Document:

Exhibit 4.1

     

   
   

    

   
  (Face of Security)

   
  

     

   
  THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO
      AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF.  THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON
      OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

   
  UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
      COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER, OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
      REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH
      AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

   
  THIS SECURITY IS A MASTER GLOBAL SECURITY WITHIN THE MEANING SPECIFIED HEREIN AND REPRESENTS AN INVESTMENT SECURITY WITHIN
      THE MEANING OF ARTICLE EIGHT OF THE UNIFORM COMMERCIAL CODE (“NY UCC”).  THIS SECURITY IS SUBJECT TO AND GOVERNED BY SECTION 8-202 OF THE NY UCC.  THE TERMS OF ANY SUPPLEMENTAL OBLIGATION REPRESENTED HEREBY ARE INCORPORATED BY REFERENCE TO THE
      APPLICABLE PRICING SUPPLEMENT.  BY ACCEPTANCE OF THIS SECURITY, THE HOLDER IS DEEMED TO HAVE KNOWLEDGE OF SUCH TERMS AND TO HOLD SUCH SUPPLEMENTAL OBLIGATION(S) SUBJECT TO AND IN ACCORDANCE WITH SUCH TERMS.

   

    

   
  
    

   
   

    

  ROYAL BANK OF CANADA

   
  Structured Warrants

   
  (Master Global Security)

   
   

    

   
  
    

   
  This security will not constitute a deposit that is insured under the Canada Deposit Insurance Corporation Act or by
      the United States Federal Deposit Insurance Corporation.

    

   
   

    

    
  
    -1-

    
      

  

  ROYAL BANK OF CANADA

   
  Structured Warrants

   
  (Master Global Security)

   
  
    

   
  This Security is a Global Security within the meaning of the Indenture (as
      defined in Section 1 on the reverse hereof) and represents one or more Supplemental Obligations, as such term is defined in the Indenture, of Royal Bank of Canada, a Schedule I bank under the Bank Act (Canada) (hereinafter the “Bank”, which term includes any successor Person under the Indenture).  The terms of each Supplemental Obligation are and will be reflected in this Security, the Bank’s
      prospectus dated October 19, 2018 (as it may be supplemented by the prospectus supplement specified from time to time in the Distribution Agreement, dated October 19, 2018, as it may be supplemented or amended from time to time, the “Prospectus”),

      relating to such Supplemental Obligation, and in pricing supplement(s) identified on Annex A attached hereto (each such pricing supplement, together with the Prospectus and any product-specific prospectus supplement designated therein (if
      applicable), a “Pricing Supplement”), which Pricing Supplement(s) are on file with the Trustee hereinafter referred to.  With respect to each Supplemental Obligation, the description and terms of such
        Supplemental Obligation contained in the applicable Pricing Supplement are hereby incorporated by reference herein and are deemed to be a part of this Security as of the Original Issue Date specified on Annex A.  Each reference to “this
      Security” or a “Security of this series” includes and shall be deemed to refer to each Supplemental Obligation.

   
  With respect to each Supplemental Obligation, every term of this Security is
      subject to modification, amendment, supplementation or elimination through the incorporated terms of the applicable Pricing Supplement, whether or not the phrase “unless otherwise provided in the Pricing Supplement” or language of similar import
      precedes the term of this Security so modified, amended or eliminated.  Without limiting the foregoing, in the case of each Supplemental Obligation, the Holder of this Security is directed to the applicable Pricing Supplement for a description of
      certain terms of such Supplemental Obligation, including the manner of determining the amount of cash payable or (if applicable) securities deliverable upon exercise or expiration, and the amount payable upon any acceleration of such Supplemental
      Obligation.

   
  Terms that are used and not defined in this Security but that are defined in
      the Indenture are used herein as defined therein.

   
  This Security is a “Master Global Security”, which term means a Global Security that provides for
      incorporation therein of the terms of Supplemental Obligations by reference to the applicable Pricing Supplements, substantially as contemplated herein.

   

    

   
  
    

   
  The Bank, for value received, hereby promises to pay to CEDE & Co., as nominee for The Depository Trust Company,
      or registered assigns, on each applicable payment date, the amount of cash or securities with respect to each Supplemental Obligation as specified, and solely if and to the extent so specified, in the applicable Pricing Supplement.

   
   

    

   
  
    -2-

    
      

  

   
  
    
      	1.	
              Manner of Payment – U.S. Dollars

            

    

  

   
  Except as provided in the next paragraph, payments due on any Supplemental Obligation in U.S.
      dollars will be made at the office or agency of the Bank maintained for that purpose in The City of New York (or at any other office or agency maintained by the Bank for that purpose).

   
  Payment of any amount payable on any Supplemental Obligation in U.S. dollars will be made by wire
      transfer of immediately available funds to an account maintained by the payee with a bank located in the Borough of Manhattan, The City of New York, if (i) the original aggregate consideration paid by investors for the securities constituting such
      Supplemental Obligation is at least $1,000,000 and (ii) the Holder entitled to receive such payment transmits a written request for such payment to be made in such manner to the Trustee at its Corporate Trust Office, on or before the fifth Business
      Day before the day on which such payment is to be made.  Any such request made with respect to any payment on such Supplemental Obligation payable to a particular Holder will remain in effect for all later payments on such Supplemental Obligation
      payable to such Holder, unless such request is revoked on or before the fifth Business Day before a payment is to be made, in which case such revocation shall be effective for such and all later payments.  The Bank will pay any administrative costs
      imposed by banks in connection with making payments by wire transfer with respect to this Security, but any tax, assessment or other governmental charge imposed upon any payment will be borne by the Holder of this Security and may be deducted from
      the payment by the Bank or the Paying Agent.

   
  
    
      	2.	
              Manner of Payment – Other Specified Currencies

            

    

  

   
  Payment of any amount payable on any Supplemental Obligation in other than U.S. dollars will be made by wire transfer
      of immediately available funds to such account as is maintained in the applicable currency at a bank or other financial institution acceptable to the Bank and the Trustee and as shall have been designated at least five Business Days prior to the
      applicable payment date by the Person entitled to receive such payment.  Such account designation shall be made by transmitting the appropriate information to the Trustee at its Corporate Trust Office in the Borough of Manhattan, The City of New
      York, by mail, hand delivery, telecopier or in any other manner approved by the Trustee.  Unless revoked, any such account designation made with respect to any Supplemental Obligation by the Holder hereof will remain in effect with respect to any
      further payments with respect to such Supplemental Obligation payable to such Holder.  If a payment in a currency other than U.S. dollars with respect to any Supplemental Obligation cannot be made by wire transfer because the required account
      designation has not been received by the Trustee on or before the requisite date or for any other reason, the Bank will cause a notice to be given to the Holder of this Security at its registered address requesting an account designation pursuant to
      which such wire transfer can be made and such payment will be made within five Business Days after the Trustee’s receipt of such a designation meeting the requirements specified above, with the same force and effect as if made on the due date.  The
      Bank will pay any administrative costs imposed by banks in connection with making payments by wire transfer with respect to this Security, but any tax, assessment or other governmental charge imposed upon any payment will be borne by the Holder of
      this Security and may be deducted from the payment by the Bank or the Paying Agent.

   
   

    

   
  
    -3-

    
      

  

   
  
    
      	3.	
              Manner of Payment – Global Securities

            

    

  

   
  Notwithstanding any provision of an applicable Pricing Supplement or the Indenture, the Bank may
      make any and all payments due on this Security pursuant to the applicable procedures of the Depositary for this Security as permitted in the Indenture.

   
  Reference is hereby made to the further provisions of this Security set forth on the reverse
      hereof, which further provisions shall for all purposes have the same effect as if set forth at this place.

   
  Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by
      manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

   
  

     

   
  
    -4-

    
      

  

  IN WITNESS WHEREOF, the Bank has caused this instrument to be duly executed.

   
  

     

   
  	

        	
          ROYAL BANK OF CANADA

        
	 	 
	
          Dated:  October 19, 2018

        	
          By:

        	
           

          

          
	 	 	
          Name:

        
	 	 	
          Title:

        
	 	 	 
	 	
          By:

        	 

          
	 	 	
          Name:

        
	 	 	
          Title:

        

   
  
     

       

    [Signature Page to Master Warrant]

     

       

  

   
  
    
      

  

  CERTIFICATE OF AUTHENTICATION

   
  This is one of the Securities designated therein referred to in the within-mentioned Indenture.

   
  	
          Dated:  October 19, 2018

        	 
	 	 
	 	
          THE BANK OF NEW YORK MELLON,

        
	 	
          as Trustee

        
	 	 
	 	
          By:

            

        	 
	 	 

        	
          Authorized Signatory

        

   
  

     

   
  
    [Signature Page to Master Warrant]

      
      

         

    

  

   
  
    
      

  

  
  [REVERSE OF SECURITY]

   
  
    
      	1.	
              Securities and the Indenture

            

    

  

   
  This Security is one of a duly authorized issue of securities of the Bank (herein called the
      “Securities”), issued and to be issued in one or more series under a Warrant Indenture, dated as of October 19, 2018 (together, and as it may be amended or supplemented from time to time, the “Indenture,” which term shall have the meaning assigned to
      it in such instrument), between the Bank and The Bank of New York Mellon, as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), and reference is hereby made to the Indenture for a statement of the
      respective rights, limitations of rights, duties and immunities thereunder of the Bank, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered.  In the event of any
      conflict between the Indenture and any Pricing Supplement, the Pricing Supplement shall prevail with respect to the applicable Supplemental Obligation, to the extent lawful.

   
  
    
      	2.	
              Calculation Agent and Exchange Rate Agent

            

    

  

   
  The Bank has initially appointed the institutions named in the applicable Pricing Supplement as
      Calculation Agent or Exchange Rate Agent, as the case may be, to act as such agents with respect to the Supplemental Obligation described in such Pricing Supplement; however, the Bank may, in its sole discretion, appoint any other institution
      (including any Affiliate of the Bank) to serve as any such agent from time to time.  The Bank will give the Trustee prompt written notice of any change in any such appointment.  Insofar as this Security or the applicable Pricing Supplement provides
      for any such agent to obtain rates, quotes or other data from a bank, dealer or other institution for use in making any determination hereunder, such agent may do so from any institution or institutions of the kind contemplated hereby notwithstanding
      that any one or more of such institutions are any such agent, Affiliates of any such agent or Affiliates of the Bank.

   
  All determinations made by the Calculation Agent or the Exchange Rate Agent with regard to a
      Supplemental Obligation may be made by such agent in its sole discretion and, absent manifest error, shall be conclusive for all purposes and binding on the Holder of this Security and the Bank.  Neither the Calculation Agent nor the Exchange Rate
      Agent shall have any liability therefor.

   
  References in this Security to U.S. dollars shall mean, as of any time, the coin or currency that
      is then legal tender for the payment of public and private debts in the United States of America.

   
  References in this Security to the euro shall mean the currency introduced at the start of the
      third stage of European economic and monetary union pursuant to the Treaty on the Functioning of the European Union, as amended.

   
  With respect to any Supplemental Obligation, references in this Security to a particular currency other than U.S.
      dollars and euros shall mean, as of any time, the coin or currency that is then legal tender for the payment of public and private debts in the country issuing such currency on the Original Issue Date for such Supplemental Obligation.

   
   

    

   
  
    -1-

    
      

  

   
  
    
      	3.	
              Redemption at the Option of the Bank

            

    

  

   
  Unless otherwise specified in the applicable Pricing Supplement, a Supplemental Obligation shall
      not be redeemable at the option of the Bank before the Expiration Date stated in the applicable Pricing Supplement.

   
  In the event of redemption of this Global Security in part only, annotation of such partial
      cancellation or redemption shall be made on Annex B.

   
  
    
       

      

      	4.	
              Repayment at the Option of the Holder

            

    

  

   
  A Supplemental Obligation will only be subject to repayment at the option of the Holder as
      provided in the applicable Pricing Supplement.

   
  
    
      	5.	
              [Reserved]

            

    

  

   
  
    
      	6.	
              [Reserved]

            

    

  

   
  
    
      	7.	
              Modification and Waiver

            

    

  

   
  The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the
      modification of the rights and obligations of the Bank and the rights of the Holders of the Supplemental Obligations to be affected under the Indenture at any time by the Bank and the Trustee with the consent of the Holders of a majority of the
      Warrants at the time Outstanding of each Supplemental Obligation to be affected.  The Indenture also contains provisions permitting the Holders of specified percentages at the time Outstanding, on behalf of the all Holders of the applicable
      Supplemental Obligation, to waive compliance by the Bank with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.  Any such consent or waiver by the Holder of this Security shall be conclusive and
      binding upon such Holder and upon all future Holders of this Security and the Persons who are beneficial owners of interests represented hereby, and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu
      hereof, whether or not notation of such consent or waiver is made upon this Security.

   
  
    
      	8.	
              Remedies

            

    

  

   
  As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the right
      to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default
      with respect to a Supplemental Obligation and the Holders of not less than 25% of the number of Warrants represented by such Supplemental Obligation at the time Outstanding shall have made written request to the Trustee to institute proceedings in
      respect of such Event of Default as Trustee and offered the Trustee reasonable indemnity, and the Trustee shall not have received from the Holders of a majority of the number of Warrants represented by a Supplemental Obligation at the time
      Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding, for 90 days after receipt of such notice, request and offer of indemnity.  The foregoing shall not apply to any suit instituted by the
      Holder of this Security for the enforcement of any payment due hereon on or after the respective due dates expressed herein.

    

   
  
    

       

  

   
  
    -2-

    
      

  

  No reference herein to the Indenture and no provision of this Security or of the Indenture shall
      alter or impair the obligation of the Bank, which is absolute and unconditional, to pay the amounts due on this Security at the times, place and rate, and in the coin or currency, herein prescribed.

   
  
    
      	9.	
              Transfer or Exchange

            

    

  

   
  As provided in the Indenture and subject to certain limitations therein set forth, the transfer
      of this Security is registrable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Bank in any place where the payments due on this Security are payable, duly endorsed by, or
      accompanied by a written instrument of transfer in form satisfactory to the Bank and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of like terms, of
      Authorized Denominations and for the same number of Warrants, will be issued to the designated transferee or transferees.

   
  Securities are issuable only in registered form without coupons in “Authorized Denominations”,
      which term shall have the following meaning.  The Authorized Denominations shall be 100 Warrants and integral multiples thereof.  As provided in the Indenture and subject to certain limitations therein set forth, Securities are exchangeable for a
      like number of Warrants exchanged and of like terms of a different Authorized Denomination, as requested by the Holder surrendering the same.

   
  No service charge shall be made for any such registration of transfer or exchange of Securities
      as provided above, but the Bank or the Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.

   
  Prior to due presentment of this Security for registration of transfer, the Bank, the Trustee and
      any agent of the Bank or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Bank, the Trustee nor any such agent shall be affected
      by notice to the contrary.

   
  This Security shall be subject to the provisions of the Indenture relating to Global Securities, including the
      limitations in Section 305 thereof on transfers and exchanges of Global Securities.

   
   

    

   
  
    -3-

    
      

  

   
  This Security is a Master Global Security and may be exchanged at any time, solely upon the
      request of the Bank to the Trustee, for one or more Global Securities representing the same aggregate number of Warrants, each of which may or may not be a Master Global Security, as requested by the Bank.  Each such replacement Global Security that
      is a Master Global Security shall reflect such of the Supplemental Obligations as the Bank shall request.  Each such replacement Global Security that is not a Master Global Security shall represent one (and only one) Supplemental Obligation as
      requested by the Bank, and such Global Security shall be appropriately modified so as to reflect the terms of such Supplemental Obligation.

   
  
    
      	10.	
              Defined Terms

            

    

  

   
  All terms used in this Security that are defined in the Indenture shall have the meanings
      assigned to them in the Indenture.

   
  
    
      	11.	
              Governing Law

            

    

  

   
  Except as otherwise provided in the Indenture, this Security and the Indenture shall be governed by and construed in
      accordance with the laws of the State of New York.

   
  

     

   
  
    -4-

    
      

  

  
  
    
      ANNEX A

    

  

  	
          
            Pricing

            Supplement

            (Name and/or

            Accession

            Number)

          

        	 	
          
            CUSIP Number

            and Title of

            Supplemental

            Obligation

          

        	 	
          
            Number of

            Warrants

            Represented by

            Supplemental

            Obligation

          

        	 	
          
            Original

            Issue Date

          

        	 	
          
            Decrease

            in

            Number

            of

            Warrants

          

        	 	
          
            Increase in

            Number of

            Warrants

          

        	 	
          
            Effective

            Date of

            Increase or

            Decrease

          

        	 	
          
            Trustee

            Notation

          

        

    

  
    A-1

    
      

  

  
  
    ANNEX B

  

  SCHEDULE OF EXCHANGES OF SUPPLEMENTAL OBLIGATIONS

   
  The following exchanges of a part of this Global Security for physical certificates or a part of another Global Security have
      been made:

   

  

  	
          
            Date of

            Exchange

          

        	 	
          
            Amount of

            Decrease

            in Number of

            Warrants

            Represented

            by this Global

            Security

          

        	 	
          
            Amount of

            Increase

            in Number of

            Warrants

            Represented

            by this Global

            Security

          

        	 	
          
            Number of

            Warrants

            Represented

            by

            this Global

            Security

            Following such

            Decrease (or

            Increase)

          

        	 	
          
            Signature of

            Authorized

            Officer of

            Trustee

          

        

   
  

     

   
  
    B-1

    
      

  

  ABBREVIATIONS

   
  The following abbreviations, when used in the inscription on the face of this instrument, shall
      be construed as though they were written out in full according to applicable laws or regulations:

   
  	
          TEN COM –

            

        	as tenants in common	
          UNIF GIFT MIN ACT ______ Custodian _______

        
	
          TEN ENT -

            

        	as tenants by the entireties	
          (Cust)                          (Minor)

        
	
          JT TEN -

            

        	as joint tenants with right 

          	 

        	
          Under Uniform Gifts to Minors Act

        	 
	 

           	of survivorship and not as	 

           	 	 
	 

           	tenants in common	
          

             

        	
          (State)

        	 

   

  

    
  Additional abbreviations may also be used though not in the above list.

   

    

  
  
 
  

  

  ASSIGNMENT

   
  
 
  

  

  FOR VALUE RECEIVED, the undersigned hereby

  sell(s), assign(s) and transfer(s) unto

   
  PLEASE INSERT SOCIAL SECURITY

   
  OR OTHER IDENTIFYING NUMBER OF

   
  ASSIGNEE

   

    

   
  
 
  

  

  
    

   
  PLEASE PRINT OR TYPE NAME AND ADDRESS

   
  INCLUDING ZIP CODE OF ASSIGNEE

   
  

   

  

   
  the within Security and all rights thereunder, hereby irrevocably constituting and appointing

   
    	
             

          	attorney	
             

          

  

    
  to transfer said Security on the books of the Bank, with full power of substitution in the
      premises.

   
  	
          Date:

            

        	  

        	      

        	 	
          By:

        	  

        	  

        
	 	 	 	
          Notice: The signature to this assignment must correspond with the name as written upon the face of the within
              instrument in every particular, without alteration or enlargement or any other change whatever.Exhibit 4.1

 

THIS WARRANT AND THE SECURITIES ISSUABLE
UPON THE EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITES ACT OF 1933, AS AMENDED, AND HAVE BEEN ACQUIRED FOR INVESTMENT
AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISTRIBUTION MAY BE EFFECTED WITHOUT
AN EFFECTIVE REGISTRATION STATEMENT RELATED THERTO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION
IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.

 

WARRANT TO PURCHASE ORDINARY SHARES

 

P.V. Nano Cell Ltd., an Israeli
Company (the “Company”) hereby grants to GTRIMG Investments Ltd. (the “Holder”), the right
to purchase from the Company the number of Ordinary Shares of the Company, nominal value NIS 0.01 (the “Ordinary Shares”)
calculated as described below, subject to the terms and conditions set forth below, at any time on or before the expiration of
the Term (as defined below). This Warrant is one of a series of warrants (collectively with this Warrant, the “Warrants”)
issued or to be issued by the Company pursuant to that certain Convertible Loan Agreement (the “CLA”), dated
October 10, 2018, among the Company and the Holder.

 

Definitions. Capitalized terms used
and not otherwise defined herein shall have the meanings set forth in the CLA.

 

		1.	Number of Ordinary Shares Available for Purchase. 

This Warrant
may be exercised to purchase such number of Company’s Ordinary Shares not to exceed a number that is equal to US$5 million
divided by the exercise price per each Ordinary Share is as set forth in Section 2 below (the “Warrant Shares”).
This Warrant will enter into effect only following the transfer to the Company by the Holder of the Principal Loan Amount pursuant
to the terms of the CLA (“Effective Date”).

 

		2.	Exercise Price

The exercise
price for each Warrant Share purchasable hereunder shall be calculated as follows, but in no event shall fall below US$0.17 (the
“Exercise Price”):

 

“EP”
– shall mean the Exercise Price

 

“EPR”
– shall mean the Exercise Price Ratio

 

“Closing
NAV” – shall mean the Total Shareholders’ Equity, as recorded in the most recent audited financial statements of
the Company reported by the Company prior to the Closing Date (as defined in the CLA), i.e. [USD $, 2,802,720 as per the 2017 audited
financial statements].

 

“Exercise
NAV” – shall mean the Total Shareholders’ Equity, as recorded in the most recent audited financial statements of
the Company reported by the Company prior to the notice of exercise.

 

It is agreed that the funds transferred
pursuant to the CLA and the exercise of this Warrant shall not have any effect on the Exercise NAV and any such effect shall be
disregarded.

 

     

     

    

 

“NI”
– additional cash equity invested in the Company after the Closing Date (as defined in the CLA) and prior to the Exercise
Date which was included in the most recent audited financial statements of the Company reported by the Company prior to the Notice
of Exercise, provided that any changes in the Shareholders Equity due to other transactions which are not cash investments, i.e.
changes due to merger, share swap, sale of assets etc. shall not be deducted under the NI.

 

EPR
= (Exercise NAV – NI) / Closing NAV

 

And

 

EP=
$0.27 X EPR (but not less than US$0.17).

 

It is hereby
clarified that the Exercise Price may be reduced in the event of an Event of Default Special Penalty as described in the CLA.

 

		3.	Term

This Warrant
may be exercised, in whole or in part, during the period beginning on the Effective Date hereof and ending on the earlier of:
(i) the Warrant Exercise Period; or (ii) an IPO (as such terms are defined in the CLA) (the “Warrant Term”).

 

		4.	Exercise of Warrant

This Warrant
may be exercised in whole or in part on one or more occasions during the Warrant Term. The Warrant may be exercised by delivery
to the Company of a duly executed copy of the Notice of Exercise Form enclosed hereto as Annex A, with
exercise date which shall be no earlier than 7 days from the date of receipt of notice by the Company. No fractions of shares will
be issued. The number of Ordinary Shares issued shall be rounded to the nearest whole number.

 

Notwithstanding
anything herein to the contrary (although the Holder may surrender the Warrant to, and receive a replacement Warrant from, the
Company), 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) business 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 Form within
three (3) business days of delivery of such notice.

 

		a.	Exercise for Cash. This warrant may only be exercised for cash. To exercise for cash, the
Notice of Exercise must be accompanied by payment in full of the amount of the aggregate Exercise Price of the Warrant Shares being
purchased upon such exercise in immediately available funds (check or wire transfer).

 

    	 	- 2 -	 

     

    

 

		b.	Issuance of Shares on Exercise. The Company agrees that the Warrant Shares so purchased
shall be issued as soon as practicable thereafter, and that the Holder shall be deemed the record owner of such Warrant Shares
as of and from the close of business on the date on which this Warrant shall be surrendered, together with payment in full as required
above.

 

		c.	Conditional Exercise.In connection with a sale of all or substantially all of the Company’s
assets or shares to, or the merger or consolidation of the Company with or into, another person or entity or the initial public
offering of the Company’s shares, such exercise may be made conditional upon the completion of such transaction. The
Company undertakes to provide prior written notice to the Holder of any such event detailing all relevant information at least
thirty (30) days prior to such event subject to execution of a non-disclosure agreement with respect to any nonpublic information.

 

		d.	Delivery to Holder. As soon as practicable after the exercise of this Warrant in whole or
in part, the Company shall, as soon as practicable thereafter instruct its transfer agent to issue and deliver to the Holder, a
certificate or certificates (physical or electronic as requested by the Holder) for the number of Warrant Shares to which the Holder
is entitled upon such exercise subject to the required legends, if any, relating to the securities laws and any restrictions thereunder
or any legends required by agreement.

 

		5.	Warrant Confers No Rights of Shareholder

Except as
otherwise set forth in this Warrant, the Holder shall not have any rights as a shareholder of the Company with regard to the Warrant
Shares prior to actual exercise resulting in the purchase of any Warrant Shares.

 

		6.	Adjustment of Warrant Price and Number of Warrant
Shares

The number
and kind of securities purchasable initially upon the exercise of this Warrant and the Exercise Price shall be subject to adjustment
from time to time upon the occurrence of certain events, as follows:

 

		a.	Adjustment for Shares Splits and Combinations If the Company at any time or from
time to time effects a subdivision of the outstanding Ordinary Shares, the number of Ordinary Shares issuable upon exercise of
this Warrant immediately before the subdivision shall be proportionately increased, and conversely, if the Company at any time
or from time to time combines the outstanding Ordinary Shares, the number of Ordinary Shares issuable upon exercise of this Warrant
immediately before the combination shall be proportionately decreased. Any adjustment under this Section 6(a) shall become effective
at the close of business on the date the subdivision or combination becomes effective.

 

		b.	Reorganization, Mergers, Consolidations or Sales of Assets If at any time from time
to time there is a capital reorganization of the Ordinary Shares (other than a recapitalization, subdivision, combination, reclassification
or exchange of shares provided for elsewhere in this Subsection) or a merger or consolidation of the Company with or into another
corporation, or the sale of all or substantially all of the Company’s properties and assets to any other person, then, as
a part of such reorganization, merger, consolidation or sale, provision shall be made so that the Holder shall thereafter be entitled
to receive upon exercise of this Warrant, the number of shares or other securities or property of the Company, or of the successor
corporation resulting from such merger or consolidation or sale, to which a holder of Ordinary Shares deliverable upon conversion
would have been entitled on such capital reorganization, merger, consolidation or sale. In any such case (except to the extent
any cash or property is received in such transaction), appropriate adjustment shall be made in the application of the provisions
of this Subsection and the Company’s Articles of Association with respect to the rights of the Holder after the reorganization,
merger, consolidation or sale to the end that the provisions of this Subsection and the Company’s Articles of Association
(including adjustment of the number of shares of Ordinary Shares issuable upon exercise of this Warrant) shall be applicable after
that event and be as nearly equivalent to the provisions hereof as may be practicable.

 

    	 	- 3 -	 

     

    

 

		e.	Other Transactions. If at any time the Company shall issue shares to its shareholders
as a result of a split-off, spin-off or the like, then the Company shall give the Holder written notice by registered or certified
mail, postage prepaid, of the date of which such split-off, spin-off or the like shall take place. Such notice shall be given at
least 14 (fourteen) days prior to the action in question and not less than 14 (fourteen) days prior to the record date in respect
thereto.

 

		f.	General Protection. The Company will not, by amendment of its Articles of Association
or through any reorganization, recapitalization, 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 to be observed or performed
hereunder, or impair the economic interest of the Holder, but will at all times in good faith assist in the carrying out of all
the provisions hereof and in taking of all such actions and making all such adjustments as may be necessary or appropriate in order
to protect the rights and the economic interests of the Holder against impairment.

 

		g.	Notice of Capital Changes. If at any time the Company shall offer for subscription
pro rata to the holders of Ordinary Shares any additional shares of any class, other rights or any equity security of any
kind, or there shall be any capital reorganization or reclassification of the capital shares of the Company, or consolidation or
merger of the Company with, or sale of all or substantially all of its assets to another company or there shall be a voluntary
or involuntary dissolution, liquidation or winding up of the Company, or other transaction described in this Section 6, then, in
any one or more of said cases, the Company shall give the Holder written notice, by registered or certified mail, postage prepaid,
of the date on which (i) a record shall be taken for such subscription rights or (ii) such reorganization, reclassification, consolidation,
merger, sale, dissolution, liquidation or winding up shall take place, as the case may be. Such notice shall also specify the date
as of which the holders of record of Ordinary Shares shall participate in such subscription rights, or shall be entitled to exchange
their Ordinary Shares for securities or other property deliverable upon such reorganization, reclassification, consolidation, merger,
sale, dissolution, liquidation or winding up, as the case may be. Such written notice shall be given at least thirty (30) days
prior to the action in question and not less than thirty (30) days prior to the record date in respect thereto.

 

    	 	- 4 -	 

     

    

 

		h.	Adjustment of Exercise Price. Upon each adjustment in the number of Ordinary Shares
purchasable hereunder, the Exercise Price shall be proportionately increased or decreased, as the case may be, in a manner that
is the inverse of the manner in which the number of Ordinary Shares purchasable hereunder shall be adjusted.

 

		i.	Notice of Adjustments. Whenever the Exercise Price or the number of Ordinary Shares
purchasable hereunder shall be adjusted pursuant to Section 6 hereof, the Company shall prepare a certificate signed by the chief
executive officer or the chief financial officer of the Company setting forth, in reasonable detail, the event requiring the adjustment,
the amount of the adjustment, the method by which such adjustment was calculated, and the Warrant Price and the number of Ordinary
Shares purchasable hereunder after giving effect to such adjustment, and shall cause copies of such certificate to be sent to the
Holder.

 

		7.	Transferability.

This Warrant
may be sold, transferred, assigned or hypothecated by the Holder in accordance with all applicable securities laws. The Holder
shall provide written notice of any such transfer to the Company.

 

		8.	Unregistered Security.

Each holder
of this series of Warrants acknowledges that this Warrant and the Warrant Shares have not been registered under the Securities
Act, and agrees not to sell, pledge, distribute, offer for sale, transfer or otherwise dispose of this Warrant and any Warrant
Shares issued upon its exercise in the absence of (i) an effective registration statement under the Securities Act as to this
Warrant and such Warrant Shares and registration or qualification of this Warrant and such Warrant Shares under any applicable
U.S. federal or state securities law then in effect, or (ii) an opinion of counsel, reasonably satisfactory to the Company, that
such registration and qualification are not required.

 

		9.	Shares Fully Paid.

The Company
covenants and agrees that all Warrant Shares the Ordinary Shares which may be issued upon the exercise of the rights represented
by this Warrant will, upon issuance, be duly authorized, validly issued, fully paid and nonassessable and free from all preemptive
rights of any stockholder and free of all liens and charges with respect to the issue thereof. The Company will assure that such
Warrant Shares and the Ordinary Shares to be issued as provided herein shall be issued without violation of any applicable law
or regulation. The Company shall register under U.S. securities laws the shares issuable upon exercise hereof as set forth in
the CLA;

 

    	 	- 5 -	 

     

    

 

		10.	Replacement of Warrants.

Upon receipt
of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and (in the case
of loss, theft or destruction) upon delivery of an indemnity agreement (with surety if reasonably required) in an amount reasonably
satisfactory to the Company, or (in the case of mutilation) upon surrender and cancellation of this Warrant, the Company will
issue, in lieu thereof, a new Warrant of like tenor.

 

		11.	Mailing of Notices.

Any notice
required or permitted pursuant hereto shall be made in accordance with the terms of the CLA.

 

		12.	Tax Withholding.

If the Company
is required to withhold tax at source in connection with the issuance of Warrant Shares upon exercise of the Warrant, then as a
condition to the issuance of the Warrant Shares the Holder shall provide the Company with an appropriate tax withholding exemption
or applicable tax payment.

 

		13.	Applicable Law; Jurisdiction

This Warrant
shall be governed by and construed in accordance with the laws of the State of Israel as applicable to contracts between two residents
of the State of Israel entered into and to be performed entirely within the State of Israel. Any dispute arising under or in relation
to this Warrant shall be resolved exclusively in the competent court for Haifa district, and each of the parties hereby submits
irrevocably to the exclusive jurisdiction of such court.

 

		14.	Headings

The heading
of this Warrant have been inserted as a matter of convenience only and shall not have any other effect thereon.

 

Dated: October
10, 2018

 

	 	

	By:	P.V. Nano Cell Ltd.	 
	Name:	Fernando de la Vega	 
	Title:	CEO	 

 

	Confirmed and accepted:	 
	 	 
	 	 

	GTRIMG Investments Ltd.	 
	 	 	 
	Name:	 	 
	Title:	 	 
	Date:	 	 
	Address:	 	 

 

    	 	- 6 -	 

     

    

Exhibit A

NOTICE OF EXERCISE

 

To:P.V. NANO CELL
LTD.

 

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

 

(2)Payment shall
take the form in lawful money of the United States;

 

(3)Please issue
a certificate or certificates representing said Warrant Shares in the name of the undersigned.

 

(4)In exercising
this Warrant, the undersigned hereby confirms and acknowledges that the shares of Ordinary Shares are being acquired solely for
the account of the undersigned and not as a nominee for any other party, or for investment, and that the undersigned will not offer,
sell or otherwise dispose of any such shares of Ordinary Shares except under circumstances that will not result in a violation
of the Securities Act of 1933, as amended, or any state securities laws.

 

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: _______________________________________________________________

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