Document:

Exhibit 10.11

 

SECOND AMENDED AND RESTATED PROMISSORY
NOTE

 

	Date of Note:	Effective as of September 13, 2019
	Principal Amount: 	$6,750,000.00
	Maturity Date:	November 15, 2019

 

 

This SECOND AMENDED
AND RESTATED PROMISSORY NOTE (this “Note”) is effective as of September 13, 2019, by and between MOBIQUITY TECHNOLOGIES,
INC., a New York corporation, having an address at 35 Torrington Lane, Shoreham, New York 11786 (the “Maker”) and
DEEPANKAR KATYAL, an individual having an address at 5447 31st Ave SW, Seattle, Washington 98126 (the “Payee”),
in his capacity as the representative of (i) the persons who were members of Advangelists, LLC (“AVNG”) immediately
prior to the effectiveness of the merger under the Merger Agreement (as defined below) and (ii) the other recipients of value under
this Note (who were consultants of AVNG immediately prior to the effectiveness of the merger under the Merger Agreement (the “Consultants”)
(collectively the persons that constitute (i) and (ii) above shall be referred to herein as the “Recipients”), and
amends, restates, supersedes and replaces in its entirety that certain Promissory Note (the
“Original Note”) made by Glen Eagles Acquisition LP (the “Original Maker”) in favor of Payee, dated December
6, 2018, in the original principal amount of Nine Million Five Hundred Thousand Dollars ($9,500,000), as amended by the that certain
Amended and Restated Promissory Note (the “Amended and Restated Note”) made by Mobiquity Technologies, Inc., as transferee
from the Original Maker, in favor of Payee, dated May 8, 2019, in the original principal amount of Seven Million Four Hundred Seventy
Five Thousand Dollars ($7,475,000.00). The Original Note and the Amended and Restated Note shall
cease to be of any further force or effect upon the execution and delivery of this Note.

 

RECITALS

 

WHEREAS, the Original Maker executed
the Original Note in the aggregate principal amount of Nine Million Five Hundred Thousand Dollars ($9,500,000);

 

WHEREAS, the Original Note was delivered
pursuant to that certain Agreement and Plan of Merger, dated November 20, 2018, as amended on December 6, 2018, by and among Maker,
the Original Maker, AVNG Acquisition Sub, LLC, AVNG, and Payee (the “Merger Agreement”) and represents the obligations
to make the installment payments on the Cash Consideration (as defined in the Merger Agreement).

 

WHEREAS, pursuant to the terms of
an Assignment and Assumption Agreement, dated as of May 8, 2019 (the “GEAL/Gopher Assignment”), by and between the
Original Maker and Gopher Protocol, Inc. (“Gopher”), the Original Maker assigned all of its rights, titles and interests
in, to and arising under the Original Note to Gopher, and Gopher assumed all of the Original Maker’s obligations arising
under the Original Note arising on and after the effective date of the GEAL/Gopher Assignment;

 

WHEREAS, pursuant to the terms of
an Assignment and Assumption Agreement, dated as of May 8, 2019 (the “Gopher/Maker Assignment”), by and between Gopher
and Maker, Gopher assigned all of its rights, titles and interests in, to and arising under the Original Note to Maker, and Maker
assumed all of Gopher’s obligations arising under the Original Note arising on and after the effective date of the Gopher/Maker
Assignment;

 

WHEREAS, Maker and Payee amended
and restated the Original Note by the Maker executing and delivering to Payee the Amended and Restated Note (the principal amount
of which reflected a repayment of $2,025,000 in principal under the Original Note as of the date of the Amended and Restated Note.

 

WHEREAS, Maker and Payee desire to
amend, restate, supersede and replace the Amended and Restated Note in its entirety in order
to amend the repayment terms of the Note Amount (as defined below), of which $725,000.00 in principal has been repaid as of the
date hereof.

 

NOW THEREFORE, FOR
VALUE RECEIVED, the undersigned Maker hereby unconditionally covenants and promises to pay to the order of Payee,
at such addresses, or at such other places as the Payee itself may from time to time designate in writing, in immediately available
and good funds, the principal amount inclusive of interest thereon of Six Million Seven Hundred Eighty Thousand Dollars ($6,780,000.00)
(the “Note Amount”).

 

 

 

    	 	1	 

     

    

 

1.       Maker
shall pay to the Payee the Note Amount as follows:

 

(a)            
In payment of Five Million Two Hundred Fifty Thousand Dollars ($5,250,000.00) of the principal of the Note Amount, plus
accrued and unpaid interest on the Note to the date hereof (the “Note Conversion Amount”), Maker shall deliver
to Payee within fifteen (15) days following the date of this Note: (i) certificates representing a number of shares of Series E
Preferred Stock of Maker, $0.0001 par value per share, which shall have the designations, rights and preferences as set forth in
the form of Amendment to Certificate of Incorporation attached hereto as Exhibit A (the “Preferred Shares”),
which number of Preferred Shares shall be determined by dividing the Note Conversion Amount by the Stated Value (as defined in
the form of Amendment to Certificate of Incorporation attached hereto as Exhibit A) of one (1) Preferred Share; and (ii)
Common Stock Purchase Warrants (the “Maker Warrants”) to purchase a number of shares of Maker’s Common
Stock, $0.0001 par value per share (the “Maker Common Stock”), equal to 50% of the number of shares of Maker’s
Common Stock issuable upon conversion of the Preferred Shares, at the exercise price and on the terms set forth in the form of
Common Stock Purchase Warrant attached hereto as Exhibit B. As an example (assuming no interest for the purposes of the
example), the number of shares of Preferred Stock would be: $5,250,000 divided by Preferred Stock Stated Value of $80, which equals
65,625 Preferred Shares, which would convert into 65,625,000 shares of common stock and 32,812,500 common stock warrants.

 

(b)            
Maker shall pay to Payee the One Million Five Hundred Thirty Thousand Dollars ($1,530,000.00) remaining after the Note Conversion
Amount in paragraph (a) is converted, in three (3) equal consecutive monthly installments of Five Hundred Ten Thousand Dollars
($510,000.00) plus interest thereon, each commencing on September 15, 2019 and on the 15th day of each month thereafter
until paid.

 

2.       Notwithstanding
anything contained herein, if the 15th day of any month in which a payment is due is not a business day when banks are
open in New York, New York, or any other place for payment that the Payee designates, payment will be due on the next business
day.

 

3.       Notwithstanding
anything contained herein, the entire outstanding balance of the Note Amount shall be due and payable on or before November 15,
2019 (the “Maturity Date”). In addition, notwithstanding anything contained herein, the Note Amount may be prepaid
in whole or in part without premium or penalty at any time at the Maker’s sole discretion.

 

4.       Notwithstanding
anything to the contrary contained in this Note, any rate of interest payable on this Note shall never exceed the maximum rate
of interest permitted under applicable law.

 

5.       It
is expressly agreed that, unless waived by Payee, an “Event of Default” hereunder shall occur if any of the following
occurs:

 

(a) Any payment due
under this Note is not made within five (5) days of its respective due date (the “Grace Period”).

 

(b) If (A) the Maker
or any of its subsidiaries shall (i) apply for or consent to the appointment of a receiver, trustee, liquidator or custodian
of itself or of all or a substantial part of its property, (ii) admit in writing its inability to pay its debts generally
as they mature, (iii) make a general assignment for the benefit of its or any of its creditors, (iv) be dissolved or
liquidated, (v) commence a voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect
to itself or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or consent to any such
relief or to the appointment of or taking possession of its property by any official in an involuntary case or other proceeding
commenced against it, or (vi) take any action for the purpose of effecting any of the foregoing, or (B) proceedings for the
appointment of a receiver, trustee, liquidator or custodian of the Maker, any of its subsidiaries or of all or a substantial part
of the Maker’s or its subsidiaries’ property, or an involuntary case or other proceedings seeking liquidation, reorganization
or other relief with respect to the Maker or any of its subsidiaries, if any, or the debts thereof under any bankruptcy, insolvency
or other similar law now or hereafter in effect shall be commenced and an order for relief entered or such proceeding shall not
be dismissed or discharged within 45 days of commencement.

 

6.       If
an Event of Default occurs and continues following the expiration of the Grace Period or any applicable cure period set forth in
this Note, and the Payee provides notice to Maker thereof, the Payee’s sole recourse and remedy in the event of an uncured
Note Default shall be to revert to the Amended and Restated Note. To effectuate the foregoing, the following shall be deemed to
occur, automatically without any further action of the Maker, the Payee or any other person, upon the Payee giving the notice in
this Paragraph 6 following the expiration of the Grace Period or applicable cure period set forth in this Note:

 

 

 

    	 	2	 

     

    

 

(a) The Preferred Shares
and any shares of Maker Common Stock issued upon conversion shall be cancelled and cease to be issued and outstanding. Until the
certificates representing such cancelled Preferred Shares and shares of Maker Common Stock are returned to the Maker, the Payee
shall hold such certificates in trust for the Maker.

 

(b) The Maker Warrants,
to the extent unexercised, shall be cancelled and shall have no further force or effect.

 

(b) The Amended and
Restated Note in accordance with the terms thereof, except that any cash payments made pursuant to Paragraph 1(b) of this Second
Amended and Restated Promissory Note shall be applied to, and shall reduce, the principal amount of the Amended and Restated Note.

 

(c) This Second Amended
and Restated Promissory Note shall be cancelled and shall have no further force or effect.

 

7.       The
Payee hereby covenants that upon the occurrence of the events in Paragraph 6, the Payee shall promptly return the certificates
representing the cancelled Preferred Shares and shares of Maker Common Stock with such other instruments or documents required
by the Maker’s transfer agent to record the cancellation of the Preferred Shares on the Maker’s stock books and records;
and if such shares are book-entry and uncertificated, the Payee shall deliver such instruments or documents required by the Maker’s
transfer agent to record the cancellation of the book-entry Preferred Shares and shares of Maker Common Stock on the Maker’s
stock books and records.

 

8.       This
Note may not be changed orally, but only by an agreement in writing, signed by the party against whom enforcement of any waiver,
change, modification or discharge is sought. Any forbearance of Payee in exercising any right or remedy hereunder, or otherwise
afforded by applicable law, shall not be a waiver of or preclude the exercise of any right or remedy. The acceptance by Payee of
partial payment of any sum payable hereunder before or after the Maturity Date shall not be a waiver of Payee’s right to
either require prompt payment in full of the Note Amount on and after the Maturity Date or otherwise exercise any of Payee’s
remedies hereunder or otherwise pursuant to applicable law for failure to make prompt payment.

 

9.       All
parties to this Note, whether Maker, principal, surety, guarantor, or endorser, hereby waive presentment for payment, demand, protest,
notice of protest and notice of dishonor.

 

10.       Notwithstanding
any other provision of this Note, all payments made hereunder shall be applied first to payment of sums payable hereunder other
than the Note Amount, and secondly to the balance of the Note Amount.

 

11.       Any
and all notices or other communications or deliveries required or permitted to be given or made pursuant to any of the provisions
of this Note shall be in writing and shall be deemed to have been given (a) when delivered by hand (with written confirmation of
receipt); (b) when received by the addressee if sent by a nationally recognized overnight courier (receipt requested); (c) on the
date sent by facsimile or e-mail of a PDF document (with confirmation of transmission) if sent during normal business hours of
the recipient, and on the next business day if sent after normal business hours of the recipient or (d) on the third (3rd)
day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid. Such communications must
be sent to the respective parties at the addresses set forth in the first paragraph of this Note (or at such other address for
a party as shall be specified in a notice given in accordance with this section).

 

12.       This
Note is to be construed and enforced in accordance with the laws of the State of New York, without regard to conflicts of laws
principles. This Note shall be construed without regard to any presumption or rule requiring construction against the party causing
this Note to be drafted.

 

13.       The
Maker, and the Payee by acceptance of this Note, hereby consents to the exclusive jurisdictions of the state courts of the State
of New York in and for New York county, or the federal courts of the United States of America located in the Southern District
of New York sitting in New York county, and any appellate court from any thereof, over any dispute arising out of or relating to
this Note or any of the transactions contemplated hereby and each party hereto hereby irrevocably agrees that all claims in respect
of such dispute or any action or proceeding related thereto may be heard and determined in any such courts. The Maker, and the
Payee by acceptance of this Note, hereby irrevocably waive, to the fullest extent permitted by applicable law, any objection that
they may now or hereafter have to the laying of venue of any such dispute brought in such court or any defense of inconvenient
forum for the maintenance of such dispute. The Maker, and the Payee by acceptance of this Note, agrees that a judgment in any such
dispute may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. The Maker, and the
Payee by acceptance of this Note, agrees that a final judgment in any action or proceeding so brought shall be conclusive and may
be enforced by suit on the judgment or in any other manner provided by law or at equity.

 

 

 

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14.       THE
MAKER AND THE PAYEE BY ACCEPTANCE OF THIS NOTE HEREBY WAIVES TRIAL BY JURY IN ANY ACTION, PROCEEDING, COUNTERCLAIM OR CROSS-CLAIM
BROUGHT BY OR AGAINST IT ON ANY MATTERS WHATSOEVER, IN CONTRACT OR IN TORT, ARISING OUT OF OR IN ANY WAY CONNECTED WITH THIS NOTE.

 

15.       This
Note may not be assigned by the Payee without the Maker’s consent and may not be assigned by Maker without Payee’s
prior written consent. Whenever Payee is referred to in this Note, such reference shall be deemed to include the permitted successors
and assigns of Payee, and all covenants, provisions and agreements by or on behalf of Maker which are contained herein shall inure
to the benefit of the successors and assigns of Payee. Whenever Maker is referred to in this Note, such reference shall be deemed
to include the permitted successors and assigns of Maker.

 

[Rest of page intentionally
left blank. Signatures are on the next page.]

 

 

 

 

 

 

 

 

 

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IN WITNESS WHEREOF,
the undersigned has executed this Second Amended and Restated Promissory Note as of September __, 2019.

 

	 	MOBIQUITY TECHNOLOGIES, INC.
	 	 
	 	 
	 	 
	 	By: /s/ Dean Julia
	 	       Name: Dean Julia
	 	       Title:   Chief executive Officer
	 	 
	 	 
	 	 
	 	/s/ Deepankar Katyal
	 	DEEPANKAR KATYAL, as Payee

 

 

 

 

[Mobiquity Technologies,
Inc. Second Amended and Restated Promissory Note Signature Page.]

 

 

 

 

 

 

 

 

 

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SECOND AMENDED AND
RESTATED PROMISSORY NOTE

 

EXHIBIT A

 

FORM OF AMENDMENT
TO CERTIFICATE OF INCORPORATION

 

SERIES E PREFERRED
STOCK

 

See attached.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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SECOND AMENDED AND
RESTATED PROMISSORY NOTE

 

EXHIBIT B

 

FORM OF COMMON STOCK
PURCHASE WARRANT

 

See attached.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	7Exhibit 10.12

 

 

 

COMMON STOCK PURCHASE WARRANT

 

THE WARRANTS REPRESENTED BY THIS CERTIFICATE
AND THE SECURITIES ISSUABLE UPON EXERCISE THEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”),
AND MAY NOT BE OFFERED OR SOLD EXCEPT (i) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT, (ii) TO THE EXTENT APPLICABLE,
PURSUANT TO RULE 144 UNDER SUCH ACT (OR ANY SIMILAR RULE UNDER SUCH ACT RELATING TO THE DISPOSITION OF SECURITIES), OR (iii) UPON
THE DELIVERY BY THE HOLDER TO THE COMPANY OF AN OPINION OF COUNSEL, REASONABLY SATISFACTORY TO COUNSEL FOR THE COMPANY, STATING
THAT AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT IS AVAILABLE.

 

 

EXERCISABLE UNTIL ON OR BEFORE SEPTEMBER
30, 2029, 5:00 P.M.,

NEW YORK TIME

 

 

Common Stock Purchase 

Warrants 

 

Mobiquity Technologies, Inc.

 

This warrant certificate
(the “Warrant Certificate”) certifies that [•], or registered assigns, is the registered holder (the “Holder”)
of these warrants to purchase, at any time until 5:00 P.M. New York time on September 30, 2029 (the “Expiration Date”),
up to [•] fully-paid and non-assessable shares, subject to adjustment in accordance with Article 4 hereof (the “Warrant
Shares”), of the common stock, par value $.0001 per share (the “Common Stock”), of Mobiquity Technologies,
Inc., a New York corporation (the “Company”), subject to the terms and conditions set forth herein. The warrants
represented by this Warrant Certificate and any warrants resulting from a transfer or subdivision of the warrants represented by
this Warrant Certificate shall sometimes hereinafter be referred to, individually, as a “Warrant” and, collectively,
as the “Warrants.”

 

The term “Warrant”
or “Warrants” as used herein, shall include this Warrant, and any warrants delivered in substitution or exchange therefor
as provided herein.

 

The term “Merger
Agreement” as used herein means that certain Agreement and Plan of Merger, dated November 20, 2018, as amended on December
6, 2018, by and among Maker, the Original Maker, AVNG Acquisition Sub, LLC, Advangelists, LLC, and Deepankar Katyal, in his capacity
as the representative of certain persons as set forth in the Merger Agreement.

The term “Trading
Day” means a day on which the Common Stock is traded on a Trading Market.

 

The term “Trading
Market” as used herein means any of the following markets or exchanges on which the Common Stock is listed or quoted for
trading on the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select
Market, or the New York Stock Exchange (or any successors to any of the foregoing).

 

 

 

 

 

    	 	1	 

     

    

 

The term “VWAP”
as used herein means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common
Stock is then listed or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or
the nearest preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P.
(based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b)  if OTCQB or OTCQX is
not a Trading Market, the volume weighted average price of a share of Common Stock for such date (or the nearest preceding date)
on the OTCQB or OTCQX as applicable, (c) if the Common Stock is not then listed or quoted for trading on the OTCQB or OTCQX and
if prices for Common Stock are then reported in the “Pink Sheets” published by OTC Markets Group, Inc. (or a similar
organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of Common Stock so
reported, or (d) in all other cases, the fair market value of a share of the Common Stock as determined by an independent
appraiser selected in good faith by the Holder and reasonably acceptable to the Company, the fees and expenses of which shall be
paid by the Company, provided that if any of the Warrant is transferred and held by more than one (1) Holder, the independent appraiser
shall be selected in good faith by the holders of a majority in interest of the Warrants then outstanding, which determination
shall be final and binding on all Holders.

 

1.       Exercise
of Warrants. This Warrant is initially exercisable to purchase Warrant Shares at the rate of one (1) Warrant Share at an initial
exercise price of Twelve Cents ($0.12) per share, subject to adjustment as set forth in Article 4 hereof (the “Exercise Price”),
payable in cash or by check to the order of the Company, or any combination of cash or check, unless the cashless exercise procedure
specified below is specified in the applicable Election to Purchase (Note: The “Exercise Price” shall mean the
Exercise Price or the adjusted exercise price, depending upon the context.) Upon surrender of this Warrant Certificate with the
annexed Form of Election to Purchase duly executed, together with payment of the Exercise Price (as hereinafter defined) for the
Warrant Shares purchased, at the Company's principal offices, the registered holder of the Warrant Certificate (the “Holder”
or “Holders”) shall be entitled to receive a certificate or certificates for the Warrant Shares so purchased. The purchase
rights represented by this Warrant Certificate are exercisable at the option of the Holder hereof, in whole or in part (but not
as to fractional shares). In the case of the purchase of less than all the Warrant Shares purchasable under this Warrant Certificate,
the Company shall cancel this Warrant Certificate upon its surrender and shall execute and deliver a new Warrant Certificate of
like tenor for the balance of the Warrant Shares purchasable hereunder.

 

This Warrant shall
be deemed to have been exercised immediately prior to the close of business on the date of its surrender for exercise as provided
above, and the person entitled to receive the Warrant Shares issuable upon such exercise shall be treated for all purposes as the
holder of record of such securities as of the close of business on such date. As promptly as practicable on or after such date
and in any event within five (5) business days after such date, the Company at its expense shall issue and deliver, to the person
or persons entitled to receive them, certificates and/or instruments representing the Warrant Shares as to which the Holder has
so exercised this Warrant in the name of the Holder or its designee. In the event that this Warrant is exercised in part, the Company
at its expense will execute and deliver a new Warrant of like tenor exercisable for the number of Warrant Shares for which this
Warrant has not been exercised.

 

 

 

 

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At any time on or after
the date hereof, and prior to the Expiration Date, this Warrant may also be exercised, in whole or in part, at such time by means
of a “cashless exercise” in which the Holder shall be entitled to receive the number of Warrant Shares equal to the
quotient obtained by dividing [(A-B) (X)] by (A), where:

 

(A) = as applicable:
(i) the VWAP on the Trading Day immediately preceding the date of the applicable Election to Purchase if such Election to Purchase
is (1) both executed and delivered pursuant to Section 1 hereof on a day that is not a Trading Day or (2) both executed and delivered
pursuant to Section 1 hereof on a Trading Day prior to the opening of “regular trading hours” (as defined in Rule 600(b)(64)
of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) the VWAP on the Trading Day immediately
preceding the date of the applicable Election to Purchase if such Election to Purchase is executed during “regular trading
hours” on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after the close of
“regular trading hours” on a Trading Day) pursuant to Section 1 hereof or (iii) the VWAP on the date of the applicable
Election to Purchase if the date of such Election to Purchase is a Trading Day and such Election to Purchase is both executed and
delivered pursuant to Section 2(a) hereof after the close of “regular trading hours” on such Trading Day;

 

(B) = the
Exercise Price of this Warrant, as adjusted hereunder; and

 

(X) = the
number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such
exercise were by means of a cash exercise rather than a cashless exercise.

 

The Company hereby represents and warrants
that the Warrant Shares issuable upon the exercise of this Warrant, when issued, sold and delivered, will be duly and validly authorized
and issued, fully paid and nonassessable and free from all taxes, liens and charges in respect of the issuance thereof (other than
liens or charges created by or imposed upon the recipient of the Warrant Shares).

 

2.       Issuance
of Certificates. Upon the exercise of the Warrants, the issuance of certificates for the Warrant Shares purchased pursuant
to such exercise shall be made forthwith without charge to the Holder thereof including, without limitation, any tax which may
be payable in respect of the issuance thereof, and such certificates shall (subject to the provisions of Article 3 hereof) be issued
in the name of, or in such names as may be directed by, the Holder thereof; provided, however, that the Company shall not be required
to pay any tax which may be payable in respect of any transfer involved in the issuance and delivery of any such certificates in
a name other than that of the Holder and the Company shall not be required to issue or deliver such certificates unless or until
the person or persons requesting the issuance thereof shall have paid to the Company the amount of such tax or shall have established
to the satisfaction of the Company that such tax has been paid.

 

The Warrant Certificates
and, upon exercise of the Warrants, the certificates representing the Warrant Shares shall be executed on behalf of the Company
by the manual or facsimile signature of those officers required to sign such certificates under applicable law.

 

 

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This Warrant Certificate
and, upon exercise of the Warrants, in part or in whole, certificates representing the Warrant Shares shall bear a legend substantially
similar to the following:

  

The securities represented by this
certificate have not been registered under the Securities Act of 1933, as amended (“Act”), and may not be offered or
sold except (i) pursuant to an effective registration statement under the Act, (ii) to the extent applicable, pursuant to Rule
144 under the Act (or any similar rule under such Act relating to the disposition of securities), or (iii) upon the delivery by
the holder to the Company of an opinion of counsel, reasonably satisfactory to counsel to the issuer, stating that an exemption
from registration under such Act is available.

 

3.       Restriction
on Transfer of Warrants and Warrant Shares. The Holder of this Warrant Certificate, by its acceptance thereof, represents and
warrants to, and covenants and agrees with the Company that the Warrants and the Warrant Shares issuable upon exercise of the Warrants
are being acquired for the Holder's own account as an investment and not with a view to the resale or distribution thereof and
that the Warrants and the Warrant Shares are not registered under the Act or any state securities or blue sky laws and, therefore,
may not be transferred unless such securities are either registered under the Act and any applicable state securities law or an
exemption from such registration is available. In connection with any purchase of Warrant Shares the Holder agrees to execute any
documents which may be reasonably required by counsel to the Company to comply with the provisions of the Act and applicable state
securities laws.

 

4.       Adjustments
of Exercise Price and Number of Warrant Shares.

 

4.1       Dividends
and Distributions. If at any time prior to the Expiration Date, the Company shall pay a dividend in shares of Common Stock
or make a distribution in shares of Common Stock, then upon such dividend or distribution, the Exercise Price in effect immediately
prior to such dividend or distribution shall be reduced to a price determined by dividing an amount equal to the total number of
shares of Common Stock outstanding immediately prior to such dividend or distribution multiplied by the Exercise Price in effect
immediately prior to such dividend or distribution, by the total number of shares of Common Stock outstanding immediately after
such dividend or distribution. For purposes of any computation to be made in accordance with the provisions of this Section 4.1,
the Common Stock issuable by way of dividend or distribution shall be deemed to have been issued immediately after the opening
of business on the date following the date fixed for determination of shareholders entitled to receive such dividend or distribution.
Upon each adjustment of the Exercise Price pursuant to the provisions of this Article 4.1, the number of Warrant Shares issuable
upon the exercise of each Warrant shall be adjusted to the nearest full share of Common Stock by multiplying a number equal to
the Exercise Price in effect immediately prior to such adjustment by the number of Warrant Shares issuable upon exercise of the
Warrants immediately prior to such adjustment and dividing the product so obtained by the adjusted Exercise Price.

 

4.2       Subdivision
and Combination. If at any time prior to the Expiration Date, the Company shall subdivide (by any stock split, stock dividend,
recapitalization, reorganization, reclassification or otherwise) the shares of Common Stock subject to acquisition hereunder into
a greater number of shares, then, after the date of record for effecting such subdivision, the Exercise Price in effect immediately
prior to such subdivision will be proportionately reduced and the number of shares of Common Stock subject to acquisition upon
exercise of this Warrant will be proportionately increased. If the Company at any time combines (by reverse stock split, recapitalization,
reorganization, reclassification or otherwise) the shares of Common Stock subject to acquisition hereunder into a lesser number
of shares, then, after the date of record for effecting such combination, the Exercise Price in effect immediately prior to such
combination will be proportionately increased and the number of shares of Common Stock subject to acquisition upon exercise of
this Warrant will be proportionately decreased.

 

 

 

 

    	 	4	 

     

    

 

4.3       Reorganization,
Merger or Sale of Assets If, at any time prior to the Expiration Date, there shall be (i) a reorganization (other than a combination,
reclassification, exchange or subdivision of shares otherwise provided for herein), (ii) a merger or consolidation of the Company
with or into another corporation in which the Company is not the surviving entity, or (iii) a sale or transfer of the Company’s
properties and assets in, or substantially in, their entirety to any other person, then, as a part of such reorganization, merger,
consolidation, sale or transfer, lawful provision shall be made so that the Holder shall thereafter be entitled to receive upon
payment of the Exercise Price then in effect, the number of shares of stock or other securities or property of the successor or
corporation resulting from such reorganization, merger, consolidation, sale or transfer that a holder of the shares of Common Stock
deliverable upon exercise of this Warrant would have been entitled to receive in such reorganization, consolidation, merger, sale
or transfer if this Warrant had been exercised immediately before such reorganization, merger, consolidation, sale or transfer.
If the per-share consideration payable to the Holder for shares in connection with any such transaction is in a form other than
cash or marketable securities, then the value of such consideration shall be determined in good faith by the Company’s Board
of Directors. In all events, appropriate adjustment (as determined in good faith by the Company’s Board of Directors) shall
be made in the application of the provisions of this Warrant with respect to the rights and interests of the Holder after the transaction,
to the end that the provisions of this Warrant shall be applicable after that event, as near as reasonably may be, in relation
to any shares or other property deliverable after that event upon exercise of this Warrant. Notwithstanding the above, in the event
the sale or merger of the Company is consummated by means of an all cash transaction whereby the Company’s Common Stock will
cease to be outstanding, this Warrant must be exercised prior to the close of such transaction or it will be cashed out for the
consideration paid to holders of Common Stock in the transaction less the Exercise Price.

 

4.4       Notice
of Adjustments. Upon any adjustment of the Exercise Price, then and in each such case the Company shall give notice thereof
to the Holder, which notice shall state the Exercise Price resulting from such adjustment and the increase or decrease, if any,
in the number of Warrant Shares purchasable at such price upon the exercise of this Warrant, setting forth in reasonable detail
the method of calculation and the facts upon which such calculation is based.

 

4.5       Determination
of Outstanding Shares. The number of shares of Common Stock at any one time outstanding shall include the aggregate number
of shares issued or issuable upon the exercise of outstanding options, rights, warrants and upon the conversion or exchange of
outstanding convertible or exchangeable securities.

 

5.       Exchange
and Replacement of Warrant Certificates. This Warrant Certificate is exchangeable without expense, upon the surrender hereof
by the registered Holder at the principal executive office of the Company, for a new Warrant Certificate of like tenor and date
representing in the aggregate the right to purchase the same number of Warrant Shares in such denominations as shall be designated
by the Holder thereof at the time of such surrender.

 

Upon receipt by the
Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant Certificate, and,
in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it, and reimbursement to the Company
of all reasonable expenses incidental thereto, and upon surrender and cancellation of the Warrants, if mutilated, the Company will
make and deliver a new Warrant of like tenor, in lieu thereof.

 

 

 

 

    	 	5	 

     

    

 

6.       Elimination
of Fractional Interests. The Company shall not be required to issue certificates representing fractions of shares of Common
Stock and shall not be required to issue scrip or pay cash in lieu of fractional interests, it being the intent of the parties
that all fractional interests shall be eliminated by rounding any fraction up to the nearest whole number of shares of Common Stock.

 

7.       Reservation
of Shares. The Company covenants and agrees that it will at all times reserve and keep available out of its authorized share
capital, solely for the purpose of issuance upon the exercise of the Warrants, such number of shares of Common Stock as shall be
equal to the number of Warrant Shares issuable upon the exercise of the Warrants, for issuance upon such exercise, and that, upon
exercise of the Warrants and payment of the Exercise Price therefor, all Warrant Shares issuable upon such exercise shall be duly
and validly issued, fully paid, nonassessable and not subject to the preemptive rights of any shareholder.

 

8.       Notices
to Warrant Holders. Nothing contained in this Agreement shall be construed as conferring upon the Holder or Holders the right
to vote or to consent or to receive notice as a stockholder in respect of any meetings of stockholders for the election of directors
or any other matter, or as having any rights whatsoever as a shareholder of the Company. If, however, at any time prior to the
expiration of the Warrants and their exercise, any of the following events shall occur:

 

(a)       the
Company shall take a record of the holders of its Common Stock for the purpose of entitling them to receive a dividend or distribution
payable otherwise than in cash, or a cash dividend or distribution payable otherwise then out of current or retained earnings,
as indicated by the accounting treatment of such dividend or distribution on the books of the Company; or

 

(b)       the
Company shall offer to all the holders of its Common Stock any additional shares of Common Stock or other shares of capital stock
of the Company or securities convertible into or exchangeable for shares of Common Stock or other shares of capital stock of the
Company, or any option, right or warrant to subscribe therefor;

 

(c)       a
dissolution, liquidation or winding up of the Company or a sale of all or substantially all of its property, assets and business
as an entirety shall be proposed; or

 

(d)       the
Company or an affiliate of the Company shall propose to issue any rights to subscribe for shares of Common Stock or any other securities
of the Company or of such affiliate to all the stockholders of the Company;

 

then, in any one or more of said events,
the Company shall give written notice of such event at least twenty (20) days prior to the date fixed as a record date or the date
of closing the transfer books for the determination of the stockholders entitled to such dividend, distribution, convertible or
exchangeable securities or subscription rights, options or warrants, or entitled to vote on such proposed dissolution, liquidation,
winding up or sale. Such notice shall specify such record date or the date of closing the transfer books, as the case may be. Failure
to give such notice or any defect therein shall not affect the validity of any action taken in connection with the declaration
or payment of any such dividend or distribution, or the issuance of any convertible or exchangeable securities or subscription
rights, options or warrants, or any proposed dissolution, liquidation, winding up or sale.

 

 

 

 

    	 	6	 

     

    

 

9.Notices.All notices,
requests, consents and other communications hereunder shall be in writing and shall be deemed to have been duly made when delivered,
or mailed by registered or certified mail, return receipt requested:

 

(a)       If
to a registered Holder of the Warrants, to the address of such Holder as shown on the books of the Company; or

 

(b)       If
to the Company, to the address set forth in Article 1 of this Agreement or to such other address as the Company may designate by
notice to the Holders.

 

10. Successors.
All the covenants and provisions of this Agreement by or for the benefit of the Company and the Holders inure to the benefit
of their respective successors and assigns hereunder.

 

11.Governing Law.

 

11.1       
Choice of Law. This Agreement shall be deemed to have been made and delivered in the State of New York and shall be governed
as to validity, interpretation, construction, effect and in all other respects by the internal laws of the State of New York.

 

11.2       
Jurisdiction and Service of Process. The Company and the Holder each (a) agrees that any legal suit, action or proceeding
arising out of or relating to this Warrant Certificate shall be instituted exclusively in the Supreme Court of New York, New York,
New York, or in the United States District Court for the Southern District of New York, New York (b) waives any objection which
the Company or such Holder may have now or hereafter based upon forum non conveniens or to the venue of any such suit, action
or proceeding, and (c) irrevocably consents to the jurisdiction of the Supreme Court of New York, New York, New York, or in the
United States District Court for the Southern District of New York, New York in any such suit, action or proceeding. The Company
and the Holder each further agrees (a) to accept and acknowledge service of any and all process which may be served in any such
suit, action or proceeding in the Supreme Court of New York, New York, New York, or in the United States District Court for the
Southern District of New York, New York and (b) agrees that service of process upon the Company or the Holder mailed by certified
mail to their respective addresses shall be deemed in every respect effective service of process upon the Company or the Holder,
as the case may be, in any suit, action or proceeding. FURTHER, BOTH THE COMPANY AND HOLDER HEREBY WAIVE TRIAL BY JURY IN ANY ACTION
TO ENFORCE THE TERMS OF THIS WARRANT CERTIFICATE AND IN CONNECTION WITH ANY DEFENSE, COUNTERCLAIM OR CROSS-CLAIM ASSERTED IN ANY
SUCH ACTION.

 

[Rest of page intentionally left blank.
Signature page follows.]

 

 

 

 

 

 

 

 

    	 	7	 

     

    

 

IN WITNESS WHEREOF, the Company has caused
this Warrant to be duly executed, as of the __ day of ____, 2019.

 

 

	 	MOBIQUITY TECHNOLOGIES, INC.
	 	 
	 	 
	 	By: /s/ Dean L. Julia                                            
	 	Dean L. Julia, Chief Executive Officer

 

 

 

 

 

 

 

 

 

 

    	 	8	 

     

    

 

 

 

[FORM OF ELECTION TO PURCHASE]

 

 

The undersigned hereby
elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant and tenders herewith payment
of the exercise price in full, together with all applicable transfer taxes, if any.

Please issue a certificate
or certificates representing said Warrant Shares in the name of the undersigned or in such other name as is specified below:

___________________________________________,
whose address is _____________________________________ _____________________________________, and that such certificate
be delivered to ___________________, whose address is ____________________ ___________________________.

 

 

	Dated: ______________________	Signature: _____________________________
	 	(Signature must conform in all respects
to
	 	name of holder as specified on the
face of
	 	the Warrant Certificate.)
	 	 

 

 

_________________________________

 

_________________________________

(Insert Social Security or Other

Identifying Number of Holder)

 

 

 

 

 

 

    	 	9	 

     

    

 

ASSIGNMENT FORM

 

The undersigned, being the true and lawful owner of Holder Warrants
to purchase shares of Common Stock of Mobiquity Technologies, Inc. hereby assigns and transfers unto:

 

 

	Name:	____________________________________
	 	(Please typewrite or print in block letters)
	 	 
	Address:	____________________________________
	 	____________________________________
	 	____________________________________

 

Social Security Number/ Federal ID: ____________________________________

 

 

the right to purchase Common Stock of _____________ represented
by this Warrant to the extent of shares of Common Stock as to which such right is exercisable and does hereby irrevocably constitute
and appoint __________________________ ___________________ Attorney, to transfer the same on the books of Mobiquity Technologies,
Inc. with full power of substitution in the premises.

 

 

Dated: ___________________

 

 

	 	____________________________________
	 	Name of Registered Holder
	 	 
	 	____________________________________
	 	Signature
	 	 
	 	____________________________________
	 	Signature, if held jointly

 

 

    	 	10

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