Document:

Exhibit 10.7

 

Generation Hemp, Inc.

8533 Midway Road

Dallas, Texas 75209

 

Coventry Asset Management, Ltd.

2048 Coventry Ct.

Keller, Texas 76262

 

	Re:	In reference to that certain Secured Promissory Note Issued by Halcyon Thruput, LLC, dated December 30, 2020 (the “Note”).

 

Coventry Assert Management, Ltd.:

 

To Coventry Asset Management, Ltd. (“Coventry”), this letter
agreement (the “Agreement”) is being issued by Generation Hemp, Inc. (the “Company”) to amend certain terms and
conditions of the Note referenced above. All terms used herein shall have the meanings ascribed to such terms in the Note.

 

All principal payments shall be suspended until the Maturity Date of
the Note. The Maturity Date of the Note shall be amended to reflect that it is December 31, 2021; provided however that if the Company
successfully completes a public equity offering equal to or in excess of $10,000,000 (the “Offering”) prior to such date,
then the Company will pay all outstanding principal and interest payments due under the Note within five business days of the closing
of such offering. In addition, if the Company does not complete and close a public equity offering prior to December 31, 2021, the Maturity
Date shall be extended to January 31, 2022.

 

In consideration of such modifications to the Note, the Company agrees
to issue to Coventry 20,000 shares of the Company’s common stock. These shares will be unregistered restricted securities and shall
be subject to the restrictions placed on such shares through both Blue-Sky Laws of the applicable states and the rules and regulations
of the United States Securities and Exchange Commission and applicable laws and regulatory authorities.

 

Additionally, during a period of fourteen days following the execution
of this letter agreement modifying the Note, Coventry has the exclusive option to elect to convert $250,000 of the outstanding principal
balance under the Note into shares of the Company’s common stock at an exercise price of $0.60 per share.

 

Except as modified by this Agreement, all other terms of the Note shall
remain in full force and effect.

 

Generation Hemp, Inc.

 

	/S/ Gary C. Evans	 
	Gary C. Evans, Chairman and 	 
	Chief Executive Officer	 

 

	 	Agreed and Accepted by Coventry Asset Management, Ltd. on November 11, 2021
	 	 	 
	 	/S/ Gen Fukunaga
	 	By:	Gen Fukunaga, Managing PartnerExhibit 10.8

 

AMENDED AND RESTATED SUBORDINATED
PROMISSORY NOTE

 

Dated November 11, 2021

 

Principal Amount $525,967.36

 

FOR VALUE, Generation Hemp, Inc., a Delaware
corporation (“Borrower”), whose mailing address is P.O. Box 540308, Dallas, Texas 75354, promises and agrees to pay to the
order of Gary C. Evans, a Texas resident (“Lender”), whose address is 8533 Midway Road, Dallas, Texas 75209, or at such other
location as the holder of this Amended and Restated Subordinated Promissory Note (the “Note”), originally issued on November
20, 2020 (the “Original Note”), may designate by written notice to Borrower, the sum of five hundred twenty-five thousand
nine hundred sixty-seven dollars and thirty-six cents ($525,967.36) in the lawful currency of the United States with interest at a rate
of 10 % per annum, but in no event higher than the Highest Lawful Rate (as hereinafter defined). This Note amends and restates the Original
Note and all amendments, allonges and modifications thereto, in its collective entirety.

 

“Highest Lawful Rate” means the
maximum nonusurious rate of interest permitted by applicable federal or Texas law from time to time.

 

Interest on this Note shall be computed for the
actual number of days elapsed and on the basis of a year consisting of 365 days, and a month consisting of 30 days, unless the Highest
Lawful Rate would thereby be exceeded, in which event, to the extent necessary to avoid exceeding the Highest Lawful Rate, interest shall
be computed on the basis of the actual number of days elapsed in the applicable calendar year in which accrued. It is understood that
interest will begin to accrue on the date of each principal amount advanced as outlined on Exhibit “A.”

 

The principal amount of this Note and all accrued,
unpaid interest thereon is due and payable in full on the 31st day of December, 2021 (the “Payment Date”).
This Note may be prepaid in whole or in part at any time prior to the payment date stated in the preceding sentence without penalty as
to principal, and any partial payments shall be applied to the principal due on this Note in inverse order of maturity with interest being
adjusted accordingly.

 

If one of the following events occurs, Maker shall
be in default (“Default”) and this Note shall, at Lender’s option, become immediately due and payable without
demand or notice:

 

(i) the
failure of Borrower to pay the principal and any accrued interest in full on or before the Payment Date;

 

(ii) the
filing of bankruptcy proceedings involving the Borrower as a debtor;

 

(iii) the
making of a general assignment for the benefit of the Borrower’s creditors; or the uncured breach by Borrower under any of the security
documents executed in conformity with this Note, which remains uncured following any applicable cure period.

 

If any payment date falls on a Saturday, Sunday,
or a federal holiday, then payment will be due on the next business day and such extension of time shall in such case be included in the
computation or payment of interest hereunder. All past due principal and interest on this Note shall bear interest at the Highest Lawful
Rate.

 

    

     

    

 

To the extent that waiver of notice is permitted
by applicable law, the Borrower and any and all co-makers, endorsers, guarantors, and sureties jointly and severally waive notice (including,
but not limited to, notice of intent to accelerate and notice of acceleration), demand, presentment for payment, protest and the filing
of suit for the purpose of fixing liability and consent that the time of payment hereof may be extended and re-extended from time to time
without notice to them or any of them, and each agree that his, her, or its liability on or with respect to this Note shall not be affected
by any release of or change in any security at any time existing or by any failure to perfect or to maintain perfection of any lien on
or security interest in any such security.

 

This Note has been executed and delivered in Dallas,
Dallas County, Texas, and shall be governed by and construed in accordance with the laws of the State of Texas and the United States of
America from time to time in effect without regard to the choice of law provisions thereof, and shall be enforceable in Dallas County,
Texas.

 

Regardless of any provision contained in this Note,
the Payee shall never be deemed to have contracted for or be entitled to receive, collect or apply as interest on the Note, any amount
in excess of the maximum rate of interest permitted to be charged by applicable law and, in the event Payee ever receives, collects or
applies as interest any such excess, such amount which would be excessive interest shall be applied to the reduction of the unpaid principal
balance of this Note; and, if the principal balance of this Note is paid in full, any remaining excess shall forthwith be paid to Maker.
In determining whether or not the interest paid or payable under any specific contingency exceeds the highest lawful rate, Maker and Payee
shall, to the maximum extent permitted under applicable law, (i) exclude voluntary prepayments and the effect thereof, and (ii) spread
the total amount of interest throughout the entire contemplated term of this Note so that the interest rate is uniform throughout such
term.

 

This Promissory Note is intended to be an obligation
of Borrower and, by the execution of this Promissory Note, Borrower agrees that Borrower shall not be entitled to sell, transfer, assign,
or convey in any manner whatsoever, this Promissory Note and Borrower shall remain obligated under this Promissory Note until the obligation
set forth herein is paid in full.

 

If this Note is placed in the hands of any attorney
for collection, or if it is collected through any legal proceedings at law or in equity or in bankruptcy, receivership or other court
proceedings, Maker joint and severally agrees to pay all costs of collection, including, but not limited court costs and reasonable attorney’s
fees.

 

IN WITNESS WHEREOF, the undersigned Borrower has
duly executed this Note effective as of the date first written above.

 

	 	By: 	/s/ Chad Burkhardt
	 	Name:  	Chad Burkhardt
	 	Title:	Vice President and General CounselExhibit 10.9

 

AMENDED AND RESTATED PROMISSORY NOTE

 

	$685,000.00	November 11, 2021

 

For value received, GENERATION HEMP, INC., a Delaware
corporation (the “Borrower”), promises to pay to GARY C. EVANS, an individual, or his assigns (the “Holder”),
the principal sum of $685,000 (U.S. Dollars), together with all accrued and unpaid interest thereon as set forth below. It is expressly
understood that the commitment to provide the first principal sum of $100,000 was agreed to on July 20, 2021 and all provisions of this
unsecured promissory note shall be deemed effective as of such date and all financial obligations shall accrue from such date with respect
to such amount. It is expressly understood that the commitment to provide the second principal sum of $100,000.00 was agreed to on August
3, 2021 and all provisions of this unsecured promissory note shall be deemed effective as of such date and all financial obligations shall
accrue from such date with respect to such amount. It is expressly understood that the commitment to provide the third principal sum of
$100,000.00 was agreed to on August 30, 2021 and all provisions of this unsecured promissory note shall be deemed effective as of such
date and all financial obligations shall accrue from such date with respect to such amount. It is expressly understood that the commitment
to provide the fourth principal sum of $50,000.00 was agreed to on September 9, 2021 and all provisions of this unsecured promissory note
shall be deemed effective as of such date and all financial obligations shall accrue from such date with respect to such amount. It is
expressly understood that the commitment to provide the fifth principal sum of $270,000.00 was agreed to on September 28, 2021 and all
provisions of this unsecured promissory note shall be deemed effective as of such date and all financial obligations shall accrue from
such date with respect to such amount. It is expressly understood that the commitment to provide the sixth principal sum of $15,000.00
was agreed to on October 22, 2021 and all provisions of this unsecured promissory note shall be deemed effective as of such date and all
financial obligations shall accrue from such date with respect to such amount. It is expressly understood that the commitment to provide
the sixth principal sum of $50,000.00 was agreed to on November 11, 2021 and all provisions of this unsecured promissory note shall be
deemed effective as of such date and all financial obligations shall accrue from such date with respect to such amount. All payments of
principal and interest hereunder shall be made by check or wire transfer pursuant to wire transfer instructions that may be provided by
the Holder to the Borrower from time to time.

 

		1.	Payments; Conversion. The Borrower shall make the principal payment on January 1, 2022 to the Holder, together with
accrued and unpaid interest hereunder. Notwithstanding to the contrary, all outstanding principal and all accrued and unpaid interest
hereunder shall be due and payable in full at that time. In addition, the Holder shall have the option to convert the then outstanding
balance of principal and interest under this Note into restricted shares of the Borrower’s Common Stock at a conversion price equal
to $0.50 per share of Common Stock.

 

		2.	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.

 

PROMISSORY NOTE – Page 1

     

     

    

 

		3.	Default. The occurrence of any of the following events of default (each, an “Event of Default”) shall,
at the option of the Holder thereof, make all principal and interest (to the extend 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 of 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.

 

		4.	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.

 

		5.	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.

 

PROMISSORY NOTE – Page 2

     

     

    

 

		(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, and understandings between or among the parties
made pursuant to the Purchase Agreement and any other agreements entered into in connection therewith and herewith. The 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)	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 EMBOTY 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 BYT HIS 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.

 

		(h)	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 or other sources prior to the date of this unsecured
promissory note.

 

Signature Page Follows

 

PROMISSORY NOTE – Page 3 

     

     

    

 

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

 

	 	GENERATION HEMP, INC.,
	 	a Colorado Corporation
	 	 	 
	 	By: 	/s/ Chad Burkhardt
	 	 	Chad Burkhardt
	 	 	Vice President & General Counsel

 

PROMISSORY NOTE – Page 4

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