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Exhibit 10.2

MARATHON OIL CORPORATION
2019 INCENTIVE COMPENSATION PLAN

PERFORMANCE UNIT AWARD AGREEMENT
2022 - 2024 PERFORMANCE CYCLE

Section 16 Officer

1. Grant of Performance Units. Pursuant to this Award Agreement and the Marathon Oil Corporation 2019 Incentive Compensation Plan (the “Plan”), MARATHON OIL CORPORATION (the “Corporation”) hereby grants to [NAME] (the “Participant”), an employee of the Corporation or a Subsidiary, on ____________, 2022, [NUMBER] Performance Units, representing the right to receive shares of Common Stock, subject to the terms and conditions set forth in this Award Agreement and the Plan. The Participant has no legally binding right to any payment prior to the vesting of the Performance Units in accordance with the terms of this Award Agreement.  

2. Relationship to the Plan and Definitions. 

(a) This grant of Performance Units is subject to all of the terms, conditions and provisions of the Plan and administrative interpretations thereunder, if any, that have been adopted by the Committee. Except as defined in this Award Agreement, capitalized terms shall have the same meanings ascribed to them under the Plan. To the extent that any provision of this Award Agreement conflicts with the express terms of the Plan, the terms of the Plan shall control and, if necessary, the applicable provisions of this Award Agreement shall be hereby deemed amended so as to carry out the purpose and intent of the Plan. 

(b) For purposes of this Award Agreement:
 
“Employment” means employment with the Corporation or any of its Subsidiaries. For purposes  of this Award Agreement, Employment shall also include any period of time during which the Participant is on Disability status.

“Forfeiture Events” means the occurrence of at least one of the following: (a) the Corporation is required, pursuant to a determination made by the Securities and Exchange Commission or by the Audit and Finance Committee of the Board, to prepare a material accounting restatement due to the noncompliance of the Corporation with any financial reporting requirement under applicable securities laws as a result of misconduct, and the Committee determines that (1) the Participant knowingly engaged in the misconduct, (2) the Participant was grossly negligent with respect to such misconduct or (3) the Participant knowingly or grossly negligently failed to prevent the misconduct or (b) the Committee concludes that the Participant engaged in fraud, embezzlement or other similar misconduct materially detrimental to the Corporation.

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2019 Plan – Section 16 Officer TSR PSU with 3-year cliff vesting (2022 grant)   

 “Mandatory Retirement” means termination of Employment as a result of the Corporation’s policy, if any, requiring the mandatory retirement of officers and/or other employees upon reaching a certain age or milestone.

“Peer Group” means the following group of companies (in addition to the Corporation) and indices: Apache Corporation (APA), Continental Resources, Inc. (CLR), Devon Energy Corporation (DVN), Diamondback Energy, Inc. (FANG), EOG Resources, Inc. (EOG), Hess Corporation (HES), Murphy Oil Corporation (MUR), Ovintiv Inc. (OVV), Pioneer Natural Resources Company (PXD), the S&P 500 Energy Index (SPN01) and the S&P 500 Index (SP50). If, during the Performance Cycle, there is an announcement of any event that if completed would result in any Peer Group company (excluding the Corporation) either ceasing to exist or ceasing to be a company for which TSR can be calculated from publicly available information (a “Corporate Event”), then upon announcement of such Corporate Event, such company (or companies) shall no longer be a Peer Group member, and in determining the Vesting Percentage for these Performance Units, adjustments shall be made as set forth in Paragraph 3(b) below. 

“Performance Cycle” means the period from January 1, 2022, to December 31, 2024.  Notwithstanding the foregoing, if a Change in Control occurs before December 31, 2024, then the Performance Cycle shall be the period from January 1, 2022, to the last regular trading date immediately preceding the effective date of such Change in Control for purposes of the determination under Paragraph 3.

“Performance Unit” means an unfunded and unsecured right to receive a payment of shares of Common Stock determined in accordance with the terms of this Award Agreement and the Plan.

“Retirement” means, for purposes of this Award Agreement, termination of Employment with the Corporation and its Subsidiaries upon the first to occur of:  (i) reaching at least age sixty (60) with at least five years of vesting service based on a Participant’s “accredited service date” as reflected in the employment records of the Corporation or its Subsidiaries and (ii) Mandatory Retirement. 

“Settlement Time” has the meaning set forth in Paragraph 4.

“Total Shareholder Return” or “TSR” means the rate of return achieved with respect to the company’s common stock as if: (i) $100 were invested in the company’s stock, assuming a purchase price equal to the average closing price for the ninety (90) calendar days immediately before the start of the Performance Cycle, (ii) all dividends paid during the Performance Cycle were reinvested into additional shares, and (iii) assuming the company’s stock is valued at the end of the Performance Cycle based on the average closing price during the final ninety (90) calendar days of the Performance Cycle.

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2019 Plan – Section 16 Officer TSR PSU with 3-year cliff vesting (2022 grant)   

“Vesting Percentage” means the percentage (between 0% and 200%) determined by the Committee in accordance with the procedures set forth in Paragraph 3 or Paragraph 8, as applicable, which shall be used to determine the value of each Performance Unit.

3. Determination of Vesting Percentage. 

(a) Except as provided in Paragraphs 6 and 8 of this Award Agreement, the Vesting Percentage will depend upon the Corporation's TSR relative to the TSR of the other companies and indices in the Peer Group. At its first regularly scheduled meeting following the close of the Performance Cycle, the Committee shall determine the Vesting Percentage as follows based on the TSR of the Corporation relative to the TSR of the other companies and indices in the Peer Group:

(1) If the Corporation is one of the top two in the Peer Group’s TSR ranking (i.e., has
      the highest or the second highest TSR), the Vesting Percentage shall be 200%.
(2) If the Corporation is one of the bottom two in the Peer Group’s TSR ranking (i.e., has 
      the lowest or the next lowest TSR), the Vesting Percentage shall be 0%.
(3) If the Corporation is the third from bottom in the Peer Group’s TSR ranking, the Vesting
      Percentage shall be 35%.
(4) If the Corporation has any other position in the Peer Group’s TSR ranking (i.e., one 
      that is not in the top two or the bottom three of the Peer Group’s TSR ranking results), 
      linear interpolation will be used between 35% and 200%, based on the proportional  
      relative position of the Company’s TSR between the TSR of the 2nd ranked company 
      or index and the company or index with TSR ranked third from the bottom, to determine
      the applicable Vesting Percentage.

The following table illustrates the methodology:  

						
	TSR Ranking of Corporation
	Vesting Percentage

	1st
	200%

	2nd
	200%

	3rd-9th
	Determined by linear interpolation between 35% and 200%

	10th
	35%

	11th
	0%

	12th
	0%

(b) If, during the Performance Cycle, there is an announcement of a Corporate Event that 
results in one of the Peer Group companies ceasing to be a Peer Group member as set forth in the above “Peer Group” definition, then consistent with the original methodology, the Vesting Percentage shall be 

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2019 Plan – Section 16 Officer TSR PSU with 3-year cliff vesting (2022 grant)   

200% for a TSR ranking in the top two of the new, smaller Peer Group, shall be 0% for a TSR ranking in the bottom two of the new, smaller Peer Group, shall be 35% for a ranking third from the bottom of the new, smaller Peer Group and shall be determined using linear interpolation between 35% and 200% for other positions in the TSR ranking of the new, smaller Peer Group.  

(c) The Committee has sole and absolute authority and discretion to reduce the Vesting Percentage, including to zero, as it may deem appropriate (including, but not limited to, if the TSR calculated for the Performance Cycle is negative); provided, however, that if the Performance Units vest pursuant to Paragraph 8, the Committee shall not reduce the Vesting Percentage as calculated pursuant to Paragraph 3(a) and, if applicable, Paragraph 3(b).

4. Vesting of Performance Units. Unless the Participant’s right to the Performance Units is previously forfeited or vested in accordance with Paragraphs 5, 6, 7 or 8, as applicable, the Committee shall determine the Vesting Percentage following the close of the Performance Cycle. Following the Committee's determination, the Participant shall vest in the Performance Units and be entitled to receive a payment of shares of Common Stock equal to the product of (a) the number of Performance Units granted under this Award Agreement and (b) the Vesting Percentage, as determined by the Committee under Paragraph 3, issued in accordance with and subject to Paragraph 10. Such payment shall be made as soon as administratively feasible following the Committee's determination but, in any event, on or after January 1, 2025, and not later than March 15, 2025 (the “Settlement Time”). If, in accordance with the Committee's determination under Paragraph 3, the Vesting Percentage is zero, the Participant shall immediately forfeit any and all rights to the Performance Units. Upon the vesting and/or forfeiture of the Performance Units and settling the Performance Units (including, if applicable, a cash payment for Dividend Equivalents, as provided in Paragraph 9), if any, the rights of the Participant and the obligations of the Corporation under this Award Agreement shall be satisfied in full.

5. Termination of Employment Other than due to Death or Retirement. If the Participant’s Employment is terminated prior to the close of the Performance Cycle for any reason other than death or Retirement, the Performance Units shall be forfeited, and the rights of the Participant and the obligations of the Corporation under this Award Agreement shall be terminated.

6. Vesting Upon Termination of Employment due to Death. If the Participant’s
Employment is terminated by reason of death prior to the close of the Performance Cycle, the Participant’s right to receive the Performance Units shall vest in full as of the date of death, and the Vesting Percentage shall be 100%.  A payment in shares of Common Stock equal to the product of (a) the number of Performance Units granted under this Award Agreement and (b) the Vesting Percentage, as determined under this Paragraph 6, shall be issued in accordance with and subject to Paragraph 10, on or after, but   not later than thirty (30) days after, the Participant’s death and transferred to the Participant's designated beneficiary on file with the Plan’s third party stock plan administrator or, if none, to the Participant’s estate. With respect to any Dividend Equivalents payable pursuant to Paragraph 9, the Corporation shall pay in 

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2019 Plan – Section 16 Officer TSR PSU with 3-year cliff vesting (2022 grant)   

cash to the Participant’s estate, on or after, but not later than thirty (30) days after, the Participant’s death  an amount equal to (i) the sum of the aggregate amounts of such Dividend Equivalents credited to the Participant, if any, multiplied by (ii) the number of related Performance Units that vest and are paid hereunder.  Such vesting and settling of the Performance Units (including, if applicable, a cash payment   for Dividend Equivalents, as provided herein) shall satisfy the rights of the Participant and the obligations   of the Corporation under this Award Agreement in full.

7. Vesting Upon Termination of Employment due to Retirement. In the event of the Retirement of the Participant upon or after completion of half of the Performance Cycle, the Committee  shall determine the Vesting Percentage following the close of the Performance Cycle. In determining the Vesting Percentage that is applicable to the Participant, the Committee shall consider the contributions of the Participant to the Corporation during the Performance Period, including the Participant’s assistance   with transition of his or her responsibilities prior to Retirement and whether the Participant provided appropriate notice of his or her intent to retire.  Notwithstanding anything herein to the contrary, in the event the Committee determines that the Participant has accepted or intends to accept employment with a competitor of any business unit of the Corporation, the Vesting Percentage shall be zero. Following the Committee's determination, the Participant shall vest in the Performance Units and be entitled to receive a payment in shares of Common Stock equal to the product of (a) the percentage equal to the days of Participant's Employment during the Performance Cycle, divided by the total days in the Performance Cycle, (b) the number of Performance Units granted under this Award Agreement and (c) the Vesting Percentage, as determined by the Committee under Paragraph 3 and this Paragraph, issued in accordance with and subject to Paragraph 10. With respect to any Dividend Equivalents payable pursuant to Paragraph 9, the Corporation shall pay in cash to the Participant an amount equal to (i) the sum of the aggregate amounts of such Dividend Equivalents credited to the Participant, if any, multiplied by (ii) the number of related Performance Units that vest and are paid hereunder as described in the preceding sentence.  Such payments shall be made upon the regularly scheduled Settlement Time. If, in accordance with the Committee's determination under Paragraph 3 and this Paragraph, the Vesting Percentage is zero, the Participant shall immediately forfeit any and all rights to the Performance Units. Upon the vesting and/or forfeiture of the Performance Units and the settlement of such Performance Units (including, if applicable,   a cash payment for Dividend Equivalents, as provided herein), if any, the rights of the Participant and the obligations of the Corporation under this Award Agreement shall be satisfied in full.  In the event of the Retirement of the Participant before completion of half of the Performance Cycle, the Performance Units shall be forfeited as of the date of his or her termination of employment, and the rights of the Participant  and the obligations of the Corporation under this Award Agreement shall be terminated.  

8. Vesting Upon a Change in Control. Notwithstanding anything herein to the contrary,
upon the occurrence of a Change in Control prior to the end of the Performance Cycle, the Participant shall vest in the Performance Units in full, unless the Performance Units were previously forfeited or vested in accordance with Paragraphs 5, 6, 7 or 8, as applicable. The Vesting Percentage shall be the greater of (a) the percentage calculated as provided under Paragraph 3 or (b) 100%. A payment in shares of Common Stock equal to the product of (a) the number of Performance Units granted under this Award Agreement, 

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2019 Plan – Section 16 Officer TSR PSU with 3-year cliff vesting (2022 grant)   

and (b) the Vesting Percentage, as determined by the Committee under the preceding sentence, issued in accordance with and subject to Paragraph 10, shall be made on or after, but not later than thirty (30) days after, the Change in Control; provided, however, that if such Change in Control fails to qualify as a “change in control event” within the meaning of Treas. Regs. section 1.409A-3(i)(5) or if a later settlement date is otherwise required by Plan terms, then the payment will be made upon the regularly scheduled Settlement Time (the applicable payment timing, the “Change in Control Settlement Time”). With respect to any Dividend Equivalents payable pursuant to Paragraph 9, the Corporation shall pay in cash to the Participant, upon the Change in Control Settlement Time, an amount equal to (i) the sum of the aggregate amounts of such Dividend Equivalents credited to the Participant, if any, multiplied by (ii) the number of related Performance Units that vest and are paid hereunder.  Such vesting and settling of the Performance Units (including, if applicable, a cash payment for Dividend Equivalents, as provided herein) shall satisfy the rights of the Participant and the obligations of the Corporation under this Award Agreement in full.

9. Dividend Equivalents. With respect to each of the Performance Units granted under Paragraph 1, the Participant shall be credited with Dividend Equivalents equal to the amount per share of Common Stock of any ordinary cash dividends declared by the Board with record dates during the period beginning on the first day of the Performance Cycle and ending one calendar day prior to the date on which any related vested Performance Units are paid.  Except as otherwise provided in Paragraphs 6, 7 and 8, the Corporation shall pay in cash to the Participant an amount equal to (i) the sum of the aggregate amounts of such Dividend Equivalents credited to the Participant, if any, multiplied by (ii) the number of related Performance Units that vest and are paid hereunder, with such amount to be paid upon the regularly scheduled Settlement Time. Any Dividend Equivalents shall be forfeited as and when the related Performance Units are forfeited in accordance with the terms of the Award Agreement.

10.  Issuance of Shares.  During the period of time between the Grant Date and the earlier of the date on which the Performance Units vest or are forfeited, the Performance Units will be evidenced  by a credit to a bookkeeping account evidencing the unfunded and unsecured right of the Participant to receive shares of Common Stock, subject to the terms and conditions applicable to the Performance Units under the Plan and this Award Agreement.  Upon the vesting of all or a portion of the Participant's Performance Units pursuant to this Award Agreement, a number of shares of Common Stock equal to the number of vested Performance Units shall be registered in the name of the Participant in accordance with the applicable timing set forth in Paragraphs 4, 6, 7 or 8 herein.  No fractional shares will be issued and any rights to fractional shares of Common Stock will be forfeited without compensation for such fractional shares.  

11. Repayment or Forfeiture Resulting from Forfeiture Event. 

(a) If there is a Forfeiture Event either while the Participant is employed or within two years after termination of the Participant’s Employment, then the Committee may, but is not obligated to, cause some or all of the Participant’s outstanding Performance Units to be forfeited by the Participant. 

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2019 Plan – Section 16 Officer TSR PSU with 3-year cliff vesting (2022 grant)   

(b) If there is a Forfeiture Event either while the Participant is employed or within two years after termination of the Participant’s Employment and a payment has previously been made in settlement   of Performance Units granted under this Award Agreement, the Committee may, but is not obligated to, require that the Participant pay to the Corporation an amount (the “Forfeiture Amount”) up to (but not in excess of) the amount paid in settlement of the Performance Units.

(c) This Paragraph 11 shall apply notwithstanding any provision of this Award Agreement   to the contrary and is meant to provide the Corporation with rights in addition to any other remedy which may exist in law or in equity. This Paragraph 11 shall not apply to the Participant following the effective time of a Change in Control.

12. Taxes. In all cases, the Participant will be responsible to pay all required withholding taxes associated with the Performance Units. Pursuant to Section 10 of the Plan, the Corporation or its designated representative (which may be a Subsidiary) shall have the right to withhold applicable taxes from the cash and Common Stock otherwise payable to the Participant, or from other compensation payable to the Participant, at the time of the vesting and delivery of such cash and Common Stock payment or such other time as may be required under applicable law, to sell or permit the sale of shares of Common Stock   to pay such applicable taxes, or to take such other action as may be necessary in the opinion of the Corporation to satisfy all obligations for withholding.

13. No Stockholder Rights. The Participant shall in no way be entitled to any of the rights of a stockholder of the Corporation as a result of this Award Agreement. Specifically, the Performance Units do not have voting rights. 

14. Nonassignability. Upon the Participant’s death, the Performance Units shall be paid out as provided in Paragraph 6 of this Award Agreement. Otherwise, the Participant may not sell, transfer, assign, pledge or otherwise encumber any portion of the Performance Units, and any attempt to sell, transfer, assign, pledge or encumber any portion of the Performance Units shall have no effect.

15. No Employment Guaranteed. Nothing in this Award Agreement shall give the Participant any rights to (or impose any obligations for) continued Employment by the Corporation or any Subsidiary or successor thereto, nor shall it give such entities any rights (or impose any obligations) with respect to continued performance of duties by the Participant.

16. Modification of Agreement. Any modification of this Award Agreement shall be  binding only if evidenced in writing and signed by an authorized representative of the Corporation, provided that no modification may, without the consent of the Participant, adversely affect the rights of the Participant under this Award Agreement.  Without the consent of the Participant, this Award Agreement may be amended or supplemented (i) to cure any ambiguity or to correct or supplement any provision herein which 

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2019 Plan – Section 16 Officer TSR PSU with 3-year cliff vesting (2022 grant)   

may be defective or inconsistent with any other provision herein or (ii) to add to the covenants and agreements of the Corporation for the benefit of the Participant or to add to the rights of the Participant or   to surrender any right or power reserved to or conferred upon the Corporation in this Award Agreement; provided, in each case, that such changes or corrections shall not adversely affect the rights of the Participant under this Award Agreement without the Participant’s consent.  Additionally, however, notwithstanding the foregoing or anything to the contrary herein, without the consent of the Participant, this Award Agreement may be amended or supplemented to make such changes as the Corporation, upon advice of counsel, (i) determines are necessary or advisable because of the adoption or promulgation of,   or change in or of the interpretation of, any law or governmental rule or regulation, including any applicable federal or state securities or tax laws or (ii) determines are necessary or advisable for the Award either not to be subject to or to be compliant with Section 409A.  It is the intention that this Award either not be subject to or be compliant with Section 409A and shall be interpreted accordingly.
                        
                        17.  Data Privacy. By accepting the Performance Units subject to the terms of this Award Agreement, the Participant hereby explicitly and unambiguously consents to the collection, use and  transfer, in electronic or other form, of the Participant’s personal data, including, but not limited to, items of data described in this Paragraph 17, by and among the Corporation and its Subsidiaries and affiliates, including the Participant’s employer (collectively referred to as “Marathon Oil” in this Paragraph 17), for the exclusive purpose of implementing, administering and managing the Participant’s participation in the Plan. The Participant understands and acknowledges that Marathon Oil holds certain personal data about the Participant, including, but not limited to, the Participant’s name, home address and telephone number, date of birth, social insurance number or other identification number, salary, nationality, job title, any shares of stock or directorships held in Marathon Oil, details of all grants or any other entitlement to salary and other cash payments and shares of stock or units awarded, canceled, forfeited, exercised, vested, unvested or outstanding in the Participant’s favor, for the purpose of implementing, administering and managing the  Plan (which information is collectively referred to as “Data” for purposes of this Paragraph 17). The Participant understands and agrees that Data may be transferred to one or more third parties assisting Marathon Oil in the implementation, administration and management of the Plan, that these recipients may be located in the Participant’s country of citizenship, country of residence or elsewhere, and that the recipient’s country may have different data privacy laws and protections than the Participant’s country of citizenship or country of residence. The Participant understands that he or she may request a list with the names and addresses of any recipients of the Data by contacting his or her local human resources representative. The Participant, by acceptance of the Performance Units subject to the terms of this Award Agreement, authorizes the recipients to receive, possess, use, retain and transfer the Data, in electronic or other form, for the purposes of implementing, administering and managing the Participant’s participation in the Plan, including any requisite transfer of such Data as may be required to a broker or other third party with whom the Participant may elect to deposit shares or cash following the lapse of applicable restrictions, and reporting to applicable tax and other legal authorities.  The Participant understands that he or she may, at any time, view the Data, request additional information about the storage and processing of the Data, require any necessary amendments to the Data to correct inaccuracy or refuse or withdraw the consent 

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2019 Plan – Section 16 Officer TSR PSU with 3-year cliff vesting (2022 grant)   

provided herein, without cost, by contacting the Participant's local human resources representative in writing.  The Participant understands that refusing or withdrawing the Participant’s consent may affect the Participant’s ability to participate in the Plan, and the Participant may obtain additional information about  the consequences of refusing to consent or withdrawing consent by contacting his or her local human resources representative. 

			
	Marathon Oil Corporation
	
	/s/ Lee M. Tillman
	Lee M. Tillman
	Chairman, President and
	Chief Executive Officer

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2019 Plan – Section 16 Officer TSR PSU with 3-year cliff vesting (2022 grant)Exhibit 4.4

 

FIRST
PERSON LTD.

 

-
and –

 

ODYSSEY
TRUST COMPANY

 

WARRANT
INDENTURE

 

Providing
for the Issue of

up
to [●] Common Share Purchase Warrants

 

[●],
2022

 

    	 

     

    

 

TABLE
OF CONTENTS

 

	Article
    1 Interpretation	2
	1.1	Definitions	2
	1.2	Words
    Importing the Singular	7
	1.3	Interpretation
    not Affected by Headings	7
	1.4	Day
    not a Business Day	7
	1.5	Time
    of the Essence	7
	1.6	Governing
    Law	7
	1.7	Meaning
    of “outstanding” for Certain Purposes	7
	1.8	Currency	8
	1.9	Termination	8
	 	 	
	Article
    2 Issue of Warrants	8
	2.1	Issue
    of Warrants	8
	2.2	Form
    and Terms of Warrants	8
	2.3	Signing
    of Warrant Certificates	9
	2.4	Authentication
    by the Warrant Agent	9
	2.5	Warrantholder
    not a Shareholder, etc.	10
	2.6	Issue
    in Substitution for Lost Warrant Certificates	10
	2.7	Warrants
    to Rank Pari Passu	11
	2.8	Registration
    and Transfer of Warrants	11
	2.9	Registers
    Open for Inspection	12
	2.10	Exchange
    of Warrant Certificates	12
	2.11	Ownership
    of Warrants	12
	2.12	Uncertificated
    Warrants	13
	2.13	Adjustment
    of Exchange Basis	15
	2.14	Rules
    Regarding Calculation of Adjustment of Exchange Basis	18
	2.15	Postponement
    of Subscription	20
	2.16	Notice
    of Adjustment	20
	2.17	No
    Action after Notice	21
	2.18	Purchase
    of Warrants for Cancellation	21
	2.19	Protection
    of Warrant Agent	21
	 	 	
	Article
    3 Exercise of Warrants	22
	3.1	Method
    of Exercise of Warrants	22
	3.2	No
    Fractional Shares	25
	3.3	Effect
    of Exercise of Warrants	25
	3.4	Cancellation
    of Warrants	26
	3.5	Subscription
    for less than Entitlement	26
	3.6	Holder’s
    Exercise Limitations	26
	3.7	Expiration
    of Warrant	26
	 	 	 
	Article
    4 Covenants for Warrantholders’ Benefit	27
	4.1	General
    Covenants of the Company	27
	4.2	Warrant
    Agent’s Remuneration and Expenses	28
	4.3	Performance
    of Covenants by Warrant Agent	28
	4.4	Enforceability
    of Warrants	28
	 	 	
	Article
    5 Enforcement	29
	5.1	Suits
    by Warrantholders	29
	5.2	Limitation
    of Liability	29
	5.3	Waiver
    of Default	29

 

    	 

    	- ii -

    

 

	Article
6 Meetings of Warrantholders	30
	6.1	Right
    to Convene Meetings	30
	6.2	Notice	30
	6.3	Chairman	30
	6.4	Quorum	31
	6.5	Power
    to Adjourn	31
	6.6	Show
    of Hands	31
	6.7	Poll
    and Voting	31
	6.8	Regulations	31
	6.9	Company,
    Warrant Agent and Counsel may be Represented	32
	6.10	Powers
    Exercisable by Extraordinary Resolution	32
	6.11	Meaning
    of “Extraordinary Resolution”	33
	6.12	Powers
    Cumulative	33
	6.13	Minutes	34
	6.14	Instruments
    in Writing	34
	6.15	Binding
    Effect of Resolutions	34
	6.16	Holdings
    by the Company or Subsidiaries of the Company Disregarded	34
	6.17	Common
    Shares or Warrants Owned by the Company or its Subsidiaries – Certificate to be Provided	35
	 	 	
	Article
    7 Supplemental Indentures and Successor Companies	35
	7.1	Provision
    for Supplemental Indentures for Certain Purposes	35
	7.2	Successor
    Companies	36
	 	 	
	Article
    8 Concerning the Warrant Agent	36
	8.1	Indenture
    Legislation	36
	8.2	Rights
    and Duties of Warrant Agent	36
	8.3	Evidence,
    Experts and Advisers	37
	8.4	Securities,
    Documents and Monies Held by Warrant Agent	39
	8.5	Actions
    by Warrant Agent to Protect Interests	39
	8.6	Warrant
    Agent not Required to Give Security	40
	8.7	Protection
    of Warrant Agent	40
	8.8	Replacement
    of Warrant Agent	41
	8.9	Conflict
    of Interest	42
	8.10	Acceptance
    of Duties and Obligations	42
	8.11	Warrant
    Agent not to be Appointed Receiver	43
	8.12	Authorization
    to Carry on Business	43
	 	 	
	Article
    9 General	43
	9.1	Notice
    to the Company and the Warrant Agent	43
	9.2	Notice
    to the Warrantholders	44
	9.3	Privacy	45
	9.4	Third
    Party Interests	45
	9.5	Discretion
    of Directors	45
	9.6	Satisfaction
    and Discharge of Indenture	46
	9.7	Provisions
    of Indenture and Warrants for the Sole Benefit of Parties and Warrantholders	46
	9.8	Indenture
    to Prevail	46
	9.9	Assignment	46
	9.10	Severability	46
	9.11	Force
    Majeure	46
	9.12	Counterparts
    and Formal Date	46
	Schedule
    “A” Form of Warrant Certificate	 

 

    	 

    	 

    

 

THIS
WARRANT INDENTURE dated as of [●], 2022

 

B
E T W E E N:

 

FIRST
PERSON LTD.,

a
company existing under the laws of the province of Alberta, and includes any successor corporation

 

(the
“Company”)

 

A
N D

 

ODYSSEY
TRUST COMPANY,

a
trust company incorporated under the laws of Alberta and authorized to carry on business in the province of Alberta

 

(the
“Warrant Agent”)

 

RECITALS

 

WHEREAS:

 

	A.	In
                                            connection with the public offering by the Company of up to [●] Common Shares (as defined
                                            herein) and up to [●] accompanying Warrants pursuant to the Underwriting Agreement (as defined
                                            herein), the Company proposes to issue and sell to the public up to [●] Warrants (as defined
                                            herein), of which [●] Warrants will be issuable as a part of the base offering and up to
                                            [●] Warrants will be issuable upon the due exercise in full of the Over-Allotment Option
                                            (as defined herein) (the “Offering”);
	 	 
	B.	Each
                                            Warrant entitles the holder thereof to purchase, subject to adjustment in certain events,
                                            one Warrant Share (as defined herein) at a price of $[●] at any time prior to the Time of
                                            Expiry (as defined herein);
	 	 
	C.	The
                                            Company has filed a registration statement under the U.S. Securities Act (as defined herein)
                                            with the United States Securities and Exchange Commission (the “Commission”)
                                            on Form S-1 (Registration Statement No. [●]) (the “Registration Statement”)
                                            to register the Warrants and the Warrant Shares, which was declared effective on [●], 2022;
	 	 
	D.	The
                                            Company has filed a preliminary long form prospectus and intends to file a final long form
                                            prospectus with the Alberta Securities Commission for purposes of becoming a reporting issuer
                                            in Canada;
	 	 
	E.	For
                                            such purpose the Company deems it necessary to create and issue Warrants and Warrant Certificates
                                            (as defined herein) to be constituted and issued in the manner hereinafter set forth;
	 	 
	F.	The
                                            Company is duly authorized to create and issue the Warrants to be issued as herein provided;

 

    	 

    	 

    

 

	G.	All
                                            things necessary have been done and performed to make the Warrants, when Authenticated (as
                                            defined herein) or certified by the Warrant Agent and issued as provided in this Indenture,
                                            legal, valid and binding upon the Company with the benefits of and subject to the terms of
                                            this Indenture;
	 	 
	H.	The
                                            foregoing recitals are made as statements of fact by the Company and not by the Warrant Agent;
                                            and
	 	 
	I.	The
                                            Warrant Agent has agreed to enter into this Indenture and to hold all rights, interests and
                                            benefits contained herein for and on behalf of those persons who become holders of Warrants
                                            issued pursuant to this Indenture from time to time.

 

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

 

Article
1

Interpretation

 

	1.1	Definitions

 

In
this Indenture, unless there is something in the subject matter or context inconsistent therewith:

 

“Affiliate”
means, as applied to any person, any other person directly or indirectly controlling, controlled by, or under common control with, that
person. For the purposes of this definition, “control” (including, with correlative meanings, the terms “controlling”,
“controlled by” and “under common control with”), as applied to any person, means the possession, directly or
indirectly, of the power to direct or cause the direction of the management and policies of that person, whether through the ownership
of voting securities or by contract or otherwise. For purposes of this definition, a person shall be deemed to be “controlled by”
a person if such latter person possesses, directly or indirectly, power to vote 10% or more of the securities having ordinary voting
power for the election of directors of such former person;

 

“Applicable
Legislation” means the provisions of the statutes of Canada and its provinces and the regulations under those statutes relating
to warrant indentures and/or the rights, duties or obligations of issuers and warrant agents under warrant indentures as are from time
to time in force and applicable to this Indenture;

 

“Authenticated”
means (a) with respect to the issuance of a Warrant Certificate, one which has been duly signed by the Company and authenticated by manual
signature of an authorized officer of the Warrant Agent, and (b) 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 as required
by Section 2.4 are entered in the register of Warrantholders, “Authenticate”, “Authenticating”
and “Authentication” have the appropriate correlative meanings;

 

“Beneficial
Owner” means a person that has a beneficial interest in a Warrant;

 

“Beneficial
Ownership Limitation” has the meaning ascribed thereto in Section 3.6;

 

    	2

    	 

    

 

“Book-Entry
Only System” means the book-based securities system administered by the applicable Depository in accordance with its operating
rules and procedures in force from time to time;

 

“Business
Day” means a day that is not a Saturday, Sunday, or a day on which banks are closed or which is a civic or statutory holiday
in the cities of Calgary, Alberta or New York, New York;

 

“CDS”
means CDS Clearing and Depository Services Inc. and its successors in interest;

 

“Closing
Date” means [●], 2022 or such other date as agreed to by the Company and the Representative;

 

“Common
Shares” means the shares of common stock in the capital of the Company;

 

“Common
Share Reorganization” has the meaning ascribed to that term in Section 2.13(1);

 

“Company”
means First Person Ltd., a corporation incorporated and existing under the laws of the province of Alberta, and its lawful successors
from time to time;

 

“Company’s
Auditors” means the chartered (professional) accountant or firm of chartered (professional) accountants duly appointed as auditor
or auditors of the Company from time to time;

 

“Confirmation”
has the meaning ascribed that term in Section 3.1(4);

 

“counsel”
means a barrister and solicitor or lawyer or a firm of barristers and solicitors or lawyers, in both cases acceptable to the Warrant
Agent, and who may be counsel to the Company;

 

“Court”
has the meaning ascribed that term in Section 8.8;

 

“Current
Market Price” means, at any date, the volume weighted average price per share at which the Common Shares have traded:

 

		(a)	on
                                            the Nasdaq Capital Market;

 

		(b)	if
                                            the Common Shares are not listed on the Nasdaq Capital Market, on any stock exchange upon
                                            which the Common Shares are listed, as may be selected for this purpose by the board of directors
                                            of the Company, acting reasonably; or

 

		(c)	if
                                            the Common Shares are not listed on any stock exchange, on any over-the-counter market on
                                            which the Common Shares are trading, as may be selected for this purpose by the board of
                                            directors of the Company, acting reasonably;

 

during
the 20 consecutive trading days ending the third trading day before such date; provided that the volume weighted average price shall
be determined by dividing the aggregate sale price of all Common Shares sold on the exchange or market, as the case may be, during the
20 consecutive trading days by the number of Common Shares so sold on said exchange or market or, if not traded on any recognized exchange
or market, as determined by the board of directors of the Company, acting reasonably;

 

    	3

    	 

    

 

“Depository”
means CDS, DTC or such other persons designated in writing by the Company to act as depository in respect of the Warrants;

 

“director”
means a member of the board of directors of the Company for the time being, and unless otherwise specified herein, reference to “action
by the board of directors” means action by the board of directors of the Company as a board or, whenever duly empowered, action
by a committee of the board;

 

“Dividend
Paid in the Ordinary Course” means dividends paid in any financial year of the Company, whether in (i) cash, (ii) shares of
the Company, (iii) warrants or similar rights to purchase any shares of the Company or property or other assets of the Company provided
that the value of such dividends per outstanding Common Share does not in such financial year exceed in aggregate 5% of the Exercise
Price;

 

“DTC”
means the Depository Trust Clearing Corporation;

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder;

 

“Exchange
Basis” means, at any time, the number of Warrant Shares or other classes of shares or securities or property which a Warrantholder
is entitled to receive upon the exercise of the rights attached to the Warrants pursuant to the terms of this Indenture, as the number
may be adjusted pursuant to Article 2 hereof, such number being equal to one Warrant Share per Warrant as of the date hereof;

 

“Exercise
Date” with respect to any Warrant means the date on which such Warrant is duly surrendered for exercise in accordance with
the provisions of Article 3 hereof;

 

“Exercise
Notice” has the meaning ascribed that term in Section 3.1(4);

 

“Exercise
Price” means $[●] for each Warrant Share, subject to adjustment in accordance with the provisions of Article 2 hereof;

 

“extraordinary
resolution” has the meaning ascribed to that term in Sections 6.11 and 6.14;

 

“Fundamental
Transaction” has the meaning ascribed to that term in Section 2.13(4);

 

“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;

 

“Indemnified
Parties” has the meaning ascribed that term in Section 8.7(5);

 

“Nasdaq”
means Nasdaq Stock Market, LLC;

 

“Offering”
has the meaning ascribed thereto in Recital A of this Indenture;

 

“Over-Allotment
Option” means the forty-five day option granted by the Company to the Underwriters, exercisable one or more times in whole
or in part, to purchase up to an additional [●] Common Shares and/or an additional [●] Warrants, in any combination thereof, solely to
cover over-allotments;

 

    	4

    	 

    

 

“Participant”
means a person that participates directly or indirectly in the Depository’s book based registration system for the Warrants;

 

“person”
means an individual, a corporation, a limited liability company, a partnership, a syndicate, a trustee or any unincorporated organization
and words importing persons are intended to have a similarly extended meaning;

 

“Registration
Statement” has the meaning ascribed thereto in Recital C of this Indenture;

 

“Regulation
S” means Regulation S as promulgated under the U.S. Securities Act;

 

“Representative”
means EF Hutton, a division of Benchmark Investments, LLC, as representative of the Underwriters;

 

“Rights
Offering” has the meaning ascribed to that term in Section 2.13(2);

 

“Rights
Offering Price” has the meaning ascribed to that term in Section 2.14(8);

 

“Securities
Laws” means, collectively, the applicable securities laws and regulations of each of Alberta, the United States and each of
the states of the United States, together with all respective forms prescribed thereunder, published rules, policy statements, notices,
orders and rulings of the securities commissions or similar regulatory authorities thereto, as applicable, including the rules and policies
of the Nasdaq;

 

“shareholder”
means an owner of record of one or more Common Shares or shares of any other class or series of the Company;

 

“Special
Distribution” has the meaning ascribed to that term in Section 2.13(3);

 

“Subsidiary”
means a corporation, a majority of the outstanding voting shares of which are owned, directly or indirectly, by the Company or by one
or more subsidiaries of the Company and, as used in this definition, “voting shares” means shares of a class or classes ordinarily
entitled to vote for the election of the majority of the directors of a corporation irrespective of whether or not shares of any other
class or classes shall have or might have the right to vote for directors by reason of the happening of any contingency;

 

“successor
company” has the meaning ascribed to that term in Section 7.2;

 

“this
Indenture”, “herein”, “hereby” and similar expressions mean or refer to this Common Share
purchase warrant indenture and any indenture, deed or instrument supplemental or ancillary hereto; and the expressions “Article”,
“Section”, or “paragraph” followed by a number or letter mean and refer to the specified Article,
Section, or paragraph of this Indenture;

 

“Time
of Expiry” means 2:00 p.m. (Calgary time) on [●], 2027;

 

“trading
day” means a day on which Nasdaq Capital Market (or such other exchange on which the Common Shares are listed) is open for
trading, and if the Common Shares are not listed on a stock exchange, a day on which an over-the-counter market where such shares are
traded is open for business;

 

    	5

    	 

    

 

“transaction
instruction” means a written order 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 Warrant Agent, requesting one or more such actions to be taken in respect
of an Uncertificated Warrant;

 

“Transfer
Agent” means the transfer agent or agents for the time being for the Common Shares;

 

“U.S.
Securities Act” means the United States Securities Act of 1933, as amended;

 

“Uncertificated
Warrant” means any Warrant which is issued under the Book-Entry Only System or any Warrant which is not a certificated Warrant;

 

“Underwriters”
means the Representative and [●];

 

“Underwriting
Agreement” means the underwriting agreement dated [●], 2022, between the Company and the Underwriters;

 

“United
States” means the United States as that term is defined in Regulation S;

 

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Shares are then listed
or quoted on Nasdaq Capital Market (or such other exchange on which the Common Shares are listed or quoted), the daily volume weighted
average price of the Common Shares for such date (or the nearest preceding date) on Nasdaq Capital Market (or such other exchange on
which the Common Shares are then listed or quoted) as reported by Bloomberg L.P. (based on a trading day from 9:30 a.m. (New York City
time) to 4:02 p.m. (New York City time)), or (b) in all other cases, the fair market value of a Common Share as determined by an independent
appraiser selected in good faith by the holders of a majority in interest of the Warrants then outstanding and reasonably acceptable
to the Company, the fees and expenses of which shall be paid by the Company;

 

“Warrant
Agent” means Odyssey Trust Company, a trust company incorporated under the laws of Alberta and authorized to carry on business
in the province of Alberta or any lawful successor thereto including through the operation of Section 8.8;

 

“Warrant
Certificates” means the certificates representing Warrants substantially in the form attached as Schedule “A” hereto
or such other form as may be approved by the Company and the Warrant Agent;

 

“Warrant
Shares” means the Common Shares or, as a result of any adjustment to the subscription rights pursuant to Article 2 hereof,
other securities or property issuable upon the exercise of the Warrants;

 

“Warrantholders”
or “holders” means the persons whose names are entered for the time being in the register maintained pursuant to Section
2.8;

 

“Warrantholders’
Request” means an instrument, signed in one or more counterparts by Warrantholders representing, in the aggregate, at least
20% of the aggregate number of Warrants then outstanding, which requests the Warrant Agent or the Company to take some action or proceeding
specified therein;

 

    	6

    	 

    

 

“Warrants”
means the Common Share purchase warrants of the Company issued and Authenticated hereunder as Uncertificated Warrants or to be issued
and countersigned in the form of Warrant Certificates, in either case, entitling the holders thereof to purchase Warrant Shares on the
basis of one Warrant Share for each Warrant upon payment of the Exercise Price at any time prior to the Time of Expiry; provided that
in each case the number and/or class of securities or property receivable on the exercise of the Warrants may be subject to increase
or decrease or change in accordance with the terms and provisions hereof; and

 

“written
direction of the Company”, “written request of the Company”, “written consent of the Company”,
“Officer’s Certificate” and “certificate of the Company” and any other document required
to be signed by the Company, means, respectively, a written direction, request, consent, certificate or other document signed in the
name of the Company by any officer or director and may consist of one or more instruments so executed.

 

	1.2	Words
                                            Importing the Singular

 

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

 

	1.3	Interpretation
                                            not Affected by Headings

 

The
division of this Indenture into Articles, Sections, and paragraphs, 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.

 

	1.4	Day
                                            not a Business Day

 

If
any day on or before which any action is required or permitted to be taken hereunder is not a Business Day, then such action shall be
required or permitted to be taken on or before the requisite time on the next succeeding day that is a Business Day.

 

	1.5	Time
                                            of the Essence

 

Time
shall be of the essence in all respects of this Indenture and the Warrants issued hereunder.

 

	1.6	Governing
                                            Law

 

This
Indenture and the Warrants issued hereunder shall be construed and enforced in accordance with the laws of the province of Alberta and
the federal laws of Canada applicable therein and shall be treated in all respects as Alberta contracts.

 

	1.7	Meaning
                                            of “outstanding” for Certain Purposes

 

Every
Warrant Authenticated or certified by the Warrant Agent hereunder shall be deemed to be outstanding until it shall be cancelled or delivered
to the Warrant Agent for cancellation, exercised pursuant to Section 3.1 or until the Time of Expiry; provided that where a new Warrant
Certificate has been issued pursuant to Section 2.6 to replace one which is lost, mutilated, stolen or destroyed, the Warrants represented
by only one of such Warrant Certificates shall be counted for the purpose of determining the aggregate number of Warrants outstanding.

 

    	7

    	 

    

 

	1.8	Currency

 

Unless
otherwise stated, all dollar amounts referred to in this Indenture are in U.S. dollars.

 

	1.9	Termination

 

This
Indenture shall continue in full force and effect until the earlier of: (a) the Time of Expiry; and (b) provided that no Warrants remain
issuable hereunder, the date that no Warrants are outstanding hereunder; provided that this Indenture shall continue in effect thereafter,
if applicable, until the Company and the Warrant Agent have fulfilled all of their respective obligations under this Indenture.

 

Article
2

Issue of Warrants

 

	2.1	Issue
                                            of Warrants

 

Subject
to adjustment in accordance with the provisions hereof, the Company hereby creates and authorizes the issuance of [●] Warrants entitling
the registered holders thereof to acquire an aggregate of [●] Warrant Shares, which are hereby authorized to be issued hereunder at the
Exercise Price upon the terms and conditions herein set forth. Uncertificated Warrants shall be Authenticated by the Warrant Agent and
deposited with the Depository and Warrant Certificates evidencing the Warrants, if any, shall be executed by the Company, certified by
or on behalf of the Warrant Agent and delivered by the Warrant Agent in accordance with a written direction of the Company, all in accordance
with Sections 2.3 and 2.4. Subject to adjustment in accordance with the provisions of this Indenture, each of the Warrants issued hereunder
shall entitle the holder thereof to receive from the Company, upon payment of the Exercise Price, the number of Warrant Shares equal
to the Exchange Basis in effect on the Exercise Date.

 

	2.2	Form
                                            and Terms of Warrants

 

(1)
The Warrants may be issued in either certificated or uncertificated form. The Warrant Certificates shall be substantially in the form
attached as Schedule “A” hereto, subject to the provisions of this Indenture, with such additions, variations and changes
as may be required or permitted by the terms of this Indenture, and to give effect to any Warrants not being issued as Uncertificated
Warrants, and which may from time to time be agreed upon by the Warrant Agent and the Company, and shall have such legends, distinguishing
letters and numbers as the Company may, with the approval of the Warrant Agent, prescribe. Except as hereinafter provided in this Article
2, all Warrants shall, save as to denominations, be of like tenor and effect. The Warrant Certificates may be engraved, printed, lithographed,
photocopied or be partially in one form or another, as the Company may determine. No change in the form of the Warrant Certificate shall
be required by reason of any adjustment made pursuant to this Article 2 in the number and/or class of securities or type of securities
or property that may be acquired pursuant to the exercise of Warrants. All Warrants issued to the Depository may be in either a certificated
or uncertificated form, such uncertificated form being evidenced by a book position on the register of Warrantholders to be maintained
by the Warrant Agent in accordance with Section 2.8.

 

    	8

    	 

    

 

(2)
Each Warrant authorized to be issued hereunder shall entitle the registered holder thereof to acquire (subject to Sections 2.13, 2.14
and 2.15) upon due exercise and upon the transaction instruction or due execution of the exercise form endorsed on the Warrant Certificate,
as applicable, or other instrument of exercise in such form as the Warrant Agent and/or the Company may from time to time prescribe and
upon payment of the Exercise Price one Warrant Share or such other kind and amount of shares or securities or property, calculated pursuant
to the provisions of Sections 2.13 and 2.14, as the case may be, at any time after the date of issuance of such Warrants and prior to
the Time of Expiry, in accordance with the provisions of this Indenture.

 

(3)
Fractional Warrants shall not be issued or otherwise provided for. If any fraction of a Warrant would otherwise be issuable, and result
in a fraction of a Warrant Share being issuable, any such fractional Warrant so issued shall be rounded to the nearest whole Warrant
without compensation therefor.

 

	2.3	Signing
                                            of Warrant Certificates

 

Warrant
Certificates shall be signed by any one of the directors or officers of the Company and may, but need not be under the corporate seal
of the Company or a reproduction thereof. The signature of any such director or officer may be mechanically reproduced in facsimile or
other electronic format and Warrant Certificates bearing such facsimile or other electronic format signatures shall be binding upon the
Company as if they had been manually signed by such director or officer. Notwithstanding that the person whose manual or electronic signature
appears on any Warrant Certificate as a director or officer may no longer hold office at the date of issue of the Warrant Certificate
or at the date of certification or delivery thereof, any Warrant Certificate Authenticated or signed as aforesaid shall, subject to Section
2.4, be valid and binding upon the Company and the registered holder thereof will be entitled to the benefits of this Indenture.

 

	2.4	Authentication
                                            by the Warrant Agent

 

(1)
No Warrant shall be issued or, if issued, shall be valid for any purpose or entitle the registered holder to the benefit hereof or thereof
until it has been Authenticated by or on behalf of the Warrant Agent, as applicable, and such Authentication by the Warrant Agent shall
be conclusive evidence as against the Company that the Warrant so Authenticated has been duly issued hereunder and the holder is entitled
to the benefits hereof.

 

(2)
The Warrant Agent shall Authenticate Uncertificated Warrants (whether upon original issuance, exchange, registration of transfer, partial
payment, 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 Warrants under this Indenture. Such Authentication shall be conclusive
evidence that such Uncertificated Warrant has been duly issued 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 Warrants with respect
to which this Indenture requires the Warrant Agent 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 Warrants are
binding on the Company.

 

    	9

    	 

    

 

(3)
Any Warrant Certificate validly issued in accordance with the terms of this Indenture in effect at the time of issue shall, subject to
the terms of this Indenture and applicable law, validly entitle the holder to acquire Warrant Shares, notwithstanding that the form of
such Warrant Certificate may not be in the form currently required by this Indenture.

 

(4)
No Warrant Certificate shall be considered issued or shall be obligatory or shall entitle the holder thereof to the benefits of this
Indenture, until it has been Authenticated by or on behalf of the Warrant Agent substantially in the form of the Warrant Certificate
set out in Schedule “A” hereto. Such Authentication on any such Warrant Certificate shall be conclusive evidence that such
Warrant Certificate is duly Authenticated and is valid and a binding obligation of the Company and that the holder is entitled to the
benefits of this Indenture.

 

(5)
The Authentication or certification of the Warrant Agent on the Warrants issued hereunder, including by way of entry on the register,
shall not be construed as a representation or warranty by the Warrant Agent as to the validity of this Indenture or the Warrants (except
the due Authentication and certification thereof) or as to the performance by the Company of its obligations under this Indenture and
the Warrant Agent shall in no respect be liable or answerable for the use made of the Warrants or any of them or of the consideration
therefor except as otherwise specified herein.

 

	2.5	Warrantholder
                                            not a Shareholder, etc.

 

Nothing
in this Indenture or the holding of a Warrant 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 Company, nor entitle the holder to any right or interest in respect thereof except as herein and in the Warrants
expressly provided.

 

	2.6	Issue
                                            in Substitution for Lost Warrant Certificates

 

(1)
If any Warrant Certificates issued and certified under this Indenture shall become mutilated or be lost, destroyed or stolen, the Company,
subject to applicable law, and Section 2.6(2), shall issue and thereupon the Warrant Agent shall certify and deliver a new Warrant Certificate
of like denomination, date and tenor as the one mutilated, lost, destroyed or stolen in exchange for, in place of and upon cancellation
of such mutilated Warrant Certificate, or in lieu of and in substitution for such lost, destroyed or stolen Warrant Certificate, and
the substituted Warrant Certificate shall be substantially in the form set out in Schedule “A” hereto and Warrants evidenced
by it will entitle the holder thereof to the benefits hereof and shall rank equally in accordance with its terms with all other Warrant
Certificates issued or to be issued hereunder.

 

(2)
The applicant for the issue of a new Warrant Certificate pursuant to this Section 2.6 shall bear the cost of the issue thereof and in
the case of mutilation shall, as a condition precedent to the issue thereof, deliver to the Warrant Agent the mutilated Warrant Certificate,
and in the case of loss, destruction or theft shall, as a condition precedent to the issue thereof, furnish to the Company and to the
Warrant Agent such evidence of ownership and of the loss, destruction or theft of the Warrant Certificate so lost, destroyed or stolen
as shall be satisfactory to the Company and to the Warrant Agent in their sole discretion, acting reasonably, and such applicant may
be required to furnish an indemnity and surety bond in amount and form satisfactory to the Company and the Warrant Agent in their sole
discretion, acting reasonably, and shall pay the charges of the Company and the Warrant Agent in connection therewith.

 

    	10

    	 

    

 

	2.7	Warrants
                                            to Rank Pari Passu

 

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

 

	2.8	Registration
                                            and Transfer of Warrants

 

(1)
The Warrant Agent will create and keep at the principal offices of the Warrant Agent in the City of Calgary, Alberta:

 

		(a)	a
                                            register of holders in which shall be entered in alphabetical order the names and addresses
                                            of the holders of Warrants and particulars of the Warrants held by them and the Warrant Agent
                                            shall be entitled to rely on such register in connection with the exchange, transfer, exercise
                                            or deemed exercise of any Warrant(s) pursuant to the terms of this Indenture or the terms
                                            thereof; and

 

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

 

(2)
No transfer of any Warrant will be valid unless entered on the register of transfers referred to in Section 2.8(1), upon surrender to
the Warrant Agent of the Warrant Certificate evidencing such Warrant, and a duly completed and executed transfer form endorsed on the
Warrant Certificate or in the case of Uncertificated Warrants a duly executed transaction instruction from the holder (or such other
instructions, in form satisfactory to the Warrant Agent) executed by the registered holder or his executors, administrators or other
legal representatives or his attorney duly appointed by an instrument in writing in form and execution satisfactory to the Warrant Agent,
if applicable, and, upon compliance with such requirements and 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 register
of transfers by the Warrant Agent. Upon compliance with such requirements, the Warrant Agent shall issue to the transferee a Warrant
Certificate, or in the case of an Uncertificated Warrant the Warrant Agent shall Authenticate and deliver a Warrant Certificate upon
request that part of the Uncertificated Warrant be certificated. Transfers within the systems of the Depository are not the responsibility
of the Warrant Agent and will not be noted on the register maintained by the Warrant Agent.

 

(3)
The transferee of any Warrant will, after surrender to the Warrant Agent of the Warrant as required by Section 2.8(2) and upon compliance
with all other conditions in respect thereof required by this Indenture or by law, be entitled to be entered on the register of holders
referred to in Section 2.8(1) as the owner of such Warrant free from all equities or rights of set-off or counterclaim between the Company
and the transferor or any previous holder of such Warrant, except in respect of equities of which the Company is required to take notice
by statute or by order of a court of competent jurisdiction.

 

    	11

    	 

    

 

(4)
The Company 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 Section 2.8(1), if such transfer would constitute a violation of the Securities Laws of
any applicable jurisdiction or the rules, regulations or policies of any regulatory authority having jurisdiction. The Warrant Agent
is entitled to assume compliance with all applicable Securities Laws unless otherwise notified in writing by the Company. No duty shall
rest with the Warrant Agent to determine compliance of the transferee or transferor of any Warrant with applicable Securities Laws.

 

	2.9	Registers
                                            Open for Inspection

 

The
registers referred to in Section 2.8(1) shall be open at all reasonable times during business hours on a Business Day for inspection
by the Company or any Warrantholder. The Warrant Agent shall, from time to time when requested to do so in writing by the Company, furnish
the Company with a list of the names and addresses of holders of Warrants entered in the register of holders kept by the Warrant Agent
and showing the number of Warrants held by each such holder.

 

	2.10	Exchange
                                            of Warrant Certificates

 

(1)
Warrant Certificates may, upon compliance with the reasonable requirements of the Warrant Agent, be exchanged for Warrant Certificates
in any other authorized denomination representing in the aggregate an equal number of Warrants as the number of Warrants represented
by the Warrant Certificates being exchanged. The Company shall sign and the Warrant Agent shall Authenticate or certify, in accordance
with Sections 2.3 and 2.4, all Warrant Certificates necessary to carry out the exchanges contemplated herein.

 

(2)
Warrant Certificates may be exchanged only at the principal offices of the Warrant Agent in the City of Calgary, Alberta or at any other
place that is designated by the Company with the approval of the Warrant Agent. Any Warrant Certificates tendered for exchange shall
be surrendered to the Warrant Agent and cancelled.

 

(3)
Except as otherwise herein provided, the Warrant Agent may charge Warrantholders requesting an exchange a reasonable sum for each Warrant
Certificate issued; and payment of such charges and reimbursement of the Warrant Agent or the Company for any and all taxes or governmental
or other charges required to be paid shall be made by the party requesting such exchange as a condition precedent to such exchange.

 

	2.11	Ownership
                                            of Warrants

 

The
Company and the Warrant Agent and their respective agents may deem and treat the registered holder of any Warrant as the absolute owner
of the Warrant represented thereby for all purposes and the Company and the Warrant Agent and their respective agents shall not be affected
by any notice or knowledge to the contrary except as required by statute or order of a court of competent jurisdiction. The holder of
any Warrant shall be entitled to the rights evidenced by that Warrant free from all equities or rights of set-off or counterclaim between
the Company and the original or any intermediate holder thereof, except in respect of equities of which the Company is required to take
notice by statute or by order of a court of competent jurisdiction and all persons may act accordingly and the receipt by any holder
of the Warrant Shares or monies obtainable pursuant to the exercise of the Warrant shall be a good discharge to the Company and the Warrant
Agent for the same and neither the Company nor the Warrant Agent shall be bound to inquire into the title of any holder.

 

    	12

    	 

    

 

	2.12	Uncertificated
                                            Warrants

 

(1)
Registration and re-registration of beneficial interests in and transfers of Warrants held by the Depository shall be made only
through the Book-Entry Only System and no Warrant Certificates shall be issued in respect of such Warrants except where physical
certificates evidencing ownership in such securities are required or as set out herein or as may be requested by the Depository, as
determined by the Company, from time to time. Except as provided in this Section 2.12, owners of beneficial interests in any
Uncertificated Warrants shall not be entitled to have Warrants registered in their names and shall not receive or be entitled to
receive Warrants in definitive form or to have their names appear in the register referred to in Section 2.8 herein.

 

(2)
If any Warrant is issued in uncertificated form and any of the following events occurs:

 

		(a)	the
                                            Depository or the Company has notified the Warrant Agent that (A) the Depository is unwilling
                                            or unable to continue as depository or (B) the Depository ceases to be a clearing agency
                                            in good standing under applicable laws and, in either case, the Company is unable to locate
                                            a qualified successor depository within 90 days of delivery of such notice;

 

		(b)	the
                                            Company has determined, in its sole discretion, acting reasonably, to terminate the Book-Entry
                                            Only System in respect of such Uncertificated Warrants and has communicated such determination
                                            to the Warrant Agent in writing;

 

		(c)	the
                                            Company or the Depository is required by applicable law to take the action contemplated in
                                            this Section; or

 

		(d)	the
                                            Book-Entry Only System administered by the Depository ceases to exist,

 

then
one or more definitive fully registered Warrant Certificates shall be executed by the Company and certified and delivered by the Warrant
Agent to the Depository in exchange for the Uncertificated Warrants held by the Depository. The Company shall provide an Officer’s
Certificate giving notice to the Warrant Agent of the occurrence of any event outlined in this Section 2.12(2).

 

Fully
registered Warrant Certificates issued and exchanged pursuant to this Section shall be registered in such names and in such denominations
as the Depository 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 Uncertificated Warrants so exchanged. Upon exchange of Uncertificated Warrants for one or more
Warrant Certificates in definitive form, such Uncertificated Warrants shall be cancelled by the Warrant Agent.

 

    	13

    	 

    

 

(3)
Subject to the provisions of this Section 2.12, any exchange of Uncertificated Warrants for Warrants which are not Uncertificated Warrants
may be made in whole or in part in accordance with the provisions of Section 2.10, mutatis mutandis. All such Warrants issued
in exchange for Uncertificated Warrants or any portion thereof shall be registered in such names as the Depository for such Uncertificated
Warrants shall direct and shall be entitled to the same benefits and subject to the same terms and conditions (except insofar as they
relate specifically to Uncertificated Warrants) as the Uncertificated Warrants or portion thereof surrendered upon such exchange.

 

(4)
Every Warrant Authenticated upon registration of transfer of Uncertificated Warrants, or in exchange for or in lieu of Uncertificated
Warrants or any portion thereof, whether pursuant to this Section 2.12, or otherwise, shall be Authenticated in the form of, and shall
be, an Uncertificated Warrant, unless such Warrant is registered in the name of a person other than the Depository for such Uncertificated
Warrant or a nominee thereof.

 

(5)
Notwithstanding anything to the contrary in this Indenture, subject to Applicable Legislation, the Warrants to be issued to the Depository
or a nominee thereof will be issued as an Uncertificated Warrant, unless otherwise requested in writing by the Depository or the Company.

 

(6)
The rights of Beneficial Owners of Warrants who hold securities entitlements in respect of the Warrants through the Book-Entry Only System
shall be limited to those established by applicable law and agreements between the Depository and the Participants and between such Participants
and the Beneficial Owners of Warrants who hold securities entitlements in respect of the Warrants through the Book-Entry Only System,
and such rights must be exercised through a Participant in accordance with the rules and procedures of the Depository.

 

(7)
Notwithstanding anything herein to the contrary, neither the Company nor the Warrant Agent nor any agent thereof shall have any responsibility
or liability for:

 

		(a)	the
                                            electronic records maintained by the Depository relating to any ownership interests or any
                                            other interests in the Warrants 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 Warrant represented by an electronic position in the Book-Entry Only System (other than
                                            the Depository or its nominee);

 

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

 

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

 

(8)
The Company may terminate the application of this Section 2.12 in its sole discretion, acting reasonably, in which case all Warrants
shall be evidenced by Warrant Certificates registered in the name(s) of a person other than the Depository.

 

    	14

    	 

    

 

	2.13	Adjustment
                                            of Exchange Basis

 

Subject
to Section 2.14, the Exchange Basis shall be subject to adjustment from time to time in the events and in the manner provided as follows:

 

(1)
If and whenever, at any time after the date hereof and prior to the Time of Expiry, the Company shall:

 

		(a)	issue
                                            Common Shares or securities exercisable, exchangeable for or convertible into Common Shares
                                            to all or substantially all the holders of the Common Shares as a stock dividend or other
                                            distribution (other than a distribution of Warrant Shares upon the exercise of the Warrants
                                            or pursuant to the exercise, exchange or conversion of securities of the Company outstanding
                                            as of the date hereof); or

 

		(b)	subdivide,
                                            redivide or change its then outstanding Common Shares into a greater number of Common Shares;
                                            or

 

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

 

(any
of such events in these paragraphs (a), (b) or (c) being called a “Common Share Reorganization”), then the Exchange
Basis in effect on the effective date of such subdivision, redivision or change, or reduction, combination or consolidation, or on the
record date of such stock dividend or other distribution, as the case may be, shall be adjusted by multiplying the Exchange Basis in
effect immediately prior to such effective or record date by a fraction:

 

		(a)	the
                                            numerator of which shall be the total number of Common Shares outstanding on such date immediately
                                            after giving effect to such Common Share Reorganization (including, in the case where securities
                                            exercisable, exchangeable for or convertible into Common Shares are distributed, the number
                                            of Common Shares that would have been outstanding had such securities been exchanged for
                                            or converted into Common Shares on such record date, assuming in any case where such securities
                                            are not then exercisable, convertible or exchangeable but subsequently become so, that they
                                            were exercisable, convertible or exchangeable on the record date on the basis upon which
                                            they first become exercisable, convertible or exchangeable), and

 

		(b)	the
                                            denominator of which shall be the total number of Common Shares outstanding on such date
                                            before giving effect to such Common Share Reorganization.

 

The
resulting product, adjusted to the nearest 1/100th, shall thereafter be the Exchange Basis until further adjusted as provided in this
Article 2. To the extent that any adjustment in the Exchange Basis occurs pursuant to this Section 2.13(1) as a result of the fixing
by the Company of a record date for the distribution of securities exercisable or exchangeable for or convertible into Common Shares
and the Common Share Reorganization does not occur or any conversion, exercise or exchange rights are not fully converted, exercised
or exchanged, the Exchange Basis shall be readjusted immediately after the expiry of any relevant exchange or conversion right or the
termination of the Common Share Reorganization, as the case may be, to the Exchange Basis that would then be in effect, based upon the
number of Common Shares actually issued and remaining issuable pursuant to the Common Share Reorganization after such expiry and shall
be further readjusted in such manner upon the expiry of any further such right.

 

    	15

    	 

    

 

(2)
If and whenever, at any time after the date hereof and prior to the Time of Expiry, the Company shall fix a record date for the distribution
to all or substantially all of the holders of its outstanding Common Shares of rights, options or warrants entitling them, for a period
expiring not more than 45 days after such record date, 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 at an exchange, exercise or conversion price per share)
of less than 95% of the Current Market Price on such record date (any of such events being called a “Rights Offering”),
then the Exchange Basis shall be adjusted effective immediately after such record date for the Rights Offering by multiplying the Exchange
Basis in effect immediately prior to such record date by a fraction:

 

		(a)	the
                                            numerator of which shall be the number of Common Shares which would be outstanding after
                                            giving effect to the Rights Offering (assuming the exercise of all of the rights, options
                                            or warrants under the Rights Offering and assuming the exchange, exercise or conversion into
                                            Common Shares of all exchangeable, exercisable or convertible securities issued upon exercise
                                            of such rights, options or warrants, if any), and

 

		(b)	the
                                            denominator of which shall be the aggregate of:

 

		(i)	the
                                            total number of Common Shares outstanding as of the record date for the Rights Offering,
                                            and

 

		(ii)	a
                                            number of Common Shares determined by dividing

 

		(A)	the
                                            amount equal to the aggregate consideration payable on the exercise of all of the rights,
                                            options and warrants under the Rights Offering plus the aggregate consideration, if any,
                                            payable on the exchange, exercise or conversion of the exchangeable or convertible securities
                                            issued upon exercise of such rights, options or warrants (assuming the exercise of all rights,
                                            options and warrants under the Rights Offering and assuming the exchange or conversion of
                                            all exchangeable or convertible securities issued upon exercise of such rights, options and
                                            warrants);

 

by

 

		(B)	the
                                            Current Market Price as of the record date for the Rights Offering.

 

The
resulting product, adjusted to the nearest 1/100th, shall thereafter be the Exchange Basis until further adjusted as provided
in this Article 2. Any Common Shares owned by or held for the account of the Company or any of its Subsidiaries will be deemed not to
be outstanding for the purpose of any computation. If, at the date of expiry of the rights, options or warrants subject to the Rights
Offering, less than all the rights, options or warrants have been exercised, then the Exchange Basis shall be readjusted immediately
after the date of expiry to the Exchange Basis that would have been in effect on the date of expiry if only the rights, options or warrants
issued had been those exercised. If at the date of expiry of the rights of exchange, exercise or conversion of any securities issued
pursuant to the Rights Offering less than all of such securities have been exchanged or exercised for, or converted into, Common Shares,
then the Exchange Basis shall be readjusted immediately after the date of expiry to the Exchange Basis that would have been in effect
on the date of expiry if only the exchangeable, exercisable or convertible securities issued had been those securities actually exchanged
or exercised for or converted into Common Shares.

 

    	16

    	 

    

 

(3)
If and whenever, at any time after the date hereof and prior to the Time of Expiry, the Company shall fix a record date for the issuance
or distribution to all or substantially all the holders of its outstanding Common Shares of:

 

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

 

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

 

		(c)	evidences
                                            of indebtedness; or

 

		(d)	cash,
                                            securities or any property or other assets,

 

and
if such issuance 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 Exchange Basis shall be adjusted effective immediately after such
record date for the Special Distribution by multiplying the Exchange Basis in effect immediately prior to such record date by a fraction:

 

		(a)	the
                                            numerator of which shall be the number of Common Shares outstanding on such record date multiplied
                                            by the Current Market Price on such record date, and

 

		(b)	the
                                            denominator of which shall be:

 

		(A)	the
                                            number of Common Shares outstanding on such record date multiplied by the Current Market
                                            Price on such record date, less

 

		(B)	the
                                            fair market value, as determined by action by the board of directors acting reasonably and
                                            in good faith (whose determination, absent manifest error, shall be conclusive), to the holders
                                            of the Common Shares of the shares, rights, options, warrants, evidences of indebtedness
                                            or securities, property or other assets issued or distributed in the Special Distribution,
                                            provided that no such adjustment shall be made if the result of such adjustment would be
                                            to decrease the Exchange Basis in effect immediately before such record date.

 

The
resulting product, adjusted to the nearest 1/100th, shall thereafter be the Exchange Basis until further adjusted as provided
in this Article 2. Any Common Shares owned by or held for the account of the Company or any of its Subsidiaries will be deemed not to
be outstanding for the purpose of any such computation.

 

    	17

    	 

    

 

(4)
If and whenever, at any time after the date hereof and prior to the Time of Expiry, there shall be a reclassification of the Common Shares
at any time outstanding or change or exchange of the Common Shares into or for other shares or into or for other securities or property
(other than a Common Share Reorganization), or a consolidation, amalgamation, arrangement or merger of the Company with or into any other
corporation or other entity (other than a consolidation, amalgamation, arrangement or merger which does not result in any reclassification
of the outstanding Common Shares or a change or exchange of the Common Shares into or for other shares, securities or property), or a
transfer (other than to a Subsidiary) of the undertaking or assets of the Company as an entirety or substantially as an entirety to another
corporation or other entity, or one more related transactions consummating a share purchase agreement or other business combination (including,
without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another person or group of persons whereby
such other person or group acquires more than 50% of the outstanding Common Shares (not including any Common Shares held by the other
person or other persons making or party to, or associated or affiliated with the other persons making or party to, such share purchase
agreement or other business combination) (any of such events being herein called a “Fundamental Transaction”), any
Warrantholder who thereafter shall exercise his right to receive Warrant Shares pursuant to Warrant(s) shall be entitled to receive (without
regard to any limitation in Section 3.6 on the exercise of the Warrants), and shall accept in lieu of the number of Warrant Shares to
which such holder was theretofore entitled upon such exercise, the aggregate number of shares, other securities or other property resulting
from the Fundamental Transaction which such holder would have been entitled to receive as a result of such Fundamental Transaction if,
on the effective date or record date thereof, as the case may be, the Warrantholder had been the registered holder of the number of Warrant
Shares to which such holder was theretofore entitled upon exercise (without regard to any limitation in Section 3.6 on the exercise of
the Warrants). If appropriate, adjustments shall be made as a result of any such Fundamental Transaction in the application of the provisions
in this Indenture with respect to the rights and interests thereafter of Warrantholders to the end that the provisions in this Indenture
shall thereafter correspondingly be made applicable as nearly as may reasonably be possible in relation to any shares, other securities
or other property thereafter deliverable upon the exercise of any Warrant. Any such adjustment shall be made by and set forth in an indenture
supplemental hereto approved by the directors of the Company and by the Warrant Agent and entered into pursuant to the provisions of
this Indenture and shall for all purposes be conclusively deemed to be an appropriate adjustment.

 

(5)
Any adjustment to the Exchange Basis as set forth herein shall also include a corresponding adjustment to the Exercise Price, which shall
be calculated by multiplying the Exercise Price by a fraction: (a) the numerator of which shall be the Exchange Basis prior to the adjustment,
and (b) the denominator of which shall be the Exchange Basis after the adjustment.

 

	2.14	Rules
                                            Regarding Calculation of Adjustment of Exchange Basis

 

For
the purposes of Section 2.13:

 

(1)
The adjustments provided for in Section 2.13 shall be cumulative and such adjustments shall be made successively whenever an event referred
to in Section 2.13 shall occur, subject to the following subsections of this Section 2.14.

 

(2)
No adjustment in the: (a) Exchange Basis shall be required unless such adjustment would result in a change of at least 0.01 of a Warrant
Share based on the prevailing Exchange Basis; or (b) Exercise Price shall be required unless such adjustment would result in a change
of at least 1% of the Exercise Price, provided that any adjustments which, except for the provisions of this subsection, would otherwise
have been required to be made, shall be carried forward and taken into account in any subsequent adjustment.

 

    	18

    	 

    

 

(3)
No adjustment in the Exchange Basis or Exercise Price shall be made in respect of any event described in Section 2.13, other than the
events referred to in paragraphs (b) and (c) of subsection (1) thereof, 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 of such event, any such participation being subject to regulatory approval.

 

(4)
No adjustment in the Exchange Basis or the Exercise Price shall be made pursuant to Section 2.13 in respect of (i) the issue from time
to time of Warrant Shares purchasable on exercise of the Warrants and any such issue shall be deemed not to be a Common Share Reorganization;
(ii) a Dividend Paid in the Ordinary Course; or (iii) a distribution of Common Shares pursuant to incentive plans of the Company, pursuant
to the exercise or vesting of stock options or other compensation securities granted under incentive plans of the Company or pursuant
to the conversion, exchange or exercise of any convertible, exchangeable or exercisable securities outstanding as of the date hereof.

 

(5)
If a dispute shall at any time arise with respect to adjustments provided for in Section 2.13, such dispute shall, absent manifest error,
be conclusively determined by the Company’s Auditors, or if they are unable or unwilling to act, by such other firm of independent
chartered accountants as may be selected by the directors and any further determination, absent manifest error, shall be binding upon
the Company, the Warrant Agent and the Warrantholders.

 

(6)
If the Company shall set a record date to determine the holders of the Common Shares for the purpose of entitling them 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, legally abandon its plan to pay or deliver such dividend, distribution,
or subscription or purchase rights, then no adjustment in the Exchange Basis shall be required by reason of the setting of such record
date.

 

(7)
In the absence of a resolution of the directors fixing a record date for a Rights Offering or Special Distribution, the Company shall
be deemed to have fixed as the record date therefor the date on which the Rights Offering or Special Distribution is effected.

 

(8)
If the purchase price provided for in any Rights Offering (the “Rights Offering Price”) is decreased, the Exchange
Basis shall forthwith be changed so as to increase the Exchange Basis to such Exchange Basis as would have been obtained had the adjustment
to the Exchange Basis made pursuant to Section 2.13(2) upon the issuance of such Rights Offering been made upon the basis of the Rights
Offering Price as so decreased, provided that the provisions of this subsection shall not apply to any decrease in the Rights Offering
Price resulting from provisions in any such Rights Offering designed to prevent dilution if the event giving rise to such decrease in
the Rights Offering Price itself requires an adjustment to the Exchange Basis pursuant to the provisions of Section 2.13.

 

    	19

    	 

    

 

(9)
As a condition precedent to the taking of any action that would require any adjustment in any of the subscription rights pursuant to
any of the Warrants, including the Exchange Basis, the Company shall take any corporate action which may, in the opinion of counsel,
be necessary in order that the Company have unissued and reserved in its authorized capital and may validly and legally issue as fully
paid and non-assessable all the shares or other securities that all the holders of such Warrants are entitled to receive on the exercise
of all the subscription rights attaching thereto in accordance with the provisions thereof.

 

(10)
In case the Company, after the date hereof and prior to the Time of Expiry, shall take any action affecting any Common Shares, other
than action described in Section 2.13, which in the opinion of the directors acting reasonably and in good faith would materially affect
the rights of Warrantholders, the Exchange Basis shall be adjusted in such manner, if any, and at such time, as the directors, in their
sole discretion acting reasonably and in good faith, may determine to be equitable in the circumstances. Failure of the taking of action
by the directors so as to provide for an adjustment in the Exchange Basis prior to the effective date of any action by the Company affecting
the Common Shares shall be conclusive evidence that the directors have determined that it is equitable to make no adjustment in the circumstances.

 

(11)
The Warrant Agent shall be entitled to act and rely on any adjustment calculations by the Company or the Company’s Auditors.

 

	2.15	Postponement
                                            of Subscription

 

In
any case where the application of Section 2.13 results in an increase in the number of Common Shares that are issuable upon exercise
of the Warrants taking effect immediately after the record date for a specific event, if any Warrant is exercised after that record date
and prior to completion of such specific event, the Company may postpone the issuance to the Warrantholder of the Warrant Shares to which
he is entitled by reason of such adjustment, but such Warrant Shares shall be so issued and delivered to that holder upon completion
of that event, with the number of such Warrant Shares calculated on the basis of the number of Warrant Shares on the date that the Warrant
was exercised, adjusted for completion of that event and the Company shall deliver to the person or persons in whose name or names the
Warrant Shares are to be issued an appropriate instrument evidencing the right of such person or persons to receive such Warrant Shares
and the right to receive any dividends or other distributions which, but for the provisions of this Section 2.15, such person or persons
would have been entitled to receive in respect of such Warrant Shares from and after the date that the Warrant was exercised in respect
thereof.

 

	2.16	Notice
                                            of Adjustment

 

(1)
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 2.13, the Company shall:

 

		(a)	file
                                            with the Warrant Agent a certificate of the Company 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; and

 

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

 

    	20

    	 

    

 

(2)
In case any adjustment for which a notice in Section 2.16(1) has been given is not then determinable, the Company shall promptly after
such adjustment is determinable:

 

		(a)	file
                                            with the Warrant Agent a computation of such adjustment; and

 

		(b)	give
                                            notice to the Warrantholders of the adjustment.

 

(3)
The Warrant Agent may and shall be protected in so doing, absent manifest error, act and rely upon certificates of the Company and other
documents filed by the Company pursuant to this Section 2.16 for all purposes of the adjustment.

 

	2.17	No
                                            Action after Notice

 

The
Company covenants with the Warrant Agent that it will not close its books nor take any other corporate action which might deprive a Warrantholder
of the opportunity of exercising the rights of acquisition pursuant thereto during the period of 10 days after the giving of the notice
set forth in paragraph (b) of Sections 2.16(1) and (2).

 

	2.18	Purchase
                                            of Warrants for Cancellation

 

The
Company may, at any time and from time to time, purchase Warrants by invitation for tender, by private contract, on any stock exchange
(if then listed) or otherwise (which shall include a purchase through an investment dealer or firm holding membership on a Canadian stock
exchange) on such terms as the Company may determine. All Warrants purchased pursuant to the provisions of this Section 2.18 shall be
forthwith delivered to and cancelled by the Warrant Agent and shall not be reissued. If required by the Company, the Warrant Agent shall
furnish the Company with a certificate as to such destruction.

 

	2.19	Protection
                                            of Warrant Agent

 

The
Warrant Agent shall not:

 

		(a)	at
                                            any time be under any duty or responsibility to any registered holder of Warrants to determine
                                            whether any facts exist that may require any adjustment contemplated by this Article 2, 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 Warrant Shares
                                            or of any other securities or property that may at any time be issued or delivered upon the
                                            exercise of the Warrants;

 

		(c)	be
                                            responsible for any failure of the Company to make any cash payment, to issue, transfer or
                                            deliver Warrant Shares or certificates upon the surrender of any Warrants for the purpose
                                            of the exercise of such rights or to comply with any of the covenants contained in Section
                                            2.13; 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.

 

    	21

    	 

    

 

Article
3

Exercise of Warrants

 

	3.1	Method
                                            of Exercise of Warrants

 

(1)
The registered holder of any Warrant may exercise the rights thereby conferred on him to acquire all or any part of the Warrant Shares
to which such Warrant entitles the holder, by surrendering the Warrant Certificate representing such Warrants to the Warrant Agent at
any time prior to the Time of Expiry at its principal offices in the City of Calgary, Alberta (or at such additional place or places
as may be decided by the Company from time to time with the approval of the Warrant Agent), with a duly completed and executed exercise
form of the registered holder or his executors, administrators or other legal representative or his attorney duly appointed by an instrument
in writing in the form and manner satisfactory to the Warrant Agent, substantially in the form endorsed on the Warrant Certificate specifying
the number of Warrant Shares subscribed for together with a certified cheque, bank draft or money order in lawful money of Canada, payable
to or to the order of the Company in an amount equal to the Exercise Price multiplied by the number of Warrant Shares subscribed for.
A Warrant Certificate with the duly completed and executed exercise form and payment of the Exercise Price shall be deemed to be surrendered
only upon personal delivery thereof to or, if sent by mail or other means of transmission, upon actual receipt thereof by the Warrant
Agent.

 

(2)
Any exercise form referred to in Section 3.1(1) shall be signed by the Warrantholder, or his executors, or administrators or other legal
representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, but
such exercise form need not be executed by the Depository. Such exercise form shall specify the person(s) in whose name such Warrant
Shares are to be issued, the address(es) of such person(s) and the number of Warrant Shares to be issued to each person, if more than
one is so specified. If any of the Warrant Shares subscribed for are to be issued to person(s) other than the Warrantholder, the Warrantholder
shall also complete the transfer form, substantially in the form endorsed on the Warrant Certificate, and the signatures set out in the
exercise form referred to in Section 3.1(1) and the signatures set out in the transfer form shall be guaranteed by a Canadian Schedule
1 chartered bank or a medallion signature guarantee from a member of a recognized Signature Medallion Guarantee Program and the Warrantholder
shall pay to the Company or the Warrant Agent all applicable transfer or similar taxes and the Company shall not be required to issue
or deliver certificates evidencing Warrant Shares unless or until such Warrantholder shall have paid to the Company or the Warrant Agent
on behalf of the Company the amount of such tax or shall have established to the satisfaction of the Company that such tax has been paid
or that no tax is due.

 

(3)
If, at the time of exercise of the Warrants, in accordance with the provisions of Section 3.1(1), there are any trading restrictions
on the Warrant Shares pursuant to applicable securities legislation or stock exchange requirements, the Company shall, on the advice
of counsel, endorse any certificates representing the Warrant Shares to such effect. The Warrant Agent is entitled to assume compliance
with all applicable securities legislation unless otherwise notified in writing by the Company.

 

    	22

    	 

    

 

(4)
A Beneficial Owner who desires to exercise his Uncertificated Warrants, must do so by causing a Participant to deliver to the Depository,
on behalf of the Beneficial Owner at any time prior to the Time of Expiry, a written notice of the Beneficial Owner’s intention
to exercise Warrants (the “Exercise Notice”). Forthwith upon receipt by the Depository of such notice, as well as
payment for the Exercise Price, the Depository shall deliver to the Warrant Agent confirmation of its intention to exercise Warrants
(the “Confirmation”) in a manner acceptable to the Warrant Agent, including by electronic means through the Book-Entry
Only System, including the clearing and settlement system currently utilized by CDS or DTC and their respective participants. Payment
representing the aggregate Exercise Price must be provided to the appropriate office of the Participant in a manner acceptable to it.
A notice in form acceptable to the Participant and payment from such Beneficial Owner should be provided through the Book-Entry Only
System sufficiently in advance so as to permit the Participant to deliver notice and payment to the Depository and for the Depository
in turn to deliver notice and payment to the Warrant Agent prior to Time of Expiry. The Depository will initiate the exercise by way
of the Confirmation and forward the aggregate Exercise Price electronically to the Warrant Agent and the Warrant Agent will execute the
exercise by issuing to the Depository through the Book-Entry Only System the Warrant Shares to which the exercising Beneficial Owner
is entitled pursuant to the exercise. Any expense associated with the preparation and delivery of Exercise Notices will be for the account
of the Beneficial Owner exercising the Warrants.

 

(5)
By causing a Participant to deliver notice to the Depository, a Warrantholder shall be deemed to have irrevocably surrendered his Warrants
so exercised and appointed such Participant to act as his exclusive settlement agent with respect to the exercise and the receipt of
Warrant Shares in connection with the obligations arising from such exercise.

 

(6)
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 Beneficial Owner’s instructions
will not give rise to any obligations or liability on the part of the Company or Warrant Agent to the Participant or the Beneficial Owner.

 

(7)
Any exercise referred to in this Section 3.1 shall require that the entire Exercise Price for the Warrant Shares subscribed for must
be paid at the time of subscription and such Exercise Price and original Exercise Notice or exercise form executed by the Registered
Warrantholder or the Confirmation from the Depository must be received by the Warrant Agent prior to the Time of Expiry.

 

(8)
Warrants may only be exercised pursuant to this Section 3.1 by or on behalf of a Warrantholder, as applicable, who makes the certifications
set forth on the exercise form substantially in the form endorsed on the Warrant Certificate.

 

(9)
If the exercise form set forth in the Warrant Certificate shall have been amended, the Company shall cause the amended exercise form
to be forwarded to all registered Warrantholders.

 

(10)
Exercise forms, Exercise Notices and Confirmations must be delivered to the Warrant Agent at any time during the Warrant Agent’s
actual business hours on any Business Day prior to the Time of Expiry. Any exercise form, Exercise Notice or Confirmation received by
the Warrant Agent after business hours on any Business Day other than the Time of Expiry will be deemed to have been received by the
Warrant Agent on the next following Business Day.

 

(11)
Any Warrant with respect to which a Confirmation is not received by the Warrant Agent before the Time of Expiry shall be deemed to have
expired and become void and all rights with respect to such Warrants shall terminate and be cancelled.

 

    	23

    	 

    

 

(12)
Notwithstanding any provision to the contrary contained in this Indenture, no Warrantholder may exercise any Warrant at any time when
the Registration Statement registering the Warrant Shares under the U.S. Securities Act is not effective, unless an exemption from the
registration requirements is available and such holder provides evidence of the availability of such exemption satisfactory to the Company
and to the Warrant Agent. The Company shall give notice to the Warrant Agent in accordance with Section 4.1(11) if at any time the Registration
Statement is not effective.

 

(13)
Notwithstanding Section 3.1(12), if at any time following the issuance of the Warrants, provided there is no effective registration statement
registering, or no current prospectus available for the resale of the Warrant Shares by the Warrantholder, then the Warrants may also
be exercised at the Warrantholder’s election, in whole or in part, at such time by means of a “cashless exercise” in
which the Warrantholder shall be entitled to receive a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)]
by (A)], where:

 

	(A)
                                            =	as
                                            applicable, the VWAP on the trading day immediately preceding the date of the applicable
                                            exercise notice if such exercise notice is (1) both executed and delivered pursuant to Section
                                            3.1(1) hereof on a day that is not a trading day or (2) both executed and delivered pursuant
                                            to Section 3.1(1) hereof on a trading day prior to the opening of “regular trading
                                            hours” (as defined in Rule 600(b)(68) of Regulation NMS promulgated under the applicable
                                            federal U.S. securities laws) on such trading day, (ii) at the option of the Warrantholder
                                            either (y) the VWAP on the trading day immediately preceding the date of the applicable exercise
                                            notice or (z) the bid price of the Common Shares on the Nasdaq Capital Market (or such other
                                            exchange on which the Common Shares are listed) as reported by Bloomberg L.P. (“Bloomberg”)
                                            as of the time of the Warrantholders execution of the applicable exercise notice if such
                                            exercise notice is executed during “regular trading hours” on a trading day and
                                            is delivered within two (2) hours thereafter (including until two (2) hours after the close
                                            of “regular trading hours” on a trading day) pursuant to Section 3.1(1) hereof
                                            or (3) the VWAP on the date of the applicable exercise notice if the date of such exercise
                                            notice is a trading day and such exercise notice is both executed and delivered pursuant
                                            to Section 3.1(1) hereof after the close of “regular trading hours” on such Trading
                                            Day;

 

	(B) =	 the Exercise Price of the Warrant, as adjusted; and

 

	(X)
                                            =	the
                                            number of Warrant Shares that would be issuable upon exercise of the Warrants in accordance
                                            with the terms of this Warrant Indenture if such exercise were by means of a cash exercise
                                            rather than a cashless exercise.

 

Notwithstanding
anything herein to the contrary, but without limiting the rights of a Warrantholder to receive Warrant Shares on a “cashless exercise”
pursuant to this Section 3.1(13), the Company shall not be required to make any cash payments or net cash settlement to the Warrantholder
in lieu of delivery of the Warrant Shares. If Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree
that in accordance with Section 3(a)(9) of the U.S. Securities Act, the Warrant Shares shall take on the registered characteristics of
the Warrants being exercised. The Company agrees not to take any position contrary to this Section 3.1(13). Notwithstanding anything
herein to the contrary, at the Time of Expiry, unless the Warrantholder notifies the Company otherwise, if there is no effective registration
statement registering, or no current prospectus available for, the resale of the Warrant Shares by the Holder and the Exercise Price
is greater than the VWAP on the trading day immediately preceding the date on which the Warrant would otherwise expire, then this Warrant
shall be automatically exercised via cashless exercise pursuant to this Section 3.1(13). In the event the issuance of Warrant Shares
upon such automatic exercise would cause the Warrantholder to exceed the Beneficial Ownership Limitation, then the delivery of such Warrant
Shares shall be held in abeyance until such time as the Warrantholder notifies the Company that it may receive any or all of such Warrant
Shares without exceeding the Beneficial Ownership Limitation.

 

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	3.2	No
                                            Fractional Shares

 

Under
no circumstances shall the Company be obliged to issue any fractional Warrant Shares or any cash or other consideration in lieu thereof
upon the exercise of one or more Warrants. To the extent that the holder of one or more Warrants would otherwise have been entitled to
receive on the exercise or partial exercise thereof a fraction of a Warrant Share, that holder may exercise that right in respect of
the fraction only in combination with another Warrant or Warrants that in the aggregate entitle the holder to purchase a whole number
of Warrant Shares; otherwise fractional Warrant Shares shall be rounded up or down, as applicable, to the nearest whole number of Warrant
Shares without compensation therefor.

 

	3.3	Effect
                                            of Exercise of Warrants

 

(1)
Upon compliance by the Warrantholder with the provisions of Section 3.1, the Warrant Shares subscribed for shall be deemed to have been
issued and the person to whom such Warrant Shares are to be issued shall be deemed to have become the holder of record of such Warrant
Shares on the Exercise Date unless the transfer registers of the Company for the Common Shares shall be closed on such date, in which
case the Warrant Shares subscribed for shall be deemed to have been issued and such person shall be deemed to have become the holder
of record of such Warrant Shares on the date on which such transfer registers are reopened.

 

(2)
The Warrant Agent shall as soon as practicable account to the Company with respect to Warrants exercised, and shall as soon as practicable
forward to the Company (or into an account or accounts of the Company with the bank or trust company designated by the Company for that
purpose), all monies received by the Warrant Agent on the subscription of Warrant Shares through the exercise of Warrants. All such monies
and any securities or other instruments, from time to time received by the Warrant Agent, shall be received in trust for the Warrantholders
and the Company as their interests may appear and shall be segregated and kept apart by the Warrant Agent.

 

(3)
Within five Business Days following the due exercise of a Warrant pursuant to Section 3.1, the Company shall cause the Transfer Agent
to issue and the Warrant Agent to deliver, within such five Business Day period, to the Depository through the Book-Entry Only System
the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise or mail to the person in whose name the
Warrant Shares so subscribed for are to be issued, as specified in the exercise form completed on the Warrant Certificate, at the address
specified in such exercise form, a certificate or certificates for the Warrant Shares to which the Warrantholder is entitled or, if so
specified in writing by the holder, cause to be delivered to such person or persons at the office of the Warrant Agent where the Warrant
Certificate was surrendered, a certificate or certificates for the appropriate number of Warrant Shares subscribed for, or any other
appropriate evidence of the issuance of Warrant Shares to such person or persons in respect of Warrant Shares issued under the Book-Entry
Only System and, if applicable, shall cause the Warrant Agent to mail a Warrant Certificate representing any Warrants not then exercised.

 

    	25

    	 

    

 

	3.4	Cancellation
                                            of Warrants

 

All
Warrants surrendered to the Warrant Agent pursuant to Sections 2.6, 2.8(2), 2.10 or 3.1 shall be cancelled by the Warrant Agent and the
Warrant Agent shall record the cancellation of such Warrants on the register of holders maintained by the Warrant Agent pursuant to Section
2.8(1). The Warrant Agent shall, if required by the Company, furnish the Company with a certificate identifying the Warrants so cancelled.
All Warrants that have been duly cancelled shall be without further force or effect whatsoever.

 

	3.5	Subscription
                                            for less than Entitlement

 

The
holder of any Warrant may subscribe for and purchase a whole number of Warrant Shares that is less than the number that the holder is
entitled to purchase pursuant to a surrendered Warrant. In such event, the holder thereof shall be entitled to receive a new Warrant
Certificate in respect of the balance of Warrants that were not then exercised.

 

	3.6	Holder’s
                                            Exercise Limitations

 

The
Company shall not effect any exercise of Warrants, and a Warrantholder shall not have the right to exercise any portion of this Warrant,
pursuant to Section 3.1 or otherwise, to the extent that after giving effect to such issuance after exercise as set forth on the applicable
exercise notice, the Warrantholder (together with the Warrantholder’s Affiliates, and any other persons acting as a group together
with the Warrantholder or any of the Warrantholder’s Affiliates (such persons, “Attribution Parties”)), would
beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence, the number
of Common Shares beneficially owned by the Warrantholder and its Affiliates and Attribution Parties shall include the number of Warrant
Shares issuable upon exercise of their Warrants with respect to which such determination is being made, but shall exclude the number
of Warrant Shares which would be issuable upon (i) exercise of the remaining, nonexercised portion of the Warrants beneficially owned
by the Warrantholder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised or nonconverted
portion of any other securities of the Company convertible into Common Shares subject to a limitation on conversion or exercise analogous
to the limitation contained herein beneficially owned by the Warrantholder or any of its Affiliates or Attribution Parties. Except as
set forth in the preceding sentence, for purposes of this Section 3.6, beneficial ownership shall be calculated in accordance with Section
13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Warrantholder that the Company
is not representing to the Warrantholder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Warrantholder
is solely responsible for any schedules required to be filed in accordance therewith. To the extent that the limitation contained in
this Section 3.6 applies, the determination of whether the Warrantholder’s Warrants are exercisable (in relation to other securities
owned by the Warrantholder together with any Affiliates and Attribution Parties) and of which portion of such Warrants are exercisable
shall be in the sole discretion of the Warrantholder, and the submission of an exercise notice shall be deemed to be the Warrantholder’s
determination of whether the Warrants are exercisable (in relation to other securities owned by the Warrantholder together with any Affiliates
and Attribution Parties) and of which portion of the Warrants are exercisable, in each case subject to the Beneficial Ownership Limitation,
and the Company shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination by the
Warrantholder as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and
the rules and regulations promulgated thereunder. For purposes of this Section 3.6, in determining the total number of issued and outstanding
Common Shares, a Warrantholder may rely on the number of Common Shares as reflected in (A) the Company’s most recent periodic or
annual report filed with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent
written notice by the Company or the Transfer Agent setting forth the number of Common Shares outstanding. Upon the written request of
a Warrantholder, the Company shall within one trading day confirm in writing to the Warrantholder the number of Common Shares then issued
and outstanding. In any case, the number of issued and outstanding Common Shares shall be determined after giving effect to the conversion
or exercise of securities of the Company, including Warrants, by the Holder or its Affiliates or Attribution Parties since the date as
of which such number of issued and outstanding Common Shares was reported. The “Beneficial Ownership Limitation” shall be
4.99% (or, upon election by a Warrantholder prior to the issuance of any Warrants, 9.99%) of the number of Common Shares issued and outstanding
immediately after giving effect to the issuance of Warrant Shares issuable upon exercise of the Warrants. The Warrantholder, upon notice
to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 3.6, provided that the Beneficial
Ownership Limitation shall in no event exceed 9.99% of the number of Common Shares issued and outstanding immediately after giving effect
to the issuance of Warrant Shares upon exercise of Warrants held by the Warrantholder and the provisions of this Section 3.6 shall continue
to apply. Any increase in ownership of Common Shares in excess of the Beneficial Ownership Limitation will not be effective until the
61st day after such notice is delivered to the Company. The provisions of this paragraph shall be construed and implemented in a manner
otherwise than in strict conformity with the terms of this Section 3.6 in order to correct this paragraph (or any portion hereof), if
necessary, which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes
or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply
to a successor holder of this Warrant.

 

	3.7	Expiration
                                            of Warrant

 

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

 

    	26

    	 

    

 

Article
4

Covenants for Warrantholders’ Benefit

 

	4.1	General
                                            Covenants of the Company

 

The
Company represents, warrants and covenants with the Warrant Agent for the benefit of the Warrant Agent and the Warrantholders that:

 

(1)
The Company will at all times, so long as any Warrants remain outstanding or issuable hereunder, maintain its existence, unless otherwise
inconsistent with the fiduciary duties of the board of directors of the Company.

 

(2)
The Company is duly authorized to create and issue the Warrants to be issued hereunder and the Warrants, when issued, Authenticated and
countersigned, as applicable, will be legal, valid, binding and enforceable obligations of the Company.

 

(3)
The Company will allot and reserve and keep available a sufficient number of Warrant Shares for the purpose of enabling the Company to
satisfy its obligations to issue Warrant Shares upon the exercise of the Warrants.

 

(4)
The Company will cause the Warrant Shares from time to time subscribed for pursuant to the Warrants issued by the Company hereunder,
in the manner herein provided, to be duly issued in accordance with the Warrants and the terms hereof.

 

(5)
All Warrant Shares that shall be issued by the Company upon exercise of the rights provided for herein shall be issued as fully paid
and non-assessable.

 

(6)
The Company will cause any certificates representing the Warrant Shares from time to time to be acquired, pursuant to the Warrants in
the manner herein provided, to be duly issued and delivered in accordance with the Warrants and the terms hereof.

 

(7)
The Company will use commercially reasonable efforts to ensure that the Common Shares outstanding on the date hereof and issuable from
time to time on the exercise of the Warrants, continue to be or are listed and posted for trading on Nasdaq Capital Market (or such other
stock exchange acceptable to the Company), provided that this Section 4.1(6) shall not be construed as limiting or restricting the Company
from completing a consolidation, amalgamation, arrangement, takeover bid, merger or other form of business combination or other transaction
that would result in the Common Shares ceasing to be listed and posted for trading on such exchanges, so long as the holders of Common
Shares have approved the transaction in accordance with the requirements of applicable corporate and securities laws and the policies
of such exchanges or the holders of Common Shares receive securities of an entity which is listed on a stock exchange in North America
or cash.

 

(8)
Except to the extent that the Company participates in a takeover bid, consolidation, merger, arrangement, amalgamation, or other form
of business combination transaction, the Company will use its commercially reasonable efforts to maintain its status as a “reporting
issuer” (or the equivalent thereof) in Alberta and other Canadian jurisdictions in which it is currently or becomes a reporting
issuer, make all requisite filings under applicable Securities Laws including those necessary to remain a reporting issuer not in default
of the requirements of the applicable Securities Laws of such province or jurisdiction until the Time of Expiry.

 

(9)
The Company will perform and carry out all of the acts or things to be done by it as provided in this Indenture.

 

(10)
The Company will promptly advise the Warrant Agent and Warrantholders in writing of any breach or default under the terms of this Indenture
no later than five Business Days following the occurrence of such breach or default.

 

    	27

    	 

    

 

(11)
If at any time the Registration Statement is not effective, the Company will give notice in writing to the Warrant Agent forthwith (but,
in any event, within one Business Day) after learning that the Registration Statement is not effective.

 

(12)
The Company will use commercially reasonable efforts to maintain the continuous effectiveness of the Registration Statement under the
U.S. Securities Act until the Time of Expiry or exercise of all Warrants (provided, however, that nothing shall prevent the Company’s
amalgamation, arrangement, merger or sale, including any take-over bid, and any associated delisting or deregistration or ceasing to
be a reporting issuer, provided that, so long as the Warrants are still outstanding and represent a right to acquire securities of the
acquiring company, the acquiring company shall assume the Company’s obligations under this Indenture).

 

	4.2	Warrant
                                            Agent’s Remuneration and Expenses

 

The
Company covenants that it will pay to the Warrant Agent from time to time reasonable remuneration for its services hereunder and will
pay or reimburse the Warrant Agent upon its request for all reasonable expenses and disbursements and advances incurred or made by the
Warrant Agent in the administration or execution of the duties and obligations hereby created (including the reasonable compensation
and the disbursements of its counsel and all other advisers, experts, accountants and assistants 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. 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 4.2 shall survive the resignation or removal of the Warrant
Agent and/or the termination of this Indenture.

 

	4.3	Performance
                                            of Covenants by Warrant Agent

 

Subject
to Section 8.7, if the Company shall fail to perform any of its covenants contained in this Indenture and the Company has not rectified
such failure within 25 Business Days after either giving notice of such default pursuant to Section 4.1(9) or receiving written notice
from the Warrant Agent of such failure, the Warrant Agent may notify the Warrantholders of such failure on the part of the Company or
may itself perform any of the said covenants capable of being performed by it, but shall be under no obligation to perform said covenants.
All reasonable sums expended or disbursed by the Warrant Agent in so doing shall be repayable as provided in Section 4.2. No such performance,
expenditure or advance by the Warrant Agent shall be deemed to relieve the Company of any default hereunder or of its continuing obligations
under the covenants herein contained.

 

	4.4	Enforceability
                                            of Warrants

 

The
Company covenants and agrees that it is duly authorized to create and issue the Warrants to be issued hereunder and that the Warrants,
when issued and Authenticated as herein provided, will be valid and enforceable against the Company in accordance with the provisions
hereof and that, subject to the provisions of this Indenture, the Company will cause the Warrant Shares from time to time acquired upon
exercise of Warrants issued under this Indenture to be duly issued and delivered in accordance with the terms of this Indenture.

 

    	28

    	 

    

 

Article
5

Enforcement

 

	5.1	Suits
                                            by Warrantholders

 

Subject
to Section 6.10, all or any of the rights conferred upon a Warrantholder by the terms of the Warrants held by him and/or this Indenture
may be enforced by such Warrantholder by appropriate legal proceedings but without prejudice to the right that 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 holders
of the Warrants from time to time outstanding. The Warrant Agent 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 reasonably be advised shall be necessary or advisable to preserve and protect its
interests and the interests of the Warrantholders.

 

Subject
to applicable law, the Warrant Agent and, by acceptance of a Warrant Certificate or Uncertificated Warrant, as applicable, and as part
of the consideration for the issue of the Warrants, the Warrantholders hereby waive and release any right, cause of action or remedy
now or hereafter existing in any jurisdiction against any person in its capacity as an incorporator or any past, present or future shareholder,
director, officer, employee or agent of the Company for the creation and issue of the Common Shares pursuant to any Warrant or any covenant,
agreement, representation or warranty by the Company herein or contained in a Warrant Certificate or Uncertificated Warrant, as applicable.

 

	5.2	Limitation
                                            of Liability

 

The
obligations hereunder (including without limitation under Section 8.7(5)) are not personally binding upon, nor shall resort hereunder
be had to, the private property of any of the past, present or future directors or shareholders of the Company or any of the past, present
or future officers, employees or agents of the Company, but only the property of the Company (or any successor person) shall be bound
in respect hereof.

 

	5.3	Waiver
                                            of Default

 

Upon
the happening of any default hereunder:

 

		(a)	the
                                            Warrantholders of not less than 51% of the Warrants then outstanding shall have power (in
                                            addition to the powers exercisable by Extraordinary Resolution) by requisition in writing
                                            to instruct the Warrant Agent to waive any default hereunder and the Warrant Agent shall
                                            thereupon waive the default upon such terms and conditions as shall be prescribed in such
                                            requisition; or

 

		(b)	the
                                            Warrant Agent shall have power to waive any default hereunder upon such terms and conditions
                                            as the Warrant Agent may deem advisable, on the advice of counsel, if, in the Warrant Agent’s
                                            opinion, based on the advice of counsel, the same shall have been cured or adequate provision
                                            made therefor,

 

provided
that no delay or omission of the Warrant Agent or of the Warrantholders to exercise any right or power accruing upon any default shall
impair any such right or power or shall be construed to be a waiver of any such default or acquiescence therein and provided further
that no act or omission either of the Warrant Agent or of the Warrantholders in the premises shall extend to or be taken in any manner
whatsoever to affect any subsequent default hereunder of the rights resulting therefrom.

 

    	29

    	 

    

 

Article
6

Meetings of Warrantholders

 

	6.1	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 Company or of a Warrantholders’
Request, convene a meeting of the Warrantholders provided that the Warrant Agent has been provided with sufficient funds and is indemnified
to its reasonable satisfaction by the Company or by the Warrantholders signing such Warrantholders’ Request against the costs,
charges, expenses and liabilities that may be incurred in connection with the calling and holding of such meeting. If within 15 Business
Days after the receipt of a written request of the Company or a Warrantholders’ Request, funding and indemnity given as aforesaid
the Warrant Agent fails to give the requisite notice specified in Section 6.2 to convene a meeting, the Company or such Warrantholders,
as the case may be, may convene such meeting. Every such meeting shall be held in the City of Calgary, Alberta or at such other place
as may be approved or determined by the Warrant Agent. Any meeting held pursuant to this Article 6 may be done through a virtual or electronic
meeting platform.

 

	6.2	Notice

 

At
least 14 days prior notice of any meeting of Warrantholders shall be given to the Warrantholders at the expense of the Company in the
manner provided for in Section 9.2 and a copy of such notice shall be delivered to the Warrant Agent unless the meeting has been called
by it, and to the Company unless the meeting has been called by it. Such notice shall state the date, time and place of the meeting,
the general nature of the business to be transacted and shall contain such information as is reasonably necessary to enable the Warrantholders
to make a reasoned decision on the matter, but 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 6. The notice convening any such meeting may be signed by an appropriate officer
of the Warrant Agent or of the Company or the person designated by such Warrantholders, as the case may be.

 

	6.3	Chairman

 

The
Warrant Agent may nominate in writing an individual (who need not be a Warrantholder) to be chairman of the meeting and if no individual
is so nominated, or if the individual so nominated is not present within 15 minutes after the time fixed for the holding of the meeting,
the Warrantholders present in person or by proxy shall appoint an individual present to be chairman of the meeting. The chairman of the
meeting need not be a Warrantholder.

 

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	6.4	Quorum

 

Subject
to the provisions of Section 6.11, at any meeting of the Warrantholders a quorum shall consist of two Warrantholders present in person
or represented by proxy and representing at least 20% of the aggregate number of Warrants then outstanding. If a quorum of the Warrantholders
shall not be present within one-half hour 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 week (unless such day is not a Business Day in which case it shall be adjourned to the next following Business Day) at the same
time and place to the extent possible and, subject to the provisions of Section 6.11, no notice of the adjournment need be given. Any
business may be brought before or dealt with at an adjourned meeting that might have been dealt with at the original meeting in accordance
with the notice calling the same. At the adjourned meeting the Warrantholders present in person or represented by proxy shall form a
quorum and may transact the business for which the meeting was originally convened, notwithstanding that they may not represent at least
20% of the aggregate number of Warrants then unexercised and outstanding. No business shall be transacted at any meeting, except an adjourned
meeting as described above, unless a quorum is present at the commencement of business.

 

	6.5	Power
                                            to Adjourn

 

The
chairman 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.

 

	6.6	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 an extraordinary resolution 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.

 

	6.7	Poll
                                            and Voting

 

On
every extraordinary resolution, and when demanded by the chairman or by one or more of the Warrantholders acting in person or by proxy
on any other question submitted to a meeting and after a vote by show of hands, a poll shall be taken in such manner as the chairman
shall direct. Questions other than those required to be determined by extraordinary resolution shall be decided by a majority of the
votes cast on the poll. On a show of hands, every person who is present and entitled to vote, whether as a Warrantholder or as 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 duly appointed by instrument in writing shall be entitled to one vote in respect of each whole Warrant then held by it. A proxy
need not be a Warrantholder. The chairman 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 it.

 

	6.8	Regulations

 

Subject
to the provisions of this Indenture, the Warrant Agent or the Company with the approval of the Warrant Agent may from time to time make
and from time to time vary such regulations as it shall consider necessary or appropriate generally for the calling of meetings of Warrantholders
and the conduct of business thereat including setting a record date for Warrantholders entitled to receive notice of or to vote at such
meeting.

 

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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 a Warrantholder, or be entitled to vote or
be present at the meeting in respect thereof (subject to Section 6.9), shall be Warrantholders or persons holding proxies of Warrantholders.

 

	6.9	Company,
                                            Warrant Agent and Counsel may be Represented

 

The
Company and the Warrant Agent, by their respective directors, officers and employees and the counsel for each of the Company, the Warrantholders
and the Warrant Agent may attend any meeting of the Warrantholders and speak thereat but shall not be entitled to vote unless in their
capacities as Warrantholders or proxies therefor.

 

	6.10	Powers
                                            Exercisable by Extraordinary Resolution

 

In
addition to all other powers conferred upon them by any other provisions of this Indenture or by law, the Warrantholders at a meeting
shall have the power, exercisable from time to time by extraordinary resolution:

 

		(a)	to
                                            agree with the Company to any modification, alteration, compromise or arrangement of the
                                            rights of Warrantholders and/or the Warrant Agent in its capacity as warrant agent hereunder
                                            (subject to the Warrant Agent’s approval) or on behalf of the Warrantholders against
                                            the Company, whether such rights arise under this Indenture or the Warrants or otherwise;

 

		(b)	to
                                            amend, modify or repeal any extraordinary resolution previously passed or sanctioned by the
                                            Warrantholders;

 

		(c)	to
                                            direct or authorize the Warrant Agent (subject to the Warrant Agent receiving funding and
                                            indemnity) to enforce any of the covenants on the part of the Company contained in this Indenture
                                            or the Warrants or to enforce any of the rights of the Warrantholders in any manner specified
                                            in such extraordinary resolution or to refrain from enforcing any such covenant or right;

 

		(d)	to
                                            waive, authorize and direct the Warrant Agent to waive any default on the part of the Company
                                            in complying with any provisions of this Indenture or the Warrants either unconditionally
                                            or upon any conditions specified in such extraordinary resolution;

 

		(e)	to
                                            restrain any Warrantholder from taking or instituting any suit, action or proceeding against
                                            the Company for the enforcement of any of the covenants on the part of the Company contained
                                            in this Indenture or the Warrants or to enforce any of the rights of the Warrantholders;

 

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

 

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

 

		(h)	with
                                            the consent of the Company, such consent not to be unreasonably withheld, to remove the Warrant
                                            Agent or its successor in office and to appoint a new warrant agent or warrant agents to
                                            take the place of the Warrant Agent so removed.

 

	6.11	Meaning
                                            of “Extraordinary Resolution”

 

(1)
The expression “extraordinary resolution” when used in this Indenture means, subject as hereinafter in this
Section 6.11 and in Section 6.14 provided, a resolution proposed at a meeting of Warrantholders duly convened for that purpose and
held in accordance with the provisions of this Article 6 at which there are present in person or by proxy at least two
Warrantholders representing at least 20% of the aggregate number of all the then outstanding Warrants and passed by the affirmative
votes of Warrantholders representing not less than 662⁄3% of the aggregate number of all the then outstanding Warrants
represented at the meeting and voted on the poll for such resolution.

 

(2)
If, at any meeting called for the purpose of passing an extraordinary resolution, Warrantholders representing at least 20% of the
aggregate number of all the then outstanding Warrants are not present in person or by proxy within one-half hour after the time
appointed for the meeting, then the meeting, if convened 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 10 Business Days later, and to such place
and time as may be appointed by the chairman. Not less than three Business Days prior notice shall be given of the time and place of
such adjourned meeting in the manner provided in Sections 9.1 and 9.2. Such notice shall state that at the adjourned meeting the
Warrantholders present in person or represented 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 represented 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 by the requisite vote as provided in Section 6.11(1) shall be an
extraordinary resolution within the meaning of this Indenture notwithstanding that Warrantholders representing at least 20% of all
the then outstanding Warrants are not present in person or represented by proxy at such adjourned meeting.

 

(3)
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.

 

	6.12	Powers
                                            Cumulative

 

It
is hereby declared and agreed that any one or more of the powers or any combination 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 or any combination of powers from time to time shall not be deemed to exhaust the right of the Warrantholders to exercise
such powers or combination of powers then or thereafter from time to time.

 

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	6.13	Minutes

 

Minutes
of all resolutions and proceedings at every meeting of Warrantholders as aforesaid shall be made and duly entered in books to be provided
for that purpose by the Warrant Agent at the expense of the Company and any minutes as aforesaid, if signed by the chairman of the meeting
at which resolutions were passed or proceedings had, or by the chairman 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 meeting, in respect of the proceedings of
which minutes shall have been made, shall be deemed to have been duly convened and held, and all resolutions passed thereat or proceedings
taken, to have been duly passed and taken.

 

	6.14	Instruments
                                            in Writing

 

All
actions that may be taken and all powers that may be exercised by the Warrantholders at a meeting held as provided in this Article 6
may also be taken and exercised by Warrantholders representing a majority, or in the case of an extraordinary resolution at least 662⁄3%,
of the aggregate number of all the then outstanding Warrants by an instrument in writing signed in one or more counterparts by such Warrantholders
in person or by attorney duly appointed in writing, and the expression “extraordinary resolution” when used in this Indenture
shall include an instrument so signed.

 

	6.15	Binding
                                            Effect of Resolutions

 

Every
resolution and every extraordinary resolution passed in accordance with the provisions of this Article 6 at a meeting of Warrantholders
shall be binding upon all the Warrantholders, whether present at or absent from such meeting, and every instrument in writing signed
by Warrantholders in accordance with Section 6.14 shall be binding upon all 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 and instrument in writing. In the case of an instrument in writing, the Warrant Agent shall
give notice in the manner contemplated in Sections 9.1 and 9.2 of the effect of the instrument in writing to all Warrantholders and the
Company as soon as is reasonably practicable.

 

	6.16	Holdings
                                            by the Company or Subsidiaries of the Company 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, waiver, extraordinary resolution, Warrantholders’ Request or other action under this Indenture, Warrants owned
legally or beneficially by the Company or its Subsidiaries or in partnership of which the Company is directly or indirectly a party to
shall be disregarded.

 

    	34

    	 

    

 

	6.17	Common
                                            Shares or Warrants Owned by the Company or its Subsidiaries – Certificate to be Provided

 

For
the purpose of disregarding any Warrants owned legally or beneficially by the Company in Section 6.16, the Company shall provide to the
Warrant Agent, upon written request, a certificate of the Company setting forth as at the date of such certificate:

 

		(a)	the
                                            names (other than the name of the Company) of the Warrantholders which, to the knowledge
                                            of the Company, hold Warrants that are owned by or held for the account of the Company; and

 

		(b)	the
                                            number of Warrants owned legally or beneficially by the Company,

 

and
the Warrant Agent, in making the computations in Section 6.16, shall be entitled to rely on such certificate without any additional evidence.

 

Article
7

Supplemental Indentures and Successor Companies

 

	7.1	Provision
                                            for Supplemental Indentures for Certain Purposes

 

From
time to time the Company (if properly authorized by its directors) and the Warrant Agent may, subject to the provisions hereof, and they
shall, when so directed in accordance with the provisions hereof, 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)	providing
                                            for the issuance of additional Warrants hereunder including Warrants in excess of the number
                                            set out in Section 2.1 and any consequential amendments hereto as may be required by the
                                            Warrant Agent, relying on the advice of counsel;

 

		(b)	setting
                                            forth adjustments in the application of Article 2;

 

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

 

		(d)	giving
                                            effect to any extraordinary resolution passed as provided in Article 6;

 

		(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, relying on the advice of counsel, prejudicial to the
                                            interests of the Warrantholders as a group;

 

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

 

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		(g)	amending
                                            any of the provisions of this Indenture or relieving the Company from any of the obligations,
                                            conditions or restrictions herein contained, provided that no such amendment or relief shall
                                            be or become operative or effective if, in the opinion of the Warrant Agent, relying on the
                                            advice of counsel, such amendment or relief impairs any of the rights of the Warrantholders
                                            as a group or of the Warrant Agent, and provided further that the Warrant Agent may in its
                                            sole discretion decline to enter into any supplemental indenture that in its opinion may
                                            not afford adequate protection to the Warrant Agent when the same shall become operative;
                                            and

 

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

 

	7.2	Successor
                                            Companies

 

In
the case of the amalgamation, consolidation, arrangement, merger or transfer of the undertaking or assets of the Company as an entirety
or substantially as an entirety to or with another person (a “successor company”), the successor company resulting
from the amalgamation, consolidation, arrangement, merger or transfer (if not the Company) shall be bound by the provisions hereof and
all obligations for the due and punctual performance and observance of each and every covenant and obligation contained in this Indenture
to be performed by the Company and the successor company shall by supplemental indenture satisfactory in form to the Warrant Agent and
executed and delivered by the successor company to the Warrant Agent, expressly assume those obligations.

 

Article
8

Concerning the Warrant Agent

 

	8.1	Indenture
                                            Legislation

 

(1)
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.

 

(2)
The Company and the Warrant Agent agree that each 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 benefit of Applicable Legislation.

 

	8.2	Rights
                                            and Duties of Warrant Agent

 

(1)
The Warrant Agent accepts the duties and responsibilities under this Indenture, solely as custodian, bailee and agent. No trust is intended
to be, or is or will be, created hereby and the Warrant Agent shall owe no duties hereunder as a trustee.

 

    	36

    	 

    

 

(2)
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 with a view to the best interests of the Warrantholders and shall exercise the 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, or require any other person to indemnify the Warrant Agent against liability for its own gross negligence,
wilful misconduct, bad faith or fraud.

 

(3)
The Warrant Agent shall not be bound to do or take any act, action or proceeding for the enforcement of any of the obligations of the
Company under this Indenture unless and until it shall have received a Warrantholders’ Request specifying the act, action or proceeding
that the Warrant Agent is requested to take. 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 in writing by the Warrant Agent, sufficient funds to commence or continue such act, action or proceeding
and an indemnity reasonably satisfactory to the Warrant Agent and its counsel to protect and hold harmless the Warrant Agent, its officers,
directors, employees, agents, successors and assigns against the costs, charges and expenses and liabilities to be incurred thereby and
any loss and 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 indemnified and funded as aforesaid.

 

(4)
The Warrant Agent may, before commencing any act, action or proceeding, or at any time during the continuance thereof require the Warrantholders
at whose instance it is acting to deposit with the Warrant Agent the Warrants held by them, for which Warrants the Warrant Agent shall
issue receipts.

 

(5)
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.

 

(6)
The Warrant Agent shall not be bound to give any notice or do or take any act, action or proceeding by virtue of the powers conferred
on it hereunder unless and until it shall have been required to do so under the terms hereof; nor shall the Warrant Agent be required
to take notice of any default hereunder, unless and until notified in writing of such default, which notice shall specifically set out
the default desired to be brought to the attention of the Warrant Agent and in the absence of such notice the Warrant Agent may for all
purposes of this Indenture conclusively assume that no default has occurred or been made in the performance or observance of the representations,
warranties and covenants, agreements or conditions herein contained. Any such notice shall in no way limit any discretion herein given
to the Warrant Agent to determine whether or not the Warrant Agent shall take action with respect to any default.

 

(7)
In this Indenture, whenever confirmations or instructions are required to be given to the Warrant Agent, in order to be valid, such confirmations
and instructions shall be in writing.

 

	8.3	Evidence,
                                            Experts and Advisers

 

(1)
In addition to the reports, certificates, opinions and other evidence required by this Indenture, the Company 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 Company.

 

    	37

    	 

    

 

(2)
In the exercise of its rights and duties hereunder, the Warrant Agent may, if it is acting in good faith, act and rely absolutely as
to the truth of the statements and the accuracy of the opinions expressed therein, upon statutory declarations, opinions, reports, written
requests, consents, or orders of the Company, certificates of the Company or other evidence furnished to the Warrant Agent pursuant to
any provision hereof or of Applicable Legislation or pursuant to a request of the Warrant Agent, provided that such evidence complies
with Applicable Legislation and that the Warrant Agent complies with Applicable Legislation and that the Warrant Agent examines the same
and determines that such evidence complies with the applicable requirements of this Indenture. The Warrant Agent shall be under no responsibility
in respect of the validity of this Indenture or the execution and delivery hereof by or on behalf of the Company or in respect of the
validity or the execution of any Warrant Certificate by the Company and issued hereunder, nor shall it be responsible for any breach
by the Company of any covenant or condition contained in this Indenture or in any such Warrant Certificate; nor shall it by any act hereunder
be deemed to make any representation or warranty as to the authorization or reservation of any securities to be issued upon the right
to acquire provided for in this Indenture and/or in any Warrant or as to whether any securities will when issued be duly authorized or
be validly issued and fully paid and non-assessable.

 

(3)
Whenever provided for in this Indenture or Applicable Legislation requires that the Company 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 and the facts and opinions stated in all such documents so deposited shall, in each and every such case, be conditions precedent
to the right of the Company to have the Warrant Agent take the action to be based thereon.

 

(4)
Proof of the execution of an instrument in writing, including a Warrantholders’ Request, by any Warrantholder may be made by a
certificate of a notary public or other person 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.

 

(5)
The Warrant Agent may act and rely and shall be protected in acting and relying upon any resolution, certificate, statement, instrument,
opinion, report, notice, request, consent, order, letter, or other paper 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 has sole discretion and shall be protected in acting
and relying upon any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, letter or other
paper document received in facsimile or e-mail form.

 

(6)
The Warrant Agent may employ or retain such counsel, accountants, engineers, appraisers or other experts or advisers as it may reasonably
require for the purpose of determining and discharging its duties hereunder and shall pay reasonable remuneration for all services so
performed by any of them, without taxation of costs of any counsel and shall not be responsible for any misconduct or negligence on the
part of any of them who has been selected with due care by the Warrant Agent. Any reasonable remuneration paid by the Warrant Agent shall
be paid by the Company in accordance with Section 4.2.

 

    	38

    	 

    

 

(7)
The Warrant Agent may act and rely and shall be protected in acting and relying in good faith on the opinion or advice of or information
obtained from any counsel, accountant, appraiser, engineer or other expert or advisor, whether retained or employed by the Company or
the Warrant Agent, in relation to any matter arising in fulfilling its duties and obligations hereof.

 

(8)
The Warrant Agent may, as a condition precedent to any action to be taken by it under this Indenture, require such opinions, statutory
declarations, reports, certificates or other evidence as it, acting reasonably, considers necessary or advisable in the circumstances.

 

(9)
The Warrant Agent is not required to expend or place its own funds at risk in executing its duties and obligations.

 

	8.4	Securities,
                                            Documents and Monies Held by Warrant Agent

 

(1)
Any securities, documents of title, monies or other instruments that may at any time be held by the Warrant Agent subject to the duties
and obligations hereof, for the benefit of the Company, may be placed in the deposit vaults of the Warrant Agent or of any Schedule 1
Canadian chartered bank under the Bank Act (Canada) or deposited for safekeeping with any such bank or the Warrant Agent. Any
monies held pending the application or withdrawal thereof under any provisions of this Indenture, shall be held, invested and reinvested
in “Permitted Investments” as directed in writing by the Company. “Permitted Investments” shall be treasury bills
guaranteed by the Government of Canada having a term to maturity not to exceed ninety (90) days, or term deposits or bankers’ acceptances
of a Canadian chartered bank having a term to maturity not to exceed ninety (90) days, or such other investments that is in accordance
with the Warrant Agent’s standard type of investments. Unless otherwise specifically provided herein, all interest or other income
received by the Warrant Agent in respect of such deposits and investments shall belong to the Company and shall be paid to the Company
upon discharge of this Indenture.

 

(2)
Any written direction for the investment or release of funds received shall be received by the Warrant Agent by 9:00 a.m. (Calgary time)
on the Business Day on which such investment or release is to be made, failing which such direction will be handled on a commercially
reasonable efforts basis and may result in funds being invested or released on the next Business Day.

 

(3)
The Warrant Agent shall have no responsibility or liability for any diminution of any funds resulting from any investment made in accordance
with this Indenture, including any losses on any investment liquidated prior to maturity in order to make a payment required hereunder.

 

(4)
In the event that the Warrant Agent does not receive a direction or only a partial direction, the Warrant Agent may hold cash balances
constituting part or all of such monies and may, but need not, invest same in its deposit department, the deposit department of one of
its affiliates, or the deposit department of a Canadian chartered bank; but the Warrant Agent, its affiliates or a Canadian chartered
bank shall not be liable to account for any profit to any parties to this Indenture or to any other person or entity.

 

	8.5	Actions
                                            by Warrant Agent to Protect Interests

 

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

 

    	39

    	 

    

 

	8.6	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 and obligations of this Indenture
or otherwise.

 

	8.7	Protection
                                            of Warrant Agent

 

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:

 

(1)
The Warrant Agent shall not be liable for or by reason of any representations, statements of fact or recitals in this Indenture or in
the Warrants (except the representation contained in Section 8.9 or in the Authentication of the Warrant Agent on the Warrants) or be
required to verify the same and all such statements of fact or recitals are and shall be deemed to be made by the Company.

 

(2)
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.

 

(3)
The Warrant Agent shall not be bound to give notice to any person or persons of the execution hereof.

 

(4)
The Warrant Agent shall not 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 covenants or warranties herein contained or of any acts of any directors, officers, employees,
agents or servants of the Company.

 

(5)
Without limiting any protection or indemnity of the Warrant Agent under any other provision hereof, or otherwise at law, the Company
hereby agrees to indemnify and hold harmless the Warrant Agent and its affiliates, directors, officers, agents and employees, successors
and assigns (the “Indemnified Parties”) from and against any and all liabilities whatsoever, losses, damages, penalties,
claims, demands, proceedings, charges, actions, suits, costs, expenses and disbursements, including reasonable legal or advisor fees
and disbursements on a solicitor and client basis, of whatever kind and nature which may at any time be imposed on, incurred by or asserted
against the Indemnified Parties, or any of them, whether at law or in equity, in any way caused by or arising from the performance of
its duties hereunder, directly or indirectly, in respect of any act, deed, matter or thing whatsoever made, done, acquiesced in or omitted
in or about or in relation to the execution of the Indemnified Parties’ duties, or any other services that Warrant Agent may provide
in connection with or in any way relating to this Indenture. The Company agrees that its liability hereunder shall be absolute and unconditional
regardless of the correctness of any representations of any third parties and regardless of any liability of third parties to the Indemnified
Parties, and shall accrue and become enforceable without prior demand or any other precedent action or proceeding; provided that the
Company shall not be required to indemnify the Indemnified Parties in the event of the gross negligence, fraud or wilful misconduct of
the Warrant Agent, and this provision shall survive the resignation or removal of the Warrant Agent or the termination or discharge of
this Indenture.

 

    	40

    	 

    

 

(6)
Notwithstanding the foregoing or any other provision of this Indenture, any liability of the Warrant Agent shall be limited, in the aggregate,
to the amount of annual retainer fees paid by the Company to the Warrant Agent under this Indenture in the twelve (12) months immediately
prior to the Warrant Agent receiving the first notice of the claim; provided that this limitation shall not apply in respect of any gross
negligence, fraud or wilful misconduct of the Warrant Agent. Notwithstanding any other provision of this Indenture, and whether such
losses or damages are foreseeable or unforeseeable, the Warrant Agent shall not be liable under any circumstances whatsoever for any
(a) breach by any other party of securities law or other rule of any securities regulatory authority, (b) lost profits or (c) special,
indirect, incidental, consequential, exemplary, aggravated or punitive losses or damages.

 

(7)
If 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 delay the release of such funds and the related Warrant Shares until such uncertified cheque has cleared the financial
institution upon which the same is drawn.

 

(8)
The forwarding of a cheque or the sending of funds by wire transfer by the Warrant Agent will satisfy and discharge the liability of
any amounts due to the extent of the sum represented thereby unless such cheque is not honoured on presentation, provided that in the
event of the non-receipt of such cheque by the payee, or the loss or destruction thereof, the Warrant Agent, upon being furnished with
reasonable evidence of such non-receipt, loss or destruction and indemnity reasonably satisfactory to it, will issue to such payee a
replacement cheque for the amount of such cheque.

 

(9)
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, in its sole judgement, determines that such act might cause it to be in non-compliance
with any applicable anti-money laundering, anti-terrorist or economic sanctions legislation, regulation or guideline. Further, should
the Warrant Agent, in its sole judgement, determine at any time that its acting under this Indenture has resulted in its being in non-compliance
with any applicable anti-money laundering, anti-terrorist or economic sanctions legislation, regulation or guideline, then it shall have
the right to resign on 10 days’ written notice to the Company 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.

 

	8.8	Replacement
                                            of Warrant Agent

 

(1)
The Warrant Agent may resign its appointment and be discharged from all further duties and liabilities hereunder by giving to the Company
not less than 60 days prior notice in writing or such shorter prior notice as the Company may accept as sufficient. The Warrantholders
by extraordinary resolution shall have the power at any time to remove the existing 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 Company shall forthwith appoint a new warrant agent unless a new warrant agent
has already been appointed by the Warrantholders; failing such appointment by the Company, the retiring Warrant Agent or any Warrantholder
may apply to a justice of the Court of Queen’s Bench of Alberta (the “Court”) at the Company’s expense,
on such notice as such justice may direct, for the appointment of a new warrant agent; but any new warrant agent so appointed by the
Company or by the Court shall be subject to removal as aforesaid by the Warrantholders. Any new warrant agent appointed under any provision
of this Section 8.8 shall be a corporation authorized to carry on the business of a transfer agent or a trust company in one or more
provinces of Canada and, if required by Applicable Legislation of any province, in such province. 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 Company,
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 any resignation or removal of the Warrant Agent and appointment of a successor warrant agent
shall not become effective until the successor warrant agent shall have executed an appropriate instrument accepting such appointment
and, at the request of the Company, the predecessor Warrant Agent, upon payment of its outstanding remuneration and expenses, 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 and all securities, documents of title and other instruments and all monies and properties held by the
Warrant Agent hereunder.

 

    	41

    	 

    

 

(2)
Upon the appointment of a successor warrant agent, the Company shall promptly notify the Warrantholders thereof in the manner provided
for in Section 9.2.

 

(3)
Any corporation into or with which the Warrant Agent may be merged or consolidated or amalgamated, or any corporation succeeding to the
corporate trust business of the Warrant Agent, shall be the successor to the Warrant Agent hereunder without any further act on its part
or of any of the parties hereto, provided that such corporation would be eligible for appointment as a new warrant agent under Section
8.8(1).

 

(4)
Any Warrants Authenticated or certified but not delivered by a predecessor Warrant Agent may be Authenticated or certified by the new
or successor warrant agent in the name of the predecessor or the new or successor warrant agent.

 

	8.9	Conflict
                                            of Interest

 

(1)
The Warrant Agent represents to the Company, to the best of its knowledge, that at the time of execution and delivery hereof no material
conflict of interest exists which it is aware of in the Warrant Agent’s role hereunder and agrees that in the event of a material
conflict of interest arising which it becomes aware of hereafter it will, within 90 days after ascertaining that it has such a material
conflict of interest, either eliminate the same or resign its appointment hereunder. If any such material conflict of interest exists
or hereafter shall exist, the validity and enforceability of this Indenture and the Warrants shall not be affected in any manner whatsoever
by reason thereof.

 

(2)
Subject to Section 8.9(1), the Warrant Agent, in its personal or any other capacity, may buy, lend upon and deal in securities of the
Company and generally may contract and enter into financial transactions with the Company or any Subsidiary without being liable to account
for any profit made thereby.

 

	8.10	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 herein set forth and agrees to hold all rights, interests and benefits contained herein on behalf of those persons
who become holders of Warrants from time to time issued under this Indenture.

 

    	42

    	 

    

 

	8.11	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 Company or any Subsidiary or any partnership of which the Company is directly or
indirectly involved.

 

	8.12	Authorization
                                            to Carry on Business

 

The
Warrant Agent represents to the Company that it is registered to carry on business under Applicable Legislation in the province of Alberta.

 

Article
9

General

 

	9.1	Notice
                                            to the Company and the Warrant Agent

 

(1)
Unless herein otherwise expressly provided, any notice to be given hereunder to the Company or the Warrant Agent shall be deemed to be
validly given if delivered, if sent by registered letter, postage prepaid, or if sent by electronic transmission to the following addresses:

 

	 	(a)	If
    to the Company, to:

 

First
Person Ltd.

1840,
444 5th Ave., SW

Calgary, Alberta

T2P
2T8

 

	 	Attention:	Darcy
    Campbell, Chief Financial Officer
	 	Email:
    	darcy@firstpersongroup.com

 

with
a copy to:

 

Dentons
Canada LLP

1500
– 850 2nd Street SW

Calgary,
Alberta

T2P
0R8

 

	 	Attention:	Lucas
    Tomei
	 	Email:	lucas.tomei@dentons.com

 

	 	(b)	If
    to the Warrant Agent, to:

 

Odyssey
Trust Company

1230,
300 5th Ave. SW

Calgary,
Alberta

T2P
3CR

 

	 	Attention:	President,
    Corporate Trust
	 	Email:	corptrust@odysseytrust.com

 

    	43

    	 

    

 

and
any notice given in accordance with the foregoing shall be deemed to have been received on the date of delivery if that date is a Business
Day (and if that date is not a Business Day, on the next Business Day) or, if mailed, on the fifth Business Day following the date of
the postmark on such notice or, if transmitted by email, on the Business Day following the transmission.

 

(2)
The Company or the Warrant Agent, as the case may be, may from time to time notify the other in the manner provided in Section
9.1(1) 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 Company or the Warrant Agent, as the case may be, for all purposes of this Indenture.

 

(3)
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 Company hereunder could reasonably be considered unlikely to reach its destination, the notice shall
be valid and effective only if it is delivered to an officer of the party to which it is addressed or if it is delivered to that
party at the appropriate address provided in Section 9.1(1) by means of prepaid, transmitted or recorded communication and any
notice delivered in accordance with the foregoing shall be deemed to have been received on the date of delivery to the officer or if
delivered by other means of prepaid, transmitted, recorded communication on the third Business Day following the date of the sending
of the notice by the person giving the notice.

 

	9.2	Notice
                                            to the Warrantholders

 

(1)
Any notice to the Warrantholders under the provisions of this Indenture shall be deemed to be validly given if the notice is sent by
prepaid mail or, if delivered by hand, to the holders at their addresses appearing in the register of holders. Any notice so delivered
shall be deemed to have been received on the date of delivery if that date is a Business Day or the Business Day following the date of
delivery if such date is not a Business Day or on the third Business Day if delivered by mail. In the event that Warrants are held in
the name of the Depository, a copy of such notice shall also be sent by electronic communication to the Depository and shall be deemed
received and given on the day it is so sent. All notices may be given to whichever one of the Warrantholders (if more than one) is named
first in the appropriate register hereinbefore mentioned, and any notice so given shall be sufficient notice to all Warrantholders and
any other persons (if any) interested in such Warrants. Accidental error or omission in giving notice or accidental failure to mail notice
to any Warrantholder will not invalidate any action or proceeding founded thereon.

 

(2)
If, by reason of strike, lockout or other work stoppage, actual or threatened, involving postal employees, any notice to be given to
the Warrantholders could reasonably be considered unlikely to reach its destination, the notice may be given in a news release disseminated
through a newswire service, filed on SEDAR and posted on the Company’s website; provided that in the case of a notice convening
a meeting of the holders of Warrants, the Warrant Agent may require such additional publications of that notice, in Calgary, Alberta
or in other cities or both, as it may deem necessary for the reasonable notification of the holders of Warrants or to comply with any
applicable requirement of law or any stock exchange. Any notice so given shall be deemed to have been given on the day on which it has
been published in all of the cities in which publication was required.

 

    	44

    	 

    

 

	9.3	Privacy

 

The
Company acknowledges that the Warrant Agent 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:

 

		(a)	to
                                            provide the services required under this Indenture and other services that may be requested
                                            from time to time;

 

		(b)	to
                                            help the Warrant Agent manage its servicing relationships with such individuals;

 

		(c)	to
                                            meet the Warrant Agent’s legal and regulatory requirements; and

 

		(d)	if
                                            Social Insurance Numbers are collected by the Warrant Agent, to perform tax reporting and
                                            to assist in verification of an individual’s identity for security purposes.

 

The
Company acknowledges and agrees that the Warrant Agent may receive, collect, use and disclose personal information provided to it or
acquired by it in the course of its acting as agent hereunder for the purposes described above and, generally, in the manner and on the
terms described in its privacy code, which the Warrant Agent shall make available on its website or upon request, including revisions
thereto. Some of this personal information may be transferred to servicers in the United States for data processing and/or storage. Further,
the Company agrees that it shall not provide or cause to be provided to the Warrant Agent any personal information relating to an individual
who is not a party to this Indenture unless the Company has assured itself that such individual understands and has consented to the
aforementioned uses and disclosures.

 

	9.4	Third
                                            Party Interests

 

The
Company represents to the Warrant Agent that any account to be opened by, or interest to held by the Warrant Agent in connection with
this Indenture, for or to the credit of such 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 party hereto agrees to complete and execute forthwith a declaration
in the Warrant Agent prescribed form as to the particulars of such third party.

 

	9.5	Discretion
                                            of Directors

 

Any
matter provided herein to be determined by the directors in their sole discretion and determination so made will be conclusive.

 

    	45

    	 

    

 

	9.6	Satisfaction
                                            and Discharge of Indenture

 

Upon
the earlier of the Time of Expiry or the date by which there shall have been delivered to the Warrant Agent for exercise or destruction
in accordance with the provisions hereof all Warrants theretofore Authenticated or certified hereunder and by which no Warrants shall
remain issuable hereunder, this Indenture, except to the extent that Warrant Shares and any certificates therefor have not been issued
and delivered hereunder or the Company has not performed any of its obligations hereunder, shall cease to be of further effect in respect
of the Company, and the Warrant Agent, on written demand of and at the cost and expense of the Company, and upon delivery to the Warrant
Agent of a certificate of the Company stating that all conditions precedent to the satisfaction and discharge of this Indenture have
been complied with and upon payment to the Warrant Agent of the expenses, fees and other remuneration payable to the Warrant Agent, shall
execute proper instruments acknowledging satisfaction of and discharging this Indenture; provided that if the Warrant Agent has not then
performed any of its obligations hereunder any such satisfaction and discharge of the Company’s obligations hereunder shall not
affect or diminish the rights of any Warrantholder or the Company against the Warrant Agent.

 

	9.7	Provisions
                                            of Indenture and Warrants 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 holders from time to time of the Warrants any legal or equitable right, remedy or claim under this Indenture,
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.

 

	9.8	Indenture
                                            to Prevail

 

To
the extent of any discrepancy or inconsistency between the terms and conditions of this Indenture and the Warrant Certificate, the terms
of this Indenture will prevail.

 

	9.9	Assignment

 

Neither
this Indenture nor any benefits or burdens under this Indenture shall be assignable by the Company or the Warrant Agent without the prior
written consent of the other party, such consent not to be unreasonably withheld. Subject to the foregoing, this Indenture shall enure
to the benefit of and be binding upon the Company and the Warrant Agent and their respective successors (including any successor by reason
of amalgamation) and permitted assigns.

 

	9.10	Severability

 

If,
in any jurisdiction, any provision of this Indenture or its application to any party or circumstance is restricted, prohibited or unenforceable,
such provision will, as to such jurisdiction, be ineffective only to the extent of such restriction, prohibition or unenforceability
without invalidating the remaining provisions of this Indenture and without affecting the validity or enforceability of such provision
in any other jurisdiction or without affecting its application to other parties or circumstances.

 

	9.11	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 9.11.

 

	9.12	Counterparts
                                            and Formal Date

 

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 and notwithstanding their date of execution shall be deemed to
bear the date set out at the top of the first page of this Indenture.

 

(Signature
page follows)

 

    	46

    	 

    

 

IN
WITNESS WHEREOF the parties hereto have executed this Indenture under the hands of their proper officers in that behalf.

 

	 	FIRST PERSON LTD.
	 	 	 
	 	By:	 
	 	 	Darcy
    Campbell
	 	 	Chief
    Financial Officer

 

	 	ODYSSEY TRUST COMPANY
	 	 	 
	 	By:	 
	 	 	Authorized
    Signatory

 

	 	By:	 
	 	 	Authorized
    Signatory

 

    	47

    	 

    

 

Schedule
“A”

Form of Warrant Certificate

 

WARRANTS
TO PURCHASE COMMON SHARES

OF
FIRST PERSON LTD.

(a company existing pursuant to the laws of the province of Alberta)

 

CUSIP
No. [●]

ISIN No. [●]

 

	Warrant
    Certificate Number: ●	Representing ● Warrants to

                                                                                purchase Common Shares

 

THIS
CERTIFIES that, for value received, the registered holder hereof, ● (the “holder”) is entitled at any time at
or before the Expiry Time (as defined herein) to acquire, subject to adjustment in certain events, the number of common shares (“Common
Shares”) in the capital of First Person Ltd. (the “Company”) specified above, as presently constituted,
by surrendering to Odyssey Trust Company (the “Warrant Agent”) at its principal office in Calgary, Alberta, this Warrant
Certificate with the duly completed and executed Exercise Form endorsed on the back of this Warrant Certificate, and accompanied by payment
of $[●] per Common Share (the “Exercise Price”) by certified cheque, bank draft or money order in lawful money of
Canada payable to, or to the order of, the Company at par at the above-mentioned office of the Warrant Agent. The holder of this Warrant
Certificate may purchase less than the number of Common Shares which he is entitled to purchase on the exercise of the Warrants represented
by this Warrant Certificate, in which event a new Warrant Certificate representing the Warrants not then exercised will be issued to
the holder.

 

The
Warrants evidenced under this Warrant Certificate are exercisable on or before 2:00 p.m. (Calgary time) on [●] (the “Expiry
Time”). After the Expiry Time, Warrants evidenced hereby shall be deemed to be void and of no further force or effect.

 

This
Warrant Certificate represents Warrants of the Company 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 [●], 2022, between the Company and the Warrant Agent, as may be amended from time to time, which contains particulars of
the rights of the holders of the Warrants and the Company and of the Warrant Agent in respect thereof and the terms and conditions upon
which the Warrants are issued and held, all to the same effect as if the provisions of the Warrant Indenture were herein set forth, to
all of which the holder of this Warrant Certificate by acceptance hereof assents. Unless otherwise defined herein, all capitalized terms
shall have the meanings ascribed to them in the Warrant Indenture. A copy of the Warrant Indenture can be requested by contacting the
Warrant Agent. In the event of any conflict between the provisions contained in this Warrant Certificate and the provisions of the
Warrant Indenture, the provisions of the Warrant Indenture shall prevail.

 

Upon
acceptance hereof, the holder hereof hereby expressly waives the right to receive any fractional Common Shares upon the exercise hereof
in full or in part and further waives the right to receive any cash or other consideration in lieu thereof. The Warrants represented
by this Warrant Certificate shall be deemed to have been surrendered, and payment by certified cheque, bank draft or money order shall
be deemed to have been made only upon personal delivery thereof or, if sent by post or other means of transmission, upon actual receipt
thereof by the Warrant Agent at its office in the City of Calgary, Alberta.

 

    	 

     

    

 

Upon
due exercise of the Warrants represented by this Warrant Certificate and payment of the Exercise Price, the Company shall cause to be
issued to the person(s) in whose name(s) the Common Shares have been so subscribed for, the number of Common Shares to be issued to such
person(s) (provided that if the Common Shares are to be issued to a person other than the registered holder of this Warrant Certificate,
the holder’s signature on the Exercise Form herein shall be guaranteed by a Schedule I Canadian chartered bank or by a medallion
signature guarantee from a member of a recognized Signature Medallion Guarantee Program), and the holder shall pay to the Company or
the Warrant Agent all applicable transfer or similar taxes and the Company shall not be required to issue or deliver certificates evidencing
the Common Shares unless or until the holder shall have paid the Company or the Warrant Agent the amount of such tax (or shall have satisfied
the Company that such tax has been paid or that no tax is due), and such person(s) shall become a holder in respect of such Common Shares
with effect from the date of such exercise, and upon due surrender of this Warrant Certificate, the Transfer Agent shall issue a certificate(s)
representing such Common Shares to be issued within five Business Days after the exercise of the Warrants (or portion thereof) represented
hereby.

 

The
holder acknowledges that the Warrants represented by this Warrant Certificate and the Common Shares issuable upon exercise hereof may
be offered, sold or otherwise transferred only in compliance with all applicable securities laws.

 

No
transfer of any Warrant will be valid unless entered on the register of transfers, upon surrender to the Warrant Agent of the Warrant
Certificate evidencing such Warrant, duly endorsed by, or accompanied by a transfer form or other written instrument of transfer in 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 execution satisfactory to the Warrant Agent. Subject to
the provisions of the Warrant Indenture and upon compliance with the reasonable requirements of the Warrant Agent, Warrant Certificates
may be exchanged for Warrants Certificates entitling the holder thereof to acquire an equal aggregate number of Common Shares subject
to adjustment as provided for in the Warrant Indenture. The Company and the Warrant Agent may treat the registered holder of this Warrant
Certificate for all purposes as the absolute owner hereof. The holding of the Warrants represented by this Warrant Certificate shall
not constitute the holder hereof a holder of Common Shares nor entitle him to any right or interest in respect thereof except as herein
and in the Warrant Indenture expressly provided.

 

Subject
to Section 3.1(13) of the Warrant Indenture, the Warrants evidenced hereby shall not be exercised by any person during any time that
no registration statement under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”),
registering the Common Shares issuable upon the exercise of the Warrants evidenced hereby is effective, unless an exemption from the
registration requirements of the U.S. Securities Act is available and such holder provides evidence of the availability of such exemption
satisfactory to the Company and the Warrant Agent.

 

The
Warrant Indenture provides for adjustment in the number of Common Shares to be delivered upon exercise of the right of purchase hereby
granted and to the Exercise Price in certain events therein set forth.

 

The
Warrant Indenture contains provisions making binding upon all holders of Warrants outstanding thereunder resolutions passed at meetings
of such holders held in accordance with such provisions and instruments in writing signed by the Warrantholders entitled to acquire upon
the exercise of the Warrants a specified percentage of the Common Shares.

 

The
Warrants and the Warrant Indenture shall be governed by and performed, construed and enforced in accordance with the laws of the Province
of Alberta and the federal laws of Canada applicable therein and shall be treated in all respects as Alberta contracts. Time shall be
of the essence hereof and of the Warrant Indenture.

 

The
Company may from time to time at any time prior to the Expiry Time purchase any of the Warrants by private agreement or otherwise.

 

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

 

All
dollar amounts herein are expressed in the lawful money of the United States of America.

 

(Signature
page follows)

 

    	2

    	 

    

 

IN
WITNESS WHEREOF the Company has caused this Warrant Certificate to be signed by its duly authorized officer as of this day of             , 20   .

 

	 	FIRST PERSON LTD.
	 	 	 
	 	By:	
	 	 	Authorized
    Signing Officer
	 	 	 
	 	Countersigned this ______ day of ________, 20__
	 	 	 
	 	ODYSSEY TRUST COMPANY
	 	 	 
	 	By:	
	 	 	Authorized
    Signing Officer

 

    	3

    	 

    

 

EXERCISE
FORM

 

	TO:
    	First
    Person Ltd (the “Company”)

c/o
Odyssey Trust Company

1230,
300 5th Ave. SW

Calgary,
Alberta

T2P
3C4

 

The
undersigned holder of the within Warrants hereby irrevocably exercises the right of such holder to be issued and hereby subscribes
for ________________________ Common Shares at the Exercise Price referred to in the attached Warrant Certificate on the terms and
conditions set forth in such certificate and the Warrant Indenture and encloses herewith a certified cheque, bank draft or money
order payable at par in the City of Calgary, in the Province of Alberta to the order of the Company in payment in full of the
subscription price of the Common Shares hereby subscribed for.

 

Unless
otherwise defined herein, all capitalized terms shall have the meanings ascribed to them in the warrant indenture between the Company
and Odyssey Trust Company dated [●], 2022.

 

If
the Registration Statement is not effective at the time of exercise, the undersigned represents, warrants and certifies as follows (one
(only) of the following must be checked):

 

	A.	☐	that
    (i) at the time of exercise of this Warrant the undersigned is not within the United States; (ii) the undersigned is not exercising
    this Warrant for the account or benefit of a U.S. Person or person in the United States, and (iii) the delivery of the underlying
    Common Shares will not be to an address in the United States; or
	 	 	 
	B.	☐	that
    the undersigned is tendering with this notice of exercise a written opinion of counsel satisfactory to the Company to the effect
    that the securities to be delivered upon exercise of this Warrant are exempt from such registration requirements.

 

“United
States” and “U.S. person” are as defined by Regulation S under the U.S. Securities Act.

 

The
undersigned holder understands that unless the Common Shares issuable upon the exercise of the Warrants are registered under the U.S.
Securities Act and the securities laws of all applicable states of the United States, the certificate representing the Common Shares
issued upon exercise of this Warrant will bear the following restrictive legend:

 

“THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
“U.S. SECURITIES ACT”). THESE SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO THE COMPANY,
(B) IF THE SECURITIES HAVE BEEN REGISTERED IN COMPLIANCE WITH THE REGISTRATION REQUIREMENTS UNDER THE U.S. SECURITIES ACT AND IN ACCORDANCE
WITH APPLICABLE STATE SECURITIES LAWS (C) IN COMPLIANCE WITH THE EXEMPTION FROM THE REGISTRATION REQUIREMENTS UNDER THE U.S. SECURITIES
ACT IN ACCORDANCE WITH RULE 144 THEREUNDER, IF APPLICABLE, AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS, OR (D) 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 THE HOLDER HAS, PRIOR TO SUCH SALE, FURNISHED TO THE COMPANY AN OPINION OF COUNSEL OF RECOGNIZED STANDING, OR
OTHER EVIDENCE OF EXEMPTION, REASONABLY SATISFACTORY TO THE COMPANY. HEDGING TRANSACTIONS INVOLVING THE SECURITIES REPRESENTED HEREBY
MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH U.S. SECURITIES LAWS”.

 

    	4

    	 

    

 

The
undersigned hereby directs that the said Common Shares be issued as follows:

 

	NAME(S)
    IN FULL	 	ADDRESS(ES)	 	NUMBER
    OF COMMON SHARES
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

Please
print full name in which certificates representing the Common Shares are to be issued. If any Common Shares are to be issued to a person
or persons other than the registered holder, the registered holder must pay to the Warrant Agent all eligible transfer taxes or other
government charges, if any, and the Transfer Form must be duly executed.

 

Once
completed and executed, this Exercise Form must be mailed or delivered to Odyssey Trust Company, c/o Corporate Trust.

 

DATED
this ________ day of ____________, ________.

 

	 	)	 
	 	)	 
	 	)	 
	Witness	)	(Signature
                                            of Warrantholder, to be the same as
	 	)	appears
    on the face of this Warrant Certificate)
		)	

    

	 	)	 
	 	 	Name
of Registered Warrantholder

 

[      ] Please check this box if the securities are to be delivered at the office where these Warrants are surrendered, failing which the securities
will be mailed.

 

    	5

    	 

    

 

TRANSFER
FORM

 

	TO:
    	First
    Person Ltd (the “Company”)

c/o
Odyssey Trust Company

1230,
300 5th Ave. SW

Calgary,
Alberta

T2P
3C4

 

FOR
VALUE RECEIVED, the undersigned transferor hereby sells, assigns and transfers unto

 

 

	(Transferee)
	 
	 
	(Address)
	 
	 
	(Social
    Insurance Number)

 

___________________
of the Warrants registered in the name of the undersigned transferor represented by the Warrant Certificate.

 

DATED
this ____________ day of _______________, ____________ .

 

	SPACE FOR GUARANTEES OF SIGNATURES (BELOW)	 	)	 
	 	 	)	 
	 	 	)	Signature
    of Transferor
	 	 	)	 
	 	 	)	 
	Guarantor’s
    Signature/Stamp	 	)	Name
    of Transferor
	 	 	)	 

 

REASON
FOR TRANSFER – For US Residents only (where the individual(s) or corporation receiving the securities is a US resident). Please
select only one (see instructions below).

 

	☐ Gift	☐ Estate	☐ Private
    Sale	☐ Other
    (or no change in ownership)

 

	Date of Event (Date of gift, death or sale):	 Value per Warrant
on the date of event:
	 	 
		  ☐
  CAD OR  ☐USD
	

 

    	6

    	 

    

 

NOTES:

 

	1.	The
                                            signature to this transfer must correspond with the name as recorded on the Warrants in every
                                            particular without alteration or enlargement or any change whatever. The signature of the
                                            person executing this transfer must be guaranteed by a Schedule I Canadian chartered bank,
                                            or by a medallion signature guarantee from a member of a recognized Signature Medallion Guarantee
                                            Program.

 

	2.	Warrants
                                            shall only be transferable in accordance with the warrant indenture between First Person
                                            Ltd. (the “Company”) and Odyssey Trust Company dated [●], 2022 (the “Warrant
                                            Indenture”), applicable laws and the rules and policies of any applicable stock
                                            exchange.

 

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):

 

		●	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 Signature Guarantee obtained from an authorized officer of the Royal Bank of Canada,
                                            Scotia Bank or TD Canada Trust. The Guarantor must affix a stamp bearing the actual words
                                            “Signature Guaranteed”, sign and print their full name and alpha numeric signing
                                            number. Signature Guarantees are not accepted from Treasury Branches, Credit Unions or Caisse
                                            Populaires unless they are members of a Medallion Signature Guarantee Program. For corporate
                                            holders, corporate signing resolutions, including certificate of incumbency, are also required
                                            to accompany the transfer, unless there is a “Signature & Authority to Sign Guarantee”
                                            Stamp affixed to the transfer (as opposed to a “Signature Guaranteed” Stamp)
                                            obtained from an authorized officer of the Royal Bank of Canada, Scotia Bank or TD Canada
                                            Trust or 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 an authorized officer
of Royal Bank of Canada, Scotia Bank or TD Canada Trust whose sample signature(s) are on file with the transfer agent, or 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 unless there is a “SIGNATURE & AUTHORITY TO SIGN GUARANTEE”
Stamp affixed to the Form of Transfer obtained from an authorized officer of the Royal Bank of Canada, Scotia Bank or TD Canada Trust
or 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 RESIDENTS ONLY

 

Consistent
with US IRS regulations, Odyssey Trust Company is required to request cost basis information from US 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).

 

    	7

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