<SEC-DOCUMENT>0001654954-20-011845.txt : 20201104
<SEC-HEADER>0001654954-20-011845.hdr.sgml : 20201104
<ACCEPTANCE-DATETIME>20201104171631
ACCESSION NUMBER:		0001654954-20-011845
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20201104
DATE AS OF CHANGE:		20201104

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GT Biopharma, Inc.
		CENTRAL INDEX KEY:			0000109657
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				941620407
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-239858
		FILM NUMBER:		201287629

	BUSINESS ADDRESS:	
		STREET 1:		9350 WILSHIRE BLVD.
		STREET 2:		SUITE 203
		CITY:			BEVERLY HILLS
		STATE:			CA
		ZIP:			90212
		BUSINESS PHONE:		(800) 304-9888

	MAIL ADDRESS:	
		STREET 1:		9350 WILSHIRE BLVD.
		STREET 2:		SUITE 203
		CITY:			BEVERLY HILLS
		STATE:			CA
		ZIP:			90212

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	OXIS INTERNATIONAL INC
		DATE OF NAME CHANGE:	19940916

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DDI PHARMACEUTICALS INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DIAGNOSTIC DATA INC /DE/
		DATE OF NAME CHANGE:	19850312
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B3
<SEQUENCE>1
<FILENAME>gtbp_424b3.htm
<DESCRIPTION>424B3
<TEXT>
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Filed pursuant to Rule 424(b)(3)</font></div>
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Registration No. 333-239858</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
PROSPECTUS SUPPLEMENT NO. 5</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
TO THE PROSPECTUS DATED JULY 31, 2020</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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GT BIOPHARMA, INC.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">This
prospectus supplement no. 5 (the &#x201C;Prospectus
Supplement&#x201D;) supplements information contained in the
4rospectus, dated July 28, 2020 (the &#x201C;Prospectus&#x201D;),
relating to the resale by selling stockholders of up to 31,924,929
shares of common stock, par value $0.001 per share of GT Biopharma,
Inc., a Delaware corporation (the
&#x201C;Company&#x201D;).</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">This
Prospectus Supplement&#xA0;is being filed to update and supplement
the information in the Prospectus with the information contained in
our Current Report on Form 8-K filed with the Securities and
Exchange Commission (&#x201C;SEC&#x201D;) on November 4, 2020, which
is set forth below.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">This
Prospectus Supplement should be read in conjunction with the
Prospectus. This Prospectus Supplement is not complete without, and
may not be delivered or utilized except in connection with the
Prospectus, including any amendments or supplements thereto. Any
statement contained in the Prospectus shall be deemed to be
modified or superseded to the extent that information in this
Prospectus Supplement modifies or supersedes such statement. Any
statement that is modified or superseded shall not be deemed to
constitute a part of the Prospectus except as modified or
superseded by this Prospectus Supplement.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Neither the SEC nor any state securities commission has approved or
disapproved of these securities or determined if this Prospectus
Supplement is truthful or complete. Any representation to the
contrary is a criminal offense.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
date of this Prospectus Supplement is November 4, 2020</font></div>
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<font style="font-family: Times New Roman; font-size: 10">&#xA0;</font>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">UNITED
STATES</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
SECURITIES AND EXCHANGE COMMISSION</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Washington, D.C. 20549</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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FORM 8-K</font></div>
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CURRENT REPORT</font></div>
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Pursuant to Section 13 or 15(d) of the</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Securities Exchange Act of 1934</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Date of
Report (Date of earliest event reported): November 4,
2020</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 13px">
GT Biopharma, Inc.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">(Exact
name of registrant as specified in its charter)</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;<br>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Delaware</font></div>
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<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
000-08092</font></div>
</td>
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<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
94-1620407</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 33%;"><font style="font-family: Times New Roman; font-size: 13px">(State or other
jurisdiction of incorporation or organization)</font></td>
<td style="vertical-align: top; width: 33%;"><font style="font-family: Times New Roman; font-size: 13px">(Commission File
Number)</font></td>
<td style="vertical-align: top; width: 33%;"><font style="font-family: Times New Roman; font-size: 13px">(IRS Employer
Identification No.)</font></td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
9350 Wilshire Blvd. Suite 203</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Beverly Hills, CA 90212</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Phone: (800) 304-9888</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(Address,
including zip code, and telephone number, including area code,
of</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">registrant&#x2019;s
principal executive offices)</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 13px">
N/A</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(Former
name, former address and former fiscal year, if changed since last
report)</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Check
the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (see General Instruction A.2.
below):</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font>
&#x2610;</font> Written communications pursuant to Rule 425 under
the Securities Act (17 CFR 230.425)</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font>
&#x2610;</font> Soliciting material pursuant to Rule l 4a- l 2 under
the Exchange Act ( 17 CFR 240. l 4a- l 2)</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font>
&#x2610;</font> Pre-commencement communications pursuant to Rule l
4d-2(b) under the Exchange Act (17 CFR 240. l 4d-2(b))</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font>
&#x2610;</font> Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240. l
3e-4(c))</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Securities
registered pursuant to Section 12(b) of the Act:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-family: Times New Roman; font-size: 13px; margin: 0px auto 0px 0px;">
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<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Title of each class</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 31%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Trading Symbol</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 31%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Name of exchangeon which registered</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 31%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">N/A</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">N/A</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">N/A</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Indicate
by check mark whether the registrant is an emerging growth company
as defined in Rule 405 of the Securities Act of 1933 (&#xA7;230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of
1934 (&#xA7;240.12b-2 of this chapter).</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Emerging
growth company &#x2610;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 13px">
If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period
for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act.
&#x2610;</font></font></div>
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Item 1.01.</font>&#xA0;<br></font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Entry into a Material Definitive Agreement.</font></div>
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Forbearance Extension Agreements</font></div>
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<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">
On October 31, 2020, GT Biopharma, Inc. (the
&#x201C;</font><font style="text-decoration: underline; color: #000000">Company</font><font style="color: #000000">&#x201D;)
entered into a First Amendment and Extension of Standstill and
Forbearance Agreement (collectively, the &#x201C;</font><font style="text-decoration: underline; color: #000000">Forbearance Extension
Agreements</font><font style="color: #000000">&#x201D;) with the
holders of $13.2 million aggregate principal amount of the
Company&#x2019;s outstanding convertible notes and debentures
(collectively, the &#x201C;</font><font style="text-decoration: underline; color: #000000">Default
Notes</font><font style="color: #000000">&#x201D;), which are
currently in default. The Forbearance Extension Agreements amend
the previously disclosed Standstill and Forbearance Agreements
(collectively, the &#x201C;</font><font style="text-decoration: underline; color: #000000">Forbearance
Agreements</font><font style="color: #000000">&#x201D;) that the
Company entered into, effective as of June 23, 2020. The
Forbearance Extension Agreements extend the term of the Forbearance
Agreements to January 31, 2020. All other terms and conditions of
the Forbearance Agreements remain unchanged and in full force and
effect.</font></font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
The foregoing description of the Forbearance Extension Agreements
does not purport to be complete and is qualified in its entirety by
reference to the full text of the form of Forbearance Extension
Agreement attached to this Current Report on Form 8-K as Exhibit
10.1 and incorporated by reference into this Item 1.01. The Company
has entered into a Forbearance Extension Agreement in the form
attached hereto as Exhibit 10.1 with 24 holders of the Default
Notes.</font></div>
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Item 9.01.</font>&#xA0;<br></font></div>
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Financial Statements and Exhibits.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">(d)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Exhibits</font></div>
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<div style="display: table-cell; width: 48px"><font style="font-family: Times New Roman; font-size: 13px"><font style="background-color: #FFFFFF">10.1</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="background-color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
Form of First Amendment and Extension of Standstill and Forbearance
Agreement</font></div>
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SIGNATURE PAGE</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Pursuant
to the requirement of the Securities and Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
GT Biopharma, Inc.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Dated:
November 4, 2020</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">By:</font></div>
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<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">/s/
Steven Weldon</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Steven
Weldon</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Chief
Financial Officer</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
FIRST AMENDMENT AND EXTENSION OF STANDSTILL AND FORBEARANCE
AGREEMENT</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">This
First Amendment and Extension of Standstill and Forbearance
Agreement (this &#x201C;<font style="text-decoration: underline">Agreement</font>&#x201D;) is entered
into as of October 31, 2020, by and between GT Biopharma, Inc., a
Delaware corporation (the &#x201C;<font style="text-decoration: underline">Company</font>&#x201D;), and [&#x25CF;],
a [&#x25CF;] (the &#x201C;<font style="text-decoration: underline">Lender</font>&#x201D;), with respect to
that certain Standstill and Forbearance Agreement, dated as of June
23, 2020, between the Company and the Lender (the
&#x201C;<font style="text-decoration: underline">Forbearance
Agreement</font>&#x201D;). Any capitalized term used in this
Agreement and not otherwise defined shall have the meaning ascribed
to it in the Forbearance Agreement.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
RECITALS</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">A.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;The
Company and the Lender are parties to the Forbearance Agreement
pursuant to which the Lender agreed to refrain and forbear from
exercising certain rights and remedies with respect to the Notes
and Default Indebtedness, as further described and set forth in
such Forbearance Agreement.</font></div>
<div style="text-align: left; margin-left: 0px; text-indent: 48px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">B.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;The
Fixed Termination Date as set forth in the Forbearance Agreement
was set at the earlier of (i) the date that the Company obtains and
closes on the New Financing (as defined in Section 5 of the
Forbearance Agreement), and (ii) October 1, 2020.</font></div>
<div style="text-align: left; margin-left: 0px; text-indent: 48px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">C.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;The
Company has requested that the Fixed Termination Date be extended
to January 31, 2021, and the Lender is willing to do so on the
terms and conditions set forth herein.</font></div>
<div style="text-align: left; margin-left: 0px; text-indent: 48px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">NOW</font>, <font style="font-weight: bold">THEREFORE</font>, in consideration of the
promises and the mutual agreements therein, and for good and
valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereby agree as
follows:</font></div>
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<div style="text-align: left; margin-left: 0px; text-indent: 48px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Section 1.</font>&#xA0;&#xA0;
<font style="text-decoration: underline">Extension of Fixed
Termination Date</font>. The parties hereto acknowledge and agree
that Section 4 of the Forbearance Agreement shall be deleted in its
entirety and replaced with the following:</font></div>
<div style="text-align: left; margin-left: 0px; text-indent: 48px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;In reliance
upon the representations, warranties and covenants of the Company
contained in this Agreement, and subject to Section 5 and provided
that the Company does not take any action that is inconsistent with
Sections 2 and 3 of this Agreement, the Lender agrees that, from
the date of this Agreement until the earlier of (i) the date that
the Company obtains and closes on the New Financing (as defined in
Section 5 of this Agreement), and (ii)&#xA0;January 31, 2021, (such
earlier date being the &#x201C;<font style="text-decoration: underline">Fixed Termination Date</font>&#x201D;
and the period commencing on the date of this Agreement and ending
on the Fixed Termination Date being the &#x201C;<font style="text-decoration: underline">Standstill Period</font>&#x201D;), the
Lender will forbear from exercising its rights and remedies based
on any Existing Default.&#x201D;</font></div>
<div style="text-align: left; margin-left: 0px; text-indent: 48px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; text-indent: 48px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Section 2.</font>&#xA0;&#xA0;
<font style="text-decoration: underline">No Other
Modification</font>. The amendments set forth in <font style="text-decoration: underline">Section 1</font> are effective only
for the express purposes set forth herein, are limited precisely as
written and shall not constitute or be deemed to constitute an
amendment, waiver or modification of, or consent to any deviation
from, the terms and conditions of the Forbearance Agreement, except
as expressly set forth herein, and shall not prejudice any right or
remedy which the Lender may now have or may have in the future
under or in connection with the Forbearance Agreement or the Notes.
Except as expressly set forth herein, the Forbearance Agreement
shall remain in full force and effect and is hereby confirmed and
ratified in all respects.</font></div>
<div style="text-align: left; margin-left: 0px; text-indent: 48px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; text-indent: 48px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Section 3.</font>&#xA0;&#xA0;
<font style="text-decoration: underline">Incorporation by
Reference</font>. The terms and provisions of Section 7
(<font style="font-style: italic">Other SFA and Other
Holders</font>), Section 11 (<font style="font-style: italic">Waiver of Jury Trial; Governing Law and
Consent to Jurisdiction</font>) and Section 13 (<font style="font-style: italic">Miscellaneous</font>) are hereby incorporated
by reference and shall apply to this Agreement <font style="font-style: italic">mutatis</font> <font style="font-style: italic">mutandis</font> as if fully set forth
herein.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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</div>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; text-indent: 48px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Section 4.</font>&#xA0;&#xA0;
<font style="text-decoration: underline">Public Disclosure</font>.
The Company shall, as soon as practical, taking into account legal
requirements, file a Form 8-K with the Commission, reasonably
acceptable to the Lender, disclosing the material terms of the
transactions contemplated hereby. The Company shall consult with
the Lender in issuing any other press releases with respect to the
transactions contemplated hereby.</font></div>
<div style="text-align: left; margin-left: 0px; text-indent: 48px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; text-indent: 48px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Section 5.</font>&#xA0;&#xA0;
<font style="text-decoration: underline">Effectiveness</font>. The
Company has entered into Standstill and Forbearance Agreements (the
&#x201C;Other SFAs&#x201D;) substantially the same in all material
respects, except for the name of the lender and the securities
owned by such lender to the Forbearance Agreement, with the holders
(the &#x201C;Other Holders&#x201D;) of securities issued by the
Company convertible, exercisable, or exchangeable for shares of the
Company&#x2019;s common stock covering all securities convertible,
exercisable, or exchangeable for shares of the Company&#x2019;s
common stock. This Amendment shall be effective upon the execution
of amendments identical, except for the name of the lender, to this
Amendment, by all the Other Holders that hold notes that have
passed their maturity date or the expiration of the standstill
period in their Other SFAs, , and provided the Company shall obtain
all such signatures no later than October 31, 2020.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">IN WITNESS WHEREOF</font>, each of the
undersigned parties have caused this Agreement to be signed by
their respective duly authorized officers, effective as of the date
first above written.</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">GT
BIOPHARMA, INC.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">[<font style="font-weight: bold">NAME OF LENDER]:</font></font></div>
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____________________________</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Name:</font></div>
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