Document:

Exhibit
10.1

 

 

2021
Promissory Note

 

Dated
as of June 15, 2021

 

Investor:

Greg
Rankich

1401
Chuckanut Crest Drive

Bellingham,
WA 98229

 

	 	Re:	Note Purchase Agreement

 

Investor:

 

TraQiQ,
Inc., a California corporation (the “Company”) having an address of 14205 SE 36th Street, Suite
100, Bellevue, WA 98006, agrees with you, as the purchaser hereunder (the “Investor”), as follows:

 

	1.	AUTHORIZATION
                                         OF NOTE.

 

The
Company has authorized the issue and sale to the Investor of the Company’s 2021 Promissory Note in the principal amount
of Four Hundred Thousand and 00/100 Dollars ($400,000.00) (the “Note”, such term to include any other promissory
note or notes issued in exchange or substitution therefore), in the form attached hereto as Exhibit A and made a part hereof.
The Note shall be included with this document. Certain capitalized terms used in this Note Purchase Agreement (this “Agreement”)
are defined in Section 6 hereof.

 

	2.	SALE
                                         AND PURCHASE OF NOTE; CLOSING; COMMITMENT FEE SHARES.

 

	2.1.	Sale
                                         and Purchase of Note; Purchase Price.

 

Subject
to the terms and conditions of this Agreement, the Company agrees to issue and sell the Note to the Investor, and the Investor
agrees to purchase the Note from the Company, for an aggregate purchase price of Four Hundred Thousand and 00/100 Dollars ($400,000.00)
(the “Purchase Price”), issuable in one (1) tranche at Closing.

 

	2.2.	Closing.

 

Subject to the
terms and conditions of this Agreement, the closing of the transactions contemplated hereby (the “Closing”)
will occur remotely either by electronic mail, facsimile, or U.S. mail with the execution and delivery of this Agreement or on
such other business day thereafter on or prior to the third business day after the date of this Agreement as may be agreed upon
by the Company and the Investor. (The date and time at which the Closing actually occurs are herein called the “Closing
Date”.) At the Closing:

 

(i)
The Company will issue and deliver the Note to the Investor, in the form of a single Note registered in the name of the Investor.

 

    	TraQiQ, Inc.
14205 S.E. 36th Street, Suite 100, Bellevue, WA 98006
http://www.TraqIQ.com, info@TraQiQ.com, (425)818-0560

    	 

    

 

(ii)
The Investor will deliver the Purchase Price to the Company, by wire transfer of immediately available funds to an account of
the Company to be designated to the Investor prior to the Closing.

 

(iii)
The Company and the Investor will deliver to each other such other documents, certificates, instruments and writings required
to be delivered pursuant to Section 3 hereof or otherwise required pursuant to this Agreement.

 

	2.3.	Commitment
                                         Fee Shares.

 

(a)
Commitment Fee Shares. The Company shall pay to Investor, as a commitment fee, Three Hundred Thousand and 00/100 United
States Dollars (US$300,000.00) (the “Commitment Fee”) by issuing to Investor 300,000 shares of the Company’s
common stock at a price per share of $1.00 (the “Commitment Fee Shares”) and in addition, upon closing. The
Company shall instruct its transfer agent (the “Transfer Agent”) to issue a certificate or book entry statement
representing the Commitment Fee Shares issuable to the Investor immediately upon the Company’s execution of this Agreement
and shall cause its Transfer Agent to deliver such certificates or book entry statements to Investor. The Investor shall never
be in possession of an amount of common stock greater than 4.99% of the issued and outstanding common stock of the Company provided,
however that this ownership restriction described in this Section may be waived by Investor, in whole or in part, upon 61 days’
prior written notice. The Commitment Fee Shares, when issued, shall be deemed to be validly issued, fully paid, and non-assessable
shares of the Company’s common stock. The Commitment Fee Shares shall be deemed fully earned as of the Effective Date, regardless
of the amount or number of Loans made hereunder.

 

(b)
Redemption. In the event that the Note has been repaid in full (including accrued and unpaid interest) on or prior to the
Maturity Date (without extension), the Company shall have the right to redeem 150,000 of the Commitment Fee Shares (as adjusted
for stock splits, stock dividends or similar events) which were originally issued (the “Redeemable Commitment Fee Shares”)
for an amount payable by the Company to the Investor in cash of an aggregate of one an 00/100 dollar ($1.00). Upon Investor’s
receipt of such cash payment in accordance with the immediately preceding sentence, the Redeemable Commitment Fee Shares shall
be immediately redeemed without any further action on the part of the Company or the Investor.

 

(c)
Leak-Out. For a period beginning on the date hereof and ending on the date that is one year thereafter, the Investor agrees
that on any trading day it shall not offer, sell, agree to offer or sell, solicit offers to purchase, grant any call option or
purchase any put option with respect to, or pledge, encumber, assign, borrow or otherwise dispose of, any Commitment Fee Shares
in an aggregate amount in excess of 5% of the trading volume of the common stock for the preceding trading day.

 

    	TraQiQ, Inc.
14205 S.E. 36th Street, Suite 100, Bellevue, WA 98006
http://www.TraqIQ.com, info@TraQiQ.com, (425)818-0560

    	 

    

 

(d)
Legends. The Investor understands that the Note and and the Commitment Fee Shares have not been registered under the 1933
Act and may be sold only pursuant to Rule 144 or Regulation S or other applicable exemption, the Commitment Fee Shares may bear
a restrictive legend in substantially the following form (and a stop-transfer order may be placed against transfer of the certificates
for such Securities):

 

“NEITHER
THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE EXERCISABLE
HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT
BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL (ACCEPTBALE TO THE COMPANY), IN A GENERALLY ACCEPTABLE
FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT OR
OTHER APPLICABLE EXEMPTION.” 

 

	3.	CONDITIONS
                                         TO CLOSING.

 

The
Investor’s obligations to purchase the Note and pay the Purchase Price at the Closing are subject to the fulfillment to
the Investor’s satisfaction, at or prior to the Closing Date, of the following conditions:

 

	3.1.	Compliance.

 

The
representations and warranties of the Company in this Agreement shall be true and correct in all Material respect as of the Closing
Date and the Company shall have performed and complied with all agreements and conditions contained in this Agreement required
to be performed or complied with by the Company prior to or at the Closing.

 

	3.2.	Required
                                         Consents.

 

All
consents, approvals or authorizations of, or registrations, filings or declarations with, any Governmental Authority or other
Person required in connection with the execution, delivery or performance of this Agreement shall have been obtained or made,
with the exception of any filings required under federal or state securities laws, which filings shall be made promptly after
the Closing.

 

	3.3.	No
                                         Actions or Proceedings.

 

No
suit, action or proceeding shall have been instituted or threatened before any court or other Governmental Authority to enjoin,
restrain or prohibit, or to obtain damages in respect of, this Agreement or the consummation of the transactions contemplated
hereby or which, in the Investor’s reasonable judgment, would impose material restrictions or risks upon the Company or
the Investor if such transactions are contemplated.

 

    	TraQiQ, Inc.
14205 S.E. 36th Street, Suite 100, Bellevue, WA 98006
http://www.TraqIQ.com, info@TraQiQ.com, (425)818-0560

    	 

    

 

	3.4.	Proceedings
                                         and Documents.

 

All
legal details and corporate and other proceedings in connection with the transactions contemplated by this Agreement and the Related
Agreements shall have been taken, all documents and instruments incident to such transactions shall be in form and substance reasonably
satisfactory to the Investor and its counsel, and the Investor and its counsel shall have received all counterpart originals or
certified or other copies of such documents as the Investor or its counsel may reasonably request.

 

	4.	REPRESENTATIONS
                                         AND WARRANTIES OF THE COMPANY.

 

The
Company hereby represents and warrants to the Investor that:

 

	4.1.	Incorporation;
                                         Power and Authority.

 

The
Company is duly incorporated, validly existing, and in good standing (to the extent such concept applies) under the laws of California.
The Company has all requisite power and authority to own or hold under lease the properties it purports to own or hold under lease,
to transact the business it transacts and proposes to transact, to execute and deliver this Agreement, the Note and each other
agreement, certificate or other document to be executed and delivered by the Company in connection with the transactions contemplated
hereby (collectively, the “Related Agreements”), to issue and sell the Note and otherwise to perform the provisions
hereof and thereof. The Company has delivered to the Investor true and complete copies of its articles of incorporation, by-laws,
or other applicable constituent charter documents, all as in full force and effect on the date hereof.

 

	4.2.	Authorization,
                                         Etc.

 

Each
of this Agreement, the Related Agreements and the transactions contemplated hereby and thereby, have been duly authorized by all
necessary action on the part of the Company and constitutes (or in the case of the Related Agreements, at the Closing will constitute)
a valid and binding obligation of the Company, enforceable against the Company in accordance with its terms subject to bankruptcy,
insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability now or hereafter in effect
relating to or affecting creditors’ rights and to general equity principles.

 

	4.3.	Compliance
                                         with Laws, Other Instruments, Etc.

 

The
execution, delivery and performance by the Company of this Agreement and the Related Agreements will not (a) contravene, result
in any breach of, or constitute a default under, or result in the creation of any Lien (other than by the terms hereof) in respect
of any property of the Company under, any of the Company’s charter documents or any indenture, mortgage, deed of trust,
loan, purchase or credit agreement, lease, or any other agreement or instrument to which the Company or any of its properties
is bound or subject, (b) conflict with or result in a breach of any of the terms, conditions or provisions of any order, judgment,
decree, or ruling of any court, arbitrator or Governmental Authority applicable to the Company or (c) violate any provision of
any statute or other rule or regulation of any Governmental Authority applicable to the Company.

 

    	TraQiQ, Inc.
14205 S.E. 36th Street, Suite 100, Bellevue, WA 98006
http://www.TraqIQ.com, info@TraQiQ.com, (425)818-0560

    	 

    

 

	4.4.	Governmental
                                         Authorizations, Etc.

 

No
consent, approval or authorization of, or registration, filing or declaration with, any Governmental Authority or any other Person
is required in connection with the execution, delivery or performance by the Company of this Agreement or any of the Related Agreements,
or the issuance and sale of the Note, except such as have been duly and validly obtained or filed, or with respect to any filings
that must be made after the Closing, as will be filed in a timely manner.

 

	4.5.	Financial
                                         Statements; Absence of Certain Changes.

 

The
Company has delivered to the Investor copies of its audited financial statements for the year ended December 31, 2020. All of
such financial statements (including in each case the related schedules and notes) fairly present in all Material respects the
financial position of the Company as of their respective dates and the results of its operations and cash flows for the respective
periods covered thereby and have been prepared in accordance with GAAP consistently applied throughout the periods involved except
as set forth in the notes thereto (subject, in the case of any interim financial statements, to normal year-end adjustments).
Except as disclosed or reflected in such financial statements, there are no obligations or liabilities, whether or not accrued,
contingent or otherwise, or any facts or circumstances of which the management of the Company is aware, that could result in any
obligations or liabilities of the Company that individually or in the aggregate could reasonably be expected to have a Material
adverse effect on the financial condition of the Company.

 

	4.6.	Litigation;
                                         Observance of Agreements, Statutes and Orders; Permits.

 

(i)
There are no actions, suits or proceedings pending or, to the knowledge of the Company, threatened against the Company or any
property of the Company in any court or before or by any Governmental Authority.

 

(ii)
The Company is not in default under any term of any agreement or instrument to which it is a party or by which it is bound, or
any order, judgment, decree or ruling of any court or Governmental Authority, or in violation of any applicable law, ordinance,
rule or regulation of any Governmental Authority.

 

(iii)
The Company owns or possesses all licenses, permits, franchises and other authorizations from Governmental Authorities required
by all applicable laws, ordinances, rules and regulations, necessary for the operation of its business.

 

	4.7.	Taxes.

 

The
Company has filed all tax returns that are required to have been filed in any jurisdiction, and has paid all taxes shown to be
due and payable on such returns and all other taxes and assessments levied upon it or its properties, assets, income or franchises,
to the extent such taxes and assessments have become due and payable and before they have become delinquent, except for any taxes
and assessments the nonpayment of which in the aggregate could not reasonably be expected to have a Material adverse effect upon
the financial condition of the Company.

 

    	TraQiQ, Inc.
14205 S.E. 36th Street, Suite 100, Bellevue, WA 98006
http://www.TraqIQ.com, info@TraQiQ.com, (425)818-0560

    	 

    

 

	4.8.	Title
                                         to Property; Leases and Licenses.

 

The
Company has good and sufficient title or rights to use its properties that individually or in the aggregate are Material, including
all such properties reflected in its most recent balance sheet delivered to the Investor (except as sold or otherwise disposed
of in the ordinary course of business since that date). All leases or licenses that individually or in the aggregate are Material
are valid and subsisting and are in full force and effect in all Material respects.

 

	4.9.	Private
                                         Offering by the Company.

 

Neither
the Company nor anyone acting on its behalf has offered the Note or any similar securities for sale to, or solicited any offer
to buy any of the same from, or otherwise approached or negotiated in respect thereof with, any Person other than the Investor
and other Persons who are “accredited investors” as defined in the Securities Act, each of which has been offered
such securities at a private sale for investment. Neither the Company nor anyone acting on its behalf has taken, or will take,
any action that would subject the issuance or sale of the Note to the registration requirements of Section 5 of the Securities
Act.

 

	4.10.	Disclosures.

 

The
representations, warranties and other information regarding the Company set forth in this Agreement, the Related Agreements and
any certificates delivered to the Investor in connection with the transactions contemplated hereby, are true, accurate and complete
in all Material respects, fairly describe the business and properties of the Company and do not contain any untrue statement of
a Material fact or omit to state any Material fact necessary to make the statements therein not misleading in light of the circumstances
under which they were made.

 

	4.11.	Brokers.

 

No
broker, investment banker or other finder is entitled to any brokerage, finder’s or other fee or commission in connection
with the transactions contemplated by this Agreement based on arrangements made by or on behalf of the Company or any of its Affiliates.

 

	5.	REPRESENTATIONS
                                         AND WARRANTIES OF THE INVESTOR.

 

	5.1.	Purchase
                                         for Investment.

 

The
Investor is purchasing the Note and receiving the Commitment Fee Shares for its own account and not with a view to the distribution
thereof. The Investor understands that neither the Note nor the Commitment Fee Shares have been registered under the Securities
Act and may be resold only if registered pursuant to the provisions of the Securities Act or if an exemption from registration
is available, except under circumstances where neither such registration nor such an exemption is required by law.

 

    	TraQiQ, Inc.
14205 S.E. 36th Street, Suite 100, Bellevue, WA 98006
http://www.TraqIQ.com, info@TraQiQ.com, (425)818-0560

    	 

    

 

	5.2.	Nature
                                         of Investor.

 

The
Investor is an “accredited investor” as defined in Rule 501(a) under the Securities Act and has such knowledge and
experience in business and financial matters as to be capable of evaluating the merits and risks of the investment in the Note
and Commitment Fee Shares, is able to bear the economic risk of such investment and, at the present time, would be able to afford
a complete loss of such investment.

 

	5.3.	Reliance
                                         on Exemptions.

 

The
Investor understands that the securities are being offered and sold to it in reliance upon specific exemptions from the registration
requirements of United States federal and state securities laws and that the Company is relying upon the truth and accuracy of,
and the Investor’s compliance with, the representations, warranties, agreements, acknowledgments and understandings of the
Investor set forth herein in order to determine the availability of such exemptions and the eligibility of the Investor to acquire
the securities.

 

	6.	CERTAIN
                                         DEFINITIONS.

 

As
used in this Agreement, the following terms have the following respective meanings:

 

“Affiliate”
means, with respect to any Person, (a) any director, manager, officer or partner of such Person; (b) any other Person that beneficially
owns, directly or indirectly, fifty percent (50%) or more of any class of voting or equity interests of such Person; (c) any other
Person of which such Person beneficially owns, directly or indirectly, equity securities having fifty percent (50%) or more of
any class of voting or equity interests of such other Person; and (d) any other Person controlling, controlled by or under common
control with such Person where the term “control” means the possession, directly or indirectly, of the power
to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting or equity
securities or otherwise.

 

“GAAP”
means generally accepted accounting principles as in effect from time to time in the United States of America.

 

“Governmental
Authority” means (a) the government of (i) the United States of America or any state or other political subdivision
thereof, or (ii) any jurisdiction in which the Company conducts all or part of its business, or which asserts jurisdiction over
any properties of the Company, or (b) any entity exercising, executive, legislative, judicial, regulatory or administrative functions
of, or pertaining to, any such government.

 

“Lien”
means any mortgage, lien, pledge, charge, security interest or other encumbrance of any nature whatsoever.

 

“Material”
means material in relation to the business, operations, affairs, financial condition, assets, properties or prospects of the Company.

 

    	TraQiQ, Inc.
14205 S.E. 36th Street, Suite 100, Bellevue, WA 98006
http://www.TraqIQ.com, info@TraQiQ.com, (425)818-0560

    	 

    

 

“Person”
means an individual, partnership, corporation, limited liability company, joint venture, association, trust, unincorporated organization,
or a government or agency or political subdivision thereof.

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations thereunder, all as the same shall be
in effect from time to time.

 

	7.	MISCELLANEOUS.

 

	7.1.	Further
                                         Assurances.

 

Each
party hereto respectively will use all reasonable efforts to take, or cause to be taken, all actions and do, or cause to be done,
all other things necessary, proper or appropriate under applicable laws, regulations and contracts to consummate and thereafter
make effective the transactions contemplated by this Agreement.

 

	7.2.	Payment
                                         of Expenses.

 

Whether
or not the transactions contemplated by this Agreement are consummated, each party hereto will pay its own expenses incident to
preparing for, entering into and carrying out this Agreement and the transactions contemplated hereby.

 

	7.3.	Survival;
                                         Indemnification.

 

(i)
The representations, warranties, covenants and agreements of the parties contained in this Agreement shall survive the Closing
and the purchase or transfer by the Investor of the Note, and may be relied upon by any subsequent holder of the Note, regardless
of any investigation made at any time by or on behalf of the Investor or any such other holder.

 

(ii)
The Company will indemnify and hold harmless the Investor and any subsequent holder of the Note against all liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever which
may be imposed on, incurred by or asserted against the Investor or any such holder, in its capacity as such, in any way relating
to or arising out of this Agreement or the transactions contemplated hereby; provided, however, that the Company
shall not be liable for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs,
expenses or disbursements to the extent that the same result from the Investor’s or such holder’s own negligence or
willful misconduct.

 

	7.4.	Entire
                                         Agreement, Etc.

 

This
Agreement (including the Exhibits and Schedules hereto and the Related Agreements referred to herein) constitutes the entire agreement
and supersedes all other agreements and understandings, both written and oral, between the parties with respect to the subject
matter hereof.

 

    	TraQiQ, Inc.
14205 S.E. 36th Street, Suite 100, Bellevue, WA 98006
http://www.TraqIQ.com, info@TraQiQ.com, (425)818-0560

    	 

    

 

	7.5.	Successor
                                         and Assigns.

 

Investor
may not assign this Agreement without the written consent of the Company. This Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and assigns (including, without limitation, any subsequent holder
of the Note).

 

	7.6.	Modification,
                                         Amendment or Termination.

 

No
amendment or waiver of any provision of this Agreement shall in any event be effective unless the same shall be in writing and
executed by Investor and Company.

 

	7.7.	Severability.

 

If
any term or other provision of this Agreement, or any portion thereof, is invalid, illegal or incapable of being enforced by any
rule of law or public policy, all other terms and provisions of this Agreement, or remaining portion thereof, shall nevertheless
remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected
in any manner materially adverse to any party. Upon such determination that any such term or other provision, or any portion thereof,
is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement
so as to effect the original intent of the parties as closely as possible in an acceptable manner to the end that the transactions
contemplated hereby are consummated to the fullest extent possible.

 

	7.8.	Notices.

 

All
notices provided for or permitted to be given pursuant to this Note shall be deemed given or served (a) on the fifth (5th)
business day after depositing the same in the United States mail addressed to the party to be notified, postpaid and certified
with return receipt requested, (b) upon delivering such notice in person to such party, (c) (1) business day after delivery to
a recognized overnight courier service marked for next day delivery, (d) confirmed receipt of prepaid telegram, telex, telecopy,
or facsimile prior to 5:00 p.m. PT as of the date of transmission, or (e) upon confirmed receipt of email as evidenced by reply
email (followed by delivery of such notice by mail):

 

		(i)	if
                                         to the Investor, to the address set forth below Investor’s Signature to this Agreement;
                                         or

 

		(ii)	if
                                         to the Company, to the Company at its address set forth on the first page hereof, attention:
                                         Ajay Sikka, CEO.

 

No
provision of this Agreement, including this Section, shall be deemed to constitute consent to the manner and address for service
of process in connection with any legal proceeding (including such arising out of or in connection with this Agreement), which
service shall be effected as required by applicable law.

 

    	TraQiQ, Inc.
14205 S.E. 36th Street, Suite 100, Bellevue, WA 98006
http://www.TraqIQ.com, info@TraQiQ.com, (425)818-0560

    	 

    

 

	7.9.	Governing
                                         Law; Venue.

 

This
Agreement shall be governed by and construed in accordance with the law of the State of Washington, without regard to the conflicts
of laws principles thereof. The parties irrevocably agree that any claim arising from, in connection with, or related to this
Agreement, and/or any Related Agreement, or any of the transaction contemplated hereby or thereby shall be brought before a federal
or state court situated in or having jurisdiction over King County, Washington.

 

	7.10.	Counterparts.

 

(a)
This Agreement may be executed in one or more identical counterparts, each of which shall be deemed an original but all of which
together will constitute one and the same instrument. This Agreement may be executed and delivered by facsimile transmission or
by exchange of emails containing PDF attachments and any such facsimile or PDF signatures hereon shall be deemed to be original
signatures for all purposes.

 

	7.11.	Waiver
                                         of Jury Trial.

 

Each
party hereto hereby irrevocably waives any right to have a jury participate in resolving any suit, action or proceeding arising
from, in connection with, or relating to this Agreement, and/or any Related Agreement, or any of the transactions contemplated
hereby or thereby. 

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK;

SIGNATURES APPEAR ON FOLLOWING PAGE]

 

    	TraQiQ, Inc.
14205 S.E. 36th Street, Suite 100, Bellevue, WA 98006
http://www.TraqIQ.com, info@TraQiQ.com, (425)818-0560

    	 

    

 

[SIGNATURE
PAGE TO NOTE PURCHASE AGREEMENT]

 

IN
WITNESS WHEREOF, the parties have caused this Note Purchase Agreement to be duly executed and delivered as of the date first written
above.

 

	 	TRAQIQ, INC.:
	 	 	 
	 	By:	 
	 	Printed: 	Ajay Sikka
	 	Title:	CEO
	 	 	 
	 	INVESTOR:
	 	 	 
	 	By: 	 
	 	Printed:	Greg Rankich

 

	 	Address: 	1401
    Chuckanut Crest Drive
	 	 	Bellingham, WA
    98229

 

    	TraQiQ, Inc.
14205 S.E. 36th Street, Suite 100, Bellevue, WA 98006
http://www.TraqIQ.com, info@TraQiQ.com, (425)818-0560

    	 

    

 

Exhibit
A

 

2021
Promissory Note

 

    	TraQiQ, Inc.
14205 S.E. 36th Street, Suite 100, Bellevue, WA 98006
http://www.TraqIQ.com, info@TraQiQ.com, (425)818-0560Exhibit 10.2

 

THIS
NOTE HAS BEEN ACQUIRED BY THE HOLDER SOLELY FOR ITS OWN ACCOUNT FOR THE PURPOSE OF INVESTMENT AND NOT WITH A VIEW TO OR FOR SALE
IN CONNECTION WITH ANY DISTRIBUTION THEREOF IN VIOLATION OF THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
AND APPLICABLE STATE SECURITIES LAWS. THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OR ANY STATE SECURITIES LAWS
AND MAY NOT BE SOLD, PLEDGED, OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE WITH THE SECURITIES ACT, AN EFFECTIVE REGISTRATION
STATEMENT FILED UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS, OR AN EXEMPTION THEREFROM; ALL AFTER HOLDER HAVING
DELIVERED AN OPINION OF COUNSEL SATISFACTORY TO COMPANY’S COUNSEL IN ALL RESPECTS REGARDING ANY SUCH PROPOSED TRANSFER OF
THIS NOTE.

 

2021
PROMISSORY NOTE

 

	$400,000.00	June 15, 2021
    (“Effective Date”)

 

FOR
VALUE RECEIVED, the undersigned, TraQiQ, Inc., a California corporation (the “Company”), hereby PROMISES
TO PAY TO THE ORDER OF Greg Rankich, (the “Holder”), the principal amount of Four Hundred Thousand and
00/1000 Dollars ($400,000.00) (the “Principal”). The Principal shall be delivered as of the Effective Date.
From time to time hereafter, this promissory note may be referred to as the “Note.” This Note is issued in
connection with and pursuant to that certain Note Purchase Agreement by and among the Company and Holder (the “Note Purchase
Agreement”).

 

	1.	Interest.

 

Interest
shall accrue on the Principal outstanding from time to time until such Principal is paid in full, at the simple interest rate
of zero percent (0%) per annum (computed on the basis of a 365-day year for the actual number of days elapsed) (“Interest”).

 

	2.	Repayment
                                         upon Maturity.

 

(a)
Maturity Date. The entire outstanding Principal shall be immediately due and payable one hundred eight (180) days following
the Effective Date (the “Maturity Date”).

 

(b)
Optional Prepayment. This Note may be prepaid by the Company in whole or in part at any time prior to the Maturity Date
without penalty or premium of any kind.

 

    	 

    	 

    

 

	3.	Events
                                         of Default; Rights and Remedies.

 

(a)
Events of Default Defined. Any one or more of the following shall constitute an “Event of Default” under
this Note:

 

(i)
The Company, after five (5) days written notice from Holder to Company, shall fail to timely pay any amount due and payable hereunder;

 

(ii)
The Company becomes insolvent or bankrupt, or admits in writing its inability to pay its debts as they mature, or makes an assignment
for the benefit of creditors, or applies for or consents to the appointment of a trustee or receiver for the Company or for the
major part of the property of either; or

 

(iii)
Bankruptcy, reorganization, arrangement or insolvency proceedings, or other proceedings for relief under any bankruptcy or similar
requirements of law for the relief of debtors, are instituted by or against the Company and, if instituted on an involuntary basis
against the Company such involuntary proceedings are consented to or are not dismissed within ninety (90) days after institution.

 

(b)
Rights and Remedies. Upon the occurrence of any Event of Default which shall be continuing, this Note shall automatically
become immediately due and payable. Upon this Note becoming due and payable under this Section 3(b), this Note will forthwith
mature, and the entire unpaid Principal shall all be immediately due and payable, in each and every case without presentment,
demand, protest or further notice, all of which are hereby waived. The Holder’s rights and remedies hereunder, or allowed
to it by law or equity, shall be cumulative. No failure by the Holder to exercise, and no delay in exercising, any right or remedy
will operate as a waiver thereof, nor will any single or partial exercise thereof preclude any other or future exercise thereof
or of any other right or remedy. Without limiting the foregoing, the Company shall pay to the Holder on demand such further amount
as shall be sufficient to cover all costs and expenses of the Holder incurred in any enforcement or collection of this Note including,
without limitation, reasonable attorneys’ fees, expenses and disbursements.

 

	4.	Miscellaneous.

 

(a)
Form of Payments. All payments of Principal on this Note shall be made in lawful money of the United States of America
at the Holder’s address set forth in Section 4(d) below.

 

(b)
Payments on Non-Business Days. Whenever any payment hereunder is due on a Saturday, a Sunday, or a day on which commercial
banks in Bellevue, Washington are required or authorized to be closed, such payment shall be made on the next succeeding business
day.

 

    	2

    	 

    

 

(c)
Notices. All notices and other communications given or made pursuant hereto shall be in writing and (except for notice
or communications given by telegram, telex, telecopy, facsimile, or e-mail) shall be delivered via a nationally recognized overnight
express company, or via registered or certified mail (postage prepaid, return receipt requested), in each case, to the parties
at the following addresses:

 

	 	If
    to the Company, to:	TraQiQ,
    Inc. 
	 	 	14205
    SE 36th Street, Suite 100
	 	 	Bellevue,
    WA 98006
	 	 	Attention:
    Ajay Sikka, CEO
	 	 	 
	 	If
    to the Holder, to:	Greg
    Rankich
	 	 	1401
    Chuckanut Crest Drive
	 	 	Bellingham,
    WA 98229

 

The
address or the contact person for purposes of this Section 4(d) may be changed by giving the parties specified above written
notice of the new address or name in the manner set forth above. All notices provided for or permitted to be given pursuant to
this Note shall be deemed given or served (a) on the fifth (5th) business day after depositing the same in the United
States mail addressed to the party to be notified, postpaid and certified with return receipt requested, (b) upon delivering such
notice in person to such party, (c) (1) business day after delivery to a recognized overnight courier service marked for next
day delivery, (d) confirmed receipt of prepaid telegram, telex, telecopy, or facsimile prior to 5:00 p.m. PT as of the date of
transmission, or (e) upon confirmed receipt of email as evidenced by reply email (followed by delivery of such notice by mail).
All notices are to be sent to or made at the addresses set forth in this Section 4(c). All notices given in accordance
with this Note shall be effective upon delivery at the address of the addressee.

 

(d)
Certain Waivers. Except as otherwise expressly provided herein, the Company hereby waives presentment, demand, protest
or notice and all other demands and notices in connection with the delivery, acceptance, performance or enforcement of this Note.

 

(e)
Assignment or Transfer. This Note may be transferred only upon the prior written consent of the Company, which consent
may be withheld in the Company’s sole and absolute discretion. If a transfer is approved by the Company, this Note may be
transferred only upon its surrender for transfer, duly endorsed, or accompanied by a written instrument of transfer duly executed
in form satisfactory to the Company, by the Holder hereof or such Holder’s duly authorized attorney. Upon such surrender,
a new Note will be issued to and registered in the name of the transferee. Prior to its receipt of written notice of transfer,
the Company may treat the person in whose name this Note is registered as the owner hereof for the purpose of receiving payment
of any outstanding Principal and for all other purposes, and the Company will not be affected by any notice to the contrary. Additionally,
Company may require, prior to any such transfer, that the transferee agree and acknowledge certain agreements, documents, and/or
representations and warranties.

 

(f)
Amendment and Waiver. No term of this Note may be amended or waived without the written consent of the Company and Holder.

 

(g)
If any term or other provision of this Note, or any portion thereof, is invalid, illegal or incapable of being enforced by any
rule of law or public policy, all other terms and provisions of this Note, or remaining portion thereof, shall nevertheless remain
in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in
any manner materially adverse to any party. Upon such determination that any such term or other provision, or any portion thereof,
is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Note so as
to effect the original intent of the parties as closely as possible in an acceptable manner to the end that the transactions contemplated
hereby are consummated to the fullest extent possible.

 

(h)
Governing Law; Venue. This Note shall be governed by and construed in accordance with the laws of the State of Washington,
without regard to the conflicts of laws principles thereof (including Indiana’s). The parties hereby irrevocably agree that
exclusive venue for any matter in connection with this Note shall be in state of federal courts located in or having jurisdiction
over King County, Washington.

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK;

SIGNATURE
APPEARS ON FOLLOWING PAGE]

 

    	3

    	 

    

 

[SIGNATURE
PAGE TO PROMISSORY NOTE]

 

IN
WITNESS WHEREOF, this Promissory Note has been duly executed and delivered by the Company as of the Effective Date.

 

	 	TraQiQ, Inc. 
	 	 	 
	 	By:
    	 
	 	Printed: 	Ajay
    Sikka, CEO

 

    	4

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