provisions of this Note, including, without limitation, engaging an attorney,
then if the Holder prevails in such action, the Holder shall be reimbursed by the Company for its attorneys’ fees and other
costs and expenses incurred in the investigation, preparation and prosecution of such action or proceeding.

 

Make-Whole for Failure to Deliver Loss. At
the Holder’s election, if the Company fails for any reason to deliver to the Holder the conversion shares by the by the
3rd business day following the delivery of a Notice of Conversion to the Company and if the Holder incurs a Failure to Deliver
Loss, then at any time the Holder may provide the Company written notice indicating the amounts payable to the Holder in respect
of the Failure to Deliver Loss and the Company must make the Holder whole as follows:

 

Failure to Deliver Loss = [(Highest VWAP
price for the 30 trading days on or after the day of exercise) x (Number of conversion shares)]

 

The Company must pay the Failure to Deliver
Loss by cash payment, and any such cash payment must be made by the third business day from the time of the Holder’s written
notice to the Company.

 

9. In case any provision of this Note is
held by a court of competent jurisdiction to be excessive in scope or otherwise invalid or unenforceable, such provision shall
be adjusted rather than voided, if possible, so that it is enforceable to the maximum extent possible, and the validity and enforceability
of the remaining provisions of this Note will not in any way be affected or impaired thereby.

 

10. Neither this Note nor any term hereof
may be amended, waived, discharged or terminated other than by a written instrument signed by the Company and the Holder.

 

11. The Company represents that it is not
a “shell” issuer and has never been a “shell” issuer or that if it previously has been a “shell”
issuer that at least 12 months have passed since the Company has reported form 10 type information indicating it is no longer
a “shell issuer. Further. The Company will instruct its counsel to either (i) write a 144 opinion to allow for salability
of the conversion shares or (ii) accept such opinion from Holder’s counsel.

 

12. The Company shall issue irrevocable transfer
agent instructions reserving 4,856,000 shares of its Common Stock for conversions under this Note (the “Share Reserve”).
Upon full conversion of this Note, any shares remaining in the Share Reserve shall be cancelled. The Company shall pay all costs
associated with issuing and delivering the shares. If such amounts are to be paid by the Holder, it may deduct such amounts from
the Conversion Price. The company should at all times reserve a minimum of four times the amount of shares required if the note
would be fully converted. The Holder may reasonably request increases from time to time to reserve such amounts. The Company will
instruct its transfer agent to provide the outstanding share information to the Holder in connection with its conversions.

 

13. The Company will give the Holder direct
notice of any corporate actions, including but not limited to name changes, stock splits, recapitalizations etc. This notice shall
be given to the Holder as soon as possible under law.

 

    6 

     

    

 

14. If it shall be found that any interest
or other amount deemed interest due hereunder violates the applicable law governing usury, the applicable provision shall automatically
be revised to equal the maximum rate of interest or other amount deemed interest permitted under applicable law. The Company covenants
(to the extent that it may lawfully do so) that it will not seek to claim or take advantage of any law that would prohibit or
forgive the Company from paying all or a portion of the principal or interest on this Note.

 

15. This Note shall be governed by and construed
in accordance with the laws of New York applicable to contracts made and wholly to be performed within the State of New York and
shall be binding upon the successors and assigns of each party hereto. The Holder and the Company hereby mutually waive trial
by jury and consent to exclusive jurisdiction and venue in the courts of the State of New York or in the Federal courts sitting
in the county or city of New York. This Agreement may be executed in counterparts, and the facsimile transmission of an executed
counterpart to this Agreement shall be effective as an original.

 

    7 

     

    

 

IN WITNESS WHEREOF, the Company has caused
this Note to be duly executed by an officer thereunto duly authorized.

 

Dated: May 13, 2019

 

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

 

    8 

     

    

 

EXHIBIT A

 

NOTICE OF
CONVERSION

 

(To be Executed by the Registered Holder
in order to Convert the Note)

 

The
undersigned hereby irrevocably elects to convert $_________________of the above Note into __________________ Shares of Common
Stock of NANOFLEX POWER CORPORATION. (“Shares”) according to the conditions set forth in such Note, as of the
date written below.

 

If Shares are to be issued in the name of
a person other than the undersigned, the undersigned will pay all transfer and other taxes and charges payable with respect thereto.

 

Date of Conversion: _________________________________________________

Applicable Conversion Price: __________________________________________

Signature: _______________________________________________________

[Print Name of Holder and Title of Signer]

Address:_____________________________________________________

               _____________________________________________________

 

SSN or EIN: _____________________________

Shares are to be registered in the following name:____________________________________

 

Name:____________________________________________________

Address: ____________________________________________________

Tel: __________________________

Fax: ____________________________

SSN or EIN:_________________________

 

Shares are to be sent or delivered
to the following account:

 

Account Name: ____________________________________________________

Address: ____________________________________________________

 

 

 

9

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