Note Extension Agreement
EXHIBIT 10.14
This NOTE EXTENSION AGREEMENT ("Extension") is dated as of November 05, 2021 (the "Effective Date"), by and between Hempacco Co., Inc., located at 0000 Xxxxxxx Xxxx, Xxx Xxxxx, Xxxxxxxxxx 00000 ("Hempacco"), and Xxxxx Xxxxxxx, located at 18181 N.E. 31st - Court, X-0000 Xxxxx, Xxxxxxxx, Xxxxxxx 00000 (“Lender") and collectively, (the "Parties").
WHEREAS the Parties entered into a 12% 6 Month Promissory Note on May 04, 2021 (the "Original Note").
WH EREAS the Parties hereby agree to extend the term of the Original Note in accordance with the terms of the Original Contract as well as the terms provided herein.
In consideration of the mutual covenants contained herein, each of Hempacco and Lender mutually covenant and agree as follows:
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| · | The Original Contract, which is attached hereto as a part of this Extension, matured on November 03, 2021. |
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| · | The parties agree to extend the Original Note for an additional period of 6 months, which will begin immediately upon the expiration of the original time period and will end on May 04, 2022. |
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| · | In addition, the following provisions of the Original Contract are amended as described herein: |
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| · | Mandatory Conversion: Notwithstanding the terms and conditions of conversion outlined in the original Note, the parties hereby agree that the Note will be converted into common stock of Hempacco Co., Inc. at $1.00 per share. |
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| · | This Extension binds and benefits both Parties and any successors or assigns. This document, including the attached Original Contract, is the entire agreement between the Parties. |
This is a XxxxxxXxxxxx.xxx document.
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All other terms and conditions of the Original Contract remain unchanged.
This Agreement shall be signed on behalf of Hempacco Co., Inc. by Xxxxxx Xxxxxxxx, its CEO, and on behalf of Lender by Xxxxx Xxxxxxx.
| Hempacco Co., Inc. |
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| /s/ Xxxxxx Xxxxxxxx |
| Date: 11-05-2021 | |
| By: | Xxxxxx Xxxxxxxx |
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| CEO |
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| Xxxxx Xxxxxxx |
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| By: | /s/ Xxxxx Xxxxxxx |
| Date: 11-05-2021 |
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| Xxxxx Xxxxxxx |
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| Lender |
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This is a XxxxxxXxxxxx.xxx document.
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