Exhibit 4.1


 


THIRD
AMENDMENT TO PROMISSORY NOTE


 


This
Third Amendment to Promissory Note (this “Amendment”) is entered into as of February 25, 2021, by and between
Iliad Research and Trading, L.P., a Utah limited partnership (“Lender”),
and GBT Technologies Inc. (f/k/a Gopher Protocol, Inc.), a Nevada corporation (“Borrower”).
Capitalized terms used in this Amendment without definition shall have the meanings given to them in the Note (as defined below).


 


A.       Borrower
previously issued to Lender a Promissory Note dated February 27, 2019 in the principal amount of $2,325,000.00 (as amended, the
“Note”).


 


B.       Effective
February 27, 2020, Borrower and Lender entered into that certain Amendment to Promissory Note (the “First Amendment”),
pursuant to which, among other amendments to the Note, Borrower and Lender agreed to extend the Maturity Date.


 


C.       Borrower
and Lender subsequently agreed to extend the Maturity Date of the Note a second time pursuant to that certain Second Amendment
to Promissory Note dated July 20, 2020 (the “Second Amendment”, and together with the First Amendment, the
“Prior Amendments”).


 


D.       Borrower
has again requested that Lender extend the Maturity Date of the Note (the “Extension”).


 


E.       Lender
has agreed, subject to the terms, amendments, conditions and understandings expressed in this Amendment, to grant the Extension.


 


NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree
as follows:


 


1.       Recitals.
Each of the parties hereto acknowledges and agrees that the recitals set forth above in this Amendment are true and accurate and
are hereby incorporated into and made a part of this Amendment.


 


2.       Extension.
Lender and Borrower agree that the Maturity Date of the Note is hereby extended to May 31, 2021.


 


3.       Extension
Fee. In consideration of Lender’s grant of the Extension, its fees incurred in preparing this Amendment and other accommodations
set forth herein, Borrower agrees to pay to Lender an extension fee (the “Extension Fee”) in the amount of
$1,000.00. The Extension Fee is hereby added to the outstanding balance of the Note as of the date of this Amendment. Lender and
Borrower further agree that the Extension Fee is deemed to be fully earned as of the date hereof, is nonrefundable under any circumstance,
and that the Extension Fee tacks back to the date of the Note for Rule 144 purposes. Borrower represents and warrants that as
of the date hereof the outstanding balance of the Note, following the application of the Extension Fee, is $1,116,616.54.


 






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4.       Representations
and Warranties. In order to induce Lender to enter into this Amendment, Borrower, for itself, and for its affiliates, successors
and assigns, hereby acknowledges, represents, warrants and agrees as follows:


 


(a)       Borrower
has full power and authority to enter into this Amendment and to incur and perform all obligations and covenants contained herein,
all of which have been duly authorized by all proper and necessary action. No consent, approval, filing or registration with or
notice to any governmental authority is required as a condition to the validity of this Amendment or the performance of any of
the obligations of Borrower hereunder.


 


(b)       There is no fact known to Borrower or which should be known to Borrower which Borrower has not disclosed to Lender on or
prior to the date of this Amendment which would or could materially and adversely affect the understanding of Lender
expressed in this Amendment or any representation, warranty, or recital contained in this Amendment.


 


(c)       Except
as expressly set forth in this Amendment, Borrower acknowledges and agrees that neither the execution and delivery of this Amendment
nor any of the terms, provisions, covenants, or agreements contained in this Amendment shall in any manner release, impair, lessen,
modify, waive, or otherwise affect the liability and obligations of Borrower under the terms of the Transaction Documents.


 


(d)       Borrower
has no defenses, affirmative or otherwise, rights of setoff, rights of recoupment, claims, counterclaims, actions or causes of
action of any kind or nature whatsoever against Lender, directly or indirectly, arising out of, based upon, or in any manner connected
with, the transactions contemplated hereby, whether known or unknown, which occurred, existed, was taken, permitted, or begun
prior to the execution of this Amendment and occurred, existed, was taken, permitted or begun in accordance with, pursuant to,
or by virtue of any of the terms or conditions of the Transaction Documents. To the extent any such defenses, affirmative or otherwise,
rights of setoff, rights of recoupment, claims, counterclaims, actions or causes of action exist or existed, such defenses, rights,
claims, counterclaims, actions and causes of action are hereby waived, discharged and released. Borrower hereby acknowledges and
agrees that the execution of this Amendment by Lender shall not constitute an acknowledgment of or admission by Lender of the
existence of any claims or of liability for any matter or precedent upon which any claim or liability may be asserted.


 


(e)       Borrower
represents and warrants that as of the date hereof no Events of Default or other material breaches exist under the Transaction
Documents or have occurred prior to the date hereof.


 


5.       Certain
Acknowledgments. Each of the parties acknowledges and agrees that no property or cash consideration of any kind whatsoever
has been or shall be given by Lender to Borrower in connection with the Extension or any other amendment to the Note granted herein.


 


6.       Other
Terms Unchanged. The Note, as amended by this Amendment and the Prior Amendments, remains and continues in full force and
effect, constitutes legal, valid, and binding obligations of each of the parties, and is in all respects agreed to, ratified,
and confirmed. Any reference to the Note after the date of this Amendment is deemed to be a reference to the Note as amended by
this Amendment and the Prior Amendments. If there is a conflict between the terms of this Amendment and the Note or the Prior
Amendments, the terms of this Amendment shall control. No forbearance or waiver may be implied by this Amendment. Except as expressly
set forth herein, the execution, delivery, and performance of this Amendment shall not operate as a waiver of, or as an amendment
to, any right, power, or remedy of Lender under the Note, as in effect prior to the date hereof. For the avoidance of doubt, this
Amendment shall be subject to the governing law, venue, and Arbitration Provisions, as set forth in the Note.


 






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7.       No
Reliance. Borrower acknowledges and agrees that neither Lender nor any of its officers, directors, members, managers, equity
holders, representatives or agents has made any representations or warranties to Borrower or any of its agents, representatives,
officers, directors, or employees except as expressly set forth in this Amendment and the Transaction Documents and, in making
its decision to enter into the transactions contemplated by this Amendment, Borrower is not relying on any representation, warranty,
covenant or promise of Lender or its officers, directors, members, managers, equity holders, agents or representatives other than
as set forth in this Amendment.


 


8.       Counterparts.
This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, but all of which together
shall constitute one instrument. The parties hereto confirm that any electronic copy of another party’s executed counterpart
of this Amendment (or such party’s signature page thereof) will be deemed to be an executed original thereof.


 


9.       Further
Assurances. Each party shall do and perform or cause to be done and performed, all such further acts and things, and shall
execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably request
in order to carry out the intent and accomplish the purposes of this Amendment and the consummation of the transactions contemplated
hereby.


 


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IN
WITNESS WHEREOF, the undersigned have executed this Amendment as of the date set forth above.


 


	 	LENDER:
	 	 	 	 	 
	 	Iliad Research and Trading, L.P.
	 	 	 	 	 
	 	By:	Iliad Management, LLC, its General Partner
	 	 	 	 	 
	 	 	By:	Fife Trading, Inc., its Manager
	 	 	 	 	 
	 	 	 	By:	
	 	 	 	 	John M. Fife,
    President
	 	 	 	 	 
	 	BORROWER:
	 	 	 	 	 
	 	GBT Technologies Inc.
	 	 	 	 	 
	 	By:
                                       
                                           
	 	Printed Name:
                                       
                           
	 	Title:
                                       
                                         


 


[Signature Page to Third Amendment to
Promissory Note]


 






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