Document:

Exhibit 4.6

 

 

 

2108
St. George Avenue

Saskatoon,
SK S7M 0K7

Tel: 1.800.979.9794

 

	
    2021

     

    ANNUAL

     

    GENERAL

     

    MEETING

     
	
    Notice of Annual General Meeting of Shareholders

     

    Management Information Circular

     

     

     

	Place:	DLA Piper (Canada) LLP

Suite 2800, Park Place 666 Burrard St. 

Vancouver, British Columbia, Canada

V6C 2Z7
	Time:	10:00 a.m. (Vancouver time) 
	Date:	June 23, 2021

 

     

    - ii -

    

 

DRAGANFLY INC.

 

	CORPORATE DATA	
    Head Office

     

    2108 St. George Avenue

    Saskatoon, SK S7M 0K7

     

	 	
    Directors and Officers

     

    Cameron Chell – Chairman, Chief Executive Officer
    and Director

    Scott Larson – President and Director

    Olen Aasen – Director

    Andrew Hill Card, Jr. –Director

    Justin Hannewyk – Director

    John M. Mitnick – Director

    Paul Sun – Chief Financial Officer and Corporate Secretary

    Denis Silva – Director

     

	 	
    Registrar and Transfer Agent

     

    Endeavor Trust Corporation

     

	 	
    Legal Counsel

     

    DLA Piper (Canada) LLP

     

	 	
    Auditor

     

    Dale Matheson Carr-Hilton Labonte
    LLP, Chartered Professional Accountants

     

	 	
    Stock Exchange Listing

     

    Canadian Securities Exchange under symbol “DFLY”

    Frankfurt Stock Exchange under symbol “3U8”

    OTCQB under symbol “DFLYF”

 

     

     

    

 

DRAGANFLY INC.

2108 St. George Avenue

Saskatoon,
SK S7M 0K7

Tel: 1.800.979.9794

 

NOTICE OF ANNUAL
General MEETING OF SHAREHOLDERS

 

NOTICE IS HEREBY GIVEN that the annual general
meeting (the “Meeting”) of the Shareholders of Draganfly Inc. (the “Company”) will be held at Suite
2800, Park Place 666 Burrard St Vancouver, British Columbia, Canada V6C 2Z7 on June 23, 2021 at 10:00 a.m. (Vancouver time), for the following
purposes:

 

	1.	To receive the financial statements of the Company for the fiscal year ended December 31, 2020 together
with the report of the auditor thereon;

 

	2.	To fix the number of directors of the Company at seven (7);

 

	3.	To elect the directors of the Company for the ensuing year;

 

	4.	To appoint Dale Matheson Carr-Hilton Labonte LLP, Chartered Professional Accountants, as auditors of the
Company for the ensuing year and to authorize the directors of the Company to fix their remuneration; and

 

	5.	To transact such other business as may properly come before the Meeting or any adjournment thereof.

 

Accompanying this Notice is
the Information Circular and a form of Proxy (including the Financial Statement Request Form). The accompanying Information Circular provides
information relating to the matters to be addressed at the Meeting and is incorporated into this Notice.

 

In light of ongoing concerns related to the
spread of COVID-19, and in order to mitigate potential risks to the health and safety of the Company’s shareholders, employees,
communities and other stakeholders, Meeting participants are encouraged not to attend in person. Rather, participants are encouraged to
vote on the matters before the Meeting by proxy and to join the Meeting by teleconference. Those who attend the Meeting by teleconference
are requested to read the notes to the enclosed form of proxy and then to, complete, sign and return the enclosed form of proxy in accordance
with the instructions set out in the proxy and in the information circular accompanying this Notice.

 

To access the Meeting by teleconference, dial
toll free at (866) 214-9607 (U.S. and Canada), (647) 427-7523 (International), Access Code: 439.159.9895.

 

While registered shareholders are entitled to
attend the Meeting in person, we strongly recommend that all shareholders vote by proxy and accordingly ask that registered shareholders
read the notes to the enclosed form of Proxy and then complete, sign and return the enclosed form of Proxy in accordance with the instructions
set out in the Proxy and in the Information Circular accompanying this Notice.

 

DATED at Vancouver, British Columbia, this 10th
day of May, 2021.

 

BY ORDER OF THE BOARD

 

(signed) “Cameron Chell”

Chairman, Chief Executive Officer and Director

 

     

     

    

 

DRAGANFLY INC.

2108 St. George Avenue

Saskatoon,
SK S7M 0K7

Tel: 1.800.979.9794

 

INFORMATION
CIRCULAR

Unless otherwise stated, the information contained
in this information circular (this “Information Circular”) ‎is given as at May 12, 2021. Except as otherwise
indicated, all dollar amounts in this Information Circular are expressed in Canadian ‎dollars and references to $ are to Canadian
 ‎dollars. References to US$ are to United States dollars‎.

 

SOLICITATION OF
PROXIES

 

This Information Circular is furnished in connection
with the solicitation of proxies by the management of Draganfly Inc. (the “Company”) for use at the annual general
meeting of shareholders of the Company (and any adjournment thereof) to be held on June 23, 2021 (the “Meeting”) at
the time and place and for the purposes set forth in the accompanying notice of meeting (“Notice of Meeting”).

 

In light of ongoing concerns related to the
spread of COVID-19, and in order to mitigate potential risks to the health and safety of the Company’s shareholders, employees,
communities and other stakeholders, Meeting participants are encouraged not to attend in person. Rather, participants are encouraged to
vote on the matters before the Meeting by proxy and to join the Meeting by teleconference. To access the Meeting by teleconference, dial
toll free at (866) 214-9607 (U.S. and Canada), (647) 427-7523 (International), Access Code: 439.159.9895.

 

While it is expected that the solicitation will
be primarily by mail, proxies may be solicited personally or by telephone by the directors, officers and regular employees of the Company
at nominal cost. All costs of solicitation by management will be borne by the Company.

 

Pursuant to National Instrument 54-101 –
Communication with Beneficial Owners of Securities of a ‎‎Reporting Issuer (“NI 54-101”), arrangements
have been made with clearing agencies, brokerage houses ‎‎and other financial intermediaries to forward proxy solicitation
material to the beneficial owners of the ‎‎common shares of the Company (“Common Shares”). The cost of
any such solicitation will be borne by the Company.‎

 

The contents and the sending of this Information
Circular have been approved by the board of directors of the Company (the “Board of Directors” or the “Board”).

 

NOTICE-AND-ACCESS

 

The Company is sending out proxy-related materials
to shareholders using the notice-and-access ‎‎provisions under National Instrument 51-102 – Continuous Disclosure
Obligations (“NI 51-102”) and NI 54-‎‎‎101 (together with NI 51-102, the “Notice-and-Access
Provisions”). The Company anticipates that use of ‎‎the Notice-and-Access Provisions will benefit the Company by
reducing the postage and material costs ‎‎associated with the printing and mailing of the proxy-related materials and will
also reduce the ‎‎environmental impact of such actions.‎

 

Shareholders will be provided with electronic
access to the Notice, this Information Circular, the Company's ‎‎management's discussion and analysis of the results of operations
and financial condition of the ‎‎Company for the year ended December 31, 2020 (the “MD&A”) and the
audited consolidated financial ‎‎statements of the Company and accompanying notes for the year ended December 31, 2020 (together
 ‎‎with the MD&A, the “MD&A and Financials”) together with the auditor's report thereon on the
System for ‎‎Electronic Document Analysis and Retrieval (“SEDAR”) at www.sedar.com and at www.draganfly.com.

 

     

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Shareholders are reminded to review the Information
Circular before voting. Shareholders will receive paper ‎copies of ‎a notice package (the “Notice Package”)
via pre-paid mail containing a notice with information ‎prescribed ‎by the Notice-and-Access Provisions and a form of proxy
(if you are a registered ‎Shareholder) or a ‎voting instruction form (if you are a non-registered Shareholder). The ‎Company
will not use procedures known as ‘stratification” in relation to the use of Notice-‎and-Access ‎Provisions. Stratification
occurs when an issuer using Notice-and-Access Provisions sends a ‎paper copy ‎of the Information Circular to some securityholders
with a Notice Package.‎

 

Shareholders with questions about notice-and-access
can call the Company's transfer agent, ‎‎Endeavor Trust Corporation (“Endeavor Trust” or the “Transfer
Agent”) toll-free at 1-888-787-0888 (Canada and the ‎‎U.S. only) or direct at (604) 559-8880 (outside Canada and
the U.S.). Shareholders may obtain paper‎ ‎copies of the Information Circular and the MD&A and Financials free of charge
by calling (604) 559-8880 at any time ‎‎up until and including the date of the Meeting, including any adjournment or postponement
thereof. Any ‎‎Shareholder wishing to obtain a paper copy of the meeting materials should submit their request no later ‎‎than
10:00 a.m. (Vancouver time) on June 16, 2021 in order to receive paper copies of the meeting ‎‎materials in time to vote before
the Meeting. Under the Notice-and-Access Provisions, meeting materials ‎‎will be available for viewing at wwww.draganfly.com
for one year from the date of posting.‎

 

APPOINTMENT OF
PROXYHOLDER

 

The individuals named in the accompanying form
of proxy are directors and/or officers of the Company (collectively, “Management’s Nominees”). A SHAREHOLDER
WISHING TO APPOINT SOME OTHER PERSON (WHO NEED NOT BE A SHAREHOLDER) TO REPRESENT HIM, HER OR IT AT THE MEETING HAS THE RIGHT TO DO SO,
EITHER BY STRIKING OUT THE NAMES OF MANAGEMENT’S NOMINEES NAMED IN THE ACCOMPANYING FORM OF PROXY AND INSERTING THE DESIRED PERSON’S
NAME IN THE BLANK SPACE PROVIDED IN THE FORM OF PROXY OR BY COMPLETING ANOTHER FORM OF PROXY.

 

REGISTERED SHAREHOLDERS

 

Registered shareholders may
wish to vote by proxy whether or not they are able to attend the Meeting in person. Registered shareholders electing to submit a proxy
may do so by:

 

	(a)	completing, dating and signing the enclosed form of proxy and returning it to Endeavor Trust, by fax (604)
559-8908, or by mail at #702-777 Hornby Street, Vancouver, BC, V6Z 1S4; or

 

	(b)	using the internet through the website of Endeavor Trust at www.eproxy.ca‎. Registered shareholders
must follow the instructions that appear on the screen and refer to the enclosed proxy form for the Control Number and the proxy access
number.

 

A proxy will not be valid
unless the completed form of proxy is received by Endeavor Trust not less than 48 hours (excluding Saturdays, Sundays and holidays) before
the time for holding the Meeting or any adjournment thereof. Proxies delivered after that time will not be accepted.

 

INFORMATION FOR
NON-REGISTERED SHAREHOLDERS

 

Only registered shareholders or duly
appointed proxyholders are permitted to vote at the Meeting. Most shareholders of the Company are “non-registered”
shareholders because the shares they own are not registered in their names but are instead registered in the names of a brokerage
firm, bank or other intermediary or in the name of a clearing agency. Shareholders who do not hold their shares in their own name
(referred to herein as “Beneficial Shareholders”) should note that only registered shareholders may vote at the
Meeting. If Common Shares are listed in an account statement provided to a shareholder by a broker, then in almost all cases
those Common Shares will not be registered in such shareholder’s name on the records of the Company. Such Common Shares will
more likely be registered under the name of the shareholder’s broker or an agent of that broker. In Canada, the vast majority
of such shares are registered under the name of CDS & Co. (the registration name for CDS Clearing and Depository Services Inc.,
which company acts as nominee for many Canadian brokerage firms). Common Shares held by brokers (or their agents or nominees) on
behalf of a broker’s client can only be voted (for or against resolutions) at the direction of the Beneficial Shareholder.
Without specific instructions, brokers and their agents and nominees are prohibited from voting shares for the brokers’
clients. Therefore, each Beneficial Shareholder should ensure that voting instructions are communicated to the appropriate person
well in advance of the Meeting.

 

     

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Existing regulatory policy requires brokers and
other intermediaries to seek voting instructions from Beneficial Shareholders in advance of shareholders’ meetings. The various
brokers and other intermediaries have their own mailing procedures and provide their own return instructions to clients, which should
be carefully followed by Beneficial Shareholders in order to ensure that their Common Shares are voted at the Meeting. Often the form
of proxy supplied to a Beneficial Shareholder by its broker is identical to the form of proxy provided by the Company to the registered
shareholders. However, its purpose is limited to instructing the registered shareholder (i.e. the broker or agent of the broker) how to
vote on behalf of the Beneficial Shareholder. The majority of brokers now delegate responsibility for obtaining instructions from clients
to Broadridge Financial Solutions, Inc. (“Broadridge”). Broadridge typically prepares a machine-readable voting instruction
form, mails those forms to the Beneficial Shareholders and asks Beneficial Shareholders to return the forms to Broadridge, or otherwise
communicate voting instructions to Broadridge (by way of the internet or telephone, for example). Broadridge then tabulates the results
of all instructions received and provides appropriate instructions respecting the voting of Common Shares to be represented at the Meeting.
A Beneficial Shareholder who receives a Broadridge voting instruction form cannot use that form to vote Common Shares directly at the
Meeting. The voting instruction form must be returned to Broadridge (or instructions respecting the voting of Common Shares must be communicated
to Broadridge) well in advance of the Meeting in order to have the Common Shares voted.

 

Beneficial Shareholders may fall into two categories
- those who object to their identity being ‎made known to the issuers of the securities which they own ("Objecting Beneficial
Owners") and those who do not object to their identity being made known to the issuers of the securities which they own ‎‎("Non-Objecting
Beneficial Owners"). Subject to the provisions of NI 54-101, issuers may request and ‎obtain a list of their Non-Objecting
Beneficial Owners from intermediaries. Pursuant to NI 54-101, issuers ‎may obtain and use the Non-Objecting Beneficial Owners list
in connection with any matters relating to the ‎affairs of the issuer, including the distribution of proxy-related materials directly
to Non-Objecting ‎Beneficial Owners. The Company is sending meeting materials to Non-Objecting Beneficial ‎Owners with the
assistance of Broadridge (as defined herein). The ‎Company does not intend to pay for intermediaries to deliver the meeting materials
to Objecting Beneficial ‎Owners.‎ The Company’s Non-Objecting Beneficial ‎Owners and Objecting Beneficial Owners
can expect to be contacted by Broadridge or their brokers or their broker’s agents as set out above.

 

Although Beneficial Shareholders may not be recognized
directly at the Meeting for the purposes of voting Common Shares registered in the name of his broker, a Beneficial Shareholder may attend
the Meeting as proxyholder for the registered shareholder and vote the Common Shares in that capacity. Beneficial shareholders who
wish to attend the Meeting and indirectly vote their Common Shares as proxyholder for the registered shareholder should enter their own
names in the blank space on the proxy provided to them and return the same to their broker (or the broker’s agent) in accordance
with the instructions provided by such broker.

 

All references to shareholders in this Information
Circular and the accompanying form of proxy and Notice of Meeting are to shareholders of record unless specifically stated otherwise.

 

REVOCATION OF
PROXIES

 

In addition to revocation in any other manner
permitted by law, a registered shareholder who has given a proxy may revoke it by

 

		(a)	executing a proxy bearing a later date or by executing a valid
notice of revocation, either of the foregoing to be executed by the registered shareholder or the registered shareholder’s authorized
attorney in writing, or, if the registered shareholder is a corporation, under its corporate seal by an officer or attorney duly authorized,
and by delivering the proxy bearing a later date to Endeavor Trust at #702-777 Hornby Street, Vancouver, BC, V6Z 1S4 or at the address
of the registered office of the Company at Suite 2800, Park Place 666 Burrard St Vancouver, British Columbia, Canada V6C 2Z7 at any time
up to and including the last business day that precedes the day of the Meeting or, if the Meeting is adjourned, the last business day
that precedes any reconvening thereof, or to the chairman of the Meeting on the day of the Meeting or any reconvening thereof, or in
any other manner provided by law, or

 

     

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	(b)	personally attending the Meeting and voting the registered shareholder’s Common Shares.

 

A revocation of a proxy does not affect any matter
on which a vote has been taken prior to the revocation.

 

VOTING OF PROXIES

 

The Common Shares represented by a properly executed
proxy in favour of persons proposed by management of the Company as proxyholders in the accompanying form of proxy will:

 

	(a)	be voted or withheld from voting in accordance with the instructions of the person appointing the proxyholder
on any ballot that may be taken; and

 

	(b)	where a choice with respect to any matter to be acted upon has been specified in the form of proxy, be
voted in accordance with the specification made in such proxy.

 

ON A POLL SUCH COMMON SHARES WILL BE VOTED IN
FAVOUR OF EACH MATTER FOR WHICH NO CHOICE HAS BEEN SPECIFIED BY THE SHAREHOLDER.

 

The enclosed form of proxy when properly completed
and delivered and not revoked confers discretionary authority upon the person appointed proxy thereunder to vote with respect to amendments
or variations of matters identified in the Notice of Meeting, and with respect to other matters which may properly come before the Meeting.
In the event that amendments or variations to matters identified in the Notice of Meeting are properly brought before the Meeting or any
further or other business is properly brought before the Meeting, it is the intention of the persons designated in the enclosed form of
proxy to vote in accordance with their best judgment on such matters or business. At the time of the printing of this Information Circular,
the management of the Company knows of no such amendment, variation or other matter which may be presented to the Meeting.

 

VOTING SECURITIES
AND PRINCIPAL HOLDERS THEREOF

 

	Authorized Capital:	an unlimited number of Common Shares without par value
	Issued and Outstanding:	135,031,935(1) Common Shares without par value

	(1)	As at the date hereof.

 

The Common Shares are the only voting securities
of the Company. Only shareholders of record at the close of business on May 3, 2021, (the “Record Date”) who either
personally attend the Meeting or who have completed and delivered a form of proxy in the manner and subject to the provisions described
above shall be entitled to vote or to have their Common Shares voted at the Meeting.

 

On a show of hands, every individual who is present
and is entitled to vote as a shareholder or as a representative of one or more corporate shareholders, or who is holding a proxy on behalf
of a shareholder who is not present at the Meeting, will have one vote, and on a poll every shareholder present in person or represented
by a proxy and every person who is a representative of one or more corporate shareholders, will have one vote for each Common Share.

 

To the knowledge of the Board and executive officers
of the Company, as at the date hereof, no persons or companies beneficially own, directly or indirectly or exercise control or direction
over shares carrying 10% or more of the voting rights attached to all outstanding shares of the Company.

 

     

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VOTES NECESSARY
TO PASS RESOLUTIONS

 

A simple majority of affirmative votes cast at
the Meeting is required to pass the ordinary resolutions described herein. Any special resolutions must be determined by a two thirds
(2/3) majority of the votes cast on each special resolution at the Meeting.

 

RECEIPT OF FINANCIAL
STATEMENTS

 

The financial statements of the Company for the
fiscal year ended December 31, 2020, together with the report of the auditor thereon, will be presented to the shareholders at the Meeting.
No vote by the shareholders is required to be taken on the financial statements.

 

ELECTION OF DIRECTORS

 

The Board of Directors presently consists of seven
(7) directors. Shareholders will be asked to fix the number of directors at seven (7) and to elect the seven (7) persons listed below
as directors for the ensuing year.

 

The term of office of each of the present directors
expires at the Meeting. The persons named below will be presented for election at the Meeting as the nominees of management and the persons
named in the accompanying form of proxy intend to vote for the election of these nominees. Management does not contemplate that any of
these nominees will be unable to serve as a director. Each director elected will hold office until the next annual general meeting of
the Company or until his successor is elected or appointed, unless his office is earlier vacated in accordance with the Articles of the
Company, or with the provisions of the Business Corporations Act (British Columbia).

 

The constating documents of the Company include
an advance notice provision. The purpose of the advance notice provision is to provide shareholders, directors and management of the Company
with direction on the procedure for shareholder nomination of directors. The advance notice provision is the framework by which the Company
seeks to fix a deadline by which holders of record of Common Shares must submit director nominations to the Company prior to any annual
or special meeting of shareholders and sets forth the information that a shareholder must include in the notice to the Company for the
notice to be in proper written form. The Company did not receive notice of any director nominations in connection with the Meeting within
the time periods prescribed by the Articles. Accordingly, at the Meeting, the only persons eligible to be nominated for election to the
Board are the nominees set forth below.

 

The following table and notes thereto states the
name of each person proposed to be nominated by management for election as a director (a “proposed director”), the
province or state and country of residence, all offices of the Company now held by him, his principal occupation, the period of time for
which he has been a director of the Company, and the number of Common Shares beneficially owned by him, directly or indirectly, or over
which he or she exercises control or direction, as at the date hereof.

 

     

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	Name, Position, Province or 

State and Country of

 Residence(1)	Principal Occupation(1)	Director

 Since	Number of 

Common Shares

 beneficially owned

 or directly or

 indirectly

controlled(2)
	Cameron Chell

Chairman, CEO and Director

British Columbia, Canada	Chairman and Chief Executive Officer of the Company since August 2019; ‎‎co-founder of Business Instincts Group Inc‎., a Calgary-based Venture ‎Creation Firm, since 2009; co-founder of Cold Bore Technologies Inc. ‎from ‎February 2013 to present; Chairman and founder of TraxOne Inc. ‎from ‎September 2016 to present; a director and an advisor to KodakCoin from ‎May 2017 to present; Chairman and co-founder of CurrencyWorks Inc. ‎from November 2017 to present; director and co-founder of Slyce Inc. from ‎January 2012 to January 2017.‎	Aug 14, 2019	4,435,920(3)
	Scott Larson(4)(5)

President and Director

British Columbia, Canada	President of the Company since July 2020; former Chief Executive Officer of Kater Technologies, a Vancouver-based mobility as a service (MaaS) company building out an integrated intermodal transportation ‎platform incorporating public transportation, buses, taxis and ride hailing vehicles into a single service, from January 2019 to March 2020; former Chief Executive Officer of ‎Helios Wire, a satellite company building out a space-enabled IoT/M2M network‎, from 2016 to 2019; and former Chief Executive Officer and founder of UrtheCast ‎Corp. from 2010 to 2015.	Aug 14, 2019	111,140
	Olen Aasen(4)(5)

Director

British Columbia, Canada	General Counsel at King & Bay West ‎Management Corp. ‎since February ‎‎2011.‎	Aug 14, 2019	81,478
	Denis Silva(4)(5)

Director

British Columbia, Canada	Corporate and securities partner with the law firm DLA Piper (Canada) ‎LLP ‎since July 2020; and ‎partner at the law firm Gowling WLG (Canada) LLP ‎from 2015 to 2020.‎	Aug 14, 2019	94,465
	Andrew Hill Card, Jr.

Director

New Hampshire, United States	Interim Chief Executive Officer of the George & Barbara Bush Foundation ‎since June 2020; Chairman of the National Endowment for Democracy ‎‎(NED), a non-profit organization ‎dedicated to the growth and strengthening ‎of democratic institutions around the world, since ‎January 2018; and ‎President of Franklin Pierce University in New Hampshire from January ‎‎2015 through July 2016. ‎	Nov 7, 2019	170,952
	Justin Hannewyk

President of Dronelogics Systems Inc‎.‎ and Director

British Columbia, Canada	President of Dronelogics Systems Inc., a wholly-owned subsidiary of the Company, since ‎‎2009; President of Candrone from January 2009 to present; and an ‎independent consultant to enterprise clients with respect to the integration of ‎drones for over 10 years.‎	April 30, 2020	2,224,935
	John M. Mitnick

Director

Virginia, United States	Member of Board of Directors of Valaurum, Inc., March 2016 to February ‎‎2018 and since October 2019; General Counsel of the U.S. Department of ‎Homeland Security from February 2018 to September 2019; and Senior ‎Vice President, General Counsel, and Secretary of The Heritage Foundation ‎from March 2014 to February 2018.‎	June 18, 2020	188,011
	 	 	 	 

Notes:

 

	(1)	The information as to the province or state, and applicable country of residence and principal occupation,
not being within the knowledge of the Company, has been furnished by the respective directors individually.

	(2)	The information as to the Common Shares beneficially owned or over which a director exercises control
or direction, not being within the knowledge of the Company, has been furnished by the respective directors individually.

	(3)	These Common Shares are held through Business Instincts Group Inc. (“BIG”) an entity
that Mr. Chell has a material interest in.

	(4)	Denotes member of the Audit Committee. Scott Larson is the chair of the Audit Committee.

	(5)	Denotes member of the Nominating and Corporate Governance Committee. Denis Silva is the chair of the Nominating
and Corporate Governance Committee.

 

     

    - 7 -

    

 

CORPORATE CEASE
TRADE ORDERS OR BANKRUPTCIES

 

Other than as disclosed herein, none of the proposed
directors (or any of their personal holding companies) of the Company:

 

	(a)	is, as at the date of this Information Circular, or has been, within 10 years before the date of this
Information Circular, a director, chief executive officer or chief financial officer of any company, including the Company, that: (i)
was subject to a cease trade order or similar order or an order that denied the relevant company access to any exemption under securities
legislation, for a period of more than 30 consecutive days while that person was acting in the capacity as director, chief executive officer
or chief financial officer; or (ii) was the subject of a cease trade or similar order or an order that denied the issuer access to any
exemption under securities legislation in each case for a period of 30 consecutive days, that was issued after the person ceased to be
a director, chief executive officer or chief financial officer in the company and which resulted from an event that occurred while that
person was acting in the capacity as director, chief executive officer or chief financial officer; or

 

	(b)	is as at the date of this Information Circular or has been within the 10 years before the date of this
Information Circular, a director or executive officer of any company, including the Company, that while that person was acting in that
capacity, or within a year of that person ceasing to act in that capacity, became bankrupt, made a proposal under any legislation relating
to bankruptcy or insolvency or was subject to or instituted any proceedings, arrangement or compromise with creditors or had a receiver,
receiver manager or trustee appointed to hold its assets; or

 

	(c)	has, within the 10 years before the date of this Information Circular, become bankrupt, made a proposal
under any legislation relating to bankruptcy or insolvency, or become subject to or instituted any proceedings, arrangements or compromise
with creditors, or had a receiver, receiver manager as trustee appointed to hold the assets of the proposed director.

 

By Order of the Supreme Court of Newfoundland
and Labrador dated June 17, 2020, Deloitte Restructuring Inc. ‎was appointed as the receiver and manager of all current and future
assets, undertakings, and properties of the ‎Kami Mine Limited Partnership, Kami General Partner Limited, and Alderon Iron Ore Corp.
The receivership was ‎initiated by a secured creditor of the Kami Mine Limited Partnership after its failure to refinance the secured
debt ‎due to the COVID-19 pandemic. Mr. Aasen was Corporate Secretary of Alderon Iron Ore Corp. and Secretary and ‎Director
of Kami General Partner Limited until April 28, 2020.‎

 

     

    - 8 -

    

 

None of the proposed directors (or any of their
personal holding companies) has been subject to: (a) any penalties or sanctions imposed by a court relating to securities legislation
or by a securities regulatory authority or has entered into a settlement agreement with a securities regulatory authority after January
1, 2001; or (b) any other penalties or sanctions imposed by a court or regulatory body that would likely be considered important to a
reasonable securityholder in deciding whether to vote for a proposed director.

 

AUDIT COMMITTEE
DISCLOSURE

 

Under National Instrument 52-110 –
Audit Committees (“NI 52-110”), companies are required to provide disclosure with respect to their
audit committee including the text of the audit committee’s charter, composition of the audit committee and the fees paid to the
external auditor.

 

A copy of the Company’s Audit Committee’s
charter is attached here to as Schedule A hereto.

 

Composition of the Audit Committee

 

The current members of the Audit Committee are:

 

	Scott Larson  (Chair)	Non-Independent (1)	Financially literate(2)
	Olen Aasen	Independent(1)	Financially literate(2)
	Denis Silva	Non-Independent (1)	Financially literate(2)
	 	 	 

	Notes:	

 

	(1)	A member of the Audit Committee is independent if the member has no direct or indirect material relationship
with the Company which could, in the view of the Board, reasonably interfere with the exercise of a member’s independent judgment.

	(2)	An individual is financially literate if he has the ability to read and understand a set of financial
statements that present a breadth of complexity of accounting issues that are generally comparable to the breadth and complexity of the
issues that can reasonably be expected to be raised by the Company’s financial statements.

 

Relevant Education and Experience

 

Olen Aasen, Director

 

Mr. Aasen is a corporate and securities lawyer
with more than 15 years of experience in corporate, securities and regulatory matters. He has been the Corporate Secretary, General Counsel
or Vice President, Legal at various Canadian and U.S.- listed companies. Mr. Aasen obtained a J.D. from the University of British
Columbia in 2006 and was called to the British Columbia Bar in 2007. Mr. Aasen was also appointed to the 2016 Legal 500 GC Powerlist for
Canada. Mr. Aasen has an understanding of financial statements and is financially literate as that term is defined in NI 52-110.

 

Scott Larson, President
and Director

 

Mr. Larson brings over 20 years of combined corporate
finance, technology development and entrepreneurial experience to the Board. Formerly CEO of Kater, a Vancouver-based mobility as a service
(MaaS) company building out an integrated intermodal transportation platform incorporating public transportation, buses, taxis and ride
haling vehicles into a single service. Previously, Mr. Larson has been CEO and co-founder of Helios Wire, a satellite company building
out a space-enabled IoT/M2M network, and was CEO/Co-Founder of UrtheCast. Mr. Larson helped scale the company from its inception, taking
it public on the Toronto Stock Exchange, raising $200 million, and leading the company to 250 employees over five years with seven offices
around the world. Mr. Larson has an understanding of financial statements and is financially literate as that term is defined in NI 52-110.

 

     

    - 9 -

    

 

John M. Mitnick,
Director

 

Mr. Mitnick is an American attorney with 32
years of experience serving at the highest levels of government and the private sector. From February 2018 until September 2019, he
served as the General Counsel of the U.S. Department of Homeland Security (DHS), having been confirmed for that position unanimously
by the U.S. Senate. In that capacity, Mr. Mitnick was the chief legal officer of a federal security and law enforcement agency with
more than 240,000 employees, was responsible for providing legal advice and counsel from DHS and all of its components, and
supervised more than 2,500 attorneys. From March 2014 to February 2018, he served as Senior Vice President, General Counsel, and
Secretary ‎of The Heritage Foundation, an influential think tank, and from November 2007 to April 2013 he served as
 ‎Vice President, General Counsel, and Secretary of a Raytheon division with over $3 billion in annual sales, ‎over 9,000
employees, and business operations in over 40 countries and on all continents. Mr. Mitnick also ‎served as Associate Counsel
to President George W. Bush from May 2005 until October 2007. He began ‎his legal career in 1988 at the law firm now known as
Kilpatrick Townsend & Stockton LLP, where he was a ‎partner specializing in mergers and acquisitions, strategic alliances,
commercial contracts, and business ‎start-ups. He received his Juris Doctor degree from the University of Virginia School of
Law and a Bachelor ‎of Arts degree in Jurisprudence from the University of Oxford. He also holds a Bachelor of Arts degree in
 ‎History and Political Science (summa cum laude) from Emory University. Mr. Mitnick has an understanding ‎of financial
statements and is financially literate as that term is defined in NI 52-110.‎

 

Each member of the Audit Committee has:

 

		·	an understanding of the accounting principles used by the Company to prepare its financial statements,
and the ability to assess the general application of those principles in connection with estimates, accruals and reserves;

 

		·	experience with analyzing or evaluating financial statements that present a breadth and level of complexity
of accounting issues that are generally comparable to the breadth and complexity of issues that can reasonably be expected to be raised
by the Company's financial statements, or experience actively supervising individuals engaged in such activities; and

 

		·	an understanding of internal controls and procedures for financial reporting.

 

Audit Committee Oversight

 

At no time since the commencement of the Company’s
most recently completed financial year was a recommendation of the Audit Committee to nominate or compensate an external auditor not adopted
by the Board.

 

Reliance on Certain Exemptions

 

At no time since the commencement of the Company’s
most recently completed financial year has the Company relied on the exemption in Section 2.4 of NI 52-110 (De Minimis
Non-audit Services), or an exemption from NI 52-110, in whole or in part, granted under Part 8 of NI 52-110.

 

The Company has relied upon the exemption provided
by section 6.1 of NI 52-110 which exempts venture issuers from the requirement to comply with the restrictions on the composition
of its audit committee and the disclosure requirements of its audit committee in an annual information form as prescribed by NI 52-110.

 

Pre Approval Policies and Procedures

 

The Audit Committee is authorized by the Board
to review the performance of the Company’s external auditors and approve in advance provision of services other than auditing and
to consider the independence of the external auditors, including reviewing the range of services provided in the context of all consulting
services bought by the Company. The Audit Committee is authorized to approve any non-audit services or additional work which the Chairman
of the Audit Committee deems as necessary who will notify the other members of the Audit Committee of such non-audit or additional
work.

 

     

    - 10 -

    

 

External Auditor Service Fees (By Category)

 

The aggregate fees billed by the Company’s
external auditors in each of the last two fiscal years for audit fees are as follows:

 

	Financial Year 
 Ending Dec 31	 	Audit Fees(1)	 	 	Audit Related Fees(2)	 	 	Tax Fees(3)	 	 	All Other Fees(4)	 
	2020	 	$	94,000	 	 	$	8,925	 	 	$	4,000	 	 	 	N/A	 
	2019	 	$	46,000	 	 	 	N/A	 	 	$	2,500	 	 	 	N/A	 

 

Notes:

 

	(1)	The aggregate audit fees billed.

	(2)	The aggregate fees billed for assurance and related services that are reasonably
related to the performance of the audit or review of the Company’s financial statements which are not included under the heading
 “Audit Fees”.

(3)
The aggregate fees billed for professional services rendered for tax compliance, tax advice and tax planning.

	(4)	The aggregate fees billed for products and services other than as set out
under the headings “Audit Fees”, “Audit Related Fees” and “Tax Fees”.

 

STATEMENT OF EXECUTIVE COMPENSATION 

 

For the purposes of this Information Circular,
a “Named Executive Officer”, or “NEO”, means each of the following individuals:

 

	(a)	each individual who, during any part of the Company’s financial year ended December 31, 2020, served
as chief executive officer (“CEO”) of the Company, including an individual performing functions similar to a CEO;

 

	(b)	each individual who, during any part of the Company’s financial year ended December 31, 2020, served
as chief financial officer (“CFO”) of the Company, including an individual performing functions similar to a CFO;

 

	(c)	the most highly compensated executive officers of the Company and its subsidiaries, other than the individuals
identified in paragraphs (a) and (b), as at December 31, 2020 whose total compensation was more than $150,000, as determined in accordance
with subsection 1.3(5) of Form 51-102F6, for the financial year ended December 31, 2020; and

 

	(d)	each individual who would be a NEO under paragraph (c) above but for the fact that the individual
was not an executive officer of the Company, and was not acting in a similar capacity, as at December 31, 2020.

 

Based on the foregoing definitions, the Company
had four (4) Named Executive Officers for the year ended December 31, 2020: Cameron Chell, the Company’s CEO, Paul Sun, the Company’s
CFO, Patrick Imbasciani, the Company’s former COO and Scott Larson, the Company’s President.

 

The Summary Compensation table below provides
information for the two most recently completed financial years ended December 31, 2020 and 2019 regarding compensation paid to or earned
by each of the Named Executive Officers.

 

     

    - 11 -

    

 

Director and Named Executive Officer Compensation,
Excluding Compensation Securities

 

The following table sets forth all compensation
paid, payable, awarded, granted or given, or otherwise provided, directly or indirectly to the Company’s Named Executive Officers
and directors for the fiscal years ended December 31, 2020 and 2019.

 

	Table of Compensation Excluding Compensation Securities
	Name and 

position	Dec 31	Salary,

consulting

fee, retainer or 

commission

($)	Bonus

($)	Committee or meeting fees

($)	Value of 

perquisites

($)	Value of all 

other

compensation

($)	Total 

compensation

($)
	
    Cameron Chell(1)

     

    Chairman, CEO and Director

     
	2020

2019	139,172.93

9,000.00	385,990

Nil	Nil

Nil	Nil

Nil	Nil

Nil	525,163.69

9,000.00
	
    Paul Sun

     

    CFO

     
	2020

2019	167,024.09

133,813.74	156,950

Nil	Nil

Nil	Nil

Nil	Nil

6,576.92(2)	323,974.09

140,390.66
	
    Patrick Imbasciani(3)

     

    Former COO

     
	2020

2019	164,140.33

37,365.63(4)	Nil

Nil	Nil

Nil	Nil

Nil	Nil

Nil	164,140.33

37,365.63
	
    Scott Larson

     

    President and Director

     
	2020

2019	88,490.74

Nil	139,033Nil	Nil

Nil	Nil

Nil	Nil

Nil	227,524.18

Nil
	
    Olen Aasen

     

    Director

     
	2020

2019	Nil

Nil	Nil

Nil	Nil

Nil	Nil

Nil	Nil

Nil	Nil

Nil
	
    Denis Silva

     

    Director

     
	2020

2019	Nil

Nil	Nil

Nil	Nil

Nil	Nil

Nil	Nil

Nil	Nil

Nil
	
    Andrew Hill Card, Jr

     

    Director

     
	2020

2019	Nil

Nil	Nil

Nil	Nil

Nil	Nil

Nil	Nil

Nil	Nil

Nil
	
    Justin Hannewyk(5)

     

    Director and President of Dronelogics Systems Inc‎.‎

     
	2020

2019	80,000

Nil	Nil

Nil	Nil

Nil	Nil

Nil	Nil

Nil	80,000

Nil
	
    John M. Mitnick(6)

     

    Director

     
	2020

2019	Nil

Nil	Nil

Nil	Nil

Nil	Nil

Nil	Nil

Nil	Nil

Nil

 

Notes:

 

	(1)	Mr. Chell provides his services through the Chell Consulting Agreement.
See below “Employment, Consulting and Management Agreements”.

	(2)	Comprised of vacation accrual.

	(3)	Mr. Imbasciani was appointed COO of the Company on October 22, 2019 and
ceased to hold that position on October 27, 2020.

	(4)	US$28,604.17 converted based on an exchange rate of 1.3063 as at December
31, 2019.

	(5)	Mr. Hannewyk was appointed to the Board as at April 30, 2020.

	(6)	Mr. Mitnick was appointed to the Board as at June 18, 2020.

 

     

    - 12 -

    

 

Stock Options and Other Compensation Securities

 

The following table sets out all compensation
securities granted or issued to all Named Executive Officers and directors by the Company or any of its subsidiaries during the fiscal
year ended December 31, 2020 for services provided or to be provided, directly or indirectly, to the Company or any of its subsidiaries.

 

	Compensation Securities
	

Name and position	Type of

 compensation

 security	Number of

 compensation

 securities,

 number of

 underlying

 securities, and

 percentage of

 class	Date of issue

 or grant	Issue, conversion

or exercise

 price

($)	Closing

 price of

 security 

on date of

 grant

($)	Closing

 Price of

 Security

 on date at

 year end

($)	Expiry Date
	
    Cameron Chell

     

    Chairman, CEO and Director

     
	
    Stock options

     

    RSUs

     
	
    Nil

     

    Nil

     
	
    N/A

     

    N/A

     
	
    N/A

     

    N/A

     
	
    N/A

     

    N/A

     
	
    N/A

     

    N/A

     
	
    N/A

     

    N/A

     

	
    Paul Sun

     

    CFO

     
	
    Stock options

     

    RSUs

     
	
    Nil

     

    Nil

     
	
    N/A

     

    N/A

     
	
    N/A

     

    N/A

     
	
    N/A

     

    N/A

     
	
    N/A

     

    N/A

     
	
    N/A

     

    N/A

     

	
    Patrick Imbasciani

     

    Former COO

     
	
    Stock options

     

    RSUs

     
	
    Nil

     

    Nil

     
	
    N/A

     

    N/A

     
	
    N/A

     

    N/A

     
	
    N/A

     

    N/A

     
	
    N/A

     

    N/A

     
	
    N/A

     

    N/A

     

	
    Scott Larson 

     

    President and Director

     
	
    Stock options(1)

     

    RSUs(2)

     
	
    500,000

     

    125,000

     
	
    July 3, 2020

     

    Nov 24, 2020

     
	
    0.64

     

    N/A

     
	
    0.64

     

    0.50

     
	
    0.81

     

    0.81

     
	
    July 3, 2025

     

    N/A

     

	
    Olen Aasen

     

    Director

     
	
    Stock options

     

    RSUs(2)

     
	
    Nil

     

    125,000

     
	
    N/A

     

    Nov 24, 2020

     
	
    N/A

     

    N/A

     
	
    N/A

     

    0.50

     
	
    N/A

     

    0.81

     
	
    N/A

     

    N/A

     

	
    Denis Silva

     

    Director

     
	
    Stock options

     

    RSUs(2)

     
	
    Nil

     

    125,000

     
	
    N/A

     

    Nov 24, 2020

     
	
    N/A

     

    N/A

     
	
    N/A

     

    0.50

     
	
    N/A

     

    0.81

     
	
    N/A

     

    N/A

     

	
    Andrew Hill Card, Jr

     

    Director

     
	
    Stock options

     

    RSUs(2)

     
	
    Nil

     

    125,000

     
	
    N/A

     

    Nov 24, 2020

     
	
    N/A

     

    N/A

     
	
    N/A

     

    0.50

     
	
    N/A

     

    0.81

     
	
    N/A

     

    N/A

     

	
    Justin Hannewyk

     

    Director and President of Dronelogics Systems Inc‎.‎

     
	
    Stock options(3)

     

    RSUs(4)

     

    RSUs(2)

     
	
    250,000

     

    250,000

     

    125,000

     
	
    April 30, 2020

     

    April 30, 2020

     

    Nov 24, 2020

     
	
    0.50

     

    N/A

     

    N/A

     

     

     
	
    0.83

     

    0.83

     

    0.50

     
	
    0.81

     

    0.81

     

    0.81

     
	
    April 30, 2030

     

    N/A

     

    N/A

     

	
    John M. Mitnick

     

    Director

     
	
    Stock options

     

    RSUs(2)

     
	
    Nil

     

    125,000

     
	
    N/A

     

    Nov 24, 2020

     
	
    N/A

     

    N/A

     
	
    N/A

     

    0.50

     
	
    N/A

     

    0.81

     
	
    N/A

     

    N/A

     

	 	 	 	 	 	 	 	 

	Notes:	
	 	 

	(1)	These stock options vest on April 3, 2021.

	(2)	These restricted share units are deliverable as to 1/3 on October 30, 2021,
1/3 on October 30, 2022 and 1/3 on October 30, 2023.

	(3)	These stock options vest 1/3 on the grant date, 1/3 on the first anniversary
of the grant date and 1/3 on the second anniversary of the grant date.

	(4)	These restricted share units are deliverable as to 1/3 on April 30, 2021,
1/3 on April 30, 2022 and 1/3 on April 30, 2023.

 

     

    - 13 -

    

 

Exercise of Compensation Securities by Directors
and NEOs

 

The following table sets out all compensation
securities exercised by Named Executive Officers and directors of the Company or any of its subsidiaries during the year ended ‎December
31, 2020‎.

 

	Exercise of Compensation Securities by NEOs and Directors
	Name and Position	Type of Compensation Security	
     

     

    Number of Underlying Securities

     
	
     

     

    Price on date of Issuance or Exercise Price
    per Security ($)

     
	Date of Exercise Price 	Closing Price of Security  or Underlying Security on Date of Exercise

($)	Difference between Issue Price or Exercise Price and Closing Price on Date of Exercise 

($)	Total Value on Exercise Date 

($)
	
    Cameron Chell

     

    Chairman, CEO and Director

     
	RSUs	83,333	0.50	Oct 30, 2020	0.57	0.07	47,499.81
	
    Paul Sun

     

    CFO

     
	RSUs	166,666	0.50	Oct 30, 2020	0.57	0.07	94,999.62
	
    Patrick Imbasciani

     

    Former COO

     
	RSUs	83,333	0.50	Oct 30, 2020	0.57	0.07	47,499.81
	
    Scott Larson 

     

    President and Director

     
	RSUs	83,333	0.50	Oct 30, 2020	0.57	0.07	47,499.81
	
    Olen Aasen

     

    Director

     
	RSUs	83,333	0.50	Oct 30, 2020	0.57	0.07	47,499.81
	
    Denis Silva

     

    Director

     
	RSUs	83,333	0.50	Oct 30, 2020	0.57	0.07	47,499.81
	
    Andrew Hill Card, Jr

     

    Director

     
	RSUs	83,333	0.50	Oct 30, 2020	0.57	0.07	47,499.81
	
    Justin Hannewyk

     

    Director and President of Dronelogics Systems Inc‎.‎

     
	-	-	-	-	-	-	-
	
    John M. Mitnick

     

    Director

     
	RSUs	83,333	0.50	Oct 30, 2020	0.57	0.07	47,499.81

 

Stock Option Plans and Other Incentive Plans

 

The Board has previously adopted the
Company’s share compensation plan (the “Share Compensation Plan”), prepared in accordance with the policies
of the Canadian Securities Exchange (the “Exchange”), that provides for the granting of restricted share units
(“RSUs”) and stock options (“Options”) on such terms and conditions as prescribed by the Share
Compensation Plan. The Share Compensation Plan is a “rolling” plan, pursuant to which the maximum number of Common
Shares issuable under the Share Compensation Plan and any other share compensation arrangement of the Company including the RSUs
that may be awarded under the Share Compensation Plan, is 20% of the Common Shares then issued and outstanding. The Share
Compensation Plan was adopted effective August 19, 2019.

 

     

    - 14 -

    

 

The Share Compensation Plan provides participants
(each, a “Participant”), who may include participants who are citizens or residents of the United States (each, a “US
Participant”), with the opportunity, through RSUs and Options, to acquire an ownership interest in the Company. The RSUs will
rise and fall in value based on the value of the Common Shares. Unlike the Options, the RSUs will not require the payment of any monetary
consideration to the Company. Instead, each RSU represents a right to receive one Common Share following the attainment of vesting criteria
determined at the time of the award. See “Restricted Share Units – Vesting Provisions” below. The Options, on
the other hand, are rights to acquire Common Shares upon payment of monetary consideration (i.e., the exercise price), subject also to
vesting criteria determined at the time of the grant. See “Options – Vesting Provisions” below.

 

Purpose of the Share
Compensation Plan

 

The stated purpose of the Share Compensation Plan
is to advance the interests of the Company and its subsidiaries, and its shareholders by: (a) ensuring that the interests of Participants
are aligned with the success of the Company and its subsidiaries; (b) encouraging stock ownership by such persons; and (c) providing compensation
opportunities to attract, retain and motivate such persons.

 

Eligible Persons

 

The following people are eligible to participate
in the Share Compensation Plan: any officer or employee of the Company or any officer or employee of any subsidiary of the Company and,
solely for purposes of the grant of Options, any director of the Company or any director of any subsidiary of the Company, and any Consultant
(defined under the Share Compensation Plan as an individual (other than an employee or a director of the Company) or a corporation that
is not a U.S. Person that: (a) is engaged to provide on an ongoing bona fide basis, consulting, technical, management or other services
to the Company or to an affiliate of the Company, other than services provided in relation to an offer or sale of securities of the Company
in a capital raising transaction, or services that promote or maintain a market for the Company’s securities; (b) provides the services
under a written contract between the Company or the affiliate and the individual or the Company, as the case may be; (c) in the reasonable
opinion of the Company, spends or will spend a significant amount of time and attention on the affairs and business of the Company or
an affiliate of the Company; and (d) has a relationship with the Company or an affiliate of the Company that enables the individual to
be knowledgeable about the business and affairs of the Company.

 

Administration of
the Share Compensation Plan

 

The Share Compensation Plan is administered by
the Board or such other persons as may be designated by the Board (the “Administrators”) based on the recommendation
of the Board or the compensation committee of the Board, if applicable. The Administrators determine the eligibility of persons to participate
in the Share Compensation Plan, when RSUs and Options will be awarded or granted, the number of RSUs and Options to be awarded or granted,
the vesting criteria for each award of RSUs and grant of Options and all other terms and conditions of each award and grant, in each case
in accordance with applicable securities laws and the requirements of the Exchange.

 

Restrictions on
the Award of RSUs and Grant of Options

 

The awards of RSUs and grants of Options under
the Share Compensation Plan is subject to a number of restrictions:

 

	(a)	the total number of Common Shares issuable to insiders under the Share Compensation Plan and any other
share compensation arrangements of the Company cannot exceed 20% of the Common Shares then outstanding; and

 

     

    - 15 -

    

 

	(b)	the aggregate sales price (meaning the sum of all cash, property, notes, cancellation of debt, or other
consideration received or to be received by the Company for the sale of the securities) or amount of Common Shares issued during any consecutive
12 month period will not exceed the greatest of the following: (i) US$1,000,000; (ii) 15% of the total assets of the Company, measured
at the Company’s most recent balance sheet date; or (iii) 15% of the outstanding amount of the Common Shares, measured at the Company’s
most recent balance sheet date.

 

In the event of any declaration by the Company
of any stock dividend payable in securities (other than a dividend which may be paid in cash or in securities at the option of the holder
of Common Shares), or any subdivision or consolidation of the Common Shares, reclassification or conversion of the Common Shares, or any
combination or exchange of securities, merger, consolidation, recapitalization, amalgamation, plan of arrangement, reorganization, spin
off involving the Company, distribution (other than normal course cash dividends) of Company assets to holders of Common Shares, or any
other corporate transaction or event involving the Company or the Common Shares, the Administrators may in their sole discretion make
such changes or adjustments, if any, as the Administrators consider fair or equitable to reflect such change or event including, without
limitation, adjusting the number of Options and RSUs outstanding under the Share Compensation Plan, the type and number of securities
or other property to be received upon exercise or redemption thereof, and the exercise price of Options outstanding under the Share Compensation
Plan, provided that the value of any Option or RSU immediately after such an adjustment shall not exceed the value of such Option or RSU
prior thereto.

 

Restricted Share Units 

 

The total number of Common Shares that may be
issued on exercise of Options and RSUs, together with any other share compensation arrangements of the Company, shall not exceed 20% of
the number of issued and outstanding Common Shares from time to time.

 

Mechanics for RSUs

 

RSUs awarded to Participants under the Share Compensation
Plan are credited to an account that is established on their behalf and maintained in accordance with the Share Compensation Plan. After
the relevant date of vesting of any RSUs awarded under the Share Compensation Plan, a Participant shall be entitled to receive and the
Company shall issue or pay (at its discretion): (i) a lump sum payment in cash equal to the number of vested RSUs recorded in the Participant’s
account multiplied by the volume weighted average price of the Common Shares traded on the Exchange for the five (5) consecutive
trading days prior to the payout date; (ii) the number of Common Shares required to be issued to a Participant upon the vesting of such
Participant’s RSUs in the Participant’s account will be, duly issued as fully paid and non assessable shares and such Participant
shall be registered on the books of the Company as the holder of the appropriate number of Common Shares; or (iii) any combination of
thereof.

 

Vesting Provisions

 

The provides that: (i) at the time of the award
of RSUs, the Administrators will determine the vesting criteria applicable to the awarded RSUs; (ii) vesting of RSUs may include criteria
such as performance vesting; (iii) each RSU shall be subject to vesting in accordance with the terms set out in an agreement evidencing
the award of the RSU attached as Exhibit A to the Share Compensation Plan (or in such form as the Administrators may approve from time
to time) (each an “RSU Agreement”); and (iv) all vesting and issuances or payments in respect of an RSU shall be completed
no later than December 15 of the third calendar year commencing after the award date for such RSU.

 

It is the current intention that RSUs may be awarded
with both time based vesting provisions as a component of the Company’s annual incentive compensation program, and performance based
vesting provisions as a component of the Company’s long term incentive compensation program.

 

Under the Share Compensation Plan, should the
date of vesting of an RSU fall within a blackout period or within nine business days following the expiration of a blackout period, the
date of vesting will be automatically extended to the tenth business day after the end of the blackout period.

 

     

    - 16 -

    

 

Termination, Retirement
and Other Cessation of Employment in connection with RSUs

 

A person participating in the Share Compensation
Plan will cease to be eligible to participate in the following circumstances: (i) receipt of any notice of termination of employment
or service (whether voluntary or involuntary and whether with or without cause); (ii) retirement; and (iii) any cessation of employment
or service for any reason whatsoever, including disability and death (an “Event of Termination”). In such circumstances,
any vested RSUs will be issued (and with respect to each RSU of a US Participant, such RSU will be settled and shares issued as soon as
practicable following the date of vesting of such RSU as set forth in the applicable RSU Agreement, but in all cases within 60 days following
such date of vesting; and unless otherwise determined by the Administrators in their discretion, any unvested RSUs will be automatically
forfeited and cancelled (and with respect to any RSU of a US Participant, if the Administrators determine, in their discretion, to waive
vesting conditions applicable to an RSU that is unvested at the time of an Event of Termination, such RSU shall not be forfeited or cancelled,
but instead will be deemed to be vested and settled and shares delivered following the date of vesting date of such RSU as set forth in
the applicable RSU Agreement). Notwithstanding the above, if a person retires in accordance with the Company’s retirement policy
at such time, the pro rata portion of any unvested performance based RSUs will not be forfeited or cancelled and instead shall be eligible
to become vested in accordance with the vesting conditions set forth in the applicable RSU Agreement after such retirement (as if retirement
had not occurred), but only if the performance vesting criteria, if any, have been met on the applicable date. For greater certainty,
if a person is terminated for just cause, all unvested RSUs will be forfeited and cancelled.

 

Options

 

The total number of Common Shares that may be
issued on exercise of Options and RSUs, together with any other share compensation arrangements of the Company, shall not exceed 20% of
the number of issued and outstanding Common Shares from time to time.

 

Mechanics for Options

 

Each Option granted pursuant to the Share Compensation
Plan will entitle the holder thereof to the issuance of one Common Share upon achievement of the vesting criteria and payment of the applicable
exercise price. Options granted under the Share Compensation Plan will be exercisable for Common Shares issued from treasury once the
vesting criteria established by the Administrators at the time of the grant have been satisfied. However, the Company will continue to
retain the flexibility through the amendment provisions in the Share Compensation Plan to satisfy its obligation to issue Common Shares
by making a lump sum cash payment of equivalent value (i.e., pursuant to a cashless exercise), provided there is a full deduction of the
number of underlying Common Shares from the Share Compensation Plan’s reserve.

 

Vesting Provisions

 

The Share Compensation Plan provides that the
Administrators may determine when any Option will become exercisable and may determine that Options shall be exercisable in instalments
or pursuant to a vesting schedule. The Option agreement will disclose any vesting conditions prescribed by the Administrators.

 

Termination, Retirement
and Other Cessation of Employment in connection with Options

 

A person participating in the Share Compensation
Plan will cease to be eligible to participate where there is an Event of Termination. In such circumstances, unless otherwise determined
by the Administrators in their discretion, any unvested Options will be automatically cancelled, terminated and not available for exercise
and any vested Options may be exercised only before the earlier of: (i) the termination of the Option; and (ii) six months after the date
of the Event of Termination. If a person is terminated for just cause, all Options will be (whether or not then exercisable) automatically
cancelled.

 

     

    - 17 -

    

 

Other Terms

 

The Administrators will determine the exercise
price and term/expiration date of each Option, provided that the exercise price in respect of that Option shall not be less than the
Market Price on the date of grant. “Market Price” is defined in the Share Compensation Plan, as of any date, the closing
price of the Common Shares on the Exchange for the last market trading day prior to the date of grant of the Option or if the Common
Shares are not listed on a stock exchange, the Market Price shall be determined in good faith by the Administrators.

 

No Option shall be exercisable after ten years
from the date the Option is granted. Under the Share Compensation Plan, should the term of an Option expire on a date that falls within
a blackout period or within nine business days following the expiration of a blackout period, such expiration date will be automatically
extended to the tenth business day after the end of the blackout period.

 

Unless otherwise determined by the Board, in the
event of a change of control, any surviving or acquiring corporation shall assume any Option outstanding under the Share Compensation
Plan on substantially the same economic terms and conditions or substitute or replace similar options for those Options outstanding under
the Share Compensation Plan on substantially the same economic terms and conditions.

 

Transferability

 

RSUs awarded and Options granted under the Share
Compensation Plan or any rights of a Participant cannot be transferred, assigned, charged, pledged or hypothecated, or otherwise alienated,
whether by operation of law or otherwise.

 

Reorganization and
Change of Control Adjustments

 

In the event of any declaration by the Company
of any stock dividend payable in securities (other than a dividend which may be paid in cash or in securities at the option of the holder
of Common Shares), or any subdivision or consolidation of Common Shares, reclassification or conversion of the Common Shares, or any combination
or exchange of securities, merger, consolidation, recapitalization, amalgamation, plan of arrangement, reorganization, spin off involving
the Company, distribution (other than normal course cash dividends) of Company assets to holders of Common Shares, or any other corporate
transaction or event involving the Company or the Common Shares, the Administrators may make such changes or adjustments, if any, as they
consider fair or equitable, to reflect such change or event including adjusting the number of Options and RSUs outstanding under the Share
Compensation Plan, the type and number of securities or other property to be received upon exercise or redemption thereof, and the exercise
price of Options outstanding under the Share Compensation Plan, provided that the value of any Option or RSU immediately after such an
adjustment shall not exceed the value of such Option or RSU prior thereto.

 

Amendment Provisions
in the Share Compensation Plan

 

The Board may amend the Share Compensation Plan
or any RSU or Option at any time without the consent of any Participant provided that such amendment shall:

 

	(a)	not adversely alter or impair any RSU previously awarded or any Option previously granted, except as permitted
by the adjustment provisions of the Share Compensation Plan and with respect to RSUs and Options of US Participants;

 

	(b)	be subject to any regulatory approvals including, where required, the approval of the Exchange; and

 

	(c)	be subject to shareholder approval, where required, by the requirements of the Exchange, provided that
shareholder approval shall not be required for the following amendments:

 

		(i)	amendments of a “housekeeping nature”, including any amendment to the Share Compensation Plan
or an RSU or Option that is necessary to comply with applicable laws, tax or accounting provisions or the requirements of any regulatory
authority, stock exchange or quotation system and any amendment to the Share Compensation Plan or an RSU or Option to correct or rectify
any ambiguity, defective provision, error or omission therein, including any amendment to any definitions therein;

 

     

    - 18 -

    

 

		(ii)	amendments that are necessary or desirable for RSUs or Options to qualify for favourable treatment under
any applicable tax law;

 

		(iii)	amendments to the vesting provisions of any RSU or any Option (including any alteration, extension or
acceleration thereof), providing such amendments do not adversely alter or impair such RSU or Option;

 

		(iv)	amendments to the termination provisions of any Option (e.g., relating to termination of employment, resignation,
retirement or death) that does not entail an extension beyond the original expiration date (as such date may be extended by virtue of
a blackout period) providing such amendments do not adversely alter or impair such Option;

 

		(v)	amendments to the Share Compensation Plan that would permit the Company to retain a broker and make payments
for the benefit of Participants to such broker who would purchase Common Shares for such persons, instead of issuing Common Shares from
treasury upon the vesting of the RSUs;

 

		(vi)	amendments to the Share Compensation Plan that would permit the Company to make lump sum cash payments
to Participants, instead of issuing Common Shares from treasury upon the vesting of the RSUs;

 

		(vii)	the amendment of the cashless exercise feature set out in the Share Compensation Plan; and

 

		(viii)	change the application of the Change of Control provisions in section 6.2 of the Share Compensation
Plan or the Reorganization Adjustments provisions in section 6.3 of the Share Compensation Plan.

 

For greater certainty, shareholder approval will
be required in circumstances where an amendment to the Share Compensation Plan would:

 

	(a)	increase the fixed maximum percentage of issued and outstanding Common Shares issuable under the Share
Compensation Plan, other than by virtue of the adjustment provisions in the Share Compensation Plan, or change from a fixed maximum percentage
of issued and outstanding Common Shares to a fixed maximum number of Common Shares;

 

	(b)	increase the limits referred to above under “Restrictions on the Award of RSUs and Grant of Options”;

 

	(c)	reduce the exercise price of any Option (including any cancellation of an Option for the purpose of reissuance
of a new Option at a lower exercise price to the same person);

 

	(d)	extend the term of any Option beyond the original term (except if such period is being extend by virtue
of a blackout period); or

 

	(e)	amend the amendment provisions in Section 6.4 of the Share Compensation Plan.

 

Employment, Consulting and Management Agreements

 

Except as disclosed herein, there were no agreements
or arrangements under which compensation was provided during the most recently completed financial year or is payable in respect of services
provided to the Company or any of its subsidiaries that were: (a) performed by a director or named executive officer; or (b) performed
by any other party but are services typically provided by a director or a named executive officer.

 

     

    - 19 -

    

 

The Company’s consulting agreement (the
 “Chell Consulting Agreement”) with 1502372 Alberta Ltd. (the “Consultant”) whereby the Company
pays monthly fees of US$14,166.67 (amounting to US$170,000 annually) for the provision by of executive services by the Consultant to
the Company, and in this regard, has Cameron Chell hold the position of Chairman and Chief Executive Officer contains the following provisions:
(a) where termination notice is given by the Company, other than for certain specified reasons as set out in the Chell Consulting Agreement,
the Company shall give the Consultant at least 60 days’ advance notice in writing; and (b) where termination is given by the
Consultant, the Consultant shall give the Company 60 days’ advance notice in writing. If the Chell Consulting Agreement is terminated
pursuant to either (a) or (b) above, then the Consultant will be entitled to the fees earned to the effective date of termination and
any expenses incurred on behalf of the Company prior to the effective date of termination which are otherwise reimbursable by the Company
pursuant to the terms of the Chell Consulting Agreement. The Consultant is also entitled a bonus as determined by the Company’s
Compensation Committee equal to 100% of the Consultant annual fees. The Consultant is a private company controlled by Cameron Chell,
Chairman, Chief Executive Officer and Director of the Company.

 

The Company’s consulting agreement (the
 “Larson Consulting Agreement”) with Scott Larson requires the Company pay (a) an annual base salary of US$140,000 (“Base
Salary”) and (b) as determined by the Company’s compensation committee an annual bonus of up to the Base Salary, for the
provision by of executive services as President to the Company. Mr. Larson also received 500,000 Options to acquire Common Shares concurrent
on the execution of the Larson Consulting Agreement. If the Larson Consulting Agreement is terminated by the Company without just cause,
Mr. Larson will be entitled to remuneration in the amount equal the Base Salary for a period of four months. See “Termination
and Change of Control Payments” table below.

 

The Company’s employment agreement (the
 “Sun Agreement”) with Paul Sun requires the Company pay (a) an annual base salary of $150,000 (“Base Salary”)
plus an annual retention payment of $15,000 and (b) as determined by the Company’s compensation committee an annual bonus of up
to the Base Salary, for the provision by of executive services as President to the Company. If the Sun Agreement is terminated by the
Company without just cause, Mr. Sun will be entitled to remuneration in the amount equal the Base Salary and Mr. Sun’s last bonus
earned divided by 12 and multiplied by six. Mr. Sun is also entitled to receive a lump sum payment equal to 18 months of Base Salary and
average bonus upon a change of control. See “Termination and Change of Control Payments” table below.

 

On
August 1, 2019, the Company entered in a business services agreement (the “BIG Agreement”) with BIG, a company
that Cameron Chell, has a material interest in, to provide: corporate development and governance, strategic facilitation and management,
general business services, office space, corporate business development video content, website redesign and management, and online visibility
management. The services are provided by a team of up to six consultants and the costs of all charges are based on the fees set forth
in the BIG Agreement and are settled on a monthly basis. The Company records these charges under Office and Miscellaneous. For the year
ended December 31, 2020, the Company incurred fees of $177,000 compared to $80,000 in 2019. As at December 31, 2020, the Company was indebted
to BIG in the amount of $nil (December 31, 2019 - $nil).

 

Termination and Change of Control Payments

 

The estimated amounts payable by the Company to
the NEOs under various termination scenarios as at the date of this Information Circular are outlined in the table below:

 

	Name and Principal Position	 	Termination

 without Cause	 	 	Change of Control with Termination	 
	Scott Larson
 President and Director
	 	 	US$46,667	 	 	 	None	 
	Paul Sun
 Chief Financial Officer
	 	$	225,975	 	 	$	452,952	 

 

Oversight and Description of Named Executive
Officer and Director Compensation

 

The Board is responsible for the oversight of
the Company’s strategy, policies and programs on the compensation and development of senior management and directors.

 

     

    - 20 -

    

 

The Company’s executive compensation program
is intended to provide an appropriate overall compensation package that permits the Company to attract and retain highly qualified and
experienced senior executives and to encourage superior performance by the Company. The Company’s compensation policies are intended
to motivate individuals to achieve and to award compensation based on corporate and individual results. The compensation of the Company’s
executive officers is established based on a relatively equal weighing of each of these considerations.

 

Compensation for the Company’s executive
officers is intended to reflect a fair evaluation of overall performance and is intended to be competitive in aggregate with levels of
compensation of comparable companies. The Company’s compensation structure is primarily composed of two components: base salary
and Options and RSUs to purchase Common Shares. The Company generally strives to use long-term incentives, such as the grant of Options,
as performance incentives for executive management and to provide the opportunity for overall compensation of employees, including executives,
to be above industry average levels as well as to increase the alignment of interests between employees, executive management and shareholders.
Executive officers and directors are eligible to be granted Options and RSUs under the Share Compensation Plan, and previous grants of
Options and / or RSUs are taken into consideration when considering new grants. The Share Compensation Plan is intended to provide long-term
rewards linked directly to the market value of the Common Shares. The Company is of the view that the Share Compensation Plan is in the
best interests of the Company and will assist the Company to attract, motivate and retain talented and capable board members and executive
management.

 

The Share Compensation Plan also allows the Company
to grant from time to time RSUs to non-employee directors, employees and/or consultants of the Company or its designated affiliates on
such terms and conditions as prescribed by the Share Compensation Plan. As of the date of this Information Circular, there are 3,238,341
RSUs awarded under the Share Compensation Plan to directors, officers, employees and consultants of the Company. Each RSU represents a
right to receive one Common Share, following the vesting of such restricted share units over a three-year period. The RSUs are exercisable
for three years. As of the date of this Information Circular, there are 5,185,839 Options outstanding under the Share Compensation
Plan. See “Equity Compensation Plan Information” below.

 

The Company does not have a pension plan benefit
program nor a non-equity incentive plan in place. Therefore, there were no payments or benefits in connection with a defined benefit
or a defined contribution plan and no annual incentive plan or long term incentive plan awards offered to the Named Executive Officers
during the Company’s most recently completed financial year.

 

Given the current stage of development and the
limited elements of executive compensation, the Board believes it has effective risk management and regulatory compliance relating to
its compensation policies used in determining executive compensation. Risks related to compensation are taken into consideration as part
of the general review and determination of executive compensation by the Board. Inappropriate and excessive risks by executives are mitigated
by regular Board meetings during which financial and other information of the Company is reviewed, and which information includes executive
compensation. Interested directors declare their interest and abstain from voting on compensation matters. No risks have been identified
arising from the Company’s compensation policies and practices that are reasonably likely to have a material adverse effect on the
Company.

 

The Company does not permit its Named Executive
Officers or directors to purchase financial instruments, including, for greater certainty, prepaid variable forward contracts, equity
swaps, collars or units of exchange funds, that are designed to hedge or offset a decrease in market value of equity securities granted
as compensation or held, directly or indirectly, by the Named Executive or director.

 

Director Compensation

 

During the financial year ended December 31,
2020, none of the directors of the Company were paid, awarded or granted any compensation with respect to activities performed in their
capacity as directors except as noted above, see “Statement of Executive Compensation - Director and Named Executive Officer
Compensation, Excluding Compensation Securities”. Directors are eligible to participate in the Share Compensation Plan. Directors
are also entitled to be reimbursed for expenses incurred by them in their capacity as directors.

 

     

    - 21 -

    

 

DISCLOSURE OF CORPORATE GOVERNANCE PRACTICES

 

Effective June 30, 2005, National Instrument 58-101
 – Disclosure of Corporate Governance Practices (“NI 58-101”) was adopted in each of the provinces
and territories in Canada. NI 58-101 requires reporting issuers to disclose the corporate governance practices that they have adopted
on an annual basis.

 

Corporate governance relates to the activities
of the Board, the members of which are elected by and are accountable to the shareholders, and takes into account the role of the individual
members of management who are appointed by the Board and who are charged with the day to day management of the Company. The Board is committed
to sound corporate governance practices, which are both in the interest of its shareholders and contribute to effective and efficient
decision-making.

 

The Company’s corporate governance practices
are summarized below:

 

Board of Directors

 

Subject to certain exceptions, a director is “independent”
within the meaning of NI 58-101 if he or she ‎has no direct or indirect material relationship with the Company. A “material
relationship” is a ‎relationship that could, in the view of the Board, be reasonably expected to interfere with the exercise
of ‎a director’s independent judgment. Certain types of relationships are, by their nature, considered to be ‎material
relationships. ‎

 

Three of the seven members of the Board are considered
to be “independent” within the meaning of NI 58-‎‎101. Olen Aasen, Andrew Hill ‎Card, Jr. and John M. Mitnick
are independent directors of the Company. Cameron Chell, the Chief Executive Officer of the Company, Scott Larson, the President of Company,
and Justin Hannewyk, President of Dronelogics Systems Inc‎.‎, a wholly-owned subsidiary of the Company, are members
of management and, as a result, are not independent directors. Denis Silva is not considered an independent director as he is a Partner
with the law firm DLA Piper (Canada) LLP, which provides the Company with professional services.

 

The Company takes steps to ensure that adequate
structures and processes are in place to permit ‎the Board to function independently of Management. The role of the Chair of the
Board is to effectively ‎manage and to provide leadership to the Board and to ensure that the policies and procedures adopted ‎by
the Board allow the Board to function independent of Management. Where matters arise at meetings ‎of the Board which require decision
making and evaluation that is independent of Management and ‎interested directors of the Company, directors hold an “in-camera”
session among the independent ‎and disinterested directors, without Management present at such meeting.‎

 

Certain members of our Board are also members
of the board of directors of other public companies. Our Board has not adopted a director interlock policy, but is keeping informed of
other public directorships held by its members.

 

     

    - 22 -

    

 

Directorships

 

The following table sets out the directors and
officers of the Company that are directors, officers or promoters of other reporting issuers:

 

	Name	Name of Reporting Issuer	Position	Date
	Cameron Chell	
    TruTrace Technologies Inc.

     

    Pounce Technologies Inc.

     

    CurrencyWorks Inc. (formerly, ICOX Innovations
Inc.)
	
    Director

     

    CEO and Director

     

    Director
	
    May 2018

     

    July 2014

     

    January 2012

	Olen Aasen	Loopshare Ltd. 	Director	November 2018
	Scott Larson	UrtheCast Corp.	Director	June 2013
	Paul Sun	
    Eminent Gold Corp.

     

    Tier One Silver
	
    Director / Officer

     

    Director
	
    September 2018

     

    October 2020

	Andrew Hill Card, Jr.	Union Pacific Corp.	Director	September 2006
	Denis Silva	Nova Royalty Corp.	Director	July 2018

 

Orientation and Continuing Education

 

The CEO and/or the CFO are responsible for providing
an orientation for new directors. Director orientation and ongoing training includes presentations by senior management to familiarize
directors with the Company’s strategic plans, its significant financial, accounting and risk management issues, its compliance programs,
its principal officers and its internal and independent auditors. On occasions where it is considered advisable, the Board provides individual
directors with information regarding topics of general interest, such as fiduciary duties and continuous disclosure obligations. The Board
ensures that each director is up to date with current information regarding the business of the Company, the role the director is expected
to fulfill and basic procedures and operations of the Board. The Board members are given access to management and other employees and
advisors, who can answer any questions that may arise. Regular technical presentations are made to the directors to keep them informed
of the Company’s operations.

 

Ethical Business Conduct

 

We have adopted a written code of ethics (the
 “Code of Ethics”) that applies to all of our officers, directors, employees, contractors and agents acting on behalf
of the Company. The objective of the Code of Ethics is to provide guidelines for maintaining our and our subsidiaries integrity, trust
and respect. The Code of Ethics addresses compliance with laws, rules and regulations, conflicts of interest, confidentiality, commitment,
preferential treatment, financial information, internal controls and disclosure, protection and proper use of our assets, communications,
fair dealing, fair competition, due diligence, illegal payments, equal employment opportunities and harassment, privacy, use of Company
computers and the internet, political and charitable activities and reporting any violations of law, regulation or the Code of Ethics.
Any person subject to the Code of Ethics should report all violations of law, regulation or of the Code of Ethics of which they become
aware to any one of the Company’s senior executives. Our Board has ultimate responsibility for monitoring compliance with the Code
of Ethics. The Code of Ethics is available on SEDAR at www.sedar.com under the Company’s profile.

 

Nomination of Directors

 

Nominating and Corporate
Governance Committee

 

The Nominating and Corporate Governance Committee
of the Board is responsible for identifying and recommending to the Board individuals qualified to be nominated for election to the Board,
recommending to the Board the members and Chair for each Board committee and developing and recommending corporate governance principles
for the Board of the Company.

 

     

    - 23 -

    

 

The Nominating and Corporate Governance Committee
is comprised of Denis Silva (Chair), Scott Larson and Olen Aasen. The ‎biographical summaries of the Compensation Committee members
are included under the section “Election of Directors” above and each are considered to be independent from the Company.
Each member of the Nominating and Corporate Governance Committee has direct experience relevant to their responsibilities on the committee,
including acting as officers and directors of other publicly traded corporations, and as a result is familiar with remuneration in the
Company industry.

 

Compensation Committee

 

The Board is to conduct a review with regard to
the compensation for the directors and Chief Executive Officer each year, taking into account the types of compensation and the amounts
paid to directors and Chief Executive Officers of comparable publicly traded Canadian companies and with a view to aligning theinterests
of directors with those of the shareholders.

 

Other Board Committees

 

Other than the Audit Committee and the Nominating
and Corporate Governance Committee, the Company has no other committees. As the Company evolves, and its operations and management structure
become more complex, the Board will likely find it appropriate to constitute additional standing committees, to ensure that such committees
are governed by written charters and are composed of at least a majority of independent directors.

 

Assessments

 

The Board does not conduct any formal evaluation
of the performance and effectiveness of the members of the Board, the Board as a whole or any committee of the Board, however, the Board
considers the effectiveness and contribution of the Board, its members and the Audit Committee on an ongoing basis. The directors and
the independent directors are free to discuss specific situations from time to time among themselves and/or with the CEO and, if need
be, steps are taken to remedy the situation, which steps may include a request for resignation. Furthermore, management and directors
will communicate with shareholders on an ongoing basis, and shareholders will be regularly consulted on the effectiveness of Board members
and the Board as a whole. The majority of the Board also serve as directors for other public companies and will utilize that experience
when assessing the Board, its members and committees.

 

INDEBTEDNESS OF
DIRECTORS AND EXECUTIVE OFFICERS

 

At any time during the Company’s last completed
financial year, no director, executive officer, employee, proposed management nominee for election as a director of the Company nor any
associate of any such director, executive officer, or proposed management nominee of the Company or any former director, executive officer
or employee of the Company or any of its subsidiaries is or has been indebted to the Company or any of its subsidiaries or is or has been
indebted to another entity where such indebtedness is or has been the subject of a guarantee, support agreement, letter of credit or other
similar arrangement or understanding provided by the Company or any of its subsidiaries, other than routine indebtedness.

 

Securities Authorized
for Issuance Under Equity Compensation Plans

 

Equity Compensation Plan Information

 

The following table provides information regarding
compensation plans under which equity securities of the Company are authorized for issuance in effect as of the end of the Company’s
most recently completed financial year:

 

	Plan Category	 	Number of Securities to
 be Issued Upon Exercise
 of Outstanding Options,
 Warrants and Rights
 (a)	 	 	Weighted-Average
 Exercise Price of
 Outstanding Options,
 Warrants and Rights
 (b)	 	 	Number of Securities
 Remaining Available for
 Future Issuance Under
 Equity Compensation
 Plans (Excluding
 Securities Reflected in Column (a))
 (c)	 
	Equity Compensation Plans Approved By Shareholders	 	 	7,211,677	 	 	$	0.32	 	 	 	10,006,995	 
	Equity Compensation Plans Not Approved By Shareholders	 	 	Nil	 	 	 	N/A	 	 	 	Nil	 
	Total:	 	 	7,211,677	 	 	$	0.32	 	 	 	10,006,995	 

 

Note: 

 

(1)          
Includes RSUs and Options granted pursuant to the Share Compensation Plan. See above “Stock Option Plans and Other Incentive
Plans”.

 

     

    - 24 -

    

 

INTEREST OF INFORMED
PERSONS IN MATERIAL TRANSACTIONS

 

Other than as set forth herein and other than
transactions carried out in the ordinary course of business of the Company or any of its subsidiaries, none of the directors or executive
officers of the Company, a director or executive officer of a person or company that is itself an informed person or subsidiary of the
Company, nor any shareholder beneficially owning, directly or indirectly, Common Shares, or exercising control or direction over Common
Shares, or a combination of both, carrying more than 10% of the voting rights attached to the outstanding shares of the Company nor an
associate or affiliate of any of the foregoing persons has since the commencement of the Company’s most recently completed financial
year any material interest, direct or indirect, in any transactions which materially affected or would materially affect the Company or
any of its subsidiaries.

 

APPOINTMENT OF
AUDITORS

 

Unless such authority is withheld, the persons
named in the accompanying proxy intend to vote for the appointment of Dale Matheson Carr-Hilton Labonte LLP, Chartered Professional Accountants,
as auditors of the Company, at a remuneration to be determined by the directors. Dale Matheson Carr-Hilton Labonte LLP, Chartered Professional
Accountants, were first appointed auditors of the Company on October 22, 2019.

 

INTEREST OF CERTAIN
PERSONS OR COMPANIES IN MATTERS TO BE ACTED UPON

 

Other than as set forth below, no person who has
been a director or executive officer of the Company at any time since the beginning of the Company’s last financial year, nor any
proposed nominee for election as a director of the Company, nor any associate or affiliate of any of the foregoing, has any material interest,
direct or indirect, by way of beneficial ownership of securities or otherwise, in any matter to be acted upon other than the election
of directors or the appointment of auditors.

 

ANY OTHER MATTERS

 

Management of the Company knows of no matters
to come before the meeting other than those referred to in the Notice of Meeting accompanying this Information Circular. However, if any
other matters properly come before the meeting, it is the intention of the persons named in the form of proxy accompanying this Information
Circular to vote the same in accordance with their best judgment of such matters.

 

     

    - 25 -

    

 

ADDITIONAL INFORMATION

 

Additional information regarding the Company
and its business activities is available on the SEDAR website located at www.sedar.com “Company Profiles – Draganfly
Inc.” The Company’s financial information is provided in the Company’s audited comparative financial statements and
related management discussion and analysis for its most recently completed financial year and may be viewed on the SEDAR website at the
location noted above. Shareholders of the Company may request copies of the Company’s financial statements and related management
discussion and analysis by contacting the Company c/o Corporate Services Department, DLA Piper (Canada) LLP, Suite 2800, Park Place 666
Burrard St Vancouver, British Columbia, Canada V6C 2Z7 at telephone number (604) 687-9444.

 

     

     

    

 

SCHEDULE
A‎

 

DRAGANFLY INC.

AUDIT COMMITTEE CHARTER

 

PURPOSE

 

Senior management of Draganfly Inc. (the “Company”),
as overseen by its Board of Directors (the “Board”), has primary responsibility for the Company’s financial reporting,
accounting systems and internal controls. The Audit Committee (the “Committee”) is a standing committee of the Board
established for the purposes of overseeing:

 

		(a)	the quality and integrity of the Company’s financial and accounting reporting processes, audits
of the financial statements of the Company, and internal accounting and financial control systems of the Company;

 

		(b)	the external auditor’s qualifications and independence;

 

		(c)	management’s responsibility for assessing the effectiveness of internal controls; and

 

		(d)	the Company’s compliance with legal and regulatory requirements in connection with financial and
accounting matters;

 

COMPOSITION AND OPERATION

 

		1.	The Committee shall be composed of at least three members, each of whom:

 

		(a)	must be an “Independent Director” (as defined in the Definitions section of this Charter),
taking into account the rules and regulations of any securities regulatory authorities and/or stock exchanges that may be applicable to
the Company;

 

		(b)	must not accept any consulting, advisory, or other compensatory fee from the Company (or any subsidiary)
other than for board or committee service;

 

		(c)	must not be an “Affiliated Person” (as defined in the Definitions section of this Charter)
of the Company or any of its subsidiaries;

 

		(d)	must not have participated in the preparation of the financial statements of the Company or any current
subsidiary of the Company at any time during the past three years;

 

		(e)	must be Financially Literate.

 

In addition, at least
one member will be a “Committee Financial Expert” (as defined in the Definitions section of this Charter).

 

The foregoing requirements
are subject to any exemptions, exceptions, cure periods or phase-in accommodations that may be available to the Company under applicable
securities laws and stock exchange rules.

 

		2.	The members of the Committee shall be appointed by the Board to serve one-year terms and are permitted
to serve an unlimited number of consecutive terms.

 

		3.	The Committee shall appoint a chair (the “Chair”) from among its members who shall
be an independent director. If the Chair is not present at any meeting of the Committee, one of the other Committee members present at
the meeting shall be chosen to preside at the meeting.

 

     

    - 2 -

    

 

		4.	The Committee will make every effort to meet at least four times per year and each member is entitled
to request that an additional meeting be called, which will be held within two weeks of the request for such meeting. A quorum at meetings
of the Committee shall be two members present in person or by telephone. The Committee may also act by unanimous written consent of its
members as described under the heading “Authority” in this Charter.

 

		5.	The external auditor may request the Chair to call a meeting of the Committee to consider any matter that
the auditor believes should be brought to the attention of the directors or the shareholders of the Company. In addition to the external
auditor, each committee chair, members of board, as well as the Chief Executive Officer (“CEO”) and the Chief Financial
Officer (“CFO”) shall be entitled to request the Chair to call a meeting, which meeting shall be held within two weeks
of the request.

 

		6.	Notice of the time and place of every meeting shall be given in writing or by email communication to each
member of the Committee at least 24 hours prior to the time fixed for such meeting.

 

		7.	The Committee shall fix its own procedure at meetings, keep records of its proceedings and provide a verbal
report to the Board routinely at the next regularly scheduled Board meeting and shall provide copies of finalized minutes of meetings
to the Corporate Secretary to be kept with the official minute books of the Company.

 

		8.	The Committee will review and approve its minutes of meetings and copies will be made available to the
external auditor or its members as requested.

 

		9.	In camera sessions will be scheduled for each regularly scheduled quarterly Committee meeting, and as
needed from time to time.

 

		10.	On an ad-hoc basis, the Committee may also meet separately with the Chief Executive Officer and the Chief
Financial Officer and such other members of management as they may deem necessary.

 

RESPONSIBILITIES AND DUTIES

 

Overall Committee:

 

To fulfill its responsibilities and duties the
Committee will:

 

		(a)	review this Charter periodically, but at least once per annum, and recommend to the Board any necessary
amendments;

 

		(b)	review and, where necessary, recommend revisions to the Company’s disclosure in the Company’s
public disclosures and securities filings (including its Management Information Circular) regarding Committee’s composition and
responsibilities and how they are discharged;

 

		(c)	assist the Board in the discharge of its responsibilities relating to the quality, acceptability and integrity
of the Company’s accounting policies and principles, reporting practices and internal controls;

 

		(d)	review and recommend approval by the Board of all significant and material financial disclosure documents
to be released by the Company, including but not limited to, quarterly and annual financial statements and management discussion and analysis,
annual reports, Form 40-F, annual information forms, and prospectuses containing material information of a financial nature; and

 

		(e)	oversee the relationship and maintain a direct line of communication with the Company’s internal
and external auditors and assess their respective performance.

 

     

    - 3 -

    

 

Public Filings, Policies and Procedures:

 

The Committee is responsible for:

 

		(a)	ensuring adequate procedures are in place for the review of the Company’s disclosure of financial
information extracted or derived from the Company’s financial statements and periodically assess the Company’s disclosure
controls and procedures, and management’s evaluation thereof, to ensure that financial information is recorded, processed, summarized
and reported within the time periods required by law;

 

		(b)	reviewing disclosures made to the Committee by the CEO and the CFO during their certification process
for any significant deficiencies in the design or operation of internal controls or material weakness therein and any fraud involving
management or other employees who have a significant role in internal controls;

 

		(c)	reviewing with management and the external auditor any correspondence with securities regulators or other
regulatory or government agencies which raise material issues regarding the Company’s financial reporting or accounting policies.

 

External Auditors

 

The responsibilities and duties of the Committee
as they relate to the external auditor are to:

 

		(a)	consider and make recommendations to the Board with respect to the appointment, compensation, and retention
of the external auditor to be nominated for appointment by shareholders at each annual general meeting of the Company;

 

		(b)	review the performance of the external auditor and, where appropriate, recommend to the Board the removal
of the external auditor;

 

		(c)	confirm the independence and effectiveness of the external auditor, which will require receipt from the
external auditor of a formal written statement delineating all relationships between the auditor and the Company and any other factors
that might affect the independence of the auditor;

 

		(d)	oversee the work of the external auditor generally, and review and report to the Board on the planning
and results of external audit work, including:

 

		(i)	the external auditor’s engagement letter or other reports of the auditor;

 

		(ii)	the reasonableness of the estimated fees and other compensation to be paid to the external auditor;

 

		(iii)	the form and content of the quarterly and annual audit report, which should include, inter alia:

 

		(A)	a summary of the Company’s internal controls and procedures;

 

		(B)	any material issues raised in the most recent meeting of the Committee; and

 

		(C)	any other related audit, review or attestation services performed for the Company by the external auditors.

 

		(e)	actively engage in dialogue with the external auditor with respect to any disclosed relationships or services
that may affect the independence and objectivity of the external auditor and take, or recommend the Board
take, appropriate actions to oversee the independence of the external auditor;

 

     

    - 4 -

    

 

		(f)	monitor the relationship between management and the external auditor and resolve any disagreements between
them regarding financial reporting;

 

		(g)	engage the external auditor in discussions regarding any amendments to critical accounting policies and
practices; alternative treatments of financial information within generally accepted accounting principles related to material items that
have been discussed with management, including any potential ramifications and the preferred treatment by the independent auditor; and
lastly, written communication between management and the independent auditor, including but not limited to, the management letter and
schedule of adjusted differences.

 

Internal Controls and Financial Reporting

 

The Committee will:

 

		(a)	obtain reasonable assurance from discussions with (and/or reports from) management, and reports from the
external auditors that the Company’s financial and accounting systems are reliable and that the prescribed internal controls are
operating effectively;

 

		(b)	in consultation with the external auditor, the CEO, the CFO, and where necessary, other members of management,
review the integrity of the Company’s financial reporting process and the internal control structure;

 

		(c)	review the acceptability of the Company’s accounting principles and direct the auditors’ examinations
to particular areas of question or concern, as required;

 

		(d)	request the auditors to undertake special examinations (e.g., review compliance with conflict of interest
policies) when it deems necessary;

 

		(e)	together with management, review control weaknesses identified by the external and internal auditors;

 

		(f)	review the appointments of the CFO and other key financial executives;

 

		(g)	during the annual audit process, consider if any significant matters regarding the Company’s internal
controls and procedures over financial reporting, including any significant deficiencies or material weaknesses in their design or operation,
need to be discussed with the external auditor, and review whether internal control recommendations made by the auditor have been implemented
by management.

 

Ethical and Legal Compliance

 

The responsibilities and duties of the Committee
as they relate to compliance and risk management are to:

 

		(a)	obtain reasonable assurances as to the integrity of the CEO and other senior management and that the CEO
and other senior management strive to create a culture of integrity throughout the Company;

 

		(b)	review the adequacy, appropriateness and effectiveness of the Company’s policies and business practices
which impact on the integrity, financial and otherwise, of the Company, including those relating to hedging, insurance, accounting, information
services and systems and financial controls, and management reporting;

 

     

    - 5 -

    

 

		(c)	receive a report from management on tax issues and planning, including compliance with the Company’s
source deduction obligations and other remittances under applicable tax or other legislation;

 

		(d)	review annually the adequacy and quality of the Company’s financial and accounting staffing, including
the need for and scope of internal audit reviews (if any);

 

		(e)	establish procedures for a) the receipt, retention and treatment of complaints received by the Company
regarding accounting, internal controls, or auditing matters; and b) the confidential, anonymous submission by employees of the Company
of concerns regarding questionable accounting or auditing matters.

 

		(f)	review any complaints and concerns received regarding accounting, internal controls, or auditing matters
or with respect to the Company’s Code of Ethical Conduct, and the investigation and resolution thereof, and provide all relevant
information relating to such complaints and concerns to the Nominating and Governance Committee;

 

		(g)	review and monitor the Company’s compliance with applicable legal and regulatory requirements related
to financial reporting and disclosure;

 

		(h)	review all “related party transactions” (as such term is defined under applicable securities
laws and stock exchange rules) for any potential conflicts of interest; and

 

		(i)	carry the responsibility for reviewing reports from management, external auditors with respect to the
Company’s compliance with the laws and regulations having a material impact on financial reporting and disclosure, including: tax
and financial reporting laws and regulations; legal withholding requirements; environmental; and any other laws and regulations which
expose directors to liability.

 

AUTHORITY

 

		1.	The Committee shall have the authority to:

 

		(a)	engage independent counsel and other advisors as it determines necessary to carry out its duties;

 

		(b)	set and pay the compensation for the external auditor engaged for the purpose of preparing or issuing
an audit report or performing other audit, review or attest services for the Company;

 

		(c)	set and pay the compensation for any independent counsel and other advisors employed by the Committee;

 

		(d)	incur ordinary administrative expenses that are necessary or appropriate in carrying out its duties; and

 

		(e)	communicate directly with the external auditors.

 

		2.	The Committee shall have the power, authority and discretion delegated to it by the Board which shall
not include the power to change the membership of or fill vacancies in the Committee.

 

		3.	A resolution approved in writing by the members of the Committee shall be valid and effective as if it
had been passed at a duly called meeting. Such resolution shall be filed with the minutes of the proceedings of the Committee and shall
be effective on the date stated thereon or on the latest date stated in any counterpart.

 

     

    - 6 -

    

 

		4.	The Board shall have the power at any time to revoke or override the authority given to or acts done by
the Committee except as to acts done before such revocation or act of overriding and to terminate the appointment or change the membership
of the Committee or fill vacancies in it as it shall see fit.

 

		5.	The Committee shall have unrestricted and unfettered access to all Company personnel and documents and
shall be provided with the resources necessary to carry out its responsibilities.

 

		6.	At the invitation of the Chair, one or more officers or employees of the Company may, and if required
by the Committee, shall attend a meeting of the Committee.

 

		7.	The Committee shall have the authority to obtain advice and assistance from outside legal, accounting
or financials advisors in its sole discretion.

 

DEFINITIONS

 

Capitalized terms used in this Charter and not
otherwise defined have the meaning attributed to them below:

 

“Affiliated Person” means an
 “affiliate” of, or a person “affiliated” with, a specified person, which is a person that directly, or indirectly
through one or more intermediaries, controls, or is controlled by, or is under common control with, the person specified.

 

“Committee Financial Expert”
means a person who has the following attributes:

 

		(a)	past employment experience in finance or accounting;

 

		(b)	requisite professional certification in accounting; or

 

		(c)	or any other comparable experience or background which results in the individual's financial sophistication,
including being or having been a chief executive officer, chief financial officer or other senior officer with financial oversight responsibilities.

 

“Executive Officer” means the
Company’s president, principal financial officer, principal accounting officer (or, if there is no such accounting officer, the
controller), any vice-president of the Company in charge of a principal business unit, division or function (such as sales, administration
or finance), any other officer who performs a policy-making function, or any other person who performs similar policy-making functions
for the Company.

 

“Family Member” means a person's
spouse, parents, children, siblings, mothers and fathers-in-law, sons and daughters-in-law, brothers and sisters-in-law, and anyone (other
than domestic employees) who shares such person's home.

 

“Financially Literate” means
the ability to read and understand a set of fundamental financial statements, including the Company’s balance sheet, income statement,
and cash flow statement, that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth
and complexity of the issues that can reasonably be expected to be raised in the Company’s financial statements.

 

“Independent Director” means
a director that is “independent” as the term is defined in both National Instrument 52-110 - Audit Committees (“NI
52-110”) and Nasdaq Rule 5605(a)(2), as each may be amended from time to time, and being a person other than an Executive Officer
or employee of the Company or any other individual having a relationship which, in the opinion of the Company's board of directors, would
interfere with the exercise of independent judgment in carrying out the responsibilities of a director. The following persons shall not
be considered independent:

 

		(a)	a director who is, or at any time during the past three years was, employed by the Company;

 

     

    - 7 -

    

 

		(b)	a director who accepted or who has a Family Member who accepted any compensation from the Company in excess
of $120,000 during any period of twelve consecutive months within the three years preceding the determination of independence, other than
the following:

 

		(i)	compensation for board or board committee service;

 

		(ii)	compensation paid to a Family Member who is an employee (other than an Executive Officer) of the Company;
or

 

		(iii)	benefits under a tax-qualified retirement plan, or non-discretionary compensation

 

Provided, however, that in addition to
the requirements contained in this paragraph (B), audit committee members are also subject to additional, more stringent requirements
under Rule 5605(c)(2).

 

		(c)	a director who is a Family Member of an individual who is, or at any time during the past three years
was, employed by the Company as an Executive Officer;

 

		(d)	a director who is, or has a Family Member who is, a partner in, or a controlling Shareholder or an Executive
Officer of, any organization to which the Company made, or from which the Company received, payments for property or services in the current
or any of the past three fiscal years that exceed 5% of the recipient's consolidated gross revenues for that year, or $200,000, whichever
is more, other than the following:

 

		(i)	payments arising solely from investments in the Company's securities; or

 

		(ii)	payments under non-discretionary charitable contribution matching programs.

 

		(e)	a director of the Company who is, or has a Family Member who is, employed as an Executive Officer of another
entity where at any time during the past three years any of the Executive Officers of the Company serve on the compensation committee
of such other entity; or

 

		(f)	a director who is, or has a Family Member who is, a current partner of the Company's outside auditor,
or was a partner or employee of the Company's outside auditor who worked on the Company's audit at any time during any of the past three
years.

 

Adopted by the Board on August 19, 2019, and amended Updated and Approved,
2021.EX-4.3

 Exhibit 4.3 

SECOND SUPPLEMENTAL INDENTURE 

SECOND SUPPLEMENTAL INDENTURE dated as of July 21, 2021 (this “Second Supplemental Indenture”), among SLACK
TECHNOLOGIES, INC., a Delaware corporation (the “Company”), SALESFORCE.COM, INC., a Delaware corporation (“Parent”), SKYLINE STRATEGIES II LLC (to be renamed as SLACK TECHNOLOGIES, LLC) (the
“Successor”), a Delaware limited liability company and a wholly owned subsidiary of Parent, and U.S. BANK NATIONAL ASSOCIATION, as trustee under the Indenture referred to below (the “Trustee”). 

W I T N E S S E T H: 
 WHEREAS,
the Company and the Trustee are parties to an Indenture, dated as of April 9, 2020 (the “Original Indenture”), pursuant to which the Company issued its 0.50% Convertible Senior Notes due 2025 (the “Notes”);

 WHEREAS, the Company and the Trustee are parties to the First Supplemental Indenture, dated as of February 10, 2021 (the
“First Supplemental Indenture”), which, subject to certain conditions set forth therein, amended the Original Indenture to remove the requirement that the successor in any merger of the Company with or into another person be a
corporation and to make certain other conforming changes (the Original Indenture, as so amended, the “Indenture” and the Indenture as amended by this Second Supplemental Indenture, the “Supplemented Indenture”);

 WHEREAS, the Company entered into Agreement and Plan of Merger, dated as of December 1, 2020 (as it may be amended from time to
time, the “Merger Agreement”), by and among the Company, Parent, Skyline Strategies I Inc., a Delaware corporation and a wholly owned subsidiary of Parent (“Merger Sub I”) and the Successor; 

WHEREAS, pursuant to the Merger Agreement and subject to the terms and conditions therein, Merger Sub I merged with and into the Company (the
“First Merger”), with the Company surviving such merger as a wholly owned subsidiary of Parent (the “Surviving Corporation”), and immediately thereafter, the Surviving Corporation merged with and into the Successor,
with the Successor surviving such merger as a wholly owned subsidiary of Parent (the “Second Merger” and together with the First Merger, the “Mergers”); 

WHEREAS, upon completion of the First Merger and immediately prior to the Second Merger, the conditions to effectiveness of the amendments to
the Original Indenture set forth in the First Supplemental Indenture were satisfied, and such amendments became operative. 
 WHEREAS,
pursuant to the Merger Agreement and subject to the terms and conditions therein, (A) at the effective time of the First Merger, each share of Class A common stock, par value $0.0001 per share, of the Company
(“Class A Common Stock”) and each share of Class B common stock, par value $0.0001 per share, of the Company (“Class B Common Stock”; the “Company Common
Stock” shall mean the Class A Common Stock and Class B Common Stock, either collectively or individually as the context may require) issued and outstanding immediately prior to the effective time of the First Merger (other than
(i) shares of Company Common Stock owned by stockholders that have properly perfected their rights of appraisal within the meaning of Section 262 of the General Corporation Law of the State of Delaware, (ii) shares of Company Common
Stock owned or held in treasury by the Company, or owned by Parent, any direct or indirect wholly owned subsidiaries of Parent or of the Company and (iii) shares of Company Common Stock granted under any Company equity plan) was converted into
(a) 0.0776 fully paid and nonassessable shares of common stock, par value $0.001 per share, of Parent (“Parent Common Stock”, and such Parent Common Stock received, the “Stock Consideration”) and (b) the right
to 

 
receive $26.79 in cash, without interest (the “Cash Consideration” and, together with the Stock Consideration, a “Parent Reference Property Unit”) and
(B) at the effective time of the Second Merger (the “Effective Time”), by virtue of the Second Merger and without any action on the part of the holder thereof, each share of common stock, par value $0.0001 per share, of the
Surviving Corporation, issued and outstanding immediately prior to the Effective Time was cancelled and retired and ceased to exist; 

WHEREAS, the First Merger and/or Second Merger, as applicable, constitute a Common Stock Change Event, Fundamental Change and Make-Whole
Fundamental Change; 
 WHEREAS, Section 14.07(a) of the Indenture provides that (i) upon the occurrence of any Common Stock Change
Event, the consideration due upon conversion of any Note, and the conditions to any such conversion, will be determined in the same manner as if each reference to any number of shares of Company Common Stock in the provisions described in
Section 14.02 of the Indenture (or in any related definitions) were instead a reference to the same number of Parent Reference Property Units, and (ii) in certain circumstances, a supplemental indenture pursuant to Section 14.07(a)
shall be executed by an entity whose securities compose the Reference Property and shall contain such additional provisions to protect the interests of the Holders as the Company shall in good faith reasonably consider necessary in accordance with
the Indenture; 
 WHEREAS, Section 11.01(a) of the Indenture provides that a Successor Company (if not the Company) shall expressly
assume, by supplemental indenture, all of the obligations of the Company under the Notes and the Indenture; 
 WHEREAS, pursuant to
Section 10.01 of the Indenture, the Company and the Trustee may enter into indentures supplemental to the Indenture, among other things, (i) in connection with a Common Stock Change Event pursuant to, and in accordance with, the provisions
described in Section 14.07 of the Indenture, or (ii) to provide for the assumption by a Successor Company of the obligations of the Company under the Indenture pursuant to Article 11 thereunder; 

WHEREAS, in connection with the execution and delivery of this Second Supplemental Indenture, the Trustee has received an Officer’s
Certificate and an Opinion of Counsel as contemplated by Sections 10.05, 14.07(b) and 17.05 of the Indenture; 
 WHEREAS, the Company and
the Successor have requested and hereby request that the Trustee execute and deliver this Second Supplemental Indenture and have satisfied all requirements necessary to make this Second Supplemental Indenture a valid and binding instrument,
enforceable against each of the Company and the Successor in accordance with its terms. 
 NOW, THEREFORE, in consideration of the foregoing
and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Company, Parent, the Successor and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders as follows: 

ARTICLE I 
 DEFINITIONS 

Section 1.01 Definitions in this Second Supplemental Indenture. A term defined in the Indenture has the same meaning when used in
this Second Supplemental Indenture unless such term is otherwise defined herein or amended or supplemented pursuant to this Second Supplemental Indenture. The words “herein,” “hereof,” “hereunder,” and words of similar
import refer to this Second Supplemental Indenture as a whole and not to any particular Article, Section or other subdivision. 

 ARTICLE II 

EFFECT OF MERGER ON CONVERSION RIGHT 

Section 2.01 Parent to Provide Parent Common Stock. Parent hereby irrevocably and unconditionally agrees to be bound by the terms
of the Supplemented Indenture applicable to it and to issue shares of Parent Common Stock as necessary to satisfy the Successor’s obligations with respect to any Notes validly surrendered for conversion pursuant to Article 14 of the
Supplemented Indenture. 
 Section 2.02 Conversion Right. 

(a) The Company and the Successor expressly agree that, in accordance with Section 14.07 of the Indenture, at and after the Effective
Time, the Holder of each Note that was outstanding as of the Effective Time shall have the right to convert each $1,000 principal amount of such Note into a number of Parent Reference Property Units equal to the Conversion Rate. 

(b) The provisions of the Indenture, as modified herein, including without limitation, all references and provisions with respect to the terms
“Common Stock,” “Conversion Obligation,” “Conversion Price,” “Conversion Rate,” “Daily Conversion Value,” “Daily VWAP,” “Ex-Dividend Date,”
“Last Reported Sale Price,” “Market Disruption Event,” “Observation Period,” “Settlement Amount,” and “Trading Day” shall continue to apply, mutatis mutandis, to the Holders’ right to
convert their Notes into Parent Reference Property Units. The Conversion Rate shall be adjusted as a result of events occurring subsequent to the date hereof with respect to the Parent Reference Property Units as nearly equivalent as may be
practicable to the adjustments of the Conversion Rate provided for in Article 14 of the Indenture. 
 ARTICLE III 

SUCCESSOR AS SUCCESSOR COMPANY 

Section 3.01 Assumption of Obligations. Pursuant to Section 11.01(a) of the Indenture, immediately upon the occurrence of the
Effective Time on the date hereof, the Successor hereby irrevocably and unconditionally assumes all of the obligations of the Company under the Notes and the Indenture, including the due and punctual payment of the principal of and accrued and
unpaid interest on all of the Notes, the due and punctual delivery or payment, as the case may be, of any consideration due upon conversion of the Notes and the due and punctual performance of all of the covenants and conditions of the Indenture to
be performed by the Company, with the same effect as if the Successor had been named therein as the party of the first part, and may hereafter exercise every right and power of the Company under the Indenture. 

ARTICLE IV 
 MISCELLANEOUS 

Section 4.01 Effect of Supplemental Indenture. This Second Supplemental Indenture is a supplemental indenture within the meaning
of the Indenture. The provisions of this Second Supplemental Indenture are intended with respect to the Notes to supplement those of the Indenture as in effect immediately prior to the execution and delivery hereof. The Indenture shall remain in
full force and effect except to the extent that the provisions of the Indenture are expressly modified by the terms of this Second Supplemental Indenture with respect to the Notes. The Indenture, as supplemented and amended by this Second
Supplemental Indenture, is in all respects ratified, confirmed and approved and the Indenture, as supplemented and amended by this Second Supplemental Indenture, shall be read, taken and construed as one and the same instrument. In the event of a
conflict or inconsistency between the Indenture and this Second Supplemental Indenture, the provisions of this Second Supplemental Indenture shall control. 

 Section 4.02 Governing Law. THIS SECOND SUPPLEMENTAL INDENTURE, AND ANY CLAIM,
CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS SECOND SUPPLEMENTAL INDENTURE, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

Section 4.03 Counterpart Originals. This Second Supplemental Indenture may be executed in any number of counterparts, each of
which shall be an original, but such counterparts shall together constitute but one and the same instrument. The exchange of copies of this Second Supplemental Indenture and of signature pages by facsimile, PDF or other electronic transmission shall
constitute effective execution and delivery of this Second Supplemental Indenture as to the parties hereto and may be used in lieu of the original Second Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by
facsimile, PDF or other electronic transmission (e.g., www.docusign.com) shall constitute effective execution and delivery of this Second Supplemental Indenture as to the other parties hereto shall be deemed to be their original signatures for all
purposes. 
 The words “execution,” “signed,” “signature,” and words of like import in this Second
Supplemental Indenture shall be deemed to include electronic signatures or electronic records, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping
system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar
state laws based on the Uniform Electronic Transactions Act. 
 Section 4.04 Headings. The headings of the Articles and
Sections of this Second Supplemental Indenture have been inserted for convenience of reference only, are not intended to be considered a part hereof and shall not modify or restrict any of the terms or provisions hereof. 

Section 4.05 Severability. In case any provision in this Second Supplemental Indenture shall be invalid, illegal or unenforceable,
the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby and such provision shall be ineffective only to the extent of such invalidity, illegality or unenforceability. 

Section 4.06 Trustee Not Responsible for Recitals. The recitals and statements herein contained are made solely by the Company and
the Successor and not by the Trustee, and the Trustee assumes no responsibility for the correctness thereof. The Trustee makes no representation as to the validity, adequacy or sufficiency of this Second Supplemental Indenture. All of the provisions
contained in the Indenture in respect of the rights, privileges, protections, benefits, immunities, powers, and duties of the Trustee shall be applicable in respect of this Second Supplemental Indenture as fully and with like force and effect as
though set forth in full herein. 
 Section 4.07 Effectiveness. This Second Supplemental Indenture shall become effective and
binding on the Company, the Successor, the Trustee and every Holder of the Notes heretofore or hereafter authenticated and delivered under the Indenture upon the execution and delivery by the parties hereto of this Second Supplemental Indenture.

 [Signature Pages Follows] 

 IN WITNESS WHEREOF, the parties have caused this Second Supplemental Indenture to be duly
executed as of the date first written above. 
  

			
		 	 SLACK TECHNOLOGIES, INC.

		
	 By:
	 	 /s/ Allen Shim

	        Name: Allen Shim

	        Title: Chief Financial Officer

		
		 	 SALESFORCE.COM, INC.

		
	 By:
	 	 /s/ Amy Weaver

	        Name: Amy Weaver

	        Title: President and Chief Financial
Officer

		
		 	SKYLINE STRATEGIES II LLC
		
	 By:
	 	 /s/ Sarah Dods

	        Name: Sarah Dods

	        Title: President and Secretary

		
		 	 U.S. BANK NATIONAL ASSOCIATION, as Trustee

		
	 By:
	 	 /s/ Brandon Bonfig

	        Name: Brandon Bonfig

	        Title: Assistant Vice
President

 [Signature Page to the Second Supplemental Indenture]

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