GulfSlope Energy Inc (GSPE)

[Philvb]

Re: Convertible Debenture issued by GulfSlope Energy, Inc., a Delaware corporation (“GulfSlope”), to Delek GOM Investments, LLC, a Delaware limited liability company (“Delek”), on October 17, 2019, in the original principal amount of $1,220,548 (“Debenture”)
Ladies and Gentlemen:
This letter agreement (the “Agreement”) shall set forth the understanding between Delek and GulfSlope regarding the amount (the “Loan Payoff Amount”) necessary, as of September 30, 2020 (the “Scheduled Payoff Date”), to pay all principal, interest, and fees owing under the Debenture. Capitalized terms used but not otherwise defined herein have the meanings given to them in the Debenture. The Loan Payoff Amount is set forth below:
Exhibit 7.6
Principal Amount
Accrued and unpaid Interest Loan Payoff Amount
$1,220,548 $129,211 $1,349,759
The parties hereby agree that GulfSlope may fully satisfy the Loan Payoff Amount in exchange for the following consideration:
Cash Payment Amount $1,220,548 Shares of Common Stock 17,500,000
The Cash Payment Amount portion of the Loan Payoff Amount set forth above must be paid at or before 4 p.m. (New York City time) on the Scheduled Payoff Date. On or before the third Business Day following the Schedule Payoff Date (the “Share Delivery Date”), GulfSlope shall (i) if legends are not required to be placed on certificates of Common Stock and provided that the Transfer Agent is participating in the Depository Trust Company’s (“ DTC”) Fast Automated Securities Transfer Program, credit such aggregate number of shares of Common Stock to which Delek shall be entitled to Delek’s balance account with DTC through its Deposit Withdrawal Agent Commission system or (ii) if the