Exhibit 4.1


 


UNLESS PERMITTED UNDER SECURITIES LEGISLATION,
THE HOLDER OF THIS SECURITY AND OF ANY SECURITY ISSUED ON EXERCISE HEREOF MUST NOT TRADE THE SECURITY BEFORE MARCH 4, 2022.


 


THIS WARRANT HAS NOT 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 AS EVIDENCED BY A LEGAL
OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.


 


The number
of common shares issuable upon exercise of this warrant may be less than the amounts set forth on the face hereof.


 


This Warrant is issued pursuant to that certain
Securities Purchase Agreement dated October 26, 2021 by and between the Company and the Holder (as defined below) (the “Purchase
Agreement”). Capitalized terms used and not otherwise defined herein shall have the meanings set forth for such terms in the
Purchase Agreement. Receipt of this Warrant by the Holder shall constitute acceptance and agreement to all of the terms contained herein.


 


No. 11-3-2021-WarrantL1


 


siyata
mobile inc.


 


COMMON SHARES PURCHASE WARRANT


 


Siyata Mobile Inc., a British
Columbia corporation (together with any corporation which shall succeed to or assume the obligations of Siyata Mobile Inc. hereunder,
the “Company”), hereby certifies that, for value received, Lind Global Fund II LP, a Delaware limited partnership (the
“Holder”), is entitled, subject to the terms set forth below, to purchase from the Company at any time during the Exercise
Period (as defined in Section 9) up to Two Million One Hundred Forty Two Thousand Eight Hundred Fifty Seven (2,142,857) fully paid
and non-assessable Common Shares (as defined in Section 9), at a purchase price per share equal to the Exercise Price (as
defined in Section 9). The number of Common Shares for which this Common Shares Purchase Warrant (this “Warrant”)
is exercisable and the Exercise Price are subject to adjustment as provided herein.


 


1. DEFINITIONS.
Certain terms are used in this Warrant as specifically defined in Section 9.


 


2. EXERCISE
OF WARRANT.


 


2.1. Exercise.
This Warrant may be exercised prior to its expiration pursuant to Section 2.5 hereof by the Holder at any time or from time to
time during the Exercise Period, by submitting the form of subscription attached hereto (the “Exercise Notice”) duly
executed by the Holder, to the Company at its principal office, indicating whether the Holder is electing to purchase a specified number
of shares by paying the Aggregate Exercise Price as provided in Section 2.2 or is electing to exercise this Warrant as to a specified
number of shares pursuant to the net exercise provisions of Section 2.3. On or before the first Trading Day following the date
on which the Company has received the Exercise Notice, the Company shall transmit by electronic mail an acknowledgement of confirmation
of receipt of the Exercise Notice. Subject to Section 2.4, this Warrant shall be deemed exercised for all purposes as of the close
of business on the day on which the Holder has delivered the Exercise Notice to the Company. The Aggregate Exercise Price, if any, shall
be paid by wire transfer to the Company within five (5) Business Days of the date of exercise and prior to the time the Company issues
the certificates evidencing the shares issuable upon such exercise. In the event this Warrant is not exercised in full, the Company may,
at its expense, require the Holder, after such partial exercise, to promptly return this Warrant to the Company and the Company will forthwith
issue and deliver to or upon the order of the Holder a new Warrant or Warrants of like tenor, in the name of the Holder or as the Holder
(upon payment by the Holder of any applicable transfer taxes) may request, calling in the aggregate on the face or faces thereof for the
number of Common Shares equal (without giving effect to any adjustment therein) to the number of such shares called for on the face of
this Warrant minus the number of such shares (without giving effect to any adjustment therein) for which this Warrant shall have been
exercised.


 






     


     


    

 


2.2. Payment
of Exercise Price by Wire Transfer. If the Holder elects to purchase a specified number of shares by paying the Aggregate Exercise
Price, the Holder shall pay such amount by wire transfer of immediately available funds to the account designated by the Company in its
acknowledgement of receipt of such Exercise Notice pursuant to Section 2.1.


 


2.3. Net
Exercise. If a registration statement covering the Common Shares that are the subject of the Notice of Exercise (the “Unavailable
Warrant Shares”) is not available for the resale of such Unavailable Warrant Shares to the public or upon exercise of this Warrant
in connection with a Fundamental Transaction, the Holder may elect to exercise this Warrant by receiving Common Shares equal to the number
of shares determined pursuant to the following formula:


 


X = Y (A - B)


         A


 


where,


 


		X =	the number of Common Shares to be issued to Holder;



 


		Y =	the number of Common Shares as to which this Warrant is to be exercised (as indicated on the Exercise Notice);



 


		A =	VWAP for the Trading Day immediately preceding the date of exercise; and



 


		B =	the Exercise Price.



 


2.4. Antitrust
Notification. If the Holder determines, in its sole judgment upon the advice of counsel, that the issuance of any Warrant Shares pursuant
to the terms hereof would be subject to the provisions of the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR
Act”), the Company shall file as soon as practicable after the date on which the Company receives notice from the Holder of
the applicability of the HSR Act and a request to so file with the United States Federal Trade Commission and the United States Department
of Justice the notification and report form required to be filed by it pursuant to the HSR Act in connection with such issuance.


 


2.5. Termination.
This Warrant shall terminate upon the earlier to occur of (i) exercise in full or (ii) the expiration of the Exercise Period.


 


2.6 Common
Share Issuance Cap. Notwithstanding the provisions of this Warrant, in the absence of Stockholder Approval as required by the Trading
Market, the Company shall not issue any Warrant Shares as provided herein if, after taking into account the Conversion Shares, such issuance
of Warrant Shares would violate the issuance restrictions of the Trading Market.


 


3. REGISTRATION
RIGHTS. The Holder of this Warrant has certain rights to require the Company to register its resale of the Warrant Shares under the
Securities Act and any blue sky or securities laws of any jurisdictions within the United States at the time and in the manner specified
in the Purchase Agreement.


 






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4. DELIVERY
OF STOCK CERTIFICATES ON EXERCISE.


 


4.1. Delivery
of Exercise Shares. As soon as practicable after any exercise of this Warrant and in any event within one (1) Trading Days thereafter
(such date, the “Exercise Share Delivery Date”), the Company shall, at its expense (including the payment by it of
any applicable issue or stamp taxes), cause to be issued in the name of and delivered to the Holder, or as the Holder may direct, a certificate
or certificates evidencing the number of fully paid and non-assessable Common Shares (which number shall be rounded down to the nearest
whole share in the event any fractional share may otherwise be issuable upon such exercise and the Company shall pay a cash adjustment
to the Holder in respect of such final fraction in an amount equal to such fraction multiplied by the Exercise Price) to which the Holder
shall be entitled on such exercise, in such denominations as may be requested by the Holder, which certificate or certificates shall be
free of restrictive and trading legends (except for any such legends as may be required under the Securities Act or during the Canadian
Lock-Up Period pursuant to applicable Canadian Securities Laws). After the Canadian Lock-Up Period, in lieu of delivering physical certificates
for the Common Shares issuable upon any exercise of this Warrant, provided the Warrant Shares are not restricted securities and the Company’s
transfer agent is participating in the Depository Trust Company (“DTC”) Fast Automated Securities Transfer program
or a similar program, upon request of the Holder, the Company shall cause its transfer agent to electronically transmit such Common Shares
issuable upon exercise of this Warrant to the Holder (or its designee), by crediting the account of the Holder’s (or such designee’s)
broker with DTC through its Deposit Withdrawal Agent Commission system (provided that the same time periods herein as for stock certificates
shall apply) as instructed by the Holder (or its designee).


 


4.2. Compensation
for Buy-In on Failure to Timely Deliver Exercise Shares. In addition to any other rights available to the Holder, if the Company fails
to cause its transfer agent to transmit to the Holder Exercise Shares pursuant to an exercise on or before the Exercise 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, Common Shares to deliver in satisfaction of a sale by the Holder of the Exercise 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 Common Shares
so purchased exceeds (y) the amount obtained by multiplying (1) the number of Exercise 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 Exercise 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
Common Shares that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder. For example,
if the Holder purchases Common Shares having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise
of Common Shares 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 evidence of the amount of such loss. Nothing herein shall limit a Holder’s
right to pursue a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver
Common Shares upon exercise of the Warrant as required pursuant to the terms hereof.


 


4.3 Alternate
Issuance. In the event that, on any day following the date that is one hundred twenty (120) calendar days after the Issue Date, the
Holder is not able to exercise all or any portion of this Warrant, the Company shall, at the Holder’s election, within ninety (90)
calendar days following receipt of a written notice from the Holder (the “Alternate Issuance Notice”) be required,
with respect to all or any portion of the Warrant, as applicable, that cannot be exercised, to pay to the Holder an amount of cash equal
to the Alternate Issuance Value (as defined below) of the portion of this Warrant that is not exercisable pursuant to Section 2.6 (the
“Alternate Issuance Shares”) on the date of such Alternate Issuance Notice. In the event of any Alternate Issuance pursuant
to this Section 4.3, the Exercise Shares shall be reduced by the amount of Alternate Issuance Shares.


 






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4.4. Charges,
Taxes and Expenses. Issuance of Exercise 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 Exercise Shares, all of which taxes and expenses shall be paid by the Company, and
such Exercise 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 Exercise 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 (the “Assignment Form”) 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.


 


5. CERTAIN
ADJUSTMENT.


 


5.1. Stock
Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (a) pays a stock dividend or otherwise makes
a distribution or distributions on Common Shares or any other equity or equity equivalent securities payable in Common Shares (which,
for avoidance of doubt, shall not include any Common Shares issued by the Company upon exercise of this Warrant), (b) subdivides outstanding
Common Shares into a larger number of shares, (c) combines (including by way of reverse stock split) outstanding Common Shares into a
smaller number of shares, or (d) issues by reclassification of Common Shares 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 Common Shares (excluding treasury
shares, if any) outstanding immediately before such event and of which the denominator shall be the number of Common Shares 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 5.1 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.


 


5.2 Pro
Rata Distributions. During such time as this Warrant is outstanding, if the Company shall declare or make any dividend or other distribution
of its assets (or rights to acquire its assets) to holders of Common Shares, by way of return of capital or otherwise (including, without
limitation, any distribution of cash, stock or other securities, property or options by way of a dividend, spin off, reclassification,
corporate rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”), at any time after
the issuance of this Warrant, then, in each such case, 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 Common Shares acquirable upon complete exercise of
this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation)
immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the
record holders of Common Shares are to be determined for the participation in such Distribution (provided, however, that, to the extent
that the Holder’s right to participate in any such Distribution would result in the Holder exceeding the beneficial ownership limitation
provided for in Section 10, then the Holder shall not be entitled to participate in such Distribution to such extent (or in the
beneficial ownership of any Common Shares as a result of such Distribution to such extent) and the portion of such Distribution shall
be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding
the beneficial ownership limitation).


 


5.3 Fundamental
Transaction. If, at any time while this Warrant is outstanding, (a) the Company effects any merger, arrangement, amalgamation or consolidation
of the Company with or into another Person, (b) the Company effects any sale of all or substantially all of its assets in one or a series
of related transactions, (c) any tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which
holders of Common Shares are permitted to tender or exchange their shares for other securities, cash or property, or (d) the Company effects
any reclassification of the Common Shares or any compulsory share exchange pursuant to which the Common Shares are effectively converted
into or exchanged for other securities, cash or property (each, a “Fundamental Transaction”), then, upon the closing
of a Fundamental Transaction and payment of the exercise price therefore (including at the election of the Holder by cashless exercise),
the Holder shall receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence
of such Fundamental Transaction, the number of Common Shares 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
merger, consolidation or disposition of assets by a holder of the number of Common Shares for which this Warrant is exercisable immediately
prior to such event. 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 Common Share 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 Shares 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 exercise of this Warrant upon the closing of such Fundamental Transaction. The foregoing notwithstanding,
if the Company effects any reclassification of the Common Shares or any compulsory share exchange, in each case, into another security
of the Company, this Warrant shall remain outstanding and the Holder shall be entitled to receive the Alternative Consideration upon any
subsequent exercise of this Warrant and the payment of the exercise price therefor. The terms of any agreement pursuant to which a Fundamental
Transaction is effected shall include terms requiring any such successor or surviving entity to comply with the provisions of this Section
5.3


 






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5.4 Adjustment
to Exercise Price Upon Issuance of Common Shares. In the event the Company shall at any time or from time to time after the Closing
Date (but whether before or after the Issue Date) issue or sell any additional Common Shares ("Additional Common Shares"),
other than (A) as provided in the Note (including subsections (i) through (iv) of Section 3.4(a) of the Note), pursuant to any
Equity Plan (including pursuant to Common Share Equivalents granted or issued under any Equity Plan), (B) pursuant to Common Share Equivalents
(as defined in the Note) granted or issued prior to the Closing Date, (C) Exempted Securities or (D) pursuant to the terms of this Warrant
or the Note, in any case, at an effective price per share that is less than the Exercise Price then in effect or without
consideration, then the Exercise Price upon each such issuance shall be reduced to a price equal to the consideration per share paid for
such Additional Common Shares. For purposes of clarification, the amount of consideration received for such Additional Common Shares shall
not include the value of any additional securities or other rights received in connection with such issuance of Additional Common Shares
(i.e., warrants, rights of first refusal or other similar rights).


 


5.5 Calculations.
All calculations under this Section 5 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 5, the number of Common Shares deemed to be issued and outstanding as of a given date shall be the
sum of the number of Common Shares (excluding treasury shares, if any) issued and outstanding at the close of the Trading Day on or, if
not applicable, most recently preceding, such given date.


 


5.6 Notice
to Holder.


 


(a)  Adjustment
to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 5, the Company shall promptly
mail to the Holder a notice setting forth the Exercise Price after such adjustment and setting forth a brief statement of the facts requiring
such adjustment.


 


(b)  Notice
to Allow Exercise by Holder. If (i) the Company shall declare a dividend (or any other distribution in whatever form) on the Common
Shares; (ii) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Shares; (iii) the Company
shall authorize the granting to all holders of the Common Shares rights or warrants to subscribe for or purchase any shares of capital
stock of any class or of any rights; (iv) the approval of any stockholders of the Company shall be required in connection with any reclassification
of the Common Shares, any consolidation or merger to which the Company is a party, any sale or transfer of all or substantially all of
the assets of the Company, of any compulsory share exchange whereby the Common Shares are converted into other securities, cash or property;
or (v) 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 mailed to the Holder at its last address as it shall appear upon the Warrant Register
of the Company, at least twenty (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 Shares 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 Shares
of record shall be entitled to exchange their Common Shares for securities, cash or other property deliverable upon such reclassification,
consolidation, merger, sale, transfer or share exchange; provided that the failure to mail such notice or any defect therein or in the
mailing thereof shall not affect the validity of the corporate action required to be specified in such notice. Subject to applicable law,
the Holder is 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. Notwithstanding the foregoing, the delivery of the notice described in this Section 5.6 is not intended
to and shall not bestow upon the Holder any voting rights whatsoever with respect to outstanding unexercised Warrants.


 


6. NO
IMPAIRMENT. The Company will not, by amendment of the Articles 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 taking all such action as may be necessary or appropriate in order to protect the rights of the Holder against impairment. Without
limiting the generality of the foregoing, the Company (a) will not increase the par value of any Common Shares receivable on the exercise
of this Warrant above the amount payable therefor on such exercise and (b) will take all such action as may be necessary or appropriate
in order that the Company may validly and legally issue fully paid and non-assessable shares of stock on the exercise of this Warrant
from time to time outstanding.


 






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7. NOTICES
OF RECORD DATE. In the event of:


 


(a) any
taking by the Company of a record of the holders of any class of securities for the purpose of determining the holders thereof who are
entitled to receive any dividend or other distribution, or any right to subscribe for, purchase or otherwise acquire any shares of stock
of any class or any other securities or property, or to receive any other right;


 


(b) any
capital reorganization of the Company, any reclassification or recapitalization of the capital stock of the Company or any transfer of
all or substantially all the assets of the Company to or any consolidation or merger of the Company with or into any other Person or any
other Change of Control; or


 


(c) any voluntary or
involuntary dissolution, liquidation or winding-up of the Company; then, and in each such event, the Company will mail or cause to
be mailed to the Holder a notice specifying (i) the date on which any such record is to be taken for the purpose of such dividend,
distribution or right, and stating the amount and character of such dividend, distribution or right, or (ii) the date on which any
such reorganization, reclassification, recapitalization, transfer, consolidation, merger, dissolution, liquidation or winding-up is
anticipated to take place, and the time, if any is to be fixed, as of which the holders of record of Common Shares shall be entitled
to exchange their Common Shares for securities or other property deliverable on such reorganization, reclassification,
recapitalization, transfer, consolidation, merger, dissolution, liquidation or winding-up. Such notice shall be mailed at least
fifteen (15) days prior to the date specified in such notice on which any such action is to be taken.


 


8. RESERVATION
OF STOCK ISSUABLE ON EXERCISE OF WARRANT; REGULATORY COMPLIANCE.


 


8.1. Reservation
of Stock Issuable on Exercise of Warrant. The Company shall at all times while this Warrant shall be outstanding, reserve and keep
available out of its authorized but unissued Common Shares, such number of Common Shares as shall from time to time be sufficient to effect
the exercise of all or any portion of the Warrant Shares (disregarding for this purpose any and all limitations of any kind on such exercise).
The Company shall, from time to time in accordance with the Business Corporations Act (British Columbia), increase the authorized
number of Common Shares or take other effective action if at any time the unissued number of authorized shares shall not be sufficient
to satisfy the Company’s obligations under this Section 8.


 


8.2. Regulatory
Compliance. If any Common Shares to be reserved for the purpose of exercise of the Warrant Shares require registration or listing
with or approval of any Governmental Authority, stock exchange or other regulatory body under any federal, provincial or state law or
regulation or otherwise before such shares may be validly issued or delivered upon exercise, the Company shall, at its sole cost and expense,
in good faith and as expeditiously as possible, secure such registration, listing or approval, as the case may be.


 






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9. DEFINITIONS.
As used herein the following terms, unless the context otherwise requires, have the following respective meanings:


 


“Affiliate”
means a Person that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under common control
with, the Person specified.


 


“Aggregate
Exercise Price” means, in connection with the exercise of this Warrant at any time, an
amount equal to the product obtained by multiplying (i) the Exercise Price times (ii) the number of Common Shares for which this Warrant
is being exercised at such time.


 


“Alternate Issuance
Value” means a value equal to the number of Common Shares as to which this Warrant is sought to be exercised (as indicated on
the Exercise Notice), multiplied by a per share price equal to the VWAP for the Trading Day immediately preceding the intended date of
exercise minus the Exercise Price.


 


“Articles of Incorporation”
means the Company’s notice of articles or articles, as amended to date.


 


“Business Day”
means any day other than a Saturday, Sunday or any other day on which banks are permitted or required to be closed in New York City.


 


“Change of Control”
has the meaning set forth in the Purchase Agreement.


 


“Common Shares”
means (i) the Company’s Common Shares, no par value per share, and (ii) any other securities into which or for which any of the
securities described in clause (i) above have been converted or exchanged pursuant to a plan of recapitalization, reorganization, merger,
sale of assets or otherwise.


 


“Convertible Securities”
means any debt, equity or other securities that are, directly or indirectly, convertible into or exchangeable for Common Shares.


 


“Exchange Act”
means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder from time to time in effect.


 


“Exercise Period”
means the period commencing on the Issue Date and ending 11:59 P.M. (New York City time) on the date that is sixty (60) months from the
Issue Date or earlier closing of a Fundamental Transaction (other than a Fundamental Transaction of the type described in clause (d) of
the definition thereof resulting in the conversion into or exchange for another security of the Company).


 


“Exercise Price”
means $4.00 per share, as may be adjusted pursuant to the terms hereof.


 


“Exercise Shares”
means the Common Shares for which this Warrant is then being exercised.


 


“Fair Market Value”
means, with respect to any security or other property, the fair market value of such security or other property as determined by the Board
of Directors, acting in good faith.


 


“Governmental Authority”
means the government of the United States, Canada or any other nation, or of any political subdivision thereof, whether state or local,
and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial,
taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as the
European Union or the European Central Bank).


 


“Issue Date”
means November 3, 2021.


 


“Note”
means the senior secured convertible promissory note issued by the Company to the Holder pursuant to the
Purchase Agreement.


 






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“Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint
venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.


 


“Securities Act”
means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder from time to time in effect.


 


“Subsidiary”
means, as of any time of determination and with respect to any Person, any United States corporation, partnership, limited liability company
or limited liability partnership, all of the stock (or other equity interest) of every class of which, except directors’ qualifying
shares (or any equivalent), shall, at such time, be owned by such Person either directly or through Subsidiaries and of which such Person
or a Subsidiary shall have 100% control thereof, except directors’ qualifying shares. Unless the context otherwise clearly requires,
any reference to a “Subsidiary” is a reference to a Subsidiary of the Company.


 


“Trading Day”
means a day on which the Common Shares are traded on a Trading Market.


 


“Trading Market”
means whichever of the New York Stock Exchange, NYSE: Amex Exchange, or the Nasdaq Stock Market (including the Nasdaq Capital Market),
on which the Common Shares are listed or quoted for trading on the date in question.


 


“VWAP”
means, as of any date, the price determined by the first of the following clauses that applies: (a) if the Common Shares are then listed
or quoted on a Trading Market, the daily volume weighted average price of one Common Share trading in the ordinary course of business
on the applicable Trading Price for such date (or the nearest preceding date) on such Trading Market as reported by Bloomberg Financial
L.P.; (b) if the Common Shares are not then listed on a Trading Market and if the Common Shares are traded in the over-the-counter market,
as reported by the OTC Bulletin Board, the volume weighted average price of one Common Share for such date (or the nearest preceding date)
on the OTC Bulletin Board, as reported by Bloomberg Financial L.P.; (c) if the Common Shares are not then listed or quoted on the OTC
Bulletin Board and if prices for the Common Shares are then reported in the “Pink Sheets” published by the Pink OTC Markets
Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price of one Common Share
so reported, as reported by Bloomberg Financial L.P.; or (d) in all other cases, the fair market value of one Common Share as determined
by an independent appraiser selected in good faith by the Holder and reasonably acceptable to the Company (in each case rounded to four
decimal places).


 


“Warrant
Shares” means collectively the Common Shares of the Company issuable upon exercise of the
Warrant in accordance with its terms, as such number may be adjusted pursuant to the provisions thereof.


 


10. LIMITATION
ON BENEFICIAL OWNERSHIP. Notwithstanding anything to the contrary contained herein, the Holder shall not be entitled to receive Common
Shares or other securities (together with Common Shares, “Equity Interests”) upon exercise of this Warrant to the extent
(but only to the extent) that such exercise or receipt would cause the Holder Group to become, directly or indirectly, a “beneficial
owner” (within the meaning of Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder) of a number
of Equity Interests of a class that is registered under the Exchange Act which exceeds the Maximum Percentage (as defined below) of the
Equity Interests of such class that are outstanding at such time. Any purported delivery of Equity Interests in connection with the exercise
of the Warrant prior to the termination of this restriction in accordance herewith shall be void and have no effect to the extent (but
only to the extent) that such delivery would result in the Holder Group becoming the beneficial owner of more than the Maximum Percentage
of the Equity Interests of a class that is registered under the Exchange Act that is outstanding at such time. If any delivery of Equity
Interests owed to the Holder following exercise of this Warrant is not made, in whole or in part, as a result of this limitation, the
Company’s obligation to make such delivery shall not be extinguished and the Company shall deliver such Equity Interests as promptly
as practicable after the Holder gives notice to the Company that such delivery would not result in such limitation being triggered or
upon termination of the restriction in accordance with the terms hereof. To the extent limitations contained in this Section 10
apply, the determination of whether this Warrant is exercisable and of which portion of this Warrant is exercisable shall be the sole
responsibility and in the sole determination of the Holder, and the submission of an Exercise Notice shall be deemed to constitute the
Holder’s determination that the issuance of the full number of Warrant Shares requested in the Exercise Notice is permitted hereunder,
and neither the Company nor any Warrant agent shall have any obligation to verify or confirm the accuracy of such determination. For purposes
of this Section 10, (i) the term “Maximum Percentage” shall mean 4.99%; provided, that if at any time after
the date hereof the Holder Group beneficially owns in excess of 4.99% of any class of Equity Interests in the Company that is registered
under the Exchange Act (excluding any Equity Interests deemed beneficially owned by virtue of this Warrant or the Note), then the Maximum
Percentage shall automatically increase to 9.99% so long as the Holder Group owns in excess of 4.99% of such class of Equity Interests
(and shall, for the avoidance of doubt, automatically decrease to 4.99% upon the Holder Group ceasing to own in excess of 4.99% of such
class of Equity Interests); and (ii) the term “Holder Group” shall mean the Holder plus any other Person with which
the Holder is considered to be part of a group under Section 13 of the Exchange Act or with which the Holder otherwise files reports under
Sections 13 and/or 16 of the Exchange Act. In determining the number of Equity Interests of a particular class outstanding at any point
in time, the Holder may rely on the number of outstanding Equity Interests of such class as reflected in (x) the Company’s most
recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission, as the case may
be, (y) a more recent public announcement by the Company or (z) a more recent notice by the Company or its transfer agent to the Holder
setting forth the number of Equity Interests of such class then outstanding. For any reason at any time, upon written or oral request
of the Holder, the Company shall, within one (1) Trading Day of such request, confirm orally and in writing to the Holder the number of
Equity Interests of any class then outstanding. The provisions of this Section 10 shall be construed, corrected and implemented
in a manner so as to effectuate the intended beneficial ownership limitation herein contained.


 






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11. REGISTRATION
AND TRANSFER OF WARRANT.


 


11.1. Registration
of Warrant. The Company shall register and record transfers, exchanges, reissuances and cancellations of this Warrant, upon the records
to be maintained by the Company for that purpose, 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. The Company shall be entitled to rely, and held harmless
in acting or refraining from acting in reliance upon, any notices, instructions or documents it believes in good faith to be from an authorized
representative of the Holder.


 


11.2 Transferability.
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 of assignment (the “Assignment Notice”) attached hereto duly executed by the Holder
or its agent or attorney. The Company may require the transferor thereof to provide to the Company an opinion of counsel selected by the
transferor, the form and substance of which opinion shall be reasonably satisfactory to the Company, to the effect that such transfer
does not require registration of the transferred Warrant under the 1933 Act. Upon such surrender, 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 Assignment Notice, 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. This Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the
purchase of Exercise Shares without having a new Warrant issued.


 


11.3. 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 11.2, 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 this Warrant or Warrants to be divided or combined in
accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the original Issue Date and shall be identical
with this Warrant except as to the number of Exercise Shares issuable pursuant thereto.


 


12. 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 Exercise Shares, and in case
of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of this 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.


 


13. REMEDIES.
The Company stipulates that the remedies at law of the Holder in the event of any default or threatened default by the Company in the
performance of or compliance with any of the terms of this Warrant are not and will not be adequate, and that such terms may be specifically
enforced by a decree for the specific performance of any agreement contained herein or by an injunction against a violation of any of
the terms hereof or otherwise.


 






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14. NO
RIGHTS AS A STOCKHOLDER. Except as otherwise specifically provided herein, the Holder, solely in such Person’s capacity as a
holder of this Warrant, shall not be entitled to vote or receive dividends or be deemed the holder of share capital of the Company for
any purpose, nor shall anything contained in this Warrant be construed to confer upon the Holder, solely in such Person’s capacity
as the Holder of this Warrant, any of the rights of a stockholder of the Company or any right to vote, give or withhold consent to any
corporate action (whether any reorganization, issue of stock, reclassification of stock, consolidation, merger, conveyance or otherwise),
receive notice of meetings, receive dividends or subscription rights, or otherwise, prior to the issuance to the Holder of the Exercise
Shares.


 


15. NOTICES.
All notices, requests, demands and other communications that are required or may be given pursuant to the terms of this Warrant shall
be in writing and shall be deemed delivered (i) on the date of delivery when delivered by hand on a Business Day during normal business
hours or, if delivered on a day that is not a Business Day or after normal business hours, then on the next Business Day, (ii) on the
date of transmission when sent by facsimile transmission or email during normal business hours on a Business Day with telephone confirmation
of receipt or, if transmitted on a day that is not a Business Day or after normal business hours, then on the next Business Day, or (iii)
on the second Business Day after the date of dispatch when sent by a reputable courier service that maintains records of receipt. The
addresses for notice shall be as set forth in the Purchase Agreement.


 


16. CONSENT
TO AMENDMENTS. Any term of this Warrant may be amended, and the Company may take any action herein prohibited, or compliance therewith
may be waived, only if the Company shall have obtained the written consent (and not without such written consent) to such amendment, action
or waiver from the Holder. No course of dealing between the Company and the Holder nor any delay in exercising any rights hereunder shall
operate as a waiver of any rights of the Holder.


 


17. MISCELLANEOUS.
In case any provision of this Warrant shall be invalid, illegal or unenforceable, or partially invalid, illegal or unenforceable, the
provision shall be enforced to the extent, if any, that it may legally be enforced and the validity, legality and enforceability of the
remaining provisions shall not in any way be affected or impaired thereby. If any provision of this Warrant is found to conflict with
the Purchase Agreement, the provisions of this Warrant shall prevail. If any provision of this Warrant is found to conflict with the Note,
the provisions of the Note shall prevail. THIS WARRANT SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, AND THE RIGHTS OF THE PARTIES
SHALL BE GOVERNED BY, THE INTERNAL LAW OF THE STATE OF NEW YORK EXCLUDING CHOICE-OF-LAW PRINCIPLES OF THE LAW OF SUCH STATE THAT WOULD
PERMIT THE APPLICATION OF THE LAWS OF A JURISDICTION OTHER THAN SUCH STATE. The headings in this Warrant are for purposes of reference
only, and shall not limit or otherwise affect any of the terms hereof.


 


[Remainder of Page Intentionally Left Blank]


 






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IN WITNESS WHEREOF, the Company
has caused this Warrant to be executed by its duly authorized officer.


 


Dated as of November 3, 2021


 


	 	siyata mobile inc.
	 	 
	 	By:	/s/
	 	Name:	Marc Seelenfreund
	 	Title:	Chief Executive Officer



 






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FORM OF SUBSCRIPTION


 


(To be signed only on exercise


of Common Shares Purchase Warrant)


 


		TO:   Siyata	Mobile Inc.



 


1. The
undersigned Holder of the attached Warrant hereby elects to exercise its purchase right under such Warrant to purchase Common Shares of
Siyata Mobile Inc., a British Columbia corporation (the “Company”), as follows (check one or more, as applicable):


 


		☐	to exercise the Warrant to purchase __________ Common Shares
and to pay the Aggregate Exercise Price therefor by wire transfer of United States funds to the account of the Company, which transfer
has been made prior to or as of the date of delivery of this Form of Subscription pursuant to the instructions of the Company;



 


and/or


 


		☐	to exercise the Warrant with respect to ____________ Common
Shares pursuant to the net exercise provisions specified in Section 2.3 of the Warrant.



 


2. In
exercising this Warrant, the undersigned Holder hereby confirms and acknowledges that the Common Shares are being acquired solely for
the account of the undersigned and not as a nominee for any other party, and for investment, and that the undersigned shall not offer,
sell or otherwise dispose of any such Common Shares except under circumstances that will not result in a violation of the Securities Act
or any state securities laws. The undersigned hereby further confirms and acknowledges that it is an “accredited investor”,
as that term is defined under the Securities Act.


 


3. Please
issue a stock certificate or certificates representing the appropriate number of Common Shares in the name of the undersigned or in such
other name(s) as is specified below:


 


	Name:	 	 
	 	 	 
	Address:  	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	TIN:	 	 


 


	 	 	Dated:	 
	(Signature must conform exactly to name of Holder as specified on the face of the Warrant)	 	 	 


 


 






     


     


    

 


FORM OF ASSIGNMENT


(To be signed only on transfer of Warrant)


 


For value received, the undersigned
hereby sells, assigns, and transfers unto ________________ the right represented by the within Warrant to purchase _________________ 
Common Shares of Siyata Mobile Inc., a British Columbia corporation, to which the within Warrant relates, and appoints _________________
attorney to transfer such right on the books of Siyata Mobile Inc., with full power of substitution in the premises.


 	 	 	 	[insert name of Holder]
	 	 	 	 	 
	Dated:	 	 	By:	 
	 	 	 	 	 
	 	 	 	Title:	 
	 	 	 	 	 
	 	 	 	[insert address of Holder]




 	Signed in the presence of: