Exhibit
10.3


 


Assignment
of Stock


 


This
ASSIGNMENT OF Stock (this “Assignment”) is made as of this 31st
day of December, 2022, by and among TraQiQ, Inc., a California corporation (“Assignor”), TraQiQ Solutions Private
Ltd, an Indian company (the “Company”), and Lathika Regunathan (“Regunathan”).


 


RECITALS


 


WHEREAS,
pursuant to that certain Share Exchange Agreement, dated May 16, 2019, by and between Assignor, the Company and the holders of all
of the vested and unvested common units of the Company, Assignor is the holder of all equity interests of the Company, which equity interests
are all of the issued and outstanding equity interests of the Company (the “Assigned Interests”);


 


WHEREAS,
Assignor is or may be insolvent and the divestiture of the Assigned Interests is being contemplated in connection with its desire to
avoid future operating costs associated with the Company; and


 


WHEREAS,
Assignor desires to sell, assign, transfer and deliver to Assignee (as defined below), and Assignee desires to purchase, acquire and
accept from Assignor, all of Assignor’s right, title and interest in and to the Assigned Interests.


 


NOW,
THEREFORE, in consideration of the mutual covenants herein contained and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the undersigned hereby agree as follows:


 


1.
Assignment and Assumption. Assignor hereby irrevocably and absolutely assigns and transfers and delivers to Assignee, and Assignee
hereby irrevocably accepts and assumes, all of Assignor’s right, title and interest in and to the Assigned Interests (including,
without limitation, all rights, privileges, distributions, capital accounts, payments and benefits appertaining thereto), in exchange
for consideration of one dollar ($1.00).


 


2.
Binding Nature. This Assignment shall be binding upon and shall inure to the benefit of the parties hereto, their executors, administrators,
successors-in-interest and assigns.


 


3.
Governing Law. This Assignment shall be construed in accordance with and governed by the laws of the State of New York, without
reference to the conflict of laws principles of any jurisdiction.


 


4.
Further Assurances. From time to time after the date hereof, at the reasonable request of another party hereto, each of the parties
hereto agrees to execute and deliver any further instruments and take any further action as may be reasonably requested by the other
party to carry out the intent and purposes of the transactions contemplated hereby.


 






    	 



     


    

 


5.
Counterparts. This Assignment and any amendments hereto may be executed in any number of counterparts (including by means of telecopied,
facsimile or pdf signature pages), each of which shall be deemed to be an original but all of which together shall constitute but one
and the same instrument. This Assignment may also be executed via an electronic signature service such as Adobe Sign or DocuSign.


 


6.
Indemnification.


 


(a)
To the fullest extent permitted by law, Assignor hereby agrees to indemnify the Company and Assignee for and to be liable to the Company
and Assignee for any costs, losses, claims, damages, liabilities, expenses (including reasonable legal and other professional fees and
disbursements), judgments, fines or settlements (each, a “Loss” and collectively, “Losses”) incurred
by the Company and Assignee or for which the Company and Assignee may be liable or responsible, arising out of or in connection with
the acts or liabilities of Assignor prior to the date hereof, and shall promptly pay to or reimburse the Company and Assignee for any
Loss or Losses that the Company and Assignee may incur as a result.


 


(b)
To the fullest extent permitted by law, the Company and Assignee hereby jointly and severally agree to indemnify Assignor for, and to
be liable to Assignor for, any Losses incurred by Assignor, or for which the Assignor may be liable or responsible, arising out of or
in connection with the acts or liabilities of Company or Assignee after the date hereof, and for all liabilities of the Company on the
date hereof, and shall promptly pay to or reimburse the Company and Assignee for any Loss or Losses that the Company and Assignee may
incur as a result.


 


[remainder
of page intentionally left blank; signature page follows]


 




    	 



     


    

 


IN
WITNESS WHEREOF, each of the undersigned has executed this Assignment as of the date first above written.


 


	 	ASSIGNOR:
	 	 
	 	TRAQIQ,
    INC.
	 	 	 
	 	By:	/s/
    Ajay Sikaa
	 	Name:	Ajay
    Sikka
	 	Title:	Chief
    Executive Officer


 


	 	COMPANY:
	 	 
	 	TraQiQ Solutions Pvt LTd
	 	 	 
	 	By:	/s/
    Ajay Sikka
	 	Name:	Ajay
    Sikka
	 	Title:	Board
    Director


 


	 	ASSIGNEE:
	 	 	 
	 	 	/s/
    Lathika Regunathan
	 	Name:	Lathika
    Regunathan


 


[SIGNATURE
PAGE TO ASSIGNMENT OF [STOCK / UNITS]]