Document:

Echo Automotive, Inc.: Exhibit 10.2 - Filed by newsfilecorp.com

EXHIBIT A

Form of Secured Convertible Promissory Note

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED, NOR UNDER ANY STATE SECURITIES LAW AND MAY NOT BE PLEDGED,
SOLD, ASSIGNED OR TRANSFERRED UNLESS (I) A REGISTRATION STATEMENT WITH RESPECT
THERETO IS EFFECTIVE UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
"SECURITIES ACT"), AND ANY APPLICABLE STATE SECURITIES LAW REQUIREMENTS HAVE
BEEN MET OR (II) EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS UNDER THE
SECURITIES ACT AND THE REGISTRATION OR QUALIFICATION REQUIREMENTS OF APPLICABLE
STATE SECURITIES LAWS ARE AVAILABLE.

$200,000.00

ECHO AUTOMOTIVE, INC.

SECURED CONVERTIBLE PROMISSORY NOTE

June 20, 2013

     Echo Automotive, Inc. a Nevada
corporation (the "Company"), the principal office of which is located at
16000 N. 80th Street, Suite E, Scottsdale, Arizona 85260, for value
received hereby promises to pay to Emerald Private Equity Fund, LLC, an
Illinois limited liability company (the "Holder"), or its registered
assigns, the sum of TWO HUNDRED THOUSAND DOLLARS AND NO CENTS ($200,000), or
such lesser amount as shall then be outstanding hereunder. The principal amount
hereof shall be funded by Holder within three (3) calendar days of the date
hereof. Any unpaid accrued interest hereon, as set forth below, shall be due and
payable on each annual anniversary date of funding, or (ii) when declared due
and payable by the Holder upon the occurrence of an Event of Default (as defined
below). Payment for all principal amounts due hereunder shall be made by mail to
the registered address of the Holder at the end of the five (5) year term unless
accelerated for an Event of Default or converted. This Secured Convertible
Promissory Note (“Note”) is one in a series of Notes issued by the
Company pursuant to that certain Financing and Security Agreement, dated as of
June __, 2013, by and among the Company, Holder and certain other persons (the
“Financing and Security Agreement”). To the extent of any conflict
between the Financing and Security Agreement and this Note, the term of the Note
shall prevail and supersede in all material respects.

     The following is a statement of
the rights of the Holder of this Note and the conditions to which this Note is
subject, and to which the Holder hereof, by the acceptance of this Note,
agrees:

     1. Definitions. As used in
this Note, the following terms, unless the context otherwise requires, have the
following meanings:

          (i)
"Company" shall mean Echo Automotive, Inc.

          (ii)
"Holder," when the context refers to a holder of this Note, shall mean
any person who shall at the time be the registered holder of this Note.

Emerald Private Equity Fund Financing Agreement

     2. Interest. On each
anniversary of the funding date, the Company shall pay the interest on the
principal balance at the rate of eight percent (8.0%) per annum (the "Initial
Interest Rate"). In the event that the principal amount of this Note is not
paid in full when such amount becomes due and payable, interest at the rate
equal to the lesser of (a) the Initial Interest Rate plus five percent (5.0%) or
(b) the highest rate then permitted by law shall continue to accrue on the
balance of any unpaid principal until such balance is paid.

     3. Events of Default.
Unless Conversion has occurred, if any of the events specified in this
Section 3 shall occur (herein individually referred to as an "Event of
Default"), the Holder of this Note may, so long as such condition exists,
declare the entire principal and unpaid accrued interest hereon immediately due
and payable, by notice in writing to the Company:

     (i)
failure by the Company to make any payment under this Note of the principal or
unpaid accrued interest of this Note when due and payable if such failure is not
cured by the Company within ten (10) days after the Holder has given the Company
written notice of such default; or

     (ii)
failure of the Company to perform any other covenant contained herein or in any
other Loan Document (as defined in the Loan and Security Agreement), if the same
has continued for thirty (30) days after written notice specifying such failure
has been delivered to the Company by Holder; or

     (iii)
failure of the Company to register with the Securities and Exchange Commission
any and all shares issuable upon Conversion within ninety (90) days of the date
of this Note.

     (iv) an
Event of Default occurs on any of the other Notes and such default is not cured
within any applicable cure period in such Note; or

     (v) the
institution by the Company of proceedings to be adjudicated as bankrupt or
insolvent, or the consent by it to institution of bankruptcy or insolvency
proceedings against it or the filing by it of a petition or answer or consent
seeking reorganization or release under the federal Bankruptcy Act, or any other
applicable federal or state law, or the consent by it to the filing of any such
petition or the appointment of a receiver, liquidator, assignee, trustee, or
other similar official of the Company, or of any substantial part of its
property, or the making by it of an assignment for the benefit of creditors, or
the taking of corporate action by the Company in furtherance of any such action;
or

     (vi) if,
within sixty (60) days after the commencement of an action against the Company
(and service of process in connection therewith on the Company) seeking any
bankruptcy, insolvency, reorganization, liquidation, dissolution, or similar
relief under any present or future statute, law, or regulation, such action
shall not have been resolved in favor of the Company or all orders or
proceedings thereunder affecting the operations or the business of the Company
stayed, or if the stay of any such order or proceeding shall thereafter be set
aside, or if, within sixty (60) days after the appointment without the consent
or acquiescence of the Company of any trustee, receiver, or liquidator of the
Company or of all or any substantial part of the properties of the Company, such
appointment shall not have been vacated; or 

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Emerald Private Equity Fund Financing Agreement

     (vii) any
declared default of the Company under any other Company indebtedness that gives
the holder thereof the right to accelerate such indebtedness.

     4. Warrants. Upon receipt
of payment from the Holder of TWO HUNDRED THOUSAND DOLLARS AND NO CENTS
($200,000), Holder shall receive a five (5) year warrant to purchase 714,286
common shares of the Company at $0.65 per share.

     5. Security. The
obligations of the Company to the Holder pursuant to this Note shall be secured
by a subordinated lien on all assets of the Company.

     6. Conversion.

          6.1.
Conversion. Either Party shall have the right after the Shares are
registered with the SEC, to convert the entire unpaid principal amount and
accrued interest under this Note, in whole but not in part, into fully paid and
nonassessable shares of the Company’s restricted common stock, par value $0.001
(the “Common Stock”), at a share conversion price equal to $0.70 per two
(2) shares, subject to adjustment as provided below in Section 7 (the
“Conversion Price”).

          6.2.
Conversion Procedure. Before the Holder shall be entitled to convert this
Note into shares of Common Stock pursuant to Section 6.1, it shall (i)
surrender this Note, duly endorsed, at the principal corporate office of the
Company, (ii) deliver the Notice of Conversion set forth on Exhibit A
attached hereto by mail, postage prepaid, to the Company at its principal
corporate office, and (iii) state therein the name or names in which the
certificate or certificates for shares of Common Stock are to be issued. At its
expense, the Company shall, within three (3) business days, issue and deliver to
such Holder at the address of such Holder specified in the Notice of Conversion
a certificate or certificates for the number of shares which the Holder shall be
entitled upon such conversion (bearing such legends as are required by
applicable state and federal securities laws in the opinion of counsel to the
Company), together with any other securities and property to which the Holder is
entitled upon such conversion under the terms of this Note, including a check
payable to the Holder for any cash amounts payable as described below in
Section 6.4. Such conversion shall be deemed to have been made
immediately prior to the close of business on the date of such surrender of this
Note, and the person or persons entitled to receive the shares of Common Stock
issuable upon such conversion shall be treated for all purposes as the record
holder or holders of such shares of Common Stock as of such date.

          6.3.
Mechanics and Effect of Conversion. No fractional shares shall be issued
upon conversion of this Note. In lieu of the Company issuing any fractional
shares to the Holder upon the conversion of this Note, the Company shall pay to
the Holder the amount of outstanding principal that is not so converted, such
payment to be made in cash. Upon conversion of this Note, the Company shall be
forever released from all its obligations and liabilities under this Note.

     7. Conversion Price
Adjustments.

          7.1.
Adjustments for Stock Splits and Subdivisions. In the event the Company
should at any time or from time to time after the date of issuance hereof fix a
record date for the effectuation of a split or subdivision of the outstanding
shares of Common Stock or the determination of holders of Common Stock entitled
to receive a dividend or other distribution payable in additional shares of
Common Stock or other securities or rights convertible into, or entitling the
holder thereof to receive directly or indirectly, additional shares of Common
Stock (hereinafter referred to as “Stock Equivalents”) without payment of
any consideration by such holder for the additional shares of Common Stock or
the Stock Equivalents (including the additional shares of Common
Stock issuable upon conversion or exercise thereof), then, as of such record
date (or the date of such dividend, distribution, split, or subdivision if no
record date is fixed), the Conversion Price of this Note shall be appropriately
decreased so that the number of shares of Common Stock issuable upon conversion
of this Note shall be increased in proportion to such increase of outstanding
shares.

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Emerald Private Equity Fund Financing Agreement

          7.2. Adjustments for Reverse Stock Splits. If the number of shares of Common
Stock outstanding at any time after the date hereof is decreased by a
combination of the outstanding shares of Common Stock, then, following the
record date of such combination, the Conversion Price for this Note shall be
appropriately increased so that the number of shares of Common Stock issuable on
conversion hereof shall be decreased in proportion to such decrease in
outstanding shares.

          7.3.
Reclassification, Etc. In case of any reclassification or change of the
outstanding securities of the Company or of any reorganization of the Company
(or any other corporation the stock or securities of which are at the time
receivable upon the conversion of this Note) or any similar corporate
reorganization on or after the date hereof, or in the case the Company shall
consolidate with or merge into another corporation or convey all or
substantially all of its assets to another corporation on or after the date
hereof, then and in each such case the Holder of this Note, upon the conversion
hereof at any time after the consummation of such reclassification, change,
reorganization, consolidation, merger or conveyance, shall be entitled to
receive, in lieu of the stock or other securities and property receivable upon
the conversion hereof prior to such consummation, the stock or other securities
or property to which such Holder would have been entitled upon such consummation
if such Holder had converted this Note immediately prior thereto, all subject to
further adjustment as provided herein; and in each such case, the terms of this
Section 7.3 shall be applicable to the shares of stock or other
securities or property receivable upon the conversion of this Note after such
consummation.

          7.4.
Notices of Record Date, etc. In the event of:

               7.4.1
Any taking by the Company of a record of the holders of any class of securities
of the Company for the purpose of determining the holders thereof who are
entitled to receive any dividend (other than a cash dividend payable out of
earned surplus at the same rate as that of the last such cash dividend
theretofore paid) or other distribution, or any right to subscribe for, purchase
or otherwise acquire any shares of stock of any class or any other securities or
property, or to receive any other right; or

               7.4.2
Any capital reorganization of the Company, any reclassification or
recapitalization of the capital stock of the Company, or any transfer of all or
substantially all of the assets of the Company to any other person or any
consolidation or merger involving the Company; or

               7.4.3
Any voluntary or involuntary dissolution, liquidation, or winding up of the
Company, then the Company will mail to the holder of this Note at least ten (10)
days prior to the earliest date specified therein, a notice specifying: (i) the
date on which any such record is to be taken for the purpose of such dividend,
distribution, or right, and the amount and character of such dividend,
distribution, or right; and (ii) the date on which any such reorganization,
reclassification, transfer, consolidation, merger, dissolution, liquidation, or
winding up is expected to become effective and the record date for determining
stockholders entitled to vote thereon.

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Emerald Private Equity Fund Financing Agreement

          7.5.
Reservation of Stock Issuable Upon Conversion. The Company shall at all
times reserve and keep available out of its authorized but unissued shares of
Common Stock solely for the purpose of effecting the conversion of the Note such
number of its shares of Common Stock (and shares of its common stock for
issuance on conversion of such Common Stock) as shall from time to time be
sufficient to effect the conversion of the Note and of the Common Stock; and if
at any time the number of authorized but unissued shares of Common Stock (and
shares of its common stock for issuance on conversion of such Common Stock)
shall not be sufficient to effect the conversion of the entire outstanding
principal amount of this Note, in addition to such other remedies as shall be
available to the holder of this Note, the Company will use its best efforts to
take such corporate action as may, in the opinion of its counsel, be necessary
to increase its authorized but unissued shares of Common Stock or common stock,
as the case may be, to such number of shares as shall be sufficient for such
purposes.

     8. Assignment. Subject to
the restrictions on transfer described in Section 10 below, the rights
and obligations of the Company and the Holder of this Note shall be binding upon
and benefit the successors, assigns, heirs, administrators, and transferees of
the parties. The Company shall not assign its rights or obligations hereunder to
any third party without Holder’s prior written consent.

     9. Waiver and Amendment.
Any provision of this Note may be amended, waived, or modified upon the written
consent of the Company and Holder.

     10. Transfer of This Note or
Securities Issuable on Conversion Hereof. With respect to any offer, sale,
or other disposition of this Note or securities into which such Note may be
converted, the Holder will give written notice to the Company prior thereto,
describing briefly the manner thereof, together with a written opinion of such
Holder's counsel, to the effect that such offer, sale, or other distribution may
be effected without registration or qualification (under any federal or state
law then in effect). Promptly upon receiving such written notice and reasonably
satisfactory opinion, if so requested, the Company shall notify such Holder that
such Holder may sell or otherwise dispose of this Note or such securities, all
in accordance with the terms of the notice delivered to the Company. If a
determination has been made pursuant to this Section 10 that the opinion
of counsel for the Holder is not reasonably satisfactory to the Company, the
Company shall so notify the Holder promptly after such determination has been
made. Each Note thus transferred and each certificate representing the
securities thus transferred shall bear a legend as to the applicable
restrictions on transferability in order to ensure compliance with the
Securities Act, unless in the opinion of counsel for the Company such legend is
not required. The Company may issue stop transfer instructions to its transfer
agent in connection with such restrictions.

     11. Treatment of Note. To
the extent permitted by generally accepted accounting principles, the Company
will treat, account, and report the Note as debt and not equity for accounting
purposes and with respect to any returns filed with federal, state, or local tax
authorities.

     12. Notices. Any notice,
request, or other communication required or permitted hereunder shall be in
writing and shall be deemed to have been duly given on the date of service if
personally served on the party to whom such notice is to be given, on the date
of transmittal of service via telecopy to the party to whom notice is to be
given (with a confirming copy delivered within 24 hours thereafter), or on the
third day after mailing if mailed to the party to whom notice is to be given, by
first class mail, registered or certified mail, postage prepaid, or via a
recognized overnight courier providing a receipt for delivery and properly
addressed at the respective addresses of the parties as set forth herein. Any
party hereto may by notice so given change its address for future notice
hereunder.

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Emerald Private Equity Fund Financing Agreement

     13. No Stockholder Rights.
Nothing contained in this Note shall be construed as conferring upon the Holder
or any other person the right to vote or to consent or to receive notice as a
stockholder in respect of meetings of stockholders for the election of directors
of the Company or any other matters or any rights whatsoever as a stockholder of
the Company; and no dividends or interest shall be payable or accrued in respect
of shares of capital stock obtainable hereunder until, and only to the extent
that, this Note shall have been converted.

     14. Governing Law. This
Note, the entire relationship of the parties hereto, and any litigation between
the parties (whether grounded in contract, tort, statute, law or equity) shall
be interpreted, construed, and enforced in accordance with the laws of the state
of Arizona, without regard to its choice of law principles.

     15. Heading; References.
All headings used herein are used for convenience only and shall not be used to
construe or interpret this Note. Except where otherwise indicated, all
references herein to Sections refer to Sections hereof.

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

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Emerald Private Equity Fund Financing Agreement

     IN WITNESS WHEREOF, the Company
has caused this Note to be issued as of the day and year first above
written.

	 	ECHO AUTOMOTIVE,
      INC., a Nevada corporation 
	 	 	  
	 	 	  
	 	By: 	
	 	 	Patrick van den Bossche 
	 	 	Chief Operating Officer/Managing Director
  

Name of Holder: EMERALD PRIVATE EQUITY FUND, 
LLC, an
Illinois limited liability company

	Address: 	c/o 	 
	 	 	 
	 	 	 

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Emerald Private Equity Fund Financing Agreement

EXHIBIT A

[TO CONVERTIBLE PROMISSORY NOTE]

NOTICE OF CONVERSION

(To Be Signed Only Upon Conversion of Note)

     The undersigned, the holder of
the foregoing Note, hereby surrenders such Note for conversion into shares of
Restricted Common Stock of Echo Automotive, Inc. in the amount of
$
__________ unpaid principal amount of such Note, and requests that the
certificates for such shares be issued in the name of, and delivered to,
_____________ , whose address is ______________________

Dated: ______________________

	 	(Signature must conform
      in all respects to name of 
	 	holder as specified on
      the face of the Note) 
	 	  
	 	  
	 	  
	 	(Address) 

A-1

Emerald Private Equity Fund Financing AgreementEcho Automotive, Inc.: Exhibit 10.3 - Filed by newsfilecorp.com

EXHIBIT B

Form of Warrant Agreement

	
      THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN
      REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
      “ACT”), OR UNDER THE SECURITIES LAWS OF ANY STATE. THESE SECURITIES
      ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY
      NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS
      PERMITTED UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS PURSUANT
      TO REGISTRATION OR EXEMPTION THEREFROM AND THE ISSUER OF THESE
      SECURITIES HAS BEEN PROVIDED WITH AN OPINION OF LEGAL COUNSEL TO
      THE HOLDER IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER OF
      THESE SECURITIES TO THE EFFECT THAT SUCH OFFER, SALE, TRANSFER,
      PLEDGE OR HYPOTHECATION IS EXEMPT FROM REGISTRATION UNDER SUCH
      LAWS. 

	 

	Date of Issuance: _________, 2013 	Number of Shares ______________
	Warrant No.
____	                 
         (subject to adjustment) 

	 
	ECHO AUTOMOTIVE, INC. 
	A NEVADA CORPORATION 
	 

Warrant

     Echo Automotive, Inc., a Nevada
corporation (the “Company”), for value received, hereby certifies that
_______________________ (the “Initial Holder”), or its registered assigns
(the Initial Holder or such registered assigns shall be referred to as the
“Registered Holder”), is entitled, subject to the terms set forth below,
to purchase from the Company at any time on or after the Exercise Date and on or
before the Expiration Date, up to _____ shares (the “Warrant Shares”) of
the Company’s common stock, $0.001 par value per share (“Common Stock”),
at a purchase price $____ per share (the “Purchase Price”). The number of
shares of Warrant Shares and the Purchase Price may be adjusted from time to
time pursuant to the provisions of this Warrant. As used herein, “Exercise
Date” means any date after the date hereof and prior to the Expiration Date
on which the Registered Holder elects by written notice to the Company to
exercise this Warrant.

     This Warrant is issued pursuant
to that Financing and Security Agreement dated as of June _, 2013, by and among
the Company and the Initial Holder.

     Exercise.

     Manner of Exercise. This
Warrant may be exercised by the Registered Holder, in whole or in part, by
surrendering this Warrant, with the purchase/exercise form appended hereto as
Exhibit A duly executed by such Registered Holder or by such Registered
Holder’s duly authorized attorney, at the principal office of the Company, or at
such other office or agency as the Company may designate in writing, accompanied
by payment in full of the Purchase Price payable in respect of the number of
shares of Warrant Shares purchased upon such exercise. The Purchase Price may be
paid by cash, check, or wire transfer.

     Effective Time of
Exercise. Each exercise of this Warrant shall be deemed to have been
effected immediately prior to the close of business on the day on which this
Warrant shall have been surrendered to the Company as provided in Section 1(a)
above. At such time, the person or persons in whose name or names any certificates for Warrant Shares shall be issuable upon such
exercise as provided in Section 1(c) below shall be deemed to have become the
holder or holders of record of the Warrant Shares represented by such
certificates.

1

Emerald Private Equity Fund Financing Agreement

     Delivery to Holder. As
soon as practicable after the exercise of this Warrant, in whole or in part, and
in any event within ten (10) days thereafter, the Company at its expense will
cause to be issued in the name of, and delivered to, the Registered Holder, or
as such Holder (upon payment by such Holder of any applicable transfer taxes)
may direct:

          (i) a
certificate or certificates for the number of shares of Warrant Shares to which
such Registered Holder shall be entitled, and

          (ii) in
case such exercise is in part only, a new warrant or warrants (dated the date
hereof) of like tenor, calling in the aggregate on the face or faces thereof for
the number of shares of Warrant Shares equal (without giving effect to any
adjustment therein) to the number of such shares called for on the face of this
Warrant minus the number of such shares purchased by the Registered Holder upon
such exercise as provided in Section 1(a) above. 

     2. Adjustments.

          Stock
Splits and Dividends. If outstanding shares of the Company’s Common Stock
shall be subdivided into a greater number of shares or a dividend in Common
Stock shall be paid in respect of Common Stock, then the Purchase Price in
effect immediately prior to such subdivision or at the record date of such
dividend shall simultaneously with the effectiveness of such subdivision or
immediately after the record date of such dividend be proportionately reduced.
If outstanding shares of Common Stock shall be combined into a smaller number of
shares, then the Purchase Price in effect immediately prior to such combination
shall, simultaneously with the effectiveness of such combination, be
proportionately increased. When any adjustment is required to be made in the
Purchase Price, the number of shares of Warrant Shares purchasable upon the
exercise of this Warrant shall be changed to the number determined by dividing
(i) an amount equal to the number of shares issuable upon the exercise of this
Warrant immediately prior to such adjustment, multiplied by the Purchase Price
in effect immediately prior to such adjustment, by (ii) the Purchase Price in
effect immediately after such adjustment.

          Reclassification,
Etc. In case of any reclassification or change of the outstanding securities
of the Company or of any reorganization of the Company (or any other corporation
the stock or securities of which are at the time receivable upon the exercise of
this Warrant) or any similar corporate reorganization on or after the date
hereof, then and in each such case the Registered Holder, upon the exercise
hereof at any time after the consummation of such reclassification, change,
reorganization, merger or conveyance, shall be entitled to receive, in lieu of
the stock or other securities and property receivable upon the exercise hereof
prior to such consummation, the stock or other securities or property to which
such holder would have been entitled upon such consummation if such holder had
exercised this Warrant immediately prior thereto, all subject to further
adjustment as provided in this Section 2; and in each such case, the terms of
this Section 2 shall be applicable to the shares of stock or other securities
properly receivable upon the exercise of this Warrant after such
consummation.

          Adjustment
Certificate. When any adjustment is required to be made in the Warrant
Shares or the Purchase Price pursuant to this Section 2, the Company shall
promptly mail to the Registered Holder a certificate setting forth (i) a brief
statement of the facts requiring such adjustment, (ii) the Purchase Price after
such adjustment and (iii) the kind and amount of stock or other securities or
property into which this Warrant shall be exercisable after such adjustment.

     Transfers.

          Unregistered
Security. This Warrant has not been registered under the Securities Act of
1933, as amended (the “Securities Act”), and may not be sold, pledged,
distributed, offered for sale, transferred or otherwise disposed of in the
absence of (i) an effective registration statement under the Securities Act as
to this Warrant and registration or qualification of this Warrant under any
applicable U.S. federal or state securities law then in effect, or (ii) an opinion of counsel, reasonably satisfactory to the
Company, that such registration or qualification is not required.

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Emerald Private Equity Fund Financing Agreement 

          Transferability.
Subject to the provisions of Section 3(a) hereof and subject to the Company’s
approval, this Warrant and all rights hereunder are transferable, in whole or in
part, upon surrender of the Warrant with a properly executed assignment (in the
form of Exhibit B hereto) at the principal office of the Company.

          Warrant
Register. The Company will maintain a register containing the names and
addresses of the Registered Holders of this Warrant. Until any transfer of this
Warrant is made in the warrant register, the Company may treat the Registered
Holder as the absolute owner hereof for all purposes; provided,
however, that if this Warrant is properly assigned in blank, the Company
may (but shall not be required to) treat the bearer hereof as the absolute owner
hereof for all purposes, notwithstanding any notice to the contrary. Any
Registered Holder may change such Registered Holder’s address as shown on the
warrant register by written notice to the Company requesting such change.

     No Impairment. The Company
will not, by amendment of its charter or through reorganization, consolidation,
merger, dissolution, sale of assets or any other voluntary action, avoid or seek
to avoid the observance or performance of any of the terms of this Warrant, but
will (subject to Section 11 below) at all times in good faith assist in the
carrying out of all such terms and in the taking of all such action as may be
necessary or appropriate in order to protect the rights of the Registered Holder
against impairment.

     Termination. This Warrant
(and the right to purchase securities upon exercise hereof) shall terminate five
(5) years from the date of issuance of this Warrant (the “Expiration
Date”).

     Notices of Certain
Transactions. In the event:

          (a)
the Company shall take a record of the holders of its Common Stock (or other
stock or securities at the time deliverable upon the exercise of this Warrant)
for the purpose of entitling or enabling them to receive any dividend or other
distribution, or to receive any right to subscribe for or purchase any shares of
stock of any class or any other securities, or to receive any other right, to
subscribe for or purchase any shares of stock of any class or any other
securities, or to receive any other right, or

          (b)
of any capital reorganization of the Company, any reclassification of the
capital stock of the Company, or any consolidation or merger of the Company with
or into another corporation, or

          (c) of
the voluntary or involuntary dissolution, liquidation or winding-up of the
Company, then, and in each such case, the Company will mail or cause to be
mailed to the Registered Holder a notice specifying, as the case may be, (i) the
date on which a record is to be taken for the purpose of such dividend,
distribution or right, and stating the amount and character of such dividend,
distribution or right, or (ii) the effective date on which such
reclassification, reorganization, consolidation, merger, dissolution,
liquidation or winding-up is to take place, and the time, if any is to be fixed,
as of which the holders of record of Warrant Shares shall be entitled to
exchange their shares of Warrant Shares (or such other stock or securities) for
securities or other property deliverable upon such reclassification,
reorganization, consolidation, merger, dissolution, liquidation or winding-up.
Such notice shall be mailed at least ten (10) days prior to the record date or
effective date for the event specified in such notice.

     Reservation of Stock. The
Company will at all times reserve and keep available out of its authorized but
unissued stock, solely for the issuance and delivery upon the exercise of this
Warrant and other similar Warrants, such number of its duly authorized shares of
Common Stock as from time to time shall be issuable upon the exercise of this
Warrant and other similar Warrants. All of the shares of Common Stock issuable
upon exercise of this Warrant and other similar Warrants, when issued and
delivered in accordance with the terms hereof and thereof, will be duly
authorized, validly issued, fully paid and non-assessable, subject to no lien or
other encumbrance and will be registered under the Securities Act.

3

Emerald Private Equity Fund Financing Agreement 

     Exchange of Warrants. Upon
the surrender by the Registered Holder of any Warrant or Warrants, properly
endorsed, to the Company at the principal office of the Company, the Company
will, subject to the provisions of Section 3 hereof, issue and deliver to or
upon the order of such Holder, at the Company’s expense, a new Warrant or
Warrants of like tenor, in the name of such Registered Holder or as such
Registered Holder (upon payment by such Registered Holder of any applicable
transfer taxes) may direct, calling in the aggregate on the face or faces
thereof for the number of shares of Common Stock called for on the face or faces
of the Warrant or Warrants so surrendered.

     Replacement of Warrants.
Upon receipt of evidence reasonably satisfactory to the Company of the loss,
theft, destruction or mutilation of this Warrant and (in the case of loss, theft
or destruction) upon delivery of an indemnity agreement (with surety if
reasonably required) in an amount reasonably satisfactory to the Company, or (in
the case of mutilation) upon surrender and cancellation of this Warrant, the
Company will issue, in lieu thereof, a new Warrant of like tenor.

     Notices. Any notice
required or permitted by this Warrant shall be in writing and shall be deemed
sufficient upon receipt, when delivered personally or by courier, overnight
delivery service or confirmed facsimile, or forty-eight (48) hours after being
deposited in the regular mail as certified or registered mail (airmail if sent
internationally) with postage prepaid, addressed (a) if to the Registered
Holder, to the address of the Registered Holder most recently furnished in
writing to the Company and (b) if to the Company, to the address set forth below
or subsequently modified by written notice to the Registered Holder.

     No Rights as Stockholder.
Until the exercise of this Warrant, the Registered Holder shall not have or
exercise any rights by virtue hereof as a stockholder of the Company.

     Representations of Registered
Holder. By acceptance of this Warrant, the Registered Holder hereby
represents and acknowledges to the Company that:

               (a)
this Warrant is a “restricted security” as such term is used in the rules
and regulations under the Securities Act and that such security has not been and
will not be registered under the Securities Act or any state securities law, and
that such securities must be held indefinitely unless registration is effected
or transfer can be made pursuant to appropriate exemptions;

               (b)
the Registered Holder has read, and fully understands, the terms of this Warrant
set forth on its face and the attachments hereto, including the restrictions on
transfer contained herein; and

               (c)
the Registered Holder is purchasing for investment for its own account and not
with a view to or for sale in connection with any distribution of this Warrant
and it has no intention of selling this Warrant in a public distribution in
violation of the federal securities laws or any applicable state securities
laws; provided that nothing contained herein will prevent the Registered Holder
from transferring this Warrant in compliance with the terms of this Warrant and
the applicable federal and state securities laws.

     No Fractional Shares. No
fractional shares will be issued in connection with any exercise hereunder. In
lieu of any fractional shares which would otherwise be issuable, the Company
shall pay cash equal to the product of such fraction multiplied by the fair
market value of one such share on the date of exercise, as determined in good
faith by the Company’s Board of Directors.

     Amendment or Waiver. Any
term of this Warrant may be amended or waived upon written consent of the
Company and the Registered Holder.

     Headings. The headings in
this Warrant are for purposes of reference only and shall not limit or otherwise
affect the meaning of any provision of this Warrant.

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

4

Emerald Private Equity Fund Financing Agreement 

[Remainder of Page Intentionally Left Blank]

5

Emerald Private Equity Fund Financing Agreement 

     IN WITNESS WHEREOF, the Company
has caused this Warrant to be duly executed and delivered by its authorized
officer as of the date first above written.

	 	ECHO AUTOMOTIVE, INC., a Nevada
      corporation 
	 	 
	 	Signed: 	 
    
	 	 	 
	 	By: 	 
    
	 	 	 
	 	Title: 	 
    
	 	 	 
	 	Address: 	16000 N. 80th Street, Suite E 
	 	  	Scottsdale, AZ 85260 
	 	 	 
	 	Phone No.: 	(855) 324-6288 

	INITIAL
      HOLDER: Emerald Private Equity Fund, 	 
	LLC, a(n) 	 
	 	 
	By: 		 
	 	 	 
	Print Name: 		 
	 	 	 
	Title: 		 

Emerald Private Equity Fund Financing Agreement

[SIGNATURE PAGE TO ECHO AUTOMOTIVE, INC. WARRANT]

7

Emerald Private Equity Fund Financing Agreement 

EXHIBIT A

PURCHASE/EXERCISE FORM

	To: ECHO AUTOMOTIVE, INC. 	Dated:_________________ 

     The undersigned, pursuant to the
provisions set forth in the attached Warrant No. ___ hereby irrevocably elects
to purchase _____ shares of the Common Stock covered by such Warrant and
herewith makes payment of $ _________ , representing the full purchase price for
such shares at the price per share provided for in such Warrant.

     The undersigned acknowledges that
it has reviewed the representations and warranties contained in Section 12 of
the Warrant and by its signature below hereby makes such representations and
warranties to the Company as of the date hereof.

     The undersigned further
acknowledges that it has reviewed that certain Financing and Security Agreement,
dated as of June _, 2013, among the Company and certain holders of the Company’s
securities (as amended from time to time) and agrees to be bound by such
provisions.

	 	Signature: 	 
	 	 	 
	 	Name (print): 	 
	 	 	 
	 	Title (if applic.) 	 
	 	 	 
	 	Company (if applic.): 	 

Emerald Private Equity Fund Financing Agreement

EXHIBIT B

ASSIGNMENT FORM

     FOR VALUE RECEIVED,
_________________________________________ hereby sells, assigns and transfers
all of the rights of the undersigned under the attached Warrant with respect to
the number of shares of Common Stock covered thereby set forth below, to:

	Name of
      Assignee 	Address/Fax Number 	No. of Shares 

	Dated: 	 	 	Signature: 	 
	 	 	 	 	 
	  	 	 	Witness: 	 

B-1

Emerald Private Equity Fund Financing Agreement

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