Document:

Exhibit 10.1

 

EXCHANGE AGREEMENT

 

This Exchange Agreement
(this “Agreement”), dated as of December [ ], 2019, is made by and among MassRoots, Inc., a Delaware corporation
(the “Company”), and each of the holders of the Exchange Securities (as defined below) signatory hereto (each
a “Holder”).

 

WHEREAS, each Holder
hold the number of shares of the Company’s Series A Preferred Stock, $0.001 par value per share (the “Series A Preferred
Stock” or the “Exchange Securities”), as set forth on the schedule attached as Schedule I;
and

 

WHEREAS, subject
to the terms and conditions set forth in this Agreement and pursuant to Section 3(a)(9) of the Securities Act of 1933, as amended
(the “Securities Act”), the Company desires to exchange with each Holder, and each Holder desires to exchange
with the Company, the Exchange Securities held by such Holder for a Convertible Promissory Note (each a “Note,” and
collectively, the “Notes”), in the form set forth as Exhibit A attached hereto, and in such principal
amounts to each Holder as set forth on Schedule I attached hereto.

 

NOW, THEREFORE, IN
CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration the receipt and
adequacy of which are hereby acknowledged, the Company and each Holder, with respect to itself, agree as follows:

 

1. Terms
of the Exchange. The Company and Holder agree that each Holder will exchange the Exchange Securities held by such Holder and
will relinquish any and all other rights it may have under the Exchange Securities in exchange for the Notes owing in respect of
such Exchange Securities.

 

2. Closing.
Upon satisfaction of the conditions set forth herein, a closing shall occur at the principal offices of the Company, or such other
location as the parties shall mutually agree. At closing, Holder shall surrender the Exchange Securities (held by such Holder with
the Company’s transfer agent in book-entry form) to the Company and the Company shall deliver to such Holder the Notes owing
in respect of such Exchange Securities. Upon closing, any and all obligations of the Company to Holder under the Exchange Securities
shall be fully satisfied, the certificates evidencing the Exchange Securities shall be cancelled and Holder will have no remaining
rights, powers, privileges, remedies or interests under the Exchange Securities.

 

3. Further
Assurances

 

Each party shall
do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all such other
agreements, certificates, instruments and documents, as any other party may reasonably request in order to carry out the intent
and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

 

     

     

    

 

4. Representations
and Warranties of Each Holder. Each Holder represents and warrants as of the date hereof and as of the closing to the Company
as follows:

 

a. Authorization;
Enforcement. Each Holder has the requisite power and authority to enter into and to consummate the transactions contemplated
by this Agreement and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of this Agreement
by each Holder and the consummation by it of the transactions contemplated hereby have been duly authorized by all necessary action
on the part of each Holder and no further action is required by each Holder. This Agreement has been (or upon delivery will have
been) duly executed by each Holder and, when delivered in accordance with the terms hereof, will constitute the valid and binding
obligation of each Holder enforceable against each Holder in accordance with its terms, except: (i) as limited by general equitable
principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement
of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive
relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable
law.

 

b. Tax Advisors.
Each Holder has reviewed with its own tax advisors the U.S. federal, state, local and foreign tax consequences of this investment
and the transactions contemplated by this Agreement. With respect to such matters, each Holder relied solely on such advisors and
not on any statements or representations of the Company or any of its agents, written or oral. Each Holder understands that it
(and not the Company) shall be responsible for its own tax liability that may arise as a result of this investment or the transactions
contemplated by this Agreement.

 

c. Information
Regarding Holder. Each Holder is an “accredited investor,” as such term is defined in Rule 501 of Regulation D
promulgated by the United States Securities and Exchange Commission (the “Commission”) under the Securities
Act, is experienced in investments and business matters, has made investments of a speculative nature and has purchased securities
of companies in private placements in the past and, with its representatives, has such knowledge and experience in financial, tax
and other business matters as to enable each Holder to utilize the information made available by the Company to evaluate the merits
and risks of and to make an informed investment decision with respect to the proposed purchase, which represents a speculative
investment. Holder has the authority and is duly and legally qualified to purchase and hold the Notes. Holder is able to bear the
risk of such investment for an indefinite period and to afford a complete loss thereof.

 

d. Legend.
Each Holder understands that the Notes (and the Underlying Shares, as defined herein) will be issued pursuant to an exemption from
registration or qualification under the Securities Act and applicable state securities laws, and except as set forth below, the
Notes shall bear any legend as required by the “blue sky” laws of any state and a restrictive legend in substantially
the following form (and a stop-transfer order may be placed against transfer of such stock certificates):

 

THESE SECURITIES AND THE SECURITIES
ISSUABLE UPON THEIR EXERCISE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
AND MAY NOT BE TRANSFERRED UNLESS PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, A “NO-ACTION”
LETTER FROM THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION (THE “COMMISSION” OR THE “SEC”) WITH RESPECT
TO SUCH TRANSFER, A TRANSFER MEETING THE REQUIREMENTS OF RULE 144 OF THE COMMISSION, OR AN OPINION OF COUNSEL SATISFACTORY TO THE
ISSUER TO THE EFFECT THAT ANY SUCH TRANSFER IS EXEMPT FROM SUCH REGISTRATION.

 

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e. Removal of Legends. Certificates evidencing shares of Common Stock issuable upon the conversion of the Notes
(the “Underlying Shares”) shall not be required to contain the legend set forth in Section 4(d) above
or any other legend (i) while a registration statement covering the resale of such securities is effective under the Securities
Act, (ii) following any sale of such Underlying Shares pursuant to Rule 144 (assuming the transferor is not an affiliate of the
Company), (iii) if such Underlying Shares are eligible to be sold, assigned or transferred under Rule 144 and each Holder is not
an affiliate of the Company (provided that each Holder provides the Company with reasonable assurances that such Underlying Shares
are eligible for sale, assignment or transfer under Rule 144 which shall include an opinion of each Holder’s counsel), (iv)
in connection with a sale, assignment or other transfer (other than under Rule 144), provided that each Holder provides the Company
with an opinion of counsel to each Holder, in a generally acceptable form, to the effect that such sale, assignment or transfer
of the Underlying Shares may be made without registration under the applicable requirements of the Securities Act or (v) if such
legend is not required under applicable requirements of the Securities Act (including, without limitation, controlling judicial
interpretations and pronouncements issued by the Commission). If a legend is not required pursuant to the foregoing, the Company
shall no later than two (2) business days following the delivery by each Holder to the Company or the transfer agent (with notice
to the Company) of a legended certificate representing such Underlying Shares (endorsed or with stock powers attached, signatures
guaranteed, and otherwise in form necessary to affect the reissuance and/or transfer, if applicable), together with any other deliveries
from each Holder as may be required above in this Section 4(e), as directed by each Holder, either: (A) provided that the
Company’s transfer agent is participating in the DTC Fast Automated Securities Transfer Program, credit the aggregate number
of shares of Underlying Shares to which each Holder shall be entitled to upon conversion of the such Notes held by each Holder
to each Holder’s or its designee’s balance account with DTC through its Deposit/Withdrawal at Custodian system or (B)
if the Company’s transfer agent is not participating in the DTC Fast Automated Securities Transfer Program, issue and deliver
(via reputable overnight courier) to each Holder, a certificate representing such Underlying Shares that is free from all restrictive
and other legends, registered in the name of each Holder or its designee. The Company shall be responsible for any transfer agent
fees or DTC fees with respect to any issuance of Underlying Shares in accordance herewith.

 

f. Restricted
Securities. Each Holder understands that: (i) the Notes (and the Underlying Securities) have not been and are not being registered
under the Securities Act or any state securities laws, and may not be offered for sale, sold, assigned or transferred unless (A)
subsequently registered thereunder, (B) each Holder shall have delivered to the Company (if requested by the Company) an opinion
of counsel to each Holder, in a form reasonably acceptable to the Company, to the effect that such Notes to be sold, assigned or
transferred may be sold, assigned or transferred pursuant to an exemption from such registration, or (C) each Holder provides the
Company with reasonable assurance that such Notes can be sold, assigned or transferred pursuant to Rule 144 or Rule 144A promulgated
under the Securities Act (or a successor rule thereto) (collectively, “Rule 144”); and (ii) any sale of the
Notes made in reliance on Rule 144 may be made only in accordance with the terms of Rule 144, and further, if Rule 144 is not applicable,
any resale of the Notes under circumstances in which the seller (or the Person through whom the sale is made) may be deemed to
be an underwriter (as that term is defined in the Securities Act) may require compliance with some other exemption under the Securities
Act or the rules and regulations of the SEC promulgated thereunder.

 

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5. Representations
and Warranties of the Company. The Company hereby makes the following representations and warranties to each Holder:

 

a. Authorization;
Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate the transactions contemplated
by this Agreement and each of the other agreements entered into by the parties hereto in connection with the transactions contemplated
by this Agreement (collectively, the “Exchange Documents”) and otherwise to carry out its obligations hereunder
and thereunder. The execution and delivery of this Agreement by the Company and the consummation by it of the transactions contemplated
hereby have been duly authorized by all necessary action on the part of the Company and no further action is required by the Company,
the board of directors of the Company or the Company’s stockholders in connection therewith, including, without limitation,
the issuance of the Notes has been duly authorized by the Company’s board of directors and no further filing, consent, or
authorization is required by the Company, its board of directors or its stockholders. This Agreement has been (or upon delivery
will have been) duly executed by the Company and, when delivered in accordance with the terms hereof, will constitute the valid
and binding obligation of the Company enforceable against the Company in accordance with its terms, except: (i) as limited by general
equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting
enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance,
injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by
applicable law.

 

b. Organization
and Qualification. Each of the Company and its subsidiaries (the “Subsidiaries”) are entities duly organized
and validly existing and in good standing under the laws of the jurisdiction in which they are formed, and have the requisite power
and authorization to own their properties and to carry on their business as now being conducted and as presently proposed to be
conducted. Each of the Company and each of its Subsidiaries is duly qualified as a foreign entity to do business and is in good
standing in every jurisdiction in which its ownership of property or the nature of the business conducted by it makes such qualification
necessary, except to the extent that the failure to be so qualified or be in good standing would not have a Material Adverse Effect.
As used in this Agreement, “Material Adverse Effect” means any material adverse effect on (i) the business,
properties, assets, liabilities, operations (including results thereof), condition (financial or otherwise) or prospects of the
Company or any Subsidiary, individually or taken as a whole, (ii) the transactions contemplated hereby or in any of the other Exchange
Documents or (iii) the authority or ability of the Company to perform any of its obligations under any of the Exchange Documents.
Other than its Subsidiaries, there is no Person (as defined below) in which the Company, directly or indirectly, owns capital stock
or holds an equity or similar interest. “Person” means an individual, a limited liability company, a partnership,
a joint venture, a corporation, a trust, an unincorporated organization, any other entity and any governmental entity or any department
or agency thereof.

 

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c. No Conflict.
The execution, delivery and performance of the Exchange Documents by the Company and the consummation by the Company of the transactions
contemplated hereby and thereby (including, without limitation, the issuance of the Securities will not (i) result in a violation
of the Certificate of Incorporation (as defined herein) or other organizational documents of the Company or any of its Subsidiaries,
any capital stock of the Company or any of its Subsidiaries or Bylaws (as defined herein) of the Company or any of its Subsidiaries,
(ii) except as set forth in the SEC Documents, conflict with, or constitute a default (or an event which with notice or lapse
of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation
of, any agreement, indenture or instrument to which the Company or any of its Subsidiaries is a party, or (iii) result in a violation
of any law, rule, regulation, order, judgment or decree (including foreign, federal and state securities laws and regulations
and the rules and regulations of The OTC Markets Group (the “Principal Market”) applicable to the Company or
any of its Subsidiaries or by which any property or asset of the Company or any of its Subsidiaries is bound or affected except,
in the case of clause (ii) or (iii) above, to the extent such violations that could not reasonably be expected to have a Material
Adverse Effect.

 

d. No Consents. Neither the Company nor any Subsidiary is required to obtain any consent from, authorization or
order of, or make any filing or registration with, any court, governmental agency or any regulatory or self-regulatory agency
or any other Person in order for it to execute, deliver or perform any of its respective obligations under or contemplated by
the Exchange Documents, in each case, in accordance with the terms hereof or thereof. All consents, authorizations, orders, filings
and registrations which the Company or any Subsidiary is required to obtain pursuant to the preceding sentence have been obtained
or effected on or prior to the date of this Agreement, and neither the Company nor any of its Subsidiaries is aware of any facts
or circumstances which might prevent the Company or any of its Subsidiaries from obtaining or effecting any of the registration,
application or filings contemplated by the Exchange Documents. The Company is not in violation of the requirements of the Principal
Market and has no knowledge of any facts or circumstances which could reasonably lead to delisting or suspension of the Common
Stock in the foreseeable future.

 

e. Securities
Law Exemptions. Assuming the accuracy of the representations and warranties of each Holder contained herein, the offer and
issuance by the Company of the Notes is exempt from registration under the Securities Act. The offer and issuance of the Notes
is exempt from registration under the Securities Act pursuant to the exemption provided by Section 3(a)(9) thereof. The Company
covenants and represents to each Holder that neither the Company nor any of its Subsidiaries has received, anticipates receiving,
has any agreement to receive or has been given any promise to receive any consideration from each Holder or any other Person in
connection with the transactions contemplated by the Exchange Documents.

 

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f. Issuance of
the Notes. The issuance of the Notes is duly authorized by the Company. The issuance of shares of the Underlying Shares upon
conversion of the Notes is duly authorized and, when issued in accordance with the Notes, will be duly and validly issued, fully
paid and non-assessable, free from all taxes, liens, charges and other encumbrances imposed by the Company other than restrictions
on transfer provided for in such documents.

 

g. [Intentionally
Omitted].

 

h. Equity Capitalization.
Except as disclosed in the SEC Documents (as defined below): (i) none of the Company’s or any Subsidiary’s capital
stock is subject to preemptive rights or any other similar rights or any liens or encumbrances suffered or permitted by the Company
or any Subsidiary; (ii) there are no outstanding options, warrants, scrip, rights to subscribe to, calls or commitments of any
character whatsoever relating to, or securities or rights convertible into, or exercisable or exchangeable for, any capital stock
of the Company or any of its Subsidiaries, or contracts, commitments, understandings or arrangements by which the Company or any
of its Subsidiaries is or may become bound to issue additional capital stock of the Company or any of its Subsidiaries or options,
warrants, scrip, rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities or rights
convertible into, or exercisable or exchangeable for, any capital stock of the Company or any of its Subsidiaries; (iii) there
are no outstanding debt securities, notes, credit agreements, credit facilities or other agreements, documents or instruments evidencing indebtedness of
the Company or any of its Subsidiaries or by which the Company or any of its Subsidiaries is or may become bound; (iv) there are
no financing statements securing obligations in any amounts filed in connection with the Company or any of its Subsidiaries; (v)
there are no agreements or arrangements under which the Company or any of its Subsidiaries is obligated to register the sale of
any of their securities under the Securities Act; (vi) there are no outstanding securities or instruments of the Company or any
of its Subsidiaries which contain any redemption or similar provisions, and there are no contracts, commitments, understandings
or arrangements by which the Company or any of its Subsidiaries is or may become bound to redeem a security of the Company or any
of its Subsidiaries; (vii) there are no securities or instruments containing anti-dilution or similar provisions that will be triggered
by the issuance of the Notes; (viii) neither the Company nor any Subsidiary has any stock appreciation rights or “phantom
stock” plans or agreements or any similar plan or agreement; and (ix) neither the Company nor any of its Subsidiaries have
any liabilities or obligations required to be disclosed in the in the Company’s filings with the Commission (the “SEC
Documents”) which are not so disclosed in the SEC Documents, other than those incurred in the ordinary course of the
Company’s or its Subsidiaries’ respective businesses and which, individually or in the aggregate, do not or could not
have a Material Adverse Effect. The Company has furnished to each Holder true, correct and complete copies of the Company’s
Amended and Restated Certificate of Incorporation, as amended and as in effect on the date hereof (the “Certificate of
Incorporation”), and the Company’s Amended and Restated Bylaws and as in effect on the date hereof (the “Bylaws”),
and the terms of all securities convertible into, or exercisable or exchangeable for, shares of Common Stock and the material rights
of the holders thereof in respect thereto that have not been disclosed in the SEC Documents.

 

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i. Shell
Company Status. The Company is not, and has never been, an issuer identified in, or subject to, Rule 144(i) of the Securities
Act.

 

6. Additional
Acknowledgments. Each Holder and the Company confirm that the Company has not received any consideration for the transactions
contemplated by this Agreement. Pursuant to Rule 144 promulgated by the Commission pursuant to the Securities Act and the rules
and regulations promulgated thereunder as such Rule 144 may be amended from time to time, or any similar rule or regulation hereafter
adopted by the Commission having substantially the same effect as such Rule 144, the holding period of the Securities tacks back
to the issue date of the Company’s common stock warrants which were exchanged for the Exchange Securities (for the sake of
clarity, such date occurred more than one year ago). The Company hereby confirms that each Holder (who is exchanging Exchange Securities)
currently is not and will not be upon closing of this Agreement (individually or together as a group) deemed an “affiliate”
as defined in Rule 144. The Company agrees not to take a position contrary to this paragraph.

 

7. Release
by Each Holders. In consideration of the foregoing, each Holder releases and discharges Company, Company’s officers,
directors, principals, control persons, past and present employees, insurers, successors, and assigns (“Company Parties”)
from all actions, cause of action, suits, debts, dues, sums of money, accounts, reckonings, bonds, bills, specialties, covenants,
contracts, controversies, agreements, promises, variances, trespasses, damages, judgments, extents, executions, claims, and demands
whatsoever, in law, admiralty or equity, which against Company Parties ever had, now have or hereafter can, shall or may, have
for, upon, or by reason of any matter, cause or thing whatsoever, whether or not known or unknown, arising under the Exchange Securities.
It being understood that this Section 7 shall be limited in all respects to only matters arising under or related to the
Exchange Securities and shall under no circumstances constitute a release, waiver or discharge with respect to the Securities or
any Exchange Documents or limit each Holder from taking action for matters with respect to the Securities or any Exchange Document
or events that may arise in the future.

 

8. Miscellaneous.

 

a. Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and
assigns.

 

b. Governing
Law; Jurisdiction; Waiver of Jury Trial. This Agreement shall be governed by and construed under the laws of the State of New
York, without regard to the choice of law principles thereof. Each party hereby irrevocably submits to the exclusive jurisdiction
of the state and federal courts sitting in the State of New York, City of New York for the adjudication of any dispute hereunder
or in connection herewith or with any transaction contemplated hereby, and hereby irrevocably waives any objection that such suit,
action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Nothing
contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. EACH PARTY HEREBY
IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER
OR IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

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c. Severability.
If any provision of this Agreement shall be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall
not affect the validity or enforceability of the remainder of this Agreement in that jurisdiction or the validity or enforceability
of any provision of this Agreement in any other jurisdiction.

 

d. Counterparts/Execution.
This Agreement may be executed in two or more identical counterparts, all of which shall be considered one and the same agreement
and shall become effective when counterparts have been signed by each party and delivered to the other party. In the event that
any signature is delivered by facsimile transmission or by an e-mail which contains an electronic file of an executed signature
page, such signature page shall create a valid and binding obligation of the party executing (or on whose behalf such signature
is executed) with the same force and effect as if such facsimile or electronic file signature page (as the case may be) were an
original thereof.

 

e. Notices.
Any notice or communication permitted or required hereunder shall be in writing and shall be deemed sufficiently given if hand-delivered
or sent (i) postage prepaid by registered mail, return receipt requested, or (ii) by facsimile, to the respective parties as set
forth below, or to such other address as either party may notify the other in writing.

 

If to the Company, to:

 

MassRoots, Inc.

100 W. Broadway

Office 04-109

Long Beach, CA 90802

 

With a copy to (which
shall not constitute notice):

 

Sheppard, Mullin, Richter & Hampton LLP

30 Rockefeller Plaza

New York, NY 10112

Attn: Andrea Cataneo, Esq.

 

If to a Holder, to the
address set forth on the signature page of such Holder.

 

f. Expenses.
The parties hereto shall pay their own costs and expenses in connection herewith.

 

g. Entire Agreement;
Amendments. This Agreement constitutes the entire agreement between the parties with regard to the subject matter hereof and
thereof, superseding all prior agreements or understandings, whether written or oral, between the parties. This Agreement may be
amended, modified, superseded, cancelled, renewed or extended, and the terms and conditions hereof may be waived, only by a written
instrument signed by all parties, or, in the case of a waiver, by the party waiving compliance. Except as expressly stated herein,
no delay on the part of any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor
shall any waiver on the part of any party of any right, power or privilege hereunder preclude any other or future exercise of any
other right, power or privilege hereunder.

 

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h. Headings.
The headings used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this
Agreement.

 

i. Pledge of
Notes. The Company acknowledges and agrees that the Notes may be pledged by each Holder in connection with a bona fide margin
agreement or other loan or financing arrangement that is secured by the Notes. The pledge of the Notes shall not be deemed to be
a transfer, sale or assignment of the Notes hereunder, and if any Holder effects a pledge of the Notes held by such Holder it shall
not be required to provide the Company with any notice thereof or otherwise make any delivery to the Company pursuant to this Agreement.
The Company hereby agrees to execute and deliver such documentation as a pledgee of the Notes may reasonably request in connection
with a pledge of the Notes to such pledgee by each Holder.

 

[SIGNATURE PAGES FOLLOW]

 

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IN WITNESS WHEREOF, the parties have caused
this Agreement to be duly executed as of the day and year first above written.

 

		MASSROOTS, INC.

 

	 	By:	 
	 	Name: 	Isaac Dietrich
	 	Title:	Chief Executive Officer

 

	 	HOLDER: 
	 	 
	 	[  ]

 

	 	By:	 
	 	Name:	 [  ]
	 	Title:	 [  ]

 

	 	Address for Notices:
		[  ]
	 	 
	 	Address for delivery of Notes:
	 	[  ]

 

 

-10-Exhibit 10.2

 

NEITHER THIS NOTE NOR THE SECURITIES
INTO WHICH THIS NOTE IS CONVERTIBLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION
OF ANY STATE. THESE SECURITIES HAVE BEEN SOLD IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO,
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS.

 

massroots,
inc.

 

Convertible
Promissory Note

 

	Issuance Date:  December [    ], 2019	Principal Amount: $[               ]
	Note No. [    ]	 

 

FOR VALUE RECEIVED,
MassRoots, Inc., a Delaware corporation (the “Company”), hereby promises to pay to the order of [ ],
or registered assigns (the “Holder”), the amount set out above as the Principal Amount (as reduced pursuant
to the terms hereof pursuant to redemption, conversion or otherwise, the “Principal Amount”) when due, whether
upon the Maturity Date (as defined below), acceleration, redemption or otherwise (in each case in accordance with the terms hereof)
and to pay interest (“Interest”) on any outstanding Principal at the applicable Interest Rate from the date
set out above as the Issuance Date (the “Issuance Date”) until the same becomes due and payable, upon the Maturity
Date or acceleration, conversion, redemption or otherwise (in each case in accordance with the terms hereof).

 

The Principal Amount
is [ ] ($[ ]) plus accrued and unpaid interest and any other fees. For purposes hereof, the term “Outstanding Balance”
means the Principal Amount, as reduced or increased, as the case may be, pursuant to the terms hereof for conversion, breach hereof
or otherwise, plus any accrued but unpaid interest, collection and enforcements costs, and any other fees, penalties, damages or
charges incurred under this Convertible Promissory Note (this “Note”). Terms not defined herein shall have the
meaning ascribed to them in that certain Exchange Agreement, dated as of even date herewith, by and between the Company and the
Holder.

 

(1) 
GENERAL TERMS

 

(a) Payment
of Principal. The “Maturity Date” shall be [ ], as may be extended at the option of the Holder in the event
that, and for so long as, an Event of Default (as defined below) shall not have occurred and be continuing on the Maturity Date
(as may be extended pursuant to this Section 1) or any event shall not have occurred and be continuing on the Maturity Date (as
may be extended pursuant to this Section 1) that with the passage of time and the failure to cure would result in an Event of Default.

 

Interest.
Interest shall accrue at a rate of twelve percent per annum (12%) (the “Interest Rate”) beginning on
the Issuance Date to the Principal Amount. The Interest hereunder shall be paid on the Maturity Date (or sooner as provided herein)
to the Holder or its assignee in whose name this Note is registered on the records of the Company regarding registration and transfers
of Notes in cash or converted into Common Stock at the Conversion Price upon the conversion of this Note, at the option of the
Company.

 

     

     

    

 

(2) EVENTS OF DEFAULT.

 

(a) An
“Event of Default”, wherever used herein, means any one of the following events (whatever the reason and whether
it shall be voluntary or involuntary or effected by operation of law or pursuant to any judgment, decree or order of any court,
or any order, rule or regulation of any administrative or governmental body):

 

(i) The
Company’s failure to pay to the Holder any amount of the Principal Amount, Interest, or other amounts when and as due under
this Note (including, without limitation, the Company’s failure to pay any redemption payments or amounts hereunder); 

 

(ii) A
Conversion Failure as defined in Section 3(b)(ii)

 

(iii) The
Company or any subsidiary of the Company shall commence, or there shall be commenced against the Company or any subsidiary of the
Company under any applicable bankruptcy or insolvency laws as now or hereafter in effect or any successor thereto, or the Company
or any subsidiary of the Company commences any other proceeding under any reorganization, arrangement, adjustment of debt, relief
of debtors, dissolution, insolvency or liquidation or similar law of any jurisdiction whether now or hereafter in effect relating
to the Company or any subsidiary of the Company or there is commenced against the Company or any subsidiary of the Company any
such bankruptcy, insolvency or other proceeding which remains undismissed for a period of 61 days; or the Company or any subsidiary
of the Company is adjudicated insolvent or bankrupt; or any order of relief or other order approving any such case or proceeding
is entered; or the Company or any subsidiary of the Company suffers any appointment of any custodian, private or court appointed
receiver or the like for it or any substantial part of its property which continues undischarged or unstayed for a period of sixty
one (61) days; or the Company or any subsidiary of the Company makes a general assignment for the benefit of creditors; or the
Company or any subsidiary of the Company shall fail to pay, or shall state that it is unable to pay, or shall be unable to pay,
its debts generally as they become due; or the Company or any subsidiary of the Company shall call a meeting of its creditors with
a view to arranging a composition, adjustment or restructuring of its debts; or the Company or any subsidiary of the Company shall
by any act or failure to act expressly indicate its consent to, approval of or acquiescence in any of the foregoing; or any corporate
or other action is taken by the Company or any subsidiary of the Company for the purpose of effecting any of the foregoing;

 

(iv) The
Company or any subsidiary of the Company shall default in any of its obligations under any other Note or any mortgage, credit agreement
or other facility, indenture agreement, factoring agreement or other instrument under which there may be issued, or by which there
may be secured or evidenced any indebtedness for borrowed money or money due under any long term leasing or factoring arrangement
of the Company or any subsidiary of the Company in an amount exceeding $50,000, whether such indebtedness now exists or shall hereafter
be created; and

 

(v) The Common
Stock is suspended or delisted for trading on the Over the Counter OTCQB Venture Marketplace or OTCPink Open Marketplace (the “Primary
Market”). 

 

(vi) The
Company loses its ability to deliver shares via “DWAC/FAST” electronic transfer.

 

(vii) The Company
loses its status as “DTC Eligible.”

 

    2

     

    

 

(viii) The
Company shall become late or delinquent or fails to file with the SEC any required reports under Section 13 or 15(d) of the Exchange
Act within the time required (including any applicable extension period) by the rules and regulations thereunder. 

 

(ix) The
Company shall fail to reserve and keep available out of its authorized Common Stock a number of shares equal to at least 3 (three)
times the full number of shares of Common Stock issuable upon conversion of all outstanding amounts under this Note. This requirement
shall be waived until December 31, 2019.

 

(x) After
December 31, 2019, the Company shall fail to meet all requirements to satisfy the availability of Rule 144 to the Investor or its
assigns including but not limited to timely fulfillment of its filing requirements as a fully-reporting issuer registered with
the SEC, requirements for XBRL filings, and requirements for disclosure of financial statements on its website.

 

(xi) The
Company shall be a party to any change of control transaction. “Change of control” means the occurrence after the date
hereof of any of (a) an acquisition after the date hereof by an individual or legal entity or “group” (as described
in Rule 13d-5(b)(1) promulgated under the Exchange Act) of effective control (whether through legal or beneficial ownership of
capital stock of the Company, by contract or otherwise) of in excess of 50% of the voting securities of the Company (b) the Company
merges into or consolidates with any other Person, or any Person merges into or consolidates with the Company and, after giving
effect to such transaction, the shareholders of the Company immediately prior to such transaction own less than 50% of the aggregate
voting power of the Company or the successor entity of such transaction, (c) the Company sells or transfers all or substantially
all of its assets to another Person, (d) a replacement at one time or within a three year period of more than one-half of the members
of the Board of Directors which is not approved by a majority of those individuals who are members of the Board of Directors on
the Original Issuance Date (or by those individuals who are serving as members of the Board of Directors on any date whose nomination
to the Board of Directors was approved by a majority of the members of the Board of Directors who are members on the date hereof),or
(e) the execution by the Company of an agreement to which the Company is a party or by which it is bound, providing for any of
the events set forth in clauses (a) through (d) above. “Person” means an individual or corporation, partnership, trust,
incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency
or subdivision thereof) or other entity of any kind.

 

(b) Upon
the occurrence of any Event of Default, the Outstanding Balance shall immediately increase to 130% of the Outstanding Balance immediately
prior to the occurrence of the Event of Default (the “Default Effect”) and a penalty of $100 (one hundred) per
day shall accrue until the default is remedied. The Default Effect shall automatically apply upon the occurrence of an Event of
Default without the need for any party to give any notice or take any other action. In addition, all amounts due and payable under
the Note shall, at the election of the holder, accelerate and become immediately due and payable upon notice from the Holder to
the Company.

 

(3) CONVERSION OF
NOTE. This Note shall be convertible into shares of the Company’s Common Stock, on the terms and conditions set forth
in this Section 3.

 

(a) Conversion
Right. Subject to the provisions of Section 3(c), at any time after the Issuance Date, the Holder shall be entitled to convert
any portion of the outstanding and unpaid Conversion Amount (as defined below) into fully paid and nonassessable shares of Common
Stock in accordance with Section 3(b), at the Conversion Price (as defined below). The number of shares of Common Stock issuable
upon conversion of any Conversion Amount pursuant to this Section 3(a) shall be equal to the quotient of dividing the Conversion
Amount by the Conversion Price. The Company shall not issue any fraction of a share of Common Stock upon any conversion. If the
issuance would result in the issuance of a fraction of a share of Common Stock, the Company shall round such fraction of a share
of Common Stock up to the nearest whole share. The Company shall pay any and all transfer agent fees, legal fees, costs and any
other fees or costs that may be incurred or charged in connection with the issuance of shares of the Company’s Common Stock
to the Holder arising out of or relating to the conversion of this Note. 

 

(i) “Conversion
Amount” means the portion of the Principal Amount and Interest to be converted, plus any penalties, redeemed or otherwise
with respect to which this determination is being made.

 

    3

     

    

 

(ii) “Conversion
Price” shall equal $0.005 per share. 

 

(b) Mechanics
of Conversion.

 

(i) Optional
Conversion. To convert any Conversion Amount into shares of Common Stock on any date (a “Conversion Date”),
the Holder shall (A) transmit by email, facsimile (or otherwise deliver), for receipt on or prior to 11:59 p.m., New York, NY Time,
on such date, a copy of an executed notice of conversion in the form attached hereto as Exhibit A (the “Conversion
Notice”) to the Company. On or before the third Business Day following the date of receipt of a Conversion Notice (the
“Share Delivery Date”), the Company shall (A) if legends are not required to be placed on certificates of Common
Stock pursuant to the then existing provisions of Rule 144 of the Securities Act (“Rule 144”) and provided that
the Transfer Agent is participating in the Depository Trust Company’s (“DTC”) Fast Automated Securities
Transfer Program, credit such aggregate number of shares of Common Stock to which the Holder shall be entitled to the Holder’s
or its designee’s balance account with DTC through its Deposit Withdrawal Agent Commission system or (B) if the Transfer
Agent is not participating in the DTC Fast Automated Securities Transfer Program, issue and deliver to the address as specified
in the Conversion Notice, a certificate, registered in the name of the Holder or its designee, for the number of shares of Common
Stock to which the Holder shall be entitled which certificates shall not bear any restrictive legends unless required pursuant
the Rule 144. If this Note is physically surrendered for conversion and the outstanding Principal of this Note is greater than
the Principal portion of the Conversion Amount being converted, then the Company shall, upon request of the Holder, as soon as
practicable and in no event later than three (3) Business Days after receipt of this Note and at its own expense, issue and deliver
to the holder a new Note representing the outstanding Principal not converted. The Person or Persons entitled to receive the shares
of Common Stock issuable upon a conversion of this Note shall be treated for all purposes as the record holder or holders of such
shares of Common Stock upon the transmission of a Conversion Notice. “Business Day(s)” means any weekday that the banks
in New York are open for business. 

 

(ii) Company’s
Failure to Timely Convert. If within two (2) Trading Days after the Company’s receipt of the facsimile or email copy
of a Conversion Notice the Company shall fail to issue and deliver to Holder via “DWAC/FAST” electronic transfer the
number of shares of Common Stock to which the Holder is entitled upon such holder’s conversion of any Conversion Amount (a
“Conversion Failure”), the Principal Amount of the Note shall increase by $2,000 per day until the Company issues
and delivers a certificate to the Holder or credit the Holder’s balance account with DTC for the number of shares of Common
Stock to which the Holder is entitled upon such holder’s conversion of any Conversion Amount (under Holder’s and Company’s
expectation that any damages will tack back to the Issuance Date). Company will not be subject to any penalties once its transfer
agent processes the shares to the DWAC system. If the Company fails to deliver shares in accordance with the timeframe stated
in this Section, resulting in a Conversion Failure, the Holder, at any time prior to selling all of those shares, may rescind any
portion, in whole or in part, of that particular conversion attributable to the unsold shares and have the rescinded conversion
amount returned to the Outstanding Balance with the rescinded conversion shares returned to the Company (under Holder’s and
Company’s expectations that any returned conversion amounts will tack back to the original date of the Note).

 

    4

     

    

 

(iii) DWAC/FAST
Eligibility. If the Company fails for any reason to deliver to the Holder the Shares by DWAC/FAST electronic transfer (such
as by delivering a physical stock certificate), or if there is a Conversion Failure as defined in Section 3(b)(ii), and if the
Holder incurs a Market Price Loss, then at any time subsequent to incurring the loss the Holder may provide the Company written
notice indicating the amounts payable to the Holder in respect of the Market Price Loss and the Company must make the Holder whole
by either of the following options at Holder’s election:

 

Market Price
Loss = [(High trade price for the period between the day of conversion and the day the shares clear in the Holder’s brokerage
account) x (Number of shares receivable from the conversion)] – [(Net Sales price realized by Holder) x (Number of shares
receivable from the conversion)].

 

Option A –
Pay Market Price Loss in Cash. The Company must pay the Market Price Loss by cash payment, and any such cash payment must be made
by the third Business Day from the time of the Holder’s written notice to the Company.

 

Option B –
Add Market Price Loss to Outstanding Balance. The Company must pay the Market Price Loss by adding the Market Price Loss to the
Outstanding Balance (under Holder’s and the Company’s expectation that any Market Price Loss amounts will tack back
to the Issuance Date).

 

In the case that conversion
shares are not deliverable by DWAC/FAST electronic transfer an additional 10% discount to the Conversion Price will apply.

 

(iv) Book-Entry.
Notwithstanding anything to the contrary set forth herein, upon conversion of any portion of this Note in accordance with the terms
hereof, the Holder shall not be required to physically surrender this Note to the Company unless (A) the full Conversion Amount
represented by this Note is being converted or (B) the Holder has provided the Company with prior written notice (which notice
may be included in a Conversion Notice) requesting reissuance of this Note upon physical surrender of this Note. The Holder and
the Company shall maintain records showing the Principal and Interest converted and the dates of such conversions or shall use
such other method, reasonably satisfactory to the Holder and the Company, so as not to require physical surrender of this Note
upon conversion.

 

(c) Limitations
on Conversions or Trading.

 

(i) Beneficial
Ownership. The Company shall not effect any conversions of this Note and the Holder shall not have the right to convert any
portion of this Note or receive shares of Common Stock as payment of interest hereunder to the extent that after giving effect
to such conversion or receipt of such interest payment, the Holder, together with any affiliate thereof, would beneficially own
(as determined in accordance with Section 13(d) of the Exchange Act and the rules promulgated thereunder) in excess of 9.99% of
the number of shares of Common Stock outstanding immediately after giving effect to such conversion or receipt of shares as payment
of interest. Since the Holder will not be obligated to report to the Company the number of shares of Common Stock it may hold at
the time of a conversion hereunder, unless the conversion at issue would result in the issuance of shares of Common Stock in excess
of 9.99% of the then outstanding shares of Common Stock without regard to any other shares which may be beneficially owned by the
Holder or an affiliate thereof, the Holder shall have the authority and obligation to determine whether the restriction contained
in this Section will limit any particular conversion hereunder and to the extent that the Holder determines that the limitation
contained in this Section applies, the determination of which portion of the principal amount of this Note is convertible shall
be the responsibility and obligation of the Holder. If the Holder has delivered a Conversion Notice for a principal amount of this
Note that, without regard to any other shares that the Holder or its affiliates may beneficially own, would result in the issuance
in excess of the permitted amount hereunder, the Company shall notify the Holder of this fact and shall honor the conversion for
the maximum principal amount permitted to be converted on such Conversion Date in accordance with Section 3(a) and, any principal
amount tendered for conversion in excess of the permitted amount hereunder shall remain outstanding under this Note. 

 

    5

     

    

 

(ii) Capitalization.
So long as this as this Note is outstanding, upon written request of the Holder, the Company shall furnish to the Holder the then-current
number of common shares issued and outstanding, the then-current number of common shares authorized, and the then-current number
of shares reserved for third parties.

 

(d) Other
Provisions.

 

(i) Share
Reservation. The Company shall at all times reserve and keep available out of its authorized Common Stock a number of shares
equal to at least 3 (three) times the full number of shares of Common Stock issuable upon conversion of all outstanding amounts
under this Note; and within 3 (three) Business Days following the receipt by the Company of a Holder’s notice that such minimum
number of shares of Common Stock is not so reserved, the Company shall promptly reserve a sufficient number of shares of Common
Stock to comply with such requirement. The share reservation requirement shall be waived until December 31, 2019.

 

(ii) Prepayment.
During the first 180 days this Note is in effect, upon five Business Days’ notice to Holder (“Notice Period”),
the Company may redeem this Note by paying to the Holder an amount as follows (“Redemption Amount”): (i) if
the redemption is within the first 90 days this Note is in effect, then for an amount equal to 120% of the Outstanding Balance
of this Note, (ii) if the redemption is on or between the 91st and 180th day this Note is in effect, then
for an amount equal to 135% of the Outstanding Balance of this Note. This Note may not be redeemed after 180 days without written
consent of the Holder. The redemption must be closed and paid for within 3 Business Days following the Notice Period or the redemption
will be invalid and the Company may not redeem this Note. The Holder may convert this Note pursuant to the terms hereof at all
times, including during the Notice Period, until the Redemption Amount has been received in full.

 

(iii) Calculations.
All calculations under this Section 3 shall be rounded up to the nearest $0.00001 or whole share.

 

(iv) Reservation
of Rights. Nothing herein shall limit a Holder’s right to pursue actual damages or declare an Event of Default pursuant
to Section 2 herein for the Company’s failure to deliver certificates representing shares of Common Stock upon conversion
within the period specified herein and such Holder shall have the right to pursue all remedies available to it at law or in equity
including, without limitation, a decree of specific performance and/or injunctive relief, in each case without the need to post
a bond or provide other security. The exercise of any such rights shall not prohibit the Holder from seeking to enforce damages
pursuant to any other Section hereof or under applicable law. 

 

    6

     

    

 

(v) Subsequent
Equity Sales. For a period of two (2) years from the Issuance Date, in the event that the Corporation shall, at any time, issue
or sell any additional shares of Common Stock or Common Stock Equivalents (hereafter defined) (“Additional Shares of Common
Stock”), in a transaction other than an Exempt Issuance (as defined below), at a price per share less than the Conversion
Price then in effect or without consideration (a “Dilutive Issuance” based on a “Dilutive Issuance
Price”), then the Conversion Price upon each such issuance shall be reduced to the Dilutive Issuance Price, and the number
of shares Common Stock issuable upon conversion of this Note shall be increased on a full ratchet basis to the number of shares
of Common Stock determined by multiplying the Conversion Price then in effect immediately prior to such adjustment by the number
of shares of Common Stock acquirable upon conversion of this Note immediately prior to such adjustment and dividing the product
thereof by the Conversion Price resulting from such adjustment. By way of example, if E is the total number of shares of Common
Stock in effect pursuant to a conversion of this Note immediately prior to such Dilutive Issuance, F is the Conversion Price in
effect immediately prior to such Dilutive Issuance, and G is the Dilutive Issuance Price, the adjustment to the number of shares
of Common Stock issuable can be expressed in the following formula: Total number of shares of Common Stock after such Dilutive
Issuance = the quotient obtained from dividing [E x F] by G. “Exempt Issuance” means the issuance of Common
Stock pursuant to the conversion of this Note. 

 

(4) Charges and Expenses.  Issuance
of Common Stock to Holder, or any of its assignees, upon the conversion of this Note shall be made without charge to the Holder
for any issuance fee, transfer tax, legal opinion and related charges, postage/mailing charge or any other expense with respect
to the issuance of such Common Stock. The Company shall pay all Transfer Agent fees, legal opinion letter fees, as well
as brokerage and clearing firm fees incurred by Holder for the issuance and deposit of the Common Stock to Holder pursuant
to any conversion of this Note, as well as any and all other fees and charges required by the respective parties as a condition
to effectuate such issuance or clear such deposit.  Any such fees or charges, as noted in this Section that are paid
by the Holder (whether from the Company’s delays, outright refusal to pay, or otherwise), will be automatically added to
the Principal Sum of the Note and tack back to the Effective Date for purposes of Rule 144. ​

 

(5) REISSUANCE OF
THIS NOTE.

 

(a) Assignability.
The Company may not assign this Note. This Note will be binding upon the Company and its successors and will inure to the benefit
of the Holder and its successors and assigns and may be assigned by the Holder to anyone of its choosing without Company’s
approval. 

 

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

 

(6) NOTICES. Any
notices, consents, waivers or other communications required or permitted to be given under the terms hereof must be in writing
and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when sent by facsimile
(provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending party) (iii)
upon receipt, when sent by email; or (iv) one (1) Trading Day after deposit with a nationally recognized overnight delivery service,
in each case properly addressed to the party to receive the same. The addresses and facsimile numbers for such communications shall
be those set forth in the communications and documents that each party has provided the other immediately preceding the issuance
of this Note or at such other address and/or facsimile number and/or to the attention of such other person as the recipient party
has specified by written notice given to each other party three (3) Business Days prior to the effectiveness of such change. Written
confirmation of receipt (i) given by the recipient of such notice, consent, waiver or other communication, (ii) mechanically or
electronically generated by the sender’s facsimile machine containing the time, date, recipient facsimile number and an image
of the first page of such transmission or (iii) provided by a nationally recognized overnight delivery service, shall be rebuttable
evidence of personal service, receipt by facsimile or receipt from a nationally recognized overnight delivery service in accordance
with clause (i), (ii) or (iii) above, respectively.

 

    7

     

    

 

The addresses for such communications shall
be:

 

If to the Company, to:

 

MassRoots, Inc.

Attn: Isaac Dietrich

100 W. Broadway

Office 04-109

Long Beach, CA 90802

(805) 214-8024

Isaac@MassRoots.com

 

If to the Holder:

 

[ ]

 

(7) APPLICABLE LAW
AND VENUE. This Note shall be governed by and construed in accordance with the laws of the State of New York, without giving
effect to conflicts of laws thereof. Any action brought by either party against the other concerning the transactions contemplated
by this Note shall be brought only in the state courts of New York or in the federal courts located in the City and County of New
York, in the State of New York. Both parties and the individuals signing this Agreement agree to submit to the jurisdiction of
such courts.

 

(8) WAIVER. Any
waiver by the Holder of a breach of any provision of this Note shall not operate as or be construed to be a waiver of any other
breach of such provision or of any breach of any other provision of this Note. The failure of the Holder to insist upon strict
adherence to any term of this Note on one or more occasions shall not be considered a waiver or deprive that party of the right
thereafter to insist upon strict adherence to that term or any other term of this Note. Any waiver must be in writing.

 

(9) LIQUIDATED DAMAGES.
The Company agrees to comply with any of the terms or provisions of this Note, and acknowledges that Holder’s damages would
be uncertain and difficult (if not impossible) to accurately estimate because of the inability to predict future interest rates,
future share prices, future trading volumes and other relevant factors. Accordingly, the Company agrees that any fees, balance
adjustments, default interest or other charges assessed under this Note are not penalties but instead are intended to be, and shall
be deemed, liquidated damages (under Holder’s expectations that any such liquidated damages will tack for purposes of determining
the holding period under Rule 144).

 

[SIGNATURE PAGE FOLLOWS]

 

    8

     

    

 

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

 

	 	COMPANY:
	 	MASSROOTS, INC.
	 	 	 
	 	By:	 
	 	Name: 	
        Isaac Dietrich

	 	Title:	Chief Executive Officer

  

[Signature Page to Convertible Note No.
[ ]]

 

     

     

    

 

EXHIBIT A

 

CONVERSION NOTICE

 

MassRoots, Inc.

Attn: Isaac Dietrich

100 W. Broadway

Office 04-109

Long Beach, CA 90802

(805) 214-8024

Isaac@MassRoots.com

 

The undersigned hereby
elects to convert a portion of the $[        ] Convertible Note issued to [   ] on [     ] into shares of Common Stock of MassRoots, Inc. according
to the conditions set forth in the Note as of the date written below.

 

By accepting this notice of conversion,
you are acknowledging that the number of shares to be delivered represents less than ten percent (10%) of the common stock outstanding.
If the number of shares to be delivered represents more than 9.99% of the Common Stock outstanding, this conversion notice shall
immediately and automatically be without further force or effect.

 

	Date of Conversion:	 	 
	 	 	 
	Conversion Amount:	 	 
	 	 	 
	Conversion Price:	 	 
	 	 	 
	Shares to be Delivered:	 	 
	 
	Shares delivered in name
of:
	 
	[__]

 

	Signature:	 
	 	 	 
	 	By: 	 [__]

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