PROMISSORY NOTE AGREEMENT AMENDMENT 1
EXHIBIT 10.21
AMENDMENT 1
This AMENDMENT 1 to the PROMISSORY NOTE (the “Agreement”), effective as of May 17, 2020 is entered into by and between Hempacco Co., Inc., a Nevada company (the “Company”) and Xxxxx Xxxxxxxx (individually, a “Purchaser”.
RECITALS
WHEREAS, the Company and the Purchaser, entered into a Promissory Note Agreement resulting in the issuance of promissory notes to the Purchaser which is incorporated herein by reference; and
WHEREAS, the Company and the Purchaser desire to amend the Agreement and the terms of the issued promissory notes to extend the Maturity Date to August 17th 2020 or sooner and accrue all interest until the amended Maturity Date.
NOW, THEREFORE, in consideration of the foregoing, and of the mutual representations, warranties, covenants and agreements contained in this Agreement and other valuable consideration, the receipt and adequacy of which is hereby acknowledged, the parties hereto agree as follows:
Section 2 (a) of the Agreement shall be replaced with the following:
(a) Term and Interest. All principal and accrued interest under the Notes shall be due and payable on August 17, 2020 (the “Maturity Date”). The Notes shall bear interest at a rate equal to zero 0% per annum payable on the Maturity Date. On the Maturity Date. The company has agreed to issue 25,000 shares as inducement to extend the loan.
[REMAINDER OF THE PAGE INTENTIONALLY LEFT BLANK]
IN WITNESS WHEREOF, each of the parties has caused this Amendment 1 to the Agreement to be executed on its behalf effective as of the date first written above.
COMPANY:
A Nevada Corporation
By: /s/ Xxxxxx Xxxxxxxx
Name: Xxxxxx Xxxxxxxx
Title: CEO
PURCHASER:
XXXXX XXXXXXXX
By: /s/ Xxxxx Xxxxxxxx
Name: _______________________
Title: _______________________
