Document:

Exhibit 10.1

 

THIS PROMISSORY NOTE (“NOTE”)
HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THIS NOTE HAS BEEN ACQUIRED
FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE SECURITIES
ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

 

PROMISSORY NOTE

 

	Principal Amount: $1,725,000	November 15, 2022
	 	Houston, Texas

 

CENAQ Energy Corp., a Delaware
corporation (the “Maker”), promises to pay to the order of CENAQ Sponsor LLC, a Delaware limited liability company,
or its registered assigns or successors in interest (the “Payee”), or order, the principal sum of One Million Seven
Hundred Twenty-Five Thousand Dollars ($1,725,000) in lawful money of the United States of America, on the terms and conditions described
below. All payments on this Note shall be made by check or wire transfer of immediately available funds or as otherwise determined by
the Maker to such account as the Payee may from time to time designate by written notice in accordance with the provisions of this Note.
This Note is being made in connection with the Maker extending its termination date of November 16, 2022 for an additional three (3) months
to February 16, 2023 (the “Extension”).

 

1. Principal.
The entire unpaid principal balance of Note shall be payable on the earlier of: (i) February 17, 2023, or (ii) the closing date on which
the Maker consummates an initial business combination, which means effecting a merger, capital stock exchange, asset acquisition, stock
purchase, reorganization or similar business combination with one or more businesses. If the proposed business combination (the “Business
Combination”) between the Maker and Bluescape Clean Fuels Intermediate Holdings, LLC, a Delaware limited liability company (“Bluescape”),
is consummated, the amount repayable under the Note will be reduced by an amount equal to the Redemption Percentage (as defined below)
multiplied by the Principal Amount of the Note, in accordance with Section 8.03 of that certain Business Combination Agreement,
dated as of August 12, 2022, by and among the Maker, the Payee, Bluescape and the other parties thereto. For purposes of this Section
1, Redemption Percentage means a percentage equal to (x) the aggregate amount of cash proceeds required to satisfy any exercise by the
Maker’s eligible stockholders of their redemption rights (the “Redemption Rights”) provided for in the Maker’s
third amended and restated certificate of incorporation divided by (y) the total amount required if all eligible holders of Class A common
stock, par value $0.0001 per share (the “Class A Common Stock”), of the Maker elected to exercise their Redemption
Rights with respect to all eligible shares of Class A Common Stock held by such holders. The principal balance may be prepaid at any time.
Under no circumstances shall any individual, including but not limited to any officer, director, employee or shareholder of the Maker,
be obligated personally for any obligations or liabilities of the Maker hereunder.

 

    

     

    

 

2. Interest.
No interest shall accrue or be charged by the Payee on the unpaid principal balance of this Note.

 

3. Application
of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection of any sum due
under this Note, including (without limitation) reasonable attorney’s fees, then to the payment in full of any late charges and
finally to the reduction of the unpaid principal balance of this Note.

 

4. Events
of Default. The following shall constitute an event of default (“Event of Default”):

 

(a) Failure
to Make Required Payments. Failure by Maker to pay the principal amount due pursuant to this Note within five (5) business days of
the date specified above.

 

(b) Voluntary
Bankruptcy, Etc. The commencement by Maker of a voluntary case under any applicable bankruptcy, insolvency, reorganization, rehabilitation
or other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian,
sequestrator (or other similar official) of Maker or for any substantial part of its property, or the making by it of any assignment for
the benefit of creditors, or the failure of Maker generally to pay its debts as such debts become due, or the taking of corporate action
by Maker in furtherance of any of the foregoing.

 

(c) Involuntary
Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of Maker in an
involuntary case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator, assignee, custodian,
trustee, sequestrator (or similar official) of Maker or for any substantial part of its property, or ordering the winding-up or liquidation
of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days.

 

5. Remedies.

 

(a) Upon
the occurrence of an Event of Default specified in Section 4(a) hereof, Payee may, by written notice to Maker, declare this
Note to be due immediately and payable, whereupon the unpaid principal amount of this Note and all other amounts payable hereunder, shall
become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly
waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding.

 

(b) Upon
the occurrence of an Event of Default specified in Sections 4(b) or 4(c), the unpaid principal balance of this Note
and all other sums payable with regard to this Note, shall automatically and immediately become due and payable, in all cases without
any action on the part of Payee.

 

6. Waivers.
Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor, protest,
and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by Payee under the
terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future laws exempting any property, real or
personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution, or providing
for any stay of execution, exemption from civil process, or extension of time for payment; and Maker agrees that any real estate that
may be levied upon pursuant to a judgment obtained by virtue hereof, on any writ of execution issued hereon, may be sold upon any such
writ in whole or in part in any order desired by Payee.

 

    2

     

    

 

7. Unconditional
Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement
of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other party,
and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or consented to
by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by Payee with respect
to the payment or other provisions of this Note, and agrees that additional makers, endorsers, guarantors, or sureties may become parties
hereto without notice to Maker or affecting Maker’s liability hereunder.

 

8. Notices.
All notices, statements or other documents which are required or contemplated by this Agreement shall be: (i) in writing and delivered
personally or sent by first class registered or certified mail, overnight courier service or facsimile or electronic transmission to the
address designated in writing, (ii) by facsimile to the number most recently provided to such party or such other address or fax number
as may be designated in writing by such party and (iii) by electronic mail, to the electronic mail address most recently provided to such
party or such other electronic mail address as may be designated in writing by such party. Any notice or other communication so transmitted
shall be deemed to have been given on the day of delivery, if delivered personally, on the business day following receipt of written confirmation,
if sent by facsimile or electronic transmission, one (1) business day after delivery to an overnight courier service or five (5) days
after mailing if sent by mail.

 

If to the Maker:

CENAQ Energy Corp.

4550 Post Oak Place Drive, Suite 300

Houston, Texas 77027

Attn: J. Russell Porter, Chief Executive Officer

Email: RPorter@cenaqcorp.com

 

If to the Payee:

CENAQ Sponsor LLC

4550 Post Oak Place Drive, Suite 300

Houston, Texas 77027

Attn: Michael J. Mayell, Manager

Email: mmayell@sydson.com

 

9. Construction.
THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF TEXAS, WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS THEREOF.

 

10. Severability.
Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

11. Trust
Waiver. Notwithstanding anything herein to the contrary, the Payee hereby waives any and all right, title, interest or claim
of any kind (“Claim”) in or to any distribution of or from the trust account that holds the proceeds from the Maker’s
initial public offering (the “IPO”) and the proceeds from the sale of the warrants issued in a private placement in
connection with the consummation of the IPO, as described in greater detail in the Registration Statement on Form S-1 (File No. 333-253695)
filed with the Securities and Exchange Commission in connection with the IPO and declared effective on August 12, 2021, and hereby agrees
not to seek recourse, reimbursement, payment or satisfaction for any Claim against the trust account for any reason whatsoever.

 

12. Amendment;
Waiver. Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent of the
Maker and the Payee.

 

13. Assignment.
No assignment or transfer of this Note or any rights or obligations hereunder may be made by any party hereto (by operation of law or
otherwise) without the prior written consent of the other party hereto and any attempted assignment without the required consent shall
be void.

 

[Signature page follows]

 

    3

     

    

 

IN WITNESS WHEREOF, the
Maker, intending to be legally bound hereby, has caused this Note to be duly executed by the undersigned as of the day and year
first above written.

 

	 	CENAQ ENERGY CORP.
	 	 	 
	 	By:	/s/ J. Russell Porter
	 	Name: 	J. Russell Porter
	 	Title:	Chief Executive Officer

 

Signature Page to Promissory
Note (Second Extension)

 

 

4EXHIBIT 10.1

 

SECOND
AMENDMENT TO STOCK TRANSFER AGREEMENT 

AND
COOPERATION AGREEMENT 

PHỤ
LỤC THỨ HAI CỦA HỢP ĐỒNG CHUYỂN NHƯỢNG CỔ PHẦN

VÀ
THỎA THUẬN HỢP TÁC

 

THIS
SECOND AMENDMENT TO STOCK TRANSFER AGREEMENT AND COOPERATION AGREEMENT (this “Agreement”) is made effective as of November
11, 2022 with respect to the STOCK TRANSFER AGREEMENT dated August 13, 2022, by and among Philux Global Group Inc. (f/k/a
PHI Group, Inc.) a U.S. public company duly organized and existing by virtue of the laws of the State Wyoming, U.S.A. with principal
address at 2323 Main Street, Irvine, CA 92614, U.S.A., hereinafter referred to as “PGG”, Tin Thanh Group Joint Stock Company,
a joint stock company organized and existing by virtue of the laws of Socialist Republic of Vietnam, with principal business address
at 71 Pho Quang Street, Ward 2, Tan Binh District, Ho Chi Minh City, Vietnam, hereinafter referred to as “TTG” and Mr. Tran
Dinh Quyen, the holder of at least fifty-one percent (51.00%) of equity ownership in TTG as of the effective date of said Stock Transfer
Agreement (the “Majority Shareholder”), hereinafter referred to as “Seller.”

 

PHỤ
LỤC THỨ HAI CỦA HỢP ĐỒNG CHUYỂN NHƯỢNG CỔ PHẦN VÀ THỎA
THUẬN HỢP TÁC (“Thỏa thuận” này) có hiệu lực vào
ngày 11 tháng 11 năm 2022 liên quan đến HỢP ĐỒNG CHUYỂN NHƯỢNG
CỔ PHẦN được ký vào ngày 13 tháng 08 năm 2022, Phụ lục
Hợp đồng ngày 13/10/2022 giữa Philux Global Group Inc. (trước đây là
PHI Group, Inc.), một công ty đại chúng của Hoa Kỳ được tổ chức
và hoạt động theo luật pháp của tiểu bang Wyoming, Hoa Kỳ có địa
chỉ trụ sở chính tại 2323 Main Street, Irvine, CA 92614, Hoa Kỳ, sau đây gọi
tắt là “PGG”, Công ty Cổ phần Tập đoàn Tín Thành,
một công ty cổ phần được tổ chức và hoạt động theo luật
pháp của nước Cộng hòa Xã hội Chủ nghĩa Việt Nam, có địa
chỉ trụ sở chính tại số 71 Phổ Quang, Phường 2, Quận Tân Bình,
Thành phố Hồ Chí Minh, Việt Nam, sau đây gọi tắt là “TTG”,
và Ông Trần Đình Quyền, người nắm giữ ít nhất năm mươi
mốt phần trăm (51%) cổ phần trong TTG vào ngày hiệu lực của Hợp
đồng Chuyển nhượng Cổ phần nói trên (“Cổ đông Đa
số”), sau đây gọi tắt là “Bên Bán.”

 

All
the parties herein agree to the following item of this Amendment:

Tất
cả các bên qua đây đồng ý với khoản mục sau đây của
Bản Điều chỉnh này:

 

1.
Thỏa thuận/ Agreement

 

1.1
Closing Date. The Closing Date shall be within one hundred twenty (120) days following the signing of the Stock Transfer
Agreement, unless amended otherwise in writing by TTG, the Majority Shareholder and PGG.

 

1.1.
Ngày Kết thúc. Ngày Kết thúc của Hợp đồng chuyển nhượng
cổ phần sẽ trong vòng một trăm hai mươi (120) ngày kể từ ngày
ký Hợp đồng Chuyển nhượng Cổ phần, trừ phi được gia hạn
bằng văn bản bởi TTG, Cổ đông Đa số và PGG.

 

    	Page 1

    	 

    

 

1.2
Within these 30 days of extension, TTG agrees with PGG that the parties try to promote all investment programs that PGG has proposed
as soon as possible. The two parties agreed that the capital raised by PGG would be jointly managed by the two parties and prioritized
to invest in TTG’s projects, and then implement other external investment projects.

 

1.2.
Trong thời gian 30 ngày gia hạn này, TTG thống nhất với PGG sẽ cố
gắng thúc đẩy sớm tất cả chương trình đầu tư mà
PGG đã đề ra. Hai Bên thống nhất các nguồn vốn PGG huy động
được sẽ do hai bên điều hành chung và ưu tiên để đầu
tư các dự án của TTG, sau đó sẽ thực hiện các dự án
đầu tư bên ngoài.

 

1.3.
After the expiration of extension of the Contract term as prescribed in this Agreement, if PGG has not yet paid the total purchase
price to buy shares of TTG and PGG’s investment package has not yet materialized as planned, the parties will perform the swap
transaction as follows:

 

		+	Majority
                                            Shareholder of TTG shall transfer 51% share of TTG to the Company to be assigned by PGG.

		+	Philux
                                            Global Group Inc. (stock symbol: PHIL) shall transfer shares of Philux Global Group Inc.
                                            to Mr. Tran Dinh Quyen in order for Mr. Tran Dinh Quyen to own the number of shares equal
                                            to Mr. Henry Fahman’s shares and voting rights in Philux Global Group Inc. Mr. Tran
                                            Dinh Quyen shall be the Co-Chairman of Philux Global Group Inc.

 

1.3.
Trong trường hợp sau khi kết thúc thời hạn gia hạn Hợp đồng
như quy định tại Thỏa thuận này mà PGG chưa thực hiện chuyển
tiền để mua cổ phần của TTG và các gói đầu tư của PGG
chưa hoàn tất như hoạch định thì các bên sẽ thực hiện
giao dịch hoán đổi như sau:

 

		+	Cổ
                                            đông Đa Số của TTG sẽ chuyển nhượng
                                            51% cổ phần của TTG cho Công ty mà PGG chỉ định.

		+	Philux
                                            Global Group Inc. (mã cổ phiếu PHIL) sẽ chuyển nhượng
                                            cho ông Trần Đình Quyền cổ phần của Philux
                                            Global Group Inc. để ông Trần Đình Quyền nắm
                                            giữ một lượng cổ phiếu và quyền bỏ
                                            phiếu bằng với ông Henry Fahman tại Philux Global Group Inc.
                                            Ông Trần Đình Quyền sẽ là đồng
                                            Chủ tịch của Philux Global Group Inc. 

 

1.4.
PGG commits that PGG shall arrange a sum of money via PHIL’s shares up to US$10 million to serve TTG projects that are being
implemented in the United States before December 15, 2022.

 

1.4
PGG cam kết trước ngày 15/12/22 sẽ thực hiện vận hành một khoản
tài chính trong cổ phiếu của PHIL là 10 triệu đô Mỹ để phục
vụ cho các dự án TTG đang triển khai tại các tiểu bang Mỹ.

 

1.5.
The Parties agreed that Mr. Henry Fahman shall be a member of Management Board of TTG.

 

1.5.
Hai Bên thống nhất ông Henry Fahman cũng sẽ trở thành thành viên
Hội đồng quản trị của TTG.

 

    	Page 2

    	 

    

 

1.6.
That Parties agreed that TTG and PGG shall unify to become a large organization to cooperate and develop projects in Vietnam and
other countries around the world that TTG is investing in.

 

1.6
Hai Bên thống nhất TTG và PGG cùng hợp nhất trở thành một tổ
chức lớn để hợp tác phát triển các dự án tại Việt
Nam và các nước trên thế giới mà TTG đang đầu tư.

 

IN
WITNESS WHEREOF the parties hereto have executed this Amendment to the referenced Stock Transfer Agreement as of the day and year
written below.

 

DƯỚI
SỰ CHỨNG KIẾN các bên ở đây đã ký Thỏa thuận
hợp tác và Phụ lục của Hợp đồng Chuyển nhượng Cổ phần
được tham chiếu này vào ngày tháng năm đã ghi rõ dưới
đây.

 

	Dated:	November 11, 2022	Dated:	November 11, 2022
	Ngày:	11 tháng 11 năm 2022	Ngày:	11 tháng 11 năm 2022

 

	TIN THANH GROUP JSC 

	 	MAJORITY SHAREHOLDER/SELLER 
	CÔNG TY CP TẬP ĐOÀN
TÍN THÀNH 	 	CỔ ĐÔNG ĐA SỐ/BÊN
BÁN 
	a
Vietnamese Joint Stock Company	 	 
	Một công ty cổ phần Việt
Nam 	 	 

 

	By/ Bởi:
	/signed and sealed/Tran
                         Dinh Quyen
	 	By/ Bởi: 	/s/ Tran Dinh Quyen
	Tran Dinh Quyen	 	Tran Dinh Quyen
	Trần Đình Quyền	 	Trần Đình QuyềnChairman &
	Chief Executive Officer	 	An individual 
	Chủ tịch HĐQT & Tổng
giám đốc 	 	Một cá nhân 

 

Dated:
Nov. 11, 2022

Ngày:
11/11/2022

 

PHILUX
GLOBAL GROUP INC.

A
Wyoming corporation

Một
công ty Wyoming

 

	By/ Bởi:	/signed and sealed/ Henry D. Fahman	 
	Henry D. Fahman	 
	Chairman & Chief Executive Officer	 
	Chủ tịch HĐQT & Tổng
giám đốc 	 

 

    	Page 3

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