Document:

Exhibit 4.3

 

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 THREE HUNDRED SIXTY DAYS FOLLOWING THE EFFECTIVE DATE OF THE REGISTRATION STATEMENT (DEFINED BELOW) TO
ANYONE OTHER THAN (I) LAKE STREET CAPITAL MARKETS, LLC OR AN UNDERWRITER OR A SELECTED DEALER IN CONNECTION WITH THE OFFERING,
OR (II) A BONA FIDE OFFICER OR PARTNER OF LAKE STREET CAPITAL MARKETS, LLC OR OF ANY SUCH UNDERWRITER OR SELECTED DEALER, OR (III)
AS OTHERWISE PERMITTED BY FINRA RULE 5110(G).

 

THIS PURCHASE WARRANT IS NOT EXERCISABLE
PRIOR TO ________, 2021. VOID AFTER

5:00 P.M., EASTERN TIME, ____________, 2025 

 

WARRANT TO PURCHASE COMMON SHARES

 

VERSUS SYSTEMS INC.

 

	Warrant Shares: ______	Initial Exercise Date: _______, 2021

 

THIS WARRANT TO PURCHASE
COMMON SHARES (the “Warrant”) certifies that, for value received, _____________ or its assigns (the “Holder”)
is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on
or after ______ __, 2021 (the one-year anniversary of the Effective Date, the “Initial Exercise Date”), and
in accordance with FINRA Rule 5110(f)(2)(G)(i), prior to or at 5:00 p.m. (New York time) on the date that is five (5) years following
the Effective Date (the “Termination Date”) but not thereafter, to subscribe for and purchase from Versus Systems
Inc., a corporation organized under the laws of British Columbia, Canada (the “Company”), up to ______ Common
Shares of the Company (the “Warrant Shares”), subject to adjustment hereunder. The purchase price of one Common
Share under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b).

 

Section 1. Definitions.
In addition to the terms defined elsewhere in this Warrant, the following terms have the meanings indicated in this Section 1:

 

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

 

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

 

“Commission”
means the United States Securities and Exchange Commission.

 

“Common Shares”
means the common shares of the Company, no par value per share, and any other class of securities into which such securities may
hereafter be reclassified or changed.

 

“Common Share
Equivalents” means any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire
at any time Common Shares, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument
that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common
Shares

 

    1

     

    

 

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

 

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

 

“Rule 144”
means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time
to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect
as such Rule.

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Trading Day”
means a day on which the New York Stock Exchange is open for trading.

 

“Trading Market”
means any of the following markets or exchanges on which the Common Shares is listed or quoted for trading on the date in question:
the NYSE American LLC, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, or the New York Stock
Exchange (or any successors to any of the foregoing).

 

“Transfer
Agent” means Computershare, with a mailing address of 8742 Lucent Boulevard, Suite 300, Highlands Ranch, Colorado 80129
and a telephone number of (303) 262-0705, and any successor transfer agent of the Company.

 

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Shares is then
listed or quoted on a Trading Market, the daily volume weighted average price of the Common Shares for such date (or the nearest
preceding date) on the Trading Market on which the Common Shares is 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)), (b) if OTCQB or OTCQX is not a Trading
Market, the volume weighted average price of a share of Common Shares for such date (or the nearest preceding date) on the OTCQB
or the OTCQX as applicable, (c) if the Common Shares is not then listed or quoted for trading on the OTCQB or the OTCQX and if
prices for the Common Shares are then reported in the “Pink Sheets” published by OTC Markets Group, Inc. (or
a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common
Shares so reported, or (d) in all other cases, the fair market value of a Common Share as determined by an independent appraiser
selected in good faith by the Holder and reasonably acceptable to the Company, the fees and expenses of which shall be paid by
the Company.

 

    2

     

    

 

Section 2. Exercise.

 

a) Exercise of the purchase
rights represented by this Warrant may be made, in whole or in part, at any time or times on or after the Initial Exercise Date
and on or before the Termination Date by delivery to the Company (or such other office or agency of the Company as it may designate
by notice in writing to the registered Holder at the address of the Holder appearing on the books of the Company) of a duly executed
facsimile copy (or e-mail attachment) of the Notice of Exercise in the form annexed hereto. Within three (3) Trading Days following
the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the Common Shares specified in the
applicable Notice of Exercise by wire transfer or cashier’s check drawn on a United States bank unless the cashless exercise
procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise. No ink-original Notice of Exercise
shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise form
be required. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant
to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised
in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading Days of
the date the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of
a portion of the total number of Warrant Shares available hereunder 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. The Holder and the
Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company shall
deliver any objection to any Notice of Exercise within three (3) Business Days of receipt of such notice. The Holder and any
assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the
purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given
time may be less than the amount stated on the face hereof.

 

b) Exercise Price.
The exercise price per Common Share under this Warrant shall be $____,1
subject to adjustment hereunder (the “Exercise Price”).

 

c) Cashless Exercise.
If at the time of exercise hereof after the Initial Exercise Date there is no effective registration statement registering, or
the prospectus contained therein is not available for the issuance of the Warrant Shares to the Holder, then this Warrant may also
be exercised, in whole or in part, at such time by means of a “cashless exercise” in which the Holder shall
be entitled to receive a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

		(A) =	the VWAP on the Trading Day immediately preceding the date on which Holder elects to exercise this
Warrant by means of a “cashless exercise,” as set forth in the applicable Notice of Exercise;

 

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

 

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

 

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 Securities
Act, the Warrant Shares shall take on the registered characteristics of the Warrants being exercised, and the holding period of
the Warrants being exercised may be tacked on to the holding period of the Warrant Shares. The Company agrees not to take any position
contrary to this Section 2(c).

 

Notwithstanding anything
herein to the contrary, on the Termination Date, this Warrant shall be automatically exercised via cashless exercise pursuant to
this Section 2(c).

 

 

1
100% of the public offering price per Unit in the offering.

 

    3

     

    

 

d) Mechanics of Exercise.

 

i. Delivery of Warrant
Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder to be transmitted by its Transfer Agent
to the Holder by crediting the account of the Holder’s or its designee’s balance account with The Depository Trust
Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant
in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or
resale of the Warrant Shares by Holder or (B) the Warrant Shares are eligible for resale by the Holder without volume or manner-of-sale
limitations pursuant to Rule 144 and, in either case, the Warrant Shares have been sold by the Holder prior to the Warrant Share
Delivery Date (as defined below), and otherwise by physical delivery of a certificate, registered in the Company’s share
register in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder is entitled pursuant to
such exercise to the address specified by the Holder in the Notice of Exercise by the date that is three (3) Trading Days after
the delivery to the Company of the Notice of Exercise and payment of cash if the exercise is a cash exercise pursuant to Section
2(a) above (such date, the “Warrant Share Delivery Date”). If the Warrant Shares can be delivered via DWAC,
the transfer agent shall have received from the Company any legal opinions or other documentation required by it to deliver such
Warrant Shares without legend (subject to receipt by the Company of reasonable back up documentation from the Holder, including
with respect to affiliate status) and, if applicable and requested by the Company prior to the Warrant Share Delivery Date, the
transfer agent shall have received from the Holder a confirmation of sale of the Warrant Shares (provided the requirement of the
Holder to provide a confirmation as to the sale of Warrant Shares shall not be applicable to the issuance of unlegended Warrant
Shares upon a cashless exercise of this Warrant if the Warrant Shares are then eligible for resale pursuant to Rule 144(b)(1)).
The Warrant Shares shall be deemed to have been issued, and Holder or any other person so designated to be named therein shall
be deemed to have become a holder of record of such shares for all purposes, as of the date the Warrant has been exercised, with
payment to the Company of the Exercise Price (or by cashless exercise, if permitted) and all taxes required to be paid by the Holder,
if any, pursuant to Section 2(d)(vi) prior to the issuance of such shares, having been paid. If the Company fails for any reason
to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by the second Trading Day following the Warrant Share
Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant
Shares subject to such exercise (based on the VWAP of the Common Shares on the date of the applicable Notice of Exercise), $10
per Trading Day (increasing to $20 per Trading Day on the fifth Trading Day after such liquidated damages begin to accrue) for
each Trading Day after the second Trading Day following such Warrant Share Delivery Date until such Warrant Shares are delivered
or Holder rescinds such exercise.

 

ii. Delivery of
New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder
and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant
evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall
in all other respects be identical with this Warrant.

 

iii. Rescission
Rights. If the Company fails to cause its Transfer Agent to deliver to the Holder the Warrant Shares pursuant to Section 2(d)(i)
by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise; provided, however, that
the Holder shall be required to return any Warrant Shares or Common Shares subject to any such rescinded exercise notice concurrently
with the return to Holder of the aggregate Exercise Price paid to the Company for such Warrant Shares and the restoration of Holder’s
right to acquire such Warrant Shares pursuant to this Warrant (including, issuance of a replacement warrant certificate evidencing
such restored right).

 

    4

     

    

 

iv. Compensation
for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise. In addition to any other rights available to the Holder,
if the Company fails to cause its Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions
of Section 2(d)(i) above pursuant to an exercise on or before the second Trading Day following the Warrant Share Delivery Date,
and if after such date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s
brokerage firm otherwise purchases, Common Shares to deliver in satisfaction of a sale by the Holder of the Warrant Shares which
the Holder anticipated receiving upon such exercise (a “Buy-In”), then the Company shall (A) pay in cash to
the Holder the amount, if any, by which (x) the Holder’s total purchase price (including brokerage commissions, if any) for
Common Shares so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was
required to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise
to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and
equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded)
or deliver to the Holder the number Common Shares that would have been issued had the Company timely complied with its exercise
and delivery obligations hereunder. For example, if the Holder purchases Common Shares having a total purchase price of $11,000
to cover a Buy-In with respect to an attempted exercise of Common Shares with an aggregate sale price giving rise to such purchase
obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required to pay the Holder $1,000.
The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and,
upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder’s right to pursue any
other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or
injunctive relief with respect to the Company’s failure to timely deliver Common Shares upon exercise of the Warrant as required
pursuant to the terms hereof.

 

v. No Fractional
Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant.
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.

 

vi. Charges, Taxes
and Expenses. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other
incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the Company,
and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however, that in the event Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered
for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may require,
as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. The Company shall
pay all Transfer Agent fees required for same-day processing of any Notice of Exercise and all fees to the Depository Trust Company
(or another established clearing corporation performing similar functions) required for same-day electronic delivery of the Warrant
Shares.

 

vii. Closing of
Books. The Company will not close its stockholder books or records in any manner which prevents the timely exercise of this
Warrant, pursuant to the terms hereof.

 

viii. Signature.
This Section 2 and the Notice of Exercise attached hereto set forth the totality of the procedures required of the Holder in order
to exercise this Warrant. Without limiting the preceding sentences, no ink-original exercise form shall be required, nor shall
any medallion guarantee (or other type of guarantee or notarization) of any exercise form be required in order to exercise this
Warrant. No additional legal opinion, other information or instructions shall be required of the Holder to exercise this Warrant.
The Company shall honor exercises of this Warrant and shall deliver Warrant Shares underlying this Warrant in accordance with the
terms, conditions and time periods set forth herein.

 

    5

     

    

 

e) Holder’s
Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise
any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after
exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other
Persons acting as a group together with the Holder or any of the Holder’s Affiliates), 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 Holder and its Affiliates shall include the number of Common Shares issuable upon exercise of this Warrant with respect
to which such determination is being made, but shall exclude the number of Common Shares which would be issuable upon (i) exercise
of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates and (ii) exercise
or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation,
any other Common Share Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein
beneficially owned by the Holder or any of its Affiliates. Except as set forth in the preceding sentence, for purposes of this
Section 2(e), 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 Holder that the Company is not representing to the Holder that such calculation
is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be filed
in accordance therewith. To the extent that the limitation contained in this Section 2(e) applies, the determination of whether
this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates) and of which portion
of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall
be deemed to be the Holder’s determination of whether this Warrant is exercisable (in relation to other securities owned
by the Holder together with any Affiliates) and of which portion of this Warrant is 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 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 2(e), in determining the number of outstanding
Common Shares, a Holder may rely on the number of outstanding 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 or oral request of a Holder, the Company shall within two Trading Days confirm orally and in writing to the Holder
the number of Common Shares then outstanding. In any case, the number of outstanding Common Shares shall be determined after giving
effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates since
the date as of which such number of outstanding Common Shares was reported. The “Beneficial Ownership Limitation”
shall be 4.99% of the number of Common Shares outstanding immediately after giving effect to the issuance of Common Shares issuable
upon exercise of this Warrant. The Holder, upon notice to the Company, may increase or decrease the Beneficial Ownership Limitation
provisions of this Section 2(e), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of Common
Shares outstanding immediately after giving effect to the issuance of Common Shares upon exercise of this Warrant held by the Holder
and the provisions of this Section 2(e) shall continue to apply. Any increase in 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 2(e) to correct this paragraph (or
any portion hereof) 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.

 

    6

     

    

 

Section 3. Certain
Adjustments.

 

a) Stock Dividends
and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise makes a distribution
or distributions on its Common Shares or any other equity or equity equivalent securities payable in Common Shares (which, for
avoidance of doubt, shall not include any Common Shares issued by the Company upon exercise of this Warrant), (ii) subdivides outstanding
Common Shares into a larger number of shares, (iii) combines (including by way of reverse stock split) outstanding Common Shares
into a smaller number of shares, or (iv) issues by reclassification of the Common Shares any shares of capital stock of the Company,
then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of Common Shares
(excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number
of Common Shares outstanding immediately after such event, and the number of Common Shares issuable upon exercise of this Warrant
shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment
made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination of stockholders
entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of
a subdivision, combination or re-classification. For the purposes of clarification, the Exercise Price of this Warrant will not
be adjusted in the event that the Company or any Subsidiary thereof, as applicable, sells or grants any option to purchase, or
sell or grant any right to reprice, or otherwise dispose of or issue (or announce any offer, sale, grant or any option to purchase
or other disposition) any Common Shares or Common Share Equivalents, at an effective price per share less than the Exercise Price
then in effect.

 

b) Reserved.

 

c) Subsequent Rights
Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company grants, issues or sells
any Common Share Equivalents or rights to purchase stock, warrants, securities or other property pro rata to the record holders
of any class of Common Shares (the “Purchase Rights”), then the Holder will be entitled to acquire, upon the
terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had
held the number of Common Shares acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise
hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is taken
for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders
of Common Shares are to be determined for the grant, issue or sale of such Purchase Rights (provided, however, that to the
extent that the Holder’s right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial
Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or beneficial
ownership of such Common Shares as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall
be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the
Beneficial Ownership Limitation).

 

d) Pro Rata Distributions.
During such time as this Warrant is outstanding, if the Company shall declare or make any dividend (other than cash dividends)
or other distribution of its assets (or rights to acquire its assets) to holders of Common Shares, by way of return of capital
or otherwise (including, without limitation, any distribution of stock or other securities, property or options by way of a dividend,
spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”),
at any time after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution
to the same extent that the Holder would have participated therein if the Holder had held the number of Common Shares acquirable
upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the
Beneficial Ownership Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such record
is taken, the date as of which the record holders of Common Shares are to be determined for the participation in such Distribution
(provided, however, to the extent that the Holder’s right to participate in any such Distribution would result in
the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution
to such extent (or in the beneficial ownership of any Common Shares as a result of such Distribution to such extent) and the portion
of such Distribution shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would
not result in the Holder exceeding the Beneficial Ownership Limitation). To the extent that this Warrant has not been partially
or completely exercised at the time of such Distribution, such portion of the Distribution shall be held in abeyance for the benefit
of the Holder until the Holder has exercised this Warrant.

 

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e) Fundamental Transaction.
If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions
effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly or indirectly, effects
any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one
or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by
the Company or another Person) is completed pursuant to which holders of Common Shares are permitted to sell, tender or exchange
their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common
Shares, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization
or recapitalization of the Common Shares or any compulsory share exchange pursuant to which the Common Shares is effectively converted
into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions
consummates a stock or 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 stock or share purchase agreement
or other business combination) (each a “Fundamental Transaction”), then, upon any subsequent exercise of this
Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately
prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section
2(e) on the exercise of this Warrant), the number of Common Shares of the successor or acquiring corporation or of the Company,
if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”) receivable
by holders of Common Shares as a result of such Fundamental Transaction for each Common Share for which this Warrant is exercisable
immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant).
For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate
Consideration based on the amount of Alternate Consideration issuable in respect of one Common Shares in such Fundamental Transaction,
and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative
value of any different components of the Alternate Consideration. If holders of Common Shares are given any choice as to the securities,
cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate
Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. The Company shall cause any
successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”)
to assume in writing all of the obligations of the Company under this Warrant in accordance with the provisions of this Section
3(e) pursuant to written agreements prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the
Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar
in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor
Entity (or its parent entity) equivalent to the Common Shares acquirable and receivable upon exercise of this Warrant (without
regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which
applies the exercise price hereunder to such shares of capital stock (but taking into account the relative value of the Common
Shares pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital
stock and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation
of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence
of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the
date of such Fundamental Transaction, the provisions of this Warrant referring to the “Company” shall refer
instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations
of the Company under this Warrant with the same effect as if such Successor Entity had been named as the Company herein.

 

    8

     

    

 

f) Calculations.
All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be.
For purposes of this Section 3, the number of Common Shares deemed to be issued and outstanding as of a given date shall be the
sum of the number of Common Shares (excluding treasury shares, if any) issued and outstanding.

 

g) Notice to Holder.

 

i. Adjustment to
Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly
mail to the Holder a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of
Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

 

ii. Notice to Allow
Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Common
Shares, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Shares, (C) the Company
shall authorize the granting to all holders of the Common Shares rights or warrants to subscribe for or purchase any shares of
capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection
with any reclassification of the Common Shares, any consolidation or merger to which the Company is a party, any sale or transfer
of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Shares is converted
into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation
or winding up of the affairs of the Company, then, in each case, the Company shall cause to be mailed a notice to the Holder at
its last address as it shall appear upon the Warrant Register of the Company, at least ten (10) calendar days prior to the applicable
record or effective date hereinafter specified, stating (x) the date on which a record is to be taken for the purpose of such dividend,
distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common
Shares of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the
date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or
close, and the date as of which it is expected that holders of the Common Shares of record shall be entitled to exchange their
Common Shares for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer
or share exchange; provided that the failure to provide such notice or any defect therein shall not affect the validity of the
corporate action required to be specified in such notice. To the extent that any notice provided hereunder constitutes, or contains,
material, non-public information regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice
with the Commission pursuant to a Current Report on Form 8-K. The Holder shall remain entitled to exercise this Warrant during
the period commencing on the date of such notice to the effective date of the event triggering such notice except as may otherwise
be expressly set forth herein.

 

    9

     

    

 

Section 4. Transfer
of Warrant.

 

a) Transferability.
Pursuant to FINRA Rule 5110(g)(1), neither this Warrant nor any Warrant Shares issued upon exercise of this Warrant shall be sold,
transferred, assigned, pledged, or hypothecated, or be the subject of any hedging, short sale, derivative, put, or call transaction
that would result in the effective economic disposition of the securities by any person for a period of 360 days immediately following
the date of effectiveness or commencement of sales of the offering pursuant to which this Warrant is being issued, except the transfer
of any security:

 

i. by operation of
law or by reason of reorganization of the Company;

 

ii. to any FINRA member
firm participating in the offering and the officers or partners thereof, if all securities so transferred remain subject to the
lock-up restriction in this Section 4(a) for the remainder of the time period;

 

iii. if the aggregate
amount of securities of the Company held by the Holder or related person do not exceed 1% of the securities being offered;

 

iv. that is beneficially
owned on a pro-rata basis by all equity owners of an investment fund, provided that no participating member manages or otherwise
directs investments by the fund, and participating members in the aggregate do not own more than 10% of the equity in the fund;
or

 

v. the exercise or
conversion of any security, if all securities received remain subject to the lock-up restriction in this Section 4(a) for the remainder
of the time period.

 

Subject to the foregoing
restriction, any applicable securities laws and the conditions set forth in Section 4(d), this Warrant and all rights hereunder
(including, without limitation, any registration rights) are transferable, in whole or in part, upon surrender of this Warrant
at the principal office of the Company or its designated agent, together with a written assignment of this Warrant substantially
in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes
payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver
a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified
in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned,
and this Warrant shall promptly be cancelled. The Warrant, if properly assigned in accordance herewith, may be exercised by a new
holder for the purchase of Warrant Shares without having a new Warrant issued.

 

b) New Warrants.
This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together
with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its
agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or combination,
the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined
in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the initial issuance date of this
Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.

 

c) Warrant Register.
The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant Register”),
in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder of this Warrant
as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes,
absent actual notice to the contrary.

 

    10

     

    

 

d) Representation
by the Holder. The Holder, by the acceptance hereof, represents and warrants that it is acquiring this Warrant and, upon any
exercise hereof, will acquire the Warrant Shares issuable upon such exercise, for its own account and not with a view to or for
distributing or reselling such Warrant Shares or any part thereof in violation of the Securities Act or any applicable state securities
law, except pursuant to sales registered or exempted under the Securities Act.

 

Section 5. Registration
Rights.

 

a) Demand Registration–Grant
of Right. The Company, upon written demand (a “Demand Notice”) of the Holder(s) of at least 51% of the Warrants
and/or the underlying Shares (“Majority Holders”), agrees to register, on one occasion, all or any portion of
the Warrants and the underlying Shares (the “Registrable Securities”). On such occasion, the Company will file
a registration statement with the Commission covering the Registrable Securities within sixty (60) days after receipt of a Demand
Notice and use its commercially reasonable efforts to have the registration statement declared effective promptly thereafter, subject
to compliance with review by the Commission; provided, however, that the Company shall not be required to comply with a
Demand Notice if the Company has filed a registration statement with respect to which the Holder is entitled to piggyback registration
rights pursuant to Section 5(c) hereof and either: (i) the Holder has elected to participate in the offering covered by such registration
statement or (ii) if such registration statement relates to an underwritten primary offering of securities of the Company, until
the offering covered by such registration statement has been withdrawn or until thirty (30) days after such offering is consummated.
The demand for registration may be made at any time during a period of four (4) years beginning one year after the Effective Date.
The Company covenants and agrees to give written notice of its receipt of any Demand Notice by any Holder(s) to all other registered
Holders of the Warrants and/or the Registrable Securities within ten (10) days after the date of the receipt of any such Demand
Notice.

 

b) Demand Registration–Terms.
The Company shall bear all fees and expenses attendant to the registration of the Registrable Securities pursuant to Section 5(a),
but the Holders shall pay any and all underwriting commissions and the expenses of any legal counsel selected by the Holders to
represent them in connection with the sale of the Registrable Securities. The Company agrees to use its commercially reasonable
efforts to cause the filing required herein to become effective promptly and to qualify or register the Registrable Securities
in such States as are reasonably requested by the Holder(s); provided, however, that in no event shall the Company be required
to register the Registrable Securities in a State in which such registration would cause: (i) the Company to be obligated to register
or license to do business in such State or submit to general service of process in such State, or (ii) the principal shareholders
of the Company to be obligated to escrow their shares of capital stock of the Company. The Company shall cause any registration
statement filed pursuant to the demand right granted under Section 5(a) to remain effective for a period of at least twelve
(12) consecutive months after the date that the Holders of the Registrable Securities covered by such registration statement are
first given the opportunity to sell all of such securities. The Holders shall only use the prospectuses provided by the Company
to sell the shares covered by such registration statement, and will immediately cease to use any prospectus furnished by the Company
if the Company advises the Holder that such prospectus may no longer be used due to a material misstatement or omission. Notwithstanding
the provisions of this Section 5(b), the Holder shall be entitled to a demand registration under this Section 5(b) on only
one (1) occasion and such demand registration right shall terminate on the fifth anniversary of the Effective Date in accordance
with FINRA Rule 5110(f)(2)(G)(iv).

 

    11

     

    

 

c) “Piggy-Back”
Registration–Grant of Right. In addition to the demand right of registration described in Section 5(a) hereof,
the Holder shall have the right, for a period of six (6) years commencing one year after the Effective Date, to include the Registrable
Securities as part of any other registration of securities filed by the Company (other than in connection with a transaction contemplated
by Rule 145 promulgated under the Act or pursuant to Form S-8 or any equivalent form); provided, however, that if, solely
in connection with any primary underwritten public offering for the account of the Company, the managing underwriter(s) thereof
shall, in its reasonable discretion, impose a limitation on the number of Common Shares which may be included in the registration
statement because, in such underwriter(s)’ judgment, marketing or other factors dictate such limitation is necessary to facilitate
public distribution, then the Company shall be obligated to include in such registration statement only such limited portion of
the Registrable Securities with respect to which the Holder requested inclusion hereunder as the underwriter shall reasonably permit.
Any exclusion of Registrable Securities shall be made pro rata among the Holders seeking to include Registrable Securities in proportion
to the number of Registrable Securities sought to be included by such Holders; provided, however, that the Company shall
not exclude any Registrable Securities unless the Company has first excluded all outstanding securities, the holders of which are
not entitled to inclusion of such securities in such Registration Statement or are not entitled to pro rata inclusion with the
Registrable Securities.

 

d) “Piggy-Back”
Registration–Terms. The Company shall bear all fees and expenses attendant to registering the Registrable Securities
pursuant to Section 5(c) hereof, but the Holders shall pay any and all underwriting commissions and the expenses of any
legal counsel selected by the Holders to represent them in connection with the sale of the Registrable Securities. In the event
of such a proposed registration, the Company shall furnish the then Holders of outstanding Registrable Securities with not less
than thirty (30) days written notice prior to the proposed date of filing of such registration statement. Such notice to the Holders
shall continue to be given for each registration statement filed by the Company until such time as all of the Registrable Securities
have been sold by the Holder. The holders of the Registrable Securities shall exercise the “piggy-back” rights
provided for herein by giving written notice, within ten (10) days of the receipt of the Company’s notice of its intention
to file a registration statement. Except as otherwise provided in this Warrant, there shall be no limit on the number of times
the Holder may request registration under this Section 5(d); provided, however, that such registration rights shall
terminate on the seventh anniversary of the Effective Date in accordance with FINRA Rule 5110(f)(2)(G)(v).

 

Section 6. Miscellaneous.

 

a) No Rights as Stockholder
Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other rights as a stockholder of
the Company prior to the exercise hereof as set forth in Section 2(d)(i).

 

b) Loss, Theft, Destruction
or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory to it
of the loss, theft, destruction or mutilation of this Warrant or any certificate relating to the Warrant Shares, and in case of
loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall not
include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company
will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant
or stock certificate.

 

c) Saturdays, Sundays,
Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or granted
herein shall not be a Business Day, then, such action may be taken or such right may be exercised on the next succeeding Business
Day.

 

    12

     

    

 

d) Authorized Shares.

 

The Company covenants
that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common Shares a sufficient
number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant.
The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged
with the duty of executing stock certificates to execute and issue the necessary Warrant Shares upon the exercise of the purchase
rights under this Warrant. The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares
may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of the Trading Market
upon which the Common Shares may be listed. The Company covenants that all Warrant Shares which may be issued upon the exercise
of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment
for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable and free from
all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer
occurring contemporaneously with such issue).

 

Except and to the extent
as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its certificate
of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities
or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will
at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary
or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality
of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon
such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate in
order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant
and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory
body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.

 

Before taking any action
which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price,
the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public
regulatory body or bodies having jurisdiction thereof.

 

e) Jurisdiction.
All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be determined in accordance
with the provisions of the underwriting agreement, dated _______ ___, 2020, by and between the Company and Lake Street Capital
Markets, LLC as representatives of the underwriters set forth therein (the “Underwriting Agreement”).

 

f) Restrictions.
The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, and the Holder does
not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.

 

g) Nonwaiver and Expenses.
No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as a waiver of
such right or otherwise prejudice the Holder’s rights, powers or remedies. Without limiting any other provision of this Warrant
or the Underwriting Agreement, if the Company willfully and knowingly fails to comply with any provision of this Warrant, which
results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover
any costs and expenses including, but not limited to, reasonable attorneys’ fees, including those of appellate proceedings,
incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies
hereunder.

 

h) Notices. Any
notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered
in accordance with the notice provisions of the Underwriting Agreement.

 

    13

     

    

 

i) Limitation of Liability.
No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase Warrant Shares,
and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase
price of any Common Shares or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors
of the Company.

 

j) Remedies. The
Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to
specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation
for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert
the defense in any action for specific performance that a remedy at law would be adequate.

 

k) Successors and
Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to
the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns
of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and
shall be enforceable by the Holder or holder of Warrant Shares.

 

l) Amendment.
This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and the Holder.

 

m) Severability.
Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective
to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions
of this Warrant.

 

n) Headings. The
headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this
Warrant.

 

********************

 

(Signature Page Follows)

 

    14

     

    

 

IN WITNESS WHEREOF,
the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.

 

	 	VERSUS SYSTEMS Inc.
	 	 
	 	By:	 
	 	 	Name: Matthew Pierce
	 	 	Title: Chief Executive Officer

 

    15

     

    

 

ASSIGNMENT FORM

 

(To assign the foregoing
Warrant, execute this form and supply required information. Do not use this form to purchase shares.)

 

FOR VALUE RECEIVED,
the foregoing Warrant and all rights evidenced thereby are hereby assigned to

 

	Name:	 
	 	(Please Print)
	Address:	 
	 	(Please Print)

Dated: _______________ __, ______

Holder’s Signature: ________________________

Holder’s Address: _________________________

NOTE: The signature to this Assignment
Form must correspond with the name as it appears on the face of the Warrant, without alteration or enlargement or any change whatsoever.
Officers of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority
to assign the foregoing Warrant.

 

    16

     

    

 

[Form to be used to exercise Purchase
Warrant]

 

NOTICE OF EXERCISE

 

		To:	VERSUS
SYSTEMS Inc.

 

(1) The undersigned
hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised
in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

 

(2) Payment shall take
the form of (check applicable box):

 

☐ in lawful money of
the United States; or

☐ if permitted the
cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 2(c),
to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise
procedure set forth in subsection 2(c).

 

(3) Please register
and issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

 

The Warrant Shares shall be delivered to
the following DWAC Account Number or by physical delivery of a certificate to:

_______________________________

_______________________________

_______________________________

[SIGNATURE OF HOLDER]

Name of Investing Entity: _________________________________________________________________________

Signature of Authorized Signatory of Investing
Entity: ___________________________________________________

Name of Authorized Signatory: _____________________________________________________________________

Title of Authorized Signatory: ______________________________________________________________________

Date:

 

 

17Exhibit 10.1

 

 

 

 

 

 

 

 

 

 

 

 

[FORM OF]

 

CONTRIBUTION AGREEMENT

 

between

 

TEXAS PACIFIC LAND
TRUST,

and

 

TEXAS PACIFIC LAND
CORPORATION

 

Dated [●], 2020

 

 

 

 

 

 

 

     

     

    

 

CONTRIBUTION AGREEMENT

 

THIS CONTRIBUTION
AGREEMENT (this “Agreement”) is entered into and effective as of [●] a.m. (Central Time) on
[●], 2020 (the “Effective Date”), between Texas Pacific Land Trust (the “Trust”)
and Texas Pacific Land Corporation, a Delaware corporation and a wholly-owned subsidiary of the Trust (“TPL
Corp”) (each, a “Party”, and collectively, the “Parties”).

 

WITNESS:

 

WHEREAS, the
Trust is the sole holder of 100% of the outstanding limited liability company membership interests (the “Membership Interests”)
in Texas Pacific Resources LLC, a Texas limited liability company (“TPL Holdco”);

 

WHEREAS, prior
to the date hereof, the Trust formed TPL Corp under the terms of the General Corporation Law of the State of Delaware and contributed
$1,000 to TPL Corp in exchange for all 1,000 issued and outstanding shares (the “Initial Shares”) of common
stock of TPL Corp, par value $0.01 per share (the “Common Stock”);

 

WHEREAS, the
Trust intends to take steps to reorganize into a corporation, domiciled in the State of Delaware (the “Corporate Reorganization”);

 

WHEREAS, in
order to effect the Corporate Reorganization, the Trust is undertaking and causing to be undertaken a series of transactions pursuant
to which, among other things, (a) the Trust entered into that certain Contribution Agreement, dated [●], between (i) the
Trust, (ii) the Trustees of the Trust, David E. Barry and John R. Norris III, on behalf of themselves and for their predecessors
in title (the “Trustees”), and (iii) each agent, general and state agent, assistant general and state agent
or successor agent or general and state agent for the Trustees (the “Trustees’ Agents”, and collectively
with the Trustees and the Trust, the “Contributing Parties”), on the one hand, and TPL Holdco, on the other
hand, pursuant to which the Trust and each of the other Contributing Parties contributed, granted, conveyed, assigned, transferred
and delivered to TPL Holdco all of the Contributing Parties’ respective right, title and interest, in, to and under all
of the properties and assets of the Trust and all other rights, obligations and liabilities of the Trust, and (b) the Trust shall,
pursuant to this Agreement, contribute, grant, convey, assign, transfer and deliver to TPL Corp all of its right, title and interest
to, and all responsibilities and liabilities related to and arising from, (i) the Membership Interests and (ii) all of the bank
accounts, brokerage accounts, cash and cash equivalents held by the Trust (together with the Membership Interests, the “Contributed
Interests”).

 

WHEREAS, the
Common Stock has been registered with the U.S. Securities and Exchange Commission and has been approved for listing and trading
on the New York Stock Exchange;

 

    2

     

    

 

WHEREAS, the
Trust is willing and desires to contribute to TPL Corp, and TPL Corp is willing and desires to accept from the Trust, the Contributed
Interests on the terms and conditions set forth below;

 

NOW, THEREFORE,
in consideration of the promises and mutual representations, warranties and covenants in this Agreement, the Parties hereto agree
as follows:

 

Article I

DEFINITIONS

 

Section 1.1 Capitalized
terms used in this Agreement have the meanings and are subject to the rules of construction set forth in Appendix A.

 

Article II

CONTRIBUTION

 

Section 2.1 Contribution.
Subject to the terms and conditions provided for in this Agreement, the Trust hereby contributes, grants, conveys, assigns, transfers
and delivers to TPL Corp, its successors and assigns, for its and their own use forever, all of the Trust’s right, title
and interest to, and all responsibilities and liabilities related to and arising from, the Contributed Interests (such contribution
of the Contributed Interests, the “Contribution”).

 

Article III

CONSIDERATION

 

Section 3.1 Assumption
of Rights, Obligations and Liabilities. TPL Corp hereby accepts the Contribution and assumes, and agrees to be subject to,
all rights, obligations and liabilities of, and arising under, the Contributed Interests to the full extent that the Trust has
or has been subject heretofore.

 

Section 3.2 TPL
Corp Bylaws. In consideration of the Contribution, TPL Corp shall adopt, immediately following the effectiveness of this Agreement,
the amended and restated bylaws attached hereto as Appendix B.

 

Section 3.3 Share
Issuance. In consideration of the Contribution and subject to the terms and conditions provided for in this Agreement, TPL
Corp hereby issues to the Trust [●] shares of the Common Stock (the “TPL Corp Issued Shares”) and the
Trust hereby accepts the TPL Corp Issued Shares in exchange for the Contributed Interests and agrees to be subject to all rights
and obligations with respect to the TPL Corp Issued Shares.

 

    3

     

    

 

Article IV

INDEMNIFICATION

 

Section 4.1 Indemnification
by TPL Corp.

 

(a) Without
limiting any other rights that a Person may have pursuant to law or any agreement or Organizational Document in effect on the Effective
Date or otherwise, from the Effective Date, TPL Corp shall indemnify, defend and hold harmless (i) the Trust, (ii) each of the
Trustees, (iii) the heirs, legatees, devisees, successors, assigns, executors, administrators, trustees and Representatives of
each of the Trustees and (iv) each Person who is now, or has been at any time prior to the Effective Date or who was, is or becomes
prior to the Effective Date, a trustee, officer, legal agent or fiduciary of the Trust, the Trustees or any of its and their Representatives
(including, for the avoidance of doubt, the Trustees’ Agents), in each case, when acting in such capacity (each of the Persons
in clauses (i), (ii), (iii) and (iv), an “Indemnified Person” and collectively, the “Indemnified
Persons”) against all losses, claims, damages, costs, fines, penalties, expenses (including attorneys’ and other
professionals’ fees and expenses), liabilities or judgments or reasonable amounts that are paid in settlement, of or directly
or indirectly incurred in connection with any Proceeding to which such Indemnified Person is a party or is otherwise involved (including
as a witness) based, in whole or in part, on or arising, in whole or in part, out of the fact that such Person is or was a trustee,
director, officer, employee or fiduciary of the Trust or any of its Affiliates, or any of its and their Representatives (including,
for the avoidance of doubt, the Trustees’ Agents), or is or was serving at the request of the Trust or any of its Affiliates
as a trustee, director, officer, employee or fiduciary of another corporation, partnership, limited liability company, joint venture,
employee benefit plan, trust or other enterprise, as applicable, or by reason of anything done or not done by such Person in any
such capacity, this Agreement or the transactions contemplated herein and hereby, whether pertaining to any act or omission occurring
or existing prior to, at or after the Effective Date and whether asserted or claimed prior to, at or after the Effective Date (“Indemnified
Liabilities”), in each case to the fullest extent permitted under applicable law (and TPL Corp shall pay expenses incurred
in connection therewith in advance of the final disposition of any such Proceeding to each Indemnified Person to the fullest extent
permitted under applicable law). TPL Corp shall not settle any Proceeding in any manner that would impose any penalty or limitation
on an Indemnified Person without written consent from such Indemnified Person. The Indemnified Persons shall have authority to
enter reasonable settlements of any Proceeding, and neither TPL Corp nor the Indemnified Persons will unreasonably withhold their
consent to any proposed settlement. Without limiting the foregoing, in the event any such Proceeding is brought or threatened to
be brought against any Indemnified Persons (whether arising before or after the Effective Date), (A) the Indemnified Persons may
retain legal counsel at their election, and TPL Corp shall pay all reasonable fees and expenses of such counsel for the Indemnified
Persons as promptly as statements therefor are received, and (B) TPL Corp shall use its best efforts to assist in the defense
of any such matter. Any Indemnified Person wishing to claim indemnification or advancement of expenses under this Section 4.1(a),
upon learning of any such Proceeding, shall notify TPL Corp thereof (but the failure to so notify shall not relieve a Party from
any obligations that it may have under this Section 4.1(a) except to the extent such failure materially prejudices
such Party’s position with respect to such claims). With respect to any determination of whether any Indemnified Person is
entitled to indemnification by TPL Corp under this Section 4.1(a), such Indemnified Person shall have the right to
require that such determination be made by special, independent legal counsel selected by the Indemnified Person and approved by
TPL Corp (which approval shall not be unreasonably withheld or delayed), and who has not otherwise performed material services
for TPL Corp, TPL Holdco or the Indemnified Person within the last three (3) years.

 

(b) TPL
Corp shall indemnify any Indemnified Person against all reasonable costs and expenses (including reasonable attorneys’ and
professionals’ fees and expenses or reasonable amounts paid in settlement), such amounts to be payable in advance upon request
as provided in Section 4.1(a), relating to the enforcement of such Indemnified Person’s rights under this Section 4.1
or under any law, Organizational Document or contract regardless of whether such Indemnified Person is ultimately determined to
be entitled to indemnification hereunder or thereunder.

 

    4

     

    

 

(c) In
the event that TPL Corp or any of its successors or assignees (i) consolidates with or merges into any other Person and shall
not be the continuing or surviving corporation or entity of such consolidation or merger or (ii) transfers all or substantially
all of its properties and assets to any Person, then, in each such case, proper provisions shall be made so that the successors
and assigns of TPL Corp shall assume the obligations set forth in this Section 4.1. TPL Corp shall not sell, transfer,
distribute or otherwise dispose of any of its assets in a manner that would reasonably be expected to render TPL Corp unable to
satisfy its obligations under this Section 4.1. The provisions of this Section 4.1 are intended to be for
the benefit of, and shall be enforceable by, the Parties and each Person entitled to indemnification or insurance coverage or expense
advancement pursuant to this Section 4.1, and their respective heirs, successors, assigns and Representatives. The
rights of the Indemnified Persons under this Section 4.1 are in addition to any rights such Indemnified Persons may
have under the Organizational Documents of the Trust or TPL Corp or any of its or their Affiliates, or under any contracts or law.
TPL Corp shall pay all expenses, including attorneys’ fees, that may be incurred by any Indemnified Person in enforcing the
indemnity and other obligations provided in this Section 4.1.

 

Article V

COVENANTS

 

Section 5.1 Further
Assurances. In case at any time after the Effective Date any further action is necessary to carry out the purposes of this
Agreement, each of the Parties will take such further action as the other Parties reasonably may request.

 

Section 5.2 Tax
Covenants.

 

(a) The
Parties agree that for U.S. federal and, to the extent permitted, for state and local Tax purposes, (i) the transactions undertaken
to effect the Corporate Reorganization, including the transactions contemplated under this Agreement, will not result in a termination
of the Trust’s taxable year, (ii) the Trust’s Tax attributes enumerated in Section 381(c) of the Internal Revenue Code
of 1986, as amended (the “Code”), or any similar provision of state or local law, will be taken into account
by TPL Corp as if there had been no Corporate Reorganization, and (iii) the part of the Trust’s last taxable year that began
before the Corporate Reorganization will be included in TPL Corp’s first taxable year that ends after the Corporate Reorganization.

 

(b) All
sales, use, controlling interest, transfer, filing, recordation, registration and similar Taxes arising from or associated with
the transactions contemplated by this Agreement other than Taxes based on income or net worth (“Transaction Taxes”),
shall be borne in their entirety by TPL Corp. The Party responsible for filing Tax Returns in respect of Transaction Taxes under
applicable law shall prepare and file all such Tax Returns. The Parties shall provide such certificates and other information and
otherwise cooperate.

 

Section 5.3 Tax
Treatment of the Transaction. For U.S. federal income tax purposes, and to the extent permitted for state and local income
Tax purposes, the transactions to effect the Corporate Reorganization, including the transactions contemplated under this Agreement,
shall be treated as part of a plan of reorganization to effect a mere change in the identity, form and place of organization of
the Trust under Section 368(a)(1)(F) of the Code and the Treasury Regulations promulgated thereunder. The Parties shall not take
any position inconsistent with such treatment in notices to or filings with Governmental Authorities, in audit or other Proceedings
with respect to Taxes, or in other documents or notices relating to the transactions contemplated by this Agreement.

 

    5

     

    

 

Article VI

MISCELLANEOUS

 

Section 6.1 Successors
and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the respective Parties and their respective
successors and assigns, and for the Trustees, their respective heirs, legatees, devisees, successors, assigns, executors, administrators,
trustees and Representatives.

 

Section 6.2 Amendment.
This Agreement may not be amended or modified orally and no amendment or modification shall be valid unless in writing and signed
by the Parties.

 

Section 6.3 Rights
of Third Parties. This Agreement shall not be construed to create any security interest, lien, deed of trust, mortgage, pledge,
charge, claim, restriction, easement, encumbrance or other similar interest or right on the Contributed Interests or the TPL Corp
Issued Shares or to create any express or implied rights, benefits or remedies in, of or for any persons other than the Parties,
except as expressly provided with respect to the Indemnified Persons in Article IV. Any Indemnified Person under Article IV
shall be an express third party beneficiary of this Agreement for the purposes of enforcing its rights pursuant to Article
IV.

 

Section 6.4 Notices.
All notices to TPL Corp shall be in writing and shall be delivered or sent by first-class mail, postage prepaid, overnight courier
or by means of electronic transmission. Any such notice sent shall be addressed as follows:

 

	
         

        1700 Pacific Avenue

        Suite 2900

        Dallas, TX 75201

        Attention:
        Robert J. Packer

        Email:
        robert@tpltrust.com
	 	
        With a copy,
        which shall not constitute notice, to:

         

        George J. Vlahakos, Esq.

        1000 Louisiana Street

        Suite 5900

        Houston, TX 77002

        Email: gvlahakos@sidley.com

 

Any notice to TPL Corp required
hereunder shall be effective when sent if given in the manner set forth above; provided, however, that, with respect to
the Trust, notice shall only be deemed to have been given upon receipt of such notice by each Trustee.

 

    6

     

    

 

Section 6.5 Choice
of Law; Submission to Jurisdiction; Waiver of Jury Trial.

 

(a) THIS
AGREEMENT, AND ALL CLAIMS OR CAUSES OF ACTION (WHETHER IN CONTRACT OR TORT) THAT MAY BE BASED UPON, ARISE OUT OF OR RELATE TO THIS
AGREEMENT, OR THE NEGOTIATION, EXECUTION OR PERFORMANCE OF THIS AGREEMENT, SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF TEXAS, WITHOUT GIVING EFFECT TO THE PRINCIPLES OF CONFLICTS OF LAW THEREOF. 

 

(b) THE
PARTIES IRREVOCABLY SUBMIT TO THE JURISDICTION OF ANY DISTRICT COURT OF DALLAS COUNTY IN THE STATE OF TEXAS (OR IF SUCH COURT DOES
NOT HAVE JURISDICTION, THE UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF TEXAS IN DALLAS, TEXAS) IN CONNECTION WITH
ANY DISPUTE THAT ARISES IN RESPECT OF THE INTERPRETATION AND ENFORCEMENT OF THE PROVISIONS OF THIS AGREEMENT OR IN RESPECT OF THE
TRANSACTIONS CONTEMPLATED HEREBY, AND HEREBY WAIVE, AND AGREE NOT TO ASSERT, AS A DEFENSE IN ANY ACTION, SUIT OR PROCEEDING FOR
INTERPRETATION OR ENFORCEMENT HEREOF OR ANY SUCH DOCUMENT THAT IT IS NOT SUBJECT THERETO OR THAT SUCH ACTION, SUIT OR PROCEEDING
MAY NOT BE BROUGHT OR IS NOT MAINTAINABLE IN SAID COURTS OR THAT VENUE THEREOF MAY NOT BE APPROPRIATE OR THAT THIS AGREEMENT OR
ANY SUCH DOCUMENT MAY NOT BE ENFORCED IN OR BY SUCH COURTS, AND THE PARTIES IRREVOCABLY AGREE THAT ALL CLAIMS WITH RESPECT TO SUCH
ACTION, SUIT OR PROCEEDING SHALL BE HEARD AND DETERMINED EXCLUSIVELY BY SUCH A TEXAS STATE OR FEDERAL COURT. THE PARTIES HEREBY
CONSENT TO AND GRANT ANY SUCH COURT JURISDICTION OVER THE PERSON OF SUCH PARTIES AND OVER THE SUBJECT MATTER OF SUCH DISPUTE AND
AGREE THAT MAILING OF PROCESS OR OTHER PAPERS IN CONNECTION WITH SUCH ACTION, SUIT OR PROCEEDING IN THE MANNER AS MAY BE PERMITTED
BY LAW SHALL BE VALID AND SUFFICIENT SERVICE THEREOF.

 

(c) TO
THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY
ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING IN ANY WAY TO THIS AGREEMENT OR THE PERFORMANCE THEREOF.

 

Section 6.6 
Disclaimer of Warranties. The Trust makes no representations or warranties whatsoever and disclaims all liability and responsibility
for any other representation, warranty, statement or information made or communicated (orally or in writing), including, without
limitation, any opinion, information or advice that may have been provided by any officer, shareholder, employee, agent or consultant
of the Trust, any of the Trustees, or any Affiliates or Representatives of the Trust or the Trustees.

 

Section 6.7 Counterpart
Execution. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together
shall constitute one agreement.

 

[Signature page follows.]

 

    7

     

    

 

IN WITNESS WHEREOF,
each of the Parties has caused this Agreement to be executed the day and year first above written.

 

	TEXAS PACIFIC LAND TRUST
	 
	By:	 	 
	 	Name:  	John R. Norris III	 
	 	Title:	Trustee	 
	 	 	 
	By:	 	 
	 	Name:	 David E. Barry	 
	 	Title:	Trustee	 

 

[Signature Page to Contribution Agreement]

 

     

     

    

 

	TEXAS PACIFIC LAND CORPORATION
	 	 	 
	By:	      	 
	 	Name: 	[●]	 
	 	Title:	 [●]	 

 

[Signature Page to Contribution Agreement] 

 

     

     

    

 

APPENDIX A

 

DEFINITION OF TERMS

 

Introductory Note
Regarding Construction. Whenever the context requires, the gender of all words used in this Agreement includes the masculine,
feminine and neuter and terms defined in the singular have the corresponding meanings in the plural, and vice versa. Except as
this Agreement otherwise specifies, all references herein to any law, are references to that law (and any rules and regulations
promulgated thereunder), as the same may have been amended. The word “includes” or “including” means “including,
but not limited to,” unless the context otherwise requires. The words “shall” and “will” are used
interchangeably and have the same meaning. The words “this Agreement,” “hereof,” “hereby,”
“herein,” “hereunder” and similar terms in this Agreement refer to this Agreement as a whole and not any
particular Section or Article in which such words appear. If a word or phrase is defined, its other grammatical forms have a corresponding
meaning. Whenever this Agreement refers to a number of days, such number shall refer to calendar days unless business days are
specified. Time periods within or following which any payment is to be made or an act is to be done shall be calculated by excluding
the day on which the time period commences and including the day on which the time period ends. Unless specifically provided for
in this Agreement, the term “or” shall not be deemed to be exclusive. References to a Person are also to its successors
and/or permitted assigns, if any. All references to currency in this Agreement shall be to, and all payments required under this
Agreement shall be paid in, lawful currency of the United States.

 

Definitions.

 

“Affiliate”
means, as to any specified entity, any other entity that, directly or indirectly through one or more intermediaries or otherwise,
controls, is controlled by or is under common control with the specified entity. For purposes of this definition, “control”
of an entity means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies
of such entity, whether by contract or otherwise.

 

“Agreement”
has the meaning set forth in the preamble.

 

“Code”
has the meaning set forth in Section 5.2(a).

 

“Common Stock”
has the meaning set forth in the recitals.

 

“Contributed
Interests” has the meaning set forth in the recitals.

 

“Contributing
Parties” has the meaning set forth in the recitals.

 

“Contribution”
has the meaning set forth in Section 2.1.

 

“Corporate
Reorganization” has the meaning set forth in the recitals.

 

“Declaration
of Trust” means the Declaration of Trust, dated February 1, 1881, of the Trust.

 

“Effective
Date” has the meaning set forth in the preamble.

 

    Appendix
A-1

     

    

  

“Governmental
Authority” means any federal, state, local, foreign, multi-national, supra-national, national, regional or other governmental
agency, authority, administrative agency, regulatory body, commission, board, bureau, agency, officer, official, instrumentality,
court or arbitral tribunal having governmental or quasi-governmental powers or any other instrumentality or political subdivision
thereof.

 

“Indemnified
Liabilities” has the meaning set forth in Section 4.1(a).

 

“Indemnified
Persons” and “Indemnified Person” has the meaning set forth in Section 4.1(a).

 

“Initial Shares”
has the meaning set forth in the recitals.

 

“Membership
Interests” has the meaning set forth in the recitals.

 

“Organizational
Document” means, with respect to any entity or trust, the legal organizational and governing documents of such entity
or trust, including the declaration of trust, (including the Declaration of Trust), certificate of incorporation, certificate of
formation, certificate of limited partnership, bylaws, declaration of trust, limited liability company agreement, or operating
agreement.

 

“Parties”
and “Party” have the meaning set forth in the preamble.

 

“Person”
means any natural person, business trust, corporation, general partnership, limited partnership, limited liability company, unlimited
liability corporation, proprietorship, other business organization, union, association or Governmental Authority.

 

“Proceeding”
means any actual or threatened claim (including a claim of a violation of applicable law), action, audit, demand, litigation, suit,
proceeding, investigation, grievance, citation, summons, subpoena, inquiry, hearing, originating application to a tribunal, arbitration
or other proceeding at law or in equity or order or ruling, in each case whether civil, criminal, administrative, investigative
or otherwise, whether in contract, in tort or otherwise, and whether or not such claim, action, audit, demand, litigation, suit,
proceeding, investigation grievance, citation, summons, subpoena, inquiry, hearing, originating application to a tribunal, arbitration
or other proceeding or order or ruling results in a formal civil or criminal litigation or regulatory action.

 

“Representative”
means as to any Person, its officers, agents, directors, employees, counsel, accountants, financial advisers and consultants.

 

    Appendix
A-2

     

    

 

“Tax”
means (i) any and all federal, state, provincial, county, local or foreign taxes or levies of any kind and any and all other
like assessments, customs, duties, imposts, charges or fees, including income, gross receipts, ad valorem, value added, excise,
real property, personal property, escheat, asset, sales, use, franchise, license, payroll, transaction, capital, capital gains,
net worth, withholding, estimated, social security, utility, workers’ compensation, severance, disability, wage, employment,
production, unemployment compensation, occupation, premium, windfall profits, transfer, gains, alternative or add-on minimum, stamp,
documentary, recapture, business license, business organization, environmental, profits, lease, or other taxes or other charges
imposed by or on behalf or payable to any Governmental Authority including tax liabilities arising under Treasury Regulation Section 1.1502-6
and any similar provisions from federal, state, local or foreign applicable law, together with any interest, fines, penalties,
assessments, or additions resulting from, attributable to, or incurred in connection with any of the foregoing (whether or not
disputed) and (ii) any transferee or other secondary or non-primary liability or other obligations with respect to any item
in clause (i) above, whether such liability or obligation arises by assumption, operation of law, contract, indemnity, guarantee,
as a successor or otherwise.

 

“Tax Return”
means any return, declaration, report, claim for refund, or information return or statement with respect to any Tax required to
be filed or actually filed with a Governmental Authority, including any schedule or attachment thereto, and including any amendment
thereof.

 

“TPL Corp”
has the meaning set forth in the preamble.

 

“TPL Corp
Issued Shares” has the meaning set forth in Section 3.3.

 

“TPL Holdco”
has the meaning set forth in the recitals.

 

“Transaction
Taxes” has the meaning set forth in Section 5.2(b).

 

“Trust”
has the meaning set forth in the preamble.

 

“Trustees”
has the meaning set forth in the recitals.

 

“Trustees’
Agents” has the meaning set forth in the recitals.

 

    Appendix
A-3

     

    

 

APPENDIX B

AMENDED AND RESTATED BYLAWS OF TPL CORP

 

 

 

 

Appendix

B-1

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