Exhibit 4.2


 


Form of Lock-Up Agreement


 


October 7, 2022


 


Maxim Group LLC

300 Park Avenue, 16th Floor,


New York, NY 10022


 


Ladies and Gentlemen:


 


The undersigned, a holder of securities of Siyata
Mobile Inc., a corporation incorporated under the laws of British Columbia, Canada (the “Company”), understands that
you are the placement agent (the “Placement Agent”) named in the placement agency agreement (the “Placement
Agency Agreement”) entered into between the Placement Agent and the Company, providing for the placement (the “Placement”)
of securities of the Company (the “Securities”) pursuant to a registration statement and related prospectuses and supplements
thereto filed or to be filed with the U.S. Securities and Exchange Commission (the “SEC”)


 


In consideration of the Placement
Agent’s agreement to proceed with the Placement of the Securities, and for other good and valuable consideration, receipt of which
is hereby acknowledged, the undersigned hereby agrees, for the benefit of the Company, the Placement Agent that, without the prior written
consent of the Placement Agent, the undersigned will not, during the period specified in the following paragraph (the “Lock-Up
Period”), directly or indirectly, unless otherwise provided herein, (a) offer, sell, agree to offer or sell, solicit offers
to purchase, convert, exercise, exchange, grant any call option or purchase any put option with respect to, pledge, encumber, assign,
borrow or otherwise dispose of or transfer (each a “Transfer”) any Relevant Security (as defined below) or otherwise
publicly disclose the intention to do so, or (b) establish or increase any “put equivalent position” or liquidate or decrease
any “call equivalent position” (in each case within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended
(the “Exchange Act”) and the rules and regulations thereunder) with respect to any Relevant Security or otherwise enter
into any swap, derivative or other transaction or arrangement that Transfers to another, in whole or in part, any economic consequence
of ownership of a Relevant Security, whether or not such transaction is to be settled by the delivery of Relevant Securities, other securities,
cash or other consideration, or otherwise publicly disclose the intention to do so. As used herein, the term “Relevant Security”
means any common share without par vale of the Company (“Share”), warrant to purchase Shares or any other security
of the Company or any other entity that is convertible into, or exercisable or exchangeable for, Shares or any other equity security of
the Company, in each case owned beneficially or otherwise by the undersigned on the date set forth on the front cover of the final prospectus
supplement used in connection with the Placement of the Securities (the “Effective Date”) or acquired by the undersigned
during the Lock-Up Period.


 


The Lock-Up Period will commence
on the date of this Lock-up Agreement and continue and include the date that is ninety (90) days after the closing of the Placement.


 


In addition, the undersigned
further agrees that, without the prior written consent of the Placement Agent, during the Lock-Up Period the undersigned will not: (i)
file or participate in the filing with the SEC of any registration statement or circulate or participate in the circulation of any preliminary
or final prospectus or other disclosure document, in each case with respect to any proposed offering or sale of a Relevant Security except
as required by the terms of the Placement Agency Agreement, the Securities Purchase Agreement and the Securities subject to the Placement,
or (ii) exercise any rights the undersigned may have to require registration with the SEC of any proposed offering or sale of a Relevant
Security.


 






     


     


    

 


In furtherance of the undersigned’s
obligations hereunder, the undersigned hereby authorizes the Company during the Lock-Up Period to cause any transfer agent for the Relevant
Securities to decline to transfer, and to note stop transfer restrictions on the stock register and other records relating to, Relevant
Securities for which the undersigned is the record owner and the transfer of which would be a violation of this Lock-Up Agreement and,
in the case of Relevant Securities for which the undersigned is the beneficial but not the record owner, agrees that during the Lock-Up
Period it will cause the record owner to cause the relevant transfer agent to decline to transfer, and to note stop transfer restrictions
on the stock register and other records relating to, such Relevant Securities to the extent such transfer would be a violation of this
Lock-Up Agreement.


 


Notwithstanding the foregoing,
the undersigned may transfer the undersigned’s Relevant Securities:


 


	 	(i)	as a bona fide gift or gifts,


 


	 	(ii)	to any trust for the direct or indirect benefit of the undersigned or a member of members of the immediate family of the undersigned,


 


		(iii)	if
the undersigned is a corporation, partnership, limited liability company, trust or other business entity (1) to another corporation,
partnership, limited liability company, trust or other business entity that is a direct or indirect affiliate (as defined in Rule 405
under the Securities Act of 1933, as amended) of the undersigned, (2) to limited partners, limited liability company members or stockholders
of the undersigned, or (3) in connection with a sale, merger or transfer of all or substantially all of the assets of the undersigned
or any other change of control of the undersigned, not undertaken for the purpose of avoiding the restrictions imposed by this Lock-Up
Agreement,


 


	 	(iv)	if the undersigned is a trust, to the beneficiary of such trust,


 


	 	(v)	by the redemption of restricted stock units into common shares pursuant to the Company’s 2016 Stock Option Plan as amended;


 


	 	(vi)	by testate or intestate succession, or


 


	 	(vi)	by operation of law, such as pursuant to a qualified domestic order or in connection with a divorce settlement.


 


provided, that (A) such transfer shall
not involve a disposition for value, (B) the transferee agrees in writing with the Placement Agent and the Company to be bound by the
terms of this Lock-Up Agreement, and (C) such transfer would not require any filing under Section 16(a) of the Exchange Act and no such
filing is voluntarily made.


 


For purposes of this Lock-Up
Agreement, “immediate family” shall mean any relationship by blood, marriage or adoption, not more remote than first cousin.


 


The undersigned hereby represents
and warrants that the undersigned has full power and authority to enter into this Lock-Up Agreement and that this Lock-Up Agreement has
been duly authorized (if the undersigned is not a natural person) and constitutes the legal, valid and binding obligation of the undersigned,
enforceable in accordance with its terms. Upon request, the undersigned will execute any additional documents necessary in connection
with the enforcement hereof. Any obligations of the undersigned shall be binding upon the successors and assigns of the undersigned from
the date of this Lock-Up Agreement.


 


The undersigned understands
that, if the Placement Agency Agreement (other than the provisions thereof which survive termination) shall terminate or be terminated
prior to payment for and delivery of the Securities to be sold thereunder, the undersigned shall be released from all obligations under
this Lock-Up Agreement.


 


The undersigned, whether or
not participating in the Placement, understands that the Placement Agent is proceeding with the Placement in reliance upon this Lock-Up
Agreement.


 


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This Lock-Up Agreement shall
be governed by and construed in accordance with the laws of the State of New York, without regard to the conflict of laws principles thereof.
Delivery of a signed copy of this Lock-Up Agreement by facsimile or e-mail/.pdf transmission shall be effective as the delivery of the
original hereof.


 


	 	Very truly yours,
	 	 	 
	 	 
	 	(Name - Please Print)
	 	 	 
	 	 
	 	(Signature)
	 	 	 
	 	 
	 	(Name of Signatory, in the case of entities - Please Print)
	 	 	 
	 	 
	 	(Title of Signatory, in the case of entities - Please Print)
	 	 	 
	 	Address:	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 


 


 


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