Document:

Exhibit 4.4

 

WARRANT AGENCY AGREEMENT

  

INNOVATIVE EYEWEAR, INC.

 

and

 

vstock
transfer, llc, as

Warrant Agent

  

Dated as of [______], 2022

  

     

     

    

 

WARRANT AGENCY AGREEMENT

 

WARRANT AGENCY AGREEMENT,
dated as of [____], 2022 (“Agreement”), by and between Innovative Eyewear Inc., a corporation organized under the laws
of the State of Florida (the “Company”), and VStock Transfer, LLC, a limited liability company organized under the
laws of the State of [___] (the “Warrant Agent”).

 

W I T N E S S E T H

 

WHEREAS,
pursuant to a public offering by the Company of [____] Units (the “Offering”), with each Unit consisting of one share
of common stock of the Company, par value $0.00001 per share (the “Common Stock”), one
Series A Common Stock Purchase Warrant (collectively, the “Series A Warrants”)
to purchase one shares of Common Stock (the “Series
A Warrant Shares”) at an exercise price of $[__] per share,
and one Series B Common Stock Purchase Warrant (collectively, the “Series B Warrants” and together with the Series
A Warrants, the “Warrants”) to purchase one share of Common Stock at an exercise price of $[__] per share (the “Series
B Warrant Shares” and together with the Series A Warrant Shares, the “Warrant Shares”);
and

 

WHEREAS,
the Company granted an over-allotment option (the “Over-Allotment Option”) to the Underwriters to purchase up to an
additional [___] shares of Common Stock, Series A Warrants to purchase up to an additional [____] shares of Common Stock and/or
Series B Warrants to purchase up to an additional [____] shares of Common Stock (equal to 15% of
the number of shares of Common Stock, Series A Warrants and/or Series B Warrants
underlying the Units sold in the Offering) from the Company in any combination thereof; and

 

WHEREAS,
upon the terms and subject to the conditions hereinafter set forth and pursuant to an effective registration statement on Form S-1, as
amended (File No. 333-261616) (the “Registration Statement”), and the terms and conditions of the Warrant Certificates,
the Company wishes to issue the Series A Warrants and Series B Warrants in
book entry form entitling the respective holders of the Warrants (the “Holders,” which term shall include a Holder’s
transferees, successors and assigns and “Holder” shall include, if the Warrants are held in “street name,” a Participant
(as defined below) or a designee appointed by such Participant); and

 

WHEREAS,
the shares of Common Stock, the Series A Warrants and the Series B Warrants to
be issued in connection with the Offering (excluding the Over-Allotment Option) shall be immediately separable and will be issued separately,
but will be purchased together in the Offering; and

 

WHEREAS,
the Company wishes the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing so to act, in connection with the
issuance, registration, transfer, exchange, exercise and replacement of the Series A Warrants and
the Series B Warrants and, in the Warrant Agent’s capacity as the Company’s transfer agent,
the delivery of the Warrant Shares.

 

NOW, THEREFORE, in
consideration of the premises and the mutual agreements herein set forth, the parties hereby agree as follows:

 

Section 1. Certain
Definitions. For purposes of this Agreement, all capitalized terms not herein defined shall have the meanings hereby indicated:

 

(a) “Affiliate”
has the meaning ascribed to it in Rule 12b-2 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

 

(b) “Business Day”
means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized or required by
law to remain closed; provided, however, for clarification, commercial banks shall not be deemed to be authorized
or required by law to remain closed due to “stay at home”, “shelter-in-place”, “non-essential employee”
or any other similar orders or restrictions or the closure of any physical branch locations at the direction of any governmental authority
so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in The City of New York generally
are open for use by customers on such day.

  

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(c) “Close of Business”
on any given date means 5:00 p.m., New York City time, on such date; provided, however, that if such date is not
a Business Day it means 5:00 p.m., New York City time, on the next succeeding Business Day.

 

(d) “Person”
means an individual, corporation, association, partnership, limited liability company, joint venture, trust, unincorporated organization,
government or political subdivision thereof or governmental agency or other entity.

 

(e)
“Warrant Certificate” means each certificate in substantially the form attached
as Exhibit1-A hereto (Series A Warrants) and Exhibit 1-B hereto (“Series
B Warrants”), representing such number of Warrant Shares as is indicated therein, provided that any
reference to the delivery of a Warrant Certificate in this Agreement shall include delivery of a Definitive Certificate or a Global Warrant
(each as defined below).

 

All other capitalized terms
used but not otherwise defined herein shall have the meaning ascribed to such terms in the Warrant Certificate.

 

Section 2. Appointment
of Warrant Agent. The Company hereby appoints the Warrant Agent to act as agent for the Company in accordance with the terms and conditions
hereof, and the Warrant Agent hereby accepts such appointment.

 

Section 3. Global
Warrants.

 

(a)
The Series A Warrants and the Series B Warrants shall each
be registered securities and shall be initially evidenced by a global warrant (the “Global Warrant”),
in the form of the applicable Warrant Certificate, which shall be deposited with the Warrant Agent
and registered in the name of Cede & Co., a nominee of The Depository Trust Company (the “Depositary”), or as otherwise
directed by the Depositary. Ownership of beneficial interests in the Warrants shall be shown on, and the transfer of such ownership shall
be effected through, records maintained by (i) the Depositary or its nominee for each Global Warrant or (ii) institutions that have accounts
with the Depositary (such institution, with respect to a Warrant in its account, a “Participant”).

 

(b) If the Depositary subsequently
ceases to make its book-entry settlement system available for the Warrants, the Company may instruct the Warrant Agent regarding other
arrangements for book-entry settlement. In the event that the Warrants are not eligible for, or it is no longer necessary to have the
Warrants available in, book-entry form, the Warrant Agent shall provide written instructions to the Depositary to deliver to the Warrant
Agent for cancellation each Global Warrant, and the Company shall instruct the Warrant Agent to deliver to each Holder a Warrant Certificate.

  

(c)
A Holder has the right to elect at any time or from time to time a Warrant Exchange (as defined below) pursuant to a Warrant Certificate
Request Notice (as defined below). Upon written notice by a Holder to the Company and the Warrant Agent for the exchange of some or all
of such Holder’s Global Warrants for a separate certificate in the form attached hereto as Exhibit 1-A or
Exhibit 1-B, as the case may be (such separate certificate, a “Definitive Certificate”)
evidencing the same number of Warrants, which request shall be in the form attached hereto as Exhibit 2 (a “Warrant
Certificate Request Notice” and the date of delivery of such Warrant Certificate Request Notice by the Holder, the “Warrant
Certificate Request Notice Date” and the surrender by the Holder to the Warrant Agent of a number of Global Warrants for the
same number of Warrants evidenced by a Warrant Certificate, a “Warrant Exchange”), the Company and the Warrant Agent
shall promptly effect the Warrant Exchange and the Company and the Warrant Agent shall promptly issue
and deliver to the Holder a Definitive Certificate for such number of Warrants in the name set forth in the Warrant Certificate Request
Notice. Such Definitive Certificate shall be dated the original issue date of the Warrants, shall be executed by facsimile by
an authorized signatory of the Company, shall be in the form attached hereto as Exhibit 1-A or Exhibit 1-B, as the
case may be, and shall be reasonably acceptable in all respects to such Holder. In connection with
a Warrant Exchange, the Company and the Warrant Agent agree to deliver the Definitive Certificate
to the Holder within ten (10) Business Days of the Warrant Certificate Request Notice pursuant to the delivery instructions in the Warrant
Certificate Request Notice (“Warrant Certificate Delivery Date”). If the Company and the Warrant Agent fail
for any reason to deliver to the Holder the Definitive Certificate subject to the Warrant Certificate Request
Notice by the Warrant Certificate Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty,
for each $1,000 of Warrant Shares evidenced by such Definitive Certificate (based on the VWAP (as defined in the Warrants) of the Common
Stock on the Warrant Certificate Request Notice Date), $10 per Business Day for each Business Day after such Warrant Certificate Delivery
Date until such Definitive Certificate is delivered or, prior to delivery of such Warrant Certificate, the Holder rescinds such Warrant
Exchange. The Company covenants and agrees that, upon the date of delivery of the Warrant Certificate Request Notice, the Holder shall
be deemed to be the holder of the Definitive Certificate and, notwithstanding anything to the contrary set forth herein, the Definitive
Certificate shall be deemed for all purposes to contain all of the terms and conditions of the Warrants evidenced by such Warrant Certificate
and the terms of this Agreement. Notwithstanding anything herein to the contrary, the Warrant Agent shall
act as warrant agent with respect to any Definitive Certificate requested and issued pursuant to this section. Notwithstanding anything
to the contrary contained in this Agreement, in the event of inconsistency between any provision in this Agreement and any provision in
a Definitive Certificate, as it may from time to time be amended, the terms of such Definitive Certificate shall control.

 

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(d)
A Holder of a Definitive Certificate (pursuant to a Warrant Exchange or otherwise) has the right to elect at any time or from time to
time a Global Warrants Exchange (as defined below) pursuant to a Global Warrants Request Notice (as defined below). Upon written notice
by a Holder to the Company and the Warrant Agent for the exchange of some or all of such Holder’s
Warrants evidenced by a Definitive Certificate for a beneficial interest in Global Warrants held in book-entry form through the Depositary
evidencing the same number of Warrants, which request shall be in the form attached hereto as Exhibit 3 (a “Global
Warrants Request Notice” and the date of delivery of such Global Warrants Request Notice by the Holder, the “Global
Warrants Request Notice Date” and the surrender upon delivery by the Holder of the Warrants evidenced by Definitive Certificates
for the same number of Warrants evidenced by a beneficial interest in Global Warrants held in book-entry form through the Depositary,
a “Global Warrants Exchange”), the Warrant Agent shall promptly effect the Global
Warrants Exchange and shall promptly issue and deliver to the Holder Global Warrants for such number of Warrants in the Global Warrants
Request Notice, which beneficial interest in such Global Warrants shall be delivered by the Depositary’s Deposit or Withdrawal
at Custodian system to the Holder pursuant to the instructions in the Global Warrants Request Notice. In connection with a Global Warrants
Exchange, the Warrant Agent shall deliver the beneficial interest in such Global Warrants to the
Holder within ten (10) Business Days of the Global Warrants Request Notice pursuant to the delivery instructions in the Global Warrant
Request Notice (“Global Warrants Delivery Date”). If the Company fails for any reason to deliver to the Holder Global
Warrants subject to the Global Warrants Request Notice by the Global Warrants Delivery Date, the Company shall pay to the Holder, in cash,
as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares evidenced by such Global Warrants (based on the VWAP (as
defined in the Warrants) of the Common Stock on the Global Warrants Request Notice Date), $10 per Business Day for each Business Day after
such Global Warrants Delivery Date until such Global Warrants are delivered or, prior to delivery of such Global Warrants, the Holder
rescinds such Global Warrants Exchange. The Company covenants and agrees that, upon the date of delivery of the Global Warrants Request
Notice, the Holder shall be deemed to be the beneficial holder of such Global Warrants.

 

Section
4. Form of Warrant Certificates. The Warrant Certificate, together with the form of election to purchase Common Stock (“Notice
of Exercise”) and the form of assignment to be printed on the reverse thereof, shall be in the form of Exhibit 1-A
or Exhibit 1-B, as the case may be..

  

Section
5. Countersignature and Registration. The Global Warrants shall be executed on behalf
of the Company by its Chief Executive Officer, Chief Financial Officer or Vice President, by facsimile signature, and have affixed thereto
the Company’s seal or a facsimile thereof which shall be attested by the Secretary or an Assistant Secretary of the Company, by
facsimile signature. The Global Warrants shall be countersigned by the Warrant Agent by facsimile
signature and shall not be valid for any purpose unless so countersigned. In case any officer of the Company who shall have signed any
of the Global Warrants shall cease to be such officer of the Company before countersignature by the
Warrant Agent and issuance and delivery by the Company, such Global Warrants, nevertheless, may be
countersigned by the Warrant Agent, issued and delivered with the same force and effect as though the person who signed such Global Warrants
had not ceased to be such officer of the Company; and any Global Warrant may be signed on behalf of the
Company by any person who, at the actual date of the execution of such Global Warrant, shall be a proper officer of the Company to sign
such Global Warrant, although at the date of the execution of this Warrant Agreement any such person was not such an officer.

 

The
Warrant Agent will keep or cause to be kept at one of its offices, or at the office of one of its agents, books for registration and transfer
of the Global Warrants issued hereunder. Such books shall show the names and addresses of the respective Holders of the Global Warrant,
the number of warrants evidenced on the face of each of such Global Warrant and the date of each of such Global Warrant. The Warrant Agent
will create a special account for the issuance of Global Warrants. The Warrant Agent will keep or cause to be kept at one of its offices,
books for the registration and transfer of any Definitive Certificates issued hereunder. Such Warrant Agent books
shall show the names and addresses of the respective Holders of the Definitive Certificates, the number of warrants evidenced on the face
of each such Definitive Certificate and the date of each such Definitive Certificate.

 

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Section
6. Transfer, Split Up, Combination and Exchange of Warrant Certificates; Mutilated, Destroyed, Lost or Stolen Warrant Certificates.
With respect to the Global Warrants, subject to the provisions of each Warrant
Certificate and the last sentence of this first paragraph of Section 6 and subject to applicable law, rules or regulations, or any “stop
transfer” instructions the Company may give to the Warrant Agent, at any time after the closing date of the Offering, and at or
prior to the Close of Business on the Termination Date (as such term is defined in the Warrant Certificate), any Global Warrant or Global
Warrants may be transferred, split up, combined or exchanged for another Global Warrant or Global Warrants, entitling the Holder to purchase
a like number of shares of Common Stock as the Global Warrant or Global Warrants surrendered then entitled such Holder to purchase. Any
Holder desiring to transfer, split up, combine or exchange any Global Warrant shall make such request in writing delivered to the Warrant
Agent, and shall surrender the Global Warrant to be transferred, split up, combined or exchanged at the principal office of the Warrant
Agent. Any requested transfer of Warrants, whether in book-entry form or certificate form, shall be accompanied by reasonable evidence
of authority of the party making such request that may be required by the Warrant Agent. Thereupon the Warrant Agent shall, subject to
the last sentence of this first paragraph of Section 6, countersign and deliver to the Person entitled thereto a Global Warrant or Global
Warrants, as the case may be, as so requested. The Company may require payment from the Holder of a sum sufficient to cover any tax or
governmental charge or any bond or other fees required by the Warrant Agent that may be imposed in connection with any transfer, split
up, combination or exchange of Global Warrants. The Company shall compensate the Warrant Agent per the fee schedule mutually agreed upon
by the parties hereto and provided separately on the date hereof.

   

Upon receipt by the Warrant
Agent of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of a Warrant Certificate, which evidence
shall include an affidavit of loss, or in the case of mutilated certificates, the certificate or portion thereof remaining, and, in case
of loss, theft or destruction, of indemnity in customary form and amount (but, with respect to any Definitive Certificates, shall not
include the posting of any bond by the Holder), and satisfaction of any other reasonable requirements established by Section 8-405 of
the Uniform Commercial Code as in effect in the State of Delaware, and reimbursement to the Company and the Warrant Agent of all reasonable
expenses incidental thereto, and upon surrender to the Warrant Agent and cancellation of the Warrant Certificate if mutilated, the Company
will make and deliver a new Warrant Certificate of like tenor to the Warrant Agent for delivery to the Holder in lieu of the Warrant Certificate
so lost, stolen, destroyed or mutilated.

 

Section 7. Exercise
of Warrants; Exercise Price; Termination Date.

 

(a)
The Warrants shall be exercisable commencing on the Initial Exercise Date. The Warrants shall cease to be exercisable and shall terminate
and become void and callable as set forth in the applicable Warrant Certificate. Subject to the foregoing
and to Section 7(b) below, the Holder of a Warrant may exercise the Warrant in whole or in part upon surrender of the Warrant Certificate,
if required, with the executed Notice of Exercise and payment of the Exercise Price, which may be made, at the option of the Holder, by
wire transfer or by certified or official bank check in United States dollars, to the Warrant Agent at the principal office of the Warrant
Agent or to the office of one of its agents as may be designated by the Warrant Agent from time to time. In the case of the Holder of
a Global Warrant, the Holder shall deliver the executed Notice of Exercise and the payment of the Exercise Price as described herein.
Notwithstanding any other provision in this Agreement, a holder whose interest in a Global Warrant is a beneficial interest in a Global
Warrant held in book-entry form through the Depositary (or another established clearing corporation performing similar functions), shall
effect exercises by delivering to the Depositary (or such other clearing corporation, as applicable) the appropriate instruction form
for exercise, complying with the procedures to effect exercise that are required by the Depositary (or such other clearing corporation,
as applicable). The Company acknowledges that the bank accounts maintained by the Warrant Agent in connection with the services provided
under this Agreement will be in its name and that the Warrant Agent may receive investment earnings in connection with the investment
at Warrant Agent risk and for its benefit of funds held in those accounts from time to time. Neither the Company nor the Holders will
receive interest on any deposits or Exercise Price. No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee
(or other type of guarantee or notarization) of any Notice of Exercise be required. The Company hereby acknowledges and agrees that, with
respect to a holder whose interest in a Global Warrant is a beneficial interest in a Global Warrant held in book-entry form through the
Depositary (or another established clearing corporation performing similar functions), upon delivery of irrevocable instructions to such
holder’s Participant to exercise such warrants, that solely for purposes of Regulation SHO that such holder shall be deemed to have
exercised such warrants.

 

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(b) Upon receipt of a Notice
of Exercise for a Cashless Exercise, provided the requirements for a Cashless Exercise have been met, the Company will promptly calculate
and transmit to the Warrant Agent the number of Warrant Shares issuable in connection with such Cashless Exercise and deliver a copy of
the Notice of Exercise to the Warrant Agent, which shall issue such number of Warrant Shares in connection with such Cashless Exercise.

  

(c) Upon the exercise of the
Warrant Certificate pursuant to the terms of Section 2 of the Warrant Certificate, the Warrant Agent shall cause the Warrant Shares underlying
such Warrant Certificate or Global Warrant to be delivered to or upon the order of the Holder of such Warrant Certificate or Global Warrant,
registered in such name or names as may be designated by such Holder, no later than the Warrant Share Delivery Date (as such term is defined
in the Warrant Certificate). If the Company is then a participant in the DWAC system of the Depositary and either (A) there is an effective
registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by Holder or (B) the Warrant is
being exercised via Cashless Exercise, then the certificates for Warrant Shares shall be transmitted by the Warrant Agent to the Holder
by crediting the account of the Holder’s broker with the Depositary through its DWAC system. For the avoidance of doubt, if the
Company becomes obligated to pay any amounts to any Holders pursuant to Section 2(d)(i) or 2(d)(iv) of the Warrant Certificate, such obligation
shall be solely that of the Company and not that of the Warrant Agent. Notwithstanding anything else to the contrary in this Agreement,
except in the case of a Cashless Exercise, if any Holder fails to duly deliver payment to the Warrant Agent of an amount equal to the
aggregate Exercise Price of the Warrant Shares to be purchased upon exercise of such Holder’s Warrant as set forth in Section 7(a)
hereof by the Warrant Share Delivery Date, the Warrant Agent will not obligated to deliver such Warrant Shares (via DWAC or otherwise)
until following receipt of such payment, and the applicable Warrant Share Delivery Date shall be deemed extended by one day for each day
(or part thereof) until such payment is delivered to the Warrant Agent.

   

(d) The Warrant Agent shall
deposit all funds received by it in payment of the Exercise Price for all Warrants in the account of the Company maintained with the Warrant
Agent for such purpose (or to such other account as directed by the Company in writing) and shall advise the Company via email at the
end of each day on which notices of exercise are received or funds for the exercise of any Warrant are received of the amount so deposited
to its account.

 

Section
8. Cancellation and Destruction of Warrant Certificates. All Warrant Certificates surrendered for the purpose of exercise,
transfer, split up, combination or exchange shall, if surrendered to the Company or to any of its agents, be delivered to the Warrant
Agent for cancellation or in canceled form, or, if surrendered to the Warrant Agent, shall be canceled by it, and no Warrant Certificate
shall be issued in lieu thereof except as expressly permitted by any of the provisions of this Agreement. The Company shall deliver to
the Warrant Agent for cancellation and retirement, and the Warrant Agent shall so cancel and retire, any other Warrant Certificate purchased
or acquired by the Company otherwise than upon the exercise thereof. The Warrant Agent shall destroy such canceled Warrant Certificates,
subject to any applicable law, rule or regulation requiring the Warrant Agent to retain such canceled certificates or subject to
any applicable policies of the Warrant Agent.

 

Section 9. Certain
Representations; Reservation and Availability of Shares of Common Stock or Cash.

 

(a) This Agreement has been
duly authorized, executed and delivered by the Company and, assuming due authorization, execution and delivery hereof by the Warrant Agent,
constitutes a valid and legally binding obligation of the Company enforceable against the Company in accordance with its terms, and the
Warrants have been duly authorized, executed and issued by the Company and, assuming due authentication thereof by the Warrant Agent pursuant
hereto and payment therefor by the Holders as provided in the Registration Statement, constitute valid and legally binding obligations
of the Company enforceable against the Company in accordance with their terms and entitled to the benefits hereof; in each case except
as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium and other similar laws relating to or affecting
creditors’ rights generally or by general equitable principles (regardless of whether such enforceability is considered in a proceeding
in equity or at law).

 

(b) As of the date hereof,
the authorized capital stock of the Company consists of (i) 50,000,000 shares of common stock, of which approximately [___] shares of
Common Stock are issued and outstanding as of [___], 2022, and [___] shares of Common Stock are reserved for issuance upon exercise of
the Warrants, and (ii) 15,000,000 shares of preferred stock, par value $0.00001 per share, of which no shares are issued and outstanding.
Except as disclosed in the Registration Statement, there are no other outstanding obligations, warrants, options or other rights to subscribe
for or purchase from the Company any class of capital stock of the Company.

  

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(c) The Company covenants
and agrees that it will cause to be reserved and kept available out of its authorized and unissued shares of Common Stock or its authorized
and issued shares of Common Stock held in its treasury, free from preemptive rights, the number of shares of Common Stock that will be
sufficient to permit the exercise in full of all outstanding Warrants.

 

(d) The Warrant Agent will
create a special account for the issuance of Common Stock upon the exercise of Warrants.

 

(e) The Company further covenants
and agrees that it will pay when due and payable any and all federal and state transfer taxes and charges which may be payable in respect
of the original issuance or delivery of the Warrant Certificates or certificates evidencing Common Stock upon exercise of the Warrants.
The Company shall not, however, be required to pay any tax or governmental charge which may be payable in respect of any transfer involved
in the transfer or delivery of Warrant Certificates or the issuance or delivery of certificates for Common Stock in a name other than
that of the Holder of the Warrant Certificate evidencing Warrants surrendered for exercise or to issue or deliver any certificate for
shares of Common Stock upon the exercise of any Warrants until any such tax or governmental charge shall have been paid (any such tax
or governmental charge being payable by the Holder of such Warrant Certificate at the time of surrender) or until it has been established
to the Company’s reasonable satisfaction that no such tax or governmental charge is due.

 

Section 10. Common
Stock Record Date. Each Person in whose name any certificate for shares of Common Stock is issued (or to whose broker’s account
is credited shares of Common Stock through the DWAC system) upon the exercise of Warrants shall for all purposes be deemed to have become
the holder of record for the Common Stock represented thereby on, and such certificate shall be dated, the date on which submission of
the Notice of Exercise was made, provided that the Warrant Certificate evidencing such Warrant is duly surrendered (but only if required
herein) and payment of the Exercise Price (and any applicable transfer taxes) is received on or prior to the Warrant Share Delivery Date; provided, however,
that if the date of submission of the Notice of Exercise is a date upon which the Common Stock transfer books of the Company are closed,
such Person shall be deemed to have become the record holder of such shares on, and such certificate shall be dated, the next succeeding
day on which the Common Stock transfer books of the Company are open.

 

Section
11. Adjustment of Exercise Price, Number of Shares of Common Stock or Number of the Company Warrants. The Exercise Price,
the number of shares covered by each Warrant and the number of Warrants outstanding are subject to adjustment from time to time as provided
in Section 3 of each Warrant Certificate. In the event that at any time, as a result of an adjustment
made pursuant to Section 3 of the Warrant Certificate, the Holder of any Warrant thereafter exercised shall become entitled to receive
any shares of capital stock of the Company other than shares of Common Stock, thereafter the number of such other shares so receivable
upon exercise of any Warrant shall be subject to adjustment from time to time in a manner and on terms as nearly equivalent as practicable
to the provisions with respect to the shares contained in Section 3 of the Warrant Certificate and the provisions of Sections 7, 11 and
12 of this Agreement with respect to the shares of Common Stock shall apply on like terms to any such other shares. All Warrants originally
issued by the Company subsequent to any adjustment made to the Exercise Price pursuant to the Warrant Certificate shall evidence the right
to purchase, at the adjusted Exercise Price, the number of shares of Common Stock purchasable from time to time hereunder upon exercise
of the Warrants, all subject to further adjustment as provided herein.

 

Section 12. Certification
of Adjusted Exercise Price or Number of Shares of Common Stock. Whenever the Exercise Price or the number of shares of Common Stock
issuable upon the exercise of each Warrant is adjusted as provided in Section 11 or 13, the Company shall (a) promptly prepare a certificate
setting forth the Exercise Price of each Warrant as so adjusted, and a brief statement of the facts accounting for such adjustment, (b)
promptly file with the Warrant Agent and with each transfer agent for the Common Stock a copy of such certificate and (c) instruct the
Warrant Agent to send a brief summary thereof to each Holder of a Warrant Certificate.

  

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Section 13. Fractional Shares of Common
Stock.

  

(a) The Company shall not
issue fractions of Warrants or distribute Warrant Certificates which evidence fractional Warrants. Whenever any fractional Warrant would
otherwise be required to be issued or distributed, the actual issuance or distribution shall reflect a rounding of such fraction to the
nearest whole Warrant (rounded down).

 

(b) The Company shall not
issue fractions of shares of Common Stock upon exercise of Warrants or distribute stock certificates which evidence fractional shares
of Common Stock. Whenever any fraction of a share of Common Stock would otherwise be required to be issued or distributed, the actual
issuance or distribution in respect thereof shall be made in accordance with Section 2(d)(v) of the Warrant Certificate.

 

Section 14. Conditions
of the Warrant Agent’s Obligations. The Warrant Agent accepts its obligations herein set forth upon the terms and conditions
hereof, including the following to all of which the Company agrees and to all of which the rights hereunder of the Holders from time to
time of the Warrant Certificates shall be subject:

 

	 	(a)	Compensation and Indemnification. The Company agrees promptly to pay the Warrant Agent the compensation detailed on Exhibit 4 hereto for all services rendered by the Warrant Agent and to reimburse the Warrant Agent for reasonable out-of-pocket expenses (including reasonable counsel fees) incurred without gross negligence or willful misconduct finally adjudicated to have been directly caused by the Warrant Agent in connection with the services rendered hereunder by the Warrant Agent. The Company also agrees to indemnify the Warrant Agent for, and to hold it harmless against, any loss, liability or expense incurred without gross negligence, or willful misconduct on the part of the Warrant Agent, finally adjudicated to have been directly caused by Warrant Agent hereunder, including the reasonable costs and expenses of defending against any claim of such liability. The Warrant Agent shall be under no obligation to institute or defend any action, suit, or legal proceeding in connection herewith or to take any other action likely to involve the Warrant Agent in expense, unless first indemnified to the Warrant Agent’s satisfaction. The indemnities provided by this paragraph shall survive the resignation or discharge of the Warrant Agent or the termination of this Agreement. Anything in this Agreement to the contrary notwithstanding, in no event shall the Warrant Agent be liable under or in connection with the Agreement for indirect, special, incidental, punitive or consequential losses or damages of any kind whatsoever, including but not limited to lost profits, whether or not foreseeable, even if the Warrant Agent has been advised of the possibility thereof and regardless of the form of action in which such damages are sought, and the Warrant Agent’s aggregate liability to the Company, or any of the Company’s representatives or agents, under this Section 14(a) or under any other term or provision of this Agreement, whether in contract, tort, or otherwise, is expressly limited to, and shall not exceed in any circumstances, one (1) year’s fees received by the Warrant Agent as fees and charges under this Agreement, but not including reimbursable expenses previously reimbursed to the Warrant Agent by the Company hereunder.

 

	 	(b)	Agent for the Company. In acting under this Warrant Agreement and in connection with the Warrant Certificates, the Warrant Agent is acting solely as agent of the Company and does not assume any obligations or relationship of agency or trust for or with any of the Holders of Warrant Certificates or beneficial owners of Warrants.

                                     

	 	(c)	Counsel. The Warrant Agent may consult with counsel satisfactory to it, which may include counsel for the Company, and the written advice of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in accordance with the advice of such counsel.

  

	 	(d)	Documents. The Warrant Agent shall be protected and shall incur no liability for or in respect of any action taken or omitted by it in reliance upon any Warrant Certificate, notice, direction, consent, certificate, affidavit, statement or other paper or document reasonably believed by it to be genuine and to have been presented or signed by the proper parties.

 

	 	(e)	Certain Transactions. The Warrant Agent, and its officers, directors and employees, may become the owner of, or acquire any interest in, Warrants, with the same rights that it or they would have if it were not the Warrant Agent hereunder, and, to the extent permitted by applicable law, it or they may engage or be interested in any financial or other transaction with the Company and may act on, or as depositary, trustee or agent for, any committee or body of Holders of Warrant Securities or other obligations of the Company as freely as if it were not the Warrant Agent hereunder. Nothing in this Warrant Agreement shall be deemed to prevent the Warrant Agent from acting as trustee under any indenture to which the Company is a party.

 

    8

     

    

 

	 	(f)	No Liability for Interest. Unless otherwise agreed with the Company, the Warrant Agent shall have no liability for interest on any monies at any time received by it pursuant to any of the provisions of this Agreement or of the Warrant Certificates.

 

	 	(g)	No Liability for Invalidity. The Warrant Agent shall have no liability with respect to any invalidity of this Agreement or the Warrant Certificates (except as to the Warrant Agent’s countersignature thereon).

 

	 	(h)	No Responsibility for Representations. The Warrant Agent shall not be responsible for any of the recitals or representations herein or in the Warrant Certificate (except as to the Warrant Agent’s countersignature thereon), all of which are made solely by the Company.

 

	 	(i)	No Implied Obligations. The Warrant Agent shall be obligated to perform only such duties as are herein and in the Warrant Certificates specifically set forth and no implied duties or obligations shall be read into this Agreement or the Warrant Certificates against the Warrant Agent. The Warrant Agent shall not be under any obligation to take any action hereunder which may tend to involve it in any expense or liability, the payment of which within a reasonable time is not, in its reasonable opinion, assured to it. The Warrant Agent shall not be accountable or under any duty or responsibility for the use by the Company of any of the Warrant Certificates authenticated by the Warrant Agent and delivered by it to the Company pursuant to this Agreement or for the application by the Company of the proceeds of the Warrant Certificate. The Warrant Agent shall have no duty or responsibility in case of any default by the Company in the performance of its covenants or agreements contained herein or in the Warrant Certificates or in the case of the receipt of any written demand from a Holder of a Warrant Certificate with respect to such default, including, without limiting the generality of the foregoing, any duty or responsibility to initiate or attempt to initiate any proceedings at law.

  

Section 15. Purchase
or Consolidation or Change of Name of Warrant Agent. Any corporation into which the Warrant Agent or any successor Warrant Agent may
be merged or with which it may be consolidated, or any corporation resulting from any merger or consolidation to which the Warrant Agent
or any successor Warrant Agent shall be party, or any corporation succeeding to the corporate trust business of the Warrant Agent or any
successor Warrant Agent, shall be the successor to the Warrant Agent under this Agreement without the execution or filing of any paper
or any further act on the part of any of the parties hereto, provided that such corporation would be eligible for appointment as a successor
Warrant Agent under the provisions of Section 17. In case at the time such successor Warrant Agent shall succeed to the agency created
by this Agreement any of the Warrant Certificates shall have been countersigned but not delivered, any such successor Warrant Agent may
adopt the countersignature of the predecessor Warrant Agent and deliver such Warrant Certificates so countersigned; and in case at that
time any of the Warrant Certificates shall not have been countersigned, any successor Warrant Agent may countersign such Warrant Certificates
either in the name of the predecessor Warrant Agent or in the name of the successor Warrant Agent; and in all such cases such Warrant
Certificates shall have the full force provided in the Warrant Certificates and in this Agreement.

 

In case at any time the name
of the Warrant Agent shall be changed and at such time any of the Warrant Certificates shall have been countersigned but not delivered,
the Warrant Agent may adopt the countersignature under its prior name and deliver such Warrant Certificates so countersigned; and in case
at that time any of the Warrant Certificates shall not have been countersigned, the Warrant Agent may countersign such Warrant Certificates
either in its prior name or in its changed name; and in all such cases such Warrant Certificates shall have the full force provided in
the Warrant Certificates and in this Agreement.

 

    9

     

    

 

Section 16. Duties of Warrant Agent.
The Warrant Agent undertakes the duties and obligations imposed by this Agreement upon the following terms and conditions, by all of which
the Company, by its acceptance hereof, shall be bound:

 

		(a)	The Warrant Agent may consult with legal counsel reasonably acceptable to the Company (who may be legal counsel for the Company),
and the opinion of such counsel shall be full and complete authorization and protection to the Warrant Agent as to any action taken or
omitted by it in good faith and in accordance with such opinion.

 

(b)
Whenever in the performance of its duties under this Agreement the Warrant Agent shall deem it necessary or desirable that any fact or
matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter (unless other evidence
in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established by a certificate signed
by the Chief Executive Officer, Chief Financial Officer or Vice President of the Company; and such certificate shall be full authentication
to the Warrant Agent for any action taken or suffered in good faith by it under the provisions of this Agreement in reliance upon such
certificate.

  

		(c)	Subject to the limitation set forth in Section 14, the Warrant Agent shall be liable hereunder only for its own gross negligence or
willful misconduct, or for a breach by it of this Agreement.

  

		(d)	The Warrant Agent shall not be liable for or by reason of any of the statements of fact or recitals contained in this Agreement or
in the Warrant Certificate (except its countersignature thereof) by the Company or be required to verify the same, but all such statements
and recitals are and shall be deemed to have been made by the Company only.

 

		(e)	The Warrant Agent shall not be under any responsibility in respect of the validity of this Agreement or the execution and delivery
hereof (except the due execution hereof by the Warrant Agent) or in respect of the validity or execution of any Warrant Certificate (except
its countersignature thereof); nor shall it be responsible for any breach by the Company of any covenant or condition contained in this
Agreement or in any Warrant Certificate; nor shall it be responsible for the adjustment of the Exercise Price or the making of any change
in the number of shares of Common Stock required under the provisions of Section 11 or 13 or responsible for the manner, method or amount
of any such change or the ascertaining of the existence of facts that would require any such adjustment or change (except with respect
to the exercise of Warrants evidenced by the Warrant Certificates after actual notice of any adjustment of the Exercise Price); nor shall
it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any shares of Common
Stock to be issued pursuant to this Agreement or any Warrant Certificate or as to whether any shares of Common Stock will, when issued,
be duly authorized, validly issued, fully paid and nonassessable.

  

		(f)	Each party hereto agrees that it will perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged and
delivered all such further and other acts, instruments and assurances as may reasonably be required by the other party hereto for the
carrying out or performing by any party of the provisions of this Agreement.

 

		(g)	The Warrant Agent is hereby authorized to accept instructions with respect to the performance of its duties hereunder from the Chief
Executive Officer, Chief Financial Officer or Vice President of the Company, and to apply to such officers for advice or instructions
in connection with its duties, and it shall not be liable and shall be indemnified and held harmless for any action taken or suffered
to be taken by it in good faith in accordance with instructions of any such officer, provided Warrant Agent carries out such instructions
without gross negligence or willful misconduct.

 

    10

     

    

 

		(h)	The Warrant Agent and any shareholder, director, officer or employee of the Warrant Agent may buy, sell or deal in any of the Warrants
or other securities of the Company or become pecuniarily interested in any transaction in which the Company may be interested, or contract
with or lend money to the Company or otherwise act as fully and freely as though it were not Warrant Agent under this Agreement. Nothing
herein shall preclude the Warrant Agent from acting in any other capacity for the Company or for any other legal entity.

  

		(i)	The Warrant Agent may execute and exercise any of the rights or powers hereby vested in it or perform any duty hereunder either itself
or by or through its attorney or agents, and the Warrant Agent shall not be answerable or accountable for any act, default, neglect or
misconduct of any such attorney or agents or for any loss to the Company resulting from any such act, default, neglect or misconduct,
provided reasonable care was exercised in the selection and continued employment thereof.

 

Section 17. Change
of Warrant Agent. The Warrant Agent may resign and be discharged from its duties under this Agreement upon 30 days’ notice in
writing sent to the Company and to each transfer agent of the Common Stock, and to the Holders of the Warrant Certificates. The Company
may remove the Warrant Agent or any successor Warrant Agent upon 30 days’ notice in writing, sent to the Warrant Agent or successor
Warrant Agent, as the case may be, and to each transfer agent of the Common Stock, and to the Holders of the Warrant Certificates. If
the Warrant Agent shall resign or be removed or shall otherwise become incapable of acting, the Company shall appoint a successor to the
Warrant Agent. If the Company shall fail to make such appointment within a period of 30 days after such removal or after it has been notified
in writing of such resignation or incapacity by the resigning or incapacitated Warrant Agent or by the Holder of a Warrant Certificate
(who shall, with such notice, submit his Warrant Certificate for inspection by the Company), then the Holder of any Warrant Certificate
may apply to any court of competent jurisdiction for the appointment of a new Warrant Agent, provided that, for purposes of this Agreement,
the Company shall be deemed to be the Warrant Agent until a new warrant agent is appointed. Any successor Warrant Agent, whether appointed
by the Company or by such a court, shall be a corporation organized and doing business under the laws of the United States or of a state
thereof, in good standing, which is authorized under such laws to exercise corporate trust powers and is subject to supervision or examination
by federal or state authority and which has at the time of its appointment as Warrant Agent a combined capital and surplus of at least
$50,000,000. After appointment, the successor Warrant Agent shall be vested with the same powers, rights, duties and responsibilities
as if it had been originally named as Warrant Agent without further act or deed; but the predecessor Warrant Agent shall deliver and transfer
to the successor Warrant Agent any property at the time held by it hereunder, and execute and deliver any further assurance, conveyance,
act or deed necessary for the purpose. Not later than the effective date of any such appointment, the Company shall file notice thereof
in writing with the predecessor Warrant Agent and each transfer agent of the Common Stock, and mail a notice thereof in writing to the
Holders of the Warrant Certificates. However, failure to give any notice provided for in this Section 17, or any defect therein, shall
not affect the legality or validity of the resignation or removal of the Warrant Agent or the appointment of the successor Warrant Agent,
as the case may be.

   

Section 18. Issuance
of New Warrant Certificates. Notwithstanding any of the provisions of this Agreement or of the Warrants to the contrary, the Company
may, at its option, issue new Warrant Certificates evidencing Warrants in such form as may be approved by its Board of Directors to reflect
any adjustment or change in the Exercise Price per share and the number or kind or class of shares of stock or other securities or property
purchasable under the several Warrant Certificates made in accordance with the provisions of this Agreement.

 

    11

     

    

 

Section
19. Notices. Notices or demands authorized by this Agreement to be given or made (i) by the Warrant Agent or by the Holder
of any Warrant Certificate to or on the Company, (ii) subject to the provisions of Section 17, by the Company or by the Holder of any
Warrant Certificate to or on the Warrant Agent or (iii) by the Company or the Warrant Agent to the Holder of any Warrant Certificate shall
be deemed given (a) on the date delivered, if delivered personally, (b) on the first Business Day following the deposit thereof with Federal
Express or another recognized overnight courier, if sent by Federal Express or another recognized overnight courier, (c) on the fourth
Business Day following the mailing thereof with postage prepaid, if mailed by registered or certified mail (return receipt requested),
and (d) the date of transmission, if such notice or communication is delivered via facsimile or email attachment at or prior to 5:30 p.m.
(New York City time) on a Business Day and € the next Business Day after the date of transmission,
if such notice or communication is delivered via facsimile or email attachment on a day that is not a Business Day or later than 5:30
p.m. (New York City time) on any Business Day, in each case to the parties at the following addresses (or at such other address for a
party as shall be specified by like notice):

 

	 	(a)	If to the Company, to:

 

Innovative Eyewear, Inc.

11900 Biscayne Blvd., Suite 630

Miami, Florida, 33181

Attention: Konrad Dabrowski

E-mail
Address: finance@lucyd.co 

 

	 	(b)	If to the Warrant Agent, to:

 

VStock Transfer LLC

18 Lafayette Place

Woodmere, NY 11598 

 

For any notice delivered by
email to be deemed given or made, such notice must be followed by notice sent by overnight courier service to be delivered on the next
business day following such email, unless the recipient of such email has acknowledged via return email receipt of such email.

   

(c) If to the Holder of any
Warrant Certificate to the address of such Holder as shown on the registry books of the Company. Any notice required to be delivered by
the Company to the Holder of any Warrant may be given by the Warrant Agent on behalf of the Company. Notwithstanding any other provision
of this Agreement, where this Agreement provides for notice of any event to a Holder of any Warrant, such notice shall be sufficiently
given if given to the Depositary (or its designee) pursuant to the procedures of the Depositary or its designee.

 

Section 20. Supplements
and Amendments.

 

(a) The Company and the Warrant
Agent may from time to time supplement or amend this Agreement without the approval of any Holders of Global Warrants in order to (i)
add to the covenants and agreements of the Company for the benefit of the Holders of the Global Warrants, (ii) to surrender any rights
or power reserved to or conferred upon the Company in this Agreement, (iii) to cure any ambiguity, (iv) to correct or supplement any provision
contained herein which may be defective or inconsistent with any other provisions herein, or (v) to make any other provisions with regard
to matters or questions arising hereunder which the Company and the Warrant Agent may deem necessary or desirable, provided that such
addition, correction or surrender shall not adversely affect the interests of the Holders of the Global Warrants or Warrant Certificates
in any material respect.

 

(b) In addition to the foregoing,
with the consent of Holders of Warrants entitled, upon exercise thereof, to receive not less than a majority of the shares of Common Stock
issuable thereunder, the Company and the Warrant Agent may modify this Agreement for the purpose of adding any provisions to or changing
in any manner or eliminating any of the provisions of this Warrant Agreement or modifying in any manner the rights of the Holders of the
Global Warrants; provided, however, that no modification of the terms (including but not limited to the adjustments
described in Section 11) upon which the Warrants are exercisable or the rights of holders of Warrants to receive liquidated damages or
other payments in cash from the Company or reducing the percentage required for consent to modification of this Agreement may be made
without the consent of the Holder of each outstanding Warrant Certificate affected thereby; provided further, however,
that no amendment hereunder shall affect any terms of any Warrant Certificate issued in a Warrant Exchange. As a condition precedent to
the Warrant Agent’s execution of any amendment, the Company shall deliver to the Warrant Agent a certificate from a duly authorized
officer of the Company that states that the proposed amendment complies with the terms of this Section 20.

 

Section 21. Successors.
All covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant Agent shall bind and inure to the benefit
of their respective successors and assigns hereunder.

 

Section 22. Benefits
of this Agreement. Nothing in this Agreement shall be construed to give any Person other than the Company, the Holders of Warrant
Certificates and the Warrant Agent any legal or equitable right, remedy or claim under this Agreement. This Agreement shall be for the
sole and exclusive benefit of the Company, the Warrant Agent and the Holders of the Warrant Certificates. Notwithstanding anything to
the contrary contained herein, to the extent any provision of a Warrant Certificate conflicts with any provision of this Agreement, the
provisions of the Warrant Certificate shall govern and be controlling.

 

    12

     

    

 

Section 23. Governing
Law. This Agreement and each Warrant Certificate and Global Warrant issued hereunder shall be governed by, and construed in accordance
with, the laws of the State of New York, without giving effect to the conflicts of law principles thereof.

 

Section 24. Counterparts.
This Agreement may be executed in any number of counterparts and each of such counterparts shall for all purposes be deemed to be an original,
and all such counterparts shall together constitute but one and the same instrument.

 

Section 25. Captions.
The captions of the sections of this Agreement have been inserted for convenience only and shall not control or affect the meaning or
construction of any of the provisions hereof.

  

[Signature page follows]

   

    13

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be duly executed as of the day and year first above written.

 

	 	INNOVATIVE EYEWEAR, INC.
	 	 
	 	By: 	 
	 	 	Name: 
	 	 	Title: 
	 	 
	 	VSTOCK TRANSFER, LLC
	 	 
	 	By:	                                  
	 	 	Name: 
	 	 	Title: 

 

    14

     

    

 

Exhibit 1-A

 

Form of
Series A Warrant Certificate

    

    15

     

    

 

Exhibit 1-B

 

Form of Series B Warrant Certificate

 

    16

     

    

 

Exhibit 2

 

Form of Warrant Certificate Request Notice

 

WARRANT CERTIFICATE REQUEST NOTICE

 

To: VStock Transfer, LLC, as Warrant
Agent for Innovative Eyewear, Inc. (the “Company”)

 

The undersigned Holder of Common Stock
Purchase Warrants (“Warrants”) in the form of Global Warrants issued by the Company hereby elects to receive a Warrant
Certificate evidencing the Warrants held by the Holder as specified below:

 

		1.	Name of Holder of Warrants in form of Global Warrants: _____________________________

 

		2.	Name of Holder in Warrant Certificate (if different from name of Holder of Warrants in form of Global Warrants): ________________________________

 

		3.	Number of Warrants in name of Holder in form of Global Warrants: ___________________

 

		4.	Number of Warrants for which Warrant Certificate shall be issued: __________________

 

		5.	Number of Warrants in name of Holder in form of Global Warrants after issuance of Warrant Certificate, if any: ___________

 

		6.	Warrant Certificate shall be delivered to the following address:

 

______________________________

 

______________________________

 

______________________________

 

______________________________

 

The undersigned hereby acknowledges
and agrees that, in connection with this Warrant Exchange and the issuance of the Warrant Certificate, the Holder is deemed to have surrendered
the number of Warrants in form of Global Warrants in the name of the Holder equal to the number of Warrants evidenced by the Warrant Certificate.

 

[SIGNATURE OF HOLDER]

 

Name of Investing Entity: ____________________________________________________

 

Signature of Authorized Signatory of Investing Entity:
______________________________

 

Name of Authorized Signatory: ________________________________________________

 

Title of Authorized Signatory: _________________________________________________

 

Date: _______________________________________________________________

     

    17

     

    

 

Exhibit 3

 

Form of Global Warrant Request Notice

 

GLOBAL WARRANT REQUEST NOTICE

 

To: VStock Transfer, LLC, as Warrant
Agent for Innovative Eyewear, Inc. (the “Company”)

 

The undersigned Holder of Common Stock
Purchase Warrants (“Warrants”) in the form of Warrants Certificates issued by the Company hereby elects to receive
a Global Warrant evidencing the Warrants held by the Holder as specified below:

 

		1.	Name of Holder of Warrants in form of Warrant Certificates: _____________________________

 

		2.	Name of Holder in Global Warrant (if different from name of Holder of Warrants in form of Warrant Certificates): ________________________________

 

		3.	Number of Warrants in name of Holder in form of Warrant Certificates: ___________________

 

		4.	Number of Warrants for which Global Warrant shall be issued: __________________

 

		5.	Number of Warrants in name of Holder in form of Warrant Certificates after issuance of Global Warrant, if any: ___________

 

		6.	Global Warrant shall be delivered to the following address:

 

______________________________

 

______________________________

 

______________________________

 

______________________________

 

The undersigned hereby acknowledges
and agrees that, in connection with this Global Warrant Exchange and the issuance of the Global Warrant, the Holder is deemed to have
surrendered the number of Warrants in form of Warrant Certificates in the name of the Holder equal to the number of Warrants evidenced
by the Global Warrant.

 

[SIGNATURE OF HOLDER]

 

Name of Investing Entity: ____________________________________________________

 

Signature of Authorized Signatory of Investing Entity:
______________________________

 

Name of Authorized Signatory: ________________________________________________

 

Title of Authorized Signatory: _________________________________________________

 

Date: _______________________________________________________________

     

    18

     

    

 

Exhibit 4

 

Warrant Agent Fee Schedule

  

    19Exhibit
10.13

 

 

 

 

 

 

 

 

 

 

Innovative
Eyewear, Inc.

 

 

 

 

 

 

 

Convertible
Note 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

CONTENTS

 

	Clause	 	 	Page
	 	 	 	 
	1.	DEFINITIONS
    AND INTERPRETATION	 	1
	2.	LOAN
    NOTES	 	2
	3.	TERMS	 	2
	4.	NOTE
    CONVERSION	 	2
	5.	REPAYMENT
    AND PREPAYMENT	 	3
	6.	INTEREST	 	3
	7.	CERTIFICATES	 	4
	8.	WARRANTIES
    AND REPRESENTATIONS	 	4
	9.	INDEMNITY
    AND TAX GROSS UP	 	4
	10.	U.S.
    SECURITIES ACT OF 1933	 	5
	11.	HOLDER
    LIABILITIES	 	5
	12.	HOLDER
    OPTION	 	5
	13.	COSTS
    AND EXPENSES	 	5
	14.	COMMUNICATIONS	 	5
	15.	ENTIRE
    AGREEMENT	 	5
	16.	VARIATION	 	6
	17.	ASSIGNMENT	 	6
	18.	NO
    WAIVER	 	6
	19.	RIGHTS
    AND REMEDIES	 	6
	20.	SEVERANCE	 	6
	21.	ARBITRATION	 	6
	22.	GOVERNING
    LAW	 	6
	 	 	 	 
	SCHEDULE 1	Certificate	 	8
	 	 	 	 	 

    - i -

     

    

 

THIS
Convertible Note is executed as a deed effective 1st December 2020
as amended and restated on 1st November 2021.

 

PartY

 

Innovative
Eyewear, Inc. a Forida based company (“Company”).

 

BACKGROUND

 

By
exercising the powers conferred on them by the constitutional documents of the Company, the Company resolved to create unsecured
convertible loan notes up to the principal amount of $3,000,000 USD and to constitute these loan notes in the manner set out in
this Instrument.

 

OPERATIVE
PROVISIONS

 

		1.	DEFINITIONS
                                         AND INTERPRETATION

 

		1.1	In
                                         this Instrument:

 

“Commencement
Date” means the effective date of this Instrument.

 

“Group”
means in relation to a company, that company, each and any subsidiary or holding company from time to time of that company, and
each and any subsidiary from time to time of a holding company of that company or an affiliate.

 

“Holder”
means Lucyd Ltd (09522087) or its assignees which can include group companies such as Tekcapital Europe Limited.

 

“Instrument”
means this unsecured convertible loan note, issued on the Commencement Date which is for the principal amount of $3,000,000 USD,
the terms of which are established herein.

 

“Loan
Note” means the unsecured loan notes of the Company constituted by this Instrument, or the principal amount from time
to time issued or drawn down for a facility as the case may require.

 

“Maturity
Date” means unless converted earlier in accordance with Clause 4 or delayed on mutual written agreement, the principal
and accrued interest on this Instrument shall be due and payable on the third anniversary of this Instrument.

 

“Party”
means the Company or the Holder.

 

		1.2	Construction

 

		1.2.1	Unless
                                         a contrary indication appears a reference in this Instrument to:

 

		(a)	a
                                         “person” includes any individual, firm, company, corporation, government,
                                         state or agency of a state or any association, trust, joint venture, consortium or partnership
                                         (whether or not having separate legal personality);

 

		(b)	a
                                         “regulation” includes any regulation, rule, official directive, request
                                         or guideline (whether or not having the force of law) of any governmental, intergovernmental
                                         or supranational body, agency, department or of any regulatory, self-regulatory or other
                                         authority or organisation;

 

    - 1 -

     

    

 

		(c)	references
                                         in this Instrument to the singular include references to the plural and vice versa; and

 

		(d)	a
                                         provision of law is a reference to that provision as amended or re-enacted.

 

		1.2.2	Section,
                                         Clause and Schedule headings are for ease of reference only.

 

		2.	Loan
                                         Notes

 

		2.1	The
                                         aggregate principal amount of the Loan Notes shall total USD $3,000,000.

 

		2.2	Subject
                                         to this Instrument, the Loan Notes shall rank pari passu equally and rateably without
                                         discrimination or preference between them and as unsecured obligations of the Company
                                         under this Instrument.

 

		2.3	Interest
                                         shall be payable on the Loan Notes in accordance with Clause 6.

 

		2.4	This
                                         Instrument may be one of a series which have the exact same financial terms except as
                                         to the date of issuance and tenor.

 

		3.	TERMS

 

Pursuant
to (i) any services agreement which compensates a Group company of Tekcapital plc, (ii) a direction of the Board and/or (iii)
receipt of any funds then the Loan Notes shall be issued prior to the Maturity Date in denominations and integral multiples of
USD $0.01 (or such other multiples or currency as the Company shall permit) and shall be held subject to the terms set out in
this Instrument.

 

		4.	Note
                                         Conversion

 

		4.1	At
                                         the election of the Holder, the Loan Notes and all interest accrued on them may be converted
                                         anytime after the occurrence of any of the following events (the “Conversion
                                         Events”):

 

		4.1.1	in
                                         the event that the Company consummates an equity financing pursuant to which it raises
                                         an aggregate amount of not less than $750,000 USD;

 

		4.1.2	in
                                         the event that the Company enters into a transaction pursuant to which the Company sells
                                         not less than 10% of the Company’s shares, excluding any and all convertible notes
                                         which are convertible into shares;

 

		4.1.3	in
                                         the event that the Company lists shares on a public exchange; or

 

		4.1.4	the
                                         Holder determines that it wants to convert the Note.

 

Upon
the occurrence of any Conversion Event described in Clause 4.1, the Holder may, by written notice to the Company (the “Conversion
Notice”), convert all, or a portion of, outstanding principal and accrued interest under the Note into that number of
Company shares equal to the quotient obtained by dividing the amount of all outstanding principal and interest of the Note being
converted by the Holder by (i) in the case of Clause 4.1.1 and Clause 4.1.2 above, the per share purchase price paid for by investors
under the terms of such equity financing, (ii) in the case of 4.1.3 above, the closing price of the Company’s trading shares
on the relevant public exchange for the day immediately preceding the date of conversion of the Note or (iii) in the case of 3.1.4
the valuation of the last equity investment.

 

    - 2 -

     

    

 

		4.2	In
                                         the event that the Holder does not effect to convert the entire Note and accrued interest
                                         thereunder before the Maturity Date, the Company shall repay in cash the full principal
                                         amount and all accrued interest on the Note.

 

		4.3	Upon
                                         conversion of the Loan Notes:

 

		4.3.1	the
                                         Company shall issue certificates evidencing the shares; and

 

		4.3.2	the
                                         Holder shall (i) have the same rights provided to a purchaser of the shares in the equity
                                         financing, including without limitation, to the extent granted therein, information and
                                         registration rights and subject to any minimum share ownership thresholds and (ii) join
                                         into any such agreement entered into between the Company and a purchaser of the shares
                                         in such equity financing evidencing the rights described in Clause 4.3.2(i).

 

		4.4	The
                                         Company shall not be required to issue fractional shares upon exercise of the Note. As
                                         to any fractional share that the Holder would otherwise be entitled to upon conversion
                                         then the Company shall pay to the Holder the difference in cash by wire transfer of immediately
                                         available funds.

 

		5.	Repayment
                                         AND PREPAYMENT

 

		5.1	Repayment

The
Company shall repay in full the principal amount and all accrued interest on the Note on or before the Maturity Date.

 

		5.2	Prepayment
                                         

The
Company may with the prior written consent of the Holder, not to be unreasonably withheld, prepay the whole of the Note at any
time prior to receipt of a Conversion Notice. There is no prepayment fee.

 

		5.3	Late
                                         Payment

In
the event that the Company fails to pay any amount due under this Instrument on the Maturity Date then it shall be liable to pay
$150 USD for each day that the overdue amount remains due and payable.

 

		6.	INTEREST

 

		6.1	The
                                         Company will pay to the Noteholders interest (less any withholding tax) on the principal
                                         amount of the Loan Notes for the time being held by them at an annual rate equal to 10
                                         per cent with effect from the date of issue of the Loan Notes until the Maturity Date
                                         in accordance with this Instrument.

 

		6.2	Interest
                                         shall accrue from day-to-day and shall be calculated on the basis of a year of 365 days
                                         and the actual number of days in the period for which it is paid.

 

		6.3	Interest
                                         shall be paid or waived (or, at the election of the Holder in its sole discretion, converted)
                                         simultaneously with the conversion or repayment of the Loan Notes.

 

    - 3 -

     

    

 

		7.	Certificates

 

Each
Noteholder shall be entitled without charge to a certificate for the Loan Notes held by them.

 

		8.	Warranties
                                         and representations

 

The
Company makes the representations and warranties set out in this Clause 8 to the Holder.

 

		8.1	Binding
                                         obligations

That
the obligations expressed to be assumed by it in this Instrument are legal, valid, binding and enforceable obligations.

 

		8.2	Non-conflict
                                         with other obligations

The
entry into and performance by it of, and the transactions contemplated by this Instrument do not and will not conflict with:

 

		8.2.1	any
                                         law or regulation applicable to the Company;

 

		8.2.2	any
                                         of the Company’s organisational and constitutional documents; or

 

		8.2.3	any
                                         agreement or instrument binding upon the Company or any of its assets to the extent such
                                         conflict might reasonably be expected to have a material adverse effect.

 

		8.3	Power
                                         and authority

 

		8.3.1	It
                                         has the power to enter into, perform and deliver, and has taken all necessary action
                                         to authorise its entry into, performance and delivery of, this Instrument.

 

		8.3.2	It
                                         has duly authorised and approved the terms of this Instrument and the issuance of this
                                         Instrument, in each case in accordance with the provisions of the law and its constitutional
                                         documents.

 

		8.4	Validity
                                         and admissibility in evidence

All
Authorisations required or desirable:

 

		8.4.1	to
                                         enable it lawfully to enter into, exercise its rights and comply with its obligations;
                                         and

 

		8.4.2	to
                                         make the documents to which it is a party admissible in evidence in its jurisdiction
                                         of incorporation,

 

have
been obtained or effected and are in full force and effect.

 

		9.	Indemnity
                                         AND TAX GROSS UP

 

		9.1	The
                                         Company shall indemnify and hold harmless the Holder from and against and in respect
                                         of all losses suffered or incurred by the Holder and any reduction in the value of the
                                         Notes held by the Holder, arising out of or in connection with tax, stamp duty, registration
                                         fees or other similar costs.

 

		9.2	All
                                         amounts set out, or expressed to be payable under this Instrument shall be deemed to
                                         be exclusive of any VAT or similar service charge (“Charge”) and if
                                         any amount is chargeable on any supply then the Company shall pay to the Holder (in addition
                                         to and at the same time as paying the consideration) an amount equal to the Charge.

 

    - 4 -

     

    

 

		10.	U.S.
                                         Securities Act of 1933

 

		10.1	The
                                         Company nor any of its affiliates nor any person acting on behalf of any of them has
                                         engaged or will engage in any directed selling efforts (as such term is defined in Regulation
                                         S promulgated under the United States Securities Act of 1933, as amended (the “Securities
                                         Act”)) with respect to the Notes.

 

		10.2	The
                                         Company nor any of its affiliates nor any person acting on behalf of any of them has
                                         made offers or sales of securities under circumstances that would require registration
                                         of the Notes under the Securities Act.

 

		11.	Holder
                                         Liabilities

 

This
Instrument does not confer upon the Holder any liabilities as a shareholder prior to the conversion of the Note.

 

		12.	Holder
                                         Option

 

The
Holder, in its sole discretion, can transfer the Note to a member of the Group and the Company will undertake any action requested
to effect the transfer.

 

		13.	Costs
                                         AND Expenses

 

Except
as provided otherwise in this Instrument, each Party shall pay the costs and expenses incurred by it in connection with this Instrument.

 

		14.	Communications

 

		14.1	Communications
                                         under this Instrument shall be in English in writing and delivered (i) by hand or sent
                                         by recorded delivery post (or airmail, if the destination is outside the country
                                         of origin) to its registered address or (ii) by email as set out below:

 

	Holder
	Email
    address:	minglis@tekcapital.com
	Company
	Email
    address:	info@lucyd.co

 

		14.2	No
                                         press releases or any other forms of communication to third parties, which mention both
                                         Parties, shall be released without the prior written consent and approval of the Holder.

 

		15.	ENTIRE
                                         AGREEMENT

 

		15.1	This
                                         Instrument constitutes the entire agreement between the Parties and supersedes and extinguishes
                                         all previous drafts, agreements, arrangements and understandings between them, whether
                                         written or oral, relating to its subject matter.

 

		15.2	Each
                                         Party acknowledges that in entering into this Instrument it does not rely on, and shall
                                         have no remedies in respect of, any representation or warranty (whether made innocently
                                         or negligently) that is not set out in this Instrument. No Party shall have any claim
                                         for innocent or negligent misrepresentation based upon any statement in this Instrument.

 

		15.3	Nothing
                                         in this Clause shall limit or exclude any liability for fraud.

 

    - 5 -

     

    

 

		16.	Variation

 

No
variation, amendment or modification of this Instrument shall be effective unless it is in writing and signed by or on behalf
of each Party.

 

		17.	Assignment

 

The
Company may not assign or transfer its rights and/or obligations under this Instrument without the prior written consent from
the Holder.

 

		18.	NO
                                         WAIVER

 

No
failure or delay by a Party to exercise any right or remedy provided under this Instrument or by law shall constitute a waiver
of that or any other right or remedy, nor shall it preclude or restrict the further exercise of that or any other right or remedy.
No single or partial exercise of such right or remedy shall preclude or restrict the further exercise of that or any other right
or remedy.

 

		19.	RIGHTS
                                         AND REMEDIES

 

Except
as expressly provided in this Instrument, the rights and remedies provided under this Instrument are in addition to, and not exclusive
of, any rights or remedies provided by law.

 

		20.	SEVERANCE

 

		20.1	If
                                         any court or competent authority finds that any provision of this Instrument (or part
                                         of any provision) is invalid, illegal or unenforceable, that provision or part-provision
                                         shall, to the extent required, be deemed to be deleted, and the validity and enforceability
                                         of the other provisions of this Instrument shall not be affected.

 

		20.2	If
                                         any invalid, unenforceable or illegal provision of this Instrument would be valid, enforceable
                                         and legal if some part of it were deleted, the provision shall apply with the minimum
                                         modification necessary to make it legal, valid and enforceable.

 

		21.	Arbitration

 

Any
dispute arising from or in connection with this Instrument (including a dispute relating to the existence, exercise, validity
or termination of this Instrument or the consequences of its nullity or any non-contractual obligation arising out or in connection
with this Instrument) shall be referred to and finally resolved by arbitration under the Arbitration Rules of the London Court
of International Arbitration (LCIA) by a sole arbitrator with the seat of arbitration in London under the English language.

 

		22.	GOVERNING
                                         LAW

 

This
Instrument and any non-contractual obligations arising out of or in connection with it shall be governed by and construed in accordance
with English Law.

 

    - 6 -

     

    

 

EXECUTed

 

	Signed
                                         as a DEED

By
INNOVATIVE EYEWEAR, INC.

	 	
	 	 	 	 
	Witness:	/s/ 
                                                                                 Konrad                                          Dabrowski	 	 
	 	 	 	 
	Name:	Konrad
                                         Dabrowski	 	 

 

    - 7 -

     

    

 

SCHEDULE
1

 

Certificate

 

INNOVATIVE
EYEWEAR INC (THE “COMPANY”)

 

USD
$[●] UNSECURED CONVERTIBLE LOAN NOTES

 

	Certificate
No	 	 
	Amount USD 	$	 

 

Issued
pursuant to the By Laws of the Company.

 

Dated
[●]

 

THIS
IS TO CERTIFY THAT [●] of [●] is/are the registered holder(s) of USD $[●] of the USD $[●] Convertible
Loan Notes (the “Loan Notes”) constituted by an Instrument entered into by the Company on [●] (the “Instrument”)
and issued with the benefit of, and subject to the provisions contained in the Instrument.

 

Where
the context permits, terms defined in the Instrument shall have the same meaning when used in this Certificate.

 

This
Certificate has been executed as a deed and delivered on the date set out above.

 

	Signed
                                         as a DEED

By
INNOVATIVE EYEWEAR INC

	 	 
	 	 	 
	 	 	 	 
	Witness:	 	 	 
	 	 	 	 
	Name:		 	 
	 	 	 	 
	Address:	 	 	 
	 	 	 	 
	Occupation:	 	 	 

 

    - 8 -

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