Document:

CounterPath Corporation - Exhibit 10.25 - Filed by newsfilecorp.com

UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF
THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE OCTOBER 15, 2011. 

WITHOUT PRIOR WRITTEN APPROVAL OF THE EXCHANGE AND
COMPLIANCE WITH ALL APPLICABLE SECURITIES LEGISLATION, THE SECURITIES
REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD, TRANSFERRED, HYPOTHECATED OR
OTHERWISE TRADED ON OR THROUGH THE FACILITIES OF THE TSX VENTURE EXCHANGE OR
OTHERWISE IN CANADA OR TO OR FOR THE BENEFIT OF A CANADIAN RESIDENT UNTIL
OCTOBER 15, 2011. 

THESE WARRANTS AND THE SECURITIES ISSUABLE UPON EXERCISE OF
THESE WARRANTS HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE “1933 ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT OR PURSUANT
TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE
REGISTRATION REQUIREMENTS OF THE 1933 ACT AND IN ACCORDANCE WITH APPLICABLE
STATE SECURITIES LAWS. IN ADDITION, HEDGING TRANSACTIONS INVOLVING THE
SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE 1933 ACT. THESE
WARRANTS MAY NOT BE EXERCISED BY OR ON BEHALF OF A U.S. PERSON OR PERSON IN THE
UNITED STATES UNLESS THE SECURITIES ISSUABLE UPON EXERCISE OF THESE WARRANTS
HAVE BEEN REGISTERED UNDER THE 1933 ACT AND THE APPLICABLE SECURITIES
LEGISLATION OF ANY SUCH STATE OR AN EXEMPTION FROM SUCH REGISTRATION
REQUIREMENTS IS AVAILABLE. “UNITED STATES” AND “U.S. PERSON” ARE AS DEFINED BY
REGULATION S UNDER THE 1933 ACT. 

BROKER WARRANTS 
TO PURCHASE COMMON SHARES OF

COUNTERPATH CORPORATION 

  (subsisting under the laws of Nevada) 

            THIS
CERTIFIES that, for value received, z is the registered holder (the
“holder”) of z broker warrants (each a “Broker Warrant” and
collectively, the “Broker Warrants”). Each Broker Warrant shall entitle
the holder, subject to the terms and conditions set forth in this certificate or
by a replacement certificate (in either case, this “Broker Warrant
Certificate”), to acquire from CounterPath Corporation (the
“Corporation”) one (1) fully paid and non-assessable common share of the
Corporation (a “Broker Share”) until 4:00 p.m. (Vancouver time) on
December 14, 2012 (the “Time of Expiry”) on payment of $1.75 per Broker
Share (the “Exercise Price”). This Broker Warrant is issued under the
agency agreement dated June 14, 2011 between the Corporation, National Bank
Financial Inc. and Canaccord Genuity Corp, acting as the agents (the
“Agency Agreement”). 

	1. 	
      Exercise of Broker Warrants.

	 	 	 
		(1) 	
      Election to Purchase. The rights evidenced by this
      Broker Warrant Certificate may be exercised by the holder in whole or in
      part at any time commencing on the date hereof and continuing up to the
      Time of Expiry and in accordance with the provisions hereof by delivery of
      an election to exercise in substantially the form attached hereto as
      Exhibit “1” (“Election to Exercise”), properly completed and
      executed, together with payment of the Exercise Price for the number of
      Broker Shares specified in the Election to Exercise at the head office of
      the Corporation c/o Suite 300, One Bentall Centre, 505 Burrard Street,
      Vancouver, BC V7X 1M3 or such other address in Canada as may be notified
      in writing by the Corporation. In the event that the rights evidenced by
      this Broker Warrant Certificate are exercised in part, the Corporation
      shall, contemporaneously with the issuance of the Broker Shares issuable
      on the exercise of the Broker Warrants so exercised, issue to the holder
      Broker Warrants on identical terms in respect of that number of Broker
      Shares in respect of which the holder has not exercised the rights
      evidenced by this Broker Warrant Certificate.

	 	 	 
		(2) 	
      Exercise. The Corporation shall, as of the date it
      receives a duly executed Election to Exercise and a certified cheque or
      bank draft payable to the Corporation for the aggregate Exercise Price for
      the number of Broker Shares specified in the Election to Exercise (the
      “Exercise Date”), issue that number of Broker Shares specified in
      the Election to Exercise as fully paid and non- assessable common shares
      in the capital of the Corporation.

	 	 	 
		(3) 	
      Certificates. As promptly as practicable after the
      Exercise Date and, in any event, within three (3) business days of the
      Exercise Date, the Corporation shall issue and deliver (or cause to be
      delivered) to the holder, registered in such name or names as the holder
      may direct or if no such direction has been given, in the name of the
      holder, certificates for the number of Broker Shares specified in the
      Election to Exercise. To the extent permitted by law, such exercise shall
      be deemed to have been effected as of the close of business on the
      Exercise Date, and at such time the rights of the holder with respect to
      the number of Broker Warrants which have been exercised as such shall
      cease, and the person or persons in whose name or names any certificate or
      certificates for Broker Shares shall then be issuable upon such exercise
      shall be deemed to have become the holder or holders of record of the
      Broker Shares represented thereby.

	 	 	 
		(4) 	
      Fractional Shares. To the extent that the holder
      of a Broker Warrant is entitled to receive on the exercise or partial
      exercise thereof a fraction of a Broker Share, such right may only be
      exercised in respect of such fraction in combination with another Broker
      Warrant or other Broker Warrants which in the aggregate entitle the holder
      to receive a whole number of Broker Shares. If a holder is not able to, or
      elects not to, combine Broker Warrants so as to be entitled to acquire a
      whole number of Broker Shares, the holder shall not be entitled to any
      compensation or other right in lieu of fractional Broker
  Shares.

	2. 	
      Anti-Dilution Protection.

	 	 	 	 	 
		(1) 	
      Definitions. For the purposes of this section 2,
      unless there is something in the subject matter or context inconsistent
      therewith, the words and terms defined below shall have the respective
      meanings specified therefor in this subsection:

	 	 	 	 	 
			(a) 	
      “Adjustment Period” means the period commencing on
      the date hereof and ending at the Time of Expiry;

	 	 	 	 	 
			(b) 	
      “Agency Agreement” means the agency agreement
      dated June 14, 2011 between National Bank Financial Inc. and Canaccord
      Genuity Corp., acting as agents, and the Corporation;

	 	 	 	 	 
			(c) 	
      “Common Share” means a common share in the capital
      of the Corporation as constituted on the date hereof;

	 	 	 	 	 
			(d) 	
      “Current Market Price” at any date, means the
      weighted average of the sale prices per Common Share at which the Common
      Shares have traded on the TSX Venture Exchange, or, if the Common Shares
      in respect of which a determination of current market price is being made
      are not listed thereon, on such stock exchange on which such shares are
      listed as may be selected for such purpose by the directors, or, if the
      Common Shares are not listed on any stock exchange, then on the
      over-the-counter market, for any 20 consecutive trading days selected by
      the Corporation commencing not later than 30 trading days and ending no
      later than 5 trading days before such date; provided, however, if such
      Common Shares are not traded during such 30 day period for at least 20
      consecutive trading days, the simple average of the following prices
      established for each of 20 consecutive trading days selected by the
      Corporation commencing not later than 30 trading days and ending no later
      than 5 trading days before such date:

	 	 	 	 	 
				(i) 	
      the average of the bid and ask prices for each day on
      which there was no trading, and

	 	 	 	 	 
				(ii) 	
      the closing price of the Common Shares for each day that
      there was trading,

or in the event that at any date the
Common Shares are not listed on any exchange or on the over-the-counter market,
the current market price shall be as determined by the directors or such firm of
independent chartered accountants as may be selected by the directors acting
reasonably and in good faith in their sole discretion; for these purposes, the
weighted average price for any period shall be determined by dividing the
aggregate sale prices during such period by the total number of Common Shares
sold during such period;

	 	(e) 	
      “director” means a director of the Corporation for
      the time being and, unless otherwise specified herein, a reference to
      action “by the directors” means action by the directors of the
      Corporation as a board or, whenever empowered, action by the executive
      committee of such board; and

	 	 	 
	 	(f) 	
      “trading day” with respect to a stock exchange or
      over-the-counter market means a day on which such stock exchange or market
      is open for business.

	 	(2) 	
      Adjustments. The Exercise Price and the number of
      Broker Shares issuable to the holder upon exercise of the Broker Warrants
      shall be subject to adjustment from time to time in the events and in the
      manner provided as follows:

	 	 	 	 	 
	 		(a) 	
      If at any time during the Adjustment Period the
      Corporation shall:

	 	 	 	 	 
	 			(i) 	
      fix a record date for the issue of, or issue, Common
      Shares to the holders of all or substantially all of the outstanding
      Common Shares by way of a stock dividend;

	 	 	 	 	 
	 			(ii) 	
      fix a record date for the distribution to, or make a
      distribution to, the holders of all or substantially all of the Common
      Shares payable in Common Shares or securities exchangeable for or
      convertible into Common Shares;

	 	 	 	 	 
	 			(iii) 	
      subdivide the outstanding Common Shares into a greater
      number of Common Shares; or

	 	 	 	 	 
	 			(iv) 	
      consolidate the outstanding Common Shares into a lesser
      number of Common Shares;

(any of such events in subclauses (i),
(ii), (iii) and (iv) above being herein called a “Common Share
Reorganization”), the Exercise Price shall be adjusted on the earlier of the
record date on which holders of Common Shares are determined for the purposes of
the Common Share Reorganization and the effective date of the Common Share
Reorganization to the amount determined by multiplying the Exercise Price in
effect immediately prior to such record date or effective date, as the case may
be, by a fraction: 

	 	(A) 	
      the numerator of which shall be the number of Common
      Shares outstanding on such record date or effective date before giving
      effect to such Common Share Reorganization;
and

	 	(B) 	
      the denominator of which shall be the number of Common
      Shares which will be outstanding immediately after giving effect to such
      Common Share Reorganization (including in the case of a distribution of
      securities exchangeable for or convertible into Common Shares the number
      of Common Shares that would be outstanding had such securities all been
      exchanged for or converted into Common Shares on such
  date).

	 		
      To the extent that any adjustment in the Exercise Price
      occurs pursuant to this clause 2(2)(a) as a result of the fixing by the
      Corporation of a record date for the distribution of securities
      exchangeable for or convertible into Common Shares, the Exercise Price
      shall be readjusted immediately after the expiry of any relevant exchange
      or conversion right to the Exercise Price which would then be in effect
      based upon the number of Common Shares actually issued and remaining
      issuable after such expiry and shall be further readjusted in such manner
      upon the expiry of any further such right.

	 	 	 
	 	(b) 	
      If at any time during the Adjustment Period the
      Corporation shall fix a record date for the issue or distribution to the
      holders of all or substantially all of the outstanding Common Shares, of
      rights, options or warrants pursuant to which such holders are entitled,
      during a period expiring not more than forty-five (45) days after the
      record date for such issue (such period being the “Rights Period”),
      to subscribe for or purchase Common Shares or securities exchangeable for
      or convertible into Common Shares at a price per share (or in the case of
      securities exchangeable for or convertible into Common Shares at an
      exchange or conversion price per share at the date of issue of such
      securities) of less than ninety-five percent (95%) of the Current Market
      Price of the Common Shares on such record date (any of such events being
      herein called a “Rights Offering”), the Exercise Price shall be
      adjusted effective immediately after the record date for the Rights
      Offering to the amount determined by multiplying the Exercise Price in
      effect on such record date by a fraction:

	 	(i) 	
      the numerator of which shall be the aggregate
  of

	 	(A) 	
      the number of Common Shares outstanding on the record
      date for the Rights Offering; and

	 	 	 
	 	(B) 	
      the quotient determined by
dividing

	 	(I) 	
      either (a) the product of the number of Common Shares
      offered during the Rights Period pursuant to the Rights Offering and the
      price at which such Common Shares are offered, or (b) the product
  of the exchange or conversion price of the securities so
      offered and the number of Common Shares for or into which the securities
      offered pursuant to the Rights Offering may be exchanged or converted, as
  the case may be, by

	 	(II) 	
      the Current Market Price as of the record date for the
      Rights Offering; and

	 	(ii) 	
      the denominator of which shall be the aggregate of the
      number of Common Shares outstanding on such record date and the number of
      Common Shares offered pursuant to the Rights Offering (including in the
      case of the issue or distribution of securities exchangeable for or
      convertible into Common Shares the number of Common Shares for or into
      which such securities may be exchanged or
converted).

	 		
      If by the terms of the rights, options, or warrants
      referred to in this clause 2(2)(b), there is more than one purchase,
      conversion or exchange price per Common Share, the aggregate price of the
      total number of additional Common Shares offered for subscription or
      purchase, or the aggregate conversion or exchange price of the convertible
      or exchangeable securities so offered, shall be calculated for purposes of
      the adjustment on the basis of the lowest purchase, conversion or exchange
      price per Common Share, as the case may be. Any Common Shares owned by or
      held for the account of the Corporation shall be deemed not to be
      outstanding for the purpose of any such calculation. To the extent that
      any adjustment in the Exercise Price occurs pursuant to this clause
      2(2)(b) as a result of the fixing by the Corporation of a record date for
      the issue or distribution of rights, options or warrants referred to in
      this clause 2(2)(b), the Exercise Price shall be readjusted immediately
      after the expiry of any relevant exchange, conversion or exercise right to
      the Exercise Price which would then be in effect based upon the number of
      Common Shares actually issued and remaining issuable after such expiry and
      shall be further readjusted in such manner upon the expiry of any further
      such right.

	 	 	 	 
	 	(c) 	
      If at any time during the Adjustment Period the
      Corporation shall fix a record date for the issue or distribution to the
      holders of all or substantially all of the outstanding Common Shares
      of:

	 	 	 	 
	 		(i) 	
      shares of the Corporation of any class other than Common
      Shares;

	 	 	 	 
	 		(ii) 	
      rights, options or warrants to acquire Common Shares or
      securities exchangeable for or convertible into Common Shares (other than
      rights, options or warrants pursuant to which holders of Common Shares are
      entitled, during a period expiring not more than
forty-five (45) days after the record date for such issue, to
      subscribe for or purchase Common Shares at a price per Common Share (or in
      the case of securities exchangeable for or convertible into Common Shares
      at an exchange or conversion price per share at the date of issue of such
      securities) of at least ninety-five percent (95%) of the Current Market
  Price of the Common Shares on such record date);

	 	(iii) 	
      evidences of indebtedness of the Corporation;
or

	 	 	 
	 	(iv) 	
      any property or assets of the
  Corporation;

and if such issue or distribution does
not constitute a Common Share Reorganization or a Rights Offering (any of such
non-excluded events being herein called a “Special Distribution”), the
Exercise Price shall be adjusted effective immediately after the record date for
the Special Distribution to the amount determined by multiplying the Exercise
Price in effect on the record date for the Special Distribution by a fraction:

	 	(A) 	
      the numerator of which shall be the difference
    between

	 	 	 	 
	 		(I) 	
      the product of the number of Common Shares outstanding on
      such record date and the Current Market Price on such record date,
    and

	 	 	 	 
	 		(II) 	
      the fair value, as determined by the directors of the
      Corporation, to the holders of the Common Shares of the shares, rights,
      options, warrants, evidences of indebtedness or property or assets to be
      issued or distributed in the Special Distribution, and

	 	 	 	 
	 	(B) 	
      the denominator of which shall be the product obtained by
      multiplying the number of Common Shares outstanding on such record date by
      the Current Market Price on such record date.

Any Common Shares owned by or held for
the account of the Corporation shall be deemed not to be outstanding for the
purpose of such calculation. To the extent that any adjustment in the Exercise
Price occurs pursuant to this clause 2(2)(c) as a result of the fixing by the
Corporation of a record date for the issue or distribution of rights, options or
warrants to acquire Common Shares or securities exchangeable for or convertible
into Common Shares referred to in this clause 2(2)(c), the Exercise Price shall
be readjusted immediately after the expiry of any relevant exercise, exchange or
conversion right to the amount which would then be in effect if the fair market
value had been determined on the basis of the number of Common Shares issued and remaining issuable immediately
      after such expiry, and shall be further readjusted in such manner upon the
expiry of any further such right.

	 	(d) 	
      If at any time during the Adjustment Period there shall
      occur:

	 	(i) 	
      a reclassification or redesignation of the Common Shares,
      any change of the Common Shares into other shares or securities or any
      other capital reorganization involving the Common Shares, other than a
      Common Share Reorganization;

	 	 	 
	 	(ii) 	
      a consolidation, amalgamation or merger of the
      Corporation with or into any other body corporate which results in a
      reclassification or redesignation of the Common Shares or a change of the
      Common Shares into other shares or securities; or

	 	 	 
	 	(iii) 	
      the transfer of the undertaking or assets of the
      Corporation as an entirety or substantially as an entirety to another
      corporation or entity;

	 		
      (any of such events being herein called a “Capital
      Reorganization”), after the effective date of the Capital
      Reorganization the holder shall be entitled to receive, and shall accept,
      for the same aggregate consideration, upon exercise of the Broker
      Warrants, in lieu of the number of Broker Shares to which the holder was
      theretofore entitled upon the exercise of the Broker Warrants, the kind
      and aggregate number of shares and other securities or property resulting
      from the Capital Reorganization which the holder would have been entitled
      to receive as a result of the Capital Reorganization if, on the effective
      date thereof, the holder had been the registered holder of the number of
      Broker Shares to which the holder was theretofore entitled to purchase or
      receive upon the exercise of the Broker Warrants. If necessary, as a
      result of any Capital Reorganization, appropriate adjustments shall be
      made in the application of the provisions of this Broker Warrant
      Certificate with respect to the rights and interest thereafter of the
      holder to the end that the provisions of this Broker Warrant Certificate
      shall thereafter correspondingly be made applicable as nearly as may
      reasonably be possible in relation to any shares or other securities or
      property thereafter deliverable upon the exercise of this Broker Warrant
      Certificate.

	 	 	 
	 	(e) 	
      If at any time during the Adjustment Period, any
      adjustment or readjustment in the Exercise Price shall occur pursuant to
      the provisions of clauses 2(2)(a), (b) or (c) hereof, then the number of
      Broker Shares purchasable upon the subsequent exercise of these Broker
      Warrants shall be simultaneously adjusted or readjusted, as the case may
      be, by multiplying the number of Broker Shares purchasable upon the
      exercise of the Broker Warrants immediately prior
to such adjustment or readjustment by a fraction which shall be the reciprocal
of the fraction used in the adjustment or readjustment of the Exercise Price.  

	 	(3) 	
      Rules. The following rules and procedures shall be
      applicable to adjustments made pursuant to subsection 2(2) of this Broker
      Warrant Certificate.

	 	 	 	 
	 		(a) 	
      Subject to the following provisions of this subsection
      2(3), any adjustment made pursuant to subsection 2(2) hereof shall be made
      successively whenever an event referred to herein shall occur.

	 	 	 	 
	 		(b) 	
      No adjustment in the Exercise Price shall be required
      unless the adjustment would result in a change of at least one per cent
      (1%) in the Exercise Price then in effect and no adjustment shall be made
      in the number of Broker Shares purchasable or issuable on the exercise of
      the Broker Warrants unless it would result in a change of at least one
      one- hundredth (1/100) of a Broker Share; provided, however, that any
      adjustments which except for the provisions of this clause 2(3)(b) would
      otherwise have been required to be made shall be carried forward and taken
      into account in any subsequent adjustment. Notwithstanding any other
      provision of subsection 2(2) of this Broker Warrant Certificate, no
      adjustment of the Exercise Price shall be made which would result in an
      increase in the Exercise Price or a decrease in the number of Broker
      Shares issuable upon the exercise of the Broker Warrants (except in
      respect of a consolidation of the outstanding Common Shares).

	 	 	 	 
	 		(c) 	
      If at any time during the Adjustment Period the
      Corporation shall take any action affecting the Common Shares, other than
      an action or an event described in subsection 2(2) hereof, which would
      have a material adverse effect upon the rights of the holder under this
      Broker Warrant Certificate, the Exercise Price and/or the number of Broker
      Shares purchasable under this Broker Warrant Certificate shall be adjusted
      in such manner and at such time as the directors may determine to be
      equitable in the circumstances.

	 	 	 	 
	 		(d) 	
      No adjustment in the Exercise Price or in the number or
      kind of securities purchasable on the exercise of this Broker Warrant
      shall be made in respect of any event described in section 2 hereof if the
      holder is entitled to participate in such event on the same terms
      mutatis mutandis as if the holder had exercised the Broker Warrants
      prior to or on the record date or effective date, as the case may be, of
      such event.

	 	 	 	 
	 		(e) 	
      If the Corporation sets a record date to determine
      holders of Common Shares for the purpose of entitling such holders to
      receive any dividend or distribution or any subscription or purchase
      rights and shall thereafter and before the distribution to such holders of
      any such dividend, distribution or subscription or purchase rights legally abandon its plan
      to pay or deliver such dividend, distribution or subscription or purchase
      rights, no adjustment in the Exercise Price or the number of Broker Shares
      purchasable upon the exercise of the Broker Warrants shall be required by
  reason of the setting of such record date.

	 	(f) 	
      In any case in which this Broker Warrant Certificate
      shall require that an adjustment shall become effective immediately after
      a record date for an event referred to in subsection 2(2) hereof, the
      Corporation may defer, until the occurrence of such
  event:

	 	(i) 	
      issuing to the holder, to the extent that the Broker
      Warrants are exercised after such record date and before the occurrence of
      such event, the additional Broker Shares issuable upon such exercise by
      reason of the adjustment required by such event; and

	 	 	 
	 	(ii) 	
      delivering to the holder any distribution declared with
      respect to such additional Broker Shares after such record date and before
      such event;

	 		
      provided, however, that the Corporation shall deliver to
      the holder an appropriate instrument evidencing the right of the holder,
      upon the occurrence of the event requiring the adjustment, to an
      adjustment in the Exercise Price or the number of Broker Shares
      purchasable upon the exercise of the Broker Warrants and to such
      distribution declared with respect to any such additional Broker Shares
      issuable on this exercise of the Broker Warrants.

	 	 	 
	 	(g) 	
      If a dispute shall at any time arise with respect to any
      adjustment of the Exercise Price or the number of Broker Shares
      purchasable pursuant to this Broker Warrant Certificate, such dispute
      shall be conclusively determined by the auditors of the Corporation or if
      they are unable or unwilling to act by such other firm of independent
      chartered accountants as may be selected by the
  directors.

	 	(4) 	
      Taking of Actions. As a condition precedent to the
      taking of any action which would require an adjustment pursuant to
      subsection 2(2) hereof, the Corporation shall take any action which may,
      in the opinion of counsel, be necessary in order that the Corporation may
      validly and legally issue as fully paid and non- assessable shares all of
      the Broker Shares which the holder is entitled to receive in accordance
      with the provisions of this Broker Warrant Certificate.

	 	 	 
	 	(5) 	
      Notice. At least twenty-one (21) days prior to any
      record date or effective date, as the case may be, for any event which
      requires or might require an adjustment in any of the rights of the holder
      under this Broker Warrant Certificate, including the Exercise Price and
      the number of Broker Shares which are purchasable under
  this Broker Warrant Certificate, the
Corporation shall deliver to the holder a certificate of the Corporation
specifying the particulars of such event and, if determinable, the required
adjustment and the calculation of such adjustment. In case any adjustment for
which a notice under this subsection 2(5) has been given is not then
determinable, the Corporation shall promptly after such adjustment is
determinable deliver to the holder a certificate providing the calculation of
such adjustment. The Corporation hereby covenants and agrees that the register
of transfers and share transfer books for the Common Shares will be open, and
that the Corporation will not take any action which might deprive the holder of
the opportunity of exercising the rights of subscription contained in this
Broker Warrant Certificate, during such twenty-one (21) day period. 

3.         Shares
  to be Reserved.

            The
Corporation will at all times keep available, and reserve, out of its authorized
Common Shares, solely for the purpose of issue upon the exercise of the Broker
Warrants, such number of Common Shares as are then issuable upon the exercise of
the Broker Warrants. The Corporation covenants and agrees that all Common Shares
that are so issuable will, upon issuance, be duly authorized, fully paid and
non-assessable. The Corporation will take such actions as may be reasonably
necessary and as are within its power to ensure that all such Common Shares may
be so issued without violation of any applicable laws or the applicable
requirements of any exchange upon which the Common Shares may be listed or in
respect of which such Common Shares are qualified for unlisted trading
privileges. 

4.         Transferability.

            The
Broker Warrants evidenced hereby are non-assignable, non-transferable and
non-negotiable and may not be exercised by or for the benefit of any person
other than the holder. The holder further acknowledges that the Broker Warrants
represented by this certificate and the Broker Shares issuable upon exercise
hereby may be offered, sold or otherwise transferred only in compliance with all
applicable securities laws. 

5.         Replacement.

             Upon
receipt of evidence satisfactory to the Corporation of the loss, theft,
destruction or mutilation of this Broker Warrant Certificate and, if requested
by the Corporation, upon delivery of a bond of indemnity satisfactory to the
Corporation (or, in the case of mutilation, upon surrender of this Broker
Warrant Certificate), the Corporation will issue to the holder a replacement
certificate (containing the same terms and conditions as this Broker Warrant
Certificate). 

6.         Expiry
  Date.

            The
Broker Warrants shall expire and become null and void at the Time of Expiry.

7.         Time.

            Time
shall be of the essence of this Broker Warrant Certificate. 

8.         Governing
  Law.

            The
laws of the Province of British Colombia and the laws of Canada applicable
therein shall govern the Broker Warrants. 

9.       
 Successor. 

            In
the event the Corporation shall enter into any transaction whereby all or
substantially all of its undertaking, property and assets would become the
property of any other corporation (herein called a “successor
corporation”) whether by way of reorganization, reconstruction,
consolidation, amalgamation, merger, transfer, sale, disposition or otherwise,
contemporaneously with the consummation of such transaction the Corporation and
the successor corporation shall execute such instruments and do such things as,
in the opinion of counsel to the holder acting reasonably, are necessary or
advisable to establish that upon the consummation of such transaction: 

	 	(a) 	
      the successor corporation will have assumed all the
      covenants and obligations of the Corporation under this Broker Warrant
      Certificate, and

	 	 	 
	 	(b) 	
      the Broker Warrants will be a valid and binding
      obligation of the successor corporation entitling the holder, as against
      the successor corporation, to all the rights of the holder under this
      Broker Warrant Certificate.

            Whenever
the conditions of this section 9 shall have been duly observed and performed,
the successor corporation shall possess, and from time to time may exercise,
each and every right and power of the Corporation under this Broker Warrant
Certificate in the name of the Corporation or otherwise and any act or
proceeding by any provision hereof required to be done or performed by any
director or officer of the Corporation may be done and performed with like force
and effect by the like directors or officers of the successor corporation. 

10.        General.

            This
Broker Warrant Certificate is not valid for any purpose whatsoever unless and
until it has been signed by or on behalf of the Corporation. The holding of the
Broker Warrants evidenced by this Broker Warrant Certificate shall not
constitute the holder a shareholder of the Corporation or entitle the holder to
any right or interest in respect thereof except as expressly provided in this
Broker Warrant Certificate. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

            IN
WITNESS WHEREOF the Corporation has caused this Broker Warrant
Certificate to be signed by its duly authorized officer. 

            DATED
as of
the                  
day of June, 2011. 

COUNTERPATH CORPORATION 

 

Per:
____________________________________________
      
Authorized Signatory

EXHIBIT 1 
Election to Exercise 

            TO:   
 COUNTERPATH CORPORATION 

      
     The undersigned hereby irrevocably elects to
exercise the number of Broker Warrants of CounterPath Corporation set out below
for the number of Broker Shares (or other property or securities subject
thereto) as set forth below: 

	 	(a) 	Number of Broker Warrants to be Exercised: 	 
    
	 	 	 	 
	 	(b) 	Number of Broker Shares to be Acquired: 	 
    
	 	 	 	 
	 	(c) 	Exercise Price per Broker Share: 	$1.75
    
	 	 	 	 
	 	(d) 	Aggregate Purchase Price [(b) multiplied by
      (c)]: 	$
  

and hereby tenders a certified cheque or bank draft for such
aggregate purchase price, and directs that the Broker Shares be registered and
certificates therefor to be issued and delivered as directed below. 

The undersigned confirms that, as of the date hereof, the
representations and warranties given by the undersigned in the agency agreement
between Counterpath Corporation, National Bank Financial Inc. and Canaccord
Genuity Corp. dated as of June 14, 2011, remain true and accurate. 

DATED this _____________ day of _____________________, 20
______. 

	 	Per: 	 

	Direction as to Registration 	 
	 	 
	Name of Registered Holder: 	 
	Address of Registered Holder: 	 
	 	 
	Address for Delivery: 	 
	 	 
	Contact Name: 	 
	Contact Telephone:CounterPath Corporation - Exhibit 10.26 - Filed by newsfilecorp.com

WARRANT 

To acquire Common Shares of 

COUNTERPATH CORPORATION 

(incorporated pursuant to the laws of the State of Nevada) 

	Warrant 	Certificate for _________________________
	Certificate No. 	Warrants, each entitling the holder to acquire
      one (1) Common Share 
	  	  
	  	CUSIP 22228P 112 
	  	  
	  	ISIN CA US22228P1122 

THIS IS TO CERTIFY THAT, for value received, 

___________________________________________________________________________________________________________

(the “Warrantholder”) is the registered holder of the
number of common share purchase warrants (the “Warrants”) of CounterPath
Corporation (the “Corporation”) specified above, and is entitled,
on exercise of these Warrants upon and subject to the terms and conditions set
forth herein and in the Warrant Indenture hereinafter referred to, to purchase
at any time before 4 p.m. (Vancouver time) (the “Expiry Time”) on June
14, 2013 (the “Expiry Date”) one fully paid and non-assessable common
share in the capital of the Corporation as constituted on the date hereof (a
“Common Share”) for each Warrant. 

The right to purchase Common Shares may only be exercised by
the holder within the time set forth above by: 

	(a) 	
      duly completing and executing the exercise form (the
      “Exercise Form”) attached hereto; and

	 	 
	(b) 	
      surrendering this warrant certificate (the “Warrant
      Certificate”), with the Exercise Form to the Warrant Agent at the
      principal office of the Warrant Agent, in the city of Vancouver, or such
      other place as may be designated by the Warrant Agent in accordance with
      the Warrant Indenture, together with a certified cheque, bank draft or
      money order in the lawful money of Canada payable to or to the order of
      the Corporation in an amount equal to the purchase price of the Common
      Shares so subscribed for.

The surrender of this Warrant Certificate, the duly completed
Exercise Form and payment as provided above will be deemed to have been effected
only on personal delivery thereof to, or if sent by mail or other means of
transmission on actual receipt thereof by the Warrant Agent at its principal
office as set out above. 

- 2 - 

Subject to adjustment thereof in the events and in the manner
set forth in the Warrant Indenture hereinafter referred to, the exercise price
payable for each Common Share upon the exercise of Warrants shall be $2.25
per Common Share. 

Certificates for the Common Shares subscribed for will be
mailed to the persons specified in the Exercise Form at their respective
addresses specified therein or, if so specified in the Exercise Form, delivered
to such persons at the office where this Warrant Certificate is surrendered. If
fewer Common Shares are purchased than the number that can be purchased pursuant
to this Warrant Certificate, the holder hereof will be entitled to receive
without charge a new Warrant Certificate in respect of the balance of the Common
Shares not so purchased. No fractional Common Shares will be issued upon
exercise of any Warrant. 

This Warrant Certificate evidences Warrants of the Corporation
issued or issuable under the provisions of a warrant indenture (which indenture
together with all other instruments supplemental or ancillary thereto is herein
referred to as the “Warrant Indenture”) dated as of June 14, 2011
between the Corporation and Valiant Trust Company as warrant agent,
to which Warrant Indenture reference is hereby made for particulars of the
rights of the holders of Warrants, the Corporation and the Warrant Agent in
respect thereof and the terms and conditions on which the Warrants are issued
and held, all to the same effect as if the provisions of the Warrant Indenture
were herein set forth, to all of which the holder, by acceptance hereof,
assents. The Corporation will furnish to the holder, on request and without
charge, a copy of the Warrant Indenture.

On presentation at the principal office of the Warrant Agent as
set out above, subject to the provisions of the Warrant Indenture and on
compliance with the reasonable requirements of the Warrant Agent, one or more
Warrant Certificates may be exchanged for one or more Warrant Certificates equal
to the number of Warrants represented by the Warrant Certificate(s) so
exchanged. 

Notwithstanding anything herein contained, Common Shares will
be issued upon the exercise of a Warrant only in compliance with the securities
laws of any applicable jurisdiction, including without limitation the United
States, its commonwealths, territories and possessions, the states of the United
States and the District of Columbia. 

The Warrants represented by this Warrant Certificate and the
Common Shares deliverable upon exercise thereof have not been registered under
the United States Securities Act of 1933, as amended (the “1933 Act”) or the
securities laws of any state of the United States. This Warrant may not be
exercised by, or for the account or benefit of, a person in the United States or
a U.S. Person unless the Common Shares issuable upon exercise of the Warrants
have been registered under the 1933 Act and the applicable securities
legislation of any state of the United States or an exemption from such
registration requirements is available. “United States” and “U.S. Person” shall
have the meaning given to them in Regulation S under the 1933 Act. 

The Warrant Indenture contains provisions for the adjustment of
the price payable for each Common Share upon the exercise of Warrants and the
number of Common Shares issuable upon the exercise of Warrants in the events and
in the manner set forth therein. 

- 3 - 

The Warrant Indenture also contains provisions making binding
on all holders of Warrants outstanding thereunder resolutions passed at meetings
of holders of Warrants held in accordance with the provisions of the Warrant
Indenture and instruments in writing signed by Warrantholders of Warrants
holding a specific majority of the then outstanding Warrants.

Nothing contained in this Warrant Certificate, the Warrant
Indenture or elsewhere shall be construed as conferring upon the holder hereof
any right or interest whatsoever as a holder of Common Shares or any other right
or interest except as herein and in the Warrant Indenture expressly provided. In
the event of any discrepancy between anything contained in this Warrant
Certificate and the terms and conditions of the Warrant Indenture, the terms and
conditions of the Warrant Indenture shall govern. 

This Warrant Certificate will not be valid for any purpose
until it has been countersigned by or on behalf of the Warrant Agent from time
to time under the Warrant Indenture. 

The parties hereto have declared that they have required that
these presents and all other documents related hereto be in the English
language. Les parties aux présentes déclarent qu’elles ont exigé que la présente
convention, de même que tous les documents s’y rapportant, soient rédigés en
anglais. 

IN WITNESS WHEREOF the Corporation has caused this
Warrant Certificate to be duly executed as of June 14, 2011. 

	 	  	 	COUNTERPATH CORPORATION  
	 	 	 	 	 
	 	  	 	By: 	 
	 	  	 	 	Authorized Signatory 
	 	 	 	 	 
	 	 	 	 	 
	Countersigned and Registered by: 	 	By: 	 
	 	 	 	 	 
	VALIANT TRUST COMPANY 	 	 	Authorized Signatory 
	 	 	 	 	 
	By: 	 	 	 	  
	 	Authorized Signatory 	 	 	  
	 	 	 	 	 
	Date:

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