Document:

Exhibit 4.6

 

 

 

Siyata Mobile, Inc.

 

and

 

Computershare Inc. and

Computershare Trust Company, N.A., jointly
as

Warrant Agent

 

 

 

Warrant Agency Agreement

 

Dated as of ________, 2020

 

     

     

    

 

WARRANT AGENCY AGREEMENT

 

WARRANT AGENCY AGREEMENT,
dated as of [         ] __, 2020(“Agreement”), between Siyata Mobile,
Inc, a corporation organized under the laws of British Columbia (the “Company”), and Computershare Inc., a Delaware
corporation (“Computershare”), and its wholly-owned subsidiary, Computershare Trust Company, N.A., a federally
chartered trust company (collectively, the “Warrant Agent”).

 

W I T N E S S E T H

 

WHEREAS, pursuant to
a registered offering by the Company of ___ Units (the “Offering”), with each Unit consisting of one share of
the Company’s common shares, without par value (the “Common Shares”) and one warrant (the “Warrants”)
to purchase ___ Common Shares (the “Warrant Shares”) at a price of $[___ per share (or [__]% of the price of
each Common Share sold in the Offering); and

 

WHEREAS, the Company
granted an over-allotment option to purchase up to 15% of the aggregate number of Common Shares and/or up to 15% of the aggregate
number of Warrants (the “Over-Allotment Option”) to the Underwriters; and

 

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

 

WHEREAS, the Common
Shares and Warrants to be issued in connection with the Offering shall be immediately separable and will be issued separately,
but will be purchased together in the Offering; and

 

WHEREAS, the Company
wishes the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing so to act, in connection with the issuance,
registration, transfer, exchange, exercise and replacement of the Warrants.

 

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

 

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

 

(a) “Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common
control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.

 

(b) “Business
Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or
any day on which banking institutions in the State of New York are authorized or required by law or other governmental action to
close.

 

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

 

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(d) “Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

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

 

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

 

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

 

Section 3. Global
Warrants.

 

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

 

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

 

(c) A Holder has
the right to elect at any time or from time to time a Warrant Exchange (as defined below) pursuant to a Warrant Certificate Request
Notice (as defined below). Upon written notice by a Holder to the Company and the Warrant Agent for the exchange of some or all
of such Holder’s Global Warrants for a separate certificate substantially in the form attached hereto as Exhibit 1
(such separate certificate, a “Definitive Certificate”) evidencing the same number of Warrants, which request
shall be in the form attached hereto as Exhibit 2 properly completed and duly executed (a “Warrant Certificate
Request Notice” and the date of delivery of such Warrant Certificate Request Notice by the Holder, the “Warrant
Certificate Request Notice Date” and the surrender by the Holder to the Warrant Agent of a number of Global Warrants
for the same number of Warrants evidenced by a Warrant Certificate, a “Warrant Exchange”), the Company and the
Warrant Agent shall promptly effect the Warrant Exchange and the Company shall promptly issue and deliver to the Holder a Definitive
Certificate for such number of Warrants in the name set forth in the Warrant Certificate Request Notice. Such Definitive Certificate
shall be dated the original issue date of the Warrants, shall be executed manually or by facsimile signature by an authorized signatory
of the Company, shall be substantially in the form attached hereto as Exhibit 1 and shall be reasonably acceptable in all
respects to such Holder. In connection with a Warrant Exchange, the Company agrees to deliver, or to direct the Warrant Agent to
deliver, the Definitive Certificate to the Holder within ten (10) Business Days of the Warrant Certificate Request Notice pursuant
to the delivery instructions in the Warrant Certificate Request Notice (“Warrant Certificate Delivery Date”).
If the Company fails for any reason to deliver to the Holder the Definitive Certificate subject to the Warrant Certificate Request
Notice by the Warrant Certificate Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as
a penalty, for each $1,000 of Warrant Shares evidenced by such Definitive Certificate (based on the VWAP (as defined in the Warrants)
of the Common Shares on the Warrant Certificate Request Notice Date), $10 per Business Day for each Business Day after such Warrant
Certificate Delivery Date until such Definitive Certificate is delivered or, prior to delivery of such Warrant Certificate, the
Holder rescinds such Warrant Exchange. The Warrant Agent shall have no liability for the Company’s failure to deliver to
the Holders the Definitive Certificate as set forth in this Section 3(c) The Company covenants and agrees that, upon the date of
delivery of the Warrant Certificate Request Notice, the Holder shall be deemed to be the holder of the Definitive Certificate and,
notwithstanding anything to the contrary set forth herein, the Definitive Certificate shall be deemed for all purposes to contain
all of the terms and conditions of the Warrants evidenced by such Warrant Certificate and the terms of this Agreement, other than
Section 3(c), shall not apply to the Warrants evidenced by the Definitive Certificate. Notwithstanding anything herein to the contrary,
the Company shall act as warrant agent with respect to any Definitive Certificate requested and issued pursuant to this section
and the Warrant Agent shall have no duty or obligations with respect to any Definitive Certificate or the Warrants and Warrant
Shares represented thereby. Notwithstanding anything to the contrary contained in this Agreement, in the event of inconsistency
between any provision in this Agreement and any provision in a Definitive Certificate, as it may from time to time be amended,
the terms of such Definitive Certificate shall control.

 

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

 

(e) The Company shall
provide to the Warrant Agent an opinion of counsel on or prior to the issuance of Warrants to set up a reserve of Warrant Shares
for the outstanding Warrants. The opinion shall state that all Warrants or Warrant Shares, as applicable, are, (i) registered under
the Securities Act of 1933, as amended, or are exempt from such registration, and all appropriate state securities law filings
have been made with respect to the Warrants or Warrant Shares, and (ii) validly issued, fully paid and non-assessable.

 

Section 4. Form
of Warrant Certificates. The Warrant Certificate, together with the form of election to purchase Common Shares (“Notice
of Exercise”) and the form of assignment to be printed on the reverse thereof, shall be substantially in the form of
Exhibit 1 hereto.

 

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

 

The Warrant Agent will
keep or cause to be kept, at one of its offices, or at the office of one of its agents, books for registration and transfer of
the Global Warrants issued hereunder. Such books shall show the names and addresses of the respective Holders of the Global Warrant,
the number of warrants evidenced on the face of each of such Global Warrant and the date of each of such Global Warrant. The Warrant
Agent will create a special account for the issuance of Global Warrants. The Company will keep or cause to be kept at one of its
offices, books for the registration and transfer of any Definitive Certificates issued hereunder and the Warrant Agent shall not
have any obligation to keep books and records with respect to any Definitive Warrants. Such Company books shall show the names
and addresses of the respective Holders of the Definitive Certificates, the number of warrants evidenced on the face of each such
Definitive Certificate and the date of each such Definitive Certificate. The Warrant Agent will create a special account for the
issuance of Common Shares upon the exercise of Warrants.

 

Section 6. Transfer,
Split Up, Combination and Exchange of Warrant Certificates; Mutilated, Destroyed, Lost or Stolen Warrant Certificates. With
respect to the Global Warrant, subject to the provisions of the Warrant Certificate and the last sentence of this first paragraph
of Section 6 and subject to applicable law, rules or regulations, or any “stop transfer” instructions the Company may
give to the Warrant Agent, at any time after the closing date of the Offering, and at or prior to the Close of Business on the
Termination Date (as such term is defined in the Warrant Certificate), any Global Warrant or Global Warrants may be transferred,
split up, combined or exchanged for another Global Warrant or Global Warrants, entitling the Holder to purchase a like number of
Common Shares as the Global Warrant or Global Warrants surrendered then entitled such Holder to purchase. Any Holder desiring to
transfer, split up, combine or exchange any Global Warrant shall make such request in writing delivered to the Warrant Agent, and
shall surrender the Global Warrant to be transferred, split up, combined or exchanged at the office of the Warrant Agent designated
for such purpose. Any requested transfer of Warrants, whether in book-entry form or certificate form, shall be accompanied by reasonable
evidence of authority of the party making such request that may be required by the Warrant Agent. Thereupon the Warrant Agent shall,
subject to the last sentence of this first paragraph of Section 6, countersign and deliver to the Person entitled thereto a Global
Warrant or Global Warrants, as the case may be, as so requested. The Company may require payment from the Holder of a sum sufficient
to cover any tax or governmental charge that may be imposed in connection with any transfer, split up, combination or exchange
of Global Warrants and the Warrant Agent shall not have any duty or obligation to take any action under any section of this Agreement
that requires the payment of taxes and/or charges unless and until it is satisfied that all such payments have been made. The Company
shall compensate the Warrant Agent per the fee schedule mutually agreed upon by the parties hereto and provided separately on the
date hereof.

 

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

 

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

 

(a) The Warrants
shall be exercisable commencing on the Initial Exercise Date. The Warrants shall cease to be exercisable and shall terminate and
become void as set forth in the Warrant Certificate. Subject to the foregoing and to Section 7(b) below, the Holder of a Warrant
may exercise the Warrant in whole or in part upon surrender of the Warrant Certificate, if required, with the executed Notice of
Exercise and payment of the Exercise Price, which may be made, at the option of the Holder, by wire transfer or by certified or
official bank check in United States dollars, to the Warrant Agent at the office of the Warrant Agent designated for such purpose
or to the office of one of its agents as may be designated by the Warrant Agent from time to time. In the case of the Holder of
a Global Warrant, the Holder shall deliver the executed Notice of Exercise and the payment of the Exercise Price as described herein
and Section 2(a) of the Warrant. Notwithstanding any other provision in this Agreement, a holder whose interest in a Global Warrant
is a beneficial interest in a Global Warrant held in book-entry form through the Depositary (or another established clearing corporation
performing similar functions), shall effect exercises by delivering to the Depositary (or such other clearing corporation, as applicable)
the appropriate instruction form for exercise, complying with the procedures to effect exercise that are required by the Depositary
(or such other clearing corporation, as applicable). No ink-original Notice of Exercise shall be required, nor shall any medallion
guarantee (or other type of guarantee or notarization) of any Notice of Exercise be required. The Company hereby acknowledges and
agrees that, with respect to a holder whose interest in a Global Warrant is a beneficial interest in a Global Warrant held in book-entry
form through the Depositary (or another established clearing corporation performing similar functions), upon delivery of irrevocable
instructions to such holder’s Participant to exercise such warrants, that solely for purposes of Regulation SHO that such
holder shall be deemed to have exercised such warrants.

 

(b) Upon receipt
of a Notice of Exercise for a cashless exercise pursuant to Section 2(c) of the Warrant (a “Cashless Exercise”) the
Company will promptly calculate and transmit to the Warrant Agent the number of Warrant Shares issuable in connection with such
Cashless Exercise and deliver a copy of the Notice of Exercise to the Warrant Agent, which shall issue such number of Warrant Shares
in connection with such Cashless Exercise. The Warrant Agent shall have no duty or obligation to investigate or confirm whether
the Company’s determination of the number of Warrant Shares to be issued on such exercise is accurate or correct.

 

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

 

(d) The Warrant Agent
shall deposit all funds received by it in payment of the Exercise Price for all Warrants as described in Section 7(e) and shall
advise the Company via email at the end of each day on which notices of exercise are received or funds for the exercise of any
Warrant are received of the amount so deposited to its account. The Warrant Agent shall forward funds received for warrant exercises
in a given month by the 5th business day of the following month by wire transfer to an account designated by the Company.

 

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(e) All funds received
by Computershare under this Agreement that are to be distributed or applied by Computershare in the performance of services hereunder
(the “Funds”) shall be held by Computershare as agent for the Company and deposited in one or more bank accounts to
be maintained by Computershare in its name as agent for the Company.  Until paid pursuant to the terms of this Agreement,
Computershare will hold the Funds through such accounts in: deposit accounts of commercial banks with Tier 1 capital exceeding
$1 billion or with an average rating above investment grade by S&P (LT Local Issuer Credit Rating), Moody’s (Long Term
Rating) and Fitch Ratings, Inc. (LT Issuer Default Rating) (each as reported by Bloomberg Finance L.P.).  Computershare shall
have no responsibility or liability for any diminution of the Funds that may result from any deposit made by Computershare
in accordance with this Section 7(e), including any losses resulting from a default by any bank, financial institution or
other third party.  Computershare may from time to time receive interest, dividends or other earnings in connection with such
deposits.  Computershare shall not be obligated to pay such interest, dividends or earnings to the Company, any holder or
any other party.

 

(f) In the event
of a cash exercise of the Warrants, the Company hereby instructs the Warrant Agent to record cost basis for newly issued Warrant
Shares [in a manner subsequently communicated in writing to the Warrant Agent]. In the event of a Cashless Exercise,
the Company shall provide cost basis for Warrant Shares issued pursuant to a cashless exercise at the time the Company confirms
the number of Warrant Shares issuable in connection with the cashless exercise to the Warrant Agent pursuant to Section 7(b) hereof.

 

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

 

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

 

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

 

(b) As of the date
hereof, the authorized capital stock of the Company consists of (i) ____________ Common Shares, of which approximately [   ]
Common Shares are issued and outstanding as of September __, 20__, and ___________ Common Shares are reserved for issuance upon
exercise of the Warrants, and (ii) ________ shares of preferred shares without par value, of which no shares are issued and outstanding.
Except as disclosed in the Registration Statement, there are no other outstanding obligations, warrants, options or other rights
to subscribe for or purchase from the Company any class of capital stock of the Company.

 

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

 

(d) The Company further
covenants and agrees that it will pay when due and payable any and all federal and state transfer taxes and charges which may be
payable in respect of the original issuance or delivery of the Warrant Certificates or certificates evidencing Common Shares upon
exercise of the Warrants. Neither the Company nor the Warrant Agent shall, however, be required to pay any tax or governmental
charge which may be payable in respect of any transfer involved in the transfer or delivery of Warrant Certificates or the issuance
or delivery of certificates for Common Shares in a name other than that of the Holder of the Warrant Certificate evidencing Warrants
surrendered for exercise or to issue or deliver any certificate for Common Shares upon the exercise of any Warrants until any such
tax or governmental charge shall have been paid (any such tax or governmental charge being payable by the Holder of such Warrant
Certificate at the time of surrender) or until it has been established to the Company’s and the Warrant Agent’s reasonable
satisfaction that no such tax or governmental charge is due.

 

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

 

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

 

Section 12. Certification
of Adjusted Exercise Price or Number of Common Shares. Whenever the Exercise Price or the number of Common Shares issuable
upon the exercise of each Warrant is adjusted as provided in Section 11 or 13, the Company shall (a) promptly prepare a certificate
setting forth the Exercise Price of each Warrant as so adjusted, and a brief statement of the facts accounting for such adjustment,
(b) promptly file with the Warrant Agent and with each transfer agent for the Common Shares a copy of such certificate and (c)
instruct the Warrant Agent to send a brief summary thereof to each Holder of a Warrant Certificate. The Warrant Agent shall be
fully protected in relying on any such certificate and on any adjustment or statement therein contained and shall have no duty
or liability with respect to, and shall not be deemed to have knowledge of any such adjustment or any such event unless and until
it shall have received such certificate.

 

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Section 13. Fractional
Common Shares.

 

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

 

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

 

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

 

		(a)	Compensation and Indemnification. The Company agrees promptly to pay the Warrant Agent the
compensation detailed on Exhibit 4 hereto for all services rendered by the Warrant Agent and to reimburse the Warrant Agent
for reasonable out-of-pocket expenses (including reasonable counsel fees) incurred without gross negligence or willful misconduct
finally determined by a non-appealable judgment of a court of competent jurisdiction to have been directly caused by the Warrant
Agent in connection with the services rendered hereunder by the Warrant Agent. The Company also agrees to indemnify the Warrant
Agent for, and to hold it harmless against, any loss, liability or expense incurred without gross negligence, or willful misconduct
on the part of the Warrant Agent (in each case, as determined by a final, non-appealable judgment of a court of competent jurisdiction)
to have been directly caused by Warrant Agent hereunder, including the reasonable costs and expenses of defending against any claim
of such liability. The Warrant Agent shall be under no obligation to institute or defend any action, suit, or legal proceeding
in connection herewith or to take any other action likely to involve the Warrant Agent in expense, unless first indemnified to
the Warrant Agent’s satisfaction. The Warrant Agent’s indemnities, immunities and protections provided by this Section
14 and Section 16 hereof shall survive the resignation or discharge of the Warrant Agent or the termination of this Agreement.
Anything in this Agreement to the contrary notwithstanding, in no event shall the Warrant Agent be liable under or in connection
with this Agreement for indirect, special, incidental, punitive or consequential losses or damages of any kind whatsoever, including
but not limited to lost profits, whether or not foreseeable, even if the Warrant Agent has been advised of the possibility thereof
and regardless of the form of action in which such damages are sought, and the Warrant Agent’s aggregate liability to the
Company, or any of the Company’s representatives or agents, under this Section 14(a) or under any other term or provision
of this Agreement, whether in contract, tort, or otherwise, is expressly limited to, and shall not exceed in any circumstances,
one (1) year’s fees received by the Warrant Agent as fees and charges under this Agreement, but not including reimbursable
expenses previously reimbursed to the Warrant Agent by the Company hereunder.

 

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

 

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

 

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

 

    9

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    10

     

    

 

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

 

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

 

(b) Whenever in the
performance of its duties under this Agreement the Warrant Agent shall deem it necessary or desirable that any fact or matter be
proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter (unless other evidence
in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established by a certificate
signed by the Chief Executive Officer, Chief Financial Officer or Vice President of the Company; and such certificate shall be
full authentication to the Warrant Agent for any action taken or suffered by it under the provisions of this Agreement in reliance
upon such certificate3.

 

(c) Subject to the
limitation set forth in Section 14, the Warrant Agent shall be liable hereunder only for its own gross negligence or willful misconduct
(each as determined by a final, non-appealable judgment of a court of competent jurisdiction).

 

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

 

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

 

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

 

(g) The Warrant Agent
is hereby authorized to accept instructions with respect to the performance of its duties hereunder from the Chief Executive Officer,
Chief Financial Officer or Vice President of the Company, and to apply to such officers for advice or instructions in connection
with its duties, and it shall not be liable and shall be indemnified and held harmless for any action taken or suffered to be taken
by it in accordance with such instructions.

 

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

 

 

		3	If Warrant Agent is being directed by the Company as to any fact or matter in a certificate, Warrant Agent should be protected
for actions taken in reliance of such certificate without having to second guess whether such actions would constitute good faith
or not.

 

    11

     

    

 

(i) The Warrant Agent
may execute and exercise any of the rights or powers hereby vested in it or perform any duty hereunder either itself or by or through
its attorney or agents, and the Warrant Agent shall not be answerable or accountable for any act, default, neglect or misconduct
of any such attorney or agents or for any loss to the Company resulting from any such act, default, neglect or misconduct, absent
gross negligence or willful misconduct (each as determined by a final, non-appealable judgment of a court of competent jurisdiction)
in the selection and continued employment thereof.

 

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

 

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

 

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

 

		(a)	If to the Company, to:

 

[                  ]

[                  ]

[                  ]

 

    12

     

    

 

		(b)	If to the Warrant Agent, to:

 

Computershare Trust Company, N.A.

Computershare Inc.

150 Royall Street

Canton, MA 02021

Attn: Client Services

Facsimile: 781-575-2549

 

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

 

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

 

Section 20. Supplements
and Amendments.

 

(a) The Company and
the Warrant Agent may from time to time supplement or amend this Agreement without the approval of any Holders of Global Warrants
in order to add to the covenants and agreements of the Company for the benefit of the Holders of the Global Warrants or to surrender
any rights or power reserved to or conferred upon the Company in this Agreement, provided that such addition or surrender shall
not adversely affect the interests of the Holders of the Global Warrants or Warrant Certificates in any material respect.

 

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

 

    13

     

    

 

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

 

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

 

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

 

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

 

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

 

Section 26. Information.
The Company agrees to promptly provide to the Holders of the Warrants any information it provides to the holders of the Common
Shares, except to the extent any such information is publicly available on the EDGAR system (or any successor thereof) of the Securities
and Exchange Commission.

 

Section 27. Force
Majeure. Notwithstanding anything to the contrary contained herein or in any Warrant Certificate, the Warrant Agent shall not
be liable for any delays or failures in performance resulting from acts beyond its reasonable control including, without limitation,
acts of God, terrorist acts, pandemics, epidemics, shortage of supply, breakdowns or malfunctions, interruptions or malfunctions
of any utilities, communications, or computer facilities, or loss of data due to power failures or mechanical difficulties with
information storage or retrieval systems, labor difficulties, war or civil unrest.

 

Section 28. Confidentiality.
The Warrant Agent and the Company agree that all books, records, information and data pertaining to the business of the other party,
including inter alia, personal, non-public warrant holder information, which are exchanged or received pursuant to the negotiation
or the carrying out of this Agreement including the fees for services set forth in the attached Schedule 4 shall remain
confidential, and shall not be voluntarily disclosed to any other Person, except as may be required by law, including, without
limitation, pursuant to subpoenas from state or federal government authorities (e.g., in divorce and criminal actions).

 

    14

     

    

 

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

 

	 	SIYATA MOBILE INC
	 	 
	 	By:	                          
	 	 	Name:
	 	 	Title:
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	COMPUTERSHARE INC. and
	 	COMPUTERSHARE TRUST COMPANY, N.A.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    15

     

    

 

Exhibit 1

 

Form of Warrant Certificate

 

     

     

    

 

Exhibit 2

Form of Warrant Certificate Request Notice

 

WARRANT CERTIFICATE REQUEST NOTICE

 

To: Computershare Inc. and Computershare
Trust Company, N.A., jointly, as Warrant Agent for Siyata Mobile Inc (the “Company”)

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

______________________________

 

______________________________

 

______________________________

 

______________________________

 

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

 

[SIGNATURE OF HOLDER]

 

Name of Investing Entity: ____________________________________________________

 

Signature of Authorized Signatory of Investing Entity:
______________________________

 

Name of Authorized Signatory: ________________________________________________

 

Title of Authorized Signatory: _________________________________________________

 

Date: ___________________________________________________________________

 

     

     

    

 

Exhibit 3

Form of Global Warrant Request Notice

 

GLOBAL WARRANT REQUEST NOTICE

 

To: Computershare Inc. and Computershare
Trust Company, N.A., jointly, as Warrant Agent, as Warrant Agent for Siyata Mobile, Inc. (the “Company”)

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		______________________________	

 

		______________________________	

 

		______________________________	

 

		______________________________	

 

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

 

[SIGNATURE OF HOLDER]

 

Name of Investing Entity: ____________________________________________________

 

Signature of Authorized Signatory of Investing Entity:
______________________________

 

Name of Authorized Signatory: ________________________________________________

 

Title of Authorized Signatory: _________________________________________________

 

Date: ___________________________________________________________________

 

     

     

    

 

Exhibit 4

Warrant Agent Fee Schedule

 

Computershare

Warrant Agent

Fee Schedule & Services

 

Siyata Mobile Inc.

Warrants to Purchase Common Stock

 

	Appointment Fee (includes 1st Year Annual Maintenance Fee)**	 	$	18,000.00	 
	Annual Maintenance Fee	 	$	1,500.00	 
	Recordkeeping up to 1,000 accounts per additional accounts ( per year )	 	$	6.00	 
	Warrant Issuance, each	 	$	5.00	 
	Warrant Exercises, each ( Standard 4 to 10 day turnaround )	 	$	125.00	 
	Expedited charges are in addition to exercise charge:	 	 	 	 
	1-day turnaround	 	$	500.00	 
	2-day turnaround	 	$	350.00	 
	3-day turnaround	 	$	250.00	 
	DWAC , each (if applicable)	 	$	100.00	 
	Wire Transfers, each (if applicable)	 	$	100.00	 
	Cashless Warrant Exercise, each (if applicable)	 	$	250.00	 
	Additional Handling, each (if applicable)	 	$	75.00	 
	By Appraisal	 	 	Special Services (legal fees, etc.)	 

** Fees must be paid to Computershare prior to closing)

 

The above fees exclude expenses and any final Warrant Agreement
includes Computershare’s Warrant Agreement Terms and use of Computershare’s Warrant Transactional documents. We agree
that if your services are begun but not completed for any reason, the above Appointment Fee will be charged, plus the expense associated
with work performed up to the point Computershare is notified. This fee schedule is based upon information provided to date and
may be subject to change.

 

WARRANT AGENT SERVICES

		›	Designating an operational team to establish Warrant Agent procedures and duties, including review of draft agreements, offer
document, execution of legal agreement, project management, and on-going project updates and reporting

		›	Establish Warrant Issues under Client’s COY on Computershare’s record keeping system

		›	Coordinate Warrant transfer and conversion procedures with DTC

		›	Process transfer and/or conversion requests by issuing certificates

		›	Tracking and reporting the number of warrants issued, transferred, outstanding and exercised, as required

 

     

     

    

 

		›	Processing Warrants received and converted

		›	Deposit Warrant conversion checks and incoming wire transfers daily and forward all participant funds to Client

		›	Providing receipt summation of checks and wire transfers received

		›	Issuing and mailing stock certificates, DRS share statements and warrants

		›	Affixing legends to appropriate stock certificates, where applicable

		›	Replace lost, stolen or destroyed securities in accordance with UCC guidelines and Computershare policy (subject to shareholder-paid
fee and bond premium)

		›	Process and post address changes plus mail confirmations if required

		›	Obtain W-9 and W8-BEN certifications

		›	Comply with SEC mandated annual lost shareholder search

		›	Perform OFAC (Office of Foreign Asset Control) and Patriot Act reporting

		›	Produce daily transfer reports and post them for online viewing

		›	Payment to DTCC of their Corporate Actions Eligibility Fee for the establishment of the new CUSIP number, as incurred; The
Depository Trust Company (“DTC”) submitted a proposed rule change (File No. SR-DTC-2015-012) to the Securities and
Exchange Commission pursuant to Section 19(b)(3)(A) of the Securities Exchange Act of 1934 to implement a fee called the Corporate
Actions Eligibility Fee (“New Fee”) that would be charged to the transfer agent of any DTC-eligible security when DTC
is requested to make a new CUSIP eligible for DTC services in connection with a corporate action event relating to the security.

		›	The amount of the New Fee is $1,000 per new CUSIP for any security that is made eligible at DTC in connection with a Corporate
Action. The proposed rule change was implemented on January 1, 2016.

		›	The full text of the proposed rule change may be obtained by visiting DTCC’s website at http://www.dtcc.com/en/legal/sec-rule-filings.aspx.

 

ITEMS NOT COVERED

		›	Items not specified in the “Services Covered” section set forth in this Agreement, including any services associated
with new duties, legislation or regulatory fiat which become effective after the date of this Agreement (these will be provided
on an appraisal basis)

		›	All expenses such as telephone line charges, certificates, checks, postage, stationery, wire transfers, etc. (these will be
billed as incurred)

		›	Warrant Agreement subject to review by Computershare’s outside counsel. Applicable fees charged as incurred.

 

ASSUMPTIONS

		›	Fee schedule based upon information known at this time about the transaction

		›	Significant changes made in the terms or requirements of this transaction could require modifications to this fee schedule

 

Siyata Mobile Inc.

Accepted By:

 

	Name:	                                    	 
	Title:	 	 
	Date:Exhibit

Exhibit 10.1

NOVAN, INC.
NON-EMPLOYEE DIRECTOR COMPENSATION POLICY
October 1, 2020
Non-employee members of the board of directors (the “Board”) of Novan, Inc. (the “Company”) shall be eligible to receive cash and equity compensation as set forth in this Non-Employee Director Compensation Policy (this “Policy”). The cash and equity compensation described in this Policy shall be paid or be made, as applicable, automatically and without further action of the Board, to each member of the Board who is not an employee of the Company or any parent or subsidiary of the Company (each, a “Non-Employee Director”), who may be eligible to receive such cash or equity compensation, unless such Non-Employee Director declines the receipt of such cash or equity compensation by written notice to the Company. This Policy shall become effective on the date hereof (the “Effective Date”) and shall remain in effect until it is revised or rescinded by further action of the Board. This Policy may be amended, modified or terminated by the Board at any time in its sole discretion. The terms and conditions of this Policy shall supersede any prior cash and/or equity compensation arrangements for service as a member of the Board between the Company and any of its Non-Employee Directors and between any subsidiary of the Company and any of its non-employee directors. No Non-Employee Director shall have any rights hereunder, except with respect to equity awards granted pursuant to the Policy.
		
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	Cash Compensation.

(a)    Annual Retainers. Each Non-Employee Director shall receive an annual retainer of $40,000 for service on the Board.

(b)    Additional Annual Retainers. In addition, a Non-Employee Director shall receive the following annual retainers:

(i)  Chairman of the Board. A Non-Employee Director serving as Chairman of the Board shall receive an additional annual retainer of $32,500 for such service.

(ii)  Lead Independent Director. A Non-Employee Director serving as Lead Independent Director shall receive an additional annual retainer of $22,500 for such service.

(iii)  Audit Committee. A Non-Employee Director serving as Chairperson of the Audit Committee shall receive an additional annual retainer of $17,500 for such service. A Non-Employee Director serving as a member of the Audit Committee (other than the Chairperson) shall receive an additional annual retainer of $8,750 for such service.

(iv) Compensation Committee. A Non-Employee Director serving as Chairperson of the Compensation Committee shall receive an additional annual retainer of $17,500 for such service. A Non-Employee Director serving as a member of the 

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Compensation Committee (other than the Chairperson) shall receive an additional annual retainer of $7,500 for such service.

(v)  Nominating and Corporate Governance Committee. A Non-Employee Director serving as Chairperson of the Nominating and Corporate Governance Committee shall receive an additional annual retainer of $10,000 for such service. A Non-Employee Director serving as a member of the Nominating and Corporate Governance Committee (other than the Chairperson) shall receive an additional annual retainer of $5,000 for such service.

(vi)  Science and Technology Committee.  A Non-Employee Director serving as Chairperson of the Science and Technology Committee shall receive an additional annual retainer of $20,000 for such service.  A Non-Employee Director serving as a member of the Science and Technology Committee (other than the Chairperson) shall receive an additional annual retainer of $6,000 for each service.

(vii)  Special Committee.  In the event the Board creates a special committee, or designates the members of a standing committee to function with respect to a special purpose as members of a special committee, additional cash compensation in the form of a retainer or a per meeting fee, whether such meeting is attended in person or by telephone, shall be paid at the rate established by the Board at the time the Board establishes such committee or designates members of a standing committee to function with respect to a special purpose as members of a special committee. Only the members of the special committee (or members of a standing committee to function with respect to a special purpose as members of a special committee) are eligible for the payments described in this section with respect to meetings of such special committee.

(c)    Payment of Retainers. The annual retainers described in Sections 1(a) and 1(b) shall be earned on a quarterly basis based on a calendar quarter and shall be paid by the Company in arrears not later than the fifteenth day following the end of each calendar quarter. In the event a Non-Employee Director does not serve as a Non-Employee Director, or in the applicable positions described in Section 1(b), for an entire calendar quarter, such Non-Employee Director shall receive a prorated portion of the retainer(s) otherwise payable to such Non-Employee Director for such calendar quarter pursuant to Section 1(b), with such prorated portion determined by multiplying such otherwise payable retainer(s) by a fraction, the numerator of which is the number of days during which the Non-Employee Director serves as a Non-Employee Director or in the applicable positions described in Section 1(b) during the applicable calendar quarter and the denominator of which is the number of days in the applicable calendar quarter.

2.Equity Compensation. Non-Employee Directors shall be granted the equity awards described below. The awards described below shall be granted under and shall be subject to the terms and provisions of the Company’s 2016 Incentive Award Plan or any other applicable Company equity incentive plan then-maintained by the Company (the “Equity Plan”) and shall be granted subject to the execution and delivery of award agreements, including attached exhibits, in substantially the forms previously approved by the Board. All applicable terms of the Equity Plan apply to this Policy 

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as if fully set forth herein, and all equity grants hereunder are subject in all respects to the terms of the Equity Plan.

(a)    Annual Awards. A Non-Employee Director who (i) serves on the Board as of the date of any annual meeting of the Company’s stockholders (an “Annual Meeting”) after the Effective Date and (ii) will continue to serve as a Non-Employee Director immediately following such Annual Meeting shall be automatically granted, on the date of such Annual Meeting, an option to purchase the number of shares of the Company’s common stock (at a per-share exercise price equal to the closing price per share of the Company’s common stock on the date of such annual meeting (or on the last preceding trading day if the date of the annual meeting is not a trading day)) equal to the lesser of 20,000 shares or the number of shares that have an aggregate fair value on the date of grant of $100,000 (as determined in accordance with ASC 718) (with the number of shares of Common Stock underlying each such award subject to adjustment as provided in the Equity Plan). The awards described in this Section 2(a) shall be referred to as the “Annual Awards.” Notwithstanding the foregoing, the Board in its sole discretion may determine that the Annual Awards for any year be granted in the form of restricted stock units with equivalent value on the date of grant (with the number of shares of Common Stock underlying each such award not to exceed 20,000 shares and subject to adjustment as provided in the Equity Plan). For the avoidance of doubt, a Non-Employee Director elected for the first time to the Board at an Annual Meeting shall only receive an Annual Award in connection with such election, and shall not receive any Initial Award (as defined below) on the date of such Annual Meeting as well.

(b)    Initial Awards. Except as otherwise determined by the Board, each Non-Employee Director who is initially elected or appointed to the Board on any date other than the date of an Annual Meeting shall be automatically granted, on the date of such Non-Employee Director’s initial election or appointment (such Non-Employee Director’s “Start Date”), an option to purchase shares of the Company’s common stock (at a per-share exercise price equal to the closing price per share of the Company’s common stock on the date of such election or appointment (or on the last preceding trading day if such date is not a trading day)) equal to the lesser of 20,000 shares or the number of shares that have an aggregate fair value on such Non-Employee Director’s Start Date equal to the product of (i) $100,000 (as determined in accordance with ASC 718), and (ii) a fraction, the numerator of which is (x) 365 minus (y) the number of days in the period beginning on the date of the Annual Meeting immediately preceding such Non-Employee Director’s Start Date and ending on such Non-Employee Director’s Start Date and the denominator of which is 365 (with the number of shares of Common Stock underlying each such award subject to adjustment as provided in the Equity Plan). The awards described in this Section 2(b) shall be referred to as “Initial Awards.” Notwithstanding the foregoing, the Board in its sole discretion may determine that the Initial Award for any Non-Employee Director be granted in the form of restricted stock units with equivalent value on the date of grant (with the number of shares of Common Stock underlying each such award not to exceed 20,000 shares and subject to adjustment as provided in the Equity Plan). For the avoidance of doubt, no Non-Employee Director shall be granted more than one Initial Award.

(c)    Termination of Service of Employee Directors. Members of the Board who are employees of the Company or any parent or subsidiary of the Company who subsequently terminate their service with the Company and any parent or subsidiary of the Company and remain on the 

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Board will not receive an Initial Award pursuant to Section 2(b) above, but to the extent that they are otherwise eligible, will be eligible to receive, after termination from service with the Company and any parent or subsidiary of the Company, Annual Awards as described in Section 2(a) above.

(d)    Vesting of Awards Granted to Non-Employee Directors. Each Annual Award and Initial Award shall vest and become exercisable in four equal quarterly installments, such that each such award shall be fully vested and exercisable on the first anniversary of the date of grant, subject to the Non-Employee Director’s continued service on the Board as a Non-Employee Director through each applicable vesting date. No portion of an Annual Award or Initial Award that is unvested or unexercisable at the time of a Non-Employee Director’s termination of service on the Board as a Non-Employee Director shall become vested and exercisable thereafter. All of a Non-Employee Director’s Annual Awards and Initial Awards shall vest in full immediately prior to the occurrence of a Change in Control (as defined in the Equity Plan), to the extent outstanding at such time.
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