Document:

Nexaira Wireless Inc.: Exhibit 10.5 - Filed by newsfilecorp.com

GENERAL CONTINUING GUARANTY

     This GENERAL CONTINUING
GUARANTY (this “Guaranty”), dated as of May 16, 2011 is executed and
delivered by NEXAIRA WIRELESS (BC) LTD., a corporation organized under
the laws of the province of British Columbia (“Guarantor”), with an address at
1404-510 West Hastings Street, Vancouver, BC V6B 1L8, in favor of CENTURIION
CREDIT FUNDING LLC, a Delaware limited liability company, with an address at
152 West 57th Street, 54th Floor, New York, New York 10019, Attn: David
Steinberg, as lender (together with its successors and assigns, if any,
“Lender”).

     WHEREAS, NEXAIRA, INC., a
California corporation (the “Borrower”) and Lender are, contemporaneously
herewith, entering into that certain Loan and Security Agreement of even date
herewith (as amended, restated, modified, renewed or extended from time to time,
the “Loan Agreement”); 

     WHEREAS, Guarantor is an
affiliate of Borrower and, as such, will benefit by virtue of the financial
accommodations extended to Borrower by Lender; and

     WHEREAS, in order to
induce Lender to enter into the Loan Agreement and the other Loan Documents and
to extend, at Lender’s sole discretion, the financial accommodations to Borrower
pursuant to the Loan Agreement, and in consideration thereof, and in
consideration of any loans or other financial accommodations heretofore or
hereafter extended by Lender to Borrower, pursuant to the Loan Documents,
Guarantor has agreed to guaranty the Guarantied Obligations.

     NOW, THEREFORE, in
consideration of the foregoing, Guarantor, intending to be legally bound, hereby
agrees as follows:

     1. Definitions and
Construction.

          (a)
Definitions. Capitalized terms used herein and not otherwise defined
herein shall have the meanings ascribed to them in the Loan Agreement. The
following terms, as used in this Guaranty, shall have the following
meanings:

          “Borrower”
has the meaning set forth in the recitals to this Guaranty.

          “Loan
Agreement” has the meaning set forth in the recitals to this Guaranty.

          “Guarantied
Obligations” means the Obligations now or hereafter existing under any Loan
Document of every kind and nature, whether joint or several, due or to become
due, absolute or contingent, now existing or hereafter arising, and whether for
principal, interest (including all interest that accrues after the commencement
of any Insolvency Proceeding irrespective of whether a claim therefor is allowed
or allowable in such case or proceeding), fees, costs, expenses or otherwise,
and any and all expenses (including counsel fees and expenses) incurred by
Lender in enforcing, protecting, preserving or defending any rights under this
Guaranty. Without limiting the generality of the foregoing, Guarantied
Obligations shall include all amounts that constitute part of the Guarantied
Obligations and would be owed by Borrower to Lender under any Loan Document but
for the fact that they are unenforceable or not allowable due to the existence of a bankruptcy, reorganization or similar
proceeding involving Borrower or any other guarantor. 

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          “Guarantor”
has the meaning set forth in the preamble to this Guaranty.

          “Guaranty”
has the meaning set forth in the preamble to this Guaranty.

          “Insolvency
Proceeding” means any proceeding commenced by or against any Person under
any provision of title 11 of the United States Code, as in effect from time to
time, or under any other state or federal bankruptcy or insolvency law,
assignments for the benefit of creditors, formal or informal moratoria,
compositions, extensions generally with creditors, or proceedings seeking
reorganization, arrangement of other similar relief.

          “Lender”
has the meaning set forth in the preamble to this Guaranty.

          “Record”
means information that is inscribed on a tangible medium or which is stored in
an electronic or other medium and is retrievable in perceivable form.

          “Voidable
Transfer” has the meaning set forth in Section 10 of this
Guaranty.

          (b)
Construction. Unless the context of this Guaranty clearly requires
otherwise, references to the plural include the singular, references to the
singular include the plural, the part includes the whole, the terms “includes”
and “including” are not limiting, and the term “or” has, except where otherwise
indicated, the inclusive meaning represented by the phrase “and/or.” The words
“hereof,” “herein,” “hereby,” “hereunder,” and other similar terms in this
Guaranty refer to this Guaranty as a whole and not to any particular provision
of this Guaranty. Section, subsection, clause, schedule, and exhibit references
herein are to this Guaranty unless otherwise specified. Any reference in this
Guaranty to any agreement, instrument, or document shall include all
alterations, amendments, changes, extensions, modifications, renewals,
replacements, substitutions, joinders, and supplements, thereto and thereof, as
applicable (subject to any restrictions on such alterations, amendments,
changes, extensions, modifications, renewals, replacements, substitutions,
joinders, and supplements set forth herein or in the Loan Agreement). Neither
this Guaranty nor any uncertainty or ambiguity herein shall be construed or
resolved against Lender, whether under any rule of construction or otherwise. On
the contrary, this Guaranty has been reviewed by all parties and shall be
construed and interpreted according to the ordinary meaning of the words used so
as to accomplish fairly the purposes and intentions of Guarantor and Lender. Any
reference herein to the satisfaction or payment in full of the Guarantied
Obligations shall mean the indefeasible payment in full in cash of all
Guarantied Obligations and the full and final termination of the Loan Agreement.
Any reference herein to any Person shall be construed to include such Person’s
successors and permitted assigns. Any requirement of a writing contained herein
shall be satisfied by the transmission of a Record and any Record transmitted
shall constitute a representation and warranty as to the accuracy and
completeness of the information contained therein. The captions and headings are
for convenience of reference only and shall not affect the construction of this
Guaranty.

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     2. Representations and
  Warranties. The Guarantor represents and warrants that: 

          (a)
The Guarantor’s execution and performance of this Guaranty shall not (i) violate
or result in a default or breach (immediately or with the passage of time) under
any contract, agreement or instrument to which the Guarantor is a party, or by
which the Guarantor is bound, (ii) violate or result in a default or breach
under any order, decree, award, injunction, judgment, law, regulation or rule,
(iii) cause or result in the imposition or creation of any lien upon any
property of the Guarantor, or (iv) violate or result in a breach of the articles
of incorporation or by-laws of the Guarantor.

          (b)
The Guarantor has the full power and authority to enter into and perform under
this Guaranty, which has been authorized by all necessary corporate or company
action, as applicable, on behalf of the Guarantor.

          (c)
No consent, license or approval of, or filing or registration with, any
governmental authority is necessary for the execution and performance hereof by
the Guarantor.

          (d)
This Guaranty constitutes the valid and binding obligation of the Guarantor
enforceable in accordance with its terms, except as such enforceability may be
limited by applicable bankruptcy, insolvency, reorganization, moratorium and
similar laws affecting the enforcement of creditors’ rights generally and
general equitable principles.

          (e)
This Guaranty promotes and furthers the business and interests of the Guarantor
and the creation of the obligations hereunder will result in direct financial
benefit to the Guarantor.

     3. Guarantied
Obligations. Guarantor hereby jointly and severally with any other
guarantor of the Guarantied Obligations, irrevocably and unconditionally
guaranties and becomes surety to Lender, as and for its own debt, until the
final and indefeasible payment in full thereof, in cash, has been made, (a) the
due and punctual payment of the Guarantied Obligations, when and as the same
shall become due and payable, whether at maturity, pursuant to a mandatory
prepayment requirement, by acceleration, or otherwise to be made in United
States Dollars in immediately available funds; it being the intent of Guarantor
that the guaranty set forth herein shall be a guaranty of payment and not a
guaranty of collection; and (b) the punctual and faithful performance, keeping,
observance, and fulfillment by Borrower and each other guarantor of the
Guarantied Obligations of all of the agreements, conditions, covenants, and
obligations of such Persons contained in the Loan Agreement and under each of
the other Loan Documents.

     4. Continuing
Guaranty. This Guaranty includes, but is not limited to, Guarantied
Obligations arising under successive transactions continuing, compromising,
extending, increasing, modifying, releasing, or renewing the Guarantied
Obligations, changing the interest rate, payment terms, or other terms and
conditions thereof, or creating new or additional Guarantied Obligations after
prior Guarantied Obligations have been satisfied in whole or in part. To the
maximum extent permitted by law, Guarantor hereby waives any right to revoke
this Guaranty as to future Guarantied Obligations. If such a revocation is
effective notwithstanding the foregoing waiver, Guarantor acknowledges and
agrees that (a) no such revocation shall be effective until written notice
thereof has been received by Lender, (b) no such revocation shall apply to any
Guarantied Obligations in existence on the date of receipt by Lender of such
written notice (including any subsequent continuation, extension, or
renewal thereof, or change in the interest rate, payment terms, or other terms
and conditions thereof), (c) no such revocation shall apply to any Guarantied
Obligations made or created after such date to the extent made or created
pursuant to a legally binding agreement of Lender in existence on the date of
such revocation, (d) no payment by Guarantor, Borrower, or from any other
source, prior to the date of Lender’s receipt of written notice of such
revocation shall reduce the maximum obligation of Guarantor hereunder, and (e)
any payment by Borrower or from any source other than Guarantor subsequent to
the date of such revocation shall first be applied to that portion of the
Guarantied Obligations as to which the revocation is effective and which are
not, therefore, guarantied hereunder, and to the extent so applied shall not
reduce the maximum obligation of Guarantor hereunder.

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     5. Performance Under this
Guaranty. In the event that Borrower or any other guarantor fails to
make any payment or prepayment of any Guarantied Obligations, on the due date
thereof, or if Borrower or any other guarantor shall fail to perform, keep,
observe, or fulfill any other obligation referred to in clause (b) of
Section 3 of this Guaranty in the manner provided in the Loan Agreement
or any other Loan Document, Guarantor immediately shall cause, as applicable,
such payment or prepayment in respect of the Guarantied Obligations to be made
or such obligation to be performed, kept, observed, or fulfilled.

     6. Primary
Obligations. This Guaranty is a primary and original obligation of
Guarantor, is not merely the creation of a surety relationship, and is an
absolute, unconditional, unlimited and continuing guaranty of payment and
performance which shall remain in full force and effect without respect to
future changes in conditions. Guarantor hereby agrees that it is directly,
jointly and severally with any other guarantor of the Guarantied Obligations,
liable to Lender, that the obligations of Guarantor hereunder are independent of
the obligations of Borrower or any other guarantor, and that a separate action
may be brought against Guarantor, whether such action is brought against
Borrower or any other guarantor or whether Borrower or any other guarantor is
joined in such action. Guarantor hereby agrees that its liability hereunder
shall be immediate and shall not be contingent upon the exercise or enforcement
by Lender of whatever remedies they may have against Borrower or any other
guarantor, or the enforcement of any lien or realization upon any security by
any member of Lender. Guarantor hereby agrees that any release which may be
given by Lender to Borrower or any other guarantor, or with respect to any
property or asset subject to a Lien, shall not release Guarantor. Guarantor
consents and agrees that Lender shall not be under any obligation to marshal any
property or assets of Borrower or any other guarantor in favor of Guarantor, or
against or in payment of any or all of the Guarantied Obligations.

     7. Waivers.

          (a)
To the fullest extent permitted by applicable law, Guarantor hereby waives: (i)
notice of acceptance hereof; (ii) notice of any loans or other financial
accommodations made or extended under the Loan Agreement, or the creation,
existence or modification of any Guarantied Obligations; (iii) notice of the
amount of the Guarantied Obligations, subject, however, to Guarantor’s right to
make inquiry of Lender to ascertain the amount of the Guarantied Obligations at
any reasonable time; (iv) notice of any adverse change in the financial
condition of Borrower or of any other fact that might increase Guarantor’s risk
hereunder; (v) notice of presentment for payment, demand,
protest, and notice thereof as to any instrument among the Loan Documents; (vi)
notice of any nonpayment, Default or Event of Default under any of the Loan
Documents; (vii) notice of demand or taking of any action by Lender under the
Loan Documents; and (viii) all other notices (except if such notice is
specifically required to be given to Guarantor under this Guaranty or any other
Loan Documents to which Guarantor is a party) and demands to which Guarantor
might otherwise be entitled.

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          (b)
To the fullest extent permitted by applicable law, Guarantor hereby waives the
right by statute or otherwise to require Lender to institute suit against
Borrower or any other guarantor or to exhaust any rights and remedies which
Lender has or may have against Borrower or any other guarantor. In this regard,
Guarantor agrees that it is bound to the payment or prepayment of each and all
Guarantied Obligations, whether now existing or hereafter arising, as fully as
if the Guarantied Obligations were directly owing to Lender by Guarantor.
Guarantor further waives any defense arising by reason of any disability or
other defense (other than the defense that the Guarantied Obligations have been
fully and finally performed and indefeasibly paid in full in cash, to the extent
of any such payment) of Borrower or any other guarantor or by reason of the
cessation from any cause whatsoever of the liability of Borrower or any other
guarantor in respect thereof.

          (c)
To the fullest extent permitted by applicable law, Guarantor hereby waives: (i)
any right to assert against Lender any defense (legal or equitable), set-off,
counterclaim, or claim which Guarantor may now or at any time hereafter have
against Borrower or any other guarantor or other party liable to Lender; (ii)
any defense, set-off, counterclaim, or claim, of any kind or nature, arising
directly or indirectly from the present or future lack of perfection,
sufficiency, validity, or enforceability of the Guarantied Obligations or any
security therefor; (iii) any right or defense arising by reason of any claim or
defense based upon an election of remedies by Lender including any defense based
upon an election of remedies by Lender; (iv) the benefit of any statute of
limitations affecting Guarantor’s liability hereunder or the enforcement
thereof, and any act which shall defer or delay the operation of any statute of
limitations applicable to the Guarantied Obligations shall similarly operate to
defer or delay the operation of such statute of limitations applicable to
Guarantor’s liability hereunder; (v) any defense based upon any act or omission
of Borrower or any other Person that directly or indirectly results in the
discharge or release of Borrower or any other Person or any of the Guarantied
Obligations or any security therefor; and (vi) all other rights and defenses the
assertion or exercise of which would in any way diminish the liability of
Guarantor hereunder.

          (d)
Until the Guarantied Obligations have been paid in full in cash, (i) Guarantor
hereby waives any right of subrogation Guarantor has or may have as against
Borrower or any other guarantor with respect to the Guarantied Obligations; (ii)
in addition, Guarantor hereby waives any right to proceed against Borrower or
any other Person, now or hereafter, for contribution, indemnity, reimbursement,
or any other suretyship rights and claims (irrespective of whether direct or
indirect, liquidated or contingent), with respect to the Guarantied Obligations;
and (iii) in addition, Guarantor also hereby waives any right to proceed or to
seek recourse against or with respect to any property or asset of Borrower or
any other guarantor. Any payments received by Guarantor in violation of this
Section shall be held in trust for and immediately remitted to Lender.

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          (e)
WITHOUT LIMITING THE GENERALITY OF ANY OTHER WAIVER OR OTHER PROVISION SET FORTH
IN THIS GUARANTY, GUARANTOR WAIVES ALL RIGHTS AND DEFENSES ARISING OUT OF AN
ELECTION OF REMEDIES BY LENDER, EVEN THOUGH SUCH ELECTION OF REMEDIES, SUCH AS A
NONJUDICIAL FORECLOSURE WITH RESPECT TO SECURITY FOR THE GUARANTIED OBLIGATIONS,
HAS DESTROYED GUARANTOR’S RIGHTS OF SUBROGATION AND REIMBURSEMENT AGAINST
BORROWER BY THE OPERATION OF APPLICABLE LAW.

          (f)
Without limiting the generality of any other waiver or other provision set forth
in this Guaranty, Guarantor hereby also agrees to the following waivers:

               (i)
Lender’s right to enforce this Guaranty is absolute and is not contingent upon
the genuineness, validity, enforceability or voidability of the Guarantied
Obligations, the Loan Documents or rights in any property pledged by any Person.
Guarantor agrees that Lender’s rights under this Guaranty shall be enforceable
even if Borrower or any other guarantor has no liability at the time of
execution of the Loan Documents or the Guarantied Obligations are unenforceable
in whole or in part, or Borrower or any other guarantor ceases to be liable with
respect to all or any portion of the Guarantied Obligations.

               (ii)
Guarantor agrees that Lender’s rights under the Loan Documents will remain
enforceable even if the amount secured by the Loan Documents is larger in amount
and more burdensome than that for which Borrower or any other guarantor is
responsible. The enforceability of this Guaranty against Guarantor shall
continue until all sums due under the Loan Documents have been paid in full and
shall not be limited or affected in any way by any impairment or any diminution
or loss of value of any security or collateral for the Obligations, from
whatever cause, the failure of any security interest in any such security or
collateral or any disability or other defense of Borrower, any other guarantor,
Guarantor of collateral for any person’s obligations to Lender or any other
person in connection with the Loan Documents.

               (iii)
Guarantor waives the right to require Lender to (A) proceed against Borrower,
any other guarantor of Borrower’s obligations under any Loan Document, any other
guarantor of collateral for any person’s obligations to Lender or any other
person in connection with the Guarantied Obligations, (B) proceed against or
exhaust any other security or collateral Lender may hold, or (C) pursue any
other right or remedy for Guarantor’s benefit, and agrees that Lender may
exercise its right under this Guaranty without taking any action against
Borrower, any other guarantor of Borrower’s obligations under the Loan
Documents, any other guarantor of collateral for any person’s obligations to
Lender or any other person in connection with the Guarantied Obligations, and
without proceeding against or exhausting any security or collateral Lender
holds.

     8. Releases.
Guarantor consents and agrees that, without notice to or by Guarantor and
without affecting or impairing the obligations of Guarantor hereunder, Lender
may, by action or inaction, compromise or settle, shorten or extend the maturity
date of the Obligations or any other period of duration or the time for the
payment or prepayment of the Obligations, or discharge the performance of the
Obligations, or may refuse to enforce the Obligations, or otherwise elect not to
enforce the Obligations, or may, by action or inaction, release all or any one or more parties to, any one or more of the terms and
provisions of the Loan Agreement or any of the other Loan Documents or may grant
other indulgences to Borrower or any other guarantor in respect thereof, or may
amend or modify in any manner and at any time (or from time to time) any one or
more of the Obligations, the Loan Agreement or any other Loan Document
(including any increase or decrease in the principal amount of any Obligations
or the interest, fees or other amounts that may accrue from time to time in
respect thereof), or may, by action or inaction, release or substitute Borrower
or Guarantor of the Guarantied Obligations, or may enforce, exchange, release,
or waive, by action or inaction, any security for the Guarantied Obligations or
any other guaranty of the Guarantied Obligations, or any portion thereof.

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     9. No Election.
Lender shall have the right to seek recourse against Guarantor to the fullest
extent provided for herein and no election by Lender to proceed in one form of
action or proceeding, or against any party, or on any obligation, shall
constitute a waiver of Lender’s right to proceed in any other form of action or
proceeding or against other parties unless Lender has expressly waived such
right in writing. Specifically, but without limiting the generality of the
foregoing, no action or proceeding by Lender under any document or instrument
evidencing the Guarantied Obligations shall serve to diminish the liability of
Guarantor under this Guaranty except to the extent that Lender finally and
unconditionally shall have realized indefeasible payment in full of the
Guarantied Obligations by such action or proceeding.

     10. Revival and
Reinstatement. If the incurrence or payment of the Guarantied
Obligations or the obligations of any Loan Party under the Loan Documents or the
transfer by any Loan Party to Lender of any property of any Loan Party should
for any reason subsequently be declared to be void or voidable under any state
or federal law relating to creditors’ rights, including provisions of the
Bankruptcy Code relating to fraudulent conveyances, preferences, or other
voidable or recoverable payments of money or transfers of property
(collectively, a “Voidable Transfer”), and if Lender is required to repay
or restore, in whole or in part, any such Voidable Transfer, or elects to do so
upon the reasonable advice of its counsel, then, as to any such Voidable
Transfer, or the amount thereof that Lender is required or elects to repay or
restore, and as to all reasonable costs, expenses, and attorneys fees of Lender
related thereto, the liability of Guarantor automatically shall be revived,
reinstated, and restored and shall exist as though such Voidable Transfer had
never been made.

     11. Financial
Condition. Guarantor represents and warrants to Lender that it is
currently informed of the financial condition of Borrower and the other
guarantors of the Guarantied Obligations and of all other circumstances which a
diligent inquiry would reveal and which bear upon the risk of nonpayment of the
Guarantied Obligations. Guarantor further represents and warrants to Lender that
it has read and understands the terms and conditions of the Loan Agreement and
each other Loan Document. Guarantor hereby covenants that it will continue to
keep itself informed of Borrower’s financial condition, the financial condition
of other guarantors, if any, and of all other circumstances which bear upon the
risk of nonpayment or nonperformance of the Guarantied Obligations. Guarantor
further covenants that it waives any defense in connection with Guarantor’s
failure to receive or examine at any time the Loan Documents or any amendments,
supplements, restatements or replacements therefor.

     12. Payments;
Application. All payments to be made hereunder by Guarantor shall be
made in United States Dollars, in immediately available funds, and without
deduction (whether for taxes or otherwise) or offset and shall be applied
to the Guarantied Obligations in accordance with the terms of the Loan
Agreement.

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     13. Attorneys Fees and
Costs. Guarantor agrees to pay, on demand, all attorneys fees and all
other costs and expenses which may be incurred by Lender in connection with the
enforcement of this Guaranty or in any way arising out of, or consequential to,
the protection, assertion, or enforcement of the Guarantied Obligations (or any
security therefor), irrespective of whether suit is brought.

     14. Notices. All
notices and other communications hereunder to Lender shall be in writing and
shall be mailed, sent, or delivered in accordance Section 8.7 of the Loan
Agreement. All notices and other communications hereunder to Guarantor shall be
in writing and shall be mailed, sent, or delivered to Guarantor’s address set
forth in the preamble to this Guaranty in accordance with Section 8.7 of
the Loan Agreement.

     15. Cumulative
Remedies. No remedy under this Guaranty, under the Loan Agreement, or
any other Loan Document is intended to be exclusive of any other remedy, but
each and every remedy shall be cumulative and in addition to any and every other
remedy given under this Guaranty, under the Loan Agreement, or any other Loan
Document, and those provided by law. No delay or omission by Lender to exercise
any right under this Guaranty shall impair any such right nor be construed to be
a waiver thereof. No failure on the part of Lender to exercise, and no delay in
exercising, any right under this Guaranty shall operate as a waiver thereof; nor
shall any single or partial exercise of any right under this Guaranty preclude
any other or further exercise thereof or the exercise of any other right.

     16. Severability of
Provisions. If any provision of this Guaranty is held to be illegal,
invalid, or unenforceable, such provision shall be fully severable, and the
remaining provisions of this Guaranty shall remain in full force and effect and
shall not be affected thereby.

     17. Entire Agreement;
Amendments. This Guaranty constitutes the entire agreement between
Guarantor and Lender pertaining to the subject matter contained herein. This
Guaranty may not be altered, amended, or modified, nor may any provision hereof
be waived or noncompliance therewith consented to, except by means of a writing
executed by Guarantor and Lender. Any such alteration, amendment, modification,
waiver, or consent shall be effective only to the extent specified therein and
for the specific purpose for which given. No course of dealing and no delay or
waiver of any right or default under this Guaranty shall be deemed a waiver of
any other, similar or dissimilar, right or default or otherwise prejudice the
rights and remedies hereunder.

     18. Successors and
Assigns. This Guaranty shall be binding upon Guarantor and its
successors and assigns and shall inure to the benefit of the successors and
assigns of Lender; provided, however, that Guarantor shall not
assign this Guaranty or delegate any of its duties hereunder without Lender’s
prior written consent and any unconsented assignment shall be absolutely null
and void. In the event of any assignment, participation, or other transfer of
rights by Lender, the rights and benefits herein conferred upon Lender shall
automatically extend to and be vested in such assignee or other transferee.

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     19. No Third Party
Beneficiary. This Guaranty is solely for the benefit of Lender and each
of its successors and assigns and may not be relied on by any other Person.

     20. CHOICE OF LAW AND
VENUE; JURY TRIAL WAIVER.

          (a)
THIS GUARANTY AND ALL MATTERS RELATING HERETO AND ARISING HEREFROM (WHETHER
ARISING UNDER CONTRACT LAW, TORT LAW OR OTHERWISE) SHALL BE GOVERNED BY, AND
SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE
STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES.

          (b)
GUARANTOR HEREBY CONSENTS TO THE JURISDICTION OF ANY STATE OR FEDERAL COURT
LOCATED WITHIN THE COUNTY OF NEW YORK, STATE OF NEW YORK, AND IRREVOCABLY AGREES
THAT, SUBJECT TO LENDER’S ELECTION, ALL ACTIONS OR PROCEEDINGS ARISING OUT OF OR
RELATING TO THIS GUARANTY, THE OTHER LOAN DOCUMENTS AND THE OBLIGATIONS, OR ANY
OF THEM, SHALL BE LITIGATED IN SUCH COURTS. GUARANTOR ACCEPTS FOR ITSELF AND IN
CONNECTION WITH ITS PROPERTIES, GENERALLY AND UNCONDITIONALLY, THE NON-EXCLUSIVE
JURISDICTION OF THE AFORESAID COURTS AND WAIVES ANY DEFENSE OF FORUM NON
CONVENIENS, AND IRREVOCABLY AGREES TO BE BOUND BY ANY JUDGMENT RENDERED THEREBY
IN CONNECTION WITH THIS GUARANTY, THE OTHER LOAN DOCUMENTS AND THE OBLIGATIONS,
OR ANY OF THEM. IF GUARANTOR IS, OR IN THE FUTURE BECOMES, A NONRESIDENT OF THE
STATE OF NEW YORK, GUARANTOR HEREBY WAIVES PERSONAL SERVICE OF ANY AND ALL
PROCESS AND AGREES THAT ALL SUCH SERVICE OF PROCESS MAY BE MADE UPON SUCH PERSON
BY CERTIFIED OR REGISTERED MAIL, RETURN RECEIPT REQUESTED, OR BY NATIONALLY
RECOGNIZED OVERNIGHT COURIER DIRECTED TO SUCH PERSON, AT SUCH PERSON’S ADDRESS
AS SET FORTH IN THE PREAMBLE OF THIS GUARANTY OR AS MOST RECENTLY NOTIFIED BY
SUCH PERSON IN WRITING PURSUANT TO SECTION 8.6 OF THE LOAN AGREEMENT AND SERVICE
SO MADE SHALL BE COMPLETE FOUR (4) BUSINESS DAYS AND TWO (2) BUSINESS DAYS,
RESPECTIVELY, AFTER THE SAME HAS BEEN POSTED AS AFORESAID.

          (c)
GUARANTOR AND LENDER, BY ITS ACCEPTANCE HEREOF, EACH HEREBY WAIVES THEIR
RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR
ARISING OUT OF THIS GUARANTY OR THE OTHER LOAN DOCUMENTS OR THE OBLIGATIONS.
GUARANTOR AND LENDER, BY ITS ACCEPTANCE HEREOF, EACH ACKNOWLEDGES THAT THIS
WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT EACH
HAS ALREADY RELIED ON THE WAIVER IN ENTERING INTO THIS GUARANTY AND THE OTHER
LOAN DOCUMENTS AND THAT EACH WILL CONTINUE TO RELY ON THE WAIVER IN THEIR
RELATED FUTURE DEALINGS. GUARANTOR FURTHER WARRANTS AND REPRESENTS THAT EACH HAS
REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT EACH KNOWINGLY AND
VOLUNTARILY WAIVES THEIR RESPECTIVE JURY TRIAL RIGHTS FOLLOWING CONSULTATION
WITH LEGAL COUNSEL.

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     21. Electronic
Execution. The delivery of a facsimile or electronic copy of an executed
counterpart of this Guaranty shall be deemed to be valid execution and delivery
of this Guaranty.

[SIGNATURE PAGE FOLLOWS]

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     IN WITNESS WHEREOF, the
undersigned has executed and delivered this Guaranty as of the date first
written above.

	 	NEXAIRA WIRELESS (BC) LTD. 
	 	 	  
	 	 	  
	 	By: 	 
	 	 	Name: 
	 	 	Title: 

[SIGNATURE PAGE TO GUARANTY]

S-1Nexaira Wireless Inc.: Exhibit 10.6 - Filed by newsfilecorp.com

BR Draft Dated May 13, 2011

THIS WARRANT AND THE SHARES OF COMMON STOCK ISSUABLE UPON
EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”) OR ANY STATE SECURITIES LAWS AND MAY NOT BE SOLD,
TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT
AND UNDER APPLICABLE STATE SECURITIES LAWS OR NEXAIRA WIRELESS, INC. SHALL HAVE
RECEIVED AN OPINION OF COUNSEL THAT REGISTRATION OF SUCH SECURITIES UNDER THE
SECURITIES ACT AND UNDER THE PROVISIONS OF APPLICABLE STATE SECURITIES LAWS IS
NOT REQUIRED.

WARRANT TO PURCHASE

SHARES OF COMMON STOCK

OF

NEXAIRA WIRELESS, INC.

First Expiration May __, 2014 

	No.: W-31 	           
                         
                         
                         
                         
                       Number of
      Shares: 15,000,000 
	Original Issue Date: May __, 2011 	

     FOR VALUE RECEIVED, subject to
the provisions hereinafter set forth, the undersigned, Nexaira Wireless, Inc., a
Nevada corporation (together with its successors and assigns, the
“Issuer”), hereby certifies that CENTURION CREDIT FUNDING LLC or its
registered assigns is entitled to subscribe for and purchase, during the period
specified in this Warrant, up to Fifteen Million (15,000,000) shares (subject to
adjustment as hereinafter provided) of the duly authorized, validly issued,
fully paid and non-assessable Common Stock of the Issuer, at an exercise price
per share equal to the Warrant Price then in effect, subject, however, to the
provisions and upon the terms and conditions hereinafter set forth. Capitalized
terms used in this Warrant and not otherwise defined herein shall have the
respective meanings specified in Section 8 hereof.

     1. Term. The right to
subscribe for and purchase 4,000,000 shares of Warrant Stock represented hereby
shall commence on the Original Issue Date. The right to subscribe for and
purchase the remaining 11,000,000 shares of Warrant Stock represented hereby
shall commence as follows: On each monthly anniversary of the Original Issue
Date beginning June __, 2011 and ending April __, 2012 the right to subscribe
for and purchase 1,000,000 shares of Warrant Stock shall commence, provided,
however, that upon the voluntary prepayment of the Loan and all other
Obligations in full under the Loan Agreement, the right to subscribe for and
purchase shares of Warrant Stock for which no such right had yet to commence
under this Warrant shall cease with respect to such shares of Warrant Stock only. The
Original Issue Date and each date of commencement referenced in the immediately
preceding sentence shall be referred to herein as a “Exercisability
Date”. The right to subscribe for and purchase shares of Warrant Stock shall
expire at 5:00 p.m., eastern time, on third anniversary of the Exercisability
Date with respect to such shares of Warrant Stock. With respect to any shares of
Warrant Stock, the period between the Exercisability Date and third anniversary
of the Exercisability Date shall be referred to as the “Term” with
respect to such shares of Warrant Stock). Notwithstanding the foregoing, right
to subscribe for and purchase all shares of Warrant Stock represented by this
Warrant shall commence immediately upon the occurrence of an Event of Default
under the Loan Agreement, with such date deemed to be the Exercisability Date
with respect to all shares of Warrant Stock. 

     2. Method of Exercise Payment;
Issuance of New Warrant; Transfer and Exchange.

          (a)
Time of Exercise. The purchase rights represented by this Warrant may be
exercised in whole or in part at any time and from time to time during the Term
commencing on Exercisability Date with respect to such Warrant Stock. 

          (b)
Method of Exercise. The Holder hereof may exercise this Warrant, in whole
or in part, by the surrender of this Warrant (with the exercise form attached
hereto duly executed) at the principal office of the Issuer, and by the payment
to the Issuer of an amount of consideration therefor equal to the Warrant Price
in effect on the date of such exercise multiplied by the number of shares of
Warrant Stock with respect to which this Warrant is then being exercised,
payable at such Holder’s election (i) by certified or official bank check or by
wire transfer to an account designated by the Issuer, (ii) by “cashless
exercise” in accordance with the provisions of subsection (c) of this Section 2,
or (iii) by a combination of the foregoing methods of payment selected by the
Holder of this Warrant.

          (c)
Cashless Exercise. Notwithstanding any provisions herein to the contrary,
if the Per Share Market Value of one share of Common Stock is greater than the
Warrant Price (at the date of calculation as set forth below), in lieu of
exercising this Warrant by payment of cash, the Holder may exercise this Warrant
by a cashless exercise and shall receive the number of shares of Common Stock
equal to an amount (as determined below) by surrender of this Warrant at the
principal office of the Issuer together with the properly endorsed Notice of
Exercise in which event the Issuer shall issue to the Holder a number of shares
of Common Stock computed using the following formula:

	  	X = 	Y - (A)(Y) 
	  	 	           B    
	  	 	  
	Where 	X = 	the number of shares of Common Stock to be
      issued to the Holder. 
	  	 	  
		Y = 	the number of shares of Common Stock
      purchasable upon exercise of all of the Warrant or, if only a portion of
      the Warrant is being exercised, the portion of the Warrant being
      exercised. 
	  	 	  
	  	A = 	the Warrant Price. 
	 	 	 
	 	B = 	the Per Share Market Value of one share of Common
Stock.

-2-

     Notwithstanding anything herein
to the contrary, on the last day of the Term, this Warrant shall be
automatically exercised via cashless exercise pursuant to this Section 2(c).

          (d)
Issuance of Stock Certificates. In the event of any exercise of the
rights represented by this Warrant in accordance with and subject to the terms
and conditions hereof, (i) certificates for the shares of Warrant Stock so
purchased shall be dated the date of such exercise and delivered to the Holder
hereof within a reasonable time, not exceeding three (3) Trading Days after such
exercise (the “Delivery Date”) or, if the Issuer’s Securities are
eligible for such manner of delivery, then at the request of the Holder, issued
and delivered to the Depository Trust Company (“DTC”) account on the
Holder’s behalf via the Deposit Withdrawal Agent Commission System
(“DWAC”) within a reasonable time, not exceeding three (3) Trading Days
after such exercise, and the Holder hereof shall be deemed for all purposes to
be the Holder of the shares of Warrant Stock so purchased as of the date of such
exercise and (ii) unless this Warrant has expired, a new Warrant representing
the number of shares of Warrant Stock, if any, with respect to which this
Warrant shall not then have been exercised (less any amount thereof which shall
have been canceled in payment or partial payment of the Warrant Price as
hereinabove provided) shall also be issued to the Holder hereof at the Issuer’s
expense within such time.

          (e)
Transferability of Warrant. Subject to Section 2(g), this Warrant may be
transferred, in whole or in part, by a Holder upon providing five (5) days
written notice to the Issuer. If transferred pursuant to this paragraph, this
Warrant may be transferred on the books of the Issuer by the Holder hereof in
person or by the Holder’s duly authorized attorney, upon surrender of this
Warrant at the principal office of the Issuer, properly endorsed (by the Holder
executing an assignment in the form attached hereto) and upon payment of any
necessary transfer tax or other governmental charge imposed upon such transfer.
This Warrant is exchangeable at the principal office of the Issuer for Warrants
for the purchase of the same aggregate number of shares of Warrant Stock, each
new Warrant to represent the right to purchase such number of shares of Warrant
Stock as the Holder hereof shall designate at the time of such exchange. 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 shares of
Warrant Stock issuable pursuant thereto.

          (f)
Continuing Rights of Holder. The Issuer will, at the time of or at any
time after each exercise of this Warrant, upon the request of the Holder hereof,
acknowledge in writing the extent, if any, of its continuing obligation to
afford to such Holder all rights to which such Holder shall continue to be
entitled after such exercise in accordance with the terms of this Warrant,
provided that if any such Holder shall fail to make any such request, the
failure shall not affect the continuing obligation of the Issuer to afford such
rights to such Holder.

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          (g)
Compliance with Securities Laws.

     (i) The
Holder of this Warrant, by acceptance hereof, acknowledges that this Warrant and
the shares of Warrant Stock to be issued upon exercise hereof are being acquired
solely for the Holder’s own account and not as a nominee for any other party,
and for investment, and that the Holder will not offer, sell or otherwise
dispose of this Warrant or any shares of Warrant Stock to be issued upon
exercise hereof except pursuant to an effective registration statement, or an
exemption from registration, under the Securities Act and any applicable state
securities laws.

     (ii)
Except as provided in paragraph (iii) below, this Warrant and all certificates
representing shares of Warrant Stock issued upon exercise hereof shall be
stamped or imprinted with a legend in substantially the following form:

	 	THIS WARRANT AND THE SHARES OF COMMON STOCK ISSUABLE UPON
      EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
      AMENDED (THE “SECURITIES ACT”) OR ANY STATE SECURITIES LAWS AND MAY NOT BE SOLD,
      TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT
      AND UNDER APPLICABLE STATE SECURITIES LAWS OR NEXAIRA WIRELESS, INC SHALL HAVE
      RECEIVED AN OPINION OF COUNSEL THAT REGISTRATION OF SUCH SECURITIES UNDER THE
      SECURITIES ACT AND UNDER THE PROVISIONS OF APPLICABLE STATE SECURITIES LAWS IS
    NOT REQUIRED.
	 

     (iii) The
restrictions imposed by this subsection (g) upon the transfer of this Warrant or
the shares of Warrant Stock to be purchased upon exercise hereof shall terminate
(A) when such securities shall have been resold pursuant to an effective
registration statement under the Securities Act, (B) upon the Issuer’s receipt
of an opinion of counsel, in form and substance reasonably satisfactory to the
Issuer, addressed to the Issuer to the effect that such restrictions are no
longer required to ensure compliance with the Securities Act and state
securities laws, or (C) upon the Issuer’s receipt of other evidence reasonably
satisfactory to the Issuer that such registration and qualification under the
Securities Act and state securities laws are not required. Whenever such
restrictions shall cease and terminate as to any such securities, the Holder
thereof shall be entitled to receive from the Issuer (or its transfer agent and
registrar), without expense (other than applicable transfer taxes, if any), new
Warrants (or, in the case of shares of Warrant Stock, new stock certificates) of
like tenor not bearing the applicable legend required by paragraph (ii) above
relating to the Securities Act and state securities laws.

     (iv) At
the time the Holder was offered the Warrant it was, and at the date hereof it
is, (i) an “accredited investor” as defined in Rule 501(a) under the Securities
Act, and (ii) acquiring the Warrant as
a principal and is an “accredited investor” as defined in National Instrument
45-106, adopted by the British Columbia Securities Commission.

-4-

     (v) The
Holder of this Warrant represents, warrants and acknowledges that if the Holder
is not a resident of British Columbia or any other jurisdiction of Canada,
that:

          (A) a
subsequent trade of the Warrant or the Warrant Stock, as applicable, in or from
British Columbia or any other jurisdiction of Canada will be a distribution
subject to the prospectus and registration requirements of applicable Canadian
securities laws unless certain conditions are met, which conditions include,
among others, a requirement that any certificate representing the Warrant or the
Warrant Stock (or ownership statement issued under a direct registration system
or other book entry system) bear the restrictive legend (the “BC Legend”)
specified in British Columbia Instrument 51-509 (“BCI 51-509”) or the
restrictive legend (the “CSA Legend”) specified in National Instrument 45-102
(“NI 45-102”);

          (B)
the Holder undertakes not to trade or resell the Warrant or any of the Warrant
Stock in or from Canada unless the trade or resale is made in accordance with
BCI 51-509 or NI 45-102, as applicable. The Holder understands and agrees that
the Issuer and others will rely upon the truth and accuracy of these
representations and warranties made in this Section (g) and agrees that if such
representations and warranties are no longer accurate or have been breached, the
Holder shall immediately notify the Issuer;

          (C)
the Holder of this Warrant, by acceptance hereof and as a consequence of the
representations and warranties made by the Holder in this Section (g), the
Holder will have directed the Issuer not to include the BC Legend or the CSA
Legend on any certificates representing the Warrant or the Warrant Stock to be
issued to the Holder. As a consequence, the Holder will not be able to rely on
the resale provisions of BCI 51-509 or NI 45-102, and any subsequent trade in
the Warrant or any of the Warrant Stock in or from British Columbia or any other
jurisdiction of Canada will be a distribution subject to the prospectus and
registration requirements of applicable Canadian securities laws; and

          (D) if
the Holder wishes to trade or resell the Warrant or any of the Warrant Stock in
or from British Columbia or any other jurisdiction of Canada, the Holder agrees
and undertakes to return, prior to any such trade or resale, any certificate
representing the Warrant or the Warrant Stock to the transfer agent of the
Issuer to have the BC Legend or the CSA Legend, as applicable, imprinted on such
certificate or to instruct the transfer agent of the Issuer to include the BC
Legend or the CSA Legend, as applicable on any ownership statement issued under
a direct registration system or other book entry system.

-5-

          (h) Buy In.

     In addition to any other rights
available to the Holder, if the Issuer fails to cause its transfer agent to
transmit to the Holder a certificate or certificates representing the Warrant
Stock pursuant to an exercise on or before the Delivery Date (or, in the case of
any cashless exercise of this Warrant after the six month anniversary of the
Original Issue Date, any such certificate representing Warrant Stock contains
any legend restricting transfer (including any legend set forth in Section
2(g)(ii) above)), and if after such date the Holder is required by its broker to
purchase (in an open market transaction or otherwise) shares of Common Stock to
deliver in satisfaction of a sale by the Holder of the Warrant Stock which the
Holder anticipated receiving upon such exercise (a “Buy-In”), then the
Issuer shall (1) pay in cash to the Holder the amount by which (x) the Holder’s
total purchase price (including brokerage commissions, if any) for the shares of
Common Stock so purchased exceeds (y) the amount obtained by multiplying (A) the
number of shares of Warrant Stock that the Issuer was required to deliver to the
Holder in connection with the exercise at issue times, (B) the price at which
the sell order giving rise to such purchase obligation was executed. For
example, if the Holder purchases Common Stock having a total purchase price of
$11,000 to cover a Buy-In with respect to an attempted exercise of shares of
Common Stock with an aggregate sale price giving rise to such purchase
obligation of $10,000, under clause (1) of the immediately preceding sentence
the Issuer shall be required to pay the Holder $1,000. The Holder shall provide
the Issuer written notice indicating the amounts payable to the Holder in
respect of the Buy-In, together with applicable confirmations and other evidence
reasonably requested by the Issuer. Nothing herein shall limit a Holder’s right
to pursue any other remedies available to it hereunder, at law or in equity
including, without limitation, a decree of specific performance and/or
injunctive relief with respect to the Issuer’s failure to timely deliver
certificates representing shares of Common Stock upon exercise of this Warrant
as required pursuant to the terms hereof.

     3. Stock Fully Paid;
Reservation and Listing of Shares; Covenants.

     (a) Stock Fully Paid. The
Issuer represents, warrants, covenants and agrees that all shares of Warrant
Stock which may be issued upon the exercise of this Warrant or otherwise
hereunder will, upon issuance, be duly authorized, validly issued, fully paid
and non-assessable and free from all taxes, liens and charges created by or
through Issuer. The Issuer further covenants and agrees that during the period
within which this Warrant may be exercised, the Issuer will at all times have
authorized and reserved for the purpose of the issue upon exercise of this
Warrant a number of shares of Common Stock equal to at least 150% of the
aggregate number of shares of Common Stock exercisable hereunder to provide for
the exercise of this Warrant (without regard to limitations on exercisability
set forth in Section 8).

     (b) Reservation. If any
shares of Common Stock required to be reserved for issuance upon exercise of
this Warrant or as otherwise provided hereunder require registration or
qualification with any governmental authority under any federal or state law
before such shares may be so issued, the Issuer will in good faith use its best
efforts as expeditiously as possible at its expense to cause such shares to be
duly registered or qualified. If the Issuer shall list any shares of Common
Stock on any securities exchange or market it will, at its expense, list
thereon, maintain and increase when necessary such listing, of, all shares of
Warrant Stock from time to time issued upon exercise of this Warrant or as otherwise
provided hereunder, and, to the extent permissible under the applicable
securities exchange’s rules, all unissued shares of Warrant Stock which are at
any time issuable hereunder, so long as any shares of Common Stock shall be so
listed. The Issuer will also so list on each securities exchange or market, and
will maintain such listing of, any other securities which the Holder of this
Warrant shall be entitled to receive upon the exercise of this Warrant if at the
time any securities of the same class shall be listed on such securities
exchange or market by the Issuer.

-6-

     (c) Covenants. The Issuer
shall not by any action including, without limitation, amending the Certificate
of Incorporation or the by-laws of the Issuer, or through any reorganization,
transfer of assets, consolidation, merger, dissolution, issue or sale of
securities or any other action, avoid or seek to avoid the observance or
performance of any of the terms of this Warrant, but will at all times in good
faith assist in the carrying out of all such terms and in the taking of all such
actions as may be necessary or appropriate to protect the rights of the Holder
hereof against dilution (to the extent specifically provided herein) or
impairment. Without limiting the generality of the foregoing, the Issuer will
(i) not permit the par value, if any, of its Common Stock to exceed the then
effective Warrant Price, (ii) not amend or modify any provision of the
Certificate of Incorporation or by-laws of the Issuer in any manner that would
adversely affect the rights of the Holders of the Warrants, (iii) take all such
action as may be reasonably necessary in order that the Issuer may validly and
legally issue fully paid and nonassessable shares of Common Stock, free and
clear of any liens, claims, encumbrances and restrictions (other than as
provided herein) upon the exercise of this Warrant, and (iv) use its best
efforts to obtain all such authorizations, exemptions or consents from any
public regulatory body having jurisdiction thereof as may be reasonably
necessary to enable the Issuer to perform its obligations under this
Warrant.

     (d) Loss, Theft, Destruction
of Warrants. Upon receipt of evidence satisfactory to the Issuer of the
ownership of and the loss, theft, destruction or mutilation of any Warrant and,
in the case of any such loss, theft or destruction, upon receipt of indemnity or
security satisfactory to the Issuer or, in the case of any such mutilation, upon
surrender and cancellation of such Warrant, the Issuer will make and deliver, in
lieu of such lost, stolen, destroyed or mutilated Warrant, a new Warrant of like
tenor and representing the right to purchase the same number of shares of Common
Stock.

     4. Adjustment of Warrant Price
and Warrant Share Number. The number of shares of Common Stock for which
this Warrant is exercisable, and the price at which such shares may be purchased
upon exercise of this Warrant, shall be subject to adjustment from time to time
as set forth in this Section 4. The Issuer shall give the Holder notice of any
event described below which requires an adjustment pursuant to this Section 4 in
accordance with Section 5.

     (a) Recapitalization,
Reorganization, Reclassification, Consolidation, Merger or Sale.

-7-

     (i) In
case the Issuer after the Original Issue Date shall do any of the following
(each, a “Triggering Event”): (a) consolidate with or merge into any
other Person and the Issuer shall not be the continuing or surviving corporation
of such consolidation or merger, or (b) permit any other Person to consolidate
with or merge into the Issuer and the Issuer shall be the
continuing or surviving Person but, in connection with such consolidation or
merger, any Capital Stock of the Issuer shall be changed into or exchanged for
Securities of any other Person or cash or any other property, or (c) transfer
all or substantially all of its properties or assets to any other Person, or (d)
effect a capital reorganization or reclassification of its Capital Stock, then,
and in the case of each such Triggering Event, proper provision shall be made so
that, upon the basis and the terms and in the manner provided in this Warrant,
the Holder of this Warrant shall be entitled upon the exercise hereof at any
time after the consummation of such Triggering Event, to the extent this Warrant
is not exercised prior to such Triggering Event, to receive at the Warrant Price
in effect at the time immediately prior to the consummation of such Triggering
Event in lieu of the Common Stock issuable upon such exercise of this Warrant
prior to such Triggering Event, the Securities, cash and property to which such
Holder would have been entitled upon the consummation of such Triggering Event
if such Holder had exercised the rights represented by this Warrant (without
giving effect to the limitations on exercise set forth in Section 7 hereof)
immediately prior thereto (including the right to elect the type of
consideration, if applicable), subject to adjustments (subsequent to such
corporate action) as nearly equivalent as possible to the adjustments provided
for elsewhere in this Section 4. Unless the surviving entity in any such
Triggering Event is a public company under the Securities Exchange Act of 1934,
the common equity securities of which are traded or quoted on a national
securities exchange or the OTC Bulletin Board (a “Qualifying Entity”),
the Holder, at its option, shall be permitted to require that the Issuer pay to
the Holder an amount equal to the Black-Scholes value of this Warrant.

     (ii)
Notwithstanding anything contained in this Warrant to the contrary and so long
as the surviving entity is a Qualifying Entity, the Issuer will not be deemed to
have effected any Triggering Event if, prior to the consummation thereof, each
Person (other than the Issuer) which may be required to deliver any Securities,
cash or property upon the exercise of this Warrant as provided herein shall
assume, by written instrument delivered to the Holder of this Warrant and
reasonably satisfactory to the Holder, (A) the obligations of the Issuer under
this Warrant (and if the Issuer shall survive the consummation of such
Triggering Event, such assumption shall be in addition to, and shall not release
the Issuer from, any continuing obligations of the Issuer under this Warrant)
and (B) the obligation to deliver to such Holder such shares of Securities, cash
or property as, in accordance with the foregoing provisions of this subsection
(a), such Holder shall be entitled to receive, and such Person shall have
similarly delivered to such Holder, an opinion of counsel for such Person, which
shall be reasonably satisfactory to the Holder, stating that this Warrant shall
thereafter continue in full force and effect and the terms hereof (including,
without limitation, all of the provisions of this subsection (a)) shall be
applicable to the Securities, cash or property which such Person may be required
to deliver upon any exercise of this Warrant or the exercise of any rights
pursuant hereto. 

-8-

     (b) Stock Dividends,
Subdivisions and Combinations. If at any time the Issuer shall:

     (i) set a
record date or take a record of the holders of its Common Stock for the purpose
of entitling them to receive a dividend payable in, or other distribution of,
shares of Common Stock, 

     (ii)
subdivide its outstanding shares of Common Stock into a larger number of shares
of Common Stock, or

     (iii)
combine its outstanding shares of Common Stock into a smaller number of shares
of Common Stock,

then (1) the number of shares of Common Stock for which this
Warrant is exercisable immediately after the occurrence of any such event shall
be adjusted to equal the number of shares of Common Stock which a record holder
of the same number of shares of Common Stock for which this Warrant is
exercisable immediately prior to the occurrence of such event would own or be
entitled to receive after the happening of such event (without giving effect to
the limitations on exercise set forth in Section 7 hereof), and (2) the Warrant
Price then in effect shall be adjusted to equal (A) the Warrant Price then in
effect multiplied by the number of shares of Common Stock for which this Warrant
is exercisable immediately prior to the adjustment (without giving effect to the
limitations on exercise set forth in Section 7 hereof) divided by (B) the number
of shares of Common Stock for which this Warrant is exercisable immediately
after such adjustment (without giving effect to the limitations on exercise set
forth in Section 7 hereof).

     (c) Certain Other
Distributions. If at any time the Issuer shall set a record date or take a
record of the holders of its Common Stock for the purpose of entitling them to
receive any dividend or other distribution of:

     (i) cash
(other than a cash dividend payable out of earnings or earned surplus legally
available for the payment of dividends under the laws of the jurisdiction of
incorporation of the Issuer),

     (ii) any
evidences of its indebtedness, any shares of stock of any class or any other
securities or property of any nature whatsoever (other than cash, Common Stock
Equivalents, Additional Shares of Common Stock or Permitted Issuances), or

     (iii) any
warrants or other rights to subscribe for or purchase any evidences of its
indebtedness, any shares of stock of any class or any other securities or
property of any nature whatsoever (other than cash, Common Stock Equivalents,
Additional Shares of Common Stock or Permitted Issuances),

then (1) the number of shares of Common Stock for which this
Warrant is exercisable shall be adjusted to equal the product of the number of
shares of Common Stock for which this Warrant is exercisable immediately prior
to such adjustment (without giving effect to the limitations on exercise set
forth in Section 7 hereof) multiplied by a fraction (A) the numerator of which
shall be the Per Share Market Value of Common Stock at the date of
taking such record and (B) the denominator of which shall be such Per Share
Market Value minus the amount allocable to one share of Common Stock of any such
cash so distributable and of the fair value (as determined in good faith by the
Board of Directors of the Issuer and supported by an opinion from an investment
banking firm reasonably acceptable to the Holder) of any and all such evidences
of indebtedness, shares of stock, other securities or property or warrants or
other subscription or purchase rights so distributable, and (2) the Warrant
Price then in effect shall be adjusted to equal (A) the Warrant Price then in
effect multiplied by the number of shares of Common Stock for which this Warrant
is exercisable immediately prior to the adjustment (without giving effect to the
limitations on exercise set forth in Section 7 hereof) divided by (B) the number
of shares of Common Stock for which this Warrant is exercisable immediately
after such adjustment (without giving effect to the limitations on exercise set
forth in Section 7 hereof). A reclassification of the Common Stock (other than a
change in par value, or from par value to no par value or from no par value to
par value) into shares of Common Stock and shares of any other class of stock
shall be deemed a distribution by the Issuer to the holders of its Common Stock
of such shares of such other class of stock within the meaning of this Section
4(c) and, if the outstanding shares of Common Stock shall be changed into a
larger or smaller number of shares of Common Stock as a part of such
reclassification, such change shall be deemed a subdivision or combination, as
the case may be, of the outstanding shares of Common Stock within the meaning of
Section 4(b).

-9-

     (d) Issuance of Additional
Shares of Common Stock.

     (i) In
the event the Issuer shall at any time following the Original Issue Date issue
any Additional Shares of Common Stock (otherwise than as provided in the
foregoing subsections (a) through (c) of this Section 4, and other than
Permitted Issuances), at a price per share less than the Warrant Price then in
effect or without consideration, then the Warrant Price upon each such issuance
shall be adjusted to the price equal to the consideration per share paid for
such Additional Shares of Common Stock.

     (ii) No
adjustment of the Warrant Price shall be made under paragraph (i) of Section
4(d) upon the issuance of any Additional Shares of Common Stock which are issued
pursuant to the exercise or conversion of any Common Stock Equivalents if any
such adjustment shall previously have been made upon the issuance of such Common
Stock Equivalents, or upon the issuance of any warrant or other rights therefor
pursuant to Sections 4(e) or 4(f), or in connection with any Permitted
Issuances.

     (e) Issuance of Warrants or
Other Rights. If at any time the Issuer shall take a record of the Holders
of its Common Stock for the purpose of entitling them to receive a distribution
of, or shall in any manner (whether directly or by assumption in a merger in
which the Issuer is the surviving corporation) issue or sell any warrants or
options, whether or not immediately exercisable, and the Warrant Consideration
(hereafter defined) per share for which Common Stock is issuable upon the
exercise of such warrant or option shall be less than the Warrant Price in
effect immediately prior to the time of such issue or sale, then the Warrant
Price then in effect immediately prior to the time of such issue or sale, shall
be adjusted to the price equal to the the Warrant Consideration per share for which Common Stock is
issuable upon the exercise of such warrant or option. No adjustments of the
Warrant Price then in effect shall be made upon the actual issue of such Common
Stock or of such Common Stock Equivalents upon exercise of such warrants or
other rights or upon the actual issue of such Common Stock upon such conversion
or exchange of such Common Stock Equivalents if adjustment has been previously
made pursuant to this section. No adjustments of the Warrant Price shall be made
under this Section 4(e) in connection with any Permitted Issuances.

-10-

     (f) Issuance of Common Stock
Equivalents. If at any time prior the Issuer shall take a record of the
Holders of its Common Stock for the purpose of entitling them to receive a
distribution of, or shall in any manner (whether directly or by assumption in a
merger in which the Issuer is the surviving corporation) issue or sell, any
Common Stock Equivalents, whether or not the rights to exchange or convert
thereunder are immediately exercisable, and the Common Stock Equivalent
Consideration (hereafter defined) per share for which Common Stock is issuable
upon such conversion or exchange shall be less than the Warrant Price in effect
immediately prior to the time of such issue or sale, or if, after any such
issuance of Common Stock Equivalents, the price per share for which Additional
Shares of Common Stock may be issuable thereafter is amended or adjusted, and
such price as so amended shall be less than the applicable Conversion Price in
effect at the time of such amendment or adjustment, then the Warrant Price then
in effect immediately prior to the time of such issue or sale, shall upon each
such issuance or sale be adjusted to the price equal to the Common Stock
Equivalent Consideration per share paid for such Common Share Equivalents. No
further adjustment of the Warrant Price then in effect shall be made under this
Section 4(f) upon the issuance of any Common Stock Equivalents which are issued
pursuant to the exercise of any warrants or other subscription or purchase
rights therefor, if any such adjustment shall previously have been made upon the
issuance of such warrants or other rights pursuant to Section 4(e). No further
adjustments of the Warrant Price then in effect shall be made upon the actual
issue of such Common Stock upon conversion or exchange of such Common Stock
Equivalents if adjustment shall have previously been made pursuant to this
section. No adjustments of the Warrant Price shall be made under this Section
4(f) in connection with any Permitted Issuances.

     (g) Superseding
Adjustment. If, at any time after any adjustment of the Warrant Price then
in effect shall have been made pursuant to Section 4(e) or Section 4(f) as the
result of any issuance of warrants, other rights or Common Stock Equivalents,
and (i) such warrants or other rights, or the right of conversion or exchange in
such other Common Stock Equivalents, shall expire, and all or a portion of such
warrants or other rights, or the right of conversion or exchange with respect to
all or a portion of such other Common Stock Equivalents, as the case may be
shall not have been exercised, or (ii) the consideration per share for which
shares of Common Stock are issuable pursuant to such Common Stock Equivalents,
shall be increased solely by virtue of provisions therein contained for an
automatic increase in such consideration per share upon the occurrence of a
specified date or event, then for each outstanding Warrant such previous
adjustment shall be rescinded and annulled and the Additional Shares of Common
Stock which were deemed to have been issued by virtue of the computation made in
connection with the adjustment so rescinded and annulled shall no longer be
deemed to have been issued by virtue of such computation. Upon the occurrence of
an event set forth in this Section 4(g) above, there shall be a recomputation
made of the effect of such Common Stock Equivalents on the basis of: (i) treating the number of Additional Shares of
Common Stock or other property, if any, theretofore actually issued or issuable
pursuant to the previous exercise of any such warrants or other rights or any
such right of conversion or exchange, as having been issued on the date or dates
of any such exercise and for the consideration actually received and receivable
therefor, and (ii) treating any such Common Stock Equivalents which then remain
outstanding as having been granted or issued immediately after the time of such
increase of the consideration per share for which shares of Common Stock or
other property are issuable under such Common Stock Equivalents; whereupon a new
adjustment of the Warrant Price then in effect shall be made, which new
adjustment shall supersede the previous adjustment so rescinded and
annulled.

-11-

     (h) Purchase of Common Stock
by the Issuer; Below Market Issuances. If the Issuer at any time while this
Warrant is outstanding shall, directly or indirectly through a Subsidiary or
otherwise, purchase, redeem or otherwise acquire any shares of Common Stock at a
price per share greater than the Per Share Market Value, then the Warrant Price
upon each such purchase, redemption or acquisition shall be adjusted to that
price determined by multiplying such Warrant Price by a fraction (i) the
numerator of which shall be the number of shares of Common Stock outstanding
immediately prior to such purchase, redemption or acquisition minus the number
of shares of Common Stock which the aggregate consideration for the total number
of such shares of Common Stock so purchased, redeemed or acquired would purchase
at the Per Share Market Value; and (ii) the denominator of which shall be the
number of shares of Common Stock outstanding immediately after such purchase,
redemption or acquisition. For the purposes of this subsection (h), the date as
of which the Per Share Market Price shall be computed shall be the earlier of
(x) the date on which the Issuer shall enter into a firm contract for the
purchase, redemption or acquisition of such Common Stock, or (y) the date of
actual purchase, redemption or acquisition of such Common Stock. For the
purposes of this subsection (h), a purchase, redemption or acquisition of a
Common Stock Equivalent shall be deemed to be a purchase of the underlying
Common Stock, and the computation herein required shall be made on the basis of
the full exercise, conversion or exchange of such Common Stock Equivalent on the
date as of which such computation is required hereby to be made, whether or not
such Common Stock Equivalent is actually exercisable, convertible or
exchangeable on such date. If the Issuer shall issue Common Stock or rights,
options or warrants entitling the recipient or holder thereof to subscribe for
or purchase shares of Common Stock at a price per share less than the Per Share
Market Value on the date of issuance, but higher than the Warrant Price then in
effect, the Warrant Price shall be multiplied by a fraction, of which the
denominator shall be the number of shares of the Common Stock outstanding on the
date of issuance of such Common Stock or rights or warrants plus the number of
additional shares of Common Stock offered for subscription or purchase, and of
which the numerator shall be the number of shares of the Common Stock
outstanding on the date of issuance of such rights or warrants plus the number
of shares which the aggregate offering price of the total number of shares so
offered (assuming receipt by the Issuer in full of all consideration payable
upon exercise of such rights, options or warrants) would purchase at such Per
Share Market Value. Such adjustment shall be made whenever such securities are
issued, and shall become effective immediately after the record date (if
applicable) for the determination of stockholders entitled to receive such
rights, options or warrants.

-12-

     (i) Other Provisions
applicable to Adjustments under this Section. The following provisions shall
be applicable to the making of adjustments of the number of shares of Common
Stock for which this Warrant is exercisable and the Warrant Price then in effect
provided for in this Section 4:

     (i)
Computation of Consideration. To the extent that any Additional Shares of
Common Stock or any Common Stock Equivalents (or any warrants or other rights
therefor) shall be issued for cash consideration, the consideration received by
the Issuer therefor shall be the amount of the cash received by the Issuer
therefor, or, if such Additional Shares of Common Stock or Common Stock
Equivalents are offered by the Issuer for subscription, the subscription price,
or, if such Additional Shares of Common Stock or Common Stock Equivalents are
sold to underwriters or dealers for public offering without a subscription
offering, the initial public offering price (in any such case subtracting any
amounts paid or receivable for accrued interest or accrued dividends and without
taking into account any compensation, discounts or expenses paid or incurred by
the Issuer for and in the underwriting of, or otherwise in connection with, the
issuance thereof). To the extent that such issuance shall be for a consideration
other than cash, then, except as herein otherwise expressly provided, the amount
of such consideration shall be deemed to be the fair value of such consideration
at the time of such issuance as mutually determined in good faith by the Board
of Directors of the Issuer and the Holder. The consideration for any Additional
Shares of Common Stock issuable pursuant to any warrants or other rights to
subscribe for or purchase the same shall be the consideration received by the
Issuer for issuing such warrants or other rights divided by the number of shares
of Common Stock issuable upon the exercise of such warrant or right plus the
additional consideration payable to the Issuer upon exercise of such warrant or
other right for one share of Common Stock (together the “Warrant
Consideration”). The consideration for any Additional Shares of Common Stock
issuable pursuant to the terms of any Common Stock Equivalents shall be the
consideration received by the Issuer for issuing such Common Stock Equivalent,
divided by the number of shares of Common Stock issuable upon the conversion or
other exercise of such Common Stock Equivalent, plus the additional
consideration, if any, payable to the Issuer upon the exercise of the right of
conversion or exchange in such Common Stock Equivalent for one share of Common
Stock (together the “Common Stock Equivalent Consideration”). In case of the
issuance at any time of any Additional Shares of Common Stock or Common Stock
Equivalents in payment or satisfaction of any dividends upon any class of stock
other than Common Stock, the Issuer shall be deemed to have received for such
Additional Shares of Common Stock or Common Stock Equivalents a consideration
equal to the amount of such dividend so paid or satisfied. 

     (ii)
Adjustments of Number of Shares. In connection with an adjustment of the
Warrant Price pursuant to Sections (d), (e), (f), (g) and (h) of this Section 4,
the number of shares of Common Stock issuable hereunder shall be increased such
that the aggregate Warrant Price payable hereunder, after taking into account
the decrease in the Exercise Price, shall be equal to the aggregate Warrant
Price prior to such adjustment.

-13-

     (iii)
Fractional Interests. In computing adjustments under this Section 4,
fractional interests in Common Stock shall be taken into account to the nearest
one one-hundredth (1/100th) of a share.

     (iv)
When Adjustment Not Required. If the Issuer shall take a record of the
holders of its Common Stock for the purpose of entitling them to receive a
dividend or distribution or subscription or purchase rights and shall,
thereafter and before the distribution to stockholders thereof, legally abandon
its plan to pay or deliver such dividend, distribution, subscription or purchase
rights, then thereafter no adjustment shall be required by reason of the taking
of such record and any such adjustment previously made in respect thereof shall
be rescinded and annulled. 

     (j) Form of Warrant after
Adjustments. The form of this Warrant need not be changed because of any
adjustments in the Warrant Price or the number and kind of securities
purchasable upon exercise of this Warrant.

     (k) Escrow of Property. If
after any property becomes distributable pursuant to this Section 4 by reason of
the taking of any record of the holders of Common Stock, but prior to the
occurrence of the event for which such record is taken, and the Holder exercises
this Warrant, such property shall be held in escrow for the Holder by the Issuer
to be distributed to the Holder upon and to the extent that the event actually
takes place, upon payment of the then current Warrant Price. Notwithstanding any
other provision to the contrary herein, if the event for which such record was
taken fails to occur or is rescinded, then such escrowed property shall be
returned to the Issuer.

     5. Notice of Adjustments.
Whenever the Warrant Price or Warrant Share Number shall be adjusted pursuant to
Section 4 hereof (for purposes of this Section 5, each an “adjustment”), the
Issuer shall cause its Chief Financial Officer to prepare and execute a
certificate setting forth, in reasonable detail, the event requiring the
adjustment, the amount of the adjustment, the method by which such adjustment
was calculated (including a description of the basis on which the Board made any
determination hereunder), and the Warrant Price and Warrant Share Number after
giving effect to such adjustment, and shall cause copies of such certificate to
be delivered to the Holder of this Warrant promptly after each adjustment. Any
dispute between the Issuer and the Holder of this Warrant with respect to the
matters set forth in such certificate may at the option of the Holder of this
Warrant be submitted to one of the national accounting firms currently known as
the “big four” selected by the Holder, provided that the Issuer shall
have ten (10) days after receipt of notice from such Holder of its selection of
such firm to object thereto, in which case such Holder shall select another such
firm and the Issuer shall have no such right of objection. The firm selected by
the Holder of this Warrant as provided in the preceding sentence shall be
instructed to deliver a written opinion as to such matters to the Issuer and
such Holder within thirty (30) days after submission to it of such dispute. Such
opinion shall be final and binding on the parties hereto.

     6. Fractional Shares. No
fractional shares of Warrant Stock will be issued in connection with any
exercise hereof, but in lieu of such fractional shares, the Issuer shall at its
option either (a) make a cash payment therefor equal in amount to the product of
the applicable fraction multiplied by the Per Share Market Value then in
effect or (b) issue one whole share in lieu of such fractional share.

-14-

     7. Certain Exercise
Restrictions.

     (a) Notwithstanding anything to
the contrary set forth in this Warrant, at no time may a holder of this Warrant
exercise this Warrant if the number of shares of Common Stock to be issued
pursuant to such exercise would exceed, when aggregated with all other shares of
Common Stock owned by such holder at such time, the number of shares of Common
Stock which would result in such holder beneficially owning (as determined in
accordance with Section 13(d) of the Securities Exchange Act of 1934, as
amended, and the rules thereunder) in excess of 4.99% of all of the Common Stock
outstanding at such time; provided, however, that upon a holder of this Warrant
providing the Issuer with sixty-one (61) days notice (pursuant to Section 13
hereof) that such holder would like to waive this Section 7(a) with regard to
any or all shares of Common Stock issuable upon exercise of this Warrant, this
Section 7(a) will be of no force or effect with regard to all or a portion of
the Warrant referenced in such notice; provided, further, that this Section 7(a)
shall be of no further force or effect during the sixty-one (61) days
immediately preceding the expiration of the term of this Warrant.

     (b) Notwithstanding anything to
the contrary set forth in this Warrant, at no time may a holder of this Warrant
exercise this Warrant if the number of shares of Common Stock to be issued
pursuant to such exercise would exceed, when aggregated with all other shares of
Common Stock owned by such holder at such time, the number of shares of Common
Stock which would result in such holder beneficially owning (as determined in
accordance with Section 13(d) of the Securities Exchange Act of 1934, as
amended, and the rules thereunder) in excess of 9.99% of all of the Common Stock
outstanding at such time; provided, however, that upon a holder of this Warrant
providing the Issuer with sixty-one (61) days notice (pursuant to Section 13
hereof) that such holder would like to waive this Section 7(b) with regard to
any or all shares of Common Stock issuable upon exercise of this Warrant, this
Section 7(b) will be of no force or effect with regard to all or a portion of
the Warrant referenced in such notice; provided, further, that this Section 7(b)
shall be of no further force or effect during the sixty-one (61) days
immediately preceding the expiration of the term of this Warrant.

     8. Definitions. For the
purposes of this Warrant, the following terms have the following meanings:

     “Additional Shares of Common
Stock” means all shares of Common Stock issued by the Issuer after the
Original Issue Date, and all shares of Other Common, if any, issued by the
Issuer after the Original Issue Date, except for Permitted Issuances.

     “Articles of
Incorporation” means the Articles of Incorporation of the Issuer, as
amended, as in effect on the Original Issue Date, and as hereafter from time to
time amended, modified, supplemented or restated in accordance with the terms
hereof and thereof and pursuant to applicable law.

     “Board” shall mean the
Board of Directors of the Issuer.

-15-

     “Business Day” shall mean,
even if not capitalized, any day banking transactions can be conducted in New
York City, New York, and does not include any day which is a federal or state
holiday in New York City, New York. 

     “Capital Stock” means and
includes (i) any and all shares, interests, participations or other equivalents
of or interests in (however designated) corporate stock, including, without
limitation, shares of preferred or preference stock, (ii) all partnership
interests (whether general or limited) in any Person which is a partnership,
(iii) all membership interests or limited liability company interests in any
limited liability company, and (iv) all equity or ownership interests in any
Person of any other type.

     “Common Stock” means the
Common Stock, par value $0.001 per share, of the Issuer and any other Capital
Stock into which such stock may hereafter be changed.

     “Common Stock Equivalent”
means any Convertible Security or warrant, option or other right to subscribe
for or purchase any Additional Shares of Common Stock or any Convertible
Security.

     “Common Stock Equivalent
Consideration” has the meaning specified in Section 4 (i) (i) hereof.

     “Convertible Securities”
means evidences of Indebtedness, shares of Capital Stock or other Securities
which are or may be at any time convertible into or exchangeable for Additional
Shares of Common Stock. The term “Convertible Security” means one of the
Convertible Securities.

     “Event of Default” shall
have the meaning set forth in the Loan Agreement.

     “Governmental Authority”
means any governmental, regulatory or self-regulatory entity, department, body,
official, authority, commission, board, agency or instrumentality, whether
federal, state or local, and whether domestic or foreign.

     “Holders” mean the Persons
who shall from time to time own any Warrant. The term “Holder” means one of the
Holders.

     “Independent Appraiser”
means a nationally recognized or major regional investment banking firm or firm
of independent certified public accountants of recognized standing (which may be
the firm that regularly examines the financial statements of the Issuer) that is
regularly engaged in the business of appraising the Capital Stock or assets of
corporations or other entities as going concerns, and which is not affiliated
with either the Issuer or the Holder of any Warrant.

     “Issuer” means Nexaira
Wireless, Inc., a Nevada corporation, and its successors. 

     “Loan” shall have the
meaning set forth in the Loan Agreement.

-16-

     “Loan Agreement” means the
Loan and Security Agreement dated as of May __, 2011 among the Issuer and the
Holder.

     “Obligations” shall have
the meaning set forth in the Loan Agreement.

     “Original Issue Date”
means May __, 2011.

     “OTC Bulletin Board” means
the over-the-counter electronic bulletin board.

     “Other Common” means any
other Capital Stock of the Issuer of any class which shall be authorized at any
time after the date of this Warrant (other than Common Stock) and which shall
have the right to participate in the distribution of earnings and assets of the
Issuer without limitation as to amount.

     “Permitted Issuances”
means: (i) provided such security is issued at a price greater than or equal to
the Warrant Price then in effect; (a) issuances of options, stock grants or
bonus shares issued to employees, officers or directors of the Issuer pursuant
to any compensatory stock option plan existing on the date hereof (and not
amended to increase the shares available thereunder) if such grants were duly
approved by a majority of the non-employee members of the Board of Directors of
the Issuer or a majority of the members of a committee of non-employee directors
established for such purpose and such options have an exercise price in excess
of the Per Share Market Value on the date of grant; (b) issuances of securities
upon the exercise or exchange of or conversion of any securities issued
hereunder and/or securities exercisable or exchangeable for or convertible into
shares of Common Stock issued and outstanding on the Original Issue Date,
provided that such securities have not been amended since the Original Issue
Date to increase the number of such securities or to decrease the exercise,
exchange or conversion price of any such securities; and (c) shares of Common
Stock issued upon conversion of the Loan; and (ii) shares of Common Stock issued
upon conversion in accordance with its terms of the Company’s 10% Convertible
Note in the original principal amount of $400,000 issued to Gemini Master Fund,
Ltd (the “Gemini Loan”).

     “Person” means an
individual, corporation, limited liability company, partnership, joint stock
company, trust, unincorporated organization, joint venture, Governmental
Authority or other entity of whatever nature.

     “Per Share Market Value”
means on any particular date (a) the last trading price on any national
securities exchange on which the Common Stock is listed, or, if there is no such
price, the closing or last trade price for a share of Common Stock in the
over-the-counter market, as reported by the OTC Bulletin Board or in the
National Quotation Bureau Incorporated or similar organization or agency
succeeding to its functions of reporting prices at the close of business on such
date, or (b) if the Common Stock is not then reported by the OTC Bulletin Board
or the OTC Markets Group Inc. (or similar organization or agency succeeding to
its functions of reporting prices), then the average of the “Pink Sheet” quotes
for the Common Stock on such date, or (c) if the Common Stock is not then
publicly traded the fair market value of a share of Common Stock on such date as determined by the Board in good faith;
provided, however, that the Holder, after receipt of the
determination by the Board, shall have the right to select, jointly with the
Issuer, an Independent Appraiser, in which case, the fair market value shall be
the determination by such Independent Appraiser; and provided, further that all determinations of the Per Share Market Value shall be appropriately
adjusted for any stock dividends, stock splits or other similar transactions
during the period between the date as of which such market value was required to
be determined and the date it is finally determined. The determination of fair
market value shall be based upon the fair market value of the Issuer determined
on a going concern basis as between a willing buyer and a willing seller and
taking into account all relevant factors determinative of value, and shall be
final and binding on all parties. In determining the fair market value of any
shares of Common Stock, no consideration shall be given to any restrictions on
transfer of the Common Stock imposed by agreement or by federal or state
securities laws, or to the existence or absence of, or any limitations on,
voting rights.

-17-

     “Securities” means any
debt or equity securities of the Issuer, whether now or hereafter authorized,
any instrument convertible into or exchangeable for Securities or a Security,
and any option, warrant or other right to purchase or acquire any Security.
“Security” means one of the Securities.

     “Securities Act” means the
Securities Act of 1933, as amended, or any similar federal statute then in
effect.

     “Subsidiary” means any
corporation at least 50% of whose outstanding Voting Stock, and a limited
liability company at least 50% of whose membership interests, shall at the time
be owned directly or indirectly by the Issuer or by one or more of its
Subsidiaries.

     “Term” has the meaning
specified in Section 1 hereof.

     “Trading Day” means (a) a
day on which the Common Stock is traded on the OTC Bulletin Board, or (b) if the
Common Stock is not traded on the OTC Bulletin Board, a day on which the Common
Stock is quoted in the over-the-counter market as reported by the OTC Markets
Group Inc. (or any similar organization or agency succeeding its functions of
reporting prices); provided, however, that in the event that the
Common Stock is not listed or quoted as set forth in (a) or (b) hereof, then
Trading Day shall mean any day except Saturday, Sunday and any day which shall
be a legal holiday or a day on which banking institutions in the State of New
York are authorized or required by law or other government action to close.

     “Voting Stock” means, as
applied to the Capital Stock of any corporation, Capital Stock of any class or
classes (however designated) having ordinary voting power for the election of a
majority of the members of the Board of Directors (or other governing body) of
such corporation, other than Capital Stock having such power only by reason of
the happening of a contingency.

-18-

     “Warrants” means the
Warrants issued and sold pursuant to the Loan Agreement, including, without
limitation, this Warrant, and any other warrants of like tenor issued in
substitution or exchange for any thereof pursuant to the provisions of Section
2(c), 2(d) or 2(e) hereof or of any of such other Warrants. 

     “Warrant Consideration”
has the meaning specified in Section 4(i)(i) hereof.

     “Warrant Price” initially
with respect to any share of Warrant Stock means lower of (i) $0.10, (ii) the
price per share of any issuance and sale of Common Stock by the Company between
March 7, 2011 and the Exercisability Date (other than shares of Common Stock
issued pursuant to the Gemini Note) with respect to such share of Warrant Stock
or (iii) the exercise price of any options, warrants or other securities
convertible or exchangeable into shares of Common Stock of the Company issued
and sold by the Company between March 7, 2011 and the Exercisability Date (other
than shares of Common Stock issued pursuant to the Gemini Note) with respect to
such shares of Warrant Stock, as such price may be adjusted from time to time as
shall result from the adjustments specified in this Warrant, including Section 4
hereto.

     “Warrant Share Number”
means at any time the aggregate number of shares of Warrant Stock which may at
such time be purchased upon exercise of this Warrant, after giving effect to all
prior adjustments and increases to such number made or required to be made under
the terms hereof.

     “Warrant Stock” means
Common Stock issuable upon exercise of any Warrant or Warrants or otherwise
issuable pursuant to any Warrant or Warrants.

    9. Other Notices. In case at any time:

	 	(A) 	
      the Issuer shall make any distributions to the holders of
      Common Stock; or

	 	 	 
	 	(B) 	
      the Issuer shall authorize the granting to all holders of
      its Common Stock of rights to subscribe for or purchase any shares of
      Capital Stock of any class or of any Common Stock Equivalents or other
      rights; or

	 	 	 
	 	(C) 	
      there shall be any reclassification of the Capital Stock
      of the Issuer; or

	 	 	 
	 	(D) 	
      there shall be any capital reorganization by the Issuer;
      or

	 	 	 
	 	(E) 	
      there shall be any (i) consolidation or merger involving
      the Issuer or (ii) sale, transfer or other disposition of all or
      substantially all of the Issuer’s property, assets or business (except a
      merger or other reorganization in which the Issuer shall be the surviving
      corporation and its shares of Capital Stock shall continue to be outstanding and unchanged and
      except a consolidation, merger, sale, transfer or other disposition
  involving a wholly-owned Subsidiary); or

-19-

	 	(F) 	
      there shall be a voluntary or involuntary dissolution,
      liquidation or winding-up of the Issuer or any partial liquidation of the
      Issuer or distribution to holders of Common Stock;

then, in each of such cases, the Issuer shall give written
notice to the Holder of the date on which (i) the books of the Issuer shall
close or a record shall be taken for such dividend, distribution or subscription
rights or (ii) such reorganization, reclassification, consolidation, merger,
disposition, dissolution, liquidation or winding-up, as the case may be, shall
take place. Such notice also shall specify the date as of which the holders of
Common Stock of record shall participate in such dividend, distribution or
subscription rights, or shall be entitled to exchange their certificates for
Common Stock for securities or other property deliverable upon such
reorganization, reclassification, consolidation, merger, disposition,
dissolution, liquidation or winding-up, as the case may be. Such notice shall be
given at least twenty (20) days prior to the action in question and not less
than twenty (20) days prior to the record date or the date on which the Issuer’s
transfer books are closed in respect thereto. The Holder shall have the right to
send two (2) representatives selected by it to each meeting, who shall be
permitted to attend, but not vote at, such meeting and any adjournments thereof.
This Warrant entitles the Holder to receive copies of all financial and other
information distributed or required to be distributed to the holders of the
Common Stock.

     10. Amendment and Waiver.
Any term, covenant, agreement or condition in this Warrant may be amended, or
compliance therewith may be waived (either generally or in a particular instance
and either retroactively or prospectively), by a written instrument or written
instruments executed by the Issuer and the Holder.

     11. Governing Law. THIS
WARRANT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK, WITHOUT GIVING EFFECT TO PRINCIPLES OF CONFLICTS OF
LAW.

     12. Notices. Any and all
notices or other communications or deliveries required or permitted to be
provided hereunder shall be in writing and shall be deemed given and effective
on the earlier of (i) the date of transmission, if such notice or communication
is delivered via facsimile at the facsimile telephone number specified for
notice prior to 5:00 p.m., eastern time, on a Trading Day, (ii) the Trading Day
after the date of transmission, if such notice or communication is delivered via
facsimile at the facsimile telephone number specified for notice later than 5:00
p.m., eastern time, on any date and earlier than 11:59 p.m., eastern time, on
such date, (iii) the Trading Day following the date of mailing, if sent by
nationally recognized overnight courier service or (iv) actual receipt by the
party to whom such notice is required to be given. The addresses for such
communications shall be with respect to the Holder of this Warrant or of Warrant
Stock issued pursuant hereto, addressed to such Holder at its last known address or facsimile number appearing on the books of the
Issuer maintained for such purposes, or with respect to the Issuer, addressed
to:

-20-

Nexaira Wireless, Inc.
1404 510
West Hastings Street 
Vancouver, B.C. Canada V6B 1L8 
Attn: Chief
Executive Officer 
Tel: (604) 682-5629 
Fax: (604) 682 1044

with a copy to:

Clark Wilson LLP 
800-885 West
Georgia Street 
Vancouver, BC V6C 3H1 
Canada 
Attn: Virgil Hlus

Tel: (604) 891-7707 
Fax: (604) 687 6314

Copies of notices to the Holder shall be sent to it at 152 West
57th Street, 4th Floor, New York, NY 10019, Attention: David Steinberg, Tel No.:
(212) 582-2222, Fax No.: (212) 582-2424. Any party hereto may from time to time
change its address for notices by giving at least ten (10) days written notice
of such changed address to the other party hereto.

     13. Warrant Agent. The
Issuer may, by written notice to each Holder of this Warrant, appoint an agent
having an office in New York, New York for the purpose of issuing shares of
Warrant Stock on the exercise of this Warrant pursuant to subsection (b) of
Section 2 hereof, exchanging this Warrant pursuant to subsection (d) of Section
2 hereof or replacing this Warrant pursuant to subsection (d) of Section 3
hereof, or any of the foregoing, and thereafter any such issuance, exchange or
replacement, as the case may be, shall be made at such office by such agent.

     14. Remedies. The Issuer
stipulates that the remedies at law of the Holder of this Warrant in the event
of any default or threatened default by the Issuer in the performance of or
compliance with any of the terms of this Warrant are not and will not be
adequate and that, to the fullest extent permitted by law, 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.

     15. Successors and
Assigns. This Warrant and the rights evidenced hereby shall inure to the
benefit of and be binding upon the successors and assigns of the Issuer, the
Holder hereof and (to the extent provided herein) the Holders of Warrant Stock
issued pursuant hereto, and shall be enforceable by any such Holder or Holder of
Warrant Stock.

-21-

     16. Modification and
Severability. If, in any action before any court or agency legally empowered
to enforce any provision contained herein, any provision hereof is found to be
unenforceable, then such provision shall be deemed modified to the extent
necessary to make it enforceable by such court or agency. If any such provision
is not enforceable as set forth in the preceding sentence, the unenforceability
of such provision shall not affect the other provisions of this Warrant, but
this Warrant shall be construed as if such unenforceable provision had never
been contained herein.

     17. Headings. The headings
of the Sections of this Warrant are for convenience of reference only and shall
not, for any purpose, be deemed a part of this Warrant.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

-22-

     IN WITNESS WHEREOF, the
Issuer has executed this Warrant as of the day and year first above written.

	 	NEXAIRA WIRELESS
      INC. 
	 	 	  
	 	 	  
	 	 	  
	 	By:	 
	 	 	Name: 
	 	 	Title: 

-23-

WARRANT
EXERCISE FORM

NEXAIRA WIRELESS, INC.

The undersigned _______________, pursuant to the provisions of
the within Warrant, hereby elects to purchase _____ shares of Common Stock of
Nexaira Wireless, Inc. covered by the within Warrant.

	Dated: 	 	 	Signature 	 
	 	 	 	 	 
	  	 	 	Address 	 
	 	 	 	 	 

Number of shares of Common Stock beneficially owned or deemed
beneficially owned by the Holder on the date of Exercise:
_________________________

The undersigned is an “accredited investor” as defined in
Regulation D under the Securities Act of 1933, as amended.

The undersigned intends that payment of the Warrant Price shall
be made as (check one): 

Cash Exercise_______

Cashless
Exercise_______

If the Holder has elected a Cash Exercise, the Holder shall pay
the sum of $________ by certified or official bank check (or via wire transfer)
to the Issuer in accordance with the terms of the Warrant.

If the Holder has elected a Cashless Exercise, a certificate
shall be issued to the Holder for the number of shares equal to the whole number
portion of the product of the calculation set forth below, which is
___________.

	 	X = Y - (A)(Y) 
	 	                  B
    

Where:

The number of shares of Common Stock to be issued to the Holder
__________________(“X”).

The number of shares of Common Stock purchasable upon exercise
of all of the Warrant or, if only a portion of the Warrant is being exercised,
the portion of the Warrant being exercised ___________________________(“Y”).

The Warrant Price ______________(“A”).

The Per Share Market Value of one share of Common Stock
_______________________(“B”).

-24-

ASSIGNMENT

FOR VALUE RECEIVED, _________________hereby sells, assigns and
transfers unto __________________the within Warrant and all rights evidenced
thereby and does irrevocably constitute and appoint _____________, attorney, to
transfer the said Warrant on the books of the within named corporation.

	Dated: 	 	 	Signature 	 
	 	 	 	 	 
	  	 	 	Address 	 
	 	 	 	 	 

PARTIAL ASSIGNMENT

FOR VALUE RECEIVED, _________________ hereby sells, assigns and
transfers unto __________________ the right to purchase _________shares of
Warrant Stock evidenced by the within Warrant together with all rights therein,
and does irrevocably constitute and appoint ___________________, attorney, to
transfer that part of the said Warrant on the books of the within named
corporation.

	Dated: 	 	 	Signature 	 
	 	 	 	 	 
	  	 	 	Address 	 
	 	 	 	 	 

FOR USE BY THE ISSUER ONLY:

This Warrant No. W-___ canceled (or transferred or exchanged)
this _____ day of ___________, _____, shares of Common Stock issued therefor in
the name of _______________, Warrant No. W-_____ issued for ____ shares of
Common Stock in the name of _______________.

-25-

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