SEC Contract Filing

Filing Date: 2020-04-21

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ea120874ex10-1_massroots.htm
<DESCRIPTION>FORM OF SERIES A EXCHANGE AGREEMENT
<TEXT>
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<P STYLE="text-align: right; margin-top: 0; margin-bottom: 0"><B>Exhibit 10.1</B></P>

<P STYLE="text-align: right; margin-top: 0; margin-bottom: 0"><B>&nbsp;</B></P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXCHANGE AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 33.45pt">This Exchange Agreement
(this &ldquo;<B>Agreement</B>&rdquo;), dated as of December [ ], 2019, is made by and among MassRoots, Inc., a Delaware corporation
(the &ldquo;<B>Company</B>&rdquo;), and each of the holders of the Exchange Securities (as defined below) signatory hereto (each
a &ldquo;<B>Holder</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 33.45pt">WHEREAS, each Holder
hold the number of shares of the Company&rsquo;s Series A Preferred Stock, $0.001 par value per share (the &ldquo;<B>Series A Preferred
Stock</B>&rdquo; or the &ldquo;<B>Exchange Securities</B>&rdquo;), as set forth on the schedule attached as <U>Schedule I</U>;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 33.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 33.45pt">WHEREAS, subject
to the terms and conditions set forth in this Agreement and pursuant to Section 3(a)(9) of the Securities Act of 1933, as amended
(the &ldquo;<B>Securities Act</B>&rdquo;), the Company desires to exchange with each Holder, and each Holder desires to exchange
with the Company, the Exchange Securities held by such Holder for a Convertible Promissory Note (each a &ldquo;<B>Note</B>,&rdquo; and
collectively, the &ldquo;<B>Notes</B>&rdquo;), in the form set forth as <U>Exhibit A</U> attached hereto, and in such principal
amounts to each Holder as set forth on <U>Schedule I</U> attached hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 33.45pt">NOW, THEREFORE, IN
CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration the receipt and
adequacy of which are hereby acknowledged, the Company and each Holder, with respect to itself, agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 33.45pt">1.&nbsp;<U>Terms
of the Exchange</U>. The Company and Holder agree that each Holder will exchange the Exchange Securities held by such Holder and
will relinquish any and all other rights it may have under the Exchange Securities in exchange for the Notes owing in respect of
such Exchange Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 33.45pt">2.&nbsp;<U>Closing</U>.
Upon satisfaction of the conditions set forth herein, a closing shall occur at the principal offices of the Company, or such other
location as the parties shall mutually agree. At closing, Holder shall surrender the Exchange Securities (held by such Holder with
the Company&rsquo;s transfer agent in book-entry form) to the Company and the Company shall deliver to such Holder the Notes owing
in respect of such Exchange Securities. Upon closing, any and all obligations of the Company to Holder under the Exchange Securities
shall be fully satisfied, the certificates evidencing the Exchange Securities shall be cancelled and Holder will have no remaining
rights, powers, privileges, remedies or interests under the Exchange Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 33.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 33.45pt">3.&nbsp;<U>Further
Assurances</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 33.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 33.45pt">Each party shall
do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all such other
agreements, certificates, instruments and documents, as any other party may reasonably request in order to carry out the intent
and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.&nbsp;<U>Representations
and Warranties of Each Holder</U>. Each