Document:

Exhibit 10.4

 

YAYYO, INC.

 

2016 EQUITY INCENTIVE PLAN

 

Adopted: November 30, 2016

 

1.           Purposes
of the Plan. The purposes of the YayYo, Inc., 2016 Equity Incentive Plan are to attract and retain the best available
personnel for positions of substantial responsibility, to provide additional incentive to Employees, Directors, and Consultants,
of YayYo, Inc. and to promote the success of the Company’s business. Options granted under the Plan may be Incentive Stock Options
or Non-Qualified Stock Options, as determined by the Administrator at the time of grant. Stock Purchase Rights may also be granted
under the Plan.

 

2.           Definitions.
As used herein, the following definitions shall apply:

 

(a)          “Administrator”
means the Board or the Committee responsible for conducting the general administration of the Plan, as applicable, in accordance
with Section 4 hereof.

 

(b)          “Affiliate”
means a corporation or other entity that, directly or through one or more intermediaries, controls, is controlled by or
is under common control with, the Company.

 

(c)          “Applicable
Laws” means the requirements relating to the administration of stock option plans under U.S. state corporate laws.
U.S. federal and state securities laws, the Code, any stock exchange or quotation system on which the Common Stock is listed or
quoted, and the applicable laws of any foreign country or jurisdiction where Options or Stock Purchase Rights are granted under
the Plan.

 

(d)          “Award”
means any right granted under the Plan, including an Incentive Stock Option, a Non-qualified Stock Option, or a Stock Purchase
Right.

 

(e)          “Board”
means the Board of Directors of the Company.

 

(f)          “Change
in Control” shall mean and include each of the following:

 

(i)          a
dissolution or liquidation of the Company:

 

(ii)         a
merger or consolidation in which the Company is not the surviving corporation (other than a merger or consolidation with a wholly-owned
subsidiary, a reincorporation of the Company in a different jurisdiction, or other transaction in which there is no substantial
change in the stockholders of the Company or their relative stock holdings and the Options and Stock Purchase Rights granted under
this Plan are assumed, converted or replaced by the successor or acquiring corporation, which assumption, conversion or replacement
will be binding on all Holders);

 

(iii)        a
merger in which the Company is the surviving corporation but after which the stockholders of the Company immediately prior to such
Exchange (other than any stockholder which merges with the Company in such merger, or which owns or controls another corporation
which merges with the Company in such merger) cease to own at least a majority of the combined voting power of the surviving corporation’s
outstanding voting securities immediately after the transaction; or

  

(iv)        the
sale of all or substantially all of the assets of the Company.

  

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The Administrator shall have full and final authority, which shall
be exercised in its sole discretion, to determine conclusively whether a Change in Control has occurred pursuant to the above definition,
and the date of the occurrence of such Change in Control and any incidental matters relating thereto.

 

(g)          “Code”
means the Internal Revenue Code of 1986, as amended, or any successor statute or statutes thereto. Reference to any particular
Code section shall include any successor section.

 

(h)          “Committee”
means a committee appointed by the Board in accordance with Section 4 hereof.

 

(i)          “Common
Stock” means the common stock of the Company,

 

(j)          “Company”
means Yay Yo, Inc., a Delaware corporation.

 

(k)          “Consultant”
means any consultant or adviser if: (i) the consultant or adviser renders bona fide services to the Company or any
Parent or Subsidiary of the Company; (ii) the services rendered by the consultant or adviser are not in connection with the offer
or sale of securities in a capital-raising transaction and do not directly or indirectly promote or maintain a market for the Company’s
securities; and (iii) the consultant or adviser is a natural person.

 

(I)         “Continuous
Service” means that the Participant’s service with the Company or an Affiliate, whether as an Employee, Consultant
or Director, is not interrupted or terminated. The Participant’s Continuous Service shall not be deemed to have terminated merely
because of a change in the capacity in which the Participant renders service to the Company or an Affiliate as an Employee, Consultant
or Director or a change in the entity for which the Participant renders such service, provided that there is no interruption
or termination of the Participant’s Continuous Service; provided further that if any Award is subject to Section 409A of
the Code, this sentence shall only be given effect to the extent consistent with Section 409A of the Code. For example, a change
in status from an Employee of the Company to a Director of an Affiliate will not constitute an interruption of Continuous Service.
The Committee or its delegate, in its sole discretion, may determine whether Continuous Service shall be considered interrupted
in the case of any leave of absence approved by that party’, including sick leave, military leave or any other personal or family
leave of absence.

 

(m)          “Director”
means a member of the Company’s Board of Directors.

 

(n)          “Disability”
means total and permanent disability within the meaning of Section 22(e)(3) of the Code.

 

(o)          “Employee’’
means any person, including an Officer or Director, who is an employee (as defined in accordance with Section 3401(c) of
the Code) of the Company or any Parent or Subsidiary of the Company. A Service Provider shall not cease to be an Employee in the
case of (i) any leave of absence approved by the Company or (ii) transfers between locations of the Company or between the Company,
its Parent, any Subsidiary, or any successor. For purposes of Incentive Stock Options, no such leave may exceed ninety (90) days,
unless reemployment upon expiration of such leave is guaranteed by statute or contract. Neither service as a Director nor payment
of a director’s fee by the Company shall be sufficient, by itself, to constitute “employment” by the Company.

 

(p)          “Equity
Restructuring” shall mean a non-reciprocal transaction between the Company and its stockholders, such as a stock dividend,
stock split, spin-off, rights offering, or recapitalization through a large, nonrecurring cash dividend, that affects the shares
of Common Stock (or other securities of the Company) or the share price of Common Stock (or other securities) and causes a change
in the per share value of the Common Stock underlying outstanding awards granted under the Plan.

 

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(q)          “Exchange
Act” means the Securities Exchange Act of 1934, as amended, or any successor statute or statutes thereto. Reference
to any particular Exchange Act section shall include any successor section.

 

(r)          “Fair
Market Value” means, as of any date, the value of a share of Common Stock determined as follows:

 

(i)          If
the Common Stock is listed on any established stock exchange or a national market system, its Fair Market Value shall be the closing
sales price for a share of such stock (or the closing bid, if no sales were reported) as quoted on such exchange or system for
such date, or if no bids or sales were reported for such date, then the closing sales price (or the closing bid, if no sales were
reported) on the trading date immediately prior to such date during which a bid or sale occurred, in each case, as reported in
The Wall Street Journal or such other source as the Administrator deems reliable:

 

(ii)         If
the Common Stock is regularly quoted by a recognized securities dealer but selling prices are not reported, its Fair Market Value
shall be the mean between the high bid and low asked prices for a share of the Common Stock on such date, or if no closing bid
and asked prices were reported for such date, the date immediately prior to such date during which closing bid and asked prices
were quoted for such Common Stock, in each case, as reported in The Wall Street Journal or such other source as the Administrator
deems reliable; or

 

(iii)        In
the absence of an established market for the Common Stock, the Fair Market Value thereof shall be determined by the Administrator.

 

(s)          “Holder”
means a person who has been granted or awarded an Award (i.e. Option or Stock Purchase Right) or who holds Shares acquired
pursuant to the exercise of an Option or Stock Purchase Right.

 

(t)          “Incentive
Stock Option” means an Option intended to qualify as an incentive stock option within the meaning of Section 422 of
the Code and which is designated as an Incentive Stock Option by the Administrator.

 

(u)          “Independent
Director” means a Director who is not an Employee of the Company.

 

(v)         “Non-Qualified
Stock Option” means an Option (or portion thereof) that is not designated as an Incentive Stock Option by the Administrator,
or which is designated as an Incentive Stock Option by the Administrator but fails to qualify as an incentive stock option within
the meaning of Section 422 of the Code.

 

(w)          “Officer”
means a person who is an officer of the Company within the meaning of Section 16 of the Exchange Act and the rules and
regulations promulgated thereunder.

 

(x)          “Option”
means a stock option granted pursuant to the Plan.

 

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(y)          “Option
Agreetnent” means a written agreement between the Company and a Holder evidencing the terms and conditions of an individual
Option grant, which may be either an Incentive Stock Option Agreement or Non-Qualified Stock Option Agreement, as applicable. The
Option Agreement is subject to the terms and conditions of the Plan.

 

(z)          “Parent”
means any corporation (or other entity), whether now or hereafter existing (other than the Company), in an unbroken chain
of corporations (or other entities) ending with the Company if each of the corporations (or other entities) other than the last
corporation (or other entity) in the unbroken chain owns stock (or other equity interests) possessing more than fifty percent (50%)
of the total combined voting power of all classes of stock (or other equity interests) in one of the other corporations (or other
entities) in such chain.

 

(aa)         “Participant”
means an eligible person to whom an Award is granted pursuant to the Plan or, if applicable, such other person who holds
an outstanding Award.

 

(bb)         “Plan”
means the YayYo, Inc., 2016 Equity Incentive Plan.

 

(cc)         “Public
Trading Date” means the first date upon which Common Stock of the Company is listed (or approved for listing) upon
notice of issuance on any securities exchange or designated (or approved for designation) upon notice of issuance as a national
market security on an interdealer quotation system.

 

(dd)         “Restricted
Stock” means Shares acquired pursuant to the exercise of an unvested Option in accordance with Section 10(h)
below or pursuant to a Stock Purchase Right granted under Section 12 below.

 

(ee)         “Restricted
Stock Purchase Agreement” means a written agreement between the Company and a Holder evidencing the terms and conditions
of the Holder’s purchase of Restricted Stock pursuant to the exercise of an unvested Option in accordance with Section 10(h)
below or a Stock Purchase Right granted under Section 12 below.

 

(ff)         “Rule
16b-3” means that certain Rule 16b-3 under the Exchange Act, as such Rule may be amended from time to time.

 

(gg)         “Section
16(h)” means Section 16(b) of the Exchange Act, as such Section may be amended from time to time.

 

(hh)         “Securities
Act” means the Securities Act of 1933, as amended, or any successor statute or statutes thereto. Reference to any
particular Securities Act section shall include any successor section.

 

(ii)         “Service
Provider” means an Employee, Director, or Consultant.

 

(jj)         “Share”
means a share of Common Stock, as adjusted in accordance with Section 13 below.

 

(kk)         “Stock
Purchase Right” means a right to purchase Common Stock pursuant to Section 12 below.

 

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(ll)         “Subsidiary”
means any corporation (or other entity), whether now or hereafter existing (other than the Company), in an unbroken chain
of corporations (or other entities) beginning with the Company if each of the corporations (or other entities) other than the last
corporation (or other entity) in the unbroken chain owns stock possessing more than fifty percent (50%) of the total combined voting
power of all classes of stock in one of the other corporations (or other entities) in such chain.

 

3.           Stock
Subject to the Plan. Subject to the provisions of Section 13 hereof, the shares of stock subject to Options
or Stock Purchase Rights shall be Common Stock. Subject to the provisions of Section 13 hereof, the maximum aggregate
number of Shares which may be issued upon exercise of such Options or Stock Purchase Rights is Ten Million (10,000,000) Shares
of Company Common Stock. Shares issued upon exercise of Options or Stock Purchase Rights may be authorized but unissued, or reacquired
Common Stock. If an Option or Stock Purchase Right expires or becomes unexercisable without having been exercised in full, the
unpurchased Shares which were subject thereto shall become available for future grant or sale under the Plan (unless the Plan has
terminated). Shares which are delivered by the Holder or withheld by the Company upon the exercise of an Option or Stock Purchase
Right under the Plan, in payment of the exercise price thereof or tax withholding thereon. ma\ again be optioned, granted, or awarded
hereunder, subject to the limitations of this Section 3. If Shares of Restricted Stock are repurchased by the Company
at their original purchase price, such Shares shall become available for future grant under the Plan (unless the Plan has terminated).
Notwithstanding the provisions of this Section 3, no Shares may again be optioned, granted, or awarded if such action
would cause an Incentive Stock Option to fail to qualify as an Incentive Stock Option under Code Section 422.

 

4.           Administration
of the Plan.

 

(a)          Administrator.
Unless and until the Board delegates administration to a Committee as set forth below, the Plan shall be administered by
the Board. The Board may delegate administration of the Plan to a Committee or Committees of one (1) or more members of the Board,
and the term “Committee” shall apply to any person or persons to whom such authority has been delegated. If administration
is delegated to a Committee, the Committee shall have, in connection with the administration of the Plan, the powers theretofore
possessed by the Board, including the power to delegate to a subcommittee any of the administrative powers the Committee is authorized
to exercise (and references in the Plan to the Board shall thereafter be to the Committee or subcommittee), subject, however, to
such resolutions, not inconsistent with the provisions of the Plan, as may be adopted from time to time by the Board. Notwithstanding
the foregoing, however, unless otherwise determined by the Board, from and after the Public Trading Date, a Committee of the Board
shall administer the Plan and the Committee shall consist solely of two (2) or more Independent Directors each of whom is an “outside
director.” within the meaning of Section 162(m) of the Code, a “non-employee director” within the meaning
of Rule 16b-3. and qualifies as “independent” within the meaning of any applicable stock exchange listing requirements.
Members of the Committee shall also satisfy any other legal requirements applicable to membership on the Committee, including requirements
under the Sarbanes-Oxley Act of 2002 and other Applicable Laws. Within the scope of its authority, in the absence of Independent
Directors or otherwise, the Board or the Committee may (i) delegate to a committee of one (1) or more members of the Board who
are not Independent Directors the authority to grant awards under the Plan to eligible persons who are either (A) not then “covered
employees” within the meaning of Section 162(m) of the Code and are not expected to be “covered employees”
at the time of recognition of income resulting from such award, or (B) not persons with respect to whom the Company wishes
to comply with Section 162(m) of the Code, and/or (ii) delegate to a committee of one (1) or more members of the Board who are
not “non-employee directors,” within the meaning of Rule 16b-3, the authority to grant awards under the Plan to
eligible persons who are not then subject to Section 16 of the Exchange Act. The Board may abolish the Committee at any time and
revest in the Board the administration of the Plan. Appointment of Committee members shall be effective upon acceptance of appointment.
Committee members may resign at any time by delivering written notice to the Board. Vacancies in the Committee may only be filled
by the Board.

 

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(b)          Powers
of the Administrator. Subject to the provisions of the Plan and the specific duties delegated by the Board to such Committee,
and subject to the approval of any relevant authorities, the Administrator shall have the authority in its sole discretion:

 

(i)          to
detenuine the Fair Market Value;

 

(ii)         to
select the Service Providers to whom Options and Stock Purchase Rights may from time to time be granted hereunder;

 

(iii)        to
determine the number of Shares to be covered by each such award granted hereunder;

 

(iv)        to
approve forms of agreement for use under the Plan;

 

(v)         to
determine the terms and conditions of any Option or Stock Purchase Right granted hereunder (such terms and conditions include,
but are not limited to, the exercise price, the time or times when Options or Stock Purchase Rights may vest or be exercised (which
may be based on performance criteria), any vesting acceleration or waiver of forfeiture restrictions, and any restriction or limitation
regarding any Option or Stock Purchase Right or the Common Stock relating thereto, based in each case on such factors as the Administrator,
in its sole discretion, shall determine);

 

(vi)        to
determine whether to offer to buyout a previously granted Option as provided in Section 10(i) hereof and to determine
the terms and conditions of such offer and buyout (including whether payment is to be made in cash or Shares);

 

(vii)       to
prescribe, amend, and rescind rules and regulations relating to the Plan, including rules and regulations relating to sub-plans
established for the purpose of qualifying for preferred tax treatment under foreign tax laws;

 

(viii)      to
allow Holders to satisfy withholding tax obligations by electing to have the Company withhold from the Shares to be issued upon
exercise of an Option or Stock Purchase Right that number of Shares having a Fair Market Value equal to the minimum amount required
to be withheld based on the statutory withholding rates for federal and state tax purposes that apply to supplemental taxable income.
The Fair Market Value of the Shares to be withheld shall be determined on the date that the amount of tax to be withheld is to
be determined. All elections by Holders to have Shares withheld for this purpose shall be made in such form and under such conditions
as the Administrator may deem necessary or advisable;

 

(ix)         to
amend the Plan or any Option or Stock Purchase Right granted under the Plan as provided in Section 15 hereof; and

 

(x)          to
construe and interpret the terms of the Plan and awards granted pursuant to the Plan and to exercise such powers and perform such
acts as the Administrator deems necessary or desirable to promote the best interests of the Company which are not in conflict with
the express written provisions of the Plan.

 

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(c)          Effect
of Administrator’s Decision. All decisions, determinations, and interpretations of the Administrator shall be final and
binding on all Holders.

 

5.           Eligibility.
Non-Qualified Stock Options and Stock Purchase Rights may be granted to Service Providers (i.e., Employees, Directors and Consultants).
Incentive Stock Options may be granted only to Employees of the Company (or a “parent corporation” or “subsidiary
corporation” thereof within the meaning of Code Sections 424(e) or 424(f), respectively). If otherwise eligible, a Service
Provider who has been granted an Option or Stock Purchase Right may be granted additional Options or Stock Purchase Rights.

 

6.           Limitations.

 

(a)          Designations. Each
Option shall be designated by the Administrator in the Option Agreement as either an Incentive Stock Option or
a Non-Qualified Stock Option. However, notwithstanding such designations, to the extent that the aggregate Fair Market Value
of Shares subject to a Holder’s Incentive Stock Options and other incentive stock options granted by the Company (or a “parent
corporation” or “subsidiary corporation” thereof within the meaning of Code Sections 424(e) or
424(f), respectively), which become exercisable for the first time during any calendar year (under all plans of the Company
or any such parent or subsidiary) exceeds one hundred thousand dollars ($100,000), such excess Options or other options shall
be treated as Non-Qualified Stock Options. If the Code is amended to provide for a different limitation from that set forth
in the preceding sentence, such different limitation shall be deemed incorporated herein effective as of the date and with
respect to such Options as required or permitted by such amendment to the Code.

 

For purposes of this Section
6(a), Incentive Stock Options shall be taken into account in the order in which they were granted, and the Fair Market
Value of the Shares shall be determined as of the time of grant.

 

(b)          Employment
or Consulting Relationship at Will. Neither the Plan, any Option, nor any Stock Purchase Right shall confer upon a Holder
any right with respect to continuing the Holder’s employment or consulting relationship with the Company, nor shall they interfere
in any way with the Holder’s right or the Company’s right to terminate such employment or consulting relationship at any time,
with or without cause.

 

(c)          Options
or Stock Purchase Rights Granted. For purposes of this Section 6(c), if an Option is canceled in the same
calendar year it was granted (other than in connection with a transaction described in Section 13 hereof), the canceled
Option will be counted against the limit set forth in this Section 6(c). For this purpose, if the exercise price
of an Option is reduced, the transaction shall be treated as a cancellation of the Option and the gr n by the Board and shall continue
in effect until it is terminated under Section 15 hereof. No Options or Stock Purchase Rights may be issued under
the Plan after the tenth (10th) anniversary of the earlier of (a) the date upon which the Plan is adopted by the Board or (b) the
date the Plan is approved by the stockholders.

 

7.          Term
of Option. The term of each Option shall be stated in the Option Agreement; provided, however, that the term
shall be no more than ten (10) years from the date of grant thereof. In the case of an Incentive Stock Option granted to a Holder
who, at the time the Option is granted, owns (or is treated as owning under Code Section 424) stock representing more than ten
percent (10%) of the voting power of all classes of stock of the Company (or a “parent corporation” or “subsidiary
corporation” thereof within the meaning of Code Sections 424(e) or 424(f), respectively), the term of the Option shall
be five (5) years from the date of grant or such shorter term as may be provided in the Option Agreement.

 

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8.           Option
Exercise Price and Consideration.

 

(a)          Per
Share Exercise Price. Except as provided in Section 13 hereof, the per share exercise price for the Shares
to be issued upon exercise of an Option shall be such price as is determined by the Administrator, but shall be subject to the
following:

 

(i)           In
the case of an Incentive Stock Option:

 

(A)         granted
to an Employee who, at the time of grant of such Option, owns (or is treated as owning under Code Section 424) stock representing
more than ten percent (10%) of the voting power of all classes of stock of the Company (or a “parent corporation”
or “subsidiary corporation” thereof within the meaning of Code Sections 424(e) or 424(f), respectively), the
per Share exercise price shall be no less than one hundred ten percent (110%) of the Fair Market Value per Share on the date of
grant.

 

(B)         granted
to any other Employee, the per Share exercise price shall be no less than one hundred percent (100%) of the Fair Market Value per
Share on the date of grant.

 

(ii)          In
the case of a Non-Qualified Stock Option, the per Share exercise price shall be no less than one hundred percent (100%)
of the Fair Market Value per Share on the date of grant.

 

(iii)        Notwithstanding
the foregoing, an Option may be granted with a per Share exercise price other than as required above if such Option is granted
as an assumption of or in substitution for another option in connection with a Exchange or other corporate transaction.

 

(b)          Consideration.
The consideration to be paid for the Shares to be issued upon exercise of an Option, including the method of payment, shall
be determined by the Administrator (and. in the case of an Incentive Stock Option, shall be determined at the time of grant). Such
consideration may consist of (1) cash; (2) check; (3) with the consent of the Administrator, a full recourse promissory note bearing
interest (at no less than such rate as is a market rate of interest and which then precludes the imputation of interest under the
Code), payable upon such terms as may be prescribed by the Administrator, and structured to comply with Applicable Laws; (4) with
the consent of the Administrator, other Shares which have a Fair Market Value on the date of surrender equal to the aggregate exercise
price of the Shares as to which such Option shall be exercised; (5) with the consent of the Administrator, surrendered Shares then
issuable upon exercise of the Option having a Fair Market Value on the date of exercise equal to the aggregate exercise price of
the Option or exercised portion thereof; (6) with the consent of the Administrator, property of any kind which constitutes good
and valuable consideration; (7) with the consent of the Administrator, applicable “cashless” exercise provisions
to be included in one or more Option Agreements, or (8) with the consent of the Administrator, delivery of a notice that the Holder
has placed a market sell order with a broker with respect to Shares then issuable upon exercise of the Options and that the broker
has been directed to pay a sufficient portion of the net proceeds of the sale to the Company in satisfaction of the Option exercise
price, provided, that payment of such proceeds is then made to the Company upon settlement of such sale; or (8) with the
consent of the Administrator, any combination of the foregoing methods of payment.

 

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9.           Exercise
of Option.

 

(a)          Vesting;
Fractional Exercises. Except as provided in Section 13 hereof, Options granted hereunder shall be vested
and exercisable according to the terms hereof at such times and under such conditions as determined by the Administrator and set
forth in the Option Agreement. An Option may not be exercised for a fraction of a Share.

 

(b)          Deliveries
upon Exercise. All or a portion of an exercisable Option shall be deemed exercised upon delivery of all of the following
to the Secretary of the Company, his or her office, or such other authorized representative of the Company:

 

(i)          A
written or electronic notice complying with the applicable rules established by the Administrator stating that the Option, or a
portion thereof, is exercised. The notice shall be signed or transmitted electronically, as applicable, by the Holder or other
person then entitled to exercise the Option or such portion of the Option;

 

(ii)         Such
representations and documents as the Administrator, in its sole discretion, deems necessary or advisable to effect compliance with
Applicable Laws. The Administrator may, in its sole discretion, also take whatever additional actions it deems appropriate to effect
such compliance, including, without limitation, placing legends on share certificates and issuing stop transfer notices to agents
and registrars;

 

(iii)        Upon
the exercise of all or a portion of an unvested Option pursuant to Section 10(h) hereof, a Restricted Stock Purchase
Agreement in a form determined by the Administrator and signed by the Holder or other person then entitled to exercise the Option
or such portion of the Option; and

 

(iv)        In
the event that the Option shall be exercised pursuant to Section 10(f) hereof by any person or persons other than
the Holder, appropriate proof of the right of such person or persons to exercise the Option.

 

(c)          Conditions
to Delivery of Share Certificates. The Company shall not be required to issue or deliver any certificate or certificates
for Shares purchased upon the exercise of any Option or portion thereof nor shall the Holder thereof be deemed to be a stockholder
of the Company prior to fulfillment of all of the following conditions:

 

(i)          The
admission of such Shares to listing on all stock exchanges on which such class of stock is then listed;

 

(ii)         The
completion of any registration or other qualification of such Shares under any state or federal law, or under the rulings or regulations
of the Securities and Exchange Commission or any other governmental regulatory body which the Administrator shall, in its sole
discretion, deem necessary or advisable;

 

(iii)        The
obtaining of any approval or other clearance from any state or federal governmental agency which the Administrator shall, in its
sole discretion, determine to be necessary or advisable;

 

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(iv)        The
lapse of such reasonable period of time following the exercise of the Option as the Administrator may establish from time to time
for reasons of administrative convenience; and

 

(v)         The
receipt by the Company of full payment for such Shares, including payment of any applicable withholding tax, which in the sole
discretion of the Administrator may be in the form of consideration used by the Holder to pay for such Shares under Section
9(b) hereof.

 

(d)          Termination
of Relationship as a Service Provider. If a Holder ceases to be a Service Provider other than by reason of the Holder’s
Disability or death, such Holder may exercise his or her Option within such period of time as is specified in the Option Agreement
to the extent that the Option is vested on the date of exercise; provided, however, that, prior to the Public Trading
Date, to the extent required by Applicable Law, such period of time shall not be less than thirty (30) days (but in no event later
than the expiration of the term of the Option as set forth in the Option Agreement). In the absence of a specified time in the
Option Agreement, the Option shall remain exercisable for three (3) months following the Holder’s termination. If, after termination,
the Holder does not exercise his or her Option within the time period specified, herein, the Option shall terminate, and the Shares
covered by such Option shall again become available for issuance under the Plan.

 

(e)          Disability
of Holder. If a Holder ceases to be a Service Provider as a result of the Holder’s Disability, the Holder may exercise
his or her Option within such period of time as is specified in the Option Agreement to the extent the Option is vested on the
date of exercise; provided, however, that prior to the Public Trading Date, to the extent required by Applicable
Law, such period of time shall not be less than six (6) months (but in no event later than the expiration of the term of such Option
as set forth in the Option Agreement). In the absence of a specified time in the Option Agreement, the Option shall remain exercisable
for twelve (12) months following the Holder’s termination. If, after termination, the Holder does not exercise his or her Option
within the time specified, herein, the Option shall terminate, and the Shares covered by such Option shall again become available
for issuance under the Plan.

 

(f)          Death
of Holder. If a Holder dies while a Service Provider, the Option may be exercised within such period of time as is specified
in the Option Agreement; provided, however, that prior to the Public Trading Date, to the extent required by Applicable
Law, such period of time shall not be less than six (6) months (but in no event later than the expiration of the term of such Option
as set forth in the Option Agreement), by the Holder’s estate or by a person who acquires the right to exercise the Option by bequest
or inheritance, but only to the extent that the Option is vested on the date of exercise. In the absence of a specified time in
the Option Agreement, the Option shall remain exercisable for twelve (12) months following the Holder’s termination. The Option
may be exercised by the executor or administrator of the Holder’s estate or. if none, by the person(s) entitled to exercise the
Option under the Holder’s will or the laws of descent or distribution. If the Option is not so exercised within the time specified,
herein, the Option shall terminate, and the Shares covered by such Option shall again become available for issuance under the Plan.

 

(g)          Regulatory
Extension. A Holder’s Option Agreement may provide that if the exercise of the Option following the termination of the
Holder’s status as a Service Provider would be prohibited at any time solely because the issuance of shares would violate the registration
requirements under the Securities Act, then the Option shall terminate on the earlier of (i) the expiration of the term of the
Option set forth in Section 8 hereof or (ii) the expiration of a period of three (3) months after the termination
of the Holder’s status as a Service Provider during which the exercise of the Option would not be in violation of such registration
requirements.

 

    	 	10	 

     

    

 

(h)          Early
Exercisability. The Administrator may provide in the terms of a Holder’s Option Agreement that the Holder may, at any time
before the Holder’s status as a Service Provider terminates, exercise the Option in whole or in part prior to the full vesting
of the Option; provided, however, that subject to Section 19 hereof, Shares acquired upon exercise
of an Option which has not fully vested may be subject to any forfeiture, transfer, or other restrictions as the Administrator
may determine in its sole discretion.

 

(i)          Buyout
Provisions. The Administrator may at any time offer to buyout for a payment in cash or Shares, an Option previously granted,
based on such terms and conditions as the Administrator shall establish and communicate to the Holder at the time that such offer
is made.

 

10.         Non-Transferability
of Options and Stock Purchase Rights. Options and Stock Purchase Rights may not be sold, pledged, assigned, hypothecated,
transferred, or disposed of in any manner other than by will or by the laws of descent or distribution and may be exercised, during
the lifetime of the Holder, only by the Holder.

 

11.         Stock
Purchase Rights.

 

(a)          Rights
to Purchase. Stock Purchase Rights may be issued either alone, in addition to, or in tandem with Options granted under
the Plan and/or cash awards made outside of the Plan. After the Administrator determines that it will offer Stock Purchase Rights
under the Plan, it shall advise the offeree in writing of any terms, conditions, and/or restrictions related to the offer, including
the number of Shares that such person shall be entitled to purchase, the price to be paid, and the time within which such person
must accept such offer. The offer shall be accepted by execution of a Restricted Stock Purchase Agreement in the form determined
by the Administrator.

 

(b)          Repurchase
Right. Unless the Administrator determines otherwise, any Restricted Stock Purchase Agreement shall grant the Company the
right to repurchase Shares acquired upon exercise of a Stock Purchase Right upon the termination of the purchaser’s status as a
Service Provider for any reason. Subject to Section 19 hereof, the purchase price for Shares repurchased by the Company
pursuant to any such repurchase right and the rate at which any such repurchase right shall lapse shall be determined by the Administrator
in its sole discretion, and shall be set forth in the Restricted Stock Purchase Agreement.

 

(c)          Other
Provisions. Any Restricted Stock Purchase Agreement shall contain such other terms, provisions, and conditions not inconsistent
with the Plan as may be determined by the Administrator in its sole discretion.

 

(d)          Rights
as a Stockholder. Once the Stock Purchase Right is exercised, the purchaser shall have rights equivalent to those of a
stockholder and shall be a stockholder when his or her purchase is entered upon the stock records of the Company. No adjustment
shall be made for a dividend or other right for which the record date is prior to the date the Stock Purchase Right is exercised,
except as provided in Section 13 hereof.

 

12.         Adjustments
upon Changes in Capitalization, Exchange, or Asset Sale.

 

(a)        Adjustments
Authorized. In the event that the Administrator determines that, other than with respect to an Equity Restructuring, any
dividend or other distribution (whether in the form of cash, Common Stock, other securities, or other property), reorganization,
Exchange, consolidation, combination, repurchase, liquidation, dissolution, or sale, transfer, exchange, or other disposition of
all or substantially all of the assets of the Company, or exchange of Common Stock or other securities of the Company, issuance
of warrants or other rights to purchase Common Stock or other securities of the Company, or other similar corporate transaction
or event, in the Administrator’s sole discretion, affects the Common Stock such that an adjustment is determined by the Administrator
to be appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended by the Company to
be made available under the Plan or with respect to any Option, Stock Purchase Right, or Restricted Stock, then the Administrator
shall, in such manner as it may deem equitable, adjust any or all of:

 

    	 	11	 

     

    

 

(i)          the
number and kind of shares of Common Stock (or other securities or property) with respect to which Options or Stock Purchase Rights
may be granted or awarded (including, but not limited to, adjustments of the limitations in Section 3 hereof on the
maximum number and kind of shares which may be issued and adjustments of the maximum number of Shares that may be purchased by
any Holder in any calendar year pursuant to Section 6(c) hereof);

 

(ii)         the
number and kind of shares of Common Stock (or other securities or property) subject to outstanding Options, Stock Purchase Rights,
or Restricted Stock; and

 

(iii)        the
grant or exercise price with respect to any Option or Stock Purchase Right.

 

(b)          Adjustment
Actions Authorized. In the event of any transaction or event described in Section 13(a) hereof, the Administrator,
in its sole discretion, and on such terms and conditions as it deems appropriate, either by the terms of the Option, Stock Purchase
Right, or Restricted Stock or by action taken prior to the occurrence of such transaction or event and either automatically or
upon the Holder’s request, is hereby authorized to take any one or more of the following actions whenever the Administrator determines
that such action is appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended by the
Company to be made available under the Plan or with respect to any Option, Stock Purchase Right, or Restricted Stock granted or
issued under the Plan or to facilitate such transaction or event:

 

(i)          To
provide for either the purchase of any such Option, Stock Purchase Right, or Restricted Stock for an amount of cash equal to the
amount that could have been obtained upon the exercise of such Option or Stock Purchase Right or realization of the Holder’s rights
had such Option, Stock Purchase Right, or Restricted Stock been currently exercisable or payable or fully vested or the replacement
of such Option, Stock Purchase Right, or Restricted Stock with other rights or property selected by the Administrator in its sole
discretion;

 

(ii)         To
provide that such Option or Stock Purchase Right shall be exercisable as to all shares covered thereby, notwithstanding anything
to the contrary in the Plan or the provisions of such Option or Stock Purchase Right;

 

(iii)        To
provide that such Option, Stock Purchase Right, or Restricted Stock be assumed by the successor or survivor corporation, or a parent
or subsidiary thereof, or shall be substituted for by similar options, rights, or awards covering the stock of the successor or
survivor corporation, or a parent or subsidiary thereof, with appropriate adjustments as to the number and kind of shares and prices;

 

(iv)        To
make adjustments in the number and type of shares of Common Stock (or other securities or property) subject to outstanding Options
and Stock Purchase Rights, and/or in the terms and conditions of (including the grant or exercise price), and the criteria included
in, outstanding Options, Stock Purchase Rights, or Restricted Stock or Options, Stock Purchase Rights, or Restricted Stock which
may be granted in the future; and/or

 

    	 	12	 

     

    

 

(v)         To
provide that immediately upon the consummation of such event, such Option or Stock Purchase Right shall not be exercisable and
shall terminate; provided, that for a specified period of time prior to such event, such Option or Stock Purchase Right
shall be exercisable as to all Shares covered thereby, and the restrictions imposed under an Option Agreement or Restricted Stock
Purchase Agreement upon some or all Shares may be terminated and, in the case of Restricted Stock, some or all shares of such Restricted
Stock may cease to be subject to repurchase, notwithstanding anything to the contrary in the Plan or the provisions of such Option,
Stock Purchase Right, or Restricted Stock Purchase Agreement.

 

(c)          Proportional
Adjustments. In connection with the occurrence of any Equity Restructuring, and notwithstanding anything to the contrary
in Section 13(a) and 13(b) hereof:

 

(i)          The
number and type of securities subject to each outstanding Option or Stock Purchase Right and the exercise price or grant price
thereof, if applicable, will be proportionately adjusted. The adjustments provided under this Section 13(c)(i) shall
be nondiscretionary and shall be final and binding on the affected Holder and the Company.

 

(ii)         The
Administrator shall make such proportionate adjustments, if any, as the Administrator in its sole discretion may deem appropriate
to reflect such Equity Restructuring with respect to the aggregate number and kind of shares that may be issued under the Plan
(including, but not limited to, adjustments of the limitations in Section 3 hereof).

 

(d)          Change
in Control. If the Company undergoes a Change in Control, then any surviving corporation or entity or acquiring corporation
or entity, or affiliate of such corporation or entity, may assume any Options, Stock Purchase Rights, and/or Restricted Stock outstanding
under the Plan or may substitute similar stock awards (including an award to acquire the same consideration paid to the stockholders
in the transaction described in this Section 13(d)) for those outstanding under the Plan. In the event any surviving
corporation or entity or acquiring corporation or entity in a Change in Control, or affiliate of such corporation or entity, does
not assume such Options, Stock Purchase Rights, or Restricted Stock or does not substitute similar stock awards for those outstanding
under the Plan, then with respect to (i) Options, Stock Purchase Rights, and Restricted Stock held by participants in the Plan
whose status as a Service Provider has not terminated prior to such event, the vesting of such Options, Stock Purchase Rights,
and Restricted Stock (and, if applicable, the time during which such awards may be exercised) shall be accelerated and made fully
exercisable and all restrictions thereon shall lapse at least ten (10) days prior to the closing of the Change in Control (and
the Options or Stock Purchase Rights terminated if not exercised prior to the closing of such Change in Control) and (ii) any other
Options or Stock Purchase Rights outstanding under the Plan, such Options and Stock Purchase Rights shall be terminated if not
exercised prior to the closing of the Change in Control.

 

(e)          Further
Provisions and Limitations. Subject to Section 3 hereof, the Administrator may, in its sole discretion, include
such further provisions and limitations in any Option, Stock Purchase Right, Restricted Stock Purchase Agreement, or certificate,
as it may deem equitable and in the best interests of the Company.

 

    	 	13	 

     

    

 

(f)          No
Effect or Restrictions. The existence of the Plan, any Option Agreement or Restricted Stock Purchase Agreement, and the
Options or Stock Purchase Rights granted hereunder shall not affect or restrict in any way the right or power of the Company or
the stockholders of the Company to make or authorize any adjustment, recapitalization, reorganization, or other change in the Company’s
capital structure or its business, any Exchange or consolidation of the Company, any issue of stock or of options, warrants, or
rights to purchase stock or of bonds, debentures, preferred, or prior preference stocks whose rights are superior to or affect
the Common Stock or the rights thereof or which are convertible into or exchangeable for Common Stock, or the dissolution or liquidation
of the Company, or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding,
whether of a similar character or otherwise.

 

13.         Time
of Granting Options and Stock Purchase Rights. The date of grant of an Option or Stock Purchase Right shall be, for all
purposes, the date on which the Administrator makes the determination granting such Option or Stock Purchase Right, or such other
date as is determined by the Administrator consistent with applicable legal requirements. Notice of the determination shall be
given to each Service Provider to whom an Option or Stock Purchase Right is so granted within a reasonable time after the date
of such grant.

 

14.         Amendment
and Termination of the Plan.

 

(a)          Amendment
and Termination. Subject to the requirements of subsection (c), the Board may at any time wholly or partially amend, alter,
suspend, or terminate the Plan. However, without approval of the Company’s stockholders given within twelve (12) months before
or after the action by the Board, no action of the Board may, except as provided in Section 13 hereof, increase the
limits imposed in Section 3 hereof on the maximum number of Shares which may be issued under the Plan or extend the
term of the Plan under Section 7 hereof.

 

(b)          Stockholder
Approval. The Board shall obtain stockholder approval of any Plan amendment to the extent necessary and desirable to comply
with Applicable Laws.

 

(c)          Effect
of Amendment or Termination. No amendment, alteration, suspension, or termination of the Plan or any Option or Stock Purchase
Right shall impair the rights of any Holder, unless mutually agreed otherwise between the Holder and the Administrator, which agreement
must be in writing and signed by the Holder and the Company. Termination of the Plan shall not affect the Administrator’s ability
to exercise the powers granted to it hereunder with respect to Options, Stock Purchase Rights, or Restricted Stock granted or awarded
under the Plan prior to the date of such termination.

 

15.         Stockholder
Approval. The stockholders will execute and deliver corporate resolutions to the Board approving the Plan.

 

16.         Inability
to Obtain Authority. The inability of the Company to obtain authority from any regulatory body having jurisdiction, which
authority is deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder, shall relieve
the Company of any liability in respect of the failure to issue or sell such Shares as to which such requisite authority shall
not have been obtained.

 

17.         Reservation
of Shares. The Company, during the term of the Plan, shall at all times reserve and keep available such number of Shares
as shall be sufficient to satisfy the requirements of the Plan.

 

    	 	14	 

     

    

 

18.         Repurchase
Provisions. The Administrator in its sole discretion may provide that the Company may repurchase Shares acquired upon exercise
of an Option or Stock Purchase Right upon the occurrence of certain specified events, including, without limitation, a Holder’s
termination as a Service Provider, divorce, bankruptcy, or insolvency; provided, however, that any such repurchase
right shall be set forth in the applicable Option Agreement or Restricted Stock Purchase Agreement or in another agreement referred
to in such agreement.

 

19.         Rules
Particular To Specific Countries.

 

(a)          Generally.
To the extent required by the Company, each Holder agrees that he or she shall enter into an election with the Company
or a Subsidiary (in a form approved by the Company) under which any Tax Liability (as defined below) including, but not limited
to, National Insurance Contributions (“NICs”) and any Fringe Benefit Tax (“FBT”), is transferred
to and met by the Plan Participant. For purposes of this Section 20, Tax Liability shall mean any and all liability
under applicable non-U.S. laws, rules, or regulations, from any income tax, the Company’s (or a Subsidiary’s) NICs, FBT, or similar
liability, and the Service Provider’s NICs, FBT, or similar liability under applicable non-U.S. law that are attributable to: (i)
the grant, vesting, or exercise of, or any other benefit derived by the Plan Participant from an Option, Stock Purchase Right,
or Restricted Stock; (ii) the acquisition by the Plan Participant of the Shares on exercise of an Option or the acquisition by
the Plan Participant of the Shares pursuant to a Stock Purchase Right: or (iii) the disposal of any Shares acquired by the Plan
Participant pursuant to an Option or a Stock Purchase Right granted under the Plan.

 

(b)          Addendum.
Notwithstanding anything herein to the contrary, the terms and conditions of the Plan with respect to Service Providers
who are tax residents of a particular country other than the United States may be subject to an addendum to the Plan in the form
of an Appendix. To the extent that the terms and conditions set forth in an Appendix conflict with any provisions of the Plan,
the provisions of the Appendix shall govern. The adoption of any such Appendix shall be pursuant to Section 15 above.

 

20.         Investment
Intent. The Company may require a Plan Participant, as a condition of exercising or acquiring stock under any Option or
Stock Purchase Right, (a) to give written assurances satisfactory to the Company as to the Participant’s knowledge and experience
in financial and business matters and/or to employ a purchaser representative reasonably satisfactory to the Company who is knowledgeable
and experienced in financial and business matters and that he or she is capable of evaluating, alone or together with the purchaser
representative, the merits and risks of exercising the Option or Stock Purchase Right; and (b) to give written assurances satisfactory
to the Company stating that the Participant is acquiring the stock subject to the Option or Stock Purchase Right for the Participant’s
own account and not with any present intention of selling or otherwise distributing the stock. The foregoing requirements, and
any assurances given pursuant to such requirements, shall be inoperative if (i) the issuance of the shares upon the exercise or
acquisition of stock under the applicable Option or Stock Purchase Right has been registered under a then currently effective registration
statement under the Securities Act, or (ii) as to any particular requirement, a determination is made by counsel for the Company
that such requirement need not be met in the circumstances under then applicable securities laws. The Company may, upon advice
of counsel to the Company, place legends on stock certificates issued under the Plan as such counsel deems necessary or appropriate
in order to comply with applicable securities laws, including, but not limited to, legends restricting the transfer of the stock.

 

    	 	15	 

     

    

 

21.         Section
409A. To the extent that the Administrator determines that any Option, Stock Purchase Right, or Restricted Stock granted
or awarded under the Plan is subject to Section 409A of the Code, the agreement evidencing such Option, Stock Purchase Right, or
Restricted Stock shall incorporate the terms and conditions required by Section 409A of the Code. To the extent applicable, the
Plan and the agreement evidencing such option, Stock Purchase Right, or Restricted Stock shall be interpreted in accordance with
Section 409A of the Code and the Department of Treasury regulations and other interpretive guidance issued thereunder. Notwithstanding
any provision of the Plan to the contrary, in the event that the Administrator determines that any Option, Stock Purchase Right,
or Restricted Stock may be subject to Section 409A of the Code and related Department of Treasury regulations and other interpretive
guidance issued thereunder, the Administrator may adopt such amendments to the Plan and the applicable agreement or adopt other
policies and procedures (including amendments, policies, and procedures with retroactive effect), or take any other actions, that
the Administrator determines are necessary or appropriate to (a) exempt the Option, Stock Purchase Right, or Restricted Stock from
Section 409A of the Code and/or preserve the intended tax treatment of the benefits provided with respect to the Option, Stock
Purchase Right, or Restricted Stock, or (b) comply with the requirements of Section 409A of the Code and related Department of
Treasury regulations and other interpretive guidance thereunder and thereby avoid the application of any penalty taxes under such
Section.

 

22.         Governing
Law. This Plan shall be governed by and construed in accordance with the laws of the State of Delaware excluding that
body of law pertaining to conflicts of law.

 

I hereby certify
that this 2016 Equity Incentive Plan was duly adopted by the Board of Directors of YayYo Inc., on November 30, 2016. I further
certify that this 2016 Equity Incentive Plan will be submitted to the stockholders of Yay Yo, Inc., for approval and ratification
by no later than January 31, 2017.

 

Executed
on this 30th day of November 2016.

 

	 	For:	YayYo, inc.
	 	 	 
	 	By:	/s/ Anthony
    T. Davis
	 	Name:	Anthony T. Davis
	 	Title:	Chief Executive Officer

 

[Signature
Page to YayYo, Inc. 2016 Equity Incentive Plan]

 

    	 	16Exhibit 10.5

 

YAYYO, INC.

433 N. Camden Drive. # 600, Beverly Hills, CA
90210

 

January 6, 2017

 

TO: Chase Financing Inc.

 

Ladies and Gentlemen:

 

This letter sets forth
our agreement pursuant to which you have agreed to invest up to $100,000 in YayYo, Inc. a Delaware corporation (the “Company”).

 

		1.	Initial Closing. Promptly following the date hereof, and subject to satisfaction of the
Cash Reserve Condition (defined below), you will invest or cause to be invested in the Company $50,000 in an initial closing the
(“Initial Closing”), against issuance by the Company to the investor of a secured promissory note substantially in
the form and on the terms attached as Exhibit A hereto (the “Note”, and collectively with any other Notes
issued hereunder, the “Notes”) in a principal amount of $55,555. Each holder of Notes shall be entitled to the
benefits of this Agreement as if the same were a party hereto. “Cash Reserve Condition” means, as of any measurement
date, that the Company shall have at least $50,000 in cash bank deposits available to fund the Company”s operating needs
without restriction, as determined by Chase in its sole discretion based on current bank records or other information as Chase
may request.

 

		2.	Subsequent Closings. On each of the two-week and four-week anniversaries of the Initial
Closing, subject to satisfaction of (i) the Cash Reserve Condition and (ii) the Company and any-other party being in compliance
with all terms and conditions of then outstanding Notes, this Agreement and any other agreement for the benefit of the investors,
an additional closing hereunder will occur pursuant to which you will invest or cause to be invested in the Company an additional
$25,000, in each case against issuance to the investor of a Note in the principal amount of $27,777.

 

		3.	Maturity Date. The Notes issued in each closing shall mature on the three-month anniversary
of the Initial Closing; provided, however, that the Company shall have an option to extend the maturity date for all Notes by one
month, exercisable by written notice and issuance and delivery to or at the direction of the investors of 25,000 shares of the
Company's common stock at any time prior to the then scheduled maturity date of the Notes.

 

		4.	Security Interest. As an inducement for the investors who purchase Notes hereunder (together
with any person who subsequently acquires a Note issued hereunder, each, a “Secured Party” and, collectively,
the “Secured Parties”) to extend the loans evidenced thereby and to secure the complete and timely payment,
performance and discharge in full, as the case may be, of all of all amounts owing or that may become owing by the Company to the
Secured Parties, whether under or in connection with this Agreement, the Notes or any of the transactions contemplated hereby or
thereby, or otherwise, the Company hereby unconditionally and irrevocably pledges, grants and hypothecates to Chase Financing Inc.,
as collateral agent for the ratable benefit of the Secured Parties, a security interest in and to, a lien upon and a right of set-off
against all of the Company's right, title and interest of whatsoever kind and nature in and to, the Collateral (defined on Schedule
A hereto) (a “Security Interest” and, collectively, the “Security Interests”). The provisions
of Schedule A hereto are incorporated by reference herein and made a part hereof.

 

		5.	Registration Rights. Each Note holder shall be entitled to piggyback registration rights
with respect to the shares of common stock underlying the Notes held by such holder (or issued upon conversion thereof), and the
Company shall not register shares held by any other holder on a prior basis without consent of the holders of a majority of the
shares issued or issuable upon conversion of the Notes. The cost of any such registration, and all related costs other than direct
selling costs, shall be borne by the Company, and the Company shall provide the Note holders customary indemnification in connection
with any such registration.

 

    	 	 	 

     

    

 

Chase Financing Inc.

January   , 2017

Page 2

 

		6.	Company Representations. The Company represents as follows:

 

		a.	Litigation. There is no pending action, suit, proceeding, arbitration, mediation, complaint,
claim, charge or investigation before any court, arbitrator, mediator or governmental body or, to the Company’s knowledge,
currently threatened in writing (a) against the Company or (b) against any consultant, officer, director or key employee of the
Company arising out of his or her consulting, employment or board relationship with the Company or that could otherwise materially
impact the Company.

 

		b.	Intellectual Property. To its knowledge, the Company owns or possesses (or can obtain on
commercially reasonable terms) sufficient legal rights to all patents, trademarks, service marks, trade names, copyrights, trade
secrets, licenses, information, processes and other intellectual property rights necessary for its business as now conducted and
as currently proposed to be conducted, without any conflict with, or infringement of the rights of, others.

 

		c.	Compliance With Laws. To its knowledge, the Company is in compliance, in all material respects,
with all laws applicable to it or its business, properties or assets.

 

		d.	Form 1-A. The Company represents that its Form 1-A, Amendment No. 1, filed with the SEC
on December 21, 2016 is true and accurate in all material respects and does not does not contain any untrue statement of material
fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they
were made, not misleading.

 

		7.	Mutual Representations. Each party hereto represents and warrants, with respect to itself,
to the other that (a) it is a duly formed and validly existing entity in good standing in its jurisdiction of organization, (b)
it has the requisite power and authority to enter into this letter agreement, the Notes and any other documents relating to the
transactions contemplated hereby (collectively, the “Transaction Documents”), (c) this letter agreement, the
other Transaction Documents and the transactions contemplated hereby have been approved by all necessary action on the part of
such party, (d) this letter agreement and each of the other Transaction Documents constitutes a legal, valid and binding obligation
of such party, enforceable against such party in accordance with its terms, subject, in the case of enforceability, to principles
of equity, (e) its obligations and duties set forth in this letter agreement and the Transaction Documents do not conflict with
any contractual, regulatory or other obligation or constraint currently imposed on or applicable to such party and (f) it is sophisticated
and experienced in transactions of the nature contemplated by this letter agreement and the Transaction Documents and has had sufficient
opportunity to review and consider this letter agreement and the other Transaction Documents prior to entering into the same.

 

		8.	Governing Law. This letter agreement and all controversies arising hereunder or relating
hereto will be governed by, and construed and enforced in accordance with, the laws of the State of Nevada without regard to principles
of conflicts of laws.

 

    	 	 	 

     

    

 

Chase Financing Inc.

January , 2017

Page 3

 

		9.	Counterparts. This letter agreement may be executed in any number of counterparts, each
of which will be deemed an original and all of which will constitute one and the same instrument. Such counterparts may be delivered
by one party to the other by facsimile or other electronic transmission, and such counterparts shall be valid for all purposes.

 

Please confirm that the
foregoing is in accordance with your understanding of our agreement by signing and returning to us a copy of this letter agreement.

 

	 	Very truly yours.
	 	 
	 	YAYYO, INC. (a Delaware corporation)
	 	 	 
	 	By:	
	 	Name: 	Ramy El-Batrawi
	 	Title:	Executive Vice President

 

	Agreed and accepted:	 
	 	 
	CHASE FINANCING INC.	 
	 	 	 
	By:	/s/ Robert
    Herskowitz	 
	Name:	Robert Herskowitz

	 
	Title:	President	 

 

    	 	 	 

     

    

 

SCHEDULE A

 

PROVISIONS RELATING TO THE SECURED PARTIES’
SECURITY INTEREST

 

See “5. Definitions”
below. Capitalized terms used but not defined in this Schedule A shall have the meanings ascribed thereto in the letter
agreement to which this Schedule A is attached (the “Letter Agreement”, which term shall include this
Schedule A unless the context otherwise requires).

 

1.           No
Other Liens; Priority; Financing Statements. The Company represents that it is the sole owner of the Collateral, free and clear
of any liens, security interests, encumbrances, rights or claims. The Company shall at all times maintain the Security Interests
as valid and perfected first priority liens and security interests in the Collateral in favor of the Collateral Agent. The Company
authorizes the Collateral Agent to file one or more financing statements under the UCC with respect to the Security Interests,
with the proper filing and recording agencies in any jurisdiction deemed proper by it and authorizes Collateral Agent to take any
other action in Collateral Agent’s absolute discretion to effectuate, memorialize and protect the Secured Parties’
interests and rights.

 

2.           Power
of Attorney; Further Assurances.

 

(a)          The
Company authorizes the Collateral Agent, and does hereby make, constitute and appoint the Collateral Agent and its officers, agents,
successors or assigns with full power of substitution, as the Company’s true and lawful attorney-in-fact, with power, in
the name of the Collateral Agent or the Company, after the occurrence and during the continuance of an Event of Default (as defined
in the Notes), (i) to endorse any note, checks, drafts, money orders or other instruments of payment (including, without limitation,
payments payable under or in respect of any policy of insurance) in respect of the Collateral that may come into possession of
the Collateral Agent; (ii) to sign and endorse any financing statement pursuant to the UCC or any invoice, freight or express bill,
bill of lading, storage or warehouse receipts, drafts against debtors, assignments, verifications and notices in connection with
accounts, and other documents relating to the Collateral; (iii) to pay or discharge taxes, liens, security interests or other encumbrances
at any time levied or placed on or threatened against the Collateral; (iv) to demand, collect, receipt for, compromise, settle
and sue for monies due in respect of the Collateral; (v) to transfer any Intellectual Property or provide licenses respecting any
Intellectual Property; and (vi) generally, at the option of the Collateral Agent, and at the expense of the Company, at any time,
or from time to time, to execute and deliver any and all documents and instruments and to do all acts and things which the Collateral
Agent deems necessary to protect, preserve and realize upon the Collateral and the Security Interests granted therein in order
to effect the intent of this Agreement all as fully and effectually as the Company might or could do; and the Company hereby ratifies
all that said attorney shall lawfully do or cause to be done by virtue hereof. This power of attorney is coupled with an interest
and shall be irrevocable for so long as any obligations secured by the Security Interests shall be outstanding. Without limiting
the generality of the foregoing, after the occurrence and during the continuance of an Event of Default, the Collateral Agent is
specifically authorized to execute and file any applications for or instruments of transfer and assignment of any patents, trademarks,
copyrights or other Intellectual Property with the United States Patent and Trademark Office and the United States Copyright Office.

 

(b)          On
a continuing basis, the Company will make, execute, acknowledge, deliver, file and record, as the case may be, with the proper
filing and recording agencies in any jurisdiction, including, without limitation, the State of Delaware or other jurisdiction in
which the Company may hereafter become domiciled, all such instruments, and take all such action as may reasonably be deemed necessary
or advisable, or as reasonably requested by the Collateral Agent, to perfect the Security Interest granted hereunder and otherwise
to carry out the intent and purposes of this Agreement, or for assuring and confirming to the Collateral Agent the grant or perfection
of a perfected security interest in all the Collateral under the UCC.

 

    	 	1	 

     

    

 

(c)          The
Company hereby irrevocably appoints the Collateral Agent as the Company’s attorney-in-fact, with full authority in the place
and instead of the Company and in the name of the Company, from time to time in the Collateral Agent’s discretion, to take
any action permitted under this Agreement and to execute any instrument which the Collateral Agent may reasonably deem necessary
or advisable to accomplish the purposes of this Agreement, including the filing, in its sole discretion, of one or more financing
or continuation statements and amendments thereto, relative to any of the Collateral without the signature of the Company where
permitted by law, which financing statements may (but need not) describe the Collateral as “all assets” or “all
personal property” or words of like import, and ratifies all such actions taken by the Collateral Agent. This power of attorney
is coupled with an interest and shall be irrevocable for the term of this Agreement and thereafter as long as any of the obligations
secured by the Security Interests shall be outstanding.

 

3.           Indemnification.
The Company shall indemnify, reimburse and hold harmless the Collateral Agent and the Secured Parties and their respective
partners, members, shareholders, officers, directors, employees and agents (and any other persons with other titles that have similar
functions) (collectively, “Indemnitees”) from and against any and all losses, claims, liabilities, damages,
penalties, suits, costs and expenses, of any kind or nature, (including legal and other fees relating to the cost of investigating
and defending any of the foregoing) imposed on, incurred by or asserted against such Indemnitee in any way related to or arising
from or alleged to arise from the Letter Agreement, the Notes or the Collateral, except any such losses, claims, liabilities, damages,
penalties, suits, costs and expenses which result from the gross negligence or willful misconduct of the Indemnitee as determined
by a final, nonappealable decision of a court of competent jurisdiction. Any amounts owing hereunder shall be due upon demand.
This indemnification provision is in addition to, and not in limitation of, any other indemnification provision made for the benefit
of any such Indemnitee.

 

4.           Expenses.
The Company shall pay, upon demand, all costs, fees and expenses (including legal fees and expenses) which the Collateral Agent
may incur or for which it may become liable in connection with (i) the enforcement of this Agreement, (ii) the custody or preservation
of, or the sale of, collection from, or other realization upon, any of the Collateral, or (iii) the exercise or enforcement of
any of the rights of the Secured Parties under the Letter Agreement, under the Notes or otherwise in connection with the transactions
contemplated hereby and thereby. Upon the maturity of the Notes, the Company shall pay the Collateral Agent $2,500 for reimbursement
of legal fees incurred in connection with entering into of the Letter Agreement and the transactions contemplated thereby. Any
amounts owing under the Letter Agreement shall accrue interest at the Default Rate (as defined in the Notes) from and after the
date of demand for payment if and to the extent not paid within three business days of demand.

 

5.           Definitions.
As used in this Schedule A and the Letter Agreement, the following terms shall have the meanings set forth in this Section
6. Terms used but not otherwise defined herein that are defined in the UCC (such as “account,” “chattel paper,”
“commercial tort claim,” “deposit account,” “document,” “equipment,” “fixtures,”
“general intangibles,” “goods,” “instruments,” “inventory.” “investment property,”
“letter-of-credit rights,” “proceeds” and “supporting obligations”) shall have the respective
meanings given such terms in the UCC.

 

(a)          “Collateral”
means all assets of the Company and shall include the following personal property of the Company, whether presently owned or existing
or hereafter acquired or coming into existence, wherever situated, and all additions and accessions thereto and all substitutions
and replacements thereof, and all proceeds, products and accounts thereof, including, without limitation, all proceeds from the
disposition, sale or transfer of the Collateral and of insurance covering the same and of any tort claims in connection therewith,
and all dividends, interest, cash, notes, securities, equity interest or other property at any time and from time to time acquired,
receivable or otherwise distributed in respect of, or in exchange for, any or all securities held by the Company:

 

    	 	2	 

     

    

 

(i)          All
goods, including, without limitation, (A) all machinery, equipment, computers, motor vehicles, trucks, tanks, boats, ships, appliances,
furniture, special and general tools, fixtures, test and quality control devices and other equipment of every kind and nature and
wherever situated, together with all documents of title and documents representing the same, all additions and accessions thereto,
replacements therefor, all parts therefor, and all substitutes for any of the foregoing and all other items used and useful in
connection with the Company’s business and all improvements thereto; and (B) all inventory;

 

(ii)         All
contract rights and other general intangibles, including, without limitation, all partnership interests, membership interests,
stock or other securities, rights under any of the organizational documents of the Company, licenses, distribution and other agreements,
computer software (whether “off-the-shelf,” licensed from any third party or developed by the Company), computer software
development rights, leases, franchises, customer lists, quality control procedures, grants and rights, goodwill, trademarks, service
marks, trade styles, trade names, patents, patent applications, copyrights, any other Intellectual Property, and income tax refunds;

 

(iii)        All
accounts, together with all instruments, all documents of title representing any of the foregoing, all rights in any merchandising,
goods, raw materials, timber cut or to be cut, oil, gas, hydrocarbons, and minerals extracted or to be extracted, equipment, motor
vehicles and trucks which any of the same may represent, and all right, title, security and guaranties with respect to each account,
including any right of stoppage in transit;

 

(iv)        All
documents, letter-of-credit rights, instruments and chattel paper;

 

(v)         All
commercial tort claims;

 

(vi)        All
deposit accounts and all cash (whether or not deposited in such deposit accounts);

 

(vii)       All
investment property;

 

(viii)      All
supporting obligations;

 

(ix)         All
files, records, books of account, business papers, and computer programs: and

 

(x)          the
products and proceeds of all of the foregoing Collateral set forth in clauses (i)-(ix) above.

 

(b)          “Intellectual
Property” means the collective reference to all rights, priorities and privileges relating to intellectual property,
whether arising under United States, multinational or foreign laws or otherwise, including, without limitation, (i) all copyrights
arising under the laws of the United States, any other country or any political subdivision thereof, whether registered or unregistered
and whether published or unpublished, all registrations and recordings thereof, and all applications in connection therewith, including,
without limitation, all registrations, recordings and applications in the United States Copyright Office, (ii) all patents of the
United States, any other country or any political subdivision thereof, all reissues and extensions thereof, and all applications
for letters patent of the United States or any other country and all divisions, continuations and continuations-in-part thereof,
(iii) all trademarks, trade names, corporate names, company names, business names, fictitious business names, trade dress, service
marks, logos, domain names and other source or business identifiers, and all goodwill associated therewith, now existing or hereafter
adopted or acquired, all registrations and recordings thereof, and all applications in connection therewith, whether in the United
States Patent and Trademark Office or in any similar office or agency of the United States, any State thereof or any other country
or any political subdivision thereof, or otherwise, and all common law rights related thereto, (iv) all trade secrets arising under
the laws of the United States, any other country or any political subdivision thereof, (v) all rights to obtain any reissues, renewals
or extensions of the foregoing, (vi) all licenses for any of the foregoing, and (vii) all causes of action for infringement of
the foregoing.

 

(c)          “UCC”
means the Uniform Commercial Code of the State of Nevada and or any other applicable law of any state or states which has jurisdiction
with respect to all, or any portion of, the Collateral.

 

    	 	3

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