Exhibit 10.2


 


NEITHER
THIS DEBENTURE NOR THE SECURITIES INTO WHICH THIS DEBENTURE IS CONVERTIBLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION
OR THE SECURITIES COMMISSION OF ANY STATE. THESE SECURITIES HAVE BEEN SOLD IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT
TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS.


HELBZ,
INC.


Convertible
Debenture


	Principal
    Amount:  $[15,000,000] [10,000,000] [5,000,000]


Debenture Issuance
Date: [___________]


Debenture Number:
HLBZ-[1][2][3]


 


FOR
VALUE RECEIVED, HELBZ, INC., a Delaware company (the "Company"), hereby promises to pay to the order of YA II PN,
LTD., or its registered assigns (the "Holder") the amount set out above as the Principal Amount (as reduced pursuant
to the terms hereof pursuant to redemption, conversion or otherwise, the "Principal") when due, whether upon the Maturity
Date (as defined below), acceleration, redemption or otherwise (in each case in accordance with the terms hereof) and to pay interest
("Interest") on any outstanding Principal at the applicable Interest Rate from the date set out above as the Debenture
Issuance Date (the "Issuance Date") until the same becomes due and payable, whether upon the Maturity Date or acceleration,
conversion, redemption or otherwise (in each case in accordance with the terms hereof). This Convertible Debenture (including all debentures
issued in exchange, transfer or replacement hereof, this "Debenture") was originally issued pursuant to the Securities
Purchase Agreement dated October [__], 2021, as amended (the “Securities Purchase Agreement”) between the Company
and the Buyers listed on the Schedule of Buyers attached thereto. Certain capitalized terms used herein are defined in Section (13).


(1)              
GENERAL TERMS


(a)              
Maturity Date. On the Maturity Date, the Company shall pay to the Holder an amount in cash representing all outstanding
Principal, accrued and unpaid Interest, and any other amounts outstanding pursuant to the terms of this Debenture. The "Maturity
Date" shall be [__________][1], as may be extended
at the option of the Holder. Other than as specifically permitted by this Debenture, the Company may not prepay or redeem any portion
of the outstanding Principal and accrued and unpaid Interest. 


(b)              
Interest Rate and Payment of Interest. Interest shall accrue on the outstanding Principal balance hereof at an annual rate
equal to 5% (“Interest Rate”), which Interest Rate shall increase to an annual rate of 15% for so long as any Event
of Default remains uncured. Interest shall be calculated on the basis of a 365-day year and the actual number of days elapsed, to the
extent permitted by applicable law.


(c)              
Monthly Payments. If, 90 days after the Debenture Issuance Date set forth above, and from time to time thereafter, the
daily VWAP is less than the Floor Price then in effect for 10 Trading Days in a period of 15 consecutive Trading Days (the last such
day of each such occurrence, a “Triggering Date”), then the Company shall make monthly payments beginning on the last
calendar day of the month when the Triggering Date occurred. Each monthly payment shall be in an amount equal to the sum of (i) the Principal
Amount outstanding as of the Triggering Date divided by the number of months until the Maturity Date, (ii) the Redemption Premium (as
defined below) in respect of such Principal Amount, and (iii) accrued and unpaid interest hereunder as of each payment date. Each monthly
payment obligation shall be reduced by any amounts converted since the last monthly payment. The obligation of the Company to make monthly
payments hereunder shall cease if any time after the applicable Triggering Date, either (i) the Company provides the Holder a reset notice
(each, a “Floor Reset Notice”) setting forth a reduced Floor Price which shall be equal to no more than 85% of the
Closing Bid Price on the Trading Day immediately prior to such Reset Notice (and in no event greater than $10 per shares) and takes all
steps necessary to implement such Floor Price reset, including, without limitation, applying for the additional listing of Conversion
Shares on the Primary Market, or (ii) the daily VWAP is greater than the Floor Price for a period of 10 consecutive Trading Days, unless
a subsequent Triggering Date occurs. Whenever any payment or other obligation hereunder shall be due on a day other than a Business Day,
such payment shall be made on the next succeeding Business Day.


________________


[1] Insert date 12 months from
the issuance date.



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(d)       
Early Redemption. The Company at its option shall have the right, but not the obligation, to redeem (“Optional
Redemption”) early a portion or all amounts outstanding under this Debenture as described in this Section; provided
that (i) the trading price of the Common Stock is less than the Fixed Conversion Price and (ii) the Company provides the Holder with
at least 5 Business Days’ prior written notice (each, a “Redemption Notice”) of its desire to exercise an Optional
Redemption. Each Redemption Notice shall be irrevocable and shall specify the outstanding balance of the Convertible Debentures to be
redeemed and the applicable Redemption Premium. The “Redemption Amount” shall be equal to the outstanding Principal
balance being redeemed by the Company, plus the applicable Redemption Premium, plus all accrued and unpaid interest. After receipt of
the Redemption Notice, the Holder shall have 5 Business Days to elect to convert all or any portion of Convertible Debentures. On the
6th Business Day after the Redemption Notice, the Company shall deliver to the Holder the Redemption Amount with respect to the Principal
amount redeemed after giving effect to conversions effected during the 5 Business Day period. 


(2)     
EVENTS OF DEFAULT.


(a)       
An “Event of Default”, wherever used herein, means any one of the following events (whatever the reason and
whether it shall be voluntary or involuntary or effected by operation of law or pursuant to any judgment, decree or order of any court,
or any order, rule or regulation of any administrative or governmental body):


(i)   
the Company's failure to pay to the Holder any amount of Principal, Interest, or other amounts when and as due under this Debenture
or any other Transaction Document within five (5) Business Days after such payment is due;


(ii) 
the Company or any subsidiary of the Company shall commence, or there shall be commenced against the Company or any subsidiary
of the Company under any applicable bankruptcy or insolvency laws as now or hereafter in effect or any successor thereto, or the Company
or any subsidiary of the Company commences any other proceeding under any reorganization, arrangement, adjustment of debt, relief of
debtors, dissolution, insolvency or liquidation or similar law of any jurisdiction whether now or hereafter in effect relating to the
Company or any subsidiary of the Company or there is commenced against the Company or any subsidiary of the Company any such bankruptcy,
insolvency or other proceeding which remains undismissed for a period of 61 days; or the Company or any subsidiary of the Company is
adjudicated insolvent or bankrupt; or any order of relief or other order approving any such case or proceeding is entered; or the Company
or any subsidiary of the Company suffers any appointment of any custodian, private or court appointed receiver or the like for it or
any substantial part of its property which continues undischarged or unstayed for a period of sixty one (61) days; or the Company or
any subsidiary of the Company makes a general assignment for the benefit of creditors; or the Company or any subsidiary of the Company
shall fail to pay, or shall state that it is unable to pay, or shall be unable to pay, its debts generally as they become due; or the
Company or any subsidiary of the Company shall call a meeting of its creditors with a view to arranging a composition, adjustment or
restructuring of its debts; or the Company or any subsidiary of the Company shall by any act or failure to act expressly indicate its
consent to, approval of or acquiescence in any of the foregoing; or any corporate or other action is taken by the Company or any subsidiary
of the Company for the purpose of effecting any of the foregoing;






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(iii)   
the Company or any subsidiary of the Company shall default in any of its obligations under any other debenture or any mortgage,
credit agreement or other facility, indenture agreement, factoring agreement or other instrument under which there may be issued, or
by which there may be secured or evidenced any indebtedness for borrowed money or money due under any long term leasing or factoring
arrangement of the Company or any subsidiary of the Company in an amount exceeding $500,000, whether such indebtedness now exists or
shall hereafter be created and such default shall result in such indebtedness becoming or being declared due and payable and such default
is not cured within five (5) Business Days;


(iv)    
the Common Stock shall cease to be quoted or listed for trading, as applicable, on any Primary Market for a period of 10 consecutive
Trading Days;


(v)     
the Company or any subsidiary of the Company shall be a party to any Change of Control Transaction (as defined in Section (13)
unless in connection with such Change of Control Transaction this Debenture is retired; 


(vi)    
the Company's (A) failure to deliver the required number of shares of Common Stock to the Holder within 2 Trading Days after the
applicable Delivery Date or (B) notice, written or oral, to any holder of the Debentures, including by way of public announcement, at
any time, of its intention not to comply with a request for conversion of any Debentures into shares of Common Stock that is tendered
in accordance with the provisions of the Debentures, other than pursuant to Section (4)(c);


(vii)   
the Company shall fail for any reason to deliver the payment in cash pursuant to a Buy-In (as defined herein) within five (5)
Business Days after such payment is due; 


(viii)  
the Company shall fail to observe or perform any other material covenant, agreement or warranty contained in, or otherwise commit
any material breach or default of any provision of this Debenture (except as may be covered by Section (2)(a)(i) through (2)(a)(ix) hereof)
or any Transaction Document (as defined in Section (13)) which is not cured within the time prescribed; or


(ix)     
any Event of Default (as defined in the Other Debentures) occurs with respect to any Other Debentures.


(b)       
During the time that any portion of this Debenture is outstanding, if any Event of Default has occurred and is continuing, the
full unpaid Principal amount of this Debenture, together with interest and other amounts owing in respect thereof, to the date of acceleration
shall become at the Holder's election, immediately due and payable in cash. Furthermore, in addition to any other remedies, the Holder
shall have the right (but not the obligation) to convert this Debenture (subject to the beneficial ownership limitations set out in Section
(3)(c)) at any time after (x) an Event of Default (provided that such Event of Default is continuing) or (y) the Maturity Date at the
Conversion Price. The Holder need not provide and the Company hereby waives any presentment, demand, protest or other notice of any kind,
(other than required notice of conversion) and the Holder may immediately enforce any and all of its rights and remedies hereunder and
all other remedies available to it under applicable law. Such declaration may be rescinded and annulled by Holder at any time prior to
payment hereunder. No such rescission or annulment shall affect any subsequent Event of Default or impair any right consequent thereon.


(3)     
CONVERSION OF DEBENTURE.This Debenture shall be convertible into shares of Common Stock, on the terms and conditions
set forth in this Section (3).


(a)       
Conversion Right. Subject to the limitations of Section (3)(c), at any time or times on or after the Issuance Date, the
Holder shall be entitled to convert any portion of the outstanding and unpaid Conversion Amount (as defined below) into fully paid and
nonassessable shares of Common Stock in accordance with Section (3)(b), at the Conversion Rate (as defined below). The number of shares
of Common Stock issuable upon conversion of any Conversion Amount pursuant to this Section (3)(a) shall be determined by dividing (x)
such Conversion Amount by (y) the Conversion Price (the "Conversion Rate"). The Company shall not issue any fraction
of a share of Common Stock upon any conversion. All calculations under this Section (3) shall be rounded to the nearest $0.0001. If the
issuance would result in the issuance of a fraction of a share of Common Stock, the Company shall round such fraction of a share of Common
Stock up to the nearest whole share. The Company shall pay any and all transfer, stamp and similar taxes that may be payable with respect
to the issuance and delivery of Common Stock upon conversion of any Conversion Amount.






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(i)    
"Conversion Amount" means the portion of the Principal and accrued Interest to be converted, redeemed or otherwise
with respect to which this determination is being made.


(ii)   
"Conversion Price" means, as of any Conversion Date (as defined below) or other date of determination the lower
of (i) $20.00 (the “Fixed Conversion Price”), or (ii) 92.5% of the lowest daily VWAPs during the 10 consecutive Trading
Days immediately preceding the Conversion Date or other date of determination (the “Variable Conversion Price”), but
not lower than the Floor Price. The Conversion Price shall be adjusted from time to time pursuant to the other terms and conditions of
this Debenture. 


(b)        
Mechanics of Conversion.


(i)    
Optional Conversion. To convert any Conversion Amount into shares of Common Stock on any date (a "Conversion Date"),
the Holder shall (A) transmit by facsimile (or otherwise deliver), for receipt on or prior to 11:59 p.m., New York Time, on such date,
a copy of an executed notice of conversion in the form attached hereto as Exhibit I (the "Conversion Notice")
to the Company and (B) if required by Section (3)(b)(iii), surrender this Debenture to a nationally recognized overnight delivery service
for delivery to the Company (or an indemnification undertaking reasonably satisfactory to the Company with respect to this Debenture
in the case of its loss, theft or destruction). On or before the third Trading Day following the date of receipt of a Conversion Notice
(the "Share Delivery Date"), the Company shall (X) 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 the Holder shall be entitled to the Holder's
or its designee's balance account with DTC through its Deposit Withdrawal Agent Commission system or (Y) if the Transfer Agent is not
participating in the DTC Fast Automated Securities Transfer Program, issue and deliver to the address as specified in the Conversion
Notice, a certificate, registered in the name of the Holder or its designee, for the number of shares of Common Stock to which the Holder
shall be entitled which certificates shall not bear any restrictive legends unless required pursuant to rules and regulations of the
Commission. If this Debenture is physically surrendered for conversion and the outstanding Principal of this Debenture is greater than
the Principal portion of the Conversion Amount being converted, then the Company shall as soon as practicable and in no event later than
three (3) Business Days after receipt of this Debenture and at its own expense, issue and deliver to the holder a new Debenture representing
the outstanding Principal not converted. The Person or Persons entitled to receive the shares of Common Stock issuable upon a conversion
of this Debenture shall be treated for all purposes as the record holder or holders of such shares of Common Stock upon the transmission
of a Conversion Notice.


(ii)   
Company's Failure to Timely Convert. If within three (3) Trading Days after the Company's receipt of an email copy of a
Conversion Notice the Company shall fail to issue and deliver a certificate to the Holder or credit the Holder's balance account with
DTC for the number of shares of Common Stock to which the Holder is entitled upon such holder's conversion of any Conversion Amount (a
"Conversion Failure"), and if on or after such Trading Day the Holder purchases (in an open market transaction or otherwise)
Common Stock to deliver in satisfaction of a sale by the Holder of Common Stock issuable upon such conversion that the Holder anticipated
receiving from the Company (a "Buy-In"), then the Company shall, within three (3) Business Days after the Holder's request
and in the Holder's discretion, either (i) pay cash to the Holder in an amount equal to the Holder's total purchase price (including
brokerage commissions and other out of pocket expenses, if any) for the shares of Common Stock so purchased (the "Buy-In
Price"), at which point the Company's obligation to deliver such certificate (and to issue such Common Stock) shall terminate,
or (ii) promptly honor its obligation to deliver to the Holder a certificate or certificates representing such Common Stock and pay cash
to the Holder in an amount equal to the excess (if any) of the Buy-In Price over the product of (A) such number of shares of Common Stock,
times (B) the Closing Bid Price on the Conversion Date.






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(iii) 
Book-Entry. Notwithstanding anything to the contrary set forth herein, upon conversion of any portion of this Debenture
in accordance with the terms hereof, the Holder shall not be required to physically surrender this Debenture to the Company unless (A)
the full Conversion Amount represented by this Debenture is being converted or (B) the Holder has provided the Company with prior written
notice (which notice may be included in a Conversion Notice) requesting reissuance of this Debenture upon physical surrender of this
Debenture. The Holder and the Company shall maintain records showing the Principal and Interest converted and the dates of such conversions
or shall use such other method, reasonably satisfactory to the Holder and the Company, so as not to require physical surrender of this
Debenture upon conversion.


(c)  
Limitations on Conversions.


(i)    
Beneficial Ownership. The Holder shall not have the right to convert any portion of this Debenture or receive shares of
Common Stock hereunder to the extent that after giving effect to such conversion or receipt of such Shares, the Holder, together with
any affiliate thereof, would beneficially own (as determined in accordance with Section 13(d) of the Exchange Act and the rules promulgated
thereunder) in excess of 4.99% of the number of shares of Common Stock outstanding immediately after giving effect to such conversion
or receipt of shares as payment of interest. Since the Holder will not be obligated to report to the Company the number of shares of
Common Stock it may hold at the time of a conversion hereunder, unless the conversion at issue would result in the issuance of shares
of Common Stock in excess of 4.99% of the then outstanding shares of Common Stock without regard to any other shares which may be beneficially
owned by the Holder or an affiliate thereof, the Holder shall have the authority and obligation to determine whether the restriction
contained in this Section will limit any particular conversion hereunder and to the extent that the Holder determines that the limitation
contained in this Section applies, the determination of which portion of the Principal amount of this Debenture is convertible shall
be the responsibility and obligation of the Holder. If the Holder has delivered a Conversion Notice for a Principal amount of this Debenture
that, without regard to any other shares that the Holder or its affiliates may beneficially own, would result in the issuance in excess
of the permitted amount hereunder, the Company shall notify the Holder of this fact and shall honor the conversion for the maximum Principal
amount permitted to be converted on such Conversion Date in accordance with Section (3)(a) and, any Principal amount tendered for conversion
in excess of the permitted amount hereunder shall remain outstanding under this Debenture. The provisions of this Section may be waived
by a Holder (but only as to itself and not to any other Holder) upon not less than 65 days prior notice to the Company. Other Holders
shall be unaffected by any such waiver.


(ii)   
Principal Market Limitations. Notwithstanding anything in this Debenture to the contrary, the Company shall not issue any
shares of Common Stock upon conversion of this Debenture, or otherwise, if the issuance of such Common Stock, together with any Common
Stock issued in connection with any related transactions that may be considered part of the same series of transactions, would exceed
the aggregate number of shares of Common Stock that the Company may issue in a transaction in compliance with the Company’s obligations
under the rules or regulations of Nasdaq Stock Market LLC (the “Nasdaq”) and shall be referred to as the “Exchange
Cap,” except that such limitation shall not apply in the event that the Company (A) obtains the approval of its stockholders
as required by the applicable rules of the Nasdaq for issuances of shares in excess of such amount or (B) obtains a written opinion from
outside counsel to the Company that such approval is not required, which opinion shall be reasonably satisfactory to the Holder. The
Exchange Cap shall be appropriately adjusted for any stock dividend, stock split, reverse stock split or similar transaction. 


(iii)  
 Sales Limitations. The Holder shall not sell such number of shares of Common Stock on any Trading Day in excess of 10%
of the daily trading volume of the shares of Common Stock on such Trading Day, provided however, that this limitation shall not apply
(i) at any time after the occurrence of any of the events set forth in Section (2)(a), and (ii) with respect to any sales of shares of
Common Stock at prices greater than or equal to the Fixed Conversion Price. This limitation may be waived with the consent of the Company.



(d)  
Other Provisions.


(i)   
The Company shall at all times reserve and keep available out of its authorized Common Stock the full number of shares of Common
Stock issuable upon conversion of all outstanding amounts under this Debenture; and within three (3) Business Days following the receipt
by the Company of a Holder's notice that such minimum number of Underlying Shares is not so reserved, the Company shall promptly reserve
a sufficient number of shares of Common Stock to comply with such requirement.






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(ii)  
All calculations under this Section (3) shall be rounded to the nearest $0.0001 or whole share.


(iii)  
The Company covenants that it will at all times reserve and keep available out of its authorized and unissued shares of Common
Stock solely for the purpose of issuance upon conversion of this Debenture and payment of interest on this Debenture, each as herein
provided, free from preemptive rights or any other actual contingent purchase rights of persons other than the Holder, not less than
such number of shares of the Common Stock as shall be issuable (taking into account the adjustments and restrictions set forth herein)
upon the conversion of the outstanding Principal amount of this Debenture and payment of interest hereunder. The Company covenants that
all shares of Common Stock that shall be so issuable shall, upon issue, be duly and validly authorized, issued and fully paid, nonassessable.



(iv)  
Nothing herein shall limit a Holder's right to pursue actual damages or declare an Event of Default pursuant to Section (2) herein
for the Company’s failure to deliver certificates representing shares of Common Stock upon conversion within the period specified
herein and such Holder shall have the right to pursue all remedies available to it at law or in equity including, without limitation,
a decree of specific performance and/or injunctive relief, in each case without the need to post a bond or provide other security. The
exercise of any such rights shall not prohibit the Holder from seeking to enforce damages pursuant to any other Section hereof or under
applicable law. 


(4)  
Adjustments to Conversion Price


(a)  
Adjustment of Conversion Price upon Subdivision or Combination of Common Stock. If the Company, at any time while this
Debenture is outstanding, shall (a) pay a stock dividend or otherwise make a distribution or distributions on shares of Common Stock
or any other equity or equity equivalent securities payable in shares of its Common Stock, (b) subdivide outstanding shares of Common
Stock into a larger number of shares, (c) combine (including by way of reverse stock split) outstanding shares of Common Stock into a
smaller number of shares, or (d) issue by reclassification of shares of the Common Stock any shares of capital stock of the Company,
then each of the Fixed Conversion Price and the Floor Price shall be multiplied by a fraction of which the numerator shall be the number
of shares of Common Stock (excluding treasury shares, if any) outstanding before such event and of which the denominator shall be the
number of shares of Common Stock outstanding after such event. Any adjustment made pursuant to this Section shall become effective immediately
after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective
immediately after the effective date in the case of a subdivision, combination or re-classification.


(b)  
Other Events. If any event occurs of the type contemplated by the provisions of this Section (4) but not expressly provided
for by such provisions (including, without limitation, the granting of stock appreciation rights, phantom stock rights or other rights
with equity features, or issuing Convertible Securities with a variable conversion formula that is more favorable than this Debenture),
then the Company's Board of Directors will make an appropriate adjustment in the Conversion Price so as to protect the rights of the
Holder under this Debenture; provided that no such adjustment will increase the Conversion Price as otherwise determined pursuant to
this Section (4). If the Company issues any Convertible Securities with a variable conversion formula that is more favorable than this
Debenture, then at the option of the Holder, the Variable Conversion Price formula shall be changed to match that of the new Convertible
Securities. 






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(c)  
Other Corporate Events. In addition to and not in substitution for any other rights hereunder, prior to the consummation
of any Fundamental Transaction pursuant to which holders of shares of Common Stock are entitled to receive securities or other assets
with respect to or in exchange for shares of Common Stock (a "Corporate Event"), the Company shall make appropriate
provision to ensure that the Holder will thereafter have the right to receive upon a conversion of this Debenture, at the Holder's option,
(i) in addition to the shares of Common Stock receivable upon such conversion, such securities or other assets to which the Holder would
have been entitled with respect to such shares of Common Stock had such shares of Common Stock been held by the Holder upon the consummation
of such Corporate Event (without taking into account any limitations or restrictions on the convertibility of this Debenture) or (ii)
in lieu of the shares of Common Stock otherwise receivable upon such conversion, such securities or other assets received by the holders
of shares of Common Stock in connection with the consummation of such Corporate Event in such amounts as the Holder would have been entitled
to receive had this Debenture initially been issued with conversion rights for the form of such consideration (as opposed to shares of
Common Stock) at a conversion rate for such consideration commensurate with the Conversion Rate. Provision made pursuant to the preceding
sentence shall be in a form and substance satisfactory to the Required Holders. The provisions of this Section shall apply similarly
and equally to successive Corporate Events and shall be applied without regard to any limitations on the conversion or redemption of
this Debenture.


(d)  
Whenever the Conversion Price is adjusted pursuant to Section (4) hereof, the Company shall promptly mail to the Holder a notice
setting forth the Conversion Price after such adjustment and setting forth a brief statement of the facts requiring such adjustment.


(e)  
In case of any (1) merger or consolidation of the Company or any subsidiary of the Company with or into another Person, or (2)
sale by the Company or any subsidiary of the Company of more than one-half of the assets of the Company in one or a series of related
transactions, a Holder shall have the right to (A) exercise any rights under Section (2)(b), (B) convert the aggregate amount of this
Debenture then outstanding into the shares of stock and other securities, cash and property receivable upon or deemed to be held by holders
of Common Stock following such merger, consolidation or sale, and such Holder shall be entitled upon such event or series of related
events to receive such amount of securities, cash and property as the shares of Common Stock into which such aggregate Principal amount
of this Debenture could have been converted immediately prior to such merger, consolidation or sales would have been entitled, or (C)
in the case of a merger or consolidation, require the surviving entity to issue to the Holder a convertible Debenture with a Principal
amount equal to the aggregate Principal amount of this Debenture then held by such Holder, plus all accrued and unpaid interest and other
amounts owing thereon, which such newly issued convertible Debenture shall have terms identical (including with respect to conversion)
to the terms of this Debenture, and shall be entitled to all of the rights and privileges of the Holder of this Debenture set forth herein
and the agreements pursuant to which this Debentures were issued. In the case of clause (C), the conversion price applicable for the
newly issued shares of convertible preferred stock or convertible Debentures shall be based upon the amount of securities, cash and property
that each share of Common Stock would receive in such transaction and the Conversion Price in effect immediately prior to the effectiveness
or closing date for such transaction. The terms of any such merger, sale or consolidation shall include such terms so as to continue
to give the Holder the right to receive the securities, cash and property set forth in this Section upon any conversion or redemption
following such event. This provision shall similarly apply to successive such events.


(5)     
REISSUANCE OF THIS DEBENTURE.


(a)       
Transfer. If this Debenture is to be transferred, the Holder shall surrender this Debenture to the Company, whereupon the
Company will forthwith issue and deliver upon the order of the Holder a new Debenture (in accordance with Section (5)(d)), registered
in the name of the registered transferee or assignee, representing the outstanding Principal being transferred by the Holder (along with
any accrued and unpaid interest thereof) and, if less then the entire outstanding Principal is being transferred, a new Debenture (in
accordance with Section (5)(d)) to the Holder representing the outstanding Principal not being transferred. The Holder and any assignee,
by acceptance of this Debenture, acknowledge and agree that, by reason of the provisions of Section (3)(b)(iii) following conversion
or redemption of any portion of this Debenture, the outstanding Principal represented by this Debenture may be less than the Principal
stated on the face of this Debenture.


(b)      
Lost, Stolen or Mutilated Debenture. Upon receipt by the Company of evidence reasonably satisfactory to the Company of
the loss, theft, destruction or mutilation of this Debenture, and, in the case of loss, theft or destruction, of any indemnification
undertaking by the Holder to the Company in customary form and, in the case of mutilation, upon surrender and cancellation of this Debenture,
the Company shall execute and deliver to the Holder a new Debenture (in accordance with Section (5)(d)) representing the outstanding
Principal.






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(c)      
Debenture Exchangeable for Different Denominations. This Debenture is exchangeable, upon the surrender hereof by the Holder
at the principal office of the Company, for a new Debenture or Debentures (in accordance with Section (5)(d)) representing in the aggregate
the outstanding Principal of this Debenture, and each such new Debenture will represent such portion of such outstanding Principal as
is designated by the Holder at the time of such surrender.


(d)       
Issuance of New Debentures. Whenever the Company is required to issue a new Debenture pursuant to the terms of this Debenture,
such new Debenture (i) shall be of like tenor with this Debenture, (ii) shall represent, as indicated on the face of such new Debenture,
the Principal remaining outstanding (or in the case of a new Debenture being issued pursuant to Section (5)(a) or Section 5(5)(c), the
Principal designated by the Holder which, when added to the Principal represented by the other new Debentures issued in connection with
such issuance, does not exceed the Principal remaining outstanding under this Debenture immediately prior to such issuance of new Debentures),
(iii) shall have an issuance date, as indicated on the face of such new Debenture, which is the same as the Issuance Date of this Debenture,
(iv) shall have the same rights and conditions as this Debenture, and (v) shall represent accrued and unpaid Interest from the Issuance
Date.


(6)    
NOTICES.Any notices, consents, waivers or other communications required or permitted to be given under the terms hereof
must be in writing by letter and email and will be deemed to have been delivered: upon the later of (A) either (i) receipt, when delivered
personally or (ii) one (1) Business Day after deposit with
an overnight courier service with next-day international delivery specified, in each
case, properly addressed to the party to receive the
same and (B) receipt, when sent by electronic mail. The addresses and email addresses for such communications shall be:


 


	If to the Company, to:	HELBZ, INC.
	 	32 Old Slip

    New York, NY 10005

    Attention: Salvatore Palella

    Telephone: (917) 535-2610

    Email: ceo@helbiz.com

	 	 
	With Copy to:	William Rosenstadt

    Ortoli Rosenstadt LLP

    366 Madison Avenue, 3rd Floor

    New York, NY 10017

    Telephone:  (212) 588-0022

    E-Mail:  wsr@orllp.legal

     

	If to the Holder:	YA II PN, LTD.
	 	c/o Yorkville Advisors Global, LLC

    1012 Springfield Avenue

	 	Mountainside, NJ 07092
	 	Attention: Mark Angelo
	 	Telephone: (201) 985-8300
	 	Email:  Legal@yorkvilleadvisors.com


 


or
at such other address and/or email and/or to the attention of such other person as the recipient party has specified by written notice
given to each other party three (3) Business Days prior to the effectiveness of such change. Written confirmation of receipt (i) given
by the recipient of such notice, consent, waiver or other communication, (ii) electronically generated by the sender's email service
provider containing the time, date, recipient email address or (iii) provided by a nationally recognized overnight delivery service,
shall be rebuttable evidence of personal service, receipt by facsimile or receipt from a nationally recognized overnight delivery service
in accordance with clause (i), (ii) or (iii) above, respectively.






    	8  





    	 



    

(7)   Except as expressly provided herein, no provision of this Debenture shall alter or impair the obligations of the Company, which
are absolute and unconditional, to pay the Principal of, interest and other charges (if any) on, this Debenture at the time, place, and
rate, and in the coin or currency, herein prescribed. This Debenture is a direct obligation of the Company. As long as this Debenture
is outstanding, the Company shall not and shall cause its subsidiaries not to, without the consent of the Holder, (i) amend its certificate
of incorporation, memorandum or articles of association, bylaws or other charter documents so as to adversely affect any rights of the
Holder; (ii) repay, repurchase or offer to repay, repurchase or otherwise acquire shares of Common Stock or other equity securities;
or (iii) enter into any agreement with respect to any of the foregoing. 


(8)  This Debenture shall not entitle the Holder to any of the rights of a stockholder of the Company, including without limitation,
the right to vote, to receive dividends and other distributions, or to receive any notice of, or to attend, meetings of stockholders
or any other proceedings of the Company, unless and to the extent converted into shares of Common Stock in accordance with the terms
hereof.


(9)  This Debenture shall be governed by and construed in accordance with the laws of the State of New York, without giving effect
to conflicts of laws thereof. Each of the parties consents to the jurisdiction of the Supreme Court of the State of New York located
in the City of New York, Borough of Manhattan, and the U.S. District Court for the
Southern District of New York in connection with any dispute arising under this Debenture and hereby waives, to the maximum extent permitted
by law, any objection, including any objection based on forum non conveniens to the bringing of any such proceeding in such jurisdictions.
THE PARTIES HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT ANY OF THEM MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY
LITIGATION BASED HEREON OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY TRANSACTION DOCUMENT OR ANY COURSE OF CONDUCT,
COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY. THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE PARTIES’
ACCEPTANCE OF THIS AGREEMENT.


(10)  If the Company fails to strictly comply with the terms of this Debenture, then the Company shall reimburse the Holder promptly for all
fees, costs and expenses, including, without limitation, attorneys’ fees and expenses incurred by the Holder in any action in connection
with this Debenture, including, without limitation, those incurred: (i) during any workout, attempted workout, and/or in connection with
the rendering of legal advice as to the Holder’s rights, remedies and obligations, (ii) collecting any sums which become due to
the Holder, (iii) defending or prosecuting any proceeding or any counterclaim to any proceeding or appeal; or (iv) the protection, preservation
or enforcement of any rights or remedies of the Holder.


(11)  Any waiver by the Holder of a breach of any provision of this Debenture shall not operate as or be construed to be a waiver of
any other breach of such provision or of any breach of any other provision of this Debenture. The failure of the Holder to insist upon
strict adherence to any term of this Debenture on one or more occasions shall not be considered a waiver or deprive that party of the
right thereafter to insist upon strict adherence to that term or any other term of this Debenture. Any waiver must be in writing.


(12)  If any provision of this Debenture is invalid, illegal or unenforceable, the balance of this Debenture shall remain in effect,
and if any provision is inapplicable to any person or circumstance, it shall nevertheless remain applicable to all other persons and
circumstances. If it shall be found that any interest or other amount deemed interest due hereunder shall violate applicable laws governing
usury, the applicable rate of interest due hereunder shall automatically be lowered to equal the maximum permitted rate of interest.
The Company covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever
claim or take the benefit or advantage of, any stay, extension or usury law or other law which would prohibit or forgive the Company
from paying all or any portion of the Principal of or interest on this Debenture as contemplated herein, wherever enacted, now or at
any time hereafter in force, or which may affect the covenants or the performance of this indenture, and the Company (to the extent it
may lawfully do so) hereby expressly waives all benefits or advantage of any such law, and covenants that it will not, by resort to any
such law, hinder, delay or impeded the execution of any power herein granted to the Holder, but will suffer and permit the execution
of every such as though no such law has been enacted.






    	9  





    	 



    

(13)  CERTAIN DEFINITIONS. For purposes of this Debenture, the following terms shall have the following meanings:


(a)  
"Bloomberg" means Bloomberg Financial Markets.


(b) 
“Business Day” means any day except Saturday, Sunday and any day which shall be a federal legal holiday in
the United States or a day on which banking institutions are authorized or required by law or other government action to close.


(c) “Change of Control Transaction” means the occurrence of (a) an acquisition after the date hereof by an individual
or legal entity or “group” (as described in Rule 13d-5(b)(1) promulgated under the Exchange Act) of effective control (whether
through legal or beneficial ownership of capital stock of the Company, by contract or otherwise) of in excess of fifty percent (50%)
of the voting securities of the Company (except that the acquisition of voting securities by the Holder or any other current holder of
convertible securities of the Company shall not constitute a Change of Control Transaction for purposes hereof), (b) a replacement at
one time or over time of more than one-half of the members of the board of directors of the Company (other than as due to the death or
disability of a member of the board of directors) which is not approved by a majority of those individuals who are members of the board
of directors on the date hereof (or by those individuals who are serving as members of the board of directors on any date whose nomination
to the board of directors was approved by a majority of the members of the board of directors who are members on the date hereof), (c)
the merger, consolidation or sale of fifty percent (50%) or more of the assets of the Company or any subsidiary of the Company in one
or a series of related transactions with or into another entity, or (d) the execution by the Company of an agreement to which the Company
is a party or by which it is bound, providing for any of the events set forth above in (a), (b) or (c). No transfer to a wholly-owned
subsidiary shall be deemed a Change of Control Transaction under this provision.


(d) 
“Closing Bid Price” means the price per share in the last reported trade of the Common Stock on a Primary Market
or on the exchange which the Common Stock is then listed as quoted by Bloomberg.


(e)  “Convertible Securities” means any stock or securities (other than Options) directly or indirectly convertible
into or exercisable or exchangeable for shares of Common Stock.


(f)  
“Commission” means the Securities and Exchange Commission.


(g)  “Common Stock” means ordinary shares in the capital of the Company with a par value of $0.0001 each and shares
of any other class into which such shares may hereafter be changed or reclassified.


(h)  “Exchange Act” means the Securities Exchange Act of 1934, as amended.


(i)  
“Floor Price” means $10.00 per share, or any reset Floor Price as determined in accordance with Section (1)(c),
provided that if at the time this Debenture is issued[2] the
Closing Bid Price is less than $11.50, then the Floor Price shall be a price per share equal to 85% of the Closing Bid Price at the time
this Debenture is issued.


(j)  
“Fundamental Transaction” means any of the following: (1) the Company effects any merger or consolidation
of the Company with or into another Person and the Company is the non-surviving company (other than a merger or consolidation with a
wholly owned subsidiary of the Company for the purpose of redomiciling the Company), (2) the Company effects any sale of all or substantially
all of its assets in one or a series of related transactions, (3) any tender offer or exchange offer (whether by the Company or another
Person) is completed pursuant to which holders of Common Stock are permitted to tender or exchange their shares for other securities,
cash or property, or (4) the Company effects any reclassification of the Common Stock or any compulsory share exchange pursuant to which
the Common Stock is effectively converted into or exchanged for other securities, cash or property. 


_________________


[1] If at the
time this Debenture is issued is during market hours before the close of the regular session at 4pm, the closing bid price from the previous
day’s trading will be used. If the time this Debenture is issued is after the close, then that day’s price is used.






    	10  





    	 



    

(k)  “Options” means any rights, warrants or options to subscribe for or purchase shares of Common Stock or Convertible
Securities


(l)  
“Other Debentures” means any other debentures issued pursuant to the Securities Purchase Agreement, and any
other debentures, notes, or other instruments issued in exchange, replacement, or modification of the foregoing. 


(m)
“Person” means a corporation, an association, a partnership, organization, a business, an individual, a government
or political subdivision thereof or a governmental agency.


(n) 
“Primary Market” means any of the New York Stock Exchange, the
NYSE MKT, the Nasdaq Global
Market, the Nasdaq Global Select Market,
or the OTC QB, and any successor to any of the foregoing markets or exchanges.


(o)  
“Redemption Premium” means 10% of the Principal amount being redeemed. 


(p)  
 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.


(q)   “Trading Day” means a day on which the shares of Common Stock are quoted or traded on a Primary Market on which
the shares of Common Stock are then quoted or listed; provided, that in the event that the shares of Common Stock are not listed or quoted,
then Trading Day shall mean a Business Day.


(r)   “Transaction Document(s)” shall mean this Debenture, along with the Securities Purchase Agreement, and any
other documents or agreements entered into in connection with the foregoing. 


(s)   “Underlying Shares” means the shares of Common Stock issuable upon conversion of this Debenture or as payment
of interest in accordance with the terms hereof.


(t)   "VWAP" means, for any security as of any date, the daily dollar volume-weighted average price for such security
on the Primary Market as reported by Bloomberg through its “Historical Prices – Px Table with Average Daily Volume”
functions, or, if no dollar volume-weighted average price is reported for such security by Bloomberg. 


 


 


 


[Signature
Page Follows]




    	11  





    	 



    


 


IN
WITNESS WHEREOF, the Company has caused this Convertible Debenture to be duly executed by a duly authorized officer as of the date
set forth above.


 


	 	COMPANY:
	 	HELBZ, INC.
	 	 

     

	 	By:
	 	Name: 
	 	Title:
	 	 


 


 




    	  





    	 



    


 


EXHIBIT I

CONVERSION NOTICE


(To be executed
by the Holder in order to Convert the Debenture)


 


TO: HELBZ, INC.


Via Email: 


 


The
undersigned hereby irrevocably elects to convert a portion of the outstanding and unpaid Conversion Amount of Debenture No. HLBZ-[1][2][3]
into shares of Common Stock of HELBZ, INC., according to the conditions stated therein, as of the Conversion Date written
below.


	Conversion Date:	 
	Principal Amount
    to be Converted:	 
	Accrued Interest
    to be Converted:	 
	Total Conversion
    Amount to be converted:	 
	Fixed Conversion
    Price: 	 
	Variable Conversion
    Price:	 
	Applicable Conversion
    Price:	 
	Number of shares
    of Common Stock to be issued:	 
	 	 
	Please issue the shares of Common
    Stock in the following name and deliver them to the following account:
	Issue to:	
	Broker DTC Participant Code:	
	Account Number:	
	 	 
	Authorized Signature:	                                                            
	Name:	                                             
	Title: