First Amendment to 8% Convertible Redeemable Notes between Cannasys, Inc. and Adar Bays, LLC

Summary

Cannasys, Inc. and Adar Bays, LLC have agreed to amend their existing 8% Convertible Redeemable Notes, originally issued on December 16, 2015. The amendment sets a maximum conversion price of $0.00205 per share for the notes, meaning the holder cannot convert the notes at a price higher than this ceiling. All other terms of the original notes remain unchanged. This amendment is effective as of July 12, 2016.

EX-10.53 2 ex1053.htm EXHIBIT 10.53

Exhibit 10.53

FIRST AMENDMENT TO 8% CONVERTIBLE REDEEMABLE NOTES

For good and valuable consideration CANNASYS, INC., a Nevada corporation, (the "Company"), and ADAR BAYS, LLC (the "Holder") hereby agree that those 8% Convertible Redeemable Notes issued from the Company to the Holder dated December 16, 2015 (a front end note and a back end note each in the amount of $35,000) (collectively, be referred to as the "Notes") shall be amended as follows:

1. Section 4(a) of each of the Notes shall have a Conversion Price ceiling of $0.00205 (in other words, the Holder shall not be subject to a Conversion Price greater than $.00205, regardless of the formula set forth in Section 4(a)).

All other terms of the Note not modified by the terms of this Amendment shall remain in full force and effect.

IN WITNESS WHEREOF, this First Amendment to 8% Convertible Redeemable Notes has been executed effective July 12, 2016.

"Company":

CANNASYS, INC.

By: /s/ Michael A. Tew

Its: President

Print Name: Michael Tew

"Holder":

ADAR BAYS, LLC

By: /s/ Samuel Eisenberg

Its: Member

Print Name: Samuel Eisenberg