Letter Agreement, dated July 31, 2022, with Coventry Asset Management, LTD
Exhibit 10.3
Generation Hemp, Inc.
8533 Midway Road
Dallas, Texas 75209
July 31, 2022
Coventry Asset Management, Ltd.
2048 Coventry Ct.
Keller, Texas 76262
| Re: | In reference to that certain Secured Promissory Note Issued by Halcyon Thruput, LLC, dated December 30, 2020 (the “Note”). |
Coventry Assert Management, Ltd.:
To Coventry Asset Management, Ltd. (“Coventry”), this letter agreement (the “Agreement”) is being issued by Generation Hemp, Inc. (the “Company”) to amend certain terms and conditions of the Note referenced above. All terms used herein shall have the meanings ascribed to such terms in the Note.
All principal payments shall be suspended until the Maturity Date of the Note, except as outlined below. The Maturity Date of the Note shall be amended to reflect that it is December 31, 2022; provided however that if the Company successfully completes a public equity offering equal to or in excess of $5,000,000 (the “Offering”) prior to such date, then the Company will pay all outstanding principal and interest payments due under the Note within five business days of the closing of such offering.
The Company agrees to make a principal payment in the amount of 25% of the outstanding principal balance of this Note on or by October 31, 2022.
The interest rate on the remaining principal balance of this Note shall increase to 14% per annum if the Note is not paid in full by December 31, 2022.
In consideration of such modifications to the Note, the Company agrees to issue to Coventry 50,000 shares of the Company’s common stock. These shares will be unregistered restricted securities and shall be subject to the restrictions placed on such shares through both Blue-Sky Laws of the applicable states and the rules and regulations of the United States Securities and Exchange Commission and applicable laws and regulatory authorities.
Except as modified by this Agreement, all other terms of the Note shall remain in full force and effect.
Coventry Asset Management, Ltd. Note Extension
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Agreed to and Accepted by Generation Hemp, Inc.
| /s/ Gary C. Evans | August 10, 2022 | ||
| Gary C. Evans, Chairman and | DATE | ||
| Chief Executive Officer |
Agreed and Accepted by Coventry Asset Management, Ltd.
| /s/ Gen Fukunaga | August 15, 2022 | ||
| Gen Fukunaga, Managing Partner | DATE |
Coventry Asset Management, Ltd. Note Extension
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