TPTW TPT Global Tech Inc (CE)

Item 1.01 Entry into a Material Definitive Agreement

SpeedConnect, LLC Asset Purchase Agreement Amendment

Effective April 3, 2019, TPT Global Tech, Inc. (the “Company”) entered into an Asset Purchase Agreement with SpeedConnect, LLC (“SpeedConnect”) to acquire substantially all of the assets of SpeedConnect for $2 million and the assumption of certain liabilities. The Asset Purchase Agreement was completed on June 10, 2019 with the final payment by the Company of $750,000. This final payment included a discount of $250,000 from the original $1,000,000 remaining balance. The discount was given by the seller and both the seller and the Company agreed that this would be provided as additional working capital. The Company was able to finance the remaining payment with the help of financing agreements described herein. A copy of the Asset Purchase Agreement Amendment is attached hereto as Exhibit 10.1.

Crestmark Bank Promissory Note and Business Term Loan Agreement

On June 4, 2019, TPT the Company finalized a financing agreement dated May 28, 2019 with Crestmark Bank (“Crestmark”) for a promissory note of $500,000 (“Promissory Note”). The Promissory Note is due May 1, 2022, pays interest at the prime rate plus 6% per annum. Payments for the first year are interest only and then payment for the next two years are principal and interest such that the promissory note is paid in full on May 1, 2022. The Promissory Note is collateralized by assets of a related party investor. The Promissory Note and Business Term Loan Agreement are attached hereto as Exhibit 10.2.

Odyssey Capital Funding, LLC Securities Purchase Agreement and Convertible Promissory Note

On June 5, 2019, the Company finalized a Securities Purchase Agreement dated June 4, 2019 with Odyssey Capital Funding, LLC. (“Odyssey”) for the purchase of a $525,000 Convertible Promissory Note (“Convertible Promissory Note”). The Convertible Promissory Note is due June 3, 2020, pays interest at the rate of 12% per annum and gives the holder the right from time to time, and at any time during the period beginning 180 days from the origination date to convert all of the outstanding balance into common stock of the Company limited to 4.99% of the outstanding common stock of the Company. The conversion price is 55% multiplied by the average of the two lowest trading prices for the common stock during the previous 20 trading days prior to the applicable conversion date. The Convertible Promissory Note may be prepaid in full at 125% to 145% up to 180 days from origination. The Securities Purchase Agreement is attached hereto as Exhibit 10.3. The Convertible Promissory Note is attached hereto as Exhibit 10.4.