Document:

Form
of Underwriter’s Warrant

 

THE
REGISTERED HOLDER OF THIS PURCHASE WARRANT BY ITS ACCEPTANCE HEREOF, AGREES THAT IT WILL NOT SELL, TRANSFER OR ASSIGN THIS PURCHASE
WARRANT.

 

THIS
PURCHASE WARRANT IS NOT EXERCISABLE PRIOR TO [________________] [DATE THAT IS 180 DAYS FROM THE EFFECTIVE DATE OF THE OFFERING].
VOID AFTER 5:00 P.M., EASTERN TIME, [___________________] [DATE THAT IS FIVE YEARS FROM THE EFFECTIVE DATE OF THE OFFERING].

 

THIS
PURCHASE WARRANT MAY NOT BE TRADED IN THE PROVINCE OF BRITISH COLUMBIA, CANADA UNTIL [___________________] [DATE THAT IS FOUR
MONTHS AND ONE DAY FROM THE EFFECTIVE DATE OF THE OFFERING], EXCEPT AS PERMITTED BY THE SECURITIES ACT (BRITISH COLUMBIA)
AND REGULATIONS MADE THEREUNDER.

 

FRANKLY
INC.

 

UNIT
WARRANT

 

1.
Unit Warrant. Frankly Inc., a British Columbia corporation (the “Company”) hereby certifies that, for
good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, [●](“Holder”),
as registered owner of this Unit Warrant, is entitled, at any time or from time to time from [________________] [DATE THAT
IS ONE HUNDRED EIGHTY (180) DAYS FROM THE EFFECTIVE DATE OF THE OFFERING] (the “Commencement Date”), and
at or before 5:00 p.m., Eastern time, [____________] [DATE THAT IS FIVE YEARS FROM THE EFFECTIVE DATE OF THE OFFERING]
(the “Expiration Date”), but not thereafter, to subscribe for, purchase and receive, in whole or in part, up
to [____] units (each, a “Unit,” provided however that from and after the Separation Date, any reference
herein to a Unit shall constitute a reference to an equivalent number of securities comprising such Unit), each Unit consisting
of one common share, no par value, of the Company (“Common Shares”), and one warrant to purchase one Common
Share on the terms as described in the Prospectus (each, a “Warrant” and collectively, the “Warrants,”
and each such Unit, a “Warrant Unit” and all such Units, the “Warrant Units”), subject to
adjustment as provided in Section 6 hereof. If the Expiration Date is a day on which banking institutions are authorized by law
to close, then this Unit Warrant may be exercised on the next succeeding day which is not such a day in accordance with the terms
herein. During the period ending on the Expiration Date, the Company agrees not to take any action that would terminate this Unit
Warrant. This Unit Warrant is initially exercisable at US$[___] per Unit [120% of the public offering price of the Units sold
in the Offering]; provided, however, that upon the occurrence of any of the events specified in Section 6 hereof,
the rights granted by this Unit Warrant shall be adjusted as therein specified. The term “Exercise Price” shall
mean the initial exercise price or the adjusted exercise price, depending on the context. As used herein, “Effective
Date” means the date on which the Company’s Registration Statement on Form S-1 (File No.: 333-214578) (the “Registration
Statement”) is initially declared effective by the Securities and Exchange Commission (the “Commission”).
Capitalized terms used herein have the respective meanings ascribed thereto in the prospectus, dated [●], 2017, included
in the Registration Statement unless otherwise defined herein.

 

    	 	1	 

    	 

    

 

2.
Exercise.

 

2.1
Exercise Form. In order to exercise this Unit Warrant, the exercise form attached hereto must be duly executed and completed
and delivered to the Company, together with this Unit Warrant and payment of the Exercise Price for the Warrant Units being purchased
payable in cash by wire transfer of immediately available funds to an account designated by the Company or by certified check
or official bank check. If the subscription rights represented hereby shall not be exercised at or before 5:00 p.m., Eastern time,
on the Expiration Date, this Unit Warrant shall become and be void without further force or effect, and all rights represented
hereby shall cease and expire.

 

2.2
Cashless Exercise. In lieu of exercising this Unit Warrant by payment of cash or check payable to the order of the Company
pursuant to Section 2.1 above, Holder may elect to receive the number of Warrant Units equal to the value of this Unit Warrant
(or the portion thereof being exercised), by surrender of this Unit Warrant to the Company, together with the exercise form attached
hereto, in which event the Company will issue to Holder Warrant Units in accordance with the following formula:

 

	X	=	Y(A-B)	 
	A	 

Where,

 

	 	X	=	The
    number of Warrant Units to be issued to Holder;
	 	Y	=	The
    number of Warrant Units for which the Unit Warrant is being exercised;
	 	A	=	The
    fair market value of one Unit; and
	 	B	=	The
    Exercise Price.

 

For
purposes of this Section 2.2, the fair market value of a Unit is defined as follows:

 

	 	(i)	if
the Units are traded on a United States securities exchange, the value shall be deemed to be the closing price on such exchange
on the trading day prior to the exercise form being submitted in connection with the exercise of the Unit Warrant; or
	 	 	 
	 	(ii)	if
the Units are actively traded over-the-counter in the United States, the value shall be deemed to be the closing bid on the trading
day prior to the exercise form being submitted in connection with the exercise of the Unit Warrant; if there is no active public
market in the United States, the value shall be the fair market value thereof, as determined in good faith by the Company’s
Board of Directors.

 

3.
Transfer.

 

The
registered Holder of this Unit Warrant agrees by his, her or its acceptance hereof, that such Holder will not sell, transfer,
assign, pledge or hypothecate this Unit Warrant.

 

    	 	2	 

    	 

    

 

4.
Registration Rights.

 

4.1
Demand Registration.

 

4.1.1
Grant of Right. Unless a registration statement covering the exercise of this Unit Warrant and the Warrant Units, the exercise
of the Warrants and the sale of the Common Shares underlying the Units by the Holder is in effect and available (the “Registration
Condition”), the Company, upon written demand (a “Demand Notice”) of the Holder(s) of at least 51%
of the Unit Warrants and/or the underlying securities (“Majority Holders”), agrees to register, on one occasion,
all or any portion of the Units underlying this Unit Warrant, including the Common Shares underlying the Warrants included in
the Unit Warrant (collectively, the “Registrable Securities”). On such occasion, the Company will file a registration
statement with the Commission covering the Registrable Securities within sixty (60) days after receipt of a Demand Notice and
use its reasonable best efforts to have the registration statement declared effective promptly thereafter, subject to compliance
with review by the Commission; provided, however, that the Company shall not be required to comply with a Demand
Notice if the Company has filed a registration statement with respect to which the Holder is entitled to piggyback registration
rights pursuant to Section 4.2 hereof and either: (i) the Holder has elected to participate in the offering covered by such registration
statement or (ii) if such registration statement relates to an underwritten primary offering of securities of the Company, until
the offering covered by such registration statement has been withdrawn or until thirty (30) days after such offering is consummated.
The demand for registration may be made at any time during a period of four (4) years beginning on the Commencement Date. The
Company covenants and agrees to give written notice of its receipt of any Demand Notice by any Holder(s) to all other registered
Holders of the Unit Warrants and/or the Registrable Securities within ten (10) days after the date of the receipt of any such
Demand Notice.

 

4.1.2
Terms. The Company shall bear all fees and expenses attendant to the registration of the Registrable Securities pursuant
to Section 4.1.1, but the Holders shall pay any and all underwriting commissions and the expenses of any legal counsel selected
by the Holders to represent them in connection with the sale of the Registrable Securities. The Company agrees to use its reasonable
best efforts to cause the filing required herein to become effective promptly and to qualify or register the Registrable Securities
in such States as are reasonably requested by the Holder(s); provided, however, that in no event shall the Company
be required to register the Registrable Securities in a State in which such registration would cause: (i) the Company to be obligated
to register or license to do business in such State or submit to general service of process in such State, or (ii) the principal
shareholders of the Company to be obligated to escrow their shares of capital stock of the Company. The Company shall cause any
registration statement filed pursuant to the demand right granted under Section 4.1.1 to remain effective for a period of at least
twelve (12) consecutive months after the date that the Holders of the Registrable Securities covered by such registration statement
are first given the opportunity to sell all of such securities. The Holders shall only use the prospectuses provided by the Company
to sell the shares covered by such registration statement, and will immediately cease to use any prospectus furnished by the Company
if the Company advises the Holder that such prospectus may no longer be used due to a material misstatement or omission. Notwithstanding
the provisions of this Section 4.1.2, the Holder shall be entitled to a demand registration under this Section 4.1.2 on only one
(1) occasion and such demand registration right shall terminate on the fifth anniversary of the effectiveness of the registration
statement in accordance with FINRA Rule 5110(f)(2)(G)(iv).

 

4.2
“Piggy-Back” Registration.

 

4.2.1
Grant of Right. In addition to the demand right of registration described in Section 4.1 hereof, unless the Registration
Condition is satisfied, the Holder shall have the right, for a period of no more than seven (7) years from the date of effectiveness
of the Registration Statement in accordance with FINRA Rule 5110(f)(2)(G)(v), to include the Registrable Securities as part of
any other registration of securities filed by the Company (other than in connection with a transaction contemplated by Rule 145(a)
promulgated under the Securities Act of 1933, as amended (the “Securities Act”), or pursuant to Form S-8 or
any equivalent form); provided, however, that if, solely in connection with any primary underwritten public offering
for the account of the Company, the managing underwriter(s) thereof shall, in its reasonable discretion, impose a limitation on
the number of Common Shares which may be included in the Registration Statement because, in such underwriter(s)’ judgment,
marketing or other factors dictate such limitation is necessary to facilitate public distribution, then the Company shall be obligated
to include in such Registration Statement only such limited portion of the Registrable Securities with respect to which the Holder
requested inclusion hereunder as the underwriter shall reasonably permit. Any exclusion of Registrable Securities shall be made
pro rata among the Holders seeking to include Registrable Securities in proportion to the number of Registrable Securities sought
to be included by such Holders; provided, however, that the Company shall not exclude any Registrable Securities
unless the Company has first excluded all outstanding securities, the holders of which are not entitled to inclusion of such securities
in such Registration Statement or are not entitled to pro rata inclusion with the Registrable Securities.

 

    	 	3	 

    	 

    

 

4.2.2
Terms. The Company shall bear all fees and expenses attendant to registering the Registrable Securities pursuant to Section
4.2.1 hereof, but the Holders shall pay any and all underwriting commissions and the expenses of any legal counsel selected by
the Holders to represent them in connection with the sale of the Registrable Securities. In the event of such a proposed registration,
the Company shall furnish the then Holders of outstanding Registrable Securities with not less than thirty (30) days written notice
prior to the proposed date of filing of such registration statement. Such notice to the Holders shall continue to be given for
each registration statement filed by the Company until such time as all of the Registrable Securities have been sold by the Holder.
The holders of the Registrable Securities shall exercise the “piggy-back” rights provided for herein by giving written
notice within ten (10) days of the receipt of the Company’s notice of its intention to file a registration statement. Except
as otherwise provided in this Unit Warrant, there shall be no limit on the number of times the Holder may request registration
under this Section 4.2.2; provided, however, that such registration rights shall terminate on the sixth anniversary
of the Commencement Date.

 

4.3
General Terms.

 

4.3.1
Indemnification. The Company shall indemnify the Holder(s) of the Registrable Securities to be sold pursuant to any registration
statement hereunder and each person, if any, who controls such Holders within the meaning of Section 15 of the Securities Act
or Section 20 (a) of the Securities Exchange Act of 1934, as amended (“Exchange Act”), against all loss, claim,
damage, expense or liability (including all reasonable attorneys’ fees and other expenses reasonably incurred in investigating,
preparing or defending against any claim whatsoever) to which any of them may become subject under the Securities Act, the Exchange
Act or otherwise, arising from such registration statement but only to the same extent and with the same effect as the provisions
pursuant to which the Company has agreed to indemnify the Underwriters contained in Section 7(a) of the Underwriting Agreement
between Roth Capital Partners, LLC and Joseph Gunnar & Co., LLC, as the representatives of the several Underwriters named
therein (the “Representatives”), and the Company, dated as of June [●], 2017 (the “Underwriting
Agreement”). The Holder(s) of the Registrable Securities to be sold pursuant to such registration statement, and their
successors and assigns, shall severally, and not jointly, indemnify the Company, against all loss, claim, damage, expense or liability
(including all reasonable attorneys’ fees and other expenses reasonably incurred in investigating, preparing or defending
against any claim whatsoever) to which they may become subject under the Securities Act, the Exchange Act or otherwise, arising
from information furnished by or on behalf of such Holders, or their successors or assigns, in writing, for specific inclusion
in such registration statement to the same extent and with the same effect as the provisions contained in Section 7(b) of the
Underwriting Agreement pursuant to which the Underwriters have agreed to indemnify the Company.

 

    	 	4	 

    	 

    

 

4.3.2
Exercise of Unit Warrants. Nothing contained in this Unit Warrant shall be construed as requiring the Holder(s) to exercise
their Unit Warrants prior to or after the initial filing of any registration statement or the effectiveness thereof.

 

4.3.3
Documents Delivered to Holders. Unless the Registration Condition is satisfied, the Company shall furnish to each Holder
participating in any of the foregoing offerings and to each underwriter of any such offering, if any, a signed counterpart, addressed
to such Holder or underwriter, of: (i) if such registration includes an underwritten public offering, an opinion of counsel to
the Company, dated the date of the closing under any underwriting agreement related thereto, and (ii) if such registration includes
an underwritten public offering, a “cold comfort” letter dated the effective date of such registration statement and
a letter dated the date of the closing under the underwriting agreement, signed by the independent registered public accounting
firm which has issued a report on the Company’s financial statements included in such registration statement, in each case
covering substantially the same matters with respect to such registration statement (and the prospectus included therein) and,
in the case of such accountants’ letter, with respect to events subsequent to the date of such financial statements, as
are customarily covered in opinions of issuer’s counsel and in accountants’ letters delivered to underwriters in underwritten
public offerings of securities. The Company shall also deliver promptly to each Holder participating in the offering requesting
the correspondence and memoranda described below and to the managing underwriter, if any, copies of all correspondence between
the Commission and the Company, its counsel or auditors and all memoranda relating to discussions with the Commission or its staff
with respect to the registration statement and permit each Holder and underwriter to do such investigation, upon reasonable advance
notice, with respect to information contained in or omitted from the registration statement as it deems reasonably necessary to
comply with applicable securities laws or rules of FINRA. Such investigation shall include access to books, records and properties
and opportunities to discuss the business of the Company with its officers and independent auditors, all to such reasonable extent
and at such reasonable times as any such Holder shall reasonably request in connection with the underwritten offering.

 

4.3.4
Underwriting Agreement. Unless the Registration Condition is satisfied, the Company shall enter into an underwriting agreement
with the managing underwriter(s), if any, selected by any Holders whose Registrable Securities are being registered pursuant to
this Section 4, which managing underwriter shall be reasonably satisfactory to the Company. Such agreement shall be reasonably
satisfactory in form and substance to the Company, each Holder and such managing underwriters, and shall contain such representations,
warranties and covenants by the Company and such other terms as are customarily contained in agreements of that type used by the
managing underwriter. The Holders shall be parties to any underwriting agreement relating to an underwritten sale of their Registrable
Securities and may, at their option, require that any or all the representations, warranties and covenants of the Company to or
for the benefit of such underwriters shall also be made to and for the benefit of such Holders. Such Holders shall not be required
to make any representations or warranties to or agreements with the Company or the underwriters except as they may relate to such
Holders, their Shares and their intended methods of distribution.

 

4.3.5
Documents to be Delivered by Holder(s). Each of the Holder(s) participating in any of the foregoing offerings shall furnish
to the Company a completed and executed questionnaire provided by the Company requesting information customarily sought of selling
security holders.

 

4.3.6
Damages. Should the registration or the effectiveness thereof required by Sections 4.1 and 4.2 hereof be delayed by the
Company or the Company otherwise fails to comply with such provisions, the Holder(s) shall, in addition to any other legal or
other relief available to the Holder(s), be entitled to obtain specific performance or other equitable (including injunctive)
relief against the threatened breach of such provisions or the continuation of any such breach, without the necessity of proving
actual damages and without the necessity of posting bond or other security.

 

    	 	5	 

    	 

    

 

5.
New Unit Warrants to be Issued.

 

5.1
Partial Exercise. Subject to the restrictions in Section 3 hereof, this Unit Warrant may be exercised in whole or in part.
In the event of the exercise hereof in part only, upon surrender of this Unit Warrant for cancellation, the Company shall cause
to be delivered to the Holder without charge a new Unit Warrant of like tenor to this Unit Warrant in the name of the Holder evidencing
the right of the Holder to purchase the number of Warrant Units purchasable hereunder as to which this Unit Warrant has not been
exercised.

 

5.2
Lost Certificate. Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction or mutilation
of this Unit Warrant and of reasonably satisfactory indemnification or the posting of a bond, the Company shall execute and deliver
a new Unit Warrant of like tenor and date. Any such new Unit Warrant executed and delivered as a result of such loss, theft, mutilation
or destruction shall constitute a substitute contractual obligation on the part of the Company.

 

6.
Adjustments.

 

6.1
Adjustments to Exercise Price and Number of Securities. The Exercise Price and the number of Warrant Units underlying the
Unit Warrant shall be subject to adjustment from time to time as hereinafter set forth:

 

6.1.1
Share Dividends; Split Ups. If, after the date hereof, and subject to the provisions of Section 6.3 below, the number of
outstanding Shares is increased by a stock dividend payable in Shares or by a split up of Shares or other similar event, then,
on the effective day thereof, the number of Shares purchasable hereunder shall be increased in proportion to such increase in
outstanding Shares, and the Exercise Price shall be proportionately decreased.

 

6.1.2
Aggregation of Shares. If, after the date hereof, and subject to the provisions of Section 6.3 below, the number of outstanding
Shares is decreased by a consolidation, combination or reclassification of Shares or other similar event, then, on the effective
date thereof, the number of Shares purchasable hereunder shall be decreased in proportion to such decrease in outstanding Shares,
and the Exercise Price shall be proportionately increased.

 

6.1.3
Replacement of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding
Shares other than a change covered by Section 6.1.1 or 6.1.2 hereof or that solely affects the par value of such Shares, or in
the case of any share reconstruction or amalgamation or consolidation of the Company with or into another corporation (other than
a consolidation or share reconstruction or amalgamation in which the Company is the continuing corporation and that does not result
in any reclassification or reorganization of the outstanding Shares), or in the case of any sale or conveyance to another corporation
or entity of the property of the Company as an entirety or substantially as an entirety in connection with which the Company is
dissolved, the Holder of this Unit Warrant shall have the right thereafter (until the expiration of the right of exercise of this
Unit Warrant) to receive upon the exercise hereof, for the same aggregate Exercise Price payable hereunder immediately prior to
such event, the kind and amount of securities or property (including cash) receivable upon such reclassification, reorganization,
share reconstruction or amalgamation, or consolidation, or upon a dissolution following any such sale or transfer, by a Holder
of the number of Warrant Units obtainable upon exercise of this Unit Warrant immediately prior to such event; and if any reclassification
also results in a change in Shares covered by Section 6.1.1 or 6.1.2, then such adjustment shall be made pursuant to Sections
6.1.1, 6.1.2 and this Section 6.1.3. The provisions of this Section 6.1.3 shall similarly apply to successive reclassifications,
reorganizations, share reconstructions or amalgamations, or consolidations, sales or other transfers.

 

    	 	6	 

    	 

    

 

6.1.4
Changes in Form of Unit Warrant. This form of Unit Warrant need not be changed because of any change pursuant to this Section
6.1, and Unit Warrants issued after such change may state the same Exercise Price and the same number of Warrant Units as are
stated in the Unit Warrants initially issued pursuant to this Agreement. The acceptance by any Holder of the issuance of new Unit
Warrants reflecting a required or permissive change shall not be deemed to waive any rights to an adjustment occurring after the
Commencement Date or the computation thereof.

 

6.2
Substitute Unit Warrant. In case of any consolidation of the Company with, or share reconstruction or amalgamation of the
Company with or into, another corporation (other than a consolidation or share reconstruction or amalgamation which does not result
in any reclassification or change of the outstanding Shares), the corporation formed by such consolidation or share reconstruction
or amalgamation shall execute and deliver to the Holder a supplemental Unit Warrant providing that the holder of each Unit Warrant
then outstanding or to be outstanding shall have the right thereafter (until the stated expiration of such Unit Warrant) to receive,
upon exercise of such Unit Warrant, the kind and amount of securities and property receivable upon such consolidation or share
reconstruction or amalgamation, by a holder of the number of Warrant Units of the Company for which such Unit Warrant might have
been exercised immediately prior to such consolidation, share reconstruction or amalgamation, sale or transfer. Such supplemental
Unit Warrant shall provide for adjustments which shall be identical to the adjustments provided for in this Section 6. The above
provision of this Section shall similarly apply to successive consolidations or share reconstructions or amalgamations.

 

6.3
Elimination of Fractional Interests. The Company shall not be required to issue certificates representing fractions of
Unit Warrants upon the exercise of the Unit Warrant, nor shall it be required to issue scrip or pay cash in lieu of any fractional
interests, it being the intent of the parties that all fractional interests shall be eliminated by rounding any fraction up or
down, as the case may be, to the nearest whole number of Shares or other securities, properties or rights.

 

7.
Reservation and Listing. The Company shall at all times reserve and keep available out of its authorized securities, solely
for the purpose of issuance upon exercise of the Unit Warrants, such number of Units, Warrants and Shares or other securities,
properties or rights as shall be issuable upon the exercise thereof. The Company covenants and agrees that, upon exercise of the
Unit Warrants and payment of the Exercise Price therefor, in accordance with the terms hereby, all securities issuable upon such
exercise shall be duly and validly issued, fully paid and non-assessable and not subject to preemptive rights of any shareholder.
The Company further covenants and agrees that upon exercise of the Unit Warrants and payment of the exercise price therefor, all
securities issuable upon such exercise shall be duly and validly issued, fully paid and non-assessable and not subject to preemptive
rights of any shareholder. As long as the Unit Warrants shall be outstanding, the Company shall use its commercially reasonable
efforts to cause all Warrant Units issuable upon exercise of the Unit Warrants to be listed (subject to official notice of issuance)
on all national securities exchanges (or, if applicable, on the OTC Markets or any successor trading market) on which the Units
issued to the public in the Offering may then be listed and/or quoted.

 

    	 	7	 

    	 

    

 

8.
Certain Notice Requirements.

 

8.1
Holder’s Right to Receive Notice. Nothing herein shall be construed as conferring upon the Holders the right to vote
or consent or to receive notice as a shareholder for the election of directors or any other matter, or as having any rights whatsoever
as a shareholder of the Company. If, however, at any time prior to the expiration of the Unit Warrants and their exercise, any
of the events described in Section 8.2 shall occur, then, in one or more of said events, the Company shall give written notice
of such event at least fifteen days prior to the date fixed as a record date or the date of closing the transfer books for the
determination of the shareholders entitled to such dividend, distribution, conversion or exchange of securities or subscription
rights, or entitled to vote on such proposed dissolution, liquidation, winding up or sale. Such notice shall specify such record
date or the date of the closing of the transfer books, as the case may be. Notwithstanding the foregoing, the Company shall deliver
to each Holder a copy of each notice given to the other shareholders of the Company at the same time and in the same manner that
such notice is given to the shareholders.

 

8.2
Events Requiring Notice. The Company shall be required to give the notice described in this Section 8 upon one or more
of the following events: (i) if the Company shall take a record of the holders of its Shares for the purpose of entitling them
to receive a dividend or distribution payable otherwise than in cash, or a cash dividend or distribution payable otherwise than
out of retained earnings, as indicated by the accounting treatment of such dividend or distribution on the books of the Company,
(ii) the Company shall offer to all the holders of its Shares any additional shares of capital stock of the Company or securities
convertible into or exchangeable for shares of capital stock of the Company, or any option, right or warrant to subscribe therefor,
or (iii) a dissolution, liquidation or winding up of the Company (other than in connection with a consolidation or share reconstruction
or amalgamation) or a sale of all or substantially all of its property, assets and business shall be proposed. Failure to give
such notice shall not invalidate any such action.

 

8.3
Notice of Change in Exercise Price. The Company shall, promptly after an event requiring a change in the Exercise Price
pursuant to Section 6 hereof, send notice to the Holders of such event and change (“Price Notice”). The Price
Notice shall describe the event causing the change and the method of calculating same and shall be certified as being true and
accurate by the Company’s Chief Financial Officer.

 

8.4
Transmittal of Notices. All notices, requests, consents and other communications under this Unit Warrant shall be in writing
and shall be deemed to have been duly made when hand delivered, or mailed by express mail or private courier service: (i) if to
the registered Holder of the Unit Warrant, to the address of such Holder as shown on the books of the Company, or (ii) if to the
Company, to following address or to such other address as the Company may designate by notice to the Holders:

 

If
to the Holder:

[name]

[address]

Attn:
[name]

Fax
No.: [number]

 

If
to the Company:

 

Frankly
Inc.

333
Bryant Street, Suite 240

San
Francisco, CA 94107

Attn:
[name]

Fax
No: [number]

 

    	 	8	 

    	 

    

 

9.
Miscellaneous.

 

9.1
Amendments. The Company and the Representatives may from time to time supplement or amend this Unit Warrant without the
approval of any of the Holders in order to cure any ambiguity, to correct or supplement any provision contained herein that may
be defective or inconsistent with any other provisions herein, or to make any other provisions in regard to matters or questions
arising hereunder that the Company and the Representatives may deem necessary or desirable and that the Company and the Representatives
deem shall not adversely affect the interest of the Holders. All other modifications or amendments shall require the written consent
of and be signed by the party against whom enforcement of the modification or amendment is sought.

 

9.2
Headings. The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way
limit or affect the meaning or interpretation of any of the terms or provisions of this Unit Warrant.

 

9.3.
Entire Agreement. This Unit Warrant (together with the other agreements and documents being delivered pursuant to or in
connection with this Unit Warrant) constitutes the entire agreement of the parties hereto with respect to the subject matter hereof,
and supersedes all prior agreements and understandings of the parties, oral and written, with respect to the subject matter hereof.

 

9.4
Binding Effect. This Unit Warrant shall inure solely to the benefit of and shall be binding upon, the Holder and the Company
and their respective successors and legal representatives, and no other person shall have or be construed to have any legal or
equitable right, remedy or claim under or in respect of or by virtue of this Unit Warrant or any provisions herein contained.

 

9.5
Governing Law; Submission to Jurisdiction; Trial by Jury. This Unit Warrant shall be governed by and construed and enforced
in accordance with the laws of the State of New York, without giving effect to conflict of laws principles thereof. The Company
hereby agrees that any action, proceeding or claim against it arising out of, or relating in any way to this Unit Warrant shall
be brought and enforced in the New York Supreme Court, County of New York, or in the United States District Court for the Southern
District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby
waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. The Company irrevocably
appoints [●], [address, phone and fax number], as its agent to receive service of process or other legal summons for purposes
of any such proceeding that may be instituted in any court in the United States of America. The Company and the Holder agree that
the prevailing party(ies) in any such action shall be entitled to recover from the other party(ies) all of its reasonable attorneys’
fees and expenses relating to such action or proceeding and/or incurred in connection with the preparation therefor. The Company
(on its behalf and, to the extent permitted by applicable law, on behalf of its stockholders and affiliates) and the Holder hereby
irrevocably waive, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding
arising out of or relating to this Agreement or the transactions contemplated hereby.

 

9.6
Waiver, etc. The failure of the Company or the Holder to at any time enforce any of the provisions of this Unit Warrant
shall not be deemed or construed to be a waiver of any such provision, nor to in any way affect the validity of this Unit Warrant
or any provision hereof or the right of the Company or any Holder to thereafter enforce each and every provision of this Unit
Warrant. No waiver of any breach, non-compliance or non-fulfillment of any of the provisions of this Unit Warrant shall be effective
unless set forth in a written instrument executed by the party or parties against whom or which enforcement of such waiver is
sought; and no waiver of any such breach, non-compliance or non-fulfillment shall be construed or deemed to be a waiver of any
other or subsequent breach, non-compliance or non-fulfillment.

 

    	 	9	 

    	 

    

 

9.7
Execution in Counterparts. This Unit Warrant may be executed in one or more counterparts, and by the different parties
hereto in separate counterparts, each of which shall be deemed to be an original, but all of which taken together shall constitute
one and the same agreement, and shall become effective when one or more counterparts has been signed by each of the parties hereto
and delivered to each of the other parties hereto. Such counterparts may be delivered by facsimile transmission or other electronic
transmission.

 

9.8
Exchange Agreement. As a condition of the Holder’s receipt and acceptance of this Unit Warrant, Holder agrees that,
at any time prior to the complete exercise of this Unit Warrant by Holder, if the Company and the Representatives enter into an
agreement (“Exchange Agreement”) pursuant to which they agree that all outstanding Unit Warrants will be exchanged
for securities or cash or a combination of both, then Holder shall agree to such exchange and become a party to the Exchange Agreement.

 

[Signature
Page Follows]

 

    	 	10	 

    	 

    

 

IN
WITNESS WHEREOF, the Company has caused this Unit Warrant to be signed by its duly authorized officer as of the ____ day of ________________,
2017.

 

	FRANKLY
    INC.	 
	 	 	 
	By:	       	 
	Name:	 	 
	Title:	 	 

 

    	 	11	 

    	 

    

 

[Form
to be used to exercise Unit Warrant]

 

Date:
__________, 20___

 

The
undersigned hereby elects irrevocably to exercise the Unit Warrant for ______ Warrant Units (the ““Warrant Units”)”)
of Frankly Inc., a British Columbia corporation (the “Company”), and hereby makes payment of US$____ (at the
rate of US$____ per Share) in payment of the Exercise Price pursuant thereto. Please issue the Warrant Units as to which this
Unit Warrant is exercised in accordance with the instructions given below and, if applicable, a new Unit Warrant representing
the number of Warrant Units for which this Unit Warrant has not been exercised.

 

or

 

The
undersigned hereby elects irrevocably to convert its right to purchase ___ Warrant Units of the Company under the Unit Warrant
for ______ Warrant Units, as determined in accordance with the following formula:

 

	 	X	=	Y(A-B)	 
	 	 	 	A	 

 

Where,

 

	 	X	=	The
    number of Warrant Units to be issued to Holder;
	 	Y	=	The
    number of Warrant Units for which the Unit Warrant is being exercised;
	 	A	=	The
    fair market value of one Warrant Unit which is equal to US$_____; and
	 	B	=	The
    Exercise Price which is equal to US$______ per Warrant Unit

 

The
undersigned agrees and acknowledges that the calculation set forth above is subject to confirmation by the Company and any disagreement
with respect to the calculation shall be resolved by the Company in its sole discretion.

 

Please
issue the Warrant Units as to which this Unit Warrant is exercised in accordance with the instructions given below and, if applicable,
a new Unit Warrant representing the number of Warrant Units for which this Unit Warrant has not been converted.

 

Signature

 

INSTRUCTIONS
FOR REGISTRATION OF SECURITIES

 

	Name:	 	 
	 	(Print
    in Block Letters)	 
	 	 	 
	Address:	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

    	 	12EX-4.4

 Exhibit 4.4 

AMENDMENT NO. 3 TO THE RIGHTS AGREEMENT 

This Amendment No. 3 dated as of June 16, 2017 (this “Amendment”) to the Rights Agreement, dated as of
January 8, 2009, as amended on March 9, 2009 and June 8, 2017 (the “Rights Agreement”), is made by and between The9 Limited, a company incorporated with limited liability under the laws of the Cayman Islands (the
“Company”), and The Bank of New York Mellon, a New York banking corporation (in its capacity as the rights agent, the “Rights Agent”). Capitalized terms used herein and not defined shall have the meaning specified
in the Rights Agreement. 
 WHEREAS, the Company and the Rights Agent are parties to the Rights Agreement; 

WHEREAS, Section 28 (Supplements and Amendments) of the Rights Agreement provides that the Company may in its sole and absolute
discretion supplement or amend any provision of the Rights Agreement in any respect without the approval of any holders of Rights (subject to certain conditions if and when the Rights are no longer redeemable); 

WHEREAS, the Board of Directors of the Company has determined that it is in the best interests of the Company and its shareholders to amend
the Rights Agreement as set forth in this Amendment; 
 WHEREAS, pursuant to Section 28 of the Rights Agreement an appropriate officer
of the Company has delivered a certificate to the Rights Agent (i) stating that this Amendment is in compliance with Section 28 of the Rights Agreement, and (ii) directing the Rights Agent to execute this Amendment; and 

WHEREAS, all acts and things necessary to make this Agreement a valid agreement, enforceable according to its terms, have been done and
performed, and the execution and delivery of this Amendment by the Company and the Rights Agent have been in all respects duly authorized by the Company and the Rights Agent. 

NOW, THEREFORE, in consideration of the promises and mutual agreements set forth herein, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, the Company and the Rights Agent hereby agree as follows: 
  

	A.	Amendment of Certain Definitions. 

  

	1.	The definition of “IE Holder” shall be added as Section 1(fff) of the Rights Agreement as follows: 

(fff) “IE Holder” shall mean IE Limited, a company incorporated under the laws of the Republic of Korea, together with all of its
Affiliates and Associates. 

	2.	The definition of “Acquiring Person” in Section 1(a) (Certain Definitions; Interpretation) of the Rights Agreement is hereby amended and restated in its entirety to read as follows: 

“Acquiring Person” shall mean any Person who or which, together with all Affiliates and Associates of such Person, and together with
any other Person with whom such Person is Acting in Concert (or any Affiliate or Associate thereof), shall be the Beneficial Owner of securities of the Company constituting a Substantial Block, but shall not include (i) an Exempt Person,
(ii) The Bank of New York Mellon, in its capacity as depositary agent, pursuant to the Deposit Agreement, (iii) (A) the Bosma Existing Holder, unless and until such time as the Bosma Existing Holder shall become the Beneficial Owner
of 20% (other than pursuant to a dividend or distribution paid or made by the Company on the outstanding Ordinary Shares or pursuant to a split or subdivision of the outstanding Ordinary Shares) (the “Bosma Cap”) or more of the
voting securities of the Company then outstanding, (B) the Incsight Existing Holder, for so long as the Incsight Standstill Agreement remains in full force and effect, (C) Ark Pacific Holder, unless and until such time as the Ark Pacific
Holder shall become the Beneficial Owner of 37% (other than pursuant to a dividend or distribution paid or made by the Company on the outstanding Ordinary Shares or pursuant to a split or subdivision of the outstanding Ordinary Shares) (the
“Ark Pacific Cap”) or more of the voting securities of the Company then outstanding, or (D) IE Holder, unless and until such time as the IE Holder shall become the Beneficial Owner of 16% (other than pursuant to a dividend or
distribution paid or made by the Company on the outstanding Ordinary Shares or pursuant to a split or subdivision of the outstanding Ordinary Shares) (the “IE Cap”) or more of the voting securities of the Company then outstanding,
(iv) any Person who or which, together with all Affiliates and Associates of such Person, becomes the Beneficial Owner of a Substantial Block (or, (x) in the case of the Bosma Existing Holder, the Ark Pacific Holder and the IE Holder, of
voting securities of the Company equal to or in excess of the Bosma Cap, the Ark Pacific Cap and the IE Cap, respectively) solely as a result of a change in the aggregate number of Ordinary Shares or other voting securities of the Company
outstanding since the last date on which such Person (including the Bosma Existing Holder, the Ark Pacific Holder and the IE Holder) acquired Beneficial Ownership of any securities of the Company constituting such Substantial Block (or, in the case
of the Bosma Existing Holder, the Ark Pacific Holder and the IE Holder, equal to or in excess of the Bosma Cap, the Ark Pacific Cap and the IE Cap, respectively); provided, however, that if a Person (including the Bosma Existing
Holder, the Ark Pacific Holder and the IE Holder) shall become the Beneficial Owner of a Substantial Block (or, in the case of the Bosma Existing Holder, the Ark Pacific Holder and the IE Holder, of voting securities of the Company equal to or in
excess of the Bosma Cap, the Ark Pacific Cap and the IE Cap, respectively) solely as a result of a change in the aggregate number of Ordinary Shares and shall, after such change, become the Beneficial Owner of any additional Ordinary Shares of the
Company, then such Person (including the Bosma Existing Holder, the Ark Pacific Holder and the IE Holder) shall be deemed to be an Acquiring Person, or (v) any Person (including the Bosma Existing Holder, the Ark Pacific Holder and the IE
Holder) who or which, together with all Affiliates and Associates of such Person, becomes the Beneficial Owner of a Substantial Block (or, in the case of the Bosma Existing Holder, the Ark Pacific Holder and the IE Holder, of voting securities of
the Company equal to or in excess of the Bosma Cap, the Ark Pacific Cap and the IE Cap, respectively), in the good faith belief that such acquisition would not (x) cause such Person (including the Bosma Existing Holder, the Ark Pacific Holder
and the IE Holder) and its Affiliates and Associates to become the Beneficial Owner of a Substantial Block (or, in the case of the Bosma Existing Holder, the Ark Pacific Holder and the IE Holder, of voting securities of the Company equal to or in
excess of the Bosma Cap, the Ark Pacific Cap and the IE Cap, respectively), and such Person (including the Bosma Existing Holder, the Ark Pacific Holder and the IE Holder) relied in good faith in computing the percentage of its voting power on
publicly filed reports or documents of the Company which are inaccurate or out-of-date or (y) otherwise cause a Distribution Date or the adjustment provided for in Section 11 to occur. For purposes of this definition, the determination
whether any Person (including the Bosma Existing Holder, the Ark Pacific Holder and the IE Holder) acted in good faith shall be conclusively determined by the Board. 

  
 2 

	B.	Effect of Amendment. Except as expressly set forth herein, the Rights Agreement shall not by implication or otherwise be supplemented or amended by virtue of this Amendment, but shall remain in full force
and effect, as amended hereby. This Amendment shall be construed in accordance with and as part of the Rights Agreement, and all terms, conditions, representations, warranties, covenants and agreements set forth in the Rights Agreement and each
other instrument or agreement referred to therein, except as herein amended, are hereby ratified and confirmed. To the extent there is a conflict between the terms and provisions of the Rights Agreement and this Amendment, the terms and provisions
of this Amendment shall govern for purposes of the subject matter of this Amendment only. From and after the date hereof, any reference to the Rights Agreement shall mean the Rights Agreement as amended hereby. 

 

	C.	Waiver of Notice. The Rights Agent and the Company hereby waive notice requirement with respect to each other under the Rights Agreement, if any, pertaining to matters covered by this Amendment.

  

	D.	Severability. If any provision, covenant or restriction of this Amendment is held by a court of competent jurisdiction or any other authority to be invalid, illegal or unenforceable, the remainder of the
terms, provisions, covenants and restrictions of this Amendment shall remain in full force and effect and shall in no way be effected, impaired or invalidated. 

  

	E.	Governing Law. This Amendment shall be deemed to be a contract made under the laws of the state of New York, U.S.A. and for all purposes shall be governed by and construed in accordance with the laws of
such State applicable to contracts to be made and performed entirely within such State, except to the extent that mandatory provisions of the laws of the Cayman Islands are applicable. All actions and proceedings brought by the Rights Agent relating
to or arising from, directly or indirectly, this Agreement may be litigated in courts located within the State of New York. The Company hereby submits to the personal jurisdiction of such courts and consents that any service of process may be made
by certified or registered mail, return receipt requested, directed to the Company at its address last specified for notices hereunder. Each of the parties hereto hereby waives the right to a trial by jury in any action or proceeding arising out of
or relating to this Agreement. 

  

	F.	Counterparts. This Amendment may be executed in any number of counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together
constitute but one and the same instrument. 

  

	G.	Descriptive Headings. Descriptive headings appear for convenience only and shall not control or affect the meaning or construction or any of the provisions hereof. 

 

	H.	Effective Date of Amendment. This Amendment shall be deemed effective as of the date first written above, as if executed on such date. 

  
 3 

 [Signature Page Follows] 

  
 4 

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

					
	THE9 LIMITED
		
	By:	 	 /s/ Jun Zhu

		 	Name:	 	Jun Zhu
		 	Title:	 	Chairman and Chief Executive Officer
	
	THE BANK OF NEW YORK MELLON
		
	By:	 	 /s/ Slawomir Soltowski

		 	Name:	 	Slawomir Soltowski
		 	Title:	 	Managing Director

 [Signature page to Amendment No. 3 to the Rights Agreement]

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