Document:

Exhibit 4.25

 

THIS WARRANT AND THE SECURITIES ISSUABLE
UPON THE EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITES ACT OF 1933, AS AMENDED, AND HAVE BEEN ACQUIRED FOR INVESTMENT
AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISTRIBUTION MAY BE EFFECTED WITHOUT
AN EFFECTIVE REGISTRATION STATEMENT RELATED THERTO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION
IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.

  

WARRANT TO PURCHASE ORDINARY SHARES

 

P.V. Nano Cell Ltd., an Israeli
Company (the “Company”) hereby grants to GTRIMG Investments Ltd. (the “Holder”),
the right to purchase from the Company the number of Ordinary Shares of the Company, nominal value NIS 0.01 (the “Ordinary
Shares”) calculated as described below, subject to the terms and conditions set forth below, at any time on or before
the expiration of the Term (as defined below). This Warrant is one of a series of warrants (collectively with this Warrant, the
“Warrants”) issued or to be issued by the Company pursuant to that certain Convertible Loan Agreement (the
“CLA”), dated October 10, 2018, among the Company and the Holder.

 

Definitions. Capitalized terms used
and not otherwise defined herein shall have the meanings set forth in the CLA.

 

		1.	Number of Ordinary Shares Available for Purchase

 

This Warrant
may be exercised to purchase such number of Company’s Ordinary Shares not to exceed a number that is equal to US$5 million
(assuming provision of the entire Additional Principal under the CLA, and pro rata share in the
event not all of the Additional Principal was provided) divided by the exercise price per each Ordinary Share is as set
forth in Section 2 below (the “Warrant Shares”) (i.e. upon delivery to the Company of US$1 million out of the
total Additional Principal amount, the Warrant Shares total exercise amount shall be US$ 2.5 million). This Warrant will enter
into effect only following and conditioned upon the transfer to the Company by the Holder of the Additional Principal
amount, or part thereof, pursuant to the terms of the CLA, during the Additional Principal Period as defined in the CLA (“Effective
Date”).

 

		2.	Exercise Price

 

The exercise
price for each Warrant Share purchasable hereunder shall be calculated as follows, but in no event shall fall below US$0.17 (the
“Exercise Price”):

 

“EP”
– shall mean the Exercise Price

 

“EPR”
– shall mean the Exercise Price Ratio

 

“Closing
NAV” – shall mean the Total Shareholders’ Equity, as recorded in the most recent audited financial statements of
the Company reported by the Company prior to the Closing Date (as defined in the CLA), i.e. [USD $, 2,802,720 as per the 2017 audited
financial statements].

 

     

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“Exercise
NAV” – shall mean the Total Shareholders’ Equity, as recorded in the most recent audited financial statements of
the Company reported by the Company prior to the notice of exercise.

 

It is agreed that the funds transferred
pursuant to the CLA and the exercise of this Warrant shall not have any effect on the Exercise NAV and any such effect shall be
disregarded.

 

“NI”
– additional cash equity invested in the Company after the Closing Date (as defined in the CLA) and prior to the Exercise
Date which was included in the most recent audited financial statements of the Company reported by the Company prior to the Notice
of Exercise, provided that any changes in the Shareholders Equity due to other transactions which are not cash investments, i.e.
changes due to merger, share swap, sale of assets etc. shall not be deducted under the NI.

 

EPR
= (Exercise NAV – NI) / Closing NAV

 

And

 

EP=
$0.27 X EPR (but not less than US$0.17)

 

It is hereby
clarified that the Exercise Price may be reduced in the event of an Event of Default Special Penalty as described in the CLA.

 

	3.	Term

 

This Warrant
may be exercised, in whole or in part, during the period beginning on the Effective Date hereof and ending on the earlier of: (i)
the Warrant Exercise Period; or (ii) an IPO (as such terms are defined in the CLA) (the “Warrant Term”). If the
Additional Principal is not provided to the Company during the Additional Principal Period, this Warrant shall expire and become
null and void.

 

		4.	Exercise of Warrant

 

This Warrant
may be exercised in whole or in part on one or more occasions during the Warrant Term. The Warrant may be exercised by delivery
to the Company of a duly executed copy of the Notice of Exercise Form enclosed hereto as Annex A,
with exercise date which shall be no earlier than 7 days from the date of receipt of notice by the Company. No fractions
of shares will be issued. The number of Ordinary Shares issued shall be rounded to the nearest whole number.

 

Notwithstanding
anything herein to the contrary (although the Holder may surrender the Warrant to, and receive a replacement Warrant from, the
Company), the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all
of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender
this Warrant to the Company for cancellation within three (3) business days of the date the final Notice of Exercise is delivered
to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available
hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to
the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant
Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise Form within
three (3) business days of delivery of such notice.

 

     

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		a.	Exercise for Cash. This warrant may only be exercised for cash. To exercise for cash, the
Notice of Exercise must be accompanied by payment in full of the amount of the aggregate Exercise Price of the Warrant Shares being
purchased upon such exercise in immediately available funds (check or wire transfer).

 

		b.	Issuance of Shares on Exercise. The Company agrees that the Warrant Shares so purchased
shall be issued as soon as practicable thereafter, and that the Holder shall be deemed the record owner of such Warrant Shares
as of and from the close of business on the date on which this Warrant shall be surrendered, together with payment in full as required
above.

 

		c.	Conditional Exercise.In connection with a sale of all or substantially all of the Company’s
assets or shares to, or the merger or consolidation of the Company with or into, another person or entity or the initial public
offering of the Company’s shares, such exercise may be made conditional upon the completion of such transaction. The
Company undertakes to provide prior written notice to the Holder of any such event detailing all relevant information at least
thirty (30) days prior to such event subject to execution of a non-disclosure agreement with respect to any nonpublic information.

 

		d.	Delivery to Holder. As soon as practicable after the exercise of this Warrant in whole or
in part, the Company shall, as soon as practicable thereafter instruct its transfer agent to issue and deliver to the Holder, a
certificate or certificates (physical or electronic as requested by the Holder) for the number of Warrant Shares to which the Holder
is entitled upon such exercise subject to the required legends, if any, relating to the securities laws and any restrictions thereunder
or any legends required by agreement.

 

		5.	Warrant Confers No Rights of Shareholder

 

Except as otherwise
set forth in this Warrant, the Holder shall not have any rights as a shareholder of the Company with regard to the Warrant Shares
prior to actual exercise resulting in the purchase of any Warrant Shares.

 

		6.	Adjustment of Warrant Price and Number of Warrant
Shares

 

The number
and kind of securities purchasable initially upon the exercise of this Warrant and the Exercise Price shall be subject to adjustment
from time to time upon the occurrence of certain events, as follows:

 

		a.	Adjustment
                                         for Shares Splits and Combinations. If the Company at any time or from time to time
                                         effects a subdivision of the outstanding Ordinary Shares, the number of Ordinary Shares
                                         issuable upon exercise of this Warrant immediately before the subdivision shall be proportionately
                                         increased, and conversely, if the Company at any time or from time to time combines the
                                         outstanding Ordinary Shares, the number of Ordinary Shares issuable upon exercise of
                                         this Warrant immediately before the combination shall be proportionately decreased. Any
                                         adjustment under this Section 6(a) shall become effective at the close of business on
                                         the date the subdivision or combination becomes effective.

 

     

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		b.	Reorganization,
                                         Mergers, Consolidations or Sales of Assets. If at any time from time to time there
                                         is a capital reorganization of the Ordinary Shares (other than a recapitalization, subdivision,
                                         combination, reclassification or exchange of shares provided for elsewhere in this Subsection)
                                         or a merger or consolidation of the Company with or into another corporation, or the
                                         sale of all or substantially all of the Company’s properties and assets to any
                                         other person, then, as a part of such reorganization, merger, consolidation or sale,
                                         provision shall be made so that the Holder shall thereafter be entitled to receive upon
                                         exercise of this Warrant, the number of shares or other securities or property of the
                                         Company, or of the successor corporation resulting from such merger or consolidation
                                         or sale, to which a holder of Ordinary Shares deliverable upon conversion would have
                                         been entitled on such capital reorganization, merger, consolidation or sale. In any such
                                         case (except to the extent any cash or property is received in such transaction), appropriate
                                         adjustment shall be made in the application of the provisions of this Subsection and
                                         the Company’s Articles of Association with respect to the rights of the Holder
                                         after the reorganization, merger, consolidation or sale to the end that the provisions
                                         of this Subsection and the Company’s Articles of Association (including adjustment
                                         of the number of shares of Ordinary Shares issuable upon exercise of this Warrant) shall
                                         be applicable after that event and be as nearly equivalent to the provisions hereof as
                                         may be practicable.

 

		e.	Other
                                         Transactions. If at any time the Company shall issue shares to its shareholders as
                                         a result of a split-off, spin-off or the like, then the Company shall give the Holder
                                         written notice by registered or certified mail, postage prepaid, of the date of which
                                         such split-off, spin-off or the like shall take place. Such notice shall be given at
                                         least 14 (fourteen) days prior to the action in question and not less than 14 (fourteen)
                                         days prior to the record date in respect thereto.

 

		f.	General
                                         Protection. The Company will not, by amendment of its Articles of Association or
                                         through any reorganization, recapitalization, transfer of assets, consolidation, merger,
                                         dissolution, issue or sale of securities or any other voluntary action, avoid or seek
                                         to avoid the observance or performance of any of the terms to be observed or performed
                                         hereunder, or impair the economic interest of the Holder, but will at all times in good
                                         faith assist in the carrying out of all the provisions hereof and in taking of all such
                                         actions and making all such adjustments as may be necessary or appropriate in order to
                                         protect the rights and the economic interests of the Holder against impairment.

 

     

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		g.	Notice
                                         of Capital Changes. If at any time the Company shall offer for subscription pro
                                         rata to the holders of Ordinary Shares any additional shares of any class, other
                                         rights or any equity security of any kind, or there shall be any capital reorganization
                                         or reclassification of the capital shares of the Company, or consolidation or merger
                                         of the Company with, or sale of all or substantially all of its assets to another company
                                         or there shall be a voluntary or involuntary dissolution, liquidation or winding up of
                                         the Company, or other transaction described in this Section 6, then, in any one or more
                                         of said cases, the Company shall give the Holder written notice, by registered or certified
                                         mail, postage prepaid, of the date on which (i) a record shall be taken for such subscription
                                         rights or (ii) such reorganization, reclassification, consolidation, merger, sale, dissolution,
                                         liquidation or winding up shall take place, as the case may be. Such notice shall also
                                         specify the date as of which the holders of record of Ordinary Shares shall participate
                                         in such subscription rights, or shall be entitled to exchange their Ordinary Shares for
                                         securities or other property deliverable upon such reorganization, reclassification,
                                         consolidation, merger, sale, dissolution, liquidation or winding up, as the case may
                                         be. Such written notice shall be given at least thirty (30) days prior to the action
                                         in question and not less than thirty (30) days prior to the record date in respect thereto.

 

		h.	Adjustment
                                         of Exercise Price. Upon each adjustment in the number of Ordinary Shares purchasable
                                         hereunder, the Exercise Price shall be proportionately increased or decreased, as the
                                         case may be, in a manner that is the inverse of the manner in which the number of Ordinary
                                         Shares purchasable hereunder shall be adjusted.

 

		i.	Notice
                                         of Adjustments. Whenever the Exercise Price or the number of Ordinary Shares purchasable
                                         hereunder shall be adjusted pursuant to Section 6 hereof, the Company shall prepare a
                                         certificate signed by the chief executive officer or the chief financial officer of the
                                         Company setting forth, in reasonable detail, the event requiring the adjustment, the
                                         amount of the adjustment, the method by which such adjustment was calculated, and the
                                         Warrant Price and the number of Ordinary Shares purchasable hereunder after giving effect
                                         to such adjustment, and shall cause copies of such certificate to be sent to the Holder.

 

		7.	Transferability

 

This Warrant
may be sold, transferred, assigned or hypothecated by the Holder in accordance with all applicable securities laws. The Holder
shall provide written notice of any such transfer to the Company.

 

		8.	Unregistered
Security

 

Each holder
of this series of Warrants acknowledges that this Warrant and the Warrant Shares have not been registered under the Securities
Act, and agrees not to sell, pledge, distribute, offer for sale, transfer or otherwise dispose of this Warrant and any Warrant
Shares issued upon its exercise in the absence of (i) an effective registration statement under the Securities Act as to this Warrant
and such Warrant Shares and registration or qualification of this Warrant and such Warrant Shares under any applicable U.S. federal
or state securities law then in effect, or (ii) an opinion of counsel, reasonably satisfactory to the Company, that such registration
and qualification are not required.

 

		9.	Shares
Fully Paid

 

The Company
covenants and agrees that all Warrant Shares the Ordinary Shares which may be issued upon the exercise of the rights represented
by this Warrant will, upon issuance, be duly authorized, validly issued, fully paid and nonassessable and free from all preemptive
rights of any stockholder and free of all liens and charges with respect to the issue thereof. The Company will assure that such
Warrant Shares and the Ordinary Shares to be issued as provided herein shall be issued without violation of any applicable law
or regulation. The Company shall register under U.S. securities laws the shares issuable upon exercise hereof as set forth in the
CLA.

 

     

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		10.	Replacement
of Warrants

 

Upon receipt
of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and (in the case
of loss, theft or destruction) upon delivery of an indemnity agreement (with surety if reasonably required) in an amount reasonably
satisfactory to the Company, or (in the case of mutilation) upon surrender and cancellation of this Warrant, the Company will issue,
in lieu thereof, a new Warrant of like tenor.

 

		11.	Mailing of Notices

 

Any notice
required or permitted pursuant hereto shall be made in accordance with the terms of the CLA.

 

		12.	Tax Withholding

 

If the Company
is required to withhold tax at source in connection with the issuance of Warrant Shares upon exercise of the Warrant, then as a
condition to the issuance of the Warrant Shares the Holder shall provide the Company with an appropriate tax withholding exemption
or applicable tax payment.

 

		13.	Applicable Law; Jurisdiction

 

This Warrant
shall be governed by and construed in accordance with the laws of the State of Israel as applicable to contracts between two residents
of the State of Israel entered into and to be performed entirely within the State of Israel. Any dispute arising under or in relation
to this Warrant shall be resolved exclusively in the competent court for Haifa district, and each of the parties hereby submits
irrevocably to the exclusive jurisdiction of such court.

 

		14.	Headings

 

The heading
of this Warrant have been inserted as a matter of convenience only and shall not have any other effect thereon.

 

Dated:
October 10, 2018

 

	 	 	 
	 		 
	 	By:	P.V. Nano Cell Ltd.	 
	 	Name: 	Fernando de la Vega	 
	 	Title:	CEO	 

 

Confirmed and accepted:

 

	 	 
	GTRIMG Investments Ltd. 	 
	 	 	 
	Name:	 	 
	Title:	 	 
	
        Date:
	 	 
	Address:  	 	 

 

     

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Exhibit A

NOTICE OF EXERCISE

 

		To:	P.V. NANO CELL
LTD.

 

(1)
The undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached
Warrant, and tenders herewith payment of an exercise price equal to USD__________, together with all applicable transfer
taxes, if any.

 

(2)
Payment shall take the form in lawful money of the United States;

 

(3)
Please issue a certificate or certificates representing said Warrant Shares in the name of the undersigned.

 

(4)
In exercising this Warrant, the undersigned hereby confirms and acknowledges that the shares of Ordinary Shares are being
acquired solely for the account of the undersigned and not as a nominee for any other party, or for investment, and that the
undersigned will not offer, sell or otherwise dispose of any such shares of Ordinary Shares except under circumstances that
will not result in a violation of the Securities Act of 1933, as amended, or any state securities laws.

 

The Warrant Shares shall be delivered to the following DWAC
Account Number or by physical delivery of a certificate to:

 

_______________________________

 

_______________________________

 

_______________________________

 

[SIGNATURE OF HOLDER]

 

Name of Investing Entity: _______________________________________________________________________

 

Signature of Authorized Signatory of Investing Entity:
_________________________________________________

 

Name of Authorized Signatory: ___________________________________________________________________

 

Title of Authorized Signatory: ____________________________________________________________________

 

Date: _______________________________________________________________Exhibit
4.26

 

SHARE
PURCHASE AGREEMENT

 

THIS
SHARE PURCHASE AGREEMENT (this “Agreement”) is made as of [●] by and among P.V. Nano Cell Ltd.,
a company incorporated under the laws of the State of Israel, with offices located at 8 Hamasger St., PO Box 236, Migdal Ha-Emek,
2310102, Israel (the “Company”) and[●], ID No. [●] (“Investor”).

 

	WHEREAS	The
                                         Company wishes to raise capital of up to US$[●] by means of the sale and
                                         issuance of up to [●] Ordinary Shares of the Company, par value NIS 0.01
                                         each at a price per share of US $1.00 (the “Ordinary Shares”).

 

The
Parties hereby agree as follows:

 

	1.	The
                                         Investor agrees to invest an aggregate amount of $[●], which shall be transferred
                                         to the Company within 7 days of the signing of this Agreement (the “Investment
                                         Amount”).

 

	2.	In
                                         consideration for the Investment Amount, the Company shall issue the Investor [●]
                                         Ordinary Shares.

 

	3.	Further
                                         to Section 1 above, it is agreed that upon receipt by the Company of the Investment Amount,
                                         the Company will also grant the Investor [●] warrants to purchase [●] Ordinary
                                         Shares of the Company par value NIS 0.01 each, at an exercise price per share of US $0.50
                                         for a period of 5 years.

 

(The
number of warrants shall be calculated at a ratio as per the following example: An investment amount of US $50,000 shall entitle
to Investor to 133,333 warrants).

 

	4.	The
                                         Ordinary Shares in consideration for the Investment Amount and the exercise of warrants
                                         hereunder shall have the rights, preferences and privileges as set forth in the Articles
                                         of Association of the Company.

 

	5.	Transfer
                                         Restrictions. The Ordinary Shares issued in consideration of the Investment Amount and
                                         the exercise of warrants may only be disposed of in compliance with applicable Israeli
                                         and US state and federal securities laws. In connection with any transfer of the Ordinary
                                         Shares other than pursuant to an effective registration statement or Rule 144 to an Affiliate
                                         of the Investor or in connection with a pledge, the Company may require the transferor
                                         thereof to provide, at the transferor’s expense, an opinion of counsel selected
                                         by the transferor and reasonably acceptable to the Company, the form and substance of
                                         which opinion shall be reasonably satisfactory to the Company, to the effect that such
                                         transfer does not require registration of such transferred shares under the Securities
                                         Act.

 

	6.	This
                                         Agreement shall be governed by and construed solely in accordance with the laws of the
                                         State of Israel, without giving effect to the rules respecting conflict of law. The Parties
                                         hereby irrevocably submit to the jurisdiction of the courts of Haifa in respect of any
                                         dispute or matter arising out of or connected with this Agreement.
	 	 

	7.	This
                                         Agreement may be executed in one or more counterparts, each of which shall be deemed
                                         an original and all of which together shall constitute one and the same instrument. Facsimile
                                         or scanned signatures of a Party shall be binding as evidence of such Party’s agreement
                                         hereto and acceptance hereof.

 

IN
WITNESS WHEREOF, each Investor and the Company have caused their respective signature page to this Agreement to be duly executed
as of the date first written above.

 

	INVESTOR:
	 	COMPANY:

	 

                                                          

                                                         By:
                                         [●]
	 	P.V.
                                         NANO CELL LTD.

         

        By:
Dr. Fernando de la Vega, Director

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