AMENDMENT NO. 1 TO CONVERTIBLE SECURED NOTE

         AMENDMENT NO. 1, dated as of April 24, 2000, to the CONVERTIBLE SECURED
NOTE (the "Note") dated March 17, 1999, issued by Covol Technologies,  Inc. (the
"Company") in favor of OZ Master Fund, Ltd. (the "Purchaser").

         The parties agree as follows:

         Section 1.  Definitions in Amendment.  Any capitalized term used herein
and not  defined  shall  have  the  meaning  assigned  to it in the  Note or the
Purchase Agreement (as defined in the Note).

         Section 2. Modifications to the Note.

                  (a)  Mandatory and Optional  Redemptions.  Section 3(a) of the
Note is hereby amended to read in its entirety as follows:

                  "(a)  Mandatory  and  Optional   Redemptions.   (i)  Upon  the
occurrence  of each and any  Redemption  Event,  the  Company  shall  redeem the
outstanding  principal  amount of this Note in an amount equal to the  Mandatory
Redemption  Amount  (plus  accrued  and  unpaid  interest  thereon  through  and
including the date of payment).  Any redemption pursuant to this Section 3(a)(i)
shall be made within five (5) Business Days of the  occurrence of the Redemption
Event and  shall  reduce  the  outstanding  principal  amount of this Note by an
amount equal to the Deemed Reduction Amount.

                  (ii) At any time after the  occurrence of the  Effective  Date
(as defined in the First  Amendment),  the Company may redeem all or any part of
the aggregate  principal  amount of this Note,  provided that the amount of such
redemption (the "Optional  Redemption Amount") must be at least $1,000,000,  and
must include any accrued and unpaid  interest  through and including the date of
payment on the  Optional  Redemption  Amount.  Any  redemption  pursuant to this
Section  3(a)(ii) shall reduce the outstanding  principal amount of this Note by
an amount equal to the Deemed Reduction Amount.

                  (iii) If at any time the  Company  fails to perform or observe
Section  8.2(j) of the Purchase  Agreement,  at the option of the holder of this
Note, the Company shall redeem the aggregate  principal amount of this Note at a
price equal to the Optional  Redemption  Price (plus accrued and unpaid interest
thereon through and including the date of payment)."

                  (b) Event of Default.  Section  4(a) is hereby  amended by (i)
deleting the word "or" at the end of clause (xvii)  thereof,  (ii) replacing the
period at the

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end of clause (xviii) thereof with "; or" and (iii) adding a new clause (xix) at
the end thereof as follows:

                  "(xix) the Company shall amend any of the Algoma Contract, the
Mohave Contract or the River Hill Contract without the consent of the holders of
at least two-thirds (2/3) in outstanding principal amount of this Note."

                  (c) Maturity Date. The definition of the term "Maturity  Date"
in Section 8 of the Note is hereby amended to read in its entirety as follows:

                  ""Maturity Date" means September 17, 2001."

                  (d) Optional  Redemption  Price.  The  definition  of the term
"Optional  Redemption  Price" in Section 8 of the Note is hereby amended to read
in its entirety as follows:

                  ""Optional  Redemption  Price"  means  (i)  in the  case  of a
redemption of this Note pursuant to Section  3(a)(i) of this Note, the Mandatory
Redemption  Amount,  (ii) in the case of a redemption  of this Note  pursuant to
Section 3(a)(ii) of this Note, the Optional  Redemption  Amount and (iii) in the
case of a redemption  of this Note  pursuant to Section  3(a)(iii) of this Note,
the then-outstanding principal amount of this Note."

                  (e)  Additional  Definitions.  Section 8 of the Note is hereby
amended by having the following  definitions  added  thereto in the  appropriate
alphabetic order:

                  "Deemed Reduction  Amount",  with respect to any redemption of
this Note  pursuant  to Section  3(a)(i)  or (ii) of this  Note,  sum of (i) the
Mandatory  Redemption Amount or Optional  Redemption Amount, as the case may be,
paid in connection  with such  redemption,  plus (ii) interest on such Mandatory
Redemption  Amount  or  Optional  Redemption  Amount,  as the case may be, at an
interest rate of twelve  percent (12%) per annum  calculated  from and excluding
the date on which  such  Mandatory  Redemption  Amount  or  Optional  Redemption
Amount,  as the case may be, is actually paid to the holder of this Note through
and including the Maturity Date, based upon a 360 day year.

                  "Algoma  Contract"  means the Asset Purchase  Agreement  dated
January 13, 2000 among  Premier  Elkhorn Coal  Company,  TECO Coal  Corporation,
Pocahontas Synfuel,  L.L.C., Covol Technologies,  Inc., and Synfuel Investments,
Inc.

                  "Algoma Event" means payment of the  Subsequent  Consideration
under, and as defined in, section 2.2(b) of the Algoma Contract.

                  "First Amendment" means Amendment No. 1 to this Note, dated as
of April 24, 2000, between the Company and the Purchaser.

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                  "First  River Hill Event"  means any  payment of any  Lump-Sum
Royalty Payment under,  and as defined in, section 3.2 of the River Hill License
Contract.

                  "Mandatory  Redemption  Amount"  means  (i) in the case of the
First River Hill Event or the Second River Hill Event,  eighty  percent (80%) of
the  difference  of (A) the amount of any and all  proceeds  paid to the Company
under  the  River  Hill  License  Contract  or  River  Hill  Purchase  Contract,
respectively, less (B) the sum of (1) the amount, if any, and in no event exceed
ten percent (10%) of the amount referred to in clause (i)(A) of this definition,
of  payments  to third  parties due as a result of the First River Hill Event or
Second River Hill Event,  as the case may be, under that  Settlement and Release
Agreement  dated  October  15, 1999 among Covol  Technologies,  Inc.,  Interlink
Management Corporation,  and Campbell,  George & Strong, L.L.P.; (2) the amount,
if any, and in no event exceed  $350,000,  of payments to third parties due as a
result of the First River Hill Event or Second River Hill Event, as the case may
be, under that Letter Agreement dated March 10, 1999 between Covol Technologies,
Inc. and Meridian Energy Corporation;  and (3) subject to the proviso at the end
of this  definition,  the amount,  if any, of payments to third parties due as a
result of the First River Hill Event or Second River Hill Event, as the case may
be, under that Settlement Agreement and Mutual General Release dated November 9,
1999 between Covol Technologies,  Inc. and Coalco  Corporation,  as amended (the
"Coalco  Settlement  Agreement");   (ii)  in  the  case  of  the  Algoma  Event,
$1,600,000,  less eighty percent (80%) of the amount  (subject to the proviso at
the end of this  definition)  of any payment due as a result of the Algoma Event
under the  Coalco  Settlement  Agreement;  and  (iii) in the case of the  Mohave
Event, $3,200,000;  provided,  however, that for the purposes of this definition
the there shall be no reduction of the Mandatory  Redemption Amounts for amounts
payable under the Coalco Contract as a result of any Redemption  Event in excess
of $125,000 in the aggregate for all Redemption Events.

                  "Mohave  Contract"  means the  Option and  Purchase  Agreement
dated  January  21,  2000  among  Premier   Elkhorn  Coal  Company,   TECO  Coal
Corporation, and Covol Technologies, Inc.

                  "Mohave Event" means payment of the  Subsequent  Consideration
under, and as defined in, section 2.2(b) of the Mohave Contract.

                  "Optional  Redemption  Amount"  has the  meaning  set forth in
Section 3(a)(ii) hereof.

                  "Redemption Event" means each of the following:  (i) the First
River Hill Event,  (ii) the Second River Hill Event,  (iii) the Algoma Event and
(iv) the Mohave Event.

                  "River  Hill  License  Contract"  means the License and Binder
Purchase  Agreement  dated  August 27, 1999 between DTE River Hill,  L.L.C.  and
Covol Technologies, Inc.

                  "River Hill  Purchase  Contract"  means the River Hill Project
Purchase  Agreement  dated  August 27, 1999 between DTE River Hill,  L.L.C.  and
Covol Technologies, Inc.

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<PAGE>

                  "Second  River Hill Event"  means  payment of the  Performance
Payment  under,  and as  defined  in,  section  2.7 of the River  Hill  Purchase
Contract.

         Section 3. Consent.  Upon the Effective  Date (as defined  below),  and
subject  to the  Purchaser  receiving  the  payment  of the  amount set forth in
Section 5(b) of this Amendment No. 1, the Purchaser hereby consents, pursuant to
Section 4 of the Note,  Section  5(B) of the  Certificate  of  Designations  and
Section 8.1 of the Securities Purchase  Agreement,  to (a) the redemption by the
Company,  at any time on or prior to May 15, 2000, of all outstanding  shares of
Preferred  Stock held by the  Purchaser  for an aggregate  Redemption  Price (as
defined  in the  Certificate  of  Designations)  of $125 per  share  and (b) the
optional  redemption  of the Note from time to time by the Company in accordance
with the terms of the Note as amended  hereby.  This  consent does not and shall
not constitute a consent to any other or further  departure  from, or the waiver
of any Default or Event of Default under, the terms of the Purchase Agreement or
the Related  Documents,  which  terms  shall  continue in full force and effect;
provided,  that nothing  herein  shall be  construed  as a  limitation  upon the
consent  to  the  Partial  Note  Redemption  and  the  Partial  Preferred  Stock
Redemption  under, and as defined in, that letter agreement dated April 24, 2000
between the parties hereto.

         Section 4. Covenants.  Subject to the occurrence of the Effective Date,
the Purchaser hereby agrees that if the outstanding principal amount of the Note
is at any time reduced to $7,500,000 or less, the Purchaser shall negotiate with
the Company in good faith to amend the  covenants  contained in Sections 8.1 and
8.2 of the Purchase  Agreement  and Section 4 of the Note to reduce or eliminate
the requirements of the Company thereunder.

         Section 5.  Conditions  to  Effectiveness.  This  Amendment No. 1 shall
become  effective  only upon  satisfaction  in full of the following  conditions
precedent  (the first date upon which all such  conditions  have been  satisfied
being herein called the "Effective Date"):

                  (a) The Purchaser  shall have  received a counterpart  of this
Amendment No. 1 signed by the Company.

                  (b) The Company shall have redeemed the Note in part by paying
to the Purchaser an aggregate  amount of $5,000,000  (together  with accrued and
unpaid interest thereon), such that the outstanding principal amount of the Note
shall be reduced to $15,000,000.

                  (c) All legal matters  incident to this  Amendment No. 1 shall
be satisfactory to the Purchaser and its counsel.

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<PAGE>

         Section 6.  Representations and Warranties.  The Company represents and
warrants to the Purchaser as follows:

                  (a) the Company (i) is a corporation  duly organized,  validly
existing and in good  standing  under the laws of the State of Delaware and (ii)
has all requisite corporate power, authority and legal right to execute, deliver
and perform this Amendment No. 1, and to perform the Note, as amended hereby.

                  (b) The execution,  delivery and performance of this Amendment
No. 1 by the Company, and the performance by the Company of the Note, as amended
hereby (i) have been duly authorized by all necessary  corporate action, (ii) do
not and will not contravene  its charter or by-laws or any  applicable  law, and
(iii) except as provided in the Related  Agreements,  do not and will not result
in the  creation  of any  lien  upon or with  respect  to any of its  respective
properties.

                  (c) This  Amendment  No. 1 and the Note,  as  amended  hereby,
constitute the legal, valid and binding obligations of the Company,  enforceable
against the Company in accordance with its terms.

                  (d) No  authorization  or approval or other  action by, and no
notice to or filing with, any  governmental  authority is required in connection
with  the  due  execution,  delivery  and  performance  by the  Company  of this
Amendment  No. 1 and the  performance  by the  Company  of the  Note as  amended
hereby.

                  (e) The representations and warranties  contained in Section 4
of the Purchase Agreement and in each other Related Agreement are correct on and
as of the date made,  and no Event of Default or Default  will  result from this
Amendment No. 1 becoming effective in accordance with its terms.

         Section 7. Continued  Effectiveness of the Note and Related Agreements.
The Company hereby (i) confirms and agrees that each Related  Agreement to which
it is a party is,  and shall  continue  to be, in full  force and  effect and is
hereby  ratified and confirmed in all respects except that on and after the date
hereof all  references in any such Related  Agreement to "the Note",  "thereto",
"thereof", "thereunder" or words of like import referring to the Note shall mean
the Note as amended by this  Amendment  No. 1; and (ii) confirms and agrees that
to the extent that any such  Related  Agreement  purports to assign or pledge to
the Purchaser,  or to grant a security interest in or lien on, any collateral as
security  for the  obligations  of the  Company  from time to time  existing  in
respect of the Note and the Related Agreements,  such pledge,  assignment and/or
grant of the security  interest or lien is hereby  ratified and confirmed in all
respects.

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<PAGE>

         Section 8. Miscellaneous.

                  (a) Continued  Effectiveness of the Note.  Except as otherwise
expressly  provided herein,  the Note and the other Related  Agreements are, and
shall  continue  to be, in full force and effect  and are  hereby  ratified  and
confirmed in all respects.  Except as expressly  provided herein, the execution,
delivery  and  effectiveness  of this  Amendment  No. 1 shall not  operate as an
amendment of any right,  power or remedy of the Purchaser  under the Note or any
other  Related  Agreement,  nor  constitute an amendment of any provision of the
Note or any other Related Agreement.

                  (b) Counterparts.  This Amendment No. 1 may be executed in any
number of counterparts and by different parties hereto in separate counterparts,
each of which shall be deemed to be an original, but all of which taken together
shall constitute one and the same agreement.

                  (c)  Headings.   Section  headings  herein  are  included  for
convenience  of reference only and shall not constitute a part of this Amendment
No. 1 for any other purpose.

                  (d) Governing  Law. This Amendment No. 1 shall be governed by,
and construed in accordance with, the law of the State of New York.

                  (e)  Amendment  as  Related  Agreement.   The  Company  hereby
acknowledges  and  agrees  that this  Amendment  No. 1  constitutes  a  "Related
Agreement".  Accordingly,  it shall be an Event of Default under the Note if the
Company  shall  fail to  perform  or observe  any term,  covenant  or  agreement
contained in this Amendment No. 1.

                  (f) Waiver of Jury Trial.  THE COMPANY AND THE PURCHASER  EACH
HEREBY IRREVOCABLY WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR
COUNTERCLAIM  (WHETHER BASED ON CONTRACT,  TORT OR OTHERWISE)  ARISING OUT OF OR
RELATING TO THIS  AMENDMENT NO. 1 OR THE ACTIONS OF THE COMPANY OR THE PURCHASER
IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT THEREOF.

                                      -6-
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 1
to be executed by authorized persons thereof.


                                                     COVOL TECHNOLOGIES, INC.



                                                     By: /s/ Steven G. Stewart
                                                         ----------------------
                                                     Name: Steven G. Stewart
                                                     Title: CFO



                                                     OZ MASTER FUND, LTD.


                                                     By: /s/ Daniel S. Och
                                                         ----------------------
                                                     Name: Daniel S. Och
                                                     Title: Managing Member

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