Document:

Exhibit 4.1

 

THE REGISTERED HOLDER OF THIS PURCHASE WARRANT BY ITS ACCEPTANCE HEREOF,
AGREES THAT IT WILL NOT SELL, TRANSFER OR ASSIGN THIS PURCHASE WARRANT EXCEPT AS HEREIN PROVIDED AND THE REGISTERED HOLDER OF THIS PURCHASE
WARRANT AGREES THAT IT WILL NOT SELL, TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE THIS PURCHASE WARRANT FOR A PERIOD OF ONE HUNDRED EIGHTY
DAYS FOLLOWING [●], 2022 (THE “EFFECTIVE DATE”) TO ANYONE OTHER THAN (I) AEGIS CAPITAL CORP. OR A
SELECTED DEALER IN CONNECTION WITH THE OFFERING FOR WHICH THIS PURCHASE WARRANT WAS ISSUED TO THE UNDERWRITER AS CONSIDERATION (THE “OFFERING”),
OR (II) A BONA FIDE OFFICER OR PARTNER OF AEGIS CAPITAL CORP.

 

THIS PURCHASE WARRANT IS NOT EXERCISABLE PRIOR TO [●], 2023 VOID
AFTER 5:00 P.M., EASTERN TIME, [●], 2027.

 

Common
Share Purchase Warrant

 

For the
Purchase of [●] Common Shares

 

of

 

Clearmind
Medicine inc.

 

1. Purchase Warrant. THIS CERTIFIES THAT, in consideration
of funds duly paid by or on behalf of Aegis Capital Corp. (“Holder”), as registered owner of this Purchase Warrant,
to Clearmind Medicine Inc., a British Columbia corporation (the “Company”), Holder is entitled, at any
time or from time to time beginning [●], 2023 (the “Commencement Date”), and at or before 5:00 p.m.,
Eastern time, on [●], 2027 (the “Expiration Date”), but not thereafter, to subscribe for, purchase
and receive, in whole or in part, up to [●] common shares of the Company, no par value per share (the “Common Shares”),
subject to adjustment as provided in Section 6 hereof. If the Expiration Date is not a Business Day, then this Purchase Warrant may be
exercised on the next succeeding Business Day. During the period ending on the Expiration Date, the Company agrees not to take any action
that would terminate this Purchase Warrant. This Purchase Warrant is initially exercisable at $[●] per Common Share; provided, however,
that upon the occurrence of any of the events specified in Section 6 hereof, the rights granted by this Purchase Warrant, including the
exercise price per Common Share and the number of Common Shares to be received upon such exercise, 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, and the term “Business Day” shall mean a day other than a Saturday, Sunday or any other day
which is a federal legal holiday in the United States or any day on which the Federal Reserve Bank of New York is authorized or required
by law or other governmental action to close, provided that the Federal Reserve Bank of New York shall not be deemed to be authorized
or obligated to be closed due to a “shelter in place,” “non-essential employee” or similar closure of physical
location at the direction of any governmental authority if the bank’s electronic funds transfer systems (including for wire transfers)
are open for use by customers on such day.

 

2. Exercise.

 

2.1 Exercise Form. In order to exercise
this Purchase Warrant, the exercise form attached hereto must be duly executed and completed and delivered to the Company, together with
this Purchase Warrant and, subject to Section 2.2, payment of the Exercise Price for the Common Shares 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
Purchase Warrant shall become and be void without further force or effect, and all rights represented hereby shall cease and expire. Each
exercise hereof shall be irrevocable.

 

     

     

    

 

2.2 Cashless Exercise. The Company
shall use its best efforts to cause the Registration Statement to remain effective with a current prospectus and to maintain the registration
of the Common Shares and of the Warrants under the Exchange Act. If at any time on or after the Initial Exercise Date, there is no effective
registration statement registering, or the prospectus contained therein is not available for the issuance of the Purchase Warrant to the
Holder, then this Warrant may also be exercised, in whole or in part, at such time by means of a “cashless exercise” in which
the Holder shall be entitled to receive the number of Purchase Warrants equal to the quotient obtained by dividing [(A-B) (X)] by (A),
where:

 

		(A)	=
as applicable: (i) the volume-weighted average price, or “VWAP,” defined below, on the Trading Day immediately preceding
the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both executed and delivered pursuant to Section 2(a)
hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 2.1 hereof on a Trading Day prior to
the opening of “regular trading hours” (as defined in Rule 600(b)(64) of Regulation NMS promulgated under the federal securities
laws) on such Trading Day, (ii) at the option of the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of
the applicable Notice of Exercise or (z) the Bid Price of the Common Shares on the principal Trading Market as reported by Bloomberg
L.P. as of the time of the Holder’s execution of the applicable Notice of Exercise if such Notice of Exercise is executed during
“regular trading hours” on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours
after the close of “regular trading hours” on a Trading Day) pursuant to Section 2.1 hereof or (iii) the VWAP on the date
of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed
and delivered pursuant to Section 2.1 hereof after the close of “regular trading hours” on such Trading Day;

 

		(B)	=
the Exercise Price of this Warrant, as adjusted hereunder; and

 

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

 

If Purchase Warrants are issued in such a “cashless
exercise,” the parties acknowledge and agree that in accordance with Section 3(a)(9) of the Securities Act, the Warrant Shares shall
take on the registered characteristics of the Warrants being exercised, and the holding period of the Warrants being exercised may be
tacked on to the holding period of the Purchase Warrants. The Company agrees not to take any position contrary to this Section 2.2.

 

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

 

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

 

    2

     

    

 

2.3 Legend.

 

2.3.1 Securities Act of 1933 Legend. Each
certificate for the securities purchased under this Purchase Warrant shall bear a legend as follows unless such securities have been registered
under the Securities Act of 1933, as amended (the “Act”):

 

The securities represented by this certificate have not
been registered under the Securities Act of 1933, as amended (the “Act”), or applicable state law. Neither the securities
nor any interest therein may be offered for sale, sold or otherwise transferred except pursuant to an effective registration statement
under the Act, or pursuant to an exemption from registration under the Act and applicable state law which, in the opinion of counsel to
Clearmind Medicine Inc., is available.

 

2.3.2 Canadian Law Legend. Each certificate
for the securities purchased under this Purchase Warrant shall bear a legend as follows:

 

WITHOUT PRIOR WRITTEN APPROVAL OF THE CANADIAN SECURITIES
EXCHANGE AND COMPLIANCE WITH ALL APPLICABLE SECURITIES LEGISLATION, THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD, TRANSFERRED,
HYPOTHECATED OR OTHERWISE TRADED ON OR THROUGH THE FACILITIES OF THE CANADIAN SECURITIES EXCHANGE OR OTHERWISE IN CANADA OR TO OR FOR
THE BENEFIT OF A CANADIAN RESIDENT UNTIL [●]1.

 

2.4 Resale of Shares. Holder and the
Company acknowledge that as of the date hereof the Staff of the Division of Corporation Finance of the SEC has published Compliance &
Disclosure Interpretation 528.04 in the Securities Act Rules section thereof, stating that the holder of securities issued in connection
with a public offering may not rely upon Rule 144 promulgated under the Act to establish an exemption from registration requirements under
Section 4(a)(1) under the Act, but may nonetheless apply Rule 144 constructively for the resale of such shares in the following manner:
(a) provided that six months has elapsed since the last sale under the registration statement, an underwriter or finder may resell the
securities in accordance with the provisions of Rule 144(c), (e), and (f), except for the notice requirement; (b) a purchaser of the shares
from an underwriter receives restricted securities unless the sale is made with an appropriate, current prospectus, or unless the sale
is made pursuant to the conditions contained in (a) above; (c) a purchaser of the shares from an underwriter who receives restricted securities
may include the underwriter’s holding period, provided that the underwriter or finder is not an affiliate of the issuer; and (d)
if an underwriter transfers the shares to its employees, the employees may tack the firm’s holding period for purposes of Rule 144(d),
but they must aggregate sales of the distributed shares with those of other employees, as well as those of the underwriter or finder,
for a six-month period from the date of the transfer to the employees. Holder and the Company also acknowledge that the Staff of the Division
of Corporation Finance of the SEC has advised in various no-action letters that the holding period associated with securities issued without
registration to a service provider commences upon the completion of the services, which the Company agrees and acknowledges shall be the
final closing of the Offering, and that Rule 144(d)(3)(ii) provides that securities acquired from the issuer solely in exchange for other
securities of the same issuer shall be deemed to have been acquired at the same time as the securities surrendered for conversion (which
the Company agrees is the date of the initial issuance of this Purchase Warrant). In the event that following a reasonably-timed written
request by Holder to transfer the Common Shares in accordance with Compliance & Disclosure Interpretation 528.04 counsel for the Company
in good faith concludes that Compliance & Disclosure Interpretation 528.04 no longer may be relied upon as a result of changes in
applicable laws, regulations, or interpretations of the SEC Division of Corporation Finance, or as a result of judicial interpretations
not known by the Company or its counsel on the date hereof (either, a “Registration Trigger Event”), then
the Company shall promptly, and in any event within five (5) Business Days following the request, provide written notice to Holder of
such determination. As a condition to giving such notice, the parties shall negotiate in good faith a single demand registration right
pursuant to an agreement in customary form reasonably acceptable to the parties; provided that notwithstanding anything to the contrary,
the obligations of the Company pursuant to this Section 2 shall terminate on the fifth anniversary of the commencement of sales of the
public offering. In the absence of such conclusion by counsel for the Company, the Company shall, upon such a request of Holder given
no earlier than six months after the final closing of the Offering, instruct its transfer agent to permit the transfer of such shares
in accordance with Compliance & Disclosure Interpretation 528.04, provided that Holder has provided such documentation as shall be
reasonably be requested by the Company to establish compliance with the conditions of Compliance & Disclosure Interpretation 528.04.
Notwithstanding anything to the contrary, pursuant to FINRA Rule 5110(g)(8)(A), the Holder shall not be entitled to more than one demand
registration right hereunder and the duration of the registration rights hereunder shall not exceed five years from the commencement of
sales of the public offering.

 

 

 

 

		1	Insert Date that is 4 months and one day after issuance.

 

    3

     

    

  

3. Transfer.

  

3.1 General Restrictions. The registered
Holder of this Purchase Warrant agrees by such Holder’s acceptance hereof, that such Holder will not: (a) sell, transfer, assign,
pledge or hypothecate this Purchase Warrant for a period of one hundred eighty (180) days following the Effective Date to anyone other
than: (i) Holder or an underwriter, placement agent, or a selected dealer participating in the Offering, or (ii) a bona fide officer or
partner of Holder or of any such underwriter, placement agent or selected dealer, in each case in accordance with FINRA Conduct Rule 5110(g)(1),
or (b) for a period of one hundred eighty (180) days following the Effective Date cause this Purchase Warrant or the securities issuable
hereunder to be the subject of any hedging, short sale, derivative, put or call transaction that would result in the effective economic
disposition of this Purchase Warrant or the securities hereunder, except as provided for in FINRA Rule 5110(g)(2). After 180 days after
the Effective Date, transfers to others may be made subject to compliance with or exemptions from applicable securities laws. In order
to make any permitted assignment, the Holder must deliver to the Company the assignment form attached hereto duly executed and completed,
together with the Purchase Warrant and payment of all transfer taxes, if any, payable in connection therewith. The Company shall within
five (5) Business Days transfer this Purchase Warrant on the books of the Company and shall execute and deliver a new Purchase Warrant
or Purchase Warrants of like tenor to the appropriate assignee(s) expressly evidencing the right to purchase the aggregate number of Common
Shares purchasable hereunder or such portion of such number as shall be contemplated by any such assignment.

  

3.2 Restrictions Imposed by the Act.
The securities evidenced by this Purchase Warrant shall not be transferred unless and until: (i) if required by applicable law, the Company
has received the opinion of counsel for the Company that the securities may be transferred pursuant to an exemption from registration
under the Act and applicable state securities laws, or (ii) a registration statement or a post-effective amendment to the Registration
Statement relating to the offer and sale of such securities has been filed by the Company and declared effective by the U.S. Securities
and Exchange Commission (the “Commission”) and compliance with applicable state securities law has been
established.

 

4. Piggyback Registration Rights.

 

4.1 Grant of Right. In the event that
there is not an effective registration statement covering the Purchase Warrant or the underlying Common Shares, whenever the Company proposes
to register any of its common shares under the Act (other than (i) a registration effected solely to implement an employee benefit plan
or a transaction to which Rule 145 of the Act is applicable, or (ii) a registration statement on Form S-4, S-8 or any successor form thereto
or another form not available for registering the Common Shares issuable upon exercise of this Purchase Warrant for sale to the public,
whether for its own account or for the account of one or more stockholders of the Company (a “Piggyback Registration”),
the Company shall give prompt written notice (in any event no later than ten (10) Business Days prior to the filing of such registration
statement) to the Holder of the Company’s intention to effect such a registration and, subject to the remaining provisions of this
Section 4.1, shall include in such registration such number of Common Shares underlying this Purchase Warrant (the “Registrable
Securities”) that the Holders have (within ten (10) Business Days of the respective Holder’s receipt of such notice)
requested in writing (including such number) to be included within such registration. If a Piggyback Registration is an underwritten offering
and the managing underwriter advises the Company that it has determined in good faith that marketing factors require a limit on the number
of common shares to be included in such registration, including all Common Shares issuable upon exercise of this Purchase Warrant (if
the Holder has elected to include such shares in such Piggyback Registration) and all other common shares proposed to be included in such
underwritten offering, the Company shall include in such registration (i) first, the number of common shares that the Company proposes
to issue and sell pursuant to such underwritten offering and (ii) second, the number of common shares, if any, requested to be included
therein by selling stockholders (including the Holder) allocated pro rata among all such persons on the basis of the number of common
shares then owned by each such person. If any Piggyback Registration is initiated as a primary underwritten offering on behalf of the
Company, the Company shall select the investment banking firm or firms to act as the managing underwriter or underwriters in connection
with such offering. Notwithstanding anything to the contrary, the obligations of the Company pursuant to this Section 4.1 shall terminate
on the earlier of (i) the fifth anniversary of the Effective Date and (ii) the date that Rule 144 would allow the Holder to sell its Registrable
Securities during any ninety (90) day period, and shall not be applicable so long as the Company’s Registration Statement on Form
F-1 (No. 333-265900 covering the Registrable Securities remains effective at such time. The duration of the piggyback registration right
shall not exceed seven years from the commencement of sales of the public offering.

 

    4

     

    

 

4.2 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 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 out-of-pocket expenses reasonably incurred in investigating, preparing or defending against any claim whatsoever) to which
any of them may become subject under the 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 Holder contained in the Underwriting
Agreement between Holder and the Company, dated as of [●], 2022. 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 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 the Underwriting Agreement pursuant
to which Holder has agreed to indemnify the Company.

 

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

 

4.4 Documents Delivered to Holders.
The Company shall deliver promptly to each Holder participating in the offering requesting the correspondence and memoranda described
below, 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, during normal business hours, as any such Holder shall reasonably request.

 

4.5 Underwriting Agreement. The Holders
shall be parties to any underwriting agreement relating to a Piggyback Registration. 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 Common Shares and
the amount and nature of their ownership thereof and their intended methods of distribution.

 

4.6 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.

  

4.7 Damages. Should the Company fail
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 Purchase Warrants to be Issued.

 

5.1 Partial Exercise or Transfer. Subject
to the restrictions in Section 3 hereof, this Purchase Warrant may be exercised or assigned in whole or in part. In the event of the exercise
or assignment hereof in part only, upon surrender of this Purchase Warrant for cancellation, together with the duly executed exercise
or assignment form and funds sufficient to pay any Exercise Price and/or transfer tax if exercised pursuant to Section 2.1 hereto, the
Company shall cause to be delivered to the Holder without charge a new Purchase Warrant of like tenor to this Purchase Warrant in the
name of the Holder evidencing the right of the Holder to purchase the number of Common Shares purchasable hereunder as to which this Purchase
Warrant has not been exercised or assigned.

 

5.2 Lost Certificate. Upon receipt
by the Company of evidence satisfactory to it of the loss, theft, destruction or mutilation of this Purchase Warrant and of reasonably
satisfactory indemnification or the posting of a bond, determined in the sole discretion of the Company, the Company shall execute and
deliver a new Purchase Warrant of like tenor and date. Any such new Purchase 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 Common Shares underlying the Purchase 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 Common Shares is increased by a stock
dividend payable in Common Shares or by a split up of Common Shares or other similar event, then, on the effective day thereof, the number
of Common Shares purchasable hereunder shall be increased in proportion to such increase in outstanding Common Shares, and the Exercise
Price shall be proportionately decreased.

 

6.1.2 Aggregation of Common Shares. If, after the date
hereof, and subject to the provisions of Section 6.3 below, the number of outstanding Common Shares is decreased by a consolidation, combination
or reclassification of Common Shares or other similar event, then, on the effective date thereof, the number of Common Shares purchasable
hereunder shall be decreased in proportion to such decrease in outstanding Common 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 Common 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 Common Shares, or in the case of any share reconstruction or amalgamation
or consolidation or merger of the Company with or into another corporation (other than a consolidation or share reconstruction or amalgamation
or merger in which the Company is the continuing company and that does not result in any reclassification or reorganization of the outstanding
Common 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 Purchase Warrant shall have the
right thereafter (until the expiration of the right of exercise of this Purchase 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 shares or other 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 Common Shares of the Company obtainable upon exercise
of this Purchase Warrant immediately prior to such event; and if any reclassification also results in a change in Common 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.

  

6.1.4 Changes in Form of Purchase Warrant. This
form of Purchase Warrant need not be changed because of any change pursuant to this Section 6.1, and Purchase Warrants issued after such
change may state the same Exercise Price and the same number of Common Shares as are stated in the Purchase Warrants initially issued
pursuant to this Agreement. The acceptance by any Holder of the issuance of new Purchase 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

     

    

 

6.2 Substitute Purchase Warrant. In
case of any consolidation of the Company with, or share reconstruction or amalgamation or merger of the Company with or into, another
corporation (other than a consolidation or share reconstruction or amalgamation or merger which does not result in any reclassification
or change of the outstanding Common Shares), the corporation formed by such consolidation or share reconstruction or amalgamation shall
execute and deliver to the Holder a supplemental Purchase Warrant providing that the holder of each Purchase Warrant then outstanding
or to be outstanding shall have the right thereafter (until the stated expiration of such Purchase Warrant) to receive, upon exercise
of such Purchase Warrant, the kind and amount of shares and other securities and property receivable upon such consolidation or share
reconstruction or amalgamation, by a holder of the number of Common Shares of the Company for which such Purchase Warrant might have been
exercised immediately prior to such consolidation, share reconstruction or amalgamation or merger, sale or transfer. Such supplemental
Purchase 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 or mergers.

 

6.3 Elimination of Fractional Interests.
The Company shall not be required to issue certificates representing fractions of Common Shares upon the exercise of the Purchase 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 Common Shares or
other securities, properties or rights.

 

7.  Reservation. The Company shall at all times reserve
and keep available out of its authorized Common Shares, solely for the purpose of issuance upon exercise of the Purchase Warrants, such
number of Common 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 Purchase Warrants and payment of the Exercise Price therefor, in accordance with the terms hereby,
all Common Shares and other 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.

  

8. Certain Notice Requirements.

 

8.1 Holder’s Right to Receive Notice.
Nothing herein shall be construed as conferring upon the Holder 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 Purchase 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 deliver to each Holder a copy of each notice relating to such events 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 Common 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, or (ii) the Company shall offer to all the holders of its Common 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.

 

8.3 Notice of Change in Exercise Price.
The Company shall, within 3 Business Days 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.

 

8.4 Transmittal of Notices. All notices,
requests, consents and other communications under this Purchase Warrant shall be in writing and delivered personally, by e-mail, or sent
by a nationally recognized overnight courier service to following addresses or to such other address as the Holder or the Company may
designate by notice to the other party and shall be deemed given and effective on the earliest of (i) the time of transmission, if such
notice or communication is delivered via e-mail (with confirmation of receipt from the intended recipient by return e-mail or other written
acknowledgment) at the e-mail address set forth in this Section prior to 5:30 p.m. (New York City time) on any date, (ii) the next Business
Day after the time of transmission, if such notice or communication is delivered via e-mail (with confirmation of receipt from the intended
recipient by return email or other written acknowledgment) at the e-mail address set forth in this Section on a day that is not a Business
Day or later than 5:30 p.m. (New York City time) on any Business Day, (iii) the second Business Day following the date of mailing, if
sent by U.S. nationally recognized overnight courier service, or (iv) upon actual receipt by the party to whom such notice is required
to be given:

 

    7

     

    

 

If to the Holder:

 

Aegis Capital Corp.,

1345 Avenue of the Americas

27th Floor

New York, NY 10105

Attention: Global Equity Markets

E-mail: [●]

 

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

 

Anthony W. Basch, Esq.

Alexander W. Powell, Esq.

Kaufman & Canoles, P.C.

1021 E. Cary Street, Suite 1400

Two James Center

Richmond, VA 23219

E-mail: awbasch@kaufcan.com

awpowell@kaucan.com

 

If to the Company:

 

Clearmind Medicine Inc.

101 – 1220 West 6th Avenue

Vancouver, British Columbia V6H1A5

Attention: Dr. Adi Zuloff-Shani, Chief Executive
Officer

E-mail: adi@clearmindmedicine.com

 

 

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

 

David Huberman, Esq.

McDermott Will & Emery LLP

One Vanderbilt Avenue

New York, NY 10017-3852

Email: dhuberman@mwe.com

 

 

9. Miscellaneous.

 

9.1 Amendments. The Company and Holder
may from time to time supplement or amend this Purchase 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 Holder may deem necessary or desirable
and that the Company and Holder 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 (i) the Company and (ii) the Holder(s) of Purchase Warrants then-exercisable for at least
a majority of the Common Shares then-exercisable pursuant to all then-outstanding Purchase Warrants.

 

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 Purchase Warrant.

 

    8

     

    

 

9.3. Entire Agreement. This Purchase
Warrant (together with the other agreements and documents being delivered pursuant to or in connection with this Purchase 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 Purchase Warrant
shall inure solely to the benefit of and shall be binding upon, the Holder and the Company and their permitted assignees, respective successors,
legal representative and assigns, 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 Purchase Warrant or any provisions herein contained.

 

9.5 Governing Law; Submission to Jurisdiction;
Trial by Jury. This Purchase 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 Purchase Warrant shall be brought and enforced in the courts located in the City of
New York, County of New York, and State 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. Any process
or summons to be served upon the Company may be served by transmitting a copy thereof by registered or certified mail, return receipt
requested, postage prepaid, addressed to it at the address set forth in Section 8 hereof. Such mailing shall be deemed personal service
and shall be legal and binding upon the Company in any action, proceeding or claim. 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 Non-Waiver. The failure of the
Company or the Holder to at any time enforce any of the provisions of this Purchase 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 Purchase Warrant or any provision hereof or the right of the Company
or any Holder to thereafter enforce each and every provision of this Purchase Warrant. No waiver of any breach, non-compliance or non-fulfillment
of any of the provisions of this Purchase 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.

 

9.7 Exchange Agreement. As a condition
of the Holder’s receipt and acceptance of this Purchase Warrant, Holder agrees that, at any time prior to the complete exercise
of this Purchase Warrant by Holder, if the Company and Holder enter into an agreement (“Exchange Agreement”)
pursuant to which they agree that all outstanding Purchase 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]

 

    9

     

    

 

IN WITNESS WHEREOF, the Company has caused this
Purchase Warrant to be signed by its duly authorized officer as of the date first written above.

 

	CLEARMIND MEDICINE INC.	 
	 	 
	By:	 	 
	 	Name: 	Dr. Adi Zuloff-Shani	 
	 	Title:	Chief Executive Officer	 

 

 

    10

     

    

 

[Form to be used to exercise Purchase Warrant]

 

Date: __________, 20___

 

The undersigned hereby elects irrevocably to exercise
the Purchase Warrant for ______ common shares, no par value per share (the “Common Shares”), of Clearmind
Medicine Inc., a British Columbia corporation (the “Company”), and hereby makes payment of $____ (at the
rate of $____ per Common Share) in payment of the Exercise Price pursuant thereto. Please issue the Common Shares as to which this Purchase
Warrant is exercised in accordance with the instructions given below and, if applicable, a new Purchase Warrant representing the number
of Common Shares for which this Purchase Warrant has not been exercised.

 

or

 

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

 

	 	X	=	Y(A-B)	 
	A	 
	Where,	 	 	 
	 	X	=	The number of Common Shares to be issued to Holder;
	 	Y	=	The number of Common Shares for which the Purchase Warrant is being exercised;
	 	A	=	The fair market value of one Common Share which is equal to $_____; and
	 	B	=	The Exercise Price which is equal to $______ per common share
	 	 	 	 	 	 	 

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

 

Signature                                                                               

 

Signature Guaranteed                                                              

  

INSTRUCTIONS FOR REGISTRATION OF SECURITIES

 

Name:                                                                                  

(Print in Block Letters)

 

Address:                                                                
           

                  
                                                             
             

 

NOTICE: The signature to this form must correspond
with the name as written upon the face of the Purchase Warrant without alteration or enlargement or any change whatsoever, and must be
guaranteed by a bank, other than a savings bank, or by a trust company or by a firm having membership on a registered national securities
exchange.

 

    11

     

    

  

[Form to be used to assign Purchase Warrant]

 

ASSIGNMENT

 

(To be executed by the registered Holder to effect
a transfer of the within Purchase Warrant):

 

FOR VALUE RECEIVED, __________________ does hereby sell, assign and
transfer unto the right to purchase common shares, no par value per share, of Clearmind Medicine Inc., a British Columbia corporation
(the “Company”), evidenced by the Purchase Warrant and does hereby authorize the Company to transfer such
right on the books of the Company.

 

Dated: __________, 20__

 

Signature                                                                      

 

Signature Guaranteed                                                 

  

NOTICE: The signature to this form must correspond with the name as
written upon the face of the within Purchase Warrant without alteration or enlargement or any change whatsoever, and must be guaranteed
by a bank, other than a savings bank, or by a trust company or by a firm having membership on a registered national securities exchange.

 

 

12Exhibit 10.1

 

FORM
OF INDEMNITY AGREEMENT

 

THIS
AGREEMENT is made as of the _____ day of ______, 2022.

 

BETWEEN:

 

CLEARMIND MEDICINE INC., a corporation
governed by the 

laws of British Columbia (the “Company”) 

 

- and -

 

____________, an individual residing in
the State of ________ (the

 “Indemnified Party”)

 

RECITALS:

 

	A.	The
                                            Indemnified Party is a duly elected or appointed director or officer or service provider
                                            of the Company or of a Group Entity (as defined below);

 

	B.	the
                                            Company believes it is in the best interests of the Company to attract and retain competent
                                            persons to serve as directors, or officers or as advisors or in similar capacities, and the
                                            entering into of an agreement containing indemnification provisions of the kind contained
                                            in this Agreement is reasonable and necessary to achieving those goals

 

	C.	the
                                            Indemnified Party is willing to act or to continue to act as a director and service provider
                                            of the Company or is currently or may, in the future, be willing to act or to continue to
                                            act, at the request of the Company, as a director or officer and service provider, or an
                                            individual acting in a similar capacity or holding a position equivalent to that of a director
                                            or officer, and service provider of a Group Entity, if, among other things, the Company provides
                                            the Indemnified Party with contractual assurance that the protection against personal liability
                                            contemplated in this Agreement will be available to the Indemnified Party to the fullest
                                            extent permitted by applicable law;

 

	D.	the by-laws
                                            of the Company contemplate that the Indemnified Party will be indemnified in certain circumstances;
                                            and

 

	E.	the Company
                                            considers it desirable and in the best interests of the Company to enter into this Agreement
                                            to set out the circumstances and manner in which the Indemnified Party may be indemnified
                                            in respect of certain liabilities or expenses which the Indemnified Party may incur because
                                            of other association with the Company or Group Entity.

 

     

     

    

 

NOW THEREFORE,
in consideration of the premises and the covenants and agreements herein contained, the parties agree as follows:

 

ARTICLE 1

DEFINITIONS AND
PRINCIPLES OF INTERPRETATION

 

 1.01 Definitions

 

Whenever used in
this Agreement, the following words and terms have the meanings set out below:

 

“Act”
means the Business Corporations Act (British Columbia), as the same exists on the date hereof or may hereafter be amended.

 

“Adverse
Insurance Event” means a threatened or actual rescission, cancellation or non-renewal of any directors’ and officers’
liability insurance policy, a denial of coverage by the insurers for any Claims reported under any such policy or circumstances where
the Board of Directors have reasonably concluded that coverage will be denied by its insurers in respect of a reported Claim.

 

“Agreement”
means this agreement, and all amendments or restatements as permitted, and references to “Article” or “Section”
mean the specified Article or Section of this Agreement.

 

“Board of
Directors” means the duly constituted board of directors of the Company.

 

“Claim”
includes any current, threatened, pending, commenced, continuing or completed action, suit, proceeding, hearing, inquiry, regulatory,
investigation, arbitration or alternative dispute resolution mechanism or procedure, of any nature or kind, howsoever arising, whether
civil, criminal, administrative, investigative or other, and whether arising in law, equity or under statute, rule, regulation or ordinance
of any governmental or administrative body or otherwise, and whether made or commenced by the Company or any Group Entity and any appeal
or appeals therefrom, in which the Indemnified Party is, has been or may be involved (including, without limitation, as a party, or otherwise)
because of the Indemnified Party’s association with the Company or Group Entity.

 

“Losses”
includes all costs, charges, expenses, losses, damages, fees (including any legal, professional or advisory fees or disbursements reasonably
incurred), liabilities amounts paid to settle or dispose of any Claim or satisfy any judgment, fines, penalties or liabilities, without
limitation, and whether incurred alone or jointly with others, including any amounts which the Indemnified Party may reasonably suffer,
sustain, incur or be required to pay in respect of the investigation, defence, settlement or appeal of or preparation for any Claim or
in connection with any action to establish a right to indemnification under this Agreement to the fullest extent permitted by applicable
law and any federal, provincial, state, local or foreign taxes imposed on the Indemnified Party as a result of the actual or deemed receipt
of any payments under this Agreement. Losses shall also include a per diem calculated pursuant to Section 3.01(9) below for each day
spent by the Indemnified Party dealing with, responding to or assisting the Company or Group Entity with the resolution, defence or appeal
of any Claim relating to the Indemnified Party.

 

“Group
Entity” means: (i) any corporation that is or was an “affiliate” or “subsidiary” (within the
meaning of these terms as used in the Act) of the Company at a time the Indemnified Party is or was a director or officer of such
corporation, (ii) any corporation of which the Indemnified Party is or was a director or officer at the request of the Company; or
(iii) any partnership, trust, joint venture or other unincorporated entity of which the Indemnified Party is or was, or holds or
held a position equivalent to that of, a director or officer, at the request of the Company.

 

    2

     

    

 

“Parties” means the
Company and the Indemnified Party collectively and “Party” means any one of them.

 

“Taxes” includes any
assessment, reassessment, claim or other amount for taxes, charges, duties, levies, imposts or similar amounts, including any interest
and penalties in respect thereof.

 

 1.02 Governing Law

 

This
Agreement is a contract made under and is governed by and construed in accordance with the laws of the Province of British Columbia and
the federal laws of Canada applicable in the Province of British Columbia. The Parties hereby irrevocably submit and attorn to the jurisdiction
of the courts of the Province of British Columbia with respect to all matters arising out of or relating to this Agreement and all matters,
agreements or documents contemplated by this Agreement. The Parties hereby waive any objections they may have to the venue being in such
courts including, without limitation, any claim that any such venue is in an inconvenient forum.

 

ARTICLE
2 REPRESENTATIONS

 

 2.01 Representations of the Company

 

The Company represents and warrants to
the Indemnified Party that:

 

		(a)	Incorporation
                                            – The Company is a corporation duly incorporated and validly existing under the
                                            laws of the Province of British Columbia.

 

		(b)	Due
                                            Authorization – The Company has all necessary corporate power, authority and capacity
                                            to enter into this Agreement and to carry out its obligations under this Agreement. The execution
                                            and delivery of this Agreement and the performance of the obligations contemplated by this
                                            Agreement have been duly authorized by all necessary corporate action on behalf of the Company.

 

		(c)	No
                                            Conflict – The Company is not a party to, bound or affected by or subject to any
                                            agreement, obligation, instrument, charter or by-law provision, statutory law or regulation,
                                            order, judgment, decree, licence or permit which would be violated, contravened, breached
                                            by, or under which default would occur as a result of the execution and delivery of this
                                            Agreement or the performance of any of the obligations provided for under this Agreement.

 

    3

     

    

 

ARTICLE 3

INDEMNIFICATION
BY COMPANY AND OBLIGATIONS OF INDEMNIFIED PARTY

 

 3.01 Indemnification

 

(1)   General
Indemnity – Except as prohibited under applicable law and subject to Section 3.01(4), the Company must indemnify and hold the
Indemnified Party harmless, to the fullest extent permitted by applicable law, including but not limited to the indemnity under the Act,
from and against any and all Losses which the Indemnified Party may reasonably suffer, sustain, incur or be required to pay in respect
of any Claim, provided that the indemnity provided for in this Section 3.01(1) will only be available if:

 

		(a)	the
                                            Indemnified Party acted honestly and in good faith with a view to the best interests of the
                                            Company or Group Entity, as the case may be, and

 

		(b)	in
                                            the case of a criminal or administrative action or proceeding that is enforced by a monetary
                                            penalty, the Indemnified Party had reasonable grounds for believing that the Indemnified
                                            Party’s conduct was lawful.

 

(2)   Taxes
– For greater certainty, a Claim subject to indemnification pursuant to Article 3 of this Agreement includes, to the fullest
extent permitted by applicable law, any Taxes which the Indemnified Party may be subject to or suffer or incur as a result of, in respect
of, arising out of or referable to any indemnification of the Indemnified Party by the Company pursuant to this Agreement.

 

(3)   Right
to Indemnity – Without limiting anything in this Agreement, the Indemnified Party is entitled to an indemnity from the Company
in respect of all Losses reasonably incurred by the Indemnified Party in connection with the defence of any Claim, to which the Indemnified
Party is subject because of the Indemnified Party’s association with the Company, if the Indemnified Party fulfils the conditions
set out in Sections 3.01(1)(a) and 3.01(1)(b) above.

 

(4)   Derivative
Claims – The Company shall make application, at its expense, for the approval of a court of competent jurisdiction to advance
monies to an Indemnified Party under Section 3.01(8) below, in respect of any Claim by or on behalf of the Company or Group Entity to
which the Indemnified Party is made a party because of the Indemnified Party’s association with the Company or Group Entity, in
respect of all costs, charges, expenses and other Losses reasonably incurred by the Indemnified Party in connection with such Claim provided
the Indemnified Party shall repay such funds advanced if the Indemnified Party ultimately does not fulfil the conditions set out in Section
3.01(1)(a) and 3.01(1)(b) above.

 

(5)   Incidental
Expenses – To the fullest extent permitted by applicable law, the Company will pay or reimburse the Indemnified Party for the
Indemnified Party’s reasonable and necessary travel, lodging or accommodation costs, charges or expenses paid or incurred by or
on behalf of the Indemnified Party in connection with the defence by the Indemnified Party of any Claim, provided the Indemnified Party
fulfills the conditions set out in Sections 3.01(1)(a) and 3.01(1)(b) above.

 

    4

     

    

 

(6)   Specific
Indemnity for Statutory Obligations – Without limiting the generality of the preceding Sections 3.01(1) through (5) of this
Agreement, the Company agrees, to the extent permitted by law, to indemnify and save the Indemnified Party harmless from and against
any and all Losses arising by operation of statute and reasonably incurred by or imposed upon the Indemnified Party in relation to the
affairs of the Company in the Indemnified Party’s capacity as a director or officer or service provider thereof, including but
not limited to all statutory obligations to creditors, employees, suppliers, contractors, subcontractors, and any government or any agency
or division of any government, whether federal, provincial, state, regional or municipal, provided that the indemnity provided for in
this Section 3.01(6) will only be available if the Indemnified Party fulfils the conditions in Sections 3.01(1)(a) and 3.01(1)(b) above.

 

(7)   Partial
Indemnification – If the Indemnified Party is determined to be entitled under any provisions of this Agreement to indemnification
by the Company for some or a portion of the Losses incurred in respect of any Claim but not for the total amount thereof, the Company
will nevertheless indemnify the Indemnified Party for the portion thereof to which the Indemnified Party is determined by a court of
competent jurisdiction to be so entitled.

 

(8)   Advance
of Expenses – Subject to Section 3.01(4) of this Agreement, the Company shall, at the request of the Indemnified Party, advance
to the Indemnified Party, to the extent permitted by applicable law, sufficient funds, or arrange to pay on behalf of or reimburse the
Indemnified Party for any costs, charges or expenses reasonably incurred by the Indemnified Party in investigating, defending, appealing,
preparing for, providing evidence in or instructing and receiving the advice of the Indemnified Party’s counsel or other professional
advisors in regard to any Claim or other matter for which the Indemnified Party may be entitled to an indemnity or reimbursement hereunder,
and such amounts will be treated as a non-interest bearing advance or loan to the Indemnified Party. All advances shall be made within
five (5) business days of a request from the Indemnified Party. In the event it is ultimately determined by a court of competent jurisdiction
that the Indemnified Party did not fulfil the conditions set out in Sections 3.01(1)(a) and 3.01(1)(b) above such loan or advance, or
the appropriate portion thereof will, upon written notice of such determination being given by the Company to the Indemnified Party detailing
the basis for such determination, be repayable on demand and will bear interest from the date of such notice at the prime rate prescribed
from time to time by the Royal Bank of Canada.

 

(9)   Per
Diem Charge – In addition to any other amount payable to an Indemnified Party under this Agreement, the Indemnified Party shall
be entitled to receive from the Company a reasonable per diem payment (the “Per Diem Charge”) for time spent with
respect to any Claim for which the Indemnified Party is otherwise entitled to indemnification pursuant to any one of the foregoing provisions
of Section 3.01 of this Agreement.

 

(10)   Gross-Up
– Should any payment made pursuant to this Agreement, including the payment of insurance premiums or any payment made by an
insurer under an insurance policy, be deemed to constitute a taxable benefit or otherwise be or become subject to any tax or levy, then
the Company shall pay any amount received by or on behalf of the Indemnified Party, after the payment of or withholding for such tax,
fully reimburses the Indemnified Party for the actual cost, expense or losses incurred by or on behalf of the Indemnified Party.

 

    5

     

    

  

(11)
Directors and Officers Insurance

 

(a)   The
Company confirms that it has purchased directors’ and officers’ liability insurance as previously approved by the board of
directors of the Company covering its directors and officers containing such customary terms and conditions and in such amounts as are
available to the Company on reasonable commercial terms, having regard to the nature and size of the business and operations of the Company
from time to time, which insurance policy has been provided to the directors and officers for their review and which remains in full
force and effect on the date hereof.

 

(b)   Notwithstanding
the foregoing, if: (i) liability insurance coverage for former directors and officers is no longer available on reasonable commercial
grounds; or (ii) it is no longer industry practice among responsible companies to procure liability insurance for former directors and
officers and the costs to the Company to do so would be commercially unreasonable (as determined by the Board of Directors of the Company),
the Company will be relieved of its obligation to procure or cause to be procured liability insurance coverage for the former directors
and officers provided that the Company procures, or causes to be procured, such level of insurance coverage, if any, as is available
for former directors and officers at a commercially reasonable rate and adopts comparable measures to protects its former directors and
officers in the circumstances as are adopted by other responsible companies. The onus is on the Company to establish that the circumstances
described in the previous sentence exist.

 

(12)   Deductible
or Retention under Directors and Officers Insurance – If for any reason whatsoever, any directors’ and officers’
liability insurer asserts that the Indemnified Party is subject to a deductible or retention under any existing or future directors’
and officers’ liability insurance purchased and maintained by the Company for the benefit of the Indemnified Party and the Indemnified
Party’s heirs and legal representatives, the Company will, to the extent permitted by applicable law, pay the deductible or retention
for and on behalf of the Indemnified Party, provided that the Company is satisfied at such time that the Indemnified Party fulfils the
conditions set out in Sections 3.01(1)(a) and 3.01(1)(b) above.

 

(13)   New
Directors and Officers – Any person who may hereafter be elected as a director or appointed as an officer of the Company may
enter into an agreement with the Company for the purpose of becoming bound in a like manner as the Indemnified Party under this Agreement.

 

(14)   Subrogation
– In the event of payment by the Company under this Agreement, the Company shall be subrogated to the extent of such payment
to all the rights of recovery of the Indemnified Party who agrees to execute all documents and instruments reasonably required and to
do all such other acts and things that may be necessary on the part of the Indemnified Party to secure such rights, including the execution
of documents necessary to enable the Company to bring suit to enforce such rights.

 

    6

     

    

 

(15) Directors’
Trust – In the event of an Adverse Insurance Event, the Company may, at its sole discretion, create a trust for the
benefit of the Indemnified Party and from time to time fund such trust in such amounts and with such security as the Company’s
Board of Directors may, at its sole discretion, determine to satisfy Losses reasonably anticipated or proposed to be incurred or
paid from time to time until the expiration of all applicable limitation periods in connection with any Claims. The terms of any
trust established pursuant hereto shall provide that upon an Adverse Insurance Event: (i) the trust shall not be revoked or the
principal thereof encroached upon, without the written consent of the Indemnified Party; (ii) the trustee shall advance (solely to
the extent of trust assets), within two (2) business days of a request by the Indemnified Party, all costs, charges, expenses and
other Losses to the Indemnified Party (and the Indemnified Party hereby agrees to reimburse the trust under the circumstances under
which the Indemnified Party would be required to reimburse the Company under this Agreement); (iii) the trustee shall promptly pay
(solely to the extent of trust assets) to the Indemnified Party all amounts for which the Indemnified Party shall be entitled to
indemnification pursuant to the Agreement or otherwise; and (iv) all unexpended funds in such trust shall revert to the Company upon
a final determination by a court of competent jurisdiction that the Indemnified Party has been fully indemnified (or if not,
entitled to be indemnified) under the terms of this Agreement as to all Claims and after the expiration of all applicable limitation
periods. The trustee shall be a person or entity, and shall be appointed upon such terms as are, reasonably satisfactory to the
Indemnified Party. Nothing contained in this Section 3.01(15) shall relieve the Company of any of its obligations under any other
provision of this Agreement.

 

 3.02 Notice of Proceedings

 

The
Indemnified Party will, as a condition precedent to his right to be indemnified under this Agreement, give prompt notice in writing to
the Company, upon being served with any statement of claim, writ, notice of motion, indictment, subpoena, investigation order or other
document threatening, commencing, threatening or continuing any Claim involving the Company or the Indemnified Party which may result
in a claim for indemnification under this Agreement, and the Company agrees to give the Indemnified Party prompt notice in writing, upon
it being served with any statement of claim, writ, notice of motion, indictment, subpoena, investigation order or other document commencing
or continuing any Claim involving the Indemnified Party. Such notice will include a description of the Claim or threatened Claim, a summary
of the facts giving rise to the Claim or threatened Claim and, if possible, an estimate of any potential liability arising under the
Claim or threatened Claim. Failure by either party to so notify the other of any Claim will not relieve the Company from liability under
this Agreement except and only to the extent that the failure materially prejudices the Indemnified Party, the Company or Group Entity,
as the case may be.

 

 3.03 Legal Counsel

 

(1)
Subject to Section 3.01(4), after receiving written notice of any Claim or threatened Claim from the Indemnified Party, the Company
may by notice in writing to the Indemnified Party, assume conduct of the defence thereof in a timely manner and retain counsel on
behalf of the Indemnified Party, provided that such counsel is satisfactory to the Indemnified Party (acting reasonably), to
represent the Indemnified Party in respect of the Claim; in which event, the reasonable fees and disbursements of such counsel will
be paid by the Company on behalf of the Indemnified Party. On delivery of such notice by the Company, subject to Section 3.03(2),
the Company will not be liable to the Indemnified Party under this Agreement for any fees and disbursements of other counsel, the
Indemnified Party may subsequently incur with respect to the same matter. In the event the Company assumes conduct of the defence on
behalf of the Indemnified Party, the Indemnified Party hereby consents to the conduct thereof and of any action taken by the
Company, in good faith, in connection therewith, and the Indemnified Party will fully cooperate in such defence including, without
limitation, the provision of documents, attending examinations for discovery, making affidavits, meeting with counsel, testifying
and divulging to the Company all information reasonably required to defend or prosecute the Claim.

 

    7

     

    

 

(2)   In
connection with any Claim or other matter for which the Indemnified Party may be entitled to indemnity hereunder, the Indemnified Party
will have the right to employ separate counsel of the Indemnified Party’s choosing and to participate in the defence thereof but
the fees and disbursements of such counsel will be at the Indemnified Party’s expense unless:

 

		(a)	employment of such other counsel
                                            has been authorized by the Company,

 

		(b)	the
                                            Company has appointed counsel that is not satisfactory to the Indemnified Party, acting reasonably,
                                            or

 

		(c)	subject
                                            to Company agreeing to advance to the Indemnified Party sufficient funds, or arrange to pay
                                            on behalf of or reimburse the Indemnified Party for any costs, charges or expenses reasonably
                                            incurred by the Indemnified Party in accordance with Section 3.01(8), the Indemnified Party
                                            considers, acting reasonably, that there has been a divergence of interests between the Indemnified
                                            Party and the Company such that the Indemnified Party requires separate legal counsel,

 

in which events,
the reasonable fees and disbursements of such counsel will be paid by the Company on behalf of the Indemnified Party to the fullest extent
permitted by applicable law.

 

 3.04 No Presumption as to Absence of Good Faith

 

Unless
a court of competent jurisdiction otherwise has held or decided that the Indemnified Party is not entitled to be fully or partially indemnified
hereunder, the determination of any Claim by judgment, order, settlement or conviction, or upon a plea of nolo contendere or its
equivalent, will not, of itself, create any presumption for the purposes of this Agreement that the Indemnified Party is not entitled
to indemnity hereunder.

 

 3.05 Settlement of Claim

 

No
admission of liability and no settlement of any Claim in a manner adverse to the Indemnified Party will be made without the consent of
the Indemnified Party (unless, in the case of a settlement by the Company, such settlement (i) includes an unconditional release of the
Indemnified Party from all liability arising out of such Claim and (ii) does not include a statement as to or an admission of fault,
culpability or a failure to act, by or on behalf of the Indemnified Party).

 

    8

     

    

  

3.06 Determination of Right to Indemnification

 

If
the payment of an indemnity or the advancement of funds under this Agreement requires the approval of a court, under the provisions of
the Act or otherwise, either the Company or the Indemnified Party may apply to a court of competent jurisdiction for an order approving
such indemnity or the advancement of such funds by the Company pursuant to this Agreement.

 

 3.07 Other Rights and Remedies Unaffected

 

The
rights to indemnification and payment provided in this Agreement will not derogate from or exclude any other rights to which the Indemnified
Party may be entitled under any provision of the Act or otherwise at law, the articles or by-laws of the Company, any applicable policy
of insurance, guarantee or third-party indemnity, any vote of shareholders of the Company, or otherwise, both as to matters arising out
of the Indemnified Party’s capacity as a director or officer of the Company, or as to matters arising out of any other capacity
in which the Indemnified Party may act for or on behalf of the Company.

 

 3.08 Setoff

 

The
Company grants to the Indemnified Party a right to set off any amounts owing by the Company hereunder to the Indemnified Party against
any amounts that the Indemnified Party may owe the Company from time to time.

 

ARTICLE 4

MISCELLANEOUS
MATTERS

 

 4.01 Company and Indemnified Party to Cooperate

 

The
Company and the Indemnified Party will, from time to time, provide such information and cooperate with the other, as the other may reasonably
request, in respect of all matters under this Agreement.

 

 4.02 Effective Time

 

This
Agreement will be deemed to have effect as and from the first date that the Indemnified Party became a director or officer or service
provider of the Company.

 

 4.03 Insolvency

 

The
liability of the Company under this Agreement will not be affected, discharged, impaired, mitigated or released by reason of the discharge
or release of the Indemnified Party in any bankruptcy, insolvency, receivership or other similar proceeding of creditors.

 

    9

     

    

  

4.04 Multiple Proceedings

 

No
action or proceeding brought or instituted under this Agreement and no recovery pursuant thereto will be a bar or defence to any further
action or proceeding which may be brought under this Agreement.

 

 4.05 Benefit of the Agreement

 

This
Agreement will enure to the benefit of and be binding upon the respective heirs, executors, administrators, other legal
representatives, successors and permitted assigns of the parties hereto. In the event that the Company proposes to: (i) amalgamate,
consolidate with or merge or wind up into any other person and the Company will cease to exist as a legal entity or will not be the
continuing or surviving Company or entity of such amalgamation, consolidation, merger or winding up; or (ii) transfer or dispose of
all or substantially all of its properties and assets to any person or persons (including a lease, licence, long term supply
agreement or other arrangement having the same economic effect as a transfer or other disposition), then in each such case the
Company will ensure that proper provision is made so that the obligations of the Company set forth in this Agreement will continue
in full force, including providing for the assumption of the obligations under this Agreement by any Company or other entity
continuing following an amalgamation, merger, consolidation or winding-up of the Company with or into one or more other entities
(pursuant to a statutory procedure or otherwise), or by the person or persons acquiring all or substantially all of the properties
and assets of the Company, as the case may be, in each case without prejudice to the Indemnified Party by written agreement in form
and substance satisfactory to the Indemnified Party, acting reasonably and without undue delay expressly assuming and agreeing to
perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no amalgamation,
consolidation, merger, winding- up or transfer of properties and assets had taken place. In the event of: (i) any acquisition (by
way of take-over bid, share exchange, purchase of shares or otherwise, and whether in a single transaction or series of related
transactions) by any person, or two or more persons acting “jointly or in concert” (within the meaning of that
expression as used in applicable securities laws), of beneficial ownership of fifty percent or more of the outstanding voting or
equity securities of the Company entitled to vote generally in the election of directors of the Company; or (ii) a plan of
arrangement, amalgamation, merger, consolidation, recapitalization, liquidation, dissolution or other business combination or
reorganization or similar corporate transaction, in each case where the Company does not cease to exist as a legal entity and is not
a continuing or surviving Company in such transaction, that results in the voting securities of the Company outstanding immediately
prior to the consummation of such transaction no longer continuing to represent (either by remaining outstanding or by being
converted into or exchanged for securities of another entity) at least fifty percent of the combined voting power of the voting
securities of the Company outstanding immediately after consummation of such transaction, then in each such case the Company will
ensure that proper provision will be made so that the obligations of the Company set forth in this Agreement will continue in full
force, including providing that any entity that so acquires voting or equity securities of the Company, or any entity which is a
surviving Company or entity in any such arrangement, amalgamation, merger, consolidation, recapitalization, liquidation,
dissolution, business combination or reorganization or other transaction, as the case may be, agrees to cause the Company to fulfil
and honour in all respects all of its obligations under this Agreement and, to the extent necessary, make available to the Company,
or any successor to the Company, any funding required in order for the Company, or such successor, to fulfil and honour all
obligations under this Agreement in each case without prejudice to the Indemnified Party.

 

    10

     

    

 

ARTICLE 5

GENERAL

 

5.01 Term

 

This
Agreement and any obligations hereunder will survive until six (6) years after the Indemnified Party has ceased to act as a director
or officer of the Company.

 

 5.02 Deeming Provision

 

The
Indemnified Party will be deemed to have acted or be acting at the specific request of the Company upon the Indemnified Party’s
being appointed or elected as a director or officer or contracted as a service provider of the Company.

 

 5.03 Assignment

 

Neither
Party may assign this Agreement or any rights or obligations under this Agreement without the prior written consent of the other Party
(which consent will not be unreasonably withheld).

 

 5.04 Amendments and Waivers

 

No
supplement, modification, amendment or waiver or termination of this Agreement and, unless otherwise specified, no consent or approval
by any Party, will be binding unless executed in writing by the Party to be bound thereby. For greater certainty, the rights of the Indemnified
Party under this Agreement will not be prejudiced or impaired by permitting or consenting to any assignment in bankruptcy, receivership,
insolvency or any other creditor’s proceedings of or against the Company or by the winding-up or dissolution of the Company.

 

 5.05 Severability

 

Any
provision of this Agreement that is prohibited or unenforceable in any jurisdiction will not invalidate the remaining provisions hereof
and any such prohibition or unenforceability in any jurisdiction will not invalidate or render unenforceable such provision in any other
jurisdiction.

 

 5.06 Mandatory Obligation to Indemnify

 

Nothing
in this Agreement shall in any way adversely affect or diminish the obligation of the Company to indemnify the Indemnified Party pursuant
to section 161 of the Act.

 

    11

     

    

 

5.07 Notices

 

Any
notice, consent or approval required or permitted to be given in connection with this Agreement (in this Section referred to as a “Notice”)
will be in writing and will be sufficiently given if delivered (whether in person, by courier service or other personal method of delivery),
or if transmitted by facsimile or e-mail:

 

		(a)	in the
                                            case of a Notice to the Indemnified Party at:

[●]

[●]

[●]

Email: [●]

 

		(b)	in the
                                            case of a Notice to the Company at: 

 

Clearmind Medicine Inc

101 – 1220 W 6 Ave

Vancouver, BC V6H1A5

Email: adi@clearmindmedicine.com

 

Any
Notice delivered or transmitted to a Party as provided above will be deemed to have been given and received on the day it is delivered
or transmitted, provided that it is delivered or transmitted on a Business Day prior to 5:00 p.m. local time in the place of delivery
or receipt. However, if the Notice is delivered or transmitted after 5:00 p.m. local time or if such day is not a Business Day then the
Notice will be deemed to have been given and received on the next Business Day.

 

Any
Party may, from time to time, change its address by giving Notice to the other Party in accordance with the provisions of this Section.

 

 5.08 Further Assurances

 

The
Company and the Indemnified Party will, with reasonable diligence, do all such further acts, deeds or things and execute and deliver
all such further documents as may be necessary or advisable for the purpose of assuring and conferring on the Indemnified Party the rights
hereby created or intended, and of giving effect to and carrying out intention or facilitating the performance of the terms of this Agreement
or to evidence any loan or advance made pursuant to Section 3.01(4) hereof.

 

 5.09 Execution and Delivery

 

This
Agreement may be executed by the Parties in counterparts and may be executed and delivered by facsimile and all such counterparts and
facsimiles together will constitute one and the same agreement.

 

    12

     

    

 

IN WITNESS WHEREOF the Parties
have executed this Agreement.

 

	 	CLEARMIND MEDICINE INC.
	 	 
	 	By:	
           

	 		Authorized Officer

 

	 	INDEMNIFIED PARTY
	 	 
	 		
     

 

 

13

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