Document:

Exhibit 10.10

 

SHARE ESCROW AGREEMENT

 

SHARE ESCROW AGREEMENT,
dated as of ________, 2019 (“Agreement”), by and among Fellazo Inc., a Cayman Islands exempted company (the “Company”),
the individuals and entities listed on the signature pages hereto (each, an “Initial Shareholder” and, collectively,
the “Initial Shareholders”) and Continental Stock Transfer & Trust Company, LLC, a New York limited liability trust
company (“Escrow Agent”).

 

WHEREAS, the Company has entered into an Underwriting Agreement, dated as of ________, 2019 (the “Underwriting
Agreement”), with Maxim Group LLC (“Maxim”) acting as representative of the several underwriters (collectively,
the “Underwriters”), pursuant to which, among other matters, the Underwriters have agreed to purchase 5,000,000 units
(“Units”) of the Company, plus an additional 750,000 Units if the Underwriters exercise their over-allotment option
in full. Each Unit consists of one ordinary share of the Company,
par value $0.0001 per share (the “Shares,” and each,
a “Share”), one redeemable warrant, each redeemable
warrant entitling the holder thereof to purchase one-half of one
Share at an exercise price of $11.50 per full share, and
one right to receive one-tenth of a Share, as more fully described in the Company’s final Prospectus, dated __________,
2019 (“Prospectus”), comprising part of the Company’s Registration Statement on Form S-1 (File No. 333-231654)
under the Securities Act of 1933, as amended (collectively, the “Registration Statement”), declared effective on ___________,
2019 (“Effective Date”); and

 

WHEREAS, Swipy Ltd, a Cayman Islands exempted company (the “Sponsor”), has agreed to purchase
an aggregate of 214,500 units (or 229,500 units if the over-allotment option is exercised in full) at a price of $10.00 per unit (the
“Private Placement Units”), in a private placement that will close simultaneously with the closing of the offering,
with each unit consisting of one Share, one right to receive one-tenth
of a Share and one warrant exercisable to purchase one-half of
a Share at a price of $11.50 per full share; and

 

WHEREAS, the Initial
Shareholders have agreed as a condition of the sale of the Units to deposit their Founders’ Shares (as defined in the Prospectus)
and the Private Placement Units, as set forth opposite their respective names in Exhibit A attached hereto (the Founders’
Shares and the Private Placement Units are collectively referred to as the “Escrow Shares”), in escrow as hereinafter
provided; and

 

WHEREAS, the Company and the Initial Shareholders desire that the Escrow Agent accept the Escrow Shares,
in escrow, to be controlled and released
as hereinafter provided.

 

IT IS AGREED:

 

1. Appointment
of Escrow Agent. The Company and the Initial Shareholders hereby appoint the Escrow Agent to act in accordance with and subject
to the terms of this Agreement and the Escrow Agent hereby accepts such appointment and agrees to act in accordance with and subject
to such terms.

 

2. Deposit of Certificates for
Escrow Shares. On or prior to the date hereof, each of the Initial Shareholders delivered to the Escrow Agent certificates
(if any) representing such Initial Shareholder’s respective
Escrow Shares ("Certificates"), together with applicable
share powers (if requested by the Escrow Agent), to be controlled
and released subject to the terms and conditions of this Agreement.
Each of the Initial Shareholders acknowledges that the Certificate
representing such Initial Shareholder’s Escrow Shares is legended to reflect the deposit of such Escrow Shares under this
Agreement.

 

3. Release
of the Escrow Shares.

 

3.1 The Escrow Agent
shall hold the Certificates during the applicable period
(each, the “Escrow Period”) commencing on the
date hereof and until the earlier of: (A) as to the Founders’
Shares, (i) one year after the completion of the Business Combination, (ii) the date on which the Company completes a
liquidation, merger, stock exchange or other similar transaction after the Business Combination that results in all of the
shareholders of the Company having the right to exchange their shares for cash, securities or other property, or (iii) the
date on which the last sale price of the ordinary share equals or exceeds $12.00 per share (as adjusted for share
splits, share dividends (being
share capitalizations under Cayman Islands law), reorganizations, recapitalizations and the like) for any 20 trading
days within any 30-trading day period commencing at least 150 days after the Business Combination;
and (B) as to the Private Placement Units, until the completion of the Business Combination. The Company shall
promptly provide notice of the consummation of a Business Combination to the Escrow Agent. Upon completion of the applicable Escrow
Period, the Escrow Agent shall release such amount of each
Initial Shareholder’s Certificates (and any
applicable share power) to such Initial Shareholder; provided, however, that if the Escrow Agent is notified by the Company
pursuant to Section 6.7 hereof that the Company is being liquidated at any time during the applicable Escrow
Period, then the Escrow Agent shall promptly destroy the Certificates;
provided further, however, that if, subsequent to the completion of a Business Combination, the Company (or the surviving
entity) consummates a liquidation, merger, stock exchange or other similar transaction which results in all of the
shareholders of such entity having the right to exchange their Shares for cash, securities or other property, then the Escrow
Agent will, upon receipt of a notice executed by the, Chief Executive Officer or other authorized officer of the Company, in
form reasonably acceptable to the Escrow Agent, certifying that such transaction is then being consummated or such conditions
have been achieved, as applicable, release the Certificates
to the Initial Shareholders. The Escrow Agent shall have no further duties hereunder after the release
or destruction of the Certificates in accordance with this
Section 3.

 

     

     

    

 

3.2 Notwithstanding
Section 3.1, if the Underwriters do not exercise their over-allotment option to purchase an additional 750,000 Units of the
Company in full within 45 days of the date of the Prospectus (as described in the Underwriting Agreement), the Sponsor agrees
that the Escrow Agent shall return to the Company for cancellation, at no cost, the Certificates representing the number of
Escrow Shares held by Sponsor determined by multiplying 187,500 by a fraction, (x) the numerator of which is 750,000 minus
the number of Shares purchased by the Underwriters upon the exercise of their over-allotment option, and (y) the denominator
of which is 750,000. The Company shall promptly provide notice to the Escrow Agent of the expiration or termination of the
Underwriters’ over-allotment option and the number of Units, if any, purchased by the Underwriters in connection with
their exercise thereof.

 

4. Rights of Initial Shareholders
in Escrow Shares.

 

4.1 Voting
Rights as a Shareholder. Subject to the terms of the Insider Letters described in Section 4.4 hereof and except as herein
provided, the Initial Shareholders shall retain all of their rights as shareholders of the Company during the applicable
Escrow Period, including, without limitation, the right to vote such shares.

 

4.2 Dividends
and Other Distributions in Respect of the Escrow Shares. During the applicable Escrow Period, all dividends payable in
cash with respect to the Escrow Shares shall be paid to the Initial Shareholders, but all share capitalizations or other
non-cash property (“Non-Cash Dividends”) shall be delivered to the Escrow Agent to hold in accordance with the
terms hereof. As used herein, the term “Escrow Shares” shall be deemed to include the Non-Cash Dividends
distributed thereon, if any.

 

4.3 Restrictions
on Transfer. During the applicable Escrow Period, the Company shall instruct the registrar and transfer agent of the
Company not to register a transfer of Escrow Shares without the written consent of the Escrow Agent for as long as this
Agreement remains in force and the only permitted transfers of the Escrow Shares will be (i) transfers to the Company’s
officers, directors or to officers or directors of the Sponsor or their respective affiliates; (ii) if the Initial
Shareholder is an entity, as a distribution to partners, members or shareholders of the Initial Shareholder upon the
liquidation and dissolution of the Initial Shareholder, (iii) to any persons (including their affiliates and shareholders)
participating in the private placement of the Private Placement Units, (iv) by bona fide gift to a member of the Initial
Shareholder’s immediate family or to a trust, the beneficiary of which is the Initial Shareholder or a member of the
Initial Shareholder’s immediate family for estate planning purposes, (v) by virtue of the laws of descent and
distribution upon death of the Initial Shareholder, (vi) pursuant to a qualified domestic relations order, (vii) by private
sales made at or prior to the Business Combination at prices no greater than the price at which the Escrow Shares were
originally purchased or (viii) to the Company for cancellation in accordance with Section 3.2 above or in connection with the
consummation of a Business Combination, in each case, except for clause (ix) or with the Company’s prior consent, on
the condition that such transfers may be implemented only upon the respective transferee’s written agreement to be
bound by the terms and conditions of this Agreement and of the Insider Letter (as defined below) signed by the Initial
Shareholder transferring the Escrow Shares.

 

4.4 Insider Letters.
Each of the Initial Shareholders has executed a letter agreement with Maxim and the Company, dated as indicated on Exhibit A hereto,
and the forms of which are filed as exhibits to the Registration Statement (“Insider Letters”), respecting the rights
and obligations of such Initial Shareholder in certain events, including but not limited to the liquidation of the Company.

 

    2

     

    

 

5. Concerning
the Escrow Agent.

 

5.1 Good Faith
Reliance. The Escrow Agent shall not be liable for any action taken or omitted by it in good faith and in the exercise of its
own best judgment, and may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion
or advice of counsel (including counsel chosen by the Escrow Agent), statement, instrument, report or other paper or document (not
only as to its due execution and the validity and effectiveness of its provisions, but also as to the truth and acceptability of
any information therein contained) which is believed by the Escrow Agent to be genuine and to be signed or presented by the proper
person or persons. The Escrow Agent shall not be bound by any notice or demand, or any waiver, modification, termination or rescission
of this Agreement unless evidenced by a writing delivered to the Escrow Agent signed by the proper party or parties and, if the
duties or rights of the Escrow Agent are affected, unless it shall have given its prior written consent thereto.

 

5.2 Indemnification. The Escrow Agent shall be indemnified and held harmless by the Company
from and against any expenses, including counsel fees and disbursements, or loss suffered by the Escrow Agent in connection with
any action, suit or other proceeding involving any claim which in any way, directly or indirectly, arises out of or relates to
this Agreement, the services of the Escrow Agent hereunder, or the Escrow Shares subject
to this Agreement, other than expenses or losses arising from the gross negligence, fraud or willful misconduct of the Escrow
Agent. Promptly after the receipt by the Escrow Agent of notice of any demand or claim or the commencement of any action, suit
or proceeding, the Escrow Agent shall notify the other parties hereto in writing. In the event of the receipt of such notice, the
Escrow Agent, in its sole discretion, may commence an action in the nature of interpleader in an appropriate court to determine
ownership or disposition of the Escrow Shares or it may deposit the Escrow Shares with the clerk of any appropriate court or it
may retain the Escrow Shares pending receipt of a final, non-appealable order of a court having jurisdiction over all of the parties
hereto directing to whom and under what circumstances the Escrow Shares are to be released
and delivered. The provisions of this Section 5.2 shall survive in the event the Escrow Agent resigns or is discharged pursuant
to Sections 5.5 or 5.6 below.

 

5.3 Compensation.
The Escrow Agent shall be entitled to reasonable compensation from the Company for all services rendered by it hereunder. The Escrow
Agent shall also be entitled to reimbursement from the Company for all reasonable expenses paid or incurred by it in the administration
of its duties hereunder including, but not limited to, all counsel, advisors’ and agents’ fees and disbursements and
all taxes or other governmental charges.

 

5.4 Further Assurances.
From time to time on and after the date hereof, the Company and the Initial Shareholders shall deliver or cause to be delivered
to the Escrow Agent such further documents and instruments and shall do or cause to be done such further acts as the Escrow Agent
shall reasonably request to carry out more effectively the provisions and purposes of this Agreement, to evidence compliance herewith
or to assure itself that it is protected in acting hereunder.

 

5.5 Resignation. The Escrow Agent may resign at any time and be discharged from its duties
as escrow agent hereunder by its giving the other parties hereto written notice and such resignation shall become effective as
hereinafter provided. Such resignation shall become effective at such time that the Escrow Agent shall turn over to a successor
escrow agent appointed by the Company and approved by Maxim, which approval will not be unreasonably withheld, conditioned or delayed,
the Escrow Shares subject to this Agreement. If no new escrow agent
is so appointed within the 60 day period following the giving of such notice of resignation, the Escrow Agent may deposit the Escrow
Shares with any court it reasonably deems appropriate in the State of New York.

 

5.6 Discharge
of Escrow Agent. The Escrow Agent shall resign and be discharged from its duties as escrow agent hereunder if so requested
in writing at any time by the other parties hereto, jointly, provided, however, that such resignation shall become effective only
upon acceptance of appointment by a successor escrow agent as provided in Section 5.5.

 

5.7 Liability.
Notwithstanding anything herein to the contrary, the Escrow Agent shall not be relieved from liability hereunder for its own gross
negligence, fraud or its own willful misconduct.

 

    3

     

    

 

5.8 Waiver.
The Escrow Agent hereby waives any right of set-off or any other right, title, interest or claim of any kind (“Claim”)
in, or to any distribution of, the Trust Account (as defined in that certain Investment Management Trust Agreement, dated as of
the date hereof, by and between the Company and the Escrow Agent as trustee thereunder) and hereby agrees not to seek recourse,
reimbursement, payment or satisfaction for any Claim against the Trust Account for any reason whatsoever.

 

6. Miscellaneous.

 

6.1 Governing
Law; Jurisdiction. In connection with Section 5-1401 of the General Obligations Law of the State of New York, this Agreement
shall be governed by, and construed in accordance with, the laws of the State of New York without regard to principles of conflicts
of law that would result in the application of the substantive law of another jurisdiction. The parties hereto agree that any action,
proceeding or claim arising out of or relating in any way to this Agreement shall be resolved through final and binding arbitration
in accordance with the International Arbitration Rules of the American Arbitration Association (“AAA”). The arbitration
shall be brought before the AAA International Center for Dispute Resolution’s offices in New York City, New York, will be
conducted in English and will be decided by a panel of three arbitrators selected from the AAA Commercial Disputes Panel and that
the arbitrator panel’s decision shall be final and enforceable by any court having jurisdiction over the party from whom
enforcement is sought. The cost of such arbitrators and arbitration services, together with the prevailing party’s legal
fees and expenses, shall be borne by the non-prevailing party or as otherwise directed by the arbitrators.

 

6.2 Third Party
Beneficiaries. Each of the Initial Shareholders hereby acknowledges that Maxim is a third party beneficiary of this Agreement
and this Agreement may not be modified or changed without the prior written consent of Maxim.

 

6.3 Entire Agreement.
This Agreement, together with the Insider Letters, contains the entire agreement of the parties hereto with respect to the subject
matter hereof and, except as expressly provided herein, may not be changed or modified except by an instrument in writing signed
by each of the parties hereto.

 

6.4 Headings.
The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation
thereof.

 

6.5 Binding Effect.
This Agreement shall be binding upon and inure to the benefit of the respective parties hereto and their legal representatives,
successors and assigns.

 

6.6 Notices.
Any notice or other communication required or which may be given hereunder shall be in writing and either be delivered personally
or be mailed, certified or registered mail, or by private national courier service, return receipt requested, postage prepaid,
and shall be deemed given when so delivered personally or, if mailed, two business days after the date of mailing, as follows:

 

If to the Company, to:

 

Fezallo Inc.

Jinshan Building East, Unit 1903

568 Jinshan West Road

Yong Kang City, Zhejiang Province, China 321300

Attention: Nicholas Ting Lun Wong, Chief
Executive Officer

 

    4

     

    

 

If to a Shareholder,
to his/its address set forth in Exhibit A.

 

and if to the Escrow
Agent, to:

 

Continental Stock Transfer
& Trust Company, LLC

1 State Street 30th
floor

New York, NY 10004

Attn: Corporate Actions

Fax No.: _______________

  

A copy (which copy shall
not constitute notice) sent hereunder shall be sent to:

 

Maxim Group LLC

405 Lexington Avenue

New York, NY 10174

Att: Clifford Teller, Executive
Managing Director

  

and:

 

Ellenoff Grossman &
Schole LLP

1345 Avenue of the
Americas, 11th Floor

New York, New York
10105

Attn: Richard Anslow,
Esq.

Fax No.: (212) 370-7879

 

The parties may change
the persons and addresses to which the notices or other communications are to be sent by giving written notice to any such change
in the manner provided herein for giving notice.

 

6.7 Liquidation
of the Company. The Company shall give the Escrow Agent written notification of the liquidation and dissolution of the Company
in the event that the Company fails to consummate a Business Combination within the time period specified in the Prospectus.

 

6.8 Counterparts.
This Agreement may be executed in several original or facsimile counterparts, each one of which shall constitute an original, and
together shall constitute but one instrument.

 

[Signature Page Follows]

 

    5

     

    

  

WITNESS the execution of this Agreement
as of the date first above written.

  

	 	COMPANY:
	 	 
	 	FELLAZO INC.
	 	 	 
	 	By:	                    
	 	 	Name:	Nicholas Ting Lun Wong
	 	 	Title: 	Chief Executive Officer
	 	 	 
	 	INITIAL SHAREHOLDERS:

 

	
        CONTINENTAL STOCK TRANSFER &

TRUST COMPANY,
LLC

         
	 
	By: 	 	 
	Name:  	                  	 
	Title:	 	 

 

 

	CONTINENTAL STOCK TRANSFER &

TRUST COMPANY, LLC   	 	SWIPY LTD
	 	 	 	 	 
	By:	                                    	 	By:	                                    
	 	Name: 	 	 	Name: 
	 	Title:	 	 	Title: 

 

	 	                                    
	 	Anderson Toh Heng Hee
	 	 
	 	 
	 	Jonathan Peng Fei Chong
	 	 
	 	 
	 	Nichloas Ting Lun Wong
	 	 
	 	 
	 	Tiong Ming Tan 
	 	 
	 	 
	 	Chin Yong Tan
	 	 
	 	 
	 	Lijun Yu
	 	 
	 	                
	 	Ping Zhang

   

    6

     

    

 

EXHIBIT A

 

	Name and Address of Initial 

Shareholder1	 	Number of Shares	 	Date of Insider Letter
	Swipy Ltd	 		 	
	Anderson Toh Heng Hee	 	 	 	 
	Jonathan Peng Fei Chong	 	 	 	 
	Nichloas Ting Lun Wong	 	 	 	 
	Tiong Ming Tan	 	 	 	 
	Chin Yong Tan	 	 	 	 
	Lijun Yu	 	 	 	 
	Ping Zhang	 	 	 	 

  

		1	The business address of each shareholder is c/o Fellazo
Inc., Jinshan Building East, Unit 1903 568 Jinshan West Road Yong Kang City, Zhejiang Province, China 321300

 

 

7Exhibit 10.1

 

MASSROOTS, INC.

 

SUBSCRIPTION
AGREEMENT FOR THE PURCHASE OF SECURITIES

 

MASSROOTS, INC.,
a Delaware corporation (the “Company”), is offering (this “Offering”) for sale to “accredited
investors” as the term is defined under Regulation D promulgated under the Securities Act of 1933, as amended (the “Act”),
units (“Units”) with each Unit consisting of one (1) share of Series B Preferred Stock (“Series B Preferred
Stock”) (each convertible into 25,000 shares of Common Stock (“Common Stock”)) and a warrant to purchase
twenty-five thousand (25,000) shares (the “Warrant Shares”) of Common Stock (“Warrant”, together
with the Series B Preferred Stock and the Warrant Shares, the “Securities”) for the purchase price noted below.
Each unit is being sold at a price of $1,250 per Unit. The minimum investment is $25,000, unless the Company waives such requirement
in its sole discretion.

 

Subscription Procedures

 

(a) The
undersigned hereby subscribes to purchase _____________ Units. The undersigned agrees to pay an aggregate of $____________ as the
subscription amount for the Units being purchased hereunder (the “Subscription Amount”).

 

(b) To
subscribe, the undersigned must:

 

		(i)	complete and sign this Subscription Agreement;

 

		(ii)	complete and sign the accompanying Confidential Prospective Purchaser Questionnare, attached hereto
as Exhibit A (Subscription Agreement, together with the Confidential Prospective Purchaser Questionnare collectively
referred to as the “Subscription Documents”);

 

		(iii)	return the completed and signed Subscription Documents on behalf of the Company at the following address:

 

Sheppard, Mullin, Richter & Hampton
LLP

30 Rockefeller Plaza

New York, NY 10112

Attn: Andrea Cataneo, Esq.

 

		(iv)	Deliver a check payable to “MassRoots, Inc.” for an amount equal to the aggregate amount of Units subscribed for
in this Offering.

 

Or wire the funds to:

 

[  ]

 

    -1-

     

    

 

(c) Unless
terminated earlier, by the Company, in its sole discretion, the Offering is scheduled to terminate on July 31, 2019 (subject to
the right of the Company to extend the offering until August 31, 2019 without further notice to investors)(the “Offering
Period”).

 

(d) The
Company will hold a closing on and issue the Units upon the receipt and acceptance of the Subscription Documents and the Subcription
Amount (each a “Closing”). The date of each such Closing is referred to herein as the Closing Date.

 

(e) All
subscription proceeds will be deposited into the Company’s bank account as provided herein. Upon each Closing, the funds,
subject to the payment of the expenses and fees incurred in connection with this Offering, will be immediately available to the
Company. In the event that an investor’s subscription is rejected by the Company, or this Offering is terminated for any
reason without a Closing, the Subscription Amount will be promptly refunded without interest thereon or deduction therefrom.

 

Prospective
investors should retain their own professional advisors to review and evaluate the economic, tax, and other consequences of an
investment in the Company.

 

THE SECURITIES OFFERED HEREBY
HAVE NOT BEEN REGISTERED WITH OR APPROVED BY THE SECURITIES AND EXCHANGE COMMISSION (THE “COMMISSION”), NOR HAS THE
COMMISSION OR ANY STATE AUTHORITY PASSED UPON THE ACCURACY OR ADEQUACY OF THE OFFERING MATERIALS. ANY REPRESENTATION TO THE CONTRARY
IS UNLAWFUL.

 

IT IS INTENDED THAT THE SECURITIES
OFFERED HEREBY WILL BE MADE AVAILABLE TO ACCREDITED INVESTORS, AS DEFINED IN RULE 501 OF REGULATION D PROMULGATED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “1933 ACT”) AND UP TO THIRTY-FIVE NON-ACCREDITED INVESTORS. THE SECURITIES OFFERED HEREBY
ARE BEING OFFERED PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE 1933 ACT AND APPLICABLE STATE SECURITIES LAWS
FOR NON-PUBLIC OFFERINGS. SUCH EXEMPTIONS LIMIT THE NUMBER AND TYPES OF INVESTORS TO WHICH THE OFFERING WILL BE MADE AND RESTRICT
SUBSEQUENT TRANSFERS OF THE INTERESTS.

 

THE SECURITIES OFFERED HEREBY
SHOULD BE CONSIDERED ONLY BY PERSONS WHO CAN AFFORD TO SUSTAIN A LOSS OF THEIR ENTIRE INVESTMENT. INVESTORS WILL BE REQUIRED TO
REPRESENT THAT THEY ARE FAMILIAR WITH AND UNDERSTAND THE TERMS OF THIS OFFERING.

 

NO SECURITIES MAY BE RESOLD
OR OTHERWISE DISPOSED OF BY AN INVESTOR UNLESS, IN THE OPINION OF COUNSEL SATISFACTORY TO THE COMPANY, REGISTRATION UNDER THE APPLICABLE
FEDERAL OR STATE SECURITIES LAWS IS NOT REQUIRED OR COMPLIANCE IS MADE WITH SUCH REGISTRATION REQUIREMENTS.

 

THE OFFEREE, BY ACCEPTING
DELIVERY OF THE OFFERING MATERIALS, AGREES TO RETURN THE OFFERING MATERIALS AND ALL ACCOMPANYING OR RELATED DOCUMENTS TO THE COMPANY
UPON REQUEST IF THE OFFEREE DOES NOT AGREE TO PURCHASE ANY OF THE SECURITIES OFFERED HEREBY.

 

ANY OFFERING MATERIALS SUBMITTED
IN CONNECTION WITH THE PRIVATE PLACEMENT OF THE SECURITIES DO NOT CONSTITUTE AN OFFER OR SOLICITATION BY ANYONE IN ANY JURISDICTION
IN WHICH SUCH AN OFFER OR SOLICITATION IS NOT AUTHORIZED. ANY REPRODUCTION OR DISTRIBUTION OF ANY OFFERING MATERIALS IN WHOLE OR
IN PART, OR THE DIVULGENCE OF ANY OF THEIR CONTENTS, WITHOUT THE PRIOR WRITTEN CONSENT OF THE COMPANY, IS PROHIBITED. ANY PERSON
ACTING CONTRARY TO THE FOREGOING RESTRICTIONS MAY PLACE HIM/HERSELF AND THE COMPANY IN VIOLATION OF FEDERAL OR STATE SECURITIES
LAWS.

 

    -2-

     

    

 

NASAA UNIFORM LEGEND

 

IN MAKING AN INVESTMENT DECISION
INVESTORS MUST RELY ON THEIR OWN EXAMINATION OF THE COMPANY AND THE TERMS OF THE OFFERING, INCLUDING THE MERITS AND RISKS INVOLVED.
THESE SECURITIES HAVE NOT BEEN RECOMMENDED BY ANY FEDERAL OR STATE SECURITIES COMMISSION OR REGULATORY AUTHORITY. FURTHERMORE,
THE FOREGOING AUTHORITIES HAVE NOT CONFIRMED THE ACCURACY OR DETERMINED THE ADEQUACY OF THIS DOCUMENT. ANY REPRESENTATION TO THE
CONTRARY IS A CRIMINAL OFFENSE. THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED
OR RESOLD EXCEPT AS PERMITTED UNDER THE 1933 ACT, AND THE APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION
THEREFROM. INVESTORS SHOULD BE AWARE THAT THEY WILL BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE
PERIOD OF TIME.

 

The undersigned
acknowledges that the Securities (other than any Common Stock issued upon conversion thereof) will not be registered under the
1933 Act, or the securities laws of any State, that absent an exemption from registration contained in those laws, the issuance
and sale of such Securities would require registration, and that the Company’s reliance upon such exemption is based upon the undersigned’s
representations, warranties, and agreements contained in the Offering Materials (as defined below).

 

1. The
undersigned represents, warrants, and agrees as follows:

 

(a) The
undersigned agrees that this Subscription Agreement is and shall be irrevocable.

 

(b) The
undersigned has carefully read the private placement memorandum (the “Memorandum”), this Subscription Agreement,
the Warrant and the Confidential Prospective Purchaser Questionnaire (collectively the “Offering Materials”),
all of which the undersigned acknowledges have been provided to the undersigned. The undersigned has been given the opportunity
to ask questions of, and receive answers from the Company concerning the terms and conditions of this Offering and the Offering
Materials and to obtain such additional written information, to the extent the Company possesses such information or can acquire
it without unreasonable effort or expense, necessary to verify the accuracy of the same as the undersigned desires in order to
evaluate the investment. The undersigned further acknowledges that the undersigned fully understands the Offering Materials, and
the undersigned has had the opportunity to discuss any questions regarding any of the Offering Materials with the undersigned’s
counsel or other advisor. Notwithstanding the foregoing, the only information upon which the undersigned has relied is that set
forth in the Offering Materials and the undersigned’s own independent investigation. The undersigned acknowledges that the
undersigned has received no representations or warranties from the Company or its employees, director, or agents in making this
investment decision other than as set forth in the Offering Materials.

 

    -3-

     

    

 

(c) The
undersigned is aware that the purchase of the Securities is a speculative investment involving a high degree of risk and that there
is no guarantee that the undersigned will realize any gain from this investment, and that the undersigned could lose the total
amount of the undersigned’s investment.

 

(d) The
undersigned understands that no federal or state agency has made any finding or determination regarding the fairness of this Offering
of the Securities for investment, or any recommendation or endorsement of this Offering of the Securities.

 

(e)  At
the time the undersigned was offered the Securities, it was, and as of the date hereof it is, and on each date on which it exercises
any Warrants, it will be an “accredited investor” as that term is defined in Rule 501(a) of Regulation D under the
1933 Act. The undersigned has such knowledge and experience in financial and business matters that it is capable of evaluating
the merits and risks of the purchase of the Securities. The undersigned is not registered as a broker or dealer under Section 15(a)
of the 1934 Act, affiliated with any broker or dealer registered under Section 15(a) of the Securities Exchange Act of 1934, as
amended, or a member of the Financial Industry Regulatory Authority.

 

(f) Each
of this Agreement and the Offering Materials have been duly and validly authorized, executed and delivered on behalf of the undersigned
and is a valid and binding agreement of the undersigned enforceable against the undersigned in accordance with their terms, subject
as to enforceability to general principles of equity and to applicable bankruptcy, insolvency, reorganization, moratorium, liquidation
and other similar laws relating to, or affecting generally, the enforcement of applicable creditors’ rights and remedies.
The undersigned has the requisite corporate power and authority to enter into and perform its obligations under this Agreement
and the Offering Materials and each other agreement entered into by the parties hereto in connection with the transactions contemplated
by this Agreement.

 

 (g) The execution, delivery and performance of this Agreement and the Offering Materials by the undersigned and the consummation by the undersigned of the transactions contemplated hereby and thereby will not (i) result in a violation of the certificate of incorporation, by-laws or other documents of organization of the undersigned , (ii) 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 others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which the undersigned is bound, or (iii) result in a violation of any law, rule, regulation or decree applicable to the undersigned.

 

(h) The
undersigned understands that the Securities must be held indefinitely unless and until such Securities are registered under the
1933 Act or an exemption from registration is available. The undersigned has been advised or is aware of the provisions of Rule
144 promulgated under the 1933 Act.

 

(i) The
undersigned understands that the Securities are being offered and sold in reliance on a transactional exemption from the registration
requirements of Federal and state securities laws and that the Company is relying upon the truth and accuracy of the representations,
warranties, agreements, acknowledgments and understandings of the undersigned set forth herein in order to determine the applicability
of such exemptions and the suitability of the undersigned to acquire the Securities.

 

    -4-

     

    

 

(j)  The
undersigned is purchasing the Securities for the undersigned’s own account, with the intention of holding the Securities, with
no present intention of dividing or allowing others to participate in this investment or of reselling or otherwise participating,
directly or indirectly, in a distribution of the Securities, and shall not make any sale, transfer, or pledge thereof without registration
under the 1933 Act and any applicable securities laws of any state or unless an exemption from registration is available under
those laws.

 

(k) The
undersigned represents that the undersigned, if an individual, has adequate means of providing for his or her current needs and
personal and family contingencies and has no need for liquidity in this investment in the Securities. The undersigned has no reason
to anticipate any material change in his or her personal financial condition for the foreseeable future.

 

(l) The
undersigned is financially able to bear the economic risk of this investment, including the ability to hold the Securities indefinitely
or to afford a complete loss of the undersigned’s investment in the Securities.

 

(m) The
undersigned represents that the undersigned’s overall commitment to this investment is not disproportionate to the undersigned’s
net worth, and the undersigned’s investment in the Securities will not cause such overall commitment to become excessive. The undersigned
understands that the statutory basis on which the Securities are being sold to the undersigned and others would not be available
if the undersigned’s present intention were to hold the Securities for a fixed period or until the occurrence of a certain event.
The undersigned realizes that in the view of the Commission, a purchase now with a present intent to resell by reason of a foreseeable
specific contingency or any anticipated change in the market value, or in the condition of the Company, or that of the industry
in which the business of the Company is engaged or in connection with a contemplated liquidation, or settlement of any loan obtained
by the undersigned for the acquisition of the Securities, and for which such Securities may be pledged as security or as donations
to religious or charitable institutions for the purpose of securing a deduction on an income tax return, would, in fact, represent
a purchase with an intent inconsistent with the undersigned’s representations to the Company and the Commission would then regard
such sale as a sale for which the exemption from registration is not available. The undersigned will not pledge, transfer, or assign
this Subscription Agreement.

 

(m) The
undersigned represents that the funds provided for this investment are either separate property of the undersigned, community property
over which the undersigned has the right of control, or are otherwise funds as to which the undersigned has the sole right of management.

 

(n) The
undersigned is unaware of, is in no way relying on, and did not become aware of the Offering of the Securities through or as a
result of, any form of general solicitation or general advertising including, without limitation, any article, notice, advertisement
or other communication published in any newspaper, magazine or similar media or broadcast over television, radio or over the Internet,
in connection with the offering and sale of the Securities and is not subscribing for the Securities and did not become aware of
the Offering through or as a result of any seminar or meeting to which the undersigned was invited by, or any solicitation of a
subscription by, a person not previously known to the undersigned in connection with investments in securities generally.

 

    -5-

     

    

 

(o) The
undersigned has taken no action which would give rise to any claim by any person for brokerage commissions, finders’ fees
or the like relating to this Subscription Agreement or the transactions contemplated hereby.

 

(p) The
undersigned, if a natural person, represents that the undersigned has reached the age of 21 and has full power and authority to
execute and deliver this Subscription Agreement and all other related agreements or certificates and to carry out the provisions
hereof and thereof.

 

(q) The
undersigned acknowledges that any and all estimates or forward-looking statements or projections included in the Memorandum were
prepared by the Company in good faith, but that the attainment of any such projections, estimates or forward-looking statements
cannot be guaranteed, will not be updated by the Company and should not be relied upon.

 

(r) No
oral or written representations have been made, or oral or written information furnished, to the undersigned or its advisors, if
any, in connection with the offering of the Securities which are in any way inconsistent with the information contained in the
Memorandum.

 

(s) The undersigned
understands, acknowledges and agrees with the Company that this subscription may be rejected, in whole or in part, by the Company,
in the sole and absolute discretion of the Company, at any time before any Closing notwithstanding prior receipt by the undersigned
of notice of acceptance of the undersigned’s subscription.

 

(t) FOR
PARTNERSHIPS, CORPORATIONS, TRUSTS, OR OTHER ENTITIES ONLY: If the undersigned is a partnership, corporation, trust, or other
entity, (i) the undersigned has enclosed with this Subscription Agreement appropriate evidence of the authority of the individual
executing this Subscription Agreement to act on its behalf (e.g., if a trust, a certified copy of the trust agreement; if a corporation,
a certified corporate resolution authorizing the signature and a certified copy of the certificate of incorporation or articles
of incorporation, as applicable; or if a partnership, a certified copy of the partnership agreement), (ii) the undersigned represents
and warrants that it was not organized or reorganized for the specific purpose of acquiring the Securities, (iii) the undersigned
has the full power and authority to execute this Subscription Agreement on behalf of such entity and to make the representations
and warranties made herein on its behalf, and (iv) this investment in the Company has been affirmatively authorized, if required,
by the governing board of such entity and is not prohibited by the governing documents of the entity.

 

(u) The
address shown under the undersigned’s signature at the end of this Subscription Agreement is the undersigned’s principal residence
if he or she is an individual, or its principal business address if a corporation or other entity.

 

    -6-

     

    

 

(v) The
undersigned has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks
of an investment in the Securities.

 

(w) The
undersigned acknowledges that the certificates for the Securities which the undersigned will receive will contain a legend substantially
as follows:

 

“THE SECURITIES
WHICH ARE REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, TRANSFERRED,
HYPOTHECATED OR OTHERWISE DISPOSED OF UNTIL A REGISTRATION STATEMENT WITH RESPECT THERETO IS DECLARED EFFECTIVE UNDER SUCH ACT,
OR THE COMPANY RECEIVES AN OPINION OF COUNSEL FOR THE COMPANY THAT AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH ACT
IS AVAILABLE.”

 

2. The
undersigned expressly acknowledges and agrees that the Company is relying upon the undersigned’s representations contained in the
Offering Materials.

 

3. The
undersigned subscriber acknowledges that he/she/it understands the meaning and legal consequences of the representations and warranties
which are contained herein and hereby agrees to indemnify, save and hold harmless the Company and its officers, directors and counsel,
from and against any and all claims or actions arising out of a breach of any representation, warranty or acknowledgment of the
undersigned contained in any of the Offering Materials. Such indemnification shall be deemed to include not only the specific liabilities
or obligations with respect to which such indemnity is provided, but also all reasonable costs, expenses, counsel fees and expenses
of settlement relating thereto, whether or not any such liability or obligation shall have been reduced to judgment. In addition,
the undersigned’s representations, warranties, and indemnification contained herein shall survive the undersigned’s purchase of
the Securities hereunder. The undersigned specifically acknowledges that he/she/it has reviewed the risks set forth in the Offering
Materials, as well as the financial statements included therein.

 

4. The
Company represents that it has been duly and validly incorporated and is validly existing and in good standing as a corporation
under the laws of the State of Delaware. The Company represents that it has all requisite power and authority, and all necessary
authorizations, approvals and orders required as of the date hereof to own its properties and conduct its business and to enter
into this Subscription Agreement and the other Offering Materials and to be bound by the provisions and conditions hereof or therein.
The Company further represents that the securities offered hereby are being offered pursuant to an exemption from the registration
requirements of the 1933 Act and applicable state securities laws for non-public offerings.

 

5. The
undersigned agrees and acknowledges that the Company has the right to utilize the services of a placement agent and if utilized,
such placement agent may receive a cash commission, at a rate that is compatible with industry standards, from the Securities sold
by such placement agent.

 

    -7-

     

    

 

6. Except
as otherwise specifically provided for hereunder, no party shall be deemed to have waived any of his, her, or its rights hereunder
or under any other agreement, instrument, or papers signed by any of them with respect to the subject matter hereof unless such
waiver is in writing and signed by the party waiving said right. Except as otherwise specifically provided for hereunder, no delay
or omission by any party in exercising any right with respect to the subject matter hereof shall operate as a waiver of such right
or of any such other right. A waiver on any one occasion with respect to the subject matter hereof shall not be construed as a
bar to, or waiver of, any right or remedy on any future occasion. All rights and remedies with respect to the subject matter hereof,
whether evidenced hereby or by any other agreement, instrument, or paper, will be cumulative, and may be exercised separately or
concurrently.

 

7. The
parties have not made any representations or warranties with respect to the subject matter hereof not set forth herein, and this
Subscription Agreement, together with any instruments executed simultaneously herewith, constitutes the entire agreement between
them with respect to the subject matter hereof. All understandings and agreements heretofore existing between the parties with
respect to the subject matter hereof are merged in this Subscription Agreement and any such instrument, which alone fully and completely
express their agreement.

 

8. This
Subscription Agreement may not be changed, modified, extended, terminated, or discharged orally, but only by an agreement in writing,
which is signed by all of the parties to this Subscription Agreement.

 

9. The
parties agree to execute any and all such other and further instruments and documents, and to take any and all such further actions
reasonably required to effectuate this Subscription Agreement and the intent and purposes hereof.

 

10. If
any provision or any portion of any provision of this Subscription Agreement or the application of any such provision or any portion
thereof to any person or circumstance, shall be held invalid or unenforceable, the remaining portion of such provision and the
remaining portion of such provision as is held invalid or unenforceable to persons or circumstances other than those as to which
it is held invalid or unenforceable, shall not be affected thereby.

 

11. This
Subscription Agreement shall be governed by and construed in accordance with the laws of the State of Delaware and the undersigned
hereby consents to the jurisdiction of the courts of the State of Colorado and/or the United States District Court for Colorado.

 

12. The purchase
of Securities pursuant to this Subscription Agreement is expressly conditioned upon the exemption from qualification of the offer
and sale of the Securities from applicable federal and state securities laws.

 

13. Each
of the parties hereto will pay its own fees and expenses (including the fees of any attorneys, accountants, appraisers or others
engaged by such party) in connection with this Subscription Agreement and the transactions contemplated hereby whether or not the
transactions contemplated hereby are consummated.

 

14. This
Subscription Agreement may be executed in one or more counterparts each of which will be deemed an original, but all of which will
together constitute one and the same instrument.

 

15. Each
provision of this Subscription Agreement will be considered separable and, if for any reason any provision or provisions hereof
are determined to be invalid or contrary to applicable law, such invalidity or illegality will not impair the operation of or affect
the remaining portions of this Subscription Agreement.

 

[SIGNATURE PAGES FOLLOW]

 

    -8-

     

    

 

ALL SUBSCRIBERS MUST COMPLETE
A COPY OF THIS PAGE

 

__________________________

(Print Name of Subscriber)

 

IN WITNESS
WHEREOF, the undersigned has executed this Subscription Agreement on this ____ day of ________, 2019.

 

Unit Subscription
Amount $___________

 

	 	1.	|__|	Individual
	 	 	 	 
	 	2.	|__|	Joint Tenants with Right of Survivorship
	 	 	 	 
	 	3.	|__|	Community Property
	 	 	 	 
	 	4.	|__|	Tenants in Common
	 	 	 	 
	 	5.	|__|	Corporation/Partnership
	 	 	 	 
	 	6.	|__|	IRA of________________
	 	 	 	 
	 	7.	|__|	Trust
	 	 	 	 
	 	 	 	Date Opened ___________
	 	 	 	 
	 	8.	|__|	As A Custodian For________________
	 	 	 	 
	 	 	 	Under the Uniform Transfer to Minors Act of the
	 	 	 	 
	 	 	 	State of ___________
	 	 	 	 
	 	9.	|__|	Married with Separate Property
	 	 	 	 
	 	10.	|__|	Keogh of ____________

 

    -9-

     

    

 

EXECUTION BY SUBSCRIBER WHO
IS A NATURAL PERSON

 

_____________________________________________________________________________

Exact Name in Which Title is to
be Held

 

_____________________________________________________________________________

Signature

 

_____________________________________________________________________________

Name (Please Print)

 

_____________________________________________________________________________

Title of Person Executing Agreement

 

_____________________________________________________________________________

Address: Number and Street

 

_____________________________________________________________________________

City                                                        State                                                       Zip Code

 

_____________________________________________________________________________

Social Security Number

 

Accepted
this ___ day of _______, 2019, on behalf of MASSROOTS, INC.

 

	 	By:	 
	 	 	Name: Isaac Dietrich
	 	 	Title: Chief Executive Officer

 

    -10-

     

    

 

EXECUTION BY SUBSCRIBER WHICH
IS A CORPORATION,

 

PARTNER, TRUST, ETC.

 

_____________________________________________________________________________

Exact Name in Which Title is to
be Held

 

_____________________________________________________________________________

Signature)

 

_____________________________________________________________________________

Name (Please Print)

 

_____________________________________________________________________________

Title of Person Executing Agreement

 

_____________________________________________________________________________

Address: Number and Street

 

_____________________________________________________________________________

City                                                        State                                                       Zip Code

 

_____________________________________________________________________________

Tax Identification Number

 

Accepted
this ___ day of _______, 2019, on behalf of MASSROOTS, INC.

 

	 	By:	 
	 	 	Name: Isaac Dietrich
	 	 	Title: Chief Executive Officer

 

 

-11-

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