Document:

Exhibit 4.22

 

POET TECHNOLOGIES INC.

 

 

 

- and -

 

 

 

TSX TRUST COMPANY

 

 

 

WARRANT INDENTURE

 

 

 

 

 

 

 

 

 

 

 

Dated as of June 3, 2019

 

 

     

     

    

 

TABLE OF CONTENTS

 

	 	Page
	ARTICLE One	2
	Section 1.01   Definitions	2
	Section 1.02   Number and Gender	7
	Section 1.03   Interpretation not Affected by Headings	7
	Section 1.04   Day Not a Business Day	7
	Section 1.05   Currency	7
	Section 1.06   Applicable Law	8
	Section 1.07   Language	8
	Section 1.08   References to this Indenture	8
	Section 1.09   Schedules	8
	ARTICLE Two	8
	Section 2.01   Issue and Form of Warrants	8
	Section 2.02   Terms and Delivery of Warrants	11
	Section 2.03   Warrantholder not a Shareholder	12
	Section 2.04   Signing of Warrant Certificate	12
	Section 2.05   Authentication by the Warrant Agent	12
	Section 2.06   Issue in Substitution for Lost Warrant Certificate	13
	Section 2.07   Exchange of Warrant Certificates	13
	Section 2.08   Registration and Transfer of Warrants	14
	Section 2.09   Ownership of Warrants	16
	Section 2.10   Warrants to Rank Pari Passu	17
	Section 2.11   Book-Based System Warrants	17
	ARTICLE Three	19
	Section 3.01   Method of Exercise of Warrants	19
	Section 3.02   Effect of Exercise of Warrants	21
	Section 3.03   Subscription for Less than Entitlement	22
	Section 3.04   Warrant Certificates for Fractions of Common Shares	22
	Section 3.05   Expiration of Warrants	22
	Section 3.06   Cancellation U.S. Prohibition on Exercise; Legended Certificates	23
	Section 3.07   Surrender of Warrant Certificates	24
	ARTICLE Four	24
	Section 4.01   Adjustment of Exercise Price and Number of Warrant Shares Purchasable Upon Exercise	24
	Section 4.02   Rules Regarding Calculation of Adjustment of Exercise Price and Number of Common Shares Purchasable
Upon Exercise	29
	Section 4.03   Postponement of Subscription	30
	Section 4.04   Notice of Adjustment of Exercise Price and Number of Common Shares Purchasable Upon Exercise	31
	ARTICLE Five	32
	Section 5.01   Optional Purchases by the Corporation	32
	Section 5.02   Surrender of Warrant Certificates	32

 

     

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	ARTICLE Six	32
	Section 6.01   General Covenants of the Corporation	32
	Section 6.02   Third Party Interests	33
	Section 6.03   Warrant Agent's Remuneration and Expenses	34
	Section 6.04   Notice of Issue	34
	Section 6.05   Performance of Covenants by Warrant Agent	34
	ARTICLE Seven	34
	Section 7.01   Suits by Warrantholders	34
	Section 7.02   Immunity of Shareholders	34
	Section 7.03   Limitation of Liability	35
	ARTICLE Eight	35
	Section 8.01   Right to Convene Meetings	35
	Section 8.02   Notice	35
	Section 8.03   Chair	35
	Section 8.04   Quorum	35
	Section 8.05   Power to Adjourn	36
	Section 8.06   Show of Hands	36
	Section 8.07   Poll	36
	Section 8.08   Voting	36
	Section 8.09   Regulations	36
	Section 8.10   Corporation and Warrant Agent may be Represented	37
	Section 8.11   Powers Exercisable by Extraordinary Resolution	37
	Section 8.12   Extraordinary Resolution	38
	Section 8.13   Powers Cumulative	39
	Section 8.14   Minutes	39
	Section 8.15   Instruments in Writing	39
	Section 8.16   Binding Effect of Resolutions	39
	Section 8.17   Holdings by Corporation and Subsidiaries Disregarded	39
	ARTICLE Nine	40
	Section 9.01   Provision for Supplemental Indentures for Certain Purposes	40
	Section 9.02   Successor Corporation	41
	ARTICLE Ten	41
	Section 10.01   Warrant Indenture Legislation	41
	Section 10.02   Rights and Duties of Warrant Agent	41
	Section 10.03   Evidence	42
	Section 10.04   Experts and Advisers	43
	Section 10.05   Warrant Agent not Required to give Security	43
	Section 10.06   Protection of Warrant Agent	43
	Section 10.07   Replacement of Warrant Agent, Successor by Merger	44
	Section 10.08   Conflict of Interest	45
	Section 10.09   Acceptance of Duties and Obligations	45
	Section 10.10   Actions by Warrant Agent to Protect Interest	46
	Section 10.11   Documents, Moneys, etc. Held by Warrant Agent	46
	Section 10.12   Warrant Agent Not to be Appointed Receiver	46
	Section 10.13   Compliance with Anti-Money Laundering Legislation	46
	Section 10.14   Privacy Provision	46

 

     

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	ARTICLE Eleven	47
	Section 11.01   Notice	47
	ARTICLE Twelve	47
	Section 12.01   Notice to the Corporation and the Warrant Agent	47
	Section 12.02   Time of the Essence	48
	Section 12.03   Counterparts	48
	Section 12.04   Satisfaction and Discharge of Indenture	48
	Section 12.05   Provisions of Indenture and Warrant Certificate for the Sole Benefit of Parties and Warrantholders	49
	Section 12.06   Stock Exchange Consents	49
	Section 12.07   Force Majeure	49

 

SCHEDULE A       FORM
OF WARRANT CERTIFICATE

SCHEDULE B       FORM
OF DECLARATION FOR REMOVAL OF LEGEND

 

 

 

 

 

 

 

 

     

     

    

 

THIS WARRANT INDENTURE dated the 3rd day
of June, 2019.

 

B E T W E E N:

 

POET TECHNOLOGIES INC., a corporation existing under
laws of the Province of Ontario

 

(hereinafter called the "Corporation")

 

OF THE FIRST PART

 

- and -

 

TSX TRUST COMPANY, a trust company existing under
the laws of Canada

 

(hereinafter called the "Warrant Agent")

 

OF THE SECOND PART

 

WHEREAS, in connection with a private placement
offering (the "Offering") by the Corporation, the Corporation has agreed to issue an aggregate principal amount
of up to $10,611,000 in Convertible Debentures (as defined herein) convertible into Units (as defined herein), each Unit comprised
of one Unit Share (as defined herein) and one Warrant (as defined herein);

 

AND WHEREAS in connection with the Offering,
up to 26,527,500 Warrants will be issuable as part of the Units upon conversion of the Convertible Debentures;

 

AND WHEREAS each Warrant entitles the holder
thereof to purchase, subject to adjustment in certain events specified herein, one Warrant Share (as defined herein) at a price
of $0.50 at any time prior to 5:00 p.m. (Toronto Time) on the Expiry Date (as defined herein);

 

AND WHEREAS for such purpose the Corporation
deems it necessary to create and issue Warrants and Warrant Certificates to be constituted and issued in the manner hereinafter
set forth;

 

AND WHEREAS the Corporation is authorized
under the laws applicable to it to create and issue the Warrants as hereinafter provided;

 

AND WHEREAS all things necessary have been
or will be done and performed by the Corporation to make the Warrants, when created and issued in accordance with the provisions
of this Indenture, legal, valid and binding obligations of the Corporation with the benefits and subject to the provisions of this
Indenture;

 

AND WHEREAS the foregoing statements of
fact and recitals are made by the Corporation and not by the Warrant Agent.

 

NOW THEREFORE THIS INDENTURE WITNESSETH
that for good and valuable consideration mutually given and received, the receipt and sufficiency of which is hereby acknowledged,
it is hereby agreed and declared as follows:

 

 

     

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ARTICLE
One

definitions and interpretation

 

		Section 1.01	Definitions

 

In this Indenture and in the Warrant Certificates, unless there
is something in the subject matter or context inconsistent therewith, the words and terms defined in this section 1.01 shall, for
the purpose of this Indenture and all supplemental indentures hereto and for the purpose of the Warrant Certificates, have the
respective meanings specified in this section 1.01:

 

		(a)	"Applicable Legislation" means such provisions of any statute of Canada or of
a province thereof, and of regulations under any such statute, relating to warrant indentures or to the rights, duties and obligations
of corporations and of warrant agents under warrant indentures, as are from time to time in force and applicable to this Indenture;

 

		(b)	"Applicable Procedures" means (i) with respect to any transfer or exchange of
beneficial ownership interests in a Global Security, the applicable rules, procedures or practices of CDS in effect at the time
being, and (ii) with respect to any issuance, deposit or withdrawal of Warrants from or to an electronic position evidencing a
beneficial ownership interest in, or the exercise of Warrants represented by, a Global Security, the rules, procedures or practices
followed by CDS and the Warrant Agent at the time being with respect to the issuance, deposit or withdrawal of such positions;

 

		(c)	"Authenticated" means (i) with respect to the issuance of a Warrant Certificate,
one which has been duly signed by the Corporation and countersigned by manual signature of an authorized signatory of the Warrant
Agent, and (ii) with respect to the issuance of an Uncertificated Warrant, one in respect of which the Warrant Agent has completed
all Internal Procedures such that the particulars of such Uncertificated Warrant are entered in the register of holders of Warrants
as required by section 2.08(a) hereof, and "Authenticate", "Authenticating" and "Authentication"
have the appropriate correlative meanings;

 

		(d)	"Beneficial Owner" means a person that has a beneficial ownership interest in
a Warrant that is represented by a Global Security;

 

		(e)	"book-based system" means the electronic system for clearing, depository and entitlement
services operated by CDS;

 

		(f)	"Business Day" means any day that is not a Saturday, Sunday or statutory or civic
holiday in the City of Toronto, Ontario;

 

		(g)	"CDS" means CDS Clearing and Depository Services Inc., or its successor;

 

		(h)	"CDS Participant" means a member firm of CDS who participates in the book-based
system;

 

		(i)	"CDSX" means the settlement and clearing system
of CDS for equity and debt securities in Canada;

 

		(j)	"Certificated Warrant" means a Warrant evidenced by a Warrant Certificate and
issued pursuant to section 2.01(c) hereof;

 

     

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		(k)	"Closing Date" means June 3, 2019;

 

		(l)	"Common Share Reorganization" means any of the events described in paragraphs
4.01(a)(i), (ii) or (iii) hereof;

 

		(m)	"Common Shares" means the common shares which the Corporation is authorized to
issue as constituted immediately prior to the closing time of the Offering; provided that in the event of any adjustment pursuant
to the provisions of Article Four hereof, "Common Shares" shall thereafter mean the shares or other securities or property
resulting from such adjustment;

 

		(n)	"Confirmation" means a confirmation delivered pursuant to subsection 3.01(b) hereof
by CDS to the Warrant Agent of CDS's intention to exercise Warrants, in a manner acceptable to the Warrant Agent, including by
electronic means through the book-based system;

 

		(o)	"Convertible Debenture Indenture" means the indenture entered into between the
Corporation and the Trustee in its capacity as trustee for the holders of the Convertible Debentures, which contains the terms
and conditions of the Convertible Debentures;

 

		(p)	"Convertible Debentures" means the 12.00% unsecured convertible debentures of
the Corporation issued at a price of $1,000 per Convertible Debenture as part of the Offering, the terms and conditions of which
Convertible Debentures are set out in the Convertible Debenture Indenture;

 

		(q)	"Corporation" means POET Technologies Inc. and includes any successor corporation
thereto;

 

		(r)	"Corporation's Auditor" means the firm of chartered accountants appointed as the
auditor of the Corporation at the particular time;

 

		(s)	"Corporation's Accountants" has the meaning ascribed thereto in subsection 4.02(h)
hereof;

 

		(t)	"Counsel" means a barrister and solicitor or a firm of barristers and solicitors,
who may be counsel for the Corporation, acceptable to the Warrant Agent;

 

		(u)	"Current Market Price" of the Common Shares at any date means the price per Common
Share equal to the volume weighted average trading price at which the Common Shares have traded on the TSX Venture Exchange or,
if the Common Shares are not then listed on the TSX Venture Exchange, on such other Canadian stock exchange as may be selected
by the Directors for such purpose or, if the Common Shares are not then listed on any Canadian stock exchange, in the over-the-counter
market, during the period of any 20 consecutive Trading Days selected by the Corporation ending not more than five Business Days,
and not less than three Business Days, before such date; provided that the weighted average trading price shall be determined by
dividing the aggregate sale price of all Common Shares sold on the said exchange or market, as the case may be, during the said
20 consecutive Trading Days by the total number of Common Shares so sold; and provided further that if the Common Shares are not
then listed on any Canadian stock exchange or traded in the over-the-counter market, then the Current Market Price shall be determined
by a firm of independent chartered accountants selected by the Directors;

 

     

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		(v)	"Director" means a director of the Corporation for the time being, and, unless
otherwise specified herein, 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;

 

		(w)	"Dividends paid in the Ordinary Course" means such dividends payable in cash (or
in securities, property or assets of equivalent value) declared payable on a Common Share in any fiscal year of the Corporation
to the extent that such dividends in the aggregate do not exceed in amount or value the greater of:

 

		(i)	100% of the aggregate amount or value of the dividends declared payable by the Corporation on the
Common Shares in the period of 12 consecutive months ended immediately prior to the first day of such fiscal year; and

 

		(ii)	50% of the consolidated net earnings of the Corporation, before extraordinary items and after dividends
paid on any and all Common Shares of the Corporation (if any) for the period of 12 consecutive months ended immediately prior to
the first day of such fiscal year (such consolidated net earnings to be as shown in the audited consolidated financial statements
of the Corporation for such 12 month period or, if there are no audited financial statements in respect of such period, computed
in accordance with generally accepted accounting principles consistent with those applied in the preparation of the most recent
audited consolidated financial statements of the Corporation);

 

		(x)	"Effective Date" means the date of issue of the Warrants;

 

		(y)	"Exercise Date" with respect to any Warrant means the date on which such Warrant
is surrendered for exercise in accordance with the provisions of Article Three hereof;

 

		(z)	"Exercise Price" means $0.50 per Warrant Share, unless such amount shall have
been adjusted pursuant to the provisions of Article Four hereof in which case such term shall mean the adjusted price in effect
at such time;

 

		(aa)	"Expiry Date" means the date that is four (4) years following the Closing Date;

 

		(bb)	"Expiry Time" means 5:00 p.m. (Toronto time) on the Expiry Date;

 

		(cc)	"Extraordinary Resolution" means, subject as hereinafter provided in sections
8.12, 8.15 and 8.16 hereof, a motion proposed at a meeting of Warrantholders called for that purpose and held in accordance with
the provisions of Article Eight hereof at which there are present in person or represented by proxy Warrantholders holding in the
aggregate at least 25% of the total number of Warrants then outstanding as of the date of the meeting and passed by the affirmative
votes of Warrantholders who hold in the aggregate not less than 662⁄3% of the total number of Warrants represented at the meeting
and voted on such motion;

 

		(dd)	"Global Security" means Warrants represented by an Uncertificated Warrant, or
if requested by CDS or the Corporation, by a Warrant Certificate, that is registered in the name of CDS, or its nominee, for the
purpose of being held by or on behalf of CDS as custodian;

 

     

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		(ee)	"Internal Procedures" means in respect of the making of any one or more entries
to, changes in or deletions of any one or more entries in the register at any time (including without limitation, original issuance
or registration of transfer of ownership) the minimum number of the Warrant Agent's internal procedures customary at such time
for the entry, change or deletion made to be complete under the operating procedures followed at the time by the Warrant Agent;

 

		(ff)	"Issue Date" means the date on which the Convertible Debentures convert or are
deemed to convert into Units;

 

		(gg)	"Offering" has the meaning ascribed thereto in the recitals hereto;

 

		(hh)	"Person" includes an individual, corporation, limited liability company, partnership,
trustee, unincorporated organization or any other entity whatsoever, and words importing persons have a similar extended meaning;

 

		(ii)	"Regulation D" means Regulation D as promulgated by the SEC under the U.S. Securities
Act;

 

		(jj)	"Regulation S" means Regulation S as promulgated by the SEC under the U.S. Securities
Act;

 

		(kk)	"Rights Offering" means any of the events described in subsection 4.01(b) hereof;

 

		(ll)	"Rights Period" means any period determined for the purposes of subsection 4.01(b)
hereof;

 

		(mm)	"SEC" means the United States Securities and Exchange Commission;

 

		(nn)	"Shareholder" means a holder of record of one or more Common Shares;

 

		(oo)	"Special Distribution" means any of the events described in subsection 4.01(c)
hereof;

 

		(pp)	"Subsidiary" means any corporation of which Voting Shares carrying more than 50%
of the votes attached to all outstanding Voting Shares of such corporation are owned, directly or indirectly, other than by way
of security only, by one or more of the Corporation and any Subsidiary, provided that the Corporation or such Subsidiary is not
contractually or otherwise prohibited or restricted from exercising sufficient of the voting rights attached to such Voting Shares
to elect at least a majority of the directors of such corporation;

 

		(qq)	"Trading Day", with respect to any stock exchange or over-the-counter market,
means a day on which shares may be traded through the facilities of such stock exchange or in such over-the-counter market and
otherwise means a day on which shares may be traded through the facilities of the principal stock exchange on which the Common
Shares are then listed (or if the Common Shares are not then listed on any stock exchange, then in the over-the-counter market);

 

		(rr)	"Transfer Agent" means the transfer agent for the time being of the Common Shares;

 

		(ss)	"Trustee" means TSX Trust Company, in its capacity as trustee under the Convertible
Debenture Indenture;

 

     

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		(tt)	"Uncertificated Warrant" means any Warrant which is not a Certificated Warrant;

 

		(uu)	"Unit Shares" means the Common Shares comprising part of the Units;

 

		(vv)	"United States" means the United States of America, its territories and possessions,
any state of the United States and the District of Columbia;

 

		(ww)	"Units" means the units issuable upon conversion of the Convertible Debentures,
with each such Unit being comprised of one Unit Share and one Warrant;

 

		(xx)	"U.S. Common Share Legend" has the meaning set forth in subsection 3.06(c);

 

		(yy)	"U.S. Exchange Act" means the United States Securities Exchange Act of 1934, as
amended;

 

		(zz)	"U.S. Legend" has the meaning set forth in subsection 2.01(f)(i);

 

		(aaa)	"U.S. Person" has the meaning set forth in Rule 902(k) of Regulation S;

 

		(bbb)	"U.S. Purchaser" means (i) an original purchaser of the Convertible Debentures
upon conversion of which the Warrants are issued who was, at the time of purchase, (A) a U.S. Person, (B) any person purchasing
such Convertible Debentures on behalf of, or for the account or benefit of, any U.S. Person or any person in the United States,
(C) any person who receives or received an offer to acquire such Convertible Debentures while in the United States, and (D) any
person who was in the United States at the time such person's buy order was made or the subscription agreement pursuant to which
such Units were acquired was executed or delivered, or (ii) any other Person holding Convertible Debentures upon conversion of
which the Units of which the Warrants are issued, which Convertible Debentures bear the “U.S. Legend” as defined and
set forth in the Convertible Debenture Indenture;

 

		(ccc)	"U.S. Securities Act" means the United States Securities Act of 1933, as amended,
and the rules and regulations promulgated thereunder;

 

		(ddd)	"U.S. Warrantholder" means any (a) Warrantholder that (is (i) present in the United
States, (ii) a U.S. Person, (iii) a Person exercising such Warrants for the account or benefit of a U.S. Person or a Person in
the United States, (iv) executing or delivering the subscription form in the United States, or (v) requesting delivery in the United
States of the Common Shares issuable upon exercise of the Warrants;

 

		(eee)	"U.S. Warrantholder Letter" means the U.S. Warrantholder letter in substantially
the form contained on the Warrant Certificate (FORM 4);

 

		(fff)	"Voting Shares" of any corporation means shares of one or more classes or series
of a class of shares of such corporation carrying voting rights under all circumstances (and not by reason of the happening of
a contingency) sufficient if exercised to elect all of the directors of such corporation, provided that such shares shall be deemed
not to cease to be Voting Shares solely by reason of a right to vote for the election of one or more of the directors of such corporation
accruing to shares of another class or series of a class of shares of such corporation by reason of the happening of a contingency;

 

     

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		(ggg)	"Warrant Agent" means TSX Trust Company, or the successor thereof for the time
being of the duties and obligations hereby created;

 

		(hhh)	"Warrant Certificates" means the certificates representing the Warrants substantially
in the form attached as Schedule A hereto issued and countersigned hereunder and for the time being outstanding;

 

		(iii)	"Warrant Shares" means the Common Shares issuable upon the exercise of the Warrants;

 

		(jjj)	"Warrantholders" or "holders" without reference to Common Shares means
the Persons, including CDS, for the time being who are registered holders of Warrants as such names appear on the register;

 

		(kkk)	"Warrantholders' Request" means an instrument signed in one or more counterparts
by Warrantholders holding in the aggregate not less than 25% of the aggregate number of all Warrants then unexercised and outstanding,
requesting the Warrant Agent to take some action or proceeding specified therein;

 

		(lll)	"Warrants" means the warrants issued and Authenticated hereunder, whether by way
of a Warrant Certificate or Uncertificated Warrant, each one of which will entitle the holder thereof to purchase one Common Share
at the Exercise Price at any time up to the Expiry Time, subject to adjustment in accordance with Article Four hereof; and

 

		(mmm)	"Written Order of the Corporation", "Written Request of the Corporation",
"Written Consent of the Corporation" and "Certificate of the Corporation" mean respectively a
written order, request, consent or certificate signed in the name of the Corporation by its Chief Executive Officer, Chief Financial
Officer or Secretary or a Director.

 

		Section 1.02	
Number and Gender

 

Unless herein otherwise expressly provided or unless the context
otherwise requires, words importing the singular include the plural and vice versa and words importing the masculine include the
feminine and neuter genders.

 

		Section 1.03	Interpretation not Affected by Headings

 

The division of this Indenture into articles, sections, subsections,
paragraphs and subparagraphs, the provision of the table of contents and the insertion of headings are for convenience of reference
only and shall not affect the construction or interpretation of this Indenture.

 

		Section 1.04	
Day Not a Business Day

 

If the day on or before which any action that would otherwise be
required to be taken hereunder is not a Business Day in the place where the action is required to be taken, that action will be
required to be taken on or before the requisite time on the next succeeding day that is a Business Day.

 

		Section 1.05	Currency

 

All references to currency herein and in the Warrant Certificates
are to lawful money of Canada unless otherwise specified herein.

 

     

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		Section 1.06	Applicable
                                         Law

 

This Indenture, the Warrant Certificates and the Warrants shall
be governed by and performed, construed and enforced in accordance with the laws of the Province of Ontario and the federal laws
of Canada applicable therein.

 

		Section 1.07	Language

 

The parties to this Indenture expressly request and require that
this Indenture and all related documents be drafted in English. Les parties aux présentes conviennent et exigent que
cette convention et tous les documents qui s'y rattachent soient rédigés en anglais.

 

		Section 1.08	References to this Indenture

 

The words and phrases "this Warrant Indenture", "this
Indenture", "herein", "hereby", "hereof" and similar expressions mean or refer to this Indenture
and any indenture, deed or instrument supplemental hereto and the words "article", "section", "subsection",
"paragraph" and "subparagraph" followed by a number mean and refer to the specified article, section, subsection,
paragraph or subparagraphs of this Indenture.

 

		Section 1.09	Schedules

 

The following schedules are attached to, form part of and shall
be deemed to be incorporated into this Indenture.

 

	Schedule	Title
	A	Form of Warrant Certificate
	B	Form of Declaration for Removal of Legend

 

ARTICLE
Two

ISSUE AND FORM OF WARRANTS

 

		Section	2.01          
Issue and Form of Warrants

 

		(a)	Authorization of Warrants: The Corporation is hereby authorized to create and issue in accordance
with the terms and conditions hereof up to 26,527,500 Warrants entitling the holders thereof to subscribe for and purchase up to
an aggregate of 26,527,500 Warrant Shares together with such additional indeterminate number of Warrant Shares as may be required
to be issued pursuant to any adjustment required to be made by the provisions of Article Four hereof.

 

		(b)	Form of Warrants: Subject to subsections 2.01(c), 2.01(d), 2.01(e), and 2.01(f) hereof,
Warrants may be issued in both certificated and uncertificated form; provided, however, that all Warrants issued hereunder, other
than Warrants represented by a Global Security, shall be issued in certificated form. Each Warrant originally issued to a U.S.
Purchaser, and each Warrant issued in exchange therefor or substitution thereof, will be evidenced by a Warrant Certificate that
bears the U.S. Legend.

 

     

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		(c)	Certificated Warrants: All Warrants issued in certificated form shall be evidenced by Warrant
Certificates. Upon the issue of Warrants issued in certificated form, Warrant Certificates shall be executed by the Corporation
and delivered to the Warrant Agent, Authenticated by the Warrant Agent upon the Written Request of the Corporation and delivered
by the Warrant Agent to the Corporation or to the order of the Corporation pursuant to a Written Request of the Corporation, without
any further act of or formality on the part of the Corporation. The Warrant Certificates shall be substantially in the form of
the certificate attached hereto as Schedule A, shall be dated as of the date of issue thereof (including all replacements issued
in accordance with this Indenture), and may bear such distinguishing letters and numbers as the Corporation may, with the approval
of the Warrant Agent, prescribe. Irrespective of any adjustments required to be made by the provisions of Article Four hereof,
all replacement Warrant Certificates shall continue to express the number of Warrant Shares purchasable upon the exercise of the
Warrants represented thereby and the Exercise Price as if such Warrant Certificates were issued as of the initial date of issue
thereof pursuant hereto. Any Warrant Certificate validly issued in accordance with the terms of this Indenture in effect at the
time of issue of such Warrant Certificate shall, subject to the terms of this Indenture and applicable law, validly entitle the
holder thereof to acquire Warrant Shares, notwithstanding that the form of such Warrant Certificate may not be the form currently
required by this Indenture.

 

		(d)	Uncertificated Warrants: Warrants issued in uncertificated form shall be evidenced by a
book position on the register of Warrantholders to be maintained by the Warrant Agent in accordance with section 2.08 hereof.

 

		(e)	Warrants Represented by a Global Security: For the purpose of the administration of the
Warrants to be issued hereunder and notwithstanding anything to the contrary contained in this Indenture and the Warrant Certificates,
Warrants represented by a Global Security will be registered in the name of CDS, or its nominee. Subject to applicable law, Warrants
represented by a Global Security shall, unless otherwise requested by CDS or the Corporation, be issued in uncertificated form.
If Warrants represented by a Global Security are represented in certificated form, they shall be represented by a Warrant Certificate
substantially in the form of the certificate attached hereto as Schedule A, and, if so represented, such certificate shall be delivered
to CDS, or its nominee. The Global Security will be subject to the Applicable Procedures of the book-based system and to section
2.11 hereof.

 

		(f)	Legends:

 

		(i)	Neither the Warrants nor the Warrant Shares issuable upon exercise of the Warrants have been or
will be registered under the U.S. Securities Act or under any United States state securities laws. Each Warrant Certificate originally
issued for the benefit or account of a U.S. Purchaser, and each Warrant Certificate issued in exchange therefor or in substitution
thereof, shall bear or be deemed to bear the following legends or such variations thereof as the Corporation may prescribe from
time to time (the "U.S. Legend"):

 

"THIS WARRANT AND THE SECURITIES DELIVERABLE UPON
EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT").
THIS WARRANT MAY NOT BE EXERCISED BY OR ON BEHALF OF A U.S. PERSON OR PERSON IN THE UNITED STATES UNLESS EXEMPTIONS FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT ARE AVAILABLE. "UNITED STATES" AND "U.S. PERSON" ARE AS DEFINED BY REGULATION
S UNDER THE SECURITIES ACT.

 

     

    10

    

 

THIS WARRANT MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED ONLY (A) TO POET TECHNOLOGIES INC. (THE "CORPORATION"), (B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH
RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (C) IN COMPLIANCE WITH THE EXEMPTION FROM THE REGISTRATION REQUIREMENTS UNDER
THE SECURITIES ACT PROVIDED BY RULE 144 OR RULE 144A THEREUNDER, IF AVAILABLE, AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES
LAWS, (D) IN ANOTHER TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES
LAWS, OR (E) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE U.S. SECURITIES ACT THAT IS AVAILABLE FOR THE RESALE OF
THE SECURITIES, 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."

 

provided that, if the Warrants are being sold outside the
United States in accordance with Rule 904 of Regulation S, this legend may be removed by the transferor providing a declaration
to the Warrant Agent in the form set forth in Schedule B or as the Warrant Agent or the Corporation may prescribe from time to
time; and provided, further, that, if any such securities are being sold pursuant to Rule 144 under the U.S. Securities Act, if
available, or another transaction that does not require registration under the U.S. Securities Act or applicable state securities
laws, the legend may be removed by delivery to the Warrant Agent and the Corporation of an opinion of counsel, of recognized standing
reasonably satisfactory to the Corporation that such legend is no longer required under applicable requirements of the U.S. Securities
Act and applicable state securities laws.

 

The Warrant Agent shall be entitled to request any other
documents that it may require in accordance with its internal policies for the removal of the U.S. Legend.

 

		(ii)	Each Global Security originally issued in Canada and held by CDS, and each Global Security issued
in exchange therefor or in substitution thereof shall bear or be deemed to bear the following legend or such variations thereof
as the Corporation may prescribe from time to time:

 

"UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF CDS CLEARING AND DEPOSITORY SERVICES INC. ("CDS") TO POET TECHNOLOGIES INC. (THE "ISSUER")
OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IN RESPECT THEREOF IS REGISTERED IN
THE NAME OF CDS & CO., OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS (AND ANY PAYMENT IS MADE
TO CDS & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS), ANY TRANSFER, PLEDGE OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED HOLDER HEREOF, CDS & CO., HAS A PROPERTY
INTEREST IN THE SECURITIES REPRESENTED BY THIS CERTIFICATE HEREIN AND IT IS A VIOLATION OF ITS RIGHTS FOR ANOTHER PERSON TO HOLD,
TRANSFER OR DEAL WITH THIS CERTIFICATE."

 

     

    11

    

 

Notwithstanding any other provisions of
this Indenture, in processing and registering transfers of Warrants, no duty or responsibility whatsoever shall rest upon the Warrant
Agent to determine the compliance by any transferor or transferee with the terms of the legend contained in subsection 2.01(f),
or with the relevant securities laws or regulations.

 

		Section 2.02	Terms and Delivery of Warrants

 

		(a)	Terms: Each one Warrant issued hereunder shall entitle the holder thereof to subscribe for
and purchase one Warrant Share at the Exercise Price at any time after the Issue Date until the Expiry Time, subject to subsection
2.02(c) hereof.

 

		(b)	Delivery of Warrants: Pursuant to a Written Request of the Corporation: (i) with respect
to Warrants authorized to be issued in paragraph 2.01(a) hereof that are issued in certificated form, Warrant Certificates in definitive
form representing such Warrants shall be created and executed by the Corporation, shall be Authenticated by the Warrant Agent and
shall be delivered by the Warrant Agent to the Corporation, or to the order of the Corporation in accordance with subsection 2.01(c)
hereof; and (ii) with respect to Warrants authorized to be issued in paragraph 2.01(a) hereof that are issued in uncertificated
form, the Warrant Agent shall Authenticate such Warrants; and, in either case, the Warrant Agent shall record the name of the holder
of such Warrants on the Warrantholder register maintained by the Warrant Agent pursuant to subsection 2.08(a) hereof.

 

		(c)	Adjustment: The Exercise Price and the number of Common Shares which can be subscribed for
and purchased pursuant to the Warrants shall be adjusted in the events and in the manner specified in Article Four hereof.

 

		(d)	No Fractional Warrants: No fractional Warrants shall be issued or otherwise provided for,
and a Warrantholder shall not be entitled to subscribe for or purchase a fractional Common Share or be entitled to any cash or
other consideration such holder might otherwise be entitled to based upon the holding of such Warrants. If the number of Warrants
to which a Warrantholder would otherwise be entitled is not a whole number, then the number of Warrants to be issued to such Warrantholder
shall be rounded down to the next whole number and the Warrantholder shall not be entitled to any compensation in respect of such
fractional Warrant.

 

		(e)	Splits, Combinations: Subject to section 2.07 hereof, the number of Warrants represented
by any Warrant Certificate or any Warrant Certificates may be split, combined or exchanged for a Warrant Certificate or Warrant
Certificates representing the same number of Warrants in the aggregate.

 

		(f)	Issue of Common Shares: The Corporation shall issue Common Shares upon the exercise of Warrants
in accordance with the provisions hereof.

 

     

    12

    

 

		Section 2.03	Warrantholder not a Shareholder

 

Nothing in this Indenture nor in the holding of a Warrant, whether
represented by a Warrant Certificate or otherwise, shall be construed as conferring upon a Warrantholder any right or interest
whatsoever as a Shareholder including, but not limited to, the right to vote at, to receive notice of, or to attend, meetings of
Shareholders or any other proceedings of the Corporation or the right to receive dividends or other distributions.

 

		Section 2.04	Signing
of Warrant Certificate

 

Warrant Certificates shall be signed by the Chief Executive Officer,
the Chief Operating Officer or the Chief Financial Officer of the Corporation or any Director and may, but need not be, under the
seal of the Corporation or a reproduction thereof (which shall be deemed to be the seal of the Corporation). The signatures of
such officers or Directors may be mechanically reproduced in facsimile and Warrant Certificates bearing such facsimile signatures
shall be binding upon the Corporation as if they had been manually signed by such officers or Directors. Notwithstanding that any
of the persons whose manual or facsimile signature appears on any Warrant Certificate as one of such officers or Directors may
no longer hold office at the date of such Warrant Certificate or at the date of the Authentication or delivery thereof, any Warrant
Certificate signed as aforesaid and Authenticated by the Warrant Agent shall be valid and binding upon the Corporation and the
holder thereof shall be entitled to the benefits of this Indenture.

 

		Section 2.05	Authentication by the Warrant Agent

 

		(a)	Authentication of Warrant Certificates: Each Warrant Certificate shall be Authenticated
manually by the Warrant Agent. No Warrant Certificate shall be issued or, if issued, shall be valid for any purpose or entitle
the holder to the benefits hereof until it has been Authenticated by the Warrant Agent by means of a manual signature of one or
more of its authorized signatories, substantially in the form of the countersignature contained on the Warrant Certificate or in
some other form approved by the Corporation and the Warrant Agent and such Authentication by the Warrant Agent shall be conclusive
evidence as against the Corporation that the Warrant Certificate so Authenticated has been duly issued hereunder and that the holder
thereof is entitled to the benefits hereof.

 

		(b)	Authentication of Uncertificated Warrants: The Warrant Agent shall Authenticate Uncertificated
Warrants (whether upon original issuance, exchange, registration of transfer or otherwise). No Warrant shall be considered issued
or shall be valid or obligatory or shall entitle the holder thereof to the benefits of this Indenture until it has been Authenticated
by the Warrant Agent by completing its Internal Procedures (and the Corporation shall, and hereby acknowledges that it shall, thereupon
be deemed to have duly and validly issued such Uncertificated Warrants under this Indenture) and such Authentication by the Warrant
Agent shall be conclusive evidence as against the Corporation that such Uncertificated Warrant so Authenticated has been duly issued
hereunder and that the holder or holders thereof are entitled to the benefits hereof. The register of Warrantholders shall be final
and conclusive evidence as to all matters relating to Uncertificated Warrants with respect to which this Indenture requires the
Warrant Agent to maintain records or accounts. In the case of differences between the register at any time and any other time,
the register at the later time shall be controlling, absent manifest error.

 

		(c)	No Representation: Authentication by the Warrant Agent shall not be construed as a representation
or warranty by the Warrant Agent as to the validity of this Indenture or of the Warrant Certificates or Uncertificated Warrants
(except the due Authentication thereof) or as to the performance by the Corporation of its obligations under this Indenture, and
the Warrant Agent shall in no respect be liable or answerable for the use made of the Warrant Certificates or Uncertificated Warrants
or any of them or of the consideration therefor, except as otherwise specified herein.

 

     

    13

    

 

		Section 2.06	Issue in Substitution for Lost Warrant Certificate

 

		(a)	Substitution: In case any Warrant Certificate issued and Authenticated hereunder shall become
mutilated, lost, destroyed or stolen, the Corporation, subject to applicable law, shall issue and thereupon the Warrant Agent shall
Authenticate and deliver a new certificate for the same class of Warrants and of like date and tenor, and bearing the same legends,
if any, as the one mutilated, lost, destroyed or stolen (i) in exchange for and in place of and upon cancellation of such mutilated
certificate, or (ii) in lieu of and in substitution for such lost, destroyed or stolen certificate and the substituted certificate
shall be in a form approved by the Warrant Agent and shall be entitled to the benefit hereof and shall rank equally in accordance
with its terms with all Warrants of the same class either issued or to be issued hereunder.

 

		(b)	Issue of New Warrant Certificates: The applicant for the issue of a new Warrant Certificate
pursuant to subsection 2.06(a) hereof shall bear the cost of the issue thereof and in case of loss, destruction or theft shall,
as a condition precedent to the issue thereof, furnish to the Corporation and to the Warrant Agent such evidence of ownership and
of the loss, destruction or theft, as the case may be, of the Warrant Certificate so lost, destroyed or stolen as shall be satisfactory
to the Corporation and to the Warrant Agent in their discretion, acting reasonably, and such applicant may also be required to
furnish an indemnity and a surety bond in amount and form satisfactory to the Corporation and the Warrant Agent in their discretion,
acting reasonably, to save each of them harmless, and shall pay the reasonable expenses, charges and any taxes applicable thereto
of the Corporation and the Warrant Agent in connection therewith.

 

		Section 2.07	Exchange
of Warrant Certificates

 

		(a)	Exchange: Warrant Certificates issued and Authenticated hereunder representing any specified
number of Warrants to subscribe for and purchase Warrant Shares may, upon compliance with the reasonable requirements of the Warrant
Agent, be exchanged for Warrant Certificates representing in the aggregate the same number of Warrants and entitling the holder
thereof to subscribe for and purchase an equal aggregate number of Warrant Shares at the same Exercise Price and on the same terms
as the Warrant Certificates so exchanged.

 

		(b)	Places of Exchange: Warrant Certificates may be exchanged at the principal office of the
Warrant Agent in the City of Toronto, Ontario, or at any other place that is designated by the Corporation with the approval of
the Warrant Agent. Any Warrant Certificate tendered for exchange shall be surrendered to the Warrant Agent and cancelled by the
Warrant Agent. The Corporation shall sign and the Warrant Agent shall Authenticate all Warrant Certificates necessary to carry
out such exchanges.

 

		(c)	Charges for Exchange: For each Warrant Certificate exchanged, the Warrant Agent, except
as otherwise herein provided, may charge the Warrantholder a reasonable amount for each new Warrant Certificate issued. Payment
for any and all taxes or governmental or other charges required to be paid shall be made by the Warrantholder requesting such exchange,
as a condition precedent thereto.

 

     

    14

    

 

		Section 2.08	Registration and Transfer of Warrants

 

		(a)	Register: The Corporation will cause to be kept by the Warrant Agent at its principal office
in Toronto, Ontario:

 

		(i)	a register of holders in which shall be entered in alphabetical order the name and address of each
holder of Warrants, whether Certificated Warrants or Uncertificated Warrants, the date of Authentication thereof and the number
of Warrants held by such holder;

 

		(ii)	if represented by a Warrant Certificate, the unique number or code assigned to and imprinted thereon
and, if an Uncertificated Warrant, the unique number or code assigned thereto, if any;

 

		(iii)	whether any of such Warrants have been cancelled; and

 

		(iv)	a register of transfers in which all transfers of Warrants and the date and other particulars of
each such transfer shall be entered.

 

		(b)	Correction of Certain Errors: Once an Uncertificated Warrant has been Authenticated, the
information set forth in the register with respect thereto at the time of Authentication may be altered, modified, amended, supplemented
or otherwise changed only to reflect exercise or proper instructions to the Warrant Agent from the holder thereof as provided herein,
except that the Warrant Agent may act unilaterally to make purely administrative changes internal to the Warrant Agent and changes
to correct errors. Each Person who becomes a holder of an Uncertificated Warrant, by his, her or its acquisition thereof shall
be deemed to have irrevocably (i) consented to the foregoing authority of the Warrant Agent to make such corrections and (ii) agreed
to pay to the Warrant Agent or to the Corporation, as applicable, promptly upon written demand, the full amount of all loss and
expense (including without limitation reasonable legal fees of the Corporation and the Warrant Agent), plus interest at an appropriate
then prevailing rate of interest to the Warrant Agent, sustained by the Corporation or the Warrant Agent as a proximate result
of such error if, but only if, and only to the extent that, such present or former holder realized any benefit as a result of such
error and could reasonably have prevented, forestalled or minimized such loss and expense by prompt reporting of the error or avoidance
of accepting benefits thereof whether or not such error is or should have been timely detected and corrected by the Warrant Agent;
provided, however, that no Person who is a bona fide purchaser for value of such Warrants shall have any such obligation to the
Corporation or to the Warrant Agent.

 

		(c)	Valid Transfers: No transfer of any Warrant will be valid unless entered on the appropriate
register of transfers referred to in subsection 2.08(a) hereof, or on any branch registers maintained pursuant to subsection 2.08(h)
hereof, upon in the case of a Certificated Warrant, surrender to the Warrant Agent of the Warrant Certificate representing such
Warrant, duly endorsed by, or accompanied by a written instrument of transfer in the form attached to the Warrant Certificate,
or in such other form satisfactory to the Warrant Agent, executed by the registered holder or his executors, administrators or
other legal representatives or his or their attorney duly appointed by an instrument in writing in form and executed satisfactory
to the Warrant Agent and upon compliance with the above requirements, such other reasonable requirements as the Warrant Agent may
prescribe and all applicable securities legislation and requirements of regulatory authorities, such transfer will be recorded
on the appropriate register of transfers by the Warrant Agent. In the case of a Warrant represented by a Global Security, any transfer
of Warrants is to be completed in accordance with the procedures described in Section 2.11 hereof and all applicable securities
legislation and requirements of regulatory authorities. In the case of the transfer of a Certificated Warrant, upon compliance
with such requirements, the Warrant Agent shall issue a Warrant Certificate to the transferee of the Certificated Warrant representing
the Warrants so transferred.

 

     

    15

    

 

		(d)	Register of Transfers: The transferee of any Warrant will, upon compliance with the requirements
of subsection 2.08(c) hereof (and, as applicable, subsection 2.08(j) hereof) and upon compliance with all other conditions in respect
thereof required by this Indenture or by law, be entitled to be entered on the appropriate register of holders referred to in subsection
2.08(a) hereof, or on any branch registers of holders maintained pursuant to subsection 2.08(h) hereof, as the owner of such Warrant
free from all equities or rights of set-off or counterclaim between the Corporation and the transferor or any previous holder of
such Warrant, except in respect of equities of which the Corporation is required to take notice by statute or by order of a court
of competent jurisdiction.

 

		(e)	Refusal of Registration: The Corporation will be entitled, and may direct the Warrant Agent,
to refuse to recognize any transfer, or enter the name of any transferee, of any Warrant on the registers referred to in subsection
2.08(a) hereof, or on any branch registers maintained pursuant to subsection 2.08(h) hereof, if such transfer would constitute
a violation of the securities laws of any jurisdiction or the rules, regulations or policies of any regulatory authority having
jurisdiction.

 

		(f)	No Notice of Trusts: Subject to applicable law, neither the Corporation nor the Warrant
Agent will be bound to take notice of or see to the execution of any trust, whether express, implied or constructive, in respect
of any Warrant, and may transfer any Warrant on the direction of the Person registered as the holder thereof, whether named as
trustee or otherwise, as though that Person were the beneficial owner thereof.

 

		(g)	Inspection: The registers referred to in subsection 2.08(a) hereof, and any branch registers
maintained pursuant to subsection 2.08(h) hereof, will at all reasonable times be open for inspection by the Corporation and any
Warrantholder. The Warrant Agent will from time to time when requested to do so in writing by the Corporation or any Warrantholder
(upon payment of the reasonable charges of the Warrant Agent), furnish the Corporation or such Warrantholder with a list of the
names and addresses of holders of Warrants (in the case of a Warrantholder of the same class as such Warrantholder) entered on
such registers and showing the number of Warrants (in the case of a Warrantholder of the same class as such Warrantholder) held
by each such holder thereof.

 

		(h)	Location of Registers: The Corporation may at any time and from time to time change the
place at which the registers referred to in subsection 2.08(a) hereof are kept, cause branch registers of holders or transfers
to be kept at other places and close such branch registers or change the place at which such branch registers are kept, in each
case subject to the approval of the Warrant Agent. Notice of all such changes or closures shall be given by the Corporation to
the Warrant Agent and to holders of Warrants in accordance with Article Eleven hereof.

 

     

    16

    

 

		(i)	Reliance by Warrant Agent: The Warrant Agent shall have no obligation to ensure or verify
compliance with any Applicable Legislation or regulatory requirements on the issue, exercise or transfer of any Warrants or any
Common Shares or other securities issued upon the exercise of any Warrants. The Warrant Agent shall be entitled to process all
proffered transfers and exercises of Warrants upon the presumption that such transfers or exercises are permissible pursuant to
all Applicable Legislation and regulatory requirements and the terms of the Indenture and the related Warrant Certificates in the
absence of prima facie evidence to the contrary. The Warrant Agent may assume for the purposes of this Indenture that the
address on the register of Warrantholders of any Warrantholder is the actual address of such Warrantholder and is also determinative
of the residency of such Warrantholder and that the address of any transferee to whom any Warrants or Common Shares or other securities
issuable upon the exercise of any Warrants are to be registered, as shown on the transfer document, is the actual address of the
transferee and is also determinative of the residency of the transferee.

 

		(j)	Transfer of Warrant Certificate Bearing U.S. Warrant Legend: If a Warrant Certificate tendered
for transfer bears the U.S. Legend, the Warrant Agent shall not register such transfer unless the transferor has provided the Warrant
Agent with the Warrant Certificate and: (A) the transfer is to the Corporation; (B) the transfer is made outside of the United
States in accordance with the requirements of Rule 904 of Regulation S in circumstances where Rule 905 of Regulation S does not
apply and in compliance with applicable local laws and regulations, and the transferor delivers to the Warrant Agent a declaration
substantially in the form set forth in ‎Schedule B to this Warrant Indenture, or in such other form the Corporation may from
time to time prescribe, together with such other evidence of the availability of an exemption (which may, without limitation, include
an opinion of counsel, of recognized standing reasonably satisfactory to the Corporation and the Warrant Agent) as the Warrant
Agent may reasonably require; (C) the transfer is made in compliance with the exemption from the registration requirements of the
U.S. Securities Act provided by Rule 144 or Rule 144A thereunder, if available, and in each case in accordance with applicable
state securities laws or "blue sky" laws; (D) the transfer is made in another transaction that does not require registration
under the U.S. Securities Act or any applicable state securities laws; or (E) the transfer is made pursuant to an effective registration
statement under the U.S. Securities Act that is available for the resale of the Warrants, provided that, it has prior to any transfer
under (C) or (D) above furnished to the Corporation an opinion of counsel in form and substance reasonably satisfactory to the
Corporation to such effect. In relation to a transfer under (C) or (D) above, unless the Corporation receives an opinion of counsel,
of recognized standing, in form and substance reasonably satisfactory to the Corporation to the effect that the U.S. Legend is
no longer required on the Warrant Certificates representing the transferred Warrants, the Warrant Certificates received by the
transferee will continue to bear the U.S. Legend.

 

		Section 2.09	Ownership of Warrants

 

		(a)	Owner: Subject to applicable law, the Corporation and the Warrant Agent may deem and treat
the Person in whose name any Warrant is registered on the register of Warrantholders to be maintained by the Warrant Agent in accordance
with subsection 2.08(a) hereof as the absolute owner of such Warrant for all purposes, and such Person will for all purposes of
this Indenture be and be deemed to be the absolute owner thereof, and the Corporation and the Warrant Agent will not be affected
by any notice or knowledge to the contrary except as required by statute or by order of a court of competent jurisdiction.

 

     

    17

    

 

		(b)	Rights of Registered Holder: Subject to applicable law, the registered holder of any Warrant
will be entitled to the rights evidenced thereby free from all equities and rights of set-off or counterclaim between the Corporation
and the original or any intermediate holder thereof and all Persons may act accordingly, and the issue and delivery to any such
registered holder of the Warrant Shares issuable pursuant thereto will be a good discharge to the Corporation and the Warrant Agent
therefor and neither the Corporation nor the Warrant Agent will be bound to inquire into the title of any such registered holder.

 

		Section 2.10	Warrants to Rank Pari Passu

 

All Warrants shall rank pari passu, whatever may be the actual
date of issue of any Warrants.

 

		Section 2.11	Book-Based
System Warrants

 

		(a)	Registration of beneficial interests in and transfers of Warrants held by CDS shall be made through
the book-based system, subject to Applicable Procedures, and no Warrant Certificates shall be issued in respect of such Warrants
except as set out in this section 2.11, where physical certificates evidencing ownership in such securities are required or as
may be requested by CDS from time to time. Warrants in the book-based system shall be evidenced by a Global Security as contemplated
in subsection 2.01(e) hereof.

 

		(b)	For so long as Warrants are represented by a Global Security, if any of the following events occurs:

 

		(i)	CDS notifies the Corporation that it is unwilling or unable to continue as depository of the Warrants
represented by a Global Security and the Corporation is unable to identify and engage a qualified successor,

 

		(ii)	the Corporation determines that CDS is no longer willing, able or qualified to discharge properly
its responsibilities as depository of the Warrants represented by a Global Security and the Corporation is unable to identify and
engage a qualified successor,

 

		(iii)	CDS ceases to be a clearing agency or otherwise ceases to be eligible to be a depository and the
Corporation is unable to locate a qualified successor, or

 

		(iv)	the Corporation or CDS is required by applicable laws to take the action contemplated in this subsection
2.11(b),

 

Warrant Certificates shall be issued in
exchange for the Global Security, or the applicable portion thereof, in accordance with section 2.08 hereof but subject to the
provisions of this section 2.11. All such Warrant Certificates issued and exchanged pursuant to this subsection 2.11(b) shall be
registered in such names and in such denominations as CDS shall instruct the Warrant Agent; provided that the aggregate number
of Warrants represented by such Warrant Certificates shall be equal to the aggregate number of Warrants represented by the Global
Security so exchanged, and the Global Security so exchanged, or the applicable portion thereof, shall be cancelled by the Warrant
Agent.

 

		(c)	All references herein to actions by, notices given or payments made to Warrantholders shall, where
Warrants are held through a Global Security, refer to actions taken by, or notices given or payments made to, CDS upon instruction
from CDS Participants in accordance with Applicable Procedures. For the purposes of any provision hereof requiring or permitting
actions with the consent of or at the direction of Warrantholders evidencing a specified percentage of the aggregate Warrants outstanding,
such direction or consent may be given by Beneficial Owners acting through CDS and the CDS Participants owning Warrants evidencing
the requisite percentage of the Warrants. The rights of Beneficial Owners shall be limited to those established by applicable laws
and agreements between CDS and the CDS Participants and between such CDS Participants and Beneficial Owners and must be exercised
through a CDS Participant in accordance with the Applicable Procedures.

 

     

    18

    

 

		(d)	Each of the Warrant Agent and the Corporation may deal with CDS for all purposes as the authorized
representative of the respective Warrantholders who are Beneficial Owners and such dealing with CDS shall constitute satisfaction
or performance, as applicable, of their respective obligations hereunder. For so long as Warrants are represented by a Global Security,
if any notice or other communication is required to be given to Warrantholders, the Warrant Agent will give such notices and communications
to CDS or its nominee.

 

		(e)	Transfers of beneficial ownership in any Warrant represented by a Global Security will be effected
only (i) with respect to the interest of a CDS Participant, through records maintained by CDS or its nominee for such Global Security,
and (ii) with respect to the interest of any Person other than a CDS Participant, through records maintained by CDS Participants.
Beneficial Owners who are not CDS Participants but who desire to sell or otherwise transfer ownership of or any other interest
in Warrants represented by such Global Security may do so through a CDS Participant.

 

		(f)	Notwithstanding anything herein or in the terms of the Warrant Certificates to the contrary, neither
the Corporation nor the Warrant Agent nor any agent thereof shall have any responsibility or liability for (i) the records maintained
by CDS relating to any ownership interests or any other interests in the Warrants or the depository system maintained by CDS, or
payments made on account of any ownership interest or any other interest of any Person in any Warrant represented by any Global
Security (other than the applicable depository or its nominee), (ii) maintaining, supervising or reviewing any records of CDS or
any CDS Participant relating to any such interest, or (iii) any advice or representation made or given by CDS or those contained
herein that relate to the rules and regulations of CDS, including the Applicable Procedures, or any action to be taken by CDS on
its own direction or at the direction of any CDS Participant.

 

		(g)	The provisions of section 2.08 hereof with respect to the transfer of Warrants are subject to the
provisions of this section 2.11.

 

The Corporation may terminate the application
of this section 2.11 in its sole discretion on written notice to the Warrant Agent.

 

     

    19

    

 

ARTICLE
Three

EXERCISE OF WARRANTS

 

		Section 3.01	Method of Exercise of Warrants

 

		(a)	Exercise: Subject to subsection 3.01 hereof, the holder of any Warrant may exercise the
right thereby conferred on such holder to subscribe for and purchase Warrant Shares by surrendering, during regular business hours
of the Warrant Agent at its offices in the City of Toronto, Ontario, after the date of issue of the Warrant but prior to the Expiry
Time, to the Warrant Agent at the place specified in subsection 3.01(d) hereof or any other place or places that may be designated
by the Corporation with the approval of the Warrant Agent, the Warrant Certificate, with a properly completed and executed subscription
form in substantially the form contained on the Warrant Certificate, together with a certified cheque, bank draft or money order
in lawful money of Canada payable to or to the order of the Corporation in an amount equal to the product obtained by multiplying
the Exercise Price by the number of Common Shares subscribed for pursuant to such Warrant Certificate. A Warrant Certificate with
the duly completed and executed subscription form, together with the certified cheque, bank draft or money order, shall be deemed
to be surrendered only upon delivery thereof or, if sent by mail or other means of transmission, upon receipt thereof, in each
case at the office of the Warrant Agent provided for in subsection 3.01(d) hereof or any such other place designated by the Corporation
with the approval of the Warrant Agent.

 

		(b)	Exercise by Beneficial Owner: No Warrant represented by a Global Security may be exercised
unless, prior to such exercise, the holder of such Warrant shall have taken all other action necessary to exercise such Warrant
in accordance with this Indenture and the Applicable Procedures. Notwithstanding anything to the contrary contained herein and
subject to the Applicable Procedures in force from time to time, a Beneficial Owner of Warrants represented by a Global Security
who desires to exercise his or her Warrants must do so by causing a CDS Participant to deliver to CDS, on behalf of the Beneficial
Owner, a written notice of the Beneficial Owner's intention to exercise Warrants in a manner acceptable to CDS. Forthwith upon
receipt by CDS of such notice, as well as payment in an amount equal to the product obtained by multiplying the Exercise Price
by the number of Warrant Shares subscribed for, CDS shall deliver to the Warrant Agent a Confirmation. An electronic exercise of
the Warrants initiated by a CDS Participant through a book based registration system, including CDSX, shall constitute a representation
to both the Corporation and the Warrant Agent that the Beneficial Owner at the time of exercise of such Warrants: (a) is not present
in the United States; (b) is not a U.S. Person and is not exercising such Warrants for the account or benefit of a U.S. Person
or a person in the United States; (c) did not acquire the Warrants in the United States or on behalf of, or for the account or
benefit of a U.S. Person or a person in the United States; (d) did not execute or deliver the notice of the owner's intention to
exercise such Warrants in the United States; (e) did not request delivery in the United States of the Warrant Shares issuable upon
the exercise of the Warrants, and (f) has, in all other respects, complied with the terms of Regulation S under the U.S. Securities
Act in connection with such exercise. If the CDS Participant is not able to make or deliver the foregoing representation by initiating
the electronic exercise of the Warrants, then (i) such Warrants shall be withdrawn from the book based registration system, including
CDSX, by the CDS Participant; (ii) an individually registered Warrant Certificate shall be issued by the Warrant Agent to the Beneficial
Owner or CDS Participant and (iii) the exercise procedures set forth in subsections ‎3.01(a), 3.01(c) and 3.01(g) shall be
followed.

 

     

    20

    

 

Payment representing the Exercise Price
must be provided to the appropriate office of the CDS Participant in a manner acceptable to it. A notice in form acceptable to
the CDS Participant and payment from such Beneficial Owner should be provided to the CDS Participant sufficiently in advance so
as to permit the CDS Participant to deliver notice and payment to CDS and for CDS in turn to deliver notice and payment to the
Warrant Agent prior to the Expiry Time. CDS will initiate the exercise by way of the Confirmation and forward the Exercise Price
electronically to the Warrant Agent and the Warrant Agent will execute the exercise by causing the Transfer Agent to issue to CDS
through the book-based system the Common Shares to which the exercising Beneficial Owner is entitled pursuant to the exercise.
Any expense associated with the exercise process will be for the account of the Beneficial Owner exercising the Warrants and/or
the CDS Participant exercising the Warrants on its behalf.

 

By causing a CDS Participant to deliver
to CDS a written notice of the Beneficial Owner's intention to exercise Warrants, the Beneficial Owner shall be deemed to have
irrevocably surrendered his or her Warrants so exercised and appointed such CDS Participant to act as his or her exclusive settlement
agent with respect to the exercise and the receipt of underlying Warrant Shares in connection with the obligations arising from
such exercise.

 

Any notice of the Beneficial Owner's intention
to exercise Warrants which CDS determines to be incomplete, not in proper form or not duly executed shall for all purposes be void
and of no effect and the exercise to which it relates shall be considered for all purposes not to have been made thereby. A failure
by a CDS Participant to exercise or to give effect to the settlement thereof in accordance with the Beneficial Owner's instructions
will not give rise to any obligations or liability on the part of the Corporation or Warrant Agent to the CDS Participant or the
Beneficial Owner.

 

Any Confirmation received by the Warrant
Agent after business hours on any Business Day other than the Expiry Date will be deemed to have been received by the Warrant Agent
on the next following Business Day. The Confirmation (together with payment representing the Exercise Price for the Common Shares
for which the Warrant is being exercised) in connection with any exercise by a Beneficial Owner must be received by the Warrant
Agent prior to the Expiry Time. Any Warrant with respect to which a Confirmation (together with payment representing the Exercise
Price for the Warrant Shares for which the Warrant is being exercised) is not received by the Warrant Agent before the Expiry Time
shall be deemed to have expired and become void and all rights with respect to such Warrant shall terminate and be cancelled.

 

		(c)	Subscription Form Completion: Any subscription form referred to in subsection 3.01(a) hereof
shall be signed by the Warrantholder, or his executors, administrators or other legal representatives or his or their attorney
duly appointed by an instrument in writing in form and executed in a manner satisfactory to the Warrant Agent, acting reasonably,
and shall specify (A) the number of Warrant Shares which the holder desires to subscribe for and purchase, such number, in the
case of the exercise of Certificated Warrants, being not more than the number which the holder is entitled to subscribe for and
purchase pursuant to the Warrant Certificate surrendered, (B) the Person or Persons in whose name or names such Warrant Shares
are to be issued, (C) the address or addresses of such Person or Persons, or the office of the Warrant Agent at which the Warrant
Certificate was surrendered and where the certificates representing such Warrant Shares, or other appropriate form of evidence
of ownership, are to be sent, and (D) the number of Warrant Shares to be issued to each such Person if more than one is so specified.
If any of the Common Shares subscribed for are to be issued to a Person or Persons other than the Warrantholder, the Warrantholder
shall pay to the Warrant Agent all applicable transfer or similar taxes, if any, and the Corporation and the Warrant Agent shall
not be required to issue or deliver certificates representing Common Shares unless or until such Warrantholder shall have paid
to the Warrant Agent the amount of such tax, if any, or shall have established to the satisfaction of the Warrant Agent that such
tax has been paid or that no tax is due. For the avoidance of doubt, Warrant Shares may only be issued to a Person or Persons other
than the Warrantholder in compliance with the terms of this Indenture and in particular subsection 2.01(f), and Section 2.08 of
this Indenture.

 

     

    21

    

 

		(d)	Places for Exercise: The Corporation has designated the Warrant Agent, at its principal
office in the City of Toronto, Ontario, as the place at which the Warrants may be exercised. The Corporation will give notice to
the Warrantholders pursuant to Article Eleven hereof of the location of any other place appointed by the Corporation and approved
by the Warrant Agent and of the change in the location of any new or existing place where Warrants may be exercised.

 

		(e)	Accounting to Corporation and Disbursement of Monies: The Warrant Agent shall as soon as
practicable account to the Transfer Agent and the Corporation with respect to Warrants exercised. All such monies, and any securities
or other instruments, from time to time received by the Warrant Agent, shall be disbursed to the Corporation in accordance with
this Indenture. Within five Business Days of receipt thereof the Warrant Agent shall forward to the Corporation (or to an account
or accounts of the Corporation designated in writing by the Corporation for that purpose) all monies received through the exercise
of Warrants.

 

		(f)	Record of Exercise: The Warrant Agent shall record the particulars of the Warrants exercised
for Common Shares which particulars shall include the names and addresses of the Persons who become holders of Common Shares, if
any, on exercise, the number of Common Shares issued, the Exercise Date and the Exercise Price. Within five Business Days of each
Exercise Date, the Warrant Agent shall provide such particulars in writing to the Corporation.

 

		(g)	U.S. Warrant Exercises. In addition to completing the subscription form in substantially
the form contained on the Warrant Certificate, a U.S. Warrantholder must provide: (a) a completed and executed U.S. Warrantholder
Letter; or (b) an opinion of counsel, of recognized standing, in form and substance reasonably satisfactory to the Corporation
and the Warrant Agent, that the exercise is exempt from the registration requirements of the U.S. Securities Act and applicable
securities laws of any state of the United States.

 

		Section 3.02	Effect
of Exercise of Warrants

 

		(a)	Effect of Exercise: Upon compliance by the holder of any Warrants with the provisions of
section 3.01 hereof, but subject to the provisions of subsection 3.03(b) hereof, the number of Common Shares subscribed for and
purchased shall be deemed to have been issued and the Person or Persons to whom such Common Shares are to be issued shall be deemed
to have become the holder or holders of record of such Common Shares on the Exercise Date thereof unless the transfer books of
the Corporation shall be closed on such date, in which case the Common Shares subscribed for and purchased shall be deemed to have
been issued, and such Person or Persons shall be deemed to have become the holder or holders of record of such Common Shares on
the date on which such transfer books are reopened but such Common Shares shall be issued at the Exercise Price in effect on the
Exercise Date. The Warrants so exercised will be void and of no value or effect and the Warrantholder will have no further right
thereunder, other than the right to receive Common Shares in respect of the Warrants duly exercised.

 

     

    22

    

 

		(b)	Issue of Share Certificates: As soon as practicable, and in any event no later than the
fifth Business Day on which the transfer books of the Corporation have been opened after the exercise of a Warrant as aforesaid,
the Corporation shall forthwith (A) cause to be mailed or delivered, electronically or otherwise, to the Person or Persons in whose
name or names the Common Shares so subscribed for and purchased are to be issued, as specified in the completed subscription instruction,
or (B) if specified in such subscription instruction, cause to be delivered to such Person or Persons at the office of the Warrant
Agent where such Warrant Certificate was surrendered, a certificate or certificates, or any other appropriate evidence of the issuance
of Common Shares, representing or evidencing the appropriate number of Common Shares to which the Warrantholder is entitled and
elected to subscribe for and purchase pursuant to the provisions of section 3.01 hereof.

 

		Section 3.03	Subscription for Less than Entitlement

 

		(a)	Exercise for Less Than Maximum: The holder of any Warrants may subscribe for and purchase
a number of Common Shares less than the maximum number which the holder is entitled to subscribe for and purchase, provided that
in no event shall fractional Common Shares be issued in connection with the exercise of Warrants. In such event, the holder thereof
upon exercise thereof shall, in addition, be entitled to receive a new Warrant Certificate complying with section 2.02 hereof,
or other appropriate evidence of Warrants in the case of Uncertificated Warrants, in respect of the balance of the Warrants which
were not then exercised.

 

		(b)	No Fractional Common Shares: Notwithstanding any adjustment provided for in Article Four
hereof or otherwise, the Corporation shall not be required upon the exercise of a Warrant to issue fractions of Common Shares or
to distribute certificates which evidence fractional Common Shares. If the number of Common Shares to which a Warrantholder would
otherwise be entitled upon the exercise of a Warrant is not a whole number then, subject to section 3.04 hereof, the number of
Common Shares to be issued shall be rounded down to the next whole number and the holder of such Warrants shall not be entitled
to any compensation in respect of any fractional Common Share.

 

		Section 3.04	
Warrant Certificates for Fractions of Common Shares

 

To the extent that the holder of a Warrant is entitled to receive
on the exercise or partial exercise thereof a fraction of a Common Share, such right may only be exercised in respect of such fraction
in combination with another Warrant which in the aggregate entitles the Warrantholder to receive a whole number of Common Shares.

 

		Section 3.05	Expiration of Warrants

 

After the Expiry Time all rights under any Warrant in respect of
which the right of subscription and purchase therein and herein provided shall not theretofore have been exercised shall wholly
cease and terminate and such Warrant shall be void, of no force or effect and of no value whatsoever.

 

     

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		Section 3.06	Cancellation
U.S. Prohibition on Exercise; Legended Certificates

 

		(a)	The Warrants and the Warrant Shares have not been and will not be registered under the U.S. Securities
Act or any state securities laws, and may not be exercised by or on behalf of, or for the account or benefit of, a U.S. Person
or a person in the United States unless an exemption from such registration requirements is available.

 

		(b)	Warrants may not be exercised except in compliance with the requirements set forth herein, in the
Warrant Certificate and in the subscription form contained on the Warrant Certificate (FORM 1).

 

		(c)	Warrant Shares issued upon the exercise of any Certificated Warrant (i) which bears the U.S. Legend,
(ii) other than pursuant to Box A of the subscription form contained on the Warrant Certificate (FORM 1), or (iii) or pursuant
to Box A of the subscription form contained on the Warrant Certificate in the event that the Corporation determines that Rule 905
of Regulation S applies to such issuance shall be issued in certificated form and, upon such issuance, shall bear the following
legend (the "U.S. Common Share Legend"):

 

"THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED
UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR STATE SECURITIES LAWS. THE HOLDER
HEREOF, BY PURCHASING THESE SECURITIES, AGREES FOR THE BENEFIT OF POET TECHNOLOGIES, INC. (THE "CORPORATION") THAT THESE
SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO THE CORPORATION, (B) OUTSIDE THE UNITED STATES IN
ACCORDANCE WITH RULE 904 OF REGULATION S ("REGULATION S") UNDER THE SECURITIES ACT AND IN COMPLIANCE WITH APPLICABLE
CANADIAN LAWS AND REGULATIONS, (C) WITHIN THE UNITED STATES IN ACCORDANCE WITH (1) RULE 144A UNDER THE SECURITIES ACT OR (2) RULE
144 UNDER THE SECURITIES ACT AND IN COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS, (D) IN ANOTHER TRANSACTION THAT DOES NOT
REQUIRE REGISTRATION UNDER THE SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS; OR (E) PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT THAT IS AVAILABLE FOR THE RESALE OF THE SECURITIES, PROVIDED THAT IN THE CASE OF TRANSFERS PURSUANT
TO (C) OR (D) ABOVE, A LEGAL OPINION REASONABLY SATISFACTORY TO THE CORPORATION MUST FIRST BE PROVIDED TO THE CORPORATION'S TRANSFER
AGENT. EACH PURCHASER OF THESE SECURITIES IS HEREBY NOTIFIED THAT THE SELLER OF THESE SECURITIES MAY BE RELYING ON THE EXEMPTION
FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER.

 

THESE SECURITIES MAY NOT CONSTITUTE "GOOD DELIVERY"
IN SETTLEMENT OF TRANSACTIONS ON CANADIAN STOCK EXCHANGES. IF THE CORPORATION WAS A "FOREIGN ISSUER" WITHIN THE MEANING
OF REGULATION S AT THE TIME OF ISSUANCE OF THE SECURITIES, A NEW CERTIFICATE, BEARING NO LEGEND, MAY BE OBTAINED FROM THE CORPORATION'S
TRANSFER AGENT UPON DELIVERY OF THIS CERTIFICATE AND A DULY EXECUTED DECLARATION, IN A FORM SATISFACTORY TO THE CORPORATION AND,
IF SO REQUIRED BY THE CORPORATION, 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 SECURITIES ACT."

 

     

    24

    

 

provided, that, if any such securities are being sold
outside the United States in compliance with the requirements of Rule 904 of Regulation S in circumstances where Rule 905 of Regulation
S does not apply, and in compliance with Canadian laws and regulations, the legend set forth above may be removed by providing
an executed declaration to the Corporation's registrar and transfer agent in such form as the Corporation may prescribe from time
to time; and provided, further, that, if any such securities are being sold pursuant to Rule 144 under the U.S. Securities Act,
if available, the legend may be removed by delivery to the registrar and transfer agent of the Corporation of an opinion of counsel,
of recognized standing reasonably satisfactory to the Corporation, to the effect that such legend is no longer required under applicable
requirements of the U.S. Securities Act and applicable state securities laws.

 

		(d)	Notwithstanding anything to the contrary contained herein or in any Warrant or other agreement
or instrument, the Corporation shall be entitled to cause the U.S. Common Share Legend to be affixed to, or marked with respect
to, any Common Shares issued upon the exercise of any Warrant at such time as the Corporation is not a "foreign issuer"
(as defined in Regulation S) in the event that the Corporation determines that such affixing or marking of the U.S. Common Share
Legend is then necessary to comply with U.S. securities laws.

 

		Section 3.07	Surrender of Warrant Certificates

 

All Warrant Certificates surrendered or deemed to be surrendered
to the Warrant Agent pursuant to Section 2.06, Section 2.07, Section 2.08 or Section 3.01 hereof will be cancelled by the Warrant
Agent. The Warrant Agent will, upon request by the Corporation, furnish the Corporation with a certificate identifying the Warrant
Certificates so cancelled and the number of Warrants evidenced thereby.

 

ARTICLE
Four

ADJUSTMENTS

 

		Section 4.01	Adjustment of Exercise Price and Number of Warrant Shares Purchasable Upon Exercise

 

The Exercise Price and the number of Warrant Shares purchasable
upon the exercise of a Warrant shall be subject to adjustment from time to time in the events and in the manner provided in the
following subsections:

 

		(a)	Stock Dividend; Distribution of Common Shares; Subdivision; Consolidation: If at any time
after the Effective Date but prior to the Expiry Date, the Corporation shall:

 

		(i)	fix a record date for the issue of, or issue, Common Shares or securities exchangeable for or convertible
into Common Shares to the holders of all or substantially all of the outstanding Common Shares as a stock dividend or other distribution,
other than as a Dividend Paid In The Ordinary Course,

 

     

    25

    

 

		(ii)	subdivide, redivide or change the outstanding Common Shares into a greater number of Common Shares,
or

 

		(iii)	consolidate, reduce or combine the outstanding Common Shares into a lesser number of Common Shares,

 

(any of such events in paragraphs 4.01(a)(i), (ii) and (iii)
above, being herein called a "Common Share Reorganization"), the Exercise Price shall be adjusted on the earlier
of the record date on which holders of Common Shares are determined for the purposes of the Common Share Reorganization and the
effective date of the Common Share Reorganization to the amount determined by multiplying the Exercise Price in effect immediately
prior to such record date or effective date, as the case may be, by a fraction:

 

		A.	the numerator of which shall be the number of Common Shares outstanding on such record date or
effective date, as the case may be, before giving effect to such Common Share Reorganization; and

 

		B.	the denominator of which shall be the number of Common Shares which will be outstanding immediately
after giving effect to such Common Share Reorganization (including in the case of a distribution of securities exchangeable for
or convertible into Common Shares the number of Common Shares that would have been outstanding had such securities been exchanged
for or converted into Common Shares on such date).

 

To the extent that any adjustment in the Exercise Price
occurs pursuant to this subsection 4.01(a) as a result of the fixing by the Corporation of a record date for the distribution of
securities exchangeable for or convertible into Common Shares, the Exercise Price shall be readjusted immediately after the expiry
of any relevant exchange or conversion right to the Exercise Price which would then be in effect based upon the number of Common
Shares actually issued and remaining issuable after such expiry and shall be further readjusted in such manner upon the expiry
of any further such right. Any Warrantholder who has not exercised his right to subscribe for and purchase Common Shares on or
prior to the record date of such stock dividend or distribution or the effective date of such subdivision or consolidation, as
the case may be, upon the exercise of such right thereafter shall be entitled to receive and shall accept in lieu of the number
of Common Shares then subscribed for and purchased by such Warrantholder, at the Exercise Price determined in accordance with this
subsection 4.01(a) the aggregate number of Common Shares that such Warrantholder would have been entitled to receive as a result
of such Common Share Reorganization, if, on such record date or effective date, as the case may be, such Warrantholder had been
the holder of record of the number of Common Shares so subscribed for and purchased.

 

		(b)	Issue of Rights, Options or Warrants: If at any time after the Effective Date but prior
to the Expiry Date, the Corporation shall fix a record date for the issue or distribution to the holders of all or substantially
all of the outstanding Common Shares of rights, options or warrants pursuant to which such holders are entitled, during a period
expiring not more than 45 days after the record date for such issue (such period being the "Rights Period"), to
subscribe for or purchase Common Shares or securities exchangeable for or convertible into Common Shares at a price per share to
the holder (or in the case of securities exchangeable for or convertible into Common Shares, at an exchange or conversion price
per share) at the date of issue of such securities of less than 95% of the Current Market Price of the Common Shares on such record
date (any of such events being called a "Rights Offering"), the Exercise Price shall be adjusted effective immediately
after the record date for such Rights Offering to the amount determined by multiplying the applicable Exercise Price in effect
on such record date by a fraction:

 

     

    26

    

 

		(i)	the numerator of which shall be the aggregate of

 

		A.	the number of Common Shares outstanding on the record date for the Rights Offering, and

 

		B.	the quotient determined by dividing

 

		I.	either (a) the product of the number of Common Shares offered during the Rights Period pursuant
to the Rights Offering and the price at which such Common Shares are offered, or (b) the product of the exchange or conversion
price of the securities so offered and the number of Common Shares for or into which the securities offered pursuant to the Rights
Offering may be exchanged or converted, as the case may be, by

 

		II.	the Current Market Price of the Common Shares as of the record date for the Rights Offering; and

 

		(ii)	the denominator of which shall be the aggregate of the number of Common Shares outstanding on such
record date and the number of Common Shares offered pursuant to the Rights Offering (including in the case of the issue or distribution
of securities exchangeable for or convertible into Common Shares the number of Common Shares for or into which such securities
may be exchanged or converted).

 

To the extent that any such rights, options
or warrants are not so exercised on or before the expiry thereof, the Exercise Price will be readjusted to the Exercise Price that
would then be in effect based on the number of Common Shares (or securities convertible into or exchangeable for Common Shares)
actually delivered on the exercise of such rights, options or warrants.

 

		(c)	Special Distributions: If at any time after the Effective Date but prior to the Expiry Date,
the Corporation shall fix a record date for the payment, issue or distribution to the holders of all or substantially all of the
outstanding Common Shares of:

 

		(i)	shares of the Corporation or any other corporation of any class other than Common Shares;

 

		(ii)	rights, options or warrants to acquire Common Shares or securities exchangeable for or convertible
into Common Shares;

 

		(iii)	evidences of indebtedness of the Corporation; or

 

		(iv)	any property (including cash) or assets of the Corporation;

 

and if such issue or distribution does
not constitute a Dividend Paid In The Ordinary Course, a Common Share Reorganization or a Rights Offering (any of such non-excluded
events being herein called a "Special Distribution"), the Exercise Price shall be adjusted effective immediately
after the record date for the Special Distribution to the amount determined by multiplying the applicable Exercise Price in effect
on the record date for the Special Distribution by a fraction:

 

     

    27

    

 

		A.	the numerator of which shall be the difference between

 

		I.	the product of the number of Common Shares outstanding on such record date and the Current Market
Price of the Common Shares on such record date, and

 

		II.	the fair market value, as determined in good faith by the Directors (whose determination shall
be conclusive, subject to the prior written consent, if required, of any stock exchange on which the Common Shares are then listed),
of such dividend, cash, securities, rights, options, warrants, evidences of indebtedness or property or assets to be issued or
distributed in the Special Distribution, and

 

		B.	the denominator of which shall be the product obtained by multiplying the number of Common Shares
outstanding on such record date by the Current Market Price of the Common Shares on such record date.

 

Any Common Shares owned by or held for the account of the
Corporation shall be deemed not to be outstanding for the purpose of such calculation. To the extent that any adjustment in the
Exercise Price occurs pursuant to this subsection 4.01(c) as a result of the fixing by the Corporation of a record date for the
issue or distribution of rights, options or warrants to acquire Common Shares or securities exchangeable for or convertible into
Common Shares referred to in this subsection 4.01(c), the Exercise Price shall be readjusted immediately after the expiry of any
relevant exercise, exchange or conversion right to the amount which would then be in effect based upon the number of Common Shares
issued and remaining issuable after such expiry and shall be further readjusted in such manner upon the expiry of any further such
right.

 

		(d)	Reclassification of Common Shares; Consolidation; Arrangement; Amalgamation; Merger: If
at any time after the Effective Date but prior to the Expiry Date there shall occur:

 

		(i)	a reclassification or redesignation of the Common Shares, a change of the Common Shares into other
shares or securities or any other capital reorganization involving the Common Shares other than a Common Share Reorganization;

 

		(ii)	a consolidation, arrangement, amalgamation or merger of the Corporation with or into another body
corporate which results in a reclassification or redesignation of the Common Shares or a change of the Common Shares into other
shares or securities;

 

		(iii)	the transfer, sale or conveyance of the undertaking or assets of the Corporation as an entirety
or substantially as an entirety to another corporation or entity (other than a Subsidiary of the Corporation);

 

     

    28

    

 

(any of such events being called a "Capital Reorganization"),
after the effective date of the Capital Reorganization the Warrantholder shall be entitled to receive, and shall accept, for the
same aggregate consideration, upon exercise of the Warrants, in lieu of the number of Common Shares to which the Warrantholder
was theretofore entitled upon the exercise of the Warrants, the kind and aggregate number of shares and other securities or property
resulting from the Capital Reorganization which the Warrantholder would have been entitled to receive as a result of the Capital
Reorganization if, on the effective date thereof, the Warrantholder had been the registered holder of the number of Common Shares
which the Warrantholder was theretofore entitled to purchase or receive upon the exercise of the Warrants. If necessary, as a result
of any such Capital Reorganization, appropriate adjustments shall be made in the application of the provisions of this Warrant
Indenture with respect to the rights and interests thereafter of the Warrantholder to the end that the provisions shall thereafter
correspondingly be made applicable as nearly as may reasonably be possible in relation to any shares or other securities or property
thereafter deliverable upon the exercise of the Warrants. Any such adjustments shall be made by and set forth in an indenture supplemental
hereto with its successor or such corporation or other entity, as applicable, contemporaneously with such reclassification, consolidation,
amalgamation, arrangement, merger or other event and which supplemental indenture shall be approved by action by the Directors
and shall for all purposes be conclusively deemed to be an appropriate adjustment. To give effect to the provisions of this subsection,
the Corporation shall or shall impose upon its successor or such purchasing corporation or entity, as the case may be, prior to
or contemporaneously with the Capital Reorganization, an agreement or an undertaking which shall provide, to the extent possible,
for the applications of the provisions set forth herein with respect to the rights and interests thereafter of the Warrantholder
to the extent that the adjustment provisions set forth in this Warrant Indenture shall thereafter correspondingly be made applicable,
as nearly as may reasonably be, with respect to any shares, other securities or property to which the Warrantholder is entitled
on exercise of acquisition rights hereunder. Any such agreement or undertaking shall provide that such adjustments shall apply
to successive Capital Reorganizations.

 

		(e)	Adjustment to Number of Common Shares: If at any time after the Effective Date but prior
to the Expiry Date any adjustment or readjustment in the Exercise Price shall occur pursuant to the provisions of subsection 4.01(a)
of this Indenture, then the number of Common Shares purchasable upon the subsequent exercise of Warrants shall be simultaneously
adjusted or readjusted, as the case may be, by multiplying the number of Common Shares purchasable upon the exercise of Warrants
immediately prior to such adjustment or readjustment by a fraction which shall be the reciprocal of the fraction used in the adjustment
or readjustment of the Exercise Price.

 

		(f)	Adjustments Prior to Effective Date: Notwithstanding any other provisions hereof, in the
event that, at any time prior to the Effective Date, there shall have occurred one or more events which, if any Warrant was outstanding,
would require an adjustment or adjustments thereto or to the exercise price thereof in accordance with the provisions hereof, then,
notwithstanding anything to the contrary herein and notwithstanding that no Warrants may be outstanding at the applicable time
under this Indenture, at the time of the issue of Warrants hereunder the same adjustment or adjustments in accordance with the
adjustment provisions hereof shall be made to such Warrants, mutatis mutandis, as if such Warrants were outstanding and
governed by the provisions hereof upon the occurrence of such event or events.

 

     

    29

    

 

		Section 4.02	Rules Regarding Calculation of Adjustment of Exercise Price and Number of Common Shares Purchasable Upon Exercise

 

For the purposes of section 4.01 hereof the following subsections
shall apply:

 

		(a)	Successive Adjustments: Any adjustment made pursuant to section 4.01 hereof shall be cumulative
and made successively whenever an event referred to therein shall occur, subject to the following subsections of this section 4.02.

 

		(b)	Minimum Adjustments: No adjustment in the Exercise Price shall be required unless such adjustment
would result in a change of at least 1% in the Exercise Price and no adjustment shall be made in the number of Common Shares purchasable
upon exercise of a Warrant unless it would result in a change of at least one one-hundredth of a Common Share; provided, however,
that any adjustments which, except for the provisions of this subsection 4.02(b), would otherwise have been required to be made,
shall be carried forward and taken into account in any subsequent adjustment, and provided further that in no event shall the Corporation
be obligated to issue fractional Common Shares upon exercise of Warrants.

 

		(c)	Mutatis Mutandis Adjustment: Subject to the prior written consent, if required,
of any stock exchange on which the Common Shares may be listed, no adjustment in the Exercise Price or in the number or kind of
securities purchasable upon exercise of a Warrant shall be made in respect of any event described in section 4.01 hereof if Warrantholders
are entitled to participate in such event on the same terms mutatis mutandis as if Warrantholders had exercised their Warrants
prior to or on the effective date or record date, as the case may be, of such event.

 

		(d)	No Adjustment for Certain Events: No adjustment in the Exercise Price or in the number of
Common Shares purchasable upon the exercise of Warrants shall be made pursuant to section 4.01 hereof in respect of the issue from
time to time of Common Shares pursuant to this Indenture, pursuant to exchangeable or convertible securities of the Corporation
outstanding as of the date hereof, or pursuant to any stock option, stock purchase or stock bonus plan in effect from time to time
for directors, officers or employees of the Corporation and/or any Subsidiary and any such issue, and any grant of options in connection
therewith, shall be deemed not to be a Common Share Reorganization, a Rights Offering nor any other event described in section
4.01 hereof.

 

		(e)	Other Actions: If at any time after the Effective Date but prior to the Expiry Date the
Corporation shall take any action affecting the Common Shares, other than an action described in section 4.01 hereof, which in
the opinion of the Directors acting in good faith would materially affect the rights of Warrantholders, either or both the Exercise
Price and the number of Common Shares purchasable upon exercise of Warrants shall be adjusted in such manner and at such time by
action by the Directors, acting in good faith in their sole discretion, but subject to the prior written consent, if required,
of any stock exchange upon which the Common Shares may be listed, as may be equitable in the circumstances. Failure of the taking
of action by the Directors so as to provide for an adjustment prior to the effective date of any action by the Corporation affecting
the Common Shares shall be deemed to be conclusive evidence that the Directors have determined that it is equitable to make no
adjustment in the circumstances.

 

		(f)	Abandonment of Event: If the Corporation shall set a record date to determine the holders
of Common Shares for the purpose of entitling such holders to receive any dividend or distribution or any subscription or purchase
rights and shall, thereafter and before the distribution to such Shareholders of any such dividend, distribution or subscription
or purchase rights or the taking of any other action, legally abandons its plan to pay or deliver such dividend, distribution or
subscription or purchase rights, then no adjustment in the Exercise Price or the number of Common Shares purchasable upon exercise
of any Warrant shall be required by reason of the setting of such record date.

 

     

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		(g)	Deemed Record Date: In the absence of a resolution of the Directors fixing a record date
for a Common Share Reorganization, a Rights Offering or a Special Distribution, the Corporation shall be deemed to have fixed as
the record date therefor the earlier of the date on which holders of record of Common Shares are determined for the purpose of
participating in the Common Share Reorganization, Rights Offering or Special Distribution and the date on which the Common Share
Reorganization, Rights Offering or Special Distribution becomes effective.

 

		(h)	Disputes: If a dispute shall at any time arise with respect to adjustments of the Exercise
Price or the number of Common Shares purchasable upon exercise of Warrants, such disputes shall be conclusively determined by the
Corporation's Auditor or, if they are unable or unwilling to act, by such other firm of independent chartered accountants as may
be selected by action by the Directors and acceptable to the Warrant Agent (the "Corporation's Accountants") and
any such determination shall be conclusive evidence of the correctness of any adjustment made under section 4.01 hereof and shall
be binding upon the Corporation, the Warrant Agent and the Warrantholders. Such auditor or accountants shall be provided access
to all necessary records of the Corporation for the purpose of such determination. In the event any determination is made, the
Corporation shall deliver a Certificate of the Corporation to the Warrant Agent describing such determination.

 

		(i)	Corporate Affairs: As a condition precedent to the taking of any action which would require
any adjustment in any of the subscription rights pursuant to the Warrants, including the Exercise Price and the number or class
of shares or other securities 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 may validly and legally issue as fully paid and non-assessable
all the shares or other securities which all holders of Warrants are entitled to receive in accordance with the provisions thereof.

 

		Section 4.03	Postponement
of Subscription

 

In any case in which this Article Four shall require that an adjustment
shall be effective immediately after a record date for an event referred to herein, the Corporation may defer, until the occurrence
of such event:

 

		(a)	issuing to the holder of any Warrant, to the extent that Warrants are exercised after such record
date and before the occurrence of such event, the additional Warrant Shares or other securities issuable upon such exercise by
reason of the adjustment required by such event; and

 

		(b)	delivering to such holder any distribution declared with respect to such additional Common Shares
or other securities after such exercise date and before such event;

 

provided, however, that the Corporation shall deliver to such holder
an appropriate instrument evidencing the right of such holder upon the occurrence of the event requiring the adjustment, to an
adjustment in the Exercise Price or the number of Warrant Shares purchasable on the exercise of any Warrant and to such distributions
declared with respect to any additional Warrant Shares issuable on the exercise of any Warrant.

 

     

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		Section 4.04	Notice of Adjustment of Exercise Price and Number of Common Shares Purchasable Upon Exercise

 

		(a)	Notice of Effective or Record Date: At least 14 days prior to the effective date or record
date, as the case may be, of any event which requires or might require an adjustment in any of the subscription rights pursuant
to any of the Warrants, including the Exercise Price and the number of Warrant Shares which are purchasable upon the exercise thereof:

 

		(i)	the Corporation shall file with the Warrant Agent a Certificate of the Corporation specifying the
particulars of such event to the extent then known including, if determinable, the required adjustment and the computation of such
adjustment; and

 

		(ii)	within five days following receipt of the Certificate of the Corporation contemplated by paragraph
4.04(a)(i) hereof, the Warrant Agent shall give notice to the Warrantholders as provided by the Corporation in the manner provided
for in Article Eleven hereof of the particulars of such event to the extent then known including, if determinable, the required
adjustment.

 

		(b)	Adjustment Not Determinable: In the case where any adjustment for which a notice pursuant
to subsection 4.04(a) hereof has been given is not then determinable:

 

		(i)	the Corporation shall promptly after such adjustment is determinable file with the Warrant Agent
a Certificate of the Corporation setting forth the computation of such adjustment; and

 

		(ii)	within five days following receipt of the Certificate of the Corporation contemplated by paragraph
4.04(b)(i) hereof, the Warrant Agent shall give notice to the Warrantholders as provided by the Corporation in the manner provided
for in Article Eleven hereof of the adjustment.

 

The Warrant Agent shall be entitled to act and rely on any
certificates and other documents (including adjustment calculations) of the Corporation, the Corporation's Auditor or the Corporation's
Accountants received by it pursuant to this Article Four.

 

		(c)	Duty of Warrant Agent: Subject to subsection 10.02(a) hereof, the Warrant Agent shall not:

 

		(i)	at any time be under any duty or responsibility to any Warrantholder to determine whether any facts
exist which may require any adjustment in the Exercise Price or number of Warrant Shares issuable upon the exercise of the Warrants,
or with respect to the nature or extent of any such adjustment when made, or with respect to the method employed in making such
adjustment;

 

		(ii)	be accountable with respect to the validity or value (or the kind or amount) of any Common Shares
or of any shares or other securities or property which may at any time be issued or delivered upon the exercise of any Warrant;
or

 

     

    32

    

 

		(iii)	be responsible for any failure of the Corporation to make any cash payment or to issue, transfer
or deliver Warrant Shares or share certificates upon the surrender of any Warrants for the purpose of exercise, or to comply with
any of the covenants contained in this section 4.04.

 

ARTICLE
Five

PURCHASES BY THE CORPORATION

 

		Section 5.01	Optional
Purchases by the Corporation

 

Subject to applicable law, the Corporation may from time to time
purchase Warrants on any stock exchange, in the open market, by private agreement or otherwise. Any such purchase may be made in
such manner, from such Persons, at such prices and on such terms as the Corporation in its sole discretion, acting reasonably,
may determine.

 

		Section 5.02	Surrender
of Warrant Certificates

 

Warrant Certificates representing Warrants purchased pursuant to
section 5.01 hereof shall be surrendered to the Warrant Agent for cancellation and shall be accompanied by a Written Request of
the Corporation to cancel the Warrants represented thereby. In the case of Uncertificated Warrants, the Warrants purchased pursuant
to section 5.01 hereof shall be cancelled in accordance with the Applicable Procedures.

 

ARTICLE
Six

COVENANTS OF THE CORPORATION

 

		Section 6.01	General
Covenants of the Corporation

 

The Corporation covenants with the Warrant Agent for the benefit
of the Warrant Agent and the Warrantholders that so long as any Warrants remain outstanding:

 

		(a)	except to the extent that the Corporation participates in a merger, arrangement, amalgamation or
other form of business combination transaction, the Corporation will at all times maintain its corporate existence, will carry
on and conduct its business and that of its Subsidiaries in a proper, efficient and business-like manner and in accordance with
good business practice and keep or cause to be kept proper books of account in accordance with Canadian generally accepted accounting
principles;

 

		(b)	the Corporation will cause certificates representing the Warrant Shares, if any, from time to time
subscribed and paid for pursuant to the exercise of Warrants to be duly issued and delivered in accordance with the terms hereof;

 

		(c)	all Warrant Shares which are issued upon exercise of the right to subscribe for and purchase provided
for herein, upon payment of the Exercise Price herein provided for, shall be fully paid and non-assessable shares;

 

		(d)	the Corporation will reserve and keep available a sufficient number of Common Shares for the purpose
of enabling the Corporation to satisfy its obligations to issue Warrant Shares upon the exercise of the Warrants, and all Warrants
shall, when Authenticated and registered as provided herein, be valid and enforceable against the Corporation;

 

     

    33

    

 

		(e)	the issue of Warrants and the issue of the Warrant Shares issuable upon exercise thereof does not
and will not result in a breach by the Corporation of, and does not and will not create a state of facts which, after notice or
lapse of time or both, will result in a breach by the Corporation of any Applicable Legislation, and does not and will not conflict
with any of the terms, conditions or provisions of the articles or resolutions of the Corporation or any trust indenture, loan
agreement or any other agreement or instrument to which the Corporation is a party or by which it is contractually bound on the
date of this Indenture;

 

		(f)	subject to section 4.04 hereof, the Corporation will give to the Warrant Agent notice of its intention
to fix a record date, or effective date, as the case may be, for any event referred to in section 4.01 hereof which may give rise
to an adjustment in the Exercise Price or the number of Warrant Shares purchasable upon the exercise of Warrants and, in each case,
such notice shall specify the particulars of such event and the record date, or the effective date, for such event; provided that
the Corporation shall only be required to specify in such notice such particulars of such event as shall have been fixed and determined
on the date on which such notice is given, and such notice shall be given in each case not less than 14 days prior to the applicable
record date or effective date, as the case may be;

 

		(g)	the Corporation will not close its transfer books nor take any other action which might deprive
a Warrantholder of the opportunity of exercising the right of purchase pursuant to the Warrants held by such Person during the
period of 14 days after the giving of a notice required by this section 6.01 or unduly restrict such opportunity;

 

		(h)	except to the extent that the Corporation participates in a merger, arrangement, amalgamation or
other form of business combination transaction, the Corporation will, at all times, use commercially reasonably efforts to preserve
and maintain its status as a "reporting issuer" or the equivalent thereof not in default under securities legislation
of each of the provinces of Canada in which the Corporation is currently a "reporting issuer" until the Expiry Date;

 

		(i)	except to the extent that the Corporation participates in a merger, arrangement, amalgamation or
other form of business combination transaction, the Corporation will use commercially reasonably efforts to maintain a listing
of the Common Shares on the TSX Venture Exchange or on any other recognized North American stock exchange until the Expiry Date;

 

		(j)	if the Corporation is a party to any transaction in which the Corporation is not the continuing
corporation, the Corporation shall use commercially reasonable efforts to obtain all consents which may be necessary or appropriate
under applicable Canadian law to enable the continuing corporation to give effect to the Warrants;

 

		(k)	it will give notice to the Warrant Agent and Warrantholders of a default under the terms of this
Indenture; and

 

		(l)	generally, the Corporation will perform and carry out all of the acts or things to be done by the
Corporation as provided in this Indenture.

 

		Section 6.02	Third Party Interests

 

The Corporation represents to the Warrant Agent that any account
to be opened, or interest to be held, by the Warrant Agent in connection with this Indenture for or to the credit of the Corporation,
either (i) is not intended by the Corporation to be used by or on behalf of any third party, or (ii) is intended by the Corporation
to be used by or on behalf of a third party, in which case the Corporation agrees to complete and execute forthwith a declaration
in the form prescribed by the Warrant Agent as to the particulars of such third party.

 

     

    34

    

 

		Section 6.03	Warrant
                                         Agent's Remuneration and Expenses

 

The Corporation covenants that it will pay to the Warrant Agent
from time to time reasonable remuneration for its services hereunder and the Corporation will pay or reimburse the Warrant Agent
upon its request for all reasonable expenses, disbursements and advances incurred or made by the Warrant Agent in the administration
or execution of its duties hereunder (including the reasonable compensation and the disbursements of its counsel and all other
advisers not regularly in its employ) both before any default hereunder and thereafter until all duties of the Warrant Agent hereunder
shall be finally and fully performed, except any such expense, disbursement or advance as may arise out of or result from the Warrant
Agent's own gross negligence, wilful misconduct or fraud. Any amount owing hereunder and remaining unpaid after 30 days from the
invoice date will bear interest at the then current rate charged by the Warrant Agent against unpaid invoices and shall be payable
upon demand. This Section 6.03 shall survive the resignation or removal of the Warrant Agent and/or the termination of this Indenture.

 

		Section 6.04	Notice of Issue

 

The Corporation will give written notice of the issue of Warrant
Shares pursuant to the exercise of any Warrants, in such detail as may be required, to each securities commission or similar regulatory
authority in each jurisdiction in Canada in which there is legislation or regulations requiring the giving of any such notice in
order that such issue of Warrant Shares and the subsequent disposition of the Warrant Shares so issued will not be subject to the
prospectus requirements, if any, of such legislation or regulations.

 

		Section 6.05	Performance
                                         of Covenants by Warrant Agent

 

If the Corporation shall fail to perform any of its covenants contained
in this Indenture in any material respect, the Warrant Agent may notify the Warrantholders of such failure on the part of the Corporation
or may itself perform any of the said covenants capable of being performed by it, but shall be under no obligation to do so or
to notify the Warrantholders that it is so doing. All amounts so expended or advanced by the Warrant Agent shall be repayable by
the Corporation upon request of the Warrant Agent as provided in Section 6.03 hereof. No such performance or advance by the Warrant
Agent shall be deemed to relieve the Corporation of any default or of its continuing obligations hereunder.

 

ARTICLE
Seven

ENFORCEMENT

 

		Section 7.01	Suits by Warrantholders

 

All or any of the rights conferred upon a Warrantholder by the terms
of a Warrant Certificate or the provisions of this Indenture may be enforced by such Warrantholder by appropriate legal proceedings
but without prejudice to the right which is hereby conferred upon the Warrant Agent to proceed in its own name to enforce each
and all of the provisions herein contained for the benefit of the Warrantholder.

 

		Section 7.02	
Immunity of Shareholders

 

Warrantholders and the Warrant Agent hereby waive and release any
right, cause of action or remedy now or hereafter existing in any jurisdiction against any past, present or future incorporator,
shareholder, director, officer, employee or agent of the Corporation for the issue of Warrant Shares pursuant to the exercise of
any Warrant other than in respect of negligence or breach of fiduciary duty by any of the foregoing.

 

     

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		Section 7.03	Limitation of Liability

 

The obligations hereunder are not personally binding upon, nor shall
resort hereunder be had to, the private property of any of the past, present or future officers, Directors or Shareholders of the
Corporation or of any successor corporation or to any of the past, present or future officers, Directors, employees or agents of
the Corporation or any successor corporation, but only the property of the Corporation or any successor corporation shall be bound
in respect hereof.

 

ARTICLE
Eight

MEETINGS OF WARRANTHOLDERS

 

		Section 8.01	Right to Convene Meetings

 

The Warrant Agent may at any time and from time to time and shall
on receipt of a Written Request of the Corporation or of a Warrantholders' Request and upon receiving sufficient funds and being
indemnified to its reasonable satisfaction by the Corporation or by the Warrantholders signing such Warrantholders' Request, as
the case may be, against the costs which may be incurred by the Warrant Agent in connection with the calling and holding of such
meeting, convene a meeting of the Warrantholders. In the event of the Warrant Agent failing within 15 days after receipt of such
Written Request by the Corporation or of a Warrantholders' Request and of the required funds and indemnity as aforesaid to give
notice to convene a meeting, the Corporation or the Warrantholders signing such Warrantholders' Request, as the case may be, may
convene such meeting. Every such meeting shall be held in the City of Toronto, Ontario, or at such other place as may be approved
or determined by the Warrant Agent.

 

		Section 8.02	
Notice

 

At least 21 days' notice of any meeting of Warrantholders shall
be given to the Warrantholders in the manner provided in Article Eleven hereof and a copy thereof shall be sent by prepaid mail
to the Warrant Agent unless the meeting has been called by it and to the Corporation unless the meeting has been called by it.
Such notice shall state the time when and the place where the meeting is to be held and shall state briefly the general nature
of the business to be transacted thereat. It shall not be necessary for any such notice to set out the terms of any resolution
to be proposed or any of the provisions of this Article Eight. The notice convening any such meeting may be signed by an appropriate
officer of the Warrant Agent or of the Corporation or the Person or Persons designated by the Warrantholders signing such Warrantholders'
Request, as the case may be.

 

		Section 8.03	Chair

 

An individual (who need not be a Warrantholder) nominated in writing
by the Warrant Agent shall be chair of the meeting and if no individual is so nominated, or if the individual so nominated is not
present within 15 minutes from the time fixed for the holding of the meeting, or if such person is unable or unwilling to act as
chair, the Warrantholders present in person or by proxy shall choose a person present to be chair.

 

     

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		Section 8.04	Quorum

 

Subject to the provisions of section 8.12 hereof, at any meeting
of the Warrantholders a quorum shall consist of Warrantholders present in person or by proxy holding at least 25% of the aggregate
number of Warrants outstanding as of the date of the meeting, provided that at least two Persons entitled to vote thereat (including
proxyholders) are personally present. If a quorum of the Warrantholders shall not be present within 30 minutes from the time fixed
for holding any meeting, the meeting, if summoned by the Warrantholders or on a Warrantholders' Request, shall be dissolved, but
in any other case the meeting shall be adjourned to the same day in the next following week (unless such day is not a Business
Day in which case it shall be adjourned to the next following Business Day thereafter) at the same time and place. At the adjourned
meeting the Warrantholders present in person or by proxy shall form a quorum and may transact the business for which the meeting
was originally called notwithstanding that they may not hold at least 25% of the aggregate number of Warrants then outstanding.

 

		Section 8.05	
Power to Adjourn

 

Subject to the provisions of section 8.04 hereof, the chair of any
meeting at which a quorum of the Warrantholders is present may, with the consent of the meeting, adjourn any such meeting and no
notice of such adjournment need be given except such notice, if any, as the meeting may prescribe.

 

		Section 8.06	Show of Hands

 

Every question submitted to a meeting shall be decided in the first
place by a majority of the votes given on a show of hands except that votes on Extraordinary Resolutions shall be given in the
manner hereinafter provided. At any such meeting, unless a poll is demanded as herein provided, a declaration by the chair that
a resolution has been carried or carried unanimously or by a particular majority or lost or not carried by a particular majority
shall be conclusive evidence of such fact. Any Warrantholder present in person or by proxy can demand a poll at any meeting in
accordance with the provisions of section 8.07 hereof.

 

		Section 8.07	Poll

 

On every Extraordinary Resolution, and on any other question submitted
to a meeting and after a vote by show of hands in respect of such question if requested by the chair or by one of or more of the
Warrantholders acting in person or by proxy, a poll shall be taken in such manner as the chair shall direct. Questions other than
Extraordinary Resolutions shall be decided by a majority of the votes cast on the poll.

 

		Section 8.08	Voting

 

On a show of hands every Person who is present and entitled to vote,
whether as a Warrantholder or as a proxy for one or more absent Warrantholders or both, shall have one vote. On a poll, each Warrantholder
present in person or represented by a proxy appointed by instrument in writing shall be entitled to one vote in respect of each
one Warrant held by him or her. A proxy need not be a Warrantholder. The chair of any meeting shall be entitled both on a show
of hands and on a poll to vote in respect of the Warrants, if any, held or represented by him or her.

 

		Section 8.09	Regulations

 

The Warrant Agent, or the Corporation with the approval of the Warrant
Agent, may from time to time make regulations and from time to time vary such regulations as it shall from time to time think fit:

 

		(a)	for the deposit of instruments appointing proxies at such place and time as the Warrant Agent,
the Corporation or the Warrantholder calling the meeting, as the case may be, may direct in the notice calling the meeting;

 

     

    37

    

 

		(b)	for the deposit of instruments appointing proxies at some approved place or places other than the
place at which the meeting is to be held and enabling particulars of such instruments appointing proxies to be mailed, delivered
or faxed before the meeting to the Corporation or to the Warrant Agent at the place where the same is to be held and for the voting
of proxies so deposited as though the instruments themselves were produced at the meeting;

 

		(c)	for the form of the instrument appointing a proxy, the manner in which it may be executed and verification
of the authority of a Person who executes it on behalf of a Warrantholder; and

 

		(d)	generally for the calling of meetings of Warrantholders and the conduct of business thereat.

 

Any regulations so made shall be binding and effective and the votes
given in accordance therewith shall be valid and shall be counted. Save as such regulations may provide and subject to Section
8.10 below, the only Persons who shall be recognized at any meeting as the holders of any Warrants, or as entitled to vote or be
present at the meeting in respect thereof, shall be registered holders of Warrants or proxies thereof.

 

		Section 8.10	Corporation
                                         and Warrant Agent may be Represented

 

The Corporation and the Warrant Agent, by their respective employees,
officers or directors, and the legal advisers of the Corporation and the Warrant Agent, may attend any meeting of the Warrantholders
and will be recognized and given reasonable opportunity to speak to any resolution proposed for consideration at the meeting, but
shall have no vote as such.

 

		Section 8.11	
Powers Exercisable by Extraordinary Resolution

 

In addition to all other powers conferred upon them by any other
provision of this Indenture or by law, the Warrantholders at a meeting shall have the following powers, subject to receipt of any
regulatory approvals including any approval required by any stock exchange, from time to time by Extraordinary Resolution:

 

		(a)	power to consent and agree to any modification, abrogation, alteration, compromise or arrangement
of the rights of Warrantholders or, with the reasonable consent of the Warrant Agent, of the Warrant Agent (in its capacity as
warrant agent hereunder) with the Corporation, whether such rights arise under this Indenture or the Warrant Certificates or otherwise;

 

		(b)	subject to arrangements as to financing and indemnity satisfactory to the Warrant Agent, power
to direct or authorize the Warrant Agent (i) to enforce any of the covenants of the Corporation contained in this Indenture or
the Warrant Certificates, (ii) to enforce any of the rights of the Warrantholders in any manner specified in such Extraordinary
Resolution, or (iii) to refrain from enforcing any such covenant or right;

 

		(c)	power to waive and direct the Warrant Agent to waive any default on the part of the Corporation
in complying with any provision of this Indenture or the Warrant Certificates, either unconditionally or upon any conditions specified
in such Extraordinary Resolution;

 

		(d)	power to restrain any Warrantholder from taking or instituting any suit, action or proceeding against
the Corporation (i) for the enforcement of any of the covenants of the Corporation contained in this Indenture or the Warrant Certificates,
or (ii) to enforce any of the rights of the Warrantholders;

 

     

    38

    

 

		(e)	power to direct any Warrantholder who, as such, has brought any suit, action or proceeding to stay
or discontinue or otherwise deal with the same upon payment of the costs, charges and expenses reasonably and properly incurred
by such Warrantholder in connection therewith;

 

		(f)	power to appoint any Persons (whether Warrantholders or not) as a committee to represent the interests
of the Warrantholders and to confer upon such committee any powers or discretions which the Warrantholders could themselves exercise
by Extraordinary Resolution or otherwise;

 

		(g)	power from time to time and at any time to remove the Warrant Agent and to appoint a successor
Warrant Agent;

 

		(h)	power to amend, alter or repeal any Extraordinary Resolution previously passed;

 

		(i)	power to assent to any change in or omission from the provisions contained in the Warrant Certificates
and this Indenture or any ancillary or supplemental instrument which may be agreed to by the Corporation, and to authorize the
Warrant Agent to concur in and execute any ancillary or supplemental indenture embodying the change or omission; and

 

		(j)	power to assent to any compromise or arrangement with any creditor or creditors or any class or
classes of creditors, whether secured or otherwise, and with holders of any shares or other securities of the Corporation.

 

		Section 8.12	Extraordinary
                                         Resolution

 

		(a)	Extraordinary Resolution:
                                         If, at any meeting called for the purpose of passing an Extraordinary Resolution, Warrantholders
                                         holding 25% of the aggregate number of Warrants outstanding
                                         as of the date of such meeting are not present in person or by proxy within 30 minutes
                                         from the time fixed for holding the meeting, then the meeting, if called by Warrantholders
                                         or on a Warrantholders' Request, shall be dissolved, but in any other case it shall stand
                                         adjourned to such day, being not less than five Business Days or more than 10 Business
                                         Days later, and to such place and time as may be determined by the chair. Not less than
                                         three Business Days' notice to Warrantholders shall be given of the time and place of
                                         such adjourned meeting in the manner provided in Article Eleven hereof. Such notice shall
                                         state that at the adjourned meeting the Warrantholders present in person or by proxy
                                         shall form a quorum but it shall not be necessary to set forth the purposes for which
                                         the meeting was originally called or any other particulars. At the adjourned meeting
                                         the Warrantholders present in person or by proxy shall form a quorum notwithstanding
                                         the provisions of this subsection 8.12(a) to the contrary and may transact the business
                                         for which the meeting was originally called and a motion proposed at such adjourned meeting
                                         and passed by the affirmative vote of Warrantholders holding not less than 662⁄3%
                                         of the aggregate number of Warrants represented at the adjourned meeting and voted on
                                         the motion shall be an Extraordinary Resolution within the meaning of this Indenture,
                                         notwithstanding that Warrantholders holding 25% of
                                         the aggregate number of Warrants then outstanding are not present in person or by proxy
                                         at such adjourned meeting.

 

		(b)	Poll to be Taken: Votes on an Extraordinary Resolution shall always be given on a poll and
no demand for a poll on an Extraordinary Resolution shall be necessary.

 

     

    39

    

 

		Section 8.13	
Powers Cumulative

 

It is hereby declared and agreed that any one or more of the powers
in this Indenture, stated to be exercisable by the Warrantholders by Extraordinary Resolution or otherwise, may be exercised from
time to time and the exercise of any one or more of such powers from time to time shall not be deemed to exhaust the right of the
Warrantholders to exercise such power or powers then or thereafter from time to time.

 

		Section 8.14	Minutes

 

Minutes of all resolutions and Extraordinary Resolutions and proceedings
at every meeting of Warrantholders shall be made and entered in books to be from time to time provided for that purpose by the
Warrant Agent at the expense of the Corporation, and any such minutes, if signed by the chair of the meeting at which such resolutions
or Extraordinary Resolutions were passed or proceedings had, or by the chair of the next succeeding meeting of the Warrantholders,
shall be prima facie evidence of the matters therein stated and, until the contrary is proved, every such meeting, in respect
of the proceedings of which minutes shall have been made, shall be deemed to have been called and held, and all resolutions passed
thereat or proceedings taken, to have been passed and taken.

 

		Section 8.15	Instruments in Writing

 

All actions which may be taken and all powers that may be exercised
by the Warrantholders at a meeting held as provided in this Article Eight may also be taken and exercised by Warrantholders holding
66 2/3% of the aggregate number of all of the then outstanding Warrants, by an instrument in writing signed in one or more counterparts
by such Warrantholders in person or by attorney appointed in writing and the expression "Extraordinary Resolution" when
used in this Indenture shall include an instrument so signed.

 

		Section 8.16	Binding Effect of Resolutions

 

Every resolution and every Extraordinary Resolution passed in accordance
with the provisions of this Article Eight at a meeting of Warrantholders shall be binding upon all of the Warrantholders, whether
present or absent at such meeting, and every instrument in writing signed by Warrantholders in accordance with the provisions of
section 8.15 hereof shall be binding upon all of the Warrantholders, whether signatories thereto or not, and each and every Warrantholder
and the Warrant Agent (subject to the provisions for indemnity herein contained) shall be bound to give effect accordingly to every
such resolution, Extraordinary Resolution and instrument in writing.

 

		Section 8.17	Holdings by Corporation and Subsidiaries Disregarded

 

In determining whether Warrantholders are present at a meeting of
Warrantholders for the purpose of determining a quorum or have concurred in any consent, resolution, Extraordinary Resolution,
Warrantholders' Request, waiver or other action under this Indenture, Warrants owned by the Corporation or any Subsidiary shall
be deemed not to be outstanding and shall be disregarded. The Corporation shall provide the Warrant Agent with a Certificate of
the Corporation providing details of any Warrants held by the Corporation or by a Subsidiary upon the written request of the Warrant
Agent.

 

     

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ARTICLE
Nine

SUPPLEMENTAL INDENTURES

 

		Section 9.01	Provision for Supplemental Indentures for Certain Purposes

 

From time to time the Corporation (when authorized by action by
the Directors) and the Warrant Agent may, subject to the provisions of this Indenture, and they shall, when so directed by the
provisions of this Indenture, but subject always to the prior written consent, if required, of any stock exchange on which the
Common Shares may be listed, execute and deliver by their proper officers, indentures or instruments supplemental hereto, which
thereafter shall form part hereof, for any one or more or all of the following purposes:

 

		(a)	setting forth adjustments pursuant to the provisions of Article Four hereof;

 

		(b)	increasing the number of Warrants, and the number of Warrant Shares issuable upon the exercise
of Warrants, which the Corporation is authorized to issue under this Indenture and any consequential amendment thereto as may be
required by the Warrant Agent acting on the advice of Counsel;

 

		(c)	adding to the provisions hereof such additional covenants and enforcement provisions as, in the
opinion of Counsel, are necessary or advisable in the premises, provided that the same are not, in the opinion of the Warrant Agent,
based on the advice of Counsel, prejudicial to the interests of the Warrantholders as a group;

 

		(d)	giving effect to any resolution or Extraordinary Resolution passed as provided in Article Eight
hereof;

 

		(e)	making such provisions not inconsistent with this Indenture as may be necessary or desirable with
respect to matters or questions arising hereunder, provided that such provisions are not, in the opinion of the Warrant Agent,
based on the advice of Counsel, prejudicial to the interests of the Warrantholders as a group;

 

		(f)	adding to or altering the provisions hereof in respect of the transfer of Warrants, making provision
for the exchange of Warrant Certificates, or making any modification in the form of the Warrant Certificates which does not affect
the substance thereof;

 

		(g)	modifying any of the provisions of this Indenture or relieving the Corporation from any of the
obligations, conditions or restrictions herein contained; provided that no such modification or relief shall be or become operative
or effective in such manner as to impair any of the rights of the Warrantholders or of the Warrant Agent, based on the advice of
Counsel; and provided further that the Warrant Agent may in its sole discretion decline to enter into any such supplemental indenture
which in its opinion may not afford adequate protection to the Warrant Agent when the same shall become operative; or

 

		(h)	any other purpose not inconsistent with the terms of this Indenture, including the correction or
rectification of any ambiguities, defective provisions, errors or omissions herein, provided that, in the opinion of the Warrant
Agent based on the advice of Counsel, the rights of the Warrant Agent and of the Warrantholders as a group are in no way prejudiced
thereby.

 

     

    41

    

 

		Section 9.02	Successor Corporation

 

In the case of a consolidation, amalgamation, arrangement, merger,
separation or transfer of the undertaking or assets of the Corporation as an entirety or substantially as an entirety, the successor
entity resulting from such consolidation, amalgamation, arrangement, merger, separation or transfer (if not the Corporation) shall
expressly assume, by supplemental indenture satisfactory in form to the Warrant Agent and executed and delivered to the Warrant
Agent, the performance and observance of each and every covenant and obligation contained in this Indenture to be performed by
the Corporation, as the case may be. Without limiting the generality of the foregoing, the continuing entity resulting from such
consolidation, amalgamation, arrangement, merger, separation or transfer shall be deemed to be a successor entity for purposes
of this Indenture.

 

ARTICLE
Ten

CONCERNING THE WARRANT
AGENT

 

		Section 10.01	Warrant
Indenture Legislation

 

		(a)	Mandatory Requirements: If and to the extent that any provision of this Indenture limits,
qualifies or conflicts with a mandatory requirement of Applicable Legislation, such mandatory requirement shall prevail.

 

		(b)	Applicable Legislation: The Corporation and the Warrant Agent agree that each of them will
at all times in relation to this Indenture and any action to be taken hereunder observe and comply with, and be entitled to the
benefits of, Applicable Legislation.

 

		Section 10.02	Rights
and Duties of Warrant Agent

 

		(a)	Degree of Skill: In the exercise of the rights and duties prescribed or conferred by the
terms of this Indenture, the Warrant Agent shall act honestly and in good faith and shall exercise that degree of care, diligence
and skill that a reasonably prudent warrant agent would exercise in comparable circumstances. No provision of this Indenture shall
be construed to relieve the Warrant Agent from liability for its own gross negligence, wilful misconduct, bad faith or fraud.

 

		(b)	Conditions for Action: Subject to subsection 10.02(a) hereof, the Warrant Agent shall not
be bound to do any thing or take any act or action for the enforcement of any of the obligations of the Corporation under this
Indenture unless and until the Warrant Agent shall have received a Warrantholders' Request setting out the action which the Warrant
Agent is required to take and the obligation of the Warrant Agent to commence or continue any act, action or proceeding for the
purpose of enforcing any rights of the Warrant Agent or the Warrantholders hereunder shall be conditional upon the Warrantholders
furnishing, when required by notice by the Warrant Agent, sufficient funds to commence or continue such act, action or proceeding
and an indemnity reasonably satisfactory to the Warrant Agent to protect and hold harmless the Warrant Agent against the costs,
charges, expenses and liabilities to be incurred thereby and any loss or damage it may suffer by reason thereof. None of the provisions
contained in this Indenture shall require the Warrant Agent to expend or risk its own funds or otherwise incur financial liability
in the performance of any of its duties or in the exercise of any of its rights or powers unless funded and indemnified as aforesaid.

 

     

    42

    

 

		(c)	Deposit of Warrant Certificates: The Warrant Agent may, before commencing or at any time
during the continuance of any act, action or proceeding for the purpose of enforcing any rights of the Warrant Agent or the Warrantholders
hereunder, require the Warrantholders at whose instance it is acting to deposit with the Warrant Agent the Warrant Certificates
held by them, for which Warrant Certificates the Warrant Agent shall issue receipts.

 

		(d)	Supremacy of Applicable Legislation: Every provision of this Indenture that by its terms
relieves the Warrant Agent of liability or entitles it to rely upon any evidence submitted to it is subject to the provisions of
Applicable Legislation and of this Article Ten.

 

		Section 10.03	Evidence

 

		(a)	Entitlement to Rely on Evidence: Whenever it is provided in this Indenture that the Corporation
shall deposit with the Warrant Agent resolutions, certificates, reports, opinions, requests, orders or other documents, it is intended
that the truth, accuracy and good faith on the effective date thereof of the facts and opinions stated in all documents so deposited
shall, in each and every such case, be conditions precedent to the right of the Corporation to have the Warrant Agent take the
action to be based thereon. The Warrant Agent may rely and shall be protected in acting upon any such documents deposited with
it in purported compliance with any such provision or for any other purpose hereof, but may, in its discretion, require further
evidence before acting or relying thereon. The Warrant Agent may also rely and shall be protected in acting upon any resolution,
certificate, statement, instrument, opinion, report, notice, request, consent, order, letter, telegram, cablegram or other paper
or document believed by it to be genuine and to have been signed, sent or presented by or on behalf of the proper party or parties.
The Warrant Agent shall be protected in acting and relying upon any document received either in facsimile or by email of a pdf
form.

 

		(b)	Additional Evidence: In addition to the reports, certificates, opinions and other evidence
required by this Indenture, the Corporation shall furnish to the Warrant Agent such additional evidence of compliance with any
provision hereof, and in such form, as may be prescribed by Applicable Legislation or as the Warrant Agent may reasonably require
by written notice to the Corporation.

 

		(c)	Statutory Declarations: Whenever Applicable Legislation requires that evidence referred
to in subsection 10.03(a) hereof be in the form of a statutory declaration, the Warrant Agent may accept such statutory declaration
in lieu of a Certificate of the Corporation required by any provision hereof. Any such statutory declaration may be made by one
or more of the President, the Chief Executive Officer, the Chief Financial Officer, the Chief Operating Officer, any Vice-President,
the Secretary, the Treasurer, any Assistant Secretary or any Assistant Treasurer of the Corporation.

 

		(d)	Proof of Execution: Proof of execution of an instrument in writing by any Warrantholder
may be made by the certificate of a notary public, or other officer with similar powers, that the Person signing such instrument
acknowledged to him the execution thereof, or by an affidavit of a witness to such execution or in any other manner which the Warrant
Agent may consider adequate and in respect of a corporate Warrantholder, shall include a certificate of incumbency of such Warrantholder
together with a certified resolution authorizing the person who signs such instrument to sign such instrument.

 

     

    43

    

 

		Section 10.04	Experts and Advisers

 

The Warrant Agent may employ or retain, at the expense of the Corporation,
such counsel, accountants or other experts or advisers as it may reasonably require for the purpose of determining and discharging
its duties hereunder, may pay reasonable remuneration for all services performed by any of them without taxation of any reasonable
costs of any counsel and shall not be responsible for any misconduct on the part of any of them who has been selected with due
care by the Warrant Agent. The Warrant Agent may act and shall be protected in acting in good faith on the opinion or advice of
or information obtained from any counsel, accountant or other expert or adviser, whether retained or employed by the Corporation
or by the Warrant Agent, in relation to any matter arising in relation to this Indenture. The Corporation shall pay or reimburse
the Warrant Agent for any reasonable fees, expenses and disbursements of such counsel or advisors in accordance with Section 6.03.

 

		Section 10.05	Warrant Agent not Required to give Security

 

The Warrant Agent shall not be required to give any bond or security
in respect of the execution of the duties, obligations and powers of this Indenture or otherwise in respect of these premises.

 

		Section 10.06	Protection
of Warrant Agent

 

		(a)	Protection: By way of supplement to the provisions of any law for the time being relating
to warrant agents, it is expressly declared and agreed as follows:

 

		(i)	the Warrant Agent shall not be liable for, or by reason of, any statement of fact or recital in
this Indenture or in the Warrant Certificates (except the representation contained in section 10.08 hereof and in the countersignature
of the Warrant Agent on the Warrant Certificates) or required to verify the same, but all such statements or recitals are, and
shall be deemed to be, made by the Corporation;

 

		(ii)	the Warrant Agent shall not be bound to give notice to any Person or Persons of the execution hereof;

 

		(iii)	the Warrant Agent shall not incur any liability or responsibility whatever or be in any way responsible
for the consequence of any breach on the part of the Corporation of any of the representations, warranties or covenants herein
contained or of any acts of Directors, officers, employees, agents or servants of the Corporation;

 

		(iv)	subject to subsection 10.08(a) hereof, the Warrant Agent, in its personal or any other capacity,
may buy, lend upon and deal in securities of the Corporation and generally may contract and enter into financial transactions with
the Corporation or any corporation related to the Corporation without being liable to account for any profit made thereby;

 

		(v)	nothing herein contained shall impose any obligation on the Warrant Agent to see to or to require
evidence of the registration or filing (or renewal thereof) of this Indenture or any instrument ancillary or supplemental hereto;
and

 

		(vi)	the Warrant Agent shall not be required to take notice of any default hereunder, unless and until
notified in writing of such default, which notice shall distinctly specify the default desired to be brought to the attention of
the Warrant Agent and, in the absence of any such notice, the Warrant Agent may for all purposes of this Indenture conclusively
assume that no default has been made in the observance or performance of any of the representations, warranties, covenants, agreements,
or conditions contained herein.

 

     

    44

    

 

		(vii)	The Warrant Agent shall not be liable for any error in judgment or for any act done or step taken
or omitted by it in good faith or for any mistake, in fact or law, or for anything which it may do or refrain from doing in connection
herewith except arising out of its own gross negligence, bad faith or willful misconduct.

 

		(viii)	In the event that any of the funds provided to the Warrant Agent hereunder are received by it in
the form of an uncertified cheque or bank draft, the Warrant Agent shall be entitled to delay the time for release of such funds
until such uncertified cheque has cleared the financial institution upon which the same is drawn.

 

		(b)	Indemnity: In addition to and without limiting any protection of the Warrant Agent hereunder
or otherwise by law, the Corporation agrees to indemnify the Warrant Agent, its agents, employees, directors and officers (for
the purposes of this subsection each an "Indemnified Person") against, and save each Indemnified Person harmless
from, all liabilities, suits, damages, costs, expenses and actions which may be brought against or suffered by it arising out of
or connected with the performance by the Warrant Agent of its duties hereunder except to the extent that such liabilities, suits,
damages, costs and actions are attributable to the gross negligence, wilful misconduct or fraud of the Warrant Agent or an Indemnified
Person. Notwithstanding any other provision hereof, this indemnity shall survive any removal or resignation of the Warrant Agent,
discharge of this Indenture and termination of any duties and obligations hereunder.

 

		Section 10.07	Replacement of
Warrant Agent, Successor by Merger

 

		(a)	Resignation: Subject to section 10.13 hereof, the Warrant Agent may resign its duties and
obligations and be discharged from all further duties and liabilities hereunder, subject to this subsection 10.07(a), by giving
to the Corporation not less than 30 Business Days prior notice in writing or such shorter prior notice as the Corporation may accept
as sufficient. The Warrantholders, by Extraordinary Resolution, shall have power at any time to remove the Warrant Agent and to
appoint a new warrant agent. In the event of the Warrant Agent resigning or being removed as aforesaid or being dissolved, becoming
bankrupt, going into liquidation or otherwise becoming incapable of acting hereunder, the Corporation shall forthwith appoint a
new warrant agent unless such Extraordinary Resolution has appointed a new warrant agent; failing such appointment by the Corporation,
the retiring Warrant Agent may, at the expense of the Corporation, or any Warrantholder may apply to the Ontario Court of Justice
(General Division), on such notice as such court may direct for the appointment of a new warrant agent; provided that any new Warrant
Agent so appointed by the Corporation or by the Court shall be subject to removal as aforesaid by the Warrantholders. Any new warrant
agent appointed under this subsection 10.07(a) shall be a corporation authorized to carry on the business of a trust company or
transfer agent in the Province of Ontario and, if required by Applicable Legislation of any other province in Canada, in such other
provinces. On any such appointment the new warrant agent shall be vested with the same powers, rights, duties and responsibilities
as if it had been originally named herein as Warrant Agent without any further assurance, conveyance, act or deed, but there shall
be immediately executed, at the expense of the Corporation, all such conveyances or other instruments as may, in the opinion of
Counsel, be necessary or advisable for the purpose of assuring the same to the new warrant agent, provided that, following any
resignation or removal of the Warrant Agent and appointment of a successor warrant agent, the successor warrant agent shall have
executed an appropriate instrument accepting such appointment and, at the request of the Corporation, upon payment of all of its
outstanding fees and expenses then payable pursuant to Section 6.03 of this Indenture, the predecessor Warrant Agent shall execute
and deliver to the successor warrant agent an appropriate instrument transferring to such successor warrant agent all rights and
powers of the Warrant Agent hereunder so ceasing to act.

 

     

    45

    

 

		(b)	Notice of Successor: Upon the appointment of a successor warrant agent, the Corporation
shall promptly notify the Warrantholders thereof in the manner provided for in Article Eleven hereof.

 

		(c)	No Further Act for Merger: Any corporation into or with which the Warrant Agent may be merged,
arranged, consolidated or amalgamated, or to which all or substantially all of its corporate trust business is sold, or any corporation
resulting therefrom, or any corporation succeeding to the corporate trust or transfer agency business of the Warrant Agent shall
be the successor to the Warrant Agent hereunder without any further act on its part or any of the parties hereto, provided that
such corporation would be eligible for appointment as a successor warrant agent under subsection 10.07(a) hereof.

 

		(d)	Certification: Any Warrant Certificate countersigned but not delivered by a predecessor
Warrant Agent may be delivered by the successor warrant agent in the name of the predecessor or successor warrant agent. In case
at any time the name of the Warrant Agent is changed and at such time any of the Warrant Certificates have been countersigned but
not delivered, the Warrant Agent may adopt the countersignature under its prior name and deliver Warrant Certificates so countersigned;
and in case at that time any of the Warrant Certificates have not 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 will have the full
force provided in the Warrant Certificates and in this Indenture.

 

		Section 10.08	Conflict of Interest

 

		(a)	Representation: The Warrant Agent represents to the Corporation that at the time of the
execution and delivery hereof no material conflict of interest exists in the Warrant Agent's role as a warrant agent hereunder
and agrees that in the event of a material conflict of interest arising hereafter it will, within 90 days after ascertaining that
it has such material conflict of interest, either eliminate such material conflicts or resign its duties and obligations hereunder
in accordance with the provisions of this Indenture.

 

		(b)	Dealing in Securities: Subject to subsection 10.08(a) hereof, the Warrant Agent or a successor
warrant agent, in its personal or any other capacity, may buy, lend upon and deal in securities of the Corporation and generally
may contract and enter into financial transactions with the Corporation or any Subsidiary without being liable to account for any
profit made thereby.

 

		Section 10.09	Acceptance
of Duties and Obligations

 

The Warrant Agent hereby accepts the duties and obligations in this
Indenture declared and provided for and agrees to perform the same upon the terms and conditions hereinbefore set forth unless
and until discharged therefrom. The Warrant Agent accepts the duties and responsibilities under this Indenture solely as custodian,
bailee and agent. No trust is intended to be or will be created hereby and the Warrant Agent shall owe no duties hereunder as a
trustee.

 

     

    46

    

 

		Section 10.10	Actions
by Warrant Agent to Protect Interest

 

The Warrant Agent shall have power to institute and to maintain
such actions and proceedings as it may consider necessary or expedient to preserve, protect or enforce its interest and the interests
of the Warrantholders.

 

		Section 10.11	Documents, Moneys,
etc. Held by Warrant Agent

 

Any securities, documents of title or other instruments that may
at any time be held by the Warrant Agent subject to the duties and obligations hereof may be placed in the deposit vaults of the
Warrant Agent or of any bank listed in Schedule I of the Bank Act (Canada), as amended, or deposited for safekeeping with
any such bank. Unless herein otherwise expressly provided, any moneys so held pending the application or withdrawal thereof under
any provisions of this Indenture, may be deposited in the name of the Warrant Agent in a non-interest bearing bank account.

 

		Section 10.12	Warrant
Agent Not to be Appointed Receiver

 

The Warrant Agent and any Person related to the Warrant Agent shall
not be appointed a receiver or receiver and manager or liquidator of all or any part of the assets or undertaking of the Corporation.

 

		Section 10.13	Compliance
with Anti-Money Laundering Legislation

 

Notwithstanding any other provision of this Indenture, the Warrant
Agent shall retain the right not to act and shall not be liable for refusing to act if, due to a lack of information or for any
other reason whatsoever, the Warrant Agent reasonably determines that such act might cause it to be in non-compliance with any
applicable anti-money laundering or anti-terrorist legislation, economic sanctions, regulation or guideline. Further, should the
Warrant Agent reasonably determine at any time that its acting under this Indenture has resulted in its being in non-compliance
with any applicable anti-money laundering or anti-terrorist legislation, economic sanctions. regulation or guideline, then it shall
have the right to resign on 10 days' written notice to the Corporation; provided: (i) that the Warrant Agent's written notice shall
describe the circumstances of such non-compliance; and (ii) that if such circumstances are rectified to the Warrant Agent's satisfaction
within such 10-day period, then such resignation shall not be effective.

 

		Section 10.14	Privacy Provision

 

The parties hereto acknowledge that federal and/or provincial legislation
that addresses the protection of individuals' personal information (for the purposes of this section collectively "Privacy
Laws") applies to obligations and activities under this Indenture. Despite any other provision of this Indenture, neither
party shall take or direct any action that would contravene, or cause the other to contravene, applicable Privacy Laws. The Corporation
shall, prior to transferring or causing to be transferred personal information to the Warrant Agent, obtain and retain required
consents of the relevant individuals to the collection, use and disclosure of their personal information, or shall have determined
that such consents either have previously been given upon which the parties can rely or are not required under the Privacy Laws.
The Warrant Agent shall use commercially reasonable efforts to ensure that its services hereunder comply with Privacy Laws.

 

     

    47

    

 

ARTICLE
Eleven

NOTICE TO WARRANTHOLDERS

 

		Section 11.01	Notice

 

		(a)	Notice: Unless herein otherwise expressly provided, a notice to be given hereunder to Warrantholders
will be deemed to be validly given if the notice is sent by ordinary surface or air mail, postage prepaid, addressed to the Warrantholders
or delivered (or so mailed to certain Warrantholders and so delivered to the other Warrantholders) at their respective addresses
appearing on the registers of holders described in section 2.08 hereof; provided, however, that if, by reason of a strike, lockout
or other work stoppage, actual or threatened, involving Canadian postal employees, the notice could reasonably be considered unlikely
to reach or likely to be delayed in reaching its destination, the notice will be valid and effective only if it is so delivered
or is given by publication twice in the Report on Business section in the national edition of The Globe and Mail newspaper.

 

		(b)	Date of Notice: A notice so given by mail or so delivered will be deemed to have been given
on the second Business Day after it has been mailed or on the day on which it has been delivered, as the case may be, and a notice
so given by publication will be deemed to have been given on the second day on which it has been published as required. In determining
under any provision hereof the date when notice of a meeting or other event must be given, the date of giving notice will be included
and the date of the meeting or other event will be excluded. Accidental failure or omission in giving notice or accidental failure
to mail notice to any Warrantholder will not invalidate any action or proceeding founded thereon.

 

ARTICLE
Twelve

GENERAL

 

		Section 12.01	Notice to the
Corporation and the Warrant Agent

 

		(a)	Notices: Unless herein otherwise expressly provided, any notice to be given hereunder to
the Corporation or to the Warrant Agent shall be deemed to be validly given if delivered by prepaid courier, if transmitted by
telecopier or e-mail or other means of prepaid, transmitted, recorded communication or if sent by registered mail, postage prepaid:

 

		(i)	to the Corporation:

 

POET Technologies Inc.

120 Eglinton Avenue East, Suite 1107

Toronto, Ontario M4P 1E2

 

Attention: Kevin Barnes, Corporate Controller and Treasurer

Facsimile: (416) 365-1813

 

with a copy to:

 

Bennett Jones LLP

3400 One First Canadian Place, P.O. Box 130

Toronto, Ontario M5X 1A4

 

Attention: James Clare

Facsimile: (416) 863-1716

 

     

    48

    

 

		(ii)	to the Warrant Agent:

 

TSX Trust Company

301-100 Adelaide Street W.

Toronto, Ontario M5H 4H1

 

Attention: Vice President, Trust Services

 

Facsimile: (416) 361-0470

Email: tmxestaff-corporatetrust@tmx.com

 

and any such notice delivered or transmitted in accordance
with the foregoing shall be deemed to have been received on the date of delivery or facsimile or electronic transmission or, if
mailed, on the second Business Day following the date of the postmark on such notice. The original of any notice sent by facsimile
transmission to the Warrant Agent shall be subsequently mailed to the Warrant Agent.

 

		(b)	Change of Address: The Corporation or the Warrant Agent may from time to time notify the
other in the manner provided in subsection 12.01(a) hereof of a change of address which, from the effective date of such notice
and until changed by like notice, shall be the address of the Corporation or the Warrant Agent, as the case may be, for all purposes
of this Indenture.

 

		(c)	Postal Disruption: If, by reason of a strike, lockout or other work stoppage, actual or
threatened, involving postal employees, any notice to be given to the Warrant Agent or to the Corporation hereunder could reasonably
be considered unlikely to reach its destination, such notice shall be valid and effective only if it is delivered by prepaid courier
or transmitted by telecopier or email or other means of prepaid, transmitted, recorded communication, such notice to be deemed
to have been received on the date of delivery or transmission.

 

		Section 12.02	Time
of the Essence

 

Time shall be of the essence of this Indenture.

 

		Section 12.03	Counterparts

 

The Indenture may be executed in several counterparts, each of which
when so executed shall be deemed to be an original and such counterparts together shall constitute one and the same instrument
and notwithstanding their date of execution shall be deemed to be dated as of the date hereof. Delivery of an executed copy of
the Indenture by electronic facsimile transmission or other means of electronic communication capable of producing a printed copy
will be deemed to be execution and delivery of this Indenture as of the date hereof.

 

		Section 12.04	Satisfaction
and Discharge of Indenture

 

Upon all Warrant Shares required to be issued in respect of Warrants
validly exercised prior to the Expiry Date having been issued, this Indenture shall cease to be of further force or effect and
the Warrant Agent, on demand of and at the cost and expense of the Corporation and upon delivery to the Warrant Agent of a Certificate
of the Corporation stating that all conditions precedent to the satisfaction and discharge of this Indenture have been complied
with, shall execute proper instruments acknowledging satisfaction of and discharging this Indenture.

 

     

    49

    

 

		Section 12.05	Provisions
of Indenture and Warrant Certificate for the Sole Benefit of Parties and Warrantholders

 

Nothing in this Indenture or the Warrant Certificates, expressed
or implied, shall give or be construed to give to any Person other than the parties hereto and the Warrantholders, as the case
may be, any legal or equitable right, remedy or claim under this Indenture or the Warrant Certificates, or under any covenant or
provision therein contained, all such covenants and provisions being for the sole benefit of the parties hereto and the Warrantholders.

 

		Section 12.06	Stock
Exchange Consents

 

Any action provided for in this Indenture requiring the prior consent
of any stock exchange upon which the Common Shares may be listed shall not be completed until the requisite consent is obtained.

 

		Section 12.07	Force Majeure

 

No party shall be liable to the other, or held in breach of this
Indenture, if prevented, hindered, or delayed in the performance or observance of any provision contained herein by reason of act
of God, riots, terrorism, acts of war, epidemics, governmental action or judicial order, earthquakes, or any other similar causes
(including, but not limited to, mechanical, electronic or communication interruptions, disruptions or failures). Performance times
under this Indenture shall be extended for a period of time equivalent to the time lost because of any delay that is excusable
under this Section 12.07.

 

[Remainder of page intentionally left blank. Signature page
follows.]

 

 

 

 

 

 

 

 

     

     

    

 

IN WITNESS WHEREOF the parties have executed this
Indenture as of the day and year first above written.

 

	 	
        POET TECHNOLOGIES INC.

        

         

        

        By: ____________________________________

        

	 	Name: Kevin Barnes

Title: Corporate Controller and Secretary
	 	 
	 	 
	 	
        TSX TRUST COMPANY

         

        By: ____________________________________

        

	 	Name:

Title:
	 	 
	 	By: ____________________________________
	 	Name:

Title:

 

 

 

 

 

[Signature Page – Warrant Indenture]

 

     

     

    

 

SCHEDULE A TO THE WARRANT INDENTURE DATED

June 3, 2019 BETWEEN POET TECHNOLOGIES INC. AND

TSX TRUST COMPANY

 

FORM OF WARRANT CERTIFICATE

 

[Certificates issued to CDS must bear the following
legend:

 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF CDS CLEARING AND DEPOSITORY SERVICES INC. ("CDS") TO POET TECHNOLOGIES INC. (THE "ISSUER")
OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IN RESPECT THEREOF IS REGISTERED IN
THE NAME OF CDS & CO., OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS (AND ANY PAYMENT IS MADE
TO CDS & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS), ANY TRANSFER, PLEDGE OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED HOLDER HEREOF, CDS & CO., HAS A PROPERTY
INTEREST IN THE SECURITIES REPRESENTED BY THIS CERTIFICATE HEREIN AND IT IS A VIOLATION OF ITS RIGHTS FOR ANOTHER PERSON TO HOLD,
TRANSFER OR DEAL WITH THIS CERTIFICATE.]

 

[Certificates originally issued for the benefit
or account of a U.S. Purchaser, and each Certificate issued in exchange therefor or in substitution thereof, must bear the following
legends:

 

THIS WARRANT AND THE SECURITIES DELIVERABLE UPON EXERCISE HEREOF
HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"). THIS WARRANT
MAY NOT BE EXERCISED BY OR ON BEHALF OF A U.S. PERSON OR PERSON IN THE UNITED STATES UNLESS EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT ARE AVAILABLE. "UNITED STATES" AND "U.S. PERSON" ARE AS DEFINED BY REGULATION S UNDER
THE SECURITIES ACT.

 

THIS WARRANT MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED
ONLY (A) TO POET TECHNOLOGIES, INC. (THE "CORPORATION"), (B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF
REGULATION S UNDER THE SECURITIES ACT, (C) IN COMPLIANCE WITH THE EXEMPTION FROM THE REGISTRATION REQUIREMENTS UNDER THE SECURITIES
ACT PROVIDED BY RULE 144 OR RULE 144A THEREUNDER, IF AVAILABLE, AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS, (D) IN
ANOTHER TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS, OR (E)
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT THAT IS AVAILABLE FOR THE RESALE OF THE SECURITIES, 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.]

 

	NUMBER __________	 	CERTIFICATE FOR _____________ 
	 	 	WARRANTS
	CUSIP:  	 	 
	ISIN:	 	 

 

 

     

     

    

 

WARRANT

 

TO PURCHASE COMMON SHARES OF POET TECHNOLOGIES INC.

 

THIS IS TO CERTIFY THAT, for value received, _______________________
(the "holder") is entitled to subscribe for and to purchase, at any time prior to 5:00 P.M (Toronto time), on June 3,
2023 (the "Expiry Date"), fully paid and non-assessable common shares ("Common Shares") of the POET Technologies
Inc. (the "Corporation") as constituted on the date hereof, on the basis of one Common Share for each one Warrant, at
an exercise price of $0.50 per Common Share, subject to adjustment as provided herein and in the Warrant Indenture, by surrendering
this Warrant Certificate to the Warrant Agent (as hereinafter defined) with a subscription form (FORM 1) properly completed and
executed, and a certified cheque, bank draft or money order in lawful money of Canada payable to or to the order of the Corporation,
for the total purchase price of the Common Shares so subscribed for and purchased.

 

The holder of this Warrant Certificate may subscribe
for and purchase less than the number of Common Shares entitled to be subscribed for and purchased on surrender of this Warrant
Certificate. If the subscription does not exhaust the Warrants represented by this Warrant Certificate, a Warrant Certificate representing
the balance of the Warrants will be issued to the holder. No Warrant Certificate representing fractional Warrants will be issued
and the holder hereof understands and agrees that such holder will not be entitled to any cash payment or other form of compensation
in respect of a fractional Warrant. By acceptance hereof, the holder expressly waives any right to receive fractional Common Shares
upon exercise hereof. If the number of Common Shares to which a Warrantholder would otherwise be entitled upon the exercise of
this Warrant Certificate is not a whole number, then the number of Common Shares to be issued will be rounded down to the next
whole number.

 

TSX Trust Company (the "Warrant Agent")
at its offices in the City of Toronto, Ontario, has been appointed the warrant agent to receive subscriptions for Common Shares
and payments from holders of Warrant Certificates. This Warrant Certificate, the subscription form (FORM 1), and a certified cheque,
bank draft or money order shall be deemed to be surrendered to the Warrant Agent only upon delivery thereof or, if sent by post
or other means of transmission, upon receipt thereof by the Warrant Agent at the office specified above. The Corporation may also
provide for other places at which this Warrant Certificate may be surrendered for exchange or exercise. If mail is used for delivery
of a Warrant Certificate, for the protection of the holder, registered mail should be used and sufficient time should be allowed
to avoid the risk of late delivery. Subject to adjustment thereof in the events and in the manner set forth in the Warrant Indenture
and summarized below, the price payable for each Common Share upon exercise of this Warrant Certificate shall be $0.50.

 

Certificates representing Common Shares subscribed
for and purchased will be mailed to the persons specified in the subscription form (FORM 1) at the respective addresses specified
therein or, if so specified in the subscription form (FORM 1), delivered to such Persons at the office of the Warrant Agent in
the City of Toronto, Ontario, when the transfer books of the Corporation have been opened for five Business Days after the due
surrender of such Warrant Certificate and payment as aforesaid, including any applicable taxes.

 

This Warrant Certificate may, upon compliance
with the reasonable requirements and charges of the Warrant Agent, be divided by completing and executing FORM 2 and delivering
the Warrant Certificate to the Warrant Agent.

 

The Warrants represented by this Warrant Certificate
may only be transferred, upon compliance with the conditions prescribed in the Warrant Indenture, on the register of transfers
to be kept at the principal office of the Warrant Agent in Toronto, Ontario, by the holder or his executors, administrators or
other legal representatives or his or their attorney duly appointed by an instrument in writing in form and executed in a manner
satisfactory to the Warrant Agent and, upon compliance with such requirements and such other reasonable requirements as the Warrant
Agent may prescribe, such transfer will be duly recorded on such register of transfers by the Warrant Agent. Notwithstanding the
foregoing, the Corporation will be entitled, and may direct the Warrant Agent, to refuse to record any transfer of any Warrant
on such register if such transfer would constitute a violation of the securities laws of any jurisdiction.

 

This Warrant Certificate represents warrants of
the Corporation issued or issuable under the provisions of a warrant indenture (which indenture together with all other instruments
supplemental or ancillary thereto is herein referred to as the "Warrant Indenture") dated as of June 3, 2019, between
the Corporation and the Warrant Agent, to which reference is hereby made for particulars of the rights of the holders of the Warrant
Certificates, the Corporation and the Warrant Agent in respect thereof and the terms and conditions upon which the Warrants represented
hereby are issued and held, all to the same effect as if the provisions of the Warrant Indenture were herein set forth in full,
to all of which the holder of this Warrant Certificate by acceptance hereof assents, it being expressly understood that the provisions
of the Warrant Indenture and this Warrant Certificate are for the sole benefit of the Corporation, the Warrant Agent and the Warrantholders.
A copy of the Warrant Indenture may be obtained on request without charge from the Corporation at 120 Eglinton Avenue East, Suite
1107, Toronto, Ontario M4P 1E2, telephone (416) 862-7330. Words and terms in this Warrant Certificate with the initial letter or
letters capitalized and not defined herein shall have the meanings ascribed to such capitalized words and terms in the Warrant
Indenture.

 

     

     

    

 

Nothing contained in this Warrant Certificate,
the Warrant Indenture or otherwise shall be construed as conferring upon the holder hereof any right or interest whatsoever as
a holder of Common Shares or other shareholder of the Corporation or any other right or interest except as herein and in the Warrant
Indenture expressly provided.

 

Neither the Warrants nor the Common Shares issuable
upon exercise hereof have been or will be registered under the United States Securities Act of 1933, as amended (the "U.S.
Securities Act"), or U.S. state securities laws. The Warrants may not be exercised by a person in the United States, a U.S.
Person, a person exercising the Warrants for the account or benefit of a U.S. Person or a person in the United States, a person
executing or delivering the subscription form in the United States or a person requesting delivery in the United States of the
Common Shares issuable upon such exercise, unless (i) this Warrant and such Common Shares have been registered under the U.S. Securities
Act and the applicable laws of any such state, or (ii) an exemption from such registration requirements is available and the requirements
set forth in the subscription form (FORM 1) have been satisfied. "United States" and "U.S. Person" are as defined
in Regulation S under the U.S. Securities Act.

 

The Warrant Indenture provides for adjustments
to the exercise price of the Warrants and to the number and kind of securities purchasable upon exercise upon the happening of
certain stated events including the subdivision or consolidation of the Common Shares, certain distributions of Common Shares or
securities exchangeable for or convertible into Common Shares or of other assets or property of the Corporation, certain offerings
of rights, warrants or options and certain reorganizations. For more information please refer to the Warrant Indenture and in particular
Article Four of the Warrant Indenture.

 

The Warrant Indenture provides for the giving
of notice by the Corporation prior to taking certain actions specified therein. The Corporation may from time to time purchase
any of the Warrants by private contract or otherwise. Any such Warrants purchased by the Corporation shall be cancelled.

 

This Warrant Certificate, the Warrants represented
by this Warrant Certificate and the Warrant Indenture shall be governed by and performed, construed and enforced in accordance
with the laws of the Province of Ontario and the federal laws of Canada applicable therein.

 

This Warrant Certificate shall not be valid for
any purpose until it has been countersigned by or on behalf of the Warrant Agent for the time being under the Warrant Indenture.

 

All dollar amounts in this Warrant Certificate
are expressed in the lawful money of Canada.

 

[Remainder of page intentionally left blank.
Signature page follows.]

 

 

 

 

 

 

 

     

     

    

 

IN WITNESS WHEREOF the Corporation has caused
this Warrant Certificate to be signed by its proper officers this ______ day of ________________, 201___.

 

	 	
        POET TECHNOLOGIES INC.

         

        By:

         

        ____________________________________

         

	 	
        Authorized Officer

         

         

        

 

This Warrant Certificate is one of the Warrant
Certificates referred to in the Warrant Indenture.

 

 

	 	
        TSX TRUST COMPANY, as Warrant Agent

         

        Toronto, Ontario

         

        By:

         

        ____________________________________

         

	 	
        Authorized Signatory

         

         

        

 

 

Countersigned this _____ day of ______________ 201

 

 

 

 

     

     

    

 

SUBSCRIPTION FORM

 

(FORM 1)

 

THE HOLDER HEREBY SUBSCRIBES FOR Common Shares of POET
Technologies Inc. at $0.50 per Common Share and on the other terms set out in the Warrant Certificate and Warrant Indenture and
encloses herewith a certified cheque, bank draft or money order in Canadian dollars payable to "POET Technologies Inc."
in payment of the aggregate subscription price therefor.

 

The undersigned hereby acknowledges that the undersigned is aware
that the Common Shares received on exercise may be subject to restrictions on resale under applicable securities legislation.

 

Any capitalized term in this Warrant Certificate that is not otherwise
defined herein, shall have the meaning ascribed thereto in the Warrant Indenture.

 

The undersigned represents, warrants and certifies as follows (one
(only) of the following must be checked):

 

☐The undersigned represents, warrants and certifies as
follows (one (only) of the following must be checked):

 

☐(A)the undersigned holder at the time
of exercise of the Warrants (i) is not present in the United States, (ii) is not a U.S. Person, (iii) is not exercising the Warrants
for the account or benefit of a U.S. Person or a person in the United States, (iv) did not execute or deliver this subscription
form in the United States; (v) has, in all other respects, complied with the terms of the Regulation S under the U.S. Securities
Act in connection with such exercise; and (vi) is not requesting delivery in the United States of the Common Shares issuable upon
such exercise;

 

OR

 

☐(B)the undersigned holder is (1) present
in the United States, (2) a U.S. Person, (3) a person exercising the Warrants for the account or benefit of a U.S. Person or a
person in the United States, (4) executing or delivering this subscription form in the United States, or (5) requesting delivery
in the United States of the Common Shares issuable upon such exercise, and:

 

		☐	(i)is the original purchaser of the Convertible Debentures upon which the Warrants are being
issued (as an original U.S. Purchaser) that executed and delivered a subscription agreement (a "Subscription Agreement")
to the Corporation in connection with its purchase of units of the Corporation pursuant to the private placement under which the
Convertible Debentures were issued, and the representations, warranties and covenants made by the U.S. Warrantholder (as an original
U.S. Purchaser) in such Subscription Agreement remain true and correct; or

 

		☐	(ii)is an accredited investor (a "U.S. Accredited Investor") within the meaning assigned
in Rule 501(a) of Regulation D under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"),
the undersigned holder has delivered to the Corporation and the Corporation's transfer agent a completed and executed U.S. Warrantholder
Letter in substantially the form contained on the Warrant Certificate (FORM 4); or

 

		☐	(iii)has an exemption from the registration requirements of the U.S. Securities Act and all
applicable state securities laws available for the exercise of the Warrants, and has delivered to the Corporation and the Corporation's
transfer agent a written opinion of U.S. counsel, in form and substance reasonably satisfactory to the Corporation, or such other
evidence reasonably satisfactory to the Corporation to that effect.

 

     

     

    

 

It is understood that the Corporation and the Warrant Agent may
require evidence to verify the foregoing representations.

 

	Notes:	(1)	Certificates representing Common Shares will not be registered or delivered to an address
in the United States unless Box B above is checked.

 

		(2)	If Box B(iii) above is checked, holders are encouraged to consult with the Corporation and the
Warrant Agent in advance to determine that the legal opinion tendered in connection with the exercise will be satisfactory in form
and substance to the Corporation.

 

"United States" and "U.S. Person" are
as defined in Rule 902 of Regulation S under the U.S. Securities Act.

 

The undersigned hereby irrevocably directs that the Common Shares
be delivered, subject to the conditions set out in this certificate and the provisions of the Warrant Indenture, and that the said
Common Shares be registered as follows:

 

	Name(s) in Full and Social Insurance Number(s)	 	Address(es) (include postal code)	 	Number of Common Shares
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 
	 	 	TOTAL:	 

 

Please print full name in which certificate(s) are to be issued.
If any of the Common Shares are to be issued to a Person or Persons other than the Warrantholder, the Warrantholder must pay to
the Warrant Agent all requisite taxes or other government charges, if any. For the avoidance of doubt, Common Shares may only be
issued to a Person or Persons other than the Warrantholder in compliance with the terms of the Warrant Indenture and in particular
Section 2.01(f) and Section 2.08 of the Warrant Indenture.

 

DATED this ______ day of ______________________, 20_____.

 

	 	 	 
	Signature of Warrantholder	 	Signature Guaranteed*

 

*       If the Common Shares
are to be issued to Persons other than the registered holder of the Warrants, the signature of the registered holder must be guaranteed
by a Canadian Schedule 1 chartered bank or an eligible guarantor institution with membership in an approved signature medallion
program (STAMP, SEMP, NYSE, MSP). The guarantor must affix a stamp bearing the actual words "Signature Guaranteed". Signature
guarantees are not accepted from Treasury Branches, Credit Unions or Caisses Populaires unless they are members of the Stamp Medallion
Program.

 

Print Name and Address in full below:

 

	Name	 
	 	 
	Address	 
	 	(Include Postal Code)

 

     

     

    

 

[ ]       Please
check box if certificates representing the Common Shares are to be delivered at the office of the Warrant Agent where this Warrant
Certificate is surrendered, failing which the certificates will be mailed to the address set forth above.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

TO DIVIDE OR COMBINE WARRANT CERTIFICATES

 

(FORM 2)

 

Fill in and sign this FORM 2 and surrender this Warrant Certificate
to the Warrant Agent in ample time for new Warrant Certificates to be issued and used.

 

Deliver to the undersigned Warrantholder and in the name of the
Warrantholder, at the address mentioned below, new certificates as follows:

 

________________________________ Certificate(s) for ________________________________
Warrants each

 

________________________________ Certificate(s) for ________________________________
Warrants each

 

________________________________ Certificate(s) for ________________________________
Warrants each

 

The undersigned understands that the division or combination of
the Warrant Certificate can only be made in compliance with the terms of the Warrant Indenture and in particular subsection 2.01(f),
and Section 2.08 of the Warrant Indenture.

 

DATED this ______ day of ______________________, 20_____.

 

____________________________________

Signature of Warrantholder

 

Print name and address in full below.

 

	Name	 
	 	 
	Address	 
	 	 
	 	(Include Postal Code)

 

     

     

    

 

FORM OF TRANSFER

 

(FORM 3)

 

FOR VALUE RECEIVED the undersigned hereby sells,
assigns and transfers the Warrants represented by this Warrant Certificate to:

 

	Name	 
	 	 
	Address	 
	 	 
	 	(Include Postal Code)

 

and hereby irrevocably constitutes and appoints ___________________________________________

(leave this space blank)

 

as the attorney of the undersigned with full power
of substitution to transfer the Warrants on the appropriate register of the Warrant Agent.

 

In the case of a warrant certificate that contains a U.S. restrictive
legend, the undersigned hereby represents, warrants and certifies that (one (only) of the following must be checked):

 

		☐	(A)the transfer is being made to the Corporation;

 

		☐	(B)the transfer is being made outside the United States in accordance
with Rule 904 of Regulation S under the U.S. Securities Act in circumstances where Rule 905
of Regulation S under the U.S. Securities Act does not apply, and in compliance with any applicable local securities laws and regulations
and the holder has provided herewith the Declaration for Removal of Legend attached as Schedule B to the Warrant Indenture;

 

		☐	(C)the transfer is being made pursuant to the exemption from the registration requirements
of the U.S. Securities Act provided by Rule 144 under the U.S. Securities Act and in accordance with applicable state securities
laws; or

 

		☐	(D)the transfer is being made in another transaction that does not require registration under
the U.S. Securities Act or any applicable state securities laws.

 

In the case of a transfer in accordance with (C) or (D) above, the
Warrant Agent and the Corporation shall first have received an opinion of counsel of recognized standing in form and substance
reasonably satisfactory to the Corporation, to such effect.

 

     

    2.

    

 

DATED this ______ day of ______________________, 20_____.

 

	__________________________________

Signature Guaranteed	___________________________________

Signature of Transferor**
	 	
        ___________________________________

        Name of Transferor

         

         

         

 

**       The signature of the transferor must correspond
in every particular with the surname and the first name(s) or initials shown on the face of this certificate and the endorsement
must be signature guaranteed, in either case, by a Canadian Schedule 1 chartered bank or an eligible guarantor institution with
membership in an approved signature medallion program (STAMP, SEMP, NYSE, MSP). The guarantor must affix a stamp bearing the actual
words "Signature Guaranteed". Signature guarantees are not accepted from Treasury Branches, Credit Unions or Caisses
Populaires unless they are members of the Stamp Medallion Program.

 

 

 

 

 

 

 

 

 

 

 

 

 

     

    3.

    

 

FORM OF U.S. WARRANTHOLDER CERTIFICATION UPON EXERCISE OF WARRANTS

 

(FORM 4)

 

POET Technologies Inc.

120 Eglinton Avenue East, Suite 1107

Toronto, Ontario M4P 1E2

 

Attention: President and Chief
Executive Officer

 

- and to -

 

TSX Trust Company, as Warrant Agent

 

 

Dear Sirs:

 

The undersigned is delivering this letter in connection with the purchase of common shares
(the "Common Shares") of POET Technologies Inc., a corporation continued under the laws of Ontario (the "Corporation")
upon the exercise of warrants of the Corporation ("Warrants"), issued under the warrant indenture, dated as of June 3,
2019 between the Corporation and TSX Trust Company.

 

The undersigned hereby represents and warrants to the Corporation that the undersigned,
and each beneficial owner (each a "Beneficial Owner"), if any, on whose behalf the undersigned is exercising such Warrants,
satisfies one or more of the following categories of accredited investor ("U.S. Accredited Investor") (please
write "W/H" for the undersigned holder, and "B/O" for each beneficial owner, if any, on each line that applies):

 

		(a)	____________a bank as defined in section 3(a)(2) of the U.S. Securities Act of 1933, as amended
(the "U.S. Securities Act"), or a savings and loan association or other institution as defined in section 3(a)(5)(A)
of the U.S. Securities Act whether acting in its individual or fiduciary capacity; any broker or dealer registered pursuant to
section 15 of the U.S. Securities Exchange Act of 1934 or any insurance company as defined in Section 2(a)(13) of the U.S. Securities
Act; an investment company registered under the United States Investment Company Act of 1940 (the "1940 Act") or a business
development company as defined in section 2(a)(48) of the 1940 Act; a Small Business Investment Company licensed by the U.S. Small
Business Administration under section 301(c) or (d) of the U.S. Small Business Investment Act of 1958; a plan established and maintained
by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions, for the benefit
of its employees, with total assets in excess of US$5,000,000; an employee benefit plan within the meaning of the U.S. Employee
Retirement Income Security Act of 1974, as amended ("ERISA"), where the investment decision is made by a plan
fiduciary, as defined in section 3(21) of ERISA, which is either a bank, savings and loan association, insurance company, or registered
investment adviser, or if an employee benefit plan with total assets in excess of US$5,000,000 or, if a self-directed plan, with
investment decisions made solely by persons that are "accredited investors," as such term is defined in Rule 501 of Regulation
D of the U.S. Securities Act;

 

		(b)	____________a private business development company as defined in section 202(a)(22) of the U.S.
Investment Advisers Act of 1940, as amended;

 

		(c)	____________an organization described in section 501(c)(3) of the United States Internal Revenue
Code, a corporation, a Massachusetts or similar business trust, a limited liability company or a partnership, not formed for the
specific purpose of acquiring the securities offered, with total assets in excess of US$5,000,000;

 

		(d)	____________a director or executive officer of the Corporation;

 

		(e)	____________a natural person (or an IRA (Individual Retirement Account) owned by such natural person)
whose individual net worth, or joint net worth with that person's spouse, exceeds US$1,000,000 (excluding the net value of any
primary residence unless the amount due under mortgage(s) thereon exceeds the market value thereof or has increased in the last
60 days (other than due to the purchase of such primary residence), in which case such shortfall or increase shall be deducted
from the natural person's net worth);

 

     

    4.

    

 

		(f)	____________a natural person (or an IRA (Individual Retirement Account) owned by such natural person)
who had an individual income in excess of US$200,000 in each of the two most recent years or joint income with that person's spouse
in excess of US$300,000 in each of those years and has a reasonable expectation of reaching the same income level in the current
year;

 

		(g)	____________a trust with total assets in excess of US$5,000,000, not formed for the specific purpose
of acquiring the securities offered, whose purchase is directed by a sophisticated person (i.e., a person who has such knowledge
and experience in financial and business matters that such person is capable of evaluating the merits and risks of the prospective
investment) as described in Rule 506(b)(2)(ii) of Regulation D under the U.S. Securities Act;

 

		(h)	____________a revocable trust which may be revoked or amended by its settlors (creators), each
of whom is an "accredited investor" under category (e) above; or

 

		(i)	____________an entity in which each of the equity owners meets the requirements of at least one
of the above categories (if this alternative is checked, you must identify each equity owner and provide statements signed by each
demonstrating how each qualifies as an accredited investor).

 

The undersigned further represents and warrants to the Corporation that:

 

		1.	the undersigned has such knowledge and experience in financial and business matters as to be capable
of evaluating the merits and risks of an investment in the Common Shares, and the undersigned is able to bear the economic risk
of loss of his or her entire investment;

 

		2.	the undersigned is: (i) purchasing the Common Shares for his or her own account or for the account
of one or more U.S. Accredited Investors with respect to which the undersigned is exercising sole investment discretion, and not
on behalf of any other person; (ii) is purchasing the Common Shares for investment purposes only and not with a view to resale,
distribution or other disposition in violation of United States federal or state securities laws; and (iii) in the case of the
purchase by the undersigned of the Common Shares as agent or trustee for any other person or persons (each a "Beneficial Owner"),
the undersigned holder has due and proper authority to act as agent or trustee for and on behalf of each such Beneficial Owner
in connection with the transactions contemplated hereby; provided that: (x) if the undersigned holder, or any Beneficial
Owner, is a corporation, a limited liability company or a partnership, syndicate, trust or other form of unincorporated organization,
the undersigned holder or each such Beneficial Owner was not incorporated or created solely, nor is it being used primarily, to
permit purchases without a prospectus or registration statement under applicable law; and (y) each Beneficial Owner, if any, is
a U.S. Accredited Investor;

 

		3.	the undersigned has not exercised the Warrants as a result of any form of general solicitation
or general advertising, including advertisements, articles, notices or other communications published in any newspaper, magazine
or similar media or on the internet or broadcast over radio, television, the Internet or other form of telecommunications, or any
seminar or meeting whose attendees have been invited by general solicitation or general advertising; and

 

		4.	the funds representing the purchase price for the Common Shares, which will be advanced by the
undersigned to the Corporation, will not represent proceeds of crime for the purposes of the United States Uniting and Strengthening
America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act (the "PATRIOT Act"), and the
undersigned acknowledges that the Corporation may in the future be required by law to disclose the undersigned's name and other
information relating to this subscription form and the undersigned's subscription hereunder, on a confidential basis, pursuant
to the PATRIOT Act. No portion of the purchase price to be provided by the undersigned (i) has been or will be derived from or
related to any activity that is deemed criminal under the laws of the United States of America, or any other jurisdiction, or (ii)
is being tendered on behalf of a person or entity who has not been identified to or by the undersigned, and the undersigned shall
promptly notify the Corporation if the undersigned discovers that any of such representations ceases to be true and provide the
Corporation with appropriate information in connection therewith.

 

     

    5.

    

 

The undersigned also acknowledges and agrees that:

 

		5.	the Corporation has provided to the undersigned the opportunity to ask questions and receive answers
concerning the terms and conditions of the offering, and the undersigned has had access to such information concerning the Corporation
as he or she has considered necessary or appropriate in connection with his or her investment decision to acquire the Common Shares;

 

		6.	if the undersigned decides to offer, sell or otherwise transfer any of the Common Shares, the undersigned
must not, and will not, offer, sell or otherwise transfer any of such Common Shares directly or indirectly, unless:

 

		(a)	the sale is to the Corporation (though the Corporation is under no obligation to purchase any such
Common Shares);

 

		(b)	the sale is made outside the United States in accordance with Regulation S under the U.S. Securities
Act and in compliance with applicable local laws and regulations;

 

		(c)	the sale is made in compliance with Rule 144 under the U.S. Securities Act, if available, and in
accordance with applicable securities laws of any state, and the undersigned has prior to such sale furnished to the Corporation
an opinion of counsel, in form and substance satisfactory to the Corporation; or

 

		(d)	the Common Shares are otherwise sold in a transaction that does not require registration under
the U.S. Securities Act or any applicable state laws and regulations governing the offer and sale of securities, and it has prior
to such sale furnished to the Corporation an opinion of counsel, in form and substance satisfactory to the Corporation;

 

		7.	the Common Shares are "restricted securities" (as defined in Rule 144(a)(3) under the
U.S. Securities Act) and that the U.S. Securities Act and the rules of the United States Securities and Exchange Commission provide
in substance that the undersigned may dispose of the Common Shares only pursuant to an effective registration statement under the
U.S. Securities Act or an exemption or exclusion therefrom;

 

		8.	the Corporation has no obligation to register any of the Common Shares or to take any other action
so as to permit sales pursuant to the U.S. Securities Act (including Rule 144 thereunder);

 

		9.	the certificates representing the Common Shares as well as all certificates issued in exchange
for or in substitution of therefor, until such time as is no longer required under the applicable requirements of the U.S. Securities
Act and applicable state securities laws, will bear, on the face of such certificate, a restrictive legend substantially in the
form set forth in subsection 3.06(c) of the Warrant Indenture; provided that if the Common Shares are being sold outside the United
States in compliance with the requirements of Rule 904 of Regulation S and the Corporation was a "foreign issuer" (as
defined in Rule 902 of Regulation S) at the time of execution and delivery of this subscription form, such restrictive legend may
be removed by providing a declaration to the registrar and transfer agent of the Corporation, substantially in the form annexed
to the Warrant Indenture as Schedule B thereto (or in such other form as the Corporation may prescribe from time to time) and,
if requested by the Corporation or transfer agent, an opinion of counsel, of recognized standing, in form and substance satisfactory
to the Corporation to the effect that the transfer is in compliance with Rule 904; and provided, further, that, if any Common Shares
are being sold otherwise than in accordance with Regulation S and other than to the Corporation, the legend may be removed by delivery
to the registrar and transfer agent and the Corporation of an opinion of counsel, of recognized standing reasonably satisfactory
to the Corporation, that such legend is no longer required under applicable requirements of the U.S. Securities Act or state securities
laws;

 

		10.	the financial statements of the Corporation have been prepared in accordance with International
Financial Reporting Standards as issued by the International Accounting Standards Board, which differ in some respects from United
States generally accepted accounting principles and, thus, may not be comparable to financial statements of United States companies;

 

     

    6.

    

 

		11.	there may be material tax consequences to the undersigned of an acquisition or holding or disposition
of the Common Shares; the Corporation gives no opinion and makes no representation with respect to the tax consequences to the
undersigned under United States federal, state, local or foreign tax law of the undersigned's acquisition, holding or disposition
of such securities, and the undersigned acknowledges that it is solely responsible for determining the tax consequences of its
investment; in particular, no representation has been made as to whether the Corporation is or will be a "passive foreign
investment company" (commonly known as a "PFIC") within the meaning of Section 1297 of the United States Internal
Revenue Code;

 

		12.	it consents to the Corporation making a notation on its records or giving instructions to any transfer
agent of the Corporation in order to implement the restrictions on transfer set forth and described in this subscription form;
and

 

		13.	it acknowledges and consents to the fact that the Corporation is collecting personal information
(as that term is defined under applicable privacy legislation, including, without limitation, the Personal Information Protection
and Electronic Documents Act (Canada) and any other applicable similar, replacement or supplemental provincial or federal legislation
or laws in effect from time to time) of the undersigned for the purpose of facilitating the subscription for the Common Shares
hereunder; the undersigned acknowledges and consents to the Corporation retaining such personal information for as long as permitted
or required by law or business practices and agrees and acknowledges that the Corporation may use and disclose such personal information:
(a) for internal use with respect to managing the relationships between and contractual obligations of the Corporation and the
undersigned; (b) for use and disclosure for income tax-related purposes, including without limitation, where required by law disclosure
to Canada Revenue Agency; (c) disclosure to professional advisers of the Corporation in connection with the performance of their
professional services; (d) disclosure to securities regulatory authorities and other regulatory bodies with jurisdiction with respect
to reports of trade or similar regulatory filings; (e) disclosure to a governmental or other authority to which the disclosure
is required by court order or subpoena compelling such disclosure and where there is no reasonable alternative to such disclosure;
(f) disclosure to any person where such disclosure is necessary for legitimate business reasons and is made with your prior written
consent; (g) disclosure to a court determining the rights of the parties under this Agreement; and (h) for use and disclosure as
otherwise required or permitted by law.

 

We acknowledge that you will rely upon our confirmations, acknowledgements and agreements
set forth herein, and we agree to notify you promptly in writing if any of our representations or warranties herein ceases to be
accurate or complete.

 

DATED ____________________, 20_____.

 

	 	 
	 	Name of U.S. Warrantholder (please print)
	 	X
	 	Signature of individual (if U.S. Warrantholder is an individual)
	 	X
	 	Authorized signatory (if U.S. Warrantholder is not an individual)
	 	 
	 	Name of authorized signatory (please print)
	 	 
	 	Official capacity of authorized signatory (please print)

 

 

     

    7.

    

 

SCHEDULE B TO THE WARRANT INDENTURE DATED

June 3, 2019 BETWEEN POET TECHNOLOGIES INC. AND

TSX TRUST COMPANY

 

FORM OF DECLARATION FOR REMOVAL OF LEGEND

 

	TO:	POET TECHNOLOGIES INC. (the "Corporation").
	 	 
	AND TO:	TSX TRUST COMPANY,
as registrar and transfer agent for the Warrants.

 

The undersigned (A) acknowledges that the sale of _______________________
(the "Securities") of the Corporation, represented by certificate number ___________________, to which this declaration
relates (the "Securities") is being made in reliance on Rule 904 of Regulation S ("Regulation S")
under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), and (B) certifies that
(1) it is not, and it was not at the time of the offer and sale of the Securities, (a) an "affiliate" of the Corporation
(as defined in Rule 405 under the U.S. Securities Act), except solely by virtue of being an officer or director of the Corporation,
(b) a "distributor" or (c) an affiliate of a distributor; (2) either (a) the offer of such Securities was not made to
a person in the United States and either (a) at the time the buy order was originated, the buyer was outside the United States,
or the seller and any person acting on its behalf reasonably believed that the buyer was outside the United States, or (b) the
transaction was executed on or through the facilities of the Toronto Stock Exchange, TSX Venture Exchange or another "designated
offshore securities market" (as defined in Rule 902 of Regulation S), and neither the seller nor any person acting on its
behalf knew that the transaction had been prearranged with a buyer in the United States; (3) neither the seller nor any affiliate
of the seller nor any person acting on any of their behalf has engaged or will engage in any "directed selling efforts"
(as defined in Rule 902 of Regulation S) in the United States in connection with the offer and sale of such Securities; (4) the
sale of the Securities is bona fide and not for the purpose of "washing off" the resale restrictions imposed because
the Securities are "restricted securities" (as such term is defined in Rule 144(a)(3) under the U.S. Securities Act);
(5) the seller does not intend to replace the Securities sold in reliance on Rule 904 of Regulation S with fungible unrestricted
securities; and (6) the contemplated sale is not a transaction, or part of a series of transactions, which, although in technical
compliance with Regulation S, is part of a plan or scheme to evade the registration provisions of the U.S. Securities Act. Terms
used herein have the meanings given to them by Regulation S.

 

DATED this ____ day of ____________________, 20_____.

 

	 	X
	 	Signature of individual (if Seller is an individual)
	 	X
	 	Authorized signatory (if Seller is not an individual)
	 	 
	 	Name of Seller (please print)
	 	 
	 	Name of authorized signatory (please print)
	 	 
	 	Official capacity of authorized signatory (please print)

 

 

 

     

    8.

    

 

Affirmation by Seller's Broker-Dealer

(Required for sales pursuant to Section (B)(2)(b) above)

 

We have read the foregoing representations of our customer, __________________________
(the "Seller") dated ________________________, with regard to the sale, for such Seller's account, of the securities
of the Corporation described therein, and on behalf of ourselves we certify and affirm that (A) we have no knowledge that the transaction
had been prearranged with a buyer in the United States, (B) the transaction was executed on or through the facilities of designated
offshore securities market, (C) neither we, nor any person acting on our behalf, engaged in any directed selling efforts in connection
with the offer and sale of such securities, and (D) no selling concession, fee or other remuneration is being paid to us in connection
with this offer and sale other than the usual and customary broker's commission that would be received by a person executing such
transaction as agent. Terms used herein have the meanings given to them by Regulation S.

 

	 	 	 
	 	
        Name of Firm

         

         

         
	 
	By:	 	 
	 	Authorized Officer	 

 

DATED ____________________, 20_____.Exhibit 4.23

 

 

 

 

 

 

 

 

 

POET TECHNOLOGIES INC.

 

 

 

and

 

 

 

TSX TRUST COMPANY

 

 

 

 

 

 

 

 

 

CONVERTIBLE DEBENTURE
INDENTURE

 

 

 

Providing for the Issue of

Convertible Debentures

 

 

 

August 2, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

TABLE OF CONTENTS

 

Page 

	Article 1 INTERPRETATION	1
	1.1   Definitions	1
	1.2   Meaning of "Outstanding"	8
	1.3   Interpretation	9
	1.4   Headings, etc.	10
	1.5   Time of Essence	10
	1.6   Monetary References	10
	1.7   Invalidity, etc.	10
	1.8   Language	10
	1.9   Successors and Assigns	10
	1.10   Severability	10
	1.11   Entire Agreement	10
	1.12   Benefits of Indenture	11
	1.13   Applicable Law and Attornment	11
	1.14   Currency of Payment	11
	1.15   Non-Business Days	11
	1.16   Accounting Terms	11
	1.17   Calculations	11
	1.18   Schedules	12
	Article 2 THE DEBENTURES	12
	2.1   Form and Terms of Debentures	12
	2.2   Non-Certificated Deposit	18
	2.3   Execution of Debentures	19
	2.4   Authentication	20
	2.5   Interim Debenture Certificates	20
	2.6   Mutilation, Loss, Theft or Destruction	21
	2.7   Concerning Interest	21
	2.8   Debentures to Rank Pari Passu	22
	2.9   Payments of Amounts Due on Maturity	22
	2.10   Payment of Interest	22
	2.11   Canadian Legend	23
	2.12   U.S. Legend	24
	Article 3 REGISTRATION, TRANSFER, EXCHANGE AND OWNERSHIP	26
	3.1   Fully Registered Debentures	26
	3.2   Transfer and Exchange of Restricted Debentures	26
	3.3   Transferee Entitled to Registration	27
	3.4   No Notice of Trusts	27
	3.5   Registers Open for Inspection	27
	3.6   Exchanges of Debentures	27
	3.7   Closing of Registers	28
	3.8   Charges for Registration, Transfer and Exchange	28
	3.9   Ownership of Debentures	29
	

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Table of Contents
(continued)
Page
 

    

	Article 4 PURCHASE OF DEBENTURES	30
	4.1   Put Right upon Closing of DenseLight Transaction	30
	4.2   Purchase of Debentures by the Company	32
	Article 5 SUBORDINATION OF DEBENTURES	32
	5.1   Applicability of Article	32
	5.2   Order of Payment	33
	5.3   Subrogation to Rights of Holders of Senior Indebtedness	34
	5.4   Obligation to Pay Not Impaired	34
	5.5   Payment on Debentures Permitted	35
	5.6   Knowledge of Trustee	35
	5.7   Trustee May Hold Senior Indebtedness	35
	5.8   Rights of Holders of Senior Indebtedness Not Impaired	35
	5.9   Altering the Senior Indebtedness	35
	5.10   Additional Indebtedness	36
	5.11   Right of Debentureholder to Convert Not Impaired	36
	5.12   Invalidated Payments	36
	5.13   Contesting Security	36
	Article 6 CONVERSION OF DEBENTURES	36
	6.1   Applicability of Article	36
	6.2   Notice of Expiry of Conversion Privilege	37
	6.3   Revival of Right to Convert	37
	6.4   Manner of Exercise of Right to Convert	37
	6.5   Adjustment of Conversion Price	39
	6.6   Rules Regarding Calculation of Adjustment	44
	6.7   Notice of Adjustment	47
	6.8   No Action after Notice	48
	6.9   Protection of Trustee	48
	Article 7 COVENANTS OF THE COMPANY	48
	7.1   To Pay Principal and Interest	48
	7.2   To Pay Trustee's Remuneration	48
	7.3   To Give Notice of Default	49
	7.4   Preservation of Existence, etc.	49
	7.5   Keeping of Books	49
	7.6   Annual Certificate of Compliance	49
	7.7   Performance of Covenants	49
	7.8   Maintain Listing	50
	7.9   Insurance	50
	7.10   No Dividends or Distributions	50
	7.11   Withholding Matters	50
	7.12   SEC Reporting Status	51
	

    -ii-

    
Table of Contents
(continued)
Page
 

    

	Article 8 DEFAULT	51
	8.1   Events of Default	51
	8.2   Notice of Events of Default	53
	8.3   Waiver of Default	53
	8.4   Enforcement by the Trustee	54
	8.5   No Suits by Debentureholders	55
	8.6   Application of Monies by Trustee	56
	8.7   Notice of Payment by Trustee	57
	8.8   Trustee May Demand Production of Debentures	57
	8.9   Remedies Cumulative	57
	8.10   Judgment Against the Company	57
	Article 9 SATISFACTION AND DISCHARGE	58
	9.1   Cancellation and Destruction	58
	9.2   Non-Presentation of Debentures	58
	9.3   Repayment of Unclaimed Monies	58
	9.4   Discharge	59
	9.5   Satisfaction	59
	9.6   Continuance of Rights, Duties and Obligations	61
	Article 10 MEETINGS OF DEBENTUREHOLDERS	62
	10.1   Right to Convene Meeting	62
	10.2   Notice of Meetings	62
	10.3   Chairman	63
	10.4   Quorum	63
	10.5   Power to Adjourn	64
	10.6   Show of Hands	64
	10.7   Poll	64
	10.8   Voting	64
	10.9   Proxies	64
	10.10   Persons Entitled to Attend Meetings	65
	10.11   Powers Exercisable by Extraordinary Resolution	65
	10.12   Meaning of "Extraordinary Resolution"	67
	10.13   Powers Cumulative	68
	10.14   Minutes	68
	10.15   Instruments in Writing	68
	10.16   Binding Effect of Resolutions	69
	10.17   Evidence of Rights Of Debentureholders	69
	Article 11 NOTICES	69
	11.1   Notice to Company	69
	11.2   Notice to Debentureholders	69
	11.3   Notice to Trustee	70
	

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Table of Contents
(continued)
Page
 

    

	11.4   Mail Service Interruption	70
	Article 12 CONCERNING THE TRUSTEE	70
	12.1   No Conflict of Interest	70
	12.2   Replacement of Trustee	71
	12.3   Duties of Trustee	72
	12.4   Reliance Upon Declarations, Opinions, etc.	72
	12.5   Evidence and Authority to Trustee, Opinions, etc.	72
	12.6   Officer's Certificates Evidence	73
	12.7   Experts, Advisers and Agent	74
	The Trustee may:	74
	12.8   Trustee May Deal in Debentures	74
	12.9   Trustee Not Ordinarily Bound	74
	12.10   Trustee Not Required to Give Security	75
	12.11   Conditions Precedent to Trustee's Obligations to Act Hereunder	75
	12.12   Authority to Carry on Business	75
	12.13   Compensation and Indemnity	75
	12.14   Acceptance of Trust	76
	12.15   Third Party Interests	76
	12.16   Anti-Money Laundering	76
	12.17   Privacy Laws	77
	12.18   Force Majeure	77
	Article 13 SUPPLEMENTAL INDENTURES	78
	13.1   Supplemental Indentures	78
	Article 14 EXECUTION AND FORMAL DATE	79
	14.1   Execution	79
	14.2   Formal Date	79
	Schedule "A" FORM OF DEBENTURE	1
	Schedule "B" FORM OF TRANSFER	1
	Schedule "C" CONVERSION FORM	1
	Schedule "D" FORM OF DECLARATION FOR REMOVAL OF LEGEND	1
	Schedule "E" fORM OF PUT EXERCISE NOTICE	1

 

 

 

 

 

 

    -iv-

     

    

CONVERTIBLE DEBENTURE
INDENTURE

 

This Indenture is made as of August 2, 2019,
between:

 

BETWEEN:

 

POET TECHNOLOGIES INC.

a corporation existing under the laws of the Province of Ontario (the "Company")

 

AND

 

TSX TRUST COMPANY 

a trust company existing under the laws of Canada (the "Trustee")

 

RECITALS

 

The Company wishes to create and issue the Debentures
(as herein defined) in the manner and subject to the terms and conditions of this Indenture;

 

FOR VALUE RECEIVED, the parties agree as follows:

 

Article
1

INTERPRETATION

 

		1.1	Definitions

 

In this Indenture and in the Debentures, unless there is something
in the subject matter or context inconsistent therewith, the expressions following shall have the following meanings, namely:

 

		(a)	"90% Redemption Right" has the meaning ascribed thereto in Section 2.1(h)(ii);

 

		(b)	"this Indenture", "hereto", "herein", "hereby",
"hereunder", "hereof" and similar expressions refer to this Indenture and not to any particular
Article, Section, subsection, clause, subdivision or other portion hereof and include any and every instrument supplemental or
ancillary hereto;

 

		(c)	"Adjustment Period" means the period commencing on the date of issue of the Debentures
and ending at the Time of Expiry;

 

		(d)	"Applicable Securities Legislation" means applicable securities laws (including
rules, regulations, policies and instruments) in each of the provinces and territories of Canada;

 

		(e)	"Auditors of the Company" means an independent firm of chartered accountants duly
appointed as auditors of the Company;

 

		(f)	"Authenticated" means: (i) with respect to the issuance of a Debenture Certificate,
one which has been duly signed by the Company and certified by the signature of an authorized signatory of the Trustee; (ii) with
respect to the issuance of an Uncertificated Debenture, one in respect of which the Trustee has completed all Internal Procedures
such that the particulars of such Uncertificated Debenture as required by Section 2.4 are entered in the register of holders of
Debentures, "Authenticate" and "Authentication" have the appropriate correlative meanings;

 

     

    -2-

    

		(g)	"Beneficial Holder" means any person who holds a beneficial interest in a Debenture
that is represented by a Debenture Certificate or an Uncertificated Debenture registered in the name of CDS or its nominee, for
the purposes of being held by or on behalf of CDS as custodian for Participants;

 

		(h)	"Board of Directors" means the board of directors of the Company or any committee
thereof;

 

		(i)	"Business Day" means any day other than a Saturday, Sunday or any other day that
the Trustee in Toronto, Ontario is not generally open for business;

 

		(j)	"Change of Control" means: (i) any event as a result of or following which a Person
or group of Persons acting jointly or in concert within the meaning of Applicable Securities Legislation, beneficially owns or
exercises control or direction over an aggregate of more than 50% of the then outstanding Common Shares; or (ii) the sale or other
transfer of all or substantially all of the consolidated assets of the Company, unless in any case the holders of voting securities
of the Company immediately prior to such sale, merger, reorganization or other similar transaction hold securities representing
50% or more of the voting control or direction in the Company or the successor entity upon completion of such sale, merger, reorganization
or other similar transaction;

 

		(k)	"Change of Control Notice" has the meaning ascribed thereto in subsection 2.1(h)(i);

 

		(l)	"Change of Control Offer" has the meaning ascribed thereto in subsection 2.1(h)(i);

 

		(m)	"Change of Control Purchase Date" has the meaning ascribed thereto in subsection
2.1(h)(i);

 

		(n)	"Common Shares" means the common shares in the capital of the Company, as such
common shares are constituted on the date of execution and delivery of this Indenture; provided that in the event of a change or
a subdivision, redivision, reduction, combination or consolidation thereof, any reclassification, capital reorganization, amalgamation,
arrangement, merger, sale or conveyance or liquidation, dissolution or winding-up, or such successive changes, subdivisions, redivisions,
reductions, combinations or consolidations, reclassifications, capital reorganizations, amalgamations, arrangements, mergers, sales
or conveyances or liquidations, dissolutions or windings-up, then, subject to adjustments, if any, having been made in accordance
with the provisions of Section 6.5, "Common Shares" shall mean the shares or other securities or property resulting from
such change, subdivision, redivision, reduction, combination or consolidation, reclassification, capital reorganization, amalgamation,
arrangement, merger, sale or conveyance or liquidation, dissolution or winding-up;

 

     

    -3-

    

		(o)	"Conversion Price" means the Original Conversion Price, as may be adjusted in
accordance with the terms and conditions of this Indenture;

 

		(p)	"Company" means POET Technologies Inc.;

 

		(q)	"Counsel" means a barrister or solicitor or firm of barristers or solicitors retained
or employed by the Trustee or retained or employed by the Company and reasonably acceptable to the Trustee;

 

		(r)	"Current Market Price" of the Common Shares at any date means the 20 day VWAP
ending on the seventh trading day before such date; provided further that if the Common Shares are not then listed or traded on
any Stock Exchange, then the Current Market Price shall be determined by a firm of independent chartered accountants selected by
the directors of the Company;

 

		(s)	"Date of Conversion" has the meaning ascribed thereto in subsection 6.4(g);

 

		(t)	"Debenture Certificate" means a certificate evidencing Debentures substantially
in the form attached as Schedule "A" hereto;

 

		(u)	"Debentureholders" or "holders" means the Persons for the time
being entered in the register for Debentures as registered holders of Debentures;

 

		(v)	"Debentures" means the unsecured convertible debentures issued and Authenticated
hereunder, or deemed to be issued and Authenticated hereunder, and described in Section 2.1 and for the time being outstanding,
whether in definitive, uncertificated or interim form;

 

		(w)	"Defeased Debentures" has the meaning ascribed thereto in subsection 9.6(b);

 

		(x)	"DenseLight Transaction" means the sale transaction, announced by the Company
February 4, 2019, of all of the issued and outstanding shares of DenseLight Semiconductor Pte. Ltd., a wholly-owned Subsidiary
of the Company;

 

		(y)	"Depository" or "CDS" means CDS Clearing and Depository Services
Inc. and its successors in interest;

 

		(z)	"Event of Default" has the meaning ascribed thereto in Section 8.1;

 

		(aa)	"Extraordinary Resolution" has the meaning ascribed thereto in Section 10.12;

 

		(bb)	"Fully Registered Debentures" means Debentures registered as to both principal
and interest;

 

     

    -4-

    

		(cc)	"Global Debenture" means a Debenture that is issued to and registered in the name
of the Depository, or its nominee, for purposes of being held by or on behalf of the Depository as custodian for participants in
the Depository’s book-entry only registration system;

 

		(dd)	"Guarantees" means any guarantee, undertaking to assume, endorse, contingently
agree to purchase, or to provide funds for the payment of, or otherwise become liable in respect of, any indebtedness, liability
or obligation of any Person;

 

		(ee)	"IFRS" means International Financial Reporting Standards issued by the International
Accounting Standards Board;

 

		(ff)	"Interest Obligation" means the obligation of the Company to pay interest on the
Debentures, as and when the same becomes due;

 

		(gg)	"Interest Payment Date" means a date specified in a Debenture as the date on which
interest on such Debenture shall become due and payable;

 

		(hh)	"Interest Record Date" has the meaning ascribed thereto in Section 2.1(d);

 

		(ii)	"Internal Procedures" means in respect of the making of any one or more entries
to, changes in or deletions of any one or more entries in the register of Debentureholders at any time (including without limitation
original issuance or registration of transfer of ownership) the minimum number of the Trustee's internal procedures customary at
such time for the entry, change or deletion made to be complete under the operating procedures followed at the time by the Trustee,
it being understood that neither preparation and issuance shall constitute part of such procedures for any purpose of this definition;

 

		(jj)	"Issue Date" means August 2, 2019;

 

		(kk)	"Legended Securities" has the meaning ascribed thereto in Section 2.12(a);

 

		(ll)	"Lien" means with respect to any Person, any mortgage, lien, pledge, charge, security
interest or other encumbrance, or any interest or title of any vendor, lessor, lender or other security party to or of such Person
under any conditional sale or other title retention agreement, upon or with respect to any property of such Person;

 

		(mm)	"Maturity Account" means an account or accounts required to be established by
the Company (and which shall be maintained by and subject to the control of the Trustee) for the Debentures issued pursuant to
and in accordance with this Indenture;

 

		(nn)	"Maturity Date" means August 2, 2021;

 

		(oo)	"Maturity Date Payment" has the meaning ascribed thereto in Section 2.1(c);

 

     

    -5-

    

		(pp)	"Maximum Monthly Put Right Amount" has the meaning ascribed thereto in Section
4.1(e);

 

		(qq)	"Monthly Put Right Deadline" has the meaning ascribed thereto in Section 4.1(c).

 

		(rr)	"NI 62-104" means National Instrument 62-104 Take-Over Bids and Issuer Bids;

 

		(ss)	"Offer Price" has the meaning ascribed thereto in subsection 2.1(h)(i);

 

		(tt)	"Offering" means the private placement offering by the Company of up to $550,000
aggregate principal amount of Debentures;

 

		(uu)	"Officer's Certificate" means a certificate of the Company signed by any authorized
officer or director of the Company, in their capacity as an officer or director of the Company, and not in their personal capacity;

 

		(vv)	"Original Conversion Price" means a conversion price of $0.40 per Unit;

 

		(ww)	"Participant" means a Person recognized by CDS as a participant in the non-certificated
inventory system administered by CDS;

 

		(xx)	"Payment Date" has the meaning ascribed thereto in Section 4.1(d).

 

		(yy)	"Person" includes an individual, company, partnership, joint venture, association,
trust, trustee, unincorporated organization or government or any agency or political subdivision thereof or other entity (and for
the purposes of the definition of "Change of Control", in addition to the foregoing, "Person"
shall include any syndicate or group that would be deemed to be a "Person" under NI 62-104);

 

		(zz)	"Put Date" has the meaning ascribed thereto in Section 4.1(a).

 

		(aaa)	"Put Price" has the meaning ascribed thereto in Section 4.1(a).

 

		(bbb)	"Put Right" has the meaning ascribed thereto in Section 4.1(a).

 

		(ccc)	"Put Right Notice" has the meaning ascribed thereto in Section 4.1(b).

 

		(ddd)	"Regulation S" means Regulation S adopted by the SEC under the U.S. Securities
Act;

 

		(eee)	"Restricted Debenture" means a definitive Debenture Certificate that bears the
U.S. Legend;

 

		(fff)	"SEC" has the meaning ascribed thereto in Section 7.12;

 

		(ggg)	"Senior Creditor" means a holder or holders of Senior Indebtedness and includes
any representative or representatives, agent or agents or trustee or trustees of any such holder or holders;

 

     

    -6-

    

		(hhh)	"Senior Indebtedness" means all obligations, liabilities and indebtedness of the
Company and its Subsidiaries (other than trade payables), whether outstanding on the date of this Indenture or thereafter created,
incurred, assumed or guaranteed which would, in accordance with IFRS, be classified upon a consolidated statement of financial
position of the Company as liabilities of the Company and its Subsidiaries and, whether or not so classified, includes (without
duplication): (a) indebtedness of the Company or its Subsidiaries for borrowed money; (b) obligations of the Company or its Subsidiaries
evidenced by bonds, debentures, commercial paper, notes or other similar instruments; (c) obligations of the Company or its Subsidiaries
arising pursuant or in relation to bankers' acceptances, letters of credit and letters of guarantee, financial leases, performance
bonds and surety bonds (including payment and reimbursement obligations in respect thereof) or indemnities issued in connection
therewith; (d) obligations of the Company or its Subsidiaries under any swap, hedging or other similar contracts or arrangements;
(e) obligations of the Company or its Subsidiaries under guarantees relating to the Senior Indebtedness; (f) all indebtedness of
the Company or its Subsidiaries representing the deferred purchase price of any property or assets including, without limitation,
purchase money mortgages; (g) all renewals, extensions, restructurings, refundings and refinancings of any of the foregoing; (h)
all accrued and unpaid interest, fees and other amounts in respect of any of the foregoing; and (i) all costs and expenses incurred
by or on behalf of any Senior Creditor in enforcing payment or collection of any such Senior Indebtedness, including enforcing
any security interest securing the same, provided that "Senior Indebtedness" shall not include any indebtedness
that would otherwise be Senior Indebtedness if it is expressly stated to be subordinate to or rank pari passu with the Debentures;

 

		(iii)	"Senior Security" means all mortgages, liens, pledges, charges (whether fixed
or floating), security interests, hypothecs or other encumbrances of any kind, contingent or absolute, held by or on behalf of
any Senior Creditor and in any manner securing any Senior Indebtedness. Solely for the purposes of determining whether a Senior
Security exists for the purposes of this Indenture, a Person shall be deemed to be the owner of any property which it has acquired
or holds subject to a conditional sale or capital lease or other title retention agreement and any lease in the nature thereof
(excluding, for the avoidance of doubt, operating leases) and such retention of title by another Person shall constitute a Senior
Security;

 

		(jjj)	"Stock Exchange" means: (i) the TSX-V; (ii) if the Common Shares are not then
listed on the TSX-V, such other Canadian stock exchange as may be selected by the directors of the Company for such purpose; or
(iii) if the Common Shares are not then listed on any Canadian stock exchange, the over-the-counter market;

 

		(kkk)	"Subsidiary" has the meaning ascribed thereto in the Securities Act (Ontario);

 

		(lll)	"Tax Act" means the Income Tax Act (Canada), as amended;

 

		(mmm)	"Time of Expiry" has the meaning ascribed thereto in subsection 2.1(f);

 

     

    -7-

    

		(nnn)	"Total Offer Price" has the meaning ascribed thereto in subsection 2.1(h)(i);

 

		(ooo)	"Total Put Price" has the meaning ascribed thereto in Section 4.1(a).

 

		(ppp)	"trading day" means, with respect to the Stock Exchange, any day on which such
exchange or market is open for trading or quotation;

 

		(qqq)	"Transaction Instruction" means a written or electronic order signed or deemed
to be signed by the holder or the Depository entitled to request that one or more actions be taken, or such other form as may be
reasonably acceptable to the Trustee, requesting one or more such actions to be taken in respect of an Uncertificated Debenture;

 

		(rrr)	"Trustee" means TSX Trust Company, or its successor or successors for the time
being as trustee hereunder;

 

		(sss)	"TSX-V" means the TSX Venture Exchange;

 

		(ttt)	"Uncertificated Debenture" means any Debenture which is not evidenced by a Debenture
Certificate;

 

		(uuu)	"Unclaimed Funds Return Date" has the meaning ascribed thereto in clause 2.1(h)(vii);

 

		(vvv)	"United States" or "U.S." means the United States of America,
its territories and possessions, any state of the United States and the District of Columbia;

 

		(www)	"Units" means the units issuable upon conversion of the Debentures at the Conversion
Price in accordance with Article 6, with each such Unit being comprised of one (1) Unit Share and one (1) Warrant;

 

		(xxx)	"Unit Shares" means the Common Shares comprising part of a Unit;

 

		(yyy)	"Unrestricted Debentures" means collectively Unrestricted Physical Debentures
and Unrestricted Uncertificated Debentures;

 

		(zzz)	"Unrestricted Physical Debenture" means a definitive Debenture Certificate that
does not bear the U.S. Legend;

 

		(aaaa)	"Unrestricted Uncertificated Debenture" means an Uncertificated Debenture that
is not marked to bear the U.S. Legend;

 

		(bbbb)	"U.S. Accredited Investor" means an "accredited investor" as such term
is defined in Rule 501(a) of Regulation D promulgated under the U.S. Securities Act;

 

		(cccc)	"U.S. Legend" has the meaning ascribed thereto in Section 2.12;

 

		(dddd)	"U.S. Person" has the meaning set forth in Rule 902(k) of Regulation S;

 

     

    -8-

    

		(eeee)	"U.S. Purchaser" means an original purchaser of Debentures who was, at the time
of purchase: (i) a person purchasing the Debentures in the United States or a U.S. Person; (ii) a person purchasing Debentures
on behalf of, or for the account or benefit of, any person in the United States or a U.S. Person; (iii) a person that received
an offer to purchase the Debentures while in the United States; or (iv) a person that was in the United States at the time such
person's buy order was made or the subscription for the Debentures was executed or delivered;

 

		(ffff)	"U.S. Securities Act" means the United States Securities Act of 1933, as amended,
and the rules and regulations promulgated thereunder;

 

		(gggg)	"U.S. Exchange Act" means the United States Securities Exchange Act of 1934, as
amended, and the rules and regulations promulgated thereunder;

 

		(hhhh)	"VWAP" means the per share volume weighted average trading price of the Common
Shares for the applicable consecutive day period (which must be calculated utilizing days in which the Common Shares actually trade)
on the Stock Exchange as reported by Bloomberg L.P.;

 

		(iiii)	"Warrant Indenture" means the indenture dated the date hereof, between the Company
and TSX Trust Company governing the terms and conditions of the Warrants comprising the Units issuable upon conversion of the Debentures
in accordance with Section 2.1(f) and Article 6 hereof;

 

		(jjjj)	"Warrant Shares" means the Common Shares issuable upon the exercise of the Warrants;

 

		(kkkk)	"Warrants" means the Common Share purchase warrants which comprise part of the
Units issuable upon conversion of the Debentures in accordance with Article 6 hereof, each such Warrant being exercisable into
one Common Share at an exercise price per Common Share equal to $0.50, for a period of four (4) years from the Issue Date;

 

		(llll)	"Withholding Taxes" has the meaning ascribed to it in Section 7.11; and

 

		(mmmm)	"Written Direction of the Company" means an instrument in writing signed by any
one officer or director of the Company.

 

		1.2	Meaning of "Outstanding"

 

Every Debenture Authenticated and delivered or electronically deposited
by the Trustee shall be deemed to be outstanding until it is cancelled, converted or redeemed or delivered to the Trustee for cancellation,
conversion or redemption for monies and/or Units, as the case may be, or the payment thereof shall have been set aside under Section
9.2, provided that:

 

		(a)	Debentures which have been partially redeemed, purchased or converted shall be deemed to be outstanding
only to the extent of the unredeemed, unpurchased or unconverted part of the principal amount thereof;

 

     

    -9-

    

		(b)	when a new Debenture has been issued in substitution for a Debenture which has been lost, stolen
or destroyed, only one of such Debentures shall be counted for the purpose of determining the aggregate principal amount of Debentures
outstanding; and

 

		(c)	for the purposes of any provision of this Indenture entitling holders of outstanding Debentures
to vote, sign consents, requisitions or other instruments or take any other action under this Indenture, or to constitute a quorum
of any meeting of Debentureholders, Debentures owned directly or indirectly, legally or equitably, by the Company or any of its
Subsidiaries shall be disregarded except that:

 

		(i)	for the purpose of determining whether the Trustee shall be protected in relying on any such vote,
consent, requisition or other instrument or action, or on the holders of Debentures present or represented at any meeting of Debentureholders,
only the Debentures which the Trustee knows are so owned shall be so disregarded; and

 

		(ii)	Debentures so owned which have been pledged in good faith other than to the Company shall not be
so disregarded if the pledgee shall establish to the satisfaction of the Trustee the pledgee's right to vote such Debentures, sign
consents, requisitions or other instruments or take such other actions in his discretion free from the control of the Company or
a Subsidiary of the Company.

 

		1.3	Interpretation

 

In this Indenture:

 

		(a)	words importing the singular number or masculine gender shall include the plural number or the
feminine or neuter genders, and vice versa;

 

		(b)	all references to Articles and Schedules refer, unless otherwise specified, to articles of and
schedules to this Indenture;

 

		(c)	all references to Sections refer, unless otherwise specified, to Sections, subsections or clauses
of this Indenture;

 

		(d)	words and terms denoting inclusiveness (such as "include" or "includes" or
"including"), whether or not so stated, are not limited by and do not imply limitation of their context or the words
or phrases which precede or succeed them;

 

		(e)	reference to any agreement or other instrument in writing means such agreement or other instrument
in writing as amended, modified, replaced or supplemented from time to time;

 

		(f)	unless otherwise indicated, reference to a statute shall be deemed to be a reference to such statute
as amended, re-enacted or replaced from time to time; and

 

     

    -10-

    

		(g)	unless otherwise indicated, time periods within which a payment is to be made or any other action
is to be taken hereunder shall be calculated by including the day on which the period commences and excluding the day on which
the period ends.

 

		1.4	Headings, etc.

 

The division of this Indenture into Articles and Sections, the provision
of a Table of Contents and the insertion of headings are for convenience of reference only and shall not affect the construction
or interpretation of this Indenture or of the Debentures.

 

		1.5	Time of Essence

 

Time shall be of the essence of this Indenture.

 

		1.6	Monetary References

 

Whenever any amounts of money are referred to herein, such amounts
shall be deemed to be in lawful money of Canada unless otherwise expressed.

 

		1.7	Invalidity, etc.

 

Any provision hereof which is prohibited or unenforceable shall
be ineffective only to the extent of such prohibition or unenforceability, without invalidating the remaining provisions hereof.

 

		1.8	Language

 

Each of the parties hereto hereby acknowledges that it has consented
to and requested that this Indenture and all documents relating thereto, including, without limiting the generality of the foregoing,
the form of Debenture attached hereto as Schedule "A", be drawn up in the English language only.

 

		1.9	Successors and Assigns

 

All covenants and agreements of the Company in this Indenture and
the Debentures shall bind its successors and assigns, whether so expressed or not. All covenants and agreements of the Trustee
in this Indenture shall bind its successors.

 

		1.10	Severability

 

In case any provision in this Indenture or in the Debentures shall
be invalid, illegal or unenforceable, such provision shall be deemed to be severed herefrom or therefrom and the validity, legality
and enforceability of the remaining provisions shall not in any way be affected, prejudiced or impaired thereby.

 

		1.11	Entire Agreement

 

This Indenture and all supplemental indentures and Schedules hereto
and thereto, and the Debentures issued hereunder and thereunder, together constitute the entire agreement between the parties hereto
with respect to the indebtedness created hereunder and thereunder and under the Debentures and supersedes as of the date hereof
all prior memoranda, agreements, negotiations, discussions and term sheets, whether oral or written, with respect to the indebtedness
created hereunder or thereunder and under the Debentures.

 

     

    -11-

    

		1.12	Benefits of Indenture

 

Nothing in this Indenture or in the Debentures, express or implied,
shall give to any Person, other than the parties hereto and their successors hereunder, any paying agent, the holders of Debentures,
and the holders of Common Shares, any benefit or any legal or equitable right, remedy or claim under this Indenture.

 

		1.13	Applicable Law and Attornment

 

This Indenture, any supplemental indenture and the Debentures shall
be governed by and interpreted in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable
therein and shall be treated in all respects as Ontario contracts and with respect to any suit, action or proceedings relating
to this Indenture, any supplemental indenture or any Debenture, the Company, the Trustee and each holder irrevocably submit and
attorn to the non-exclusive jurisdiction of the courts of the Province of Ontario.

 

		1.14	Currency of Payment

 

Unless otherwise indicated in a supplemental indenture with respect
to any particular series of Debentures, all payments to be made under this Indenture or a supplemental indenture shall be made
in Canadian dollars.

 

		1.15	Non-Business Days

 

Whenever any payment to be made hereunder shall be due, any period
of time would begin or end, any calculation is to be made or any other action is to be taken on, or as of, or from a period ending
on, a day other than a Business Day, such payment shall be made, such period of time shall begin or end, such calculation shall
be made and such other action shall be taken, as the case may be, unless otherwise specifically provided herein, on or as of the
next succeeding Business Day without any additional interest, cost or charge to the Company.

 

		1.16	Accounting Terms

 

Except as hereinafter provided or as otherwise indicated in this
Indenture, all calculations required or permitted to be made hereunder pursuant to the terms of this Indenture shall be made in
accordance with IFRS. For greater certainty, IFRS shall include any accounting standards that may from time to time be approved
for general application by the Canadian Institute of Chartered Accountants.

 

		1.17	Calculations

 

The Company shall be responsible for making all calculations called
for hereunder including, without limitation, calculations of the Conversion Price, the Current Market Price and the Current Market
Price for Interest. The Company shall make such calculations in good faith and, absent manifest error, the Company's calculations
shall be final and binding on holders and the Trustee. The Company will provide a schedule of its calculations to the Trustee and
the Trustee shall be entitled to rely conclusively on the accuracy of such calculations without independent verification.

 

     

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		1.18	Schedules

 

		(a)	The following Schedules are incorporated into and form part of this Indenture:

 

Schedule "A"– Form of Debenture

 

Schedule "B"– Form of Transfer

 

Schedule "C"– Form of Notice of Conversion

 

Schedule "D"– Form of Declaration for Removal
of Legend

 

Schedule "E"– Form of Put Exercise Notice

 

		(b)	In the event of any inconsistency between the provisions of any Section of this Indenture and the
provisions of the Schedules which form a part hereof, the provisions of this Indenture shall prevail to the extent of the inconsistency.

 

Article
2

THE DEBENTURES

 

		2.1	Form and Terms of Debentures

 

		(a)	The Debentures authorized for issue and which may be Authenticated and delivered under this Indenture
are limited to an aggregate principal amount of up to $550,000, may only be issued upon and subject to the conditions and limitations
set forth herein and shall be designated as "12.00% Unsecured Convertible Debentures".

 

		(b)	The Debentures shall be issued in denominations of $1,000 and integral multiples of $1,000. Each
Debenture and the certificate of the Trustee endorsed thereon shall be issued in substantially the form set out in Schedule "A",
with such insertions, omissions, substitutions or other variations as shall be required or permitted by this Indenture, and may
have imprinted or otherwise reproduced thereon such legend or legends or endorsements, not inconsistent with the provisions of
this Indenture, as may be required to comply with any law or with any rules or regulations pursuant thereto or with any rules or
regulations of any securities exchange or securities regulatory authority or to conform with general usage, all as may be determined
by the Board of Directors executing such Debenture in accordance with Section 2.3, as conclusively evidenced by their execution
of a Debenture. Each Debenture shall additionally bear such distinguishing letters and numbers as the Trustee shall approve. Notwithstanding
the foregoing, a Debenture may be in such other form or forms as may, from time to time, be approved by a resolution of the Board
of Directors, including as Uncertificated Debentures in accordance with Section 2.2, or as specified in an Officer's Certificate.

 

     

    -13-

    

The Debentures may be engraved, lithographed, printed, mimeographed
or typewritten or partly in one form and partly in another.

 

The Debentures shall be issued in the form of definitive
Debenture Certificates or as Uncertificated Debentures (unless a U.S. Legend applies), and shall bear the U.S. Legend, if applicable.

 

		(c)	The Debentures shall be dated as of the Issue Date and shall mature on the Maturity Date. Subject
to the terms and conditions hereof, the outstanding principal amount of the Debentures shall be repaid by the Company to the Debentureholders
on the Maturity Date, together with all accrued and unpaid interest on the outstanding principal (the "Maturity Date Payment").

 

		(d)	The Debentures shall bear interest from and including the Issue Date at the rate of 12.00% per
annum (based on a year of 365 days), payable in equal monthly payments on the third day of each calendar month (or the first Business
Day after such date if not a Business Day) provided that: (i) the first interest payment will comprise interest accrued from the
Issue Date to, but excluding, the first Interest Payment Date and will be equal to $10.00 per $1,000 principal amount of Debentures;
and (ii) the last interest payment (comprising interest payable from the preceding Interest Payment Date to, but excluding, the
Maturity Date of the Debentures) shall fall due on the Maturity Date payable after as well as before maturity and after as well
as before default, with interest on amounts in default at the same rate, compounded annually. Any payment required to be made on
any day that is not a Business Day will be made on the next succeeding Business Day. The record date for the payment of interest
on the Debentures will be the last day of each calendar month (or the first Business Day after such date if not a Business Day)
(the "Interest Record Date").

 

		(e)	At any time following the closing of the DenseLight Transaction and prior to the Maturity Date,
holders of Debentures shall have a right to require the Company to purchase their Debentures in accordance with the provisions
and conditions of Section 4.1.

 

		(f)	In accordance with and subject to the provisions and conditions of Article 6 and Section
3.7, the holder of each Debenture shall have the right at such holder's option, at any time following November 1, 2019 and prior
to 5:00 p.m. (Eastern time) on the earlier of: (i) the Business Day immediately preceding the Maturity Date (the "Time
of Expiry"); and (ii) if subject to repurchase in accordance with the terms hereof, on the last Business Day immediately
preceding the payment date applicable to such repurchase, subject to the satisfaction of certain conditions set forth herein,
to convert all or any portion, being at a minimum $1,000 or an integral multiple thereof, of the principal amount of a Debenture
into Units at the Conversion Price in effect on the Date of Conversion.

 

     

    -14-

    

The Conversion Price in effect on the date hereof for each
Unit to be issued upon the conversion of Debentures shall be equal to $0.40 such that 2,500 Units shall be issued for each $1,000.00
principal amount of Debentures so converted. Except as provided in Section 6.5, no adjustment in the number of Units to be issued
upon conversion will be made for dividends or distributions on Common Shares issuable upon conversion, the record date for the
payment of which precedes the date upon which the holder becomes a holder of Unit Shares in accordance with Article 6. No fractional
Unit Shares or Warrants will be issued and such fractions will be rounded down to the nearest whole Unit Share and Warrant without
the payment of any compensation to the holder. The Conversion Price is subject to adjustment pursuant to the provisions of Section
6.5.

 

Debentureholders converting their Debentures will receive,
in addition to the applicable number of Units, accrued and unpaid interest (less any taxes required to be deducted from such interest)
in respect of the Debentures surrendered for conversion up to but excluding the Date of Conversion from, and including, the most
recent Interest Payment Date in accordance with Section 6.4(j). For clarity, payment of such interest may, at the option of the
Company, be paid on the next regularly scheduled Interest Payment Date following the Date of Conversion.

 

Holders of Debentures surrendered for conversion on the
opening of business on the Interest Payment Date will receive the monthly interest payable on such Debentures on the corresponding
Interest Payment Date notwithstanding the conversion.

 

The Conversion Price will not be adjusted for accrued interest.

 

Notwithstanding any other provisions of this Indenture,
if a Debenture is surrendered for conversion on an Interest Payment Date the Person or Persons entitled to receive Units in respect
of the Debenture so surrendered for conversion shall not become the holder or holders of record of the Common Shares and Warrants
forming part of such Units until the Business Day following such Interest Payment Date and, for clarity, any interest payable on
such Debentures will be for the account of the holder of record of such Debentures at the close of business on the relevant Interest
Record Date.

 

A Debenture in respect of which a holder has accepted a
Change of Control Offer pursuant to the provisions of subsection 2.1(h) may be surrendered for conversion only if such acceptance
is withdrawn in accordance with this Indenture.

 

		(g)	The Company shall on or before 11:00 a.m. (Toronto time) on the earlier of A) the Business Day
immediately preceding the Interest Payment Date or B) the Business Day immediately preceding the date that cheques are to be mailed
in accordance with Section 2.10, satisfy its Interest Obligation on the Debentures on any Interest Payment Date by delivering immediately
available funds by wire transfer to the Trustee.

 

		(h)	In connection with a Change of Control, and subject to the provisions and conditions of this subsection
2.1(h), the Company shall be obligated to offer to purchase, and/or replace all of the Debentures then outstanding. The terms and
conditions of such obligation are set forth below:

 

     

    -15-

    

		(i)	Not less than 30 days following the occurrence of a Change of Control, the Company shall deliver
to the Trustee, and the Trustee shall promptly deliver to the holders of the Debentures, a notice stating that there has been a
Change of Control and specifying the date on which such Change of Control occurred and the circumstances or events giving rise
to such Change of Control (a "Change of Control Notice"), together with a cash offer in writing (the "Change
of Control Offer") to purchase on the Change of Control Purchase Date (as defined below), all (or any portion actually
tendered to such offer) of the Debentures then outstanding from the holders thereof made in accordance with the requirements of
Applicable Securities Legislation at a price equal to 100% of the principal amount of the Debenture (the "Offer Price")
plus accrued and unpaid interest on such Debentures up to, but excluding, the Change of Control Purchase Date (collectively, the
"Total Offer Price"). If the Change of Control results in a new or continuing reporting issuer, a Debentureholder
may elect, in lieu of payment from the Company of the Total Offer Price in respect of the Debentures held by it (or any portion
thereof), to convert such Debentures into one or more replacement debentures of the resulting issuer, on substantially the same
terms as the Debentures, in the aggregate principal amount of 100% of the aggregate principal amount of such Debentures plus accrued
and unpaid interest on such debentures. Upon receipt of a Change of Control Notice, a Debentureholder may also elect to convert
all or any portion of the Debentures held by it into Units at the Conversion Price in accordance with the terms hereof at any time
after November 1, 2019 and on or prior to the last Business Day prior to the Change of Control Purchase Date.

 

The "Change of Control Purchase Date" shall
be the date that is 30 Business Days after the date that the Change of Control Notice and Change of Control Offer are delivered
to holders of Debentures. Subject to Applicable Securities Legislation and Stock Exchange requirements the Company shall have no
obligation to file or prepare any registration statement, prospectus or similar document in order to permit any Debentureholder
to exercise such right.

 

		(ii)	If 90% or more in aggregate principal amount of Debentures outstanding, calculated on the date
the Company provides the Change of Control Notice to holders of the Debentures, have been surrendered for purchase pursuant to
the Change of Control Offer on the expiration thereof, the Company has the right upon written notice provided to the Trustee within
10 days following the expiration of the Change of Control Offer, to redeem all the Debentures remaining outstanding on the expiration
of the Change of Control Offer at the Total Offer Price as at the Change of Control Purchase Date (the "90% Redemption
Right").

 

     

    -16-

    

		(iii)	Upon receipt of notice that the Company has exercised or is exercising the 90% Redemption Right
and is acquiring the remaining Debentures, the Trustee shall promptly provide written notice, such form of notice to be provided
to it by the Company, to each Debentureholder that did not previously accept the Change of Control Offer that:

 

		(A)	the Company has exercised the 90% Redemption Right and is purchasing all outstanding Debentures
as of the expiry of the Change of Control Offer at the Total Offer Price, and shall include a calculation of the amount payable
to such holder as payment of the Total Offer Price as at the Change of Control Purchase Date;

 

		(B)	each such holder must surrender their Debentures to the Trustee on the same terms as those holders
that accepted the Change of Control Offer and must send their respective Debentures, duly endorsed for transfer, to the Trustee
within 10 days after the sending of such notice; and

 

		(C)	the rights of such holder under the terms of the Debentures and this Indenture cease to be effective
as of the date of expiry of the Change of Control Offer provided the Company has, on or before the time of notifying the Trustee
of the exercise of the 90% Redemption Right, paid the Total Offer Price to, or to the order of, the Trustee and thereafter the
Debentures shall not be considered to be outstanding and the holder shall not have any right except to receive such holder's aggregate
Total Offer Price upon surrender and delivery of such holder's Debentures in accordance with the Indenture.

 

		(iv)	The Company shall, on or before 11:00 a.m. (Toronto time) on the Business Day immediately prior
to the Change of Control Purchase Date, deposit with the Trustee or any paying agent to the order of the Trustee by wire transfer,
such sums of money as may be sufficient to pay the aggregate Total Offer Price of the Debentures to be purchased or redeemed by
the Company on the Change of Control Purchase Date. The Company shall also deposit with the Trustee a sum of money sufficient to
pay any charges or expenses which may be incurred by the Trustee in connection with such purchase. Every such deposit shall be
irrevocable. From the sums so deposited, in respect of the aggregate Total Offer Price, the Trustee shall pay or cause to be paid
to the holders of such Debentures, the Total Offer Price to which they are entitled (less any tax required by law to be deducted
in respect of accrued and unpaid interest).

 

		(v)	In the event that one or more of such Debentures being purchased in accordance with this subsection
2.1(h) becomes subject to purchase in part only, upon surrender of such Debentures for payment of the Total Offer Price, the Company
shall execute and the Trustee shall Authenticate and deliver without charge to the holder thereof or upon the holder's order, one
or more new Debentures for the portion of the principal amount of the Debentures not purchased.

 

     

    -17-

    

		(vi)	Debentures for which holders have accepted the Change of Control Offer and Debentures which the
Company has elected to redeem in accordance with this subsection 2.1(h) shall become due and payable at the Total Offer Price on
the Change of Control Purchase Date, in the same manner and with the same effect as if it were the date of maturity specified in
such Debentures, anything therein or herein to the contrary notwithstanding, and from and after the Change of Control Purchase
Date, if the money necessary to purchase or redeem the Debentures shall have been deposited as provided in this subsection 2.1(h)
and affidavits or other proofs satisfactory to the Trustee as to the publication and/or mailing of such notices shall have been
lodged with it, interest on the Debentures shall cease. If any question shall arise as to whether any notice has been given as
above provided and such deposit made, such question shall be decided by the Trustee whose decision shall be final and binding upon
all parties in interest.

 

		(vii)	In case the holder of any Debenture to be purchased or redeemed in accordance with this subsection
2.1(h) shall fail on or before the Change of Control Purchase Date to so surrender such holder's Debenture or shall not within
such time accept payment of the monies payable or give such receipt therefor, if any, as the Trustee may require, such monies may
be set aside in trust, without interest, either in the deposit department of the Trustee or in a chartered bank, and such setting
aside shall for all purposes be deemed a payment to the Debentureholder of the sum so set aside and the Debentureholder shall have
no other right except to receive payment of the monies so paid and deposited upon surrender and delivery of such holder's Debenture.
In the event that any money required to be deposited hereunder with the Trustee or any depository or paying agent on account of
the principal and/or the interest (if any) on Debentures issued hereunder shall remain so deposited for a period of four years
from the Change of Control Purchase Date, then, subject to any applicable law regarding unclaimed property, such monies together
with any accumulated interest thereon, or any distributions paid thereon, shall at the end of such period be paid over or delivered
over by the Trustee or such depository or paying agent to the Company upon the Company's request and the Trustee shall not be responsible
to Debentureholders for any amounts owing to them. Notwithstanding the foregoing, the Trustee will pay any remaining funds deposited
hereunder on that date which is four years after the Change of Control Purchase Date (the "Unclaimed Funds Return Date")
to the Company upon receipt from the Company of an unconditional letter of credit from a Canadian chartered bank in an amount equal
to or in excess of the amount of the remaining funds.

 

     

    -18-

    

		(viii)	Subject to the provisions above related to Debentures purchased in part, all Debentures redeemed
and paid under this subsection 2.1(h) shall forthwith be delivered to the Trustee and cancelled and no Debentures shall be issued
in substitution therefor.

 

		2.2	Non-Certificated Deposit

 

		(a)	Subject to the provisions hereof, at the Company's option, Debentures may be issued and registered
in the name of CDS or its nominee and:

 

		(i)	the deposit of which may be confirmed electronically by the Trustee to a particular Participant
through CDS; and

 

		(ii)	shall be identified by a specific CUSIP/ISIN as requested by the Company from CDS to identify each
specific series of Debentures.

 

		(b)	If the Company issues Debentures in a non-certificated format, Beneficial Holders of such Debentures
registered and deposited with CDS shall not receive Debenture Certificates in definitive form and shall not be considered owners
or holders thereof under this Indenture or any supplemental indenture. Beneficial interests in Debentures registered and deposited
with CDS will be represented only through the non-certificated inventory system administered by CDS. Transfers of Debentures registered
and deposited with CDS between Participants shall occur in accordance with the rules and procedures of CDS. Neither the Company
nor the Trustee shall have any responsibility or liability for any aspects of the records relating to or payments made by CDS or
its nominee, on account of the beneficial interests in Debentures registered and deposited with CDS. Nothing herein shall prevent
the Beneficial Holders of Debentures registered and deposited with CDS from voting such Debentures using duly executed voting instruction
forms.

 

		(c)	All references herein to actions by, notices given or payments made to Debentureholders shall,
where the Debentures are held through CDS, refer to actions taken by, or notices given or payments made to, CDS upon instruction
from the Participants in accordance with its rules and procedures. For the purposes of any provision hereof requiring or permitting
actions with the consent of or the direction of the Debentureholders evidencing a specified percentage of the aggregate Debentures
outstanding, such direction or consent may be given by Beneficial Holders acting through CDS and the Participants owning Debentures
evidencing the requisite percentage of the Debentures. The rights of a Beneficial Holder whose Debentures are held in CDS through
Participants shall be established by law and agreements between such holders and CDS and the Participants upon instructions from
the Participants. Each of the Trustee and the Company may deal with CDS for all purposes (including the making of payments for
principal or interest) as the authorized representative of the respective Debentures and such dealing with CDS shall constitute
satisfaction or performance, as applicable, of their respective obligations hereunder.

 

     

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		(d)	For so long as the Debentures are held through CDS, if any notice or other communication is required
to be given to Debentureholders, the Trustee will give such notices and communications to CDS in accordance with Section 11.2.

 

		(e)	If CDS resigns or is removed from its responsibility as Depository and the Company is unable or
does not wish to locate a qualified successor, CDS shall provide the Trustee with instructions for registration of the Debentures
in the names and in the amounts specified by CDS and the Company shall issue and the Trustee shall Authenticate and deliver the
aggregate principal amount of Debentures then outstanding in the form of definitive Debentures Certificates representing such Debentures.

 

		(f)	The rights of Beneficial Holders who hold securities entitlements in respect of the Debentures
through non-certificated inventory system administered by CDS shall be limited to those established by applicable law and agreements
between the Depository and the Participants and between such Participants and the Beneficial Holders who hold securities entitlements
in respect of the Debentures through the non-certificated inventory system administered by CDS, and such rights must be exercised
through a Participant in accordance with the rules and procedures of the Depository.

 

		(g)	Notwithstanding anything herein to the contrary, none of the Company nor the Trustee nor any agent
thereof shall have any responsibility or liability for:

 

		(i)	the electronic records maintained by the Depository relating to any ownership interests or other
interests in the Debentures or the depository system maintained by the Depository, or payments made on account of any ownership
interest or any other interest of any Person in any Debenture represented by an electronic position in the non-certificated inventory
system administered by CDS (other than the Depository or its nominee);

 

		(ii)	for maintaining, supervising or reviewing any records of the Depository or any Participant relating
to any such interest; or

 

		(iii)	any advice or representation made or given by the Depository or those contained herein that relate
to the rules and regulations of the Depository or any action to be taken by the Depository on its own direction or at the direction
of any Participant.

 

		2.3	Execution of Debentures

 

All Debenture Certificates shall be signed (either manually or by
facsimile or other electronic signature) by any one authorized director or officer of the Company holding office at the time of
signing. A facsimile or electronic signature upon a Debenture shall for all purposes of this Indenture be deemed to be the signature
of the Person whose signature it purports to be. Notwithstanding the foregoing, if any Person whose signature, either manual or
in facsimile or electronic form, appears on a Debenture as a director or officer no longer holds such office at the date of the
Debenture or at the date of the certification and delivery thereof, such Debenture shall be valid and binding upon and enforceable
against the Company and entitled to the benefits of this Indenture.

 

     

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		2.4	Authentication

 

		(a)	No Debenture shall be issued or, if issued, shall be obligatory or shall entitle the holder to
the benefits of this Indenture, until it has been Authenticated by or on behalf of the Trustee substantially in the form set out
in this Indenture, in a relevant supplemental indenture, or in some other form approved by the Trustee. Such Authentication on
any Debenture shall be conclusive evidence that such Debenture is duly issued, is a valid and binding obligation of the Company
enforceable against the Company and the holder is entitled to the benefits hereof.

 

		(b)	The Authentication of the Trustee of the Debentures, or interim Debentures hereinafter mentioned,
shall not be construed as a representation or warranty by the Trustee as to the validity of this Indenture or of the Debentures
or interim Debentures or as to the issuance of the Debentures or interim Debentures and the Trustee shall in no respect be liable
or answerable for the use made of the Debentures or interim Debentures or any of them or the proceeds thereof. The Authentication
of the Trustee on the Debentures or interim Debentures shall, however, be a representation and warranty by the Trustee that the
Debentures or interim Debentures have been duly Authenticated by or on behalf of the Trustee pursuant to the provisions of this
Indenture.

 

		(c)	The Trustee shall Authenticate Uncertificated Debentures (whether upon original issuance, exchange,
registration of transfer or otherwise) by completing its Internal Procedures and the Company shall, and hereby acknowledges that
it shall, thereupon be deemed to have duly and validly issued such Uncertificated Debentures hereunder and that the holder or holders
are entitled to the benefits of this Indenture. The register shall be final and conclusive evidence as to all matters relating
to Uncertificated Debentures with respect to which this Indenture requires the Trustee to maintain records or accounts. In case
of differences between the register at any time and any other time the register at the later time shall be controlling, absent
manifest error and such Uncertificated Debentures are binding on the Company.

 

		2.5	Interim Debenture Certificates

 

Pending the delivery of definitive Debentures of any series to the
Trustee, the Company may issue and the Trustee may Authenticate in lieu thereof interim Debentures in such forms and in such denominations
and signed in such manner as provided herein, entitling the holders thereof to definitive Debentures of the series when the same
are ready for delivery; or the Company may execute and the Trustee may Authenticate a temporary Debenture for the whole principal
amount of Debentures of the series then authorized to be issued hereunder and deliver the same to the Trustee and thereupon the
Trustee may issue its own interim certificates in such form and in such amounts, not exceeding in the aggregate the principal amount
of the temporary Debenture so delivered to it, as the Company and the Trustee may approve entitling the holders thereof to definitive
Debentures of the series when the same are ready for delivery; and, when so issued and Authenticated, such interim or temporary
Debentures or interim certificates shall, for all purposes but without duplication, rank in respect of this Indenture equally with
Debentures duly issued hereunder and, pending the exchange thereof for definitive Debenture Certificates, the holders of the interim
or temporary Debentures or interim certificates shall be deemed without duplication to be Debentureholders and entitled to the
benefit of this Indenture to the same extent and in the same manner as though the said exchange had actually been made. Forthwith
after the Company shall have delivered the definitive Debenture Certificates to the Trustee, the Trustee shall cancel such temporary
Debentures, if any, and shall call in for exchange all interim Debenture Certificates that shall have been issued and forthwith
after such exchange shall cancel the same. No charge shall be made by the Company to the holders of such interim or temporary Debentures
Certificates for the exchange thereof.

 

     

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		2.6	Mutilation, Loss, Theft or Destruction

 

In case any of the Debentures issued hereunder shall become mutilated
or be lost, stolen or destroyed, the Company, in its discretion, may issue, and thereupon the Trustee shall Authenticate and deliver,
a new Debenture upon surrender and cancellation of the mutilated Debenture, or in the case of a lost, stolen or destroyed Debenture,
in lieu of and in substitution for the same, and the substituted Debenture shall be in a form approved by the Trustee and shall
be entitled to the benefits of this Indenture and rank equally in accordance with its terms with all other Debentures issued or
to be issued hereunder. In case of loss, theft or destruction the applicant for a substituted Debenture shall furnish to the Company
and to the Trustee such evidence of the loss, theft or destruction of the Debenture as shall be satisfactory to them in their discretion
and shall also furnish an indemnity and surety bond satisfactory to them in their discretion. The applicant shall pay all reasonable
expenses incidental to the issuance of any substituted Debenture.

 

		2.7	Concerning Interest

 

		(a)	Except as may otherwise be provided in this Indenture or in a Written Direction of the Company
and subject to Section 2.1(d) with respect to the calculation of interest in respect of the initial interest payment to be paid
on the Debentures, all Debentures issued hereunder, whether originally or upon exchange or in substitution for previously issued
Debentures which are interest bearing, shall bear interest (i) from and including the Issue Date, or (ii) from and including the
last Interest Payment Date to which interest shall have been paid or made available for payment on the outstanding Debentures,
whichever shall be the later, in all cases, to and excluding the next Interest Payment Date.

 

		(b)	Unless otherwise specifically provided in the terms of the Debentures, interest shall be computed
on the basis of a year of 365 days. With respect to any series of Debentures, whenever interest is computed on the basis of a year
(the "deemed year") which contains fewer days than the actual number of days in the calendar year of calculation,
such rate of interest shall be expressed as a yearly rate for purposes of the Interest Act (Canada) by multiplying such
rate of interest by the actual number of days in the calendar year of calculation and dividing it by the number of days in the
deemed year.

 

     

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		2.8	Debentures to Rank Pari Passu

 

The Debentures will be direct unsecured subordinated obligations
of the Company. Each Debenture will rank pari passu with each other Debenture and subject to statutory preferred exceptions,
with all other present and future subordinated and unsecured indebtedness of the Company, other than Senior Indebtedness, to the
extent that such other existing and future subordinated unsecured indebtedness of the Company is subordinated on the same terms.

 

		2.9	Payments of Amounts Due on Maturity

 

Payments of amounts due upon maturity of the Debentures will be
made in the following manner. The Company will establish and maintain with the Trustee a Maturity Account for each series of Debentures.
Each such Maturity Account shall be maintained by and be subject to the control of the Trustee for the purposes of this Indenture.
On or before 11:00 a.m. (Toronto time) on the Business Day immediately prior to each Maturity Date for Debentures outstanding from
time to time under this Indenture, the Company will deliver to the Trustee a wire transfer for deposit in the applicable Maturity
Account in an amount sufficient to pay the cash amount payable in respect of such Debentures (including the Maturity Date Payment
together with any accrued and unpaid interest thereon less any tax required by law to be deducted). The Trustee, on behalf of the
Company, will pay to each holder entitled to receive payment of the principal and the interest (if any) on the Debenture, upon
surrender of the Debenture at the Toronto office of the Trustee designated for such purpose from time to time by the Company and
the Trustee. The delivery of such funds to the Trustee for deposit to the applicable Maturity Account will satisfy and discharge
the liability of the Company for the Debentures to which the delivery of funds relates to the extent of the amount delivered (plus
the amount of any tax deducted as aforesaid) and such Debentures will thereafter to that extent not be considered as outstanding
under this Indenture and such holder will have no other right in regard thereto other than to receive out of the money so delivered
or made available the amount to which it is entitled.

 

		2.10	Payment of Interest

 

Subject to the provisions of Section 2.1(g), as interest becomes
due on each Debenture (except, subject to certain exceptions set forth herein including conversion, when interest may at the option
of the Company be paid upon surrender of such Debenture), the Company, either directly or through the Trustee or any agent of the
Trustee, shall send or forward by prepaid ordinary mail, electronic transfer of funds or such other means as may be agreed to by
the Trustee, payment of such interest (less any tax required to be withheld therefrom) to the order of the registered holder of
such Debenture appearing on the registers maintained by the Trustee at the close of business on the applicable Interest Record
Date and addressed to the holder at the holder's last address appearing on the register, unless such holder otherwise directs.
If payment is made by cheque, such cheque shall be forwarded at least one day prior to each date on which interest becomes due
and if payment is made by other means (such as electronic transfer of funds, provided the Trustee must receive confirmation of
receipt of funds prior to being able to wire funds to holders), such payment shall be made in a manner whereby the holder receives
credit for such payment on the Interest Payment Date. The Trustee shall only mail in advance of any Interest Payment Date if it
is already in clear receipt of the funds which it is forwarding. The mailing of such cheque or the making of such payment by other
means shall, to the extent of the sum represented thereby, plus the amount of any tax withheld as aforesaid, satisfy and discharge
all liability for interest on such Debenture, unless in the case of payment by cheque, such cheque is not paid at par on presentation.
In the event of non-receipt of any cheque for or other payment of interest by the Person to whom it is so sent as aforesaid, the
Company will issue to such Person a replacement cheque or other payment for a like amount upon being furnished with such evidence
of non-receipt as it shall reasonably require and upon being indemnified to its satisfaction. Notwithstanding the foregoing, if
the Company is prevented by circumstances beyond its control (including, without limitation, any interruption in mail service)
from making payment of any interest due on each Debenture in the manner provided above, the Company may make payment of such interest
or make such interest available for payment in any other manner acceptable to the Trustee with the same effect as though payment
had been made in the manner provided above.

 

     

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In respect of Uncertificated Debentures, all payments of cash interest
shall be made by wire funds transfers made payable: (i) to the Depository or its nominee, unless the Company and CDS otherwise
agree; or (ii) if the Company wishes to have the Trustee act as interest paying agent, to the Trustee by no later than 11:00 a.m.
on the Business Day prior to the Interest Payment Date for subsequent payment to the Depositary for payment to Beneficial Holders
of the applicable Uncertificated Debenture via its participants. None of the Company, the Trustee or any agent of the Trustee for
any Debenture issued as an Uncertificated Debenture will be liable or responsible to any Person for any aspect of the records related
to or payments made on account of beneficial interests in any Uncertificated Debenture or for maintaining, reviewing, or supervising
any records relating to such beneficial interests.

 

For greater certainty, it is acknowledged and agreed that under
no circumstances will the Trustee be responsible for any tax withholding which may be required in connection with the Debentures.
It is further acknowledged and agreed that any tax withholding in connection with the Uncertificated Debentures will be done by
Participants of CDS, in accordance with their customary practices and procedures.

 

		2.11	Canadian Legend

 

The certificates or other instruments representing the Debentures,
and the certificates representing any Unit Shares or Warrants issued upon conversion of such Debentures, if issued prior to the
expiration of the applicable hold period, will bear the following legend in accordance with Applicable Securities Legislation:

 

"UNLESS PERMITTED BY SECURITIES
LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE DECEMBER 3, 2019."

 

And, if required by the policies of the TSX-V, the certificates
or ownership statements representing the Debentures (and any replacement certificate or ownership statement issued prior to the
expiration of the applicable hold periods), if any, will bear a legend substantially in the following form:

 

"WITHOUT THE PRIOR WRITTEN APPROVAL
OF TSX VENTURE EXCHANGE AND COMPLIANCE WITH ALL APPLICABLE SECURITIES LEGISLATION, THE SECURITIES REPRESENTED BY THIS CERTIFICATE
MAY NOT BE SOLD, TRANSFERRED, HYPOTHECATED OR OTHERWISE TRADED ON OR THROUGH THE FACILITIES OF TSX VENTURE EXCHANGE OR OTHERWISE
IN CANADA OR TO OR FOR THE BENEFIT OF A CANADIAN RESIDENT UNTIL DECEMBER 3, 2019."

 

     

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		2.12	U.S. Legend

 

		(a)	The Debentures and the Common Shares and Warrants issuable upon conversion thereof have not been
and will not be registered under the U.S. Securities Act or any state securities laws. To the extent that Debentures are issued
to U.S. Purchasers, such Debentures and all Common Shares and Warrants issuable on conversion thereof (together, the "Legended
Securities") shall bear the following legend (the "U.S. Legend") until such time as the same is no longer
required under applicable requirements of the U.S. Securities Act or state securities laws:

 

"THE SECURITIES REPRESENTED HEREBY [IN THE CASE
OF DEBENTURES AND WARRANTS: AND THE SECURITIES ISSUABLE UPON CONVERSION OR EXERCISE HEREOF] HAVE NOT BEEN AND WILL NOT BE REGISTERED
UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR ANY LAWS OF ANY STATE OF THE UNITED
STATES. THE HOLDER HEREOF, BY PURCHASING THESE SECURITIES, AGREES FOR THE BENEFIT OF POET TECHNOLOGIES INC. (THE "CORPORATION")
THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (A) TO THE CORPORATION, (B) OUTSIDE THE UNITED
STATES IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE SECURITIES ACT AND IN COMPLIANCE WITH APPLICABLE LOCAL LAWS AND REGULATIONS,
(C) IN COMPLIANCE WITH THE EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT PROVIDED BY: (1) RULE 144 THEREUNDER, IF AVAILABLE;
OR (2) RULE 144A THEREUNDER, IF AVAILABLE, AND IN BOTH CASES, IN COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS, OR (D) IN ANOTHER
TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS, PROVIDED THAT
IN THE CASE OF TRANSFERS PURSUANT TO (C)(1) OR (D) ABOVE, THE SELLER FURNISHES TO THE CORPORATION AN OPINION OF COUNSEL OF RECOGNIZED
STANDING OR SUCH OTHER EVIDENCE IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE CORPORATION TO SUCH EFFECT. DELIVERY OF THIS
CERTIFICATE MAY NOT CONSTITUTE "GOOD DELIVERY" IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA."

 

     

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provided, that if such Legended Securities are being transferred
in compliance with the requirements of Rule 904 of Regulation S under the U.S. Securities Act and subject to the expiry of any
hold or restricted period under Canadian securities laws, the above legend may be removed by providing a declaration to the transfer
agent for the applicable securities to the following effect (or as the Company may prescribe from time to time) (together with
any other evidence required by the transfer agent for the applicable securities, which may, without limitation, include an opinion
of counsel of recognized standing reasonably satisfactory to the Company, to the effect that such legend is no longer required
under the applicable requirements of the U.S. Securities Act):

 

"The undersigned (a) acknowledges that the sale of
__________________ of POET Technologies Inc. (the "Corporation") to which this declaration relates is being made
in reliance on Rule 904 of Regulation S under the United States Securities Act of 1933, as amended (the "U.S. Securities
Act"), and (b) certifies that (1) the undersigned is not an "affiliate" (as that term is defined in Rule 405
under the U.S. Securities Act) of the Corporation (other than an officer or director of the Corporation who is an affiliate solely
by virtue of holding such position), (2) the offer of such securities was not made to a person in the United States and either
(A) at the time the buy order was originated, the buyer was outside the United States, or the seller and any person acting on its
behalf reasonably believed that the buyer was outside the United States, or (B) the transaction was executed in, on or through
the facilities of a designated offshore securities market and neither the seller nor any person acting on its behalf knows that
the transaction has been prearranged with a buyer in the United States, (3) neither the seller nor any affiliate of the seller
nor any person acting on any of their behalf has engaged or will engage in any directed selling efforts in the United States in
connection with the offer and sale of such securities, (4) the sale is bona fide and not for the purpose of "washing off"
the resale restrictions imposed because the securities are "restricted securities" (as such term is defined in Rule 144(a)(3)
under the U.S. Securities Act), (5) the seller does not intend to replace such securities with fungible unrestricted securities
and (6) the contemplated sale is not a transaction, or part of a series of transactions which, although in technical compliance
with Regulation S under the U.S. Securities Act, is part of a plan or scheme to evade the registration provisions of the U.S. Securities
Act. Terms used herein have the meanings given to them by Regulation S under the U.S. Securities Act."

 

		(b)	The parties hereto hereby acknowledge and agree that the Legended Securities may not be reoffered,
or resold, pledged or otherwise transferred except: (i) to the Company; (ii) outside the United States in accordance with Rule
904 of Regulation S and in compliance with applicable local laws and regulations; (iii) in compliance with the exemption from registration
under the U.S. Securities Act provided by (A) Rule 144 under the U.S. Securities Act, if available or (B) Rule 144A under the U.S.
Securities Act, if available, and, in each case, in accordance with applicable state securities laws; or (iv) in another transaction
that does not require registration under the U.S. Securities Act or any applicable state securities laws.

 

     

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		(c)	If required by the U.S. Securities Act or any applicable state securities laws, certificates representing
Debentures issued pursuant to transfers of Debentures shall bear the legend set forth in Section 2.12(a) above and the Company
will provide direction to the Trustee to affix such legends to the applicable Debenture Certificates.

 

Article
3

REGISTRATION, TRANSFER, EXCHANGE AND OWNERSHIP

 

		3.1	Fully Registered Debentures

 

		(a)	With respect to Debentures issuable as Fully Registered Debentures, the Company shall cause to
be kept by and at the principal offices of the Trustee in Toronto, Ontario and by the Trustee or such other registrar as the Company,
with the approval of the Trustee, may appoint at such other place or places, if any, as may be specified in the Debentures of such
series or as the Company may designate with the approval of the Trustee, a register in which shall be entered the names and addresses
of the holders of Fully Registered Debentures and particulars of the Debentures held by them respectively and of all transfers
of Fully Registered Debentures. Such registration shall be noted on the Debentures by the Trustee or other registrar unless a new
Debenture shall be issued upon such transfer.

 

		(b)	No transfer of a Fully Registered Debenture shall be valid unless made on such register referred
to in subsection 3.1(a) by the registered holder or such holder's executors, administrators or other legal representatives or an
attorney duly appointed by an instrument in writing in form and executed in a manner satisfactory to the Trustee or other registrar
upon surrender of the Debentures together with a duly executed form of transfer acceptable to the Trustee upon compliance with
such other reasonable requirements as the Trustee or other registrar may prescribe, or unless the name of the transferee shall
have been noted on the Debenture by the Trustee or other registrar.

 

		3.2	Transfer and Exchange of Restricted Debentures

 

		(a)	Transfer and Exchange of Restricted Debentures for Unrestricted Physical Debentures.

 

A Restricted Debenture may be exchanged by the holder thereof
for an Unrestricted Physical Debenture or transferred to a Person who takes delivery thereof in the form of an Unrestricted Physical
Debenture if the Trustee receives a certificate from such holder in the form of Schedule "B" – Form of Transfer,
including the certification in item (B) or (C)(i), and an opinion of counsel (or, if applicable, other evidence of exemption) in
form reasonably satisfactory to the Company which provides for the removal of the U.S. Legend.

 

     

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		(b)	Transfer and Exchange of Restricted Debentures for Restricted Debentures.

 

A Restricted Debenture may be exchanged by the holder thereof
for a Restricted Debenture or transferred to a Person who takes delivery thereof in the form of a Restricted Debenture if the Trustee
receives a certificate from such holder in the form of Schedule "B" – Form of Transfer, and an opinion of counsel
or other evidence of exemption in form reasonably satisfactory to the Company which does not provide for the removal of the U.S.
Legend.

 

		3.3	Transferee Entitled to Registration

 

The transferee of a Debenture shall be entitled, after the appropriate
form of transfer is lodged with the Trustee or other registrar and upon compliance with all other conditions in that behalf required
by this Indenture or by law, to be entered on the register as the owner of such Debenture free from all equities or rights of set-off
or counterclaim between the Company and the transferor or any previous holder of such Debenture, save in respect of equities of
which the Company is required to take notice by statute or by order of a court of competent jurisdiction. Upon surrender for registration
of transfer of Debentures, the Company shall issue and thereupon the Trustee shall Authenticate and deliver a new Debenture Certificate
or confirm the electronic deposit of Uncertificated Debentures of like tenor in the name of the designated transferee and register
such transfer in accordance with Section 3.1(b). If less than all the Debentures evidenced by the Debenture Certificate(s) or Uncertificated
Debentures so surrendered are transferred, the transferor shall be entitled to receive, in the same manner, a new Debenture Certificate
or electronically deposited Uncertificated Debentures registered in his name evidencing the Debentures not transferred.

 

		3.4	No Notice of Trusts

 

Neither the Company nor the Trustee nor any registrar shall be bound
to take notice of or see to the execution of any trust (other than that created by this Indenture) whether express, implied or
constructive, in respect of any Debenture, and may transfer the same on the direction of the Person registered as the holder thereof,
whether named as trustee or otherwise, as though that Person were the beneficial owner thereof.

 

		3.5	Registers Open for Inspection

 

The register referred to in Section 3.1 shall at all reasonable
times be open for inspection by the Company, the Trustee or any Debentureholder. Every registrar, including the Trustee, shall
from time to time when requested so to do by the Company, in writing, furnish the Company with a list of names and addresses of
holders of registered Debentures entered on the register kept by them and showing the principal amount and serial numbers of the
Debentures held by each such holder, provided the Trustee shall be entitled to charge a reasonable fee to the Company to provide
such a list.

 

		3.6	Exchanges of Debentures

 

		(a)	Subject to Sections 3.1 and 3.7, Debentures in any authorized form or denomination, other than
Uncertificated Debentures, may be exchanged for Debentures in any other authorized form or denomination, of the same series and
date of maturity, bearing the same interest rate and of the same aggregate principal amount as the Debentures so exchanged.

 

     

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		(b)	In respect of exchanges of Debentures permitted by subsection 3.6(a), Debentures of any series
may be exchanged only at the principal offices of the Trustee in the city of Toronto, Ontario or at such other place or places,
if any, as may be specified in the Debentures of such series and at such other place or places as may from time to time be designated
by the Company with the approval of the Trustee. Any Debentures tendered for exchange shall be surrendered to the Trustee. The
Company shall execute and the Trustee shall certify all Debentures necessary to carry out exchanges as aforesaid. All Debentures
surrendered for exchange shall be cancelled.

 

		(c)	Debentures issued in exchange for Debentures which at the time of such issue have been selected
or called for redemption at a later date shall be deemed to have been selected or called for redemption in the same manner and
shall have noted thereon a statement to that effect.

 

		3.7	Closing of Registers

 

		(a)	Neither the Company nor the Trustee nor any registrar shall be required to:

 

		(i)	issue, make transfers or exchanges or convert any Fully Registered Debentures between the Interest
Record Date and any Interest Payment Date for such Debentures;

 

		(ii)	make transfers or exchanges of, or convert any Debentures, on or one Business Day prior to the
Change of Control Purchase Date; or

 

		(iii)	make transfers, exchanges, or conversions of any Debentures on the Maturity Date.

 

		(b)	Subject to any restriction herein provided, the Company with the approval of the Trustee may at
any time close the register of Debentures, other than those kept at the principal offices of the Trustee in Toronto, Ontario, and
transfer the registration of any Debentures registered thereon to another register (which may be an existing register) and thereafter
such Debentures shall be deemed to be registered on such other register. Notice of such transfer shall be given to the holders
of such Debentures.

 

		3.8	Charges for Registration, Transfer and Exchange

 

For each Debenture exchanged, registered, transferred or discharged
from registration, the Trustee or other registrar, except as otherwise herein provided, may make a reasonable charge to the Company
for its services and in addition may charge a reasonable sum for each new Debenture issued (such amounts to be agreed upon from
time to time by the Trustee and the Company), and payment of such charges and reimbursement of the Trustee or other registrar for
any stamp taxes or governmental or other charges required to be paid shall be made by the party requesting such exchange, registration,
transfer or discharge from registration as a condition precedent thereto. Notwithstanding the foregoing provisions, no charge shall
be made to the Debentureholders hereunder:

 

     

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		(a)	for any exchange, registration, transfer or discharge from registration of any Debenture applied
for within a period of two months from the date of the first delivery of Debentures;

 

		(b)	for any exchange of any interim or temporary Debenture or interim certificate that has been issued
under Section 2.5 for a definitive Debenture; or

 

		(c)	for any exchange of an Uncertificated Debenture as contemplated in Section 3.1.

 

		3.9	Ownership of Debentures

 

		(a)	Unless otherwise required by law, the Person in whose name any registered Debenture is registered
shall for all purposes of this Indenture be and be deemed to be the owner thereof and payment of or on account of the principal
and/or the interest (if any) thereon shall be made to such registered holder.

 

		(b)	The registered holder for the time being of any registered Debenture shall be entitled to the principal
and/or the interest (if any) evidenced by such instruments, respectively, free from all equities or rights of setoff or counterclaim
between the Company and the original or any intermediate holder thereof and all Persons may act accordingly and the receipt of
any such registered holder for any such principal and/or the interest (if any) shall be a good discharge to the Trustee, any registrar
and to the Company for the same and none shall be bound to inquire into the title of any such registered holder.

 

		(c)	Where Debentures are registered in more than one name, the principal and/or the interest (if any)
from time to time payable in respect thereof may, upon the delivery of such reasonable requirements as the Trustee may prescribe,
be paid to the order of any one of such holders, failing written instructions from them to the contrary, and the receipt of any
one of such holders therefor shall be a valid discharge, to the Trustee, any registrar and to the Company.

 

		(d)	In the case of the death of one or more joint holders of any Debenture the principal and/or the
interest (if any) payable thereon may upon the transfer of such Debenture be paid to the order of the survivor or survivors of
such registered holders and the receipt of any such survivor or survivors therefor shall be a valid discharge to the Trustee and
any registrar and to the Company.

 

     

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Article
4

PURCHASE OF DEBENTURES

 

		4.1	Put Right upon Closing of DenseLight Transaction

 

Upon the closing of the DenseLight Transaction and subject to the
provisions and conditions of this Section 4.1, holders of Debentures shall have a right to require the Company to purchase their
Debentures. The terms and conditions of such right are set forth below:

 

		(a)	Following the closing of the DenseLight Transaction and prior to the Maturity Date, each holder
of Debentures shall have the right (the "Put Right") to require the Company to purchase, on the last day of each
calendar month (or the first Business Day after such date if not a Business Day) (each, a "Put Date"), all or
any part of such holder's outstanding Debentures in accordance with the requirements of Applicable Securities Legislation in cash
at a price equal to the principal amount thereof (the "Put Price") plus accrued and unpaid interest, if any, on
such Debentures up to, but excluding, the Put Date (collectively, the "Total Put Price"), in accordance with and
subject to the terms of this Section 4.1. If less than the full principal amount of such Debentures is being put to the Company,
such amount must be $1,000 or integral multiples thereof.

 

		(b)	The Company will, as soon as practicable, and in any event no later than three Business Days after
the closing of the DenseLight Transaction, give written notice to the Trustee of the closing of the DenseLight Transaction. The
Trustee will, as soon as practicable thereafter, and in any event no later than two Business Days after receiving notice from the
Company of the closing of the DenseLight Transaction, provide written notice to the holders of Debentures of the closing of the
DenseLight Transaction (the "Put Right Notice"). The Put Right Notice shall be prepared by the Company and shall
include (i) a brief description of the DenseLight Transaction; and (ii) details of the Put Right under the terms of this Indenture.

 

		(c)	To exercise the Put Right, the applicable holder of Debentures must deliver to the Trustee, not
less than five Business Days prior to the applicable Put Date (such date, in each calendar month, the "Monthly Put Right
Deadline"), written notice of such holder's intent to exercise such right in the form attached hereto as Schedule "E",
together with the Debentures with respect to which the Put Right is being exercised, duly endorsed for transfer or, with respect
to a Global Debenture, such Depository shall deliver such Global Debenture to the Trustee who shall make notations on the Global
Debenture of the principal amount thereof with respect to which the right is being exercised. For greater certainty, any Debentures
delivered subsequent to the Monthly Put Right Deadline shall be deemed to have been delivered for purchase by the Company pursuant
to the Put Right in the next calendar month.

 

		(d)	Debentures for which holders have exercised the Put Right shall become due and payable at the Total
Put Price on the third Business Day following each Put Date (each, a "Payment Date"), in the same manner and with
the same effect as if the Put Date were the date of maturity specified in such Debentures. Notwithstanding anything therein or
herein to the contrary, and from and after such Put Date, if the funds necessary to purchase or redeem the Debentures shall have
been deposited as provided in Section 4.1(h) and affidavits or other proofs satisfactory to the Trustee as to the publication and/or
mailing of such notices shall have been lodged with it, interest on the Debentures shall cease. If any question shall arise as
to whether any notice has been given as above provided and such deposit made, such question shall be decided by the Trustee whose
decision shall be final and binding upon all parties in interest.

 

     

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		(e)	The maximum aggregate principal amount of Debentures that may be surrendered by holders of Debentures
for purchase by the Company pursuant to the Put Right in any calendar month is $1,000,000 (the "Maximum Monthly Put Right
Amount").

 

		(f)	If the Total Put Price of the Debentures delivered to the Trustee during a calendar month to be
purchased by the Company pursuant to the Put Right on the Put Date applicable to such calendar month exceeds the Maximum Monthly
Put Right Amount, the Debentures to be purchased or redeemed by the Company from each holder under this Section 4.1 shall be reduced
on a pro rata basis (in the minimum amount of $1,000 or multiples of $1,000) such that the Total Put Price to be paid by the Company
for such Debentures shall be equal to the Maximum Monthly Put Right Amount.

 

		(g)	In the event that one or more of such Debentures being purchased in accordance with this Section
4.1 becomes subject to purchase in part only, (i) if such Debentures are not in the form of a Global Debenture, upon surrender
of such Debentures for payment of the Total Put Price, the Company shall execute and the Trustee shall certify and deliver without
charge to the holder thereof or upon the holder's order, one or more new Debentures for the portion of the principal amount of
the Debentures not purchased, or (ii) with respect to a Global Debenture, the Depository shall deliver such Global Debenture to
the Trustee who shall make notations on the Global Debenture of the principal amount thereof so purchased.

 

		(h)	The Company shall, on or before 11:00 a.m. (Toronto time) on the Business Day immediately prior
to each Payment Date, deposit with the Trustee or any paying agent to the order of the Trustee, such funds as may be sufficient
to pay the Maximum Monthly Put Right Amount or such lesser principal amount of Debentures as have been delivered to the Trustee
for purchase by the Company prior to the applicable Monthly Put Right Deadline. The Company shall satisfy this requirement by providing
the Trustee or paying agent with an electronic funds transfer for such amounts required under this Section 4.1. To the extent requested
by the Trustee, the Company shall also deposit with the Trustee funds sufficient to pay any charges or expenses which may be reasonably
incurred by the Trustee in connection with such purchase and/or redemption, as the case may be. From the sums so deposited, the
Trustee shall pay or cause to be paid to the holders of such Debentures, the Total Put Price to which they are entitled on the
Company's purchase or redemption. The Trustee shall not be responsible for calculating the amount owing but shall be entitled to
rely on the Written Direction of the Company specifying the payments to be made.

 

     

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		(i)	Subject to the provisions above related to Debentures purchased in part, all Debentures redeemed
and paid under this Section 4.1 shall forthwith be delivered to the Trustee and cancelled and no Debentures shall be issued in
substitution therefor.

 

		(j)	The Company will comply with all Applicable Securities Legislation in the event that the Company
is required to repurchase Debentures pursuant to this Section 4.1.

 

		4.2	Purchase of Debentures by the Company

 

		(a)	Subject to regulatory approval, unless otherwise specifically provided with respect to a particular
series of Debentures, the Company may, if it is not at the time in default hereunder and provided that no Event of Default has
occurred and is continuing, at any time and from time to time, purchase Debentures in the market (which shall include purchases
from or through an investment dealer or a firm holding membership on a recognized stock exchange) or by tender or by contract,
at any price. All Debentures so purchased will be delivered to the Trustee and shall be cancelled and no Debentures shall be issued
in substitution therefor.

 

		(b)	If, upon an invitation for tenders, more Debentures are tendered at the same lowest price than
the Company is prepared to accept, the Debentures to be purchased by the Company shall be selected by the Trustee on a pro rata
basis from the Debentures tendered by each tendering Debentureholder who tendered at such lowest price. For this purpose the Trustee
may make, and from time to time amend, regulations with respect to the manner in which Debentures may be so selected, and regulations
so made shall be valid and binding upon all Debentureholders, notwithstanding the fact that as a result thereof one or more of
such Debentures become subject to purchase in part only. The holder of a Debenture of which a part only is purchased, upon surrender
of such Debenture for payment, shall be entitled to receive, without expense to such holder, one or more new Debentures for the
unpurchased part so surrendered, and the Trustee shall Authenticate and deliver such new Debenture or Debentures upon receipt of
the Debenture so surrendered or, with respect to an Uncertificated Debenture, the Depository shall electronically deposit the unpurchased
part so surrendered.

 

Article
5

SUBORDINATION OF DEBENTURES

 

		5.1	Applicability of Article

 

The indebtedness, liabilities and obligations of the Company hereunder
(except as provided in Section 12.13) or under the Debentures, whether on account of principal, premium, if any, interest or otherwise,
but excluding the issuance of Unit Shares and Warrants upon any conversion pursuant to Article 6 (collectively, the "Debenture
Liabilities"), shall be subordinated and postponed and subject in right of payment, to the extent and in the manner hereinafter
set forth in the following Sections of this Article 5, to the full and final payment of all Senior Indebtedness, and each holder
of any such Debenture by his acceptance thereof agrees to and shall be bound by the provisions of this Article 5.

 

     

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		5.2	Order of Payment

 

In the event of any insolvency or bankruptcy proceedings, or any
receivership, liquidation, reorganization or other similar proceedings relative to the Company, or to its property or assets, or
in the event of any proceedings for voluntary liquidation, dissolution or voluntary winding-up of the Company, whether or not involving
insolvency or bankruptcy, or any marshalling of the assets and liabilities of the Company:

 

		(a)	all Senior Indebtedness shall first be paid in full, or provision made for such payment, before
any payment is made on account of Debenture Liabilities;

 

		(b)	any payment or distribution of assets of the Company, whether in cash, property or securities,
to which the holders of the Debentures or the Trustee on behalf of such holders would be entitled except for the provisions of
this Article 5, shall be paid or delivered by the trustee in bankruptcy, receiver, assignee for the benefit of creditors, or other
liquidating agent making such payment or distribution, directly to the holders of Senior Indebtedness or their representative or
representatives, or to the trustee or trustees under any indenture pursuant to which any instruments evidencing any of such Senior
Indebtedness may have been issued, to the extent necessary to pay all Senior Indebtedness in full after giving effect to any concurrent
payment or distribution, or provision therefor, to the holders of such Senior Indebtedness;

 

		(c)	the Senior Creditors or a receiver or a receiver-manager of the Company or of all or part of its
assets or any other enforcement agent may sell, mortgage or otherwise dispose of the Company's assets in whole or in part, free
and clear of all Debenture Liabilities and without the approval of the Debentureholders or the Trustee or any requirement to account
to the Trustee or the Debentureholders; and

 

		(d)	the rights and priority of the Senior Indebtedness and the subordination pursuant hereto shall
not be affected by:

 

		(i)	whether or not the Senior Indebtedness is secured;

 

		(ii)	the time, sequence or order of creating, granting, executing, delivering of, or registering, perfecting
or failing to register or perfect any security notice, caveat, financing statement or other notice in respect of the Senior Security;

 

		(iii)	the time or order of the attachment, perfection or crystallization of any security constituted
by the Senior Security;

 

     

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		(iv)	the taking of any collection, enforcement or realization proceedings pursuant to the Senior Security;

 

		(v)	the date of obtaining of any judgment or order of any bankruptcy court or any court administering
bankruptcy, insolvency or similar proceedings as to the entitlement of the Senior Creditors, or any of them or the Debentureholders
or any of them to any money or property of the Company;

 

		(vi)	the failure to exercise any power or remedy reserved to the Senior Creditors under the Senior Security
or to insist upon a strict compliance with any terms thereof;

 

		(vii)	whether any Senior Security is now perfected, hereafter ceases to be perfected, is voidable by
any trustee in bankruptcy or like official or is otherwise set aside, invalidated or lapses;

 

		(viii)	the date of giving or failing to give notice to or making demand upon the Company; or

 

		(ix)	any other matter whatsoever.

 

		5.3	Subrogation to Rights of Holders of Senior Indebtedness

 

Subject to the prior payment in full of all Senior Indebtedness,
the holders of the Debentures shall be subrogated to the rights of the holders of Senior Indebtedness to receive payments or distributions
of assets of the Company to the extent of the application thereto of such payments or other assets which would have been received
by the holders of the Debentures but for the provisions hereof until the principal of, premium, if any, and interest on the Debentures
shall be paid in full, and no such payments or distributions to the holders of the Debentures of cash, property or securities,
which otherwise would be payable or distributable to the holders of the Senior Indebtedness, shall, as between the Company, its
creditors other than the holders of Senior Indebtedness, and the holders of Debentures, be deemed to be a payment by the Company
to the holders of the Senior Indebtedness or on account of the Senior Indebtedness, it being understood that the provisions of
this Article 5 are and are intended solely for the purpose of defining the relative rights of the holders of the Debentures, on
the one hand, and the holders of Senior Indebtedness, on the other hand.

 

The Trustee, for itself and on behalf of each of the Debentureholders,
hereby waives any and all rights to require a Senior Creditor to pursue or exhaust any rights or remedies with respect to the Company
or any property and assets subject to any Senior Security or in any other manner to require the orderly disposition of property,
assets or security in connection with the exercise by the Senior Creditors of any rights, remedies or recourses available to them.

 

		5.4	Obligation to Pay Not Impaired

 

Nothing contained in this Article 5 or elsewhere in this Indenture
or in the Debentures is intended to or shall impair, as between the Company, its creditors other than the holders of Senior Indebtedness,
and the holders of the Debentures, the obligation of the Company, which is absolute and unconditional, to pay to the holders of
the Debentures the principal of, premium, if any, and interest on the Debentures, as and when the same shall become due and payable
in accordance with their terms, or affect the relative rights of the holders of the Debentures and creditors of the Company other
than the holders of the Senior Indebtedness, nor shall anything herein or therein prevent the Trustee or the holder of any Debenture
from exercising all remedies otherwise permitted by applicable law upon default under this Indenture, subject to the rights, if
any, under this Article 5 of the holders of Senior Indebtedness.

 

     

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		5.5	Payment on Debentures Permitted

 

Nothing contained in this Article 5 or elsewhere in this Indenture,
or in any of the Debentures, shall affect the obligation of the Company to make, or prevent the Company from making, at any time
except as prohibited by Sections 5.2, any payment of principal of or, premium, if any, or interest on the Debentures. The fact
that any such payment is prohibited by Sections 5.2 shall not prevent the failure to make such payment from being an Event of Default
hereunder. Nothing contained in this Article 5 or elsewhere in this Indenture, or in any of the Debentures, shall prevent the conversion
of the Debentures or, except as prohibited by Sections 5.2, the application by the Trustee of any monies deposited with the Trustee
hereunder for the purpose, to the payment of or on account of the Debenture Liabilities.

 

		5.6	Knowledge of Trustee

 

Notwithstanding the provisions of this Article 5 or any provision
in this Indenture or in the Debentures contained, the Trustee will not be charged with knowledge of any Senior Indebtedness or
of any default in the payment thereof, or of the existence of any Event of Default or any other fact that would prohibit the making
of any payment of monies to or by the Trustee, or the taking of any other action by the Trustee, unless and until the Trustee has
received written notice thereof from the Company, any Debentureholder or any Senior Creditor.

 

		5.7	Trustee May Hold Senior Indebtedness

 

The Trustee is entitled to all the rights set forth in this Article
5 with respect to any Senior Indebtedness at the time held by it, to the same extent as any other holder of Senior Indebtedness,
and nothing in this Indenture deprives the Trustee of any of its rights as such holder.

 

		5.8	Rights of Holders of Senior Indebtedness Not Impaired

 

No right of any present or future holder of any Senior Indebtedness
to enforce the subordination herein will at any time or in any way be prejudiced or impaired by any act or failure to act on the
part of the Company or by any non-compliance by the Company with the terms, provisions and covenants of this Indenture, regardless
of any knowledge thereof which any such holder may have or be otherwise charged with.

 

		5.9	Altering the Senior Indebtedness

 

The holders of the Senior Indebtedness have the right to extend,
renew, modify or amend the terms of the Senior Indebtedness or any security therefor and to release, sell or exchange such security
and otherwise to deal freely with the Company, all without notice to or consent of the Debentureholders or the Trustee and without
affecting the liabilities and obligations of the parties to this Indenture or the Debentureholders.

 

     

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		5.10	Additional Indebtedness

 

This Indenture does not restrict the Company from incurring additional
indebtedness for borrowed money or other obligations or liabilities (including Senior Indebtedness) or mortgaging, pledging or
charging its properties to secure any indebtedness or obligations or liabilities.

 

		5.11	Right of Debentureholder to Convert Not Impaired

 

The subordination of the Debentures to the Senior Indebtedness and
the provisions of this Article 5 do not impair in any way the right of a Debentureholder to convert its Debentures pursuant to
Article 6.

 

		5.12	Invalidated Payments

 

In the event that any of the Senior Indebtedness shall be paid in
full and subsequently, for whatever reason, such formerly paid or satisfied Senior Indebtedness becomes unpaid or unsatisfied,
the terms and conditions of this Article 5 shall be reinstated and the provisions of this Article 5 shall again be operative until
all Senior Indebtedness is repaid in full, provided that such reinstatement shall not give the Senior Creditors any rights or recourses
against the Trustee or the Debentureholders for amounts paid to the Debentureholders subsequent to such payment or satisfaction
in full and prior to such reinstatement.

 

		5.13	Contesting Security

 

The Trustee, for itself and on behalf of the Debentureholders, agrees
that it shall not contest or bring into question the validity, perfection or enforceability of any of the Senior Indebtedness,
the Senior Security, or the relative priority of the Senior Security.

 

Article
6

CONVERSION OF DEBENTURES

 

		6.1	Applicability of Article

 

		(a)	Any Debentures issued hereunder will be convertible into Units comprised of Unit Shares and Warrants,
at the Conversion Price in accordance with such other provisions as shall have been determined at the time of issue of such Debentures
and shall have been expressed in this Indenture (including subsection 2.1(f) and Section 3.7 hereof), in such Debentures, in an
Officer's Certificate, or in a supplemental indenture authorizing or providing for the issue thereof.

 

		(b)	Such right of conversion shall extend only to the maximum number of whole Unit Shares and Warrants
into which the aggregate principal amount of the Debenture or Debentures surrendered for conversion at any one time by the holder
thereof may be converted. Fractional interests in Unit Shares and Warrants shall be adjusted for in the manner provided in Subsection
6.1(c).

 

     

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		(c)	The Company shall not be required to issue fractional Unit Shares or fractional Warrants upon the
conversion of Debentures into Units pursuant to this Article. Fractional Unit Shares or Warrants will be rounded down to the nearest
whole Unit Share and Warrant without the payment of any compensation to the holder. If more than one Debenture shall be surrendered
for conversion at one time by the same holder, the number of whole Unit Shares and whole Warrants issuable upon conversion thereof
shall be computed on the basis of the aggregate principal amount of such Debentures to be converted.

 

		(d)	The Company covenants with the Trustee that it will at all times reserve and keep available out
of its authorized Common Shares and Warrants (if the number thereof is or becomes limited), solely for the purpose of issue upon
conversion of Debentures as in this Article provided, and conditionally allot to Debentureholders who may exercise their conversion
rights hereunder, such number of Unit Shares as shall then be issuable upon the conversion of all outstanding Debentures, including
such number of Warrant Shares as shall then be issuable upon due exercise of the Warrants in accordance with the terms of the Warrant
Indenture. The Company covenants with the Trustee that all Common Shares which shall be so issuable shall be duly and validly issued
as fully-paid and non-assessable.

 

		6.2	Notice of Expiry of Conversion Privilege

 

Notice of the expiry of the conversion privileges of the Debentures
shall be given by or on behalf of the Company, not more than 60 days and not less than 30 days prior to the Maturity Date, in the
manner provided in Section 11.2.

 

		6.3	Revival of Right to Convert

 

If the payment of the purchase price of any Debenture which has
been tendered in acceptance of an offer to purchase by the Company pursuant to Section 2.1(h) is not made on the date on which
such purchase is required to be made, as the case may be, then, provided the Time of Expiry has not passed, the right to convert
such Debentures shall revive and continue as if such Debenture had not been called for redemption or tendered in acceptance of
the Company’s offer, respectively.

 

		6.4	Manner of Exercise of Right to Convert

 

		(a)	The holder of a Debenture desiring to convert such Debenture in whole or in part into Units shall
surrender such Debenture to the Trustee at its principal office in the City of Toronto, Ontario together with the conversion notice
in the form of Schedule "C" or any other written notice in a form satisfactory to the Trustee, duly executed by the holder
or his executors or administrators or other legal representatives or his or their attorney duly appointed by an instrument in writing
in form and executed in a manner satisfactory to the Trustee, exercising his right to convert such Debenture in accordance with
the provisions of this Article; provided that with respect to an Uncertificated Debenture, registration and surrender of interests
in the Debentures will be made only through the Depositary's non-certificated system. Thereupon such Debentureholder or, subject
to payment of all applicable stamp or security transfer taxes or other governmental charges and compliance with all reasonable
requirements of the Trustee, his nominee(s) or assignee(s) shall be entitled to be entered in the books of the Company as at the
Date of Conversion (or such later date as is specified in subsection 6.4(g)) as the holder of the number of Unit Shares and Warrants,
as applicable, comprising the Units into which such Debenture is convertible in accordance with the provisions of this Article
and, as soon as practicable thereafter, the Company shall deliver to such Debentureholder or, subject as aforesaid, his nominee(s)
or assignee(s), a certificate or certificates for such Common Shares and Warrants or deposit such Unit Shares and Warrants through
the Depository's non-certificated system and make or cause to be made any payment of interest to which such holder is entitled
in accordance with subsection 6.4(j).

 

     

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		(b)	A Beneficial Holder may exercise the right evidenced by a Debenture to receive Unit Shares and
Warrants by causing a Participant to deliver to the Depository on behalf of the Beneficial Holder, a notice of such Beneficial
Holder's intention to convert the Debentures in a manner acceptable to the Depository. Forthwith upon receipt by the Depository
of such notice, the Depository shall deliver to the Trustee a Transaction Instruction confirming its intention to convert Debentures
in a manner acceptable to the Trustee, including by electronic means through the non-certificated inventory system.

 

		(c)	A notice in form acceptable to the Participant from such Beneficial Holder should be provided to
the Participant sufficiently in advance so as to permit the Participant to deliver notice to the Depository and for the Depository
in turn to deliver notice to the Trustee prior to the Time of Expiry. The Depository will initiate the exercise by way of the Transaction
Instruction and the Trustee will execute the exercise by issuing to the Depository through the non-certificated inventory system
the Common Shares and Warrants to which the exercising Debentureholder is entitled pursuant to the conversion.

 

		(d)	By causing a Participant to deliver notice to the Depository, a Debentureholder shall be deemed
to have irrevocably surrendered his or her Debentures so exercised and appointed such Participant to act as his or her exclusive
settlement agent with respect to the conversion and the receipt of the Common Shares and Warrants in connection with the obligations
arising from such conversion.

 

		(e)	Any notice which the Depository determines to be incomplete, not in proper form, or not duly-executed
shall for all purposes be void and of no effect and the exercise to which it relates shall be considered for all purposes not to
have been exercised thereby. A failure by a Participant to exercise or to give effect to the settlement thereof in accordance with
the Debentureholder's instructions will not give rise to any obligations or liability on the part of the Company or Trustee to
the Participant or the Debentureholder.

 

		(f)	Any Transaction Instruction referred to in this Section 6.4 shall be signed by the registered Debentureholder,
or its executors or administrators or other legal representatives or an attorney of the registered Debentureholder, duly appointed
by an instrument in writing satisfactory to the Trustee but such exercise form need not be executed by the Depository.

 

     

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		(g)	For the purposes of this Article, subject to Section 3.7, a Debenture shall be deemed to be surrendered
for conversion on the date (herein called the "Date of Conversion") on which it is so surrendered when the register
of the Trustee is open and in accordance with the provisions of this Article or, in the case of an Uncertificated Debenture which
the Trustee received notice of and all necessary documentation in respect of the exercise of the conversion rights and, in the
case of a Debenture so surrendered by mail or other means of transmission, on the date on which it is received by the Trustee at
one of its offices specified in subsection 6.4(a); provided that if a Debenture is surrendered for conversion on a day on which
the register of Common Shares and Warrants is closed, the Person or Persons entitled to receive Unit Shares and Warrants shall
become the holder or holders of record of such Unit Shares and Warrants as at the date on which such registers are next reopened.

 

		(h)	Any part, being $1,000 or an integral multiple thereof, of a Debenture in a denomination in excess
of $1,000 or an integral multiple thereof may be converted as provided in this Article and all references in this Indenture to
conversion of Debentures shall be deemed to include conversion of such parts.

 

		(i)	The holder of any Debenture of which only a part is converted shall, upon the exercise of his right
of conversion surrender such Debenture to the Trustee in accordance with subsection 6.4(a), and the Trustee shall cancel the same
and shall without charge to the Debentureholder forthwith Authenticate and deliver to the holder a new Debenture or Debentures
in an aggregate principal amount equal to the unconverted part of the principal amount of the Debenture so surrendered or, with
respect to an Uncertificated Debenture, registration and surrender of interests in the Debentures will be made only through the
Depositary's non-certificated system.

 

		(j)	The holder of a Debenture surrendered for conversion in accordance with this Section 6.4 shall
be entitled to receive accrued and unpaid interest in respect thereof, in cash, up to but excluding the Date of Conversion and
the Unit Shares and Warrants issued upon such conversion shall rank only in respect of distributions or dividends declared in favour
of shareholders of record on and after the Date of Conversion or such later date as such holder shall become the holder of record
of such Common Shares pursuant to subsection 6.4(g), from which applicable date they will for all purposes be and be deemed to
be issued and outstanding as fully paid and non-assessable Common Shares and Warrants.

 

		6.5	Adjustment of Conversion Price

 

Subject to the requirements of the Stock Exchange, the Conversion
Price in effect at any date shall be subject to adjustment from time to time as set forth below.

 

     

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		(a)	If and whenever at any time during the Adjustment Period, the Company shall:

 

		(i)	fix a record date for the issue of, or issue, Common Shares to the holders of all or substantially
all of the outstanding Common Shares by way of a stock dividend or otherwise;

 

		(ii)	fix a record date for the distribution to, or make a distribution to, the holders of all or substantially
all of the outstanding Common Shares payable in Common Shares or securities exchangeable or exercisable for or convertible into
Common Shares;

 

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

 

		(iv)	reduce, combine or consolidate its then outstanding Common Shares into a lesser number of Common
Shares,

 

(any of such events in Sections 6.5(a)(i), 6.5(a)(ii), 6.5(a)(iii)
and 6.5(a)(iv) above being herein called a "Common Share Reorganization"), then the Conversion Price shall be
adjusted on the earlier of the record date on which holders of Common Shares are determined for the purposes of the Common Share
Reorganization and the effective date of the Common Share Reorganization to the amount determined by multiplying the Conversion
Price in effect immediately prior to such record date or effective date, as the case may be, by a fraction:

 

		(i)	the numerator of which shall be the number of Common Shares outstanding on such record date or
effective date, as the case may be, before giving effect to such Common Share Reorganization; and

 

		(ii)	the denominator of which shall be the number of Common Shares which will be outstanding immediately
after giving effect to such Common Share Reorganization (including in the case of a distribution of securities exchangeable or
exercisable for or convertible into Common Shares, the number of Common Shares that would have been outstanding had such securities
been exchanged or exercised for or converted into Common Shares on such date).

 

To the extent that any adjustment in the Conversion Price
occurs pursuant to this Section 6.5(a) as a result of the fixing by the Company of a record date for the distribution of securities
exchangeable or exercisable for or convertible into Common Shares, the Conversion Price shall be readjusted immediately after the
expiry of any relevant exchange, exercise or conversion right to the Conversion Price which would then be in effect based upon
the number of Common Shares actually issued and remaining issuable after such expiry and shall be further readjusted in such manner
upon the expiry of any further such right.

 

     

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		(b)	If at any time during the Adjustment Period, the Company shall fix a record date for the issue
or distribution to the holders of all or substantially all of the outstanding Common Shares of rights, options or warrants pursuant
to which such holders are entitled, during a period expiring not more than 45 days after the record date for such issue (such period
being the "Rights Period"), to subscribe for or purchase Common Shares or securities exchangeable or exercisable
for or convertible into Common Shares at a price per share to the holder (or in the case of securities exchangeable or exercisable
for or convertible into Common Shares, at an exchange, exercise or conversion price per share) at the date of issue of such securities
of less than 95% of the Current Market Price of the Common Shares on such record date (any of such events being called a "Rights
Offering"), the Conversion Price shall be adjusted effective immediately after the record date for such Rights Offering
to the amount determined by multiplying the Conversion Price in effect on such record date by a fraction:

 

		(i)	the numerator of which shall be the aggregate of

 

		(1)	the number of Common Shares outstanding on the record date for the Rights Offering, and

 

		(2)	the quotient determined by dividing

 

		(A)	either (a) the product of the number of Common Shares offered during the Rights Period pursuant
to the Rights Offering and the price at which such Common Shares are offered, or, (b) the product of the exchange, exercise or
conversion price of the securities so offered and the number of Common Shares for or into which the securities offered pursuant
to the Rights Offering may be exchanged, exercised or converted, as the case may be, by

 

		(B)	the Current Market Price of the Common Shares as of the record date for the Rights Offering; and

 

		(ii)	the denominator of which shall be the aggregate of the number of Common Shares outstanding on such
record date and the number of Common Shares offered pursuant to the Rights Offering (including in the case of the issue or distribution
of securities exchangeable or exercisable for or convertible into Common Shares the number of Common Shares for or into which such
securities may be exchanged, exercised or converted).

 

If by the terms of the rights, options, or warrants referred
to in this Section 6.5(b), there is more than one purchase, exchange, exercise or conversion price per Common Share, the aggregate
price of the total number of additional Common Shares offered for subscription or purchase, or the aggregate exchange, exercise
or conversion price of the exchangeable, exercisable or convertible securities so offered, shall be calculated for purposes of
the adjustment on the basis of the lowest purchase, exchange, exercise or conversion price per Common Share, as the case may be.
Any Common Shares owned by or held for the account of the Company shall be deemed not to be outstanding for the purpose of any
such calculation. To the extent that any adjustment in the Conversion Price occurs pursuant to this Section 6.5(b) as a result
of the fixing by the Company of a record date for the issue or distribution of rights, options or warrants referred to in this
Section 6.5(b), the Conversion Price shall be readjusted immediately after the expiry of any relevant exchange, exercise or conversion
right to the Conversion Price which would then be in effect based upon the number of Common Shares actually issued and remaining
issuable after such expiry and shall be further readjusted in such manner upon the expiry of any further such right. To the extent
that such Rights Offering is not ultimately so made, the Conversion Price shall then be readjusted to the Conversion Price which
would then be in effect if such record date had not been fixed.

 

     

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		(c)	If at any time during the Adjustment Period the Company shall fix a record date for the issue or
distribution to the holders of all or substantially all of the outstanding Common Shares of:

 

		(i)	shares of the Company of any class other than Common Shares;

 

		(ii)	rights, options or warrants to acquire Common Shares or securities exchangeable or exercisable
for or convertible into Common Shares (other than rights, options or warrants pursuant to which holders of Common Shares are entitled,
during a period expiring not more than 45 days after the record date for such issue, to subscribe for or purchase Common Shares
or securities exchangeable or exercisable for or convertible into Common Shares at a price per share (or in the case of securities
exchangeable or exercisable for or convertible into Common Shares at an exchange, exercise or conversion price per share) on the
record date for the issue of such securities to the holder of at least 95% of the Current Market Price of the Common Shares on
such record date);

 

		(iii)	evidences of indebtedness of the Company; or

 

		(iv)	any property or other assets of the Company;

 

and if such issue or distribution does not constitute a
Common Share Reorganization or a Rights Offering (any of such non-excluded events being herein called a "Special Distribution"),
the Conversion Price shall be adjusted effective immediately after the record date for the Special Distribution to the amount determined
by multiplying the Conversion Price by a fraction:

 

		(1)	the numerator of which shall be the difference between

 

		(A)	the product of the number of Common Shares outstanding on such record date and the Current Market
Price of the Common Shares on such record date, and

 

     

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		(B)	the fair value, as determined by the directors of the Company and subject to approval by the TSXV,
to the holders of Common Shares of the shares, rights, options, warrants, evidences of indebtedness or property or assets to be
issued or distributed in the Special Distribution, and

 

		(2)	the denominator of which shall be the product obtained by multiplying the number of Common Shares
outstanding on such record date by the Current Market Price of the Common Shares on such record date.

 

Any Common Shares owned by or held for the account of the
Company shall be deemed not to be outstanding for the purpose of such calculation. To the extent that any adjustment in the Conversion
Price occurs pursuant to this Section 6.5(c) as a result of the fixing by the Company of a record date for the issue or distribution
of rights, options or warrants to acquire Common Shares or securities exchangeable or exercisable for or convertible into Common
Shares referred to in this Section 6.5(c), the Conversion Price shall be readjusted immediately after the expiry of any relevant
exchange, exercise or conversion right to the amount which would then be in effect based upon the number of Common Shares issued
and remaining issuable after such expiry and shall be further readjusted in such manner upon the expiry of any further such right.

 

		(d)	If at any time during the Adjustment Period there shall occur:

 

		(i)	a reclassification or redesignation of the Common Shares, a change of the Common Shares into other
shares or securities or any other capital reorganization involving the Common Shares other than a Common Share Reorganization;

 

		(ii)	a consolidation, amalgamation, arrangement or merger of the Company with or into another body corporate
which results in a reclassification or redesignation of the Common Shares or a change of the Common Shares into other shares or
securities; or

 

		(iii)	the transfer of the undertaking or assets of the Company as an entirety or substantially as an
entirety to another corporation or entity;

 

(any of such events being called a "Capital Reorganization"),
after the effective date of the Capital Reorganization the Debentureholder shall be entitled to receive, and shall accept, for
the same aggregate consideration, upon the conversion of the Debentures, in lieu of the number of Units to which the Debentureholder
was theretofore entitled upon the conversion of the Debentures, the kind and aggregate number of shares and other securities or
property resulting from the Capital Reorganization which the Debentureholder would have been entitled to receive as a result of
the Capital Reorganization if, on the effective date thereof, the Debentureholder had been the registered holder of the number
of Units which the Debentureholders was theretofore entitled to purchase or receive upon the conversion of the Debentures. If necessary,
as a result of any such Capital Reorganization, appropriate adjustments shall be made in the application of the provisions of this
Indenture with respect to the rights and interests thereafter of the Debentureholder to the end that the provisions shall thereafter
correspondingly be made applicable as nearly as may reasonably be possible in relation to any shares or other securities or property
thereafter deliverable upon the conversion of the Debentures.

 

     

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		(e)	If at any time during the Adjustment Period the Company shall fix a record date for the payment
of a cash dividend or distribution to the holders of all or substantially all of the outstanding Common Shares (other than dividends
paid in the ordinary course, once initiated under a dividend policy approved by the board of directors), the Conversion Price shall
be adjusted immediately after such record date so that it shall be equal to the price determined by multiplying the Conversion
Price in effect on such record date by a fraction:

 

		(i)	the numerator of which shall be the difference between

 

		(1)	the Current Market Price on such record date, and

 

		(2)	the amount in cash per Common Share distributed to holders of Common Shares, and

 

		(ii)	the denominator of which shall be the Current Market Price on such record date.

 

Such adjustment shall be made successively whenever such
a record date is fixed. To the extent that any such cash dividend or distribution is not paid, the Conversion Price shall be re-adjusted
to the Conversion Price which would then be in effect if such record date had not been fixed.

 

		(f)	Any adjustment to the exercise price of the Warrants (but for certainty, not the number of Common
Shares underlying the Warrants) shall be determined in accordance with the terms of the Warrant Indenture and for greater certainty,
such adjustments shall occur whether or not the applicable Debentures have been converted at the time of the event triggering such
adjustment.

 

		6.6	Rules Regarding Calculation of Adjustment

 

For the purposes of Article 6:

 

		(a)	Subject to this Section 6.6, any adjustment made pursuant to Section 6.5 hereof shall be made successively
whenever an event referred to therein shall occur.

 

		(b)	If more than one subsection of Section 6.5 is applicable to a single event, the subsection shall
be applied that produces the adjustment most favourable to Debentureholders and no single event shall cause an adjustment under
more than one subsection of Section 6.5 so as to result in duplication;

 

     

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		(c)	No adjustment in the Conversion Price shall be required unless such adjustment would result in
a change of at least one per cent in the Conversion Price and no adjustment shall be made in the number of Units obtainable upon
the conversion of the Debentures unless it would result in a change of at least one one-hundredth of a Unit; provided, however,
that any adjustments which except for the provision of this Section 6.6(c) would otherwise have been required to be made shall
be carried forward and taken into account in any subsequent adjustment. Notwithstanding any other provision of Section 6.6 hereof,
no adjustment pursuant to Section 6.5 shall be made which would result in an increase in the Conversion Price or a decrease in
the number of Units issuable upon the conversion of the Debentures (except in respect of the Common Share Reorganization described
in Section 6.5(a) hereof or a Capital Reorganization described in Section 6.5(d)(ii) hereof).

 

		(d)	Subject to the Company receiving approval from the TSXV, no adjustment in the Conversion Price
or in the number or kind of securities obtainable upon the conversion of the Debentures shall be made in respect of any event described
in Section 6.5 hereof if the Debentureholder is entitled to participate in such event on the same terms mutatis mutandis as if
the Debentureholder had converted the Debentures prior to or on the record date or effective date, as the case may be, of such
event.

 

		(e)	No adjustment in the Conversion Price or in the number of Units obtainable upon the conversion
of the Debentures shall be made pursuant to Section 6.5 hereof in respect of (i) the issue from time to time of Warrants and/or
Common Shares (including Common Shares underlying the Warrants) pursuant to this Indenture or (ii) the issue from time to time
of Common Shares pursuant to any stock option, stock purchase or stock bonus plan in effect from time to time for directors, officers
or employees of the Company and/or any subsidiary of the Company, and any such event shall not be deemed to be a Common Share Reorganization,
a Rights Offering nor any other event described in Section 6.5 hereof.

 

		(f)	If at any time during the Adjustment Period the Company shall take any action affecting the Common
Shares, other than an action or event described in Section 6.5 hereof, which in the opinion of the directors of the Company would
have a material adverse effect upon the rights of Debentureholders, either the Conversion Price or the number of Units obtainable
upon conversion of the Debentures shall be adjusted in such manner and at such time by action by the directors of the Company,
in their sole discretion, as may be equitable in the circumstances. Failure of the taking of action by the directors of the Company
so as to provide for an adjustment prior to the effective date of any action by the Company affecting the Common Shares shall be
deemed to be conclusive evidence that the directors of the Company have determined that it is equitable to make no adjustment in
the circumstances.

 

     

    -46-

    

		(g)	If the Company shall set a record date to determine holders of Common Shares for the purpose of
entitling such holders to receive any dividend or distribution or any subscription or purchase rights and shall, thereafter and
before the distribution to such holders of any such dividend, distribution or subscription or purchase rights, legally abandon
its plan to pay or deliver such dividend, distribution or subscription or purchase rights, then no adjustment in the Conversion
Price shall be required by reason of the setting of such record date.

 

		(h)	In any case in which this Indenture shall require that an adjustment shall become effective immediately
after a record date for an event referred to in Section 6.5 hereof, the Company may defer, until the occurrence of such event:

 

		(i)	issuing to the Debentureholder, to the extent that the Debentures are converted after such record
date and before the occurrence of such event, the additional Units or other securities issuable upon such conversion by reason
of the adjustment required by such event; and

 

		(ii)	delivering to the Debentureholder any distribution declared with respect to such additional Units
or other securities after such record date and before such event;

 

provided, however, that the Company shall deliver to the
Debentureholder an appropriate instrument evidencing the right of the Debentureholder upon the occurrence of the event requiring
the adjustment, to an adjustment in the Conversion Price.

 

		(i)	In the absence of a resolution of the directors of the Company fixing a record date for a Rights
Offering, the Company shall be deemed to have fixed as the record date therefor the date of the issue of the rights, options or
warrants issued pursuant to the Rights Offering.

 

		(j)	If a dispute shall at any time arise with respect to adjustments of the Conversion Price or the
number of Units obtainable upon the conversion of the Debentures, such disputes shall be conclusively determined by the Auditors
of the Company or if they are unable or unwilling to act, by such other firm of independent chartered accountants as may be selected
by the directors of the Company and any such determination shall be conclusive evidence of the correctness of any adjustment made
pursuant to Section 6.5 hereof and shall be binding upon the Company, Trustee and the Debentureholder.

 

		(k)	As a condition precedent to the taking of any action which would require an adjustment pursuant
to Section 6.5 hereof, including the Conversion Price and the number or class of Units or other securities which are to be received
upon the conversion thereof, the Company shall take any action which may, in the opinion of Counsel to the Company, be necessary
in order that the Company may validly and legally issue as fully paid and non-assessable shares all of the Common Shares, Warrants
or other securities which the Debentureholder is entitled to receive in accordance with the provisions of this Indenture.

 

     

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		(l)	If the Company shall take any action affecting the Common Shares and the holders thereof, and,
in the opinion of the directors of the Company acting reasonably, the adjustment provisions of Section 6.5 are not strictly applicable
or, if strictly applicable, would not fairly protect the rights of the holder or the Company in accordance with the intent and
purpose of Section 6.5, the provisions of Section 6.5shall be adjusted in such manner, if any, and at such time, by action by the
directors of the Company which the directors of the Company, in their discretion, may reasonably determine to be equitable in the
circumstances but subject in all cases to any necessary regulatory approval, including approval of the TSXV (or such other stock
exchange or quotation system on which the Common Shares are then listed and posted (or quoted) for trading, as applicable). Failure
of the taking of action by the directors of the Company so as to provide for an adjustment on or prior to the effective date of
any action by the Company affecting the Common Shares will be conclusive evidence that the board of directors of the Company has
determined that it is equitable to make no adjustment in the circumstances.

 

		6.7	Notice of Adjustment

 

		(a)	At least 14 days prior to the effective date or record date, as the case may be, of any event which
requires or might require adjustment pursuant to Section 6.5, the Company shall:

 

		(i)	file with the Trustee an Officer's Certificate specifying the particulars of such event (including
the record date or the effective date for such event) and, if determinable, the required adjustment and the computation of such
adjustment 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 Auditors of the Company verifying such calculation; and

 

		(ii)	give notice to the Debentureholders of the particulars of such event (including the record date
or the effective date for such event) and, if determinable, the required adjustment.

 

		(b)	In case any adjustment for which a notice in Section 6.7(a) has been given is not then determinable,
the Company shall promptly after such adjustment is determinable:

 

		(i)	file with the Trustee a computation of such adjustment; and

 

		(ii)	give notice to the Debentureholders of the adjustment.

 

		(c)	The Trustee may and shall be protected in so doing, absent manifest error, act and rely upon certificates
of the Company, the Company's Auditor and other documents filed by the Company pursuant to this Section 6.7 for all purposes of
the adjustment.

 

     

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		6.8	No Action after Notice

 

The Company covenants with the Trustee that it will not close its
books nor take any other corporate action which might deprive a Debentureholder of the opportunity of exercising the rights of
acquisition pursuant thereto during the period of 14 days after the giving of the notice set forth in paragraph (ii) of Sections
6.7(a) and 6.7(b).

 

		6.9	Protection of Trustee

 

The Trustee shall not:

 

		(a)	at any time be under any duty or responsibility to any registered holder of Debentures to determine
whether any facts exist that may require any adjustment contemplated by this Article 6, nor to verify the nature and extent of
any such adjustment when made or the method employed in making the same;

 

		(b)	be accountable with respect to the validity or value or the kind or amount of any Units or of any
other securities or property that may at any time be issued or delivered upon the conversion of the Debentures;

 

		(c)	be responsible for any failure of the Company to make any cash payment, to issue, transfer or deliver
Units or certificates upon the surrender of any Debentures for the purpose of the conversion of such rights or to comply with any
of the covenants contained in Article 7; or

 

		(d)	incur any liability or responsibility whatsoever or be in any way responsible for the consequence
of any breach on the part of the Company of any of the representations, warranties or covenants of the Company or any acts or deeds
of the agents or servants of the Company.

 

Article
7

COVENANTS OF THE COMPANY

 

The Company hereby covenants and agrees with the Trustee for the
benefit of the Trustee and the Debentureholders, that so long as any Debentures remain outstanding:

 

		7.1	To Pay Principal and Interest

 

The Company will duly and punctually pay or cause to be paid to
every Debentureholder the principal of and interest accrued on the Debentures of which it is the holder on the dates, at the places
and in the manner mentioned herein and in the Debentures.

 

		7.2	To Pay Trustee's Remuneration

 

The Company will pay the Trustee reasonable remuneration for its
services as Trustee hereunder and will repay to the Trustee on demand all monies which shall have been paid by the Trustee in connection
with the execution of the trusts hereby created and such monies including the Trustee's remuneration, shall be payable out of any
funds coming into the possession of the Trustee in priority to payment of any principal of the Debentures or interest thereon.
Such remuneration shall continue to be payable until the trusts hereof be finally wound up and whether or not the trusts of this
Indenture shall be in the course of administration by or under the direction of a court of competent jurisdiction.

 

     

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		7.3	To Give Notice of Default

 

The Company shall notify the Trustee immediately upon obtaining
knowledge of any default or Event of Default hereunder. CDS shall also receive notice of the default or Event of Default in accordance
with Section 8.2 and Section 11.2, within 30 days of the Trustee receiving written notification of the Event of Default hereunder.

 

		7.4	Preservation of Existence, etc.

 

Subject to the express provisions hereof, the Company will carry
on and conduct its activities, and cause its Subsidiaries to carry on and conduct their businesses, in a business-like manner and
in accordance with good business practices; and, subject to the express provisions hereof, it will do or cause to be done all things
necessary to preserve and keep in full force and effect its existence and rights.

 

		7.5	Keeping of Books

 

The Company will keep or cause to be kept proper books of record
and account, in which full and correct entries shall be made of all financial transactions and the assets and business of the Company
in accordance with generally accepted accounting principles.

 

		7.6	Annual Certificate of Compliance

 

The Company shall deliver to the Trustee, within 120 days after
the end of each calendar year, (and at any reasonable time upon demand by the Trustee) an Officer's Certificate as to the knowledge
of such officers of the Company who execute the Officer's Certificate of the Company's compliance with all conditions and covenants
in this Indenture certifying that after reasonable investigation and inquiry, the Company has complied with all covenants, conditions
or other requirements contained in this Indenture, the non-compliance with which could, with the giving of notice, lapse of time
or otherwise, constitute an Event of Default hereunder, or if such is not the case, setting forth with reasonable particulars the
circumstances of any failure to comply and steps taken or proposed to be taken to eliminate such circumstances and remedy such
Event of Default, as the case may be.

 

		7.7	Performance of Covenants

 

If the Company shall fail to perform any of its covenants contained
in this Indenture, the Trustee may notify the Debentureholders of such failure on the part of the Company or may itself perform
any of the covenants capable of being performed by it, but shall be under no obligation to do so. All sums so expended or advanced
by the Trustee shall be repayable as provided in Section 7.2. No such performance, expenditure or advance by the Trustee shall
be deemed to relieve the Company of any default hereunder.

 

     

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		7.8	Maintain Listing

 

The Company will use reasonable commercial efforts to maintain the
listing of the Common Shares on the TSX-V, and to maintain the Company's status as a "reporting issuer" not in default
of the requirements of the Applicable Securities Legislation, provided that nothing in this Section 7.8 shall operate to prevent
the Company from completing a Change of Control transaction that results in its securities ceasing to be listed on the TSX-V.

 

		7.9	Insurance

 

Each of the Company and its Subsidiaries, if any, shall maintain
insurance with respect to its properties and business against such casualties and contingencies, of such types, on such terms and
in such amounts as is customary in the case of entities engaged in the same or a similar business and similarly situated.

 

		7.10	No Dividends or Distributions

 

The Company shall not declare or pay any dividend to the holders
of its issued and outstanding Common Shares or other shares in the capital of the Company after the occurrence of an Event of Default
unless and until such default shall have been cured or waived or shall have ceased to exist.

 

		7.11	Withholding Matters

 

All payments made by or on behalf of the Company under or with respect
to the Debentures (including, without limitation, any penalties, interest and other liabilities related thereto) will be made free
and clear of and without withholding, or deduction for, or on account of, any present or future tax, duty, levy, impost, assessment
or other governmental charge (including, without limitation, penalties, interest and other liabilities related hereto) imposed
or levied by or on behalf of the Government of Canada or the United States or elsewhere, or of any province or territory thereof
or by any authority or agency therein or thereof having power to tax ("Withholding Taxes"), unless the Company
is required by law or the interpretation or administration thereof, to withhold or deduct any amounts for, or on account of Withholding
Taxes. If the Company is so required to withhold or deduct any amount for, or on account of, Withholding Taxes from any payment
made under or with respect to the Debentures, the Company shall deduct and withhold such Withholding Taxes from any payment to
be made or with respect to the Debentures and, provided that the Company forthwith remits such amount to the relevant governmental
authority or agency, the amount of any such deduction or withholding will be considered an amount paid in satisfaction of the Company's
obligations under the Debentures. There is no obligation on the Company to gross-up or pay additional amounts to a holder of Debentures
in respect of such deductions or withholdings. For greater certainty, if any amount is required to be deducted or withheld in respect
of Withholding Taxes upon a conversion of a Debenture, the Company shall be entitled to liquidate such number of Common Shares
(or other securities) issuable as a result of such conversion as shall be necessary in order to satisfy such requirement. The Company
shall provide the Trustee with copies of receipts or other communications relating to the remittance of such withheld amount or
the filing of any forms received from such government authority or agency promptly after receipt thereof.

 

     

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		7.12	SEC Reporting Status

 

		(a)	The Company confirms that as at the date of execution of this Indenture it does not have a class
of securities registered pursuant to Section 12 of the U.S. Exchange Act or have a reporting obligation pursuant to Section 15(d)
of the U.S. Exchange Act.

 

		(b)	The Company covenants that, in the event that (i) any class of its securities shall become registered
pursuant to Section 12 of the U.S. Exchange Act or such Company shall incur a reporting obligation pursuant to Section 15(d) of
the U.S. Exchange Act, or (ii) any such registration or reporting obligation shall be terminated by such Company in accordance
with the U.S. Exchange Act, such Company shall promptly deliver to the Trustee an Officers' Certificate notifying the Trustee of
such registration or termination and such other information as the Trustee may, acting and relying on Counsel, require at the time.
The Company acknowledges that the Trustee is relying upon the foregoing representation and covenants in order to meet certain United
States Securities and Exchange Commission (the "SEC") obligations with respect to those clients who are filing
with the SEC.

 

Article
8

DEFAULT

 

		8.1	Events of Default

 

		(a)	Each of the following events constitutes, and is herein referred to as, an "Event of Default":

 

		(i)	failure for 15 days to pay interest on the Debentures when due;

 

		(ii)	failure to pay principal and other amounts owing, if any, when due on the Debentures whether on
the Maturity Date, upon redemption or a Change of Control, by declaration or otherwise (whether such payment is due in cash, Common
Shares or other securities or property or a combination thereof);

 

		(iii)	default in the delivery, when due, of any Unit Shares and Warrants or other consideration, payable
on conversion with respect to the Debentures, which default continues for 15 days;

 

		(iv)	default in the observance or performance of any covenant or condition of the Indenture by the Company
and the failure to cure (or obtain a waiver for) such default for a period of 30 days after notice in writing has been given by
the Trustee or from holders of not less than 25% in aggregate principal amount of the Debentures to the Company specifying such
default and requiring the Company to rectify such default or obtain a waiver for same;

 

     

    -52-

    

		(v)	if a decree or order of a Court having jurisdiction is entered adjudging the Company or any Subsidiary
a bankrupt or insolvent under the Bankruptcy and Insolvency Act (Canada) or any other bankruptcy, insolvency or analogous
laws, or issuing sequestration or process of execution against, or against any substantial part of, the property of the Company
or any Subsidiary, or appointing a receiver of, or of any substantial part of, the property of the Company or any Subsidiary or
ordering the winding-up or liquidation of its affairs, and any such decree or order continues unstayed and in effect for a period
of 60 days;

 

		(vi)	if the Company or any Subsidiary institutes proceedings to be adjudicated a bankrupt or insolvent,
or consents to the institution of bankruptcy or insolvency proceedings against it under the Bankruptcy and Insolvency Act
(Canada) or any other bankruptcy, insolvency or analogous laws, or consents to the filing of any such petition or to the appointment
of a receiver of, or of any substantial part of, the property of the Company or any Subsidiary or makes a general assignment for
the benefit of creditors, or admits in writing its inability to pay its debts generally as they become due;

 

		(vii)	if a resolution is passed for the winding-up or liquidation of the Company or any Subsidiary; or

 

		(viii)	if, after the date of this Indenture, any proceedings with respect to the Company or any Subsidiary
are taken with respect to a compromise or arrangement, with respect to creditors of the Company or any Subsidiary generally, under
the applicable legislation of any jurisdiction;

 

then: (i) in each and every such event listed above, the
Trustee may, in its discretion, but subject to the provisions of this Section, and shall, upon receipt of a request in writing
signed by the holders of not less than 25% in principal amount of the Debentures then outstanding (or if the Event of Default shall
exist only in respect of one or more series of the Debentures then outstanding, then upon receipt of a request in writing signed
by the holders of not less than 25% in principal amount of the Debentures of such series then outstanding), subject to the provisions
of Section 8.3, by notice in writing to the Company declare the principal and the interest, on all Debentures then outstanding
and all other monies outstanding hereunder to be due and payable and the same shall thereupon forthwith become immediately due
and payable (or, if the Event of Default shall exist only in respect of one or more series of the Debentures then outstanding,
then the Trustee may declare due and payable the principal and/or the interest, only with respect to such series of Debentures
in respect of which there is an Event of Default) to the Trustee, and (ii) on the occurrence of an Event of Default under clauses
8.1(a)(v), 8.1(a)(vi), or 8.1(a)(vii), the principal and the interest, on all Debentures then outstanding hereunder and all other
monies outstanding hereunder, shall automatically without any declaration or other act on the part of the Trustee or any Debentureholder
become immediately due and payable to the Trustee and, in either case, upon such amounts becoming due and payable in either (i)
or (ii) above, the Company shall forthwith pay to the Trustee for the benefit of the Debentureholders such principal and accrued
and unpaid interest on such Debenture and all other monies outstanding hereunder, together with subsequent interest at the rate
borne by the Debentures on such principal and interest and such other monies from the date of such declaration or event until payment
is received by the Trustee, such subsequent interest to be payable at the times and places and in the manner mentioned in and according
to the tenor of the Debentures. Such payment when made shall be deemed to have been made in discharge of the Company's obligations
hereunder and any monies so received by the Trustee shall be applied in the manner provided in Section 8.6.

 

     

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		(b)	For greater certainty, for the purposes of this Section 8.1, a series of Debentures shall be in
default in respect of an Event of Default if such Event of Default relates to a default in the payment of principal and/or the
interest (if any) on the Debentures of such series in which case references to Debentures in this Section 8.1 refer to Debentures
of that particular series.

 

		(c)	For purposes of this Article 8, where the Event of Default refers to an Event of Default with respect
to a particular series of Debentures as described in this Section 8.1, then this Article 8 shall apply mutatis mutandis
to the Debentures of such series and references in this Article 8 to the Debentures shall mean Debentures of the particular series
and references to the Debentureholders shall refer to the Debentureholders of the particular series, as applicable.

 

		8.2	Notice of Events of Default

 

If an Event of Default shall occur and be continuing the Trustee
shall, within 30 days after it receives written notice of the occurrence of such Event of Default, give notice of such Event of
Default to the Debentureholders in the manner provided in Section 11.2, provided that notwithstanding the foregoing, unless the
Trustee shall have been requested to do so by the holders of at least 25% of the principal amount of the Debentures then outstanding,
the Trustee shall not be required to give such notice if the Trustee in good faith shall have determined that the withholding of
such notice is in the best interests of the Debentureholders and shall have so advised the Company in writing. When notice of the
occurrence of an Event of Default has been given and the Event of Default is thereafter cured, notice that the Event of Default
is no longer continuing shall be given by the Trustee to the Debentureholders within 15 days after the Trustee receives written
notice that the Event of Default has been cured.

 

		8.3	Waiver of Default

 

		(a)	Upon the happening of any Event of Default hereunder:

 

		(i)	the holders of the Debentures shall have the power (in addition to the powers exercisable by Extraordinary
Resolution as hereinafter provided) by requisition in writing by the holders of more than 50% of the principal amount of Debentures
then outstanding, to instruct the Trustee to waive any Event of Default and to cancel any declaration made by the Trustee pursuant
to Section 8.1 and the Trustee shall thereupon waive the Event of Default and cancel such declaration, or either, upon such terms
and conditions as shall be prescribed in such requisition; provided that notwithstanding the foregoing if the Event of Default
has occurred by reason of the non-observance or non-performance by the Company of any covenant applicable only to one or more series
of Debentures, then the holders of more than 50% of the principal amount of the outstanding Debentures of that series shall be
entitled to exercise the foregoing power and the Trustee shall so act and it shall not be necessary to obtain a waiver from the
holders of any other series of Debentures; and

 

     

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		(ii)	the Trustee, so long as it has not become bound to declare the principal and interest on the Debentures
then outstanding to be due and payable, or to obtain or enforce payment of the same, shall have power to waive any Event of Default
if, in the Trustee's opinion, the same shall have been cured or adequate satisfaction made therefor, and in such event to cancel
any such declaration theretofore made by the Trustee in the exercise of its discretion, upon such terms and conditions as the Trustee
may deem advisable.

 

		(b)	No such act or omission either of the Trustee or of the Debentureholders shall extend to or be
taken in any manner whatsoever to affect any subsequent Event of Default or the rights resulting therefrom.

 

		8.4	Enforcement by the Trustee

 

		(a)	Subject to the provisions of Section 8.3 and to the provisions of any Extraordinary Resolution
that may be passed by the Debentureholders, if the Company shall fail to pay to the Trustee, forthwith after the same shall have
been declared to be due and payable under Section 8.1, the principal of and interest on all Debentures then outstanding, together
with any other amounts due hereunder, the Trustee may in its discretion and shall upon receipt of a request in writing signed by
the holders of not less than 25% in principal amount of the Debentures then outstanding and upon being funded and indemnified to
its reasonable satisfaction against all costs, expenses and liabilities to be incurred, proceed in its name as trustee hereunder
to obtain or enforce payment of such principal of and interest on all the Debentures then outstanding together with any other amounts
due hereunder by such proceedings authorized by this Indenture or by law or equity as the Trustee in such request shall have been
directed to take, or if such request contains no such direction, or if the Trustee shall act without such request, then by such
proceedings authorized by this Indenture or by suit at law or in equity as the Trustee shall deem expedient.

 

     

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		(b)	The Trustee shall be entitled and empowered, either in its own name or as Trustee of an express
trust, or as attorney-in-fact for the holders of the Debentures, or in any one or more of such capacities, to file such proof of
debt, amendment of proof of debt, claim, petition or other document as may be necessary or advisable in order to have the claims
of the Trustee and of the holders of the Debentures allowed in any insolvency, bankruptcy, liquidation or other judicial proceedings
relative to the Company or its creditors or relative to or affecting its property. The Trustee is hereby irrevocably appointed
(and the successive respective holders of the Debentures by taking and holding the same shall be conclusively deemed to have so
appointed the Trustee) the true and lawful attorney-in-fact of the respective holders of the Debentures with authority to make
and file in the respective names of the holders of the Debentures or on behalf of the holders of the Debentures as a class, subject
to deduction from any such claims of the amounts of any claims filed by any of the holders of the Debentures themselves, any proof
of debt, amendment of proof of debt, claim, petition or other document in any such proceedings and to receive payment of any sums
becoming distributable on account thereof, and to execute any such other papers and documents and to do and perform any and all
such acts and things for and on behalf of such holders of the Debentures, as may be necessary or advisable in the opinion of the
Trustee, which may include acting and relying on Counsel, in order to have the respective claims of the Trustee and of the holders
of the Debentures against the Company or its property allowed in any such proceeding, and to receive payment of or on account of
such claims; provided, however, that subject to Section 8.3, nothing contained in this Indenture shall be deemed to give to the
Trustee, unless so authorized by Extraordinary Resolution, any right to accept or consent to any plan of reorganization or otherwise
by action of any character in such proceeding to waive or change in any way any right of any Debentureholder.

 

		(c)	The Trustee shall also have the power at any time and from time to time to institute and to maintain
such suits and proceedings as it may be advised shall be necessary or advisable to preserve and protect its interests and the interests
of the Debentureholders.

 

		(d)	All rights of action hereunder may be enforced by the Trustee without the possession of any of
the Debentures or the production thereof on the trial or other proceedings relating thereto. Any such suit or proceeding instituted
by the Trustee shall be brought in the name of the Trustee as trustee of an express trust, and any recovery of judgment shall be
for the rateable benefit of the holders of the Debentures subject to the provisions of this Indenture. In any proceeding brought
by the Trustee (and also any proceeding in which a declaratory judgment of a court may be sought as to the interpretation or construction
of any provision of this Indenture, to which the Trustee shall be a party) the Trustee shall be held to represent all the holders
of the Debentures, and it shall not be necessary to make any holders of the Debentures parties to any such proceeding.

 

		8.5	No Suits by Debentureholders

 

No holder of any Debenture shall have any right to institute any
action, suit or proceeding at law or in equity for the purpose of enforcing payment of the principal of or interest on the Debentures
or for the execution of any trust or power hereunder or for the appointment of a liquidator or receiver or for a receiving order
under the Bankruptcy and Insolvency Act (Canada) or to have the Company wound up or to file or prove a claim in any liquidation
or bankruptcy proceeding or for any other remedy hereunder, unless: (a) such holder shall previously have given to the Trustee
written notice of the happening of an Event of Default hereunder; and (b) the Debentureholders by Extraordinary Resolution or by
written instrument signed by the holders of at least 25% in principal amount of the Debentures then outstanding shall have made
a request to the Trustee and the Trustee shall have been afforded reasonable opportunity either itself to proceed to exercise the
powers hereinbefore granted or to institute an action, suit or proceeding in its name for such purpose; and (c) the Debentureholders
or any of them shall have furnished to the Trustee, when so requested by the Trustee, sufficient funds and security and indemnity
satisfactory to it against the costs, expenses and liabilities to be incurred therein or thereby; and (d) the Trustee shall have
failed to act within a reasonable time after such notification, request and offer of indemnity and such notification, request and
offer of indemnity are hereby declared in every such case, at the option of the Trustee, to be conditions precedent to any such
proceeding or for any other remedy hereunder by or on behalf of the holder of any Debentures.

 

     

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		8.6	Application of Monies by Trustee

 

		(a)	Except as herein otherwise expressly provided, any monies received by the Trustee from the Company
pursuant to the foregoing provisions of this Article 8, or as a result of legal or other proceedings or from any trustee in bankruptcy
or liquidator of the Company, shall be applied, together with any other monies in the hands of the Trustee available for such purpose,
as follows:

 

		(i)	first, in payment or in reimbursement to the Trustee of its compensation, costs, charges, expenses,
borrowings, advances or other monies furnished or provided by or at the instance of the Trustee in or about the execution of its
trusts under, or otherwise in relation to, this Indenture, with interest thereon as herein provided;

 

		(ii)	second, but subject as hereinafter in this Section 8.6 provided, in payment, rateably and proportionately
to the holders of Debentures, of the principal of and accrued and unpaid interest on and interest on amounts in default on the
Debentures which shall then be outstanding in the priority of principal first and then accrued but unpaid interest and interest
on amounts in default unless otherwise directed by Extraordinary Resolution and in that case in such order or priority as between
principal and interest as may be directed by such resolution; and

 

		(iii)	third, in payment of the surplus, if any, of such monies to the Company or its assigns;

 

provided, however, that no payment shall be made pursuant
to clause (b) above in respect of the principal and/or the interest on any Debenture held, directly or indirectly, by or for the
benefit of the Company or any Subsidiary (other than any Debenture pledged for value and in good faith to a Person other than the
Company or any Subsidiary but only to the extent of such Person's interest therein) except subject to the prior payment in full
of the principal and interest on all Debentures which are not so held.

 

     

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		(b)	The Trustee shall not be bound to apply or make any partial or interim payment of any monies coming
into its hands if the amount so received by it, after reserving thereout such amount as the Trustee may think necessary to provide
for the payments mentioned in subsection 8.1(a), is insufficient to make a distribution of at least 2% of the aggregate principal
amount of the outstanding Debentures, but it may retain the money so received by it and invest or deposit the same until the money
or the investments representing the same, with the income derived therefrom, together with any other monies for the time being
under its control shall be sufficient for the said purpose or until it shall consider it advisable to apply the same in the manner
hereinbefore set forth. The foregoing shall, however, not apply to a final payment in distribution hereunder.

 

		8.7	Notice of Payment by Trustee

 

Not less than 15 days' notice shall be given in the manner provided
in Section 11.2 by the Trustee to the Debentureholders of any payment to be made under this Article 8. Such notice shall state
the time when and place where such payment is to be made and also the liability under this Indenture to which it is to be applied.
After the day so fixed, unless payment shall have been duly demanded and have been refused, the Debentureholders will be entitled
to interest only on the balance (if any) of the principal monies and interest due (if any) to them, respectively, on the Debentures,
after deduction of the respective amounts payable in respect thereof on the day so fixed.

 

		8.8	Trustee May Demand Production of Debentures

 

The Trustee shall have the right to demand production of the Debentures
in respect of which any payment of principal or interest required by this Article 8 is made and may cause to be endorsed on the
same a memorandum of the amount so paid and the date of payment, but the Trustee may, in its discretion, dispense with such production
and endorsement, upon such indemnity being given to it as the Trustee shall deem sufficient.

 

		8.9	Remedies Cumulative

 

No remedy herein conferred upon or reserved to the Trustee, or upon
or to the holders of Debentures is intended to be exclusive of any other remedy, but each and every such remedy shall be cumulative
and shall be in addition to every other remedy given hereunder or now existing or hereafter to exist by law or by statute.

 

		8.10	Judgment Against the Company

 

The Company covenants and agrees with the Trustee that, in case
of any judicial or other proceedings to enforce the rights of the Debentureholders, judgment may be rendered against it in favour
of the Debentureholders or in favour of the Trustee, as trustee for the Debentureholders, for any amount which may remain due in
respect of the Debentures and the interest thereon and any other monies owing hereunder.

 

     

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Article
9

SATISFACTION AND DISCHARGE

 

		9.1	Cancellation and Destruction

 

All Debentures shall forthwith after payment thereof be delivered
to the Trustee and cancelled by it. All Debentures cancelled or required to be cancelled under this or any other provision of this
Indenture shall be destroyed by the Trustee and, if required by the Company, the Trustee shall furnish to it a destruction certificate
setting out the designating numbers of the Debentures so destroyed.

 

		9.2	Non-Presentation of Debentures

 

In case the holder of any Debenture shall fail to present the same
for payment on the date on which the principal of or interest thereon or represented thereby becomes payable either at maturity
or otherwise or shall not accept payment on account thereof and give such receipt therefor, if any, as the Trustee may require:

 

		(a)	the Company shall be entitled to pay or deliver to the Trustee and direct it to set aside; or

 

		(b)	in respect of monies in the hands of the Trustee which may or should be applied to the payment
of the Debentures, the Company shall be entitled to direct the Trustee to set aside; or

 

		(c)	if the redemption was pursuant to notice given by the Trustee, the Trustee may itself set aside;

 

the monies in trust to be paid to the holder of such Debenture upon
due presentation or surrender thereof in accordance with the provisions of this Indenture; and thereupon the principal of or interest
thereon payable on or represented by each Debenture in respect whereof such monies have been set aside shall be deemed to have
been paid and the holder thereof shall thereafter have no right in respect thereof except that of receiving delivery and payment
of the monies so set aside by the Trustee upon due presentation and surrender thereof, subject always to the provisions of Section
9.3.

 

		9.3	Repayment of Unclaimed Monies

 

Subject to applicable law, any monies set aside under Section 9.2
and not claimed by and paid to holders of Debentures as provided in Section 9.2 within four years after the date of such setting
aside shall upon the written demand of the Company be repaid and delivered to the Company by the Trustee and thereupon the Trustee
shall be released from all further liability with respect to such monies and thereafter the holders of the Debentures in respect
of which such monies were so repaid to the Company shall have no rights in respect thereof except to obtain payment and delivery
of the monies from the Company subject to any limitation provided by the laws of the Province of Ontario.

 

     

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		9.4	Discharge

 

The Trustee shall at the written request and expense of the Company
release and discharge this Indenture and execute and deliver such instruments as it shall be advised by Counsel are requisite for
that purpose and to release the Company from its covenants herein contained (other than the provisions relating to the indemnification
of the Trustee), upon proof being given to the reasonable satisfaction of the Trustee that the principal of and interest (including
interest on amounts in default, if any), on all the Debentures and all other monies payable hereunder have been paid or satisfied
or that all the Debentures having matured or having been duly called for redemption in the occurrence of a Change of Control, payment
of the principal of and interest (including interest on amounts in default, if any) on such Debentures and of all other monies
payable hereunder has been duly and effectually provided for in accordance with the provisions hereof.

 

		9.5	Satisfaction

 

		(a)	The Company shall be deemed to have fully paid, satisfied and discharged all of the outstanding
Debentures and the Trustee, at the expense of the Company, shall execute and deliver proper instruments acknowledging the full
payment, satisfaction and discharge of such Debentures, when, with respect to all of the outstanding Debentures:

 

		(i)	the Company has deposited or caused to be deposited with the Trustee as trust funds or property
in trust for the purpose of making payment on such Debentures, an amount in money sufficient to pay, satisfy and discharge the
entire amount of the principal and interest to maturity, or any repayment date or any Change of Control Purchase Date or otherwise
as the case may be, and payment of present taxes owing and any taxes arising with respect to all deposited funds or other provision
for payment in respect of such Debentures;

 

		(ii)	the Company has deposited or caused to be deposited with the Trustee as trust property in trust
for the purpose of making payment on such Debentures:

 

		(A)	if the Debentures are issued in Canadian dollars, such amount in Canadian dollars of direct obligations
of, or obligations the principal and interest of which are guaranteed by, the Government of Canada; or

 

		(B)	if the Debentures are issued in a currency or currency unit other than Canadian dollars, cash in
the currency or currency unit in which the Debentures are payable and/or such amount in such currency or currency unit of direct
obligations of, or obligations the principal and interest of which are guaranteed by, the Government of Canada or the government
that issued the currency or currency unit in which the Debentures are payable;

 

     

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as will be sufficient to pay and discharge the entire amount
of the principal of and accrued and unpaid interest to the Maturity Date or any repayment date, as the case may be, of all such
Debentures; or

 

		(iii)	all Debentures Authenticated and delivered (other than (A) Debentures which have been destroyed,
lost or stolen and which have been replaced or paid as provided in Section 2.6 and (B) Debentures for whose payment has been deposited
in trust and thereafter repaid to the Company as provided in Section 9.3) have been delivered to the Trustee for cancellation;

 

so long as in any such event:

 

		(A)	the Company has paid, caused to be paid or made provisions to the satisfaction of the Trustee for
the payment of all other sums payable or which may be payable with respect to all of such Debentures (together with all applicable
fees and expenses of the Trustee in connection with the payment of such Debentures and its duties under this Indenture);

 

		(B)	the Company has delivered to the Trustee an Officer's Certificate stating that all conditions precedent
herein provided relating to the payment, satisfaction and discharge of all such Debentures have been complied with; and

 

		(C)	the Trustee shall have received an opinion or opinions of Counsel that Debentureholders will not
be subject to any additional taxes as a result of the exercise by the Company of the defeasance and that such holders will be subject
to taxes, if any, including those in respect of income (including interest and taxable capital gains), on the same amount, in the
same manner and at the same time or times as would have been the case if the defeasance option had not been exercised in respect
of such Debentures.

 

Any deposits with the Trustee referred to in this Section
9.5 shall be irrevocable, subject to Section 9.6, and shall be made under the terms of an escrow and/or trust agreement in form
and substance satisfactory to the Trustee and which provides for the due and punctual payment of the principal and/or the interest
(if any) on the Debentures being satisfied.

 

Upon the satisfaction of the conditions set forth in this
Section 9.5 with respect to all the outstanding Debentures, or all the outstanding Debentures of any series, as applicable, the
terms and conditions of the Debentures, including the terms and conditions with respect thereto set forth in this Indenture (other
than those contained in Article 2 and Article 4 and the provisions of Article 1 pertaining to Article 2 and Article 4) shall no
longer be binding upon or applicable to the Company.

 

     

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Any funds or obligations deposited with the Trustee pursuant
to this Section 9.5 shall be denominated in the currency or denomination of the Debentures in respect of which such deposit is
made.

 

If the Trustee is unable to apply any money in accordance
with this Section 9.5 by reason of any legal proceeding or any order or judgment of any court or governmental authority enjoining,
restraining or otherwise prohibiting such application, the Company's obligations under this Indenture and the affected Debentures
shall be revived and reinstated as though no money had been deposited pursuant to this Section 9.5 until such time as the Trustee
is permitted to apply all such money in accordance with this Section 9.5, provided that if the Company has made any payment in
respect of the principal and/or the interest (if any) on Debentures or, as applicable, other amounts because of the reinstatement
of its obligations, the Company shall be subrogated to the rights of the holders of such Debentures to receive such payment from
the money or securities held by the Trustee.

 

		9.6	Continuance of Rights, Duties and Obligations

 

		(a)	Where trust funds or trust property have been deposited pursuant to Section 9.5, the holders of
Debentures and the Company shall continue to have and be subject to their respective rights, duties and obligations under Article
2, Article 4, and Article 5.

 

		(b)	Subject to the provisions of Section 9.6(a), in the event that, after the deposit of trust funds
or trust property pursuant to Section 9.5 in respect of a series of Debentures (the "Defeased Debentures"), any
holder of any of the Defeased Debentures from time to time converts its Debentures to Units or other securities of the Company
in accordance with Article 6 or any other provision of this Indenture, the Trustee shall upon receipt of a Written Direction of
the Company return to the Company from time to time the proportionate amount of the trust funds or other trust property deposited
with the Trustee pursuant to Section 9.5 in respect of the Defeased Debentures which is applicable to the Defeased Debentures so
converted (which amount shall be based on the applicable principal amount of the Defeased Debentures being converted in relation
to the aggregate outstanding principal amount of all the Defeased Debentures).

 

		(c)	In the event that, after the deposit of trust funds or trust property pursuant to Section 9.5,
the Company is required to make a Change of Control Offer to purchase any outstanding Debentures pursuant to subsection 2.1(h)
(in respect of Debentures or the comparable provision of any other series of Debentures), in relation to Debentures or to make
an offer to purchase Debentures pursuant to any other similar provisions relating to any other series of Debentures, the Company
shall be entitled to use any trust money or trust property deposited with the Trustee pursuant to Section 9.5 for the purpose of
paying to any holders of Defeased Debentures who have accepted any such offer of the Company the Total Offer Price payable to such
holders in respect of such Change of Control Offer in respect of Debentures. Upon receipt of a Written Direction of the Company,
the Trustee shall be entitled to pay to such holder from such trust money or trust property deposited with the Trustee pursuant
to Section 9.5 in respect of the Defeased Debentures which is applicable to the Defeased Debentures held by such holders who have
accepted any such offer to the Company (which amount shall be based on the applicable principal amount of the Defeased Debentures
held by accepting offerees in relation to the aggregate outstanding principal amount of all the Defeased Debentures).

 

     

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Article
10

MEETINGS OF DEBENTUREHOLDERS

 

		10.1	Right to Convene Meeting

 

The Trustee or the Company may at any time and from time to time,
and the Trustee shall, on receipt of a Written Direction of the Company or a written request signed by the holders of not less
than 25% of the principal amount of the Debentures then outstanding and upon receiving funding and being indemnified to its reasonable
satisfaction by the Company or by the Debentureholders signing such request against the costs which may be incurred in connection
with the calling and holding of such meeting, convene a meeting of the Debentureholders. In the event of the Trustee failing, within
30 days after receipt of any such request and such funding and indemnity, to give notice convening a meeting, the Company or such
Debentureholders, as the case may be, may convene such meeting. Every such meeting shall be held in the City of Toronto or at such
other place as may be approved or determined by the Trustee.

 

		10.2	Notice of Meetings

 

		(a)	At least 21 days' notice of any meeting shall be given to the Debentureholders in the manner provided
in Section 11.2 and a copy of such notice shall be sent by post to the Trustee, unless the meeting has been called by it. Such
notice shall state the time when and the place where the meeting is to be held and shall state briefly the general nature of the
business to be transacted thereat and it shall not be necessary for any such notice to set out the terms of any resolution to be
proposed or any of the provisions of this Article. The accidental omission to give notice of a meeting to any holder of Debentures
shall not invalidate any resolution passed at any such meeting. A holder may waive notice of a meeting either before or after the
meeting.

 

		(b)	Subject to Section 10.2(c), the determination as to whether any business to be transacted at a
meeting of Debentureholders, or any action to be taken or power to be exercised by instrument in writing under Section 10.15, especially
affects the rights of the Debentureholders of one or more series in a manner or to an extent differing in any material way from
that in or to which it affects the rights of Debentureholders of any other series (and is therefore an especially affected series)
shall be determined by an opinion of Counsel, which shall be binding on all Debentureholders, the Trustee and the Company for all
purposes hereof.

 

     

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		(c)	A proposal:

 

		(i)	to extend the maturity or date of payment of interest of Debentures of any particular series or
to reduce the principal amount thereof, or to impair or change any conversion right thereof;

 

		(ii)	to modify or terminate any covenant or agreement which by its terms is effective only so long as
Debentures of a particular series are outstanding; or

 

		(iii)	to reduce with respect to Debentureholders of any particular series any percentage stated in this
Section 10.1 or Sections 10.4, 10.12 and 10.15;

 

shall be deemed to especially affect the rights of the Debentureholders
of such series in a manner differing in a material way from that in which it affects the rights of holders of Debentures of any
other series, whether or not a similar extension, reduction, modification or termination is proposed with respect to Debentures
of any or all other series.

 

		10.3	Chairman

 

Some Person, who need not be a Debentureholder, nominated in writing
by the Trustee shall be chairman of the meeting and if no Person is so nominated, or if the Person so nominated is not present
within 15 minutes from the time fixed for the holding of the meeting, a majority of the Debentureholders present in Person or by
proxy shall choose some Person present to be chairman.

 

		10.4	Quorum

 

Subject to the provisions of Section 10.12, at any meeting of the
Debentureholders a quorum shall consist of Debentureholders present in person or by proxy and representing at least 25% in principal
amount of the outstanding Debentures. If a quorum of the Debentureholders shall not be present within 30 minutes from the time
fixed for holding any meeting, the meeting, if summoned by the Debentureholders or pursuant to a request of the Debentureholders,
shall be dissolved, but in any other case the meeting shall be adjourned to the same day in the next week (unless such day is not
a Business Day in which case it shall be adjourned to the next following Business Day thereafter) at the same time and place to
the extent possible and no notice shall be required to be given in respect of such adjourned meeting. At the adjourned meeting,
the Debentureholders present in person or by proxy shall, subject to the provisions of Section 10.12, constitute a quorum and may
transact the business for which the meeting was originally convened notwithstanding that they may not represent 25% of the principal
amount of the outstanding Debentures or of the Debentures then outstanding of each especially affected series. Any business may
be brought before or dealt with at an adjourned meeting which might have been brought before or dealt with at the original meeting
in accordance with the notice calling the same. No business shall be transacted at any meeting unless the required quorum is present
at the commencement of business.

 

     

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		10.5	Power to Adjourn

 

The chairman of any meeting at which a quorum of the Debentureholders
is present may, with the consent of the holders of a majority in principal amount of the Debentures represented thereat, adjourn
any such meeting and no notice of such adjournment need be given except such notice, if any, as the meeting may prescribe.

 

		10.6	Show of Hands

 

Every question submitted to a meeting shall, subject to Section
10.7, be decided in the first place by a majority of the votes given on a show of hands except that votes on Extraordinary Resolutions
shall be given in the manner hereinafter provided. At any such meeting, unless a poll is duly demanded as herein provided, a declaration
by the chairman that a resolution has been carried or carried unanimously or by a particular majority or lost or not carried by
a particular majority shall be conclusive evidence of the fact. The chairman of any meeting shall be entitled, both on a show of
hands and on a poll, to vote in respect of the Debentures, if any, held by him.

 

		10.7	Poll

 

On every Extraordinary Resolution, and on any other question submitted
to a meeting when demanded by the chairman or by one or more Debentureholders or proxies for Debentureholders, a poll shall be
taken in such manner and either at once or after an adjournment as the chairman shall direct. Questions other than Extraordinary
Resolutions shall, if a poll be taken, be decided by the votes of the holders of a majority in principal amount of the Debentures
and of each especially affected series, if applicable, represented at the meeting and voted on the poll.

 

		10.8	Voting

 

On a show of hands every Person who is present and entitled to vote,
whether as a Debentureholder or as proxy for one or more Debentureholders or both, shall have one vote. On a poll each Debentureholder
present in Person or represented by a proxy duly appointed by an instrument in writing shall be entitled to one vote in respect
of each $1,000 principal amount of Debentures of which he shall then be the holder. In the case of any Debenture denominated in
a currency or currency unit other than Canadian dollars, the principal amount thereof for these purposes shall be computed in Canadian
dollars on the basis of the conversion of the principal amount thereof at the applicable spot buying rate of exchange for such
other currency or currency unit as reported by the Bank of Canada at the close of business on the Business Day next preceding the
meeting. Any fractional amounts resulting from such conversion shall be rounded to the nearest $100. A proxy need not be a Debentureholder.
In the case of joint holders of a Debenture, any one of them present in Person or by proxy at the meeting may vote in the absence
of the other or others but in case more than one of them be present in Person or by proxy, they shall vote together in respect
of the Debentures of which they are joint holders.

 

		10.9	Proxies

 

A Debentureholder may be present and vote at any meeting of Debentureholders
by an authorized representative. The Company (in case it convenes the meeting) or the Trustee (in any other case) for the purpose
of enabling the Debentureholders to be present and vote at any meeting without producing their Debentures, and of enabling them
to be present and vote at any such meeting by proxy and of lodging instruments appointing such proxies at some place other than
the place where the meeting is to be held may from time to time make and vary such regulations as it shall think fit providing
for and governing any or all of the following matters:

 

     

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		(a)	the form of the instrument appointing a proxy, which shall be in writing, and the manner in which
the same shall be executed and the production of the authority of any Person signing on behalf of a Debentureholder;

 

		(b)	the deposit of instruments appointing proxies at such place as the Trustee, the Company or the
Debentureholder convening the meeting, as the case may be, may, in the notice convening the meeting, direct and the time, if any,
before the holding of the meeting or any adjournment thereof by which the same must be deposited; and

 

		(c)	the deposit of instruments appointing proxies at some approved place or places other than the place
at which the meeting is to be held and enabling particulars of such instruments appointing proxies to be mailed, faxed, or sent
by other electronic means before the meeting to the Company or to the Trustee at the place where the same is to be held and for
the voting of proxies so deposited as though the instruments themselves were produced at the meeting.

 

Any regulations so made shall be binding and effective and the votes
given in accordance therewith shall be valid and shall be counted. Save as such regulations may provide, the only Persons who shall
be recognized at any meeting as the holders of any Debentures, or as entitled to vote or be present at the meeting in respect thereof,
shall be Debentureholders and Persons whom Debentureholders have by instrument in writing duly appointed as their proxies.

 

		10.10	Persons Entitled to Attend Meetings

 

The Company and the Trustee, by their respective officers and directors,
the Auditors of the Company and the legal advisors of the Company, the Trustee or any Debentureholder (and their legal advisors)
may attend any meeting of the Debentureholders, but shall have no vote as such.

 

		10.11	Powers Exercisable by Extraordinary Resolution

 

		(a)	In addition to the powers conferred upon them by any other provisions of this Indenture or by law,
a meeting of the Debentureholders shall have the following powers exercisable from time to time by Extraordinary Resolution (subject,
in the case of subsections (i), (ii), (iii), (iv), (vi), (xiii), (xiii) and (xiv), to applicable securities laws and regulatory
requirements including the prior approval of the TSX-V, if required):

 

		(i)	power to authorize the Trustee to grant extensions of time for payment of any the principal and/or
the interest on the Debentures, whether or not the principal and/or the interest, the payment of which is extended, is at the time
due or overdue;

 

     

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		(ii)	power to sanction any modification, abrogation, alteration, compromise or arrangement of the rights
of the Debentureholders or the Trustee (subject to the prior consent of the Trustee, such consent not to be unreasonably withheld)
against the Company, or against its property, whether such rights arise under this Indenture or the Debentures or otherwise;

 

		(iii)	power to assent to any modification of or change in or addition to or omission from the provisions
contained in this Indenture or any Debenture which shall be agreed to by the Company and to authorize the Trustee to concur in
and execute any indenture supplemental hereto embodying any modification, change, addition or omission;

 

		(iv)	power to sanction any scheme for the reconstruction, reorganization or recapitalization of the
Company or for the consolidation, amalgamation, arrangement, combination or merger of the Company with any other Person or for
the sale, leasing, transfer or other disposition of all or substantially all of the undertaking, property and assets of the Company
or any part thereof;

 

		(v)	power to direct or authorize the Trustee to exercise any power, right, remedy or authority given
to it by this Indenture in any manner specified in any such Extraordinary Resolution or to refrain from exercising any such power,
right, remedy or authority;

 

		(vi)	power to waive, and direct the Trustee to waive, any default hereunder and/or cancel any declaration
made by the Trustee pursuant to Section 8.1 either unconditionally or upon any condition specified in such Extraordinary Resolution;

 

		(vii)	power, subject to Section 8.5, to restrain any Debentureholder from taking or instituting any suit,
action or proceeding for the purpose of enforcing payment of the principal and/or the interest on the Debentures, or for the execution
of any trust or power hereunder;

 

		(viii)	power to direct any Debentureholder who, as such, has brought any action, suit or proceeding to
stay or discontinue or otherwise deal with the same upon payment, if the taking of such suit, action or proceeding shall have been
permitted by Section 8.5, of the costs, charges and expenses reasonably and properly incurred by such Debentureholder in connection
therewith;

 

		(ix)	power to assent to any compromise or arrangement with any creditor or creditors or any class or
classes of creditors, whether secured or otherwise, and with holders of any shares or other securities of the Company;

 

		(x)	power to appoint a committee with power and authority (subject to such limitations, if any, as
may be prescribed in the resolution) to exercise, and to direct the Trustee to exercise, on behalf of the Debentureholders, such
of the powers of the Debentureholders as are exercisable by Extraordinary Resolution or other resolution as shall be included in
the resolution appointing the committee. The resolution making such appointment may provide for payment of the expenses and disbursements
of and compensation to such committee. Such committee shall consist of such number of Persons as shall be prescribed in the resolution
appointing it and the members need not be themselves Debentureholders. Every such committee may elect its chairman and may make
regulations respecting its quorum, the calling of its meetings and the filling of vacancies occurring in its number and its procedure
generally. Such regulations may provide that the committee may act at a meeting at which a quorum is present or may act by minutes
signed by the number of members thereof necessary to constitute a quorum. All acts of any such committee within the authority delegated
to it shall be binding upon all Debentureholders. Neither the committee nor any member thereof shall be liable for any loss arising
from or in connection with any action taken or omitted to be taken by them in good faith;

 

     

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		(xi)	power to remove the Trustee from office and to appoint a new Trustee or Trustees provided that
no such removal shall be effective unless and until a new Trustee or Trustees shall have become bound by this Indenture;

 

		(xii)	power to sanction the exchange of the Debentures for or the conversion thereof into shares, bonds,
debentures or other securities or obligations of the Company or of any other Person formed or to be formed;

 

		(xiii)	power to authorize the distribution in specie of any shares or securities received pursuant to
a transaction authorized under the provisions of subsection 10.11(a)(xii); and

 

		(xiv)	power to amend, alter or repeal any Extraordinary Resolution previously passed or sanctioned by
the Debentureholders or by any committee appointed pursuant to clause 10.11(a)(x).

 

		10.12	Meaning of "Extraordinary Resolution"

 

		(a)	The expression "Extraordinary Resolution" when used in this Indenture means, subject
as hereinafter in this Article provided, a resolution proposed to be passed as an Extraordinary Resolution at a meeting of Debentureholders
(including an adjourned meeting) duly convened for the purpose and held in accordance with the provisions of this Article at which
the holders of not less than 25% of the principal amount of the Debentures then outstanding, are present in Person or by proxy
and passed by the favourable votes of the holders of not less than 66 2/3% of the principal amount of the Debentures present or
represented by proxy at the meeting and voted upon on a poll on such resolution.

 

		(b)	If, at any such meeting, the holders of not less than 25% of the principal amount of the Debentures
then outstanding are not present in Person or by proxy within 30 minutes after the time appointed for the meeting, then the meeting,
if convened by or on the requisition of Debentureholders, shall be dissolved but in any other case it shall stand adjourned to
such date, being not less than 14 nor more than 60 days later, and to such place and time as may be appointed by the chairman.
Not less than 10 days' notice shall be given of the time and place of such adjourned meeting in the manner provided in Section
11.2. Such notice shall state that at the adjourned meeting the Debentureholders present in Person or by proxy shall form a quorum.
At the adjourned meeting the Debentureholders present in Person or by proxy shall form a quorum and may transact the business for
which the meeting was originally convened and a resolution proposed at such adjourned meeting and passed thereat by the affirmative
vote of holders of not less than 66 2/3% of the principal amount of the Debentures present or represented by proxy at the meeting
and voted upon on a poll shall be an Extraordinary Resolution within the meaning of this Indenture, notwithstanding that the holders
of not less than 25% in principal amount of the Debentures then outstanding, are not present in Person or by proxy at such adjourned
meeting.

 

     

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		(c)	Votes on an Extraordinary Resolution shall always be given on a poll and no demand for a poll on
an Extraordinary Resolution shall be necessary.

 

		10.13	Powers Cumulative

 

Any one or more of the powers in this Indenture stated to be exercisable
by the Debentureholders by Extraordinary Resolution or otherwise may be exercised from time to time and the exercise of any one
or more of such powers from time to time shall not be deemed to exhaust the rights of the Debentureholders to exercise the same
or any other such power or powers thereafter from time to time.

 

		10.14	Minutes

 

Minutes of all resolutions and proceedings at every meeting as aforesaid
shall be made and duly entered in books to be from time to time provided for that purpose by the Trustee at the expense of the
Company, and any such minutes as aforesaid, if signed by the chairman of the meeting at which such resolutions were passed or proceedings
had, or by the chairman of the next succeeding meeting of the Debentureholders, shall be prima facie evidence of the matters therein
stated and, until the contrary is proved, every such meeting, in respect of the proceedings of which minutes shall have been made,
shall be deemed to have been duly held and convened, and all resolutions passed thereat or proceedings taken thereat to have been
duly passed and taken.

 

		10.15	Instruments in Writing

 

All actions which may be taken and all powers that may be exercised
by the Debentureholders at a meeting held as hereinbefore in this Article provided may also be taken and exercised: (i) in the
case of an Extraordinary Resolution, by the holders of 66 2/3% of the principal amount of all the outstanding Debentures, by an
instrument in writing signed in one or more counterparts and the expression "Extraordinary Resolution" when used in this
Indenture shall include an instrument so signed; and (ii) in the case of any other resolution, by the holder of a majority of the
principal amount of all outstanding Debentures, by an instrument in writing signed in one or more counterparts.

 

     

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		10.16	Binding Effect of Resolutions

 

Every resolution and every Extraordinary Resolution passed in accordance
with the provisions of this Article at a meeting of Debentureholders shall be binding upon all the Debentureholders, whether present
at or absent from such meeting, and every instrument in writing signed by Debentureholders in accordance with Section 10.15 shall
be binding upon all the Debentureholders, whether signatories thereto or not, and each and every Debentureholder, the Company and
the Trustee (subject to the provisions for its indemnity herein contained) shall be bound to give effect accordingly to every such
resolution, Extraordinary Resolution and instrument in writing.

 

		10.17	Evidence of Rights Of Debentureholders

 

		(a)	Any request, direction, notice, consent or other instrument which this Indenture may require or
permit to be signed or executed by the Debentureholders may be in any number of concurrent instruments of similar tenor signed
or executed by such Debentureholders.

 

		(b)	The Trustee may, in its discretion, require proof of execution in cases where it deems proof desirable
and may accept such proof as it shall consider proper.

 

Article
11

NOTICES

 

		11.1	Notice to Company

 

Any notice to the Company under the provisions of this Indenture
shall be valid and effective if delivered or emailed to the Company at: Suite 1107, 120 Eglinton Avenue East, Toronto, Ontario,
Canada M4P 1E2, Attention: Kevin Barnes, Email: kb@poet-technologies.com; or if given by registered letter, postage prepaid, to
such offices and so addressed and if mailed, shall be deemed to have been effectively given three days following the mailing thereof.
The Company may from time to time notify the Trustee in writing of a change of address which thereafter, until changed by like
notice, shall be the address of the Company for all purposes of this Indenture.

 

		11.2	Notice to Debentureholders

 

		(a)	All notices to be given hereunder with respect to the Debentures shall be deemed to be validly
given to the holders thereof if sent by first class mail, postage prepaid, by letter or circular addressed to such holders at their
post office addresses appearing in any of the registers hereinbefore mentioned and shall be deemed to have been effectively given
three days following the day of mailing. Accidental error or omission in giving notice or accidental failure to mail notice to
any Debentureholder or the inability of the Company to give or mail any notice due to anything beyond the reasonable control of
the Company shall not invalidate any action or proceeding founded thereon.

 

     

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		(b)	If any notice given in accordance with the foregoing paragraph would be unlikely to reach the Debentureholders
to whom it is addressed in the ordinary course of post by reason of an interruption in mail service, whether at the place of dispatch
or receipt or both, the Company shall give such notice by publication at least once in the city of Toronto (or in such of those
cities as, in the opinion of the Trustee, is sufficient in the particular circumstances), each such publication to be made in a
daily newspaper of general circulation in the designated city.

 

		(c)	Any notice given to Debentureholders by publication shall be deemed to have been given on the day
on which publication shall have been effected at least once in each of the newspapers in which publication was required.

 

		(d)	All notices with respect to any Debenture may be given to whichever one of the holders thereof
(if more than one) is named first in the registers hereinbefore mentioned, and any notice so given shall be sufficient notice to
all holders of any Persons interested in such Debenture.

 

		11.3	Notice to Trustee

 

Any notice to the Trustee under the provisions of this Indenture
shall be valid and effective if delivered, receipt confirmed, to the Trustee at its office in the City of Toronto, Ontario, at
100 Adelaide Street West, Suite 301, Toronto, Ontario M5H 4H1, Email: tmxestaff-corporatetrust@tmx.com, Attention: Vice President
Trust Services and shall be deemed to have been effectively given as at the date of such receipt confirmation or if given by registered
letter, postage prepaid, to such office and so addressed and, if mailed, shall be deemed to have been effectively given three days
following the mailing thereof.

 

		11.4	Mail Service Interruption

 

If by reason of any interruption of mail service, actual or threatened,
any notice to be given to the Trustee would reasonably be unlikely to reach its destination by the time notice by mail is deemed
to have been given pursuant to Section 11.3, such notice shall be valid and effective only if delivered at the appropriate address
in accordance with Section 11.3.

 

Article
12

CONCERNING THE TRUSTEE

 

		12.1	No Conflict of Interest

 

The Trustee represents to the Company that to the best of its knowledge
at the date of execution and delivery by it of this Indenture there exists no material conflict of interest in the role of the
Trustee as a fiduciary hereunder but if, notwithstanding the provisions of this Section 12.1, such a material conflict of interest
exists, or hereafter arises, the validity and enforceability of this Indenture, and the Debentures issued hereunder, shall not
be affected in any manner whatsoever by reason only that such material conflict of interest exists or arises but the Trustee shall,
within 30 days after ascertaining that it has a material conflict of interest, either eliminate such material conflict of interest
or resign in the manner and with the effect specified in Section 12.2. The Trustee also serves as the transfer agent for the Common
Shares and as Warrant agent under the Warrant Indenture and the warrant indenture dated March 21, 2018 between the Company and
TSX Trust Company.

 

     

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		12.2	Replacement of Trustee

 

		(a)	The Trustee may resign its trust and be discharged from all further duties and liabilities hereunder
by giving to the Company 90 days' notice in writing or such shorter notice as the Company may accept as sufficient. If at any time
a material conflict of interest exists in the Trustee's role as a fiduciary hereunder the Trustee shall, within 30 days after ascertaining
that such a material conflict of interest exists, either eliminate such material conflict of interest or resign in the manner and
with the effect specified in this Section 12.2. The validity and enforceability of this Indenture and of the Debentures issued
hereunder shall not be affected in any manner whatsoever by reason only that such a material conflict of interest exists. In the
event of the Trustee resigning or being removed or being dissolved, becoming bankrupt, going into liquidation or otherwise becoming
incapable of acting hereunder, the Company shall forthwith appoint a new Trustee unless a new Trustee has already been appointed
by the Debentureholders. Failing such appointment by the Company, the retiring Trustee or any Debentureholder may apply to a judge
of the Ontario Superior Court of Justice, on such notice as such judge may direct at the Company's expense, for the appointment
of a new Trustee but any new Trustee so appointed by the Company or by the Court shall be subject to removal as aforesaid by the
Debentureholders and the appointment of such new Trustee shall be effective only upon such new Trustee becoming bound by this Indenture.
Any new Trustee appointed under any provision of this Section 12.2 shall be a Company authorized to carry on the business of a
trust company in all of the Provinces and Territories of Canada. On any new appointment the new Trustee shall be vested with the
same powers, rights, duties and responsibilities as if it had been originally named herein as Trustee.

 

		(b)	Any company into which the Trustee may be merged or, with or to which it may be consolidated, amalgamated
or sold, or any company resulting from any merger, consolidation, sale or amalgamation to which the Trustee shall be a party, or
any company which shall purchase all or substantially all of the corporate trust book of business of the Trustee, shall be the
successor trustee under this Indenture without the execution of any instrument or any further act. Nevertheless, upon the written
request of the successor Trustee or of the Company, the Trustee ceasing to act shall execute and deliver an instrument assigning
and transferring to such successor Trustee, upon the trusts herein expressed, all the rights, powers and trusts of the Trustee
so ceasing to act, and, upon receipt by the Trustee of payment in full for any outstanding charges due to it, shall duly assign,
transfer and deliver all property and money held by such Trustee to the successor Trustee so appointed in its place. Should any
deed, conveyance or instrument in writing from the Company be required by any new Trustee for more fully and certainly vesting
in and confirming to it such estates, properties, rights, powers and trusts, then any and all such deeds, conveyances and instruments
in writing shall on request of said new Trustee, be made, executed, acknowledged and delivered by the Company.

 

     

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		12.3	Duties of Trustee

 

In the exercise of the rights, duties and obligations prescribed
or conferred by the terms of this Indenture, the Trustee shall act honestly and in good faith and exercise that degree of care,
diligence and skill that a reasonably prudent trustee would exercise in comparable circumstances.

 

		12.4	Reliance Upon Declarations, Opinions, etc.

 

In the exercise of its rights, duties and obligations hereunder
the Trustee may, if acting in good faith, act and rely, as to the truth of the statements and accuracy of the opinions expressed
therein, upon statutory declarations, opinions, reports or certificates furnished pursuant to any covenant, condition or requirement
of this Indenture or required by the Trustee to be furnished to it in the exercise of its rights and duties hereunder, if the Trustee
examines such statutory declarations, opinions, reports or certificates and determines that they comply with Section 12.5, if applicable,
and with any other applicable requirements of this Indenture. The Trustee may nevertheless, in its discretion, require further
proof in cases where it deems further proof desirable. Without restricting the foregoing, the Trustee may act and rely on an opinion
of Counsel satisfactory to the Trustee notwithstanding that it is delivered by a solicitor or firm which acts as solicitors for
the Company.

 

		12.5	Evidence and Authority to Trustee, Opinions, etc.

 

		(a)	The Company shall furnish to the Trustee evidence of compliance with the conditions precedent provided
for in this Indenture relating to any action or step required or permitted to be taken by the Company or the Trustee under this
Indenture or as a result of any obligation imposed under this Indenture, including without limitation, the certification and delivery
of Debentures hereunder, the satisfaction and discharge of this Indenture and the taking of any other action to be taken by the
Trustee at the request of or on the application of the Company, forthwith if and when (a) such evidence is required by any other
Section of this Indenture to be furnished to the Trustee in accordance with the terms of this Section 12.5, or (b) the Trustee,
in the exercise of its rights and duties under this Indenture, gives the Company written notice requiring it to furnish such evidence
in relation to any particular action or obligation specified in such notice.

 

		(b)	Such evidence shall consist of:

 

		(i)	a certificate made by any one officer or director of the Company, stating that any such condition
precedent has been complied with in accordance with the terms of this Indenture;

 

		(ii)	in the case of a condition precedent compliance with which is, by the terms of this Indenture,
made subject to review or examination by a solicitor, an opinion of Counsel that such condition precedent has been complied with
in accordance with the terms of this Indenture; and

 

		(iii)	in the case of any such condition precedent compliance with which is subject to review or examination
by auditors or accountants, an opinion or report of the Auditors of the Company whom the Trustee for such purposes hereby approves,
that such condition precedent has been complied with in accordance with the terms of this Indenture.

 

     

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		(c)	Whenever such evidence relates to a matter other than the certification and delivery of Debentures
and the satisfaction and discharge of this Indenture, and except as otherwise specifically provided herein, such evidence may consist
of a report or opinion of any solicitor, auditor, accountant, engineer or appraiser or any other Person whose qualifications give
authority to a statement made by him, provided that if such report or opinion is furnished by a director, officer or employee of
the Company it shall be in the form of a statutory declaration. Such evidence shall be, so far as appropriate, in accordance with
the immediately preceding paragraph of this Section.

 

		(d)	Each statutory declaration, certificate, opinion or report with respect to compliance with a condition
precedent provided for in the Indenture shall include (a) a statement by the Person giving the evidence that he has read and is
familiar with those provisions of this Indenture relating to the condition precedent in question, (b) a brief statement of the
nature and scope of the examination or investigation upon which the statements or opinions contained in such evidence are based,
(c) a statement that, in the belief of the Person giving such evidence, he has made such examination or investigation as is necessary
to enable him to make the statements or give the opinions contained or expressed therein, and (d) a statement whether in the opinion
of such Person the conditions precedent in question have been complied with or satisfied.

 

		(e)	The Company shall furnish or cause to be furnished to the Trustee at any time if the Trustee reasonably
so requires, its certificate that the Company has complied with all covenants, conditions or other requirements contained in this
Indenture, the non-compliance with which would, with the giving of notice or the lapse of time, or both, or otherwise, constitute
an Event of Default, or if such is not the case, specifying the covenant, condition or other requirement which has not been complied
with and giving particulars of such non-compliance. The Company shall, whenever the Trustee so requires, furnish the Trustee with
evidence by way of statutory declaration, opinion, report or certificate as specified by the Trustee as to any action or step required
or permitted to be taken by the Company or as a result of any obligation imposed by this Indenture.

 

		12.6	Officer's Certificates Evidence

 

Except as otherwise specifically provided or prescribed by this
Indenture, whenever in the administration of the provisions of this Indenture the Trustee shall deem it necessary or desirable
that a matter be proved or established prior to taking or omitting any action hereunder, the Trustee, if acting in good faith,
may act and rely upon an Officer's Certificate.

 

     

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		12.7	Experts, Advisers and Agent

 

The Trustee
may:

 

		(a)	employ or retain legal counsel and advisors as may reasonably be required for the purpose of determining
and discharging its duties and determining its rights under this Indenture and may act and rely on the opinion or advice of or
information obtained from any legal counsel, advisors, auditor, valuer, engineer, surveyor, appraiser or other expert, whether
obtained by the Trustee or by the Company, or otherwise, and shall not be liable for acting, or refusing to act, in good faith
on any such opinion or advice and shall not be responsible for any misconduct on the part of any of them and may pay proper compensation
for all such legal and other advice or assistance as aforesaid. The costs of such services shall be added to and become part of
the Trustee's remuneration hereunder; and

 

		(b)	employ such agents and other assistants as it may reasonably require for the proper discharge of
its duties hereunder, and may pay remuneration for all services performed for it (and shall be entitled to receive full remuneration
for all services performed by it) in the discharge of the trusts hereof and compensation for all disbursements, costs and expenses
made or incurred by it in the discharge of its duties hereunder and in the management of the trusts hereof and any solicitors employed
or consulted by the Trustee may, but need not be, solicitors for the Company.

 

		12.8	Trustee May Deal in Debentures

 

Subject to Sections 12.1 and 12.3, the Trustee may, in its personal
or other capacity, buy, sell, lend upon and deal in the Debentures and generally contract and enter into financial transactions
with the Company or otherwise, without being liable to account for any profits made thereby.

 

		12.9	Trustee Not Ordinarily Bound

 

Except as provided in Section 8.2 and as otherwise specifically
provided herein, the Trustee shall not, subject to Section 12.3, be bound to give notice to any Person of the execution hereof,
nor to do, observe or perform or see to the observance or performance by the Company of any of the obligations herein imposed upon
the Company or of the covenants on the part of the Company herein contained, nor in any way to supervise or interfere with the
conduct of the Company's business, unless the Trustee shall have been required to do so in writing by the holders of not less than
25% of the aggregate principal amount of the Debentures then outstanding or by any Extraordinary Resolution of the Debentureholders
passed in accordance with the provisions contained in Article 10, and then only after it shall have been funded and indemnified
to its satisfaction against all actions, proceedings, claims and demands to which it may render itself liable and all costs, charges,
damages and expenses which it may incur by so doing.

 

The Trustee is not required to take notice of any default hereunder,
unless and until notified in writing of such default, which notice shall distinctly specify the default desired to be brought to
the attention of the Trustee and, in the absence of any such notice, the Trustee may for all purposes of this Indenture conclusively
assume that no default has been made in the observance or performance of any of the representations, debentures, covenants, agreements,
or conditions contained herein.

 

     

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		12.10	Trustee Not Required to Give Security

 

The Trustee shall not be required to give any bond or security in
respect of the execution of the trusts and powers of this Indenture or otherwise in respect of the premises.

 

		12.11	Conditions Precedent to Trustee's Obligations to Act Hereunder

 

		(a)	The obligation of the Trustee to commence or continue any act, action or proceeding for the purpose
of enforcing the rights of the Trustee and of the Debentureholders hereunder shall be conditional upon the Debentureholders furnishing
when required by notice in writing by the Trustee, sufficient funds to commence or continue such act, action or proceeding and
indemnity reasonably satisfactory to the Trustee to protect and hold harmless the Trustee, its officers, directors, employees and
agents, against the costs, charges and expenses and liabilities to be incurred thereby and any loss and damage it may suffer by
reason thereof.

 

		(b)	None of the provisions contained in this Indenture shall require the Trustee to expend or risk
its own funds or otherwise incur financial liability in the performance of any of its duties or in the exercise of any of its rights
or powers.

 

		(c)	The Trustee may, before commencing or at any time during the continuance of any such act, action
or proceeding require the Debentureholders at whose instance it is acting to deposit with the Trustee the Debentures held by them
for which Debentures the Trustee shall issue receipts.

 

		12.12	Authority to Carry on Business

 

The Trustee represents to the Company that at the date of execution
and delivery by it of this Indenture it is authorized to carry on the business of a trust company in each of the provinces and
territories of Canada but if, notwithstanding the provisions of this Section 12.12, it ceases to be so authorized to carry on business,
the validity and enforceability of this Indenture and the securities issued hereunder shall not be affected in any manner whatsoever
by reason only of such event but the Trustee shall, within 90 days after ceasing to be authorized to carry on the business of a
trust company in any of the provinces of Canada, either become so authorized or resign in the manner and with the effect specified
in Section 12.2.

 

		12.13	Compensation and Indemnity

 

		(a)	The Company shall pay to the Trustee from time to time compensation for its services hereunder
as agreed separately by the Company and the Trustee, and shall pay or reimburse the Trustee upon its request for all reasonable
expenses, disbursements and advances incurred or made by the Trustee in the administration or execution of its duties under this
Indenture (including the reasonable and documented compensation and disbursements of its Counsel and all other advisers and assistants
not regularly in its employ), both before any default hereunder and thereafter until all duties of the Trustee under this Indenture
shall be finally and fully performed. Any fees and expenses of the Trustee in connection herewith shall be paid by the Company
within 30 days of issuance of an invoice therefor and, if not so paid, shall bear interest at a rate per annum to the then-current
rate of interest charged by the Trustee to its corporate clients. The Trustee's compensation shall not be limited by any law on
compensation of a trustee of an express trust.

 

     

    -76-

    

		(b)	The Company hereby indemnifies and holds the Trustee and its affiliates, their successors and assigns,
as well as its and their respective directors, officers, employees and agents, harmless from and against any and all claims, demands,
assessments, interest, penalties, actions, suits, proceedings, liabilities, losses, damages, costs and expenses, including, without
limiting the foregoing, expert, consultant and counsel fees and disbursements on a solicitor and client basis, arising from or
in connection with any actions or omissions that the Trustee or they take pursuant to this Indenture, or is taken on advice and
instructions given to the Trustee or them by the Company, or the Company's representatives, including the Company's legal counsel,
or counsel consulted by the Trustee or them, provided that any such action or omission is without gross negligence, bad faith,
wilful misconduct or fraud. This indemnity shall survive the resignation or removal of the Trustee and the termination or discharge
of this Indenture.

 

		(c)	In no event shall the Trustee be responsible or liable for special, indirect, or consequential
loss or damage of any kind whatsoever (including but not limited to, loss of profit) irrespective of whether the Trustee was advised
of the likelihood of such loss or damage and regardless of the form of action.

 

		12.14	Acceptance of Trust

 

The Trustee hereby accepts the trusts in this Indenture declared
and provided for and agrees to perform the same upon the terms and conditions herein set forth and to hold all rights, privileges
and benefits conferred hereby and by law in trust for the various Persons who shall from time to time be Debentureholders, subject
to all the terms and conditions herein set forth.

 

		12.15	Third Party Interests

 

Each party to this Indenture (in this paragraph referred to as a
"representing party") hereby represents to the Trustee that any account to be opened by, or interest to be held by, the
Trustee in connection with this Indenture, for or to the credit of such representing party, either (i) is not intended to be used
by or on behalf of any third party; or (ii) is intended to be used by or on behalf of a third party, in which case such representing
party hereby agrees to complete, execute and deliver forthwith to the Trustee a declaration, in the Trustee's prescribed form or
in such other form as may be satisfactory to it, as to the particulars of such third party.

 

		12.16	Anti-Money Laundering

 

The Trustee shall retain the right not to act and shall not be liable
for refusing to act if, due to a lack of information or for any other reason whatsoever, the Trustee, in its sole judgment, determines
that such act might cause it to be in noncompliance with any applicable anti-money laundering or anti-terrorist or economic sanctions
legislation, regulation or guideline. Further, should the Trustee, in its sole judgment, determine at any time that its acting
under this Indenture has resulted in its being in non-compliance with any applicable anti-money laundering or anti-terrorist or
economic sanctions legislation, regulation or guideline, then it shall have the right to resign on 10 days' prior written notice
sent to the Company provided that (i) the Trustee's written notice shall describe the circumstances of such non-compliance; and
(ii) if such circumstances are rectified to the Trustee's satisfaction within such 10-day period, then such resignation shall not
be effective.

 

     

    -77-

    

		12.17	Privacy Laws

 

		(a)	The parties acknowledge that the Trustee may, in the course of providing services hereunder, collect
or receive financial and other personal information about such parties and/or their representatives, as individuals, or about other
individuals related to the subject matter hereof, and use such information for the following purposes:

 

		(i)	to provide the services required under this Indenture and other services that may be requested
from time to time;

 

		(ii)	to help the Trustee manage its servicing relationships with such individuals;

 

		(iii)	to meet the Trustee's legal and regulatory requirements; and

 

		(iv)	if Social Insurance Numbers are collected by the Trustee, to perform tax reporting and to assist
in verification of an individual's identity for security purposes.

 

		(b)	Each party acknowledges and agrees that the Trustee may receive, collect, use and disclose personal
information provided to it or acquired by it in the course of this Indenture for the purposes described above and, generally, in
the manner and on the terms described in its Privacy Code, which the Trustee shall make available on its website or upon request,
including revisions thereto. The Trustee may transfer personal information to other companies in or outside of Canada that provide
data processing and storage or other support in order to facilitate the services it provides.

 

		12.18	Force Majeure

 

Neither party shall be liable to the other, or held in breach of
this Indenture, if prevented, hindered, or delayed in the performance or observance of any provision contained herein by reason
of act of God, riots, terrorism, acts of war, epidemics, governmental action or judicial order, earthquakes, or any other similar
causes (including, but not limited to, mechanical, electronic or communication interruptions, disruptions or failures). Performance
times under this Indenture shall be extended for a period of time equivalent to the time lost because of any delay that is excusable
under this Section 12.18.

 

     

    -78-

    

Article
13

SUPPLEMENTAL INDENTURES

 

		13.1	Supplemental Indentures

 

		(a)	Subject to regulatory approvals, from time to time the Trustee and, when authorized by a resolution
of the directors of Company, the Company, may, and they shall when required by this Indenture, execute, acknowledge and deliver
by their proper officers deeds or indentures supplemental hereto which thereafter shall form part hereof, for any one or more of
the following purposes:

 

		(i)	adding to the covenants of the Company herein contained for the protection of the Debentureholders,
or of the Debentures of any series, or providing for events of default, in addition to those herein specified;

 

		(ii)	making such provisions not inconsistent with this Indenture as may be necessary or desirable with
respect to matters or questions arising hereunder, including the making of any modifications in the form of the Debentures which
do not affect the substance thereof and which in the opinion of the Trustee relying on an opinion of Counsel will not be prejudicial
to the interests of the Debentureholders;

 

		(iii)	evidencing the succession, or successive successions, of others to the Company and the covenants
of and obligations assumed by any such successor in accordance with the provisions of this Indenture;

 

		(iv)	giving effect to any Extraordinary Resolution passed as provided in Article 10; and

 

		(v)	for any other purpose not inconsistent with the terms of this Indenture.

 

		(b)	Unless the supplemental indenture requires the consent or concurrence of Debentureholders or the
holders of a particular series of Debentures, as the case may be, by Extraordinary Resolution, the consent or concurrence of Debentureholders
or the holders of a particular series of Debentures, as the case may be, shall not be required in connection with the execution,
acknowledgement or delivery of a supplemental indenture. The Company and the Trustee may amend any of the provisions of this Indenture
related to matters of United States law or the issuance of Debentures into the United States in order to ensure that such issuances
can be made in accordance with applicable law in the United States without the consent or approval of the Debentureholders. Further,
the Company and the Trustee may without the consent or concurrence of the Debentureholders or the holders of a particular series
of Debentures, as the case may be, by supplemental indenture or otherwise, make any changes or corrections in this Indenture which
it shall have been advised by Counsel are required for the purpose of curing or correcting any ambiguity or defective or inconsistent
provisions or clerical omissions or mistakes or manifest errors contained herein or in any indenture supplemental hereto or any
Written Direction of the Company providing for the issue of Debentures, provided that in the opinion of the Trustee (relying upon
an opinion of Counsel) the rights of the Debentureholders are in no way prejudiced thereby.

 

     

    -79-

    

Article
14

EXECUTION AND FORMAL DATE

 

		14.1	Execution

 

This Indenture may be simultaneously executed in several counterparts,
each of which when so executed shall be deemed to be an original and such counterparts together shall constitute one and the same
instrument.

 

		14.2	Formal Date

 

For the purpose of convenience this Indenture may be referred to
as bearing the formal date of August 2, 2019 irrespective of the actual date of execution hereof.

 

[The remainder of this page has been intentionally
left blank. Signature pages follow.]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

IN WITNESS WHEREOF the parties hereto have executed this Indenture
under the hands of their proper officers in that behalf.

 

	 	
        POET TECHNOLOGIES INC.

         

	 	 	 
	 	 	 
	 	By:	 
	 	 	
        Authorized Signing Officer

         

 

 

 

 

	 	
        TSX TRUST COMPANY 

         

	 	 	 
	 	 	 
	 	By:	 
	 	
         

         

         
	
         

         

	 	By:	 
	 	 	 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signature Page – Convertible Debenture Indenture]

 

     

     

    

Schedule
"A"

FORM OF DEBENTURE

 

[DEBENTURES LEGEND]

 

UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF
THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE DECEMBER 3, 2019.

 

[Note: If required by Section 2.11, this certificate will
have the following legend added hereto:

 

WITHOUT PRIOR WRITTEN APPROVAL OF THE TSX VENTURE EXCHANGE AND
COMPLIANCE WITH ALL APPLICABLE SECURITIES LEGISLATION, THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD, TRANSFERRED,
HYPOTHECATED OR OTHERWISE TRADED ON OR THROUGH THE FACILITIES OF THE TSX VENTURE EXCHANGE OR OTHERWISE IN CANADA OR TO OR FOR THE
BENEFIT OF A CANADIAN RESIDENT UNTIL DECEMBER 3, 2019.

 

[Note: If Debentures are issued to a U.S. Purchaser, this
certificate will have the following legend added hereto:

 

THE SECURITIES REPRESENTED HEREBY AND THE SECURITIES ISSUABLE
UPON CONVERSION OR EXERCISE HEREOF HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS
AMENDED (THE "SECURITIES ACT"), OR ANY LAWS OF ANY STATE OF THE UNITED STATES. THE HOLDER HEREOF, BY PURCHASING THESE
SECURITIES, AGREES FOR THE BENEFIT OF POET TECHNOLOGIES INC. (THE "CORPORATION") THAT SUCH SECURITIES MAY BE OFFERED,
SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO THE CORPORATION, (B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904 OF
REGULATION S UNDER THE SECURITIES ACT AND IN COMPLIANCE WITH APPLICABLE LOCAL LAWS AND REGULATIONS, (C) IN COMPLIANCE WITH THE
EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT PROVIDED BY (1) RULE 144 THEREUNDER, IF AVAILABLE, OR (2) RULE 144A THEREUNDER,
IF AVAILABLE, AND IN BOTH CASES, IN COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS, OR (D) IN ANOTHER TRANSACTION THAT DOES NOT
REQUIRE REGISTRATION UNDER THE SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS, PROVIDED THAT IN THE CASE OF TRANSFERS PURSUANT
TO (C)(1) OR (D) ABOVE, THE SELLER FURNISHES TO THE CORPORATION AN OPINION OF COUNSEL OF RECOGNIZED STANDING OR SUCH OTHER EVIDENCE
IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE CORPORATION TO SUCH EFFECT. DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE
"GOOD DELIVERY" IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA.]

 

     

     

    

	No. ●	$●

 

 

POET TECHNOLOGIES INC.

 

(A corporation existing under the laws of the
Province of Ontario)

 

12.00% UNSECURED CONVERTIBLE DEBENTURE

 

DUE August 2, 2021

 

POET TECHNOLOGIES INC. (the "Corporation")
for value received hereby acknowledges itself indebted and, subject to the provisions of the Convertible Debenture Indenture (the
"Indenture") dated as of August 2, 2019 between the Corporation and TSX TRUST COMPANY (the "Trustee"),
promises to pay to , the registered holder hereof on August 2, 2021 or on such earlier date as the principal
amount hereof may become due in accordance with the provisions of the Indenture (any such date, the "Maturity Date")
the principal sum of ● Dollars ($●) in lawful money of Canada on presentation and surrender of this Debenture at the
office of the Trustee in Toronto, Ontario in accordance with and subject to the terms of the Indenture and, subject as hereinafter
provided, to pay interest on the principal amount hereof from, and including, the date hereof, or from the last Interest Payment
Date to which interest shall have been paid or made available for payment hereon, whichever is later, at the rate of 12.00% per
annum (based on a year of 365 days), in like money, in equal (with the exception of the first interest payment which will comprise
interest from August 2, 2019 as set forth below) monthly instalments (less any tax required by law to be deducted) on the third
day of each calendar month commencing on September 3, 2019 and the last interest payment (comprising interest payable from the
preceding Interest Payment Date to, but excluding, the Maturity Date of the Debentures) to fall due on the Maturity Date and, should
the Corporation at any time make default in the payment of any principal, premium, if any, or interest, to pay interest on the
amount in default at the same rate, in like money and on the same dates. For certainty, the first interest payment will include
interest accrued from August 2, 2019 to August 2, 2019, which will be equal to $10.00 for each $1,000 principal amount of the Debentures.

 

This initial debenture is one of the 12.00% Unsecured Convertible
Debentures (referred to herein as the "Debentures") of the Corporation issued or issuable in one or more series
under the provisions of the Indenture. The Debentures authorized for issue immediately are limited to an aggregate principal amount
of $550,000 in lawful money of Canada, in connection with the Offering. Reference is hereby expressly made to the Indenture for
a description of the terms and conditions upon which the Debentures are or are to be issued and held and the rights and remedies
of the holders of the Debentures and of the Corporation and of the Trustee, all to the same effect as if the provisions of the
Indenture were herein set forth to all of which provisions the holder of this Debenture by acceptance hereof assents.

 

The Debentures are issuable only in denominations of $1,000 and
integral multiples thereof. Upon compliance with the provisions of the Indenture, Debentures of any denomination may be exchanged
for an equal aggregate principal amount of Debentures in any other authorized denomination or denominations.

 

     

    -2- 

    

Subject to the terms and conditions of the Indenture, the outstanding
principal amount of the Debentures shall be repaid by the Company to the Debentureholders on the Maturity Date with a payment equal
to 100% of the outstanding principal sum.

 

The Company shall satisfy its Interest Obligation on the Debentures
on any Interest Payment Date (including, for greater certainty, following conversion or upon maturity) by delivering cash to the
Trustee.

 

Any part, being $1,000 or an integral multiple thereof, of the principal
of this Debenture, provided that the principal amount of this Debenture is in a denomination in excess of $1,000, is convertible,
at the option of the holder hereof, upon surrender of this Debenture at the principal office of the Trustee in Toronto, Ontario,
at any time following November 1, 2019 and prior to the close of business on the Business Day preceding the Maturity Date or, if
called for repurchase pursuant to a Change of Control (as defined in the Indenture) on the last Business Day immediately prior
to the payment date, into units ("Units") consisting of one (1) common share of the Corporation (the "Common
Share") and one (1) Common Share purchase warrant ("Warrant") (without adjustment, except as otherwise
described in the Indenture) at a conversion price of $0.40 per Unit (the "Conversion Price"), being a rate of
approximately 2,500 Common Shares and 2,500 Warrants for each $1,000 principal amount of Debentures, all subject to the terms and
conditions and in the manner set forth in the Indenture. Each one (1) full Warrant entitles the holder thereof to purchase one
(1) Common Share at a price of $0.50 per share (subject to adjustment as set forth in the Indenture) for a period of four (4) years
from the date of the Indenture. The Indenture makes provision for the adjustment of the Conversion Price in the events therein
specified. No fractional Common Shares or Warrants will be issued on any conversion. If a Debenture is surrendered for conversion
on an Interest Payment Date the person or persons entitled to receive Common Shares and Warrants in respect of the Debentures so
surrendered for conversion shall not become the holder or holders of record of such Common Shares and Warrants until the Business
Day following such Interest Payment Date and, for clarity, any interest payable on such Debentures will be for the account of the
holder of record of such Debentures at the close of business on the relevant interest record date.

 

Following the closing of the DenseLight Transaction
and prior to the Maturity Date, each holder of Debentures shall have the right to require the Company to purchase, on the last
day of each calendar month (or the first Business Day after such date if not a Business Day) (each, a "Put Date"),
all or any part of such holder's outstanding Debentures in accordance with the requirements of Applicable Securities Legislation
in cash at a price equal to the principal amount thereof plus accrued and unpaid interest, if any, on such Debentures up to, but
excluding, the Put Date, in accordance with and subject to the terms of the Indenture.

 

Upon the occurrence of a Change of Control, the holders of the Debentures
shall, in their sole discretion, have the right to require the Corporation to, either: (i) purchase the Debentures (the "Change
of Control Purchase Option") at a price equal to 100% of the principal amount thereof plus accrued and unpaid interest
on such principal up to (but excluding) the date the Debentures are so repurchased; or (ii) if the Change of Control results in
a new or continuing issuer that is a "reporting issuer", convert the Debentures into a replacement debenture of the resulting
issuer, on substantially the same terms as the Debentures, in the aggregate principal amount of 100% of the aggregate principal
amount of the Debentures held by such Debentureholder. If 90% or more of the principal amount of all Debentures outstanding on
the date the Corporation provides notice of a Change of Control to the Trustee have been surrendered for purchase pursuant to the
Change of Control Purchase Option, the Corporation has the right to redeem all the remaining outstanding Debentures on the same
date and at the same price.

 

     

    -3- 

    

The indebtedness evidenced by this Debenture, and by all other Debentures
now or hereafter certified and delivered under the Indenture, is a direct unsecured obligation of the Corporation, and is subordinated
in right of payment, to the extent and in the manner provided in the Indenture, to the prior payment in full of all Senior Indebtedness,
whether outstanding at the date of the Indenture or thereafter created, incurred, assumed or guaranteed.

 

The Indenture contains provisions making binding upon all holders
of Debentures outstanding thereunder (or in certain circumstances specific series of Debentures) resolutions passed at meetings
of such holders held in accordance with such provisions and instruments signed by the holders of a specified majority of Debentures
outstanding (or specific series), which resolutions or instruments may have the effect of amending the terms of this Debenture
or the Indenture.

 

The Indenture contains provisions disclaiming any personal liability
on the part of holders of Common Shares and officers, directors and employees of the Corporation in respect of any obligation or
claim arising out of the Indenture or this Debenture.

 

This Debenture may only be transferred, upon compliance with the
conditions prescribed in the Indenture, in one of the registers to be kept at the principal offices of the Trustee in the City
of Toronto and in such other place or places and/or by such other registrars (if any) as the Corporation with the approval of the
Trustee may designate. No transfer of this Debenture shall be valid unless made on the register by the registered holder hereof
or his executors or administrators or other legal representatives, or his or their attorney duly appointed by an instrument in
form and substance satisfactory to the Trustee or other registrar, and upon compliance with such reasonable requirements as the
Trustee and/or other registrar may prescribe and upon surrender of this Debenture for cancellation. Thereupon a new Debenture or
Debentures in the same aggregate principal amount shall be issued to the transferee in exchange hereof.

 

These Debentures and the Common Shares and Warrants underlying these
Debentures have not been and will not be registered under the U.S. Securities Act or under the securities laws of any state of
the United States. Such securities may not be offered, sold, pledged or otherwise transferred in the United States or to U.S. Persons
except in limited circumstances contemplated in the Indenture. If the certificate representing these Debentures contains a U.S.
restrictive legend, then the certificates representing the Common Shares and Warrants underlying these Debentures shall bear the
same U.S. restrictive legend on such certificates.

 

This Debenture shall not become obligatory for any purpose until
it shall have been certified by the Trustee under the Indenture.

 

Capitalized words or expressions used in this Debenture shall, unless
otherwise defined herein, have the meaning ascribed thereto in the Indenture. In the event of any inconsistency between the terms
of this Debenture and the Indenture, the terms of the Indenture shall govern.

 

 

 

 

 

 

 

     

    -4- 

    

IN WITNESS WHEREOF POET TECHNOLOGIES INC. has caused this
Debenture to be signed by its authorized representative as of August 2, 2019.

 

	 	
        POET TECHNOLOGIES INC.

         

	 	 	 
	 	 	 
	 	By:	 
	 	 	
        Name:

        Title:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

TRUSTEE'S CERTIFICATE

 

This Debenture is one of the 12.00% Unsecured Convertible Debentures
due August 2, 2021 referred to in the Indenture within mentioned.

 

Dated: August 2, 2019.

 

	 	
        TSX TRUST COMPANY, as Trustee 

        Toronto, Ontario, Canada 

         

	 	 	 
	 	 	 
	 	By:	 
	 	 	
        Authorized Signatory

         

 

 

Countersigned this _____ day of ___________, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

Schedule
"B"

FORM OF TRANSFER

 

FOR VALUE RECEIVED, the undersigned hereby sells, assigns
and transfers unto                                   , whose address and social insurance number, if applicable, are set forth below, this Debenture
(or $ principal amount hereof*) of POET TECHNOLOGIES INC. (the "Corporation") standing in the name(s) of
the undersigned in the register maintained by the Corporation with respect to such Debenture and does hereby irrevocably authorize
and direct the transfer of such Debenture in such register, with full power of substitution in the premises.

 

	Dated:	 
	 	 
	Address of Transferee:	 
	 	(Street Address, City, Province and Postal Code)
	 	 
	Social Insurance Number of Transferee, if applicable:	 
	 	 	 	 

 

*If less than the full principal amount of the within Debenture
is to be transferred, indicate in the space provided the principal amount (which must be $1,000 or an integral multiple thereof,
unless you hold an Debenture in a non-integral multiple of $1,000 by reason of your having exercised your right to exchange pursuant
to your election to pursue the Change of Control Purchase Option, in which case such Debenture is transferable only in its entirety)
to be transferred.

 

1.     
In the case of Restricted Physical Debentures, the undersigned hereby represents, warrants and certifies that (one (only)
of the following must be checked):

 

	☐(A)	the transfer is being made to the Corporation;
	☐(B)	the transfer is being made outside the United States in accordance with Rule 904 of Regulation S under the U.S. Securities Act and in compliance with any applicable local securities laws and regulations, and the holder has provided herewith a certificate in the form of Schedule "D" to the Indenture,
	☐(C)	the transfer is being made pursuant to the exemption from the registration requirements of the U.S. Securities Exchange Act provided by (i) Rule 144 under the U.S. Securities Act, if available, or (ii) Rule 144A under the U.S. Securities Act, if available, and in accordance with applicable state securities laws, or
	☐(D)	the transfer is being made in another transaction that does not require registration under the U.S. Exchange Act or any applicable state securities laws.

 

2.     
In the case of a transfer in accordance with (C)(i) or (D) above, the Trustee and the Corporation shall first have received
an opinion of counsel of recognized standing or other evidence in form and substance reasonably satisfactory to the Corporation
and to such effect.

 

     

    -2-

    

3.     
The registered holder of these Debentures is responsible for the payment of any documentary, stamp or other transfer taxes
that may be payable in respect of the transfer of these Debentures.

 

4.     
In the case of Unrestricted Debentures, if the proposed transfer is to, or for the account or benefit of a U.S. Person or
to a person in the United States, the undersigned hereby represents, warrants and certifies that the transfer of such securities
is being completed pursuant to an exemption from the registration requirements of the U.S. Securities Act and any applicable state
securities laws, in which case the undersigned has furnished to the Corporation and the Trustee an opinion of counsel of recognized
standing or other evidence in form and substance reasonably satisfactory to the Corporation to such effect. If such Debenture is
transferred to, or for the account of benefit of, a U.S. Person or a person in the United States, the certificate representing
these Debentures will bear a U.S. restrictive legend restricting the transfer of such securities under applicable U.S. federal
and state securities laws.

 

	☐	If transfer is to a U.S. Person or a person in the United States, check this box.

 

 

DATED this ____ day of, 20_____.

 

	SPACE FOR GUARANTEES OF SIGNATURES (BELOW)	)

)	 
	 	)	 
	 	)	 
	 	)	Signature of Transferor
	 	)	 
	 	)	 
	Guarantor's Signature/Stamp	)	Name of Transferor
	 	)	 

 

REASON FOR TRANSFER – For US Citizens or Residents only
(where the individual(s) or corporation receiving the securities is a US citizen or resident). Please select only one (see instructions
below).

 

	☐	Gift	 	☐	Estate	 	☐	Private Sale	 	☐	Other (or no change in ownership)

 

 

CERTAIN REQUIREMENTS RELATING TO TRANSFERS – READ CAREFULLY

 

The signature(s) of the transferor(s) must correspond with the name(s)
as written upon the face of this certificate(s), in every particular, without alteration or enlargement, or any change whatsoever.
All securityholders or a legally authorized representative must sign this form. The signature(s) on this form must be guaranteed
in accordance with the transfer agent's then-current guidelines and requirements at the time of transfer. Notarized or witnessed
signatures are not acceptable as guaranteed signatures. As at the time of closing, you may choose one of the following methods
(although subject to change in accordance with industry practice and standards):

 

     

    -3-

    

	☐	Canada and the USA: A Medallion Signature Guarantee obtained from a member of an acceptable Medallion Signature Guarantee Program (STAMP, SEMP, NYSE, MSP). Many commercial banks, savings banks, credit unions, and all broker dealers participate in a Medallion Signature Guarantee Program. The Guarantor must affix a stamp bearing the actual words "Medallion Guaranteed", with the correct prefix covering the face value of the certificate.

                                                 

	☐	Canada: A Medallion Signature Guarantee with the correct prefix covering the face value of the certificate.

                                     

	☐	Outside North America: For holders located outside North America, present the certificates(s) and/or document(s) that require a guarantee to a local financial institution that has a corresponding Canadian or American affiliate which is a member of an acceptable Medallion Signature Guarantee Program. The corresponding affiliate will arrange for the signature to be over-guaranteed.

 

OR

 

The signature(s) of the transferor(s) must correspond with the name(s)
as written upon the face of this certificate(s), in every particular, without alteration or enlargement, or any change whatsoever.
The signature(s) on this form must be guaranteed by a member of an acceptable Medallion Signature Guarantee Program (STAMP, SEMP,
NYSE, MSP). Notarized or witnessed signatures are not acceptable as guaranteed signatures. The Guarantor must affix a stamp bearing
the actual words: "SIGNATURE GUARANTEED", "MEDALLION GUARANTEED" OR "SIGNATURE & AUTHORITY TO SIGN
GUARANTEE", all in accordance with the transfer agent's then current guidelines and requirements at the time of transfer.
For corporate holders, corporate signing resolutions, including certificate of incumbency, will also be required to accompany the
transfer with a "MEDALLION GUARANTEED" Stamp affixed to the Form of Transfer, with the correct prefix covering the face
value of the certificate.

 

REASON FOR TRANSFER
– FOR US CITIZENS OR RESIDENTS ONLY

 

Consistent with U.S. IRS regulations, TSX Trust Company is required
to request cost basis information from U.S. securityholders. Please indicate the reason for requesting the transfer as well as
the date of event relating to the reason. The event date is not the day in which the transfer is finalized but, rather, the date
of the event which led to the transfer request (i.e. date of gift, date of death of the securityholder, or the date the private
sale took place).

 

     

    -4-

    

Schedule
"C"

CONVERSION FORM

 

	TO:	
        POET TECHNOLOGIES INC.

        c/o TSX Trust Company

        100 Adelaide Street West, Suite 301

        Toronto, Ontario M5H 4H1

 

The undersigned holder of the within Debentures hereby irrevocably
elects to convert his or her Debentures of POET Technologies Inc. (the "Company") (or $             principal amount
thereof*) into Common Shares and Warrants of the Company at the Conversion Price referred to in the attached Debenture Certificate
on the terms and conditions set forth in such certificate and the Indenture.

 

*       If less than the full
principal amount of the Debentures, indicate in the space provided the principal amount (which must be $1,000 or integral multiples
thereof).

 

If the certificate representing these Debentures contains a U.S.
restrictive legend, then the certificates representing the Common Shares and Warrants underlying these Debentures shall bear the
same U.S. restrictive legend on such certificates.

 

Once completed and executed, this Exercise Form must be mailed or
delivered to POET Technologies Inc. c/o TSX Trust Company, 100 Adelaide Street West, Suite 301, Toronto, Ontario M5H 4H1, Attention:
Corporation Actions.

 

DATED this ______day of                               ,          .

 

	 	)

)	 
	 	)	 
	 	)	 
	Witness	)

)

)	Signature of Debentureholder, to be same as appears on the face of this Debenture Certificate
	 	)	 
	 	)	 
	 	)	Name of Registered Debentureholder
	 	)	 

 

[       ]       Please
check this box if the securities are to be delivered at the office where these Debentures are surrendered, failing which the securities
will be mailed.

 

 

 

 

     

    -5-

    

Schedule
"D"

FORM OF DECLARATION FOR REMOVAL OF LEGEND

 

	TO:	
        POET TECHNOLOGIES INC.

        c/o TSX Trust Company

        100 Adelaide Street West, Suite 301

        Toronto, Ontario M5H 4H1

 

The undersigned (a) acknowledges that the sale of POET Technologies
Inc. (the "Corporation") to which this declaration relates is being made in reliance on Rule 904 of Regulation
S under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), and (b) certifies that
(1) the undersigned is not an "affiliate" (as that term is defined in Rule 405 under the U.S. Securities Act) of the
Corporation (other than an officer or director of the Corporation who is an affiliate solely by virtue of holding such position),
(2) the offer of such securities was not made to a person in the United States and either (A) at the time the buy order was originated,
the buyer was outside the United States, or the seller and any person acting on its behalf reasonably believed that the buyer was
outside the United States, or (B) the transaction was executed in, on or through the facilities of a designated offshore securities
market and neither the seller nor any person acting on its behalf knows that the transaction has been prearranged with a buyer
in the United States, (3) neither the seller nor any affiliate of the seller nor any person acting on any of their behalf has engaged
or will engage in any directed selling efforts in the United States in connection with the offer and sale of such securities, (4)
the sale is bona fide and not for the purpose of "washing off" the resale restrictions imposed because the securities
are "restricted securities" (as such term is defined in Rule 144(a)(3) under the U.S. Securities Act), (5) the seller
does not intend to replace such securities with fungible unrestricted securities and (6) the contemplated sale is not a transaction,
or part of a series of transactions which, although in technical compliance with Regulation S under the U.S. Securities Act, is
part of a plan or scheme to evade the registration provisions of the U.S. Securities Act. Terms used herein have the meanings given
to them by Regulation S under the U.S. Securities Act.

 

Dated:

 

	 	 	 
	 	By:	 
	 	 	
        Name:

        Title:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

    -6-

    

Schedule
"E"

fORM OF PUT EXERCISE NOTICE

 

PUT EXERCISE NOTICE

 

TO: POET TECHNOLOGIES INC.

 

All capitalized terms used herein have the meaning ascribed thereto
in the Indenture (as defined below), unless otherwise indicated.

 

The undersigned registered holder of 12.00% convertible unsecured
debentures (the "Debentures") bearing Certificate No. ___ irrevocably elects to put such Debentures (or $______________
principal amount thereof*) to POET Technologies Inc. (the "Corporation") to be purchased by the Corporation on
____________ (the "Put Date") in accordance with the terms of the indenture dated August 2, 2019 (the "Indenture")
between the Corporation and TSX Trust Company, as trustee, at a price of $1,000 for each $1,000 principal amount of Debentures
plus all accrued and unpaid interest thereon to, but excluding, the Put Date (collectively, the "Total Put Price"),
subject to pro rata selection in accordance with the terms of the Indenture, if applicable, and tenders herewith such Debentures.

 

	Dated:	 	 	 	 
	 	 	 	 	(Signature of Registered Holder)

 

* If less than the full principal amount of such Debenture, indicate
in the space provided the principal amount (which must be $1,000 or integral multiples thereof).

 

The Total Put Price will be payable upon presentation and surrender
of such Debenture with this form on or after the third Business Day following the Put Date at the following corporate trust office:

 

TSX Trust Company

100 Adelaide Street West, Suite 301,

Toronto, Ontario

M5H 4H1

Attention: Vice President, Trust Services

Fax: (416) 361-0470

 

The interest upon the principal amount of such Initial Debenture
put to the Corporation will cease to be payable from and after the Put Date unless payment of the Total Put Price is not made
on presentation for surrender of such Initial Debenture at the above-mentioned corporate trust office on or after the third Business
Day following the Put Date or prior to the setting aside of the Total Put Price pursuant to the Indenture.

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