Document:

Exhibit 4.1

 

NEITHER THIS SECURITY NOR THE SECURITIES
FOR WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION
OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE PURCHASER TO SUCH
EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.

 

GENERATION HEMP, INC.

 

WARRANT TO PURCHASE COMMON STOCK

(Cash Exercise)

 

Warrant No.: ___

Number of Shares of Common Stock: 50,000

Date of Issuance: _______

 

Generation Hemp, Inc., a Colorado corporation
(the “Company”), hereby certifies that, for good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, , the registered holder hereof or its permitted assigns (the “Holder”), is entitled,
subject to the terms set forth below, to purchase from the Company, at the Exercise Price (as defined below) then in effect, upon
surrender of this Warrant to Purchase Common Stock (including any Warrants to Purchase Common Stock issued in exchange, transfer
or replacement hereof, the “Warrant”), at any time or times on or after the Issuance Date, but not after 11:59
p.m., New York time, on the Expiration Date (as defined below), 50,000 (fifty thousand) fully paid non-assessable shares of Common
Stock (as defined below) (the “Warrant Shares”). Except as otherwise defined herein, capitalized terms in this
Warrant shall have the meanings set forth in Section 16. This Warrant is the Warrant to purchase Common Stock (this “Warrant”)
issued pursuant to Section 1(a) of that certain Preferred Stock and Warrant Subscription Agreement (the “Subscription
Agreement”), dated as of this date (the “Closing Date”), by and between the Company and the Purchasers
(as defined therein).

 

     

     

    

 

1. EXERCISE OF WARRANT.

 

(a) Mechanics of
Exercise. Subject to the terms and conditions hereof, this Warrant may be exercised by the Holder on any day on or after the
thirtieth (30th) day after the Issuance Date, in whole or in part, by (i) delivery of a written notice, in the form
attached hereto as Exhibit A (the “Exercise Notice”), of the Holder’s election to exercise this Warrant
and (ii) (A) payment to the Company of an amount equal to the applicable Exercise Price multiplied by the number of Warrant Shares
as to which this Warrant is being exercised (the “Aggregate Exercise Price”) in cash or by wire transfer of
immediately available funds or (B) provided the conditions for cashless exercise set forth in Section 1(d) are satisfied, by notifying
the Company that this Warrant is being exercised pursuant to a Cashless Exercise (as defined in Section 1(d)). The Holder shall
not be required to deliver the original Warrant in order to effect an exercise hereunder. Execution and delivery of the Exercise
Notice with respect to less than all of the Warrant Shares shall have the same effect as cancellation of the original Warrant and
issuance of a new Warrant evidencing the right to purchase the remaining number of Warrant Shares. On or before the first (1st
) Business Day following the date on which the Company has received each of the Exercise Notice and the Aggregate Exercise Price
(or notice of a Cashless Exercise) (collectively, the “Exercise Delivery Documents”), the Company shall transmit
by facsimile or electronic mail an acknowledgment of receipt of the Exercise Delivery Documents to the Holder and Continental Stock
Transfer & Trust Company (the Company’s “Transfer Agent”). On or before the third (3rd) Business Day
following the date on which the Company has received all of the Exercise Delivery Documents (the “Share Delivery Date”),
the Company shall cause the Shares to be issued in the name of and delivered to the Holder (i) written confirmation that the Shares
have been issued in the name of the Holder, and (ii) a new warrant of like tenor to purchase all of the Shares that may be purchased
pursuant to the portion, if any, of this Warrant not exercised by the Holder. No fractional shares of Common Stock are to be issued
upon the exercise of this Warrant, but rather the number of shares of Common Stock to be issued shall be rounded down to the nearest
whole number.

 

(b) Exercise Price.
For purposes of this Warrant, “Exercise Price” means $0.352 per share of Common Stock subject to adjustment
as provided herein.

 

(c) Legend. The
Holder acknowledges that each certificate evidencing the Warrant Shares acquired upon the exercise of this Warrant will have restrictions
upon resale imposed by state and federal securities laws. Each such certificate shall be stamped or imprinted with a legend substantially
in the following form:

 

THE SECURITIES REPRESENTED
BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES
LAWS OF ANY STATE AND MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER APPLICABLE FEDERAL
AND STATE SECURITIES LAWS OR PURSUANT TO AN APPLICABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS
OF THE ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE PURCHASER
TO SUCH EFFECT, WHICH OPINION SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.

 

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(d) Beneficial Ownership.
The Company shall not effect the exercise of this Warrant, and the Holder shall not have the right to exercise this Warrant, to
the extent that after giving effect to such exercise, such Person (together with such Person’s affiliates) would beneficially
own in excess of 9.99% (the “Maximum Percentage”) of the shares of Common Stock outstanding immediately after
giving effect to such exercise (including in connection with any Fundamental Transaction (as defined below)). For purposes of the
foregoing sentence, the aggregate number of shares of Common Stock beneficially owned by such Person and its affiliates shall include
the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which the determination of such sentence
is being made, but shall exclude shares of Common Stock which would be issuable upon (i) exercise of the remaining, unexercised
portion of this Warrant beneficially owned by such Person and its affiliates and (ii) exercise or conversion of the unexercised
or unconverted portion of any other securities of the Company beneficially owned by such Person and its affiliates (including,
without limitation, any convertible notes or convertible preferred stock or warrants) subject to a limitation on conversion or
exercise analogous to the limitation contained herein. Except as set forth in the preceding sentence, for purposes of this paragraph,
beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended. For
purposes of this Warrant, in determining the number of outstanding shares of Common Stock, the Holder may rely on the number of
outstanding shares of Common Stock as reflected in (1) the Company’s most recent Form 10-K, Form 10-Q, Current Report on
Form 8-K or other public filing with the Securities and Exchange Commission, as the case may be, (2) a more recent public announcement
by the Company or (3) any other notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock
outstanding. To the extent that the limitation contained in this Section 1(f) applies, the determination of whether this Warrant
is exercisable (in relation to other securities owned by such Holder) and of which a portion of this Warrant is exercisable shall
be in the sole discretion of a Holder, and the submission of an Exercise Notice shall be deemed to be each Holder’s determination
of whether this Warrant is exercisable (in relation to other securities owned by such Holder) and of which portion of this Warrant
is exercisable, in each case subject to such aggregate percentage limitation, and the Company shall have no obligation to verify
or confirm the accuracy of such determination. For any reason at any time, upon the written or oral request of the Holder, the
Company shall within two (2) Business Days confirm to the Holder the number of shares of Common Stock then outstanding. In any
case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of
securities of the Company, including this Warrant, by the Holder and its affiliates since the date as of which such number of outstanding
shares of Common Stock was reported. By written notice to the Company, the Holder may from time to time increase or decrease the
Maximum Percentage to any other percentage not in excess of 9.99% specified in such notice; provided that (i) any such increase
will not be effective until the sixty-first (61st) day after such notice is delivered to the Company, and (ii) any such increase
or decrease will apply only to the Holder. The provisions of this paragraph shall be construed and implemented in a manner otherwise
than in strict conformity with the terms of this Section 1(g) to correct this paragraph (or any portion hereof) which may be defective
or inconsistent with the intended beneficial ownership limitation herein contained or to make changes or supplements necessary
or desirable to properly give effect to such limitation.

 

2. ADJUSTMENT OF EXERCISE PRICE AND
NUMBER OF WARRANT SHARES. The Exercise Price and the number of Warrant Shares shall be adjusted from time to time as follows:

 

(a) Adjustment upon
Subdivision or Combination of Common Stock. If the Company at any time on or after the Closing Date subdivides (by any stock
split, stock dividend, recapitalization, reorganization, scheme, arrangement or otherwise) one or more classes of its outstanding
shares of Common Stock into a greater number of shares, the Exercise Price in effect immediately prior to such subdivision will
be proportionately reduced and the number of Warrant Shares will be proportionately increased. If the Company at any time on or
after the Closing Date combines (by any stock split, stock dividend, recapitalization, reorganization, scheme, arrangement or otherwise)
one or more classes of its outstanding shares of Common Stock into a smaller number of shares, the Exercise Price in effect immediately
prior to such combination will be proportionately increased and the number of Warrant Shares will be proportionately decreased.
Any adjustment under this Section 2(a) shall become effective at the close of business on the date the subdivision or combination
becomes effective.

 

(b) Other Events.
If any event occurs of the type contemplated by the provisions of this Section 2 but not expressly provided for by such provisions
(including, without limitation, the granting of stock appreciation rights, phantom stock rights or other rights with equity features),
then the Company’s Board of Directors will make an appropriate adjustment in the Exercise Price and the number of Warrant
Shares so as to protect the rights of the Holder; provided that no such adjustment pursuant to this Section 2(b) will increase
the Exercise Price or decrease the number of Warrant Shares as otherwise determined pursuant to this Section 2 .

 

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3. RIGHTS UPON DISTRIBUTION OF ASSETS.
If the Company shall declare or make any dividend or other distribution of its assets (or rights to acquire its assets) to all
holders of shares of Common Stock, by way of return of capital or otherwise (including, without limitation, any distribution of
cash, stock or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement,
scheme of arrangement or other similar transaction) (a “Distribution”), at any time after the issuance of this
Warrant, then, in each such case:

 

(a) any Exercise Price
in effect immediately prior to the close of business on the record date fixed for the determination of holders of shares of Common
Stock entitled to receive the Distribution shall be reduced, effective as of the close of business on such record date, to a price
determined by multiplying such Exercise Price by a fraction of which (i) the numerator shall be the Closing Bid Price of the shares
of Common Stock on the Trading Day immediately preceding such record date minus the value of the Distribution (as determined in
good faith by the Company’s Board of Directors) applicable to one share of Common Stock, and (ii) the denominator shall be
the Closing Bid Price of the shares of Common Stock on the Trading Day immediately preceding such record date; and

 

(b) the number of Warrant
Shares shall be increased to a number of shares equal to the number of shares of Common Stock obtainable immediately prior to the
close of business on the record date fixed for the determination of holders of shares of Common Stock entitled to receive the Distribution
multiplied by the reciprocal of the fraction set forth in the immediately preceding paragraph (a); provided that in the
event that the Distribution is of shares of Common Stock (or common stock) (“Other Shares of Common Stock”)
of a company whose shares of common stock are traded on a national securities exchange or a national automated quotation system,
then the Holder may elect to receive a warrant to purchase Other Shares of Common Stock in lieu of an increase in the number of
Warrant Shares, the terms of which shall be identical to those of this Warrant, except that such warrant shall be exercisable into
the number of shares of Other Shares of Common Stock that would have been payable to the Holder pursuant to the Distribution had
the Holder exercised this Warrant immediately prior to such record date and with an aggregate exercise price equal to the product
of the amount by which the exercise price of this Warrant was decreased with respect to the Distribution pursuant to the terms
of the immediately preceding paragraph (a) and the number of Warrant Shares calculated in accordance with the first part of this
paragraph (b).

 

4. PURCHASE RIGHTS; FUNDAMENTAL TRANSACTIONS.

 

(a) Purchase Rights.
In addition to any adjustments pursuant to Section 2 above, if at any time the Company grants, issues or sells any Options, Convertible
Securities or rights to purchase stock, warrants, securities or other property pro rata to the record holders of any class of shares
of Common Stock (the “Purchase Rights”), then the Holder will be entitled to acquire, upon the terms applicable
to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of
shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on the exercise of
this Warrant) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or,
if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the grant,
issue or sale of such Purchase Rights.

 

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(b) Fundamental
Transactions. The Company shall not enter into or be party to a Fundamental Transaction unless the Successor Entity assumes
this Warrant in accordance with the provisions of this Section (4)(b), including agreements to deliver to each holder of Warrants
in exchange for such Warrants a security of the Successor Entity evidenced by a written instrument substantially similar in form
and substance to this Warrant, including, without limitation, an adjusted exercise price equal to the value for the shares of Common
Stock reflected by the terms of such Fundamental Transaction, and exercisable for a corresponding number of shares of capital stock
equivalent to the shares of Common Stock acquirable and receivable upon exercise of this Warrant (without regard to any limitations
on the exercise of this Warrant) prior to such Fundamental Transaction, and satisfactory to the Holder. Upon the occurrence of
any Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the date of
such Fundamental Transaction, the provisions of this Warrant referring to the “Company” shall refer instead to the
Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company
under this Warrant with the same effect as if such Successor Entity had been named as the Company herein. Upon consummation of
the Fundamental Transaction, the Successor Entity shall deliver to the Holder confirmation that there shall be issued upon exercise
of this Warrant at any time after the consummation of the Fundamental Transaction, in lieu of the shares of the Common Stock (or
other securities, cash, assets or other property) purchasable upon the exercise of the Warrant prior to such Fundamental Transaction,
such shares of stock, securities, cash, assets or any other property whatsoever (including warrants or other purchase or subscription
rights) which the Holder would have been entitled to receive upon the happening of such Fundamental Transaction had this Warrant
been converted immediately prior to such Fundamental Transaction, as adjusted in accordance with the provisions of this Warrant.
In addition to and not in substitution for any other rights hereunder, prior to the consummation of any Fundamental Transaction
pursuant to which holders of shares of Common Stock are entitled to receive securities or other assets with respect to or in exchange
for shares of Common Stock (a “Corporate Event”), the Company shall make appropriate provision to insure that
the Holder will thereafter have the right to receive upon an exercise of this Warrant at any time after the consummation of the
Fundamental Transaction but prior to the Expiration Date, in lieu of the shares of the Common Stock (or other securities, cash,
assets or other property) purchasable upon the exercise of the Warrant prior to such Fundamental Transaction, such shares of stock,
securities, cash, assets or any other property whatsoever (including warrants or other purchase or subscription rights) which the
Holder would have been entitled to receive upon the happening of such Fundamental Transaction had the Warrant been exercised immediately
prior to such Fundamental Transaction. If holders of Common Stock are given any choice as to the securities, cash or property to
be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the consideration it receives upon
any exercise of this Warrant following such Fundamental Transaction. The provisions of this Section 4 shall apply similarly and
equally to successive Fundamental Transactions and Corporate Events and shall be applied without regard to any limitations on the
exercise of this Warrant.

 

5. NONCIRCUMVENTION. The Company
hereby covenants and agrees that the Company will not, by amendment of its Certificate of Incorporation, Bylaws or through any
reorganization, transfer of assets, consolidation, merger, scheme of arrangement, dissolution, issue or sale of securities, or
any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, and will
at all times in good faith carry out all the provisions of this Warrant and take all action as may be required to protect the rights
of the Holder. Without limiting the generality of the foregoing, the Company (i) shall not increase the par value of any shares
of Common Stock receivable upon the exercise of this Warrant above the Exercise Price then in effect, (ii) shall take all such
actions as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable
shares of Common Stock upon the exercise of this Warrant, and (iii) shall, so long as this Warrant is outstanding, take all action
necessary to reserve and keep available out of its authorized and unissued shares of Common Stock, solely for the purpose of effecting
the exercise of this Warrant, 100% of the number of shares of Common Stock issuable upon exercise of this Warrant then outstanding
(without regard to any limitations on exercise).

 

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6. WARRANT HOLDER NOT DEEMED A STOCKHOLDER.
Except as otherwise specifically provided herein, the Holder, solely in such Person’s capacity as a holder of this Warrant,
shall not be entitled to vote or receive dividends or be deemed the holder of share capital of the Company for any purpose, nor
shall anything contained in this Warrant be construed to confer upon the Holder, solely in such Person’s capacity as the
Holder of this Warrant, any of the rights of a stockholder of the Company or any right to vote, give or withhold consent to any
corporate action (whether any reorganization, issue of stock, reclassification of stock, consolidation, merger, conveyance or otherwise),
receive notice of meetings, receive dividends or subscription rights, or otherwise, prior to the issuance to the Holder of the
Warrant Shares which such Person is then entitled to receive upon the due exercise of this Warrant. In addition, nothing contained
in this Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities (upon exercise of this
Warrant or otherwise) or as a stockholder of the Company, whether such liabilities are asserted by the Company or by creditors
of the Company.

 

7. REISSUANCE OF WARRANTS.

 

(a) Transfer of
Warrant. If this Warrant is to be transferred, the Holder shall surrender this Warrant to the Company together with a written
assignment of this Warrant in the form attached hereto as Exhibit B duly executed by the Holder or its agent or attorney, whereupon
the Company will forthwith, subject to compliance with any applicable securities laws, issue and deliver upon the order of the
Holder a new Warrant (in accordance with Section 7(d)), registered as the Holder may request, representing the right to purchase
the number of Warrant Shares being transferred by the Holder and, if less than the total number of Warrant Shares then underlying
this Warrant is being transferred, a new Warrant (in accordance with Section 7(d)) to the Holder representing the right to purchase
the number of Warrant Shares not being transferred.

 

(b) Lost, Stolen
or Mutilated Warrant. Upon receipt by the Company of evidence reasonably satisfactory to the Company of the loss, theft, destruction
or mutilation of this Warrant, and, in the case of loss, theft or destruction, of any indemnification undertaking by the Holder
to the Company in customary form and, in the case of mutilation, upon surrender and cancellation of this Warrant, the Company shall
execute and deliver to the Holder a new Warrant (in accordance with Section 7(d)) representing the right to purchase the Warrant
Shares then underlying this Warrant.

 

(c) Exchangeable
for Multiple Warrants. This Warrant is exchangeable, upon the surrender hereof by the Holder at the principal office of the
Company, for a new Warrant or Warrants (in accordance with Section 7(d)) representing in the aggregate the right to purchase the
number of Warrant Shares then underlying this Warrant, and each such new Warrant will represent the right to purchase such portion
of such Warrant Shares as is designated by the Holder at the time of such surrender; provided, however, that no Warrants for fractional
shares of Common Stock shall be given.

 

(d) Issuance of
New Warrants. Whenever the Company is required to issue a new Warrant pursuant to the terms of this Warrant, such new Warrant
(i) shall be of like tenor with this Warrant, (ii) shall represent, as indicated on the face of such new Warrant, the right to
purchase the Warrant Shares then underlying this Warrant (or in the case of a new Warrant being issued pursuant to Section 7(a)
or Section 7(c), the Warrant Shares designated by the Holder which, when added to the number of shares of Common Stock underlying
the other new Warrants issued in connection with such issuance, does not exceed the number of Warrant Shares then underlying this
Warrant), (iii) shall have an issuance date, as indicated on the face of such new Warrant, which is the same as the Issuance Date,
and (iv) shall have the same rights and conditions as this Warrant.

 

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8. OPTIONAL REDEMPTION. Beginning
on February 1, 2021, at any time within 10 days following the occurrence of a Trading Threshold (as defined in Section 16(q)),
the Company shall be entitled to redeem the Warrants, or any of them, at a per Warrant Share redemption price of $0.0001 (the “Redemption
Price”), upon 30 days’ written notice to the Holder. Hereinafter such 30-day period, as it may be extended pursuant
to this Section 8, is referred to as the “Redemption Period.” Upon the expiration of the Redemption Period (the
“Redemption Date”), all Warrants noticed for redemption that have not theretofore been exercised by the Holder
shall, upon payment of the aggregate Redemption Price therefor, cease to represent the right to purchase any shares of Common Stock
and shall be deemed cancelled and void and of no further force or effect without any further act or deed on the part of the Company.
The Holder undertakes to return the certificate representing any redeemed Warrants to the Company upon their redemption and to
indemnify the Company with respect to any losses, claims, damages or liabilities arising from the Holder’s failure to return
such certificate. In the event the certificate so returned represents a number of Warrants in excess of the number being redeemed,
the Company shall as promptly as practicable issue to the Holder a new certificate for the number of unredeemed Warrants.

 

9. NOTICES. The Company shall provide
the Holder with prompt written notice of all actions taken pursuant to this Warrant, including in reasonable detail a description
of such action and the reason therefor. Whenever notice is required to be given under this Warrant, unless otherwise provided herein,
such notice shall be given in writing, will be mailed (a) if within the domestic United States by first-class registered or certified
mail, or nationally recognized overnight express courier, postage prepaid, or by facsimile or (b) if delivered from outside the
United States, by International Federal Express or facsimile, and (c) will be deemed given (i) if delivered by first-class registered
or certified mail domestic, three business days after so mailed, (ii) if delivered by nationally recognized overnight carrier,
one business day after so mailed, (iii) if delivered by International Federal Express, two business days after so mailed and (iv)
if delivered by facsimile, upon electronic confirmation of receipt, and will be delivered and addressed as follows:

 

	 	(a) 	if to the Company, to:

 

Generation Hemp, Inc.

P.O. Box 540308

Dallas, Texas 75354

Attention: Gary C. Evans

Email: gevans@genhempinc.com

 

with copies to:

 

Duane Morris LLP

1540 Broadway

New York, NY 10036-4086

Attention: Dean M. Colucci

Email: dmcolucci@duanemorris.com

 

	 	(b)	if to the Holder, to:

 

or to Holder’s address on any Exercise
Notice delivered to the Company in the form attached as Exhibit A hereto, or at such other address or addresses as may have been
furnished to the Company in writing.

 

10. AMENDMENT AND WAIVER. Except as otherwise provided
herein, the provisions of this Warrant may be amended only with the written consent of the Company and the Holder, and the Company
may take any action herein prohibited, or omit to perform any act herein required to be performed by it, only with the written
consent of the Holder.

 

11. GOVERNING LAW. This Warrant shall be governed by
and construed and enforced in accordance with, and all questions concerning the construction, validity, interpretation and performance
of this Warrant shall be governed by, the internal laws of the State of Colorado, without giving effect to any choice of law or
conflict of law provision or rule (whether of the State of Colorado or any other jurisdictions) that would cause the application
of the laws of any jurisdictions other than the State of Colorado.

 

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12. CONSTRUCTION; HEADINGS. This
Warrant shall be deemed to be jointly drafted by the Company and the Holder and shall not be construed against any person as the
drafter hereof. The headings of this Warrant are for convenience of reference and shall not form part of, or affect the interpretation
of, this Warrant.

 

13. DISPUTE RESOLUTION. In the case
of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the Warrant Shares, the Company shall
submit the disputed determinations or arithmetic calculations via facsimile or electronic mail within two (2) Business Days of
receipt of the Exercise Notice giving rise to such dispute, as the case may be, to the Holder. If the Holder and the Company are
unable to agree upon such determination or calculation of the Exercise Price or the Warrant Shares within three Business Days of
such disputed determination or arithmetic calculation being submitted to the Holder, then the Company shall, within two (2) Business
Days submit via facsimile or electronic mail (a) the disputed determination of the Exercise Price to an independent, reputable
investment bank selected by the Company and approved by the Holder or (b) the disputed arithmetic calculation of the Warrant Shares
to the Company’s independent, outside accountant. The Company shall cause at its expense the investment bank or the accountant,
as the case may be, to perform the determinations or calculations and notify the Company and the Holder of the results no later
than ten Business Days from the time it receives the disputed determinations or calculations. Such investment bank’s or accountant’s
determination or calculation, as the case may be, shall be binding upon all parties absent demonstrable error.

 

14. REMEDIES, OTHER OBLIGATIONS, BREACHES
AND INJUNCTIVE RELIEF. The remedies provided in this Warrant shall be cumulative and in addition to all other remedies available
under this Warrant, at law or in equity (including a decree of specific performance and/or other injunctive relief), and nothing
herein shall limit the right of the Holder to pursue actual damages for any failure by the Company to comply with the terms of
this Warrant.

 

15. TRANSFER. Subject to compliance with any applicable
securities laws, this Warrant may be offered for sale, sold, transferred or assigned without the consent of the Company.

 

16. CERTAIN DEFINITIONS. For purposes
of this Warrant, the following terms shall have the following meanings:

 

(a) “Bloomberg”
means Bloomberg Financial Markets.

 

(b) “Business
Day” means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized
or required by law to remain closed.

 

(c) “Change
of Control” means any Fundamental Transaction other than (A) any reorganization, recapitalization or reclassification
of the Common Stock, in which holders of the Company’s voting power immediately prior to such reorganization, recapitalization
or reclassification continue after such reorganization, recapitalization or reclassification to hold publicly traded securities
and, directly or indirectly, the voting power of the surviving entity or entities necessary to elect a majority of the members
of the board of directors (or their equivalent if other than a corporation) of such entity or entities, or (B) pursuant to a migratory
merger effected solely for the purpose of changing the jurisdiction of incorporation of the Company.

 

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(d) “Closing Bid Price”
and “Closing Sale Price” means, for any security as of any date, the last closing bid price and last closing
trade price, respectively, for such security on the Principal Market, as reported by Bloomberg, or, if the Principal Market begins
to operate on an extended hours basis and does not designate the closing bid price or the closing trade price, as the case may
be, then the last bid price or the last trade price, respectively, of such security prior to 4:00:00 p.m., New York time, as reported
by Bloomberg, or, if the Principal Market is not the principal securities exchange or trading market for such security, the last
closing bid price or last trade price, respectively, of such security on the principal securities exchange or trading market where
such security is listed or traded as reported by Bloomberg, or if the foregoing do not apply, the last closing bid price or last
trade price, respectively, of such security in the over-the-counter market on the electronic bulletin board for such security as
reported by Bloomberg, or, if no closing bid price or last trade price, respectively, is reported for such security by Bloomberg,
the average of the bid prices, or the ask prices, respectively, of any market makers for such security as reported in the “pink
sheets” by Pink Sheets LLC (formerly the National Quotation Bureau, Inc.). If the Closing Bid Price or the Closing Sale Price
cannot be calculated for a security on a particular date on any of the foregoing bases, the Closing Bid Price or the Closing Sale
Price, as the case may be, of such security on such date shall be the fair market value as determined by the Board of Directors
of the Company in the exercise of its good faith judgment. All such determinations to be appropriately adjusted for any stock dividend,
stock split, stock combination or other similar transaction during the applicable calculation period.

 

(e) “Common Stock” means
(i) the Company’s shares of Common Stock, par value $0.001 per share, and (ii) any share capital into which such Common Stock
shall have been changed or any share capital resulting from a reclassification of such Common Stock.

 

(f) “Eligible Market”
means the Principal Market, The New York Stock Exchange, Inc., The American Stock Exchange, The NASDAQ Global Select Market, The
NASDAQ Global Market or OTC Bulletin Board.

 

(g) “Expiration Date”
means the date two (2) years following the Issuance Date or, if such date falls on a day other than a Business Day or on which
trading does not take place on the Principal Market (a “Holiday”), the next date that is not a Holiday.

 

(h) “Fundamental Transaction”
means that the Company shall, directly or indirectly, in one or more related transactions, (i) consolidate or merge with or into
(whether or not the Company is the surviving corporation) another Person, or (ii) sell, assign, transfer, convey or otherwise dispose
of all or substantially all of the properties or assets of the Company to another Person, or (iii) allow another Person to make
a purchase, tender or exchange offer that is accepted by the holders of more than the 67% of the outstanding shares of Common Stock
(not including any shares of Common Stock held by the Person or Persons making or party to, or associated or affiliated with the
Persons making or party to, such purchase, tender or exchange offer), or (iv) consummate a stock purchase agreement or other business
combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another
Person whereby such other Person acquires more than the 67% of the outstanding shares of Common Stock (not including any shares
of Common Stock held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons
making or party to, such stock purchase agreement or other business combination), (v) reorganize, recapitalize or reclassify its
Common Stock, or (vi) any “person” or “group” (as these terms are used for purposes of Sections 13(d) and
14(d) of the Exchange Act) is or shall become the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act),
directly or indirectly, of 67% of the aggregate ordinary voting power represented by issued and outstanding Common Stock.

 

    9

     

    

 

(i) “Parent Entity”
of a Person means an entity that, directly or indirectly, controls the applicable Person and whose common stock or equivalent equity
security is quoted or listed on an Eligible Market, or, if there is more than one such Person or Parent Entity, the Person or Parent
Entity with the largest public market capitalization as of the date of consummation of the Fundamental Transaction.

 

(j) “Person” means an
individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization,
any other entity and a government or any department or agency thereof.

 

(k) “Principal Market”
means OTC Markets.

 

(l) “Successor Entity”
means the Person (or, if so elected by the Holder, the Parent Entity) formed by, resulting from or surviving any Fundamental Transaction
or the Person (or, if so elected by the Holder, the Parent Entity) with which such Fundamental Transaction shall have been entered
into.

 

(m) “Trading Day” means
any day on which shares of Common Stock are traded on the Principal Market, or, if the Principal Market is not the principal trading
market for the Common Stock, then on the principal securities exchange or securities market or electronic quotations system on
which the shares of Common Stock are then traded; provided that “Trading Day” shall not include any day on which
the Common Stock is scheduled to trade on such exchange, market or system for less than 4.5 hours or any day that the Common Stock
is suspended from trading during the final hour of trading on such exchange, market or system (or if such exchange, market or system
does not designate in advance the closing time of trading on such exchange, market or system, then during the hour ending at 4:00
p.m., New York time).

 

(n) A “Trading Threshold”
shall be deemed to occur on any date that the reported Weighted Average Price for any five (5) out of seven (7) consecutive Trading
Days immediately prior to such date, exceeds $1.00 with a minimum average daily trading volume for such seven (7) day period of
at least 25,000 shares of Common Stock as reported by the Principal Market for such period (with such price and volume criteria
being appropriately adjusted for any share dividend, share split or other similar transaction that may occur on or after the Issuance
Date).

 

(o) “Weighted Average Price”
means, for any security as of any date, the dollar volume-weighted average price for such security on the Principal Market (or,
if the Principal Market is not the principal trading market for the Common Stock, then on the principal securities exchange or
securities market or electronic quotations system on which the shares of Common Stock are then traded) during the period beginning
at 9:30:01 a.m., New York City time, and ending at 4:00:00 p.m., New York City time, as reported by Bloomberg through its “Volume
at Price” function or, if the foregoing does not apply, the dollar volume-weighted average price of such security in the
over-the-counter market on the electronic bulletin board for such security during the period beginning at 9:30:01 a.m., New York
City time, and ending at 4:00:00 p.m., New York City time, as reported by Bloomberg, or, if no dollar volume-weighted average price
is reported for such security by Bloomberg for such hours, the average of the highest closing bid price and the lowest closing
ask price of any of the market makers for such security as reported in the “pink sheets” by OTC Markets LLC (or any
successor thereto). If the Weighted Average Price cannot be calculated for such security on such date on any of the foregoing bases,
the Weighted Average Price of such security on such date shall be the fair market value as mutually determined by the Company and
the Holder. If the Company and the Holder are unable to agree upon the fair market value of such security, then such dispute shall
be resolved pursuant to Section 13 with the term “Weighted Average Price” being substituted for the term “Exercise
Price.” All such determinations shall be appropriately adjusted for any share dividend, share split or other similar transaction
during such period.

 

[Signature Page Follows]

 

    10

     

    

  

IN WITNESS WHEREOF, the parties have
caused this Warrant to Purchase Common Stock to be duly executed and delivered as of the Issuance Date set out above.

 

	 	GENERATION HEMP, INC.
	 	 
	 	By:	                
	 	Name:  	Gary C. Evans
	 	Title: 	Chief Executive Officer

 

	 	PURCHASER
	 	 
	 	By:	                
	 	Name:  	 
	 	Title: 	 

  

    11

     

    

 

EXHIBIT A

 

EXERCISE NOTICE

 

TO BE EXECUTED BY THE REGISTERED HOLDER
TO EXERCISE THIS

WARRANT TO PURCHASE COMMON STOCK

 

GENERATION HEMP, INC.

 

The undersigned holder hereby exercises the right to purchase
_________________ of the shares of Common Stock (“Warrant Shares”) of Generation Hemp, Inc, a Colorado corporation
(the “Company”), evidenced by the attached Warrant to Purchase Common Stock (the “Warrant”).
Capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in the Warrant.

 

1. Payment of Exercise Price. In the event that the holder
has elected a Cash Exercise with respect to some or all of the Warrant Shares to be issued pursuant hereto, the holder shall pay
the Aggregate Exercise Price in the sum of $___________________ to the Company in accordance with the terms of the Warrant.

 

2. Delivery of Warrant Shares. The Company shall deliver
__________ Warrant Shares in the name of the undersigned holder or in the name of ______________________ in accordance with the
terms of the Warrant or by physical delivery of a certificate to:

 

_______________________________

 

_______________________________

 

_______________________________

 

Date: _______________ __, ______

 

	 	 
	Name of Registered Holder

 

	By:	 	 
	 	Name:	 
	 	Title:	 

 

     

     

    

 

ACKNOWLEDGMENT

 

The Company hereby acknowledges this Exercise Notice and hereby
directs to issue the above indicated number of shares of Common Stock in accordance with the Transfer Agent Instructions dated
[ ], 2020 from the Company and acknowledged and agreed to .

 

	 	GENERATION HEMP, INC
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

     

     

    

 

EXHIBIT B

 

ASSIGNMENT FORM

 

(To assign the foregoing warrant, execute

this form and supply required information.

Do not use this form to exercise the warrant.)

 

FOR VALUE RECEIVED, all of or [_______]
shares of the foregoing Warrant and all rights evidenced thereby are hereby assigned to

 

_______________________________________________ whose address
is

 

_______________________________________________________________.

 

_______________________________________________________________

 

Dated: ______________, _______

 

	 	Holder’s Signature:	 	 
	 	 	 	 
	 	Holder’s Address:	 	 
	 	 	 	 

 

	Signature Guaranteed:	 	 

 

 

NOTE: The signature to this Assignment
Form must correspond with the name as it appears on the face of the Warrant, without alteration or enlargement or any change whatsoever,
and must be guaranteed by a bank or trust company. Officers of corporations and those acting in a fiduciary or other representative
capacity should file proper evidence of authority to assign the foregoing Warrant.Exhibit 4.2

 

SUBORDINATED PROMISSORY NOTE

 

	$500,000.00	 	December 30, 2020

 

For value received, GENERATION
HEMP, INC., a Colorado corporation (the “Borrower”), promises to pay to PATRICE MCNICOLL, an individual,
or his assigns (the “Holder”), the principal sum of $500,000.00 (U.S. Dollars), together with all accrued and
unpaid interest thereon as set forth below. All payments of principal and interest hereunder shall be made by wire transfer pursuant
to wire transfer instructions that may be provided by the Holder to the Borrower from time to time.

 

1.                 
Payments. The Borrower shall make principal payments of $250,000.00 to the Holder, together with accrued and
unpaid interest hereunder, on each of March 30, 2021, and $250,000.00 on September 30, 2021. Notwithstanding to the contrary, all
outstanding principal and all accrued and unpaid interest hereunder shall be due and payable in full on September 30, 2021.

2.                 
Alternative Payment. Any time prior to September 30, 2021, if Borrower raises new equity capital in
the amount of five million dollars ($5,000,000.00) or greater, then within five (5) business days of closing, repayment of all
outstanding principal and interest on this Subordinated Promissory Note will be due.

 

3.                 
Interest Rate. Simple interest on the unpaid principal balance of this Note shall accrue at the lesser of
ten percent (10%) per annum and the highest rate permitted by law. If an Event of Default (as defined below) shall occur under
this Note, interest shall immediately commence accruing at a default rate of twelve percent (12%) per annum.

 

4.                 
Default. The occurrence of any of the following events of default (each, an “Event of Default”)
shall, at the option of the Holder hereof, make all principal and interest (to the extent accrued) then remaining unpaid hereon
and all other amounts payable hereunder immediately due and payable, upon written demand, without presentment, or grace period,
all of which hereby are expressly waived, except as set forth below:

 

(a)              
Failure to Pay Principal or Interest. The Borrower fails to pay any installment of principal or interest due under
this Note when due and such failure continues for a period of five (5) days after written notice.

 

(b)              
Receiver or Trustee. The Borrower shall make an assignment for the benefit of creditors, or applies for or consents
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 without the consent of the Borrower, which shall constitute an automatic Event of Default
and shall result in all remaining unpaid principal and interest due hereon immediately due and payable without the written demand
from the Holder.

 

     

     

    

 

(c)              
Bankruptcy. Bankruptcy, insolvency, reorganization or liquidation proceedings or other proceedings or relief under
any bankruptcy law or any law, or the issuance of any notice in relation to such event, for the relief of debtors shall be instituted
by or against the Borrower, which shall constitute an automatic Event of Default and shall result in all remaining unpaid principal
and interest due hereon immediately due and payable without the written demand from the Holder.

 

5.                 
Termination. Upon payment of all cash amounts due to the Holder as provided in this Note, the Borrower will
forever be released from all of its payment obligations and liabilities under this Note and the Holder agrees to promptly return
to the Borrower the Note marked “paid in full.” This Note may be prepaid, in whole or in part, without the prior consent
of the Holder.

 

6.                 
Miscellaneous.

 

(a)              
Successors and Assigns. This Note shall be binding upon successors and assigns of the Borrower, and shall inure to
the benefit of the successors and permitted assigns of the Holder.

 

(b)              
Severability. The unenforceability or invalidity of any provision or provisions of this Note shall not render any
other provision or provisions herein contained unenforceable or invalid.

 

(c)              
Notice. Any notice or communication required to be given hereunder may be delivered by hand or deposited with an
overnight courier (with overnight delivery instructions), if to the Borrower, to the address of the Borrower’s corporate
headquarters, and if to the Holder, to the last address of the Holder set forth in the Borrower’s books and records. Notice
shall be deemed given and received on the date sent if sent by personal delivery; and one (1) day after the date sent if sent by
overnight courier.

 

(d)              
Entire Agreement. This Note contains the entire and complete understanding between the parties concerning its subject
matter and all representations, agreements, arrangements and understandings between or among the parties, whether oral or written,
have been fully merged herein and are superseded thereby, except for representations, agreements, arrangements and understandings
between or among the parties made pursuant to the Purchase Agreement and any other agreements entered into in connection therewith
and herewith. This Note may be modified only by a writing signed by both parties.

 

(e)              
Governing Law; Attorneys’ Fees. This Note shall be governed by and construed in accordance with the laws of
the State of Texas, without giving effect to its principles regarding conflicts of law. Upon default, the breaching party agrees
to pay to the non-breaching party reasonable attorneys’ fees, plus all other reasonable expenses, incurred by the non-breaching
party in exercising any of the non-breaching party’s rights and remedies.

 

(f)               
Jurisdiction. The parties (a) hereby irrevocably and unconditionally submit to the jurisdiction of the state
courts of the State of Texas, Dallas County, and to the jurisdiction of the United States District Court for the State of Texas
, for the purpose of any suit, action or other proceeding arising out of or based upon this Note; (b) agree not to commence
any suit, action or other proceeding arising out of or based upon this Note except in the state courts of the State of Texas,
Dallas County, or the United States District Court for the State of Texas; and (c) hereby waive, and agree not to assert,
by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally
to the jurisdiction of the above named courts, that its property is exempt or immune from attachment or execution, that the suit,
action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that
this Note or the subject matter hereof may not be enforced in or by such court.

     

     

    

 

(g)       Offset.
The Holder agrees that the Borrower will have the right to offset any losses provided for in the Purchase Agreement against any
sums payable hereunder to the Holder.

 

(h)       FINAL
AGREEMENT. THIS NOTE AND ALL OTHER INSTRUMENTS, DOCUMENTS AND AGREEMENTS EXECUTED AND DELIVERED BY THE BORROWER IN CONNECTION
WITH THE INDEBTEDNESS EVIDENCED BY THIS NOTE EMBODY THE FINAL, ENTIRE AGREEMENT OF THE BORROWER AND THE HOLDER WITH RESPECT TO
THE INDEBTEDNESS EVIDENCED BY THIS NOTE AND SUPERSEDE ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS AND UNDERSTANDINGS,
WHETHER WRITTEN OR ORAL, RELATING TO THE INDEBTEDNESS EVIDENCED BY THIS NOTE AND MAY NOT BE CONTRADICTED OR VARIED BY EVIDENCE
OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OF THE BORROWER AND THE HOLDER. THERE ARE NO ORAL AGREEMENTS
BETWEEN THE BORROWER AND THE HOLDER.

 

(i)        Subordination.
By its acceptance hereof, the Holder agrees that the indebtedness evidenced by this Note, including the principal of and interest
thereon, shall be subordinate to and subject in right of payment, to the extent hereinafter set forth, to the prior payment in
full of all principal, interest and any other sums then due on all existing or future Senior Indebtedness of the Borrower. The
term “Senior Indebtedness” shall mean secured and unsecured indebtedness of the Borrower, or with respect to which
the Borrower is a guarantor, for money borrowed by the Borrower from any financial institution.

 

Signature Page Follows

     

     

    

 

IN WITNESS WHEREOF,
the Borrower has executed this Note as of the date set forth above.

 

	 	GENERATION HEMP, INC.,
	 	a Colorado corporation
	 	 	 
	 	By:	/s/ Gary C. Evans
	 	     	Gary C. Evans, Chairman and CEO

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