Document:

Exhibit
10.1

 

SHARE
EXCHANGE AGREEMENT

 

This
SHARE EXCHANGE AGREEMENT (the “Agreement”), dated as of January 22, 2021 (the “Effective Date”)
between TraQiQ, Inc., a California corporation (“TraQiQ”), Rohuma, LLC, a Delaware limited liability company
(“Rohuma”), the holders of all of the vested and unvested common units of executing this Agreement and listed
on Exhibit A hereto (each an “Rohuma Unitholder” and collectively the “Rohuma Unitholders”)
and Sandeep Soni as the “Rohuma Representative”. Rohuma, the Rohuma Unitholders and the Rohuma Representative
shall be referred to as the “Rohuma Parties”.

 

WHEREAS,
the Rohuma Unitholders collectively own all of the Rohuma equity (the “Rohuma Units”) which consists of 600,000
common units (which includes 58,125 unvested units) and 300,000 preferred units and the parties have agreed that a portion of
the unvested Rohuma Units will vest at the Closing Date all as set forth on Exhibit A; and

 

WHEREAS,
TraQiQ has common stock, par value $.0001 (“Common Stock”) registered with the Securities and Exchange Commission
pursuant to Section 12(g) of the Securities Exchange Act of 1934, as amended (the “1934 Act”); and

 

WHEREAS,
Rohuma shall be required to elect with the Internal Revenue Service to be taxed as a corporation rather than as a partnership
prior to the Closing Date (the “Conversion”);

 

WHEREAS,
subject to the terms and conditions of this Agreement, including completion of the Conversion, the Rohuma Unitholders agree to
exchange all of the Rohuma Units for newly issued shares of Common Stock (the “TraQiQ Shares”) such that Rohuma
will become a wholly owned subsidiary of TraQiQ following the closing of the Share Exchange Transaction (as hereinafter defined);

 

WHEREAS,
the TraQiQ Shares issued to holders of unvested Rohuma Units shall remain subject to the vesting schedule set forth in Section
1.1(b)(iii) as well as the terms and conditions of a newly adopted TraQiQ equity plan, and a Restricted Stock Agreement; and

 

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NOW,
THEREFORE, in consideration of the premises and the mutual terms, conditions and other agreements set forth herein, intending
to be legally bound, the parties agree as follows:

 

Article
I

EXCHANGE

 

Section
1.1 Agreement to Exchange TraQiQ Shares for Rohuma Units. On the Closing Date (as hereinafter defined) and upon the
terms and subject to the conditions set forth in this Agreement, the Rohuma Unitholders shall sell, assign, transfer, convey and
deliver to TraQiQ the Rohuma Units (both vested and unvested) set forth opposite their name on Exhibit A hereto representing
the total number of the issued and outstanding equity of Rohuma as set forth therein, and TraQiQ shall accept such securities
from the Rohuma Unitholders in exchange for the issuance to the Rohuma Unitholders of up to 4,292,220 TraQiQ Shares, both vested
and unvested, described below (the “Share Exchange Transaction”):

 

(a)
Issuance to Vested Holders: Up to 4,156,002 TraQiQ Shares shall be issued to holders of vested Rohuma Units of which (i) 2,562,276
TraQiQ Shares will be issued and delivered at the Closing Date, (ii) 996,079 TraQiQ Shares will be issued and delivered into escrow
at the Closing Date (the “Escrow”) to be released only pursuant Section 1.1(a)(i) below (the “2021
Shares in Escrow”) and (iii) 597,647 TraQiQ Shares will be issued and delivered into Escrow at the Closing Date to be
released only pursuant Section 1.1(a)(ii) below (the “2022 Shares in Escrow” and together with 2021
Shares in Escrow, collectively, the “Escrow Shares”).

 

(i)
If Rohuma achieves gross revenue of U.S. $0.75 million (the “2021 Target”) during the period of January 1,
2021-December 31, 2021 (the “2021 Target Period”), then TraQiQ shall release the 2021 Shares in Escrow to the
persons set forth on Exhibit A as of the 2021 Release Date (as defined below). In the event that Rohuma does not achieve
the 2021 Target during the 2021 Target Period, a proportional amount of 2021 Shares in Escrow will be released. By way of illustration,
if Rohuma achieves a revenue goal of $375,000 (half of the 2021 Target), then half of the 2021 Shares in Escrow (e.g. 498,039),
will be released. For purposes of this Section 1.1(a)(i), “2021 Release Date” means five (5) days following
the expiration of the 2021 Measurement Period (as defined hereinafter). “2021 Measurement Period” means the sooner
of (A) up to twenty-five (25) days following the expiration of the 2021 Target Period in which the TraQiQ determines, in its sole
discretion, whether or not the 2021 Target has been achieve, in whole or in part or (B) such earlier date as TraQiQ may agree
in writing. All 2021 Shares in Escrow not released shall be cancelled and returned to TraQiQ treasury.

 

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(ii)
If Rohuma achieves gross revenue of U.S. $1.25 million (the “2022 Target”) during the period of January 1,
2022-December 31, 2022 (the “2022 Target Period”), then TraQiQ shall release the 2022 Shares in Escrow to the
persons set forth on Exhibit A as of the 2022 Release Date (as defined below). In the event that Rohuma does not achieve
the 2022 Target during the 2022 Target Period, a proportional amount of the 2022 Shares in Escrow will be released. By way of
illustration, if Rohuma achieves a revenue goal of $625,000 (half of the 2022 Target), then half of the 2022 Shares in Escrow
(e.g.298,823), will be released. For purposes of this Section 1.1(a)(ii), “2022 Release Date” means five (5)
days following the expiration of the 2022 Measurement Period (as defined hereinafter). “2022 Measurement Period” means
the sooner of (A) up to twenty-five (25) days following the expiration of the 2022 Target Period in which the TraQiQ determines,
in its sole discretion, whether or not the 2022 Target has been achieve, in whole or in part or (B) such earlier date as TraQiQ
may agree in writing. All 2022 Shares in Escrow not released shall be cancelled and returned to TraQiQ treasury.

 

(b)
Issuance to Unvested Holders: Up to 136,218 TraQiQ Shares (the “TraQiQ Plan Shares”) shall be issued to holders
of unvested Rohuma Units as set forth on Exhibit A provided that these TraQiQ Plan Shares will remain subject to the vesting
provisions in Exhibit A of which: (i) 68,109 TraQiQ Plan Shares will be issued and delivered 12 months after the Closing Date
as set forth on Exhibit A and (ii) 68,109 TraQiQ Plan Shares will be issued and delivered 24 months after the Closing Date.
For the avoidance of doubt, all TraQiQ Plan Shares as to such recipient shall be forfeited if such recipient is not employed by
Rohuma by the expiration of the 2021 Target Period or 2022 Target Period or the vesting date under the TraQiQ stock grant regardless
of the reason for such holder’s departure from employment.

 

(c)
Rohuma has presented a business plan to TraQIQ management and board of directors (the “Rohuma Business Plan”)
for the two year period following the Closing Date, which Business Plan includes the amount of working capital necessary for Rohuma
to achieve the 2021 and 2022 Targets. Material amendments to the Business Plan shall require the consent of the TraQIQ management
and/or board of directors. TraQiQ shall use its reasonable efforts to provide Rohuma with working capital in accordance with the
then current Business Plan which amounts to $100,000 at closing and in the average amount of up to $30,000 per month starting
Q2 2021 during the 2021 Target Period and the 2022 Target Period.

 

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In
accordance with the Rohuma Business Plan, during the 2021 and 2022 calendar year, a minimum of $30,000 will be provided to Rohuma
before the 10th day of each calendar month; provided that TraQiQ will be credited for payments in excess of such sum
earlier in the year. To the extent that TraQiQ fails to provide working capital to Rohuma at a rate of $30,000 per month as set
forth in this Section (a “Potential Default”), Rohuma shall notify TraQiQ of the Potential Default in writing (a “Default
Notice”), and TraQiQ shall have sixty days from the date of the Default Notice to cure the Potential Default. If TraQiQ
fails to timely cure the Potential Default, then Rohuma shall be deemed to have met the revenue target for such calendar year.
An uncured default in 2021 shall not impact the calculation of the 2022 Target. An uncured default shall not impact the timing
of the release of the Escrow Shares which shall still occur upon receipt of audited financial statements for the calendar year.

 

(d)
For purposes of this Section, gross revenues and achievement of the applicable target shall be determined when TraQiQ’s
independent auditor approves the gross revenue calculation for each Target Period year. TraQiQ shall use its reasonable efforts
to make such determination within 60 days of the end of the Target Period.

 

Section
1.2 Closing. The closing of the Share Exchange Transaction (the “Closing”) shall take place at
5:00 p.m. P.D.T. on the business day after which: (i) each of TraQiQ and the Rohuma Unitholders has executed this Agreement;
and (ii) TraQiQ’s board of directors has approved a Form 8-K to be filed with SEC as required under the1934 Act; (iii)
TraQiQ’s board of directors has approved the Agreement, including without limitation issuance of the TraQiQ Shares and
the TraQiQ Plan Shares; and (iv) all closing conditions have occurred, including without limitation, the Conversion, and (v)
any necessary regulatory or governmental consents or waivers have been obtained (hereinafter, the “Closing
Date”).

 

Article
II

REPRESENTATIONS AND WARRANTIES OF TraQiQ

 

TraQiQ
hereby represents, warrants and agrees as follows:

 

Section
2.1 Corporate Organization.

 

(a)
TraQiQ is a corporation duly organized, validly existing and in good standing under the laws of California, and has all requisite
corporate power and authority to own its properties and assets and to conduct its business as now conducted and is duly qualified
to do business in good standing in each jurisdiction in which the nature of the business conducted by TraQiQ or the ownership
or leasing of its properties makes such qualification and being in good standing necessary, except where the failure to be so
qualified and in good standing will not have a material adverse effect on the business, operations, properties, assets, condition
or results of operation of TraQiQ (a “TraQiQ Material Adverse Effect”);

 

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(b)
Copies of the Articles of Incorporation and Bylaws of TraQiQ are publicly available as exhibits to TraQiQs filings with the Securities
and Exchange Commission (“SEC”) and such copies are accurate and complete as of the date of this Agreement.

 

Section
2.2 Capitalization of TraQiQ. 

 

(a)
The authorized and outstanding capital stock of TraQiQ as of the Effective Date consists of 300,000,000 shares of Common Stock,
par value $.0001 per share, of which 27,297,960 shares are issued and outstanding and 10,000,000 shares of its Preferred Stock,
par value $0.0001 per share, of which 50,000 shares of Series A preferred are currently issued and outstanding. All issued and
outstanding shares are duly authorized, validly issued and fully paid.

 

(b)
All of the TraQiQ Shares to be issued on the Closing Date pursuant to this Agreement have been duly authorized and will be validly
issued, fully paid and non-assessable. As of the Closing Date, there will be no outstanding options, warrants, agreements, commitments,
conversion rights, preemptive rights or other rights to subscribe for, purchase or otherwise acquire any shares of capital stock
or any un-issued shares of capital stock of TraQiQ other than as set forth on Schedule 2.2.a.

 

Section
2.3 Authorization and Validity of Agreements. TraQiQ has all corporate power and authority to execute and deliver this
Agreement, to perform its obligations hereunder and to consummate the transactions contemplated hereby. The execution and delivery
of this Agreement by TraQiQ and the consummation by TraQiQ of the transactions contemplated hereby have been duly authorized by
all necessary corporate action of TraQiQ, and no other corporate proceedings on the part of TraQiQ are necessary to authorize
this Agreement or to consummate the transactions contemplated hereby.

 

Section
2.4 No Conflict or Violation. The execution, delivery and performance of this Agreement by TraQiQ does not and will
not violate or conflict with any provision of its Articles of Incorporation or Bylaws, as amended, and does not and will not violate
any provision of law, or any order, judgment or decree of any court or other governmental or regulatory authority, nor violate
or result in a breach of or constitute (with due notice or lapse of time or both) a default under, or give to any other entity
any right of termination, amendment, acceleration or cancellation of, any material contract, lease, loan agreement, mortgage,
security agreement, trust indenture or other agreement or instrument to which TraQiQ is a party or by which it is bound or to
which any of its properties or assets is subject, nor will it result in the creation or imposition of any material lien, charge
or encumbrance of any kind whatsoever upon any of the properties or assets of TraQiQ, nor will it result in the cancellation,
modification, revocation or suspension of any of material license, franchise, or permit to which TraQiQ is bound.

 

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Section
2.5 Consents and Approvals. No consent, waiver, authorization or approval of any governmental or regulatory authority,
domestic or foreign, or of any other person, firm or corporation, is required in connection with the execution and delivery of
this Agreement by TraQiQ or the performance by TraQiQ of its obligations hereunder.

 

Section
2.6 Securities and Exchange Commission Reports. Since July 19, 2017, it has filed all material reports required by
the Securities and Exchange Act of 1934 (the “34 Act”).

 

Section
2.7 Litigation. No action, suit, or proceeding has been instituted or threatened before any court or other governmental
body or by any public authority to restrain, enjoin, or prohibit the Share Exchange Transaction, or which would reasonably be
expected to have a TraQiQ Material Adverse Effect. TraQiQ is not a party to any material legal proceeding.

 

Section
2.8 Subsidiaries. Except as set forth in its most recent Form 10-K and Form 10-Q, TraQiQ does not have any direct or
indirect subsidiaries and does not directly or indirectly own, control, or hold, with the power to vote, any shares of the capital
stock of any entity (including, without limitation, corporations, partnerships, and joint ventures). There are no outstanding
subscriptions, options, warrants, convertible securities, calls, commitments, or agreements calling for or requiring the issuance,
transfer, sale, or other disposition of any shares of the capital stock of TraQiQ except as set forth in Schedule 2.2a. Except
as already exists, there are no other direct or indirect subsidiaries of TraQiQ which would be or are required to be consolidated
or accounted for on the equity method in the consolidated financial statements of TraQiQ prepared in accordance with generally
accepted accounting principles.

 

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Article
III

REPRESENTATIONS AND WARRANTIES OF ROHUMA PARTIES

 

Each
Rohuma Party jointly and severally represents and warrants to TraQiQ and agrees as follows:

 

Section
3.1 Organization.

 

(a)
Rohuma is duly organized, validly existing limited liability company and is in good standing under the laws of the Delaware and
has all requisite limited liability company power and authority to own its properties and assets and to conduct its business as
now conducted and is duly qualified to do business in good standing in each jurisdiction where the nature of the business conducted
by Rohuma or the ownership or leasing of their properties makes such qualification and being in good standing necessary, except
where the failure to be so qualified and in good standing will not have a material adverse effect on the business, operations,
properties, assets, condition or results of operation of Rohuma (.

 

(b)
Copies of the governing documents of Rohuma, with all amendments thereto to the date hereof, have been furnished to TraQiQ, and
such copies are accurate and complete as of the date hereof. Rohuma has also provided TraQiQ with a copy of the documents required
to consummate the Conversion, including without limitation, the organizational documents of Rohuma following the conversion. The
minute books of Rohuma are current as required by law, contain the minutes of all meetings of the governing body and equity holders
of Rohuma, respectively, and committees of any governing body of Rohuma from the date of formation as a limited liability company
to the date of this Agreement, and adequately reflect all material actions taken by such persons and entities.

 

Section
3.2 Capitalization of Rohuma; Title. On the Closing Date, immediately before the transactions to be consummated pursuant
to this Agreement, Rohuma shall have 600,000 common Rohuma Units and 300,000 preferred Rohuma Units issued and outstanding and
except as set forth in Schedule 3.2.a, there will be no outstanding options, warrants, agreements, commitments, conversion
rights, preemptive rights or other rights to subscribe for, purchase or otherwise acquire any shares of capital stock or any unissued
or treasury shares of capital stock of Rohuma. As of the date of this Agreement, the Rohuma Unitholders own and hold the Rohuma
Units, as respectively applicable, as set forth on Exhibit A, in each case, free and clear of any and all liens or encumbrances.
Rohuma Unitholders each have the power and authority to sell, transfer, assign and delver each such Rohuma Unitholder’s
respective Rohuma Units, and will convey to TraQiQ at the Closing Date good and valid title to such Rohuma Units free and clear
of any and all liens and encumbrances.

 

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Section
3.3 Subsidiaries and Equity Investments; Assets. As of the Effective Date and on the Closing Date, Rohuma wholly owns
a subsidiary in India and does not and will not directly or indirectly, own any shares of capital stock or any other equity interest
in any entity nor any right to acquire any shares or other equity interest in any entity.

 

Section
3.4 Authorization and Validity of Agreements. Each Rohuma Party has all individual or corporate power and authority
to execute and deliver this Agreement, to perform their obligations hereunder and to consummate the transactions contemplated
hereby. The execution and delivery of this Agreement by Rohuma and the consummation of the transactions contemplated hereby have
been duly authorized by all necessary corporate action and no other corporate proceedings on the part of Rohuma are necessary
to authorize this Agreement or to consummate the transactions contemplated hereby. The execution and delivery of this Agreement
by each Rohuma Unitholder which is not a natural person (“Entity Unitholder”) and the consummation of the transactions
contemplated hereby by each Entity Unitholder have been duly authorized by all necessary action by the Entity Unitholder and no
other proceedings on the part of Rohuma or any Rohuma Unitholder are necessary to authorize this Agreement or to consummate the
transactions contemplated hereby.

 

Section
3.5  No Conflict or Violation. (a) The execution, delivery and performance of this Agreement by the Rohuma Parties does
not and will not violate or conflict with any provision of the constituent documents of Rohuma or any Entity Unitholder, and does
not and will not violate any provision of law, or any order, judgment or decree of any court or other governmental or regulatory
authority, nor violate, result in a breach of or constitute (with due notice or lapse of time or both) a default under or give
to any other entity any right of termination, amendment, acceleration or cancellation of any contract, lease, loan agreement,
mortgage, security agreement, trust indenture or other agreement or instrument to which Rohuma is bound or to which any of its
respective properties or assets is subject, nor result in the creation or imposition of any lien, charge or encumbrance of any
kind whatsoever upon any of the properties or assets of Rohuma, nor result in the cancellation, modification, revocation or suspension
of any of the licenses, franchises, permits to which Rohuma is bound, and (b) the execution, delivery and performance of this
Agreement by any Entity Unitholder does not and will not violate or conflict with any provision of the constituent documents of
such Entity Unitholder, and for all Rohuma Unitholders does not and will not violate any provision of law, or any order, judgment
or decree of any court or other governmental or regulatory authority, nor violate, result in a breach of or constitute (with due
notice or lapse of time or both) a default under or give to any other entity any right of termination, amendment, acceleration
or cancellation of any contract, lease, loan agreement, mortgage, security agreement, trust indenture or other agreement or instrument
to which such Rohuma Unitholder is bound.

 

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Section
3.6 Financial Statements. The financial statements of Rohuma for the years ended December 31, 2020 and 2019 consisting
of the unaudited balance sheets, statements of operations, statements of cash flows and statement of shareholders’ equity,
including all related notes, fairly present in all material respects the financial position of Rohuma as at the respective dates
thereof.

 

Section
3.7 Investment Representations of each Rohuma Unitholder.

 

(a)
The TraQiQ Shares will be acquired hereunder by each Rohuma Unitholder solely for the account of such Rohuma Unitholder, for investment,
and not with a view to the resale or distribution thereof, without prejudice, however, to each Rohuma Unitholder’s right
at all times to sell or otherwise dispose of all or any part of such shares under the Securities Act of 1933, as amended (the
“Securities Act”) and other applicable federal and state securities laws. Each Rohuma Unitholder understands
and is able to bear any economic risks associated with such Rohuma Unitholder’s investment in the TraQiQ Shares. Each Rohuma
Unitholder has had full access to all the information it considers necessary or appropriate to make an informed investment decision
with respect to the TraQiQ Shares to be acquired under this Agreement. Each Rohuma Unitholder further has had an opportunity to
ask questions and receive answers from TraQiQ’s management regarding TraQiQ and to obtain additional information (to the
extent TraQiQ’s management possessed such information or could acquire it without unreasonable effort or expense) necessary
to verify any information furnished to such Rohuma Unitholder or to which the Rohuma Unitholder had access.

 

(b)
Rohuma Unitholder Status. 

 

(i)
Each Rohuma Unitholder (other than Tapan Raj, Alok Gupta, Anand Hariharan, Pramod Thakur and Kapil Luthra) hereby agrees and acknowledges
that it is a “U.S. Person” (as defined below) at the time the Rohuma Unitholder was offered the TraQiQ Shares and
as of the date hereof. For the purpose of this Agreement, a “U.S. Person” means:

 

(A)
Any natural person resident in the United States;

 

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(B)
Any partnership or corporation organized or incorporated under the laws of the United States;

 

(C)
Any estate of which any executor or administrator is a U.S. person;

 

(D)
Any trust of which any trustee is a U.S. person;

 

(E)
Any agency or branch of a foreign entity located in the United States;

 

(F)
Any non-discretionary account or similar account (other than an estate or trust) held by a dealer or other fiduciary for the benefit
or account of a U.S. person;

 

(G)
Any discretionary account or similar account (other than an estate or trust) held by a dealer or other fiduciary organized, incorporated,
or (if an individual) resident of the United States; or

 

(H)
Any partnership or corporation if (i) organized or incorporated under the laws of any foreign jurisdiction and (ii) formed by
a U.S. person principally for the purpose of investing in securities not registered under the 1933 Act, unless it is organized
or incorporated, and owned, by accredited investor(s) (as defined in Rule 501(a) of Regulation D promulgated under the 1933 Act)
who are not natural persons, estates or trusts.

 

“United
States” or “U.S.” means the United States of America, its territories and possessions, any State of the United
States, and the District of Columbia.

 

(ii)
Each Rohuma Unitholder understands that no action has been or will be taken in any jurisdiction by TraQiQ that would permit a
public offering of the TraQiQ Shares in any country or jurisdiction where action for that purpose is required.

 

(iii)
Each Rohuma Unitholder (except Tapan Raj, Alok Gupta, Anand Hariharan, Pramod Thakur and Kapil Luthra), as of the Effective Date,
(X) is located inside the United States, and (Y) is not purchasing the TraQiQ Shares for the account or benefit of any non-U.S.
Person, except in accordance with one or more available exemptions from the registration requirements of the 1933 Act or in a
transaction not subject thereto.

 

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(iv)
Each Rohuma Unitholder agrees not to resell the TraQiQ Shares except in accordance with the provisions of Regulation D, pursuant
to a registration statement under the 1933 Act, or pursuant to an available exemption from registration; and agrees not to engage
in hedging transactions with regard to such securities unless in compliance with the 1933 Act.

 

(v)
Each Rohuma Unitholder agrees, as applicable, to include statements in any documentation with regard to TraQiQ Shares to the effect
that the securities have not been registered under the 1933 Act and may not be offered or sold in the United States or to U.S.
persons unless the securities are registered under the 1933 Act, or an exemption from the registration requirements of the 1933
Act is available.

 

(vi)
No form of “directed selling efforts” (as defined under the 1933 Act), general solicitation or general advertising
in violation of the 1933 Act has been or will be used nor will any offers by means of any directed selling efforts in the United
States be made by any Rohuma Unitholder nor any of their representatives in connection with the offer and sale of the TraQiQ Shares.

 

(c)
To the best knowledge of each Rohuma Unitholder, this Agreement and the transactions contemplated herein are not part of a plan
or scheme to evade the registration provisions of the Securities Act, and the TraQiQ Shares are being acquired by each Rohuma
Unitholder for investment purposes.

 

(d)
Each Rohuma Unitholder acknowledges and agrees that the TraQiQ Shares, upon issuance, shall bear the following or similar legend:

 

“THE
SECURITIES REPRESENTED HEREBY HAVE BEEN OFFERED IN AN TRANSACTION TO A PERSON WHO IS A U.S. PERSON (AS DEFINED HEREIN) PURSUANT
TO REGULATION D UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”) OR A NON-U.S. PERSON (AS
DEFINED HEREIN) PURSUANT TO REGULATION S UNDER THE 1933 ACT. NONE OF THE SECURITIES REPRESENTED HEREBY HAVE BEEN REGISTERED UNDER
THE 1933 ACT, OR ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO REGISTERED, MAY NOT BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY,
IN THE UNITED STATES (AS DEFINED HEREIN) OR TO U.S. PERSONS OR A NON-U.S. PERSON EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION
D OR S, RESPECTIVELY, UNDER THE 1933 ACT, PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT, OR PURSUANT TO AN
AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE 1933 ACT AND IN EACH CASE ONLY
IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. IN ADDITION, HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED
UNLESS IN COMPLIANCE WITH THE 1933 ACT. “UNITED STATES” AND “U.S. PERSON” ARE AS DEFINED BY REGULATION
S UNDER THE 1933 ACT.”

 

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Section
3.8 Brokers’ Fees. Neither Rohuma nor any Rohuma Unitholder has any liability to pay any fees or commissions or
other consideration to any broker, finder, or agent with respect to the transactions contemplated by this Agreement.

 

Section
3.9 Litigation. There is no action, suit, or proceeding which has been instituted or threatened before any court or
other governmental body or by any public authority to restrain, enjoin, or prohibit the Share Exchange Transaction, or which would
reasonably be expected to restrict materially the operation of the business of Rohuma or the exercise of any rights with respect
thereto or to subject either TraQiQ or Rohuma or any of their subsidiaries, directors, or officers to any liability, fine, forfeiture,
divestiture, or penalty on the ground that the transactions contemplated hereby, the parties hereto, or their subsidiaries, directors,
or officers have breached or will breach any applicable law or regulation or have otherwise acted improperly in connection with
the transactions contemplated hereby and with respect to which the parties hereto have been advised by counsel that, in the opinion
of such counsel, such action, suit, or proceeding raises substantial questions of law or fact which could reasonably be decided
materially adversely to either party hereto or its subsidiaries, directors, or officers.

 

Article
IV

PRE-CLOSING COVENANTS

 

Section
4.1 Consents and Approvals. Without limitation of the foregoing, the parties shall:

 

(a)
use their reasonable commercial efforts to obtain all necessary consents, waivers, authorizations and approvals of all governmental
and regulatory authorities, domestic and foreign, and of all other persons, firms or corporations required in connection with
the execution, delivery and performance by them of this Agreement; and

 

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(b)
diligently assist and cooperate with each party in preparing and filing all documents required to be submitted by a party to any
governmental or regulatory authority, domestic or foreign, in connection with such transactions and in obtaining any governmental
consents, waivers, authorizations or approvals which may be required to be obtained connection in with such transactions.

 

Section
4.2 Equity Issuance. From and after the Effective Date until the Closing Date, Rohuma shall not issue any additional
equity. TraQiQ shall be entitled to sell Common Stock to investors prior to the Closing Date to provide working capital provided
that it provides notice to Rohuma Representative by means of an update to its disclosure of capitalization. The number of shares
and share price in any such sale of Common Stock will be determined by TraQiQ’s board of directors in its sole discretion.

 

Section
4.3 Subsequent Events. Five (5) days prior to the Closing Date, each party will advise the other party in a detailed
written notice of any fact or occurrence or any pending or threatened occurrence of which it obtains knowledge and which (if existing
and known at the Effective Date) would have been required to be set forth or disclosed in or pursuant to this Agreement or which
(if existing and known at any time prior to or at the Effective Date) would cause a condition either party’s obligations
under this Agreement not to be fully satisfied.

 

Section
4.4 Updated Schedules. Not less than five business days prior to the Closing Date, both parties will deliver to the
other party any updates to the schedules to its representations which may be required to disclose events or circumstances arising
after this date. Such schedules will be updated only for the purpose of making the representations and warranties contained in
this Agreement to which such part of such schedules relate true and correct in all material respects as of the date such schedule
is updated, and the updated schedule will not have the effect of making any representation or warranty contained in this Agreement
true and correct in all material respects as of a date prior to the date of such updated schedule. For purposes of determining
whether the conditions set forth in Article II for TraQiQ’s and Article III for Rohuma ‘s obligations
have been met, any such updated schedules delivered to the other party will be disregarded unless TraQiQ OR Rohuma will have agreed
to accept any changes reflected in such updated schedules.

 

Section
4.5 Rights of Access. The Rohuma Parties will provide TraQiQ and to its representatives, including its certified public
accountants, full access during normal business hours to all of the property, documents, contracts, books, and records of Rohuma,
and such information with respect to its business affairs and properties as TraQiQ from time to time may reasonably request.

 

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Section
4.6 Extraordinary Transactions. Without the prior written consent of TraQiQ, Rohuma will not, on or after the Effective
Date: (a) declare or pay any cash dividends or property dividends with respect to any class of its capital stock; (b) declare
or distribute any stock dividend, authorize a stock split, or authorize, issue or make any distribution of its capital stock or
any other securities or grant any options to acquire such additional securities; (c) either (i) merge into, consolidate with,
or sell or otherwise dispose of its assets to any other corporation or person, or enter into any other transaction or agree to
effect any other transaction not in the ordinary course of its business except as explicitly contemplated herein, or (ii) engage
in any discussions concerning such a possible transaction except as explicitly contemplated herein unless the board of directors
of Rohuma , based upon the advice of legal counsel, determines in good faith that such action is required for the board of directors
to comply with its fiduciary duties to stockholders imposed by law; (d) convert the form of entity of Rohuma from that in existence
on the Effective Date; (e) make any direct or indirect redemption, purchase, or other acquisition of any of its capital stock;
(f) except in the ordinary course of its business or to accomplish the transactions contemplated by this Agreement, incur any
liability or obligation, make any commitment or disbursement, acquire or dispose of any property or asset, make any contract or
agreement, pay or become obligated to pay any legal, accounting, or miscellaneous other expense, or engage in any transaction;
(g) other than in the ordinary course of business, subject any of its properties or assets to any lien, claim, charge, option,
or encumbrance; (h) enter into or assume any one or more commitments to make capital expenditures, any of which individually exceeds
$5,000 or which in the aggregate exceed $10,000; (i) except for increases in the ordinary course of business in accordance with
past practices, and except as explicitly contemplated by this Agreement, increase the rate of compensation of any employee or
enter into any agreement to increase the rate of compensation of any employee; (j) except as otherwise required by law, create
or modify any profit sharing plan, bonus, deferred compensation, death benefit, or retirement plan, or the level of benefits under
any such plan, nor increase or decrease any severance or termination pay benefit or any other fringe benefit; (k) enter into any
employment or personal services contract with any person or firm, except directly to facilitate the transactions contemplated
by this Agreement; nor (l) change the nature or increase the concentration of risk of investments and of cash and cash equivalents.

 

Section
4.7 Preservation of Business. Rohuma will (a) carry on its business and manage its assets and properties diligently
and substantially in the same as heretofore; (b) use commercially reasonable efforts to continue in effect its present insurance
coverage on all properties, assets, business, and personnel; (c) use commercially reasonable efforts to preserve its business
organization intact, to keep available its present employees, and to preserve its present relationships with all those entities
having business dealings with it; (d) not do anything and not fail to do anything which will cause a breach of or default in any
contract, agreement, commitment, or obligation to which it is a party or by which it may be bound; and (e) conduct its affairs
so that at the Closing Date none of its representations and warranties will be inaccurate, none of its covenants and agreements
will be breached, and no condition in this Agreement will remain unfulfilled by reason of its actions or omissions.

 

    	14

     

    

 

Section
4.8 Conversion. Within five (5) days of the execution of this Agreement, Rohuma shall complete the Conversion and provide
evidence thereof to TraQiQ.

 

Article
V

CONDITIONS TO OBLIGATIONS OF ROHUMA AND THE ROHUMA UNITHOLDERS

 

The
obligations of Rohuma and each Rohuma Unitholder to consummate the transactions contemplated by this Agreement are subject to
the fulfillment, at or before the Closing Date, of the following conditions, any one or more of which may be waived by Rohuma
and by Rohuma Representative on behalf of each Rohuma Unitholder in their sole discretion:

 

Section
5.1 Representations and Warranties of TraQiQ. All representations and warranties made by TraQiQ in this Agreement shall
be true and correct on and as of the Closing Date as if again made by TraQiQ as of such date.

 

Section
5.2 Agreements and Covenants. TraQiQ shall have performed and complied in all material respects to all agreements and
covenants required by this Agreement to be performed or complied with by it on or prior to the Closing Date.

 

Section
5.3 Consents and Approvals. Consents, waivers, authorizations and approvals of any governmental or regulatory authority,
domestic or foreign, and of any other person, firm or corporation, required in connection with the execution, delivery and performance
of this Agreement shall be in full force and effect on the Closing Date.

 

    	15

     

    

 

Section
5.4 No Violation of Orders. No preliminary or permanent injunction or other order issued by any court or governmental or
regulatory authority, domestic or foreign, nor any statute, rule, regulation, decree or executive order promulgated or enacted
by any government or governmental or regulatory authority, which declares this Agreement invalid in any respect or prevents the
consummation of the transactions contemplated hereby, or which materially and adversely affects the assets, properties, operations,
prospects, net income or financial condition of TraQiQ shall be in effect; and no action or proceeding before any court or governmental
or regulatory authority, domestic or foreign, shall have been instituted or threatened by any government or governmental or regulatory
authority, domestic or foreign, or by any other person, or entity which seeks to prevent or delay the consummation of the transactions
contemplated by this Agreement or which challenges the validity or enforceability of this Agreement, or subject a party hereto
or any of their directors, or officers to any liability, fine, forfeiture, divestiture, or penalty on the ground that the transactions
contemplated hereby, the parties hereto, or directors, or officers have breached or will breach any applicable law or regulation
or have otherwise acted improperly in connection with the transactions contemplated hereby and with respect to which the parties
hereto have been advised by counsel that, in the opinion of such counsel, such action, suit, or proceeding raises substantial
questions of law or fact which could reasonably be decided materially adversely to either party hereto or its subsidiaries, directors,
or officers.

 

Section
5.5 Other Closing Documents. Rohuma shall have received such other certificates, instruments and documents in confirmation
of the representations and warranties of TraQiQ or in furtherance of the transactions contemplated by this Agreement as Rohuma
or their counsel may reasonably request.

 

Article
VI

CONDITIONS TO OBLIGATIONS OF TRAQIQ

 

The
obligations of TraQiQ to consummate the transactions contemplated by this Agreement are subject to the fulfillment, at or before
the Closing Date, of the following conditions, any one or more of which may be waived by TraQiQ in its sole discretion:

 

Section
6.1 Representations and Warranties of Rohuma Parties. All representations and warranties made by Rohuma Parties in this
Agreement shall be true and correct on and as of the Closing Date as if again made by Rohuma Parties on and as of such date.

 

Section
6.2 Agreements and Covenants. The Rohuma Parties shall have performed and complied in all material respects to all agreements
and covenants required by this Agreement to be performed or complied with by it on or prior to the Closing Date.

 

    	16

     

    

 

Section
6.3 Consents and Approvals. All consents, waivers, authorizations and approvals of any governmental or regulatory authority,
domestic or foreign, and of any other person, firm or corporation, required in connection with the execution, delivery and performance
of this Agreement, shall have been duly obtained and shall be in full force and effect on the Closing Date.

 

Section
6.4 No Violation of Orders. No preliminary or permanent injunction or other order issued by any court or other governmental
or regulatory authority, domestic or foreign, nor any statute, rule, regulation, decree or executive order promulgated or enacted
by any government or governmental or regulatory authority, domestic or foreign, that declares this Agreement invalid or unenforceable
in any respect or which prevents the consummation of the transactions contemplated hereby, or which materially and adversely affects
the assets, properties, operations, prospects, net income or financial condition of Rohuma, taken as a whole, shall be in effect;
and no action or proceeding before any court or government or regulatory authority, domestic or foreign, shall have been instituted
or threatened by any government or governmental or regulatory authority, domestic or foreign, or by any other person, or entity
which seeks to prevent or delay the consummation of the transactions contemplated by this Agreement or which challenges the validity
or enforceability of this Agreement.

 

Section
6.5 Other Closing Actions. TraQiQ shall have received such other certificates, instruments and documents in confirmation
of the representations and warranties of the Rohuma Parties or in furtherance of the transactions contemplated by this Agreement
as TraQiQ or its counsel may reasonably request including, but not limited to, the Audit Report of its independent third party
auditor.

 

Section
6.6 Conversion. Rohuma shall have completed the Conversion in a manner satisfactory to TraQiQ.

 

Article
VII

POST-CLOSING ACTIONS AND COVENANTS

 

Section
7.1 Cancellation of Rohuma Units. To the extent that the Rohuma Units are certificated, within five business days after
the Closing Date, the holders of Rohuma shares shall deliver original certificates representing all of the Rohuma Units to TRAQIQ
along with an executed assignment of such Rohuma Units.

 

Section
7.2 Issuance of TraQiQ Shares. Within five business days of the Closing Date, TraQiQ shall direct its transfer agent
to issue the TraQiQ Shares listed on Exhibit A hereto as “restricted stock” as follows: (i) 996,079 shares
subject to the earnout described in Section 1.1(a)(i)-(ii) hereto shall be delivered to TraQiQ in escrow and the records
of the transfer agent shall reflect such escrow status; (ii) 2,562,276 of the TraQiQ Shares that are fully vested shall be registered
to the persons on Exhibit A hereto, and (ii) the 136,218 TraQiQ Plan Shares that are subject to vesting shall reflect the
vesting status on the records of the transfer agent.

 

    	17

     

    

 

Section7.3
Protections for Escrow Shares. In order to protect the right of the Rohuma Unitholders to earn the Escrow Shares, effective
on the Closing Date, Rohuma Representative (as defined in Section 9.1(a) below) shall be appointed as business head of the TraQiQ
subsidiary. Unless Sandeep Soni is sooner terminated from such possession by the action of the board of TraQiQ, in such position,
Soni shall have the right to manage the business of Rohuma and his services cannot be terminated without reasonable cause and
notice during the earnout period i.e; 2021 and 2022.

 

Article
VIII

TERMINATION AND ABANDONMENT

 

Section
8.1 Methods of Termination. This Agreement may be terminated, and the transactions contemplated hereby may be
abandoned, at any time before Jan 23, 2021, by notice of either TraQiQ or Rohuma to the other party. No Rohuma Unitholder shall
have the right to terminate the Agreement.

 

Article
IX

MISCELLANEOUS PROVISIONS

 

Section
9.1 Appointment of Rohuma Representative.

 

(a)
By virtue of the approval of this Agreement by the Rohuma Unitholders, and without further action of any Rohuma Unitholder, each
Rohuma Unitholder shall be deemed to have irrevocably constituted and appointed Sandeep Soni (and by execution of this Agreement
Sandeep Soni hereby accepts such appointment) as agent and attorney-in-fact (the “Rohuma Representative”) for
and on behalf of each of the Rohuma Unitholders or all of them, with full power of substitution, to act in the name, place and
stead of each Rohuma Unitholder or all of them with respect to this Agreement and the consummation of the Share Exchange Transaction,
and the taking by the Rohuma Representative of any and all actions and the making of any decisions required or permitted to be
taken by the Rohuma Representative under this Agreement, including the exercise of the power to: (i) give and receive notices
and communications; (ii) agree to, negotiate, enter into settlements and compromises of, and comply with court orders with respect
to claims made by TraQiQ; (iii) authorize and direct the distribution of Escrow Shares to the Rohuma Unitholders in accordance
with the terms of this Agreement, and (iv) take all actions necessary or appropriate in the good faith judgment of the Rohuma
Representative for the accomplishment of the foregoing. The power-of-attorney granted in this Section 9.1 is coupled with
an interest and is irrevocable, may be delegated by the Rohuma Representative and shall survive the death or incapacity of any
Rohuma Unitholder. The identity of the Rohuma Representative and the terms of the agency may be changed, and a successor Rohuma
Representative may be appointed, from time to time (including in the event of the death, disability or other incapacity of the
Rohuma Representative) by Rohuma Unitholders whose aggregate percentage interests of the Rohuma Units on the Closing Date, calculated
on an as-converted basis, exceed fifty percent (50%), and any such successor Unitholder Representative shall succeed the Rohuma
Representative as Rohuma Representative hereunder. TraQiQ shall be entitled to rely on the authority of Sandeep Soni as Rohuma
Representative unless and until it receives written evidence of a replacement Rohuma Representative. No bond shall be required
of the Rohuma Representative, and the Rohuma Representative shall receive no compensation for his services.

 

    	18

     

    

 

(b)
The Rohuma Representative shall not be liable to the Rohuma Unitholders for any losses or damages incurred without gross negligence
by the Rohuma Representative while acting in good faith and in the exercise of his reasonable judgment and arising out of or in
connection with the acceptance or administration of his duties hereunder (it being understood that any act done or omitted pursuant
to the advice of counsel shall be conclusive evidence of such good faith). TraQiQ shall not be liable, and each of the Rohuma
Unitholders shall jointly and severally indemnify TraQiQ and hold it harmless against any losses or damages arising out of or
in connection with any actions by the Rohuma Representative, including in the administration of his duties under this Agreement.

 

(c)
From and after the Closing Date, a decision, act, consent or instruction of the Rohuma Representative shall constitute a decision
of all Rohuma Unitholders and shall be final, binding and conclusive upon each Rohuma Unitholder, and TraQiQ may rely upon any
decision, act, consent or instruction of the Rohuma Representative as being the decision, act, consent or instruction of each
Rohuma Unitholder. TraQiQ and Rohuma are hereby relieved from any liability to any person for any acts done by Rohuma Representative
and any acts done by TraQiQ in accordance with any such decision, act, consent or instruction of the Rohuma Representative.

 

    	19

     

    

 

Section
9.2 Survival of Provisions. The respective representations, warranties, covenants and agreements of each of the parties
to this Agreement (except covenants and agreements which are expressly required to be performed and are performed in full on or
before the Closing Date) shall survive the Closing Date and the consummation of the transactions contemplated by this Agreement.
In the event of a breach of any of such representations, warranties or covenants, the party to whom such representations, warranties
or covenants have been made shall have all rights and remedies for such breach available to it under the provisions of this Agreement
or otherwise, whether at law or in equity, regardless of any disclosure to, or investigation made by or on behalf of such party
on or before the Closing Date.

 

Section
9.3 Publicity. No party shall cause the publication of any press release or other announcement with respect to this
Agreement or the transactions contemplated hereby without the consent of the other parties, unless a press release or announcement
is required by law. If any such announcement or other disclosure is required by law, the disclosing party agrees to give the non-disclosing
parties prior notice and an opportunity to comment on the proposed disclosure.

 

Section
9.4 Successors and Assigns. This Agreement shall inure to the benefit of, and be binding upon, the parties hereto and
their respective successors and assigns; provided, however, that no party shall assign or delegate any of the obligations created
under this Agreement without the prior written consent of the other parties.

 

Section
9.5 Fees and Expenses. Except as otherwise expressly provided in this Agreement, all legal and other fees, costs and
expenses incurred in connection with this Agreement and the transactions contemplated hereby shall be paid by the party incurring
such fees, costs or expenses.

 

Section
9.6 Notices. All notices and other communications given or made pursuant hereto shall be in writing and shall be deemed
to have been given or made if in writing and delivered personally or sent by registered or certified mail (postage prepaid, return
receipt requested) to the parties at the following addresses:

 

If
to Rohuma or the Rohuma Unitholders, to:

 

Rohuma,
LLC.

515
Ocean Avenue 401N

Santa
Monica 90402

Attn:
Sandeep Soni, CEO

E-mail:
sandeep@kringle.ai

 

    	20

     

    

 

If
to TraQiQ, to:

 

TraQiQ,
Inc.

14205
SE 36th Street, Suite 100

Bellevue,
WA 98006

Attention:
Ajay Sikka, CEO

E-mail:
ajay@TraQiQ.com

 

or
to such other persons or at such other addresses as shall be furnished by any party by like notice to the others, and such notice
or communication shall be deemed to have been given or made as of the date so delivered or mailed.

 

Section
9.7 Entire Agreement. This Agreement, together with the exhibits and schedules hereto, represents the entire agreement
and understanding of the parties with reference to the transactions set forth herein and no representations or warranties have
been made in connection with this Agreement other than those expressly set forth herein or in the exhibits, schedules, certificates
and other documents delivered in accordance herewith. This Agreement supersedes all prior negotiations, discussions, correspondence,
communications, understandings and agreements between the parties relating to the subject matter of this Agreement and all prior
drafts of this Agreement, all of which are merged into this Agreement. No prior drafts of this Agreement and no words or phrases
from any such prior drafts shall be admissible into evidence in any action or suit involving this Agreement.

 

Section
9.8 Severability. This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision
hereof shall not affect the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore,
in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part
of this Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible so as to be valid
and enforceable.

 

Section
9.9 Titles and Headings. The Article and Section headings contained in this Agreement are solely for convenience of
reference and shall not affect the meaning or interpretation of this Agreement or of any term or provision hereof.

 

Section
9.10 Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original
and all of which together shall be considered one and the same agreement.

 

    	21

     

    

 

Section
9.11 Governing Law; Jurisdiction; Venue. This Agreement shall be governed by and interpreted and enforced in accordance
with the laws of the State of California without giving effect to the choice of law provisions thereof. The parties to this Agreement,
acting for themselves and for their respective successors and assigns, without regard to domicile, citizenship or residence, hereby
expressly and irrevocably elect as the sole judicial forum for the adjudication of any matters arising under or in connection
with this Agreement, and consent and subject themselves to the jurisdiction of, the courts of the State of California, County
of Los Angeles, and/or the United States District in Los Angeles, California, in respect of any matter arising under this Agreement.
Service of process, notices and demands of such courts may be made upon any party to this Agreement by personal service at any
place where it may be found or giving notice to such party as provided in Section 9.6.

 

Section
9.12 Enforcement of the Agreement. The parties hereto agree that irreparable damage would occur if any of the provisions
of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed
that the parties shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically
the terms and provisions hereto, this being in addition to any other remedy to which they are entitled at law or in equity.

 

Section
9.13 Amendments and Waivers. No amendment of any provision of this Agreement shall be valid unless the same shall be
in writing and signed by all of the parties hereto. No waiver by any party of any default, misrepresentation, or breach of warranty
or covenant hereunder, whether intentional or not, shall be deemed to extend to any prior or subsequent default, misrepresentation,
or breach of warranty or covenant hereunder or affect in any way any rights arising by virtue of any prior or subsequent such
occurrence.

 

[Signature
Pages Follow]

 

    	22

     

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

 

TRAQIQ,
INC.

 

	By:	/s/
    Ajay Sikka	 
	 	Ajay
    Sikka	 
	Its:	Chief
    Executive Officer	 

 

Rohuma,
LLC.

 

	By:	/s/
    Sandeep Soni	 
	 	Sandeep
    Soni	 
	Its:	Chief
    Executive Officer	 

 

Rohuma
Representative

 

	/s/
    Sandeep Soni	 
	Sandeep
    Soni	 

 

[ROHUMA
Unitholder signatures on next page]

 

    	23

     

    

 

ROHUMA
UNITHOLDERS

 

	Sandeep
    Soni 	 	Jacob
    Kalaj
	 	 	 	 
	By:	/s/
    Sandeep Soni 	 	By:	/s/
    Jacob Kala
	 	Sandeep
    Soni	 	 	Jacob
    Kalaj

 

	Tapan
    Raj 	 	Anand
    Hariharan 
	 	 	 	 
	By:	/s/
    Tapan Raj	 	By:	/s/
                                         Anand Hariharan

        

	 	Tapan
    Raj	 	 	Anand
                                         Hariharan

         

 

	Aroon
    Chinai 	 	Kapil
    Luthra
	 	 	 	 	 
	By:	/s/
    Aroon Chinai	 	By:	/s/
    Kapil Luthra
	 	Aroon
    Chinai	 	 	Kapil
    Luthra

 

	Alok
    Gupta	 
	 	 	 
	By:	/s/
    Alok Gupta	 
	 	Alok
    Gupta 	 

 

	Pramod
    Thakur	 
	 	 	 
	By:	/s/
    Pramod Thakur	 
	 	Pramod
    Thakur	 

 

    	24

     

    

 

EXHIBIT
A

 

ROHUMA
UNITHOLDERS/

 

TraQiQ/Rohuma
Conversion CAP Table 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Transfer
    of vested shares	 	 	 	Transfer
    of unvested shares	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	closing	 	12
    months	 	24
    months	 	12
    months	 	24
    months
	Rohuma
    Member	 	Common
    Units	 	Preferred
    Units	 	Total
    Units	 	%	 	Total
    TraQiQ	 	Current
    vesting	 	Unvested	 	60%	 	25%	 	15%	 	50%	 	50%
	Tapan
    Raj	 	 	300,000	 	 	 	0	 	 	 	300,000	 	 	 	 	 	1,430,741	 	 	 	1,356,223	 	 	 	74,518	 	 	 	813,734	 	 	 	339,056	 	 	 	203,433	 	 	 	37,259	 	 	 	37,259	 
	Sandeep
    Soni	 	 	210,000	 	 	 	300,000	 	 	 	510,000	 	 	 	 	 	2,432,259	 	 	 	2,432,259	 	 	 	0	 	 	 	1,459,355	 	 	 	608,065	 	 	 	364,839	 	 	 	0	 	 	 	0	 
	Aroon
    Chinai-Inv	 	 	9,000	 	 	 	0	 	 	 	9,000	 	 	 	 	 	42,922	 	 	 	42,922	 	 	 	0	 	 	 	42,922	 	 	 	 	 	 	 	 	 	 	 	0	 	 	 	0	 
	Alok
    Gupta	 	 	9,000	 	 	 	0	 	 	 	9,000	 	 	 	 	 	42,922	 	 	 	32,639	 	 	 	10,283	 	 	 	19,583	 	 	 	8,160	 	 	 	4,896	 	 	 	5,142	 	 	 	5,142	 
	Pramod
    Thakur	 	 	9,000	 	 	 	0	 	 	 	9,000	 	 	 	 	 	42,922	 	 	 	32,639	 	 	 	10,283	 	 	 	19,583	 	 	 	8,160	 	 	 	4,896	 	 	 	5,142	 	 	 	5,142	 
	Jacob
    Kalaj	 	 	18,000	 	 	 	0	 	 	 	18,000	 	 	 	 	 	85,844	 	 	 	65,278	 	 	 	20,567	 	 	 	39,167	 	 	 	16,319	 	 	 	9,792	 	 	 	10,283	 	 	 	10,283	 
	Anand
    Hariharan	 	 	18,000	 	 	 	0	 	 	 	18,000	 	 	 	 	 	85,844	 	 	 	65,278	 	 	 	20,567	 	 	 	39,167	 	 	 	16,319	 	 	 	9,792	 	 	 	10,283	 	 	 	10,283	 
	Aroon
    Chinai - advisory	 	 	9,000	 	 	 	0	 	 	 	9,000	 	 	 	 	 	42,922	 	 	 	42,922	 	 	 	0	 	 	 	42,922	 	 	 	 	 	 	 	 	 	 	 	0	 	 	 	0	 
	Kapil
    Luthra-inv	 	 	9,000	 	 	 	0	 	 	 	9,000	 	 	 	 	 	42,922	 	 	 	42,922	 	 	 	0	 	 	 	42,922	 	 	 	 	 	 	 	 	 	 	 	0	 	 	 	0	 
	Kapil
    Luthra -Advisory	 	 	9,000	 	 	 	0	 	 	 	9,000	 	 	 	 	 	42,922	 	 	 	42,922	 	 	 	0	 	 	 	42,922	 	 	 	 	 	 	 	 	 	 	 	0	 	 	 	0	 
	 	 	 	600,000	 	 	 	300,000	 	 	 	900,000	 	 	 	 	 	4,292,220	 	 	 	4,156,002	 	 	 	136,218	 	 	 	2,562,276	 	 	 	996,079	 	 	 	597,647	 	 	 	68,109	 	 	 	68,109	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	4,292,220	 	 	 	 	 	 	 	4,156,002	 	 	 	136,218	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	4,292,222	 	 

 

    	25

     

    

 

Schedule
2.2.a

 

Capitalization
of TraQiQ

 

List
of Outstanding Warrants, Options, or other Convertible Rights

 

https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001514056

 

    	26

     

    

 

Schedule
3.2.a

 

List
of Rohuma Outstanding Warrants, Options, or other Convertible Rights

 

NONE

 

    	27Exhibit
4.1

 

NEITHER
THIS SECURITY NOR THE SECURITIES FOR WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE
COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE 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. THIS SECURITY AND
THE SECURITIES ISSUABLE UPON EXERCISE OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN
SECURED BY SUCH SECURITIES.

 

COMMON
STOCK PURCHASE WARRANT

 

AYRO,
INC.

 

	Warrant
    Shares: _______	Initial
    Exercise Date: ____, 2021

 

THIS
COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value received, _____________ or its assigns
(the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter
set forth, at any time on or after ______________1 (the “Initial Exercise Date”) and on or prior
to 5:00 p.m. (New York City time) on ______________2 (the “Termination Date”) but not thereafter,
to subscribe for and purchase from AYRO, Inc., a Delaware corporation (the “Company”), up to ______ shares
(as subject to adjustment hereunder, the “Warrant Shares”) of Common Stock. The purchase price of one share
of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b).

 

Section
1. Definitions. Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain
Securities Purchase Agreement (the “Purchase Agreement”), dated January 25, 2021, among the Company and the
purchasers signatory thereto.

 

 

1
Date that is six-months after the closing date.

2
The date that is the 2.5-year anniversary of the Initial Exercise Date, provided that, if such date is not a Trading Day,
insert the immediately following Trading Day.

 

    	1

     

    

 

Section
2. Exercise.

 

a)
Exercise of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any
time or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company of a duly
executed facsimile copy or PDF copy submitted by e-mail (or e-mail attachment) of the Notice of Exercise in the form annexed hereto
(the “Notice of Exercise”). Within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days
comprising the Standard Settlement Period (as defined in Section 2(d)(i) herein) following the date of exercise as aforesaid,
the Holder shall deliver the aggregate Exercise Price for the shares specified in the applicable Notice of Exercise by wire transfer
or cashier’s check drawn on a United States bank unless the cashless exercise procedure specified in Section 2(c) below
is specified in the applicable Notice of Exercise. No ink-original Notice of Exercise shall be required, nor shall any medallion
guarantee (or other type of guarantee or notarization) of any Notice of Exercise be required. Notwithstanding anything herein
to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased
all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender
this Warrant to the Company for cancellation within three (3) Trading Days of the date on which the final Notice of Exercise is
delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant
Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in
an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing
the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of
Exercise within one (1) Business Day of receipt of such notice. The Holder and any assignee, by acceptance of this Warrant,
acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant
Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount
stated on the face hereof.

 

b)
Exercise Price. The exercise price per share of Common Stock under this Warrant shall be $6.93, subject to adjustment hereunder
(the “Exercise Price”).

 

c)
Cashless Exercise. If at any time following the six-month anniversary of the Closing Date, there is no effective registration
statement registering, or the prospectus contained therein is not available for the resale of the Warrant Shares by the Holder,
then this Warrant may also be exercised, in whole or in part, at such time by means of a “cashless exercise” in which
the Holder shall be entitled to receive a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A),
where:

 

	 	(A)	=	as
    applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice
    of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both
    executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours”
    (as defined in Rule 600(b)(68) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii)
    at the option of the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice
    of Exercise or (z) the Bid Price of the Common Stock on the principal Trading Market as reported by Bloomberg L.P. as of the
    time of the Holder’s execution of the applicable Notice of Exercise if such Notice of Exercise is executed during “regular
    trading hours” on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after
    the close of “regular trading hours” on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the
    date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise
    is both executed and delivered pursuant to Section 2(a) hereof after the close of “regular trading hours” on such
    Trading Day;

 

    	2

     

    

 

	 	(B)	=	the
    Exercise Price of this Warrant, as adjusted hereunder; and 
	 	 	 	 
	 	(X)	=	the
    number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant
    if such exercise were by means of a cash exercise rather than a cashless exercise.

 

If
Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9)
of the Securities Act, the Warrant Shares shall take on the characteristics of the Warrants being exercised, and the holding period
of the Warrant Shares being issued may be tacked on to the holding period of this Warrant. The Company agrees not to take any
position contrary to this Section 2(c).

 

“Bid
Price” means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common
Stock is then listed or quoted on a Trading Market, the bid price of the Common Stock for the time in question (or the nearest
preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based
on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading
Market, the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX
as applicable, (c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common
Stock are then reported on The Pink Open Market (or a similar organization or agency succeeding to its functions of reporting
prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value
of a share of Common Stock as determined by an independent appraiser selected in good faith by the Purchasers of a majority in
interest of the Securities then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be
paid by the Company.

 

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then
listed or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest
preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based
on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading
Market, the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX
as applicable, (c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common
Stock are then reported in The Pink Open Market (or a similar organization or agency succeeding to its functions of reporting
prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value
of a share of Common Stock as determined by an independent appraiser selected in good faith by the Purchasers of a majority in
interest of the Securities then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be
paid by the Company.

 

    	3

     

    

 

d)
Mechanics of Exercise.

 

i.
Delivery of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder to be transmitted
by the Transfer Agent to the Holder by crediting the account of the Holder’s or its designee’s balance account with
The Depository Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company
is then a participant in such system and either (A) there is an effective registration statement permitting the issuance of the
Warrant Shares to or resale of the Warrant Shares by the Holder or (B) the Warrant Shares are eligible for resale by the Holder
without volume or manner-of-sale limitations pursuant to Rule 144 (assuming cashless exercise of the Warrants), and otherwise
by physical delivery of a certificate, registered in the Company’s share register in the name of the Holder or its designee,
for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified by the Holder
in the Notice of Exercise by the date that is the earliest of (i) two (2) Trading Days after the delivery to the Company of the
Notice of Exercise and, (ii) one (1) Trading Day after delivery of the aggregate Exercise Price to the Company and (iii) the number
of Trading Days comprising the Standard Settlement Period after the delivery to the Company of the Notice of Exercise (such date,
the “Warrant Share Delivery Date”). Upon delivery of the Notice of Exercise, the Holder shall be deemed for
all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised,
irrespective of the date of delivery of the Warrant Shares, provided that payment of the aggregate Exercise Price (other than
in the case of a cashless exercise) is received within two (2) Trading Days following delivery of the Notice of Exercise. If the
Company fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share
Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant
Shares subject to such exercise (based on the VWAP of the Common Stock on the date of the applicable Notice of Exercise), $10
per Trading Day (increasing to $20 per Trading Day on the fifth Trading Day after such liquidated damages begin to accrue) for
each Trading Day after such Warrant Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise.
The Company agrees to maintain a transfer agent that is a participant in the FAST program so long as this Warrant remains outstanding
and exercisable. As used herein, “Standard Settlement Period” means the standard settlement period, expressed
in a number of Trading Days, on the Company’s primary Trading Market with respect to the Common Stock as in effect on the
date of delivery of the Notice of Exercise.

 

    	4

     

    

 

ii.
Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request
of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder
a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which
new Warrant shall in all other respects be identical with this Warrant.

 

iii.
Rescission Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant
to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.

 

iv.
Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise. In addition to any other rights available
to the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with
the provisions of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such
date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage
firm otherwise purchases, shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which
the Holder anticipated receiving upon such exercise (a “Buy-In”), then the Company shall (A) pay in cash to
the Holder the amount, if any, by which (x) the Holder’s total purchase price (including brokerage commissions, if any)
for the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that
the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell
order giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion
of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall
be deemed rescinded) or deliver to the Holder the number of shares of Common Stock that would have been issued had the Company
timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common Stock having
a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate
sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company
shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable
to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall
limit a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation,
a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver shares
of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof.

 

    	5

     

    

 

v.
No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise
of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the
Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction
multiplied by the Exercise Price or round up to the next whole share.

 

vi.
Charges, Taxes and Expenses. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer
tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid
by the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed
by the Holder; provided, however, that, in the event that Warrant Shares are to be issued in a name other than the
name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly
executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for
any transfer tax incidental thereto. The Company shall pay all Transfer Agent fees required for same-day processing of any Notice
of Exercise and all fees to the Depository Trust Company (or another established clearing corporation performing similar functions)
required for same-day electronic delivery of the Warrant Shares.

 

vii.
Closing of Books. The Company will not close its stockholder books or records in any manner which prevents the timely exercise
of this Warrant, pursuant to the terms hereof.

 

    	6

     

    

 

e)
Holder’s Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall not
have the right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect
to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s
Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder’s Affiliates (such Persons,
“Attribution Parties”)), would beneficially own in excess of the Beneficial Ownership Limitation (as defined
below). For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder and its
Affiliates and Attribution Parties shall include the number of shares of Common Stock issuable upon exercise of this Warrant with
respect to which such determination is being made, but shall exclude the number of shares of Common Stock which would be issuable
upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates
or Attribution Parties and (ii) exercise or conversion of the unexercised or nonconverted portion of any other securities of the
Company (including, without limitation, any other Common Stock Equivalents) subject to a limitation on conversion or exercise
analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates or Attribution Parties.
Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership shall be calculated in
accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged
by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of
the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent
that the limitation contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable (in relation
to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant
is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be
the Holder’s determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together
with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable, in each case subject to the
Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination.
In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d)
of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 2(e), in determining the
number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding shares of Common Stock as reflected
in (A) the Company’s most recent periodic or annual report filed with the Commission, as the case may be, (B) a more recent
public announcement by the Company or (C) a more recent written notice by the Company or the Transfer Agent setting forth the
number of shares of Common Stock outstanding. Upon the written or oral request of a Holder, the Company shall within one Trading
Day confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding. In any case, the number
of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the
Company, including this Warrant, by the Holder or its Affiliates or Attribution Parties since the date as of which such number
of outstanding shares of Common Stock was reported. The “Beneficial Ownership Limitation” shall be [4.99%/9.99%]
of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock
issuable upon exercise of this Warrant. The Holder, upon notice to the Company, may increase or decrease the Beneficial Ownership
Limitation provisions of this Section 2(e), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the
number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock upon
exercise of this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply. Any increase in the
Beneficial Ownership Limitation will not be effective until the 61st day after such notice is delivered to the Company.
The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms
of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended
Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect
to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant.

 

    	7

     

    

 

Section
3. Certain Adjustments.

 

a)
Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or
otherwise makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities
payable in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company
upon exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines
(including by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issues by
reclassification of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price
shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares,
if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding
immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted
such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a)
shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend
or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

 

b)
[RESERVED]

 

c)
Subsequent Rights Offering. If the Company, at any time while the Warrant is outstanding, shall issue rights, options or
warrants to all holders of Common Stock entitling them to subscribe for or purchase shares of Common Stock (the “Purchase
Rights”), then, upon any exercise of this Warrant, the Holder will be entitled to acquire, upon the terms applicable
to such Purchase Rights, the aggregate Purchase Rights that the Holder could have acquired if the Holder had held the number of
Warrant Shares issued upon such exercise of this Warrant immediately before the date on which a record is taken for the grant,
issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of shares of
Common Stock are to be determined for the grant, issue or sale of such Purchase Rights (provided, however, to the extent that
the Holder’s right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership
Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or beneficial ownership
of such shares of Common Stock as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall
be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the
Beneficial Ownership Limitation). For the term of the Warrant, the Company shall hold such Purchase Rights for the benefit of
the Holder until the Holder exercises this Warrant or any portion thereof.

 

d)
Pro Rata Distributions. If the Company, at any time while this Warrant is outstanding, shall distribute to all holders
of Common Stock evidences of its indebtedness or assets (including cash and cash dividends) or rights or warrants to subscribe
for or purchase any security other than the Common Stock (a “Distribution”), then, upon any exercise of this
Warrant, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated
therein if the Holder had held the number of Warrant Shares issued upon such exercise of this Warrant immediately before the date
on which a record is taken for such Warrant, or, if no such record is taken, the date as of which the record holders of shares
of Common Stock are to be determined for the participation in such Distribution. For the term of the Warrant, the Company shall
hold such Distribution for the benefit of the Holder until the Holder exercises this Warrant or any portion thereof.

 

    	8

     

    

 

e)
Fundamental Transaction. If, at any time while this Warrant is outstanding, (i) the Company (and all of its Subsidiaries,
taken as a whole), directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company
with or into another Person, (ii) the Company, directly or indirectly, effects any sale, lease, license, assignment, transfer,
conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any,
direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person) is completed pursuant
to which holders of Common Stock are permitted to sell, tender or exchange their shares for other securities, cash or property
and has been accepted by the holders of 50% or more of the outstanding Common Stock, (iv) the Company, directly or indirectly,
in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Stock or any
compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities,
cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share
purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off,
merger or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than
50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person or other Persons
making or party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement
or other business combination) (each a “Fundamental Transaction”), then, upon any subsequent exercise of this
Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately
prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section
2(e) on the exercise of this Warrant), the number of shares of Common Stock of the successor or acquiring corporation or of the
Company, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”)
receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant
is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise
of this Warrant). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to
apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common
Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in
a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common
Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder
shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such
Fundamental Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not
the survivor (the “Successor Entity”) to assume in writing all of the obligations of the Company under this
Warrant and the other Transaction Documents in accordance with the provisions of this Section 3(e) pursuant to written agreements
in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such
Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security
of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is
exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to
the shares of Common Stock acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise
of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder
to such shares of capital stock (but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental
Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being
for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction),
and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction,
the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction,
the provisions of this Warrant and the other Transaction Documents referring to the “Company” shall refer instead
to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the
Company under this Warrant and the other Transaction Documents with the same effect as if such Successor Entity had been named
as the Company herein.

 

    	9

     

    

 

f)
Calculations. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share,
as the case may be. For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as
of a given date shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

 

g)
Notice to Holder.

 

i.
Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the
Company shall promptly deliver to the Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment
and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

 

ii.
Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever
form) on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common
Stock, (C) the Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or
purchase any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall
be required in connection with any reclassification of the Common Stock, any consolidation or merger to which the Company (and
all of its Subsidiaries, taken as a whole) is a party, any sale or transfer of all or substantially all of the assets of the Company,
or any compulsory share exchange whereby the Common Stock is converted into other securities, cash or property, or (E) the Company
shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each
case, the Company shall cause to be delivered by facsimile or email to the Holder at its last facsimile number or email address
as it shall appear upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable record or effective
date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution,
redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Stock of record
to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such
reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date
as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their shares of the Common
Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or
share exchange; provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect
the validity of the corporate action required to be specified in such notice. To the extent that any notice provided in this Warrant
constitutes, or contains, material, non-public information regarding the Company or any of the Subsidiaries, the Company shall
simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K. The Holder shall remain entitled
to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering
such notice except as may otherwise be expressly set forth herein.

 

    	10

     

    

 

h)
Voluntary Adjustment By Company. Subject to the rules and regulations of the Trading Market, the Company may at any time
during the term of this Warrant, reduce the then current Exercise Price to any amount and for any period of time deemed appropriate
by the board of directors of the Company.

 

Section
4. Transfer of Warrant.

 

a)
Transferability. Subject to compliance with any applicable securities laws and the conditions set forth in Section 4(d)
hereof and to the provisions of Section 4.1 of the Purchase Agreement, this Warrant and all rights hereunder (including, without
limitation, any registration rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office
of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached
hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making
of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants
in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument
of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this
Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically
surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender
this Warrant to the Company within three (3) Trading Days of the date on which the Holder delivers an assignment form to the Company
assigning this Warrant in full. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for
the purchase of Warrant Shares without having a new Warrant issued.

 

    	11

     

    

 

b)
New Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office
of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued,
signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved
in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or
Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated
the Initial Exercise Date and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant
thereto.

 

c)
Warrant Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose
(the “Warrant Register”), in the name of the record Holder hereof from time to time. The Company may deem and
treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution
to the Holder, and for all other purposes, absent actual notice to the contrary.

 

d)
Transfer Restrictions. If, at the time of the surrender of this Warrant in connection with any transfer of this Warrant,
the transfer of this Warrant shall not be either (i) registered pursuant to an effective registration statement under the Securities
Act and under applicable state securities or blue sky laws or (ii) eligible for resale without volume or manner-of-sale restrictions
or current public information requirements pursuant to Rule 144, the Company may require, as a condition of allowing such transfer,
that the Holder or transferee of this Warrant, as the case may be, comply with the provisions of Section 5.7 of the Purchase Agreement.

 

e)
Representation by the Holder. The Holder, by the acceptance hereof, represents and warrants that it is acquiring this Warrant
and, upon any exercise hereof, will acquire the Warrant Shares issuable upon such exercise, for its own account and not with a
view to or for distributing or reselling such Warrant Shares or any part thereof in violation of the Securities Act or any applicable
state securities law, except pursuant to sales registered or exempted under the Securities Act.

 

    	12

     

    

 

Section
5. Miscellaneous.

 

a)
No Rights as Stockholder Until Exercise; No Settlement in Cash. This Warrant does not entitle the Holder to any voting
rights, dividends or other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i),
except as expressly set forth in Section 3. Without limiting any rights of a Holder to receive Warrant Shares on a “cashless
exercise” pursuant to Section 2(c) or to receive cash payments pursuant to Section 2(d)(i) and Section 2(d)(iv) herein,
in no event shall the Company be required to net cash settle an exercise of this Warrant.

 

b)
Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant
Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case
of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate,
if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation,
in lieu of such Warrant or stock certificate.

 

c)
Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right
required or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next
succeeding Business Day.

 

d)
Authorized Shares.

 

The
Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common
Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights
under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers
who are charged with the duty of issuing the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant.
The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided
herein without violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common
Stock may be listed. The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights
represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant
Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens
and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously
with such issue).

 

    	13

     

    

 

Except
and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation,
amending its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution,
issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the
terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all
such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment.
Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above
the amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may
be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares
upon the exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions
or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform
its obligations under this Warrant.

 

Before
taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or
in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be
necessary from any public regulatory body or bodies having jurisdiction thereof.

 

e)
Jurisdiction. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall
be determined in accordance with the provisions of the Purchase Agreement.

 

f)
Restrictions. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered,
and the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities
laws.

 

g)
Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder
shall operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. Without limiting
any other provision of this Warrant or the Purchase Agreement, if the Company willfully and knowingly fails to comply with any
provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts
as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including
those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing
any of its rights, powers or remedies hereunder.

 

h)
Notices. Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company
shall be delivered in accordance with the notice provisions of the Purchase Agreement.

 

i)
Limitation of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant
to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability
of the Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted
by the Company or by creditors of the Company.

 

    	14

     

    

 

j)
Remedies. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages,
will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not
be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees
to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate.

 

k)
Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby
shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted
assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant
and shall be enforceable by the Holder or holder of Warrant Shares.

 

l)
Amendment. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company
and the Holder.

 

m)
Severability. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such
provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions
or the remaining provisions of this Warrant.

 

n)
Headings. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be
deemed a part of this Warrant.

 

********************

 

(Signature
Page Follows)

 

    	15

     

    

 

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

 

	 	AYRO,
    inc.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	16

     

    

 

NOTICE
OF EXERCISE

 

To:
AYRO, inc.

 

(1)
The undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant
(only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer
taxes, if any.

 

(2)
Payment shall take the form of (check applicable box):

 

[  ]
in lawful money of the United States; or

 

[  ]
if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection
2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise
procedure set forth in subsection 2(c).

 

(3)
Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

 

_______________________________

 

The
Warrant Shares shall be delivered to the following DWAC Account Number:

 

_______________________________

 

_______________________________

 

_______________________________

 

(4)
Accredited Investor or Qualified Institutional Buyer. The undersigned is either (i) an “accredited investor”
as defined in Regulation D promulgated under the Securities Act of 1933, as amended, or (ii) a “qualified institutional
buyer” as defined in Rule 144A(a) under the Securities Act of 1933, as amended.

 

[SIGNATURE
OF HOLDER]

 

Name
of Investing Entity: ________________________________________________________________________

Signature
of Authorized Signatory of Investing Entity: _________________________________________________

Name
of Authorized Signatory: ___________________________________________________________________

Title
of Authorized Signatory: ____________________________________________________________________

Date:
________________________________________________________________________________________

 

    	 

    	 

    

 

ASSIGNMENT
FORM

 

(To
assign the foregoing Warrant, execute this form and supply required information. Do not use this form to purchase shares.)

 

FOR
VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to

 

	Name:	 
	 	(Please
    Print)
	 	 
	Address:	 
	 	(Please
    Print)
	 	 
	Phone
    Number:	 
	 	 
	Email
    Address:	 
	 	 
	Dated:
    _______________ __, ______	 
	 	 
	Holder’s
    Signature:____________________	 
	 	 
	Holder’s
    Address:_____________________

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