Exhibit 4.1


 


SECOND
AMENDMENT TO PROMISSORY NOTE


 


This
Second Amendment to Promissory Note (this “Amendment”) is entered into as of July 20, 2020, 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 “Prior Amendment”), pursuant to which, among other
amendments to the Note, Borrower and Lender agreed to extend the Maturity Date.


 


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


 


D.                
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 February 27, 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 $2,591,999.11.


 


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.


 



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(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 Amendment, 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 Amendment. If there
is a conflict between the terms of this Amendment and the Note or the Prior Amendment, 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


 






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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.


 


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: Mansour Khatib


 


 


Title:
CEO


 


 


 


 


 


 


 


[Signature
Page to Second Amendment to Promissory Note]


 






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