Document:

EX-10.20

 Exhibit 10.20 

THE SECURITIES REPRESENTED HEREBY AND THE SECURITIES DELIVERABLE UPON EXERCISE HEREOF HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE
UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”) OR U.S. STATE SECURTIES LAWS. BY PURCHASING OR OTHERWISE HOLDING SUCH SECURITIES, THE HOLDER AGREES FOR THE BENEFIT OF mCLOUD TECHNOLOGIES CORP. (THE
“CORPORATION”) THAT THESE SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, DIRECTLY OR INDIRECTLY, ONLY (A) TO THE CORPORATION; OR (B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER
THE U.S. SECURITIES ACT, IF AVAILABLE, AND IN COMPLIANCE WITH APPLICABLE LOCAL LAWS AND REGULATIONS; OR (C) IN COMPLIANCE WITH THE EXEMPTION FROM THE REGISTRATION REQUIREMENTS UNDER THE U.S. SECURITIES ACT PROVIDED BY (I) RULE 144 OR
(II) RULE 144A THEREUNDER, IF AVAILABLE, AND IN EACH CASE IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS; OR (D) IN ANOTHER TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE STATE
SECURITIES LAWS; OR (E) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE U.S. SECURITIES ACT, PROVIDED THAT, IN THE CASE OF TRANSFERS PURSUANT TO (C) OR (D) ABOVE, THE HOLDER HAS, PRIOR TO SUCH TRANSFER, FURNISHED TO THE
CORPORATION AN OPINION OF COUNSEL OR OTHER EVIDENCE OF EXEMPTION, IN EITHER CASE REASONABLY SATISFACTORY TO THE CORPORATION. DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE “GOOD DELIVERY” IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES
IN CANADA. 
 THESE SECURITIES AND THE SECURITIES ISSUABLE UPON EXERCISE THEREOF HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE
UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. THESE SECURITIES MAY NOT BE EXERCISED IN THE UNITED STATES OR BY OR FOR THE ACCOUNT OR BENEFIT OF A
U.S. PERSON OR A PERSON IN THE UNITED STATES UNLESS THESE SECURITIES AND THE UNDERLYING SECURITIES HAVE BEEN REGISTERED UNDER THE U.S. SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR UNLESS AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS
IS AVAILABLE. “UNITED STATES” AND “U.S. PERSON” ARE AS DEFINED BY REGULATION S UNDER THE U.S. SECURITIES ACT. 

UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE FEBRUARY •, 2023.

 WARRANTS TO PURCHASE COMMON SHARES OF 

mCLOUD TECHNOLOGIES CORP. 

(a company existing pursuant to the laws of British Columbia) 
  

			
	 Warrant Certificate Number:
W-2022-10-01
	  	 Representing • Warrants to

purchase • Common Shares

 THIS IS TO CERTIFY THAT for value received [insert name of registered holder] (the
“Warrantholder”) has the right to purchase in respect of each whole warrant (individually a “Warrant” and collectively the “Warrants”) represented by this certificate or by a replacement certificate
(in either case this “Warrant Certificate”), one fully paid and non-assessable common share (individually, a “Common Share” and collectively, the “Common
Shares” and which terms shall include any shares or other securities to be issued in addition thereto or in substitution or replacement therefor as provided herein) of mCloud Technologies Corp. (the “Corporation”), a
corporation existing under the Business Corporations Act (British Columbia), as constituted on the date hereof at a purchase price (the purchase price in effect from time to time being called the “Exercise Price”) of
USD$• per Common Share, subject to adjustment as provided herein. Subject to the terms and conditions of this Warrant, this Warrant may be exercised at any time, in whole or in part, up to 5:00 p.m. Vancouver time, on •. 

The Corporation agrees that the Common Shares purchased pursuant to the exercise of the Warrants shall be and be deemed to be issued to the
Warrantholder as of the close of business on the date on which this Warrant Certificate shall have been surrendered and payment made for such Common Shares as aforesaid. 

Nothing contained herein shall confer any right upon the Warrantholder to subscribe for or purchase any Common Shares at any time after the
Expiry Time and from and after the Expiry Time the Warrants and all rights under this Warrant Certificate shall be void and of no value. 

The above provisions are subject to the following: 
  

	 1.
	 Exercise: In the event that the Warrantholder desires to exercise the right to purchase Common Shares
conferred hereby, the Warrantholder shall (a) complete to the extent possible in the manner indicated and execute a subscription form in the form attached as Schedule A to this Warrant Certificate, (b) surrender this Warrant Certificate to
the Corporation in accordance with Section 9 of this Warrant Certificate, and (c) pay the amount payable upon the exercise of such Warrants in respect of the Common Shares subscribed for by bank draft, money order or wire transfer in
lawful money of the United States payable to the Corporation or by transmitting same day funds in lawful money of the United States by wire to such account as the Corporation shall direct the Warrantholder. Upon such surrender and payment as
aforesaid, the Warrantholder shall be deemed for all purposes to be the holder of record of the number of Common Shares to be so issued and the Warrantholder shall be entitled to delivery of a certificate or certificates representing such Common
Shares and the Corporation shall cause such certificate or certificates to be delivered to the Warrantholder at the address specified in the subscription form within three business days after such surrender and payment as aforesaid. No fractional
Common Shares will be issuable upon any exercise of the Warrants and the Warrantholder will not be entitled to any cash payment or compensation in lieu of a fractional Common Share. 

 

	 2.
	 Partial Exercise: The Warrantholder may from time to time subscribe for and purchase any lesser
number of Common Shares than the number of Common Shares expressed in this Warrant Certificate. In the event that the Warrantholder subscribes for and purchases any such lesser number of Common Shares prior to the Expiry Time, the Warrantholder
shall be entitled to receive a replacement certificate representing the unexercised balance of the Warrants. 

	 3.
	 Not a Shareholder: The holding of the Warrants shall not constitute the Warrantholder as a
shareholder of the Corporation nor entitle the Warrantholder to any right or interest in respect thereof except as expressly provided in this Warrant Certificate; provided, however, that upon the issuance of Common Shares upon the exercise of the
Warrants in accordance with the terms hereof, the Warrantholder shall be a holder of Common Shares in all respects. 

  

	 4.
	 Covenants, Representations and Warranties: The Corporation hereby represents and warrants that it is
authorized to create and issue the Warrants, which are valid and enforceable against the Corporation, and covenants and agrees that it will cause the Common Shares from time to time subscribed for and purchased in the manner provided in this Warrant
Certificate and the certificate or certificates representing such Common Shares to be issued and that, at all times prior to the Expiry Time, it will reserve and there will remain unissued a sufficient number of Common Shares to satisfy the right of
purchase provided for in this Warrant Certificate. The Corporation hereby further covenants and agrees that, while any of the Warrants shall be outstanding, the Corporation shall (a) comply in all material respects with the securities
legislation applicable to it; and (b) use commercially reasonable efforts to do or cause to be done all things necessary to preserve and maintain its corporate existence. All Common Shares which are issued upon the exercise of the right of
purchase provided in this Warrant Certificate, upon payment therefor of the amount at which such Common Shares may be purchased pursuant to the provisions of this Warrant Certificate, shall be deemed to be fully paid and non-assessable shares and free from all taxes, liens and charges with respect to the issue thereof. The Corporation hereby represents and warrants that this Warrant Certificate is a valid and enforceable obligation
of the Corporation, enforceable in accordance with the provisions of this Warrant Certificate. 

  

	 5.
	 Anti-Dilution Protection: 

 

	 	 (1)
	 Definitions: For the purposes of this Section 4, unless there is something in the subject matter
or context inconsistent therewith, the words and terms defined below shall have the respective meanings specified therefor in this Section 4(1): 

  

	 	 (i)
	 “Adjustment Period” means the period commencing on the date of issue of the Warrants and
ending at the Expiry Time; 

  

	 	 (ii)
	 “Auditors” means such firm of chartered accountants duly appointed as auditors of the
Corporation; 

  

	 	 (iii)
	 “Current Market Price” of the Common Shares at any date means the weighted average of the
trading price per Common Share for such Common Shares for each day there was a closing price for the twenty consecutive Trading Days ending immediately prior to such date on the TSX Venture Exchange or if on such date the Common Shares are not
listed on the TSX Venture Exchange, on such stock exchange upon which such Common Shares are listed, or, if such Common Shares are not listed on any stock exchange then on such
over-the-counter market as may be selected for such purpose by the directors; 

	 	 (iv)
	 “Exchange Rate” means the number of Common Shares subject to the right of purchase under
each Warrant; 

  

	 	 (v)
	 “director” or “director of the Corporation” means a director of the
Corporation for the time being and, unless otherwise specified herein, a reference to action “by the directors” means action by the directors of the Corporation as a board or, whenever empowered, action by any committee of the directors of
the Corporation; and 

  

	 	 (vi)
	 “Trading Day” means, with respect to a stock exchange, a day on which such exchange is open
for the transaction of business and with respect to the over-the-counter market means a day on which the TSX Venture Exchange is open for the transaction of business.

  

	 	 (2)
	 Adjustments: The Exercise Price and the number of Common Shares issuable to the Warrantholder
pursuant to this Warrant Certificate shall be subject to adjustment from time to time in the events and in the manner provided as follows: 

  

	 	 (i)
	 if, at any time during the Adjustment Period, the Corporation shall: 

 

	 	 (A)
	 subdivide, re-divide or change its outstanding Common Shares into a
greater number of Common Shares; 

  

	 	 (B)
	 reduce, combine or consolidate its outstanding Common Shares into a smaller number of Common Shares; or

  

	 	 (C)
	 issue Common Shares or securities exchangeable for, or convertible into, Common Shares to all or
substantially all of the holders of Common Shares by way of distribution (other than a distribution of Common Shares upon the exercise of Warrants); 

the Exercise Price in effect on the effective date of such subdivision, re-division,
change, reduction, combination, consolidation or on the record date of such distribution, as the case may be, shall in the case of the events referred to in Sections 5(2)(i)A or 5(2)(i)C be decreased in proportion to the number of outstanding Common
Shares resulting from such subdivision, re-division, change or distribution, or shall, in the case of the events referred to in Section 5(2)(i)B, be increased in proportion to the number of outstanding
Common Shares resulting from such reduction, combination or consolidation. Such adjustment shall be made successively whenever any event referred to in this Section 5(2)(i) shall occur. Upon any adjustment of the Exercise Price pursuant to
Section 5(2)(i), the Exchange Rate shall be contemporaneously adjusted by multiplying the number of Common Shares theretofore obtainable on the exercise thereof by a fraction of which the numerator shall be the Exercise Price in effect
immediately prior to such adjustment and the denominator shall be the Exercise Price resulting from such adjustment; 

	 	 (ii)
	 if and whenever at any time during the Adjustment Period, the Corporation shall fix a record date for the
issuance of rights, options or warrants to all or substantially all the holders of its outstanding Common Shares entitling them, for a period expiring not more than 45 days after such record date, to subscribe for or purchase Common Shares (or
securities convertible or exchangeable into Common Shares) at a price per Common Share (or having a conversion or exchange price per Common Share) less than 95% of the Current Market Price on such record date (a “Rights Offering”), the
Exercise Price shall be adjusted immediately after such record date so that it shall equal the amount determined by multiplying the Exercise Price in effect on such record date by a fraction, of which the numerator shall be the total number of
Common Shares outstanding on such record date plus a number of Common Shares equal to the number arrived at by dividing the aggregate price of the total number of additional Common Shares offered for subscription or purchase (or the aggregate
conversion or exchange price of the convertible or exchangeable securities so offered) by such Current Market Price, and of which the denominator shall be the total number of Common Shares outstanding on such record date plus the total number of
additional Common Shares offered for subscription or purchase or into which the convertible or exchangeable securities so offered are convertible or exchangeable; any Common Shares owned by or held for the account of the Corporation shall be deemed
not to be outstanding for the purpose of any such computation; such adjustment shall be made successively whenever such a record date is fixed; to the extent that no such rights or warrants are exercised prior to the expiration thereof, the Exercise
Price shall be readjusted to the Exercise Price which would then be in effect if such record date had not been fixed or, if any such rights or warrants are exercised, to the Exercise Price which would then be in effect based upon the number of
Common Shares (or securities convertible or exchangeable into Common Shares) actually issued upon the exercise of such rights or warrants, as the case may be. Upon any adjustment of the Exercise Price pursuant to this Section 5(2)(ii), the
Exchange Rate will be adjusted immediately after such record date so that it will equal the rate determined by multiplying the Exchange Rate in effect on such record date by a fraction, of which the numerator shall be the Exercise Price in effect
immediately prior to such adjustment and the denominator shall be the Exercise Price resulting from such adjustment. Such adjustment will be made successively whenever such a record date is fixed, provided that if two or more such record dates or
record dates referred to in this Section 5(2)(ii) are fixed within a period of 25 Trading Days, such adjustment will be made successively as if each of such record dates occurred on the earliest of such record dates; 

	 	 (iii)
	 if and whenever at any time during the Adjustment Period the Corporation shall fix a record date for the
making of a distribution to all or substantially all the holders of its outstanding Common Shares of (i) securities of any class, whether of the Corporation or of any other entity (other than Common Shares), (ii) rights, options or warrants to
subscribe for or purchase Common Shares (or other securities convertible into or exchangeable for Common Shares), other than pursuant to a Rights Offering; (iii) evidences of its indebtedness or (iv) any property or other assets then, in
each such case, the Exercise Price shall be adjusted immediately after such record date so that it shall equal the price determined by multiplying the Exercise Price in effect on such record date by a fraction, of which the numerator shall be the
total number of Common Shares outstanding on such record date multiplied by the Current Market Price on such record date, less the excess, if any, of the fair market value on such record date, as determined by the Corporation (whose determination
shall be conclusive), of such securities or other assets so issued or distributed over the fair market value of any consideration received therefor by the Corporation from the holders of the Common Shares, and of which the denominator shall be the
total number of Common Shares outstanding on such record date multiplied by such Current Market Price; and Common Shares owned by or held for the account of the Corporation shall be deemed not to be outstanding for the purpose of any such
computation; such adjustment shall be made successively whenever such a record date is fixed; to the extent that such distribution is not so made, the Exercise Price shall be readjusted to the Exercise Price which would then be in effect if such
record date had not been fixed. Upon any adjustment of the Exercise Price pursuant to this Section 5(2)(iii), the Exchange Rate will be adjusted immediately after such record date so that it will equal the rate determined by multiplying the
Exchange Rate in effect on such record date by a fraction, of which the numerator shall be the Exercise Price in effect immediately prior to such adjustment and the denominator shall be the Exercise Price resulting from such adjustment;

	 	 (iv)
	 if and whenever at any time during the Adjustment Period, there is a reclassification of the Common Shares
or a capital reorganization of the Corporation other than as described in Section 5(2)(i) or a consolidation, amalgamation, arrangement or merger of the Corporation with or into any other body corporate, trust, partnership or other entity, or a
sale or conveyance of the property and assets of the Corporation as an entirety or substantially as an entirety to any other body corporate, trust, partnership or other entity, any Warrantholder who has not exercised its right of acquisition prior
to the effective date of such reclassification, capital reorganization, consolidation, amalgamation, arrangement or merger, sale or conveyance, upon the exercise of such right thereafter, shall be entitled to receive upon payment of the Exercise
Price and shall accept, in lieu of the number of Common Shares that prior to such effective date the Warrantholder would have been entitled to receive, the number of shares or other securities or property of the Corporation or of the body corporate,
trust, partnership or other entity resulting from such merger, amalgamation or consolidation, or to which such sale or conveyance may be made, as the case may be, that such Warrantholder would have been entitled to receive on such reclassification,
capital reorganization, consolidation, amalgamation, arrangement or merger, sale or conveyance, if, on the effective date thereof, as the case may be, the Warrantholder had been the registered holder of the number of Common Shares to which prior to
such effective date it was entitled to acquire upon the exercise of the Warrants. If determined appropriate by the directors of the Corporation, relying on advice of counsel, to give effect to or to evidence the provisions of this
Section 5(2)(iv), the Corporation, its successor, or such purchasing body corporate, partnership, trust or other entity, as the case may be, shall, prior to or contemporaneously with any such reclassification, capital reorganization,
consolidation, amalgamation, arrangement, merger, sale or conveyance, enter into a certificate which shall provide, to the extent possible, for the application of the provisions set forth in this Warrant Certificate with respect to the rights and
interests thereafter of the Warrantholder to the end that the provisions set forth in this Warrant Certificate shall thereafter correspondingly be made applicable, as nearly as may reasonably be, with respect to any shares, other securities or
property to which a Warrantholder is entitled on the exercise of its acquisition rights thereafter. Any certificate entered into between the Corporation, any successor to the Corporation or such purchasing body corporate, partnership, trust or other
entity and the Warrantholder shall provide for adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided in this Section 5(2)(iv) and which shall apply to successive reclassifications, capital
reorganizations, amalgamations, consolidations, mergers, sales or conveyances; 

	 	 (v)
	 in any case in which this Section 5(2) shall require that an adjustment shall become effective
immediately after a record date for an event referred to herein, the Corporation may defer, until the occurrence of such event, issuing to the Warrantholder of any Warrant exercised after such event the additional Common Shares issuable upon such
conversion by reason of the adjustment required by such event before giving effect to such adjustment; provided, however, that the Corporation shall deliver to such Warrantholder an appropriate instrument evidencing such Warrantholder’s right
to receive such additional Common Shares upon the occurrence of the event requiring such adjustment and the right to receive any distributions made on such additional Common Shares declared in favour of holders of record of Common Shares on and
after the relevant date of exercise or such later date as such Warrantholder would, but for the provisions of this Section 5(2)(v), have become the holder of record of such additional Common Shares pursuant to Section 5(2);

  

	 	 (vi)
	 in any case in which Section 5(2)(i)C, Section 5(2)(ii) or Section 5(2)(iii) require that an
adjustment be made to the Exercise Price, no such adjustment shall be made if the Warrantholder receives, subject to the approval of the TSX Venture Exchange if required, the rights or warrants referred to in Section 5(2)(i)C,
Section 5(2)(ii) or the shares, rights, options, warrants, evidences of indebtedness or assets referred to in Section 5(2)(iii), as the case may be, in such kind and number as they would have received if they had been holders of Common
Shares on the applicable record date or effective date, as the case may be, by virtue of their outstanding Warrant having then been exercised into Common Shares at the Exercise Price in effect on the applicable record date or effective date, as the
case may be; 

  

	 	 (vii)
	 the adjustments provided for in this Section 5(2) are cumulative, and shall, in the case of adjustments
to the Exercise Price be computed to the nearest whole cent and shall apply to successive subdivisions, re-divisions, reductions, combinations, consolidations, distributions, issues or other events resulting
in any adjustment under the provisions of this Section 5(2), provided that, notwithstanding any other provision of this Section, no adjustment of the Exercise Price shall be required unless such adjustment would require an increase or decrease
of at least 1% in the Exercise Price then in effect; provided, however, that any adjustments which by reason of this Section 5(2)(vii) are not required to be made shall be carried forward and taken into account in any subsequent adjustment; and

  

	 	 (viii)
	 after any adjustment pursuant to this Section 5(2), the term “Common Shares” where used in
this Warrant Certificate shall be interpreted to mean securities of any class or classes which, as a result of such adjustment and all prior adjustments pursuant to this Section 5(2), the Warrantholder is entitled to receive upon the exercise
of his Warrant, and the number of Common Shares indicated by any exercise made pursuant to a Warrant shall be interpreted to mean the number of Common Shares or other property or securities a Warrantholder is entitled to receive, as a result of such
adjustment and all prior adjustments pursuant to this Section 5(2), upon the full exercise of a Warrant. 

	 	 (3)
	 Entitlement to Common Shares on Exercise of Warrant: All Common Shares or shares of any class or
other securities, which a Warrantholder is at the time in question entitled to receive on the exercise of its Warrant, whether or not as a result of adjustments made pursuant to this Section 4, shall, for the purposes of the interpretation of
this Warrant Certificate, be deemed to be Common Shares which such Warrantholder is entitled to acquire pursuant to such Warrant. 

  

	 	 (4)
	 No Adjustment for Certain Transactions: Notwithstanding anything in this Section 4, no
adjustment shall be made in the acquisition rights attached to the Warrants if the issue of Common Shares is being made pursuant to this Warrant Certificate or in connection with (a) any equity incentive plan, share purchase plan or similar
plan in force from time to time for directors, officers, employees, consultants or other service providers of the Corporation; (b) the satisfaction of existing convertible instruments outstanding as at the date hereof; or (c) payment of
dividends in the ordinary course. 

  

	 	 (5)
	 Determination by Auditors: In the event of any question arising with respect to the adjustments
provided for in this Section 4 such question shall be conclusively determined by an independent firm of chartered accountants which may be the Auditors, who shall have access to all necessary records of the Corporation, and such determination
shall be binding upon the Corporation, the directors of the Corporation, all holders and all other persons interested therein. 

  

	 	 (6)
	 Proceedings Prior to any Action Requiring Adjustment: As a condition precedent to the taking of any
action which would require an adjustment in any of the acquisition rights pursuant to any of the Warrants, including the number of Common Shares which are to be received upon the exercise thereof, the Corporation shall take any action which may, in
the opinion of counsel, be necessary in order that the Corporation has unissued and reserved in its authorized capital and may validly and legally issue as fully paid and non-assessable all the Common Shares
which the holders of such Warrants are entitled to receive on the full exercise thereof in accordance with the provisions hereof. 

  

	 	 (7)
	 Certificate of Adjustment: The Corporation shall from time to time immediately after the occurrence
of any event which requires an adjustment or readjustment as provided in Section 4, deliver a certificate of the Corporation to the Warrantholder specifying the nature of the event requiring the same and the amount of the adjustment or
readjustment necessitated thereby and setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based, which certificate shall be supported by a certificate of the Corporation’s Auditors verifying
such calculation. 

	 	 (8)
	 Notice of Special Matters: The Corporation covenants with the Warrantholder that, so long as any
Warrant remains outstanding, it will give notice to the Warrantholder of its intention to fix a record date that is prior to the Expiry Time for any matter for which an adjustment may be required pursuant to Section 5(2). Such notice shall
specify the particulars of such event and the record date for such event, provided that the Corporation shall only be required to specify in the notice such particulars of the event as shall have been fixed and determined on the date on which the
notice is given. The notice shall be given in each case not less than 14 days prior to such applicable record date. If notice has been given and the adjustment is not then determinable, the Corporation shall promptly, after the adjustment is
determinable give notice to the Warrantholder of such adjustment computation. 

  

	 	 (9)
	 No Action after Notice: The Corporation covenants that it will not close its transfer books or take
any other corporate action which might deprive the Warrantholder of the opportunity to exercise its right of acquisition pursuant thereto during the period of 14 days after the giving of the certificate or notices set forth in Section 5(7) and
Section 5(8). 

  

	 	 (10)
	 Other Adjustments: If the Corporation after the date hereof shall take any action affecting the
Common Shares, other than an action described in this Section 4 which, in the opinion of the directors, would have a material adverse effect on the rights of Warrantholder, the Exercise Price or the Exchange Rate, there shall be an adjustment
in such manner, if any, and at such time, by action of the directors, acting reasonably and in good faith, as they may reasonably determine to be equitable to the Warrantholder in such circumstances, provided that no such adjustment will be made
unless prior approval of any stock exchange on which the Common Shares are listed for trading has been obtained. 

  

	 	 (11)
	 Participation by Warrantholder: No adjustments shall be made pursuant to this Section 4 if the
Warrantholder is entitled to participate in any event described in this Section 4 on the same terms, mutatis mutandis, as if the Warrantholder had exercised its Warrants prior to, or on the effective date or record date of, such event.

  

	 6.
	 Further Assurances: The Corporation hereby covenants and agrees that it will do, execute, acknowledge
and deliver, or cause to be done, executed, acknowledged and delivered, all and every such other act, deed and assurance as the Warrantholder shall reasonably require for the better accomplishing and effectuating of the intentions and provisions of
this Warrant Certificate. 

	 7.
	 Time of Essence: Time shall be of the essence of this Warrant Certificate. 

 

	 8.
	 Governing Laws: This Warrant Certificate shall be construed in accordance with the laws of the
Province of British Columbia and the federal laws of Canada applicable therein. 

  

	 9.
	 Notices: All notices or other communications to be given under this Warrant Certificate shall be
delivered by hand or by email and, if delivered by hand, shall be deemed to have been given on the delivery date and, if sent by email, on the date of transmission if sent before 5:00 p.m., Vancouver time, on a business day or, if sent after 5:00
p.m., Vancouver time, or such day is not a business day, on the first business day following the date of transmission. 

  

	 10.
	 Lost Certificate: If this Warrant Certificate or any replacement hereof becomes stolen, lost,
mutilated or destroyed, the Corporation shall, on such terms as it may in its discretion impose, acting reasonably, issue and deliver a new certificate, in form identical hereto but with appropriate changes, representing any unexercised portion of
the subscription rights represented hereby to replace the certificate so stolen, lost, mutilated or destroyed. 

  

	 11.
	 Transfer: The Warrants are non-transferable.

  

	 12.
	 Successors and Assigns: This Warrant Certificate shall enure to the benefit of the Warrantholder and
the successors and permitted assignees thereof and shall be binding upon the Corporation and the successors thereof. 

[The remainder of this page is intentionally left blank.] 

 IN WITNESS WHEREOF the Corporation has caused this Warrant Certificate to be signed by an
authorized officer as of the ___ day of _____________, 2022. 
  

			
	 mCLOUD TECHNOLOGIES CORP.

		
	 By:
	 	  

		 	 Authorized Signing Officer

 SCHEDULE A 

TO: MCLOUD TECHNOLOGIES CORP. 

SUBSCRIPTION FORM 

The undersigned hereby subscribes for _______________ common shares (“Common Shares”) of mCloud Technologies Corp. (the
“Corporation”) (or such other number of Common Shares or other securities to which such subscription entitles the undersigned in lieu thereof or in addition thereto pursuant to the provisions of the warrant certificate (the
“Warrant Certificate”) dated ________________, 2022 issued by the Corporation) at the purchase price of US$_________ per Common Share (or at such other purchase price as may be in effect under the provisions of the Warrant
Certificate) and on and subject to the other terms and conditions specified in the Warrant Certificate and hereunder and encloses herewith a bank draft or money order in lawful money of the United States payable to the Corporation or has transmitted
same day funds by wire to such account as the Corporation directed the undersigned in payment of the subscription price.  
 In
connection with the exercise of these Warrants, the undersigned represents, warrants and certifies to the Corporation as follows (check one): 

☐ 1. The undersigned (i) is not a U.S. person, (ii) is not exercising the Warrants within the United States or for the account
or benefit of a U.S. person or a person in the United States, (iii) is not executing this warrant with the intent to distribute either directly or indirectly any of the Common Shares acquired hereunder in the United States, and (iv) has in
all other respects complied with the terms of Regulation S promulgated by the United States Securities and Exchange Commission under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”)); or 

☐ 2. The undersigned (a) is the original U.S. purchaser who purchased unsecured debentures directly from the Corporation on
____________, 2022, and who executed and delivered a U.S. accredited investor certificate in the form annexed to the subscription agreement in connection with the purchase of convertible debentures, (b) is exercising the Warrants for its own
account or for the account of a disclosed principal, (c) is, and such disclosed principal, if any, is a U.S. “accredited investor” within the meaning of Rule 501(a) of Regulation D under the U.S. Securities Act at the time of exercise
of these Warrants, (d) confirms the representations and warranties of the holder in the U.S. accredited investor certificate remain true and correct as of the date of exercise of these Warrants and
re-affirms the representations and warranties thereto; or 
 ☐ 3. The undersigned holder is
(i) a holder in the United States, (ii) a U.S. Person, (iii) a person exercising for the account or benefit of a U.S. Person, (iv) executing or delivering this exercise form in the United States, or (v) requesting delivery
of the underlying Common Shares in the United States, the undersigned holder has delivered to the Corporation and the Corporation’s transfer agent (1) a completed and executed U.S. Purchaser Letter in substantially the form attached to the
Warrant Certificate as Schedule C, or (2) an opinion of counsel (which will not be sufficient unless it is in form and substance reasonably satisfactory to the Corporation) or such other evidence reasonably satisfactory to the Corporation
to the effect that with respect to the Common Shares to be delivered upon exercise of the Warrants, the issuance of such securities has been registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such
registration requirements is available.. 

 The terms “U.S. person” and “United States” are as defined in Regulation
S under the U.S. Securities Act. 
 The undersigned holder understands that unless Box 1 above is checked, the certificate representing the
Common Shares issued upon exercise of this Warrant will bear a legend set forth below: 
 THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN
AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”) OR U.S. STATE SECURTIES LAWS. BY PURCHASING OR OTHERWISE HOLDING SUCH SECURITIES, THE HOLDER AGREES FOR THE BENEFIT OF mCLOUD
TECHNOLOGIES CORP. (THE “CORPORATION”) THAT THESE SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, DIRECTLY OR INDIRECTLY, ONLY (A) TO CORPORATION; OR (B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF
REGULATION S UNDER THE U.S. SECURITIES ACT, IF AVAILABLE, AND IN COMPLIANCE WITH APPLICABLE LOCAL LAWS AND REGULATIONS; OR (C) IN COMPLIANCE WITH THE EXEMPTION FROM THE REGISTRATION REQUIREMENTS UNDER THE U.S. SECURITIES ACT PROVIDED BY
(I) RULE 144 OR (II) RULE 144A THEREUNDER, IF AVAILABLE, AND IN EACH CASE IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS; OR (D) IN ANOTHER TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY
APPLICABLE STATE SECURITIES LAWS; OR (E) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE U.S. SECURITIES ACT, PROVIDED THAT, IN THE CASE OF TRANSFERS PURSUANT TO (C) OR (D) ABOVE, THE HOLDER HAS, PRIOR TO SUCH TRANSFER, FURNISHED
TO THE CORPORATION AN OPINION OF COUNSEL OR OTHER EVIDENCE OF EXEMPTION, IN EITHER CASE REASONABLY SATISFACTORY TO THE CORPORATION. DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE “GOOD DELIVERY” IN SETTLEMENT OF TRANSACTIONS ON STOCK
EXCHANGES IN CANADA. 
 In addition, the undersigned holder understands that the certificates representing the Common Shares issued on the
exercise of this Warrant may bear the following legend: 
 UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST
NOT TRADE THE SECURITY BEFORE FEBRUARY •, 2023. 

 The undersigned hereby directs that the Common Shares subscribed for be registered and
delivered as follows: 
  

					
	Name in Full	 	Address	 	Number of Common Shares

 DATED this ___ day of _____________, 20____.EX-10.21

 Exhibit 10.21 

UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE [THE DATE THAT IS FOUR MONTHS
PLUS ONE DAY FROM THE CLOSING DATE]. 
 THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED
STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”), OR ANY STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING THESE SECURITIES, AGREES FOR THE BENEFIT OF mCLOUD TECHNOLOGIES CORP. (THE “COMPANY”) THAT
THESE SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO THE COMPANY, (B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904 OF REGULATION S (“REGULATION S”) UNDER THE U.S. SECURITIES ACT AND IN
COMPLIANCE WITH APPLICABLE LOCAL LAWS AND REGULATIONS, (C) WITHIN THE UNITED STATES IN ACCORDANCE WITH (1) RULE 144A UNDER THE U.S. SECURITIES ACT OR (2) RULE 144 UNDER THE U.S. SECURITIES ACT, IF AVAILABLE, AND, IN EACH CASE, IN
COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS, OR (D) IN ANOTHER TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS, PROVIDED THAT IN THE CASE OF TRANSFERS PURSUANT TO (C)(2)
OR (D) ABOVE, A LEGAL OPINION SATISFACTORY TO THE COMPANY MUST FIRST BE PROVIDED TO THE COMPANY’S TRANSFER AGENT. 
 THESE
SECURITIES MAY NOT CONSTITUTE “GOOD DELIVERY” IN SETTLEMENT OF TRANSACTIONS ON CANADIAN STOCK EXCHANGES. IF THE COMPANY IS A “FOREIGN ISSUER” WITHIN THE MEANING OF REGULATION S AT THE TIME OF TRANSFER PURSUANT TO RULE 904 OF
REGULATION S, A NEW CERTIFICATE, BEARING NO LEGEND, MAY BE OBTAINED FROM THE COMPANY’S TRANSFER AGENT UPON DELIVERY OF THIS CERTIFICATE AND A DULY EXECUTED DECLARATION, IN A FORM SATISFACTORY TO THE COMPANY’S TRANSFER AGENT AND THE COMPANY
AND, IF SO REQUIRED BY THE COMPANY’S TRANSFER AGENT, AN OPINION OF COUNSEL TO THE EFFECT THAT THE SALE OF THE SECURITIES REPRESENTED HEREBY IS BEING MADE IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT. 

mCLOUD TECHNOLOGIES CORP. 

15% UNSECURED DEBENTURE DUE • 
  

			
	 DEBENTURE CERTIFICATE NUMBER: CD-2022-•
	  	PRINCIPAL AMOUNT: USD$[•]

 mCLOUD TECHNOLOGIES CORP., a corporation incorporated under the laws of British Columbia (the
“Company”), for value received, hereby acknowledges itself indebted and promises to pay to or to the order of [•] (the “Holder”), the principal amount of $[•] (the “Principal Amount”) in
lawful money of the United States of America in the manner hereinafter provided at the address of the Holder on record with the Company, or at such other place or places as the Holder may designate by notice in writing to the Company, on •, or
such earlier date as the Principal Amount may become due and payable (the “Maturity Date”), and to pay interest to the Holder on the Principal Amount outstanding from time to time owing hereunder to the date of payment as
hereinafter provided, both before and after maturity or demand, default and judgment. 

 The Principal Amount owing, together with all accrued and unpaid interest owing thereon and
all other amounts now or hereafter payable hereunder (collectively, the “Obligations”), shall be due and payable on the Maturity Date in accordance with the terms hereof. This Debenture is issued subject to the terms and conditions
attached hereto as Schedule A. 
 (See terms and conditions attached hereto) 

 IN WITNESS WHEREOF, the Company has caused this Debenture to be executed by a duly
authorized officer of the Company. 
 DATED for reference this _____ day of ________________, 2022. 

 

			
	 mCLOUD TECHNOLOGIES CORP.

		
	 Per:
	 	  

		 	 Authorized Signatory

 Schedule A – Terms and Conditions for 15% Unsecured Debenture 

ARTICLE 1 – INTERPRETATION 

Section 1.1 Definitions 

In this Debenture, the following terms shall have the following meanings: 

(1) “Blockage Event” means the giving of written notice by the Company or any holder of Senior Indebtedness to the Holder
specifying: (a) the occurrence of a default or event of default under any of the terms of any agreement relating to, or instrument evidencing, any Senior Indebtedness; or (ii) the payment proposed to be made with respect to any amount
owing under this Debenture which, if made, would give rise to the occurrence of any default or event of default under any of the terms of any agreement relating to, or instrument evidencing, any Senior Indebtedness; 

(2) “Business Day” means a day other than a Saturday, Sunday or other day on which commercial banks in Vancouver, British
Columbia are authorized by law to close; 
 (3) “Canadian Securities Laws” means the Securities Act (Ontario) and the
securities laws of any other province or territory of Canada, if applicable, and the rules, regulations and policies of any Canadian securities regulatory authority administering such securities laws, as the same shall be in effect from time to
time; 
 (4) “Change of Control” means: 
  

	 	 (a)
	 any transaction (whether by purchase, merger or otherwise) whereby a Person or Persons acting jointly or in
concert directly or indirectly acquires the right to cast, at a general meeting of shareholders of the Company, more than 50% of the votes attached to the Common Shares that may be ordinarily cast at such meeting; 

 

	 	 (b)
	 the Company’s arrangement, amalgamation, consolidation or merger with or into any other Person, any
merger of another Person into the Company, unless the holders of voting securities of the Company immediately prior to such arrangement, amalgamation, consolidation or merger hold securities representing 50% or more of the voting control or
direction in the Company or the successor entity upon completion of the arrangement, amalgamation, consolidation or merger; or 

  

	 	 (c)
	 any conveyance, transfer, sale lease or other disposition of all or substantially all of the Company’s
and the Company’s subsidiaries’ assets and properties, taken as a whole, to a Person acting at arm’s length to the Company; 

(5) “Closing Date” means •, 2022; 

 (6) “Common Shares” means the common shares in the capital of the Company,
or the common shares of the continuing corporation or other resulting issuer formed as a result of a Merger; 
 (7)
“Debentures” means this 15% unsecured debenture and any other 2022 15% Debenture; 
 (8) “Interest Payment
Date” means the last day of March, June, September and December in each year commencing on December 31, 2022, as well as the Maturity Date; 

(9) “Majority Holders” means, at any time, the holders of more than 50% of the principal amount of all 2022 15% Debentures
which are then outstanding; 
 (10) “Merger” means any transaction (whether by way of arrangement, amalgamation, merger,
transfer, sale or lease) whereby all or substantially all of the Company’s assets would become the property of any other Person, or, in the case of any such arrangement, amalgamation or merger, of the continuing corporation or other entity
resulting therefrom; 
 (11) “Offering” means the offering of 2022 15% Debentures to be issued by the Company; 

(12) “Person” means an individual, partnership, corporation, limited liability company, association, trust, unincorporated
organization, or a government or agency or political subdivision thereof; and 
 (13) “Senior Indebtedness” means, unless
expressly subordinated to or made on a parity with the amounts due under this Debenture and each other 2022 15% Debenture, all amounts due in connection with: (a) indebtedness of the Company or any subsidiary thereof to banks or other lending
institutions regularly engaged in the business of lending money; and (b) any such indebtedness or any debentures, notes or other evidence of indebtedness issued in exchange for such Senior Indebtedness, or any indebtedness arising from the
satisfaction of such Senior Indebtedness by a guarantor. 
 Section 1.2 Headings 

The inclusion of headings in this Debenture is for convenience of reference only and shall not affect the construction or
interpretation hereof. 
 Section 1.3 Currency and bank information 

Unless otherwise indicated, all amounts in this Debenture are stated, and shall be paid, in currency of the United States of
America. 
 Wires to be sent to: 

Bank name: HSBC BANK CANADA 

Beneficiary Name: mCloud Technologies Corp. 

Beneficiary Address: #550—510 Burrard Street, Vancouver, BC V6C 3A8 

Account number: 270-679626-070 

Swift code: HKBCCATT 

  
 2 

 Section 1.4 Number, Gender and Persons 

Unless the context otherwise requires, words importing the singular in number only shall include the plural and vice versa,
words importing the use of gender shall include the masculine, feminine and neuter genders and words importing Persons shall include individuals, corporations, partnerships, associations, trusts, unincorporated organizations, governmental bodies and
other legal or business entities. 
 Section 1.5 Severability 

If any provision of this Debenture is determined by a court of competent jurisdiction to be invalid, illegal or unenforceable
in any respect, such determination shall not impair or affect the validity, legality or enforceability of the remaining provisions hereof, and each such provision shall be interpreted in such a manner as to render them valid, legal and enforceable
to the greatest extent permitted by applicable law. Each provision of this Debenture is declared to be separate, severable and distinct. 

Section 1.6 Entire Agreement 

This Debenture, including any schedules attached hereto, constitutes the entire agreement between the Company and the Holder
relating to the subject matter hereof, and supersedes all prior agreements, representations, warranties, statements, promises, information, arrangements, understandings, conditions or collateral agreements, whether oral or written, express or
implied, with respect to the subject matter hereof. 
 Section 1.7 2022 15% Debentures 

This Debenture is one of a series of duly authorized and validly issued unsecured debentures of the Company, ranking pari passu
with each other and differing only as to principal amount, issued by the Company under the Offering (collectively, the “2022 15% Debentures”). 

ARTICLE 2 – PAYMENT OF PRINCIPAL AND INTEREST 

Section 2.1 Repayment of Principal 

Subject to the terms and conditions hereof, the Principal Amount outstanding under this Debenture, together with any accrued
and unpaid interest owing thereon, shall be repaid by the Company to the Holder on the Maturity Date. 
 Section 2.2 Interest
Payable 
 Interest on the Principal Amount outstanding under this Debenture shall be at the simple rate of 15% per
annum, calculated and payable quarterly, not in advance, on the last day of March, June, September and December in each year, accrued from and including the Closing Date, and shall be first payable on December 31, 2022. The December 31,
2023 interest payment will represent accrued interest from the Closing Date to December 31, 2023. For greater certainty, such interest shall be payable before, during or after the occurrence of an Event of Default. 

  
 3 

 Section 2.3 Method of Paying of Interest 

The Company shall satisfy its obligation to pay interest on the Debenture in cash on each applicable Interest Payment Date. For
greater certainty, if the Principal Amount is repaid in full within 180 days following the Closing Date (such date being an “Early Repayment Date”), the Company will, contemporaneously with the payment of the Principal Amount, pay
to the Holder such amount as would result in the aggregate interest paid to the Holder under this Debenture (inclusive of all interest paid up to the Early Repayment Date) being equal to 6 months of interest on the Principal Amount. 

Section 2.4 Rank 

(1) The 2022 15% Debentures will constitute direct unsecured obligations of the Company. Each 2022 15% Debenture will rank pari passu
with each other 2022 15% Debenture in right of payment of principal and interest (regardless of their actual date or terms of issue). Notwithstanding anything in this Debenture to the contrary, the indebtedness evidenced by this Debenture and
each other 2022 15% Debenture is subordinated in right of payment to the prior payment in full of any Senior Indebtedness in existence on the Closing Date or hereafter incurred. 

(2) While this Debenture remains issued and outstanding, the Holder shall at the request of the Company, in respect of the Obligations, enter
into a postponement and subordination agreement with any lender to the Company in connection with the incurrence by the Company of any Senior Indebtedness, provided such postponement and subordination agreement is on customary terms and conditions.

 (3) Except as set forth in Section 2.4(4), until all Senior Indebtedness has been indefeasibly paid in full in cash and all financing
arrangements between the Company and any holder of Senior Indebtedness have been terminated, the Holder (whether individually or through any action by the Majority Holders) will not accelerate, ask, demand, sue for, participate with others in any
suit, action or proceeding against the Company for, take or receive from the Company, by set-off or in any other manner, the whole or any part of the Obligations, including, without limitation, the taking or
foreclosure upon or selling of any negotiable instruments evidencing such amounts, or any security for any of the Obligations. 
 (4)
Notwithstanding Section 2.4(3), until the occurrence of a Blockage Event the Company shall pay to the Holder all payments owing under this Debenture as and when such amounts become due and owing. 

  
 4 

 ARTICLE 3. – REDEMPTION OR PURCHASE OF DEBENTURE 

Section 3.1 Redemption on Change of Control 

The Company shall notify the Holder of a pending Change of Control or Merger in accordance with Section 3.2, and the
Holder shall, in its sole discretion, have the right to require the Company to either: (a) purchase this Debenture at 100% of the then outstanding Principal Amount thereof plus all accrued but unpaid interest thereon to and including the
Maturity Date; or (b) if the Change of Control results in a new issuer, convert the Debenture into a replacement debenture of the new issuer in the aggregate principal amount of 101% of the Principal Amount of the Debenture then outstanding on
substantially equivalent terms to the terms contained in this Debenture. 
 Section 3.2 Notice of Change of Control 

Upon the occurrence of an event constituting or reasonably likely to constitute a Change of Control or Merger, the Company
shall give written notice to the Holder of such Change of Control or Merger at least 30 days, or as soon as reasonably possible, prior to the effective date of any such Change of Control or Merger and another written notice on or immediately after
the effective date of such Change of Control or Merger. 
 Section 3.3 Purchases for Cancellation 

The Company will have the right at any time and from time to time to purchase the Debentures in the market, by tender, or by
private contract. 
 ARTICLE 4 – RIGHTS OF HOLDER 

Section 4.1 Distribution on Dissolution, Etc. 

Subject to applicable law and the rights of any holders of any Senior Indebtedness ranking rateably or in priority to the
Holder, upon any sale, in one transaction or a series of transactions, of all, or substantially all, of the assets of the Company or distribution of the assets of the Company upon any dissolution or winding-up
or total liquidation of the Company, whether in bankruptcy, liquidation, re-organization, insolvency, receivership or other similar proceedings or upon an assignment to or for the benefit of creditors of the
Company or otherwise any payment or distribution of assets of the Company, whether in cash, property or security, shall be paid or delivered by the trustee in bankruptcy, receiver, assignee of or for the benefit of creditors or other liquidating
agent of the Company making such payment or distribution, directly to the holder of this Debenture or its representatives, to the extent necessary, to pay all Obligations pursuant to this Debenture in full. 

Section 4.2 Certificate Regarding Creditors 

Upon any payment or distribution of assets of the Company referred to in this Section 4.2, the Holder shall be entitled to
rely upon a certificate of the trustee in bankruptcy, receiver, assignee of or for the benefit of creditors or other liquidating agent of the Company making such payment or distribution, delivered to the Holder, for the purpose of ascertaining the
Persons entitled to participate in such distribution, and other indebtedness of the Company, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this Section 4.2.

  
 5 

 Section 4.3 Rights of Holder Reserved 

Nothing contained in this Article 4 or elsewhere in this Debenture is intended to or shall impair, as between the Company
and the Holder, the obligation of the Company, which is absolute and unconditional, to pay to the Holder the Principal Amount and all interest thereon, as and when the same shall become due and payable in accordance with the terms of this Debenture,
nor shall anything herein prevent the Holder from exercising all remedies otherwise permitted by applicable law in the event of a default by the Company under this Debenture. 

ARTICLE 5 – COVENANTS OF THE COMPANY 

Section 5.1 Covenants 

The Company covenants and agrees, for as long this Debenture remains outstanding, that: 

(1) Maintain Corporate Existence. Each of the Company and its Subsidiaries shall maintain its corporate existence, and preserve its
rights, powers, licenses and privileges which are necessary or material to the conduct of its business, and not materially change the nature of its business; 

(2) Compliance with Laws. The Company shall, and shall cause each of its Subsidiaries to, comply in all material respects with all
applicable laws, rules, governmental restrictions and regulations; 
 (3) Maintain Books and Records. The Company shall, and shall
cause each of its Subsidiaries to, keep adequate and accurate records and books of account; 
 (4) Payment of Obligations. The Company
shall pay the Obligations owing to the Holder hereunder promptly when due; and 
 (5) Performance of Covenants. The Company shall
promptly perform and satisfy all covenants and obligations to be performed by it under this Debenture. 

ARTICLE 6 – EVENTS OF DEFAULT 

Section 6.1 Events of Default 

(1) Any of the following shall constitute an Event of Default under this Debenture (each an “Event of Default”): 

 

	 	 (a)
	 if the Company fails to pay when due any portion of the Principal Amount or any interest thereon, or any
other amount owing by the Company to the Holder hereunder, and such breach or default continues for a period of 10 Business Days following the date on which such payment became due; 

  
 6 

	 	 (b)
	 if the Company fails to observe, perform or comply with any material term, covenant, condition or obligation
of the Company contained herein or is otherwise in default of any of the material provisions contained herein (other than a payment default referred in Section 6.1(1)(a)) and such default, if capable of being remedied, is not remedied within 30
days after the Company receives written notice of such default from the Majority Holders; 

  

	 	 (c)
	 if a decree or order of a court having jurisdiction is entered adjudging the Company a bankrupt or
insolvent; 

  

	 	 (d)
	 if the Company shall apply for, consent to or acquiesce in the appointment of a trustee, receiver, or other
custodian for the Company or for a substantial part of the property thereof, or make a general assignment for the benefit of creditors; 

  

	 	 (e)
	 if the Company shall in the absence of such application, consent or acquiescence, become subject to the
appointment of a trustee, receiver, or other custodian for the Company or for a substantial part of the property thereof, or have a distress, execution, attachment, sequestration or other legal process levied or enforced on or against a substantial
part of the property of the Company; or 

  

	 	 (f)
	 if the Company shall permit or suffer to exist the commencement of any bankruptcy, reorganization, debt
arrangement or other case or proceeding under any bankruptcy or insolvency law, or any dissolution, winding up or liquidation proceeding, in respect of the Company and, if any such case or proceeding is not commenced by the Company, such case or
proceeding, if contested by the Company is not dismissed within 30 days. 

 (2) If an Event of Default described in
Section 6.1(1)(e) or Section 6.1(1)(f) shall occur, the entire unpaid Principal Amount and all accrued but unpaid interest thereon shall become immediately due and payable without any declaration or other act on the part of the Holder.

 (3) If any other Event of Default shall occur for any reason, whether voluntary or involuntary, and be continuing, the Majority Holders
may by notice to the Company declare all or any portion of the outstanding Principal Amount of this Debenture to be due and payable, whereupon the outstanding Principal Amount, and all accrued but unpaid interest thereon, shall become immediately
due and payable without further notice, demand or presentment. 
 ARTICLE 7 – MUTILATION, LOSS, THEFT OR DESTRUCTION
OF DEBENTURE CERTIFICATE 
 In case this Debenture certificate shall become mutilated or be lost, stolen or destroyed,
the Company, shall issue and deliver, a new replacement debenture certificate upon surrender and cancellation of the mutilated Debenture certificate or, in the case of a lost, stolen or destroyed Debenture certificate, in lieu of and in substitution
for the same. In the case of loss, theft or destruction, the applicant for a substituted debenture certificate shall furnish to the Company such evidence of the loss, theft or destruction of the Debenture certificate as shall be satisfactory to the
Company in its discretion and shall also furnish an indemnity and surety bond satisfactory to the Company in its discretion. The applicant shall pay all reasonable expenses incidental to the issuance of any substituted debenture certificate. 

  
 7 

 ARTICLE 8 – GENERAL 

Section 8.1 Change of Control of Company 

By its acceptance hereof, each of the Company and the Holder acknowledges and agrees that if a Change of Control or a Merger
occurs, then all references herein to the Company shall extend to and include the entity resulting therefrom or which thereafter will carry on the business of the Company. 

Section 8.2 Amendments 

Any provision of this Debenture may be amended, waived or modified upon the written consent of the Company and the Majority
Holders. Any such amendment, waiver or modification effected in accordance with this paragraph shall be binding upon the Company, the Holder and each other holder of 2022 15% Debentures, it being understood and agreed that such written consent will
affect all 2022 15% Debentures and be binding on all holders thereof regardless of whether any particular holder executed such consent. 

Section 8.3 Waivers 

The Holder shall not, by any act, delay, omission or otherwise, be deemed to have expressly or impliedly waived any of its
rights, powers and/or remedies unless such waiver shall be in writing and executed by the Majority Holders. Any such waiver shall be enforceable only to the extent specifically set forth therein. A waiver by the Majority Holders of any right, power
and/or remedy contained herein shall be binding upon the Holder and each other holder of 2022 15% Debentures, it being understood and agreed that such waiver will affect all 2022 15% Debentures and be binding on all holders thereof regardless of
whether any particular holder executed such waiver. 
 Section 8.4 Registration of Debentures 

The Company shall cause to be kept at the head office of the Company, or at such other location as may be determined by the
Company in accordance with applicable law, a register in which shall be entered the name and latest known address of the Holder and any other holder of 2022 15% Debentures. Such register shall at all reasonable times during regular business hours of
the Company be open for inspection by the Holder and any other of 2022 15% Debentures. The Company shall not be charged with notice of or be bound to see to the performance of any trust, whether express, implied, or constructive, in respect of this
Debenture and may act on the direction of the Holder, whether named as trustee or otherwise, as though the Holder were the beneficial owner of this Debenture. 

  
 8 

 Section 8.5 Transfer of Debenture 

No transfer of this Debenture shall be valid unless made in accordance with applicable laws, including all applicable Canadian
Securities Laws. If the Holder intends to transfer this Debenture or any portion thereof, it shall deliver to the Company the transfer form attached to this Debenture as Schedule B, duly executed by the Holder. Upon compliance with the
foregoing conditions and the surrender by the Holder of this Debenture, the Company shall execute and deliver to the applicable transferee a new Debenture registered in the name of the transferee. If less than the full Principal Amount of this
Debenture is transferred, the Holder shall be entitled to receive, in the same manner, a new Debenture registered in its name evidencing the portion of the Principal Amount of this Debenture not so transferred. Prior to registration of any transfer
of this Debenture, the Holder and the applicable transferee shall be required to provide the Company with necessary information and documents, including certificates and statutory declarations, as may be required to be filed under applicable laws.

 Section 8.6 Release and Discharge 

If the Company pays all of the Obligations in full to the Holder, the Holder shall release this Debenture and the Company shall
be, and shall be deemed to have, discharged of all its obligations under this Debenture. 
 Section 8.7 Successors and Assigns

 This Debenture shall enure to the benefit of the Holder and its successors and assigns, and shall be binding upon the
Company and its successors and permitted assigns. 
 Section 8.8 Time 

Time shall be of the essence of this Debenture. 

Section 8.9 Governing Law 

This Debenture shall be governed by and interpreted in accordance with the laws of the Province of British Columbia and the
federal laws of Canada applicable therein. The Company and, by its acceptance hereof, the Holder each hereby irrevocably submit and attorn to the nonexclusive jurisdiction of the courts of the Province of British Columbia in connection with this
Debenture. 
 Section 8.10 Further Assurances 

The Company shall forthwith, at its own expense and from time to time, do or file, or cause to be done or filed, all such
things and shall execute and deliver all such documents, agreements, opinions, certificates and instruments reasonably requested by the Holder or its counsel as may be necessary or desirable to complete the transactions contemplated by this
Debenture and carry out its provisions and intention. 

  
 9 

 Schedule B – Form of Transfer 

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers to: 

 

					
	
                       
             
	 	  
 (Name)
	 	
			
		 	  
	 	
		 	 (Address)
	 	
			
		 	  
	 	

 (the “Transferee”), of $_______________ principal amount of 15% Unsecured Debenture of mCloud
Technologies Corp. issued on _____________________, 2022 registered in the name of the undersigned on the register of Debentures represented by the attached Debenture, and irrevocably appoints _________________________ as the attorney of the
undersigned to transfer to the Transferee the said principal amount of the Debenture on the books or register of transfer, with full power of substitution. 

DATED the ________ day of _____________________, __________. 

 

			
	 By:
	 	              

		 	 Name:

		 	 Title:

 Note to Holder: In order to transfer the Debenture, this transfer form must be delivered to
mCloud Technologies Corp. 

  
 B-1

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