Document:

Exhibit 4.4

 

THIS WARRANT AND THE SECURITIES UNDERLYING
THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) AND MAY NOT
BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, ASSIGNED, PLEDGED, OR HYPOTHECATED IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION
THEREFROM UNDER SUCH SECURITIES ACT, ANY APPLICABLE STATE SECURITIES LAWS AND THE RULES AND REGULATIONS THEREUNDER. 

 

HYRECAR INC

 

WARRANT

 

TO PURCHASE COMMON STOCK OF THE COMPANY

 

	Warrant No. 2017-__	Issue Date: May __, 2017

 

FOR VALUE RECEIVED,
HYRECAR INC, a Delaware corporation (the “Company”), grants the following rights to ___________,
and his permitted assigns, heirs, executors and administrators (individually and collectively, the “Holder”),
as of the __ day of May, 2017 (the “Issue Date”). This warrant (the “Warrant”)
has been issued pursuant to that certain Note and Warrant Purchase Agreement, dated May __, 2017, between the Company and the Holder.

 

Section 1.Grant.

 

The Holder is hereby
granted the right (collectively, the “Purchase Rights”), in accordance with the terms and conditions
of this Warrant, from the date hereof until the expiration of the Exercise Period (as defined in Section 3 hereof), to purchase
from the Company that number of fully paid and non-assessable shares of the common stock, par value $0.00001 per share (the “Common
Stock”) of the Company, set forth in Section 2 hereof, at the Exercise Price (as defined in Section 5 hereof), upon
delivery to the Company of this Warrant along with the Notice of Exercise form attached as Exhibit 1 hereto, duly executed,
and upon tender of the Exercise Price for the shares of Common Stock to be purchased, which Payment shall be made in cash, wire
transfer or bank cashier’s check.

 

Section 2.Number of Shares
of Common Stock Purchasable.

 

2.1 Subject
to the other provisions of this Section 2, this Warrant entitles the Holder to purchase from time to time up to ______ shares of
the Company’s Common Stock (“Warrant Shares”).

 

2.2 In
case prior to the expiration of the Purchase Rights by exercise or by the terms of this Warrant, the Company shall undertake any
reclassification, stock split or combination, stock dividend or any similar proportionately-applied change or of any reorganization
of the Company (or any other corporation the stock or securities of which are at the time receivable upon the exercise of this
Warrant) or any similar corporate reorganization at any time while this Warrant is outstanding (collectively, a “Reclassification”)
of outstanding shares of Common Stock (other than a change solely in, of, or from par value), the Holder shall thereafter be entitled,
upon exercise of this Warrant for the same total consideration as presently required, to purchase the kind and amount of shares
of stock and other securities and property receivable upon such Reclassification by a holder of the number of shares of Common
Stock which this Warrant entitles the Holder hereof to purchase immediately prior to such Reclassification. Notice of any such
Reclassification shall be given to the Holder pursuant to Section 11 hereof.

 

     

     

    

 

2.3 Subject
to Section 2.4 below, in case prior to the expiration of the Purchase Rights by exercise or by the terms of this Warrant, the Company
shall determine to consolidate or merge with, or convey all, or substantially all, of its property or assets to, any other corporation
or corporations, or to dissolve, liquidate or wind up (each a “Fundamental Transaction”), then, as a
condition precedent to such consolidation, merger, conveyance, dissolution, liquidation or winding up, notice shall be given to
the Holder pursuant to Section 11 hereof and lawful and adequate provision shall be made whereby the Holder shall thereafter have
the right to receive from the Company or from the Company’s successors or assigns, as the case may be, upon the basis and
upon the terms and conditions specified in this Warrant, in lieu of the shares of Common Stock of the Company theretofore purchasable
upon the exercise of the Purchase Rights, such shares of stock, securities, or assets as may be issued or payable with respect
to, or in exchange for, the number of shares of Common Stock of the Company theretofore purchasable upon the exercise of the Purchase
Rights had such consolidation, merger, conveyance, dissolution, liquidation or winding-up not taken place; and in any such event
the rights of the Holder to an adjustment of the number of shares of Common Stock purchasable upon the exercise of the Purchase
Rights as herein provided, shall continue and be preserved in respect of any stock or securities which the Holder becomes entitled
to purchase.

 

2.4 Notwithstanding
the foregoing, in the event of a Fundamental Transaction, the Company shall have the right, but not the obligation, in its sole
discretion upon 30 days prior written notice to the Holder (a “Purchase Notice”), to purchase this Warrant
from the Holder by paying to the Holder on the effective date of the Fundamental Transaction (or within five Business Days after
delivery of such notice, whichever occurs later), cash in an amount equal to the Black Scholes Value of the remaining unexercised
portion of this Warrant as of the date of such Fundamental Transaction. For purposes of this Section 2.4, the following definitions
shall apply:

 

“Black Scholes Value”
means the value of this Warrant based on the Black and Scholes Option Pricing Model calculated using (i) a risk-free interest rate
corresponding to the U.S. Treasury rate for a period equal to the remaining term of this Warrant as of the delivery date of the
Purchase Notice, (ii) an expected volatility determined in good faith by the Board of Directors of the Company, and (iii) the underlying
price per share equal to the sum of the price per share to be paid in cash, if any, plus the value of any non-cash consideration,
if any, to be paid in the Fundamental Transaction.

 

“Business Day”
means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized or required
by law to remain closed.

 

Section 3.Exercise Period.
The Purchase Rights represented hereby shall be exercisable in whole or in part from time to time, subject to the terms and conditions
set forth herein, after the Issue Date of this Warrant until 5:00 p.m. Eastern time on the fifth (5th) anniversary of the Issue
Date hereof (the “Exercise Period”).

 

Section 4.Exercise.

 

4.1 Exercise
for Cash. The Purchase Rights represented by this Warrant are exercisable at the option of the Holder in whole or in
part from time to time, subject to the terms and conditions set forth herein, but not for less than one hundred (100) shares at
a time, at any time and from time to time during the Exercise Period upon the delivery of the Notice of Exercise form to the Company
with such notice duly executed and upon tender of the Exercise Price for the shares of Common Stock to be purchased, which Payment
shall be made in cash, wire transfer or bank cashier’s check. The Purchase Rights shall be deemed to have been exercised,
and the Holder shall be deemed to have become a stockholder of record of the Company for the purposes of receiving dividends and
for all other purposes whatsoever with respect to the shares of Common Stock so purchased, as of the date of delivery of such properly
executed notice accompanied by proper tender of the Exercise Price at the principal office of the Company. As promptly as practicable
on or after such date, and in any event within three (3) business days thereafter, the Company at its expense shall issue and deliver,
or cause to be issued and delivered, to the person or persons entitled to receive the same, a certificate or certificates for the
number of shares issuable upon such exercise. In the event that this Warrant is exercised in part, the Company at its expense shall
execute and deliver a new warrant of like tenor exercisable for the number of shares for which this Warrant may then be exercised.

 

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Section 5.Exercise Price.

 

5.1 The
exercise price for each share of Common Stock issuable to the Holder hereunder shall be equal to $2.10 per share, subject to proportionate
adjustment pursuant to any Reclassification (the “Exercise Price”).

 

Section 6.Company’s
Warranties and Covenants as to Capital Stock.

 

The Company has taken
all action necessary and appropriate to properly authorize, reserve and issue those shares of Common Stock issuable to the Holder
pursuant to this Warrant including an authorization of issuance and setting of the Exercise Price. The Common Stock deliverable
on the exercise of the Purchase Rights represented hereby shall, when issued, be duly and validly issued, fully paid and non-assessable.
The Company shall at all times reserve and hold available sufficient shares of Common Stock to satisfy all Purchase Rights hereby
granted.

 

Section 7.Transfer; Compliance
with Securities Laws

 

The Purchase Rights shall
be registered on the books of the Company, which shall be kept by it at its principal office for that purpose. This Warrant and
the Common Stock issuable upon exercise of the Purchase Rights, may not be transferred or assigned in whole or in part without
compliance with all applicable federal and state securities laws by the transferor and the transferee, including, if requested
by the Company, an opinion of counsel satisfactory to the Company to the effect that the transfer or assignment is in compliance
with applicable federal and state securities laws. Subject to such compliance, the Purchase Rights shall be transferable on said
books, in whole or in part, by the Holder in person or by duly authorized attorney upon surrender of this Warrant properly endorsed
by the Holder executing the Permitted Transfer or Assignment Form attached hereto and made a part hereof as Exhibit 2. All
reasonable and documented costs associated with any transfer or assignment, including, without limitation, the reasonable fees
of counsel to the Company shall be borne by the transferor or assignor. The Company agrees that, while the Purchase Rights remain
valid and outstanding, its stock transfer books shall not be closed for any purpose whatsoever except under arrangements which
shall inure to persons exercising warrants or applying for transfer of stock, all rights and privileges which they might have had
or received if the stock transfer books had not been closed and they had exercised their Purchase Rights at any time during which
such transfer book shall have been closed.

 

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Section 8.Charges, Taxes and
Expenses.

 

Issuance of certificates
for shares of Common Stock issuable upon the exercise of this Warrant or any portion thereof (and issuance of a replacement warrant
certificate in the event of partial exercise) shall be made without charge to the Holder hereof for any issue taxes or any other
incidental expenses in respect of the issuance of such certificates to and in the name of the registered Holder of this Warrant,
all of which taxes and expenses shall be paid by the Company. Certificates may be issued in a name other than that of the Holder
upon the request of and payment by the Holder of any applicable transfer taxes and compliance with all applicable federal and state
securities laws and with all applicable provisions of this Warrant, including but not limited to Section 7 hereof.

 

Section 9.Exchange for Other
Denominations.

 

This Warrant is exchangeable
for new certificates of like tenor and date representing in the aggregate the right to purchase the number of shares purchasable
hereunder in denominations designated by the Holder at the time of surrender. In the event of the purchase, at any time prior to
the expiration of the Exercise Period, of less than all of the shares of Common Stock purchasable hereunder, the Company shall
cancel this Warrant upon surrender thereof, and shall promptly execute and deliver to the Holder hereof a new warrant of like tenor
and date for the balance of the shares purchasable hereunder.

 

Section 10.Loss, Theft, Destruction
or Mutilation of Warrant.

 

Upon receipt by the Company
of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant, and, in case
of loss, theft or destruction, of indemnity or security reasonably satisfactory to it, and upon reimbursement to the Company of
all reasonable and documented expenses incidental thereto, and upon surrender of this Warrant, if mutilated, the Company shall
promptly make and deliver a new warrant of like tenor and date, in lieu of this Warrant and shall cancel this Warrant.

 

Section 11.Notices Including
Certificate of Company in Event of Adjustment.

 

(a) Whenever
the number of shares of Common Stock purchasable hereunder shall be adjusted pursuant to Section 2 hereof, the Company shall issue
a certificate signed by its Chief Financial Officer or its Chief Executive Officer or by such other appropriate officer, setting
forth, in reasonable detail, the event requiring the adjustment, the amount of the adjustment, the method by which such adjustment
was calculated, and the number of shares purchasable hereunder after giving effect to such adjustment, and shall cause a copy of
such certificate to be mailed (by first-class mail, postage prepaid) to the Holder of this Warrant.

 

(b) In
case:

 

(i) the
Company shall take a record of the holders of its Common Stock for the purpose of entitling them to receive any dividend or other
distribution, or any right to subscribe for or purchase any shares of stock of any class or any other securities, or to receive
any other right;

 

(ii) of
any capital reorganization of the Company, any reclassification of the capital stock of the Company, any consolidation or merger
of the Company with or into another corporation, or any conveyance of all or substantially all of the assets of the Company to
another entity; or

 

(iii) of
any voluntary dissolution, liquidation or winding-up of the Company;

 

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then, and in each such case under sub-clauses
(i) through (iii), the Company shall mail or deliver, or cause to be mailed or delivered, to the Holder a notice specifying, as
the case may be, (A) the date on which a record is to be taken for the purpose of such dividend, distribution or right, and stating
the amount and character of such dividend, distribution or right; or (B) the date on which such reorganization, reclassification,
consolidation, merger, conveyance, dissolution, liquidation or winding-up is to take place, and the time, if any is to be fixed,
at which the holders of record of Common Stock shall be entitled to exchange their shares of Common Stock for securities, assets
or other property of the Company deliverable upon such reorganization, reclassification, consolidation, merger, conveyance, dissolution,
liquidation or winding-up. Such notice shall be mailed or delivered at least fifteen (15) business days prior to the date therein
specified.

 

(c) All
notices, requests, consents and demands required by this Warrant shall be in writing and shall be personally delivered or mailed,
postage prepaid, to the principal office of the Company at:

 

Hyrecar Inc.

7750 Tamarack Dr.

Dublin, CA 94568

Attn: Chief Executive
Officer

 

and to the Holder at:

 

[ADDRESS
1]

[ADDRESS
2]

[CITY,
STATE ZIP]

Email:

 

Any notice, request or other communication
required or permitted hereunder shall be in writing and shall conclusively be deemed to have been duly given: (i) upon personal
delivery to the party to be notified, (ii) when sent by confirmed facsimile if sent during the normal business hours of the recipient,
if not, then on the next business day, (iii) five (5) days after having been sent by registered or certified mail, return receipt
requested, postage prepaid, or (iv) one (1) day after deposit with a nationally recognized overnight courier, specifying next day
delivery with written verification of receipt.

 

Section 12.Miscellaneous

 

(a) No
Stockholder Rights. Nothing contained in this Warrant shall be construed as conferring upon the Holder or any other person
the right to vote, consent or receive notice as a stockholder in respect of any meeting of stockholders for the election of directors
of the Company or any other matters, or any other rights whatsoever of a stockholder of the Company.

 

(b) Successors
and Assigns. Subject to the restrictions on transfer described in Section 7 hereof, the rights and obligations of the Company
and the Holder of this Warrant shall be binding upon, and benefit the successors and assigns of, the parties hereto.

 

(c) Governing
Law. In all respects, including all matters of construction, validity and performance, this Warrant shall be governed by, and
construed and enforced in accordance with, the laws of the State of Delaware, without regard to principles thereof relating to
conflicts or choice of law.

  

(d) Waiver
and Amendment. This Warrant may be changed, waived, discharged or terminated only by a statement in writing signed by the party
against which enforcement of such change, waiver, discharge or termination is sought. In case any provision of this Warrant shall
be, in whole or in part, invalid, illegal or unenforceable, such provision shall be enforced to the extent, if any, that it may
legally be enforced and the validity, legality and enforceability of the remaining provisions shall not in any way be affected
or impaired thereby.

 

(e) Headings;
References. All headings used herein are used for convenience only and shall not be used to construe or interpret this Warrant.
Except where otherwise indicated, all references herein to Sections refer to Sections hereof.

 

[SIGNATURE PAGE FOLLOWS.]

 

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IN WITNESS WHEREOF, the
Company has caused this Warrant to be duly executed and delivered on its behalf as of the Issue Date set forth above.

 

	 	HYRECAR INC.
	 	 	 
	 	By:	 
	 	 	Name: Joseph Furnari
	 	 	Title: Chief Executive Officer

 

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EXHIBIT 1

 

NOTICE OF EXERCISE PURSUANT TO

ATTACHED WARRANT

 

___________, 2017

 

To: Hyrecar Inc.

 

(1) The
undersigned, the Holder of record of the attached Warrant of HYRECAR INC, hereby exercises the option granted by the Purchase Rights
evidenced by the attached Warrant and hereby elects to purchase ____ shares of Common Stock of HYRECAR INC., pursuant to the provisions
of Section 4.1 of the attached Warrant, and tenders herewith payment of the Exercise Price as determined by the Warrant for such
shares in full. All capitalized terms used but not defined in this notice have the meanings assigned to such terms in the Warrant.

 

(2) In
exercising this Warrant, the undersigned hereby confirms and acknowledges that (a) the undersigned has complied with all terms
and conditions as defined in the Warrant, including the requirement that the offer and sale of the Shares was limited to “accredited”
investors only, (b) the shares of the Common Stock to be issued are being acquired solely for investment and solely for the account
of the undersigned, (c) the undersigned will not offer, sell or otherwise dispose of any such shares of Common Stock except under
circumstances that will not result in a violation of the Securities Act of 1933, as amended, or any applicable state securities
laws, and (d) as required under the terms of the Warrant, the certificate or certificates representing said shares of Common Stock
shall bear a restrictive legend prohibiting and restricting transfer of such shares except in compliance with applicable federal
and state securities laws.

 

(3) Please
issue a certificate or certificates representing said shares of Common Stock in the name of the undersigned or in such other name
as is specified below.

 

(4) Please
issue a new Warrant for the unexercised portion of the attached Warrant, if any, in the name of the undersigned or in such other
name as is specified below:

 

	ATTEST:	HOLDER:

 

	 	By:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	Title:	 

 

(If certificates for Common Stock or new
Warrants are requested in a name other than the undersigned, be advised that the delivery of the certificates and/or new Warrants
will be delayed until the Company assures itself that such change is permitted under Section 7 of the Warrant that such change
does not violate applicable federal and state securities laws.)

 

     

     

    

 

EXHIBIT 2

 

PERMITTED TRANSFER OR ASSIGNMENT FORM

 

NOTE: THIS ASSIGNMENT BEARS A RESTRICTIVE
LEGEND BELOW

 

FOR VALUE RECEIVED,
the undersigned Holder of record of this Warrant of HYRECAR INC (the “Company”), which is dated ____________, 2017,
hereby sells, assigns and transfers unto the Assignee named below all of the rights, including, without limitation, the Purchase
Rights (as such term is defined in this Warrant) of the undersigned under the within Warrant, with respect to the number of shares
of Common Stock set forth below:

 

Name of Transferee/Assignee                                                        Address                                                                       No. of Shares

 

and does hereby irrevocably constitute
and appoint the Secretary of HYRECAR INC to make such transfer on the books of HYRECAR INC, maintained for the purpose, with full
power of substitution in the premises.

 

Attached hereto, if
and to the extent requested by the Company, is an opinion of counsel that the assignment does not violate or is exempt from, any
federal and state securities laws. As provided in the Warrant, including but not limited to Section 7 of the Warrant, the Company
may, in its sole discretion, decide whether such opinion is satisfactory, and Assignee and Holder agree to any reasonable delay
in transfer caused by such evaluation and further acknowledge and agree that they shall bear all reasonable and documented costs
associated with any transfer or assignment, including, without limitation, the reasonable fees of counsel to the Company shall
be borne by the transferor or assignor.

 

The undersigned also
represents that, by assignment hereof, the Assignee acknowledges that this Warrant and the shares of Common Stock to be issued
upon exercise hereof or conversion thereof are being acquired for investment and that the Assignee will not offer, sell or otherwise
dispose of this Warrant or any shares of stock to be issued upon exercise hereof or conversion thereof except under circumstances
which will not result in a violation of the Securities Act of 1933, as amended (the “Act”), or any state securities
laws. Further, the Assignee has acknowledged that upon exercise of this Warrant, the Assignee shall, if requested by the Company,
confirm in writing, in a form satisfactory to the Company, that the shares of Common Stock so purchased are being acquired for
investment and not with a view toward distribution or resale in violation of applicable securities laws.

 

Accordingly, the
following restrictive legend is made applicable to this assignment (and to this Warrant and securities covered by this Warrant
as assigned hereby to Assignee):

 

This Assignment and this Warrant and
the securities underlying this Warrant as assigned hereby, have not been registered under the Act, and may not be offered, sold
or otherwise transferred, assigned, pledged or hypothecated in the absence of such registration or an exemption therefrom under
such Act, any applicable state securities laws and the rules and regulations thereunder.

 

[Signatures appear on following page.]

 

     

     

    

 

	Dated:	HOLDER:	 
	 		By:
	 		Name:
	 		Title:

 

	Dated:	ASSIGNEE:	 
	 		Name & Title:Exhibit 4.5

 

NEITHER THIS SECURITY NOR THE SECURITIES
INTO WHICH THIS SECURITY IS CONVERTIBLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION
OF ANY STATE 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 AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH
EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. THIS SECURITY AND ANY SECURITIES ISSUABLE PURSUANT
TO THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

	Original Issue Date: __, 2018	Original Principal Amount: $______________

Note: 13% SPN-No -__

 

13% SENIOR SECURED CONVERTIBLE PROMISSORY
NOTE

DUE __, 2018

 

THIS 13% SENIOR SECURED
CONVERTIBLE PROMISSORY NOTE is one of a series of duly authorized and validly issued 13% Senior Secured Convertible Promissory
Notes of Hyrecar Inc, a Delaware corporation, (the “Company”), having its principal place of business at 355
South Grand Avenue, Suite 1650, Los Angeles, California 90071, designated as its 13% Senior Secured Convertible Promissory Note
due __, 20181 (this “Note”, or the “Note”
and collectively with the other Notes of such series, the “Notes”).

 

FOR VALUE RECEIVED,
the Company promises to pay to ______________________, or its registered assigns (the “Holder”), or shall have
paid pursuant to the terms hereunder, the principal sum of $___________ (the “Principal Amount”) on __, 2018
(the “Maturity Date”) or such earlier date as this Note is required or permitted to be repaid as provided hereunder,
and to pay interest to the Holder on the aggregate unconverted and then outstanding Principal Amount of this Note in accordance
with the provisions hereof. This Note is subject to the following additional provisions:

 

Section 1.Definitions.
For the purposes hereof, in addition to the terms defined elsewhere in this Note, (a) capitalized terms not otherwise defined
herein shall have the meanings set forth in that certain Securities Purchase Agreement, dated as of January 3, 2018 (the “Purchase
Agreement”), by and between the Company the purchasers thereto and (b) the following terms shall have the following
meanings:

 

“Bankruptcy
Event” means any of the following events: (a) the Company or any Subsidiary (as such term is defined in Rule 1-02(w)
of Regulation S-X) thereof commences a case or other proceeding under any bankruptcy, reorganization, arrangement, adjustment of
debt, relief of debtors, dissolution, insolvency or liquidation or similar law of any jurisdiction relating to the Company or any
Subsidiary thereof, (b) there is commenced against the Company or any Subsidiary thereof any such case or proceeding that is not
dismissed within 60 days after commencement, (c) the Company or any Subsidiary thereof is adjudicated insolvent or bankrupt or
any order of relief or other order approving any such case or proceeding is entered, (d) the Company or any Subsidiary thereof
suffers any appointment of any custodian or the like for it or any substantial part of its property that is not discharged or stayed
within 60 calendar days after such appointment, (e) the Company or any Subsidiary thereof makes a general assignment for the benefit
of creditors, (f) the Company or any Subsidiary thereof calls a meeting of its creditors with a view to arranging a composition,
adjustment or restructuring of its debts or (g) the Company or any Subsidiary thereof, by any act or failure to act, expressly
indicates its consent to, approval of or acquiescence in any of the foregoing or takes any corporate or other action for the purpose
of effecting any of the foregoing.

 

 

 

 

		1	8 months from the Original Issue Date.

 

     

     

    

 

“Board of
Directors” means the Board of Directors of the Company.

 

“Change of
Control Transaction” means the occurrence after the date hereof of any 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 33% of the voting securities of the Company (other than by means of conversion or exercise of the Notes and the Securities issued
together with the Notes), (b) the Company merges into or consolidates with any other Person, or any Person merges into or consolidates
with the Company and, after giving effect to such transaction, the stockholders of the Company immediately prior to such transaction
own less than 66% of the aggregate voting power of the Company or the successor entity of such transaction, (c) the Company sells
or transfers all or substantially all of its assets to another Person and the stockholders of the Company immediately prior to
such transaction own less than 66% of the aggregate voting power of the acquiring entity immediately after the transaction, (d)
a replacement at one time or within a three year period of more than one-half of the members 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 Original Issue Date (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), or (e) 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 in clauses (a)
through (d) above.

 

“Common Stock”
means (i) the Company’s common stock, $0.00001 par value per share, and (ii) any capital stock into which such common stock
shall have been changed or any share capital resulting from a reclassification of such common stock.

 

“Conversion
Amount” means the sum of (i) the portion of the Principal Amount to be converted with respect to which this determination
is being made, (ii) all accrued and unpaid interest thereon, if any, and any other unpaid amounts due under this Note.

 

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“Default Redemption
Amount” means the payment of 130% of the outstanding Principal Amount of this Note and accrued and unpaid interest hereon,
in addition to the payment of all other amounts, costs, expenses, late fees, and liquidated damages due in respect of this Note.

 

“Default Redemption
Date” means the date of redemption which shall be at least ten (10) days but not more than thirty (30) days after Company
notifies the Holder of redemption. On this date, the Default Redemption Amount must be paid in good funds to the Holder. After
this date, interest will cease to accrue on the Notes or the portion thereof called for redemption.

 

“Exempt Issuance”
means the issuance of (i) securities issued under any equity incentive plan of the Company and any amendments thereto approved
by the Board of Directors of the Company, including securities issuable upon conversion or exercise of such securities, (ii) securities
issued for consideration other than cash pursuant to a strategic arrangement, joint venture, merger, consolidation, acquisition,
or similar business combination approved by the Board of Directors of the Company, or (iii) securities issued hereunder or under
the Purchase Agreement or upon the exercise or exchange of or conversion of any securities issued hereunder or under the Purchase
Agreement and/or other securities exercisable or exchangeable for or convertible into shares of Common Stock issued and outstanding
on the date hereof, provided that such securities have not been amended since the date hereof to increase the number of such securities
or to decrease the exercise price, exchange price or conversion price of such securities.

 

“Event of
Default” shall have the meaning set forth in Section 5(a).

 

“Fundamental
Transaction” means (i) any merger or consolidation of the Company with or into another Person, (ii) any sale, lease,
license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of
related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or
another Person) pursuant to which holders of the Company’s common stock are permitted to sell, tender or exchange their shares
for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common Stock, (iv)
one or more related transactions which effects any reclassification, reorganization or recapitalization of the common stock or
any compulsory share exchange pursuant to which the Company’s Common Stock is effectively converted into or exchanged for
other securities, cash or property, (v) one or more related transactions which consummates a stock or share purchase agreement
or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement)
with another Person whereby such other Person acquires more than 50% of the outstanding shares of Company’s Common Stock
(not including any shares of Common Stock held by the other Person or other Persons making or party to, or associated or affiliated
with the other Persons making or party to, such stock or share purchase agreement or other business combination).

 

“IPO”
means the initial closing of the first underwritten public offering of the Company’s Common Stock pursuant to an effective
registration statement under the Securities Act, other than pursuant to a registration statement on Form S-4 or Form S-8 (or any
similar or successor form) after the date hereof.

 

    	 	3	 

     

    

 

“IPO Price
to Public” means the price to public specified in the IPO registration statement.

 

“Late Fees”
shall have the meaning set forth in Section 2(c).

 

“New York
Courts” shall have the meaning set forth in Section 7(d).

 

“Note Register”
shall have the meaning set forth in Section 2(b).

 

“Original
Issue Date” means the date of the first issuance of this Note, regardless of any transfers of any Note and regardless
of the number of instruments which may be issued to evidence such Notes.

 

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

 

Section 2.Interest.

 

a) Payment
of Interest. The Company shall pay interest to the Holder on the then outstanding Principal Amount of this Note at a rate per
annum equivalent to a fixed rate of thirteen percent (13%) of the Principal Amount of the Note, payable in cash in quarterly arrears
on each January 1, April 1, July 1 and October 1.

 

b) Interest
Calculations. Interest hereunder will be paid to the Person in whose name this Note is registered on the records of the Company
regarding registration and transfers of this Note (the “Note Register”).

 

c) Late
Fee. All overdue accrued and unpaid interest to be paid hereunder shall entail a late fee at an interest rate equal to the
lesser of 18% per annum or the maximum rate permitted by applicable law (the “Late Fees”) which shall accrue
daily from the date such interest is due hereunder through and including the date of actual payment in full.

 

Section 3.Conversion
Rights.

 

a) Conversion.
On or after the earlier of (i) the date of the pricing of the Company’s IPO or (ii) the date of the Next Financing (as defined
below), the Holder of this Note will have the right, at the Holder’s option, to convert all or any portion of the Principal
Amount hereof and any accrued but unpaid interest thereon into shares of Common Stock in a manner and in accordance with Section
3(b) below (unless earlier paid or redeemed) at the Conversion Price as set forth below in Section 3(c) (subject to adjustment
as described herein). The shares of Common Stock to be issued upon such conversion are hereinafter referred to as the “Conversion
Shares.” The right to convert the Principal Amount or interest thereon of this Note called for redemption will terminate
at the earlier to occur of (i) the Maturity Date or (ii) the close of business on the Business Day prior to the Default Redemption
Date for such Note, unless the Company subsequently fails to pay the applicable Default Redemption Amount.

 

    	 	4	 

     

    

 

b) Mechanics
of Holder’s Conversion. In the event that the Holder elects to convert any portion of this Note into Common Stock, the
Holder shall give notice of such election by delivering a fully completed and executed notice of conversion (“Notice of
Conversion”) to the Company. The Notice of Conversion shall (i) provide a breakdown in reasonable detail of the Principal
Amount and/or accrued interest that is being converted, (ii) state the denominations in which such Holder wishes the certificate
or certificates evidencing the Conversion Shares to be issued and (iii) surrender this Note to the Company. On each Conversion
Date (as hereinafter defined) and in accordance with its Notice of Conversion, the Company shall make the appropriate reduction
to the Principal Amount and/or accrued interest as entered in its records and shall provide written notice thereof to the Holder
within five (5) Business Days after the Conversion Date. Each date on which a Notice of Conversion is delivered or telecopied to
the Company in accordance with the provisions hereof shall be deemed a Conversion Date (the “Conversion Date”).
Pursuant to the terms of the Notice of Conversion, the Company will issue instructions to its transfer agent, and cause to be issued
and delivered to the Holder not later than three (3) Business Days after each Conversion Date (the “Share Delivery Date”),
a certificate or certificates evidencing the number of full shares of Conversion Shares to which such Holder shall be entitled
as aforesaid and, if necessary, the Company shall cause to be issued and delivered to the Holder a new promissory note representing
any unconverted portion of this Note. The Company shall not issue fractional Conversion Shares upon conversion, but the number
of Conversion Shares to be received by any Holder upon conversion shall be rounded down to the next whole number and the Holder
shall be entitled to payment of the remaining Principal Amount from the Company by check or wire transfer. In the case of the exercise
of the conversion rights set forth herein the conversion privilege shall be deemed to have been exercised and the Conversion Shares
issuable upon such conversion shall be deemed to have been issued upon the date of receipt by the Company of the Notice of Conversion.
The Holder shall be treated for all purposes as the record holder of the Conversion Shares, unless the Holder provides the Company
written instructions to the contrary.

 

c) Conversion
Price. The Conversion Price of each Conversion Share, as of any Conversion Date, shall be the lower of $2.5480 (subject to
adjustment for any stock split, reverse stock split, reclassification or similar transaction) or seventy percent (70%) of the IPO
Price to Public or, if the IPO has not occurred by the Maturity Date, 70% of the price of the Next Financing (as hereinafter defined).
For purposes of this Note, “Next Financing” shall mean, after the Original Issue Date, the Company’s next
bona fide sale of its preferred stock or Common Stock in excess of $1,000,000 in gross proceeds, in one transaction or a series
of related transactions, which offering definitively sets a price per share of the Company’s Common Stock or preferred stock.
If, after the Original Issue Date, the Holders wish to convert before the Company completes the Next Financing, the Conversion
Price shall be $2.5480.

 

d) Failure
to Deliver Certificates. If, in the case of any Notice of Conversion, such certificate or certificates are not delivered to
or as directed by the applicable Holder by the Share Delivery Date, the Holder shall be entitled to elect by written notice to
the Company at any time on or before its receipt of such certificate or certificates, to rescind such conversion, in which event
the Company shall promptly return to the Holder any original Note delivered to the Company and the Holder shall promptly return
to the Company the Common Stock certificate or certificates issued to such Holder pursuant to the rescinded Conversion Notice.

 

    	 	5	 

     

    

 

e) Obligation
Absolute; Partial Liquidated Damages. The Company’s obligations to issue and deliver the Conversion Shares upon conversion
of this Note in accordance with the terms hereof are absolute and unconditional, irrespective of any action or inaction by the
Holder to enforce the same, any waiver or consent with respect to any provision hereof, the recovery of any judgment against any
Person or any action to enforce the same, or any setoff, counterclaim, recoupment, limitation or termination, or any breach or
alleged breach by the Holder or any other Person of any obligation to the Company or any violation or alleged violation of law
by the Holder or any other Person, and irrespective of any other circumstance which might otherwise limit such obligation of the
Company to the Holder in connection with the issuance of such Conversion Shares; provided, however, that such delivery
shall not operate as a waiver by the Company of any such action the Company may have against the Holder. In the event the Holder
of this Note shall elect to convert any or all of the outstanding Principal Amount or interest hereof, the Company may not refuse
conversion based on any claim that the Holder or anyone associated or affiliated with the Holder has been engaged in any violation
of law, agreement or for any other reason, unless an injunction from a court, on notice to the Holder, restraining and or enjoining
conversion of all or part of this Note shall have been sought and obtained, and the Company posts a surety bond for the benefit
of the Holder in the amount of 150% of the outstanding Principal Amount of this Note, which is subject to the injunction, which
bond shall remain in effect until the completion of arbitration/litigation of the underlying dispute and the proceeds of which
shall be payable to the Holder to the extent it obtains judgment. In the absence of such injunction, the Company shall issue the
Conversion Shares or, if applicable, cash, upon a properly noticed conversion. If the Company fails for any reason to deliver to
the Holder such certificate or certificates pursuant to Section 3(b) by the Share Delivery Date, the Company shall pay to the Holder,
in cash, as liquidated damages and not as a penalty, $1,000 per Business Day for each Business Day after such Share Delivery Date
until such certificates are delivered or Holder rescinds such conversion. Nothing herein shall limit a Holder’s right to
pursue actual damages or declare an Event of Default pursuant to Section 5 hereof for the Company’s failure to deliver Conversion
Shares within the period specified herein and the Holder shall have the right to pursue all remedies available to it hereunder,
at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief. 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.

 

f) Compensation
for Buy-In on Failure to Timely Deliver Certificates Upon Conversion. In addition to any other rights available to the Holder,
if the Company fails for any reason to deliver to the Holder such certificate or certificates by the Share Delivery Date pursuant
to Section 3(b), and if after such Share Delivery Date the Holder is required by its brokerage firm to purchase (in an open market
transaction or otherwise), or the Holder’s brokerage firm otherwise purchases, shares of Common Stock to deliver in satisfaction
of a sale by the Holder of the Conversion Shares which the Holder was entitled to receive upon the conversion relating to such
Share Delivery Date (a “Buy-In”), then the Company shall (A) pay in cash to the Holder (in addition to any other
remedies available to or elected by the Holder) the amount, if any, by which (x) the Holder’s total purchase price (including
any brokerage commissions) for the Common Stock so purchased exceeds (y) the product of (1) the aggregate number of shares of Common
Stock that the Holder was entitled to receive from the conversion at issue multiplied by (2) the actual sale price at which the
sell order giving rise to such purchase obligation was executed (including any brokerage commissions) and (B) at the option of
the Holder, either reissue (if surrendered) this Note in a principal amount equal to the principal amount of the attempted conversion
(in which case such conversion shall be deemed rescinded) or deliver to the Holder the number of shares of Common Stock that would
have been issued if the Company had timely complied with its delivery requirements under Section 3(b). For example, if the Holder
purchases Common Stock having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted conversion of this
Note with respect to which the actual sale price of the Conversion Shares (including any brokerage commissions) giving rise to
such purchase obligation was a total of $10,000 under clause (A) of the immediately preceding sentence, the Company shall be required
to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect
of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder’s
right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific
performance and/or injunctive relief with respect to the Company’s failure to timely deliver certificates representing shares
of Common Stock upon conversion of this Note as required pursuant to the terms hereof.

 

    	 	6	 

     

    

 

g) Adjustment
Provisions. The Conversion Price and number and kind of shares or other securities to be issued upon conversion pursuant to
this Note shall be subject to adjustment from time to time upon the happening of certain events while this conversion right remains
outstanding, as follows:

 

(i) Reclassification.
In the case of any reclassification, consolidation or merger of the Company with or into another entity or any merger of another
entity with or into the Company, or in the case of any sale, transfer or conveyance of all or substantially all of the assets of
the Company (computed on a consolidated basis), each Note then outstanding will, without the consent of any Holder, become convertible
only into the kind and amount of securities, cash or other property receivable upon such reclassification, consolidation, merger,
sale, transfer or conveyance by a Holder of the number of shares of Common Stock into which such Note was convertible immediately
prior thereto, after giving effect to any adjustment event.

 

(ii) Stock
Split, Dividend. If the number of shares of Common Stock outstanding at any time after the date hereof is increased by a subdivision
or split of Common Stock, or by the declaration of a dividend on the Common Stock, which dividend is wholly or partially in the
form of additional shares of Common Stock or any other securities of the Company, then immediately after the effective date of
such subdivision or split-up, or the record date with respect to such dividend, as the case may be, the Conversion Price shall
be appropriately reduced so that the holder of this Note thereafter exchanged shall be entitled to receive the percentage of shares
of Common Stock which such holder would have owned immediately following such action had this Note been exchanged immediately prior
thereto;

 

(iii) Reverse
Split. If the number of Common Stock outstanding at any time after the date hereof is decreased by a combination of the outstanding
Common Stock or reverse split, then, immediately after the effective date of such combination, the Conversion Price shall be appropriately
increased so that the holder of this Note thereafter exchanged shall be entitled to receive the percentage of shares of Common
Stock which such holder would have owned immediately following such action had this Note been exchanged immediately prior thereto.

 

(iv) Issuance
of New Note. Upon any partial conversion of this Note, a new promissory note containing the same date and provisions of this
Note shall be issued by the Company to the Holder for the principal balance of this Note and interest which shall not have been
converted or paid. The Holder shall not pay any costs, fees or any other consideration to the Company for the production and issuance
of a new promissory note.

 

    	 	7	 

     

    

 

(v) Reservation
of Shares. The Company shall at all times reserve for issuance and maintain available, out of its authorized but unissued Common
Stock, solely for the purpose of effecting the full conversion of the Note, the full number of shares of Common Stock deliverable
upon the conversion of the Note from time to time outstanding. The Company shall from time to time (subject to obtaining necessary
director and stockholder action), in accordance with the laws of the State of Delaware, increase the authorized number of shares
of its Common Stock if at any time the authorized number of shares of its Common Stock remaining unissued shall not be sufficient
to permit the conversion of the Note.

 

(vi) Subsequent
Equity Sales. If, at any time while this Note is outstanding, the Company sells or grants any option to purchase or sells or
grants any right to reprice, or otherwise disposes of or issues (or announces any sale, grant or any option to purchase or other
disposition), any Common Stock or Common Stock Equivalents entitling any Person to acquire shares of Common Stock at an effective
price per share that is lower than the then Conversion Price (such lower price, the “Base Conversion Price”
and such issuances, collectively, a “Dilutive Issuance”) (if the holder of the Common Stock or Common Stock
Equivalents so issued shall at any time, whether by operation of purchase price adjustments, reset provisions, floating conversion,
exercise or exchange prices or otherwise, or due to warrants, options or rights per share which are issued in connection with such
issuance, be entitled to receive shares of Common Stock at an effective price per share that is lower than the Conversion Price,
such issuance shall be deemed to have occurred for less than the Conversion Price on such date of the Dilutive Issuance), then
the Conversion Price shall be reduced to equal the Base Conversion Price. Such adjustment shall be made whenever such Common Stock
or Common Stock Equivalents are issued. Notwithstanding the foregoing, no adjustment will be made under this Section 3(g)(vi) in
respect of an Exempt Issuance. The Company shall notify the Holder in writing, no later than the Business Day following the issuance
of any Common Stock or Common Stock Equivalents subject to this Section 3(g)(vi), indicating therein the applicable issuance price,
or applicable reset price, exchange price, conversion price and other pricing terms (such notice, the “Dilutive Issuance
Notice”). For purposes of clarification, whether or not the Company provides a Dilutive Issuance Notice pursuant to this
Section 3(g)(vi), upon the occurrence of any Dilutive Issuance, the Holder will be entitled to receive a number of Conversion Shares
based upon the Base Conversion Price on or after the date of such Dilutive Issuance, regardless of whether the Holder accurately
refers to the Base Conversion Price in the Notice of Conversion.

 

Section 4.Registration
of Transfers and Exchanges.

 

a) Different
Denominations. This Note is exchangeable for an equal aggregate Principal Amount of Notes of different authorized denominations,
as requested by the Holder surrendering the same. No service charge will be payable for such registration of transfer or exchange.

 

    	 	8	 

     

    

 

b) Reliance
on Note Register. Prior to due presentment for transfer to the Company of this Note, the Company and any agent of the Company
may treat the Person in whose name this Note is duly registered on the Note Register as the owner hereof for the purpose of receiving
payment as herein provided and for all other purposes, whether or not this Note is overdue, and neither the Company nor any such
agent shall be affected by notice to the contrary.

 

Section 5.Events
of Default.

 

a) “Event
of Default” means, wherever used herein, any of the following events (whatever the reason for such event and whether
such event 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. any
default in the payment of (A) the Principal Amount of any Note or (B) interest, liquidated damages, Late Fees and other amounts
owing to a Holder on any Note, as and when the same shall become due and payable (whether on the Maturity Date or by acceleration
or otherwise) which default, solely in the case of an interest payment or other default under clause (B) above, is not cured within
five (5) Business Days;

 

ii. the
Company shall fail to observe or perform any other material covenant or agreement contained in the Notes which failure is not cured,
if possible to cure, within the earlier to occur of (A) five (5) Business Days after notice of such failure sent by the Holder
or by any other Holder to the Company and (B) ten (10) Business Days after the Company has become or should have become aware of
such failure;

 

iii. a
material default or material event of default (subject to any grace or cure period provided in the applicable agreement, document
or instrument) shall occur under (A) any of the Transaction Documents or (B) any other material agreement, lease, document or instrument
to which the Company or any Subsidiary is obligated and/or which any of their respective assets are subject to or bound by (and
not covered by clause (vi) below), which is not cured, waived or amended within ten (10) Business Days of notice of such default
from the other party to such agreements;

 

iv. any
representation or warranty made in this Note, any other Transaction Documents, any written statement pursuant hereto or thereto
or any other report, financial statement or certificate made or delivered to the Holder or any other Holder shall be untrue or
incorrect in any material respect as of the date when made or deemed made;

 

v. the
Company or any Subsidiary shall be subject to a Bankruptcy Event;

 

vi. the
Company or any Subsidiary shall default on any of its obligations under 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 that (a) involves an obligation
greater than $50,000, whether such indebtedness now exists or shall hereafter be created, and (b) results in such indebtedness
becoming or being declared due and payable prior to the date on which it would otherwise become due and payable, which is not cured,
waived or amended within ten (10) Business Days of notice of such default from the other party to such agreements;

 

    	 	9	 

     

    

 

vii. the
Company shall be a party to any Change of Control Transaction or Fundamental Transaction or shall agree to sell or dispose of all
or a portion of its assets in one transaction or a series of related transactions, without the approval of the Holder or Holders
(whether or not such sale would constitute a Change of Control Transaction);

 

viii. the
Company or any Subsidiary shall: (i) apply for or consent to the appointment of a receiver, trustee, custodian or liquidator of
it or any of its properties, (ii) admit in writing its inability to pay its debts as they mature, (iii) make a general assignment
for the benefit of creditors, (iv) be adjudicated abankrupt or insolvent or be the subject of an order for relief under Title 11
of the United States Code or any bankruptcy, reorganization, insolvency, readjustment of debt, dissolution or liquidation law or
statute of any other jurisdiction or foreign country, or (v) file a voluntary petition in bankruptcy, or a petition or an answer
seeking reorganization or an arrangement with creditors or to take advantage or any bankruptcy, reorganization, insolvency, readjustment
of debt, dissolution or liquidation law or statute, or an answer admitting the material allegations of a petition filed against
it in any proceeding under any such law, or (vi) take or permit to be taken any action in furtherance of or for the purpose of
effecting any of the foregoing;

 

ix. if
any order, judgment or decree shall be entered, without the application, approval or consent of the Company or any Subsidiary,
by any court of competent jurisdiction, approving a petition seeking liquidation or reorganization of the Company or any Subsidiary,
or appointing a receiver, trustee, custodian or liquidator of the Company or any Subsidiary, or of all or any substantial part
of its assets, and such order, judgment or decree shall continue unstayed and in effect for any period of sixty (60) days;

 

x. the
occurrence of any levy upon or seizure or attachment of, or any uninsured loss of or damage to, any property of the Company or
any Subsidiary having an aggregate fair value or repair cost (as the case may be) in excess of $50,000 individually or in the aggregate,
and any such levy, seizure or attachment shall not be set aside, bonded or discharged within thirty (30) days after the date thereof;

 

xi. any
monetary judgment, writ or similar final process shall be entered or filed against the Company or any of their respective property
or other assets for more than $50,000, and such judgment, writ or similar final process shall remain unvacated, unbonded or unstayed
for a period of 45 calendar days;

 

    	 	10	 

     

    

 

xii. the
Company, without the written consent of the Holders, shall enter into, create, incur, assume, guarantee or suffer to exist any
indebtedness for borrowed money of any kind, including, but not limited to, a guarantee on or with respect to any of its property
or assets now owned or hereafter acquired or any interest therein or any income or profits therefrom; or

 

xiii. the
Company, without the written consent of the Holders, shall enter into, create, incur, assume or suffer to exist any liens of any
kind on or with respect to any of its property or assets now owned or hereafter acquired or any interest therein or any income
or profits therefrom.

 

b) Remedies
Upon Event of Default. If any Event of Default occurs and is not cured within applicable cure periods, then the following default
provisions take effect:

 

i. Principal
and Interest. If any Event of Default specified in Section 5(a)(v), (viii) or (ix) occurs, then the outstanding Principal Amount
of this Note, plus accrued but unpaid interest, liquidated damages and other amounts owing in respect thereof through the date
of such Event of Default shall become immediately due and payable in cash, without any action on the part of the Holder, at the
Default Redemption Amount. If any other Event of Default occurs, the outstanding Principal Amount of this Note, plus accrued but
unpaid interest, liquidated damages and other amounts owing in respect thereof through the date of acceleration, shall become,
at the Holder’s election, immediately due and payable in cash at the Default Redemption Amount. After the occurrence of any
Event of Default that results in the eventual acceleration of this Note, the interest rate on this Note shall accrue at an additional
interest rate equal to the lesser 18% per annum or the maximum rate permitted under applicable law. Upon the payment in full of
the Default Redemption Amount, the Holder shall promptly surrender this Note to or as directed by the Company. In connection with
such acceleration described herein, the Holder need not provide, and the Company hereby waives, any presentment, demand, protest
or other notice of any kind, and the Holder may immediately and without expiration of any grace period enforce any and all of its
rights and remedies hereunder and all other remedies available to it under applicable law. Such acceleration may be rescinded and
annulled by Holder at any time prior to payment hereunder and the Holder shall have all rights as a holder of the Note until such
time, if any, as the Holder receives full payment pursuant to this Section 5(b).

 

ii. Future
Revenue and Capital. The Company shall use twenty-five percent (25%) of all the Company’s future revenue and capital
raised to pay down the Note.

 

iii. Additional
Warrant Coverage. The Company shall deliver to the Holder an additional warrant to purchase fifty percent (50%) of the shares
of Common Stock the Holder is entitled to in connection with the conversion of this Note when it first becomes convertible on the
same terms and conditions as the Warrant issued to the Holder concurrently with the execution and delivery of this Note.

 

    	 	11	 

     

    

 

iv. Board
Seat. Immediately upon any Event of Default, the Company shall grant and the Holder shall be entitled, together with the holders
of the other Notes (if any), to appoint one (1) director to the Board of Directors until such Event of Default is cured.

 

c) No
such rescission or annulment shall affect any subsequent Event of Default or impair any right consequent thereon. The Default Redemption
Amount shall be due and payable within five (5) Business Days of the date on which the notice for the payment therefor is provided
by a Holder. If the Company fails to pay in full the Default Redemption Amount hereunder on the date such amount is due in accordance
with this Section the Company will pay interest thereon at a rate equal to the lesser of 18% per annum or the maximum rate permitted
by applicable law, accruing and compounding daily from such date until the Default Redemption Amount, plus all such interest thereon,
is paid in full.

 

Section 6. Prepayment

 

At any time upon five
(5) days prior written notice to the Holder, the Company may prepay any portion of the Principal Amount of this Note, all accrued
and unpaid interest relating to such prepaid portion of the principal and all other amounts due under this Note. The written notice
shall, among other items, state the date such Prepayment Amount (as defined below) is to be paid to the Holder, which shall not
in any event be later than 5 days from the date of mailing of the prepayment notice to the Holder (“the Prepayment Date”).
If the Company exercises its right to prepay the Note, the Company shall make payment to the Holder of an amount in cash equal
to the product of (i) the sum of (x) the then outstanding principal amount of this Note, (y) all accrued but unpaid interest and
(z) all other amounts owed pursuant to this Note including, but not limited to, all Late Fees and liquidated damages (collectively
the “Prepayment Amount”), multiplied by (ii) 100%. If the entire Prepayment Amount is not received by the Holder
in immediately available funds by wire transfer pursuant to wire transfer instructions provided to the Company by the Holder, on
or before the Prepayment Date, such shall, (at the election of the Holder) be an Event of Default of the payment of principal pursuant
to Section 5(a)(1) hereof.

 

Section 7.Miscellaneous.

 

a) Notices.
Any and all notices or other communications or deliveries to be provided by the Holder hereunder shall be in writing and delivered
personally, by facsimile, or sent by a nationally recognized overnight courier service, addressed to the Company, at 555 West 5th
Street, Los Angeles, California 90013, or such other facsimile number or address as the Company may specify for such purposes by
notice to the Holder delivered in accordance with this Section 7(a). Any and all notices or other communications or deliveries
to be provided by the Company hereunder shall be in writing and delivered personally, by facsimile, or sent by a nationally recognized
overnight courier service addressed to each Holder at the facsimile number or address of the Holder appearing on the books of the
Company, or if no such facsimile number or address appears on the books of the Company, at the principal place of business of such
Holder, as set forth in the Purchase Agreement. Any notice or other communication or deliveries hereunder shall be deemed given
and effective on the earliest of (i) the date of transmission, if such notice or communication is delivered via facsimile at the
facsimile number set forth on the signature pages attached hereto prior to 12:00 p.m. (New York City time) on any date, (ii) the
next Business Day after the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number
set forth on the signature pages attached hereto on a day that is not a Business Day or later than 12:00 p.m. (New York City time)
on any Business Day, (iii) the second Business Day following the date of mailing, if sent by U.S. nationally recognized overnight
courier service or (iv) upon actual receipt by the party to whom such notice is required to be given.

 

    	 	12	 

     

    

 

b) Absolute
Obligation. Except as expressly provided herein, no provision of this Note shall alter or impair the obligation of the Company,
which is absolute and unconditional, to pay the principal of, liquidated damages and accrued interest, as applicable, on this Note
at the time, place, and rate, and in the coin or currency, herein prescribed. This Note is a direct debt obligation of the Company.
This Note ranks pari passu with all other Notes now or hereafter issued under the terms set forth herein.

 

c) Lost
or Mutilated Note. If this Note shall be mutilated, lost, stolen or destroyed, the Company shall execute and deliver, in exchange
and substitution for and upon cancellation of a mutilated Note, or in lieu of or in substitution for a lost, stolen or destroyed
Note, a new Note for the principal amount of this Note so mutilated, lost, stolen or destroyed, but only upon receipt of evidence
of such loss, theft or destruction of such Note, and of the ownership hereof, reasonably satisfactory to the Company.

 

d) Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of this Note shall be governed by
and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflict
of laws thereof. Each party agrees that all legal proceedings concerning the interpretation, enforcement and defense of the transactions
contemplated by any of the Transaction Documents (whether brought against a party hereto or its respective Affiliates, directors,
officers, shareholders, employees or agents) shall be commenced in the state and federal courts sitting in the New York County.
Each party hereto hereby irrevocably submits to the exclusive jurisdiction of the New York Courts for the adjudication of any dispute
hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to
the enforcement of any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert in any suit, action
or proceeding, any claim that it is not personally subject to the jurisdiction of such New York Courts, or such New York Courts
are improper or inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents
to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight
delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Note and agrees that such
service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to
limit in any way any right to serve process in any other manner permitted by applicable law. Each party hereto hereby irrevocably
waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out
of or relating to this Note or the transactions contemplated hereby. If any party shall commence an action or proceeding to enforce
any provisions of this Note, then the prevailing party in such action or proceeding shall be reimbursed by the other party for
its attorneys’ fees and other costs and expenses incurred in the investigation, preparation and prosecution of such action
or proceeding.

 

    	 	13	 

     

    

 

e) Waiver.
Any waiver by the Company or the Holder of a breach of any provision of this Note 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 Note. The failure of the Company or
the Holder to insist upon strict adherence to any term of this Note 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 Note on any other
occasion. Any waiver by the Company or the Holder must be in writing.

 

f) Severability.
If any provision of this Note is invalid, illegal or unenforceable, the balance of this Note 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 violates the applicable law governing usury,
the applicable rate of interest due hereunder shall automatically be lowered to equal the maximum rate of interest permitted under
applicable law. 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 Note as contemplated herein,
wherever enacted, now or at any time hereafter in force, or which may affect the covenants or the performance of this Note, 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 impede 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.

 

g) Remedies,
Characterizations, Other Obligations, Breaches and Injunctive Relief. The remedies provided in this Note shall be cumulative
and in addition to all other remedies available under this Note and any of the other Transaction Documents at law or in equity
(including a decree of specific performance and/or other injunctive relief), and nothing herein shall limit the Holder’s
right to pursue actual and consequential damages for any failure by the Company to comply with the terms of this Note. The Company
covenants to the Holder that there shall be no characterization concerning this instrument other than as expressly provided herein.
Amounts set forth or provided for herein with respect to payments, conversion and the like (and the computation thereof) shall
be the amounts to be received by the Holder and shall not, except as expressly provided herein, be subject to any other obligation
of the Company (or the performance thereof). The Company acknowledges that a breach by it of its obligations hereunder will cause
irreparable harm to the Holder and that the remedy at law for any such breach may be inadequate. The Company therefore agrees that,
in the event of any such breach or threatened breach, the Holder shall be entitled, in addition to all other available remedies,
to an injunction restraining any such breach or any such threatened breach, without the necessity of showing economic loss and
without any bond or other security being required. The Company shall provide all information and documentation to the Holder that
is requested by the Holder to enable the Holder to confirm the Company’s compliance with the terms and conditions of this
Note.

 

    	 	14	 

     

    

 

h) Successors
and Assigns. The terms and conditions of this Note shall inure to the benefit of and be binding upon the respective successors
and assigns of the Company and the Holder. Notwithstanding the foregoing, the Holder may not assign, pledge, or otherwise transfer
this Note without the prior written consent of the Company. Subject to the preceding sentence, this Note may be transferred only
upon surrender of the original Note for registration of transfer, duly endorsed, or accompanied by a duly executed written instrument
of transfer in form satisfactory to the Company. Thereupon, a new note for the same principal amount and interest will be issued
to, and registered in the name of, the transferee. Interest and principal are payable only to the registered holder of this Note.

 

i) Next
Business Day. 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.

 

j) Headings.
The headings contained herein are for convenience only, do not constitute a part of this Note and shall not be deemed to limit
or affect any of the provisions hereof.

 

k) Counterparts.
This Note may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed an original,
and all of which together shall constitute one and the same instrument.

 

(Signature Pages Follow)

 

    	 	15	 

     

    

 

IN WITNESS WHEREOF,
the Company has caused this Note to be duly executed by a duly authorized officer as of the date first above indicated.

 

	 	HYRECAR INC
	 	 
	 	By:	 
	 	 	Name:  Joseph Furnari
	 	 	Title: CEO and CFO

 

	HOLDER	 
	 	 	 
	By:	 	 
		Name:	 
		Title:	 

 

[Signature Page to 13% Senior Secured Convertible
Promissory Note]

 

    	 	16	 

     

    

 

EXHIBIT I

CONVERSION NOTICE

 

NOTICE OF CONVERSION

 

The undersigned hereby
elects to convert principal and/or accrued interest under the 13% Senior Secured Convertible Promissory Note due of Hyrecar Inc,
a Delaware corporation (the “Company”), into shares of common stock, par value $0.00001 per share (the “Common
Stock”) of the Company, according to the conditions hereof, as of the date written below. If shares of Common Stock are to
be issued in the name of a person other than the undersigned, the undersigned will pay all transfer taxes payable with respect
thereto and is delivering herewith such certificates and opinions as reasonably requested by the Company in accordance therewith.
No fee will be charged to the Holder for any conversion, except for such transfer taxes, if any.

 

Conversion Calculations:

 

Date to Effect Conversion: __________________________

 

Principal Amount of 13% Senior Secured Convertible

Promissory Note to be Converted: ________________________

 

Accrued Interest Amount of 13% Senior Secured

Convertible Promissory Note to be Converted: ______________________

 

Number of Shares of Common Stock to be Issued:
__________________

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