Document:

Exhibit
10.22

 

NEITHER
THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE CONVERTIBLE
HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT
BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER), IN
A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144 OR RULE
144A UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT
OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.

 

CONVERTIBLE
PROMISSORY NOTE

 

	Principle
    Amount: U.S. $37,500	Dated:
    July 31, 2016

 

Amended
and Restated: April 3, 2017

 

WHEREAS,
MINERCO, INC. desires to amend and restate an existing promissory note as contemplated in a certain Exchange Agreement, dated
April 3, 2017, originally issued to Sam J. Messina, III on July 31, 2016, in principal amount of $37,500, to read as follows:

 

FOR
VALUE RECEIVED, Minerco, Inc., a Nevada corporation (the “Maker”), hereby promises to pay to Sam J. Messina
III, an individual, a former Director and Officer of the Maker, or his successors and assigns (the “Payee”),
at its address at 800 Bering Drive, Houston, Texas 77057, or to such other address as Payee shall provide in writing to the Maker
for such purpose, a principal sum of Thirty-Seven Thousand Five Hundred U.S. Dollars and 00/100 Cents (US$ 37,500) (the “Note”).
The aggregate principal amount outstanding under this Note will be conclusively evidenced by the schedule annexed as Exhibit B
hereto (the “Loan Schedule”), up to a maximum principal amount of U.S $37,500. The entire principal amount
hereunder shall be due and payable on February 1, 2017 (the “Maturity Date”), or on such earlier date as such
principal amount may earlier become due and payable pursuant to the terms hereof.

 

1.       Interest
Rate. Interest shall accrue on the unpaid principal amount of this Convertible Promissory Note (the “Note”)
at the rate of five percent (5%) per annum from the date of the first making of the loan for such principal amount until such
unpaid principal amount is paid in full or earlier converted into shares (the “Shares”) of the Maker’s
common stock (the “Common Stock”) in accordance with the terms hereof. Interest hereunder shall be paid on
such date as the principal amount under this Note becomes due and payable or is converted in accordance with the terms hereof
and shall be computed on the basis of a 360-day year for the actual number of days elapsed.

 

    	 		 

     

    

 

2.       Conversion
of Principal and Interest. Subject to the terms and conditions hereof, the Payee, at its sole option, may deliver to the Maker
a notice in the form attached hereto as Exhibit A (a “Conversion Notice”) and an updated Loan Schedule, at
any time and from time to time after the date hereof and prior to the payment of the principal amount and all accrued interest
thereon (the date of the delivery of a Conversion Notice shall be referred to herein as a “Conversion Date”),
to convert all or any portion of the outstanding principal amount of this Note plus accrued and unpaid interest thereon, for a
number of Shares equal to the quotient obtained by dividing the dollar amount of such outstanding principal amount of this Note
plus the accrued and unpaid interest thereon being converted by the Conversion Price (as defined in Section 15). Conversions hereunder
shall have the effect of lowering the outstanding principal amount of this Note plus all accrued and unpaid interest thereunder
in an amount equal to the applicable conversion, which shall be evidenced by entries set forth in the Conversion Notice and the
Loan Schedule.

 

3.       Certain
Conversion Limitations. The Payee may not convert an outstanding principal amount of this Note or accrued and unpaid interest
thereon to the extent such conversion would result in the Payee, together with any affiliate thereof, beneficially owning (as
determined in accordance with Section 13(d) of the Exchange Act (as defined in Section 15) and the rules promulgated thereunder)
in excess of 4.999% of the then issued and outstanding shares of Common Stock. Since the Payee will not be obligated to report
to the Maker the number of shares of Common Stock it may hold at the time of a conversion hereunder, unless the conversion at
issue would result in the beneficial ownership in excess of 4.999% of the then outstanding shares of Common Stock (inclusive of
any other shares which may be beneficially owned by the Payee or an affiliate thereof), the Payee shall have the authority and
obligation to determine whether and the extent to which the restriction contained in this Section will limit any particular conversion
hereunder. The Payee may waive the provisions of this Section upon not less than 75 days prior notice to the Maker.

 

4.       Deliveries.
Not later than five (5) Trading Days (as defined in Section 15) after any Conversion Date, the Maker will deliver to the Payee
(i) a certificate or certificates representing the number of Shares being acquired upon the conversion of the principal amount
of this Note and any interest accrued thereunder being converted pursuant to the Conversion Notice (subject to the limitations
set forth in Section 3 hereof), and (ii) an endorsement by the Maker of the Loan Schedule acknowledging the remaining outstanding
principal amount of this Note plus all accrued and unpaid interest thereon not converted (an “Endorsement”).
The Maker’s delivery to the Payee of stocks certificates in accordance clause (i) above shall be Maker’s conclusive
endorsement of the remaining outstanding principal amount of this Note plus all accrued and unpaid interest thereon not converted
as set forth in the Loan Schedule.

 

5.       Prepayment
Right. The Maker shall have the right to prepay all or a portion of the outstanding principal amount of this Note plus all
accrued and unpaid interest thereon.

 

6.       No
Adjustments. If the Maker, at any time while any portion of the principal amount due under this Note is outstanding, (a) shall
pay a stock dividend or otherwise make a distribution or distributions on shares of its Common Stock or any other equity or equity
equivalent securities payable in shares of Common Stock, (b) subdivide outstanding shares of Common Stock into a larger number
of shares, (c) combine (including by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares,
or (d) issue by reclassification of shares of the Common Stock any shares of capital stock of the Maker, then the Conversion Price
(as defined in Section 15) shall not be adjusted.

 

    	 	2	 

     

    

 

7.       No
Waiver of Payee’s Rights, etc. All payments of principal and interest shall be made without setoff, deduction or counterclaim.
No delay or failure on the part of the Payee in exercising any of its options, powers or rights, nor any partial or single exercise
of its options, powers or rights shall constitute a waiver thereof or of any other option, power or right, and no waiver on the
part of the Payee of any of its options, powers or rights shall constitute a waiver of any other option, power or right. The Maker
hereby waives presentment of payment, protest, and notices or demands in connection with the delivery, acceptance, performance,
default or endorsement of this Note. Acceptance by the Payee of less than the full amount due and payable hereunder shall in no
way limit the right of the Payee to require full payment of all sums due and payable hereunder in accordance with the terms hereof.

 

8.       Modifications.
No term or provision contained herein may be modified, amended or waived except by written agreement or consent signed by the
party to be bound thereby.

 

9.       Cumulative
Rights and Remedies; Usury. The rights and remedies of the Payee expressed herein are cumulative and not exclusive of any
rights and remedies otherwise available. If it shall be found that any interest outstanding hereunder shall violate applicable
laws governing usury, the applicable rate of interest outstanding hereunder shall be reduced to the maximum permitted rate of
interest under such law.

 

10.      Collection
Expenses. If this obligation is placed in the hands of an attorney for collection after default, and provided the Payee prevails
on the merits in respect to its claim of default, the Maker shall pay (and shall indemnify and hold harmless the Payee from and
against), all reasonable attorneys’ fees and expenses incurred by the Payee in pursuing collection of this Note.

 

11.       Successors
and Assigns. This Note shall be binding upon the Maker and its successors and shall inure to the benefit of the Payee and
its successors and assigns. The term “Payee” as used herein, shall also include any endorsee, assignee or other holder
of this Note.

 

12.      Lost
or Stolen Promissory Note. If this Note is lost, stolen, mutilated or otherwise destroyed, the Maker shall execute and deliver
to the Payee a new promissory note containing the same terms, and in the same form, as this Note. In such event, the Maker may
require the Payee to deliver to the Maker an affidavit of lost instrument and customary indemnity in respect thereof as a condition
to the delivery of any such new promissory note.

 

13.      Due
Authorization. This Note has been duly authorized, executed and delivered by the Maker and is the legal obligation of the
Maker, enforceable against the Maker in accordance with its terms.

 

14.      Governing
Law. This Note shall be governed by and construed and enforced in accordance with the internal laws of the State of Texas
without regard to the principles of conflicts of law thereof.

 

    	 	3	 

     

    

 

15.       Definitions.
For the purposes hereof, the following terms shall have the following meanings:

 

“Business
Day” means any day except Saturday, Sunday and any day that is a legal holiday or a day on which banking institutions
in the State of New York or State of Nevada are authorized or required by law or other government action to close.

 

“Conversion
Price” shall be 50% of the lowest Per Share Market Value of the five (5) Trading Days immediately preceding a Conversion
Date or $0.0005 per share, whichever is lowest.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

“Trading
Day” means (a) a day on which the shares of Common Stock are traded on such Subsequent Market on which the shares of
Common Stock are then listed or quoted, or (b) if the shares of Common Stock are not listed on a Subsequent Market, a day on which
the shares of Common Stock are traded in the over-the-counter market, as reported by the OTC Bulletin Board, or (c) if the shares
of Common Stock are not quoted on the OTC Bulletin Board, a day on which the shares of Common Stock are quoted in the over-the-counter
market as reported by the National Quotation Bureau Incorporated (or any similar organization or agency succeeding its functions
of reporting prices); provided, however, that in the event that the shares of Common Stock are not listed or quoted as set forth
in (a), (b) and (c) hereof, then Trading Day shall mean any day except Saturday, Sunday and any day which shall be a legal holiday
or a day on which banking institutions in the State of Texas or State of New York are authorized or required by law or other government
action to close.

 

 

[Intentionally
Left Blank – Signature Page Follows]

 

    	 	4	 

     

    

 

IN
WITNESS WHEREOF, the Maker has caused this Convertible Promissory Note to be duly executed and delivered as of the date first
set forth above.

 

	 	MINERCO,
    INC.
	 	 	 
	 	By:	/s/
    V. Scott Vanis
	 	Name: 	V.
    Scott Vanis
	 	Title:	Chief
    Executive Officer

  

(Signature
Page of Convertible Promissory Note)

 

    	 	5	 

     

    

 

EXHIBIT
A

 

NOTICE
OF CONVERSION

 

Dated:
_________________

 

The
undersigned hereby elects to convert the principal amount and interest indicated below of the attached Convertible Promissory
Note into shares of common stock (the “Common Stock”), of Minerco Resources Inc., according to the conditions
hereof, as of the date written below. No fee will be charged to the holder for any conversion.

 

Exchange
calculations: ______________________________________________

 

Date
to Effect Conversion: ___________________________________________

 

Principal
Amount and Interest of

Secured
Convertible Note to be Converted: ______________________________

 

Number
of shares of Common Stock to be Issued: _________________________

 

Applicable
Conversion Price:

 

Signature:
__________________________________________

 

Name:_____________________________________________

 

Address:____________________________________________

 

    	 	A-1	 

     

    

 

EXHIBIT
B

 

LOAN
SCHEDULE

 

Convertible
Promissory Note Issued by Minerco Inc.

 

Dated:
___________________

 

SCHEDULE

OF

CONVERSIONS
AND PAYMENTS OF PRINCIPAL

 

	Date
    of Conversion	Amount
    of Conversion	Total
        Amount Due Subsequent

        To
        Conversion

	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

 

B-1Exhibit 10.23

 

AGREEMENT TO EXCHANGE

ACCRUED SALARY AND PREF B & C SHARES

FOR PREF A SHARES

 

THIS EXCHANGE AGREEMENT,
dated as of July 3, 2017 is entered into by and between Minerco, Inc. (the “Company”) and V. Scott Vanis (“Vanis”).

 

WITNESSETH:

 

WHEREAS, Vanis
is the Chief Executive Officer (“CEO”) and a Director of the Company and has been affiliated with the Company since
March, 2010; and

 

WHEREAS, Vanis
entered into an Employment Contract, dated July 9, 2014; and

 

WHEREAS, Vanis
is willing to forgive his accrued salary, for fiscal year 2017 (August 1, 2016 through July 31, 2017), in amount of Two Hundred
and Twenty-Five Thousand Dollars and 00/100 Cents ($225,000.00), One Hundred Twelve Thousand Five Hundred Twenty-Six (112,526)
shares the Company’s Preferred Class ‘B’ Stock AND Two Hundred and Fifty Thousand (250,000) shares of the Company’s
Preferred Class ‘C’ Stock for Five Hundred Thousand Shares (500,000) of the Company’s Preferred Class ‘A’
Stock; and

 

WHEREAS, the
Company is willing to exchange Vanis’ accrued salary, for fiscal year 2017 (August 1, 2016 through July 31, 2017), in amount
of Two Hundred and Twenty-Five Thousand Dollars and 00/100 Cents ($225,000.00), One Hundred Twelve Thousand Five Hundred Twenty-Six
(112,526) shares the Company’s Preferred Class ‘B’ Stock AND Two Hundred and Fifty Thousand (250,000) shares
of the Company’s Preferred Class ‘C’ Stock for Five Hundred Thousand Shares (500,000) of the Company’s
Preferred Class ‘A’ Stock;

 

WHEREAS, the
Company has One Million authorized shares of Preferred Class ‘A’ Stock which converts to common stock at 10:1 and votes
to common stock at 10,000:1;

 

NOW, THEREFORE,
in consideration for the foregoing, the parties hereto agree as follows:

 

		1.	Exchange. Vanis agrees to forgive his accrued salary, for fiscal year 2017 (August
1, 2016 through July 31, 2017), in amount of Two Hundred and Twenty-Five Thousand Dollars and 00/100 Cents ($225,000.00), One Hundred
Twelve Thousand Five Hundred Twenty-Six (112,526) shares the Company’s Preferred Class ‘B’ Stock AND Two Hundred
and Fifty Thousand (250,000) shares of the Company’s Preferred Class ‘C’ Stock for Five Hundred Thousand Shares
(500,000) of the Company’s Preferred Class ‘A’ Stock (hereinafter the “Exchange”) for services performed
as the Company’s CEO.

 

		2.	Vanis Representations, Warranties, Etc. Vanis represents and warrants to, and covenants
and agrees with, the Company as follows:

 

		a.	Due Authorization. Vanis has all requisite legal capacity to execute, deliver and perform
this Agreement and the transactions hereby contemplated. This Agreement constitutes a valid and binding agreement on the part of
Vanis and is enforceable in accordance with its terms.

 

		b.	No Consents; No Contravention. The execution, delivery and performance by Vanis of this
Agreement (i) requires no authorization, registration, consent, approval or action by or in respect of, or filings with, any governmental
body, agency or official or other person (including but not limited to the Securities and Exchange Commission), and (ii) do not
contravene, conflict with, result in a breach of or constitute a default under any material provision of applicable law or regulation,
or of any material agreement to which Vanis is a party.

 

     

     

    

 

		3.	Company Representations, Etc. The Company represents and warrants to Vanis
that:

 

		a.	Exchange Agreement. This Agreement and the transactions contemplated hereby, have
been duly and validly authorized by the Company. This Agreement has been duly executed and delivered by the Company and is a valid
and binding agreement of the Company enforceable in accordance with its terms, subject as to enforceability to general principles
of equity and to bankruptcy, insolvency, moratorium, and other similar laws affecting the enforcement of creditors' rights generally.

 

		b.	Non-contravention. The execution and delivery of this Agreement by the Company, and
the consummation by the Company of the other transactions contemplated by this Agreement do not and will not conflict with or result
in a breach by the Company of any of the terms or provisions of, or constitute a default under (i) the articles of incorporation
or by-laws of the Company, (ii) any indenture, mortgage, deed of trust, or other material agreement or instrument to which the
Company is a party or by which it or any of its properties or assets are bound, (iii) to its knowledge, any existing applicable
law, rule, or regulation or any applicable decree, judgment, or (iv) to its knowledge, order of any court, United States federal
or state regulatory body, administrative agency, or other governmental body having jurisdiction over the Company or any of its
properties or assets, except such conflict, breach or default which would not have a material adverse effect on the transactions
contemplated herein. The Company is not in violation of any material laws, governmental orders, rules, regulations or ordinances
to which its property, real, personal, mixed, tangible or intangible, or its businesses related to such properties, are subject.

 

		c.	Approvals. No authorization, approval or consent of any court, governmental body,
regulatory agency, self-regulatory organization, or stock exchange or market is required to be obtained by the Company for the
Exchange as contemplated by this Agreement, except such authorizations, approvals and consents that have been obtained.

 

		4.	Certain Covenants And Acknowledgments. The Company undertakes and agrees to make
all necessary filings in connection with the exchange effected hereby under any United States laws and regulations, and to provide
a copy thereof to Vanis promptly after such filing.

 

		5.	Governing Law; Miscellaneous. This Agreement shall be governed by and interpreted
in accordance with the laws of the State of New Hampshire. A facsimile transmission of this signed Agreement shall be legal and
binding on all parties hereto. This Agreement may be signed in one or more counterparts, each of which shall be deemed an original.
The headings of this Agreement are for convenience of reference and shall not form part of, or affect the interpretation of, this
Agreement. If any provision of this Agreement shall be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability
shall not affect the validity or enforceability of the remainder of this Agreement or the validity or enforceability of this Agreement
in any other jurisdiction. This Agreement may be amended only by an instrument in writing signed by the party to be charged with
enforcement. This Agreement, and the related agreements referred to herein, contain the entire agreement of the parties with respect
to the subject matter hereto, superceding all prior agreements, understandings or discussions.

 

		6.	Notices. Any notice required or permitted hereunder shall be given in writing (unless
otherwise specified herein) and shall be deemed effectively given, (i) on the date delivered, (a) by personal delivery, or (b)
if advance copy is given by fax, (ii) seven business days after deposit in the United States Postal Service by regular or certified
mail, or (iii) three business days mailing by international express courier, with postage and fees prepaid, addressed to each of
the other parties thereunto entitled at the last known mailing address, or at such other addresses as a party may designate by
ten days advance written notice to each of the other parties hereto.

 

		7.	Successors And Assigns. This Agreement shall be binding upon and inure to the benefit
of the parties hereto and their respective successors and permitted assigns.

 

 

[Intentionally Left Blank – Signature
Page Follows]

 

    	 	2	 

     

    

 

IN WITNESS WHEREOF,
the Company and Vanis have caused this Agreement to be executed by their duly authorized representatives on the date as first written
above.

 

	 	MINERCO, INC.
	 	 	 
	 	By:	/s/ V. Scott Vanis
	 	Name:	V. Scott Vanis
	 	Title:	Chief Executive Officer
	 	 	 
	 	V. SCOTT VANIS
	 	 	 
	 	 	/s/ V. Scott Vanis
	 	Name:	V. Scott Vanis
	 	 	An Individual

 

 

3

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