Document:

Exhibit 4.4

 

Warrant
Agent Agreement

 

This WARRANT AGENT AGREEMENT
(this “Warrant Agreement”) dated as of [●], 2022 (the “Issuance Date”)
is between ParaZero Technologies Ltd., an Israeli company (the “Company”), and VStock Transfer, LLC (the “Warrant
Agent”).

 

WHEREAS, pursuant to the terms
of that certain Underwriting Agreement (“Underwriting Agreement”), dated [●], 2022, by and between the
Company and Aegis Capital Corp., as the underwriter set forth therein (the “Underwriter”), the Company
is selling in a public offering of (i) [●] common units (the “Common Units”), with each Common Unit
consisting of one (1) ordinary share, par value NIS 0.02 per share (the “Ordinary Share”) of the Company
and one (1) warrant (each a “Tradeable Warrant”, and collectively, the “Tradeable Warrants”)
of the Company, each to purchase one Ordinary Share at an exercise price of $[●] (representing 100% of the per Common Unit offering
price; (ii) [●] pre-funded units (the “Pre-Funded Units”), with each Pre-Funded Unit consisting of
one (1) pre-funded warrant to purchase one Ordinary Share at an exercise price of $0.001 per share (a “Pre-Funded Warrant,” and
collectively, the “Pre-Funded Warrants”) and one (1) Tradeable Warrant; and (iii) up to [●] Ordinary
Shares and/or Pre-Funded Warrants and/or up to [●] Tradeable Warrants to purchase an aggregate of an additional [●] Ordinary
Shares issuable pursuant to the Underwriter’s over-allotment option granted pursuant to the Underwriting Agreement;

 

WHEREAS, the Company has filed
with the Securities and Exchange Commission (the “Commission”) a Registration Statement on Form F-1 (File
No. 333-265178) (as the same may be amended from time to time, the “Registration Statement”), for the registration
under the Securities Act of 1933, as amended (the “Securities Act”), of the Common Units, Pre-Funded Units,
Ordinary Shares, Pre-Funded Warrants, Tradeable Warrants, and Ordinary Shares underlying the Pre-Funded Warrants and Tradeable Warrants,
and such Registration Statement was declared effective on [●], 2022; and

 

WHEREAS, the Company desires
the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in accordance with the terms set forth
in this Warrant Agreement in connection with the issuance, registration, transfer, exchange and exercise of the Pre-Funded Warrants;

 

WHEREAS, the Company desires
to provide for the provisions of the Pre-Funded Warrants, the terms upon which they shall be issued and exercised, and the respective
rights, limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the Pre-Funded Warrants; and

 

WHEREAS, all acts and things
have been done and performed which are necessary to make the Pre-Funded Warrants the valid, binding and legal obligations of the Company,
and to authorize the execution and delivery of this Warrant Agreement.

 

NOW, THEREFORE, in consideration
of the mutual agreements herein contained, the parties hereto agree as follows:

 

1. Appointment of Warrant Agent. The
Company hereby appoints the Warrant Agent to act as agent for the Company with respect to the Pre-Funded Warrants, and the Warrant Agent
hereby accepts such appointment and agrees to perform the same in accordance with the express terms and conditions set forth in this Warrant
Agreement (and no implied terms or conditions).

 

2. Pre-Funded Warrants.

 

2.1. Form of Pre-Funded
Warrants. The Pre-Funded Warrants shall be registered securities and shall be evidenced by a global Pre-Funded warrant (“Global
Pre-Funded Warrant”) in the form of Exhibit A to this Warrant Agreement, which shall be deposited on behalf
of the Company with a custodian for The Depository Trust Company (“DTC”) and registered in the name of Cede
& Co., a nominee of DTC. The terms of the Global Pre-Funded Warrant are incorporated herein by reference. If DTC subsequently ceases
to make its book-entry settlement system available for the Pre-Funded Warrants, the Company may instruct the Warrant Agent regarding making
other arrangements for book-entry settlement. In the event that the Pre-Funded Warrants are not eligible for, or it is no longer necessary
to have the Pre-Funded Warrants available in, book-entry form, the Company may instruct the Warrant Agent to provide written instructions
to DTC to deliver to the Warrant Agent for cancellation the Global Pre-Funded Warrant, and the Company shall instruct the Warrant Agent
to deliver to DTC separate certificates evidencing Pre-Funded Warrants (“Definitive Certificates” and,
together with the Global Pre-Funded Warrant, “Warrant Certificates”) registered as requested through the
DTC system.

 

     

     

    

 

2.2. Issuance and
Registration of Pre-Funded Warrants.

 

2.2.1. Warrant Register.
The Warrant Agent shall maintain books (“Warrant Register”) for the registration of original issuance and the
registration of transfer of the Pre-Funded Warrants.

 

2.2.2. Issuance of Pre-Funded
Warrants. Upon the initial issuance of the Pre-Funded Warrants, the Warrant Agent shall issue the Global Warrant and deliver the Pre-Funded
Warrants in the DTC book-entry settlement system in accordance with written instructions delivered to the Warrant Agent by the Company.
Ownership of security entitlements in the Pre-Funded Warrants shall be shown on, and the transfer of such ownership shall be effected
through, records maintained (i) by DTC and (ii) by institutions that have accounts with DTC (each, a “Participant”).

 

2.2.3. Beneficial Owner;
Holder. Prior to due presentment for registration of transfer of any Pre-Funded Warrant, the Company and the Warrant Agent may deem
and treat the person in whose name that Pre-Funded Warrant shall be registered on the Warrant Register (the “Holder”)
as the absolute owner of such Pre-Funded Warrant for purposes of any exercise thereof, and for all other purposes, and neither the Company
nor the Warrant Agent shall be affected by any notice to the contrary. Notwithstanding the foregoing, nothing herein shall prevent the
Company, the Warrant Agent or any agent of the Company or the Warrant Agent from giving effect to any written certification, proxy or
other authorization furnished by DTC governing the exercise of the rights of a holder of a beneficial interest in any Pre-Funded Warrant.
The rights of beneficial owners in a Pre-Funded Warrant evidenced by the Global Pre-Funded Warrant shall be exercised by the Holder or
a Participant through the DTC system, except to the extent set forth herein or in the Global Pre-Funded Warrant.

 

2.2.4. Delivery of Warrant
Certificate. A Holder has the right to elect at any time or from time to time a Warrant Exchange (as defined below) pursuant to a
Warrant Certificate Request Notice (as defined below). Upon written notice by a Holder to the Warrant Agent for the exchange of some or
all of such Holder’s Global Pre-Funded Warrants for a Warrant Certificate evidencing the same number of Pre-Funded Warrants, which
request shall be in the form attached hereto as Exhibit B (a “Warrant Certificate Request Notice” and
the date of delivery of such Warrant Certificate Request Notice by the Holder, the “Warrant Certificate Request Notice
Date” and the deemed surrender upon delivery by the Holder of a number of Global Pre-Funded Warrants for the same number
of Pre-Funded Warrants evidenced by a Warrant Certificate, a “Warrant Exchange”), the Warrant Agent shall
promptly effect the Warrant Exchange and shall promptly issue and deliver to the Holder a Warrant Certificate for such number of Pre-Funded
Warrants in the name set forth in the Warrant Certificate Request Notice. Such Warrant Certificate shall be dated the date of issuance
of the Warrant Certificate, shall include the initial exercise date of the Pre-Funded Warrants, shall be executed by an authorized signatory
of the Company and shall be reasonably acceptable in all respects to such Holder. In connection with a Warrant Exchange, the Company agrees
to deliver, or to direct the Warrant Agent to deliver, the Warrant Certificate to the Holder within three (3) Business Days of the Warrant
Certificate Request Notice pursuant to the delivery instructions in the Warrant Certificate Request Notice (“Warrant Certificate
Delivery Date”). If the Company fails for any reason to deliver to the Holder the Warrant Certificate subject to the Warrant
Certificate Request Notice by the Warrant Certificate Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages
and not as a penalty, for each $1,000 of Ordinary Shares issuable upon exercise of the Pre-Funded Warrants (the “Warrant
Shares”) evidenced by such Warrant Certificate (based on the VWAP (as defined in the Pre-Funded Warrants) of the Ordinary
Shares on the Warrant Certificate Request Notice Date), $10 per Business Day for each Business Day after such Warrant Certificate Delivery
Date until such Warrant Certificate is delivered or, prior to delivery of such Warrant Certificate, the Holder rescinds such Warrant Exchange.
The Company covenants and agrees that, upon the date of delivery of the Warrant Certificate Request Notice, the Holder shall be deemed
to be the holder of the Warrant Certificate and, notwithstanding anything to the contrary set forth herein, the Warrant Certificate shall
be deemed for all purposes to contain all of the terms and conditions of the Pre-Funded Warrants evidenced by such Warrant Certificate
and the terms of this Agreement.

 

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2.2.5. Execution.
The Warrant Certificates shall be executed on behalf of the Company by any authorized officer of the Company (an “Authorized
Officer”), which need not be the same authorized signatory for all of the Warrant Certificates, either manually or by facsimile
signature. The Warrant Certificates shall be countersigned by an authorized signatory of the Warrant Agent, which need not be the same
signatory for all of the Warrant Certificates, and no Warrant Certificate shall be valid for any purpose unless so countersigned. In case
any Authorized Officer of the Company that signed any of the Warrant Certificates ceases to be an Authorized Officer of the Company before
countersignature by the Warrant Agent and issuance and delivery by the Company, such Warrant Certificates, nevertheless, may be countersigned
by the Warrant Agent, issued and delivered with the same force and effect as though the person who signed such Warrant Certificates had
not ceased to be such officer of the Company; and any Warrant Certificate may be signed on behalf of the Company by any person who, at
the actual date of the execution of such Warrant Certificate, shall be an Authorized Officer of the Company authorized to sign such Warrant
Certificate, although at the date of the execution of this Warrant Agreement any such person was not such an Authorized Officer.

  

2.2.6. Registration
of Transfer. At any time at or prior to the Expiration Date (as defined below), a transfer of any Pre-Funded Warrants may be registered
and any Warrant Certificate or Warrant Certificates may be split up, combined or exchanged for another Warrant Certificate or Warrant
Certificates evidencing the same number of Pre-Funded Warrants as the Warrant Certificate or Warrant Certificates surrendered. Any Holder
desiring to register the transfer of Pre-Funded Warrants or to split up, combine or exchange any Warrant Certificate shall make such request
in writing delivered to the Warrant Agent, and shall surrender to the Warrant Agent the Warrant Certificate or Warrant Certificates evidencing
the Pre-Funded Warrants the transfer of which is to be registered or that is or are to be split up, combined or exchanged and, in the
case of registration of transfer, shall provide a signature guarantee. Thereupon, the Warrant Agent shall countersign and deliver to the
person entitled thereto a Warrant Certificate or Warrant Certificates, as the case may be, as so requested. The Company and the Warrant
Agent may require payment, by the Holder requesting a registration of transfer of Pre-Funded Warrants or a split-up, combination or exchange
of a Warrant Certificate (but, for purposes of clarity, not upon the exercise of the Pre-Funded Warrants and issuance of Warrant Shares
to the Holder), of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with such registration of
transfer, split-up, combination or exchange, together with reimbursement to the Company and the Warrant Agent of all reasonable expenses
incidental thereto.

 

2.2.7. Loss, Theft and
Mutilation of Warrant Certificates. Upon receipt by the Company and the Warrant Agent of evidence reasonably satisfactory to them
of the loss, theft, destruction or mutilation of a Warrant Certificate, and, in case of loss, theft or destruction, of indemnity or security
in customary form and amount, and reimbursement to the Company and the Warrant Agent of all reasonable expenses incidental thereto, and
upon surrender to the Warrant Agent and cancellation of the Warrant Certificate if mutilated, the Warrant Agent shall, on behalf of the
Company, countersign and deliver a new Warrant Certificate of like tenor to the Holder in lieu of the Warrant Certificate so lost, stolen,
destroyed or mutilated. The Warrant Agent may charge the Holder an administrative fee for processing the replacement of lost Warrant Certificates.
The Warrant Agent may receive compensation from the surety companies or surety agents for administrative services provided to them.

 

2.2.8. Proxies.
The Holder of a Pre-Funded Warrant may grant proxies or otherwise authorize any person, including the Participants and beneficial holders
that may own interests through the Participants, to take any action that a Holder is entitled to take under this Agreement or the Pre-Funded
Warrants; provided, however, that at all times that Pre-Funded Warrants are evidenced by a Global Pre-Funded Warrant,
exercise of those Pre-Funded Warrants shall be effected on their behalf by Participants through DTC in accordance the procedures administered
by DTC.

 

3. Terms and Exercise of Pre-Funded Warrants.

 

3.1. Exercise Price.
Each Pre-Funded Warrant shall entitle the Holder, subject to the provisions of the applicable Warrant Certificate and of this Warrant
Agreement, to purchase from the Company the number of Ordinary Shares stated therein, at the price of $0.001 per whole Ordinary Share,
subject to the subsequent adjustments provided in the Global Pre-Funded Warrant. The term “Exercise Price” as
used in this Warrant Agreement refers to the price per share at which Ordinary Shares may be purchased at the time a Pre-Funded Warrant
is exercised.

 

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3.2. Duration of Pre-Funded
Warrants. A Pre-Funded Warrant may be exercised only during the period (“Exercise Period”) commencing on
the date of issuance and ending on the Termination Date. For purposes of this Warrant Agreement, the “Termination Date” shall
have the meaning set forth in the Global Pre-Funded Warrant. Each Pre-Funded Warrant not exercised on or before the Termination Date shall
become void, and all rights thereunder and all rights in respect thereof under this Agreement shall cease at the close of business on
the Termination Date.

   

3.3. Exercise of Pre-Funded Warrants.

 

3.3.1. Exercise.
Subject to the provisions of the Global Pre-Funded Warrant, a Holder (or a Participant or a designee of a Participant acting on behalf
of a Holder) may exercise Pre-Funded Warrants by delivering to the Warrant Agent, (i) not later than 5:00 P.M., Eastern Standard Time,
on any business day during the Exercise Period a notice of exercise of the Pre-Funded Warrants to be exercised (A) in the form attached
to the Global Pre-Funded Warrant or (B) via an electronic warrant exercise through the DTC system (each, an “Election
to Purchase”) and (ii) within one (1) Trading Day of the Date of Exercise, Tradeable Warrants to be exercised by (A) surrender
of the Warrant Certificate evidencing the Tradeable Warrants to the Warrant Agent at its office designated for such purpose or (B) delivery
of the Tradeable Warrants to an account of the Warrant Agent at DTC designated for such purpose in writing by the Warrant Agent to DTC
from time to time. Partial exercises of a Tradeable Warrant resulting in purchases of a portion of the total number of Warrant Shares
available thereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal
to the applicable number of Warrant Shares purchased. Notwithstanding anything herein to the contrary, the Holder shall not be required
to physically surrender a Warrant Certificate until the Holder has purchased all of the Warrant Shares available thereunder and the Tradeable
Warrant has been exercised in full, in which case, the Holder shall surrender such Tradeable Warrant to the Company for cancellation within
three (3) Trading Days of the date the final Notice of Exercise is delivered to the Company. All other requirements for the exercise of
a Pre-Funded Warrant shall be as set forth in the Pre-Funded Warrant.

 

3.3.2. The Warrant Agent shall,
by 5:00 p.m., New York City time, on the Trading Day following the Exercise Date of any Pre-Funded Warrant, advise the Company, the transfer
agent and registrar for the Company’s Ordinary Shares, in respect of (i) the number of Warrant Shares indicated on the Notice of
Exercise as issuable upon such exercise with respect to such exercised Pre-Funded Warrants, (ii) the instructions of the Holder or Participant,
as the case may be, provided to the Warrant Agent with respect to the delivery of the Warrant Shares and the number of Pre-Funded Warrants
that remain outstanding after such exercise and (iii) such other information as the Company or such transfer agent and registrar shall
reasonably request. The Company shall issue the Warrant Shares in compliance with the terms of the Pre-Funded Warrant.

 

3.3.3. Valid Issuance.
All Warrant Shares issued by the Company upon the proper exercise of a Pre-Funded Warrant in conformity with this Warrant Agreement shall
be validly issued, fully paid and non-assessable.

 

3.3.4. No Fractional
Exercise. Notwithstanding any provision contained in this Warrant Agreement to the contrary, no fractional shares or scrip representing
fractional shares shall be issued upon the exercise of the Pre-Funded Warrants. As to any fraction of a share which the Holder would otherwise
be entitled to purchase upon such exercise, the Company shall, at its election, either pay a cash adjustment in respect of such final
fraction in an amount equal to such fraction multiplied by the Exercise Price or round up to the next whole share.

 

3.3.5. No Transfer Taxes.
The Company shall not be required to pay any stamp or other tax or governmental charge required to be paid in connection with any transfer
involved in the issue of the Warrant Shares upon the exercise of Pre-Funded Warrants; and in the event that any such transfer is involved,
the Company shall not be required to issue or deliver any Warrant Shares until such tax or other charge shall have been paid or it has
been established to the Company’s satisfaction that no such tax or other charge is due.

 

3.3.6. Date of Issuance.
The Company will treat an exercising Holder as a beneficial owner of the Warrant Shares as of the Exercise Date, and for purposes of Regulation
SHO, a holder whose interest in the Pre-Funded Warrant is a beneficial interest in certificate(s) representing the Pre-Funded Warrant
held in book-entry form through DTC shall be deemed to have exercised its interest in the Pre-Funded Warrant upon instructing its broker
that is a DTC participant to exercise its interest in the Pre-Funded Warrant, except that, if the Exercise Date is a date when the stock
transfer books of the Company are closed, such person shall be deemed to have become the holder of such shares at the open of business
on the next succeeding date on which the stock transfer books are open.

  

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4. Adjustments. Upon every adjustment
of the Exercise Price or the number of Warrant Shares issuable upon exercise of a Pre-Funded Warrant, the Company shall give written notice
thereof to the Warrant Agent, which notice shall state the Exercise Price resulting from such adjustment and the increase or decrease,
if any, in the number of Warrant Shares purchasable at such price upon the exercise of a Pre-Funded Warrant, setting forth in reasonable
detail the method of calculation and the facts upon which such calculation is based. Upon the occurrence of any event specified in Section
3 of the Pre-Funded Warrant, then, in any such event, the Company shall give written notice to the Warrant Agent. Failure to give such
notice, or any defect therein, shall not affect the legality or validity of such event. The Warrant Agent shall be entitled to rely conclusively
on, and shall be fully protected in relying on, any certificate, notice or instructions provided by the Company with respect to any adjustment
of the Exercise Price or the number of shares issuable upon exercise of a Pre-Funded Warrant, or any related matter, and the Warrant Agent
shall not be liable for any action taken, suffered or omitted to be taken by it in accordance with any such certificate, notice or instructions
or pursuant to this Warrant Agreement. The Warrant Agent shall not be deemed to have knowledge of any such adjustment unless and until
it shall have received written notice thereof from the Company.

 

5. Restrictive Legends; Fractional Pre-Funded
Warrants. In the event that a Warrant Certificate surrendered for transfer bears a restrictive legend, the Warrant Agent shall not
register that transfer until the Warrant Agent has received an opinion of counsel for the Company stating that such transfer may be made
and indicating whether the Pre-Funded Warrants must also bear a restrictive legend upon that transfer. The Warrant Agent shall not be
required to effect any registration of transfer or exchange which will result in the transfer of or delivery of a Warrant Certificate
for a fraction of a Pre-Funded Warrant.

  

6. Other Provisions Relating to Rights
of Holders of Pre-Funded Warrants.

 

6.1. No Rights as
Stockholder. Except as otherwise specifically provided herein, a Holder, solely in its capacity as a holder of Pre-Funded Warrants,
shall not be entitled to vote or receive dividends or be deemed the holder of share capital of the Company for any purpose, nor shall
anything contained in this Warrant Agreement be construed to confer upon a Holder, solely in its capacity as the registered holder of
Pre-Funded Warrants, any of the rights of a stockholder of the Company or any right to vote, give or withhold consent to any corporate
action (whether any reorganization, issue of stock, reclassification of share capital, consolidation, merger, conveyance or otherwise),
receive notice of meetings, receive dividends or subscription rights or rights to participate in new issues of shares, or otherwise, prior
to the issuance to the Holder of the Warrant Shares which it is then entitled to receive upon the due exercise of Pre-Funded Warrants.

 

6.2. Reservation of
Ordinary Shares. The Company shall at all times reserve and keep available a number of its authorized but unissued Ordinary Shares
that will be sufficient to permit the exercise in full of all outstanding Pre-Funded Warrants issued pursuant to this Warrant Agreement.

 

7. Concerning the Warrant Agent and Other
Matters.

 

7.1. Any instructions given
to the Warrant Agent orally, as permitted by any provision of this Warrant Agreement, shall be confirmed in writing by the Company as
soon as practicable. The Warrant Agent shall not be liable or responsible and shall be fully authorized and protected for acting, or failing
to act, in accordance with any oral instructions which do not conform with the written confirmation received in accordance with this Section
7.1.

 

7.2. (a) Whether or not any
Pre-Funded Warrants are exercised, for the Warrant Agent’s services as agent for the Company hereunder, the Company shall pay to
the Warrant Agent such fees as may be separately agreed between the Company and Warrant Agent and the Warrant Agent’s out of pocket
expenses in connection with this Warrant Agreement, including, without limitation, the fees and expenses of the Warrant Agent’s
counsel. While the Warrant Agent endeavors to maintain out-of-pocket charges (both internal and external) at competitive rates, these
charges may not reflect actual out-of-pocket costs, and may include handling charges to cover internal processing and use of the Warrant
Agent’s billing systems. (b) All amounts owed by the Company to the Warrant Agent under this Warrant Agreement are due within 30
days of the invoice date. Delinquent payments are subject to a late payment charge of one and one-half percent (1.5%) per month commencing
45 days from the invoice date. The Company agrees to reimburse the Warrant Agent for any attorney’s fees and any other costs associated
with collecting delinquent payments. (c) No provision of this Warrant Agreement shall require Warrant Agent to expend or risk its own
funds or otherwise incur any financial liability in the performance of any of its duties under this Warrant Agreement or in the exercise
of its rights.

   

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7.3. As agent for the Company
hereunder the Warrant Agent: (a) shall have no duties or obligations other than those specifically set forth herein or as may subsequently
be agreed to in writing by the Warrant Agent and the Company; (b) shall be regarded as making no representations and having no responsibilities
as to the validity, sufficiency, value, or genuineness of the Pre-Funded Warrants or any Warrant Shares; (c) shall not be obligated to
take any legal action hereunder; if, however, the Warrant Agent determines to take any legal action hereunder, and where the taking of
such action might, in its judgment, subject or expose it to any expense or liability it shall not be required to act unless it has been
furnished with an indemnity reasonably satisfactory to it; (d) may rely on and shall be fully authorized and protected in acting or failing
to act upon any certificate, instrument, opinion, notice, letter, telegram, telex, facsimile transmission or other document or security
delivered to the Warrant Agent and believed by it to be genuine and to have been signed by the proper party or parties; (e) shall not
be liable or responsible for any recital or statement contained in the Registration Statement or any other documents relating thereto;
(f) shall not be liable or responsible for any failure on the part of the Company to comply with any of its covenants and obligations
relating to the Pre-Funded Warrants, including without limitation obligations under applicable securities laws; (g) may rely on and shall
be fully authorized and protected in acting or failing to act upon the written, telephonic or oral instructions with respect to any matter
relating to its duties as Warrant Agent covered by this Warrant Agreement (or supplementing or qualifying any such actions) of officers
of the Company, and is hereby authorized and directed to accept instructions with respect to the performance of its duties hereunder from
the Company or counsel to the Company, and may apply to the Company, for advice or instructions in connection with the Warrant Agent’s
duties hereunder, and the Warrant Agent shall not be liable for any delay in acting while waiting for those instructions; any applications
by the Warrant Agent for written instructions from the Company may, at the option of the Warrant Agent, set forth in writing any action
proposed to be taken or omitted by the Warrant Agent under this Warrant Agreement and the date on or after which such action shall be
taken or such omission shall be effective; the Warrant Agent shall not be liable for any action taken by, or omission of, the Warrant
Agent in accordance with a proposal included in such application on or after the date specified in such application (which date shall
not be less than five business days after the date such application is sent to the Company, unless the Company shall have consented in
writing to any earlier date) unless prior to taking any such action, the Warrant Agent shall have received written instructions in response
to such application specifying the action to be taken or omitted; (h) may consult with counsel satisfactory to the Warrant Agent, including
its in-house counsel, and the advice of such counsel shall be full and complete authorization and protection in respect of any action
taken, suffered, or omitted by it hereunder in good faith and in accordance with the advice of such counsel; (i) may perform any of its
duties hereunder either directly or by or through nominees, correspondents, designees, or subagents, and it shall not be liable or responsible
for any misconduct or negligence on the part of any nominee, correspondent, designee, or subagent appointed with reasonable care by it
in connection with this Warrant Agreement; (j) is not authorized, and shall have no obligation, to pay any brokers, dealers, or soliciting
fees to any person; and (k) shall not be required hereunder to comply with the laws or regulations of any country other than the United
States of America or any political subdivision thereof.

 

7.4. (a) In the absence of
gross negligence or willful or illegal misconduct on its part, the Warrant Agent shall not be liable for any action taken, suffered, or
omitted by it or for any error of judgment made by it in the performance of its duties under this Warrant Agreement. Anything in this
Warrant Agreement to the contrary notwithstanding, in no event shall Warrant Agent be liable for special, indirect, incidental, consequential
or punitive losses or damages of any kind whatsoever (including but not limited to lost profits, liquidated damages or buy-in claims),
even if the Warrant Agent has been advised of the possibility of such losses or damages and regardless of the form of action. Any liability
of the Warrant Agent will be limited in the aggregate to the amount of fees paid by the Company hereunder. The Warrant Agent shall not
be liable for any failures, delays or losses, arising directly or indirectly out of conditions beyond its reasonable control including,
but not limited to, acts of government, exchange or market ruling, suspension of trading, work stoppages or labor disputes, fires, civil
disobedience, riots, rebellions, storms, electrical or mechanical failure, computer hardware or software failure, communications facilities
failures including telephone failure, war, terrorism, insurrection, earthquakes, floods, acts of God or similar occurrences. (b) In the
event any question or dispute arises with respect to the proper interpretation of the Pre-Funded Warrants or the Warrant Agent’s
duties under this Warrant Agreement or the rights of the Company or of any Holder, the Warrant Agent shall not be required to act and
shall not be held liable or responsible for its refusal to act until the question or dispute has been judicially settled (and, if appropriate,
it may file a suit in interpleader or for a declaratory judgment for such purpose) by final judgment rendered by a court of competent
jurisdiction, binding on all persons interested in the matter which is no longer subject to review or appeal, or settled by a written
document in form and substance satisfactory to Warrant Agent and executed by the Company and each such Holder. In addition, the Warrant
Agent may require for such purpose, but shall not be obligated to require, the execution of such written settlement by all the Holders
and all other persons that may have an interest in the settlement.

  

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7.5. The Company covenants
to indemnify the Warrant Agent and hold it harmless from and against any loss, liability, claim or expense (“Loss”)
arising out of or in connection with the Warrant Agent’s duties under this Warrant Agreement, including the costs and expenses of
defending itself against any Loss, unless such Loss shall have been determined by a court of competent jurisdiction to be a result of
the Warrant Agent’s gross negligence or willful misconduct.

  

7.6. Unless terminated earlier
by the parties hereto, this Agreement shall terminate 90 days after the earlier of the Expiration Date and the date on which no Pre-Funded
Warrants remain outstanding (the “Termination Date”). On the business day following the Termination Date,
the Agent shall deliver to the Company any entitlements, if any, held by the Warrant Agent under this Warrant Agreement. The Agent’s
right to be reimbursed for fees, charges and out-of-pocket expenses as provided in this Section 8 shall survive the termination of this
Warrant Agreement.

 

7.7. If any provision of this
Warrant Agreement shall be held illegal, invalid, or unenforceable by any court, this Warrant Agreement shall be construed and enforced
as if such provision had not been contained herein and shall be deemed an Agreement among the parties to it to the full extent permitted
by applicable law.

 

7.8. The Company represents
and warrants that: (a) it is duly incorporated and validly existing under the laws of its jurisdiction of incorporation; (b) the offer
and sale of the Pre-Funded Warrants and the execution, delivery and performance of all transactions contemplated thereby (including this
Warrant Agreement) have been duly authorized by all necessary corporate action and will not result in a breach of or constitute a default
under the articles of association, bylaws or any similar document of the Company or any indenture, agreement or instrument to which it
is a party or is bound; (c) this Warrant Agreement has been duly executed and delivered by the Company and constitutes the legal, valid,
binding and enforceable obligation of the Company; (d) the Pre-Funded Warrants will comply in all material respects with all applicable
requirements of law; and (e) to the best of its knowledge, there is no litigation pending or threatened as of the date hereof in connection
with the offering of the Pre-Funded Warrants.

 

7.9. In the event of inconsistency
between this Warrant Agreement and the descriptions in the Pre-Funded Warrant, as it may from time to time be amended, the terms of the
Warrant Agreement shall control.

 

7.10. Set forth in Exhibit
C hereto is a list of the names and specimen signatures of the persons authorized to act for the Company under this Warrant Agreement
(the “Authorized Representatives”). The Company shall, from time to time, certify to the Warrant Agent
the names and signatures of any other persons authorized to act for the Company under this Warrant Agreement.

 

7.11. Except as expressly
set forth elsewhere in this Warrant Agreement, all notices, instructions and communications under this Agreement shall be in writing,
shall be effective upon receipt and shall be addressed, if to the Company, to its address set forth beneath its signature to this Agreement,
or, if to the Warrant Agent, to VStock Transfer, LLC, 18 Lafayette Place, Woodmere, NY 11598, or to such other address of which a party
hereto has notified the other party.

 

7.12. (a) This Warrant Agreement
shall be governed by and construed in accordance with the laws of the State of New York. All actions and proceedings relating to or arising
from, directly or indirectly, this Warrant Agreement may be litigated in courts located within the Borough of Manhattan in the City and
State of New York. The Company hereby submits to the personal jurisdiction of such courts and consents that any service of process may
be made by certified or registered mail, return receipt requested, directed to the Company at its address last specified for notices hereunder.
Each of the parties hereto hereby waives the right to a trial by jury in any action or proceeding arising out of or relating to this Warrant
Agreement. (b) This Warrant Agreement shall inure to the benefit of and be binding upon the successors and assigns of the parties hereto.
This Warrant Agreement may not be assigned, or otherwise transferred, in whole or in part, by either party without the prior written consent
of the other party, which the other party will not unreasonably withhold, condition or delay; except that (i) consent is not required
for an assignment or delegation of duties by Warrant Agent to any affiliate of Warrant Agent and (ii) any reorganization, merger, consolidation,
sale of assets or other form of business combination by the Warrant Agent or the Company shall not be deemed to constitute an assignment
of this Warrant Agreement. (c) No provision of this Warrant Agreement may be amended, modified or waived, except in a written document
signed by both parties. The Company and the Warrant Agent may amend or supplement this Warrant Agreement without the consent of any Holder
for the purpose of curing any ambiguity, or curing, correcting or supplementing any defective provision contained herein or adding or
changing any other provisions with respect to matters or questions arising under this Agreement as the parties may deem necessary or desirable
and that the parties determine, in good faith, shall not adversely affect the interest of the Holders. All other amendments and supplements
shall require the vote or written consent of Holders of at least 50.1% of the then outstanding Pre-Funded Warrants, provided that adjustments
may be made to the Pre-Funded Warrant terms and rights in accordance with Section 4 without the consent of the Holders.

   

    7

    

    

 

7.13. Payment of Taxes.
The Company will from time to time promptly pay all taxes and charges that may be imposed upon the Company or the Warrant Agent in respect
of the issuance or delivery of Warrant Shares upon the exercise of Pre-Funded Warrants, but the Company may require the Holders to pay
any transfer taxes in respect of the Pre-Funded Warrants or such shares. The Warrant Agent may refrain from registering any transfer of
Pre-Funded Warrants or any delivery of any Warrant Shares unless or until the persons requesting the registration or issuance shall have
paid to the Warrant Agent for the account of the Company the amount of such tax or charge, if any, or shall have established to the reasonable
satisfaction of the Company and the Warrant Agent that such tax or charge, if any, has been paid.

 

7.14. Resignation
of Warrant Agent.

 

7.14.1. Appointment
of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and be discharged
from all further duties and liabilities hereunder after giving thirty (30) days’ notice in writing to the Company, or such shorter
period of time agreed to by the Company. The Company may terminate the services of the Warrant Agent, or any successor Warrant Agent,
after giving thirty (30) days’ notice in writing to the Warrant Agent or successor Warrant Agent, or such shorter period of time
as agreed. If the office of the Warrant Agent becomes vacant by resignation, termination or incapacity to act or otherwise, the Company
shall appoint in writing a successor Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment within
a period of 30 days after it has been notified in writing of such resignation or incapacity by the Warrant Agent, then the Warrant Agent
or any Holder may apply to any court of competent jurisdiction for the appointment of a successor Warrant Agent at the Company’s
cost. Pending appointment of a successor to such Warrant Agent, either by the Company or by such a court, the duties of the Warrant Agent
shall be carried out by the Company. Any successor Warrant Agent (but not including the initial Warrant Agent), whether appointed by the
Company or by such court, shall be a person organized and existing under the laws of any state of the United States of America, in good
standing, and authorized under such laws to exercise corporate trust powers and subject to supervision or examination by federal or state
authority. After appointment, any successor Warrant Agent shall be vested with all the authority, powers, rights, immunities, duties,
and obligations of its predecessor Warrant Agent with like effect as if originally named as Warrant Agent hereunder, without any further
act or deed, and except for executing and delivering documents as provided in the sentence that follows, the predecessor Warrant Agent
shall have no further duties, obligations, responsibilities or liabilities hereunder, but shall be entitled to all rights that survive
the termination of this Warrant Agreement and the resignation or removal of the Warrant Agent, including but not limited to its right
to indemnity hereunder. If for any reason it becomes necessary or appropriate or at the request of the Company, the predecessor Warrant
Agent shall execute and deliver, at the expense of the Company, an instrument transferring to such successor Warrant Agent all the authority,
powers, and rights of such predecessor Warrant Agent hereunder; and upon request of any successor Warrant Agent the Company shall make,
execute, acknowledge, and deliver any and all instruments in writing for more fully and effectually vesting in and confirming to such
successor Warrant Agent all such authority, powers, rights, immunities, duties, and obligations.

 

7.14.2. Notice of Successor
Warrant Agent. In the event a successor Warrant Agent shall be appointed, the Company shall give notice thereof to the predecessor
Warrant Agent and the transfer agent for the Ordinary Shares not later than the effective date of any such appointment.

 

    8

    

    

 

7.14.3. Merger or Consolidation
of Warrant Agent. Any person into which the Warrant Agent may be merged or converted or with which it may be consolidated or any person
resulting from any merger, conversion or consolidation to which the Warrant Agent shall be a party or any person succeeding to the shareowner
services business of the Warrant Agent or any successor Warrant Agent shall be the successor Warrant Agent under this Warrant Agreement,
without any further act or deed. For purposes of this Warrant Agreement, “person” shall mean any individual, firm, corporation,
partnership, limited liability company, joint venture, association, trust or other entity, and shall include any successor (by merger
or otherwise) thereof or thereto.

 

8. Miscellaneous Provisions.

 

8.1. Persons Having
Rights under this Warrant Agreement. Nothing in this Warrant Agreement expressed and nothing that may be implied from any of the provisions
hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the parties hereto any right,
remedy, or claim under or by reason of this Warrant Agreement or of any covenant, condition, stipulation, promise, or agreement hereof.

 

8.2. Examination of
the Warrant Agreement. A copy of this Warrant Agreement shall be available at all reasonable times at the office of the Warrant Agent
designated for such purpose for inspection by any Holder. Prior to such inspection, the Warrant Agent may require any such holder to provide
reasonable evidence of its interest in the Pre-Funded Warrants.

 

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

 

8.4. Effect of Headings.
The Section headings herein are for convenience only and are not part of this Warrant Agreement and shall not affect the interpretation
thereof.

 

9. Certain Definitions. As used herein,
the following terms shall have the following meanings:

 

(a) “Trading Day” means
any day on which the Ordinary Shares are traded on the Trading Market, or, if the Trading Market is not the principal trading market for
the Ordinary Shares, then on the principal securities exchange or securities market in the United States on which the Ordinary Shares
are then traded, provided that “Trading Day” shall not include any day on which the Ordinary Shares
are scheduled to trade on such exchange or market for less than 4.5 hours or any day that the Ordinary Shares are suspended from trading
during the final hour of trading on such exchange or market (or if such exchange or market does not designate in advance the closing time
of trading on such exchange or market, then during the hour ending at 4:00 P.M., Eastern Standard Time).

 

(b) “Trading Market” means
NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New York Stock Exchange.

 

[Signature Page Follows]

 

    9

    

    

 

IN WITNESS WHEREOF, this Warrant Agent Agreement has been duly
executed by the parties hereto as of the day and year first above written.

 

	 	PARAZERO TECHNOLOGIES LTD.
	 	 
	 	By:	                
	 	Name: 	 
	 	Title:	 

	 	Address: 	     
	 	 	 

 

	 	VSTOCK TRANSFER, LLC
	 	 	 
	 	By:	          
	 	Name: 	 
	 	Title:	 

 

     

     

    

 

EXHIBIT A

 

GLOBAL
PRE-FUNDED WARRANT

 

    A-1

    

    

 

EXHIBIT B

 

WARRANT CERTIFICATE REQUEST NOTICE

 

To: ___________ as Warrant Agent for __________
(the “Company”)

 

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

 

1. Name of Holder of Pre-Funded Warrants in form of Global Pre-Funded
Warrants: _____________________________

 

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

 

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

 

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

 

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

 

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

 

______________________________

 

______________________________

 

______________________________

 

______________________________

 

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

 

[SIGNATURE
OF HOLDER]

 

Name of Investing Entity: ____________________________________________________

 

Signature of Authorized Signatory of Investing
Entity: ______________________________

 

Name of Authorized Signatory: ________________________________________________

 

Title of Authorized Signatory: _________________________________________________

 

Date: _______________________________________________________________

 

    B-1

    

    

 

EXHIBIT C

 

AUTHORIZED REPRESENTATIVES

 

	Name	 	Title	 	Signature
	 	 	 	 	 
	Boaz Shetzer	 	Chief Executive Officer	 	 
	 	 	 	 	 
	Moshe Hukaylo	 	Chief Financial Officer	 	 

 

 

C-1Exhibit 4.5

 

THE REGISTERED HOLDER OF THIS PURCHASE WARRANT
BY ITS ACCEPTANCE HEREOF, AGREES THAT IT WILL NOT SELL, TRANSFER OR ASSIGN THIS PURCHASE WARRANT EXCEPT AS HEREIN PROVIDED AND THE REGISTERED
HOLDER OF THIS PURCHASE WARRANT AGREES THAT IT WILL NOT SELL, TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE THIS PURCHASE WARRANT FOR A PERIOD
OF ONE HUNDRED EIGHTY DAYS FOLLOWING [●], 2022 (THE “EFFECTIVE DATE”) TO ANYONE OTHER THAN (I) AEGIS
CAPITAL CORP. OR A SELECTED DEALER IN CONNECTION WITH THE OFFERING FOR WHICH THIS PURCHASE WARRANT WAS ISSUED TO THE UNDERWRITER AS CONSIDERATION
(THE “OFFERING”), OR (II) A BONA FIDE OFFICER OR PARTNER OF AEGIS CAPITAL CORP.

 

THIS PURCHASE WARRANT IS NOT EXERCISABLE PRIOR
TO [●], 2022. VOID AFTER 5:00 P.M., EASTERN TIME, [●], 2027.

 

Ordinary
Share Purchase Warrant

 

For the
Purchase of [●] Ordinary Shares

 

of

 

PARAZERO
TECHNOLOGIES LTD.

 

1. Purchase Warrant. THIS CERTIFIES
THAT, in consideration of funds duly paid by or on behalf of Aegis Capital Corp. (“Holder”), as registered owner
of this Purchase Warrant, to ParaZero Technologies Ltd., an Israeli company (the “Company”), Holder is
entitled, at any time or from time to time beginning [●], 2022 (the “Commencement Date”), and at
or before 5:00 p.m., Eastern time, on [●], 2027 (the “Expiration Date”), but not thereafter
in compliance with FINRA Rule 5110(g)(8)(A), to subscribe for, purchase and receive, in whole or in part, up to [●] ordinary shares
of the Company, par value NIS 0.02 per share (the “Shares”), subject to adjustment as provided in Section
6 hereof. If the Expiration Date is not a Business Day, then this Purchase Warrant may be exercised on the next succeeding Business Day.
During the period ending on the Expiration Date, the Company agrees not to take any action that would terminate this Purchase Warrant.
This Purchase Warrant is initially exercisable at $[●] per Share; provided, however, that upon the
occurrence of any of the events specified in Section 6 hereof, the rights granted by this Purchase Warrant, including the exercise price
per Share and the number of Shares to be received upon such exercise, shall be adjusted as therein specified. The term “Exercise
Price” shall mean the initial exercise price or the adjusted exercise price, depending on the context, and the term
“Business Day” shall mean a day other than a Saturday, Sunday or any other day which is a federal legal holiday
in the United States or any day on which the Federal Reserve Bank of New York is authorized or required by law or other governmental action
to close, provided that the Federal Reserve Bank of New York shall not be deemed to be authorized or obligated to be closed due to a “shelter
in place,” “non-essential employee” or similar closure of physical location at the direction of any governmental authority
if the bank’s electronic funds transfer systems (including for wire transfers) are open for use by customers on such day.

 

2. Exercise.

 

2.1 Exercise Form.
In order to exercise this Purchase Warrant, the exercise form attached hereto must be duly executed and completed and delivered to the
Company, together with this Purchase Warrant and, subject to Section 2.2, payment of the Exercise Price for the Shares being purchased
payable in cash by wire transfer of immediately available funds to an account designated by the Company or by certified check or official
bank check. If the subscription rights represented hereby shall not be exercised at or before 5:00 p.m., Eastern time, on the Expiration
Date, this Purchase Warrant shall become and be void without further force or effect, and all rights represented hereby shall cease and
expire. Each exercise hereof shall be irrevocable.

 

     

    

    

 

2.2 Cashless Exercise. In
lieu of exercising this Purchase Warrant by payment of cash or check payable to the order of the Company pursuant to Section 2.1 above,
Holder may elect to receive the number of Shares equal to the value of this Purchase Warrant (or the portion thereof being exercised),
by surrender of this Purchase Warrant to the Company, together with the exercise form attached hereto, in which event the Company will issue
to Holder Shares in accordance with the following formula:

  

	X	=	Y(A-B)	 
	A	 
	Where,	 	 	 
	 	X	=	The number of Shares to be issued to Holder;
	 	Y	=	The number of Shares for which the Purchase Warrant is being exercised;
	 	A	=	The fair market value of one Share; and
	 	B	=	The Exercise Price.
	 	 	 	 	 	 

 

For purposes of this Section
2.2, the fair market value of a Share is defined as follows:

 

(i) if the Company’s ordinary shares are
traded on a national securities exchange, the OTCQB or OTCQX, the fair market value shall be deemed to be the closing price on such exchange,
the OTCQB or OTCQX, as the case may be, on the Business Day immediately preceding the date that the exercise form is delivered pursuant
to Section 8.4 in connection with the exercise of the Purchase Warrant; or

 

(ii) if the Company’s ordinary shares are
not then traded on a national securities exchange, the OTCQB or OTCQX and if prices for the Company’s ordinary shares are then reported
on the “Pink Sheets” published by OTC Markets Group, Inc., the fair market value shall be deemed to be the closing bid prior
to the exercise form being submitted in connection with the exercise of the Purchase Warrant so reported; provided, however, if there
is no active public market, the value shall be the fair market value thereof, as determined in good faith by the Company’s Board
of Directors. 

 

2.3 Legend. Each
certificate for the securities purchased under this Purchase Warrant shall bear a legend as follows unless such securities have been registered
under the Securities Act of 1933, as amended (the “Act”):

 

The securities represented by this
certificate have not been registered under the Securities Act of 1933, as amended (the “Act”), or applicable state law. Neither
the securities nor any interest therein may be offered for sale, sold or otherwise transferred except pursuant to an effective registration
statement under the Act, or pursuant to an exemption from registration under the Act and applicable state law which, in the opinion of
counsel to ParaZero Technologies Ltd., is available.

 

2.4 Resale of Shares.
Holder and the Company acknowledge that as of the date hereof the Staff of the Division of Corporation Finance of the SEC has published
Compliance & Disclosure Interpretation 528.04 in the Securities Act Rules section thereof, stating that the holder of securities issued
in connection with a public offering may not rely upon Rule 144 promulgated under the Act to establish an exemption from registration
requirements under Section 4(a)(1) under the Act, but may nonetheless apply Rule 144 constructively for the resale of such shares in the
following manner: (a) provided that six months has elapsed since the last sale under the registration statement, an underwriter or finder
may resell the securities in accordance with the provisions of Rule 144(c), (e), and (f), except for the notice requirement; (b) a purchaser
of the shares from an underwriter receives restricted securities unless the sale is made with an appropriate, current prospectus, or unless
the sale is made pursuant to the conditions contained in (a) above; (c) a purchaser of the shares from an underwriter who receives restricted
securities may include the underwriter’s holding period, provided that the underwriter or finder is not an affiliate of the issuer;
and (d) if an underwriter transfers the shares to its employees, the employees may tack the firm’s holding period for purposes of
Rule 144(d), but they must aggregate sales of the distributed shares with those of other employees, as well as those of the underwriter
or finder, for a six-month period from the date of the transfer to the employees. Holder and the Company also acknowledge that the Staff
of the Division of Corporation Finance of the SEC has advised in various no-action letters that the holding period associated with securities
issued without registration to a service provider commences upon the completion of the services, which the Company agrees and acknowledges
shall be the final closing of the Offering, and that Rule 144(d)(3)(ii) provides that securities acquired from the issuer solely in exchange
for other securities of the same issuer shall be deemed to have been acquired at the same time as the securities surrendered for conversion
(which the Company agrees is the date of the initial issuance of this Purchase Warrant). In the event that following a reasonably-timed
written request by Holder to transfer the Shares in accordance with Compliance & Disclosure Interpretation 528.04 counsel for the
Company in good faith concludes that Compliance & Disclosure Interpretation 528.04 no longer may be relied upon as a result of changes
in applicable laws, regulations, or interpretations of the SEC Division of Corporation Finance, or as a result of judicial interpretations
not known by the Company or its counsel on the date hereof (either, a “Registration Trigger Event”), then
the Company shall promptly, and in any event within five (5) Business Days following the request, provide written notice to Holder of
such determination. As a condition to giving such notice, the parties shall negotiate in good faith a single demand registration right
pursuant to an agreement in customary form reasonably acceptable to the parties; provided that notwithstanding anything to the contrary,
the obligations of the Company pursuant to this Section 2 shall terminate on the fifth anniversary of the commencement of sales of the
public offering. In the absence of such conclusion by counsel for the Company, the Company shall, upon such a request of Holder given
no earlier than six months after the final closing of the Offering, instruct its transfer agent to permit the transfer of such shares
in accordance with Compliance & Disclosure Interpretation 528.04, provided that Holder has provided such documentation as shall be
reasonably be requested by the Company to establish compliance with the conditions of Compliance & Disclosure Interpretation 528.04.
Notwithstanding anything to the contrary, pursuant to FINRA Rule 5110(g)(8)(A), the Holder shall not be entitled to more than one demand
registration right hereunder and the duration of the registration rights hereunder shall not exceed five years from the commencement of
sales of the public offering.

  

    2

    

    

 

3. Transfer.

  

3.1 General Restrictions.
The registered Holder of this Purchase Warrant agrees by such Holder’s acceptance hereof, that such Holder will not: (a) sell, transfer,
assign, pledge or hypothecate this Purchase Warrant for a period of one hundred eighty (180) days following the Effective Date to anyone
other than: (i) Holder or an underwriter, placement agent, or a selected dealer participating in the Offering, or (ii) a bona fide officer
or partner of Holder or of any such underwriter, placement agent or selected dealer, in each case in accordance with FINRA Conduct Rule
5110(g)(1), or (b) for a period of one hundred eighty (180) days following the Effective Date cause this Purchase Warrant or the securities
issuable hereunder to be the subject of any hedging, short sale, derivative, put or call transaction that would result in the effective
economic disposition of this Purchase Warrant or the securities hereunder, except as provided for in FINRA Rule 5110(g)(2). After 180
days after the Effective Date, transfers to others may be made subject to compliance with or exemptions from applicable securities laws.
In order to make any permitted assignment, the Holder must deliver to the Company the assignment form attached hereto duly executed and
completed, together with the Purchase Warrant and payment of all transfer taxes, if any, payable in connection therewith. The Company
shall within five (5) Business Days transfer this Purchase Warrant on the books of the Company and shall execute and deliver a new Purchase
Warrant or Purchase Warrants of like tenor to the appropriate assignee(s) expressly evidencing the right to purchase the aggregate number
of Shares purchasable hereunder or such portion of such number as shall be contemplated by any such assignment.

  

3.2 Restrictions Imposed
by the Act. The securities evidenced by this Purchase Warrant shall not be transferred unless and until: (i) if required by applicable
law, the Company has received the opinion of counsel for the Company that the securities may be transferred pursuant to an exemption from
registration under the Act and applicable state securities laws, or (ii) a registration statement or a post-effective amendment to the
Registration Statement relating to the offer and sale of such securities has been filed by the Company and declared effective by the U.S.
Securities and Exchange Commission (the “Commission”) and compliance with applicable state securities law
has been established.

 

4. Piggyback Registration Rights.

 

4.1 Grant of Right.
In the event that there is not an effective registration statement covering the Purchase Warrant or the underlying Shares, whenever the
Company proposes to register any of its ordinary shares under the Act (other than (i) a registration effected solely to implement an employee
benefit plan or a transaction to which Rule 145 of the Act is applicable, or (ii) a registration statement on Form S-4, S-8 or any successor
form thereto or another form not available for registering the Shares issuable upon exercise of this Purchase Warrant for sale to the
public, whether for its own account or for the account of one or more stockholders of the Company (a “Piggyback Registration”),
the Company shall give prompt written notice (in any event no later than ten (10) Business Days prior to the filing of such registration
statement) to the Holder of the Company’s intention to effect such a registration and, subject to the remaining provisions of this
Section 4.1, shall include in such registration such number of Shares underlying this Purchase Warrant (the “Registrable
Securities”) that the Holders have (within ten (10) Business Days of the respective Holder’s receipt of such notice)
requested in writing (including such number) to be included within such registration. If a Piggyback Registration is an underwritten offering
and the managing underwriter advises the Company that it has determined in good faith that marketing factors require a limit on the number
of ordinary shares to be included in such registration, including all Shares issuable upon exercise of this Purchase Warrant (if the Holder
has elected to include such shares in such Piggyback Registration) and all other ordinary shares proposed to be included in such underwritten
offering, the Company shall include in such registration (i) first, the number of ordinary shares that the Company proposes to issue and
sell pursuant to such underwritten offering and (ii) second, the number of ordinary shares, if any, requested to be included therein by
selling stockholders (including the Holder) allocated pro rata among all such persons on the basis of the number of ordinary shares then
owned by each such person. If any Piggyback Registration is initiated as a primary underwritten offering on behalf of the Company, the
Company shall select the investment banking firm or firms to act as the managing underwriter or underwriters in connection with such offering.
Notwithstanding anything to the contrary, the obligations of the Company pursuant to this Section 4.1 shall terminate on the earlier of
(i) the fifth anniversary of the Effective Date and (ii) the date that Rule 144 would allow the Holder to sell its Registrable Securities
during any ninety (90) day period, and shall not be applicable so long as the Company’s Registration Statement on Form F-1 (No.
333-265178 covering the Registrable Securities remains effective at such time. The duration of the piggyback registration right shall
not exceed seven years from the commencement of sales of the public offering.

  

    3

    

    

 

4.2 Indemnification.
The Company shall indemnify the Holder(s) of the Registrable Securities to be sold pursuant to any registration statement hereunder and
each person, if any, who controls such Holders within the meaning of Section 15 of the Act or Section 20 (a) of the Securities Exchange
Act of 1934, as amended (“Exchange Act”), against all loss, claim, damage, expense or liability (including all
reasonable attorneys’ fees and other out-of-pocket expenses reasonably incurred in investigating, preparing or defending against
any claim whatsoever) to which any of them may become subject under the Act, the Exchange Act or otherwise, arising from such registration
statement but only to the same extent and with the same effect as the provisions pursuant to which the Company has agreed to indemnify
Holder contained in the Underwriting Agreement between Holder and the Company, dated as of [●], 2022. The Holder(s) of the Registrable
Securities to be sold pursuant to such registration statement, and their successors and assigns, shall severally, and not jointly, indemnify
the Company, against all loss, claim, damage, expense or liability (including all reasonable attorneys’ fees and other expenses
reasonably incurred in investigating, preparing or defending against any claim whatsoever) to which they may become subject under the
Act, the Exchange Act or otherwise, arising from information furnished by or on behalf of such Holders, or their successors or assigns,
in writing, for specific inclusion in such registration statement to the same extent and with the same effect as the provisions contained
in the Underwriting Agreement pursuant to which Holder has agreed to indemnify the Company.

 

4.3 Exercise of Purchase
Warrants. Nothing contained in this Purchase Warrant shall be construed as requiring the Holder(s) to exercise their Purchase Warrants
prior to or after the initial filing of any registration statement or the effectiveness thereof.

 

4.4 Documents Delivered
to Holders. The Company shall deliver promptly to each Holder participating in the offering requesting the correspondence and memoranda
described below, copies of all correspondence between the Commission and the Company, its counsel or auditors and all memoranda relating
to discussions with the Commission or its staff with respect to the registration statement and permit each Holder and underwriter to do
such investigation, upon reasonable advance notice, with respect to information contained in or omitted from the registration statement
as it deems reasonably necessary to comply with applicable securities laws or rules of FINRA. Such investigation shall include access
to books, records and properties and opportunities to discuss the business of the Company with its officers and independent auditors,
all to such reasonable extent and at such reasonable times, during normal business hours, as any such Holder shall reasonably request.

 

4.5 Underwriting Agreement.
The Holders shall be parties to any underwriting agreement relating to a Piggyback Registration. Such Holders shall not be required to
make any representations or warranties to or agreements with the Company or the underwriters except as they may relate to such Holders,
their Shares and the amount and nature of their ownership thereof and their intended methods of distribution.

  

    4

    

    

 

4.6 Documents to be
Delivered by Holder(s). Each of the Holder(s) participating in any of the foregoing offerings shall furnish to the Company a completed
and executed questionnaire provided by the Company requesting information customarily sought of selling security holders.

  

4.7 Damages. Should
the Company fail to comply with such provisions, the Holder(s) shall, in addition to any other legal or other relief available to the
Holder(s), be entitled to obtain specific performance or other equitable (including injunctive) relief against the threatened breach of
such provisions or the continuation of any such breach, without the necessity of proving actual damages and without the necessity of posting
bond or other security.

 

5. New Purchase Warrants to be Issued.

 

5.1 Partial Exercise
or Transfer. Subject to the restrictions in Section 3 hereof, this Purchase Warrant may be exercised or assigned in whole or in part.
In the event of the exercise or assignment hereof in part only, upon surrender of this Purchase Warrant for cancellation, together with
the duly executed exercise or assignment form and funds sufficient to pay any Exercise Price and/or transfer tax if exercised pursuant
to Section 2.1 hereto, the Company shall cause to be delivered to the Holder without charge a new Purchase Warrant of like tenor to this
Purchase Warrant in the name of the Holder evidencing the right of the Holder to purchase the number of Shares purchasable hereunder as
to which this Purchase Warrant has not been exercised or assigned.

 

5.2 Lost Certificate.
Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction or mutilation of this Purchase Warrant and
of reasonably satisfactory indemnification or the posting of a bond, determined in the sole discretion of the Company, the Company shall
execute and deliver a new Purchase Warrant of like tenor and date. Any such new Purchase Warrant executed and delivered as a result of
such loss, theft, mutilation or destruction shall constitute a substitute contractual obligation on the part of the Company.

 

6.  Adjustments.

 

6.1 Adjustments to
Exercise Price and Number of Securities. The Exercise Price and the number of Shares underlying the Purchase Warrant shall be subject
to adjustment from time to time as hereinafter set forth:

 

6.1.1 Share Dividends;
Split Ups. If, after the date hereof, and subject to the provisions of Section 6.3 below, the number of outstanding Shares is
increased by a stock dividend payable in Shares or by a split up of Shares or other similar event, then, on the effective day thereof,
the number of Shares purchasable hereunder shall be increased in proportion to such increase in outstanding Shares, and the Exercise Price
shall be proportionately decreased.

 

6.1.2 Aggregation of
Shares. If, after the date hereof, and subject to the provisions of Section 6.3 below, the number of outstanding Shares is decreased
by a consolidation, combination or reclassification of Shares or other similar event, then, on the effective date thereof, the number
of Shares purchasable hereunder shall be decreased in proportion to such decrease in outstanding Shares, and the Exercise Price shall
be proportionately increased.

 

6.1.3 Replacement of
Securities upon Reorganization, Etc. In case of any reclassification or reorganization of the outstanding Shares other than a
change covered by Section 6.1.1 or 6.1.2 hereof or that solely affects the par value of such Shares, or in the case of any share reconstruction
or amalgamation or consolidation or merger of the Company with or into another corporation (other than a consolidation or share reconstruction
or amalgamation or merger in which the Company is the continuing company and that does not result in any reclassification or reorganization
of the outstanding Shares), or in the case of any sale or conveyance to another corporation or entity of the property of the Company as
an entirety or substantially as an entirety in connection with which the Company is dissolved, the Holder of this Purchase Warrant shall
have the right thereafter (until the expiration of the right of exercise of this Purchase Warrant) to receive upon the exercise hereof,
for the same aggregate Exercise Price payable hereunder immediately prior to such event, the kind and amount of shares or other securities
or property (including cash) receivable upon such reclassification, reorganization, share reconstruction or amalgamation, or consolidation,
or upon a dissolution following any such sale or transfer, by a Holder of the number of Shares of the Company obtainable upon exercise
of this Purchase Warrant immediately prior to such event; and if any reclassification also results in a change in Shares covered by Section
6.1.1 or 6.1.2, then such adjustment shall be made pursuant to Sections 6.1.1, 6.1.2 and this Section 6.1.3. The provisions of this Section
6.1.3 shall similarly apply to successive reclassifications, reorganizations, share reconstructions or amalgamations, or consolidations,
sales or other transfers.

  

    5

    

    

 

6.1.4  Changes in Form
of Purchase Warrant. This form of Purchase Warrant need not be changed because of any change pursuant to this Section 6.1, and
Purchase Warrants issued after such change may state the same Exercise Price and the same number of Shares as are stated in the Purchase
Warrants initially issued pursuant to this Agreement. The acceptance by any Holder of the issuance of new Purchase Warrants reflecting
a required or permissive change shall not be deemed to waive any rights to an adjustment occurring after the Commencement Date or the
computation thereof.

 

6.2 Substitute Purchase
Warrant. In case of any consolidation of the Company with, or share reconstruction or amalgamation or merger of the Company with or
into, another corporation (other than a consolidation or share reconstruction or amalgamation or merger which does not result in any reclassification
or change of the outstanding Shares), the corporation formed by such consolidation or share reconstruction or amalgamation shall execute
and deliver to the Holder a supplemental Purchase Warrant providing that the holder of each Purchase Warrant then outstanding or to be
outstanding shall have the right thereafter (until the stated expiration of such Purchase Warrant) to receive, upon exercise of such Purchase
Warrant, the kind and amount of shares and other securities and property receivable upon such consolidation or share reconstruction or
amalgamation, by a holder of the number of Shares of the Company for which such Purchase Warrant might have been exercised immediately
prior to such consolidation, share reconstruction or amalgamation or merger, sale or transfer. Such supplemental Purchase Warrant shall
provide for adjustments which shall be identical to the adjustments provided for in this Section 6. The above provision of this Section
shall similarly apply to successive consolidations or share reconstructions or amalgamations or mergers.

 

6.3 Elimination of
Fractional Interests. The Company shall not be required to issue certificates representing fractions of Shares upon the exercise of
the Purchase Warrant, nor shall it be required to issue scrip or pay cash in lieu of any fractional interests, it being the intent of
the parties that all fractional interests shall be eliminated by rounding any fraction up or down, as the case may be, to the nearest
whole number of Shares or other securities, properties or rights.

 

7. Reservation. The Company shall
at all times reserve and keep available out of its authorized Shares, solely for the purpose of issuance upon exercise of the Purchase
Warrants, such number of Shares or other securities, properties or rights as shall be issuable upon the exercise thereof. The Company
covenants and agrees that, upon exercise of the Purchase Warrants and payment of the Exercise Price therefor, in accordance with the terms
hereby, all Shares and other securities issuable upon such exercise shall be duly and validly issued, fully paid and non-assessable and
not subject to preemptive rights of any shareholder.

 

8. Certain Notice Requirements.

 

8.1 Holder’s
Right to Receive Notice. Nothing herein shall be construed as conferring upon the Holder the right to vote or consent or to receive
notice as a shareholder for the election of directors or any other matter, or as having any rights whatsoever as a shareholder of the
Company. If, however, at any time prior to the expiration of the Purchase Warrants and their exercise, any of the events described in
Section 8.2 shall occur, then, in one or more of said events, the Company shall deliver to each Holder a copy of each notice relating
to such events given to the other shareholders of the Company at the same time and in the same manner that such notice is given to the
shareholders.

 

8.2 Events
Requiring Notice. The Company shall be required to give the notice described in this Section 8 upon one or more of the following events:
(i) if the Company shall take a record of the holders of its Shares for the purpose of entitling them to receive a dividend or distribution
payable otherwise than in cash, or a cash dividend or distribution payable otherwise than out of retained earnings, as indicated by the
accounting treatment of such dividend or distribution on the books of the Company, or (ii) the Company shall offer to all the holders
of its Shares any additional shares of capital stock of the Company or securities convertible into or exchangeable for shares of capital
stock of the Company, or any option, right or warrant to subscribe therefor. 

 

    6

    

    

 

8.3 Notice of Change
in Exercise Price. The Company shall, within 3 Business Days after an event requiring a change in the Exercise Price pursuant to Section
6 hereof, send notice to the Holders of such event and change (“Price Notice”). The Price Notice shall describe
the event causing the change and the method of calculating same.

  

8.4 Transmittal of
Notices. All notices, requests, consents and other communications under this Purchase Warrant shall be in writing and delivered personally,
by e-mail, or sent by a nationally recognized overnight courier service to following addresses or to such other address as the Holder
or the Company may designate by notice to the other party and shall be deemed given and effective on the earliest of (i) the time of transmission,
if such notice or communication is delivered via e-mail (with confirmation of receipt from the intended recipient by return e-mail or
other written acknowledgment) at the e-mail address set forth in this Section prior to 5:30 p.m. (New York City time) on any date, (ii)
the next Business Day after the time of transmission, if such notice or communication is delivered via e-mail (with confirmation of receipt
from the intended recipient by return email or other written acknowledgment) at the e-mail address set forth in this Section on a day
that is not a Business Day or later than 5:30 p.m. (New York City time) on any Business Day, (iii) the second Business Day following the
date of mailing, if sent by U.S. nationally recognized overnight courier service, or (iv) upon actual receipt by the party to whom such
notice is required to be given:

 

If to the Holder:

 

Aegis Capital Corp.,

810 Seventh Avenue, 18th Floor,

New York, NY 10019,

Attention: Global Equity Markets

E-mail: adesousa@aegiscap.com

 

with a copy (which shall not constitute notice) to:

 

Anthony W. Basch, Esq.

Kaufman & Canoles, P.C.

1021 E. Cary Street, Suite 1400

Two James Center

Richmond, VA 23219

E-mail: awbasch@kaufcan.com

 

If to the Company:

 

ParaZero Technologies Ltd.

30 Dov Hoz

Kiryat Ono, Israel 5555626

Attention: Boaz Shetzer, Chief Executive Officer

E-mail: boazs@parazero.com

  

with a copy (which shall not constitute notice) to:

 

David Huberman, Esq.

McDermott Will & Emery LLP

444 West Lake Street, Suite 4000

Chicago, IL 60606-0029

E-mail: dhuberman@mwe.com

 

9. Miscellaneous.

 

9.1 Amendments.
The Company and Holder may from time to time supplement or amend this Purchase Warrant without the approval of any of the Holders in order
to cure any ambiguity, to correct or supplement any provision contained herein that may be defective or inconsistent with any other provisions
herein, or to make any other provisions in regard to matters or questions arising hereunder that the Company and Holder may deem necessary
or desirable and that the Company and Holder deem shall not adversely affect the interest of the Holders. All other modifications or amendments
shall require the written consent of and be signed by (i) the Company and (ii) the Holder(s) of Purchase Warrants then-exercisable for
at least a majority of the Shares then-exercisable pursuant to all then-outstanding Purchase Warrants.

 

    7

    

    

 

9.2 Headings.
The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way limit or affect the meaning
or interpretation of any of the terms or provisions of this Purchase Warrant.

 

9.3. Entire Agreement.
This Purchase Warrant (together with the other agreements and documents being delivered pursuant to or in connection with this Purchase
Warrant) constitutes the entire agreement of the parties hereto with respect to the subject matter hereof, and supersedes all prior agreements
and understandings of the parties, oral and written, with respect to the subject matter hereof.

 

9.4 Binding Effect.
This Purchase Warrant shall inure solely to the benefit of and shall be binding upon, the Holder and the Company and their permitted assignees,
respective successors, legal representative and assigns, and no other person shall have or be construed to have any legal or equitable
right, remedy or claim under or in respect of or by virtue of this Purchase Warrant or any provisions herein contained.

 

9.5 Governing Law;
Submission to Jurisdiction; Trial by Jury. This Purchase Warrant shall be governed by and construed and enforced in accordance with
the laws of the State of New York, without giving effect to conflict of laws principles thereof. The Company hereby agrees that any action,
proceeding or claim against it arising out of, or relating in any way to this Purchase Warrant shall be brought and enforced in the courts
located in the City of New York, County of New York, and State of New York, and irrevocably submits to such jurisdiction, which jurisdiction
shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient
forum. Any process or summons to be served upon the Company may be served by transmitting a copy thereof by registered or certified mail,
return receipt requested, postage prepaid, addressed to it at the address set forth in Section 8 hereof. Such mailing shall be deemed
personal service and shall be legal and binding upon the Company in any action, proceeding or claim. The Company and the Holder agree
that the prevailing party(ies) in any such action shall be entitled to recover from the other party(ies) all of its reasonable attorneys’
fees and expenses relating to such action or proceeding and/or incurred in connection with the preparation therefor. The Company (on its
behalf and, to the extent permitted by applicable law, on behalf of its stockholders and affiliates) and the Holder hereby irrevocably
waive, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or
relating to this Agreement or the transactions contemplated hereby.

 

9.6 Non-Waiver.
The failure of the Company or the Holder to at any time enforce any of the provisions of this Purchase Warrant shall not be deemed or
construed to be a waiver of any such provision, nor to in any way affect the validity of this Purchase Warrant or any provision hereof
or the right of the Company or any Holder to thereafter enforce each and every provision of this Purchase Warrant. No waiver of any breach,
non-compliance or non-fulfillment of any of the provisions of this Purchase Warrant shall be effective unless set forth in a written instrument
executed by the party or parties against whom or which enforcement of such waiver is sought; and no waiver of any such breach, non-compliance
or non-fulfillment shall be construed or deemed to be a waiver of any other or subsequent breach, non-compliance or non-fulfillment.

 

9.7 Exchange Agreement.
As a condition of the Holder’s receipt and acceptance of this Purchase Warrant, Holder agrees that, at any time prior to the complete
exercise of this Purchase Warrant by Holder, if the Company and Holder enter into an agreement (“Exchange Agreement”)
pursuant to which they agree that all outstanding Purchase Warrants will be exchanged for securities or cash or a combination of both,
then Holder shall agree to such exchange and become a party to the Exchange Agreement.

 

[Signature Page Follows]

 

    8

    

    

 

IN WITNESS WHEREOF, the Company has caused this
Purchase Warrant to be signed by its duly authorized officer as of the date first written above.

 

PARAZERO
TECHNOLOGIES LTD.

 

	By:	 	 
	Name: 	Boaz Shetzer	 
	Title:	Chief Executive Officer	 

  

     

    

    

 

[Form to be used to exercise Purchase Warrant]

 

Date: __________, 20___

 

The undersigned hereby elects
irrevocably to exercise the Purchase Warrant for ______ ordinary shares, par value NIS 0.02 per share (the “Shares”),
of ParaZero Technologies Ltd., an Israeli company (the “Company”), and hereby makes payment of $____ (at
the rate of $____ per Share) in payment of the Exercise Price pursuant thereto. Please issue the Shares as to which this Purchase Warrant
is exercised in accordance with the instructions given below and, if applicable, a new Purchase Warrant representing the number of Shares
for which this Purchase Warrant has not been exercised.

 

or

 

The undersigned hereby elects
irrevocably to convert its right to purchase ___ Shares of the Company under the Purchase Warrant for ______ Shares, as determined in
accordance with the following formula:

 

	 	X	=	Y(A-B)	 
	A	 
	Where,	 	 	 
	 	X	=	The number of Shares to be issued to Holder;
	 	Y	=	The number of Shares for which the Purchase Warrant is being exercised;
	 	A	=	The fair market value of one Share which is equal to $_____; and
	 	B	=	The Exercise Price which is equal to $______ per share
	 	 	 	 	 	 

The undersigned agrees and
acknowledges that the calculation set forth above is subject to confirmation by the Company and any disagreement with respect to the calculation
shall be resolved by the Company in its sole discretion.

 

Please issue the Shares as
to which this Purchase Warrant is exercised in accordance with the instructions given below and, if applicable, a new Purchase Warrant
representing the number of Shares for which this Purchase Warrant has not been converted.

  

	 	Signature	 	 
	 	 	 
	 	Signature Guaranteed   	 	 

 

	INSTRUCTIONS FOR REGISTRATION OF SECURITIES	 
	 	 	 
	Name: 	 	 
	(Print in Block Letters)	 
	 	 
	Address: 	 	 
	 	 	 

 

NOTICE: The signature to this
form must correspond with the name as written upon the face of the Purchase Warrant without alteration or enlargement or any change whatsoever,
and must be guaranteed by a bank, other than a savings bank, or by a trust company or by a firm having membership on a registered national
securities exchange.

  

     

    

    

 

[Form to be used to assign Purchase Warrant]

 

ASSIGNMENT

 

(To be executed by the registered Holder to effect
a transfer of the within Purchase Warrant):

 

FOR VALUE RECEIVED, __________________ does hereby
sell, assign and transfer unto the right to purchase ordinary shares, par value NIS 0.02 per share, of ParaZero Technologies Ltd., an
Israeli company (the “Company”), evidenced by the Purchase Warrant and does hereby authorize the Company
to transfer such right on the books of the Company.

 

Dated: __________, 20__

 

	Signature 	 	 

  

	Signature Guaranteed	 	 

  

NOTICE: The signature to this form must correspond
with the name as written upon the face of the within Purchase Warrant without alteration or enlargement or any change whatsoever, and
must be guaranteed by a bank, other than a savings bank, or by a trust company or by a firm having membership on a registered national
securities exchange.

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