Exhibit
10.20


 








PROMISSORY
NOTE


 


	$2,000,000.00	Plano,
    Texas
	 	 
	 	As
    of June 23, 2020


 


This
Promissory Note (“Note”) is executed with that certain Security Agreement (the “Security Agreement”)
of even date herewith made by STRYVE FOODS, LLC, a Texas limited liability company, THEODORE CASEY, an individual, JOSEPH
ALAN OBLAS, an individual, and GABRIEL CARIMI, an individual, jointly and severally (collectively, the “Borrower”),
for the benefit of ORIGIN BANK, a Louisiana State Bank (“Lender”), encumbering certain assets described in
the Security Agreement (the “Collateral”). Exhibit 1 attached hereto and incorporated herein by this reference
sets forth certain defined terms used in this Note. Capitalized terms used and not otherwise defined herein shall have the meanings set
forth for them in the Security Agreement.


 


1.
Promise to Pay. For value received, Borrower promises to pay to Lender, at 3201 Dallas Parkway, Suite 630, Frisco, Texas 75034, or
such other place as the holder hereof may designate in writing from time to time, the principal amount of TWO MILLION AND NO/100 DOLLARS
($2,000,000.00), or so much hereof as may be advanced and outstanding hereunder, together with all other amounts now or hereafter owing
by Borrower to Lender under the Loan Documents, and together with interest as provided herein.


 


2.
Payments of Interest and Principal.


 


2.1
Interest-Only Period.


 


(a)
During the period of time commencing with the date of this Note and ending on the Maturity Date, interest shall accrue on all outstanding
amounts owing by Borrower from time to time under this Note and any other Loan Document at a fixed rate of five percent (5.0%) per annum
(the “Loan Rate”), calculated on an actual day basis using a 360-day year.


 


(b)
Interest accrued under this Note shall be due and payable monthly in arrears on the fifth (5th) day of the following calendar
month (collectively, the “Interest Only Payment Dates”), commencing August 5, 2020, and continuing monthly thereafter
until September 5, 2020.


 


(c)
On each Interest Only Payment Date, Borrower shall make consecutive monthly payments of interest only on the outstanding principal balance
at the applicable Loan Rate.


 


2.2
Maturity. The maturity date of this Note (the “Maturity Date”) shall be October 5, 2020. The entire unpaid
principal balance of this Note, together with all accrued and unpaid interest owing hereunder, and any and all other amounts owing by
Borrower under the Loan Documents, shall be due and payable on the Maturity Date.


 




    	PROMISSORY NOTE – Page 1




    	 



    

 





2.3
Manner and Timing of Payments. Each payment by Borrower under this Note or any other Loan Document must be made in lawful money
of the United States of America, and must be made in immediately available funds before 10:00 a.m., Central time, on the date such payment
is due in good funds by Electronic Funds Transfer (EFT) or wire transfer or by delivery to Lender at 3201 Dallas Parkway, Suite 630,
Frisco, Texas 75034, on the date that such payment is due. Any payment received after such time shall be considered for all purposes
(including the calculation of interest, to the extent permitted by law) as having been made on the next business day following receipt
by Lender of payment in good funds. If the due date for any payment is not a business day, such due date shall be deemed for all purposes
to fall on the next business day, and any such extension shall be included in the computation of interest payments. Lender reserves the
right, at any time and for any reason, to require that Borrower make payment by certified or cashier’s check, or alternatively,
in the form of Electronic Funds Transfer into Lender’s designated deposit account.


 


2.4
Late Payment Charge and Default Rate. If any payment is not received in full by Lender on or before the tenth (10th) day from
and including the date when due (e.g., by the 10th for a payment due on the 1st of a month), then Borrower
shall also pay to Lender a late charge in an amount equal to five percent (5%) of the amount of such overdue payment. For so long as
any Event of Default exists under this Note or under any of the other Loan Documents, regardless of whether or not there has been an
acceleration of the indebtedness evidenced by this Note, and at all times after the maturity of the indebtedness evidenced by this Note
(whether by acceleration or otherwise), and in addition to all other rights and remedies of Lender hereunder, interest shall accrue on
the outstanding principal balance hereof at an amount equal to the lesser of (i) four percent (4% or 400 basis points) in excess of the
Loan Rate, or (ii) the maximum rate of interest allowed by law (the “Default Rate”), and such accrued interest shall
be immediately due and payable. Borrower acknowledges that it would be extremely difficult or impracticable to determine Lender’s
actual damages resulting from any late payment or Event of Default, and such late charges and accrued interest are reasonable estimates
of those damages and do not constitute a penalty.


 


2.5
Application of Payments. Prior to the occurrence of an Event of Default, all payments made hereunder shall be applied first to
interest due and then in reduction of the principal balance; if more than one monthly payment remains unpaid, amounts received shall
be applied in the order and manner selected by Lender. After the occurrence of an Event of Default, all payments made hereunder shall
be applied as Lender may determine in the exercise of Lender’s sole and absolute discretion. The receipt, use or application of
any such sum or amount shall not be construed to affect the Maturity Date, or any of the rights or powers of Lender under the terms of
the Loan Documents, or any of the obligations of Borrower or any guarantor under the Loan Documents; or to cure or waive any default
or notice of default under any of the Loan Documents; or to invalidate any act of Lender.


 




    	PROMISSORY NOTE – Page 2




    	 



    

 


3.
Defaults and Remedies.


 


3.1
Events of Default. The occurrence of any of the following, whatever the reason therefor, shall constitute an Event of Default:


 


(a)
Borrower fails to make any regularly scheduled payment of principal or interest under this Note when due or fails to pay the entire unpaid
principal balance of this Note together with accrued and unpaid interest owing hereunder on the Maturity Date; or


 


(b)
Borrower fails to perform any other obligation for the payment of money (other than payments of principal or interest due under this
Note) or breaches any covenant under any Loan Document executed by Borrower within ten (10) days after notice that such payment was not
made when due; or


 


(c)
Borrower fails to perform any obligation (other than obligations described in subparagraphs (a) and (b), above) under any Loan Document
executed by Borrower within thirty (30) days after written notice that such obligation was not performed; provided that, if cure cannot
reasonably be effected within such 30-day period, such failure shall not be an Event of Default so long as Borrower promptly (in any
event, within fifteen (15) days after receipt of such notice) commences cure, and thereafter diligently prosecutes such cure to completion;
or


 


(d)
Borrower fails or refuses to permit Lender to audit the books and records of Borrower or to inspect Borrower’s inventory at any
time reasonably requested by Lender; or


 


(e)
Any Guarantor fails to perform any obligation under any Guaranty executed by such Guarantor within thirty (30) days after written notice
that such obligation was not performed when due; or


 


(f)
Any representation or warranty in that certain Certificate of Borrower dated of even date herewith, executed by Borrower in favor of
Lender, or in any other Loan Document, proves to have been incorrect in any material respect when made; or


 


(g)
Borrower or any Guarantor is dissolved, liquidated or terminated, or all or substantially all or a material portion of the assets of
Borrower, any Guarantor, or Principal are sold or otherwise transferred, without Lender’s prior written consent; or


 


(h)
Borrower, or any Guarantor is the subject of an order for relief by a bankruptcy court, or is unable or admits its inability to pay its
debts as they mature, or makes an assignment for the benefit of creditors; or Borrower, any Guarantor or Principal applies for or consents
to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer for it or any part
of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed without
the application or consent of Borrower, or any Guarantor, as the case may be, and the appointment continues undischarged and unstayed
for sixty (60) or more days; or Borrower, or any Guarantor institutes or consents to any bankruptcy, insolvency, reorganization, arrangement,
readjustment of debt, dissolution, custodianship, conservatorship, liquidation, rehabilitation or similar proceeding relating to it or
any part of its property; or any similar proceeding is instituted without the consent of Borrower, any Guarantor or Principal, as the
case may be, and continues undismissed and unstayed for ninety (90) or more days; or any judgment, writ, warrant of attachment or execution,
or similar process is issued or levied against any property of Borrower, any Guarantor or Principal and is not released, vacated or fully
bonded within thirty (30) days after its issue or levy; or


 




    	PROMISSORY NOTE – Page 3




    	 



    

 


(i)
Intentionally Deleted;


 


(j)
Intentionally Deleted;


 


(k)
Intentionally Deleted;


 


(l)
The occurrence of an “Event of Default” under any other Loan Document or any related loan document; or


 


(m)
Borrower, any Guarantor, or any of their affiliates default in any present or future obligation or agreement with Lender or Lender’s
affiliates other than in connection with the Loan, subject to any applicable contractual cure period(s).


 


3.2
Acceleration and Other Remedies. Upon the occurrence of any Event of Default, Lender may, at its option and in its absolute discretion,
do any or all of the following:


 


(a)
With or without notice to Borrower, declare the principal of this Note and all other amounts owing under the Loan Documents, together
with all accrued interest and other amounts owing in connection therewith, to be immediately due and payable, regardless of any other
specified due date; provided that any Event of Default described in Section 3.1(h) shall automatically, without notice or other action
on Lender’s part, cause all such amounts to be immediately due and payable;


 


(b)
Apply any payments received thereafter against interest and principal of the Loan and costs and other amounts owing hereunder, in such
order as Lender may determine in its sole discretion;


 


(c)
In its own right or by a court-appointed receiver take possession of the Collateral; and


 


(d)
Exercise any of its rights under the Loan Documents and any rights provided by law or in equity, including the right to foreclose on
any security and exercise any other rights with respect to any security, all in such order and manner as Lender elects in its absolute
discretion. In addition to any other rights or remedies hereunder, if an Event of Default shall have occurred, Lender may, at its option,
accelerate the Loan pursuant to the terms hereof and/or increase the interest rate on the Loan to the amount of the Default Rate.


 







    	PROMISSORY NOTE – Page 4




    	 



    

 


3.3
Cumulative Remedies; No Waiver. Lender’s rights and remedies under the Loan Documents are cumulative and in addition to
all rights and remedies provided by law or in equity from time to time. The exercise by Lender of any right or remedy shall not constitute
a cure or waiver of any default, nor invalidate any notice of default or any act done pursuant to any such notice, nor prejudice Lender
in the exercise of any other right or remedy. No waiver of any default shall be implied from any omission by Lender to take action on
account of such default if such default persists or is repeated. No waiver of any default shall affect any default other than the default
expressly waived, and any such waiver shall be operative only for the time and to the extent stated. No waiver of any provision of any
Loan Document shall be construed as a waiver of any subsequent breach of the same provision. Lender’s consent to or approval of
any act by Borrower requiring further consent or approval shall not be deemed to waive or render unnecessary Lender’s consent to
or approval of any subsequent act. Lender’s acceptance of the late performance of any obligation shall not constitute a waiver
by Lender of the right to require prompt performance of all further obligations; Lender’s acceptance of any performance following
the sending or filing of any notice of default shall not constitute a waiver of Lender’s right to proceed with the exercise of
its remedies for any unfulfilled obligations; and Lender’s acceptance of any partial performance shall not constitute a waiver
by Lender of any rights relating to the unfulfilled portion of the applicable obligation.


 


4.
INDEMNITY OF LENDER. BORROWER SHALL DEFEND, INDEMNIFY AND HOLD HARMLESS LENDER AND ITS DIRECTORS, OFFICERS, AGENTS, EMPLOYEES
AND ATTORNEYS (COLLECTIVELY, THE “INDEMNITEE”) FROM AND AGAINST: (A) ALL CLAIMS, DEMANDS AND CAUSES OF ACTION
ASSERTED AGAINST ANY INDEMNITEE BY ANY PERSON OR ENTITY IF THE CLAIM, DEMAND OR CAUSE OF ACTION DIRECTLY OR INDIRECTLY RELATES TO
ANY CLAIM, DEMAND OR CAUSE OF ACTION THAT THE PERSON OR ENTITY HAS OR ASSERTS AGAINST BORROWER, ANY GUARANTOR OR PRINCIPAL,
INCLUDING WITHOUT LIMITATION CLAIMS, DEMANDS AND CAUSES OF ACTION ARISING OUT OF ANY COMMISSION, CHARGE OR BROKERAGE FEE INCURRED IN
CONNECTION WITH THE LOAN; AND (B) ALL LIABILITIES, LOSSES, DAMAGES AND COSTS AND EXPENSES (INCLUDING COURT COSTS AND
ATTORNEYS’ FEES) INCURRED BY ANY INDEMNITEE AS A RESULT OF ANY CLAIM, DEMAND OR CAUSE OF ACTION DESCRIBED IN SUBPARAGRAPH (A).
LENDER’S INDEMNITY RIGHTS SHALL NOT BE LIMITED, PREJUDICED OR IMPAIRED IN ANY WAY BY ANY FINDING OR ALLEGATION THAT
LENDER’S CONDUCT IS ACTIVE, PASSIVE OR SUBJECT TO ANY OTHER CLASSIFICATION OR THAT LENDER IS DIRECTLY OR INDIRECTLY
RESPONSIBLE UNDER ANY THEORY FOR ANY ACT OR OMISSION BY BORROWER OR ANY OTHER PERSON OR ENTITY. NOTWITHSTANDING THE FOREGOING,
BORROWER SHALL NOT BE OBLIGATED TO INDEMNIFY LENDER WITH RESPECT TO THE CONSEQUENCES OF ANY ACT OF GROSS NEGLIGENCE OR WILLFUL
MISCONDUCT WHICH LENDER IS DETERMINED BY A COURT OF COMPETENT JURISDICTION (SUSTAINED ON APPEAL, IF ANY) TO HAVE COMMITTED BUT
BORROWER DOES HEREBY EXPRESSLY CONFIRM AND AGREE THAT THIS INDEMNITY IS INTENDED TO COVER LENDER’S ORDINARY NEGLIGENCE.
BORROWER’S OBLIGATIONS UNDER THIS SECTION SHALL SURVIVE THE CANCELLATION OF THIS NOTE.


 




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5.
Waivers. Borrower and all co-makers, guarantors, accommodation parties, endorsers and other persons and entities liable
for amounts owing hereunder hereby waive any right of offset, presentment, demand, protest, notice of dishonor, notice of protest, notice
of intent to accelerate and all other notices and demands of every kind, and all suretyship defenses of every kind that would otherwise
be available in connection with this Note, including without limitation any right (whether now or hereafter existing) to require the
holder hereof to first proceed against Borrower, any other person or entity, or any security. In the event that, at any time, any surety
exists that is liable upon only a portion of Borrower’s obligations under the Loan Documents and Borrower provides partial satisfaction
of any such obligation(s), Borrower hereby waives any right it would otherwise have, under applicable law, to designate the portion of
the obligation to be satisfied. The designation of the portion of the obligation to be satisfied shall, to the extent not expressly made
by the terms of the Loan Documents, be made by Lender rather than Borrower.


 


6.
Miscellaneous.


 


6.1
Notices. Any notices or other communication required or permitted to be given to Lender pursuant to this Note or any other Loan
Document must be given in writing and must be transmitted by a national overnight delivery service or by certified mail, return receipt
requested, to Lender’s address specified in Section 1 hereof, or to any other address that Lender may specify, in writing, from
time to time. Any notice will be considered given on the date Lender acknowledges receipt from the overnight delivery service or the
date the return receipt is executed. Any notices or other communication required or permitted to be given to Borrower pursuant to this
Note or any other Loan Document must be given in writing, and must be personally delivered, transmitted by any national overnight delivery
service, by certified mail, return receipt requested, or by U.S. Mail for regular delivery to Borrower’s current address found
in Lender’s records, or by upload of a file to a website regularly used for communication by Lender to Borrower or by e-mail to
Borrower at an e-mail address regularly used for communication by Lender to Borrower. Notice will be deemed given on the date it is personally
delivered, uploaded to a website, or e-mailed, or one day after transmitting by overnight delivery service, or the date the return receipt
is executed, or five (5) days after regular mailing by U.S. Mail.


 


6.2
Entire Agreement; Amendment; Counterparts. This Note and the other Loan Documents contain the entire agreement between Lender
and Borrower in connection with the Loan and supersede all prior agreements and negotiations, whether written or oral. This Note and
the other Loan Documents may be amended only by a writing signed by Lender and each other party against whom enforcement of such amendment
may be sought. Any waiver by Lender of any term or provision of this Note or any other Loan Document or of any Event of Default or default
hereunder or thereunder must be in writing and shall be effective only to the extent set forth in writing. Each of the Note and the other
Loan Documents and any amendments thereto may be executed in counterparts, each of which shall be deemed to be an original and all such
counterparts of one document taken together shall be deemed to be one and the same document.


 


6.3
Governing Law. This Note and the other Loan Documents shall be governed by, and construed in accordance with, the laws of the
State of Texas.


 







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6.4
Captions. Captions and paragraph headings in this Note and the other Loan Documents are for convenience of reference only, and
shall not be used to interpret or limit the meaning of this Note or any other Loan Document.


 


6.5
Severability. If any provision of this Note or any other Loan Document shall be held to be prohibited by or invalid under applicable
law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of
such provision or any remaining provisions of this Note and the Loan Documents.


 


6.6
Time of Essence. Time is of the essence of each and every provision of this Note and the other Loan Documents.


 


6.7
Successors. This Note and the other Loan Documents shall be binding on Borrower and its successors and assigns and shall inure
to the benefit of Lender and its successors and assigns; provided, however, that in no event may Borrower assign any of its rights or
obligations under this Note or under any of the other Loan Documents (and any attempt by Borrower to do so shall, at Lender’s option,
be void).


 


6.8
Costs. Borrower shall pay to Lender on demand all costs and expenses incurred by Lender in connection with the negotiation, preparation,
execution and delivery of the Loan Documents, and in connection with the administration, amendment, waiver, refinancing, restructuring,
reorganization (including, without limitation, a bankruptcy reorganization) and enforcement or attempted enforcement of the Loan Documents,
and any matter related thereto, including, without limitation, filing fees, recording fees, release and reconveyance fees, title insurance
fees, realty tax services, appraisal fees, environmental report costs, engineering report costs, search fees and other out-of-pocket
expenses and the fees and out-of-pocket expenses of any legal counsel, independent public accountants, appraisers, environmental engineers,
insurance consultants and other inside or outside experts retained by Lender, and including, without limitation, any costs, expenses
or fees incurred or suffered by Lender in connection with or during the course of any bankruptcy or insolvency proceedings of Borrower.
Any amount payable to Lender under this Section shall be due on demand and shall bear interest from the date of payment at the Default
Rate


 


6.9
Joint and Several Liability. If more than one person and/or entity signs this Note or any other Loan Document as the Borrower,
then such person(s) and/or entity(ies) shall be jointly and severally liable for the obligations of the Borrower under this Note and
the other Loan Documents.


 


6.10
WAIVER OF JURY TRIAL. BORROWER AND LENDER (COLLECTIVELY, THE “PARTIES”) HEREBY WAIVE AND AGREE TO WAIVE TRIAL
BY JURY IN ANY RELATED ACTION. “RELATED ACTION” MEANS ANY ACTION OR PROCEEDING (INCLUDING COUNTERCLAIMS), WHETHER
ARISING IN CONTRACT OR TORT, AT LAW OR IN EQUITY, OR OTHERWISE, BROUGHT BY ANY PARTY OR OTHERWISE INVOLVING ANY OR ALL OF THE PARTIES,
IN CONNECTION WITH ANY MATTER(S) WHATSOEVER ARISING OUT OF, OR IN CONNECTION WITH, THIS NOTE, ANY LOAN DOCUMENT, ANY DOCUMENT OR INSTRUMENT
IN CONNECTION HEREWITH OR THEREWITH, THE LOAN, ANY OTHER TRANSACTION CONTEMPLATED HEREBY OR THEREBY, THE RELATIONSHIP OR DEALINGS AMONG
ANY OR ALL OF THE PARTIES, ANY ACTION OR INACTION BY ANY PARTY, OR ANY CLAIM OF INJURY OR DAMAGE.


 




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6.11
PROPER FORUM. BORROWER IRREVOCABLY SUBMITS AND CONSENTS TO THE NON-EXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL COURTS LOCATED
IN THE STATE OF TEXAS WITH RESPECT TO ANY “RELATED ACTION”. IN ANY RELATED ACTION, BORROWER WAIVES PERSONAL SERVICE OF THE
SUMMONS AND COMPLAINT OR OTHER PROCESS AND PAPERS AND AGREES THAT SERVICE OF PROCESS MAY BE MADE BY MAIL DIRECTED TO BORROWER AT THE
ADDRESS FOR NOTICES TO BORROWER UNDER SECTION 6.1, ABOVE, OR AS OTHERWISE PROVIDED BY LAW. SERVICE IS DEEMED COMPLETE THREE (3) DAYS
AFTER MAILING, OR AS PERMITTED UNDER THE COURT’S RULES. ANY ACTION OR PROCEEDING BEGUN BY BORROWER AGAINST LENDER WILL BE LITIGATED
ONLY IN A FEDERAL COURT LOCATED IN THE NORTHERN DISTRICT OF TEXAS, FORT WORTH OR DALLAS DIVISION OR A STATE COURT IN TARRANT COUNTY,
TEXAS, AND BORROWER WAIVES ANY OBJECTION BASED ON FORUM NON CONVENIENS AND ANY OBJECTION TO VENUE IN CONNECTION WITH ANY SUCH ACTION
OR PROCEEDING. NOTWITHSTANDING THE FOREGOING, THE PARTIES AGREE THAT, WITH RESPECT TO ANY COLLATERAL GIVEN BY BORROWER OR ANY OTHER PERSON
TO LENDER LOCATED IN STATES OR JURISDICTIONS OTHER THAN THE STATE AND JURISDICTION OF THE DESIGNATED COURT, OR IN COUNTIES OTHER THAN
THAT OF THE DESIGNATED COURT, LENDER SHALL BE ENTITLED TO COMMENCE ACTIONS IN SUCH STATES OR JURISDICTIONS, OR IN SUCH COUNTIES, AGAINST
BORROWER OR OTHER PERSONS FOR THE PURPOSE OF SEEKING PROVISIONAL REMEDIES, INCLUDING WITHOUT LIMITATION ACTIONS FOR CLAIM AND DELIVERY
OF PROPERTY, OR FOR INJUNCTIVE RELIEF OR APPOINTMENT OF A RECEIVER, OR ACTIONS TO FORECLOSE UPON LIENS GRANTED TO LENDER.


 




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6.12
Interest Provisions.


 


(a)
Savings Clause. It is expressly stipulated and agreed to be the intent of Borrower and Lender at all times to comply strictly
with the applicable law governing the maximum rate or amount of interest payable on the indebtedness evidenced by this Note (or applicable
United States federal law to the extent that it permits Lender to contract for, charge, take, reserve or receive a greater amount of
interest than under law). If the applicable law is ever judicially interpreted so as to render usurious any amount (i) contracted for,
charged, taken, reserved or received pursuant to this Note, any of the other Loan Documents or any other communication or writing by
or between Borrower and Lender related to the transaction or transactions that are the subject matter of the Loan Documents, (ii) contracted
for, charged, taken, reserved or received by reason of Lender’s exercise of the option to accelerate the maturity of this Note,
or (iii) Borrower will have paid or Lender will have received by reason of any voluntary prepayment by Borrower of this Note, then it
is Borrower’s and Lender’s express intent that all amounts charged in excess of the Maximum Lawful Rate shall be automatically
canceled, ab initio, and all amounts in excess of the Maximum Lawful Rate theretofore collected by Lender shall be credited on the principal
balance of this Note (or, if this Note has been or will thereby be paid in full, refunded to Borrower), and the provisions of this Note
and the other Loan Documents shall immediately be deemed reformed and the amounts thereafter collectible hereunder and thereunder reduced,
without the necessity of the execution of any new document, so as to comply with the applicable law, but so as to permit the recovery
of the fullest amount otherwise called for hereunder and thereunder; provided, however, if this Note has been paid in full before the
end of the stated term of this Note, then Borrower and Lender agree that Lender shall, with reasonable promptness after Lender discovers
or is advised by Borrower that interest was received in an amount in excess of the Maximum Lawful Rate, either refund such excess interest
to Borrower and/or credit such excess interest against this Note then owing by Borrower to Lender. Borrower hereby agrees that as a condition
precedent to any claim seeking usury penalties against Lender, Borrower will provide written notice to Lender, advising Lender in reasonable
detail of the nature and amount of the violation, and Lender shall have sixty (60) days after receipt of such notice in which to correct
such usury violation, if any, by either refunding such excess interest to Borrower or crediting such excess interest against this Note
then owing by Borrower to Lender. All sums contracted for, charged, taken, reserved or received by Lender for the use, forbearance or
detention of any debt evidenced by this Note shall, to the extent permitted by applicable law, be amortized or spread, using the actuarial
method, throughout the stated term of this Note (including any and all renewal and extension periods) until payment in full so that the
rate or amount of interest on account of this Note does not exceed the Maximum Lawful Rate from time to time in effect and applicable
to this Note for so long as debt is outstanding. Notwithstanding anything to the contrary contained herein or in any of the other Loan
Documents, it is not the intention of Lender to accelerate the maturity of any interest that has not accrued at the time of such acceleration
or to collect unearned interest at the time of such acceleration


 


(b)
Ceiling Election. To the extent that Lender is relying on Chapter 303 of the Texas Finance Code to determine the Maximum Lawful
Rate payable on the Note and/or any other portion of the Indebtedness, Lender will utilize the weekly ceiling from time to time in effect
as provided in such Chapter 303, as amended. To the extent United States federal law permits Lender to contract for, charge, take, receive
or reserve a greater amount of interest than under Texas law, Lender will rely on United States federal law instead of such Chapter 303
for the purpose of determining the Maximum Lawful Rate. Additionally, to the extent permitted by applicable law now or hereafter in effect,
Lender may, at its option and from time to time, utilize any other method of establishing the Maximum Lawful Rate under such Chapter
303 or under other applicable law by giving notice, if required, to Borrower as provided by applicable law now or hereafter in effect.


 


6.13
Loan Fee. Borrower shall pay to Lender a loan fee in the amount of $20,000.00 due and payable upon the Closing Date.


 


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remainder of this page intentionally left blank.]


 




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The
undersigned Borrower has executed this Note as of the date first written above.


 


	 	BORROWER:
	 	 
	 	STRYVE
    FOODS, LLC,
	 	a
    Texas limited liability company
	 	 	 
	 	By:	/s/
    Joseph Oblas
	 	Name:
    	Joseph
    Alan Oblas
	 	Title:
    	Manager


 


	 	/s/
    THEODORE CASEY, an individual
	 	 
	 	/s/
    JOSEPH ALAN OBLAS, an individual
	 	 
	 	/s/
    GABRIEL CARIMI, an individual
	 	 
	 	Borrower’s
    Address for Notices:
	 	 
	 	5801
    Tennyson Parkway, Suite 275 Plano, Texas 75024


 




    	PROMISSORY NOTE – Signature Page



    	 



    

 





EXHIBIT
1


 


DEFINED
TERMS


 


“Borrower”
has the meaning given in the first paragraph of this Note.


 


“Business
Day” means any day (other than a Saturday or Sunday) on which banks are authorized or permitted to be open and conducting their
customary transactions in both Fort Worth, Texas and New York, New York, and on which the bank to which payments under this Note may
be delivered by wire transfer is accepting wire transfers.


 


“Charges”
shall mean all fees, charges and/or any other things of value, if any, contracted for, charged, taken, received or reserved by Lender
in connection with the transactions relating to this Note and the other Loan Documents, which are treated as interest under applicable
law.


 


“Closing
Date” means the first date any proceeds of the Loan are disbursed. “Default Rate” has the meaning given
in Section 2.5 of this Note.


 


“Electronic
Funds Transfer” shall have the meaning given to such term in the Master Loan Agreement.


 


“Guaranty”
means [Intentionally deleted.]


 


“Guarantor”
means [Intentionally deleted.]


 


“Lender”
has the meaning given in the first paragraph of this Note.





 


“Loan”
means the loan evidenced by this Note.


 


“Loan
Agreement” means that certain Loan Agreement as in effect from time to time between Borrower and Lender, as amended from time
to time.


 


“Loan
Documents” means this Note and any and all other documents executed at Lender’s request in connection with the Loan.


 


“Loan
Rate” has the meaning set forth in Section 2.1 of this Note.


 


“Maximum
Lawful Rate” shall mean the maximum lawful rate of interest which may be contracted for, charged, taken, received or reserved
by Lender in accordance with the applicable laws of the State of Texas (or applicable United States federal law to the extent that such
law permits Lender to contract for, charge, take, receive or reserve a greater amount of interest than under Texas law), taking into
account all Charges made in connection with the transaction evidenced by this Note and the other Loan Documents.


 


“Note”
has the meaning given in the first paragraph above.


 


“Parties”
has the meaning given in Section 6.10 of this Note.


 







    	EXHIBIT 1 – Defined Terms – Page 1




    	 



    

 


“Principal”
means, collectively, JOSEPH ALAN OBLAS, an individual, GABRIEL CARIMI, an individual, and THEODORE R. CASEY, an
individual.


 


“Related
Action” has the meaning given in Section 6.10 of this Note.


 


“Related
Indebtedness” shall mean any and all indebtedness paid or payable by Borrower to Lender pursuant to the Loan Documents or any
other communications or writing by or between Borrower and Lender related to the transaction or transactions that are the subject matter
of the Loan Documents, except such indebtedness which has been paid or is payable by Borrower to Lender under this Note.


 


“Security
Agreement” has the meaning given in the first paragraph of this Note.


 




    	EXHIBIT 1 – Defined Terms – Page 2