Document:

Exhibit
4.20

 

NEITHER
THIS NOTE NOR THE OFFER NOR SALE OF THE SECURITIES REPRESENTED BY THIS NOTE HAS BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED, (THE “SECURITIES ACT”). THE SECURITIES MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF AN EFFECTIVE
REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT, OR AN OPINION OF COUNSEL, IN FORM, SUBSTANCE AND SCOPE CUSTOMARY
FOR OPINIONS OF COUNSEL IN COMPARABLE TRANSACTIONS, THAT REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OR UNLESS SOLD
PURSUANT TO RULE 144 UNDER THE SECURITIES ACT.

 

QPAGOS

 

12%
CONVERTIBLE PROMISSORY NOTE 

DUE: DECEMBER 26, 2017

 

	$53,438.36	June
29, 2017 (the “Issuance Date”)

 

FOR
VALUE RECEIVED, the undersigned, QPAGOS (the “Company”), a Nevada corporation, promises to pay to the order COBBOLO
LIMITED, with an address located at Trident Chambers, P.O. Box 146, Roadtown, Tortola, BVI or its registered assigns (the “Holder”
or “Holders”), the principal sum of Fifty Three Thousand Four Hundred Thirty Eight Dollars and Thirty Six Cents (US$53,438.36)
or such lesser amount as shall equal the outstanding principal amount hereof (the “Principal”), together with interest
(computed on the basis of a 365-day year) on the outstanding principal amount at the rate of twelve percent (12%) per annum (the
“Interest Rate”) from the date hereof on the earlier of: (i) the six month anniversary of the Issuance Date (the “Maturity
Date”) or (ii) an Event of Default (as defined below),.

 

1.            Payment.
All payments of principal of, and interest on, this Note are to be made in lawful money of the United States of America.

 

2.            Interest.
Interest on this Note shall commence accruing on the Issuance Date, shall accrue daily at the Interest Rate on the amount of Principal
amount from time to time then outstanding, be computed on the basis of a 365-day year comprised of twelve (12) months.

 

3.            Prepayment.
In the event the Company elects to repay the Holder in full prior to the Maturity Date, the Company may repay the Principal Amount
outstanding and all accrued and unpaid interest without the consent of the Holder.

 

4.            Conversion.
(a) At the written election of the Holder (the “Notice of Election to Convert”) given
to the Company at any time prior to ten (10) days prior to the Maturity Date, the principal together with all accrued and unpaid
interest on this Note shall convert into shares of Common Stock on the Maturity Date at a conversion rate equal to $0.20 per share.

 

(b)         Upon
receipt of an executed Notice of Election to Convert within the ten day period together with this Original Note, the Company shall,
as soon as practicable after the conversion date set forth in the Notice of Election to Convert, issue and deliver to Holder a
certificate or certificates for the number of shares to which such Holder shall be entitled upon such conversion, including a
check payable to Holder for any cash amounts payable as described in Section 4(c). The Company shall send the Holder a
notice via facsimile or electronic mail confirming receipt of the Notice of Election to Convert within two (2) days of receipt
thereof.

 

     

     

    

 

Any
certificates representing shares of Common Stock issued pursuant to this Section 4 shall bear the following legend:

 

THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR
UNDER THE SECURITIES LAWS OF CERTAIN STATES. THESE SECURITIES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED
EXCEPT AS PERMITTED UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS IN ACCORDANCE WITH APPLICABLE REGISTRATION REQUIREMENTS
OR AN EXEMPTION THEREFROM. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE ISSUER
THAT SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION OTHERWISE COMPLIES WITH THE ACT AND ANY APPLICABLE STATE SECURITIES
LAWS. THIS CERTIFICATE MUST BE SURRENDERED TO THE COMPANY OR ITS TRANSFER AGENT AS A CONDITION PRECEDENT TO THE SALE, TRANSFER,
PLEDGE OR HYPOTHECATION OF ANY INTEREST IN ANY OF THE SECURITIES REPRESENTED HEREBY.

 

(c)          Fractional
Shares. No fractional shares of Common Stock shall be issued upon conversion of this Note. Upon the conversion of the outstanding
principal and unpaid accrued interest under this Note into Common Stock, in lieu of the Company issuing any fractional shares
to the Lender, the Company shall pay to the Holder the amount of outstanding principal and accrued interest that is not so converted.

 

5.            Governing
Law; Consent to Jurisdiction; Waiver of Jury Trial. This Note shall be governed by, and construed in accordance with, the
internal laws of the State of Nevada without regard to the choice of law principles thereof. The Company consents to accept service
of process by certified mail, return receipt requested in the event of litigation. The Company further consents to accept service
of process via recognized international courier in the case that the Company is not able to accept service by the certified mail
provided a receipt of delivery is available.

 

6.            Facsimile
Signatures. This Note may be executed by facsimile signature which shall, for all purposes be deemed to be as legally valid
and binding upon the Company as an original signature.

 

7.            Event
of Default. An “Event of Default” shall exist if any of the following conditions or events shall occur and be
continuing:

 

(a)          The
Company shall fail to pay in full the entire outstanding principal amount of this Note and all interest accrued hereon when due;

 

(b)          The
Company defaults in the performance of or compliance with its obligations under this Note, and such default has not been cured
for thirty (30) days after written notice of default is given to the Company;

 

(c)          The
Company: (i) admits in writing its inability to pay, its debts as they become due; (ii) files, or consents by answer or otherwise
to the filing against it of, a petition for relief or reorganization or arrangement or any other petition in bankruptcy, for liquidation
or to take advantage of any bankruptcy, insolvency, reorganization, moratorium or other similar law of any jurisdiction; (iii)
makes an assignment for the benefit of its creditors; (iv) consents to the appointment of a custodian, receiver, trustee or other
officer with similar powers with respect to it or with respect to any substantial part of its property; (v) is adjudicated as
insolvent or to be liquidated; or (vi) takes corporate action for the purpose of any of the foregoing; or

 

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(d)          A
court or governmental authority of competent jurisdiction enters an order appointing, without consent by the Company, a custodian,
receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its property,
or constituting an order for relief or approving a petition for relief or reorganization or any other petition in bankruptcy or
for liquidation or to take advantage of any bankruptcy or insolvency law of any jurisdiction, or ordering the dissolution, winding-up
or liquidation of the Company, or any such petition shall be filed against such party and such petition shall not be dismissed
within six (6) months.

 

8.            Remedies
Following An Event Of Default. Upon occurrence of an Event of Default, this Note and all accrued interest to the date of such
default shall, at the option of the Holder, immediately become due and payable without presentment, protest or notice of any kind,
all of which are waived by the Company.

 

9.            Adjustments.
The number of shares of Common Stock to be issued upon each conversion of this Note shall be subject to adjustments as follows:

 

(a)          If
the Company at any time subdivides (by any stock split, stock dividend, recapitalization, reorganization, reclassification or
otherwise) the shares of Common Stock acquirable hereunder into a greater number of shares, then, after the date of record for
effecting such subdivision, the Conversion Rate in effect immediately prior to such subdivision will be proportionately reduced.
If the Company at any time combines (by any reverse stock split, recapitalization, reorganization, reclassification or otherwise)
the shares of Common Stock acquirable hereunder into a smaller number of shares, then, after the date of record for effecting
such combination, the Conversion Rate in effect immediately prior to such combination will be proportionately increased.

 

(b)          If
at any time or from time to time after the date upon which this Note was issued by the Company, the shares of Common Stock issuable
upon the conversion of this Note shall be changed into the same or a different number of shares of any class or classes of stock,
whether by recapitalization, reclassification, reorganization, merger, exchange, consolidation, sale of assets or otherwise, then,
in any such event, each holder of the Notes shall have the right thereafter to convert such stock into the kind and amount of
stock and other securities and property receivable upon such recapitalization, reclassification, reorganization, merger, exchange,
consolidation, sale of assets, or otherwise by a holder of the number of shares of Common Stock into which such shares of this
Note could have been converted immediately prior to such recapitalization, reclassification, reorganization, merger, exchange,
consolidation, sale of assets, distribution of assets or other change, or with respect to such other securities or property by
the terms thereof.

 

(c)          Upon
the occurrence of each adjustment or readjustment of the Conversion Rate as a result of the events described in this Section 9,
the Company, at its expense, shall compute such adjustment or readjustment and prepare and furnish to the Lender a certificate
setting forth such adjustment or readjustment and showing in detail the facts upon which such adjustment or readjustment is based.
Failure to give such notice or any defect therein shall not affect the legality or validity of the subject adjustment.

 

10.          Vote
To Issue, Or Change The Terms Of, Notes. The written consent of the Holder shall be required for any change or amendment to
any of the Note.

 

11.          Transfer.
This Note may not be offered, sold, assigned or transferred by the Holder without the consent of the Company.

 

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12.
         Reissuance Of This Note.

 

(a)          Lost,
Stolen or Mutilated Note. Upon receipt by the Company of evidence reasonably satisfactory to the Company of the loss, theft,
destruction or mutilation of this Note, and, in the case of loss, theft or destruction, of any indemnification undertaking by
the Holder to the Company in customary form and, in the case of mutilation, upon surrender and cancellation of this Note, the
Company shall execute and deliver to the Holder a new Note (in accordance with Section 10(c) representing the outstanding principal.

 

(b)          Note
Exchangeable for Different Denominations. This Note is exchangeable, upon the surrender hereof by the Holder at the principal
office of the Company, for a new Note or Notes (in accordance with Section 10(c) and in principal amounts of at least $10,000)
representing in the aggregate the outstanding Principal of this Note, and each such new Note will represent such portion of such
outstanding Principal as is designated by the Holder at the time of such surrender.

 

(c)          Issuance
of New Notes. Whenever the Company is required to issue a new Note pursuant to the terms of this Note, such new Note: (i)
shall be of like tenor with this Note; (ii) shall represent, as indicated on the face of such new Note, the Principal remaining
outstanding (or in the case of a new Note being issued pursuant to Section 10(b), the Principal designated by the Holder which,
when added to the principal represented by the other new Notes issued in connection with such issuance, does not exceed the Principal
remaining outstanding under this Note immediately prior to such issuance of new Notes); (iii) shall have an issuance date, as
indicated on the face of such new Note, which is the same as the Issuance Date of this Note; (iv) shall have the same rights and
conditions as this Note; and (v) shall represent accrued and unpaid interest, if any, on the principal of this Note, from the
Issuance Date.

 

13.          Payment
of Collection, Enforcement and Other Costs. If: (a) this Note is placed in the hands of an attorney for collection or enforcement
or is collected or enforced through any legal proceeding or the Holder otherwise takes action to collect amounts due under this
Note or to enforce the provisions of this Note or (b) there occurs any bankruptcy, reorganization, receivership of the Company
or other proceedings affecting Company creditors’ rights and involving a claim under this Note, then the Company shall pay
the costs incurred by the Holder for such collection, enforcement or action or in connection with such bankruptcy, reorganization,
receivership or other proceeding, including, but not limited to, attorneys’ fees and disbursements.

 

14.          Construction;
Headings. This Note shall be deemed to be jointly drafted by the Company and the Holder and shall not be construed against
any Person as the drafter hereof. The headings of this Note are for convenience of reference and shall not form part of, or affect
the interpretation of, this Note.

 

15.          Failure
or Indulgence Not Waiver. No failure or delay on the part of the Holder in the exercise of any power, right or privilege hereunder
shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude other
or further exercise thereof or of any other right, power or privilege. No waiver shall be effective unless it is in writing and
signed by an authorized representative of the waiving party.

 

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16.         
Notices; Payments.

 

(a)          Notices.
Whenever a notice is required to be given under this Note, unless otherwise provided herein, the notice shall be given to the
Holder’s address set forth above. Any notice, demand or request required or permitted to be given by the Company or the
Holder pursuant to the terms of this Note shall be in writing and shall be deemed delivered: (i) when delivered personally or
by verifiable facsimile transmission, unless such delivery is made on a day that is not a business day, in which
case such delivery will be deemed to be made on the next succeeding business day; (ii) on the next business day after timely delivery
to an overnight courier; and (iii) on the business day actually received if deposited in the U.S. mail (certified or registered
mail, return receipt requested, postage prepaid), addressed as follows:

 

	COMPANY:	QPAGOS
	 	Paseo de la Reforma 404 Piso 15 PH
	 	Col. Juarez, Del. Cuauhtémoc
	 	Mexico, D.F. C.P. 06600
	 	 
	with a copy to:	Gracin & Marlow, LLP
	 	405 Lexington Avenue, 26th Floor
	 	New York, New York 10174
	 	Attention: Leslie Marlow, Esq.
	 	Facsimile: (212) 208-4657
	 	 
	HOLDER:	 

   

(b)         Payments.
Except as otherwise provided in this Note, whenever any payment of cash is to be made by the Company to any person pursuant to
this Note, such payment shall be made in lawful money of the United States of America by a check drawn on the account of the Company
and sent via overnight courier service to such person at such address as previously provided to the Company in writing; provided,
that the Holder may elect to receive a payment of cash via wire transfer of immediately available funds by providing the Company
with prior written notice setting out such request and the Holder’s wire transfer instructions. Whenever any amount expressed
to be due by the terms of this Note is due on any day which is not a business day, the same shall instead be due on the next succeeding
day which is a business day.

 

17.          Cancellation.
After all principal, interest and other amounts at any time owed on this Note have been paid in full, this Note shall automatically
be deemed cancelled, shall be surrendered to the Company for cancellation and shall not be reissued.

 

18.          Severability.
If any provision of this Note is prohibited by law or otherwise determined to be invalid or unenforceable by a court of competent
jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed amended to apply to the
broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such provision shall not affect
the validity of the remaining provisions of this Note so long as this Note as so modified continues to express, without material
change, the original intentions of the parties as to the subject matter hereof and the prohibited nature, invalidity or unenforceability
of the provision(s) in question does not substantially impair the respective expectations or reciprocal obligations of the parties
or the practical realization of the benefits that would otherwise be conferred upon the parties. The parties will endeavor in
good faith negotiations to replace the prohibited, invalid or unenforceable provision(s) with a valid provision(s), the effect
of which comes as close as possible to that of the prohibited, invalid or unenforceable provision(s).

 

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IN
WITNESS WHEREOF, the Company has executed and delivered this Note on the date and year first above written.

 

	 	QPAGOS
	 	 	 
	 	By:	/s/ Gaston
    Pereira
	 	Name: Gaston Pereira
	 	Title: Chief Executive Officer

  

6Exhibit
4.21

 

NEITHER
THIS WARRANT NOR THE SHARES OF COMMON STOCK ISSUABLE ON EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT
OR ANY OTHER SECURITIES LAWS (THE “ACTS”). NEITHER THIS WARRANT NOR THE SHARES OF COMMON STOCK PURCHASABLE HEREUNDER
MAY BE SOLD, TRANSFERRED, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THIS WARRANT OR
COMMON STOCK PURCHASABLE HEREUNDER, AS APPLICABLE, UNDER THE ACTS, OR (B) AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE
CORPORATION THAT REGISTRATION IS NOT REQUIRED UNDER SUCH ACTS.

 

QPAGOS

WARRANT

 

VOID
AFTER 5:00 P.M. NEW YORK TIME, 

JUNE 28, 2020

 

Issue
Date: June 29, 2017

 

1.            Basic
Terms. This Warrant (the “Warrant”) certifies that, for value received, the registered holder specified
below or its registered assigns (“Holder”) is the owner of a warrant of QPAGOS, a Nevada corporation (the
“Corporation”), subject to adjustments as provided herein, to purchase One Hundred Seventy Six Thousand Five Hundred
Twenty Nine (176,529) shares of the Common Stock, $.001 par value, of the Corporation (the “Common Stock”) from the
Corporation at the price per share shown below (the “Exercise Price”).

 

	Holder:	COBBOLO LIMITED
	 	Trident Chambers
	 	P.O. Box 146
	 	Roadtown, Tortola, BVI
	Exercise Price per share:	$0.30

  

Except
as specifically provided otherwise, all references in this Warrant to the Exercise Price and the number of shares of Common Stock
purchasable hereunder shall be to the Exercise Price and number of shares after any adjustments are made thereto pursuant to this
Warrant.

 

2.            Corporation’s
Representations/Covenants. The Corporation represents and covenants that the shares of Common Stock issuable upon the exercise
of this Warrant shall at delivery be fully paid and non-assessable and free from taxes, liens, encumbrances and charges with respect
to their purchase. The Corporation shall take any necessary actions to assure that the par value per share of the Common Stock
is at all times equal to or less than the then current Exercise Price per share of Common Stock issuable pursuant to this Warrant.
The Corporation shall at all times reserve and hold available sufficient shares of Common Stock to satisfy all conversion
and purchase rights of outstanding convertible securities, options and warrants of the Corporation, including this Warrant.

 

     

     

    

 

3.            Method
of Exercise; Fractional Shares.

 

(a)          Method
of Exercise. This Warrant is exercisable at the option of the Holder at any time by surrendering this Warrant, on any business
day during the period (the “Exercise Period”) beginning the business day after the issue date of this Warrant specified
above and ending at 5:00 p.m. (New York time) five (5) years after the issue date. To exercise this Warrant, the Holder shall
surrender this Warrant at the principal office of the Corporation or that of the duly authorized and acting transfer agent for
its Common Stock, together with the executed exercise form (substantially in the form of that attached hereto) and payment in
cash or by wire transfer of immediately available funds of an amount equal to the Exercise Price multiplied by the number of shares
of the Common Stock being purchased under this Warrant. The principal office of the Corporation is located at the address specified
in Section 1 of this Warrant; provided, however, that the Corporation may change its principal office upon notice
to the Holder. Payment shall be made by check payable to the order of the Corporation or by wire transfer. This Warrant is not
exercisable with respect to a fraction of a share of Common Stock. In lieu of issuing a fraction of a share remaining after exercise
of this Warrant as to all full shares covered by this Warrant, the Corporation shall either at its option (1) pay for the fractional
share cash equal to the same fraction at the fair market price for such share; or (2) issue scrip for the fraction in the registered
or bearer form which shall entitle the Holder to receive a certificate for a full share of Common Stock on surrender of scrip
aggregating a full share.

 

4.            Protection
Against Dilution. If the Corporation, with respect to the Common Stock: (a) pays a dividend or makes a distribution on shares
of common stock that is paid in shares of common stock or in securities convertible into or exchangeable for Common Stock (in
which latter event the number of shares of common stock initially issuable upon the conversion or exchange of such securities
shall be deemed to have been distributed); (b) subdivides outstanding shares of Common Stock; (c) combines outstanding shares
of Common Stock into a smaller number of shares; or (d) issues by reclassification of common stock any shares of capital stock
of the Corporation, the Exercise Price in effect immediately prior thereto and the number of shares of Common Stock issuable under
this Warrant shall be adjusted so that each Holder thereafter shall be entitled to receive the number and kind of shares of Common
Stock or other capital stock of the Corporation that it would have owned or been entitled to receive in respect of this Warrant
immediately after the happening of any of the events described above had this Warrant been converted immediately prior to the
happening of that event. An adjustment made in accordance with this section shall become effective immediately after the record
date, in the case of a dividend, and shall become effective immediately after the effective date, in the case of a subdivision,
combination, or reclassification. If, as a result of an adjustment made in accordance with this Section 4, the Holder becomes
entitled to receive shares of two or more classes of capital stock or shares of common stock and other capital stock of the Corporation,
the board of directors (whose determination shall be conclusive) shall determine the allocation of the adjusted Exercise Rate
between or among shares of such classes of capital stock or shares of Common Stock and other capital stock.

 

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5.            Adjustment
for Reorganization, Consolidation, Merger, Etc. In the event of any consolidation or merger to which the Corporation is a
party other than a consolidation or merger in which the Corporation is the continuing corporation, or the sale or conveyance to
another corporation of the property of the Corporation as an entirety or substantially as an entirety or any statutory exchange
of securities with another corporation (including any exchange effected in connection with a merger of a third corporation into
the Corporation) (each such transaction referred to herein as “Reorganization”), no adjustment of exercise
rights or the Exercise Price shall be made; provided, however, the Holder shall thereupon be entitled to receive and provision
shall be made therefor in any agreement relating to a Reorganization, the kind and number of securities or property (including
cash) of the corporation resulting from such consolidation or surviving such merger or to which such properties and assets shall
have been sold or otherwise transferred or with whom securities have been exchanged, which the Holder would have owned or been
entitled to receive as a result of such Reorganization had this Warrant been exercised immediately prior to such Reorganization
(and assuming the Holder failed to make an election, if any was available, as to the kind or amount of securities, property or
cash receivable by reason of such Reorganization; provided that if the kind or amount of securities, property or cash receivable
upon such Reorganization is not the same for each share of common stock in respect of which such rights of election shall not
have been exercised (“non-electing share”) then for the purpose of this section the kind and amount of securities,
property or cash receivable upon such Reorganization for each non-electing share shall be deemed to be the kind and amount so
receivable per share by a plurality of the non-electing shares). In any case, appropriate adjustment shall be made in the application
of the provisions herein set forth with respect to the rights and interests thereafter of the Holder, to the end that the provisions
set forth herein (including the specified changes and other adjustments to the conversion rate) shall thereafter be applicable,
as nearly as reasonably may be, in relation to any shares, other securities or property thereafter receivable upon exercise of
this Warrant. The provisions of this section similarly apply to successive Reorganizations.

 

6.            Notice
of Adjustment. On the happening of an event requiring an adjustment of the Exercise Price or the shares purchasable under
this Warrant, the Corporation shall, within thirty (30) days, give written notice to the Holder stating the adjusted Exercise
Price and the adjusted number and kind of securities or other property purchasable under this Warrant resulting from the event
and setting forth in reasonable detail the method of calculation and the facts upon which the calculation is based.

 

7.            Dissolution,
Liquidation. In case of the voluntary or involuntary dissolution, liquidation or winding up of the Corporation (other than
in connection with reorganization, consolidation, merger, or other transaction covered by paragraph 5 above) is at any time proposed;
the Corporation shall give at least thirty days prior written notice to the Holder. Such notice shall contain: (a) the date on
which the transaction is to take place; (b) the record date (which shall be at least thirty (30) days after the giving of the
notice) as of which holders of Common Stock will be entitled to receive distributions as a result of the transaction; (c) a brief
description of the transaction; (d) a brief description of the distributions to be made to holders of Common Stock as a result
of the transaction; and (e) an estimate of the fair value of the distributions. On the date of the transaction, if it actually
occurs, this Warrant and all rights under this Warrant shall terminate.

 

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9.            Rights
of Holder. The Corporation shall deliver to the Holder all notices and other information provided to its holders of shares
of Common Stock or other securities which may be issuable hereunder concurrently with the delivery of such information to the
holders. This Warrant does not entitle the Holder to any voting rights or, except for the foregoing notice provisions, any other
rights as a shareholder of the Corporation. No dividends are payable or will accrue on this Warrant or the shares of Common Stock
purchasable under this Warrant until, and except to the extent that, this Warrant is exercised. Upon the surrender of this Warrant
and payment of the Exercise Price as provided above, the person or entity entitled to receive the shares of Common Stock issuable
upon such exercise shall be treated for all purposes as the record holder of such shares as of the close of business on the date
of the surrender of this Warrant for exercise as provided above. Upon the exercise of this Warrant, the Holder shall have all
of the rights of a shareholder in the Corporation.

 

10.          Exchange
for Other Denominations. This Warrant is exchangeable, on its surrender by the Holder to the Corporation, for a new Warrant
of like tenor and date representing in the aggregate the right to purchase the balance of the number of shares purchasable under
this Warrant in denominations and subject to restrictions on transfer contained herein, in the names designated by the Holder
at the time of surrender.

 

11.          Substitution.
Upon receipt by the Corporation of evidence satisfactory (in the exercise of reasonable discretion) to it of the ownership of
and the loss, theft or destruction or mutilation of the Warrant, and (in the case or loss, theft or destruction) of indemnity
satisfactory (in the exercise of reasonable discretion) to it, and (in the case of mutilation) upon the surrender and cancellation
thereof, the Corporation will issue and deliver, in lieu thereof, a new Warrant of like tenor.

 

12.          Restrictions
on Transfer. Neither this Warrant nor the shares of Common Stock issuable on exercise of this Warrant have been registered
under the Securities Act or any other securities laws (the “Acts”). Neither this Warrant nor the shares of Common
Stock purchasable hereunder may be sold, transferred, pledged or hypothecated in the absence of (i) an effective registration
statement for this Warrant or Common Stock purchasable hereunder, as applicable, under the Acts, or (ii) an opinion of counsel
reasonably satisfactory to the Corporation that registration is not required under such Acts. If the Holder seeks an opinion as
to transfer without registration from Holder’s counsel, the Corporation shall provide such factual information to Holder’s
counsel as Holder’s counsel reasonably requests for the purpose of rendering such opinion. Each certificate evidencing shares
of Common Stock purchased hereunder will bear a legend describing the restrictions on transfer contained in this paragraph unless,
in the opinion of counsel reasonably acceptable to the Corporation, the shares need no longer to be subject to the transfer restrictions.

 

13.          Transfer.
Except as otherwise provided in this Warrant, this Warrant is transferable only on the books of the Corporation by the Holder
in person or by attorney, on surrender of this Warrant, properly endorsed.

 

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14.          Recognition
of Holder. Prior to due presentment for registration of transfer of this Warrant, the Corporation shall treat the Holder as
the person exclusively entitled to receive notices and otherwise to exercise rights under this Warrant. All notices required or
permitted to be
given to the Holder shall be in writing and shall be given by first class mail, postage prepaid, addressed to the Holder
at the address of the Holder appearing in the records of the Corporation.

 

15.          Payment of Taxes. The Corporation shall pay all taxes and other governmental charges, other than applicable income taxes, that may
be imposed with respect to the issuance of shares of Common Stock pursuant to the exercise of this Warrant.

 

16.          Headings. The headings in this Warrant are for purposes of convenience in reference only, shall not be deemed to constitute a part of
this Warrant and shall not affect the meaning or construction of any of the provisions of this Warrant.

 

17.          Miscellaneous. This Warrant may not be changed, waived, discharged or terminated except by an instrument in writing signed by the Corporation
and the Holder. This Warrant shall inure to the benefit of and shall be binding upon the successors and assigns of the Corporation.
Under no circumstances may this Warrant be assigned by the Holder.

 

18.          Governing
Law. This Warrant shall be governed by and construed in accordance with the laws of the State of Nevada without giving effect
to its principles governing conflicts of law.

 

	 	QPAGOS
	 	 	 
	 	By:	/s/ Gaston Pereira
	 	Name: Gaston Pereira
	 	Title: President and Chief Executive Officer

  

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QPAGOS

Form
of Transfer

 

(To
be executed by the Holder to transfer the Warrant)

 

For
value received the undersigned registered holder of the attached Warrant hereby sells, assigns, and transfers the Warrant to the
Assignee(s) named below:

 

	Names
    of

    Assignee	 	Address	 	Taxpayer
    ID No.	 	Number
    of shares 

    subject to transferred 

    Warrant
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

  

The
undersigned registered holder further irrevocably appoints _______________________________________________attorney
(with full power of substitution) to transfer this Warrant as aforesaid on the books of the Corporation.

 

	Date:	 	 	 
	 	 	 	Signature

 

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QPAGOS

Exercise
Form

 

(To
be executed by the Holder to purchase 

Common Stock pursuant to the Warrant)

 

The
undersigned holder of the attached Warrant hereby irrevocably elects to exercise purchase rights represented by such Warrant for,
and to purchase,________________shares of Common Stock of QPAGOS, a Nevada corporation. The undersigned tenders payment for those shares
by wire transfer or enclosed check.

 

The
undersigned requests that (1) a certificate for the shares be issued in the name of the undersigned and (2) if the number of shares
with respect to which the undersigned holder has exercised purchase rights is not all of the shares purchasable under this Warrant,
that a new Warrant of like tenor for the balance of the remaining shares purchasable under this Warrant be issued.

 

	Date:	 	 	 
	 	 	 	Signature

 

7

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