SEC Contract Filing

Filing Date: 2022-11-14

Document Content:
<DOCUMENT>
<TYPE>EX-10.16
<SEQUENCE>4
<FILENAME>ex10-16.htm
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<P STYLE="font: normal bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit
10.16</FONT></P>

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<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THIS
CONVERTIBLE PROMISSORY NOTE AND THE UNDERLYING SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. NO SALE
OR DISPOSITION MAY BE EFFECTED EXCEPT IN COMPLIANCE WITH RULE 144 UNDER SAID ACT OR AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO
OR AN OPINION OF COUNSEL FOR THE HOLDER SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE ACT OR RECEIPT OF
A NO-ACTION LETTER FROM THE SECURITIES AND EXCHANGE COMMISSION.</FONT></P>

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<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONVERTIBLE
PROMISSORY NOTE</FONT></P>

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 <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
 <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$750,000</FONT></TD>
 <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; width: 50%; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September
 16, 2022</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
value received ONE WORLD PRODUCTS, INC.<FONT STYLE="font-variant: small-caps">,</FONT> a Nevada corporation (the &ldquo;<B><I>Company</I></B>&rdquo;)
promises to pay to the order of Dr. John McCabe (&ldquo;<B><I>Holder</I></B>&rdquo;) the principal sum of SEVEN HUNDRED FIFTY THOUSAND
DOLLARS (750,000.00), with interest on the outstanding principal amount at the rate of eight percent (8%) per annum, on September 16,
2024 (the <B><I>Maturity Date</I></B>&rdquo;). Interest shall commence with the date hereof and shall accrue on the outstanding principal
amount until paid in full or this Note has been converted as provided below. Interest shall be computed on the basis of a year of 365
days for the actual number of days elapsed.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1. </B>All
payments of interest and principal shall be in lawful money of the United States of America. All payments shall be applied first to
accrued interest, and thereafter to principal.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2. </B>(a)
The outstanding principal balance of this Note, together with any accrued and unpaid interest thereon, or any portion thereof, may,
at the option of the Holder, be converted into shares of the Series B Preferred Stock of the Company (&ldquo;<B>Series B
Stock</B>&rdquo;) at any time at a price per share of Series B Stock of $15.00, as equitably adjusted for any stock split or stock
dividends effected after the date hereof (the &ldquo;<B>Conversion Price</B>&rdquo;).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
In case of any reorganization, consolidation or merger involving the Company prior to the Maturity Date, in which the stockholders
of the Company receive securities of another entity (including any parent company of the company with which the Company merges or is
merged into) (the &ldquo;<B>Successor Issuer</B>&rdquo;) in exchange for their shares of Series B Stock, the Successor Issuer shall
assume the obligations of the C