Document:

Exhibit 4.1

 

NEITHER THIS WARRANT NOR THE SHARES OF
COMMON STOCK ISSUABLE ON EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OR ANY OTHER SECURITIES LAWS (THE
“ACTS”). NEITHER THIS WARRANT NOR THE SHARES OF COMMON STOCK PURCHASABLE HEREUNDER MAY BE SOLD, TRANSFERRED, PLEDGED
OR HYPOTHECATED IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THIS WARRANT OR COMMON STOCK PURCHASABLE HEREUNDER,
AS APPLICABLE, UNDER THE ACTS, OR (B) AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE CORPORATION THAT REGISTRATION IS NOT
REQUIRED UNDER SUCH ACTS.

 

QPAGOS CORPORATION

WARRANT AGREEMENT

 

VOID AFTER 5:00 P.M. NEW YORK TIME, __________,
2020

 

Issue Date: _________, 2015

 

1.          Basic
Terms. This Warrant Agreement (the “Warrant”) certifies that, for value received, the registered holder specified
below or its registered assigns (“Holder”) is the owner of a warrant of QPAGOS Corporation, a Delaware corporation
(the “Corporation”), subject to adjustments as provided herein, to purchase ______________________ (______)
shares of the Common Stock, $.001 par value, of the Corporation (the “Common Stock”) from the Corporation at the price
per share shown below (the “Exercise Price”).

 

	Holder:	 
	 	 
	Exercise Price per share: 	$1.25

 

Except as specifically provided otherwise,
all references in this Warrant to the Exercise Price and the number of shares of Common Stock purchasable hereunder shall be to
the Exercise Price and number of shares after any adjustments are made thereto pursuant to this Warrant.

 

2.          Corporation’s
Representations/Covenants. The Corporation represents and covenants that the shares of Common Stock issuable upon the exercise
of this Warrant shall at delivery be fully paid and non-assessable and free from taxes, liens, encumbrances and charges with respect
to their purchase. The Corporation shall take any necessary actions to assure that the par value per share of the Common Stock
is at all times equal to or less than the then current Exercise Price per share of Common Stock issuable pursuant to this Warrant.
The Corporation shall at all times reserve and hold available sufficient shares of Common Stock to satisfy all conversion and purchase
rights of outstanding convertible securities, options and warrants of the Corporation, including this Warrant.

 

     

     

    

  

3.          Method
of Exercise; Fractional Shares.

 

(a) Method of Exercise.
This Warrant is exercisable at the option of the Holder at any time by surrendering this Warrant, on any business day during the
period (the “Exercise Period”) beginning the business day after the issue date of this Warrant specified above and
ending at 5:00 p.m. (New York time) five (5) years after the issue date. To exercise this Warrant, the Holder shall surrender this
Warrant at the principal office of the Corporation or that of the duly authorized and acting transfer agent for its Common Stock,
together with the executed exercise form (substantially in the form of that attached hereto) and payment in cash or by wire transfer
of immediately available funds of an amount equal to the Exercise Price multiplied by the number of shares of the Common Stock
being purchased under this Warrant. The principal office of the Corporation is located at the address specified in Section 1 of
this Warrant; provided, however, that the Corporation may change its principal office upon notice to the Holder.
Payment shall be made by check payable to the order of the Corporation or by wire transfer. This Warrant is not exercisable with
respect to a fraction of a share of Common Stock. In lieu of issuing a fraction of a share remaining after exercise of this Warrant
as to all full shares covered by this Warrant, the Corporation shall either at its option (1) pay for the fractional share cash
equal to the same fraction at the fair market price for such share; or (2) issue scrip for the fraction in the registered or bearer
form which shall entitle the Holder to receive a certificate for a full share of Common Stock on surrender of scrip aggregating
a full share.

 

(b)          Contingent
Exercise. In the event of the exercise of this Warrant in connection with an initial primary public offering or the sale of
substantially all of the Corporation’s assets or equity or a merger or consolidation to which the Corporation is a party,
the exercise hereof may be conditioned, at the election of the exercising holder which shall be clearly evidenced in its notice
of exercise, on the successful consummation of such event and in the event that such event is not consummated within ninety (90)
days following delivery of the holder’s exercise notice, the notice of exercise may be withdrawn upon written notice from
the exercising holder to the Corporation whereupon all exercise documentation and this Warrant shall be returned to the exercising
holder and all of its rights hereunder shall be reinstated as if no notice of exercise had been delivered.

 

4.          Protection
Against Dilution. If the Corporation, with respect to the Common Stock:
(a) pays a dividend or makes a distribution on shares of common stock that is paid in shares of common stock or in securities
convertible into or exchangeable for Common Stock (in which latter event the number of shares of common stock initially issuable
upon the conversion or exchange of such securities shall be deemed to have been distributed); (b) subdivides outstanding shares
of Common Stock; (c) combines outstanding shares of Common Stock into a smaller number of shares; or (d) issues by reclassification
of common stock any shares of capital stock of the Corporation, the Exercise Price in effect immediately prior thereto shall be
adjusted so that each Holder thereafter shall be entitled to receive the number and kind of shares of Common Stock or other capital
stock of the Corporation that it would have owned or been entitled to receive in respect of this Warrant immediately after the
happening of any of the events described above had this Warrant been converted immediately prior to the happening of that event.
An adjustment made in accordance with this section shall become effective immediately after the record date, in the case of a dividend,
and shall become effective immediately after the effective date, in the case of a subdivision, combination, or reclassification.
If, as a result of an adjustment made in accordance with this Section 4,
the Holder becomes entitled to receive shares of two or more classes of capital stock or shares of common stock and other capital
stock of the Corporation, the board of directors (whose determination shall be conclusive) shall determine the allocation of the
adjusted Exercise Rate between or among shares of such classes of capital stock or shares of Common Stock and other capital stock.

 

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5.          Adjustment
for Reorganization, Consolidation, Merger, Etc. In the event of any consolidation or merger to which the Corporation is a party
other than a consolidation or merger in which the Corporation is the continuing corporation, or the sale or conveyance to another
corporation of the property of the Corporation as an entirety or substantially as an entirety or any statutory exchange of securities
with another corporation (including any exchange effected in connection with a merger of a third corporation into the Corporation)
(each such transaction referred to herein as “Reorganization”), no adjustment of exercise rights or the Exercise
Price shall be made; provided, however, the Holder shall thereupon be entitled to receive and provision shall be made therefor
in any agreement relating to a Reorganization, the kind and number of securities or property (including cash) of the corporation
resulting from such consolidation or surviving such merger or to which such properties and assets shall have been sold or otherwise
transferred or with whom securities have been exchanged, which the Holder would have owned or been entitled to receive as a result
of such Reorganization had this Warrant been exercised immediately prior to such Reorganization (and assuming the Holder failed
to make an election, if any was available, as to the kind or amount of securities, property or cash receivable by reason of such
Reorganization; provided that if the kind or amount of securities, property or cash receivable upon such Reorganization is not
the same for each share of common stock in respect of which such rights of election shall not have been exercised (“non-electing
share”) then for the purpose of this section the kind and amount of securities, property or cash receivable upon such Reorganization
for each non-electing share shall be deemed to be the kind and amount so receivable per share by a plurality of the non-electing
shares). In any case, appropriate adjustment shall be made in the application of the provisions herein set forth with respect to
the rights and interests thereafter of the Holder, to the end that the provisions set forth herein (including the specified changes
and other adjustments to the conversion rate) shall thereafter be applicable, as nearly as reasonably may be, in relation to any
shares, other securities or property thereafter receivable upon exercise of this Warrant. The provisions of this section similarly
apply to successive Reorganizations.

 

6.          Notice
of Adjustment. On the happening of an event requiring an adjustment of the Exercise Price or the shares purchasable under this
Warrant, the Corporation shall, within thirty (30) days, give written notice to the Holder stating the adjusted Exercise Price
and the adjusted number and kind of securities or other property purchasable under this Warrant resulting from the event and setting
forth in reasonable detail the method of calculation and the facts upon which the calculation is based.

 

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7.          Dissolution,
Liquidation. In case of the voluntary or involuntary dissolution, liquidation or winding up of the Corporation (other than
in connection with reorganization, consolidation, merger, or other transaction covered by paragraph 5 above) is at any time proposed;
the Corporation shall give at least thirty days prior written notice to the Holder. Such notice shall contain: (a) the date on
which the transaction is to take place; (b) the record date (which shall be at least thirty (30) days after the giving of the notice)
as of which holders of Common Stock will be entitled to receive distributions as a result of the transaction; (c) a brief description
of the transaction; (d) a brief description of the distributions to be made to holders of Common Stock as a result of the transaction;
and (e) an estimate of the fair value of the distributions. On the date of the transaction, if it actually occurs, this Warrant
and all rights under this Warrant shall terminate.

 

9.          Rights
of Holder. The Corporation shall deliver to the Holder all notices and other information provided to its holders of shares
of Common Stock or other securities which may be issuable hereunder concurrently with the delivery of such information to the holders.
This Warrant does not entitle the Holder to any voting rights or, except for the foregoing notice provisions, any other rights
as a shareholder of the Corporation. No dividends are payable or will accrue on this Warrant or the shares of Common Stock purchasable
under this Warrant until, and except to the extent that, this Warrant is exercised. Upon the surrender of this Warrant and payment
of the Exercise Price as provided above, the person or entity entitled to receive the shares of Common Stock issuable upon such
exercise shall be treated for all purposes as the record holder of such shares as of the close of business on the date of the surrender
of this Warrant for exercise as provided above. Upon the exercise of this Warrant, the Holder shall have all of the rights of a
shareholder in the Corporation.

 

10.         Exchange
for Other Denominations. This Warrant is exchangeable, on its surrender by the Holder to the Corporation, for a new Warrant
of like tenor and date representing in the aggregate the right to purchase the balance of the number of shares purchasable under
this Warrant in denominations and subject to restrictions on transfer contained herein, in the names designated by the Holder at
the time of surrender.

 

11.         Substitution.
Upon receipt by the Corporation of evidence satisfactory (in the exercise of reasonable discretion) to it of the ownership of and
the loss, theft or destruction or mutilation of the Warrant, and (in the case or loss, theft or destruction) of indemnity satisfactory
(in the exercise of reasonable discretion) to it, and (in the case of mutilation) upon the surrender and cancellation thereof,
the Corporation will issue and deliver, in lieu thereof, a new Warrant of like tenor.

 

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12.         Restrictions
on Transfer. Neither this Warrant nor the shares of Common Stock issuable on exercise of this Warrant have been registered
under the Securities Act or any other securities laws (the “Acts”). Neither this Warrant nor the shares of Common Stock
purchasable hereunder may be sold, transferred, pledged or hypothecated in the absence of (i) an effective registration statement
for this Warrant or Common Stock purchasable hereunder, as applicable, under the Acts, or (ii) an opinion of counsel reasonably
satisfactory to the Corporation that registration is not required under such Acts. If the Holder seeks an opinion as to transfer
without registration from Holder’s counsel, the Corporation shall provide such factual information to Holder’s counsel
as Holder’s counsel reasonably requests for the purpose of rendering such opinion. Each certificate evidencing shares of
Common Stock purchased hereunder will bear a legend describing the restrictions on transfer contained in this paragraph unless,
in the opinion of counsel reasonably acceptable to the Corporation, the shares need no longer to be subject to the transfer restrictions.

 

13.         Transfer.
Except as otherwise provided in this Warrant, this Warrant is transferable only on the books of the Corporation by the Holder in
person or by attorney, on surrender of this Warrant, properly endorsed.

 

14.         Recognition
of Holder. Prior to due presentment for registration of transfer of this Warrant, the Corporation shall treat the Holder as
the person exclusively entitled to receive notices and otherwise to exercise rights under this Warrant. All notices required or
permitted to be given to the Holder shall be in writing and shall be given by first class mail, postage prepaid, addressed to the
Holder at the address of the Holder appearing in the records of the Corporation.

 

15.         Payment
of Taxes. The Corporation shall pay all taxes and other governmental charges, other than applicable income taxes, that may
be imposed with respect to the issuance of shares of Common Stock pursuant to the exercise of this Warrant.

 

16.         Headings.
The headings in this Warrant are for purposes of convenience in reference only, shall not be deemed to constitute a part of this
Warrant and shall not affect the meaning or construction of any of the provisions of this Warrant.

 

17.         Miscellaneous.
This Warrant may not be changed, waived, discharged or terminated except by an instrument in writing signed by the Corporation
and the Holder. This Warrant shall inure to the benefit of and shall be binding upon the successors and assigns of the Corporation.
Under no circumstances may this Warrant be assigned by the Holder.

 

18.         Governing
Law. This Warrant shall be governed by and construed in accordance with the laws of the State of Delaware without giving effect
to its principles governing conflicts of law.

 

	 	QPAGOS CORPORATION
	 	 
	 	By:	 
	 	Name: Gaston Pereira
	 	Title: President and Chief Executive Officer

 

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QPAGOS CORPORATION

Form of Transfer

 

(To be executed by the Holder to transfer
the Warrant)

 

For value received the undersigned registered
holder of the attached Warrant hereby sells, assigns, and transfers the Warrant to the Assignee(s) named below:

 

	 	 	 	 	 	 	Number of shares
	Names of	 	 	 	 	 	subject to transferred 
	Assignee	 	Address	 	Taxpayer ID No.	 	Warrant
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

The undersigned registered holder further
irrevocably appoints ____________________ _______________________________ attorney (with full power of substitution) to transfer
this Warrant as aforesaid on the books of the Corporation.

 

	Date: 	 	 	 
	 	 	Signature

 

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QPAGOS CORPORATION

Exercise Form

 

(To be executed by the Holder to purchase

Common Stock pursuant to the Warrant)

 

The undersigned holder of the attached Warrant hereby irrevocably
elects to exercise purchase rights represented by such Warrant for, and to purchase, ___________ shares of Common Stock of QPAGOS
Corporation, a Delaware corporation. The undersigned tenders payment for those shares by wire transfer or enclosed check.

 

The undersigned requests that (1) a
certificate for the shares be issued in the name of the undersigned and (2) if the number of shares with respect to which the undersigned
holder has exercised purchase rights is not all of the shares purchasable under this Warrant, that a new Warrant of like tenor
for the balance of the remaining shares purchasable under this Warrant be issued.

 

	Date: 	 	 	 
	 	 	Signature

 

    	7Exhibit 4.2

 

PURCHASE WARRANT

 

Issued to:

 

«Name»

 

Exercisable to Purchase

 

«Units»
Units

Each Unit Consisting of One Share of Common
Stock and One Common Stock Purchase Warrant

 

of

 

QPAGOS CORPORATION

 

Void after December 22, 2020

 

THIS WARRANT HAS NOT BEEN REGISTERED

UNDER THE SECURITIES ACT OF 1933

AND IS NOT TRANSFERABLE

EXCEPT AS PROVIDED HEREIN.

 

     

     

    

  

This is to certify
that, for value received and subject to the terms and conditions set forth below, the Warrantholder (hereinafter defined) is entitled
to purchase, and the Company (hereinafter defined) promises and agrees to sell and issue to the Warrantholder, at any time on or
after the Issue Date and on or before the fifth anniversary of the Issue Date, up to «Units» Units (hereinafter
defined) at the per Unit Exercise Price (hereinafter defined).

 

This Warrant Certificate
is issued subject to the following terms and conditions:

 

1.          Definitions
of Certain Terms. Except as may be otherwise clearly required by the context, the following terms have the following meanings:

 

(a)          “Cashless
Exercise” means an exercise of a Warrant in which, in lieu of payment of the Exercise Price in cash, the Warrantholder elects
to receive a lesser number of Securities in payment of the Exercise Price, as determined in accordance with Section 2(b).

 

(b)          “Closing
Date” means the date or dates on which a closing under the Offering occurs.

 

(c)          “Commission”
means the Securities and Exchange Commission.

 

(d)          “Common
Stock” means the common stock, $0.001 par value, of the Company.

 

(e)          “Company”
means QPAGOS Corporation, a Delaware corporation.

 

(f)          “Exercise
Price” means the price at which the Warrantholder may purchase one Unit (or such other Securities as provided herein) upon
exercise of a Warrant as determined from time to time pursuant to the provisions hereof, multiplied by the number of Securities
as to which the Warrant is being exercised. The initial Exercise Price is $1.25 per Unit.

 

(g)          “Issue
Date” means the Closing Date on which this Warrant is issued.

 

(h)          “Offering”
means the private offering of up to 4,000,000 Units offered and sold to accredited investors in an offering exempt from the registration
requirements of the Securities Act pursuant to Rule 506(b) promulgated thereunder.

 

(i)          “Placement
Agent” means Paulson Investment Company, LLC, an Oregon limited liability company.

 

(j)          “Placement
Agent Agreement” means that certain Placement Agent Agreement, dated April 10, 2015, between the Company and the Placement
Agent.

 

(k)          “Rules
and Regulations” means the rules and regulations of the Commission adopted under the Securities Act.

 

(l)          “Securities”
means the securities obtained or obtainable upon exercise of the Warrant or securities obtained or obtainable upon exercise, exchange,
or conversion of such securities.

 

(m)          “Securities
Act” means the Securities Act of 1933, as amended.

 

(n)          “Unit”
means one of the Units offered to the investors in the Offering, consisting of one share of the Company’s Common Stock and
Unit Warrant.

 

     

     

    

  

(o)          “Unit
Warrant” means a Common Stock purchase warrant included as a component of a Unit.

 

(p)          “Warrant”
means the warrant evidenced by this certificate, any similar certificate issued in connection with the Offering, or any certificate
obtained upon transfer or partial exercise of the Warrant evidenced by any such certificate.

 

(q)          “Warrant
Certificate” means a certificate evidencing the Warrant.

 

(r)          “Warrantholder”
means a record holder of the Warrant or Securities. The initial Warrantholder is Paulson Investment Company, LLC.

 

2.            Exercise
of Warrant.

 

(a)          All
or any part of the Warrant represented by this Warrant Certificate may be exercised commencing on the Issue Date and ending at
5:00 p.m. Pacific Time on the fifth anniversary of the Issue Date (the “Expiration Date”) by surrendering this Warrant
Certificate, together with the Exercise Price and appropriate instructions, duly executed by the Warrantholder or by its duly authorized
attorney, at the office of the Company, 1900 Glades Road, Suite 265, Boca Raton, Florida 33431; or at such other office or agency
as the Company may designate. The date on which such instructions are received by the Company shall be the date of exercise. If
the Warrantholder has elected a Cashless Exercise, such instructions shall so state.

 

(b)          In
lieu of exercising this Warrant pursuant to Section 2(a), if the fair market value of one share of Common Stock is greater
than the Exercise Price (at the date of calculation as set forth below), the Holder may elect to receive a number of Units equal
to the value of this Warrant (or of any portion of this Warrant being canceled) by surrender of this Warrant at the principal office
of the Company (or such other office or agency as the Company may designate) together with a properly completed and executed Notice
of Exercise reflecting such election, in which event the Company shall issue to the Holder that number of Shares computed using
the following formula:

 

	
        

        X
	=	Y (A – B)	 
	A	 

 

Where:

 

	X	=	The number of Units to be issued to the Holder
	 	 	 
	Y	=	The number of Units purchasable under this Warrant or, if only a portion of the Warrant is being exercised, the portion of the Warrant being canceled (at the date of such calculation)
	 	 	 
	A	=	The fair market value of one share of Common Stock (at the date of such calculation)
	 	 	 
	B	=	The Exercise Price (as adjusted to the date of such calculation)

 

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For purposes of the
calculation above, the fair market value of one share of Common Stock shall be determined by the Board of Directors of the Company,
acting in good faith; provided, however, that:

 

(i)          where
a public market exists for the Company’s common stock at the time of such exercise, the fair market value per Share shall
be the average of the closing bid prices of the Common Stock or the closing price quoted on the national securities exchange on
which the Common Stock is listed as published in the Wall Street Journal, as applicable, for the 10 trading day period ending
five trading days prior to the date of determination of fair market value; and

 

(ii)         if
the Warrant is exercised in connection with the Company’s initial public offering of Common Stock, the fair market value
shall be the per share offering price to the public of the Company’s initial public offering.

 

For purposes of this
Section 2(b), no value shall be attributable to the Unit Warrant component; however, the number of Unit Warrants to be issued pursuant
to this Section 2(b) shall equal the number of shares of Common Stock. Such Unit Warrants shall have terms identical to the Unit
Warrants issued to investors in the Offering, including without limitation, the expiration date thereof, regardless of the date
of the exercise of this Warrant.

 

(c)          Subject
to the provisions below, upon receipt of notice of exercise, the Company shall promptly prepare or cause the preparation of certificates
for the Securities to be received by the Warrantholder (which shall consist of one share of the Company’s Common Stock (subject
to adjustment under Section 3) and one Unit Warrant) upon completion of the Warrant exercise. After such certificates are prepared,
the Company shall notify the Warrantholder and, upon payment in full by the Warrantholder, in lawful money of the United States,
of the Exercise Price payable with respect to the Securities being purchased, or, in the case of a Cashless Exercise, upon deemed
surrender of Securities equal in value to the Exercise Price, deliver such certificates to the Warrantholder, or as per the Warrantholder’s
instructions, promptly after such funds are available, if applicable, and otherwise promptly thereafter. The Securities to be obtained
on exercise of the Warrant will be deemed to have been issued, and any person exercising the Warrant will be deemed to have become
a holder of record of those Securities, as of the date of receipt by the Company of (a) available funds in cash in payment
of the Exercise Price, or (b) notice of Cashless Exercise.

 

(d)          If
fewer than all the Securities purchasable under the Warrant are purchased, the Company will, upon such partial exercise, execute
and deliver to the Warrantholder a new Warrant Certificate (dated the date hereof), in form and tenor similar to this Warrant Certificate,
evidencing that portion of the Warrant not exercised.

 

(e)          Notwithstanding
the foregoing, in no event shall such Securities be issued, and the Company is authorized to refuse to honor the exercise of the
Warrant, if such exercise would result in the opinion of the Company’s Board of Directors, upon advice of counsel, in the
violation of any applicable securities law.

 

3.          Adjustments
in Certain Events. The number, class, and price of Securities for which this Warrant Certificate may be exercised are subject
to adjustment from time to time upon the happening of certain events as follows:

 

(a)          In
case of any change in the Common Stock through merger, consolidation, reclassification, reorganization, partial or complete liquidation,
purchase of substantially all the assets of the Company, or other change in the capital structure of the Company, then, as a condition
of such change, lawful and adequate provision will be made so that the Warrantholder will have the right thereafter to receive
upon the exercise of the Warrant the kind and amount of shares of stock or other securities or property to which the Warrantholder
would have been entitled if, immediately prior to such event, the Warrantholder had held the number of shares of Common Stock obtainable
upon the exercise of the Warrant. In any such case, appropriate adjustment will be made in the application of the provisions set
forth herein with respect to the rights and interest thereafter of the Warrantholder, to the end that the provisions set forth
herein will thereafter be applicable, as nearly as reasonably may be, in relation to any shares of stock or other securities or
property thereafter deliverable upon the exercise of the Warrant. The Company will not permit any change in its capital structure
to occur unless the issuer of the shares of stock or other securities to be received by the holder of this Warrant Certificate,
if not the Company, agrees to be bound by and comply with the provisions of this Warrant Certificate.

 

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(b)          If
the securities issuable upon exercise of this Warrant or Unit Warrant are changed into the same or a different number of securities
of any other class or classes by reclassification, capital reorganization or otherwise (other than as otherwise provided for herein)
(a “Reclassification”), then, in any such event, in lieu of the number of shares of Common Stock and Unit Warrants
that the Holder would otherwise have been entitled to receive, the Holder shall have the right thereafter to exercise this Warrant
for a number of shares of such other class or classes of stock and warrants for purchase thereof that a holder of the number of
securities deliverable upon exercise of this Warrant immediately before that change would have been entitled to receive in such
Reclassification, all subject to further adjustment as provided herein with respect to such other shares.

 

(c)          In
the event that the outstanding shares of Common Stock are subdivided (by stock split, by payment of a stock dividend or otherwise)
into a greater number of shares of such securities, the number of Shares issuable upon exercise of the rights under this Warrant
immediately prior to such subdivision shall, concurrently with the effectiveness of such subdivision, be proportionately increased,
and the Exercise Price shall be proportionately decreased, and in the event that the outstanding shares of Common Stock are combined
(by reclassification or otherwise) into a lesser number of shares of such securities, the number of Shares issuable upon exercise
of the rights under this Warrant immediately prior to such combination shall, concurrently with the effectiveness of such combination,
be proportionately decreased, and the Exercise Price shall be proportionately increased. The increases and reductions provided
for in this Section 3(c) will be made with the intent and, as nearly as practicable, the effect that neither the percentage of
the total equity of the Company obtainable on exercise of the Warrants nor the price payable for such percentage upon such exercise
will be affected by any event described in this Section 3(c).

 

(d)          When
any adjustment is required to be made in the number of shares of Common Stock, other securities, or the property purchasable upon
exercise of the Warrant, the Company will promptly determine the new number of such shares or other securities or property purchasable
upon exercise of the Warrant and (i) prepare and retain on file a statement describing in reasonable detail the method used in
arriving at the new number of such shares or other securities or property purchasable upon exercise of the Warrant and (ii) cause
a copy of such statement to be mailed to the Warrantholder within thirty (30) days after the date of the event giving rise to the
adjustment.

 

(e)          No
fractional shares of Common Stock or other Securities will be issued in connection with the exercise of the Warrant, and the number
of shares of Common Stock to be issued shall be rounded to the nearest whole number.

 

(f)          If
securities of the Company or securities of any subsidiary of the Company are distributed pro rata to holders of Common Stock,
such number of securities will be distributed to the Warrantholder or its assignee upon exercise of its rights hereunder as such
Warrantholder or assignee would have been entitled to if this Warrant had been exercised prior to the record date for such distribution.
The provisions with respect to adjustment of the Common Stock provided in this Section 3 will also apply to the securities to which
the Warrantholder or its assignee is entitled under this Section 3(f). Notwithstanding anything herein to the contrary, there will
be no adjustment made hereunder on account of the sale by the Company of the Common Stock or any other Securities purchasable upon
exercise of the Warrant.

 

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4.          Reservation
of Securities. The Company agrees during the term the rights under this Warrant are exercisable to take all reasonable action
to reserve and keep available from its authorized and unissued shares of Common Stock for the purpose of effecting the exercise
of this Warrant such number of shares (and shares of common stock for issuance on conversion of such shares and exercise of the
Unit Warrants) as shall from time to time be sufficient to effect the exercise of the rights under this Warrant; and if at any
time the number of authorized but unissued shares of Common Stock (and shares of common stock for issuance on conversion of such shares and exercise of the Unit Warrants) shall not be sufficient for purposes of the exercise of this Warrant
in accordance with its terms and the conversion of the Shares, without limitation of such other remedies as may be available to
the Holder, the Company will use all reasonable efforts to take such corporate action as may, in the opinion of counsel, be necessary
to increase its authorized and unissued shares of its Common Stock (and shares of common stock for issuance on conversion of such
shares and exercise of the Unit Warrants) to a number of shares as shall be sufficient for such purposes.

 

5.          Validity
of Securities. All Securities delivered upon the exercise of the Warrant will be duly and validly issued in accordance with
their terms and, upon payment of the Exercise Price, will be fully paid and non-assessable. The Company will pay all documentary
and transfer taxes, if any, in respect of the original issuance thereof upon exercise of the Warrant.

 

6.          Transferability.
This Warrant Certificate and the Warrant may be transferred to any individual who is a partner, manager, member, officer, director,
or other licensed representative of the Placement Agent. The Warrant may be divided or combined, upon request to the Company by
the Warrantholder, into a certificate or certificates evidencing the same aggregate number of Warrants.

 

7.          Securities
Act Compliance. The Warrantholder hereby represents: (a) that this Warrant and any Common Stock to be acquired by the
Warrantholder on exercise of the Warrant will be acquired for investment for the Warrantholder’s own account and not with
a view to the resale or distribution of any part thereof, and (b) that the Warrantholder is an accredited investor as defined in
Rule 501(a) of Regulation D promulgated under the Securities Act. In addition, unless the issuance of the Common Stock shall have
been registered under the Securities Act, as a condition of its delivery of certificates for the Common Stock, the Company may
require the Warrantholder to deliver to the Company, in writing, representations regarding the Warrantholder’s sophistication,
investor status, investment intent, acquisition for its own account and such other matters as are reasonable and customary for
purchasers of securities in an unregistered private offering. The Company may place conspicuously upon each certificate representing
the Common Stock a legend substantially in the following form, the terms of which are agreed to by the Warrantholder:

 

“THE SECURITIES EVIDENCED
BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR
THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. THE SECURITIES MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED
EXCEPT (1) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OR (2) PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE STATE SECURITIES LAWS AND THE SECURITIES LAWS
OF OTHER JURISDICTIONS AND, IN THE CASE OF A TRANSACTION EXEMPT FROM REGISTRATION, UNLESS THE COMPANY HAS RECEIVED AN OPINION OF
COUNSEL REASONABLY SATISFACTORY TO IT THAT SUCH TRANSACTION DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT AND SUCH OTHER
APPLICABLE LAWS.”

 

    	5 

     

    

  

8.          No
Rights as a Stockholder. Except as otherwise provided herein, the Warrantholder will not, by virtue of ownership of the Warrant,
be entitled to any rights of a shareholder of the Company but will, upon written request to the Company, be entitled to receive
such quarterly or annual reports as the Company distributes to its shareholders.

 

9.          Notice.
Any notices required or permitted to be given hereunder will be in writing and may be served personally or by mail, including by
e-mail; and if served will be addressed as follows:

 

	The Company:	With a copy to: 	 
	 	 	 
	QPAGOS Corporation	Gracin & Marlow, LLP	 
	1900 Glades Road, Suite 265	405 Lexington Avenue, 26th Floor	 
	Boca Raton, Florida 33431	New York, New York 10174	 
	Attention:  Gaston Pereira	Attention: Leslie Marlow, Esq.	 
	Email: gaston.pereira@qpagos.com	Telephone: (212) 907-6457	 
	 	Facsimile: (212) 208-4657	 
	 	Email: lmarlow@gracinmarlow.com	 
	 		 
	If to the Warrantholder:	at the address furnished by the Warrantholder to the Company for notice purposes.

 

Any notice so given
by mail will be deemed effectively given 48 hours after mailing when deposited in the United States mail, registered or certified
mail, return receipt requested, postage prepaid and addressed as specified above. Any notice given by e-mail must be accompanied
by confirmation of receipt, and will be deemed effectively given upon confirmation of such receipt. Any party may by written notice
to the other specify a different address for notice purposes.

 

10.         Applicable
Law. This Warrant Certificate will be governed by and construed in accordance with the laws of the State of Oregon, without
reference to conflict of laws principles thereunder. All disputes relating to this Warrant Certificate shall be tried before the
courts of Oregon located in Multnomah County, Oregon to the exclusion of all other courts that might have jurisdiction.

 

Dated as of December 23, 2015

 

	 	QPAGOS CORPORATION
	 	 
	 	By:	 
	 	Name: Gaston Pereira
	 	Title: Chief Executive Officer

 

    	6 

     

    

  

EXERCISE FORM

 

(To Be Executed by the Warrantholder

to Exercise the Warrant)

 

TO:QPAGOS Corporation

 

1.          The
undersigned hereby irrevocably elects to exercise the right to purchase __________ shares of Common Stock, as follows:

 

 ̈          Exercise
for Cash. Pursuant to Section 2(a) of the Warrant, the Holder hereby elects to exercise the Warrant for cash and tenders payment
herewith (or has made a wire transfer) to the order of QPAGOS Corporation in the amount of  $____________.

 

		2.	 ̈          Cashless
                                         Exercise. Pursuant to Section 2(b) of the Warrant, the Holder hereby elects to exercise
                                         the Warrant on a cashless basis.

 

		3.	The undersigned requests that the applicable number of
shares of Common Stock and Common Stock Purchase Warrants be issued and delivered to the following address:

 

	Name:	 
	 	 
	Address:	 
	 	 
	Deliver to:	 
	 	 
	Address:	 

 

		4.	The undersigned understands, agrees and recognizes that:

 

(a)          No
federal or state agency has made any finding or determination as to the fairness of the investment or any recommendation or endorsement
of the securities.

 

(b)          All
certificates evidencing the shares of Common Stock, if any, may bear a legend substantially similar to the legend set forth in
Section 6 of the Warrant regarding resale restrictions.

 

	Dated:  _____________, 20___.	 	 
	 	 	By:	 
	 	 	Name:	 
	 	 	Print:	 
	 	 	 	 
	 	 	Note: Signature must correspond with the name as written upon the face of the Warrant in all respects, without alteration or enlargement or any change whatsoever.

 

    	7

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