Document:

Exhibit 10.1

 

GENERATION
HEMP, INC.

COMMON
STOCK AND WARRANT

SUBSCRIPTION AGREEMENT

 

Unit at $10,000 for One Share of Series
B Redeemable Convertible Preferred Stock and Warrant

 

	Date: 	Full Subscription Commitment: $

 

1. Subscription:

 

(a) The
undersigned (individually and/or collectively, the “Purchaser”) hereby applies to purchase Units composed of
(i) one share of Series B Redeemable Convertible Preferred Stock (the “Series B Preferred Stock” or the “Shares”)
of Generation Hemp, Inc., a Colorado corporation (the “Company”), and (ii) one warrant (the “Warrant(s)”)
exercisable for shares of common stock of the Company (the “Common Stock”), in accordance with the terms and
conditions of this Subscription Agreement (this “Subscription”) and form of Warrant which is attached as Exhibit
B hereto, at a purchase price (the “Offering Price”) of $10,000 per Unit (collectively the “Units”).
This Subscription is one of several Subscriptions to be entered into by and between the Company and Purchasers, pursuant to which
the Company will raise up to $3,000,000 or such greater amount as the Company’s Board of Directors may so determine without
notice or consent by any prior or future Purchasers (the “Offering”). The Purchaser acknowledges and understands
that the Offering of the Units is being made without registration of the Units, the Series B Preferred stock, the Warrant or the
Common Stock for which the Warrant is exercisable, under the Securities Act of 1933, as amended (the “Securities Act”),
or any securities “blue sky” or other similar laws of any state.

 

(b) Before
this Subscription is considered, the Purchaser must complete, execute and deliver to the Company the following:

 

(i) This
Subscription;

 

(ii) Certificate
of Designation for the Corporation’s Series B Redeemable Convertible Preferred Stock attached hereto as Exhibit A;

 

(iii) The
Form of Warrant attached hereto as Exhibit B;

 

(iv) The
Certificate of Accredited Investor Status, attached hereto as Exhibit C; and

 

(v) The
Purchaser’s aggregate payment in the amount of $ in exchange for Units purchased, or wire transfer sent to the Company in
accordance with wire transfer instructions which the Company will provide at the request of the Purchaser.

 

(c) This
Subscription is irrevocable by the Purchaser.

 

(d) This
Subscription is not transferable or assignable by the Purchaser.

 

    	________ 
 Purchaser’s Initials
	1	Subscription Agreement
 Generation Hemp, Inc.

     

    

 

(e) This
Subscription may be rejected in whole or in part by the Company in its sole discretion prior to the applicable Closing (as defined
in Section 1(g) hereof), regardless of whether Purchaser’s funds have theretofore been deposited by the Company. Purchaser’s
execution and delivery of this Subscription will not constitute an agreement between the undersigned and the Company until this
Agreement has been accepted and executed by the Company. In the event this Subscription is rejected by the Company, all funds and
documents tendered by the Purchaser shall be returned and the parties' obligations hereunder, shall terminate.

 

(f) Each
Purchaser shall be issued at Closing two-year Warrants in substantially the form attached hereto as Exhibit A to
acquire up to that number of additional shares of Common Stock equal to two hundred percent (200%) of the number of shares of common
stock that each share of Series B Preferred is convertible and exercisable only for a cash Purchase Price of $0.352 per share (the
shares of Common Stock issuable upon exercise of or otherwise pursuant to the Warrant collectively are referred to herein as the
“Warrant Shares”). The Shares, the Warrant and the Warrant Shares collectively are referred to herein as the “Securities”.

 

(g) The
sale of Units will take place in one or more closings (the “Closing” or “Closing Date”),
the first of which is scheduled to close on or about December 30, 2020, subject to the satisfaction of all parties hereto of their
obligations herein. The minimum investment amount shall be $50,000 by each Purchaser in the Offering, although the Company may
waive this minimum in its sole discretion and accept lesser investment amounts from Purchasers. The maximum Offering size shall
be 300 Units. There shall be no minimum Offering size. Purchaser acknowledges and agrees that their subscription is irrevocable
and binding on the part of the Purchaser and that once the funds have been tendered, the Company may conduct a Closing without
any consent or notice to the Purchaser. Once a Closing has occurred, the subscribed funds will become assets of the Company and
will be available for use by the Company as described herein.

 

(h) The
Company plans to use the proceeds from the Offering for acquisitions, capital expenditures, and general working capital purposes.

 

(i) Purchaser
hereby agrees not to, and will cause its affiliates not to, enter into any “put equivalent position” as such term is
defined in Rule 16a-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or
Short Sale (as defined below) position (a) with respect to the Securities; or (b) with respect to the Company’s Common Stock,
prior to the exercise in full of the Warrants by the Purchaser, or expiration of the Warrants held by the Purchaser.

 

(j) Registration
Procedures and Expenses.

 

(i) The
Company shall prepare and file with the SEC, as promptly as reasonably practicable following Closing, but in no event later than
180 days following Closing (the “Filing Date”), a registration statement on Form S-1, covering the resale of
theWarrant Shares (the “Registrable Securities” and the “Registration Statement”) and shall
use its commercially reasonable efforts to have the Registration Statement declared effective within 270 days after the Closing.

 

(ii) The
Company shall use its commercially reasonable best efforts to:

 

(a) prepare
and file with SEC such amendments and supplements to the Registration Statement and the prospectus
forming part thereof (the “Prospectus”) used in connection therewith as may be necessary or advisable to keep
the Registration Statement current and effective for the Registrable Securities held by a Purchaser for a period ending on the
earliest of (i) the second anniversary of the Closing Date, (ii) the date on which all Registrable Securities may be sold pursuant
to Rule 144 under the Securities Act or any successor rule (“Rule 144”) during any three-month period without
the requirement for the Company to be in compliance with the current public information required under Rule 144(c)(1) or (iii)
such time as all Registrable Securities have been sold pursuant to a registration statement or Rule 144. The Company shall notify
each Purchaser promptly upon the Registration Statement and each post-effective amendment thereto, being declared effective by
the SEC and advise each Purchaser that the form of Prospectus contained in the Registration Statement or post-effective amendment
thereto, as the case may be, at the time of effectiveness meets the requirements of Section 10(a) of the Securities Act or that
it intends to file a Prospectus pursuant to Rule 424(b) under the Securities Act that meets the requirements of Section 10(a) of
the Securities Act;

 

    	________ 
 Purchaser’s Initials
	2	Subscription Agreement
 Generation Hemp, Inc.

     

    

 

(b) furnish
to the Purchaser with respect to the Registrable Securities registered under the Registration Statement such number of copies of
the Registration Statement and the Prospectus (including supplemental prospectuses) filed with the SEC in conformance with the
requirements of the Securities Act and other such documents as the Purchaser may reasonably request, in order to facilitate the
public sale or other disposition of all or any of the Registrable Securities by the Purchaser;

 

(c) pay
the expenses incurred by the Company in complying with this Section, including, all registration and filing fees, FINRA fees, exchange
listing fees, printing expenses, fees and disbursements of counsel for the Company, blue sky fees and expenses and the expense
of any special audits incident to or required by any such registration (but excluding attorneys’ fees of any Purchaser and
any and all underwriting discounts and selling commissions applicable to the sale of Registrable Securities by the Purchasers);

 

(d) advise
the Purchasers, promptly after it shall receive notice or obtain knowledge of the issuance of any stop order by the SEC delaying
or suspending the effectiveness of the Registration Statement or of the initiation of any proceeding for that purpose; and it will
promptly use its commercially reasonable best efforts to prevent the issuance of any stop order or to obtain its withdrawal at
the earliest possible moment if such stop order should be issued; and

 

(e) with
a view to making available to the Purchaser the benefits of Rule 144 and any other rule or regulation of the SEC that may at any
time permit the Purchaser to sell Registrable Securities to the public without registration, the Company covenants and agrees to
use its commercially reasonable efforts to: (i) make and keep public information available, as those terms are understood and defined
in Rule 144, until the earlier of (A) such date as all of the Registrable Securities qualify to be resold immediately pursuant
to Rule 144 or any other rule of similar effect during any three-month period without the requirement for the Company to be in
compliance with the current public information required under Rule 144(c)(1) or (B) such date as all of the Registrable Securities
shall have been resold pursuant to Rule 144 (and may be further resold without restriction); (ii) file with the SEC in a timely
manner all reports and other documents required of the Company under the Securities Act and under the Exchange Act; and (iii) furnish
to the Purchaser upon request, as long as the Purchaser owns any Registrable Securities, (A) a written statement by the Company
as to whether it has complied with the reporting requirements of the Securities Act and the Exchange Act, (B) a copy of the Company’s
most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q, and (C) such other information as may be reasonably requested
in order to avail the Purchaser of any rule or regulation of the SEC that permits the selling of any such Registrable Securities
without registration.

 

    	________ 
 Purchaser’s Initials
	3	Subscription Agreement
 Generation Hemp, Inc.

     

    

 

(iii) The
Purchaser agrees and confirms that a requirement to the Company including such Purchaser’s Registrable Securities in the
Registration Statement is that the Purchaser will work in good faith with the Company to supply the Company with any and all information
the Company may reasonably request from the Purchaser from time to time in connection with the preparation of the Registration
Statement, including, customary and reasonable representations and confirmations regarding the Warrant Shares held by the Purchasers,
information relating to the beneficial ownership of other securities of the Company held by such Purchaser and its affiliates,
information regarding the persons with voting and dispositive control over the Purchaser and such other information as the Company
or its legal counsel may reasonably request (which requirement may be waived by the Company).

 

(iv) The
Purchasers acknowledge and understand that the Filing Date shall be extended in the event the Company is currently in the process
of undertaking and/or is currently contemplating an offering by the Company of securities for its own account if the managing underwriter
or placement agent shall have advised the Company in writing that such Registration Statement or the inclusion of such Registrable
Securities in such registration statement will have a material adverse effect upon the ability of the Company to sell securities
for its own account, and provided further that the Purchasers are not treated less favorably than others seeking to have their
securities included in such registration statement. Notwithstanding the obligations set forth above, if any SEC guidance sets forth
a limitation on the number of securities permitted to be registered on the Registration Statement (including any other securities
included by the Company in such Registration Statement; provided further that the Company shall not be prohibited from including
other securities on such Registration Statement), the number of Registrable Securities to be included on such Registration Statement
for the benefit of the Purchasers will be reduced pro rata between the Purchasers (or other parties) whose securities are included
in such Registration Statement and the Company; provided further that the Company shall take action to file additional registration
statements at the written request of the holders of a majority in interest of the Shares sold in the Offering after the effectiveness
of the Registration Statement, subject to SEC rules and guidance and the requirements set forth above, provided, however, that
the Company shall not be required to file more than one additional Registration Statement in any rolling six (6) month period.
Notwithstanding the above, the Purchasers agree that the Company shall not be required to register securities totaling more than
1/3rd of its then public float on the Registration Statement. Further notwithstanding the above, the Company may at any time take
action to register the Warrant Shares under the Securities Act and the Purchasers agree to take reasonable actions and provide
the Company reasonable information to facilitate any such registration.

 

(k) Expenses.
The Company will be responsible for all of its own expenses (e.g., legal, accounting, printing) in connection with the Offering
as well as, whether the Offering is consummated or not.

 

2. Representations
by Purchaser. In consideration of the Company’s potential acceptance of the Subscription, Purchaser makes the following
representations and warranties to the Company and to its principals, jointly and severally, which warranties and representations
shall survive any acceptance of the Subscription by the Company:

 

(a) Prior
to the time of purchase of any Securities, Purchaser has had an opportunity to review the Company’s reports, schedules, forms,
statements and other documents filed by it with the United States Securities and Exchange Commission (the “SEC Reports”)
(which filings can be accessed by going to http://www.sec.gov/edgar/searchedgar/companysearch.html, typing “Generation Hemp”
in the “Company name” field, and clicking the “Search” button), including (A) the Form 10-K for the year
ended December 31, 2019; (B) the Forms 10-Q for the quarters ended March 31, 2019, June 30, 2019, and September 30, 2019; and (C)
the Forms 8-K filed with the SEC on August 19, 2019, October 3, 2019, December 4, 2019, December 26, 2019, Janaury 13, 2020, March
25, 2020, December 15, 2020 and any other Form 8-K filed after December 20, 2020 and prior to the date of this Subscription.

 

    	________ 
 Purchaser’s Initials
	4	Subscription Agreement
 Generation Hemp, Inc.

     

    

 

(b) Purchaser
has been afforded (i) the opportunity to ask such questions as it has deemed necessary of, and to receive answers from, representatives
of the Company concerning the terms and conditions of the offering of the Units and the merits and risks of investing in the Units;
(ii) access to information about the Company and its respective financial condition, results of operations, business, properties,
management and prospects sufficient to enable it to evaluate its investment; and (iii) the opportunity to obtain such additional
information that the Company possesses or can acquire without unreasonable effort or expense that is necessary to make an informed
investment decision with respect to the investment. Purchaser acknowledges that no officer, director, broker-dealer, placement
agent, finder or other person affiliated with the Company has given Purchaser any information or made any representations, oral
or written, other than as provided in the SEC Reports and herein, on which Purchaser has relied upon in deciding to invest in the
Securities, including without limitation, any information with respect to future acquisitions, mergers or operations of the Company
or the economic returns which may accrue as a result of the purchase of the Securities.

 

(c) Purchaser
recognizes that the total amount of funds tendered to purchase the Units is placed at the risk of the business and may be completely
lost. The Purchaser confirms and represents that it is able (i) to bear the economic risk of its investment, (ii) to hold the securities
for an indefinite period of time, and (iii) to afford a complete loss of its investment.

 

(d) Purchaser
acknowledges that Purchaser has not seen, received, been presented with, or been solicited by any leaflet, public promotional meeting,
newspaper or magazine article or advertisement, radio or television advertisement, or any other form of advertising or general
solicitation with respect to the Securities.

 

(e) The
Securities are being purchased for Purchaser’s own account for long-term investment and not with a view to immediately resale
the Securities. No other person or entity will have any direct or indirect beneficial interest in, or right to, the Securities.
No person has made to the Purchaser any written or oral representations: (x) that any person will resell or repurchase any of the
Securities; (y) that any person will refund the purchase price of any of the Securities, or (z) as to the future price or value
of any of the Securities. The Purchaser does not presently have any contract, agreement, undertaking, arrangement or understanding,
directly or indirectly, with any person to sell, transfer, pledge, assign or otherwise effect any distribution of any of the Securities,
and Purchaser is not a registered broker-dealer under Section 15 of the Exchange Act or an entity engaged in a business that would
require it to be so registered as a broker-dealer.

 

(f) Purchaser
acknowledges that the Securities have not been registered under the Securities Act, or qualified under any state securities laws,
or any other applicable blue sky laws, in reliance, in part, on Purchaser’s representations, warranties and agreements made
herein. 

 

(g) Other
than the rights specifically set forth in this Subscription and disclosed in the SEC Reports, Purchaser represents, warrants and
agrees that the Company and the officers of the Company (the “Company’s Officers”) are under no obligation
to register or qualify the Securities under the Securities Act or under any state securities law, or to assist the undersigned
in complying with any exemption from registration and qualification.

 

    	________ 
 Purchaser’s Initials
	5	Subscription Agreement
 Generation Hemp, Inc.

     

    

 

(h) Purchaser
represents that Purchaser meets the criteria for participation because: (i) Purchaser has a pre-existing personal or business relationship
with the Company or one or more of its partners, officers, directors or controlling persons; or (ii) by reason of Purchaser’s
business or financial experience, or by reason of the business or financial experience of its financial advisors who are unaffiliated
with, and are not compensated, directly or indirectly, by the Company or any affiliate or selling agent of the Company, Purchaser
is capable of evaluating the risk and merits of an investment in the Securities and of protecting its own interests.

 

(i) Purchaser
represents that Purchaser is an “accredited investor” within the meaning of Rule 501 of Regulation D under the Securities
Act and Purchaser has executed the Certificate of Accredited Investor Status, attached hereto as Exhibit C.

 

(j) Purchaser
understands that the Units are illiquid and must be held indefinitely unless such Units are registered under the Securities Act
or an exemption from registration is available. Purchaser acknowledges that Purchaser is familiar with Rule 144 of the rules and
regulations of the SEC, as amended, promulgated pursuant to the Securities Act (“Rule 144”), and that such Purchaser
has been advised that Rule 144 permits resales only under certain circumstances. Such Purchaser understands that to the extent
that Rule 144 is not available, such Purchaser will be unable to sell any Securities without either registration under the Securities
Act or the existence of another exemption from such registration requirement. Purchaser may not sell or dispose of the Units or
utilize the Securities as collateral for a loan. Purchaser must not purchase the Securities unless Purchaser has liquid assets
sufficient to assure Purchaser that such purchase will cause it no undue financial difficulties, and that Purchaser can still provide
for current and possible personal contingencies, and that the commitment herein for the Units, combined with other investments
of Purchaser, is reasonable in relation to its net worth.

 

(k) Other
than with respect to the transactions contemplated herein, since the time that such Purchaser was first contacted by the Company
or any other person regarding the transactions contemplated hereby, neither the Purchaser nor, to the knowledge of such Purchaser,
any affiliate of such Purchaser which (i) had knowledge of the transactions contemplated hereby, (ii) has or shares discretion
relating to such Purchaser’s investments or trading or information concerning such Purchaser’s investments, including
in respect of the Units and (iii) is subject to such Purchaser’s review or input concerning such affiliate’s investments
or trading (collectively, “Trading Affiliates”) has directly or indirectly, nor has any person acting on behalf
of or pursuant to any understanding with such Purchaser or Trading Affiliate, effected or agreed to effect any transactions in
the securities of the Company (including, without limitation, any short sales involving the Company’s securities). Notwithstanding
the foregoing, in the case of a Purchaser and/or Trading Affiliate that is, individually or collectively, a multi-managed investment
vehicle whereby separate portfolio managers manage separate portions of such Purchaser’s or Trading Affiliate’s assets
and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio managers managing other portions
of such Purchaser’s or Trading Affiliate’s assets, the representation set forth above shall apply only with respect
to the portion of assets managed by the portfolio manager(s) that have knowledge about the financing transaction contemplated by
this Subscription. Other than to other persons party to this Subscription, such Purchaser has maintained the confidentiality of
all disclosures made to it in connection with the transactions contemplated hereby (including the existence and terms of such transactions).

 

(l) No
person will have, as a result of the transactions contemplated by this Subscription, any valid right, interest or claim against
or upon the Company or any Purchaser for any commission, fee or other compensation pursuant to any agreement, arrangement or understanding
entered into by or on behalf of such Purchaser.

 

    	________ 
 Purchaser’s Initials
	6	Subscription Agreement
 Generation Hemp, Inc.

     

    

 

(m) Purchaser
has independently evaluated the merits of its decision to purchase Units, and hereby confirms that it has not relied on the advice
of any other Purchaser’s business and/or legal counsel in making such decision. Purchaser understands that nothing in this
Subscription or any other materials presented by or on behalf of the Company to the Purchaser in connection with the purchase of
the Units constitutes legal, tax or investment advice. Such Purchaser has consulted such legal, tax and investment advisors as
it, in its sole discretion, has deemed necessary or appropriate in connection with its purchase of the Units.

 

(n) Purchaser
understands that the right to transfer the Securities will be restricted unless the transfer is not in violation of the Securities
Act or any other applicable state or foreign securities laws (including investment suitability standards), that the Company will
not consent to a transfer of the Securities unless the transferee represents that such transferee meets the financial suitability
standards required of an initial Purchaser, and that the Company has the right, in its absolute discretion, to refuse to consent
to such transfer.

 

(o) Purchaser
has been advised to consult with its own attorney or attorneys regarding all legal matters concerning an investment in the Company
and the tax consequences of purchasing the Securities, and have done so, to the extent Purchaser considers necessary.

 

(p) Purchaser
acknowledges that the tax consequences of investing in the Company will depend on particular circumstances, and neither the Company,
the Company’s officers, any other investors, nor the partners, shareholders, members, directors, agents, officers, directors,
employees, affiliates or consultants of any of them, will be responsible or liable for the tax consequences to Purchaser of an
investment in the Company. Purchaser will look solely to and rely upon its own advisers with respect to the tax consequences of
this investment.

 

(q) The
Purchaser: (i) if a natural person, represents that the Purchaser has reached the age of 21 and has full authority, legal capacity
and competence to enter into, execute and deliver this Agreement and all other related agreements or certificates and to take all
actions required pursuant hereto and thereto and to carry out the provisions hereof and thereof, or (ii) if a corporation, partnership,
or limited liability company or partnership, or association, joint stock company, trust, unincorporated organization or other entity,
represents that such entity was not formed for the specific purpose of acquiring the Securities and such entity is duly organized,
validly existing and in good standing under the laws of the state of its organization. Purchaser is a bona fide resident and domiciliary
of the state set forth on the signature page of this Subscription and has no present intention to become a resident of any other
state or jurisdiction.

 

(r) The
Purchaser agrees to sell all Registrable Securities registered under the Registration Statement and sold in connection therewith,
in compliance with the plan of distribution set forth in such Registration Statement and any and all applicable prospectus delivery
requirements.

 

(s) All
information which Purchaser has provided to the Company concerning Purchaser, its financial position and its knowledge of financial
and business matters, and any information found in the Certificate of Accredited Investor Status, is truthful, accurate, correct,
and complete as of the date set forth herein.

 

    	________ 
 Purchaser’s Initials
	7	Subscription Agreement
 Generation Hemp, Inc.

     

    

 

(t) Each
Purchaser shall, severally and not jointly, indemnify and hold harmless the Company, its directors, officers, agents and employees,
each Person who controls the Company (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act),
and the directors, officers, agents or employees of such controlling Persons, to the fullest extent permitted by applicable law,
from and against any and all losses, claims, damages, liabilities, costs (including, without limitation, reasonable attorneys’
fees) and expenses (collectively, “Losses”), as incurred, to the extent arising out of or based solely upon:
(x) such Purchaser’s failure to comply with any applicable prospectus delivery requirements of the Securities Act through
no fault of the Company or (y) any untrue or alleged untrue statement of a material fact contained in any registration statement,
any prospectus, or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any
omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein (in the
case of any prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading (i) to the
extent, but only to the extent, that such untrue statement or omission is contained in any information so furnished in writing
by such Purchaser to the Company expressly for inclusion in such registration statement or such prospectus or (ii) to the extent,
but only to the extent, that such information relates to such Purchaser’s proposed method of distribution of registrable
securities and was reviewed and expressly approved in writing by such Purchaser expressly for use in a registration statement,
such prospectus or in any amendment or supplement thereto or (iii) in the case such Purchaser uses an outdated, defective or otherwise
unavailable prospectus after the Company has notified such Purchaser in writing that the prospectus is outdated, defective or otherwise
unavailable for use by such Purchaser. In no event shall the liability of any selling Purchaser under this Section be greater in
amount than the dollar amount of the net proceeds received by such Purchaser upon the sale of the registrable securities giving
rise to such indemnification obligation.

 

(u) Each
certificate or instrument representing securities issuable pursuant to this Agreement will be endorsed
with the following legend (or a substantially similar legend):

 

THE SECURITIES EVIDENCED BY THIS
CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED OR
HYPOTHECATED UNLESS THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT COVERING SUCH SECURITIES, THE TRANSFER IS MADE
IN COMPLIANCE WITH RULE 144 PROMULGATED UNDER SUCH ACT OR THE COMPANY RECEIVES AN OPINION OF COUNSEL FOR THE HOLDER OF THESE SECURITIES
WHICH IS REASONABLY SATISFACTORY TO THE COMPANY, STATING THAT SUCH SALE, TRANSFER, ASSIGNMENT OR HYPOTHECATION IS EXEMPT FROM THE
REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SUCH ACT.

 

(v) Purchaser
understands that the Units are being offered and sold to it in reliance on specific exemptions from the registration requirements
of United States federal and state securities laws and that the Company is relying in part upon the truth and accuracy of, and
such Purchaser’s compliance with, the representations, warranties, agreements, acknowledgements and understandings of such
Purchaser set forth herein in order to determine the availability of such exemptions and the eligibility of such Purchaser to acquire
the Units.

 

(w) Purchaser
understands that no United States federal or state agency or any other government or governmental agency has passed on or made
any recommendation or endorsement of the Units or the fairness or suitability of the investment in the Units nor have such authorities
passed upon or endorsed the merits of the offering of the Units.

 

    	________ 
 Purchaser’s Initials
	8	Subscription Agreement
 Generation Hemp, Inc.

     

    

 

(x) Purchaser
is aware that the anti-manipulation rules of Regulation M under the Exchange Act may apply to sales of Common Stock and other activities
with respect to the Common Stock by the Purchaser.

 

(y) Purchaser
confirms and acknowledges that this is a “best efforts” offering, and that the initial Closing will not occur until
the Minimum Offering Amount has been raised.

 

3. Representations
and Warranties by the Company. The Company represents and warrants that:

 

(a) Due
Formation. The Company is a corporation duly organized, validly existing and in good standing under the laws of the jurisdiction
of its formation and has the requisite corporate power to own its properties and to carry on its business as now being conducted.
The Company is duly qualified as a foreign entity 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, other than those jurisdictions in which the
failure to so qualify would not have a material adverse effect on the business, operations or financial condition of the Company.

 

(b) Authority;
Enforceability. This Subscription and the Warrants delivered together with this Subscription or in connection herewith have
been duly authorized, executed, and delivered by the Company and are valid and binding agreements, enforceable in accordance with
their terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium, and similar laws of general applicability
relating to or affecting creditors' rights generally and to general principles of equity; and the Company has full corporate power
and authority necessary to enter into this Subscription and the Warrants, and to perform its obligations hereunder and under all
other agreements entered into by the Company relating hereto.

 

(c) No
General Solicitation. Neither the Company, nor any of its affiliates, nor to its knowledge, any person acting on its or their
behalf, has engaged in any form of general solicitation or general advertising (within the meaning of Regulation D under the Securities
Act) in connection with the offer or sale of the Securities.

 

(d) Governmental
Consents. No consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing
with, any federal, state or local governmental authority on the part of the Company is required in connection with the consummation
of the transactions contemplated by this Subscription, except for filings pursuant to applicable state securities laws, and Regulation
D of the Securities Act.

 

(e) Litigation.
There is no action, suit, proceeding or investigation pending or, to the Company’s knowledge, currently threatened against
the Company or any of its majority-owned or any controlled subsidiaries that questions the validity of this Subscription or the
right of the Company to enter into it, or to consummate the transactions contemplated hereby or thereby. Neither the Company nor
any of its majority-owned or any controlled subsidiaries is a party or subject to the provisions of any order, writ, injunction,
judgment or decree of any court or government agency or instrumentality. There is no action, suit, proceeding or investigation
by the Company or any of its majority-owned or any controlled subsidiaries currently pending or which the Company or any of its
majority-owned or any controlled subsidiaries intends to initiate. The foregoing includes, without limitation, actions, suits,
proceedings or investigations pending or threatened in writing (or any basis therefor known to the Company) involving the prior
employment of any of the Company’s employees, their use in connection with the Company’s business, or any information
or techniques allegedly proprietary to any of their former employers, or their obligations under any agreements with prior employers.

 

    	________ 
 Purchaser’s Initials
	9	Subscription Agreement
 Generation Hemp, Inc.

     

    

 

(f) Permits.
The Company and each of its majority-owned or any controlled subsidiaries has all franchises, permits, licenses and any similar
authority necessary for the conduct of its business, the lack of which could materially and adversely affect the business, properties,
prospects, or financial condition of the Company. The Company is not in default in any material respect under any of such franchises,
permits, licenses or other similar authority.

 

(g) No
Conflicts. The execution, delivery and performance by the Company of the Subscription and the consummation by the Company of
the transactions contemplated hereby (including, without limitation, the issuance of the Securities) do not and will not (i) conflict
with or violate any provisions of the Company’s certificate of incorporation or bylaws or otherwise result in a violation
of the organizational documents of the Company, (ii) conflict with, or constitute a default (or an event that with notice or lapse
of time or both would become a default) under, result in the creation of any lien upon any of the properties or assets of the Company
or give to others any rights of termination, amendment, acceleration or cancellation (with or without notice, lapse of time or
both) of, any contract or (iii) result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other
restriction of any court or governmental authority to which the Company is subject (including federal and state securities laws
and regulations and the rules and regulations, assuming the correctness of the representations and warranties made by the Purchasers
herein, of any self-regulatory organization to which the Company or its securities are subject, including OTC Markets LLC, or by
which any property or asset of the Company is bound or affected).

 

(h) Issuance
of the Securities. The Securities have been duly authorized and, when issued and paid for in accordance with the terms of the
Subscription, will be duly and validly issued, fully paid and nonassessable and free and clear of all liens suffered or permitted
by the Company, other than restrictions on transfer provided for in the Subscription or imposed by applicable securities laws,
and shall not be subject to preemptive or similar rights. Assuming the accuracy of the representations and warranties of the Purchasers
in this Subscription, the Securities will be issued in compliance with all applicable federal and state securities laws.

 

(i) Capitalization.
The number of shares and type of all authorized, issued and outstanding capital stock, options and other securities of the Company
(whether or not presently convertible into or exercisable or exchangeable for shares of capital stock of the Company) has been
set forth in the SEC Reports and may change thereafter to reflect stock issuances, convertible debt conversions, stock option exercises
and grants and warrant exercises which will not, individually or in the aggregate, have a material effect on the issued and outstanding
capital stock, options and other securities of the Company. All of the outstanding shares of capital stock of the Company are duly
authorized, validly issued, fully paid and non-assessable, have been issued in compliance in all material respects with all applicable
federal and state securities laws, and none of such outstanding shares was issued in violation of any preemptive rights or similar
rights to subscribe for or purchase any capital stock of the Company. Except as set forth in the SEC Reports: (i) no shares of
the Company’s capital stock are subject to preemptive rights or any other similar rights or any liens suffered or permitted
by the Company; (ii) except for the Subscription or as a result of the performance by the Company of the Subscription, there are
no outstanding options, warrants, scrip, rights to subscribe to, calls or commitments of any character whatsoever relating to,
or securities or rights convertible into, or exercisable or exchangeable for, any shares of capital stock of the Company, or contracts,
commitments, understandings or arrangements by which the Company is or may become bound to issue additional shares of capital stock
of the Company or options, warrants, scrip, rights to subscribe to, calls or commitments of any character whatsoever relating to,
or securities or rights convertible into, or exercisable or exchangeable for, any shares of capital stock of the Company; (iii)
there are no outstanding debt securities, notes, credit agreements, credit facilities or other agreements, documents or instruments
evidencing indebtedness of the Company or by which the Company is or may become bound in any material amounts; (iv) there are no
financing statements securing obligations in any material amounts, either singly or in the aggregate, filed in connection with
the Company; (v) there are no agreements or arrangements under which the Company is obligated to register the sale of any of their
securities under the Securities Act; (vi) there are no outstanding securities or instruments of the Company or which contain any
redemption or similar provisions, and there are no contracts, commitments, understandings or arrangements by which the Company
is or may become bound to redeem a security of the Company; (vii) there are no securities or instruments containing anti-dilution
or similar provisions that will be triggered by the issuance of the Securities; (viii) the Company does not have any stock appreciation
rights or “phantom stock” plans or agreements or any similar plan or agreement; and (ix) the Company has no liabilities
or obligations required to be disclosed in the SEC Reports (including, for purposes hereof, any liabilities that are required to
be disclosed in a Form 10) but not so disclosed in the SEC Reports.

 

    	________ 
 Purchaser’s Initials
	10	Subscription Agreement
 Generation Hemp, Inc.

     

    

 

(j) SEC
Reports. Other than the filing of Form 10-Qs for the first three fiscal quarters of 2020, the Company has filed all reports,
schedules, forms, statements and other documents required to be filed by it under the Exchange Act, including pursuant to Section
13(a) or 15(d) thereof, for twelve (12) months preceding and including the date hereof. As of the date hereof, other than as stated
in the preceding sentence, the Company has no knowledge of any event occurring on or prior to the Closing Date (other than the
transactions contemplated by the Subscription) that requires the filing of a Current Report on Form 8-K after the Closing.

 

(k) Financial
Statements. Other than the filing of Form 10-Qs for the first three fiscal quarters of 2020, the financial statements of the
Company included in the SEC Reports comply in all material respects with applicable accounting requirements and the rules and regulations
of the SEC with respect thereto as in effect at the time of filing. Such financial statements have been prepared in accordance
with GAAP applied on a consistent basis during the periods involved, except as may be otherwise specified in such financial statements
or the notes thereto and except that unaudited financial statements may not contain all footnotes required by GAAP, and fairly
present in all material respects the financial position of the Company taken as a whole as of and for the dates thereof and the
results of operations and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal, year-end
audit adjustments.

 

(l) Tax
Matters. The Company (i) has prepared and filed all foreign, federal and state income and all other tax returns, reports and
declarations required by any jurisdiction to which it is subject, (ii) has paid all taxes and other governmental assessments and
charges that are material in amount, shown or determined to be due on such returns, reports and declarations, except those being
contested in good faith, with respect to which adequate reserves have been set aside on the books of the Company and (iii) has
set aside on its books provisions reasonably adequate for the payment of all taxes for periods subsequent to the periods to which
such returns, reports or declarations apply.

 

    	________ 
 Purchaser’s Initials
	11	Subscription Agreement
 Generation Hemp, Inc.

     

    

 

(m) Material
Changes. Since the date of the latest financial statements included within the SEC Reports, except as specifically disclosed
in the SEC Reports, (i) there have been no events, occurrences or developments that have had or would reasonably be expected to
have a material adverse effect on the Company, (ii) the Company has not incurred any material liabilities (contingent or otherwise)
other than (A) trade payables, accrued expenses and other liabilities incurred in the ordinary course of business consistent with
past practice and (B) liabilities not required to be reflected in the Company’s financial statements pursuant to GAAP or
to be disclosed in filings made with the Commission, (iii) the Company has not materially altered its method of accounting or the
manner in which it keeps its accounting books and records, (iv) the Company has not declared or made any dividend or distribution
of cash or other property to its stockholders or purchased, redeemed or made any agreements to purchase or redeem any shares of
its capital stock (other than in connection with repurchases of unvested stock issued to employees of the Company), (v) the Company
has not issued any equity securities to any officer, director or affiliate, except stock options and restricted stock issued to
newly hired and promoted officers in the ordinary course pursuant to Company stock option or stock purchase plans or executive
and director corporate arrangements disclosed in the SEC Reports and (vi) there has not been any material change or amendment to,
or any waiver of any material right under, any contract under which the Company or any of its assets is bound or subject. Except
for the issuance of the Securities contemplated by this Agreement, no event, liability or development has occurred or exists with
respect to the Company or its business, properties, operations or financial condition that would be required to be disclosed by
the Company under applicable securities laws at the time this representation is made that has not been publicly disclosed in the
SEC Reports.

 

(n) Environmental
Matters. The Company (i) is not in violation of any statute, rule, regulation, decision or order of any governmental agency
or body or any court, domestic or foreign, relating to the use, disposal or release of hazardous or toxic substances or relating
to the protection or restoration of the environment or human exposure to hazardous or toxic substances (collectively, “Environmental
Laws”) which would have a material adverse effect on the business, operations or financial condition of the Company,
(ii) does not own or operate any real property contaminated with any substance that is in violation of any Environmental Laws,
(iii) is not liable for any off-site disposal or contamination pursuant to any Environmental Laws, and (iv) is not subject to any
claim relating to any Environmental Laws; and there is no pending or, to the Company’s knowledge, threatened investigation
that might lead to such a claim.

 

(o) Litigation.
There is no action which adversely affects or challenges the legality, validity or enforceability of any of the Subscription or
the Securities. Except as disclosed in the SEC Reports, there are no pending actions, suits or proceedings against or affecting
the Company or any of its properties; and to the Company’s knowledge, no such actions, suits or proceedings are threatened
or contemplated against the Company.

 

(p) Employment
Matters. No material labor dispute exists or, to the Company’s knowledge, is imminent with respect to any of the employees
of the Company. None of the Company’s employees is a member of a union that relates to such employee’s relationship
with the Company, and the Company is not a party to a collective bargaining agreement, and the Company believes that its relationship
with its employees is good.

 

(q) Compliance.
Except as disclosed in the SEC Reports, the Company (i) is not in default under or in violation of (and no event has occurred that
has not been waived that, with notice or lapse of time or both, would result in a default by the Company), nor has the Company
received written notice of a claim that it is in default under or that it is in violation of, any indenture, loan or credit agreement
or any other significant contract (whether or not such default or violation has been waived), (ii) is not in violation of any order
of any court, arbitrator or governmental body having jurisdiction over the Company or its properties or assets.

 

    	________ 
 Purchaser’s Initials
	12	Subscription Agreement
 Generation Hemp, Inc.

     

    

 

(r) Title
to Assets. The Company has good and marketable title to all tangible personal property owned by it which is material to the
business of the Company. The Company does not own any real property in fee simple, except for interests in oil or gas properties
that may be deemed real property under state law. Except as disclosed in the SEC Reports, the Company holds defensible title to
the leasehold and other real property interests held by it (the “Real Property”), in each case, free
and clear of all liens other than the Encumbrances. “Encumbrances” means: (a) statutory liens of landlords,
banks (and rights of set off), carriers, warehousemen, mechanics, repairmen, workmen, materialmen, vendors and other similar liens
arising in the ordinary course of business for amounts not yet overdue or for amounts that are overdue and that are being contested
in good faith by appropriate proceedings; (b) liens for taxes, assessments, or other governmental charges or levies and other liens
imposed by law, in each case incurred in the ordinary course of business consistent with past practice for amounts not yet overdue
or being contested in good faith by appropriate proceedings; (c) the terms and conditions of all liens created by oil and gas leases,
easements, rights of way, restrictions, encroachments, and all other burdens recorded in the real property records of the county
in which the real property is located; (d) liens to operators and non-operators under model form operating agreements arising in
the ordinary course of the business; (e) liens arising from precautionary UCC filings; (f) lease burdens existing as of the date
of this agreement constituting monetary obligations payable to third parties, including, without limitation, any royalty, overriding
royalty, net profits interest, production payment, carried interest or reversionary working interest; (g) liens arising under unitization
and pooling agreements and orders, farmout agreements, gas balancing agreements and other customary agreements in the energy industry;
and (h) the lien under Deed of Trust filed in Texas in connection with the SOHL Note, as defined below. Any real property and facilities
held under lease by the Company are held by it under valid, subsisting and enforceable leases with such exceptions as are not material
and do not interfere with the use made of such property and buildings by the Company.

 

(s) Intellectual
Property. To the Company’s knowledge, the Company owns, possesses, licenses or has other rights to use all foreign and
domestic patents, patent applications, trade and service marks, trade and service mark registrations, trade names, copyrights,
licenses, inventions, trade secrets, technology and other proprietary rights and processes (collectively, the “Intellectual
Property”) necessary for the conduct of its businesses as now conducted. To the Company’s knowledge (i) the Company’s
use of any such Intellectual Property in the conduct of its business as presently conducted does not infringe upon the rights of
any third parties; (ii) there is no infringement by third parties of any such Intellectual Property; (iii) there is no pending
or threatened action challenging the Company’s rights in or to any such Intellectual Property; (iv) there is no pending or
threatened action challenging the validity or scope of any such Intellectual Property; and (v) there is no pending or threatened
action that the Company infringes or otherwise violates any patent, trademark, copyright, trade secret or other proprietary rights
of others.

 

(t) Insurance.
The Company is insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as
the Company believes to be prudent in the businesses and locations in which the Company is engaged. The Company has not received
any notice of cancellation of any such insurance, nor does the Company have any knowledge that it will be unable to renew its existing
insurance coverage for the Company as and when such coverage expires or to obtain similar coverage from similar insurers as may
be necessary to continue its business without a significant increase in cost.

 

(u) Transactions
With Officers, Directors and Employees. Other than as set forth in the SEC Reports, none of the officers or directors of the
Company and, to the Company’s knowledge, none of the employees of the Company, is presently a party to any transaction with
the Company or to a presently contemplated transaction (other than for services as employees, officers and directors) that would
be required to be disclosed pursuant to Item 404 of Regulation S-K promulgated under the Securities Act, except as contemplated
by the Subscription or set forth in the SEC Reports.

 

    	________ 
 Purchaser’s Initials
	13	Subscription Agreement
 Generation Hemp, Inc.

     

    

 

(v) Certain
Fees. No person or entity will have, as a result of the transactions contemplated by this Agreement, any valid right, interest
or claim against or upon the Company or a Purchaser for any commission, fee or other compensation pursuant to any agreement, arrangement
or understanding entered into by or on behalf of the Company. The Company shall indemnify, pay, and hold each Purchaser harmless
against, any liability, loss or expense (including, without limitation, attorneys’ fees and out-of-pocket expenses) arising
in connection with any such right, interest or claim.

 

(w) Private
Placement. Assuming the accuracy of the Purchasers’ representations and warranties set forth this Subscription (without
giving effect to any materiality qualifiers therein) and the accuracy of the information disclosed by each Purchaser’s Certificate
of Accredited Investor Status, no registration under the Securities Act is required for the offer and sale of the Securities by
the Company to the Purchasers under the Subscription.

 

(x) Registration
Rights. Other than each of the Purchasers, no person has any right to cause the Company to effect the registration under the
Securities Act of any securities of the Company.

 

(y) No
Directed Selling Efforts or General Solicitation. Neither the Company nor, to its knowledge, any person acting on its behalf
has conducted any “general solicitation” or “general advertising” (as those terms are used in Regulation
D) in connection with the offer or sale of any of the Securities.

 

(z) No
Integrated Offering. Assuming the accuracy of the Purchasers’ representations and warranties set forth in the Subscription
(without giving effect to any materiality qualifiers therein), except as disclosed in the SEC Reports, neither the Company nor
any Person acting on its behalf has, directly or indirectly, at any time within the past six (6) months, made any offers or sales
of any Company security or solicited any offers to buy any security under circumstances that would (i) eliminate the availability
of the exemption from registration under Regulation D under the Securities Act in connection with the offer and sale by the Company
of the Securities as contemplated hereby or (ii) cause the offering of the Securities pursuant to the Subscription to be integrated
with prior offerings by the Company for purposes of any applicable law, regulation or shareholder approval provisions, including,
without limitation, under the rules and regulations of the NYSE MKT.

 

(aa)Investment
Company. The Company is not required to be registered as, and is not an affiliate of, and immediately following the
Closing will not be required to register as, an “investment company” within the meaning of the Investment Company Act
of 1940, as amended.

 

(bb)Off Balance
Sheet Arrangements. There is no transaction, arrangement, or other relationship between the Company and an unconsolidated or
other off balance sheet entity that is required to be disclosed by the Company in its SEC Reports and is not so disclosed.

 

(cc)Acknowledgment
Regarding the Purchasers’ Purchase of Securities. The Company acknowledges and agrees that each of the Purchasers is
acting solely in the capacity of an arm’s length Purchaser with respect to the Subscription and the transactions contemplated
thereby. The Company further acknowledges that no Purchaser is acting as a financial advisor or fiduciary of the Company (or in
any similar capacity) with respect to the Subscription and the transactions contemplated thereby and any advice given by any Purchaser
or any of their respective representatives or agents in connection with the Subscription and the transactions contemplated thereby
is merely incidental to the Purchasers’ purchase of the Securities.

 

    	________ 
 Purchaser’s Initials
	14	Subscription Agreement
 Generation Hemp, Inc.

     

    

 

(dd)Foreign
Corrupt Practices. Neither the Company, nor to the Company’s knowledge, any agent or other person acting on behalf
of the Company, has: (i) directly or indirectly, used any funds for unlawful contributions, gifts, entertainment or other unlawful
expenses related to foreign or domestic political activity, (ii) made any unlawful payment to foreign or domestic government officials
or employees or to any foreign or domestic political parties or campaigns from corporate funds, (iii) failed to disclose fully
any contribution made by the Company (or made by any person acting on its behalf of which the Company is aware) which is in violation
of law or (iv) violated in any material respect any provision of the Foreign Corrupt Practices Act of 1977, as amended.

 

(ee)No Additional
Agreements. The Company does not have any agreement or understanding with any Purchaser with respect to the transactions contemplated
by the Subscription other than as specified in the Subscription.

 

4. Other
Agreements.

 

(a) Transfer
Restrictions.

 

(i) Compliance
with Laws. Notwithstanding any other provision of the Subscription, each Purchaser acknowledges and covenants that the Securities
may be disposed of only pursuant to an effective registration statement under, and in compliance with the requirements of, the
Securities Act, or pursuant to an available exemption from, or in a transaction not subject to, the registration requirements of
the Securities Act, and in compliance with any applicable state and federal securities laws. In connection with any transfer of
the Securities other than (i) pursuant to an effective registration statement, (ii) to the Company, (iii) to an affiliate of a
Purchaser, (iv) pursuant to Rule 144 (provided that the Purchaser provides the Company with reasonable assurances (in the
form of seller and broker representation letters if required) that the securities may be sold pursuant to such rule) or Rule 144A,
(v) pursuant to Rule 144 without the requirement that the Company be in compliance with the current public information requirements
of Rule 144 and without other restriction following the applicable holding period or (vi) in connection with a bona fide pledge,
the Company may require the transferor thereof to provide to the Company an opinion of counsel selected by the transferor and reasonably
acceptable to the Company, the form and substance of which opinion shall be reasonably satisfactory to the Company, to the effect
that such transfer does not require registration of such transferred Securities under the Securities Act. As a condition of transfer,
any such transferee shall agree in writing to be bound by the terms of this Subscription and shall have the rights of a Purchaser
under this Subscription.

 

    	________ 
 Purchaser’s Initials
	15	Subscription Agreement
 Generation Hemp, Inc.

     

    

 

(ii) Removal
of Legends. Subject to the Company’s right to request an opinion of counsel as set forth in Section 4(a)(i), the legend
set forth in Section 2(u) above shall be removable and the Company shall issue or cause to be issued a certificate without such
legend or any other legend to the holder of the applicable Shares upon which it is stamped or issue or cause to be issued to such
holder by electronic delivery at the applicable balance account at The Depository Trust Company (“DTC”)
as provided in this Section 4(a)(ii), if (i) such Securities are registered for resale under the Securities Act (provided that,
if the Purchaser is selling pursuant to the effective registration statement registering the Securities for resale, the Purchaser
agrees to only sell such Securities during such time that such registration statement is effective and not withdrawn or suspended,
and only as permitted by such registration statement), (ii) such Securities are sold or transferred in compliance with Rule 144,
including without limitation in compliance with the current public information requirements of Rule 144 if applicable to the Company
at the time of such sale or transfer, and the holder and its broker have delivered customary documents reasonably requested by
the Company Counsel in connection with such sale or transfer, or (iii) such Securities are eligible for sale under Rule 144 without
the requirement that the Company be in compliance with the current public information requirements of Rule 144 and without other
restriction and Company Counsel has provided written confirmation of such eligibility to the Company’s transfer agent, (the
“Transfer Agent”). Any fees (with respect to the Transfer Agent, Company Counsel or otherwise) associated with
the removal of such legend shall be borne by the Company. Following the effective date of the applicable registration statement,
or at such other time as a legend is no longer required for certain Securities, the Company will no later than three (3) Trading
Days following the delivery by a Purchaser to the Company or the Transfer Agent (with concurrent notice and delivery of copies
to the Company) of a legended certificate representing such Shares (endorsed or with stock powers attached, signatures guaranteed,
and otherwise in form necessary to affect the reissuance and/or transfer, and together with such other customary documents as the
Transfer Agent and/or Company Counsel shall reasonably request), deliver or cause to be delivered to the transferee of such Purchaser
or such Purchaser, as applicable, a certificate representing such Securities that is free from all restrictive and other legends.
The Company may not make any notation on its records or give instructions to the Transfer Agent that enlarge the restrictions on
transfer set forth in this Section 4(a). Certificates for Shares subject to legend removal hereunder shall be transmitted by the
Transfer Agent to the Purchasers, as applicable, by crediting the account of the transferee’s Purchaser’s prime broker
with DTC.

 

(iii) Irrevocable
Transfer Agent Instructions. The Company shall issue irrevocable instructions to its Transfer Agent, and any subsequent Transfer
Agent, in the form of Exhibit D attached hereto (the “Irrevocable Transfer Agent Instructions”).
The Company represents and warrants that no instruction other than the Irrevocable Transfer Agent Instructions or instructions
consistent therewith or otherwise contemplated hereby or thereby or by the Subscription or such other documents as the Transfer
Agent may request in connection with any such instructions will be given by the Company to its Transfer Agent in connection with
this Subscription, and that the Securities shall otherwise be freely transferable on the books and records of the Company as and
to the extent provided in and subject to the terms of this Subscription and applicable law.

 

(iv) Acknowledgement.
Each Purchaser hereunder acknowledges its primary responsibilities under the Securities Act and accordingly will not sell or otherwise
transfer the Shares or any interest therein without complying with the requirements of the Securities Act. While the applicable
Registration Statement remains effective, each Purchaser hereunder may sell the Shares in accordance with the plan of distribution
contained in the applicable Registration Statement and, if it does so, it will comply therewith and with the related prospectus
delivery requirements unless an exemption therefrom is available. Each Purchaser, severally and not jointly with the other Purchasers,
agrees that if it is notified by the Company in writing at any time that the Registration Statement registering the resale of the
Shares is not effective or that the prospectus included in such Registration Statement no longer complies with the requirements
of Section 10 of the Securities Act, the Purchaser will refrain from selling such Shares until such time as the Purchaser is notified
by the Company that such Registration Statement is effective or such prospectus is compliant with Section 10 of the Securities
Act, unless such Purchaser is able to, and does, sell such Shares pursuant to an available exemption from the registration requirements
of Section 5 of the Securities Act. Each Purchaser acknowledges that the delivery of the Irrevocable Transfer Agent Instructions
and any removal of any legends from certificates representing the Shares as set forth in this Section 4(a) is predicated on the
Company’s reliance upon the Purchaser’s acknowledgement in this Section 4(a).

 

    	________ 
 Purchaser’s Initials
	16	Subscription Agreement
 Generation Hemp, Inc.

     

    

 

(b) Acknowledgment
of Dilution. The Company acknowledges that the issuance of the Securities may result in dilution of the outstanding shares
of Common Stock. The Company specifically acknowledges that its obligation to issue the Warrant Shares upon exercise of the Warrants,
in accordance with its terms, is binding upon the Company and enforceable regardless of the dilution such issuance may have on
the ownership interest of other stockholders of the Company or parties entitled to receive equity of the Company.

 

(c) Furnishing
of Information. In order to enable the Purchasers to sell the Securities under Rule 144 of the Securities Act, for a period
of one year from the Closing Date, the Company shall use its commercially reasonable efforts to timely file (or obtain extensions
in respect thereof and file within the applicable grace period) all reports required to be filed by the Company after the date
hereof pursuant to the Exchange Act. During such one year period, if the Company is not required to file reports pursuant to such
laws, it will prepare and furnish to the Purchasers and make publicly available in accordance with Rule 144(c) such information
as is required for the Purchasers to sell the Shares under Rule 144.

 

(d) Form
D and Blue Sky. The Company agrees to timely file a Form D with respect to the Securities as required under Regulation D and
to provide a copy thereof to each Purchaser who requests a copy in writing promptly after such filing. The Company shall take such
action as the Company shall reasonably determine is necessary in order to qualify the Securities for sale to the Purchasers at
the Closing pursuant to this Subscription under applicable securities or “Blue Sky” laws of the states of the United
States (or to obtain an exemption from such qualification), which, subject to the accuracy of the Company’s and the Purchaser’s
representations and warranties set forth herein, shall consist of the submission of all filings and reports relating to the offer
and sale of the Securities pursuant to Rule 506 of Regulation D required under applicable securities or “Blue Sky”
laws of the states of the United States following the Closing Date, and shall provide evidence of any such action so taken to the
Purchasers who request in writing such evidence.

 

(e) Securities
Laws Disclosure; Publicity. Within the time required by the Exchange Act, the Company will file a Current Report on Form 8-K
with the SEC describing the terms of the Subscription (and including as exhibits to such Current Report on Form 8-K the Subscription).
Notwithstanding the foregoing, the Company shall not publicly disclose the name of any Purchaser, or include the name of any Purchaser
in any press release or filing with the SEC (other than the Registration Statement) or any regulatory agency or OTC Markets, LLC,
without the prior written consent of such Purchaser, except (i) as required by federal securities law in connection with (A) any
registration statement contemplated by the Subscription and (B) the filing of final Subscription (including signature pages thereto)
with the SEC or (ii) to the extent such disclosure is required by law, request of the Staff of the SEC or OTC Markets, LLC regulations,
in which case the Company shall provide the Purchasers with prior written notice of such disclosure permitted under this subclause
(ii). From and after the issuance of the Form 8-K, no Purchaser shall be in possession of any material, non-public information
received from the Company or any of its respective officers, directors, employees or agents, that is not disclosed in the Form
8-K unless a Purchaser shall have executed a written agreement regarding the confidentiality and use of such information. Each
Purchaser, severally and not jointly with the other Purchasers, covenants that until such time as the transactions contemplated
by this Agreement are publicly disclosed by the Company as described in this Section 4(f) such Purchaser will maintain the confidentiality
of all disclosures made to it in connection with such transactions (including the existence and terms of such transactions).

 

    	________ 
 Purchaser’s Initials
	17	Subscription Agreement
 Generation Hemp, Inc.

     

    

 

(f) Non-Public
Information. Except with respect to the material terms and conditions of the transactions contemplated by the Subscription,
the Company shall not and shall cause each of its officers, directors, employees and agents, not to, provide any Purchaser with
any information the Company believes is material, non-public information regarding the Company without the express written consent
of such Purchaser, unless prior thereto such Purchaser shall have executed a written agreement regarding the confidentiality and
use of such information.

 

(g) Indemnification.

 

(i) Indemnification
of the Purchasers. Subject to this Section 4(h), the Company will indemnify and hold each Purchaser and its directors, officers,
shareholders, members, partners, employees and agents (and any other persons with a functionally equivalent role of a person holding
such titles notwithstanding a lack of such title or any other title), each person who controls such Purchaser (within the meaning
of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, shareholders, agents, members,
partners or employees (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding
a lack of such title or any other title) of such controlling Person (each, a “Purchaser Party”) harmless from
any and all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses, including all judgments, amounts
paid in settlements, court costs and reasonable attorneys’ fees and costs of investigation that any such Purchaser Party
may suffer or incur, as a result of or relating to third party claims against such Purchaser relating to any breach of any of the
representations, warranties, covenants or agreements made by the Company in this Subscription, provided that such a claim
for indemnification relating to any breach of any of the representations or warranties made by the Company in this Agreement is
made within one (1) year from the Closing. The Company will not be liable to any Purchaser Party under this Agreement to the extent,
but only to the extent that a loss, claim, damage or liability is attributable to any Purchaser Party’s breach of any of
the representations, warranties, covenants or agreements made by such Purchaser Party in this Agreement or in the other Subscription
or such Purchaser Party’s bad faith, fraud or willful misconduct.

 

(ii) Conduct
of Indemnification Proceedings. Promptly after receipt by any Person (the “Indemnified Person”) of
notice of any demand, claim or circumstances which would or might give rise to a claim or the commencement of any action, proceeding
or investigation in respect of which indemnity may be sought pursuant to Section 4(h)(i), such Indemnified Person shall promptly
notify the Company in writing and the Company shall have the right to assume the defense thereof, including the employment of counsel
reasonably satisfactory to such Indemnified Person and the assumption of the payment of all fees and expenses; provided, however,
that the failure of any Indemnified Person so to notify the Company shall not relieve the Company of its obligations hereunder
except to the extent that the Company is actually and materially prejudiced by such failure to notify. In any such proceeding,
any Indemnified Person shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the
expense of such Indemnified Person unless: (i) the Company and the Indemnified Person shall have mutually agreed to the retention
of such counsel; (ii) the Company shall have failed promptly to assume the defense of such proceeding and to employ counsel reasonably
satisfactory to such Indemnified Person in such proceeding; or (iii) in the reasonable judgment of counsel to such Indemnified
Person and counsel to the Company, representation of both parties by the same counsel would be inappropriate due to actual or potential
differing interests between them, in which case the Company shall be responsible for the reasonable fees and expenses of no more
than one such separate counsel. The Company shall not be liable for any settlement of any proceeding effected without its written
consent, which consent shall not be unreasonably withheld, delayed or conditioned. Without the prior written consent of the Indemnified
Person, which consent shall not be unreasonably withheld, delayed or conditioned, the Company shall not effect any settlement of
any pending or threatened proceeding in respect of which any Indemnified Person is a party, unless such settlement includes an
unconditional release of such Indemnified Person from all liability arising out of such Proceeding.

 

    	________ 
 Purchaser’s Initials
	18	Subscription Agreement
 Generation Hemp, Inc.

     

    

 

(h) Dispositions
and Confidentiality After The Date Hereof. Each Purchaser shall not, and shall cause its Trading Affiliates not to, prior to
the effectiveness of the Registration Statement: (a) sell, offer to sell, solicit offers to buy, dispose of, loan, pledge or grant
any right with respect to (collectively, a “Disposition”) the Securities; or (b) engage in any hedging or other
transaction which is designed or could reasonably be expected to lead to or result in a Disposition of the Securities by such Purchaser
or an affiliate of the Purchaser, except, in each case, for Dispositions pursuant to an available exemption from, or in a transaction
not subject to, the registration requirements of the Securities Act, and in compliance with any applicable state and federal securities
laws. In addition, the Purchaser agrees that for so long as it owns any Common Stock, it will not enter into any Short Sale (as
such term is defined in Rule 200 of Regulation SHO) of Shares executed at a time when the Purchaser has no equivalent offsetting
long position in the Common Stock. For purposes of determining whether the Purchaser has an equivalent offsetting long position
in the Common Stock, shares that the Purchaser is entitled to receive within sixty (60) days (whether pursuant to contract or upon
conversion or exercise of convertible securities) will be included as if held long by the Purchaser. Notwithstanding the foregoing,
in the case of a Purchaser that is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions
of such Purchaser’s assets and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio
managers managing other portions of such Purchaser’s assets, the representation set forth above shall apply only with respect
to the portion of assets managed by the portfolio manager that have knowledge about the financing transaction contemplated by this
Agreement. Each Purchaser understands and acknowledges, severally and not jointly with any other Purchaser, that the SEC currently
takes the position that covering a short position established prior to effectiveness of a resale registration statement with shares
included in such registration statement would be a violation of Section 5 of the Securities Act, as set forth in Division of Corporation
Financing Compliance and Disclosure Interpretation 239.10 regarding short selling.

 

5. Adjustment
in Share Numbers and Prices. In the event of any stock split, subdivision, dividend or distribution payable in shares of Common
Stock (or other securities or rights convertible into, or entitling the holder thereof to receive directly or indirectly shares
of Common Stock), combination or other similar recapitalization or event occurring after the date hereof and prior to the Closing
Date, each reference in the Subscription to a number of shares or price per share shall be deemed to be amended to appropriately
account for such event.

 

6. Subscription
Binding on Heirs, etc. This Subscription, upon acceptance by the Company, shall be binding upon the heirs, executors, administrators,
successors and assigns of the Purchaser. If the undersigned is more than one person, the obligations of the undersigned shall be
joint and several and the representations and warranties shall be deemed to be made by and be binding on each such person and his
or her heirs, executors, administrators, successors, and assigns.

 

7. Execution
Authorized. If this Subscription is executed on behalf of a corporation, partnership, trust or other entity, the undersigned
has been duly authorized and empowered to legally represent such entity and to execute this Subscription and all other instruments
in connection with the Shares and the signature of the person is binding upon such entity.

 

    	________ 
 Purchaser’s Initials
	19	Subscription Agreement
 Generation Hemp, Inc.

     

    

 

8. Adoption
of Terms and Provisions. The Purchaser hereby adopts, accepts and agrees to be bound by all the terms and provisions hereof.

 

9. Governing
Law. This Subscription shall be construed in accordance with the laws of the State of New York.

 

10. Dispute
Resolution. In the event of any dispute arising out of or relating to this Subscription, then such dispute shall be submitted
to binding arbitration with the New York, New York branch of the American Arbitration Association (“AAA”) to
be governed by AAA’s Commercial Rules of Arbitration (the “AAA Rules”) and heard before one arbitrator.
The parties shall attempt to mutually select the arbitrator. In the event they are unable to mutually agree, the arbitrator shall
be selected by the procedures prescribed by the AAA Rules. Notwithstanding anything in the AAA Rules to the contrary, discovery
shall be limited exclusively to the mutual production of documents, and written submissions to the arbitrator shall be limited
to one brief from each party and one responsive brief from each party.

 

11. Construction.
When used in this Subscription and the Warrants, unless a contrary intention appears: (i) a term has the meaning assigned to it;
(ii) “or” is not exclusive; (iii) “including” means including without limitation; (iv) words
in the singular include the plural and words in the plural include the singular, and words importing the masculine gender include
the feminine and neuter genders; (v) any agreement, instrument or statute defined or referred to herein or in any instrument or
certificate delivered in connection herewith means such agreement, instrument or statute as from time to time amended, modified
or supplemented and includes (in the case of agreements or instruments) references to all attachments thereto and instruments incorporated
therein; (vi) the words “hereof”, “herein” and “hereunder” and words of
similar import when used in this Subscription shall refer to this Subscription as a whole and not to any particular provision hereof;
(vii) references contained herein to Article, Section, Schedule and Exhibit, as applicable, are references to Articles, Sections,
Schedules and Exhibits in this Subscription unless otherwise specified; (viii) references to “writing” include
printing, typing, lithography and other means of reproducing words in a visible form, including, but not limited to email; (ix)
references to “dollars”, “Dollars” or “$” in this Subscription shall mean
United States dollars; (x) reference to a particular statute, regulation or Law means such statute, regulation or Law as amended
or otherwise modified from time to time; (xi) any definition of or reference to any agreement, instrument or other document herein
shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise
modified (subject to any restrictions on such amendments, supplements or modifications set forth herein); (xii) unless otherwise
stated in this Subscription, in the computation of a period of time from a specified date to a later specified date, the word “from”
means “from and including” and the words “to” and “until” each mean “to
but excluding”; (xiii) references to “days” shall mean calendar days; and (xiv) the paragraph headings
contained in this Subscription are for convenience only, and shall in no manner be construed as part of this Subscription.

 

12. Review
of Document; Arm’s Length Transaction. Each party herein expressly represents and warrants to all other parties hereto
that (a) before executing this Subscription, said party has fully informed itself of the terms, contents, conditions and effects
of this Subscription; (b) said party has relied solely and completely upon its own judgment in executing this Subscription; (c)
said party has had the opportunity to seek and has obtained the advice of its own legal, tax and business advisors before executing
this Subscription; (d) said party has acted voluntarily and of its own free will in executing this Subscription; and (e) this Subscription
is the result of arm’s length negotiations conducted by and among the parties and their respective counsel.

 

    	________ 
 Purchaser’s Initials
	20	Subscription Agreement
 Generation Hemp, Inc.

     

    

 

13. Counterparts.
This Subscription and any signed agreement or instrument entered into in connection with this Subscription, and any amendments
hereto or thereto, may be executed in one or more counterparts, all of which shall constitute one and the same instrument. Any
such counterpart, to the extent delivered by means of a facsimile machine or by .pdf, .tif, .gif, .peg or similar attachment to
electronic mail (any such delivery, an “Electronic Delivery”) shall be treated in all manner and respects as
an original executed counterpart and shall be considered to have the same binding legal effect as if it were the original signed
version thereof delivered in person. At the request of any party, each other party shall re execute the original form of this Subscription
and deliver such form to all other parties. No party shall raise the use of Electronic Delivery to deliver a signature or the fact
that any signature or agreement or instrument was transmitted or communicated through the use of Electronic Delivery as a defense
to the formation of a contract, and each such party forever waives any such defense, except to the extent such defense relates
to lack of authenticity.

 

14. Investor
Information: (This must be consistent with the form of ownership selected below and the information provided in the Certificate
of Accredited Investor Status (Exhibit B, included herewith.)

 

	Name (please print):	 

 

	If entity named above,  	By:  	 
	 	Its:	 

 

	Social Security or Taxpayer I.D. Number:	 

 

	Business Address (including zip code):	 
	 
	 

 

	Business Phone:	 

 

	Residence Address (including zip code):	 
	 	 
	 	 

 

	Email Address:	 

 

	Residence Phone:	 

 

All communications to be sent to:

 

_________ Business or _________ Residence
Address ________ Email

 

    	________ 
 Purchaser’s Initials
	21	Subscription Agreement
 Generation Hemp, Inc.

     

    

 

Please indicate below the form in which
you will hold title to your interest in the Units. PLEASE CONSIDER CAREFULLY. ONCE YOUR SUBSCRIPTION IS ACCEPTED, A CHANGE IN THE
FORM OF TITLE CONSTITUTES A TRANSFER OF THE INTEREST IN THE SHARES AND/OR WARRANTS AND MAY THEREFORE BE RESTRICTED BY THE TERMS
OF THIS SUBSCRIPTION OR APPLICABLE LAW, AND MAY RESULT IN ADDITIONAL COSTS TO YOU. Purchasers should seek the advice of their attorneys
in deciding in which of the forms they should take ownership of the interest in the Units, because different forms of ownership
can have varying gift tax, estate tax, income tax, and other consequences, depending on the state of the investor's domicile and
his or her particular personal circumstances.

 

_________ INDIVIDUAL OWNERSHIP (one signature
required)

 

_________ JOINT TENANTS WITH RIGHT OF SURVIVORSHIP
AND NOT AS TENANTS IN COMMON (both or all parties must sign)

 

_________ COMMUNITY PROPERTY (one signature
required if interest held in one name, i.e., managing spouse; two signatures required if interest held in both names)

 

_________ TENANTS IN COMMON (both or all
parties must sign)

 

_________ GENERAL PARTNERSHIP (fill out
all documents in the name of the PARTNERSHIP, by a PARTNER authorized to sign)

 

_________ LIMITED PARTNERSHIP (fill out
all documents in the name of the LIMITED PARTNERSHIP, by a GENERAL PARTNER authorized to sign)

 

_________ LIMITED LIABILITY COMPANY (fill
out all documents in the name of the LIMITED LIABILITY COMPANY, by a member authorized to sign)

 

_________ CORPORATION (fill out all documents
in the name of the CORPORATION, by the President or other officer authorized to sign)

 

_________ TRUST (fill out all documents
in the name of the TRUST, by the Trustee, and include a copy of the instrument creating the trust and any other documents necessary
to show the investment by the Trustee is authorized. The date of the trust must appear on the Notarial where indicated.)

 

    	________ 
 Purchaser’s Initials
	22	Subscription Agreement
 Generation Hemp, Inc.

     

    

 

Subject to acceptance
by the Company, the undersigned has completed this Subscription Agreement to evidence his/her/its subscription for the purchase
of Securities of the Company, this _______ day of _____, 2020.

 

	 	PURCHASER

 

	 	 
	 	(Signature

 

	 	By:	 

 

	 	If Entity, Entity Name:	 

 

	 	Its:	         

 

The Company has accepted this subscription
this 30th day of December 2020

 

	 	“COMPANY”
	 	 
	 	GENERATION HEMP, INC.,
	 	a Colorado corporation

 

	 	By:	 
	 	 	Gary C. Evans
	 	 	Chairman and CEO

 

	 	Address for notice:
	 	 
	 	Generation Hemp, Inc.
	 	P.O. Box 540308
	 	Dallas, Texas 75354
	 	Attn: gevans@genhempinc.com

 

    	________ 
 Purchaser’s Initials
	23	Subscription Agreement
 Generation Hemp, Inc.

     

    

 

Exhibit A

 

CERTIFICATE OF DESIGNATION

OF RIGHTS, PREFERENCES AND LIMITATIONS
OF THE

SERIES B REDEEMABLE CONVERTIBLE PREFERRED
STOCK

OF

GENERATION HEMP, INC

 

 

[Filed as Exhbit 3.1 to Form 8-K]

 

    	________ 
 Purchaser’s Initials
		Subscription Agreement
 Generation Hemp, Inc.

     

    

 

Exhibit B

 

Form of Warrant

 

 

 

 

[Filed as Exhbit 4.1 to Form 8-K]

 

    	________ 
 Purchaser’s Initials
		Subscription Agreement
 Generation Hemp, Inc.

     

    

 

Exhibit C

 

CERTIFICATE OF ACCREDITED INVESTOR STATUS

 

Except as may be indicated
by the undersigned below, the undersigned is an “accredited investor,” as that term is defined in Regulation D under
the Securities Act of 1933, as amended (the “Securities Act”). The undersigned has initialed the box below indicating
the basis on which he is representing his status as an “accredited investor”:

 

______a bank as defined in Section
3(a)(2) of the Securities Act, or any savings and loan association or other institution as defined in Section 3(a)(5)(A) of the
Securities Act whether acting in its individual or fiduciary capacity; a broker or dealer registered pursuant to Section 15 of
the Securities Exchange Act of 1934, as amended (the “Securities Exchange Act”); an insurance company as defined
in Section 2(13) of the Securities Act; an investment company registered under the Investment Company Act of 1940 or a business
development company as defined in Section 2(a)(48) of that Act; a small business investment company licensed by the U.S. Small
Business Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958; a plan established and maintained
by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions, for the benefit
of its employees, and such plan has total assets in excess of $5,000,000; an employee benefit plan within the meaning of the Employee
Retirement Income Security Act of 1974, if the investment decision is made by a plan fiduciary, as defined in Section 3(21) of
such Act, which is either a bank, savings and loan association, insurance company, or registered investment adviser, or if the
employee benefit plan has total assets in excess of $5,000,000 or, if a self-directed plan, with investment decisions made solely
by persons that are “accredited investors”;

 

____a private business development
company as defined in Section 202(a)(22) of the Investment Advisers Act of 1940;

 

____an organization described in Section
501(c)(3) of the Internal Revenue Code, corporation, Massachusetts or similar business trust, or partnership, not formed for the
specific purpose of acquiring the securities offered, with total assets in excess of $5,000,000;

 

____a natural person whose individual
net worth, or joint net worth with the undersigned’s spouse, at the time of this purchase exceeds $1,000,000. For purposes
of this item, "net worth" means the excess of total assets at fair market value (including personal and real property,
but excluding the estimated fair market value of a person's primary home) over total liabilities. Total liabilities excludes any
mortgage on the primary home in an amount of up to the home's estimated fair market value as long as the mortgage was incurred
more than 60 days before the Securities are purchased, but includes (i) any mortgage amount in excess of the home's fair market
value and (ii) any mortgage amount that was borrowed during the 60-day period before the closing date for the sale of Securities
for the purpose of investing in the Securities;

 

____a natural person who had an individual
income in excess of $200,000 in each of the two most recent years or joint income with the undersigned’s spouse in excess
of $300,000 in each of those years and has a reasonable expectation of reaching the same income level in the current year;

 

____a trust with total assets in excess
of $5,000,000, not formed for the specific purpose of acquiring the securities offered, whose purchase is directed by a person
who has such knowledge and experience in financial and business matters that he is capable of evaluating the merits and risks of
the prospective investment;

 

____an entity in which all of the equity
holders are “accredited investors” by virtue of their meeting one or more of the above standards; or

 

____an individual who is a director
or executive officer of Generation Hemp, Inc.

 

    

     

    

 

IN WITNESS WHEREOF, the undersigned has executed this Certificate
of Accredited Investor Status effective as of __________________, 2020.

 

	 	Name: 	 

 

	 	By:	 
	 	 	Signature

 

	 	Printed Name of Signatory (if entity):	                  

 

	 	Title:	 
	 	 	(required for any stockholder that is a corporation, partnership, trust or other entity)

 

    

     

    

 

Exhibit D

 

FORM
OF IRREVOCABLE TRANSFER AGENT INSTRUCTIONS

 

As of _____________, 2020

 

__________________________

 

Attn: _____________

 

Ladies and Gentlemen:

 

Reference is made to
those certain Subscription Agreements, dated as of _____________, 2020 (collectively, the “Agreement”),
by and among Generation Hemp, Inc., a Colorado corporation (the “Company”), and the purchasers named on the
signature pages thereto (collectively, and including permitted transferees, the “Holders”), pursuant to which
the Company is issuing to the Holders units (the “Units”) comprised of (i) one share of Series B Redeemable
Convertible Preferred Stock (the “Series B Preferred Stock” or the “Shares”) and (ii) a warrant
(the “Warrant”) to purchase 50,000 shares of common stock of the Company (the “Common Stock”)
at an exercise price of $0.352 per share (the “Warrant Shares”).

 

This letter shall serve
as our irrevocable authorization and direction to you (provided that you are the transfer agent of the Company at such time and
the conditions set forth in this letter are satisfied), subject to any stop transfer instructions that we may issue to you from
time to time, if any, to (i) issue, promptly following the date hereof, certificates representing the Shares (or the Warrant Shares
upon exercise of the Warrants) bearing the legend set forth herein below, in the names of the Holders and the number of Shares
(or Warrant Shares, if applicable) as set forth in the attachments delivered herewith, and to deliver such certificates within
six (6) business days after the date hereof to the address for each such Holder as set forth on such attachments delivered herewith,
and (ii) issue certificates representing shares of Common Stock upon conversion of the Shares (or Warrant Shares, if applicable),
which certificates shall or shall not bear the legend set forth herein below as described below.

 

You acknowledge and
agree that so long as you have received (a) written confirmation from the Company’s legal counsel that a registration statement
covering resales of the Shares (or Warrant Shares, if applicable) has been declared effective by the Securities and Exchange Commission
(the “Commission”) under the Securities Act of 1933, as amended (the “Securities Act”), a
copy of such registration statement and any other documents reasonably requested by you from the applicable Holder (and provided
that you have not received written instruction from the Company or its legal counsel that such registration statement has been
suspended or is no longer effective), (b) written confirmation from the Company’s legal counsel that the Shares (or Warrant
Shares, if applicable) are eligible for sale in conformity with Rule 144 under the Securities Act (“Rule 144”)
and customary documentation from a Holder and its broker with respect to a sale pursuant to Rule 144, or (c) written confirmation
from the Company’s legal counsel that the Shares (or Warrant Shares, if applicable) are eligible for sale without the requirement
that the Company be in compliance with the current public information requirements of Rule 144 and without other restriction in
conformity with Rule 144, then, unless otherwise required by law, within three (3) business days of your receipt of certificate
of Common Stock and documentation required pursuant to clause (a) or (b) above, as applicable, or a request from a Holder for the
issuance of an unlegended certificate in the event that you have received the written confirmation set forth in clause (c) above,
you shall issue the certificates representing the Shares (or Warrant Shares, if applicable) registered in the names of the purchaser
of such Shares or the Holder, as the case may be, and such certificates shall not bear any legend restricting transfer of the Shares
(or Warrant Shares, if applicable) thereby and should not be subject to any stop-transfer restriction.

 

    

     

    

 

All certificates representing
the Shares (or Warrant Shares, if applicable) issued pursuant to the instruction set forth in clause (i) of the second paragraph
of this letter shall bear the following legend (and, solely to the extent instructed to you by the Company or its legal counsel,
a customary “affiliates” legend), and, in the event that you have not received the documentation required pursuant
to clause (a), (b) or (c) of the immediately preceding paragraph, then the certificates representing any shares of Common Stock
issued pursuant to the instruction set forth in clause (ii) of the second paragraph of this letter shall bear the following legend:

 

THE SECURITIES EVIDENCED BY THIS
CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED OR
HYPOTHECATED UNLESS THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT COVERING SUCH SECURITIES, THE TRANSFER IS MADE
IN COMPLIANCE WITH RULE 144 PROMULGATED UNDER SUCH ACT OR THE COMPANY RECEIVES AN OPINION OF COUNSEL FOR THE HOLDER OF THESE SECURITIES
WHICH IS REASONABLY SATISFACTORY TO THE COMPANY, STATING THAT SUCH SALE, TRANSFER, ASSIGNMENT OR HYPOTHECATION IS EXEMPT FROM THE
REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SUCH ACT.

 

Please be advised that
the Holders are relying upon this letter as an inducement to enter into the Agreement and, accordingly, each Holder is a third
party beneficiary to these instructions.

 

Please execute this
letter in the space indicated to acknowledge your agreement to act in accordance with these instructions.

 

	 	Very truly yours,
	 	 
	 	GENERATION HEMP, INC.

 

	 	By:	 
	 	Name:	Gary C. Evans
	 	Title:	Chairman and CEO

 

Acknowledged and Agreed:

 

	By:	 	 
	Name:	 	 
	Title:	 	 
	Date:Exhibit 4.1

 

NUMBER UNITS

U-

 

SEE REVERSE FOR CERTAIN

DEFINITIONS

CUSIP                 

 

890 5TH AVENUE PARTNERS, INC.

 

UNITS CONSISTING OF ONE SHARE OF CLASS A
COMMON STOCK AND 

ONE-HALF OF ONE REDEEMABLE WARRANT TO
PURCHASE ONE SHARE OF CLASS A COMMON STOCK 

 

THIS CERTIFIES THAT                is
the owner of                Units.

 

Each Unit (“Unit”) consists of one
(1) share of Class A common stock, par value $0.0001 per share (“Class A Common Stock”),
of 890 5th Avenue Partners, Inc., a Delaware corporation (the “Company”), and one-half (1/2) of one redeemable
warrant (the “Warrant”). Each Warrant entitles the holder to purchase one (1) share (subject to
adjustment) of Class A Common Stock of the Company for $11.50 per share (subject to adjustment). Each Warrant will become
exercisable on the later of (i) thirty (30) days after the Company’s completion of an initial merger, capital stock
exchange, asset acquisition, stock purchase, reorganization or other similar business combination with one or more businesses (each
a “Business Combination”), or (ii) twelve (12) months from the closing of the Company’s initial
public offering, and will expire unless exercised before 5:00 p.m., New York City Time, on the date that is five (5) years
after the date on which the Company completes its initial Business Combination, or earlier upon redemption or liquidation. The
Class A Common Stock and Warrants comprising the Units represented by this certificate are not transferable separately prior
to               , 2021, unless Cowen and Company, LLC and
Craig-Hallum Capital Group, LLC elect to allow separate trading earlier, subject to the Company’s filing of a Current Report
on Form 8-K with the Securities and Exchange Commission containing an audited balance sheet reflecting the Company’s receipt
of the gross proceeds of its initial public offering and issuing a press release announcing when separate trading will begin. The
terms of the Warrants are governed by a Warrant Agreement, dated as of                
, 2021, between the Company and Continental Stock Transfer & Trust Company, as Warrant Agent, and are subject to the terms
and provisions contained therein, all of which terms and provisions the holder of this certificate consents to by acceptance hereof.
Copies of the Warrant Agreement are on file at the office of the Warrant Agent at 1 State Street, 30th Floor, New York,
New York 10004, and are available to any Warrant holder on written request and without cost.

 

This certificate is not valid unless countersigned
by the Transfer Agent and Registrar of the Company.

 

This certificate shall be governed by and
construed in accordance with the internal laws of the State of New York.

 

Witness the facsimile signature of its
duly authorized officers.

	 	 	 	 	 
	Secretary	 	 	 	Chief Executive Officer

  

890 5TH AVENUE PARTNERS, INC.

 

     

     

    

 

The Company will furnish without charge
to each unitholder who so requests, a statement of the powers, designations, preferences and relative, participating, optional
or other special rights of each class of stock or series thereof of the Company and the qualifications, limitations, or restrictions
of such preferences and/or rights.

 

The following abbreviations, when used
in the inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable
laws or regulations:

	 	 	 	 	 	 	 
	TEN COM	 	— as tenants in common	 	UNIF GIFT MIN ACT—	 	
                           
                  Custodian                    
        

        (Cust)                                    (Minor)

	TEN ENT	 	— as tenants by the entireties	 	 	 	 
	 	 	 	 	 	 	Under Uniform Gifts to Minors
	JT TEN	 	— as joint tenants with right of survivorship and not as tenants in common	 	 	 	
        Act _________________________________

        (State)

         

 

Additional abbreviations may also be used
though not in the above list.

 

For value received,                hereby
sell, assign and transfer unto                

 

PLEASE INSERT SOCIAL SECURITY OR

OTHER

IDENTIFYING NUMBER OF ASSIGNEE

 

 

(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS,
INCLUDING ZIP CODE, OF ASSIGNEE)

 

 

 

 

 

 

 

                         
                        Units
represented by the within Certificate, and do hereby irrevocably constitute and appoint 

 

                          
                                          
                   Attorney to transfer
the said Units on the books of the within named Company with full power of substitution in the premises.

 

Dated                     

 

 

     

     

    

 

	 	 	Notice:	 	The signature to this assignment must correspond with the name as written upon the face of the certificate in every particular, without alteration or enlargement or any change whatever.

 

 

 

Signature(s) Guaranteed:  

	 	 	 
	THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15 (OR ANY SUCCESSOR RULE) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED).	 	 

 

In each case, as more fully described in the Company’s
final prospectus dated                 , 2021,
the holder(s) of this certificate shall be entitled to receive a pro-rata portion of certain funds held in the trust account established
in connection with its initial public offering only in the event that (i) the Company redeems the shares of Class A Common
Stock sold in its initial public offering and liquidates because it does not consummate an initial business combination by                 ,
2023, (ii) the Company redeems the shares of Class A Common Stock sold in its initial public offering in connection with a
stockholder vote to amend the Company’s amended and restated certificate of incorporation to modify the substance or timing
of the Company’s obligation to redeem 100% of the Class A Common Stock if it does not consummate an initial business
combination by                 , 2023, or (iii) if
the holder(s) seek(s) to redeem for cash his, her or its respective shares of Class A Common Stock in connection with a tender
offer (or proxy solicitation, solely in the event the Company seeks stockholder approval of the proposed initial business combination)
setting forth the details of a proposed initial business combination. In no other circumstances shall the holder(s) have any right
or interest of any kind in or to the trust account.

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