Document:

Exhibit 10.2

 

LANTRONIX, INC. 

2013 EMPLOYEE STOCK PURCHASE PLAN

 

(As Amended and Restated August 9, 2022)

 

1. Purpose. The purpose of the Plan is
to provide employees of Lantronix, Inc. (the “Company”) and its Designated Subsidiaries with an opportunity to purchase
Common Stock of the Company through accumulated payroll deductions. It is the Company’s intention that this 2013 Employee Stock
Purchase Plan (the “Plan”) qualify as an “Employee Stock Purchase Plan” under Section 423 of the Internal
Revenue Code of 1986, as amended. The provisions of the Plan shall, accordingly, be construed so as to extend and limit participation
in a manner consistent with the requirements of that section of the Code. The terms herein that begin with initial capital letters shall
have the defined meaning set forth under Section 2 below, or elsewhere when the term first appears and is defined.

 

This amendment and restatement of the Plan is
effective for Offering Periods beginning on or after the date set forth above (the “Restatement Effective Date”). For
Offering Periods commencing prior to the Restatement Effective Date, refer to the version of the Plan then in effect.

 

2. Definitions.

 

(a) “Authorization Form” shall
mean a form established by the Plan Administrator authorizing payroll deductions, as set forth in Section 6, and containing such other
terms and conditions as the Company from time to time may determine.

 

(b) “Board” shall mean the
Board of Directors of Lantronix, Inc.

 

(c) “Code” shall mean the Internal
Revenue Code of 1986, as amended. References to specific sections of the Code shall be taken to be references to corresponding sections
of any successor statute.

 

(d) “Committee” shall mean
the committee of members of the Board designated as the Committee in Section 14.

 

(e) “Common Stock” shall mean
the common stock of the Company.

 

(f) “Company” shall mean Lantronix,
Inc., or any successor by merger or otherwise, and any Designated Subsidiary of the Company.

 

(g) “Compensation” shall mean
all base gross earnings, commissions, overtime, and shift premium before giving effect to any compensation reductions made in connection
with plans described in section 401(k) or 125 of the Code, but exclusive of payments for any other compensation.

 

(h) “Designated Subsidiary”
shall mean any Subsidiary that has been designated by the Committee from time to time in its sole discretion as eligible to participate
in the Plan.

 

(i) “Employee” shall mean any
individual whom the Company in its discretion classifies as an employee of the Company for tax purposes. For purposes of the Plan, the
employment relationship shall be treated as continuing intact while the individual is on sick leave or other leave of absence approved
by the Company. Where the period of leave exceeds 90 days and the individual’s right to reemployment is not guaranteed either by
statute or by contract, the employment relationship shall be deemed to have terminated on the 91st day of such leave.

 

 

 

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(j) “Enrollment Date” shall
mean, with respect to an Offering Period, the first day of that Offering Period, as determined by the Committee and announced to potential
eligible Employees.

 

(k) “Exercise Date” shall mean,
with respect to an Offering Period, the last day of that Offering Period..

 

(l) “Fair Market Value” shall
mean, as of any date, the value of Common Stock determined as follows:

 

(1) The per share closing price of the Common
Stock as reported on the NASDAQ Stock Market on that date (or if there was no reported closing price on such date, on the last preceding
date on which the closing price was reported);

 

(2) If the Common Stock is not then listed on
the NASDAQ Stock Market, the per share closing price of the Common Stock on such other principal U.S. national securities exchange on
which the Common Stock is listed (or if there was no reported closing price on such date, on the last preceding date on which the closing
price was reported);

 

(3) If the Common Stock is not listed on any
U.S. national securities exchange but is quoted in an inter-dealer quotation system on a last sale basis, the final ask price of the Common
Stock reported on such date (or, if there is no such sale on such date, then on the last preceding date on which a sale was reported);
or

 

(4) If the Common Stock is neither listed on
a U.S. national securities exchange nor quoted on an inter-dealer quotation system on a last sale basis, the Fair Market Value shall be
determined by the Committee in its sole discretion using appropriate criteria.

 

(m) “Offering Periods” shall
mean the period of six (6) consecutive months commencing on each Enrollment Date; provided, however, that the Committee may declare, as
it deems appropriate and in advance of the applicable Offering Period, a shorter (not to be less than three months) Offering Period or
a longer (not to exceed 27 months) Offering Period; and provided, further, that the Committee may provide, as it deems appropriate and
in advance of the applicable Offering Period, that such Offering Period will consist of multiple “purchase periods,” with
an Exercise Date to occur at the end of each such purchase period. In no event will the Enrollment Date for an Offering Period occur on
or before the Exercise Date (or the final Exercise Date, as the case may be) for the immediately preceding Offering Period..

 

(n) “Plan” shall mean this
Lantronix, Inc. 2013 Employee Stock Purchase Plan, as amended from time to time.

 

(o) “Plan Administrator” shall
mean the Committee (or a delegate of the Committee acting within the scope of such delegation).

 

(q) “Purchase Price” shall
mean, with respect to an Offering Period, 85% of the Fair Market Value of a share of Common Stock on the Enrollment Date or on the Exercise
Date for that Offering Period, whichever is lower; provided however, that the Purchase Price may be adjusted pursuant to Section 19; and
provided, further, that the Committee may provide prior to the start of any Offering Period that the Purchase Price for that Offering
Period shall be determined by applying a discount amount (not to exceed 15%) to either (1) the Fair Market Value of a share of Common
Stock on the Enrollment Date of the Offering Period, or (2) the Fair Market Value of a share of Common Stock on the Exercise Date of that
Offering Period, or (3) the lesser of the Fair Market Value of a share of Common Stock on the Enrollment Date of the Offering Period or
the Fair Market Value of a share of Common Stock on the Exercise Date of that Offering Period. Notwithstanding the foregoing, in no event
shall the Purchase Price per share be less than the par value of a share of Common Stock.

 

(s) “Subsidiary” shall mean
a corporation, domestic or foreign, of which not less than 50% of the voting shares are held by the Company or a Subsidiary, whether or
not such corporation now exists or is hereafter organized or acquired by the Company or a Subsidiary.

 

(t) “Trading Day” shall mean
a day on which the NASDAQ Stock Market (or such other principal U.S. national securities exchange on which the Common Stock is then listed)
is open for trading.

 

 

 

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3. Eligibility.

 

(a) All Employees who are employed by the Company
at least one (1) day before a given Enrollment Date shall be eligible to participate in the Plan.

 

(b) Any provisions of the Plan to the contrary
notwithstanding, no Employee shall be granted an option under the Plan (i) to the extent that, immediately after the grant, such Employee
(or any other person whose stock would be attributed to such Employee pursuant to Section 424(d) of the Code) would own capital stock
of the Company and/or hold outstanding options to purchase such stock possessing five percent (5%) or more of the total combined voting
power or value of all classes of the capital stock of the Company or of any parent or subsidiary corporation, or (ii) to the extent that
his or her rights to purchase stock under all employee stock purchase plans of the Company and any parent or subsidiary corporation accrues
at a rate which exceeds Twenty-Five Thousand Dollars ($25,000) worth of stock (determined at the fair market value of the shares at the
time such option is granted) for each calendar year in which such option is outstanding at any time.

 

4. Offering Periods.

 

(a) Offering Period Duration. Unless otherwise
specified by the Committee in advance of the Offering Period, Offering Periods will be of six (6) months duration, commencing on each
November 16 and May 16 after the Restatement Effective Date during the term of the Plan as provided in Section 23 and ending on the following
May 15 and November 15, respectively. Each option granted for a particular Offering Period shall become effective on the Enrollment Date
of that Offering Period. The term of each option shall be the duration of the related Offering Period and shall end on the Exercise Date
of that Offering Period. Offering Periods shall continue until this Plan is terminated in accordance with Section 19 or 20, or if earlier,
until no shares remain available for issuance under the Plan.

 

(b) Individual Share Limit. The Committee
may establish from time to time the maximum number of shares of Common Stock that any one individual may acquire upon exercise of his
or her option with respect to any one Offering Period (the “Individual Limit”); provided, however, that such Individual
Limit shall not be effective earlier than the first Offering Period commencing after the limit is so established by the Committee. The
Individual Limit shall be proportionately adjusted for any Offering Period of less than six months, and may, at the discretion of the
Committee, be proportionately increased for any Offering Period of greater than six months.

 

5. Participation.

 

(a) An Employee may become a participant in the
Plan by completing an Authorization Form and filing it with the Plan Administrator prior to the applicable Enrollment Date (or such earlier
deadline as established by the Committee).

 

(b) Payroll deductions for a participant shall
commence on the first payroll following the Enrollment Date and shall end on the last payroll in the Offering Period to which such authorization
is applicable, unless sooner terminated by the participant as provided in Section 10 hereof.

 

6. Payroll Deductions.

 

(a) At the time a participant files his or her
Authorization Form, he or she shall elect to have payroll deductions made on each payday during the Offering Period in an amount not exceeding
fifteen percent (15%) of the Compensation which he or she receives on each pay day during the Offering Period (or such other percentage
as may be established by the Board or the Committee from time to time in its sole discretion).

 

 

 

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(b) All payroll deductions made for a participant
shall be credited to his or her account under the Plan and shall be withheld in whole percentages only. A participant may not make any
additional payments into such account.

 

(c) A participant may discontinue his or her participation
in the Plan as provided in Section 10 hereof, or may increase or decrease the rate of his or her payroll deductions during the Offering
Period by filing with the Plan Administrator a new Authorization Form authorizing a change in payroll deduction rate. The Board or the
Committee may, in its discretion, limit the number of participation rate changes during any Offering Period. Any such reduction or increase
would be effective beginning with the first Offering Period that begins no earlier than 5 business days after the Plan Administrator’s
receipt of a new Authorization Form from the participant, unless otherwise determined by the Plan Administrator. A participant’s
Authorization Form shall remain in effect for successive Offering Periods unless terminated as provided in Section 10 hereof.

 

(d) Notwithstanding the foregoing, to the extent
necessary to comply with Section 423(b)(8) of the Code and Section 3(b) hereof, a participant’s payroll deductions may be decreased
to zero percent (0%) at any time during an Offering Period. Payroll deductions shall recommence at the rate provided in such participant’s
Authorization Form at the beginning of the first Offering Period that is scheduled to end in the following calendar year, unless terminated
by the participant as provided in Section 10 hereof.

 

(e) At the time the option is exercised, in whole
or in part, or at the time some or all of the Company’s Common Stock issued under the Plan is disposed of, the participant must
make adequate provision for the Company’s federal, state, or other tax withholding obligations, if any, which arise upon the exercise
of the option. If the participant makes a disposition, within the meaning of Section 424(c) of the Code and regulations promulgated thereunder,
of any shares of Common Stock issued to such participant pursuant to the exercise of an option, and such disposition occurs within the
two-year period commencing on the day after the Offering Date or within the one-year period commencing on the day after the exercise date,
such participant shall, within five (5) days of such disposition, notify the Company thereof. In addition, in order to satisfy the requirement
to withhold the amount (if any) of federal, state or local taxes that the Company or Subsidiary determines is applicable, the Company
and any Subsidiary may deduct such amount from any other compensation payable to the Participant.

 

7. Grant of Option. On the Enrollment Date
of each Offering Period, each Employee participating in such Offering Period shall be granted an option to purchase on the Exercise Date
during such Offering Period (at the applicable Purchase Price) up to a number of shares of the Company’s Common Stock determined
by dividing such Employee’s payroll deductions accumulated prior to such Exercise Date and retained in the participant’s account
as of the Exercise Date by the applicable Purchase Price; provided that any purchases shall be subject to the limitations set forth in
Sections 3(b), 4(b) and 13 hereof. Exercise of the option shall occur as provided in Section 8 hereof, unless the participant has withdrawn
pursuant to Section 10 hereof. The option shall expire on the last day of the Offering Period.

 

8. Exercise of Option.

 

(a) Unless a participant withdraws from the Plan
as provided in Section 10 hereof, his or her option for the purchase of shares shall be exercised automatically on the Exercise Date,
and the maximum number of full shares subject to the option shall be purchased for such participant at the applicable Purchase Price with
the accumulated payroll deductions in his or her account. No fractional shares shall be purchased; any payroll deductions accumulated
in a participant’s account which are not sufficient to purchase a full share shall be retained in the participant’s account
for the subsequent Offering Period, subject to earlier withdrawal by the participant as provided in Section 10 hereof. Any other monies
left over in a participant’s account after the Exercise Date shall be promptly returned to the participant. During a participant’s
lifetime, a participant’s option to purchase shares hereunder is exercisable only by him or her.

 

(b) If the Board or the Committee determines that,
on a given Exercise Date, the number of shares with respect to which options are to be exercised may exceed the number of shares of Common
Stock that are then available for sale under the Plan, the Board or Committee may in its sole discretion provide that the Company shall
make a pro rata allocation of the shares of Common Stock available for purchase on such Exercise Date in as uniform a manner as shall
be practicable and as it shall determine in its sole discretion to be equitable among all participants exercising options to purchase
Common Stock on such Exercise Date.

 

 

 

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9. Delivery; Required Holding Period. As
promptly as practicable after each Exercise Date on which a purchase of shares occurs, the Company shall arrange the delivery to each
participant acquiring shares under the Plan on that date the shares purchased upon exercise of his or her option on that date in a certificate
or uncertificated form. Unless expressly permitted by the Committee, no sale, transfer or other disposition (other than as a result of
the participant's death) may be made of any shares of Common Stock purchased under the Plan during the three (3) month period following
the end of the Offering Period in which such shares were purchased (for clarity, if the Offering Period ended May 15, 2023, such three
(3) month period as to shares purchased under the Plan in that Offering period would end August 15, 2023). If such shares of Common Stock
are delivered by the Company to a broker or recordkeeping service for the benefit of the participant, the shares shall be held in such
brokerage account or by such recordkeeping service throughout such three-month holding period (other than in the event of the participant's
death). In the event a participant sells, transfers or otherwise disposes of any shares of Common Stock in violation of this Section 9,
the participant shall remit to the Company an amount in cash for each such share equal to (i) the Fair Market Value of a share of Common
Stock on the Exercise Date of the applicable Offering Period, less (ii) the Purchase Price paid by the participant to purchase such share.
For purposes of clarity, neither the termination of a participant's employment nor the participant's failure to provide services to the
Company or a Designated Subsidiary shall in and of itself trigger any obligation of the participant to repay any amount or sell any shares
of Common Stock under this section, but the three (3) month holding period above shall continue to apply in such circumstances. The Committee
may, in its discretion, shorten or eliminate the holding period provided for above in this Section 9 from time to time and may grant waivers
of the holding period provisions of this Section 9. The Committee may also lengthen such holding period as to shares of Common Stock purchased
in one or more Offering Periods that commence after such change is made.

 

10. Withdrawal.

 

(a) A participant may withdraw all but not less
than all the payroll deductions credited to his or her account and not yet used to exercise his or her option under the Plan at any time
by giving written notice to the Plan Administrator which is received at least ten (10) days prior to the Exercise Date (or such other
notice period as may be established by the Plan Administrator from time to time in its sole discretion). All of the participant’s
payroll deductions credited to his or her account shall be paid to such participant promptly after receipt of notice of withdrawal and
such participant’s option for the Offering Period shall be automatically terminated, and no further payroll deductions for the purchase
of shares shall be made for such Offering Period. If a participant withdraws from an Offering Period, payroll deductions shall not resume
at the beginning of the succeeding Offering Period unless the participant timely delivers to the Plan Administrator a new Authorization
Form for that Offering Period.

 

(b) A participant’s withdrawal from an Offering
Period shall not have any effect upon his or her eligibility to participate in any similar plan that may hereafter be adopted by the Company
or in succeeding Offering Periods that commence after the termination of the Offering Period from which the participant withdraws.

 

11. Termination of Employment. Upon a participant’s
ceasing to be an Employee, for any reason, he or she shall be deemed to have elected to withdraw from the Plan and the payroll deductions
credited to such participant’s account during the Offering Period but not yet used to exercise the option shall be promptly returned
to such participant or, in the case of his or her death, to the person or persons entitled thereto under Section 15 hereof, and such participant’s
option shall be automatically terminated.

 

12. Interest. No interest shall accrue
on the payroll deductions of a participant in the Plan.

 

13. Stock.

 

(a) Subject to adjustment upon changes in capitalization
of the Company as provided in Section 19 hereof, the maximum number of shares of the Company’s Common Stock which shall be made
available for future sale under the Plan with respect to Exercise Dates shall be One Million Eight Hundred Thousand (1,800,000) shares.

 

(b) The participant shall have no interest or
voting rights in shares covered by his or her option until such option has been exercised.

 

(c) Shares to be delivered to a participant under
the Plan shall be registered in the name of the participant or in the name of the participant and his or her spouse.

 

 

 

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14. Administration. The “Committee”
shall mean the Compensation Committee of the Board, a subcommittee thereof formed by the Compensation Committee to act as the Committee
hereunder or such other committee of members of the Board as delegated by the Board. The Board or the Committee shall administer the Plan.
The Board or the Committee shall have full and exclusive discretionary authority to construe, interpret and apply the terms of the Plan,
to determine eligibility and to adjudicate all disputed claims filed under the Plan. The Committee may delegate ministerial non-discretionary
functions to third parties, including individuals who are officers or employees of the Company or Designated Subsidiaries. Notwithstanding
anything else contained in this Plan to the contrary, the Committee may also adopt rules, procedures, separate offerings, or sub-plans
applicable to particular Subsidiaries or locations, which separate offerings or sub-plans may be designed to be outside the scope of Section
423 of the Code and need not comply with the otherwise applicable provisions of this Plan. Every finding, decision and determination made
by the Board or the Committee shall, to the full extent permitted by law, be final and binding upon all parties. The Company will pay
all expenses incurred in the administration of the Plan. No member of the Committee or any person acting at the direction thereof shall
be personally liable for any action, determination, or interpretation made in good faith with respect to the Plan, and all members of
the Committee and any person acting at the direction thereof shall be fully indemnified by the Company with respect to any such good faith
action, determination or interpretation.

 

15. Designation of Beneficiary.

 

(a) A participant may file with the Plan Administrator
a written designation of a beneficiary who is to receive any shares and cash from the participant’s account under the Plan in the
event of such participant’s death subsequent to an Exercise Date on which the option is exercised but prior to delivery to such
participant of such shares and cash. In addition, a participant may file with the Plan Administrator a written designation of a beneficiary
who is to receive any cash from the participant’s account under the Plan in the event of such participant’s death prior to
the exercise of the option. If a participant is married and the designated beneficiary is not the spouse, spousal consent shall be required
for such designation to be effective.

 

(b) Such designation of beneficiary may be changed
by the participant at any time by written notice to the Plan Administrator. In the event of the death of a participant and in the absence
of a beneficiary validly designated under the Plan who is living at the time of such participant’s death, the Company shall deliver
such shares and/or cash to the executor or administrator of the estate of the participant, or if no such executor or administrator has
been appointed (to the knowledge of the Company), the Company, in its discretion, may deliver such shares and/or cash to the spouse or
to any one or more dependents or relatives of the participant, or if no spouse, dependent or relative is known to the Company, then to
such other person as the Company may designate.

 

16. Transferability. Neither payroll deductions
credited to a participant’s account nor any rights with regard to the exercise of an option or to receive shares under the Plan
may be assigned, transferred, pledged or otherwise disposed of in any way (other than by will, the laws of descent and distribution or
as provided in Section 15 hereof) by the participant. Any such attempt at assignment, transfer, pledge or other disposition shall be without
effect, except that the Company may treat such act as an election to withdraw from an Offering Period in accordance with Section 10 hereof.

 

17. Use of Funds. All payroll deductions
received or held by the Company under the Plan may be used by the Company for any corporate purpose, and the Company shall not be obligated
to segregate such payroll deductions.

 

18. Reports. Individual accounts shall
be maintained for each participant in the Plan. Statements of account shall be given to participating Employees at least annually, which
statements shall set forth the amounts of payroll deductions, the Purchase Price, the number of shares purchased and the remaining cash
balance, if any.

 

 

 

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19. Adjustments Upon Changes in Capitalization;
Corporate Transactions.

 

(a) Changes in Capitalization. Subject
to any required action by the stockholders of the Company, the maximum number of shares that may be issued under the Plan as provided
in Section 13(a), the maximum number of shares each participant may purchase each Offering Period (pursuant to Section 4(b)), as well
as the price per share and the number of shares of Common Stock covered by each option under the Plan which have not yet been exercised,
shall be proportionately adjusted for any increase or decrease in the number of issued shares of Common Stock resulting from a stock split,
reverse stock split, stock dividend, extraordinary cash dividend, combination or reclassification of the Common Stock, or any other increase
or decrease in the number of shares of Common Stock effected without receipt of consideration by the Company; provided, however, that
conversion of any convertible securities of the Company shall not be deemed to have been “effected without receipt of consideration”.
Such adjustment shall be made by the Board or the Committee, whose determination in that respect shall be final, binding and conclusive.
Except as expressly provided herein, no issuance by the Company of shares of stock of any class, or securities convertible into shares
of stock of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number or price of shares
of Common Stock subject to an option.

 

(b) Corporate Transactions. Upon a dissolution
or liquidation of the Company, or any other transaction or event that the Company does not survive, or does not survive as a publicly-traded
company in respect of its Common Stock, subject to any provision that has been expressly made by the Board for the survival, substitution,
assumption, exchange or other settlement of the options that are then outstanding under the Plan, each Offering Period then in progress
shall be shortened and a new Exercise Date shall be established by the Board or the Committee (the “New Exercise Date”),
as of which date the Plan and any Offering Period then in progress shall terminate and all then-outstanding options under the Plan shall
be automatically exercised in accordance with the terms hereof; provided, however, that the New Exercise Date shall not be more than ten
(10) days before the date of the consummation of such dissolution, liquidation or other transaction or event. The Purchase Price on the
New Exercise Date shall be determined as provided herein, except that the New Exercise Date shall be treated as the “Exercise Date”
for purposes of determining such Purchase Price.

 

20. Amendment or Termination.

 

(a) The Board may at any time and for any reason
terminate or amend the Plan. Except as provided in Section 19 hereof, no such termination can affect options previously granted, provided
that an Offering Period may be terminated by the Board on any Exercise Date. Except as provided in Section 19 and this Section 20 hereof,
no amendment may make any change in any option theretofore granted which adversely affects the rights of the participant holding such
option. To the extent necessary to comply with Section 423 of the Code (or any successor rule or provision or any other applicable law,
regulation or rule of the NASDAQ Stock Market or such other principal U.S. national securities exchange Common Stock is listed), the Company
shall obtain stockholder approval of any such amendment in such a manner and to such a degree as required.

 

(b) Without stockholder approval and without regard
to whether any participant rights may be considered to have been “adversely affected,” the Board or the Committee shall be
entitled to change the Offering Periods, change the maximum number of shares each participant may purchase during an Offering Period,
limit the frequency and/or number of changes in the amount withheld during an Offering Period, establish the exchange ratio applicable
to amounts withheld in a currency other than U.S. dollars, permit payroll withholding in excess of the amount designated by a participant
in order to adjust for delays or mistakes in the Company’s processing of properly completed withholding elections, establish reasonable
waiting and adjustment periods and/or accounting and crediting procedures to ensure that amounts applied toward the purchase of Common
Stock for each participant properly correspond with amounts withheld from the participant’s Compensation, and establish such other
limitations or procedures as the Board or the Committee determines in its sole discretion advisable which are consistent with the Plan.
In addition, without stockholder approval and without regard to whether any participant rights may be considered to have been “adversely
affected,” the Board or Committee shall have the right to designate from time to time the Subsidiaries whose employees may be eligible
to participate in the Plan (including, without limitation, any Subsidiary that may become such after the Effective Date), to impose service
and other qualification requirements on Employees eligible to participate in the Plan (or change such requirements), and to change the
definition of Compensation set forth above (in each case, subject to the requirements of Section 423(b) of the Code and applicable rules
and regulations thereunder), provided that any such change shall not take effect earlier than the first Offering Period that starts on
or after the effective date of such change.

 

 

 

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21. Notices. All notices or other communications
by a participant to the Company under or in connection with the Plan shall be deemed to have been duly given when received in the form
specified by the Company at the location, or by the person, designated by the Company for the receipt thereof.

 

22. Conditions Upon Issuance of Shares.
Shares shall not be issued with respect to an option unless the exercise of such option and the issuance and delivery of such shares pursuant
thereto shall comply with all applicable provisions of law, domestic or foreign, including, without limitation, the Securities Act of
1933, as amended, the Securities Exchange Act of 1934, as amended, the rules and regulations promulgated thereunder, and the requirements
of the NASDAQ Stock Market (or any other principal U.S. national securities exchange on which the Common Stock may then be listed), and
shall be further subject to the approval of counsel for the Company with respect to such compliance. As a condition to the exercise of
an option, the Company may require the person exercising such option to represent and warrant at the time of any such exercise that the
shares are being purchased only for investment and without any present intention to sell or distribute such shares if, in the opinion
of counsel for the Company, such a representation is required by any of the aforementioned applicable provisions of law.

 

23. Term of Plan. On September 18, 2012,
the Board approved the 2013 Employee Stock Purchase Plan, as amended, subject to and effective upon stockholder approval at the Company’s
2013 Annual Meeting of Stockholders. The Plan shall continue in effect for a period of ten (10) years following the Restatement Effective
Date set forth above unless earlier terminated by the Board.

 

24. Miscellaneous.

 

(a) Administrative Costs. The Company shall
pay the administrative expenses associated with the operation of the Plan (other than brokerage commissions resulting from sales of Common
Stock directed by Employees).

 

(b) No Employment Rights. Participation
in the Plan shall not give an Employee any right to continue in the employment of the Company, and shall not affect the right of the Company
to terminate the Employee’s employment at any time, with or without cause.

 

(c) Repurchase of Stock. The Company shall
not be required to purchase or repurchase from any Employee any of the shares of Common Stock that the Employee acquires under the Plan.

 

(d) Internal Revenue Code and ERISA Considerations.
The Plan is intended to constitute an “employee stock purchase plan” within the meaning of section 423 of the Internal
Revenue Code of 1986, as amended, and the regulations thereunder. The provisions of the Plan, accordingly, shall be construed so as to
comply with the requirements of that section of the Code or any successor provision, and the regulations thereunder. The Plan is not intended
and shall not be construed as constituting an “employee benefit plan,” within the meaning of section 3(3) of the Employee
Retirement Income Security Act of 1974, as amended.

 

(e) Headings, Captions, Gender. The headings
and captions herein are for convenience of reference only and shall not be considered as part of the text. The masculine shall include
the feminine, and vice versa.

 

(f) Severability of Provisions, Prevailing
Law. The provisions of the Plan shall be deemed severable. If any provision of the Plan shall be held unlawful or otherwise invalid
or unenforceable in whole or in part by a court of competent jurisdiction or by reason of a change in a law or regulation, such provision
shall (a) be deemed limited to the extent that such court of competent jurisdiction deems it lawful, valid and/or enforceable and as so
limited shall remain in full force and effect, and (b) not affect any other provision of the Plan or part thereof, each of which shall
remain in full force and effect. The Plan shall be governed by the laws of the State of Delaware to the extent such laws are not in conflict
with, or superseded by, federal law.

 

 

 

    	 	8Exhibit
4.3

 

WARRANT
AGENT AGREEMENT

 

WARRANT
AGENT AGREEMENT (this “Warrant Agreement”) dated as of _________, 2022 (the “Issuance Date”) between
Permex Petroleum Corporation, a corporation formed under the laws of British Columbia, Canada (the “Company”), and
Continental Stock Transfer & Trust (the “Warrant Agent”).

 

RECITALS

 

WHEREAS,
pursuant to the terms of that certain Underwriting Agreement (“Underwriting Agreement”), dated _________, 2022, by
and among the Company and ThinkEquity LLC, as representative of the underwriters set forth therein, the Company is engaged in a United
States public offering (the “Offering”) of up to _________ (the “Shares”) common shares, no par
value per share (the “Common Shares”), of the Company, up to _________ pre-funded warrants (the “Pre-funded
Warrants”) to purchase up to _________ Common Shares (the “Pre-funded Warrant Shares”), and warrants (the
“Warrants”) to purchase up to _________ Common Shares (the “Warrant Shares”), including Shares,
Pre-funded Warrants and Warrants issuable pursuant to the underwriters’ over-allotment option;

 

WHEREAS,
the Company has filed with the United States Securities and Exchange Commission (the “Commission”) a Registration
Statement on Form S-1/A (Registration No. 333-268191) (as the same may be amended from time to time, the “Registration Statement”)
for the registration under the United States Securities Act of 1933, as amended (the “Securities Act”), of the Shares,
Pre-funded Warrants, Pre-funded Warrant Shares, Warrants and Warrant Shares, and such Registration Statement was declared effective on
_________, 2022;

 

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

 

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

 

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

 

AGREEMENT

 

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

 

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

 

    	-1-

    	 

    

 

2. Warrants.

 

2.1. Form
of Warrants. The Warrants shall be registered securities and shall be initially evidenced by a global Warrant certificate (“Global
Certificate”) in the form of Annex A to this Warrant Agreement, which shall be deposited on behalf of the Company with
a custodian for The Depository Trust Company (“DTC”) and registered in the name of Cede & Co., a nominee of DTC.
If DTC subsequently ceases to make its settlement system available for the Warrants, the Company may instruct the Warrant Agent regarding
making arrangements for book-entry settlement. In the event that the Warrants are not eligible for, or it is no longer necessary to have
the Warrants available in, registration in the name of Cede & Co., a nominee of DTC, the Company may instruct the Warrant Agent to
provide written instructions to DTC to deliver to the Warrant Agent for cancellation the Global Certificate, and the Company shall instruct
the Warrant Agent to deliver to each Holder (as defined below) separate certificates evidencing Warrants (“Definitive Certificates”
and, together with the Global Certificate, “Warrant Certificates”), in the form of Annex C to this Warrant
Agreement. The Warrants represented by the Global Certificate are referred to as “Global Warrants”.

 

2.2. Issuance
and Registration of Warrants.

 

2.2.1. Warrant
Register. The Warrant Agent shall maintain books (“Warrant Register”) for the registration of original issuance
and the registration of transfer of the Warrants. Any Person (as defined below) in whose name ownership of a beneficial interest in the
Warrants evidenced by a Global Certificate is recorded in the records maintained by DTC or its nominee shall be deemed the “beneficial
owner” thereof, provided that all such beneficial interests shall be held through a Participant (as defined below), which shall
be the registered holder of such Warrants.

 

2.2.2. Issuance
of Warrants. Upon the initial issuance of the Warrants, the Warrant Agent shall issue the Global Certificate and deliver the Warrants
in the DTC settlement system in accordance with written instructions delivered to the Warrant Agent by the Company. Ownership of beneficial
interests in the Warrants shall be shown on, and the transfer of such ownership shall be effected through, records maintained (i) by
DTC and (ii) by institutions that have accounts with DTC (each, a “Participant”), subject to a Holder’s right
to elect to receive a Warrant in certificated form in the form of Annex C to this Warrant Agreement. Any Holder desiring to elect
to receive a Warrant in certificated form shall make such request in writing delivered to the Warrant Agent pursuant to Section 2.2.8,
and shall surrender to the Warrant Agent the interest of the Holder on the books of the Participant evidencing the Warrants which are
to be represented by a Definitive Certificate through the DTC settlement system. Thereupon, the Warrant Agent shall countersign and deliver
to the Person entitled thereto a Warrant Certificate or Warrant Certificates, as the case may be, as so requested.

 

    	-2-

    	 

    

 

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

 

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

 

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

 

    	-3-

    	 

    

 

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

 

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

 

2.2.8. Warrant
Certificate Request. A Holder has the right to elect at any time or from time to time a Warrant Exchange (as defined below) pursuant
to a Warrant Certificate Request Notice (as defined below). Upon written notice by a Holder to the Warrant Agent for the exchange of
some or all of such Holder’s Global Warrants for a Definitive Certificate evidencing the same number of Warrants, which request
shall be in the form attached hereto as Annex E (a “Warrant Certificate Request Notice” and the date of delivery
of such Warrant Certificate Request Notice by the Holder, the “Warrant Certificate Request Notice Date” and the deemed
surrender upon delivery by the Holder of a number of Global Warrants for the same number of Warrants evidenced by a Definitive Certificate,
a “Warrant Exchange”), the Warrant Agent shall promptly effect the Warrant Exchange and shall promptly issue and deliver
to the Holder a Definitive Certificate for such number of Warrants in the name set forth in the Warrant Certificate Request Notice. Such
Definitive Certificate shall be dated the original issue date of the Warrants, shall be manually executed by an authorized signatory
of the Company, shall be in the form attached hereto as Annex C, and shall be reasonably acceptable in all respects to such Holder.
In connection with a Warrant Exchange, the Company agrees to deliver, or to direct the Warrant Agent to deliver, the Definitive Certificate
to the Holder within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period
(as defined below) of the Warrant Certificate Request Notice pursuant to the delivery instructions in the Warrant Certificate Request
Notice (“Warrant Certificate Delivery Date”). If the Company fails for any reason to deliver to the Holder the Definitive
Certificate subject to the Warrant Certificate Request Notice by the Warrant Certificate Delivery Date, the Company shall pay to the
Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares evidenced by such Definitive Certificate
(based on the VWAP of the Common Shares on the Warrant Certificate Request Notice Date), $10 per Business Day for each Business Day after
such Warrant Certificate Delivery Date until such Definitive Certificate is delivered or, prior to delivery of such Warrant Certificate,
the Holder rescinds such Warrant Exchange. The Company covenants and agrees that, upon the date of delivery of the Warrant Certificate
Request Notice, the Holder shall be deemed to be the holder of the Definitive Certificate and, notwithstanding anything to the contrary
set forth herein, the Definitive Certificate shall be deemed for all purposes to contain all of the terms and conditions of the Warrants
evidenced by such Warrant Certificate and the terms of this Warrant Agreement, other than Sections 3.3 and 8 herein, which shall not
apply to the Warrants evidenced by the Definitive Certificate. For purposes of clarity, if there is a conflict between the express terms
of this Warrant Agreement and the Warrant Certificate in the form of Annex C hereto with respect to terms of the Warrants, the
terms of the Warrant Certificate shall govern and control.

 

    	-4-

    	 

    

 

3. Terms
and Exercise of Warrants.

 

3.1. Exercise
Price. Each Warrant shall entitle the Holder, subject to the provisions of the applicable Warrant Certificate and of this Warrant
Agreement, to purchase from the Company the number of Common Shares stated therein, at the price of $_________ per whole share, subject
to the subsequent adjustments provided in Section 4 hereof. The term “Exercise Price” as used in this Warrant Agreement
refers to the price per share at which Common Shares may be purchased at the time a Warrant is exercised.

 

3.2. Duration
of Warrants. Warrants may be exercised only during the period (“Exercise Period”) commencing on the Issuance Date
and terminating at 5:00 P.M., New York City time (the “close of business”) on _________, 2027 (“Expiration
Date”)1. Each Warrant not exercised on or before the Expiration Date shall become void, and all rights thereunder
and all rights in respect thereof under this Warrant Agreement shall cease at the close of business on the Expiration Date.

 

3.3. Exercise
of Warrants.

 

3.3.1. Exercise
and Payment.

 

(a) Exercise
of the purchase rights represented by a Warrant may be made, in whole or in part, at any time or times during the Exercise Period by
delivery to the Company and the Warrant Agent of the Notice of Exercise, delivered to the Company at 2911 Turtle Creek Blvd, Suite 925,
Dallas, Texas 75219 Attention: Mehran Ehsan, email: mehsan@permexpetroleum.com (or such alternative email or physical address provided
in writing by the Company to the Holder after the date hereof), and to the Warrant Agent at 1 State Street, 30th Floor, New
York, NY 10004-1561 Attention: Steven Vacante, email: svacante@continentalstock.com (or such alternative email or physical address provided
in writing by the Warrant Agent to the Holder after the date hereof), in the form annexed as Annex B hereto (the “Notice
of Exercise”). Within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement
Period following the date the Holder delivers the Notice of Exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price
for the shares specified in the applicable Notice of Exercise by wire transfer, bank drafts or cashier’s or certified check drawn
on a United States or Canadian bank to the Company unless the cashless exercise procedure specified in Section 3.3.6 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 a Warrant Certificate to the Company until the Holder has purchased all of the Warrant
Shares available thereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender such 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 a Warrant resulting in purchases of a portion of the total number of Warrant Shares available thereunder shall have the
effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant
Shares purchased. 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 one (1) Business Day of receipt of such notice. The
Holder and any assignee, by acceptance of a 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 thereof.

 

 

1
Insert the date that is the five-year anniversary of the Initial Exercise Date; provided, however, if such date is not a Trading
Day, insert the immediately following Trading Day.

 

    	-5-

    	 

    

 

(b) Notwithstanding
the foregoing in this Section 3.3.1, a Holder whose interest in a Warrant is a beneficial interest in certificate(s) representing such
Warrant held in registered form through DTC (or another established clearing corporation performing similar functions), shall effect
exercises made pursuant to this Section 3.3.1 by delivering to DTC (or such other clearing corporation, as applicable) the appropriate
instruction form for exercise, complying with the procedures to effect exercise that are required by DTC (or such other clearing corporation,
as applicable), subject to a Holder’s right to elect to receive a Warrant in certificated form pursuant to the terms of this Warrant
Agreement, in which case this sentence shall not apply. Upon giving irrevocable instructions to its Participant to exercise Warrants,
solely for purposes of Regulation SHO, the holder whose interest in the Warrant is a beneficial interest shall be deemed to have exercised
such Warrant, regardless of when the applicable Warrant Shares are delivered to such holder.

 

3.3.2. Issuance
of Warrant Shares.

 

(a) The
Warrant Agent shall, on the Trading Day following the date of exercise of any Warrant, advise the Company, and the transfer agent and
registrar for the Company’s Common Shares (the “Transfer Agent”), in respect of (i) the number of Warrant Shares
indicated on the Notice of Exercise as issuable upon such exercise with respect to such exercised Warrants, (ii) the instructions of
the Holder or Participant, as the case may be, provided to the Warrant Agent with respect to the delivery of the Warrant Shares and the
number of Warrants that remain outstanding after such exercise and (iii) such other information as the Company or the Transfer Agent
shall reasonably request.

 

(b) The
Company shall cause the Warrant Shares purchased hereunder to be transmitted by the Transfer Agent to the Holder by crediting the account
of the Holder’s or its designee’s balance account with DTC 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 is being exercised via cashless exercise, 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 the earlier of (i) two (2) Trading Days of, and (ii) the number of Trading Days comprising the
Standard Settlement Period after, the delivery to the Company and the Warrant Agent of the Notice of Exercise (such date, the “Warrant
Share Delivery Date”). Upon delivery of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have
become the holder of record of the Warrant Shares with respect to which the Warrant has been exercised, irrespective of the date of delivery
of the Warrant Shares, provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received
within the earlier of (i) two (2) Trading Days of and (ii) the number of Trading Days comprising the Standard Settlement Period following
delivery of the Notice of Exercise. If the Company fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice
of Exercise by 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 such Warrant Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise.
The Company agrees to maintain a transfer agent that is a participant in the FAST program so long as the Warrants remains outstanding
and exercisable. As used herein, “Standard Settlement Period” means the standard settlement period, expressed in a
number of Trading Days, on the Primary Trading Market with respect to the Common Shares as in effect on the date of delivery of the Notice
of Exercise.

 

    	-6-

    	 

    

 

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

 

3.3.4. No
Fractional Exercise. No fractional Warrant Shares will be issued upon the exercise of the Warrant. If, by reason of any adjustment
made pursuant to Section 4, a Holder would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share,
the Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction
multiplied by the Exercise Price or round up to the next whole share.

 

3.3.5. No
Transfer Taxes. 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, the 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 DTC (or another established clearing corporation performing
similar functions) required for same-day electronic delivery of the Warrant Shares.

 

    	-7-

    	 

    

 

3.3.6. Restrictive
Legend Events; Cashless Exercise Under Certain Circumstances.

 

(a) The
Company shall use its reasonable best efforts to maintain the effectiveness of the Registration Statement and the current status of the
prospectus included therein or to file and maintain the effectiveness of another registration statement and another current prospectus
covering the Warrants and the Warrant Shares at any time that the Warrants are exercisable. The Company shall provide to the Warrant
Agent and each Holder prompt written notice of any time that the Company is unable to deliver the Warrant Shares via DTC transfer or
otherwise without restrictive legend because (A) the Commission has issued a stop order with respect to the Registration Statement, (B)
the Commission otherwise has suspended or withdrawn the effectiveness of the Registration Statement, either temporarily or permanently,
(C) the Company has suspended or withdrawn the effectiveness of the Registration Statement, either temporarily or permanently, (D) the
prospectus contained in the Registration Statement is not available for the issuance of the Warrant Shares to the Holder or (E) otherwise
(each a “Restrictive Legend Event”). To the extent that the Warrants cannot be exercised as a result of a Restrictive
Legend Event, the Company shall, at the election of the Holder, which shall be given within five (5) days of receipt of such notice of
the Restrictive Legend Event, either (A) rescind the previously submitted Notice of Exercise and the Company shall return all consideration
paid by registered holder for such shares upon such rescission or (B) treat the attempted exercise as a cashless exercise as described
in paragraph (ii) below and refund the cash portion of the exercise price to the Holder.

 

(b) If
a Restrictive Legend Event has occurred, the Warrant may also be exercisable on a cashless basis. Notwithstanding anything herein to
the contrary, but without limiting the rights of a Holder to receive Warrant Shares on a “cashless exercise” pursuant to
this Section 3.3.6(b) or to receive cash payments pursuant to Section 3.3.2(b) and Section 3.3.8 herein, the Company shall not be required
to make any cash payments or net cash settlement to the Holder in lieu of delivery of the Warrant Shares. Upon a “cashless exercise”,
the Holder shall be entitled to receive the number of Warrant Shares equal to the quotient (if such quotient would be a positive number)
obtained by dividing [(A-B) (X)] by (A), where:

 

		(A)
                                            =	as
                                            applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable
                                            Notice of Exercise if such Notice of Exercise is (1) both executed and delivered pursuant
                                            to Section 3.3.1(a) hereof on a day that is not a Trading Day or (2) both executed and delivered
                                            pursuant to Section 3.3.1(a) hereof on a Trading Day prior to the opening of “regular
                                            trading hours” (as defined in Rule 600(b)(68) of Regulation NMS promulgated under the
                                            federal securities laws) on such Trading Day, (ii) at the option of the Holder, either (y)
                                            the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise
                                            or (z) the Bid Price of the Common Stock on the principal Trading Market as reported by Bloomberg
                                            L.P. as of the time of the Holder’s execution of the applicable Notice of Exercise
                                            if such Notice of Exercise is executed during “regular trading hours” on a Trading
                                            Day and is delivered within two (2) hours thereafter (including until two (2) hours after
                                            the close of “regular trading hours” on a Trading Day) pursuant to Section 3.3.1(a)
                                            hereof or (iii) the VWAP on the date of the applicable Notice of Exercise if the date of
                                            such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and
                                            delivered pursuant to Section 3.3.1(a) hereof after the close of “regular trading hours”
                                            on such Trading Day;

 

    	-8-

    	 

    

 

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

 

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

 

(c) If
the Warrant Shares are issued in such a cashless exercise, the Company acknowledges and agrees 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 Company
agrees not to take any position contrary thereto. Upon receipt of a Notice of Exercise for a cashless exercise, the Warrant Agent will
promptly deliver a copy of the Notice of Exercise to the Company to confirm the number of Warrant Shares issuable in connection with
the cashless exercise. The Company shall calculate and transmit to the Warrant Agent in a written notice, and the Warrant Agent shall
have no duty, responsibility or obligation under this Section 3.3.6 to calculate, the number of Warrant Shares issuable in connection
with any cashless exercise. The Warrant Agent shall be entitled to rely conclusively on any such written notice provided by the Company,
and the Warrant Agent shall not be liable for any action taken, suffered or omitted to be taken by it in accordance with such written
instructions or pursuant to this Warrant Agreement. Notwithstanding anything herein to the contrary, on the Termination Date, the Warrant
shall be automatically exercised via cashless exercise pursuant to this Section 3.3.6.

 

3.3.7. Disputes.
In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the number of Warrant Shares
issuable in connection with any exercise, the Company shall promptly deliver to the Holder the number of Warrant Shares that are not
disputed.

 

3.3.8. 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 the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions of Section
3.3.2(b) above pursuant to an exercise on or before 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 the 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 of 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.

 

    	-9-

    	 

    

 

3.3.9. Beneficial
Ownership Limitation. The Company shall not effect any exercise of a Warrant, and a Holder shall not have the right to exercise any
portion of a Warrant, pursuant to Section 3 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 (as defined below), and any other
Persons acting as a group together with the Holder or any of the Holder’s Affiliates (such Persons, “Attribution Parties”)),
would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence, the
number of Common Shares beneficially owned by the Holder and its Affiliates and Attribution Parties shall include the number of Common
Shares issuable upon exercise of such 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, non-exercised portion of such Warrant beneficially owned by
the Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised or non-converted portion
of any other securities of the Company (including, without limitation, any other securities of the Company 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 (“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 or Attribution Parties. Except as set forth in the preceding
sentence, for purposes of this Section 3.3.9, 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 3.3.9 applies, the
determination of whether a Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and
Attribution Parties) and of which portion of a 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 a Warrant is exercisable (in relation to other
securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of a 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 3.3.9, 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 (2) 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 such Warrant, by the Holder or its Affiliates or Attribution Parties
since the date as of which such number of outstanding Common Shares was reported. The “Beneficial Ownership Limitation”
shall be 4.99% (or, upon election by a Holder prior to the issuance of any Warrants, 9.99%) of the number of Common Shares outstanding
immediately after giving effect to the issuance of Common Shares issuable upon exercise of a Warrant. The Holder, upon notice to the
Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 3.3.9, 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 the Warrant held by the Holder and the provisions of this Section 3.3.9 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 3.3.9 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 a Warrant.

 

    	-10-

    	 

    

 

4. Adjustments.

 

4.1. Adjustment
upon Subdivisions or Combinations. If the Company, at any time while the Warrants are 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 the Warrants), (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 and
such other capital stock of the Company (excluding treasury shares, if any) outstanding immediately before such event and of which the
denominator shall be the number of Common Shares and such other capital stock of the Company (excluding treasury shares, if any) outstanding
immediately after such event, and the number of shares issuable upon exercise of each Warrant shall be proportionately adjusted such
that the aggregate Exercise Price of such Warrant shall remain unchanged. Any adjustment made pursuant to this Section 4.1 shall become
effective immediately after the record date for the determination of shareholders 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.

 

    	-11-

    	 

    

 

4.2. Adjustment
for Other Distributions.

 

4.2.1. Subsequent
Rights Offerings. In addition to any adjustments pursuant to Section 4.1 above, if at any time the Company grants, issues or sells
any Common Share Equivalents or rights to purchase shares, 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 a 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, 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). To the extent that a 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 such Warrant.

 

4.2.2. Pro
Rata Distributions. During such time as the Warrants are outstanding, if the Company shall declare or make any dividend 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 cash, 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 the Warrants, 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 the Warrants held by the Holder (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, that, 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 the Warrant held by such Holder.

 

    	-12-

    	 

    

 

4.3. Fundamental
Transaction. If, at any time while the Warrants are 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 (or any Subsidiary), 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
or 50% or more of the voting power of the common equity of the Company, (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 are 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, merger or scheme of arrangement) with another Person or group of Persons
whereby such other Person or group acquires 50% or more of the outstanding Common Shares or 50% or more of the voting power of the common
equity of the Company (each a “Fundamental Transaction”), then, upon any subsequent exercise of a 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 3.3.9 on the exercise of a
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 as a result of such Fundamental Transaction
by a holder of the number of Common Shares for which the Warrant is exercisable immediately prior to such Fundamental Transaction (without
regard to any limitation in Section 3.3.9 on the exercise of the 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 Share 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 a Warrant following
such Fundamental Transaction. Notwithstanding anything to the contrary, in the event of a Fundamental Transaction, the Company or any
Successor Entity (as defined below) shall, at the Holder’s option, exercisable at any time concurrently with, or within 30 days
after, the consummation of the Fundamental Transaction (or, if later, the date of the public announcement of the applicable Fundamental
Transaction), purchase a Warrant from the Holder by paying to the Holder an amount of cash equal to the Black Scholes Value (as defined
below) of the remaining unexercised portion of such Warrant on the date of the consummation of such Fundamental Transaction; provided,
however, that, if the Fundamental Transaction is not within the Company’s control, including not approved by the Company’s
Board of Directors, Holder shall only be entitled to receive from the Company or any Successor Entity the same type or form of consideration
(and in the same proportion), at the Black Scholes Value of the unexercised portion of such Warrant, that is being offered and paid to
the holders of Common Shares of the Company in connection with the Fundamental Transaction, whether that consideration be in the form
of cash, stock or any combination thereof, or whether the holders of Common Shares are given the choice to receive from among alternative
forms of consideration in connection with the Fundamental Transaction; provided, further, that if holders of Common Shares of the Company
are not offered or paid any consideration in such Fundamental Transaction, such holders of Common Shares will be deemed to have received
common stock of the Successor Entity (which Entity may be the Company following such Fundamental Transaction) in such Fundamental Transaction.
“Black Scholes Value” means the value of the Warrant based on the Black-Scholes Option Pricing Model obtained from the “OV”
function on Bloomberg determined as of the day of consummation of the applicable Fundamental Transaction for pricing purposes and reflecting
(A) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the time between the date of the public announcement
of the applicable contemplated Fundamental Transaction and the Termination Date, (B) an expected volatility equal to the greater of 100%
and the 100 day volatility obtained from the HVT function on Bloomberg as of the Trading Day immediately following the public announcement
of the applicable contemplated Fundamental Transaction, (C) the underlying price per share used in such calculation shall be the greater
of (i) the sum of the price per share being offered in cash, if any, plus the value of any non-cash consideration, if any, being offered
in such Fundamental Transaction and (ii) the greater of (x) the last VWAP immediately prior to the public announcement of such contemplated
Fundamental Transaction and (y) the last VWAP immediately prior to the consummation of such Fundamental Transaction and (D) a remaining
option time equal to the time between the date of the public announcement of the applicable contemplated Fundamental Transaction and
the Termination Date. The payment of the Black Scholes Value will be made by wire transfer of immediately available funds (or such other
consideration) within the later of (i) five Business Days of the Holder’s election and (ii) the date of consummation of the 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 the Warrant and the other Transaction
Documents in accordance with the provisions of this Section 4.3 pursuant to written agreements in form and substance reasonably satisfactory
to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option
of the Holder, deliver to the Holder in exchange for the Warrant a security of the Successor Entity evidenced by a written instrument
substantially similar in form and substance to the Warrant which is exercisable for a corresponding number of shares of capital stock
of such Successor Entity (or its parent entity) equivalent to Common Shares acquirable and receivable upon exercise of the Warrant (without
regard to any limitations on the exercise of the 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 the 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 be added to the term “Company” under the Warrant (so that from and after the occurrence or consummation
of such Fundamental Transaction, each and every provision of the Warrant and the other Transaction Documents referring to the “Company”
shall refer instead to each of the Company and the Successor Entity or Successor Entities, jointly and severally), and the Successor
Entity or Successor Entities, jointly and severally with the Company, may exercise every right and power of the Company prior thereto
and the Successor Entity or Successor Entities shall assume all of the obligations of the Company prior thereto under the Warrant and
the other Transaction Documents with the same effect as if the Company and such Successor Entity or Successor Entities, jointly and severally,
had been named as the Company herein. The Company shall instruct the Warrant Agent in writing to mail by first class mail, postage prepaid,
to each Holder, written notice of the execution of any such amendment, supplement or agreement with the Successor Entity. Any supplemented
or amended agreement entered into by the successor corporation or transferee shall provide for adjustments, which shall be as nearly
equivalent as may be practicable to the adjustments provided for in this Section 4.3. The Warrant Agent shall have no duty, responsibility
or obligation to determine the correctness of any provisions contained in such agreement or such notice, including but not limited to
any provisions relating either to the kind or amount of securities or other property receivable upon exercise of warrants or with respect
to the method employed and provided therein for any adjustments, and shall be entitled to rely conclusively for all purposes upon the
provisions contained in any such agreement. The provisions of this Section 4.3 shall similarly apply to successive reclassifications,
changes, consolidations, mergers, sales and conveyances of the kind described above.

 

    	-13-

    	 

    

 

4.4. Notices
to Holder.

 

4.4.1. Adjustment
to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 4, the Company shall promptly
deliver to the Holder by facsimile or email 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.

 

4.4.2. 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 shareholders 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 are 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 delivered by facsimile or email to the Holder at its last facsimile number or email
address as it shall appear upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable record or effective
date hereinafter specified, a notice 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 deliver
such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified
in such notice. To the extent that any notice provided in this Warrant Agreement constitutes, or contains, material, non-public information
regarding the Company or any of its subsidiaries, the Company shall simultaneously file such notice on SEDAR and with the Commission
pursuant to a Current Report on Form 8-K. Provided such notice occurs within the Exercise Period, the Holder shall remain entitled to
exercise its 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.

 

    	-14-

    	 

    

 

4.5. Other
Events. If any event occurs of the type contemplated by the provisions of Sections 4.1 or 4.2 but not expressly provided for by such
provisions (including, without limitation, the granting of stock appreciation rights, Adjustment Rights, phantom stock rights or other
rights with equity features to all holders of Common Shares for no consideration), then the Company’s Board of Directors will,
at its discretion and in good faith, make an adjustment in the Exercise Price and the number of Warrant Shares or designate such additional
consideration to be deemed issuable upon exercise of a Warrant, so as to protect the rights of the registered Holder. No adjustment to
the Exercise Price will be made pursuant to more than one sub-section of this Section 4 in connection with a single issuance.

 

4.6. Notices
of Changes in Warrant. Upon every adjustment of the Exercise Price or the number of Warrant Shares issuable upon exercise of a Warrant,
the Company shall give written notice thereof to the Warrant Agent, which notice shall state the Exercise Price resulting from such adjustment
and the increase or decrease, if any, in the number of Warrant Shares purchasable at such price upon the exercise of a Warrant, setting
forth in reasonable detail the method of calculation and the facts upon which such calculation is based. Upon the occurrence of any event
specified in Sections 4.1 or 4.2, then, in any such event, the Company shall give written notice to each Holder, at the last address
set forth for such holder in the Warrant Register, as of the record date or the effective date of the event. Failure to give such notice,
or any defect therein, shall not affect the legality or validity of such event. The Warrant Agent shall be entitled to rely conclusively
on, and shall be fully protected in relying on, any certificate, notice or instructions provided by the Company with respect to any adjustment
of the Exercise Price or the number of shares issuable upon exercise of a Warrant, or any related matter, and the Warrant Agent shall
not be liable for any action taken, suffered or omitted to be taken by it in accordance with any such certificate, notice or instructions
or pursuant to this Warrant Agreement. The Warrant Agent shall not be deemed to have knowledge of any such adjustment unless and until
it shall have received written notice thereof from the Company.

 

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

 

6. Other
Provisions Relating to Rights of Holders of Warrants.

 

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

 

    	-15-

    	 

    

 

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

 

7. Concerning
the Warrant Agent.

 

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

 

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

 

7.3. As
agent for the Company hereunder, the Warrant Agent:

 

(a) shall
have no duties or obligations other than those specifically set forth herein or as may subsequently be agreed to in writing by the Warrant
Agent and the Company;

 

(b) shall
be regarded as making no representations and having no responsibilities as to the validity, sufficiency, value, or genuineness of the
Warrants or any Warrant Shares;

 

(c) shall
not be obligated to take any legal action hereunder; if, however, the Warrant Agent determines to take any legal action hereunder, and
where the taking of such action might, in its judgment, subject or expose it to any expense or liability it shall not be required to
act unless it has been furnished with an indemnity reasonably satisfactory to it;

 

    	-16-

    	 

    

 

(d) may
rely on and shall be fully authorized and protected in acting or failing to act upon any certificate, instrument, opinion, notice, letter,
telegram, telex, facsimile transmission or other document or security delivered to the Warrant Agent and believed by it to be genuine
and to have been signed by the proper party or parties;

 

(e) shall
not be liable or responsible for any recital or statement contained in the Registration Statement or any other documents relating thereto;

 

(f) shall
not be liable or responsible for any failure on the part of the Company to comply with any of its covenants and obligations relating
to the Warrants, including without limitation obligations under applicable securities laws;

 

(g) may
rely on and shall be fully authorized and protected in acting or failing to act upon the written, telephonic or oral instructions with
respect to any matter relating to its duties as Warrant Agent covered by this Warrant Agreement (or supplementing or qualifying any such
actions) of officers of the Company, and is hereby authorized and directed to accept instructions with respect to the performance of
its duties hereunder from the Company or counsel to the Company, and may apply to the Company, for advice or instructions in connection
with the Warrant Agent’s duties hereunder, and the Warrant Agent shall not be liable for any delay in acting while waiting for
those instructions; any applications by the Warrant Agent for written instructions from the Company may, at the option of the Warrant
Agent, set forth in writing any action proposed to be taken or omitted by the Warrant Agent under this Warrant Agreement and the date
on or after which such action shall be taken or such omission shall be effective; the Warrant Agent shall not be liable for any action
taken by, or omission of, the Warrant Agent in accordance with a proposal included in such application on or after the date specified
in such application (which date shall not be less than five (5) Business Days after the date such application is sent to the Company,
unless the Company shall have consented in writing to any earlier date) unless prior to taking any such action, the Warrant Agent shall
have received written instructions in response to such application specifying the action to be taken or omitted;

 

(h) may
consult with counsel satisfactory to the Warrant Agent, including its in-house counsel, and the advice of such counsel shall be full
and complete authorization and protection in respect of any action taken, suffered, or omitted by it hereunder in good faith and in accordance
with the advice of such counsel;

 

(i) may
perform any of its duties hereunder either directly or by or through nominees, correspondents, designees, or subagents, and it shall
not be liable or responsible for any misconduct or negligence on the part of any nominee, correspondent, designee, or subagent appointed
with reasonable care by it in connection with this Warrant Agreement;

 

(j) is
not authorized, and shall have no obligation, to pay any brokers, dealers, or soliciting fees to any Person; and

 

(k) shall
not be required hereunder to comply with the laws or regulations of any country other than the United States of America or any political
subdivision thereof.

 

    	-17-

    	 

    

 

7.4. In
the absence of gross negligence or willful or illegal misconduct on its part, the Warrant Agent shall not be liable for any action taken,
suffered, or omitted by it or for any error of judgment made by it in the performance of its duties under this Warrant Agreement. Anything
in this Warrant Agreement to the contrary notwithstanding, in no event shall Warrant Agent be liable for special, indirect, incidental,
consequential or punitive losses or damages of any kind whatsoever (including but not limited to lost profits), even if the Warrant Agent
has been advised of the possibility of such losses or damages and regardless of the form of action. Any liability of the Warrant Agent
will be limited in the aggregate to the amount of fees paid by the Company hereunder. The Warrant Agent shall not be liable for any failures,
delays or losses, arising directly or indirectly out of conditions beyond its reasonable control including, but not limited to, acts
of government, exchange or market ruling, suspension of trading, work stoppages or labor disputes, fires, civil disobedience, riots,
rebellions, storms, electrical or mechanical failure, computer hardware or software failure, communications facilities failures including
telephone failure, war, terrorism, insurrection, earthquakes, floods, acts of God or similar occurrences.

 

7.5. In
the event any question or dispute arises with respect to the proper interpretation of the Warrants or the Warrant Agent’s duties
under this Warrant Agreement or the rights of the Company or of any Holder, the Warrant Agent shall not be required to act and shall
not be held liable or responsible for its refusal to act until the question or dispute has been judicially settled (and, if appropriate,
it may file a suit in interpleader or for a declaratory judgment for such purpose) by final judgment rendered by a court of competent
jurisdiction, binding on all Persons interested in the matter which is no longer subject to review or appeal, or settled by a written
document in form and substance satisfactory to Warrant Agent and executed by the Company and each such Holder. In addition, the Warrant
Agent may require for such purpose, but shall not be obligated to require, the execution of such written settlement by all the Holders
and all other Persons that may have an interest in the settlement.

 

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

 

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

 

    	-18-

    	 

    

 

7.8. Set
forth in Annex D hereto is a list of the names and specimen signatures of the persons authorized to act for the Company under
this Warrant Agreement. The Company shall, from time to time, certify to you the names and signatures of any other persons authorized
to act for the Company under this Warrant Agreement.

 

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

 

7.10. In
the event a successor Warrant Agent shall be appointed, the Company shall give notice thereof to the predecessor Warrant Agent and the
Transfer Agent not later than the effective date of any such appointment.

 

7.11. Any
Person into which the Warrant Agent may be merged or converted or with which it may be consolidated or any Person resulting from any
merger, conversion or consolidation to which the Warrant Agent shall be a party or any Person succeeding to the shareowner services business
of the Warrant Agent or any successor Warrant Agent shall be the successor Warrant Agent under this Warrant Agreement, without any further
act or deed.

 

    	-19-

    	 

    

 

8. Miscellaneous
Provisions.

 

8.1. Unless
terminated earlier by the parties hereto, this Warrant Agreement shall terminate 90 days after the earlier of the Expiration Date and
the date on which no Warrants remain outstanding (the “Termination Date”). On the Business Day following the Termination
Date, the Warrant Agent shall deliver to the Company any entitlements, if any, held by the Warrant Agent under this Warrant Agreement.
The Warrant Agent’s right to be reimbursed for fees, charges and out-of-pocket expenses as provided in Section 7 shall survive
the termination of this Warrant Agreement.

 

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

 

8.3. In
the event of inconsistency between this Warrant Agreement and the descriptions in the Registration Statement, as they may from time to
time be amended, the terms of this Warrant Agreement shall control.

 

8.4. Any
notice, statement or demand authorized by this Warrant Agreement to be given or made by the Company, the Warrant Agent or by the holder
of any Warrant to or on the Company or the Warrant Agent including, without limitation, any Notice of Exercise, shall be in writing and
delivered by email, hand or sent by a nationally recognized overnight courier service, addressed (until another address is filed in writing
by the Company or the Warrant Agent) as set forth below and if to any holder any notice, statement or demand shall be given to the last
address set forth for such holder (if any) in the Warrant Register:

 

Permex
Petroleum Corporation

2911 Turtle Creek Blvd,

Suite 925, Dallas, TX 75219

Attention: Mehran Ehsan

Email: mehsan@permexpetroleum.com

 

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

 

Sheppard,
Mullin, Richter & Hampton LLP

1901 Avenue of the Stars, Suite 1600

Los
Angeles, CA 90067

Attention: Andrew J. Bond, Esq.

Email: abond@sheppardmullin.com

 

If
to the Warrant Agent, to:

 

Continental
Stock Transfer & Trust

1 State Street, 30th Floor,

New York, NY 10004-1561

Attention: Steven Vacante,

Email: svacante@continentalstock.com

 

    	-20-

    	 

    

 

8.5. Any
notice or other communication or deliveries hereunder shall be deemed given and effective on the earliest of (i) the time of transmission,
if such notice or communication is delivered via email at the email address set forth above prior to 5:30 p.m. (New York City time) on
any date, (ii) the next Trading Day after the date of transmission, if such notice or communication is delivered via email at the email
address set forth above on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (iii) the
second Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service, or (iv) upon actual
receipt by the party to whom such notice is required to be given. Notwithstanding any other provision of this Warrant Agreement, where
this Warrant Agreement provides for notice of any event to the Holder, if this Warrant Agreement is held in global form by DTC (or any
successor depositary), such notice shall be sufficiently given if given to DTC (or any successor depositary) pursuant to the procedures
of DTC (or such successor depositary), subject to a Holder’s right to elect to receive a Warrant in certificated form pursuant
to the terms of this Warrant Agreement, in which case this sentence shall not apply.

 

8.6. This
Warrant Agreement shall be governed by and construed in accordance with the laws of the State of New York. All actions and proceedings
relating to or arising from, directly or indirectly, this Warrant Agreement may be litigated in courts located within the Borough of
Manhattan in the City and State of New York. The Company hereby submits to the personal jurisdiction of such courts and consents that
any service of process may be made by certified or registered mail, return receipt requested, directed to the Company at its address
last specified for notices hereunder.

 

8.7. This
Warrant Agreement shall inure to the benefit of and be binding upon the successors and assigns of the parties hereto. This Warrant Agreement
may not be assigned, or otherwise transferred, in whole or in part, by either party without the prior written consent of the other party,
which the other party will not unreasonably withhold, condition or delay; except that (i) consent is not required for an assignment or
delegation of duties by the Warrant Agent to any affiliate of the Warrant Agent and (ii) any reorganization, merger, consolidation, sale
of assets or other form of business combination by the Warrant Agent or the Company shall not be deemed to constitute an assignment of
this Warrant Agreement.

 

8.8. No
provision of this Warrant Agreement may be amended, modified or waived, except in a written document signed by both parties. The Company
and the Warrant Agent may amend or supplement this Warrant Agreement without the consent of any Holder for the purpose of curing any
ambiguity, or curing, correcting or supplementing any defective provision contained herein or adding or changing any other provisions
with respect to matters or questions arising under this Warrant Agreement as the parties may deem necessary or desirable so long as such
amendment or supplement shall not adversely affect the interest of the Holders. All other amendments and supplements shall require the
vote or written consent of Holders of at least 50.1% of the then outstanding Warrants; provided that if any such amendment or supplement
disproportionately and adversely affects the rights of a Holder compared to other Holders, the prior written consent of such Holder shall
also be required.

 

    	-21-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

8.14. If
a Warrant is held in global form through DTC (or any successor depositary), such Warrant is issued subject to this Warrant Agent Agreement.
To the extent any provision of a Warrant conflicts with the express provisions of this Warrant Agent Agreement, the provisions of such
Warrant shall govern and be controlling.

 

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

 

“Adjustment
Right” means any right granted with respect to any securities issued in connection with, or with respect to, any issuance,
sale or delivery (or deemed issuance, sale or delivery in accordance with Section 4) of Common Shares (other than rights of the type
described in Section 4.2 and 4.3 hereof) that could result in a decrease in the net consideration received by the Company in connection
with, or with respect to, such securities (including, without limitation, any cash settlement rights, cash adjustment or other similar
rights) but excluding anti-dilution and other similar rights.

 

“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.

 

    	-22-

    	 

    

 

“Bid
Price” means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock
is then listed or quoted on a Trading Market, the bid price of the Common Stock for the time in question (or the nearest preceding date)
on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg (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 the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Stock is not then
listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then reported on The Pink Open Market (or a similar
organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported,
or (d) in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good
faith by the Holders of a majority of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of
which shall be paid by the Company.

 

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

 

“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.

 

“Primary
Trading Market” means the New York Stock Exchange American or any successor thereto.

 

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

 

“Trading
Market” means the New York Stock Exchange American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global
Select Market, the New York Stock Exchange or the Canadian Securities Exchange (or any successors to any of the foregoing).

 

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Shares are then listed
or quoted on the Primary Trading Market, the daily volume weighted average price of the Common Shares for such date (or the nearest preceding
date) on the Primary Trading Market on which the Common Shares are then listed or quoted as reported by Bloomberg L.P. (based on a Trading
Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume
weighted average price of the Common Shares for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the
Common Shares are not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Shares are then reported on the
“Pink Open Market” (or a similar organization or agency succeeding to its functions of reporting prices), the most recent
bid price per Common Share 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 holders of a majority in interest of the Warrants then outstanding and reasonably acceptable
to the Company, the fees and expenses of which shall be paid by the Company.

 

[SIGNATURE
PAGE FOLLOWS]

 

    	-23-

    	 

    

 

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

 

	 	PERMEX
    PETROLEUM CORPORATION
	 	 	                 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	CONTINENTAL
    STOCK TRANSFER & TRUST
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

Annex
A Form of Global Certificate

Annex
B Notice of Exercise

Annex
C Form of Certificated Warrant

Annex
D Authorized Representatives

Annex
E Form of Warrant Certificate Request Notice

 

    	-24-

    	 

    

 

ANNEX
A

 

[FORM
OF GLOBAL CERTIFICATE]

 

UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO 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.

 

PERMEX
PETROLEUM CORPORATION

WARRANT CERTIFICATE

NOT EXERCISABLE AFTER _____________, 2027

 

This
certifies that the person whose name and address appears below, or registered assigns, is the registered owner of the number of Warrants
set forth below. Each Warrant entitles its registered holder to purchase from Permex Petroleum Corporation, a corporation formed under
the laws of the province of British Columbia (the “Company”), at any time prior to 5:00 p.m. (New York City time)
on _____________, 2027, one common share, no par value, of the Company (each, a “Warrant Share” and collectively,
the “Warrant Shares”), at an exercise price of $_____________ per share, subject to possible adjustments as provided
in the Warrant Agreement (as defined below).

 

This
Warrant Certificate, with or without other Warrant Certificates, upon surrender at the designated office of the Warrant Agent, may be
exchanged for another Warrant Certificate or Warrant Certificates evidencing the same number of Warrants as the Warrant Certificate or
Warrant Certificates surrendered. A transfer of the Warrants evidenced hereby may be registered upon surrender of this Warrant Certificate
at the designated office of the Warrant Agent by the registered holder in person or by a duly authorized attorney, properly endorsed
or accompanied by proper instruments of transfer, a signature guarantee, and such other and further documentation as the Warrant Agent
may reasonably request and duly stamped as may be required by the laws of the State of New York and of the United States of America.

 

The
terms and conditions of the Warrants and the rights and obligations of the holder of this Warrant Certificate are set forth in the Warrant
Agent Agreement dated as of _____________, 2022 (the “Warrant Agreement”) between the Company and Continental Stock

Transfer & Trust (the “Warrant Agent”). A copy of the Warrant Agreement is available for inspection during business
hours at the office of the Warrant Agent.

 

This
Warrant Certificate shall not be valid or obligatory for any purpose until it shall have been countersigned by an authorized signatory
of the Warrant Agent.

 

    	A-1

    	 

    

 

WITNESS
the facsimile signature of a proper officer of the Company.

 

	 	 	PERMEX
    PETROLEUM CORPORATION
	 	 	 	                
	 	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	Dated:	 	 	 
	Countersigned:	 	 
	 	 	 	 
	CONTINENTAL
    STOCK TRANSFER & TRUST,	 	 
	As
    Warrant Agent	 	 
	 	               	 	 
	By:	 	 	 
	Name:	 	 	 
	Title:	 	 	 

 

    	A-2

    	 

    

 

PLEASE
DETACH HERE

 

Certificate
No.:_______ Number of Warrants:_______

 

WARRANT
CUSIP NO.: _______

 

	 	 	[ISSUER]
	 	 	 
	  [Name
    & Address of Holder]	 	________________________,
    Warrant Agent
	 	 	 
	 	 	By
    Mail:
	 	 	 
	 	 	 
	 	 	 
	 	 	By
    hand or overnight courier:
	 	 	 
	 	 	 

 

    	A-3

    	 

    

 

ANNEX
B

 

NOTICE
OF EXERCISE

 

TO: PERMEX
PETROLEUM CORPORATION

 

(1) The
undersigned hereby elects to purchase _______ Warrant Shares of the Company pursuant to the terms of the attached Warrant Certificate
(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 Section 3.3.6(b)
of the Warrant Agreement (as defined in the Warrant Certificate), to exercise this Warrant with respect to the maximum number of Warrant
Shares purchasable pursuant to the cashless exercise procedure set forth in Section 3.3.6(b) of the Warrant Agreement.

 

(3)
Please 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:

 

 

 

 

 

 

 

Name
of Holder:                                                    

 

Signature
of Authorized Signatory of Holder:                                                    
 

Name
of Authorized Signatory:                                                    

 

Title
of Authorized Signatory:                                                    

 

Date:
                                                   

 

    	B-1

    	 

    

 

ANNEX
C

 

[FORM
OF CERTIFICATED WARRANT]

 

COMMON
SHARE PURCHASE WARRANT

 

PERMEX
PETROLEUM CORPORATION

 

	Warrant
    Shares: ________	Initial
    Exercise Date: ____________, 2022

    Issue
    Date: ____________, 2022

    CUSIP:
    _________________

    ISIN:
    __________________

 

THIS
COMMON SHARE PURCHASE WARRANT (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 ___________________, 2022 (the “Initial Exercise Date”) and on or prior to the
5:00 p.m., New York City time on ___________________ 20272 (the “Termination Date”) but not thereafter,
to subscribe for and purchase from Permex Petroleum Corporation, a corporation formed under the laws of the province of British Columbia
(the “Company”), up to _______ Common Shares (as subject to adjustment hereunder, the “Warrant Shares”).
The purchase price of one Common Share under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b). This Warrant
shall initially be issued and maintained in the form of a security held in book-entry form and The Depository Trust Company or its nominee
(“DTC”) shall initially be the sole registered holder of this Warrant, subject to a Holder’s right to elect
to receive a Warrant in certificated form pursuant to the terms of the Warrant Agent Agreement, in which case this sentence shall not
apply.

 

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.

 

“Bid
Price” means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock
is then listed or quoted on a Trading Market, the bid price of the Common Stock for the time in question (or the nearest preceding date)
on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg (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 the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Stock is not then
listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then reported on The Pink Open Market (or a similar
organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported,
or (d) in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good
faith by the Holders of a majority of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of
which shall be paid by the Company.

 

 

2
Insert the date that is the five-year anniversary of the Initial Exercise Date; provided, however, if such date is not a Trading
Day, insert the immediately following Trading Day.

 

    	C-1

    	 

    

 

“Business
Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or Canada
or any day on which banking institutions in the States of New York and Texas and in the Provinces of British Columbia and Ontario 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 its 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.

 

“Exchange
Act” means the United States 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.

 

“Proceeding”
means an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial proceeding,
such as a deposition), whether commenced or threatened.

 

“Registration
Statement” means the Company’s registration statement on Form S-1/A (File No. 333-268191).

 

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

 

“Trading
Day” means a day on which the Common Shares are traded on a Trading Market.

 

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

 

“Transfer
Agent” means TSX Trust Company, 650 West Georgia Street, Suite 2700, Vancouver, BC, Canada V6B 4N9, and any successor transfer
agent of the Company.

 

    	C-2

    	 

    

 

“Warrant
Agent Agreement” means that certain Warrant Agent Agreement, dated as of the Initial Exercise Date, between the Company and
the Warrant Agent.

 

“Warrant
Agent” means Continental Stock Transfer & Trust, 1 State Street, 30th Floor, New York, NY 10004-1561 Attention: Steven
Vacante and any successor warrant agent of the Company.

 

“Warrants”
means this Warrant and other Common Share Purchase Warrants issued by the Company pursuant to the Registration Statement.

 

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Shares are then listed
or quoted on a Primary Trading Market, the daily volume weighted average price of the Common Shares for such date (or the nearest preceding
date) on the Primary Trading Market on which the Common Shares are then listed or quoted as reported by Bloomberg L.P. (based on a Trading
Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume
weighted average price of the Common Shares for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the
Common Shares are not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Shares are then reported in the
“Pink Open Market” 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 Common Share 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 holders of a majority in interest of the Warrants then
outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

 

    	C-3

    	 

    

 

Section
2. Exercise of Warrant.

 

(a) Exercise
and Payment. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times during
the period commencing on the Initial Exercise Date and terminating at 5:00 p.m., New York City time on the Termination Date (“Exercise
Period”) by delivery to the Company and the Warrant Agent of a duly executed facsimile copy (or email attachment) of the Notice
of Exercise, delivered to the Company at 2911 Turtle Creek Blvd, Suite 925, Dallas, Texas 75219 Attention: Mehran Ehsan, email: mehsan@permexpetroleum.com
(or such alternative email or physical address provided in writing by the Company to the Holder after the date hereof), and to the Warrant
Agent at 1 State Street, 30th Floor, New York, NY 10004-1561 Attention: Steven Vacante, email: svacante@continentalstock.com (or such
alternative email or physical address provided in writing by the Warrant Agent to the Holder after the date hereof), in the form annexed
hereto (the “Notice of Exercise”). Within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days
comprising the Standard Settlement Period (as defined below) following the date of exercise as aforesaid, the Holder shall deliver the
aggregate Exercise Price for the shares specified in the applicable Notice of Exercise by wire transfer, bank drafts or cashier’s
or certified check drawn on a United States or Canadian 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 one (1) Trading Day 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. Notwithstanding the foregoing in this Section 2(a), a holder whose interest
in this Warrant is a beneficial interest in certificate(s) representing this Warrant held in book-entry form through DTC (or another
established clearing corporation performing similar functions), shall effect exercises made pursuant to this Section 2(a) by delivering
to DTC (or such other clearing corporation, as applicable) the appropriate instruction form for exercise, complying with the procedures
to effect exercise that are required by DTC (or such other clearing corporation, as applicable), subject to a Holder’s right to
elect to receive a Warrant in certificated form pursuant to the terms of the Warrant Agent Agreement, in which case this sentence shall
not apply.

 

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

 

(c) Cashless
Exercise. If at the time of exercise hereof 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 (if such quotient would be a positive number) by dividing [(A-B) (X)] by (A), where:

 

		(A)
                                            =	as
                                            applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable
                                            Notice of Exercise if such Notice of Exercise is (1) both executed and delivered pursuant
                                            to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered
                                            pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading
                                            hours” (as defined in Rule 600(b)(68) of Regulation NMS promulgated under the federal
                                            securities laws) on such Trading Day, (ii) at the option of the Holder, either (y) the VWAP
                                            on the Trading Day immediately preceding the date of the applicable Notice of Exercise or
                                            (z) the Bid Price of the Common Stock on the principal Trading Market as reported by Bloomberg
                                            L.P. as of the time of the Holder’s execution of the applicable Notice of Exercise
                                            if such Notice of Exercise is executed during “regular trading hours” on a Trading
                                            Day and is delivered within two (2) hours thereafter (including until two (2) hours after
                                            the close of “regular trading hours” on a Trading Day) pursuant to Section 2(a)
                                            hereof or (iii) the VWAP on the date of the applicable Notice of Exercise if the date of
                                            such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and
                                            delivered pursuant to Section 2(a) hereof after the close of “regular trading hours”
                                            on such Trading Day;

 

    	C-4

    	 

    

 

		(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.

 

Notwithstanding
anything herein to the contrary, but without limiting the rights of a Holder to receive Warrant Shares on a “cashless exercise”
pursuant to this Section 2(c) or to receive cash payments pursuant to Section 3(d)(i) and Section 3(d)(iv) herein, the Company shall
not be required to make any cash payments or net cash settlement to the Holder in lieu of delivery of the Warrant Shares. If Warrant
Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of the Securities
Act, the Warrant Shares shall take on the registered characteristics of the Warrants being exercised. The Company agrees not to take
any position contrary to this Section 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).

 

(d) Mechanics
of Exercise.

 

(i) Delivery
of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder to be transmitted by the Transfer
Agent to the Holder by crediting the account of the Holder’s or its designee’s balance account with DTC 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) this
Warrant is being exercised via cashless exercise, 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 earlier of (i) two (2) Trading Days
after the delivery to the Company of the Notice of Exercise and (ii) the number of Trading Days comprising the Standard Settlement Period
after the delivery to the Company and the Warrant Agent of the Notice of Exercise (such date, the “Warrant Share Delivery
Date”). Upon delivery of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have become the holder
of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant
Shares, provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received the earlier
of (i) two (2) Trading Days of and (ii) the number of Trading Days comprising the Standard Settlement Period following the delivery of
the Notice of Exercise. If the Company fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice of Exercise
by 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 such Warrant Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise. The Company
agrees to maintain a transfer agent that is a participant in the FAST program so long as this Warrant remains outstanding and exercisable.
As used herein, “Standard Settlement Period” means the standard settlement period, expressed in a number of Trading
Days, on the Primary Trading Market with respect to the Common Shares as in effect on the date of delivery of the Notice of Exercise.

 

    	C-5

    	 

    

 

(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 the Transfer Agent to transmit 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.

 

(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 the 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 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 the 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 of 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.

 

    	C-6

    	 

    

 

(v) No
Fractional Shares. No fractional Warrant Shares will be issued upon the exercise of this Warrant. If a Holder would be entitled,
upon the exercise of this Warrant, to receive a fractional interest in a share, 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 Warrant 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 DTC (or another established clearing corporation
performing similar functions) required for same-day electronic delivery of the Warrant Shares.

 

(vii) Closing
of Books. Subject to applicable laws, including applicable securities laws, the Company will not close its shareholder books or records
in any manner which prevents the timely exercise of this Warrant, pursuant to the terms hereof.

 

    	C-7

    	 

    

 

(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 (such Persons, “Attribution Parties”)),
would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence, the
number of Common Shares beneficially owned by the Holder and its Affiliates and Attribution Parties 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, non-exercised portion of this Warrant beneficially owned by
the Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised or non-converted 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 or Attribution
Parties. 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 Attribution Parties) 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 Attribution Parties)
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 (2) 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 or Attribution Parties since the date as of which such number of outstanding Common Shares was reported.
The “Beneficial Ownership Limitation” shall be 4.99% (or, upon election by a Holder prior to the issuance of any Warrants,
9.99%) 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.

 

    	C-8

    	 

    

 

Section
3. Certain Adjustments.

 

(a) Share
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 and such
other capital stock of the Company (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator
shall be the number of Common Shares such other capital stock of the Company (excluding treasury shares, if any) outstanding immediately
after such event, and the number of 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 shareholders 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.

 

(b) 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 shares, 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, 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). To the extent that a 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 such Warrant.

 

(c) Pro
Rata Distribution. During such time as the Warrants are outstanding, if the Company shall declare or make any dividend 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 cash, 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 the Warrants, 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 the Warrants
held by the Holder (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, that, 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 the Warrant held by such Holder.

 

    	C-9

    	 

    

 

(d) 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 (or any Subsidiary), 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 50% or more
of the voting power of the common equity of the Company, (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 are 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, merger or scheme of arrangement) with another Person or group of Persons
whereby such other Person or group acquires 50% or more of the outstanding Common Shares or 50% or more of the voting power of the common
equity of the Company (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 as a result of such Fundamental Transaction by
a holder of the number of Common Shares 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 Share 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. Notwithstanding anything to the contrary, in the event of a Fundamental Transaction, the Company or any
Successor Entity (as defined below) shall, at the Holder’s option, exercisable at any time concurrently with, or within 30 days
after, the consummation of the Fundamental Transaction (or, if later, the date of the public announcement of the applicable Fundamental
Transaction), purchase this Warrant from the Holder by paying to the Holder an amount of cash equal to the Black Scholes Value (as defined
below) of the remaining unexercised portion of this Warrant on the date of the consummation of such Fundamental Transaction; provided,
however, that, if the Fundamental Transaction is not within the Company’s control, including not approved by the Company’s
Board of Directors, Holder shall only be entitled to receive from the Company or any Successor Entity the same type or form of consideration
(and in the same proportion), at the Black Scholes Value of the unexercised portion of this Warrant, that is being offered and paid to
the holders of Common Shares of the Company in connection with the Fundamental Transaction, whether that consideration be in the form
of cash, stock or any combination thereof, or whether the holders of Common Shares are given the choice to receive from among alternative
forms of consideration in connection with the Fundamental Transaction; provided, further, that if holders of Common Shares of the Company
are not offered or paid any consideration in such Fundamental Transaction, such holders of Common Shares will be deemed to have received
common stock of the Successor Entity (which Entity may be the Company following such Fundamental Transaction) in such Fundamental Transaction.
“Black Scholes Value” means the value of this Warrant based on the Black-Scholes Option Pricing Model obtained from the “OV”
function on Bloomberg determined as of the day of consummation of the applicable Fundamental Transaction for pricing purposes and reflecting
(A) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the time between the date of the public announcement
of the applicable contemplated Fundamental Transaction and the Termination Date, (B) an expected volatility equal to the greater of 100%
and the 100 day volatility obtained from the HVT function on Bloomberg as of the Trading Day immediately following the public announcement
of the applicable contemplated Fundamental Transaction, (C) the underlying price per share used in such calculation shall be the greater
of (i) the sum of the price per share being offered in cash, if any, plus the value of any non-cash consideration, if any, being offered
in such Fundamental Transaction and (ii) the greater of (x) the last VWAP immediately prior to the public announcement of such contemplated
Fundamental Transaction and (y) the last VWAP immediately prior to the consummation of such Fundamental Transaction and (D) a remaining
option time equal to the time between the date of the public announcement of the applicable contemplated Fundamental Transaction and
the Termination Date. The payment of the Black Scholes Value will be made by wire transfer of immediately available funds (or such other
consideration) within the later of (i) five Business Days of the Holder’s election and (ii) the date of consummation of the 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 and the other Transaction
Documents in accordance with the provisions of this Section 3(d) pursuant to written agreements in form and substance reasonably satisfactory
to the Holder and approved by the Holder (without unreasonable delay) 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 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 be added to the term “Company” under this Warrant (so that from and after the occurrence or consummation
of such Fundamental Transaction, each and every provision of this Warrant and the other Transaction Documents referring to the “Company”
shall refer instead to each of the Company and the Successor Entity or Successor Entities, jointly and severally), and the Successor
Entity or Successor Entities, jointly and severally with the Company, may exercise every right and power of the Company prior thereto
and the Successor Entity or Successor Entities shall assume all of the obligations of the Company prior thereto under this Warrant and
the other Transaction Documents with the same effect as if the Company and such Successor Entity or Successor Entities, jointly and severally,
had been named as the Company herein.

 

    	C-10

    	 

    

 

(e) 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.

 

(f) 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
deliver to the Holder by facsimile or email 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 shareholders 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 are 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 delivered by facsimile or email to the Holder at its last facsimile number or email
address as it shall appear upon the Warrant Register (as defined below), at least 20 calendar days prior to the applicable record or
effective date hereinafter specified, a notice 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 deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action
required to be specified in such notice. To the extent that any notice provided in this Warrant 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. Provided such notice occurs within the Exercise Period, 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.

 

    	C-11

    	 

    

 

Section
4. Transfer of Warrant.

 

(a) Transferability.
This Warrant and all rights hereunder 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.
Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company
unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within three
(3) Trading Days of the date the Holder delivers an assignment form to the Company assigning this Warrant full. 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. If this Warrant is not held in global form through DTC (or any successor depository), 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 original 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 Warrant Agent (or, in the event a Holder elects to receive a Definitive Certificate (as defined in the Warrant Agent
Agreement), the Company) shall register this Warrant, upon records to be maintained by the Warrant Agent (or, in the event a Holder elects
to receive a Definitive Certificate, the Company) for that purpose (the “Warrant Register”), in the name of the record
Holder hereof from time to time. The Company and the Warrant Agent 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.

 

Section
5. Miscellaneous.

 

(a) No
Rights as Shareholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other rights as
a shareholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in Section 3.

 

    	C-12

    	 

    

 

(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 share 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 share certificate, if mutilated, the Company will make
and deliver a new Warrant or share certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or share 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 Trading Day, then, such action may be taken or such right may be exercised on the next succeeding Trading Day.

 

(d) Authorized
Shares.

 

(i) 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 issuing 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 non-assessable 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).

 

(ii) 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 (A) 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, (B) take all such action as may be necessary or appropriate in order that the Company
may validly and legally issue fully paid and non-assessable Warrant Shares upon the exercise of this Warrant and (C) 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.

 

(iii) 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) Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed by and
construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflict of
laws thereof. Each party agrees that all legal Proceedings concerning the interpretation, enforcement and defense of this Warrant shall
be commenced in the state and federal courts sitting in the City of New York, Borough of Manhattan (the “New York Courts”).
Each party hereto hereby irrevocably submits to the exclusive jurisdiction of the New York Courts for the adjudication of any dispute
hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement
of any provision hereunder), and hereby irrevocably waives, and agrees not to assert in any suit, action or Proceeding, any claim that
it is not personally subject to the jurisdiction of such New York Courts, or such New York Courts are improper or inconvenient venue
for such Proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in any such
suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery)
to such party at the address in effect for notices to it under this Warrant and agrees that such service shall constitute good and sufficient
service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any
other manner permitted by law. If any party shall commence an action or Proceeding to enforce any provisions of this Warrant, then the
prevailing party in such action or Proceeding shall be reimbursed by the other party for its attorneys’ fees and other costs and
expenses incurred in the investigation, preparation and prosecution of such action or Proceeding.

 

(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, 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.

 

    	C-13

    	 

    

 

(h) Notices.
Any and all notices or other communications or deliveries to be provided by the Holders hereunder including, without limitation, any
Notice of Exercise, shall be in writing and delivered personally, by email, or sent by a nationally recognized overnight courier service,
addressed to the Company, at 2911 Turtle Creek Blvd, Suite 925, Dallas, Texas 75219 Attention: Mehran Ehsan, email address: mehsan@permexpetroleum.com,
or such other email address or address as the Company may specify for such purposes by notice to the Holders. Any and all notices or
other communications or deliveries to be provided by the Company hereunder shall be in writing and delivered personally, by email, or
sent by a nationally recognized overnight courier service addressed to each Holder at the email address or address of such Holder appearing
on the books of the Warrant Agent. Any notice or other communication or deliveries hereunder shall be deemed given and effective on the
earliest of (i) the time of transmission, if such notice or communication is delivered via email at the email address set forth in this
Section prior to 5:30 p.m. (New York City time) on any date, (ii) the next Trading Day after the date of transmission, if such notice
or communication is delivered via email at the email address set forth in this Section on a day that is not a Trading Day or later than
5:30 p.m. (New York City time) on any Trading Day, (iii) the second Trading Day following the date of mailing, if sent by U.S. nationally
recognized overnight courier service, or (iv) upon actual receipt by the party to whom such notice is required to be given. Notwithstanding
any other provision of this Warrant, where this Warrant provides for notice of any event to the Holder, if this Warrant is held in global
form by DTC (or any successor depositary), such notice shall be sufficiently given if given to DTC (or any successor depositary) pursuant
to the procedures of DTC (or such successor depositary), subject to a Holder’s right to elect to receive a Warrant in certificated
form pursuant to the terms of the Warrant Agent Agreement, in which case this sentence shall not apply.

 

(i) Warrant
Agent Agreement. If this Warrant is held in global form through DTC (or any successor depositary), this Warrant is issued subject
to the Warrant Agent Agreement. To the extent any provision of this Warrant conflicts with the express provisions of the Warrant Agent
Agreement, the provisions of this Warrant shall govern and be controlling.

 

(j) 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 shareholder of the Company, whether such liability is asserted by the Company or by creditors of the
Company.

 

(k) 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.

 

(l) 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.

 

    	C-14

    	 

    

 

(m) Amendment.
This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company, on the one hand, and
either: (i) the Holder or the beneficial owner of this Warrant, on the other hand, or (ii) the vote or written consent of the Holders
of at least 50.1% of the then outstanding Warrants issued pursuant to the Warrant Agent Agreement, on the other hand; provided that if
any such modification, amendment or waiver disproportionately and adversely affects the rights of a Holder compared to other Holders,
the prior written consent of such Holder shall also be required.

 

(n) 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.

 

(o) 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)

 

    	C-15

    	 

    

 

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.

 

	 	PERMEX PETROLEUM CORPORATION

  
 

	 	 	                  
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	C-16

    	 

    

 

NOTICE
OF EXERCISE

 

TO: PERMEX
PETROLEUM CORPORATION

 

(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
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:

 

 

 

 

 

 

 

Name
of Holder:                                                                                                                                       

 

Signature
of Authorized Signatory of Holder:                                                                                  

 

Name
of Authorized Signatory:                                                                                                            

 

Title
of Authorized Signatory:                                                                                                              

 

Date:
                           

 

    	C-17

    	 

    

 

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)
	 	 
	Phone
    Number:	  
	 	 
	Email
    Address:	  

 

Dated:
________________ _____, _______

 

Holder’s
Signature:  

 

Holder’s
Address:  

 

    	C-18

    	 

    

 

ANNEX
D

 

AUTHORIZED
REPRESENTATIVES

 

	Name
	 	Title
	 	Signature

	Mehran
    Ehsan
	 	President
    & CEO
	 	 
	Gregory
    Montgomery 	 	Chief
    Financial Officer	 	 
	 	 	 	 	 

 

    	D-1

    	 

    

 

ANNEX
E

 

[FORM
OF WARRANT CERTIFICATE REQUEST NOTICE]

 

WARRANT
CERTIFICATE REQUEST NOTICE

 

	To:	CONTINENTAL
                                            STOCK TRANSFER & TRUST,

                                            as Warrant Agent for PERMEX PETROLEUM CORPORATION (the “Company”)

 

The
undersigned Holder of Common Share Purchase Warrants (“Warrants”) in the form of Global Warrants issued by the Company hereby
elects to receive a Definitive Certificate evidencing the Warrants held by the Holder as specified below:

 

	(1)	Name
                                            of Holder of Warrants in form of Global Warrants:_______________________
	 	 
	(2)	Name
                                            of Holder in Definitive Certificate (if different from name of Holder of Warrants in form
                                            of Global Warrants):__________________________________________________
	 	 
	(3)	Number
                                            of Warrants in name of Holder in form of Global Warrants:__________________
	 	 
	(4)	Number
                                            of Warrants for which Definitive Certificate shall be issued:_________________
	 	 
	(5)	Number
                                            of Warrants in name of Holder in form of Global Warrants after issuance:_______

 

The
Definitive Certificate shall be delivered to the following address:

 

_____________________________________

_____________________________________

_____________________________________

_____________________________________

 

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

 

Name
of Holder:                                                                                                                        

 

Signature
of Authorized Signatory of Holder:                                                                   

 

Name
of Authorized Signatory:                                                                                              

 

Title
of Authorized Signatory:                                                                                               

 

Date:
                              

 

    	E-1

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