Document:

Stanley Hills, LLC

Physical Delivery

 

 

Dear Officer;

 

As agreed between us and per our board resolution, we will add
a feature of conversion you’re your series of Notes and the Total Debt (which exceed the Notes balance) (all balance together
“Note”)

 

Conversion Right. The Holder shall have the right from time to
time, and at any time during the period beginning on the date which is one hundred eighty (180) days following the date of any
Note or Debt Balance and ending on the later of: (i) the Maturity Date and (ii) the date of payment of the Default Amount (as defined
in Article III), each in respect of the remaining outstanding principal amount of this Note to convert all or any part of the outstanding
and unpaid principal amount of this Note into fully paid and non-assessable shares of Common Stock, as such Common Stock exists
on the Issue Date, or any shares of capital stock or other securities of the Borrower into which such Common Stock shall hereafter
be changed or reclassified at the conversion price (the “Conversion Price”) determined as provided herein (a “Conversion”);
provided, however, that in no event shall the Holder be entitled to convert any portion of this Note in excess of that portion
of this Note upon conversion of which the sum of (1) the number of shares of Common Stock beneficially owned by the Holder and
its affiliates (other than shares of Common Stock which may be deemed beneficially owned through the ownership of the unconverted
portion of the Notes or the unexercised or unconverted portion of any other security of the Borrower subject to a limitation on
conversion or exercise analogous to the limitations contained herein) and (2) the number of shares of Common Stock issuable upon
the conversion of the portion of this Note with respect to which the determination of this proviso is being made, would result
in beneficial ownership by the Holder and its affiliates of more than 4.99% of the outstanding shares of Common Stock. For purposes
of the proviso to the immediately preceding sentence, beneficial ownership shall be determined in accordance with Section 13(d)
of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Regulations 13D-G thereunder, except as
otherwise provided in clause (1) of such proviso. The beneficial ownership limitations on conversion as set forth in the section
may NOT be waived by the Holder. The number of shares of Common Stock to be issued upon each conversion of this Note shall be determined
by dividing the Conversion Amount (as defined below) by the applicable Conversion Price then in effect on the date specified in
the notice of conversion, in the form attached hereto as Exhibit A (the “Notice of Conversion”), delivered to the Borrower
by the Holder in accordance with Section 1.4 below; provided that the Notice of Conversion is submitted by facsimile or e-mail
(or by other means resulting in, or reasonably expected to result in, notice) to the Borrower before 6:00 p.m., New York, New York
time on such conversion date (the “Conversion Date”); however, if the Notice of Conversion is sent after 6:00pm, New
York, New York time the Conversion Date shall be the next business day. The term “Conversion Amount” means, with respect
to any conversion of this Note, the sum of (1) the principal amount of this Note to be converted in such conversion plus (2) at
the Holder’s option, accrued and unpaid interest, if any, on such principal amount at the interest rates provided in this
Note to the Conversion Date, plus (3) at the Holder’s option, Default Interest, if any, on the amounts referred to in the
immediately preceding clauses (1) and/or (2) plus (4) at the Holder’s option, any amounts owed to the Holder pursuant to
Sections hereof.

 

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Conversion Price. The conversion price (the “Conversion Price”)
shall equal the Variable Conversion Price (as defined herein) (subject to equitable adjustments by the Borrower relating to the
Borrower’s securities or the securities of any subsidiary of the Borrower, combinations, recapitalization, reclassifications,
extraordinary distributions and similar events). The "Variable Conversion Price" shall mean 85% multiplied by the Market
Price (as defined herein) (representing a discount rate of 15%). “Market Price” means the lowest one (1) Trading Price
(as defined below) for the Common Stock during the twenty (20) Trading Day period ending on the latest complete Trading Day prior
to the Conversion Date. “Trading Price” means, for any security as of any date, the closing bid price on the OTCQB,
OTCQX, Pink Sheets electronic quotation system or applicable trading market (the “OTC”) as reported by a reliable reporting
service (“Reporting Service”) designated by the Holder (i.e. Bloomberg) or, if the OTC is not the principal trading
market for such security, the closing bid price of such security on the principal securities exchange or trading market where such
security is listed or traded or, if no closing bid price of such security is available in any of the foregoing manners, the average
of the closing bid prices of any market makers for such security that are listed in the “pink sheets”. If the Trading
Price cannot be calculated for such security on such date in the manner provided above, the Trading Price shall be the fair market
value as mutually determined by the Borrower and the holders of a majority in interest of the Notes being converted for which the
calculation of the Trading Price is required in order to determine the Conversion Price of such Notes. “Trading Day”
shall mean any day on which the Common Stock is tradable for any period on the OTC, or on the principal securities exchange or
other securities market on which the Common Stock is then being traded.

 

Sincerely;

 

GBT TECHNOLOGIES, INC

 

/s/ Mansour Khatib 2/26/2020

By: Mansour Khatib, CMO, Secretary & Director

 

 

Stanley Hills, LLC agree to the above:

 

STANLEY HILLS, LLC

 

 

/s/ Anat Attia 2/26/2020

By: Anat Attia Sole memberAMENDMENT TO PROMISSORY NOTE

 

This Amendment
to Promissory Note (this “Amendment”) is entered into as of February 27, 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 (the “Note”).

 

B.                
Borrower has requested that Lender extend the Maturity Date of the Note (the “Extension”)
and make the Note convertible into Borrower’s common stock.

 

C.                
Lender has agreed, subject to the terms, amendments, conditions and understandings expressed
in this Amendment, to grant the Extension and make the Note convertible.

 

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.                 
Amendments.

 

(a)              
The Maturity Date for the Note is hereby extended until August 27, 2020.

 

		(b)	The following sentence shall be added to the Note at the end of Section
6.1:

 

“Borrower’s failure
to deliver Conversion Shares (as defined below) to Lender within three (3) Trading Days (as defined below) of its receipt of a
Conversion Notice (as defined below) shall be considered an Event of Default hereunder.”

 

(c)              
The following provision shall be added to the Note as Section 25: “25.Conversion.

25.1  
Conversions. Lender has the right at any time after the issuance date of

this Note until the
outstanding balance has been paid in full, at its election, to convert (“Conversion”) all or any portion
of the outstanding balance of this Note into shares (“Conversion Shares”) of fully paid and non-assessable
common stock, $0.00001 par value per share (“Common Stock”), of Borrower as per the following conversion
formula: the number of Conversion Shares equals the amount being converted (the “Conversion Amount”)
divided by the Conversion Price (as defined below). Conversion notices in the form attached hereto as Exhibit A (each,
a “Conversion Notice”) may be effectively delivered to Borrower by any method set forth in the
“Notices” Section of the Purchase Agreement, and all Conversions shall be cashless and not require further
payment from Lender.

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25.2  
Conversion Price. Subject to the adjustments set forth herein, the conversion price
for each Conversion shall be calculated pursuant to the following formula: 80% multiplied by the lowest daily VWAP during the twenty
(20) Trading Days immediately preceding the applicable Conversion (the “Conversion Price”). As used herein,
the term “Trading Day” shall mean any day on which the New York Stock Exchange is open for trading, and the
term “VWAP” shall mean the volume weighted average price of the Common Stock on the principal market for a particular
Trading Day or set of Trading Days, as the case may be, as reported by Bloomberg, L.P.”

 

		(d)	The following provision shall be added to the Note as Section 26:

 

“26. Ownership Limitation.
Notwithstanding anything to the contrary contained in this Note, Borrower shall not effect any conversion of this Note to the extent
that after giving effect to such conversion would cause Lender (together with its affiliates) to beneficially own a number of shares
exceeding 9.99% of the number of shares of Common Stock outstanding on such date (including for such purpose the shares of Common
Stock issuable upon such issuance) (the “Maximum Percentage”). For purposes of this section, beneficial ownership
of Common Stock will be determined pursuant to Section 13(d) of the 1934 Act. By written notice to Borrower, Lender may increase,
decrease or waive the Maximum Percentage as to itself but any such waiver will not be effective until the 61st day after delivery
thereof. The foregoing 61-day notice requirement is enforceable, unconditional and non-waivable and shall apply to all affiliates
and assigns of Lender.”

 

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 seven and one- half percent (7.5%) of the outstanding balance of the
Note. 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

$2,765,983.13.

 

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

 

[Remainder of page intentionally left blank]

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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: CMO, Secretary and Director             

 

 

 

 

 

 

 

 

 

 

[Signature Page to Amendment to Promissory Note]

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