Amendment to Beneficial Ownership Limitation under Convertible Notes between Marathon Patent Group, Inc. and Revere Investments L.P.
This agreement between Marathon Patent Group, Inc. and Revere Investments L.P. amends the terms of certain convertible notes issued in August and September 2017. Upon the closing of a specified merger, the maximum percentage of Marathon's shares that Revere can beneficially own under these notes is set at 2.49%, with the option to increase this limit to 9.99% after providing 61 days' notice. The amendment is confirmed by both parties and is effective upon the merger's closing.
REVERE INVESTMENTS L.P.
October 31, 2017
Marathon Patent Group, Inc.
11601 Wilshire Blvd., Ste. 500
Los Angeles, CA 90025
Attn: Francis Knuettel II, Chief Financial Officer
Dear Mr. Knuettel:
This letter is confirmation that, effective on the closing of the merger pursuant to the terms of the Agreement and Plan of Merger among Marathon Patent Group, Inc., Global Bit Acquisitions Corp., and Global Bit Ventures Inc., in connection with certain convertible notes issued by Marathon Patent Group, Inc. (the “Company”) on August 31, 2017 and September 28, 2017 to Revere Investments L.P. in the principal amounts of $3,448,500 and $1,846,300, respectively, (“Notes”), the Beneficial Ownership Limitation as defined in Section 4(d) of the Notes is amended to 2.49%, subject to an increase of up to 9.99% upon 61 days’ notice.
| Very truly yours, | ||
| REVERE INVESTMENTS L.P. | ||
| By: | /s/ John O’Rourke | |
| Name: | John O’Rourke | |
| Title: | Authorized signatory | |
Confirmed and Acknowledged:
Marathon Patent Group, Inc.
| By: | /s/ Francis Knuettel, II | |
| Name: | Francis Knuettel, II | |
| Title: | Chief Financial Officer |
