Document:

Exhibit
10.1

 

Note
Purchase Agreement

 

This
Note Purchase Agreement (this “Agreement”),
dated as of July 26, 2022, is entered into by and between HUMBL, Inc., a Delaware corporation
(“Company”), and Sartorii, LLC, a Delaware limited liability company,
its successors and/or assigns (“Investor”).

 

A.
Company and Investor are executing and delivering this Agreement in reliance upon an exemption from securities registration afforded
by the Securities Act of 1933, as amended (the “1933 Act”), and the rules and regulations promulgated thereunder by
the United States Securities and Exchange Commission (the “SEC”).

 

B.
Investor desires to purchase and Company desires to issue and sell, upon the terms and conditions set forth in this Agreement a Promissory
Note, in the form attached hereto as Exhibit A, in the original principal amount of $2,000,000.00 (the “Note”).

 

C.
This Agreement, the Note, and all other certificates, documents, agreements, resolutions and instruments delivered to any party under
or in connection with this Agreement, as the same may be amended from time to time, are collectively referred to herein as the “Transaction
Documents”.

 

NOW,
THEREFORE, in consideration of the above recitals and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, Company and Investor hereby agree as follows:

 

1.
Purchase and Sale of Note.

 

1.1.
Purchase of Note. Company shall issue and sell to Investor and Investor shall purchase from Company the Note. In consideration
thereof, Investor shall pay $2,000,000.00 (the “Purchase Price”) to Company.

 

1.2.
Form of Payment. On the Closing Date (as defined below), Investor shall pay the Purchase Price to Company via wire transfer of
immediately available funds against delivery of the Note.

 

1.3.
Closing Date. Subject to the satisfaction (or written waiver) of the conditions set forth in Section 5 and Section 6 below, the
date of the issuance and sale of the Note pursuant to this Agreement (the “Closing Date”) shall be July 26, 2022,
or another mutually agreed upon date. The closing of the transactions contemplated by this Agreement (the “Closing”)
shall occur on the Closing Date by means of the exchange by email of signed .pdf documents.

 

1.4.
Collateral for the Note. The Note shall be unsecured.

 

2.
Investor’s Representations and Warranties. Investor represents and warrants to Company that as of the Closing Date: (i)
this Agreement has been duly and validly authorized; (ii) this Agreement constitutes a valid and binding agreement of Investor enforceable
in accordance with its terms; and (iii) Investor is an “accredited investor” as that term is defined in Rule 501(a) of Regulation
D of the 1933 Act.

 

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3.
Company’s Representations and Warranties. Company represents and warrants to Investor that as of the Closing Date: (i) Company
is a corporation duly organized, validly existing and in good standing under the laws of its state of incorporation and has the requisite
corporate power to own its properties and to carry on its business as now being conducted; (ii) Company is duly qualified as a foreign
corporation to do business and is in good standing in each jurisdiction where the nature of the business conducted or property owned
by it makes such qualification necessary; (iii) each of the Transaction Documents and the transactions contemplated hereby and thereby,
have been duly and validly authorized by Company and all necessary actions have been taken; (iv) this Agreement, the Note, and the other
Transaction Documents have been duly executed and delivered by Company and constitute the valid and binding obligations of Company enforceable
in accordance with their terms; (v) the execution and delivery of the Transaction Documents by Company, the issuance of the Note in accordance
with the terms hereof, and the consummation by Company of the other transactions contemplated by the Transaction Documents do not and
will not conflict with or result in a breach by Company of any of the terms or provisions of, or constitute a default under (a) Company’s
formation documents or bylaws, each as currently in effect, (b) any indenture, mortgage, deed of trust, or other material agreement or
instrument to which Company is a party or by which it or any of its properties or assets are bound, including, without limitation, any
listing agreement for the Common Stock, or (c) any existing applicable law, rule, or regulation or any applicable decree, judgment, or
order of any court, United States federal, state or foreign regulatory body, administrative agency, or other governmental body having
jurisdiction over Company or any of Company’s properties or assets; (vi) no further authorization, approval or consent of any court,
governmental body, regulatory agency, self-regulatory organization, or stock exchange or market or the stockholders or any lender of
Company is required to be obtained by Company for the issuance of the Note to Investor or the entering into of the Transaction Documents;
(vii) none of Company’s filings with OTC Markets contained, at the time they were filed, any untrue statement of a material fact
or omitted to state any material fact required to be stated therein or necessary to make the statements made therein, in light of the
circumstances under which they were made, not misleading; (viii) Company has filed all reports, schedules, forms, statements and other
documents required to be filed by Company with OTC Markets on a timely basis or has received a valid extension of such time of filing
and has filed any such report, schedule, form, statement or other document prior to the expiration of any such extension; (ix) there
is no action, suit, proceeding, inquiry or investigation before or by any court, public board or body pending or, to the knowledge of
Company, threatened against or affecting Company before or by any governmental authority or non-governmental department, commission,
board, bureau, agency or instrumentality or any other person, wherein an unfavorable decision, ruling or finding would have a material
adverse effect on Company or which would adversely affect the validity or enforceability of, or the authority or ability of Company to
perform its obligations under, any of the Transaction Documents; and (x) neither Investor nor any of its officers, directors, stockholders,
members, managers, employees, agents or representatives has made any representations or warranties to Company or any of its officers,
directors, employees, agents or representatives except as expressly set forth in the Transaction Documents and, in making its decision
to enter into the transactions contemplated by the Transaction Documents, Company is not relying on any representation, warranty, covenant
or promise of Investor or its officers, directors, members, managers, employees, agents or representatives other than as set forth in
the Transaction Documents.

 

4.
Company Covenants. Until all of Company’s obligations under all of the Transaction Documents are paid and performed in full,
or within the timeframes otherwise specifically set forth below, Company will at all times comply with the following covenants: (i) Company
will timely file on the applicable deadline all reports required to be filed with OTC Markets or the SEC, as applicable, and will take
all reasonable action under its control to ensure that adequate current public information with respect to Company, as required in accordance
with Rule 144 of the 1933 Act, is publicly available; and (ii) the Common Stock shall be listed or quoted for trading on any of (a) OTC
Pink Current Information, (b) OTCQX, or (c) OTCQB.

 

5.
Conditions to Company’s Obligation to Sell. The obligation of Company hereunder to issue and sell the Note to Investor at
the Closing is subject to the satisfaction, on or before the Closing Date, of each of the following conditions:

 

5.1.
Investor shall have executed this Agreement and delivered the same to Company.

 

5.2.
Investor shall have delivered the Purchase Price to Company in accordance with Section 1.2 above.

 

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6.
Conditions to Investor’s Obligation to Purchase. The obligation of Investor hereunder to purchase the Note at the Closing
is subject to the satisfaction, on or before the Closing Date, of each of the following conditions, provided that these conditions are
for Investor’s sole benefit and may be waived by Investor at any time in its sole discretion:

 

6.1.
Company shall have executed this Agreement and the Note and delivered the same to Investor.

 

6.2.
Company shall have delivered to Investor fully executed copies of all other Transaction Documents required to be executed by Company
herein or therein.

 

7.
Miscellaneous. The provisions set forth in this Section 7 shall apply to this Agreement, as well as all other Transaction Documents
as if these terms were fully set forth therein; provided, however, that in the event there is a conflict between any provision set forth
in this Section 7 and any provision in any other Transaction Document, the provision in such other Transaction Document shall govern.

 

7.1.
Governing Law; Venue. This Agreement shall be construed and enforced in accordance with, and all questions concerning the construction,
validity, interpretation and performance of this Agreement shall be governed by, the internal laws of the State of Delaware, without
giving effect to any choice of law or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction)
that would cause the application of the laws of any jurisdiction other than the State of Delaware. Each party hereto hereby (i) consents
to and expressly submits to the exclusive personal jurisdiction of any state or federal court sitting in San Diego County, California,
(ii) expressly submits to the exclusive venue of any such court for the purposes hereof, and (iii) waives any claim of improper venue
and any claim or objection that such courts are an inconvenient forum or any other claim, defense or objection to the bringing of any
such proceeding in such jurisdiction or to any claim that such venue of the suit, action or proceeding is improper.

 

7.2.
Specific Performance. Company acknowledges and agrees that Investor may suffer irreparable harm in the event that Company fails
to perform any material provision of this Agreement or any of the other Transaction Documents in accordance with its specific terms.
It is accordingly agreed that Investor shall be entitled to one or more injunctions to prevent or cure breaches of the provisions of
this Agreement or such other Transaction Document and to enforce specifically the terms and provisions hereof or thereof, this being
in addition to any other remedy to which the Investor may be entitled under the Transaction Documents, at law or in equity.

 

7.3.
Counterparts. Each Transaction Document may be executed in any number of counterparts, each of which shall be deemed an original,
but all of which together shall constitute one instrument. The parties hereto confirm that any electronic copy of another party’s
executed counterpart of a Transaction Document (or such party’s electronic signature page thereof) will be deemed to be an executed
original thereof.

 

7.4.
Headings. The headings of this Agreement are for convenience of reference only and shall not form part of, or affect the interpretation
of, this Agreement.

 

7.5.
Severability. In the event that any provision of this Agreement is invalid or unenforceable under any applicable statute or rule
of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to
conform to such statute or rule of law. Any provision hereof which may prove invalid or unenforceable under any law shall not affect
the validity or enforceability of any other provision hereof.

 

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7.6.
Entire Agreement. This Agreement, together with the other Transaction Documents, contains the entire understanding of the parties
with respect to the matters covered herein and therein and, except as specifically set forth herein or therein, neither Company nor Investor
makes any representation, warranty, covenant or undertaking with respect to such matters. For the avoidance of doubt, all prior term
sheets or other documents between Company and Investor, or any affiliate thereof, related to the transactions contemplated by the Transaction
Documents (collectively, “Prior Agreements”), that may have been entered into between Company and Investor, or any
affiliate thereof, are hereby null and void and deemed to be replaced in their entirety by the Transaction Documents. To the extent there
is a conflict between any term set forth in any Prior Agreement and the term(s) of the Transaction Documents, the Transaction Documents
shall govern.

 

7.7.
Amendments. No provision of this Agreement may be waived or amended other than by an instrument in writing signed by both parties
hereto.

 

7.8.
Notices. Any notice required or permitted hereunder shall be given in writing (unless otherwise specified herein) and shall be
deemed effectively given on the earliest of: (i) the date delivered, if delivered by personal delivery as against written receipt therefor
or by email to an executive officer named below or such officer’s successor, or by facsimile (with successful transmission confirmation
which is kept by sending party), (ii) the earlier of the date delivered or the third Trading Day after deposit, postage prepaid, in the
United States Postal Service by certified mail, or (iii) the earlier of the date delivered or the third Trading Day after mailing by
express courier, with delivery costs and fees prepaid, in each case, addressed to each of the other parties thereunto entitled at the
following addresses (or at such other addresses as such party may designate by five (5) calendar days’ advance written notice similarly
given to each of the other parties hereto):

 

If
to Company:

 

HUMBL,
Inc.

Attn:
Brian Foote

600
B Street, Suite 300

San
Diego, California 92101

 

If
to Investor:

 

Sartorii,
LLC

Attn:
Steve Foote

1209
Orange Street

Wilmington,
Delaware 19801

 

7.9.
Successors and Assigns. This Agreement or any of the severable rights and obligations inuring to the benefit of or to be performed
by Investor hereunder may be assigned by Investor to a third party, including its affiliates, in whole or in part, without the need to
obtain Company’s consent thereto. Company may not assign its rights or obligations under this Agreement or delegate its duties
hereunder, whether directly or indirectly, without the prior written consent of Investor, and any such attempted assignment or delegation
shall be null and void.

 

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7.10.
Survival. The representations and warranties of Company and the agreements and covenants set forth in this Agreement shall survive
the Closing hereunder notwithstanding any due diligence investigation conducted by or on behalf of Investor. Company agrees to indemnify
and hold harmless Investor and all its officers, directors, employees, attorneys, and agents for loss or damage arising as a result of
or related to any breach or alleged breach by Company of any of its representations, warranties and covenants set forth in this Agreement
or any of its covenants and obligations under this Agreement, including advancement of expenses as they are incurred.

 

7.11.
Further Assurances. Each party shall do and perform, or cause to be done and performed, all such further acts and things, and
shall execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably request
in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated
hereby.

 

7.12.
Investor’s Rights and Remedies Cumulative. All rights, remedies, and powers conferred in this Agreement and the Transaction
Documents are cumulative and not exclusive of any other rights or remedies, and shall be in addition to every other right, power, and
remedy that Investor may have, whether specifically granted in this Agreement or any other Transaction Document, or existing at law,
in equity, or by statute, and any and all such rights and remedies may be exercised from time to time and as often and in such order
as Investor may deem expedient.

 

7.13.
Attorneys’ Fees and Cost of Collection. In the event any suit, action or arbitration is filed by either party against the
other to interpret or enforce any of the Transaction Documents, the unsuccessful party to such action agrees to pay to the prevailing
party all costs and expenses, including attorneys’ fees incurred therein, including the same with respect to an appeal. The “prevailing
party” shall be the party in whose favor a judgment is entered, regardless of whether judgment is entered on all claims asserted
by such party and regardless of the amount of the judgment; or where, due to the assertion of counterclaims, judgments are entered in
favor of and against both parties, then the arbitrator shall determine the “prevailing party” by taking into account the
relative dollar amounts of the judgments or, if the judgments involve nonmonetary relief, the relative importance and value of such relief.
Nothing herein shall restrict or impair an arbitrator’s or a court’s power to award fees and expenses for frivolous or bad
faith pleading. If (i) the Note is placed in the hands of an attorney for collection or enforcement prior to commencing arbitration or
legal proceedings, or is collected or enforced through any arbitration or legal proceeding, or Investor otherwise takes action to collect
amounts due under the Note or to enforce the provisions of the Note, or (ii) there occurs any bankruptcy, reorganization, receivership
of Company or other proceedings affecting Company’s creditors’ rights and involving a claim under the Note; then Company
shall pay the costs incurred by Investor for such collection, enforcement or action or in connection with such bankruptcy, reorganization,
receivership or other proceeding, including, without limitation, attorneys’ fees, expenses, deposition costs, and disbursements.

 

7.14.
Waiver. No waiver of any provision of this Agreement shall be effective unless it is in the form of a writing signed by the party
granting the waiver. No waiver of any provision or consent to any prohibited action shall constitute a waiver of any other provision
or consent to any other prohibited action, whether or not similar. No waiver or consent shall constitute a continuing waiver or consent
or commit a party to provide a waiver or consent in the future except to the extent specifically set forth in writing.

 

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7.15.
Waiver of Jury Trial. EACH PARTY TO THIS AGREEMENT IRREVOCABLY WAIVES ANY AND ALL RIGHTS SUCH PARTY MAY HAVE TO DEMAND THAT ANY
ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR IN ANY WAY RELATED TO THIS AGREEMENT, ANY OTHER TRANSACTION DOCUMENT, OR THE RELATIONSHIPS
OF THE PARTIES HERETO BE TRIED BY JURY. THIS WAIVER EXTENDS TO ANY AND ALL RIGHTS TO DEMAND A TRIAL BY JURY ARISING UNDER COMMON LAW
OR ANY APPLICABLE STATUTE, LAW, RULE OR REGULATION. FURTHER, EACH PARTY HERETO ACKNOWLEDGES THAT SUCH PARTY IS KNOWINGLY AND VOLUNTARILY
WAIVING SUCH PARTY’S RIGHT TO DEMAND TRIAL BY JURY.

 

7.16.
Time is of the Essence. Time is expressly made of the essence with respect to each and every provision of this Agreement and the
other Transaction Documents.

 

7.17.
Voluntary Agreement. Company has carefully read this Agreement and each of the other Transaction Documents and has asked any questions
needed for Company to understand the terms, consequences and binding effect of this Agreement and each of the other Transaction Documents
and fully understand them. Company has had the opportunity to seek the advice of an attorney of Company’s choosing, or has waived
the right to do so, and is executing this Agreement and each of the other Transaction Documents voluntarily and without any duress or
undue influence by Investor or anyone else.

 

[Remainder
of page intentionally left blank; signature page follows]

 

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IN
WITNESS WHEREOF, the undersigned Investor and Company have caused this Agreement to be duly executed as of the date first above written.

 

	 	INVESTOR:
	 	 
	 	SARTORII,
    LLC
	 	 	 
	 	By:
    	 
	 	 	Stephen
    Foote, Manager

 

	 	COMPANY:
	 	 
	 	HUMBL,
    Inc.
	 	 	 
	 	By:	 
	 	 	Jeffrey
Hinshaw, CFO 

 

[Signature
Page to Note Purchase Agreement]

 

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Exhibit
A Note

 

PROMISSORY
NOTE 

 

	Effective
  Date: July 26, 2022	U.S.
  $2,000,000.00

 

FOR
VALUE RECEIVED, HUMBL, Inc., a Delaware corporation (“Borrower”), promises
to pay to Sartorii, LLC, a Delaware limited liability company, or its successors or assigns
(“Lender”), $2,000,000.00 and any interest, fees, charges, and late fees accrued hereunder on the date that is thirty-six
(36) months after the Purchase Price Date (the “Maturity Date”) in accordance with the terms set forth herein and
to pay interest on the Outstanding Balance at the rate of five percent (5%) per annum simple interest from the Purchase Price Date until
the same is paid in full. This Promissory Note (this “Note”) is issued and made effective as of July 26, 2022 (the
“Effective Date”). This Note is issued pursuant to that certain Note Purchase Agreement dated July 26, 2022, as the
same may be amended from time to time, by and between Borrower and Lender (the “Purchase Agreement”). Certain capitalized
terms used herein are defined in Attachment 1 attached hereto and incorporated herein by this reference.

 

1.
Payment; Prepayment.

 

1.1.
Payment. All payments owing hereunder shall be in lawful money of the United States of America, as provided for herein, and delivered
to Lender at the address or bank account furnished to Borrower for that purpose. All payments shall be applied first to (a) costs of
collection, if any, then to (b) fees and charges, if any, then to (c) accrued and unpaid interest, and thereafter, to (d) principal.

 

1.2.
Prepayment. Notwithstanding the foregoing, Borrower shall have the right to prepay all or any portion of the Outstanding Balance
before it is due without penalty.

 

2.
Security. This Note is unsecured.

 

3.
Defaults and Remedies.

 

3.1.
Defaults. The following are events of default under this Note (each, an “Event of Default”): (a) Borrower fails
to pay any principal, interest, fees, charges, or any other amount when due and payable hereunder; (b) a receiver, trustee or other similar
official shall be appointed over Borrower or a material part of its assets and such appointment shall remain uncontested for twenty (20)
days or shall not be dismissed or discharged within sixty (60) days; (c) Borrower becomes insolvent or generally fails to pay, or admits
in writing its inability to pay, its debts as they become due, subject to applicable grace periods, if any; (d) Borrower makes a general
assignment for the benefit of creditors; (e) Borrower files a petition for relief under any bankruptcy, insolvency or similar law (domestic
or foreign); (f) an involuntary bankruptcy proceeding is commenced or filed against Borrower; (g) any representation, warranty or other
statement made or furnished by Borrower to Lender herein, in any Transaction Document, is false, incorrect, incomplete or misleading
in any material respect when made or furnished; (h) the occurrence of a Fundamental Transaction without Lender’s prior written
consent; (i) any money judgment, writ or similar process is entered or filed against Borrower or any subsidiary of Borrower or any of
its property or other assets for more than $2,000,000.00, and shall remain unvacated, unbonded or unstayed for a period of twenty (20)
calendar days unless otherwise consented to by Lender; or (j) Borrower fails to observe or perform any covenant set forth in any Transaction
Document.

 

3.2.
Remedies. At any time and from time to time after Lender becomes aware of the occurrence of any Event of Default (so long as such
Event of Default has not been cured by Borrower), Lender may accelerate this Note by written notice to Borrower, with the Outstanding
Balance becoming immediately due and payable. Notwithstanding the foregoing, upon the occurrence of any Event of Default described in
clauses (b), (c), (d), (e) or (f) of Section 3.1, the Outstanding Balance as of the date of acceleration shall become immediately and
automatically due and payable, without any written notice required by Lender. At any time following the occurrence of any Event of Default,
upon written notice given by Lender to Borrower, interest shall accrue on the Outstanding Balance beginning on the date the applicable
Event of Default occurred at an interest rate equal to the lesser of eight (8%) per annum or the maximum rate permitted under applicable
law (“Default Interest”). In connection with acceleration described herein, Lender need not provide, and Borrower
hereby waives, any presentment, demand, protest or other notice of any kind, and Lender may immediately and without expiration of any
grace period enforce any and all of its rights and remedies hereunder and all other remedies available to it under applicable law. Such
acceleration may be rescinded and annulled by Lender at any time prior to payment hereunder and Lender shall have all rights as a holder
of the Note until such time, if any, as Lender receives full payment pursuant to this Section 3.2. No such rescission or annulment shall
affect any subsequent Event of Default or impair any right consequent thereon.

 

    	 

     

    

 

4.
Unconditional Obligation; No Offset. Borrower acknowledges that this Note is an unconditional, valid, binding and enforceable
obligation of Borrower not subject to offset, deduction or counterclaim of any kind. Borrower hereby waives any rights of offset it now
has or may have hereafter against Lender, its successors and assigns, and agrees to make the payments called for herein in accordance
with the terms of this Note.

 

5.
Waiver. No waiver of any provision of this Note shall be effective unless it is in the form of a writing signed by the party granting
the waiver. No waiver of any provision or consent to any prohibited action shall constitute a waiver of any other provision or consent
to any other prohibited action, whether or not similar. No waiver or consent shall constitute a continuing waiver or consent or commit
a party to provide a waiver or consent in the future except to the extent specifically set forth in writing.

 

6.
Governing Law; Venue. This Note shall be construed and enforced in accordance with, and all questions concerning the construction,
validity, interpretation and performance of this Note shall be governed by, the internal laws of the State of Delaware, without giving
effect to any choice of law or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would
cause the application of the laws of any jurisdiction other than the State of Delaware. The provisions set forth in the Purchase Agreement
to determine the proper venue for any disputes are incorporated herein by this reference.

 

7.
Cancellation. After repayment of the entire Outstanding Balance, this Note shall be deemed paid in full, shall automatically be
deemed canceled, and shall not be reissued.

 

8.
Amendments. The prior written consent of both parties hereto shall be required for any change or amendment to this Note.

 

9.
Assignments. Borrower may not assign this Note without the prior written consent of Lender. This Note may be offered, sold, assigned
or transferred by Lender without the consent of Borrower.

 

10.
Notices. Whenever notice is required to be given under this Note, unless otherwise provided herein, such notice shall be given
in accordance with the subsection of the Purchase Agreement titled “Notices.”

 

11.
Liquidated Damages. Lender and Borrower agree that in the event Borrower fails to comply with any of the terms or provisions of
this Note, Lender’s damages would be uncertain and difficult (if not impossible) to accurately estimate because of the parties’
inability to predict future interest rates, future share prices, future trading volumes and other relevant factors. Accordingly, Lender
and Borrower agree that any fees, balance adjustments, Default Interest or other charges assessed under this Note are not penalties but
instead are intended by the parties to be, and shall be deemed, liquidated damages.

 

12.
Severability. If any part of this Note is construed to be in violation of any law, such part shall be modified to achieve the
objective of Borrower and Lender to the fullest extent permitted by law and the balance of this Note shall remain in full force and effect.

 

[Remainder
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IN
WITNESS WHEREOF, Borrower has caused this Note to be duly executed as of the Effective Date.

 

	 	BORROWER:
	 	 
	 	HUMBL,
    Inc.
	 	 	 
	 	By:	 
	 	 	 Jeffrey
    Hinshaw, CFO

 

	ACKNOWLEDGED,
    ACCEPTED AND AGREED:	 
	 	 
	LENDER:	 
	 	 
	Sartorii,
    LLC	 
	 	 	 
	By:
    	 	 
	 	Stephen
    Foote, Manager	 

 

[Signature
Page to Promissory Note]

 

    	 

     

    

 

ATTACHMENT
1

DEFINITIONS

 

For
purposes of this Note, the following terms shall have the following meanings:

 

A1.
“Fundamental Transaction” means that (a) (i) Borrower or any of its subsidiaries shall, directly or indirectly, in
one or more related transactions, consolidate or merge with or into (whether or not Borrower or any of its subsidiaries is the surviving
corporation) any other person or entity, or (ii) Borrower or any of its subsidiaries shall, directly or indirectly, in one or more related
transactions, sell, lease, license, assign, transfer, convey or otherwise dispose of all or substantially all of its respective properties
or assets to any other person or entity, or (iii) Borrower or any of its subsidiaries shall, directly or indirectly, in one or more related
transactions, allow any other person or entity to make a purchase, tender or exchange offer that is accepted by the holders of more than
50% of the outstanding shares of voting stock of Borrower (not including any shares of voting stock of Borrower held by the person or
persons making or party to, or associated or affiliated with the persons or entities making or party to, such purchase, tender or exchange
offer), or (iv) Borrower or any of its subsidiaries shall, directly or indirectly, in one or more related transactions, consummate a
stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off
or scheme of arrangement) with any other person or entity whereby such other person or entity acquires more than 50% of the outstanding
shares of voting stock of Borrower (not including any shares of voting stock of Borrower held by the other persons or entities making
or party to, or associated or affiliated with the other persons or entities making or party to, such stock or share purchase agreement
or other business combination), or (v) Borrower or any of its subsidiaries shall, directly or indirectly, in one or more related transactions,
reorganize, recapitalize or reclassify the Common Stock, other than an increase in the number of authorized shares of Borrower’s
Common Stock, or (b) any “person” or “group” (as these terms are used for purposes of Sections 13(d) and 14(d)
of the 1934 Act and the rules and regulations promulgated thereunder) is or shall become the “beneficial owner” (as defined
in Rule 13d-3 under the 1934 Act), directly or indirectly, of 50% of the aggregate ordinary voting power represented by issued and outstanding
voting stock of Borrower.

 

A2.
“Outstanding Balance” means as of any date of determination, the Purchase Price, as reduced or increased, as the case
may be, pursuant to the terms hereof for payment, offset, or otherwise, accrued but unpaid interest, collection and enforcements costs
(including attorneys’ fees) incurred by Lender, and any other fees or charges incurred under this Note.

 

A3.
“Purchase Price” means $2,000,000.00.

 

A4.
“Purchase Price Date” means the date the Purchase Price is delivered by Lender to Borrower.

 

[Remainder
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Attachment
1 to Promissory Note, Page 1Document

Exhibit 10.1

FIRST AMENDMENT TO EMPLOYMENT AGREEMENT

            This First Amendment to that certain Employment Agreement (this “Amendment”) is made and executed effective as of July 26, 2022, by and between Martin Resource Management Corporation (the “MRMC”) and Robert D. Bondurant (the “Employee”).  

            WHEREAS, MRMC and Employee are parties to that certain Employment Agreement dated October 20, 2020 (the “Agreement”); and

WHEREAS, the Parties mutually desire to amend certain terms of the Agreement as hereinafter provided.

            NOW, THEREFORE, for and in consideration of the covenants and obligations contained herein and other good and valuable consideration, the Parties hereto hereby agree as follows:  

1.         Capitalized terms used but not defined herein, if any, shall have the meaning given to such terms in the Agreement;

2.         Section 2. Term of Employment is hereby deleted and replaced in its entirety as follows:

“2.      Term of Employment: The term of this Agreement shall commence on January 1, 2021 (the “Employment Date”) and shall continue until December 31, 2024 (the “Employment Term”); provided, that on the third anniversary of the Employment Date and on each anniversary thereafter, the Employment Term of this Agreement shall automatically be extended for one (1) additional year unless either party shall have given notice prior to the applicable anniversary that such party does not wish to extend the Employment Term.”  

3.         Except as expressly amended herein, the terms, covenants and conditions of the Agreement shall remain in full force and effect without modification or amendment, and the Parties ratify and reaffirm the same in its entirety.

4.         This Amendment shall be governed by and construed in accordance with the laws of the State of Texas, without regard to the conflicts of laws or principles.  In the event that the terms and conditions of the Agreement conflict or are inconsistent with those of this Amendment, the terms of this Amendment shall govern. 

[Signatures on next page]  

                                                                                                                                                                      

MARTIN RESOURCE MANAGEMENT CORPORATION

By:/s/ Randall L. Tauscher
Randall L. Tauscher, Executive Vice President

COMPANY   

/s/Robert D. Bondurant
Robert D. Bondurant
EMPLOYEE

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