This Extension Agreement (this “ Agreement ”), dated as of March 24, 2010, is entered into by and
among Location Based Technologies, Inc., a Nevada corporation (“ Company ”) and FFP or Steve Finley, PO
Box 1296, Rancho Santa Fe, CA 92067 (“ Holder ”).
WHEREAS, the Holder has loaned $300,000 to the Company with a principal balance of $140,000 as
of the effective date of this agreement, evidenced by a Senior Secured Promissory Note Agreement dated
December 24, 2008 with an original maturity date of March 24, 2009 (“ Note ”) and by an Extension
Agreement dated March 24, 2009, thereby extending the maturity date to September 24, 2009 and by a second
Extension Agreement dated September 24, 2009 thereby extending the maturity date to March 24, 2010; and
WHEREAS, the Company and Holder agree to further extend the maturity date of the Note in
accordance with the terms hereof.
NOW THEREFORE, in consideration of the foregoing premises and the mutual covenants set forth in
this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:
1. Extension of Maturity Date. The Maturity Date under the Note is hereby extended for an
additional six months until September 24, 2010.
2. Payment. Holder shall receive a payment of $5,000 for each month during the extension period
and 100,000 shares of Restricted 144 Common Stock.
3. Interest. The unpaid principal balance shall continue to accrue interest at a rate of 12% per
4. Full Force and Effect. Except as otherwise expressly provided herein, the Note shall remain in
full force and effect. Except for any waivers and modifications contained herein, this Agreement shall not in any
way waive or prejudice any of the rights or obligations of the Holder or the Company under the Note, under any
law, in equity or otherwise, and such waivers and