Document:

Exhibit 4.1

    

    

    

    VIEMED HEALTHCARE, INC.

    

    

    as the Corporation

    

    

    and

    

    

    COMPUTERSHARE TRUST COMPANY OF CANADA

    

    

    as the Warrant Agent

     

      

    
      

    
       

        

      AMENDED AND RESTATED WARRANT INDENTURE

    

    
      (amending and restating a warrant indenture dated as of August 27, 2014)

      Providing for the Issue of Warrants

      

      

    

    
      Dated effective January 9, 2018

      

      

      
        

         

        

      

    

    
      
        

    

    TABLE OF CONTENTS

    

    

    ARTICLE 1

    INTERPRETATION

     

      

    	 	 	
            Page No.

          
	 	 	 
	
            Section 1.1

          	
            Definitions.

          	
            3

          
	
            Section 1.2

          	
            Gender and Number.

          	 8

          
	
            Section 1.3

          	
            Headings, Etc.

          	
            8

          
	
            Section 1.4

          	
            Day not a Business Day.

          	
            8

          
	
            Section 1.5

          	
            Time of the Essence.

          	
            8

          
	
            Section 1.6

          	
            Monetary References.

          	
            8

          
	
            Section 1.7

          	
            Applicable Law.

          	
            8

          

    

    

    ARTICLE 2

    ISSUE OF WARRANTS

    

    

    	
            Section 2.1

          	
            Creation and Issue of Warrants.

          	 9

          
	
            Section 2.2

          	
            Terms of Warrants.

          	
            9

          
	
            Section 2.3

          	
            Warrantholder not a Shareholder.

          	
            9

          
	
            Section 2.4

          	
            Warrants to Rank Pari Passu.

          	
            9

          
	
            Section 2.5

          	
            Form of Warrants, Certificated Warrants.

          	 10

          
	
            Section 2.6

          	
            Book Entry Only Warrants.

          	
            10

          
	
            Section 2.7

          	
            Warrant Certificate.

          	
            13

          
	
            Section 2.8

          	
            Legends.

          	
            14

          
	
            Section 2.9

          	
            Register of Warrants

          	
            16

          
	
            Section 2.10

          	
            Issue in Substitution for Warrant Certificates Lost, etc.

          	
            18

          
	
            Section 2.11

          	
            Exchange of Warrant Certificates.

          	
            18

          
	
            Section 2.12

          	
            Transfer and Ownership of Warrants.

          	
            19

          
	
            Section 2.13

          	
            Cancellation of Surrendered Warrants.

          	
            20

          

     

      

    ARTICLE 3

    EXERCISE OF WARRANTS

     

      

    	
            Section 3.1

          	
            Right of Exercise.

          	
            20

          
	
            Section 3.2

          	
            Warrant Exercise.

          	
            20

          
	
            Section 3.3

          	
            Prohibition on Exercise by U.S. Persons; Legended Certificates

          	
            24

          
	
            Section 3.4

          	
            Transfer Fees and Taxes.

          	
            25

          
	
            Section 3.5

          	
            Warrant Agency.

          	
            26

          
	
            Section 3.6

          	
            Effect of Exercise of Warrant Certificates.

          	
            26

          
	
            Section 3.7

          	
            Partial Exercise of Warrants; Fractions.

          	
            27

          
	
            Section 3.8

          	
            Expiration of Warrants.

          	
            27

          
	
            Section 3.9

          	
            Accounting and Recording.

          	
            27

          
	
            Section 3.10

          	
            Securities Restrictions.

          	
            28

          

     

    

    
      
        

    

    
    TABLE OF CONTENTS

        (continued)

    

    

    ARTICLE 4

    ADJUSTMENT OF NUMBER OF COMMON SHARES

    AND EXERCISE PRICE

     

      

    	 	 	
            Page No.

          
	 	 	 
	
            Section 4.1

          	
            Adjustment of Number of Common Shares and Exercise Price.

          	
            28

          
	
            Section 4.2

          	
            Entitlement to Common Shares on Exercise of Warrant.

          	
            33

          
	
            Section 4.3

          	
            No Adjustment for Certain Transactions.

          	
            34

          
	
            Section 4.4

          	
            Determination by Independent Firm.

          	
            34

          
	
            Section 4.5

          	
            Proceedings Prior to any Action Requiring Adjustment.

          	
            34

          
	
            Section 4.6

          	
            Certificate of Adjustment.

          	
            34

          
	
            Section 4.7

          	
            Notice of Special Matters.

          	
            35

          
	
            Section 4.8

          	
            No Action after Notice.

          	
            35

          
	
            Section 4.9

          	
            Other Action.

          	
            35

          
	
            Section 4.10

          	
            Protection of Warrant Agent.

          	
            35

          
	
            Section 4.11

          	
            Participation by Warrantholder.

          	
            36

          

    

    

    ARTICLE 5

    RIGHTS OF THE CORPORATION AND COVENANTS

    

    

    	
            Section 5.1

          	
            Optional Purchases by the Corporation.

          	
            36

          
	
            Section 5.2

          	
            General Covenants.

          	
            37

          
	
            Section 5.3

          	
            Warrant Agent’s Remuneration and Expenses.

          	
            38

          
	
            Section 5.4

          	
            Performance of Covenants by Warrant Agent.

          	
            38

          
	
            Section 5.5

          	
            Enforceability of Warrants.

          	
            38

          

    

    

    ARTICLE 6

    ENFORCEMENT

    

    

    	
            Section 6.1

          	
            Suits by Registered Warrantholders.

          	
            39

          
	
            Section 6.2

          	
            Suits by the Corporation.

          	
            39

          
	
            Section 6.3

          	
            Immunity of Shareholders, etc.

          	
            39

          
	
            Section 6.4

          	
            Waiver of Default.

          	
            39

          

    

    

    ARTICLE 7

    MEETINGS OF REGISTERED WARRANTHOLDERS

    

    

    	
            Section 7.1

          	
            Right to Convene Meetings.

          	
            40

          
	
            Section 7.2

          	
            Notice.

          	
            40

          
	
            Section 7.3

          	
            Chairman.

          	
            41

          
	
            Section 7.4

          	
            Quorum.

          	
            41

          
	
            Section 7.5

          	
            Power to Adjourn.

          	
            41

          
	
            Section 7.6

          	
            Show of Hands.

          	
            41

          

     

    

    
      - ii -

      
        

    

    TABLE OF CONTENTS

        (continued)

    

    

    	 	 	
            Page No.

          
	 	 	 
	
            Section 7.7

          	
            Poll and Voting.

          	
            42

          
	
            Section 7.8

          	
            Regulations.

          	
            42

          
	
            Section 7.9

          	
            Corporation and Warrant Agent May be Represented.

          	
            42

          
	
            Section 7.10

          	
            Powers Exercisable by Extraordinary Resolution.

          	
            43

          
	
            Section 7.11

          	
            Meaning of Extraordinary Resolution.

          	
            44

          
	
            Section 7.12

          	
            Powers Cumulative.

          	
            45

          
	
            Section 7.13

          	
            Minutes.

          	
            45

          
	
            Section 7.14

          	
            Instruments in Writing.

          	
            45

          
	
            Section 7.15

          	
            Binding Effect of Resolutions.

          	
            46

          
	
            Section 7.16

          	
            Holdings by Corporation Disregarded.

          	
            46

          

    

    

    ARTICLE 8

    SUPPLEMENTAL INDENTURES

    

    

    	
            Section 8.1

          	
            Provision for Supplemental Indentures for Certain Purposes.

          	
            46

          
	
            Section 8.2

          	
            Successor Entities.

          	
            47

          

    

    

    ARTICLE 9

    CONCERNING THE WARRANT AGENT

    

    

    	
            Section 9.1

          	
            Warrant Indenture Legislation.

          	
            48

          
	
            Section 9.2

          	
            Rights and Duties of Warrant Agent.

          	
            48

          
	
            Section 9.3

          	
            Evidence, Experts and Advisers.

          	
            49

          
	
            Section 9.4

          	
            Documents, Monies, etc. Held by Warrant Agent.

          	
            50

          
	
            Section 9.5

          	
            Actions by Warrant Agent to Protect Interest.

          	
            51

          
	
            Section 9.6

          	
            Warrant Agent Not Required to Give Security.

          	
            51

          
	
            Section 9.7

          	
            Protection of Warrant Agent.

          	
            51

          
	
            Section 9.8

          	
            Replacement of Warrant Agent; Successor by Merger.

          	
            52

          
	
            Section 9.9

          	
            Conflict of Interest.

          	
            53

          
	
            Section 9.10

          	
            Acceptance of Agency

          	
            54

          
	
            Section 9.11

          	
            Warrant Agent Not to be Appointed Receiver.

          	
            54

          
	
            Section 9.12

          	
            Warrant Agent Not Required to Give Notice of Default.

          	
            54

          
	
            Section 9.13

          	
            Anti-Money Laundering.

          	
            54

          
	
            Section 9.14

          	
            Compliance with Privacy Code.

          	
            55

          
	
            Section 9.15

          	
            Securities Exchange Commission Certification.

          	
            56

          

    

    

    ARTICLE 10

    GENERAL

    

    

    	
            Section 10.1

          	
            Notice to the Corporation and the Warrant Agent.

          	
            56

          
	
            Section 10.2

          	
            Notice to Registered Warrantholders.

          	
            57

          
	
            Section 10.3

          	
            Ownership of Warrants.

          	
            58

          

     

    

    
      - iii -

      
        

    

    TABLE OF CONTENTS

        (continued)

    

    

    	 	 	
            Page No.

          
	 	 	 
	
            Section 10.4

          	
            Counterparts.

          	
            58

          
	
            Section 10.5

          	
            Satisfaction and Discharge of Indenture.

          	
            59

          
	
            Section 10.6

          	
            Provisions of Indenture and Warrants for the Sole Benefit of Parties and Registered Warrantholders.

          	
            59

          
	
            Section 10.7

          	
            Common Shares or Warrants Owned by the Corporation or its Subsidiaries - Certificate to be Provided.

          	
            59

          
	
            Section 10.8

          	
            Severability

          	
            60

          
	
            Section 10.9

          	
            Force Majeure

          	
            60

          
	
            Section 10.10

          	
            Assignment, Successors and Assigns

          	
            60

          
	
            Section 10.11

          	
            Rights of Rescission and Withdrawal for Holders

          	
            61

          

    

    

    SCHEDULES

     

      

    	
            SCHEDULE “A”

          	
            FORM OF WARRANT

          
	
            SCHEDULE “B”

          	
            EXERCISE FORM

          
	
            SCHEDULE “C”

          	
            FORM OF DECLARATION FOR REMOVAL OF LEGEND

          
	
            SCHEDULE “D”

          	
            FORM OF U.S. PURCHASER CERTIFICATION UPON EXERCISE OF WARRANTS

          

     

    

    
      - iv -

      
        

    

    THIS AMENDED AND RESTATED WARRANT INDENTURE is
        made effective as of the 9th day of January, 2018.

    

    

    BETWEEN:

    

    

    VIEMED HEALTHCARE, INC., a corporation existing
        under the laws of the Province of British Columbia (the “Corporation”),

    

    

    - and -

    

    

    COMPUTERSHARE TRUST COMPANY OF CANADA, a trust
        company existing under the laws of Canada and authorized to carry on business in all provinces of Canada (the “Warrant Agent”)

    

    

    WHEREAS Patient Home Monitoring Corp. (“PHM”) and the Warrant Agent entered into a warrant indenture dated as of August 27, 2014 (the “PHM Indenture”) authorizing the issuance of up to 7,762,500 warrants to purchase common shares of PHM (the “PHM Warrants”) pursuant thereto;

    

    

    AND WHEREAS PHM entered
        into an Arrangement Agreement dated January 11, 2017 (the "Arrangement Agreement"), as amended October 31, 2017, with the Corporation, its
        wholly-owned subsidiary, pursuant to which, effective December 21, 2017, PHM completed a plan of arrangement under the Business Corporations Act
        (British Columbia) (the "Arrangement"), as a result of which, among other things, (a) the special rights and restrictions attached to the common
        shares in the capital of PHM (the “PHM Shares”) were amended and the identifying name of the PHM Shares was changed to “Class A Common Shares”, (b) a
        new class of shares of PHM was created with the identifying name of “Common Shares” (the “New PHM Shares”), (c) each PHM Share outstanding at the
        effective time of the Arrangement was exchanged for one New PHM Share and one tenth (1/10) of one Common Share in the capital of Corporation, and (d) the authorized capital of PHM was amended by eliminating the PHM Shares;

    

    

    AND WHEREAS subsection 4.1(d) of the PHM
        Indenture provides, among other things, that if there is a reclassification of the PHM Shares or a capital reorganization of PHM or a consolidation, amalgamation, arrangement or merger of PHM with or into any other body corporate, trust,
        partnership or other entity, any Registered Warrantholder (as defined in the PHM Indenture) who has not exercised its right of acquisition prior to the effective date of such reclassification, capital reorganization, consolidation, amalgamation,
        arrangement or merger, sale or conveyance, upon the exercise of such right thereafter, shall be entitled to receive upon the payment of the Exercise Price (as defined in the PHM Indenture) and shall accept, in lieu of the number of PHM Shares that
        prior to such effective date the Registered Warrantholder (as defined in the PHM Indenture) would have been entitled to receive, the number of shares or other securities or property of PHM or of the body corporate, trust, partnership or other
        entity resulting from such merger, amalgamation or consolidation, that such Registered Warrantholder (as defined in the PHM Indenture) would have been entitled to receive on such reclassification, capital reorganization, consolidation,
        amalgamation, arrangement or merger if, on the effective date thereof, the Registered Warrantholder (as defined in the PHM Indenture) had been the registered holder of the number of PHM Shares to which prior to such effective date it was entitled
        to acquire upon the exercise of the PHM Warrants;

    

    

    
      
        

      - 2 -

    

    
    AND WHEREAS in connection with the Arrangement
        and in order to carry out the provisions of subsection 4.1(d) of the PHM Indenture, the parties have agreed that each PHM Warrant will be deemed to be cancelled and replaced by (a) one warrant of PHM (a “New PHM Warrant”), each of which entitles the holder to purchase one New PHM Share at an exercise price equal
        to the exercise price of the PHM Warrant multiplied by the New PHM Exercise Price Ratio (as defined in the Arrangement Agreement), and (b) one tenth (1/10) of a warrant of the Corporation (a “Warrant”), with each whole Warrant entitling the holder to purchase one Common Share at an exercise price equal to the exercise price of the PHM Warrant multiplied by the Newco Exercise Price Ratio (as defined
        in the Arrangement Agreement);

    

    

    AND WHEREAS in order to reflect the above, the
        parties have agreed to amend and restate the PHM Indenture in accordance with the provisions this Amended and Restated Warrant Indenture and the terms of an Amended and Restated Warrant Indenture between PHM and the Warrant Agent entered into
        concurrently herewith;

    

    

    AND WHEREAS all acts and deeds necessary have
        been done and performed to make the Warrants, when created and issued as provided in this Indenture, legal, valid and binding upon the Corporation with the benefits and subject to the terms of this Indenture;

    

    

    AND WHEREAS the foregoing recitals are made as
        representations and statements of fact by the Corporation and not by the Warrant Agent (as defined herein);

    

    

    NOW THEREFORE, in consideration of the premises
        and mutual covenants hereinafter contained and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Corporation hereby appoints the Warrant Agent as warrant agent to hold the rights, interests and
        benefits contained herein for and on behalf of those persons who from time to time become the holders of Warrants issued pursuant to this Indenture and the parties hereto agree as follows:

    

    

    
      
        

      - 3 -

    

    ARTICLE 1

    INTERPRETATION

    

    

    
      	
              Section 1.1

            	
              Definitions.

            

    

    

    

    In this Indenture, including the recitals and schedules hereto, and in all indentures supplemental hereto:

    

    

    “Acceleration Notice“ means the notice of acceleration to holders
        of Warrants upon the Corporation’s exercise of the Acceleration Right, which notice of acceleration shall be in the form of a press release issued by the Corporation announcing the acceleration of the Expiry Date;

    

    

    “Acceleration Right” means the right of the Corporation to
        accelerate the Expiry Date to a date that is not the less than twenty (20) days following the issuance of the Acceleration Notice if, at any time before the Expiry Date, the volume weighted average trading price of the Common Shares exceeds $5.50
        for a period of twenty (20) consecutive Trading Days;

    

    

    “Adjustment Period” means the period from the Effective Date up to
        and including the Expiry Time;

    

    

    “Applicable Legislation” means any statute of Canada or a province
        thereof, and the regulations under any such named or other statute, relating to warrant indentures or to the rights, duties and obligations of warrant agents under warrant indentures, to the extent that such provisions are at the time in force and
        applicable to this Indenture;

    

    

    “Auditors” means MNP LLP or such other firm of chartered
        accountants duly appointed as auditors of the Corporation, from time to time;

    

    

    “Authenticated” means (a) with respect to the issuance of a
        Warrant Certificate, one which has been duly signed by the Corporation and authenticated by signature of an authorized officer of the Warrant Agent, (b) with respect to the issuance of an Uncertificated Warrant, one in respect of which the Warrant
        Agent has completed all Internal Procedures such that the particulars of such Uncertificated Warrant as required by Section 2.7 are entered in the register of holders of Warrants, “Authenticate”, “Authenticating” and “Authentication”
        have the appropriate correlative meanings;

    

    

    “Book Entry Only Participants” means institutions that participate
        directly or indirectly in the Depository’s book entry registration system for the Warrants;

    

    

    “Book Entry Only Warrants” means Warrants that are to be held only
        by or on behalf of the Depository;

    

    

    
      
        

      - 4 -

    

    “Business Day” means any day other than Saturday, Sunday or a
        statutory or civic holiday, or any other day on which banks are not open for business in the City of Toronto, Province of Ontario and the City of Calgary, Province of Alberta and shall be a day on which the TSX Venture Exchange is open for trading;

    

    

    “CDS Global Warrants” means Warrants representing all or a portion
        of the aggregate number of Warrants issued in the name of the Depository represented by an Uncertificated Warrant, or if requested by the Depository or the Corporation, by a Warrant Certificate

    

    

    “Certificated Warrant” means a Warrant evidenced by a writing or
        writings substantially in the form of Schedule “A”, attached hereto;

    

    

    “Common Shares” means, subject to Article 4, fully paid and
        non-assessable common shares of the Corporation as presently constituted;

    

    

    “Confirmation” has the meaning set forth in Section 3.2(4);

    

    

    “Counsel” means a barrister and/or solicitor or a firm of
        barristers and/or solicitors retained by the Warrant Agent or retained by the Corporation, which may or may not be counsel for the Corporation;

    

    

    “Current Market Price” of the Common Shares at any date means the
        weighted average of the trading price per Common Share for such Common Shares for each day there was a closing price for the twenty (20) consecutive Trading Days ending five (5) days prior to such date on the TSX Venture Exchange or if on such date
        the Common Shares are not listed on the TSX Venture Exchange, on such stock exchange upon which such Common Shares are listed and as selected by the directors, or, if such Common Shares are not listed on any stock exchange then on such
        over-the-counter market as may be selected for such purpose by the directors of the Corporation;

    

    

    “Depository” means CDS Clearing and Depository Services Inc. or
        such other person as is designated in writing by the Corporation to act as depository in respect of the Warrants;

    

    

    “Dividends” means any dividends paid by the Corporation;

    

    

    “Effective Date” means the date of this Indenture;

    

    

    “Exchange Rate” means the number of Common Shares subject to the
        right of purchase under each Warrant;

    

    

    
      
        

      - 5 -

    

    “Exercise Date” means, in relation to a Warrant, the Business Day
        on which such Warrant is validly exercised or deemed to be validly exercised in accordance with Article 3 hereof;

    

    

    “Exercise Notice” has the meaning set forth in Section 3.2(1);

    

    

    “Exercise Price” at any time means the price at which a whole
        Common Share may be purchased by the exercise of a whole Warrant, which is initially $2.60 per Common Share, payable in immediately available Canadian funds, subject to adjustment in accordance with the provisions of Section 4.1;

    

    

    “Expiry Date” means the earlier of (i) August 27, 2019; and (ii)
        twenty (20) days following the date of the issuance of an Acceleration Notice;

    

    

    “Expiry Time” means 4:00 p.m. (Toronto time) on the Expiry Date;

    

    

    “Extraordinary Resolution” has the meaning set forth in 7.11(1);

    

    

    “Internal Procedures” means in respect of the making of any one or
        more entries to, changes in or deletions of any one or more entries in the register at any time (including without limitation, original issuance or registration of transfer of ownership) the minimum number of the Warrant Agent’s internal procedures
        customary at such time for the entry, change or deletion made to be complete under the operating procedures followed at the time by the Warrant Agent, it being understood that neither preparation and issuance shall constitute part of such
        procedures for any purpose of this definition;

    

    

    “Issue Date” means the date of issuance of the Warrants;

    

    

    “person” means an individual, body corporate, partnership, trust,
        warrant agent, executor, administrator, legal representative or any unincorporated organization;

    

    

    “register” means the one set of records and accounts maintained by
        the Warrant Agent pursuant to Section 2.9:

    

    

    “Registered Warrantholders” means the persons who are registered
        owners of Warrants as such names appear on the register, and for greater certainty, shall include the Depository as well as the holders of Uncertificated Warrants appearing on the register of the Warrant Agent;

    

    

    “Regulation D” means Regulation D as promulgated by the United
        States Securities and Exchange Commission under the U.S. Securities Act;

    

    

    
      “Regulation S” means Regulation S as promulgated by the United
          States Securities and Exchange Commission under the U.S. Securities Act;

    

    

    

    
      
        

      - 6 -

    

    “Shareholders” means holders of Common Shares;

    

    

    “Successor entity” has the meaning set forth in Section 8.2;

    

    

    “Tax Act” means the Income Tax Act (Canada) and the regulations thereunder;

    

    

    “this Warrant Indenture”, “this Indenture”, “this Agreement”, “hereto” “herein”, “hereby”, “hereof” and similar expressions mean and refer to this Amended and Restated Warrant Indenture and any indenture, deed or instrument supplemental hereto; and the
        expressions “Article”, “Section”, “subsection” and “paragraph” followed by a number, letter or both mean and refer to the specified
        article, section, subsection or paragraph of this Amended and Restated Warrant Indenture;

    

    

    “Trading Day” means, with respect to the TSX Venture Exchange, a
        day on which such exchange is open for the transaction of business and with respect to another exchange or an over-the-counter market means a day on which such exchange or market is open for the transaction of business;

    

    

    “transaction instruction” means a written order signed by the
        holder or the Depository, entitled to request that one or more actions be taken, or such other form as may be reasonably acceptable to the Warrant Agent, requesting one or more such actions to be taken in respect of an Uncertificated Warrant;

    

    

    “Uncertificated Warrant” means any Warrant which is not a
        Certificated Warrant;

    

    

    “United States” means the United States of America, its
        territories and possessions, any state of the United States, and the District of Columbia;

    

    

    “Units” means units of PHM, each consisting of one (1) $1,000
        principal amount non-convertible unsecured subordinated debenture of PHM and nine hundred (900) PHM Warrants, which were issued by PHM pursuant to a private placement on August 27, 2014;

    

    

    “U.S. Exchange Act” means the United States Securities Exchange Act of 1934, as amended;

    

    

    “U.S. Person” has the meaning set forth in Rule 902(k) of
        Regulation S;

    

    

    “U.S. Purchaser Letter” means the U.S. Purchaser letter in
        substantially the form attached hereto as Schedule “D”;

    

    

    “U.S. Securities Act” means the United States Securities Act of 1933, as amended;

    

    

    
      
        

      - 7 -

    

    “U.S. Warrantholder” means any Warrantholder that is a U.S.
        Person, acquired Warrants in the United States or for the account or benefit of any U.S. Person or Person in the United States;

    

    

    “Warrants” means the Common Share purchase warrants created by and
        authorized by and issuable under this Indenture, to be issued and countersigned hereunder as a Certificated Warrant and/or Uncertificated Warrant held through the book entry registration system on a no certificate issued basis, entitling the holder
        or holders thereof to purchase up to 776,250 Common Shares (subject to adjustment as herein provided) at the Exercise Price prior to the Expiry Time and, where the context so requires, also means the warrants issued and Authenticated hereunder,
        whether by way of Warrant Certificate or Uncertificated Warrant;

    

    

    “Warrant Agency” means the principal office of the Warrant Agent
        in the City of Calgary or such other place as may be designated in accordance with Section 3.5;

    

    

    “Warrant Agent” means Computershare Trust Company of Canada, in
        its capacity as warrant agent of the Warrants, or its successors from time to time;

    

    

    “Warrant Certificate” means a certificate, substantially in the
        form set forth in Schedule “A” hereto, to evidence those Warrants that will be evidenced by a certificate;

    

    

    “Warrantholders”, or “holders” without reference to Warrants, means the warrantholders as and in respect of Warrants registered in the name of the Depository and includes owners of Warrants who beneficially hold securities
        entitlements in respect of the Warrants through a Book Entry Only Participant or means, at a particular time, the persons entered in the register hereinafter mentioned as holders of Warrants outstanding at such time;

    

    

    “Warrantholders’ Request” means an instrument signed in one or
        more counterparts by Registered Warrantholders entitled to acquire in the aggregate not less than 25% of the aggregate number of Common Shares which could be acquired pursuant to all Warrants then unexercised and outstanding, requesting the Warrant
        Agent to take some action or proceeding specified therein; and

    

    

    “written order of the Corporation”, “written request of the Corporation”, “written consent of the “Corporation” and “certificate of the Corporation” mean, respectively, a written order, request, consent and certificate signed in the name of the Corporation by any duly authorized
        signatory of the Corporation and may consist of one or more instruments so executed.

    

    

    
      
        

      - 8 -

    

    
      	
              Section 1.2

            	
              Gender and Number.

            

    

    

    

    Words importing the singular number or masculine gender shall include the plural number or the feminine or neuter genders, and vice
        versa.

    

    

    
      	
              Section 1.3

            	
              Headings, Etc.

            

    

    

    

    The division of this Indenture into Articles and Sections, the provision of a Table of Contents and the insertion of headings are for
        convenience of reference only and shall not affect the construction or interpretation of this Indenture or of the Warrants.

    

    

    
      	
              Section 1.4

            	
              Day not a Business Day.

            

    

    

    

    If any day on or before which any action or notice is required to be taken or given hereunder is not a Business Day, then such action or
        notice shall be required to be taken or given on or before the requisite time on the next succeeding day that is a Business Day.

    

    

    
      	
              Section 1.5

            	
              Time of the Essence.

            

    

    

    

    Time shall be of the essence of this Indenture.

    

    

    
      	
              Section 1.6

            	
              Monetary References.

            

    

    

    

    Whenever any amounts of money are referred to herein, such amounts shall be deemed to be in lawful money of Canada unless otherwise
        expressed.

    

    

    
      	
              Section 1.7

            	
              Applicable Law.

            

    

    

    

    This Indenture, the Warrants, the Warrant Certificates (including all documents relating thereto, which by common accord have been and
        will be drafted in English) shall be construed in accordance with the laws of the Province of Ontario and the federal laws applicable therein and shall be treated in all respects as Ontario contracts. Each of the parties hereto, which shall include
        the Warrantholders, irrevocably attorns to the exclusive jurisdiction of the courts of the Province of Ontario with respect to all matters arising out of this Indenture and the transactions contemplated herein.

    

    

    
      
        

      - 9 -

    

    ARTICLE 2

    ISSUE OF WARRANTS

    

    

    
      	
              Section 2.1

            	
              Creation and Issue of Warrants.

            

    

    

    

    A maximum of 776,250 Warrants (subject to adjustment as herein provided) are hereby created and authorized to be issued in accordance
        with the terms and conditions hereof. By written order of the Corporation, the Warrant Agent shall deliver Warrant Certificates to Registered Warrantholders and record the name of the Registered Warrantholders on the Warrant register. Registration
        of interests in Warrants held by the Depository may be evidenced by a position appearing on the register for Warrants of the Warrant Agent for an amount representing the aggregate number of such Warrants outstanding from time to time.

    

    

    
      	
              Section 2.2

            	
              Terms of Warrants.

            

    

    

    

    
      
        	(1)	
                Subject to the applicable conditions for exercise set out in Article 3 having been satisfied and subject to adjustment in accordance with Section 4.1, each Warrant shall
                    entitle each Warrantholder thereof, upon exercise at any time after the Issue Date and prior to the Expiry Time, to acquire one (1) Common Share upon payment of the Exercise Price.

              

      

    

    

    

    
      
        	(2)	
                No fractional Warrants shall be issued or otherwise provided for hereunder and Warrants may only be exercised in a sufficient number to acquire whole numbers of Common
                    Shares.

              

      

    

    

    

    
      
        	(3)	
                Each Warrant shall entitle the holder thereof to such other rights and privileges as are set forth in this Indenture.

              

      

    

    

    

    
      
        	(4)	
                The number of Common Shares which may be purchased pursuant to the Warrants and the Exercise Price therefor shall be adjusted upon the events and in the manner specified in
                    Section 4.1.

              

      

    

    

    

    
      
        	(5)	
                If the volume weighted average trading price of the Common Shares exceeds $5.50 for a period of twenty (20) consecutive Trading Days, the Corporation shall be entitled, at
                    the option of the Corporation, to exercise the Acceleration Right by issuing an Acceleration Notice.

              

      

    

    

    

    
      	
              Section 2.3

            	
              Warrantholder not a Shareholder.

            

    

    

    

    Except as may be specifically provided herein, nothing in this Indenture or in the holding of a Warrant Certificate, entitlement to a
        Warrant or otherwise, shall, in itself, confer or be construed as conferring upon a Warrantholder any right or interest whatsoever as a Shareholder, including, but not limited to, the right to vote at, to receive notice of, or to attend, meetings
        of Shareholders or any other proceedings of the Corporation, or the right to Dividends and other allocations.

    

    

    
      	
              Section 2.4

            	
              Warrants to Rank Pari Passu.

            

    

    

    

    All Warrants shall rank equally and without preference over each other, whatever may be the actual date of issue thereof.

    

    

    
      
        

      - 10 -

    

    
      	
              Section 2.5

            	
              Form of Warrants, Certificated Warrants.

            

    

    

    

    
      
        	(1)	
                The Warrants may be issued in both certificated and uncertificated form. Each Warrant originally issued to a U.S. Warrantholder will be evidenced in certificated form only
                    and bear the applicable legends as set forth in Schedule “A” hereto. All Warrants issued in certificated form shall be evidenced by a Warrant Certificate (including all replacements issued in accordance with this Indenture),
                    substantially in the form set out in Schedule “A” hereto, which shall be dated as of the Issue Date, shall bear such distinguishing letters and numbers as the Corporation may, with the approval of the Warrant Agent, prescribe, and shall
                    be issuable in any denomination excluding fractions. All Warrants issued to the Depository may be in either a certificated or uncertificated form, such uncertificated form being evidenced by a book position on the register of
                    Warrantholders to be maintained by the Warrant Agent in accordance with Section 2.6.

              

      

    

    

    

    
      	
              Section 2.6

            	
              Book Entry Only Warrants.

            

    

    

    

    
      
        	(1)	
                Reregistration of beneficial interests in and transfers of Warrants held by the Depository shall be made only through the book entry registration system and no Warrant
                    Certificates shall be issued in respect of such Warrants except where physical certificates evidencing ownership in such securities are required or as set out herein or as may be requested by the Depository, as determined by the
                    Corporation, from time to time. Except as provided in this Section 2.6, owners of beneficial interests in any CDS Global Warrants shall not be entitled to have
                    Warrants registered in their names and shall not receive or be entitled to receive Warrants in definitive form or to have their names appear in the register referred to in Section 2.9 herein. Notwithstanding any terms set out herein,
                    Warrants having any legend set forth in Section 2.8 herein and held in the name of the Depository may only be held in the form of Uncertificated Warrants with the prior consent of the Warrant Agent and in accordance with the internal
                    procedures of the Warrant Agent.

              

      

    

    

    

    
      
        	(2)	
                Notwithstanding any other provision in this Indenture, no CDS Global Warrants may be exchanged in whole or in part for Warrants registered, and no transfer of any CDS
                    Global Warrants in whole or in part may be registered, in the name of any person other than the Depository for such CDS Global Warrants or a nominee thereof unless:

              

      

    

    

    

    
      
        	

              	(a)	
                the Depository notifies the Corporation that it is unwilling or unable to continue to act as depository in connection with the Book Entry Only Warrants and the Corporation
                    is unable to locate a qualified successor;

              

      

    

    

    

    
      
        

      - 11 -

    

    
      
        	

              	(b)	
                the Corporation determines that the Depository is no longer willing, able or qualified to discharge properly its responsibilities as holder of the CDS Global Warrants and
                    the Corporation is unable to locate a qualified successor;

              

      

    

    

    

    
      
        	

              	(c)	
                the Depository ceases to be a clearing agency or otherwise ceases to be eligible to be a depository and the Corporation is unable to locate a qualified successor;

              

      

    

    

    

    
      
        	

              	(d)	
                the Corporation determines that the Warrants shall no longer be held as Book Entry Only Warrants through the Depository;

              

      

    

    

    

    
      
        	

              	(e)	
                such right is required by Applicable Law, as determined by the Corporation and the Corporation’s Counsel;

              

      

    

    

    

    
      
        	

              	(f)	
                the Warrant is to be Authenticated to or for the account or benefit of a person in the United States or a U.S. Person; or

              

      

    

    

    

    
      
        	

              	(g)	
                such registration is effected in accordance with the internal procedures of the Depository and the Warrant Agent,

              

      

    

    

    

    following which, Warrants for those holders requesting the same shall be registered and issued to the beneficial owners of such Warrants
        or their nominees as directed by the holder. The Corporation shall provide an Officer’s Certificate giving notice to the Warrant Agent of the occurrence of any event outlined in this Section 2.6 (2)(a) – (g).

    

    

    
      
        	(3)	
                Subject to the provisions of this Section 2.6, any exchange of CDS Global Warrants for Warrants which
                    are not CDS Global Warrants may be made in whole or in part in accordance with the provisions of Section 2.11, mutatis mutandis.  All such Warrants issued in
                    exchange for a CDS Global Warrant or any portion thereof shall be registered in such names as the Depository for such CDS Global Warrants shall direct and shall be entitled to the same benefits and subject to the same terms and
                    conditions (except insofar as they relate specifically to CDS Global Warrants) as the CDS Global Warrants or portion thereof surrendered upon such exchange.

              

      

    

    

    

    
      
        	(4)	
                Every Warrant that is Authenticated upon registration or transfer of a CDS Global Warrant, or in exchange for or in lieu of a CDS Global Warrant or any portion thereof,
                    whether pursuant to this Section 2.6, or otherwise, shall be Authenticated in the form of, and shall be, a CDS Global Warrant, unless such Warrant is registered in
                    the name of a person other than the Depository for such CDS Global Warrant or a nominee thereof.

              

      

    

    

    

    
      
        

      - 12 -

    

    
      
        	(5)	
                Notwithstanding anything to the contrary in this Indenture, subject to Applicable Law, the CDS
                    Global Warrant will be issued as an Uncertificated Warrant, unless otherwise requested in writing by the Depository or the Corporation.

              

      

    

    

    

    
      
        	(6)	
                The rights of beneficial owners of Warrants who hold securities entitlements in respect of the Warrants through the book entry registration system shall be limited to those
                    established by applicable law and agreements between the Depository and the Book Entry Only Participants and between such Book Entry Only Participants and the beneficial owners of Warrants who hold securities entitlements in respect of
                    the Warrants through the book entry registration system, and such rights must be exercised through a Book Entry Only Participant in accordance with the rules and procedures of the Depository.

              

      

    

    

    

    
      
        	(7)	
                Notwithstanding anything herein to the contrary, neither the Corporation nor the Warrant Agent nor any agent thereof shall have any responsibility or liability for:

              

      

    

    

    

    
      
        	

              	(a)	
                the electronic records maintained by the Depository relating to any ownership interests or any other interests in the Warrants or the depository system maintained by the
                    Depository, or payments made on account of any ownership interest or any other interest of any person in any Warrant represented by an electronic position in the book entry registration system (other than the Depository or its nominee);

              

      

    

    

    

    
      
        	

              	(b)	
                 maintaining, supervising or reviewing any records of the Depository or any Book Entry Only Participant relating to any such interest; or

              

      

    

    

    

    
      
        	

              	(c)	
                any advice or representation made or given by the Depository or those contained herein that relate to the rules and regulations of the Depository or any action to be taken
                    by the Depository on its own direction or at the direction of any Book Entry Only Participant.

              

      

    

    

    

    
      
        	(8)	
                The Corporation may terminate the application of this Section 2.6 in its sole discretion in which case all Warrants shall be evidenced by Warrant Certificates registered in
                    the name of a Person other than the Depository.

              

      

    

    

    

    
      
        

      - 13 -

    

    
      	
              Section 2.7

            	
              Warrant Certificate.

            

    

    

    

    
      
        	(1)	
                For Warrants issued in certificated form, the form of certificate representing Warrants shall be substantially as set out in Schedule “A” hereto or such other form as is
                    authorized from time to time by the Warrant Agent. Each Warrant Certificate shall be Authenticated on behalf of the Warrant Agent. Each Warrant Certificate shall be signed by any duly authorized signatory of the Corporation; whose
                    signature shall appear on the Warrant Certificate and may be printed, lithographed or otherwise mechanically reproduced thereon and, in such event, certificates so signed are as valid and binding upon the Corporation as if it had been
                    signed manually. Any Warrant Certificate which has a signature as hereinbefore provided shall be valid notwithstanding that the person whose signature is printed, lithographed or mechanically reproduced no longer holds office at the
                    date of issuance of such certificate. The Warrant Certificates may be engraved, printed or lithographed, or partly in one form and partly in another, as the Warrant Agent may determine.

              

      

    

    

    

    
      
        	(2)	
                The Warrant Agent shall Authenticate Uncertificated Warrants (whether upon original issuance, exchange, registration of transfer, partial payment, or otherwise) by
                    completing its Internal Procedures and the Corporation shall, and hereby acknowledges that it shall, thereupon be deemed to have duly and validly issued such Uncertificated Warrants under this Indenture.  Such Authentication shall be
                    conclusive evidence that such Uncertificated Warrant has been duly issued hereunder and that the holder or holders are entitled to the benefits of this Indenture.  The register shall be final and conclusive evidence as to all matters
                    relating to Uncertificated Warrants with respect to which this Indenture requires the Warrant Agent to maintain records or accounts.  In case of differences between the register at any time and any other time the register at the later
                    time shall be controlling, absent manifest error and such Uncertificated Warrants are binding on the Corporation.

              

      

    

    

    

    
      
        	(3)	
                Any Warrant Certificate validly issued in accordance with the terms of this Indenture in effect at the time of issue of such Warrant Certificate shall, subject to the terms
                    of this Indenture and applicable law, validly entitle the holder to acquire Common Shares, notwithstanding that the form of such Warrant Certificate may not be in the form currently required by this Indenture.

              

      

    

    

    

    
      
        	(4)	
                No Warrant shall be considered issued and shall be valid or obligatory or shall entitle the holder thereof to the benefits of this Indenture, until it has been
                    Authenticated by the Warrant Agent. Authentication by the Warrant Agent, including by way of entry on the register,  shall not be construed as a representation or warranty by the Warrant Agent as to the validity of this Indenture or of
                    such Warrant Certificates or Uncertificated Warrants (except the due Authentication thereof) or as to the performance by the Corporation of its obligations under this Indenture and the Warrant Agent shall in no respect be liable or
                    answerable for the use made of the Warrants or any of them or of the consideration thereof. Authentication by the Warrant Agent shall be conclusive evidence as against the Corporation that the Warrants so Authenticated have been duly
                    issued hereunder and that the holder thereof is entitled to the benefits of this Indenture.

              

      

    

    

    

    
      
        

      - 14 -

    

    
      
        	(5)	
                No Certificated Warrant shall be considered issued and Authenticated or, if Authenticated, shall be obligatory or shall entitle the holder thereof to the benefits of this
                    Indenture, until it has been Authenticated by signature by or on behalf of the Warrant Agent substantially in the form of the Warrant set out in Schedule “A” hereto. Such Authentication on any such Certificated Warrant shall be
                    conclusive evidence that such Certificated Warrant is duly Authenticated and is valid and a binding obligation of the Corporation and that the holder is entitled to the benefits of this Indenture.

              

      

    

    

    

    
      
        	(6)	
                No Uncertificated Warrant shall be considered issued and shall be obligatory or shall entitle the holder thereof to the benefits of this Indenture, until it has been
                    Authenticated by entry on the register of the particulars of the Uncertificated Warrant. Such entry on the register of the particulars of an Uncertificated Warrant shall be conclusive evidence that such Uncertificated Warrant is a valid
                    and binding obligation of the Corporation and that the holder is entitled to the benefits of this Indenture.

              

      

    

    

    

    
      	
              Section 2.8

            	
              Legends.

            

    

    

    

    
      
        	(1)	
                Neither the Warrants nor the Common Shares issuable upon exercise of the Warrants have been or will be registered under the U.S. Securities Act or under any United States
                    state securities laws.  Each Warrant Certificate originally issued for the benefit or account of a U.S. Warrantholder and each Warrant Certificate issued in exchange therefor or in substitution thereof shall bear or be deemed to bear
                    the following legends or such variations thereof as the Corporation may prescribe from time to time:

              

      

    

    

    

    
      
        

      - 15 -

    

    “THE WARRANTS AND THE SECURITIES DELIVERABLE UPON THE EXERCISE THEREOF HAVE NOT BEEN AND WILL NOT BE REGISTERED
        UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”), OR ANY STATE SECURITIES LAWS, AND MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO VIEMED HEALTHCARE, INC. (THE “CORPORATION”) (B) OUTSIDE THE
        UNITED STATES IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH LOCAL LAWS AND REGULATIONS, (C) WITHIN THE UNITED STATES IN ACCORDANCE WITH (1) RULE 144A UNDER THE U.S. SECURITIES ACT, OR (2) RULE 144
        UNDER THE U.S. SECURITIES ACT AND, IN EACH CASE, IN COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS, OR (D) IN ANOTHER TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS, PROVIDED
        THAT IN THE CASE OF TRANSFERS PURSUANT TO (C)(2) OR (D) ABOVE, A LEGAL OPINION SATISFACTORY TO THE CORPORATION MUST FIRST BE PROVIDED TO COMPUTERSHARE TRUST COMPANY OF CANADA TO THE EFFECT THAT SUCH TRANSFER IS EXEMPT FROM REGISTRATION UNDER THE
        U.S. SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS.  DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE “GOOD DELIVERY” IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA.

    

    

    THE WARRANTS EVIDENCED HEREBY AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE
        U.S. SECURITIES ACT OR U.S. STATE SECURITIES LAWS.  THESE WARRANTS MAY NOT BE EXERCISED IN THE UNITED STATES OR BY OR ON BEHALF OF, OR FOR THE ACCOUNT OR BENEFIT OF, A U.S. PERSON UNLESS THIS SECURITY AND THE COMMON SHARES ISSUABLE UPON EXERCISE OF
        THIS SECURITY HAVE BEEN REGISTERED UNDER THE U.S. SECURITIES ACT AND THE APPLICABLE STATE SECURITIES LEGISLATION OR AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS IS AVAILABLE. “UNITED STATES” AND “U.S. PERSON” ARE AS DEFINED BY REGULATION S
        UNDER THE U.S. SECURITIES ACT.”;

    

    

    provided that, if the Warrants are being sold outside the United States in accordance with Rule 904 of Regulation S under the U.S.
        Securities Act, this legend may be removed by the transferor providing a declaration to the Warrant Agent in the form set forth in Schedule “C” or as the Warrant Agent or the Corporation may prescribe from time to time, and if required by the
        Warrant Agent, including an opinion of counsel, of recognised standing reasonably satisfactory to the Corporation and the Warrant Agent, that the proposed transfer may be effected without registration under the U.S. Securities Act.

    

    

    The Warrant Agent shall be entitled to request any other documents that it may require in accordance with its internal policies for the
        removal of the legend set forth above.

    

    

    
      
        

      - 16 -

    

    
      
        	(2)	
                Each CDS Global Warrant originally issued in Canada and held by the Depository, and each CDS Global Warrant issued in exchange therefor or in substitution thereof shall
                    bear or be deemed to bear the following legend or such variations thereof as the Corporation may prescribe from time to time:

              

      

    

    

    

    “UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF CDS CLEARING AND DEPOSITORY SERVICES INC.
        (“CDS”) TO VIEMED HEALTHCARE, INC. (THE “ISSUER”) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IN RESPECT THEREOF IS REGISTERED IN THE NAME OF CDS & Co, OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
        AUTHORIZED REPRESENTATIVE OF CDS (AND ANY PAYMENT IS MADE TO CDS & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
        WRONGFUL SINCE THE REGISTERED HOLDER HEREOF, CDS & CO., HAS A PROPERTY INTEREST IN THE SECURITIES REPRESENTED BY THIS CERTIFICATE HEREIN AND IT IS A VIOLATION OF ITS RIGHTS FOR ANOTHER PERSON TO HOLD, TRANSFER OR DEAL WITH THIS CERTIFICATE.”

    

    

    
      
        	(3)	
                Notwithstanding any other provisions of this Indenture, in processing and registering transfers of Warrants, no duty or responsibility whatsoever shall rest upon the
                    Warrant Agent to determine the compliance by any transferor or transferee with the terms of the legend contained in subsections 2.8(1) or 2.8(2), or with the relevant securities laws or regulations, including, without limitation,
                    Regulation S, and the Warrant Agent shall be entitled to assume that all transfers are legal and proper.

              

      

    

    

    

    
      	
              Section 2.9

            	
              Register of Warrants

            

    

    

    

    
      
        	(1)	
                The Warrant Agent shall maintain records and accounts concerning the Warrants, whether certificated or uncertificated, which shall contain the information called for below
                    with respect to each Warrant, together with such other information as may be required by law or as the Warrant Agent may elect to record. All such information shall be kept in one set of accounts and records which the Warrant Agent
                    shall designate (in such manner as shall permit it to be so identified as such by an unaffiliated party) as the register of the holders of Warrants.  The information to be entered for each account in the register of Warrants at any time
                    shall include (without limitation):

              

      

    

    

    

    
      
        

      - 17 -

    

    
      
        	

              	(a)	
                the name and address of the holder of the Warrants, the date
                    of Authentication thereof and the number of Warrants;

              

      

    

    

    

    
      
        	

              	(b)	
                whether such Warrant is a Certificated Warrant or an Uncertificated Warrant and, if a Warrant Certificate, the unique number or code assigned to and imprinted thereupon
                    and, if an Uncertificated Warrant, the unique number or code assigned thereto if any;

              

      

    

    

    

    
      
        	

              	(c)	
                whether such Warrant has been cancelled; and

              

      

    

    

    

    
      
        	

              	(d)	
                a register of transfers in which all transfers of Warrants and the date and other particulars of each transfer shall be entered.

              

      

    

    

    

    The register shall be available for inspection by the Corporation and or any Warrantholder during the Warrant Agent’s regular business
        hours on a Business Day and upon payment to the Warrant Agent of its reasonable fees.  Any Warrantholder exercising such right of inspection shall first provide an affidavit in form satisfactory to the Corporation and the Warrant Agent, acting
        reasonably, stating the name and address of the Warrantholder and agreeing not to use the information therein except in connection with an effort to call a meeting of Warrantholders or to influence the voting of Warrantholders at any meeting of
        Warrantholders.

    

    

    
      
        	(2)	
                Once an Uncertificated Warrant has been Authenticated, the information set forth in the register with respect thereto at the time of Authentication may be altered,
                    modified, amended, supplemented or otherwise changed only to reflect exercise or proper instructions to the Warrant Agent from the holder as provided herein, except that the Warrant Agent may act unilaterally to make purely
                    administrative changes internal to the Warrant Agent and changes to correct errors. Each person who becomes a holder of an Uncertificated Warrant, by his, her or its acquisition thereof shall be deemed to have irrevocably (i) consented
                    to the foregoing authority of the Warrant Agent to make such minor error corrections and (ii) agreed to pay to the Warrant Agent, promptly upon written demand, the full amount of all loss and expense (including without limitation
                    reasonable legal fees of the Corporation and the Warrant Agent plus interest, at an appropriate then prevailing rate of interest to the Warrant Agent), sustained by the Corporation or the Warrant Agent as a proximate result of such
                    error if but only if and only to the extent that such present or former holder realized any benefit as a result of such error and could reasonably have prevented, forestalled or minimized such loss and expense by prompt reporting of the
                    error or avoidance of accepting benefits thereof whether or not such error is or should have been timely detected and corrected by the Warrant Agent; provided, that no person who is a bona fide purchaser shall have any such obligation
                    to the Corporation or to the Warrant Agent.

              

      

    

    

    

    
      
        

      - 18 -

    

    
      	
              Section 2.10

            	
              Issue in Substitution for Warrant Certificates Lost, etc.

            

    

    

    

    
      
        	(1)	
                If any Warrant Certificate becomes mutilated or is lost, destroyed or stolen, the Corporation, subject to applicable law, shall issue and thereupon the Warrant Agent shall
                    certify and deliver, a new Warrant Certificate of like tenor, and bearing the same legend, if applicable, as the one mutilated, lost, destroyed or stolen in exchange for and in place of and upon cancellation of such mutilated Warrant
                    Certificate, or in lieu of and in substitution for such lost, destroyed or stolen Warrant Certificate, and the substituted Warrant Certificate shall be in a form approved by the Warrant Agent and the Warrants evidenced thereby shall be
                    entitled to the benefits hereof and shall rank equally in accordance with its terms with all other Warrants issued or to be issued hereunder.

              

      

    

    

    

    
      
        	(2)	
                The applicant for the issue of a new Warrant Certificate pursuant to this Section 2.10 shall bear the cost of the issue thereof and in case of loss, destruction or theft
                    shall, as a condition precedent to the issuance thereof, furnish to the Corporation and to the Warrant Agent such evidence of ownership and of the loss, destruction or theft of the Warrant Certificate so lost, destroyed or stolen as
                    shall be satisfactory to the Corporation and to the Warrant Agent, in their sole discretion, acting reasonably, and such applicant shall also be required to furnish an indemnity and surety bond in amount and form satisfactory to the
                    Corporation and the Warrant Agent, in their sole discretion, and shall pay the reasonable charges of the Corporation and the Warrant Agent in connection therewith.

              

      

    

    

    

    
      	
              Section 2.11

            	
              Exchange of Warrant Certificates.

            

    

    

    

    
      
        	(1)	
                Any one or more Warrant Certificates representing any number of Warrants may, upon compliance with the reasonable requirements of the Warrant Agent (including compliance
                    with applicable securities legislation), be exchanged for one or more other Warrant Certificates representing the same aggregate number of Warrants, and bearing the same legend, if applicable, as represented by the Warrant Certificate
                    or Warrant Certificates so exchanged.

              

      

    

    

    

    
      
        	(2)	
                Warrant Certificates may be exchanged only at the Warrant Agency or at any other place that is designated by the Corporation with the approval of the Warrant Agent. Any
                    Warrant Certificate from the holder (or such other instructions, in form satisfactory to the Warrant Agent), tendered for exchange shall be surrendered to the Warrant Agency and cancelled by the Warrant Agent.

              

      

    

    

    

    
      
        

      - 19 -

    

    
      	
              Section 2.12

            	
              Transfer and Ownership of Warrants.

            

    

    

    

    
      
        	(1)	
                The Warrants may only be transferred on the register kept by the Warrant Agent at the Warrant Agency by the holder or its legal representatives or its attorney duly
                    appointed by an instrument in writing in form and execution satisfactory to the Warrant Agent only upon (a) in the case of a Warrant Certificate, surrendering to the Warrant Agent at the Warrant Agency the Warrant Certificates
                    representing the Warrants to be transferred together with a duly executed transfer form as set forth in Schedule “A” and  (b) in the case of Book Entry Only Warrants, in accordance with procedures prescribed by the Depository under the
                    book entry registration system, and (c) upon compliance with:

              

      

    

    

    

    
      
        	

              	(i)	
                the conditions herein;

              

      

    

    

    

    
      
        	

              	(ii)	
                such reasonable requirements as the Warrant Agent may prescribe; and

              

      

    

    

    

    
      
        	

              	(iii)	
                all applicable securities legislation and requirements of regulatory authorities;

              

      

    

    

    

    and such transfer shall be duly noted in such register by the Warrant Agent. Upon compliance with such requirements, the Warrant Agent
        shall issue to the transferee of a Warrant Certificate and to the transferee of an Uncertificated Warrant, an Uncertificated Warrant representing the Warrants transferred, and the transferee will be recorded through the relevant Book Entry Only
        Participant in accordance with the book entry registration system as the entitlement holder of such Warrants, or the Warrant Agent shall Authenticate and deliver a Warrant Certificate upon request that part of the CDS Global Warrant be
        certificated.  Transfers within the systems of the Depository are not the responsibility of the Warrant Agent and will not be noted on the register maintained by the Warrant Agent.

    

    

    
      
        	(2)	
                If a Warrant Certificate tendered for transfer bears the legend set forth in Section 2.8(1), the Warrant Agent shall not register such transfer unless the transferor has
                    provided the Warrant Agent with the Warrant Certificate and (A) the transfer is made to the Corporation, (B) a declaration to the effect set forth in Schedule “C” to this Warrant Indenture, or in such other form as the Corporation may
                    from time to time prescribe, is delivered to the Warrant Agent, or (C) the transferor provides an opinion of counsel of recognized standing, reasonably satisfactory to the Corporation and the Warrant Agent that the transfer is in
                    compliance with applicable state laws and the U.S. Securities Act.

              

      

    

    

    

    
      
        

      - 20 -

    

    
      
        	(3)	
                Subject to the provisions of this Indenture, Applicable Legislation and applicable law, the Warrantholder shall be entitled to the rights and privileges attaching to the
                    Warrants, and the issue of Common Shares by the Corporation upon the exercise of Warrants in accordance with the terms and conditions herein contained shall discharge all responsibilities of the Corporation and the Warrant Agent with
                    respect to such Warrants and neither the Corporation nor the Warrant Agent shall be bound to inquire into the title of any such holder.

              

      

    

    

    

    
      	
              Section 2.13

            	
              Cancellation of Surrendered Warrants.

            

    

    

    

    All Warrant Certificates surrendered pursuant to Section 2.11, Section 2.12 and Article 3 shall be cancelled by the Warrant Agent and
        upon such circumstances all such Uncertificated Warrants shall be deemed cancelled and so noted on the register by the Warrant Agent. Upon request by the Corporation, the Warrant Agent shall furnish to the Corporation a cancellation certificate
        identifying the Warrant Certificates so cancelled, the number of Warrants evidenced thereby, the number of Common Shares, if any, issued pursuant to such Warrants and the details of any Warrant Certificates issued in substitution or exchange for
        such Warrant Certificates cancelled.

    

    

    ARTICLE 3

    EXERCISE OF WARRANTS

    

    

    
      	
              Section 3.1

            	
              Right of Exercise.

            

    

    

    

    Subject to the provisions hereof, each Registered Warrantholder may exercise the right conferred on such holder to subscribe for and
        purchase one (1) Common Share for each Warrant after the Issue Date and prior to the Expiry Time and in accordance with the conditions herein.

    

    

    
      	
              Section 3.2

            	
              Warrant Exercise.

            

    

    

    

    
      
        	(1)	
                Registered Warrantholders of Warrant Certificates who wish to exercise the Warrants held by them in order to acquire Common Shares must complete the exercise form (the “Exercise Notice”) attached to the Warrant Certificate(s) which form is attached hereto as Schedule “B”, which may be amended by the Corporation with
                    the consent of the Warrant Agent, if such amendment does not, in the reasonable opinion of the Corporation and the Warrant Agent, which may be based on the advice of Counsel, materially and adversely affect the rights, entitlements and
                    interests of the Warrantholders, and deliver such certificate(s), the executed Exercise Notice and a certified cheque, bank draft or money order payable to or to the order of the Corporation for the aggregate Exercise Price to the
                    Warrant Agent at the Warrant Agency. The Warrants represented by a Warrant Certificate shall be deemed to be surrendered upon personal delivery of such certificate, Exercise Notice and aggregate Exercise Price or, if such documents are
                    sent by mail or other means of transmission, upon actual receipt thereof by the Warrant Agent at the office referred to above.

              

      

    

    

    

    
      
        

      - 21 -

    

    
      
        	(2)	
                In addition to completing the Exercise Form attached to the Warrant Certificate(s), a Warrantholder who is a person in the United States, a U.S. Person, a person exercising
                    for the account or benefit of a U.S. Person, or person requesting delivery of the Common Shares issuable upon exercise of the Warrants in the United States must (a) provide a completed and executed U.S. Purchaser Letter or (b) an
                    opinion of counsel of recognised standing in form and substance reasonably satisfactory to the Corporation and the Warrant Agent that the exercise is exempt from the registration requirements of applicable securities laws of any state
                    of the United States and the U.S. Securities Act; provided however that in the case of a Warrantholder that is the original purchaser of PHM
                    Warrants and who delivered the U.S. Accredited Investor Certificate attached to the subscription agreement of the Corporation in connection with its purchase of Units pursuant to the private placement under which the PHM Warrants were
                    issued, such Warrantholder will not be required to deliver a U.S. Purchaser Letter or an opinion of counsel in connection with the due exercise of the Warrant at a time when the representations, warranties and covenants made by the
                    Warrantholder in the U.S. Accredited Investor Certificate remain true and correct and the Warrantholder  represents to the Corporation as such.

              

      

    

    

    

    
      
        	(3)	
                A Registered Warrantholder of Uncertificated Warrants evidenced by a security entitlement in respect of Warrants must complete the Exercise Notice and deliver the executed
                    Exercise Notice and a certified cheque, bank draft or money order payable to or to the order of the Corporation for the aggregate Exercise Price to the Warrant Agent at the Warrant Agency. The Uncertificated Warrants shall be deemed to
                    be surrendered upon receipt of the Exercise Notice and aggregate Exercise Price or, if such documents are sent by mail or other means of transmission, upon actual receipt thereof by the Warrant Agent at the office referred to above.

              

      

    

    

    

    
      
        

      - 22 -

    

    
      
        	(4)	
                A beneficial owner of Warrants issued in uncertificated form evidenced by a security entitlement in respect of Warrants in the book entry registration system who desires to
                    exercise his or her Warrants must do so by causing a Book Entry Only Participant to deliver to the Depository on behalf of the entitlement holder, notice of the owner’s intention to exercise Warrants in a manner acceptable to the
                    Depository. Forthwith upon receipt by the Depository of such notice, as well as payment for the aggregate Exercise Price, the Depository shall deliver to the Warrant Agent confirmation of its intention to exercise Warrants (a “Confirmation”) in a manner acceptable to the Warrant Agent, including by electronic means through a book based registration system, including CDSX.  An
                    electronic exercise of the Warrants initiated by the Book Entry Only Participant through a book based registration system, including CDSX, shall constitute a representation to both the Corporation and the Warrant Agent that the
                    beneficial owner at the time of exercise of such Warrants (a) is not in the United States; (b) is not a U.S. Person and is not exercising such Warrants on behalf of a U.S. Person or a person in the United States; and (c) did not execute
                    or deliver the notice of the owner’s intention to exercise such Warrants in the United States. If the CDS Participant is not able to make or deliver the foregoing representation by initiating the electronic exercise of the Warrants,
                    then such Warrants shall be withdrawn from the book based registration system, including CDSX by the
                      CDS Participant and an individually registered Warrant Certificate shall be issued by the Warrant Agent to such Beneficial Owner or CDS Participant and the exercise procedures set forth in Section 3.2(1) shall be followed.

              

      

    

    

    

    
      
        	(5)	
                Payment representing the aggregate Exercise Price must be provided to the appropriate office of the Book Entry Only Participant in a manner acceptable to it. A notice in
                    form acceptable to the Book Entry Only Participant and payment from such beneficial holder should be provided to the Book Entry Only Participant sufficiently

                    in advance so as to permit the Book Entry Only Participant to deliver notice and payment to the Depository and for the Depository in turn to deliver notice and payment to the Warrant Agent prior to Expiry Time. The Depository will
                    initiate the exercise by way of the Confirmation and forward the aggregate Exercise Price electronically to the Warrant Agent and the Warrant Agent will execute the exercise by issuing to the Depository through the book entry
                    registration system the Common Shares to which the exercising Warrantholder is entitled pursuant to the exercise.  Any expense associated with the exercise process will be for the account of the entitlement holder exercising the
                    Warrants and/or the Book Entry Only Participant exercising the Warrants on its behalf.

              

      

    

    

    

    
      
        	(6)	
                By causing a Book Entry Only Participant to deliver notice to the Depository, a Warrantholder shall be deemed to have irrevocably surrendered his or her Warrants so
                    exercised and appointed such Book Entry Only Participant to act as his or her exclusive settlement agent with respect to the exercise and the receipt of Common Shares in connection with the obligations arising from such exercise.

              

      

    

    

    

    
      
        

      - 23 -

    

    
      
        	(7)	
                Any notice which the Depository determines to be incomplete, not in proper form or not duly executed shall for all purposes be void and of no effect and the exercise to
                    which it relates shall be considered for all purposes not to have been exercised thereby. A failure by a Book Entry Only Participant to exercise or to give effect to the settlement thereof in accordance with the Warrantholder’s
                    instructions will not give rise to any obligations or liability on the part of the Corporation or Warrant Agent to the Book Entry Only Participant or the Warrantholder.

              

      

    

    

    

    
      
        	(8)	
                Any exercise form or Exercise Notice referred to in this Section 3.2 shall be signed by the Registered Warrantholder, or its executors or administrators or other legal
                    representatives or an attorney of the Registered Warrantholder, duly appointed by an instrument in writing satisfactory to the Warrant Agent but such exercise form need not be executed by the Depository.

              

      

    

    

    

    
      
        	(9)	
                Any exercise referred to in this Section 3.2 shall require that the entire Exercise Price for Common Shares subscribed must be paid at the time of subscription and such
                    Exercise Price and original Exercise Notice executed by the Registered Warrantholder or the Confirmation from the Depository must be received by the Warrant Agent prior to the Expiry Time.

              

      

    

    

    

    
      
        	(10)	
                Warrants may only be exercised pursuant to this Section 3.2 by or on behalf of a Registered Warrantholder, as applicable, who makes the certifications set forth on the
                    Exercise Notice set out in Schedule “B” or as provided herein.

              

      

    

    

    

    
      
        	(11)	
                If the form of Exercise Notice set forth in the Warrant Certificate shall have been amended, the Corporation shall cause the amended Exercise Notice to be forwarded to all
                    Registered Warrantholders.

              

      

    

    

    

    
      
        	(12)	
                Exercise Notices and Confirmations must be delivered to the Warrant Agent at any time during the Warrant Agent’s actual business hours on any Business Day prior to the
                    Expiry Time. Any Exercise Notice or Confirmations received by the Warrant Agent after business hours on any Business Day other than the Expiry Date will be deemed to have been received by the Warrant Agent on the next following Business
                    Day.

              

      

    

    

    

    
      
        	(13)	
                Any Warrant with respect to which an Exercise Notice or a Confirmation is not received by the Warrant Agent before the Expiry Time shall be deemed to have expired and
                    become void and all rights with respect to such Warrants shall terminate and be cancelled.

              

      

    

    

    

    
      
        

      - 24 -

    

    
      	
              Section 3.3

            	
              Prohibition on Exercise by U.S. Persons; Legended Certificates

            

    

    

    

    
      
        	(1)	
                Subject to Section 3.3(2) below, (i) Warrants may not be exercised within the United States or by or on behalf of any U.S. Person; and (ii) no Common Shares issued upon
                    exercise of Warrants may be delivered to any address in the United States.

              

      

    

    

    

    
      
        	(2)	
                Notwithstanding Section 3.3(1), Warrants which bear the legend set forth in Section 2.8(1) may be exercised in the United States or by or on behalf of a U.S. Person, and
                    Common Shares issued upon exercise of any such Warrants may be delivered to an address in the United States, provided that (a) the person exercising the Warrants (i)  is an original U.S. Purchaser who purchased the Warrants directly
                    from the Corporation (ii) is an institutional “accredited investor” that satisfies one or more of the criteria set forth in Rule 501(a)(1), (2), (3) or (7) of Regulation D and (b) delivers a completed and executed U.S. Purchaser Letter
                    or provides in form and substance satisfactory to the Corporation and Warrant Agent a legal opinion which confirms that issuance of Common Shares is in compliance with the applicable state laws and the U.S. Securities Act; provided however that in the case of a Warrantholder that is the original purchaser of the PHM Warrants and who delivered the U.S. Accredited Investor
                    Certificate attached to the subscription agreement of the Corporation in connection with its purchase of Units pursuant to the private placement under which the PHM Warrants were issued, such Warrantholder will not be required to
                    deliver a U.S. Purchaser Letter or an opinion of counsel in connection with the due exercise of the Warrant at a time when the representations, warranties and covenants made by the Warrantholder in the U.S. Accredited Investor
                    Certificate remain true and correct and the Warrantholder represents to the Corporation as such.

              

      

    

    

    

    
      
        	(3)	
                Certificates representing Common Shares issued upon the exercise of Warrants which bear the legend set forth in Section 2.8(1) and which are issued and delivered pursuant
                    to Section 3.2(2) shall bear the following legend:

              

      

    

    

    

    
      
        

      - 25 -

    

    “THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS
        AMENDED (THE “U.S. SECURITIES ACT”), OR ANY STATE SECURITIES LAWS, AND MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO VIEMED HEALTHCARE, INC. (THE “CORPORATION”) (B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF
        REGULATION S UNDER THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH LOCAL LAWS AND REGULATIONS, (C) WITHIN THE UNITED STATES IN ACCORDANCE WITH (1) RULE 144A UNDER THE U.S. SECURITIES ACT, OR (2) RULE 144 UNDER THE U.S. SECURITIES ACT AND, IN EACH
        CASE, IN COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS, OR (D) IN ANOTHER TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS, PROVIDED THAT IN THE CASE OF TRANSFERS PURSUANT TO
        (C)(2) OR (D) ABOVE, A LEGAL OPINION SATISFACTORY TO THE CORPORATION MUST FIRST BE PROVIDED TO COMPUTERSHARE TRUST COMPANY OF CANADA TO THE EFFECT THAT SUCH TRANSFER IS EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT AND APPLICABLE STATE
        SECURITIES LAWS.  DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE “GOOD DELIVERY” IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA. PROVIDED THAT THE CORPORATION IS A “FOREIGN ISSUER” WITHIN THE MEANING OF REGULATION S UNDER THE U.S.
        SECURITIES ACT A THE TIME OF SALE, A NEW CERTIFICATE BEARING NO LEGEND, MAY BE OBTAINED FROM THE CORPORATION’S TRANSFER AGENT UPON DELIVERY OF THIS CERTIFICATE AND A DULY EXECUTED DECLARATION, IN A FORM SATISFACTORY TO THE CORPORATION’S TRANSFER
        AGENT AND THE CORPORATION TO THE EFFECT THAT THE SALE OF THE SECURITIES REPRESENTED HEREBY IS BEING MADE IN COMPLINACE WITH RULE 904 OF REGULATION S OF THE U.S. SECURITIES ACT. THE CORPORATION’S TRANSFER AGENT MAY REQUIRE AN OPINION OF COUNSEL, OF
        RECOGNIZED STANDING IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO IT, IN CONNECTION WITH ANY OFFER, SALE OR TRANSFER OF THE SECURITIES BY THE HOLDER HEREOF.”

    

    

    
      	
              Section 3.4

            	
              Transfer Fees and Taxes.

            

    

    

    

    If any of the Common Shares subscribed for are to be issued to a person or persons other than the Registered Warrantholder, the
        Registered Warrantholder shall execute the form of transfer and will comply with such reasonable requirements as the Warrant Agent may stipulate and will pay to the Corporation or the Warrant Agent on behalf of the Corporation, all applicable
        transfer or similar taxes and the Corporation will not be required to issue or deliver certificates evidencing Common Shares unless or until such Warrantholder shall have paid to the Corporation or the Warrant Agent on behalf of the Corporation,
        the amount of such tax or shall have established to the satisfaction of the Corporation and the Warrant Agent that such tax has been paid or that no tax is due.

    

    

    
      
        

      - 26 -

    

    
      	
              Section 3.5

            	
              Warrant Agency.

            

    

    

    

    To facilitate the exchange, transfer or exercise of Warrants and compliance with such other terms and conditions hereof as may be
        required, the Corporation has appointed the Warrant Agency, as the agency at which Warrants may be surrendered for exchange or transfer or at which Warrants may be exercised and the Warrant Agent has accepted such appointment. The Corporation may
        from time to time designate alternate or additional places as the Warrant Agency (subject to the Warrant Agent’s prior approval) and will give notice to the Warrant Agent of any proposed change of the Warrant Agency.  Branch registers shall also be
        kept at such other place or places, if any, as the Corporation, with the approval of the Warrant Agent, may designate. The Warrant Agent will from time to time when requested to do so by the Corporation or any Registered Warrantholder, upon payment
        of the Warrant Agent’s reasonable charges, furnish a list of the names and addresses of Registered Warrantholders showing the number of Warrants held by each such Registered Warrantholder.

    

    

    
      	
              Section 3.6

            	
              Effect of Exercise of Warrant Certificates.

            

    

    

    

    
      
        	(1)	
                Upon the exercise of Warrant Certificates pursuant to and in compliance with Section 3.2 and subject to Section 3.3 and Section 3.4, the Common Shares to be issued pursuant
                    to the Warrants exercised shall be deemed to have been issued and the person or persons to whom such Common Shares are to be issued shall be deemed to have become the holder or holders of such Common Shares within five Business Days of
                    the Exercise Date  unless  the  register shall be closed on such date, in which case the Common Shares subscribed for shall be deemed to have been issued and such person or persons deemed to have become the holder or holders of record
                    of such Common Shares, on the date on which such register is  reopened. It is hereby understood that in order for persons to whom Common Shares are to be issued, to become holders of Common Shares on record on the Exercise Date,
                    beneficial holders must commence the exercise process sufficiently in advance so that the Warrant Agent is in receipt of all items of exercise at least one Business Day prior to such Exercise Date.

              

      

    

    

    

    
      
        	(2)	
                Within five Business Days after the Exercise Date with respect to a Warrant, the Warrant Agent shall cause to be delivered or mailed to the person or persons in whose name
                    or names the Warrant is registered or, if so specified in writing by the holder, cause to be delivered to such person or persons at the Warrant Agency where the Warrant Certificate was surrendered, a certificate or certificates for the
                    appropriate number of Common Shares subscribed for, or any other appropriate evidence of the issuance of Common Shares to such person or persons in respect of Common Shares issued under the book entry registration system.

              

      

    

    

    

    
      
        

      - 27 -

    

    
      	
              Section 3.7

            	
              Partial Exercise of Warrants; Fractions.

            

    

    

    

    
      
        	(1)	
                The holder of any Warrants may exercise his right to acquire a number of whole Common Shares less than the aggregate number which the holder is entitled to acquire. In the
                    event of any exercise of a number of Warrants less than the number which the holder is entitled to exercise, the holder of Warrants upon such exercise shall, in addition, be entitled to receive, without charge therefor, a new Warrant
                    Certificate(s), bearing the same legend, if applicable, or other appropriate evidence of Warrants, in respect of the balance of the Warrants held by such holder and which were not then exercised.

              

      

    

    

    

    
      
        	(2)	
                Notwithstanding anything herein contained including any adjustment provided for in Section 4.1, the Corporation shall not be required, upon the exercise of any Warrants, to
                    issue fractions of Common Shares. Warrants may only be exercised in a sufficient number to acquire whole numbers of Common Shares.

              

      

    

    

    

    
      	
              Section 3.8

            	
              Expiration of Warrants.

            

    

    

    

    Immediately after the Expiry Time, all rights under any Warrant in respect of which the right of acquisition provided for herein shall
        not have been exercised shall cease and terminate and each Warrant shall be void and of no further force or effect.

    

    

    
      	
              Section 3.9

            	
              Accounting and Recording.

            

    

    

    

    
      
        	(1)	
                The Warrant Agent shall promptly account to the Corporation with respect to Warrants exercised, and shall promptly forward to the Corporation (or into an account or
                    accounts of the Corporation with the bank or trust company designated by the Corporation for that purpose), all monies received by the Warrant Agent on the subscription of Common Shares through the exercise of Warrants. All such monies
                    and any securities or other instruments, from time to time received by the Warrant Agent, shall be received in trust for, and shall be segregated and kept apart by the Warrant Agent for the benefit of, the Warrantholders and the
                    Corporation as their interests may appear.

              

      

    

    

    

    
      
        	(2)	
                The Warrant Agent shall record the particulars of Warrants exercised, which particulars shall include the names and addresses of the persons who become holders of Common
                    Shares on exercise and the Exercise Date, in respect thereof. The Warrant Agent shall provide such particulars in writing to the Corporation within five Business Days of any request by the Corporation therefor.

              

      

    

    

    

    
      
        

      - 28 -

    

    
      	
              Section 3.10

            	
              Securities Restrictions.

            

    

    

    

    Notwithstanding anything herein contained, Common Shares will be issued upon exercise of a Warrant only in compliance with the
        securities laws of any applicable jurisdiction.

    

    

    ARTICLE 4

    ADJUSTMENT OF NUMBER OF COMMON SHARES

    AND EXERCISE PRICE

    

    

    
      	
              Section 4.1

            	
              Adjustment of Number of Common Shares and Exercise Price.

            

    

    

    

    The subscription rights in effect under the Warrants for Common Shares issuable upon the exercise of the Warrants shall be subject to
        adjustment from time to time as follows:

    

    

    
      
        	

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

              

      

    

    

    

    
      
        	

              	(i)	
                subdivide, re-divide or change its outstanding Common Shares into a greater number of Common Shares;

              

      

    

    

    

    
      
        	

              	(ii)	
                reduce, combine or consolidate its outstanding Common Shares into a lesser number of Common Shares; or

              

      

    

    

    

    
      
        	

              	(iii)	
                issue Common Shares or securities exchangeable for, or convertible into, Common Shares to all or substantially all of the holders of Common Shares by way of stock dividend
                    or other distribution (other than a distribution of Common Shares upon the exercise of Warrants or any outstanding options);

              

      

    

    

    

    (any of such events in Section 4.1(a) (i), (ii) or (iii) being called a “Common  Share Reorganization”) then the Exercise Price shall be adjusted as of the  effect on the effective date or record date of such subdivision, re-division, change, reduction, combination, consolidation or
        distribution, as the case may be, shall in the case of the events referred to in (i) or (iii) above be decreased in proportion to the number of outstanding Common Shares resulting from such subdivision, re-division, change or distribution, or
        shall, in the case of the events referred to in (ii) above, be increased in proportion to the number of outstanding Common Shares resulting from such reduction, combination or consolidation by multiplying the Exercise Price in effect immediately
        prior to such effective date or record date by a fraction, the numerator of which shall be the number of Common Shares outstanding on such effective date or record date before giving effect to such Common Share Reorganization and the denominator of
        which shall be the number of Common Shares outstanding as of the effective date or record date after giving effect to such Common Shares Reorganization (including, in the case where securities exchangeable for or convertible into Common Shares are
        distributed, the number of Common Share that would have been outstanding  had such securities been exchanged for or converted into Common Shares on such record date or effective date). Such adjustment shall be made successively whenever any event
        referred to in this Section 4.1(a) shall occur. Upon any adjustment of the Exercise Price pursuant to Section 4.1(a), the Exchange Rate shall be contemporaneously adjusted by multiplying the number of Common Shares theretofore obtainable on the
        exercise thereof by a fraction of which the numerator shall be the Exercise Price in effect immediately prior to such adjustment and the denominator shall be the Exercise Price resulting from such adjustment;

    

    

    
      
        

      - 29 -

    

    
      
        	

              	(b)	
                if and whenever at any time during the Adjustment Period, the Corporation shall fix a record date for the issuance of rights, options or warrants to all or substantially
                    all the holders of its outstanding Common Shares entitling them, for a period expiring not more than forty-five (45) days after such record date, to subscribe for or purchase Common Shares (or securities convertible or exchangeable into
                    Common Shares) at a price per Common Share (or having a conversion or exchange price per Common Share) less than 95% of the Current Market Price on such record date (a “Rights Offering”), the Exercise Price shall be adjusted immediately after such record date so that it shall equal the amount determined by multiplying the Exercise Price in effect on such record date by a
                    fraction, of which the numerator shall be the total number of Common Shares outstanding on such record date plus a number of Common Shares equal to the number arrived at by dividing the aggregate price of the total number of additional
                    Common Shares offered for subscription or purchase (or the aggregate conversion or exchange price of the convertible or exchangeable securities so offered) by the Current Market Price, and of which the denominator shall be the total
                    number of Common Shares outstanding on such record date plus the total number of additional Common Shares offered for subscription or purchase or into which the convertible or exchangeable securities so offered are convertible or
                    exchangeable; any Common Shares owned by or held for the account of the Corporation shall be deemed not to be outstanding for the purpose of any such computation; such adjustment shall be made successively whenever such a record date is
                    fixed; to the extent that no such rights or warrants are exercised prior to the expiration thereof, the Exercise Price shall be readjusted to the Exercise Price which would then be in effect if such record date had not been fixed or, if
                    any such rights or warrants are exercised, to the Exercise Price which would then be in effect based upon the number of Common Shares (or securities convertible or exchangeable into Common Shares) actually issued upon the exercise of
                    such rights or warrants, as the case may be. Upon any adjustment of the Exercise Price pursuant to this Section 4.1(b), the Exchange Rate will be adjusted immediately after such record date so that it will equal the rate determined by
                    multiplying the Exchange Rate in effect on such record date by a fraction, of which the numerator shall be the Exercise Price in effect immediately prior to such adjustment and the denominator shall be the Exercise Price resulting from
                    such adjustment. Such adjustment will be made successively whenever such a record date is fixed, provided that if two or more such record dates or record dates referred to in this Section 4.1(b) are fixed within a period of twenty-five
                    (25) Trading Days, such adjustment will be made successively as if each of such record dates occurred on the earliest of such record dates;

              

      

    

    

    

    
      
        

      - 30 -

    

    
      
        	

              	(c)	
                if and whenever at any time during the Adjustment Period the Corporation shall fix a record date for the making of a distribution to all or substantially all the holders of
                    its outstanding Common Shares of (i) securities of any class, whether of the Corporation or any other trust (other than Common Shares), (ii) rights, options or warrants to subscribe for or purchase Common Shares (or other securities
                    convertible into or exchangeable for Common Shares), other than pursuant to a Rights Offering; (iii) evidences of its indebtedness or (iv) any property or other assets then, in each such case, the Exercise Price shall be adjusted
                    immediately after such record date so that it shall equal the price determined by multiplying the Exercise Price in effect on such record date by a fraction, of which the numerator shall be the total number of Common Shares outstanding
                    on such record date multiplied by the Current Market Price on such record date, less the excess, if any, of the fair market value on such record date, as determined by the Corporation (whose determination shall be conclusive), of such
                    securities or other assets so issued or distributed over the fair market value of any consideration received therefor by the Corporation from the holders of the Common Shares, and of which the denominator shall be the total number of
                    Common Shares outstanding on such record date multiplied by the Current Market Price; and Common Shares owned by or held for the account of the Corporation shall be deemed not to be outstanding for the purpose of any such computation;
                    such adjustment shall be made successively whenever such a record date is fixed; to the extent that such distribution is not so made, the Exercise Price shall be readjusted to the Exercise Price which would then be in effect if such
                    record date had not been fixed. Upon any adjustment of the Exercise Price pursuant to this Section 4.1(c), the Exchange Rate will be adjusted immediately after such record date so that it will equal the rate determined by multiplying
                    the Exchange Rate in effect on such record date by a fraction, of which the numerator shall be the Exercise Price in effect immediately prior to such adjustment and the denominator shall be the Exercise Price resulting from such
                    adjustment;

              

      

    

    

    

    
      
        

      - 31 -

    

    
      
        	

              	(d)	
                if and whenever at any time during the Adjustment Period, there is a reclassification of the Common Shares or a capital reorganization of the Corporation other than as
                    described in Section 4.1(a) or a consolidation, amalgamation, arrangement or merger of the Corporation with or into any other body corporate, trust, partnership or other entity, or a sale or conveyance of the property and assets of the
                    Corporation as an entirety or substantially as an entirety to any other body corporate, trust, partnership or other entity, any Registered Warrantholder who has not exercised its right of acquisition prior to the effective date of such
                    reclassification, capital reorganization, consolidation, amalgamation, arrangement or merger, sale or conveyance, upon the exercise of such right thereafter, shall be entitled to receive upon payment of the Exercise Price and shall
                    accept, in lieu of the number of Common Shares that prior to such effective date the Registered Warrantholder would have been entitled to receive, the number of shares or other securities or property of the Corporation or of the body
                    corporate, trust, partnership or other entity resulting from such merger, amalgamation or consolidation, or to which such sale or conveyance may be made, as the case may be, that such Registered Warrantholder would have been entitled to
                    receive on such reclassification, capital reorganization, consolidation, amalgamation, arrangement or merger, sale or conveyance, if, on the effective date thereof, as the case may be, the Registered Warrantholder had been the
                    registered holder of the number of Common Shares to which prior to such effective date it was entitled to acquire upon the exercise of the Warrants. If determined appropriate by the Warrant Agent, relying on advice of Counsel, to give
                    effect to or to evidence the provisions of this Section 4.1(d), the Corporation, its successor, or such purchasing body corporate, partnership, trust or other entity, as the case may be, shall, prior to or contemporaneously with any
                    such reclassification, capital reorganization, consolidation, amalgamation, arrangement, merger, sale or conveyance, enter into an indenture which shall provide, to the extent possible, for the application of the provisions set forth in
                    this Indenture with respect to the rights and interests thereafter of the Registered Warrantholders to the end that the provisions set forth in this Indenture shall thereafter correspondingly be made applicable, as nearly as may
                    reasonably be, with respect to any shares, other securities or property to which a Registered Warrantholder is entitled on the exercise of its acquisition rights thereafter. Any indenture entered into between the Corporation and the
                    Warrant Agent pursuant to the provisions of this Section 4.1(d) shall be a supplemental indenture entered into pursuant to the provisions of Article 8 hereof. Any indenture entered into between the Corporation, any successor to the
                    Corporation or such purchasing body corporate, partnership, trust or other entity and the Warrant Agent shall provide for adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided in this Section
                    4.1 and which shall apply to successive reclassifications, capital reorganizations, amalgamations, consolidations, mergers, sales or conveyances;

              

      

    

    

    

    
      
        

      - 32 -

    

    
      
        	

              	(e)	
                in any case in which this Section 4.1 shall require that an adjustment shall become effective immediately after a record date for an event referred to herein, the
                    Corporation may defer, until the occurrence of such event, issuing to the Registered Warrantholder of any Warrant exercised after the record date and prior to completion of such event the additional Common Shares issuable  by reason of
                    the adjustment required by such event before giving effect to such adjustment; provided, however, that the Corporation shall deliver to such Registered Warrantholder an appropriate instrument evidencing such Registered Warrantholder’s
                    right to receive such additional Common Shares upon the occurrence of the event requiring such adjustment and the right to receive any distributions made on such additional Common Shares declared in favour of holders of record of Common
                    Shares on and after the relevant date of exercise or such later date as such Registered Warrantholder would, but for the provisions of this Section 4.1(e), have become the holder of record of such additional Common Shares pursuant to
                    Section 4.1;

              

      

    

    

    

    
      
        	

              	(f)	
                in any case in which Section 4.1(a)(iii), Section 4.1(b) or Section 4.1(c) require that an adjustment be made to the Exercise Price, no such adjustment shall be made if the
                    Registered Warrantholders of the outstanding Warrants receive, subject to any required stock exchange or regulatory approval, the rights or warrants referred to in Section 4.1(a)(iii), Section 4.1(b) or the shares, rights, options,
                    warrants, evidences of indebtedness or assets referred to in Section 4.1(c), as the case may be, in such kind and number as they would have received if they had been holders of Common Shares on the applicable record date or effective
                    date, as the case may be, by virtue of their outstanding Warrants having then been exercised into Common Shares at the Exercise Price in effect on the applicable record date or effective date, as the case may be;

              

      

    

    

    

    
      
        

      - 33 -

    

    
      
        	

              	(g)	
                the adjustments provided for in this Section 4.1 are cumulative, and shall, in the case of adjustments to the Exercise Price be computed to the nearest whole cent and shall
                    apply to successive subdivisions, re-divisions, reductions, combinations, consolidations, distributions, issues or other events resulting in any adjustment under the provisions of this Section 4.1, provided that, notwithstanding any
                    other provision of this Section, no adjustment of the Exercise Price shall be required unless such adjustment would require an increase or decrease of at least 1% in the Exercise Price then in effect or the number of Common Shares
                    purchasable upon the exercise of such Warrant would change by at least one one-hundreth  of a Common Share; provided, however, that any adjustments which by reason of this Section 4.1(g) are not required to be made shall be carried
                    forward and taken into account in any subsequent adjustment; and

              

      

    

    

    

    
      
        	

              	(h)	
                after any adjustment pursuant to this Section 4.1, the term “Common Shares” where
                    used in this Indenture shall be interpreted to mean securities of any class or classes which, as a result of such adjustment and all prior adjustments pursuant to this Section 4.1, the Registered Warrantholder is entitled to receive
                    upon the exercise of his Warrant, and the number of Common Shares indicated by any exercise made pursuant to a Warrant shall be interpreted to mean the number of Common Shares or other property or securities a Registered Warrantholder
                    is entitled to receive, as a result of such adjustment and all prior adjustments pursuant to this Section 4.1, upon the full exercise of a Warrant.

              

      

    

    

    

    
      	
              Section 4.2

            	
              Entitlement to Common Shares on Exercise of Warrant.

            

    

    

    

    All Common Shares or shares of any class or other securities, which a Registered Warrantholder is at the time in question entitled to
        receive on the exercise of its Warrant, whether or not as a result of adjustments made pursuant to this Article 4, shall, for the purposes of the interpretation of this Indenture, be deemed to be Common Shares which such Registered Warrantholder is
        entitled to acquire pursuant to such Warrant.

    

    

    
      
        

      - 34 -

    

    
      	
              Section 4.3

            	
              No Adjustment for Certain Transactions.

            

    

    

    

    Notwithstanding anything in this Article 4, no adjustment shall be made in the acquisition rights attached to the Warrants if the issue
        of Common Shares is being made pursuant to this Indenture or in connection with (a) any share incentive plan or restricted share plan or share purchase plan in force from time to time for directors, officers, employees, consultants or other service
        providers of the Corporation; or (b) the satisfaction of existing instruments issued at the date hereof.

    

    

    
      	
              Section 4.4

            	
              Determination by Independent Firm.

            

    

    

    

    In the event of any question arising with respect to the adjustments provided for in this Article 4 such question shall be conclusively
        determined by an independent firm of chartered accountants other than the Auditors, who shall have access to all necessary records of the Corporation, and such determination shall be binding upon the Corporation, the Warrant Agent, all holders and
        all other persons interested therein.

    

    

    
      	
              Section 4.5

            	
              Proceedings Prior to any Action Requiring Adjustment.

            

    

    

    

    As a condition precedent to the taking of any action which would require an adjustment in any of the acquisition rights pursuant to any
        of the Warrants, including the number of Common Shares which are to be received upon the exercise thereof, the Corporation shall take any action which may, in the opinion of Counsel, be necessary in order that the Corporation has unissued and
        reserved in its authorized capital and may validly and legally issue as fully paid and non-assessable all the Common Shares which the holders of such Warrants are entitled to receive on the full exercise thereof in accordance with the provisions
        hereof.

    

    

    
      	
              Section 4.6

            	
              Certificate of Adjustment.

            

    

    

    

    The Corporation shall from time to time immediately after the occurrence of any event which requires an adjustment or readjustment as
        provided in Section 4.1, deliver a certificate of the Corporation to the Warrant Agent specifying the nature of the event requiring the same and the amount of the adjustment or readjustment necessitated thereby and setting forth in reasonable
        detail the method of calculation and the facts upon which such calculation is based, which certificate shall be supported by a certificate of the Corporation’s Auditors verifying such calculation. The Warrant Agent shall rely, and shall be
        protected in so doing, upon the certificate of the Corporation or of the Corporation’s Auditor and any other document filed by the Corporation pursuant to this Article 4 for all purposes.

    

    

    
      
        

      - 35 -

    

    
      	
              Section 4.7

            	
              Notice of Special Matters.

            

    

    

    

    The Corporation covenants with the Warrant Agent that, so long as any Warrant remains outstanding, it will give notice to the Warrant
        Agent and to the Registered Warrantholders of its intention to fix a record date that is prior to the Expiry Date for any matter for which an adjustment may be required pursuant to Section 4.1 Such notice shall specify the particulars of such event
        and the record date for such event, provided that the Corporation shall only be required to specify in the notice such particulars of the event as shall have been fixed and determined on the date on which the notice is given. The notice shall be
        given in each case not less than fourteen (14) days prior to such applicable record date. If notice has been given and the adjustment is not then determinable, the Corporation shall promptly, after the adjustment is determinable, file with the
        Warrant Agent a computation of the adjustment and give notice to the Registered Warrantholders of such adjustment computation.

    

    

    
      	
              Section 4.8

            	
              No Action after Notice.

            

    

    

    

    The Corporation covenants with the Warrant Agent that it will not close its transfer books or take any other corporate action which
        might deprive the Registered Warrantholder of the opportunity to exercise its right of acquisition pursuant thereto during the period of fourteen (14) days after the giving of the certificate or notices set forth in Section 4.6 and Section 4.7.

    

    

    
      	
              Section 4.9

            	
              Other Action.

            

    

    

    

    If the Corporation, after the date hereof, shall take any action affecting the Common Shares other than action described in Section 4.1,
        which in the reasonable opinion of the directors of the Corporation would materially affect the rights of Warrantholders, the Exercise Price and/or Exchange Rate, the number of Common Shares which may be acquired upon exercise of the Warrants shall
        be adjusted in such manner and at such time, by action of the directors, acting reasonably and in good faith, in their sole discretion as they may determine to be equitable to the Warrantholders in the circumstances, provided that no such
        adjustment will be made unless  any requisite prior approval of any stock exchange on which the Common Shares are listed for trading has been obtained.

    

    

    
      	
              Section 4.10

            	
              Protection of Warrant Agent.

            

    

    

    

    The Warrant Agent shall not:

    

    

    
      
        	

              	(a)	
                at any time be under any duty or responsibility to any Registered Warrantholder to determine whether any facts exist which may require any adjustment contemplated by
                    Section 4.1, or with respect to the nature or extent of any such adjustment when made, or with respect to the method employed in making the same;

              

      

    

    

    

    
      
        

      - 36 -

    

    
      
        	

              	(b)	
                be accountable with respect to the validity or value (or the kind or amount) of any Common Shares or of any other securities or property which may at any time be issued or
                    delivered upon the exercise of the rights attaching to any Warrant;

              

      

    

    

    

    
      
        	

              	(c)	
                be responsible for any failure of the Corporation to issue, transfer or deliver Common Shares or certificates for the same upon the surrender of any Warrants for the
                    purpose of the exercise of such rights or to comply with any of the covenants contained in this Article; and

              

      

    

    

    

    
      
        	

              	(d)	
                incur any liability or be in any way responsible for the consequences of any breach on the part of the Corporation of any of the representations, warranties or covenants
                    herein contained or of any acts of the directors, officers, employees, agents or servants of the Corporation.

              

      

    

    

    

    
      	
              Section 4.11

            	
              Participation by Warrantholder.

            

    

    

    

    No adjustments shall be made pursuant to this Article 4 if the Registered Warrantholders are entitled to participate in any event
        described in this Article 4 on the same terms, mutatis mutandis, as if the Registered Warrantholders had exercised their Warrants prior to, or on the
        effective date or record date of, such event.

    

    

    ARTICLE 5

    RIGHTS OF THE CORPORATION AND COVENANTS

    

    

    
      	
              Section 5.1

            	
              Optional Purchases by the Corporation.

            

    

    

    

    Subject to compliance with applicable securities legislation and approval of applicable regulatory authorities, if any, the Corporation
        may from time to time purchase by private contract or otherwise any of the Warrants. Any such purchase shall be made at the lowest price or prices at which, in the opinion of the directors, such Warrants are then obtainable, plus reasonable costs
        of purchase, and may be made in such manner, from such persons and on such other terms as the Corporation, in its sole discretion, may determine. In the case of Certificated Warrants, Warrant Certificates representing the Warrants purchased
        pursuant to this Section 5.1 shall forthwith be delivered to and cancelled by the Warrant Agent and reflected accordingly on the register. In the case of Uncertificated Warrants, the Warrants purchased pursuant to this Section 5.1 shall be
        reflected accordingly on the register and in accordance with procedures prescribed by the Depository under the book entry registration system. No Warrants shall be issued in replacement thereof.

    

    

    
      
        

      - 37 -

    

    
      	
              Section 5.2

            	
              General Covenants.

            

    

    

    

    The Corporation covenants with the Warrant Agent that so long as any Warrants remain outstanding:

    

    

    
      
        	

              	(a)	
                it will reserve and keep available a sufficient number of Common Shares for the purpose of enabling it to satisfy its obligations to issue Common Shares upon the exercise
                    of the Warrants;

              

      

    

    

    

    
      
        	

              	(b)	
                it will cause the Common Shares from time to time acquired pursuant to the exercise of the Warrants to be duly issued and delivered in accordance with the Warrants and the
                    terms hereof;

              

      

    

    

    

    
      
        	

              	(c)	
                all Common Shares which shall be issued upon exercise of the right to acquire provided for herein shall be fully paid and non-assessable;

              

      

    

    

    

    
      
        	

              	(d)	
                it will use reasonable commercial efforts to maintain its existence and carry on its business in the ordinary course;

              

      

    

    

    

    
      
        	

              	(e)	
                it will use reasonable commercial efforts to ensure that all Common Shares outstanding or issuable from time to time (including without limitation the Common Shares
                    issuable on the exercise of the Warrants) continue to be or are listed and posted for trading on the TSX Venture Exchange (or such other Canadian stock exchange acceptable to the Corporation), provided that this clause shall not be
                    construed as limiting or restricting the Corporation from completing a consolidation, amalgamation, arrangement, takeover bid or merger that would result in the Common Shares ceasing to be listed and posted for trading on the TSX
                    Venture Exchange, so long as the holders of Common Shares receive securities of an entity which is listed on a stock exchange in Canada, or cash, or the holders of the Common Shares have approved the transaction in accordance with the
                    requirements of applicable corporate and securities laws and the policies of the TSX Venture Exchange;

              

      

    

    

    

    
      
        	

              	(f)	
                it will make all requisite filings under applicable Canadian securities legislation including those necessary to remain a reporting issuer not in default in each of the
                    provinces and other Canadian jurisdictions where it is or becomes a reporting issuer;

              

      

    

    

    

    
      
        	

              	(g)	
                generally, it will well and truly perform and carry out all of the acts or things to be done by it as provided in this Indenture; and

              

      

    

    

    

    
      
        	

              	(h)	
                the Corporation will promptly notify the Warrant Agent and the Warrantholders in writing of any default under the terms of this Warrant Indenture which remains unrectified
                    for more than five (5) days following its occurrence.

              

      

    

    

    

    
      
        

      - 38 -

    

    
      	
              Section 5.3

            	
              Warrant Agent’s Remuneration and Expenses.

            

    

    

    

    The Corporation covenants that it will pay to the Warrant Agent from time to time reasonable remuneration for its services hereunder and
        will pay or reimburse the Warrant Agent upon its request for all reasonable expenses, disbursements and advances incurred or made by the Warrant Agent in the administration or execution of the trusts hereby created (including the reasonable
        compensation and the disbursements of its Counsel and all other advisers and assistants not regularly in its employ) both before any default hereunder and thereafter until all duties of the Warrant Agent hereunder shall be finally and fully
        performed.  Any amount owing hereunder and remaining unpaid after thirty (30) days from the invoice date will bear interest at the then current rate charged by the Warrant Agent against unpaid invoices and shall be payable upon demand. This Section
        shall survive the resignation or removal of the Warrant Agent and/or the termination of this Indenture.

    

    

    
      	
              Section 5.4

            	
              Performance of Covenants by Warrant Agent.

            

    

    

    

    If the Corporation shall fail to perform any of its covenants contained in this Indenture, the Warrant Agent may notify the Registered
        Warrantholders of such failure on the part of the Corporation and may itself perform any of the covenants capable of being performed by it but, subject to Section 9.2, shall be under no obligation to perform said covenants or to notify the
        Registered Warrantholders of such performance by it. All sums expended or advanced by the Warrant Agent in so doing shall be repayable as provided in Section 5.3. No such performance, expenditure or advance by the Warrant Agent shall relieve the
        Corporation of any default hereunder or of its continuing obligations under the covenants herein contained.

    

    

    
      	
              Section 5.5

            	
              Enforceability of Warrants.

            

    

    

    

    The Corporation covenants and agrees that it is duly authorized to create and issue the Warrants to be issued hereunder and that the
        Warrants, when issued and Authenticated as herein provided, will be valid and enforceable against the Corporation in accordance with the provisions hereof and the terms hereof and that, subject to the provisions of this Indenture, the Corporation
        will cause the Common Shares from time to time acquired upon exercise of Warrants issued under this Indenture to be duly issued and delivered in accordance with the terms of this Indenture.

    

    

    
      
        

      - 39 -

    

    ARTICLE 6

    ENFORCEMENT

    

    

    
      	
              Section 6.1

            	
              Suits by Registered Warrantholders.

            

    

    

    

    All or any of the rights conferred upon any Registered Warrantholder by any of the terms of this Indenture may be enforced by the
        Registered Warrantholder by appropriate proceedings but without prejudice to the right which is hereby conferred upon the Warrant Agent to proceed in its own name to enforce each and all of the provisions herein contained for the benefit of the
        Registered Warrantholders.

    

    

    
      	
              Section 6.2

            	
              Suits by the Corporation.

            

    

    

    

    The Corporation shall have the right to enforce full payment of the Exercise Price of all Common Shares issued by the Warrant Agent to a
        Registered Warrantholder hereunder and shall be entitled to demand such payment from the Registered Warrantholder or alternatively to instruct the Warrant Agent to cancel the share certificates and amend the securities register accordingly.

    

    

    
      	
              Section 6.3

            	
              Immunity of Shareholders, etc.

            

    

    

    

    The Warrant Agent and the Warrantholders hereby waive and release any right, cause of action or remedy now or hereafter existing in any
        jurisdiction against any incorporator or any past, present or future shareholder, trustee, employee or agent of the Corporation or any successor entity on any covenant, agreement, representation or warranty by the Corporation herein.

    

    

    
      	
              Section 6.4

            	
              Waiver of Default.

            

    

    

    

    Upon the happening of any default hereunder:

    

    

    
      
        	

              	(a)	
                the Registered Warrantholders of not less than 51% of the Warrants then outstanding shall have power (in addition to the powers exercisable by Extraordinary Resolution) by
                    requisition in writing to instruct the Warrant Agent to waive any default hereunder and the Warrant Agent shall thereupon waive the default upon such terms and conditions as shall be prescribed in such requisition; or

              

      

    

    

    

    
      
        	

              	(b)	
                the Warrant Agent shall have power to waive any default hereunder upon such terms and conditions as the Warrant Agent may deem advisable, on the advice of Counsel, if, in
                    the Warrant Agent’s opinion, based on the advice of Counsel, the same shall have been cured or adequate provision made therefor;

              

      

    

    

    

    
      
        

      - 40 -

    

    provided that no delay or omission of the Warrant Agent or of the Registered Warrantholders to exercise any right or power accruing upon any default shall
        impair any such right or power or shall be construed to be a waiver of any such default or acquiescence therein and provided further that no act or omission either of the Warrant Agent or of the Registered Warrantholders in the premises shall
        extend to or be taken in any manner whatsoever to affect any subsequent default hereunder of the rights resulting therefrom.

    

    

    ARTICLE 7

    MEETINGS OF REGISTERED WARRANTHOLDERS

    

    

    
      	
              Section 7.1

            	
              Right to Convene Meetings.

            

    

    

    

    The Warrant Agent may at any time and from time to time, and shall on receipt of a written request of the Corporation or of a
        Warrantholders’ Request and upon being indemnified and funded to its reasonable satisfaction by the Corporation or by the Registered Warrantholders signing such Warrantholders’ Request against the costs which may be incurred in connection with the
        calling and holding of such meeting, convene a meeting of the Registered Warrantholders. If the Warrant Agent fails to so call a meeting within seven (7) days after receipt of such written request of the Corporation or such Warrantholders’ Request
        and the indemnity and funding given as aforesaid, the Corporation or such Registered Warrantholders, as the case may be, may convene such meeting. Every such meeting shall be held in the City of Vancouver, British Columbia or at such other place as
        may be approved or determined by the Warrant Agent.

    

    

    
      	
              Section 7.2

            	
              Notice.

            

    

    

    

    At least twenty-one (21) days’ prior written notice of any meeting of Registered Warrantholders shall be given to the Registered
        Warrantholders in the manner provided for in Section 10.2 and a copy of such notice shall be sent by mail to the Warrant Agent (unless the meeting has been called by the Warrant Agent) and to the Corporation (unless the meeting has been called by
        the Corporation). Such notice shall state the time when and the place where the meeting is to be held, shall state briefly the general nature of the business to be transacted thereat and shall contain such information as is reasonably necessary to
        enable the Registered Warrantholders to make a reasoned decision on the matter, but it shall not be necessary for any such notice to set out the terms of any resolution to be proposed or any of the provisions of this Section 7.2.

    

    

    
      
        

      - 41 -

    

    
      	
              Section 7.3

            	
              Chairman.

            

    

    

    

    An individual (who need not be a Registered Warrantholder) designated in writing by the Warrant Agent shall be chairman of the meeting
        and if no individual is so designated, or if the individual so designated is not present within fifteen minutes from the time fixed for the holding of the meeting, the Registered Warrantholders present in person or by proxy shall choose an
        individual present to be chairman.

    

    

    
      	
              Section 7.4

            	
              Quorum.

            

    

    

    

    Subject to the provisions of Section 7.11, at any meeting of the Registered Warrantholders a quorum shall consist of Registered
        Warrantholder(s) present in person or by proxy and entitled to purchase at least 25% of the aggregate number of Common Shares which could be acquired pursuant to all the then outstanding Warrants. If a quorum of the Registered Warrantholders shall
        not be present within thirty minutes from the time fixed for holding any meeting, the meeting, if summoned by Registered Warrantholders or on a Warrantholders’ Request, shall be dissolved; but in any other case the meeting shall be adjourned to the
        same day in the next week (unless such day is not a Business Day, in which case it shall be adjourned to the next following Business Day) at the same time and place and no notice of the adjournment need be given. Any business may be brought before
        or dealt with at an adjourned meeting which might have been dealt with at the original meeting in accordance with the notice calling the same. No business shall be transacted at any meeting unless a quorum be present at the commencement of
        business. At the adjourned meeting the Registered Warrantholders present in person or by proxy shall form a quorum and may transact the business for which the meeting was originally convened, notwithstanding that they may not be entitled to acquire
        at least 25% of the aggregate number of Common Shares which may be acquired pursuant to all then outstanding Warrants.

    

    

    
      	
              Section 7.5

            	
              Power to Adjourn.

            

    

    

    

    The chairman of any meeting at which a quorum of the Registered Warrantholders is present may, with the consent of the meeting, adjourn
        any such meeting, and no notice of such adjournment need be given except such notice, if any, as the meeting may prescribe.

    

    

    
      	
              Section 7.6

            	
              Show of Hands.

            

    

    

    

    Every question submitted to a meeting shall be decided in the first place by a majority of the votes given on a show of hands except
        that votes on an Extraordinary Resolution shall be given in the manner hereinafter provided. At any such meeting, unless a poll is duly demanded as herein provided, a declaration by the chairman that a resolution has been carried or carried
        unanimously or by a particular majority or lost or not carried by a particular majority shall be conclusive evidence of the fact.

    

    

    
      
        

      - 42 -

    

    
      	
              Section 7.7

            	
              Poll and Voting.

            

    

    

    

    
      
        	(1)	
                On every Extraordinary Resolution, and on any other question submitted to a meeting and after a vote by show of hands when demanded by the chairman or by one or more of the
                    Registered Warrantholders acting in person or by proxy and entitled to acquire in the aggregate at least 5% of the aggregate number of Common Shares which could be acquired pursuant to all the Warrants then outstanding, a poll shall be
                    taken in such manner as the chairman shall direct. Questions other than those required to be determined by Extraordinary Resolution shall be decided by a majority of the votes cast on the poll.

              

      

    

    

    

    
      
        	(2)	
                On a show of hands, every person who is present and entitled to vote, whether as a Registered Warrantholder or as proxy for one or more absent Registered Warrantholders, or
                    both, shall have one vote. On a poll, each Registered Warrantholder present in person or represented by a proxy duly appointed by instrument in writing shall be entitled to one vote in respect of each Warrant then held or represented by
                    it. A proxy need not be a Registered Warrantholder. The chairman of any meeting shall be entitled, both on a show of hands and on a poll, to vote in respect of the Warrants, if any, held or represented by him.

              

      

    

    

    

    
      	
              Section 7.8

            	
              Regulations.

            

    

    

    

    
      
        	(1)	
                The Warrant Agent, or the Corporation with the approval of the Warrant Agent, may from time to time make and from time to time vary such regulations as it shall think fit
                    for the setting of the record date for a meeting for the purpose of determining Registered Warrantholders entitled to receive notice of and to vote at the meeting.

              

      

    

    

    

    
      
        	(2)	
                Any regulations so made shall be binding and effective and the votes given in accordance therewith shall be valid and shall be counted. Save as such regulations may
                    provide, the only persons who shall be recognized at any meeting as a Registered Warrantholder, or be entitled to vote or be present at the meeting in respect thereof (subject to Section 7.9), shall be Registered Warrantholders or
                    proxies of Registered Warrantholders.

              

      

    

    

    

    
      	
              Section 7.9

            	
              Corporation and Warrant Agent May be Represented.

            

    

    

    

    The Corporation and the Warrant Agent, by their respective directors, officers, agents, and employees and the Counsel for the
        Corporation and for the Warrant Agent may attend any meeting of the Registered Warrantholders.

    

    

    
      
        

      - 43 -

    

    
      	
              Section 7.10

            	
              Powers Exercisable by Extraordinary Resolution.

            

    

    

    

    In addition to all other powers conferred upon them by any other provisions of this Indenture or by law, the Registered Warrantholders
        at a meeting shall, subject to the provisions of Section 7.11, have the power exercisable from time to time by Extraordinary Resolution:

    

    

    
      
        	

              	(a)	
                to agree to any modification, abrogation, alteration, compromise or arrangement of the rights of Registered Warrantholders or the Warrant Agent in its capacity as warrant
                    agent hereunder (subject to the Warrant Agent’s prior consent, acting reasonably) or on behalf of the Registered Warrantholders against the Corporation whether such rights arise under this Indenture or otherwise;

              

      

    

    

    

    
      
        	

              	(b)	
                to amend, alter or repeal any Extraordinary Resolution previously passed or sanctioned by the Registered Warrantholders;

              

      

    

    

    

    
      
        	

              	(c)	
                to direct or to authorize the Warrant Agent, subject to Section 9.2(2) hereof, to enforce any of the covenants on the part of the Corporation contained in this Indenture or
                    to enforce any of the rights of the Registered Warrantholders in any manner specified in such Extraordinary Resolution or to refrain from enforcing any such covenant or right;

              

      

    

    

    

    
      
        	

              	(d)	
                to waive, and to direct the Warrant Agent to waive, any default on the part of the Corporation in complying with any provisions of this Indenture either unconditionally or
                    upon any conditions specified in such Extraordinary Resolution;

              

      

    

    

    

    
      
        	

              	(e)	
                to restrain any Registered Warrantholder from taking or instituting any suit, action or proceeding against the Corporation for the enforcement of any of the covenants on
                    the part of the Corporation in this Indenture or to enforce any of the rights of the Registered Warrantholders;

              

      

    

    

    

    
      
        	

              	(f)	
                to direct any Warrantholder who, as such, has brought any suit, action or proceeding to stay or to discontinue or otherwise to deal with the same upon payment of the costs,
                    charges and expenses reasonably and properly incurred by such Warrantholder in connection therewith;

              

      

    

    

    

    
      
        	

              	(g)	
                to assent to any change in or omission from the provisions contained in this Indenture or any ancillary or supplemental instrument which may be agreed to by the
                    Corporation, and to authorize the Warrant Agent to concur in and execute any ancillary or supplemental indenture embodying the change or omission;

              

      

    

    

    

    
      
        

      - 44 -

    

    
      
        	

              	(h)	
                to sanction any scheme for the consolidation, amalgamation or merger of the Corporation with any other entity or for the sale, lease, transfer or other disposition of all
                    or substantially all of the undertaking, property and assets of the Corporation;

              

      

    

    

    

    
      
        	

              	(i)	
                with the consent of the Corporation, such consent not to be unreasonably withheld, to remove the Warrant Agent or its successor in office and to appoint a new warrant agent
                    or warrant agents to take the place of the Warrant Agent so removed; and

              

      

    

    

    

    
      
        	

              	(j)	
                to assent to any compromise or arrangement with any creditor or creditors or any class or classes of creditors, whether secured or otherwise, and with holders of any shares
                    or other securities of the Corporation.

              

      

    

    

    

    
      	
              Section 7.11

            	
              Meaning of Extraordinary Resolution.

            

    

    

    

    
      
        	(1)	
                The expression “Extraordinary Resolution” when used in this Indenture means,
                    subject as hereinafter provided in this Section 7.11 and in Section 7.14, a resolution proposed at a meeting of Registered Warrantholders duly convened for that purpose and held in accordance with the provisions of this Article 7 at
                    which there are present in person or by proxy Registered Warrantholders holding at least 25% of the aggregate number of Common Shares that could be acquired and passed by the affirmative votes of Registered Warrantholders holding not
                    less than 66 2/3% of the aggregate number of Common Shares that could be
                    acquired at the meeting and voted on the poll upon such resolution.

              

      

    

    

    

    
      
        	(2)	
                If, at the meeting at which an Extraordinary Resolution is to be considered, Registered Warrantholders holding at least 25% of the aggregate number of Common Shares that
                    could be acquired are not present in person or by proxy within 30 minutes after the time appointed for the meeting, then the meeting, if convened by Registered Warrantholders or on a Warrantholders’ Request, shall be dissolved; but in
                    any other case it shall stand adjourned to such day, being not less than fifteen (15) or more than sixty (60) days later, and to such place and time as may be appointed by the chairman. Not less than fourteen (14) days’ prior notice
                    shall be given of the time and place of such adjourned meeting in the manner provided for in Section 10.2. Such notice shall state that at the adjourned meeting the Registered Warrantholders present in person or by proxy shall form a
                    quorum but it shall not be necessary to set forth the purposes for which the meeting was originally called or any other particulars. At the adjourned meeting the Warrantholders present in person or by proxy shall form a quorum and may
                    transact the business for which the meeting was originally convened and a resolution proposed at such adjourned meeting and passed by the requisite vote as provided in Section 7.11(1) shall be an Extraordinary Resolution within the
                    meaning of this Indenture notwithstanding that Registered Warrantholders entitled to acquire at least 25% of the aggregate number of Common Shares which may be acquired pursuant to all the then outstanding Warrants are not present in
                    person or by proxy at such adjourned meeting.

              

      

    

    

    

    
      
        

      - 45 -

    

    
      
        	(3)	
                Subject to Section 7.14, votes on an Extraordinary Resolution shall always be given on a poll and no demand for a poll on an Extraordinary Resolution shall be necessary.

              

      

    

    

    

    
      	
              Section 7.12

            	
              Powers Cumulative.

            

    

    

    

    Any one or more of the powers or any combination of the powers in this Indenture stated to be exercisable by the Registered
        Warrantholders by Extraordinary Resolution or otherwise may be exercised from time to time and the exercise of any one or more of such powers or any combination of powers from time to time shall not be deemed to exhaust the right of the Registered
        Warrantholders to exercise such power or powers or combination of powers then or thereafter from time to time.

    

    

    
      	
              Section 7.13

            	
              Minutes.

            

    

    

    

    Minutes of all resolutions and proceedings at every meeting of Registered Warrantholders shall be made and duly entered in books to be
        provided from time to time for that purpose by the Warrant Agent at the expense of the Corporation, and any such minutes as aforesaid, if signed by the chairman or the secretary of the meeting at which such resolutions were passed or proceedings
        had shall be prima facie evidence of the matters therein stated and, until the contrary is proved, every such meeting in respect of the proceedings of which minutes shall have been made shall be deemed to have been duly convened and held, and all
        resolutions passed thereat or proceedings taken shall be deemed to have been duly passed and taken.

    

    

    
      	
              Section 7.14

            	
              Instruments in Writing.

            

    

    

    

    All actions which may be taken and all powers that may be exercised by the Registered Warrantholders at a meeting held as provided in
        this Article 7 may also be taken and exercised by Registered Warrantholders holding not less than 66 2/3% of the aggregate number of all of the then outstanding Warrants by an instrument in writing signed in one or more counterparts by such Registered Warrantholders in person or by attorney duly appointed in writing, and the
        expression “Extraordinary Resolution” when used in this Indenture shall include an instrument so signed.

    

    

    
      
        

      - 46 -

    

    
      	
              Section 7.15

            	
              Binding Effect of Resolutions.

            

    

    

    

    Every resolution and every Extraordinary Resolution passed in accordance with the provisions of this Article 7 at a meeting of
        Registered Warrantholders shall be binding upon all the Warrantholders, whether present at or absent from such meeting, and every instrument in writing signed by Registered Warrantholders in accordance with Section 7.14 shall be binding upon all
        the Warrantholders, whether signatories thereto or not, and each and every Warrantholder and the Warrant Agent (subject to the provisions for indemnity herein contained) shall be bound to give effect accordingly to every such resolution and
        instrument in writing.

    

    

    
      	
              Section 7.16

            	
              Holdings by Corporation Disregarded.

            

    

    

    

    In determining whether Registered Warrantholders holding Warrants evidencing the entitlement to acquire the required number of Common
        Shares are present at a meeting of Registered Warrantholders for the purpose of determining a quorum or have concurred in any consent, waiver, Extraordinary Resolution, Warrantholders’ Request or other action under this Indenture, Warrants owned
        legally or beneficially by the Corporation shall be disregarded in accordance with the provisions of Section 10.7.

    

    

    ARTICLE 8

    SUPPLEMENTAL INDENTURES

    

    

    
      	
              Section 8.1

            	
              Provision for Supplemental Indentures for Certain Purposes.

            

    

    

    

    From time to time, the Corporation (when authorized by action of the directors) and the Warrant Agent may, subject to the provisions
        hereof and they shall, when so directed in accordance with the provisions hereof, execute and deliver by their proper officers, indentures or instruments supplemental hereto, which thereafter shall form part hereof, for any one or more or all of
        the following purposes:

    

    

    
      
        	

              	(a)	
                setting forth any adjustments resulting from the application of the provisions of Article 4;

              

      

    

    

    

    
      
        	

              	(b)	
                adding to the provisions hereof such additional covenants and enforcement provisions as, on the advice of Counsel, are necessary or advisable in the premises, provided that
                    the same are not in the opinion of the Warrant Agent, relying on the advice of Counsel, prejudicial to the interests of the Registered Warrantholders;

              

      

    

    

    

    
      
        

      - 47 -

    

    
      
        	

              	(c)	
                giving effect to any Extraordinary Resolution passed as provided in Section 7.11;

              

      

    

    

    

    
      
        	

              	(d)	
                making such provisions not inconsistent with this Indenture as may be necessary or desirable with respect to matters or questions arising hereunder or for the purpose of
                    obtaining a listing or quotation of the Warrants on any stock exchange, provided that such provisions are not, in the opinion of the Warrant Agent, relying on the advice of Counsel, prejudicial to the interests of the Registered
                    Warrantholders;

              

      

    

    

    

    
      
        	

              	(e)	
                adding to or altering the provisions hereof in respect of the transfer of Warrants, making provision for the exchange of Warrants, and making any modification in the form
                    of the Warrant Certificates which does not affect the substance thereof;

              

      

    

    

    

    
      
        	

              	(f)	
                modifying any of the provisions of this Indenture, including relieving the Corporation from any of the obligations, conditions or restrictions herein contained, provided
                    that such modification or relief shall be or become operative or effective only if, in the opinion of the Warrant Agent, relying on the advice of Counsel, such modification or relief in no way prejudices any of the rights of the
                    Registered Warrantholders or of the Warrant Agent, and provided further that the Warrant Agent may in its sole discretion decline to enter into any such supplemental indenture which in its opinion may not afford adequate protection to
                    the Warrant Agent when the same shall become operative;

              

      

    

    

    

    
      
        	

              	(g)	
                providing for the issuance of additional Warrants hereunder, including Warrants in excess of the number set out in Section 2.1 and any consequential amendments hereto as
                    may be required by the Warrant Agent relying on the advice of Counsel; and

              

      

    

    

    

    
      
        	

              	(h)	
                for any other purpose not inconsistent with the terms of this Indenture, including the correction or rectification of any ambiguities, defective or inconsistent provisions,
                    errors, mistakes or omissions herein, provided that in the opinion of the Warrant Agent, relying on the advice of Counsel, the rights of the Warrant Agent and of the Registered Warrantholders are in no way prejudiced thereby.

              

      

    

    

    

    
      	
              Section 8.2

            	
              Successor Entities.

            

    

    

    

    In the case of the consolidation, amalgamation, arrangement, merger or transfer of the undertaking or assets of the Corporation as an
        entirety or substantially as an entirety to or with another entity (“successor entity”), the successor entity resulting from such consolidation, amalgamation,
        arrangement, merger or transfer (if not the Corporation) shall expressly assume, by supplemental indenture satisfactory in form to the Warrant Agent and executed and delivered to the Warrant Agent, the due and punctual performance and observance of
        each and every covenant and condition of this Indenture to be performed and observed by the Corporation.

    

    

    
      
        

      - 48 -

    

    ARTICLE 9

    CONCERNING THE WARRANT AGENT

    

    

    
      	
              Section 9.1

            	
              Warrant Indenture Legislation.

            

    

    

    

    
      
        	(1)	
                If and to the extent that any provision of this Indenture limits, qualifies or conflicts with a mandatory requirement of Applicable Legislation, such mandatory requirement
                    shall prevail.

              

      

    

    

    

    
      
        	(2)	
                The Corporation and the Warrant Agent agree that each will, at all times in relation to this Indenture and any action to be taken hereunder, observe and comply with and be
                    entitled to the benefits of Applicable Legislation.

              

      

    

    

    

    
      	
              Section 9.2

            	
              Rights and Duties of Warrant Agent.

            

    

    

    

    
      
        	(1)	
                In the exercise of the rights and duties prescribed or conferred by the terms of this Indenture, the Warrant Agent shall act honestly and in good faith with a view to the
                    best interest of the Warrantholders and shall exercise that degree of care, diligence and skill that a reasonably prudent warrant agent would exercise in comparable circumstances.  No provision of this Indenture shall be construed to
                    relieve the Warrant Agent from liability for its own gross negligent action, wilful misconduct, bad faith or fraud under this Indenture.

              

      

    

    

    

    
      
        	(2)	
                The obligation of the Warrant Agent to commence or continue any act, action or proceeding for the purpose of enforcing any rights of the Warrant Agent or the Registered
                    Warrantholders hereunder shall be conditional upon the Registered Warrantholders furnishing, when required by notice by the Warrant Agent, sufficient funds to commence or to continue such act, action or proceeding and an indemnity
                    reasonably satisfactory to the Warrant Agent to protect and to hold harmless the Warrant Agent and its officers, directors, employees and agents, against the costs, charges and expenses and liabilities to be incurred thereby and any
                    loss and damage it may suffer by reason thereof. None of the provisions contained in this Indenture shall require the Warrant Agent to expend or to risk its own funds or otherwise to incur financial liability in the performance of any
                    of its duties or in the exercise of any of its rights or powers unless indemnified and funded as aforesaid.

              

      

    

    

    

    
      
        

      - 49 -

    

    
      
        	(3)	
                The Warrant Agent may, before commencing or at any time during the continuance of any such act, action or proceeding, require the Registered Warrantholders, at whose
                    instance it is acting to deposit with the Warrant Agent the Warrants Certificates held by them, for which Warrants the Warrant Agent shall issue receipts.

              

      

    

    

    

    
      
        	(4)	
                Every provision of this Indenture that by its terms relieves the Warrant Agent of liability or entitles it to rely upon any evidence submitted to it is subject to the
                    provisions of Applicable Legislation.

              

      

    

    

    

    
      	
              Section 9.3

            	
              Evidence, Experts and Advisers.

            

    

    

    

    
      
        	(1)	
                In addition to the reports, certificates, opinions and other evidence required by this Indenture, the Corporation shall furnish to the Warrant Agent such additional
                    evidence of compliance with any provision hereof, and in such form, as may be prescribed by Applicable Legislation or as the Warrant Agent may reasonably require by written notice to the Corporation.

              

      

    

    

    

    
      
        	(2)	
                In the exercise of its rights and duties hereunder, the Warrant Agent may, if it is acting in good faith, rely as to the truth of the statements and the accuracy of the
                    opinions expressed in statutory declarations, opinions, reports, written requests, consents, or orders of the Corporation, certificates of the Corporation or other evidence furnished to the Warrant Agent pursuant to a request of the
                    Warrant Agent, provided that such evidence complies with Applicable Legislation and that the Warrant Agent complies with Applicable Legislation and that the Warrant Agent examines the same and determines that such evidence complies with
                    the applicable requirements of this Indenture.

              

      

    

    

    

    
      
        	(3)	
                Whenever it is provided in this Indenture or under Applicable Legislation that the Corporation shall deposit with the Warrant Agent resolutions, certificates, reports,
                    opinions, requests, orders or other documents, it is intended that the truth, accuracy and good faith on the effective date thereof and the facts and opinions stated in all such documents so deposited shall, in each and every such case,
                    be conditions precedent to the right of the Corporation to have the Warrant Agent take the action to be based thereon.

              

      

    

    

    

    
      
        	(4)	
                The Warrant Agent may employ or retain such Counsel, accountants, appraisers or other experts or advisers as it may reasonably require for the purpose of discharging its
                    duties hereunder and may pay reasonable remuneration for all services so performed by any of them, without taxation of costs of any Counsel, and shall not be responsible for any misconduct or negligence on the part of any such experts
                    or advisers who have been appointed with due care by the Warrant Agent.

              

      

    

    

    

    
      
        

      - 50 -

    

    
      
        	(5)	
                The Warrant Agent may act and rely and shall be protected in acting and relying in good faith on the opinion or advice of or information obtained from any Counsel,
                    accountant, appraiser, engineer or other expert or adviser, whether retained or employed by the Corporation or by the Warrant Agent, in relation to any matter arising in the administration of the agency hereof.

              

      

    

    

    

    
      	
              Section 9.4

            	
              Documents, Monies, etc. Held by Warrant Agent.

            

    

    

    

    
      
        	(1)	
                Any monies, securities, documents of title or other instruments that may at any time be held by the Warrant Agent shall be placed in the deposit vaults of the Warrant Agent
                    or of any Canadian chartered bank listed in Schedule I of the Bank Act (Canada), or deposited for safekeeping with any such bank. Any monies held
                    pending the application or withdrawal thereof under any provisions of this Indenture, shall be held, invested and reinvested in “Permitted Investments” as directed in writing by the Corporation.  “Permitted Investments” shall be
                    treasury bills guaranteed by the Government of Canada having a term to maturity not to exceed ninety (90) days, or term deposits or bankers’ acceptances of a Canadian chartered bank having a term to maturity not to exceed ninety (90)
                    days, or such other investments that is in accordance with the Warrant Agent’s standard type of investments.  Unless otherwise specifically provided herein, all interest or other income received by the Warrant Agent in respect of such
                    deposits and investments shall belong to the Corporation.

              

      

    

    

    

    
      
        	(2)	
                Any written direction for the investment or release of funds received shall be received by the Warrant Agent by 10:00 a.m. (Toronto time) on the Business Day on which such
                    investment or release is to be made, failing which such direction will be handled on a commercially reasonable efforts basis and may result in funds being invested or released on the next Business Day.

              

      

    

    

    

    
      
        	(3)	
                The Warrant Agent shall have no responsibility or liability for any diminution of any funds resulting from any investment made in accordance with this Indenture, including
                    any losses on any investment liquidated prior to maturity in order to make a payment required hereunder.

              

      

    

    

    

    
      
        	(4)	
                In the event that the Warrant Agent does not receive a direction or only a partial direction, the Warrant
                      Agent may hold cash balances constituting part or all of such monies and may, but need not, invest same in its deposit department, the deposit department of one of its affiliates, or the deposit department of a Canadian chartered
                      bank; but the Warrant Agent, its affiliates or a Canadian chartered bank shall not be liable to account for any profit to any parties to this Indenture or to any other person or entity.

              

      

    

    

    

    
      
        

      - 51 -

    

    
      	
              Section 9.5

            	
              Actions by Warrant Agent to Protect Interest.

            

    

    

    

    The Warrant Agent shall have power to institute and to maintain such actions and proceedings as it may consider necessary or expedient
        to preserve, protect or enforce its interests and the interests of the Registered Warrantholders.

    

    

    
      	
              Section 9.6

            	
              Warrant Agent Not Required to Give Security.

            

    

    

    

    The Warrant Agent shall not be required to give any bond or security in respect of the execution of the agency and powers of this
        Indenture or otherwise in respect of the premises.

    

    

    
      	
              Section 9.7

            	
              Protection of Warrant Agent.

            

    

    

    

    By way of supplement to the provisions of any law for the time being relating to the Warrant Agent it is expressly declared and agreed
        as follows:

    

    

    
      
        	

              	(a)	
                the Warrant Agent shall not be liable for or by reason of any statements of fact or recitals in this Indenture or in the Warrant Certificates (except the representation
                    contained in Section 9.9 or in the authentication of the Warrant Agent on the Warrant Certificates) or be required to verify the same, but all such statements or recitals are and shall be deemed to be made by the Corporation;

              

      

    

    

    

    
      
        	

              	(b)	
                nothing herein contained shall impose any obligation on the Warrant Agent to see to or to require evidence of the registration or filing (or renewal thereof) of this
                    Indenture or any instrument ancillary or supplemental hereto;

              

      

    

    

    

    
      
        	

              	(c)	
                the Warrant Agent shall not be bound to give notice to any person or persons of the execution hereof;

              

      

    

    

    

    
      
        	

              	(d)	
                the Warrant Agent shall not incur any liability or responsibility whatever or be in any way responsible for the consequence of any breach on the part of the Corporation of
                    any of its covenants herein contained or of any acts of any directors, officers, employees, agents or servants of the Corporation;

              

      

    

    

    

    
      
        

      - 52 -

    

    
      
        	

              	(e)	
                the Corporation hereby indemnifies and agrees to hold harmless the Warrant Agent, its affiliates, their officers, directors, employees, agents, successors and assigns (the
                    “Indemnified Parties”) from and against any and all liabilities whatsoever, losses, damages, penalties, claims, demands, actions, suits, proceedings, costs, charges, assessments, judgments, expenses and disbursements, including
                    reasonable legal fees and disbursements of whatever kind and nature which may at any time be imposed on or incurred by or asserted against the Indemnified Parties, or any of them,  whether at law or in equity, in any way caused by or
                    arising, directly or indirectly, in respect of any act, deed, matter or thing whatsoever made, done, acquiesced in or omitted in or about or in relation to the execution of the Indemnified Parties’ duties, or any other services that
                    Warrant Agent may provide in connection with or in any way relating to this Indenture.  The Corporation agrees that its liability hereunder shall be absolute and unconditional regardless of the correctness of any representations of any
                    third parties and regardless of any liability of third parties to the Indemnified Parties, and shall accrue and become enforceable without prior demand or any other precedent action or proceeding; provided that the Corporation shall not
                    be required to indemnify the Indemnified Parties in the event of the gross negligence or wilful misconduct of the Warrant Agent, and this provision shall survive the resignation or removal of the Warrant Agent or the termination or
                    discharge of this Indenture; and

              

      

    

    

    

    
      
        	

              	(f)	
                notwithstanding the foregoing or any other provision of this Indenture, any liability of the Warrant Agent shall be limited, in the aggregate, to the amount of annual
                    retainer fees paid by the Corporation to the Warrant Agent under this Indenture in the twelve (12) months immediately prior to the Warrant Agent receiving the first notice of the claim. Notwithstanding any other provision of this
                    Indenture, and whether such losses or damages are foreseeable or unforeseeable, the Warrant Agent shall not be liable under any circumstances whatsoever for any (a) breach by any other party of securities law or other rule of any
                    securities regulatory authority, (b) lost profits or (c) special, indirect, incidental, consequential, exemplary, aggravated or punitive losses or damages.

              

      

    

    

    

    
      	
              Section 9.8

            	
              Replacement of Warrant Agent; Successor by Merger.

            

    

    

    

    
      
        	(1)	
                The Warrant Agent may resign its agency and be discharged from all further duties and liabilities hereunder, subject to this Section 9.8, by giving to the Corporation not
                    less than sixty (60) days’ prior notice in writing or such shorter prior notice as the Corporation may accept as sufficient. The Registered Warrantholders by Extraordinary Resolution shall have power at any time to remove the existing
                    Warrant Agent and to appoint a new warrant agent. In the event of the Warrant Agent resigning or being removed as aforesaid or being dissolved, becoming bankrupt, going into liquidation or otherwise becoming incapable of acting
                    hereunder, the Corporation shall forthwith appoint a new warrant agent unless a new warrant agent has already been appointed by the Registered Warrantholders; failing such appointment by the Corporation, the retiring Warrant Agent or
                    any Registered Warrantholder may apply to a judge of the Ontario Superior Court of the Province of Ontario on such notice as such judge may direct,
                    for the appointment of a new warrant agent; but any new warrant agent so appointed by the Corporation or by the Court shall be subject to removal as aforesaid by the Registered Warrantholders. Any new warrant agent appointed under any
                    provision of this Section 9.8 shall be an entity authorized to carry on the business of a trust company in the Province of Ontario and, if required by the Applicable Legislation for any other provinces, in such other provinces. On any
                    such appointment the new warrant agent shall be vested with the same powers, rights, duties and responsibilities as if it had been originally named herein as Warrant Agent hereunder.

              

      

    

    

    

    
      
        

      - 53 -

    

    
      
        	(2)	
                Upon the appointment of a successor Warrant Agent, the Corporation shall promptly notify the Registered Warrantholders thereof in the manner provided for in Section 10.2.

              

      

    

    

    

    
      
        	(3)	
                Any Warrant Certificates Authenticated but not delivered by a predecessor Warrant Agent may be Authenticated by the successor Warrant Agent in the name of the predecessor
                    or successor Warrant Agent.

              

      

    

    

    

    
      
        	(4)	
                Any corporation into which the Warrant Agent may be merged or consolidated or amalgamated, or any corporation resulting therefrom to which the Warrant Agent shall be a
                    party, or any corporation succeeding to substantially the corporate trust business of the Warrant Agent shall be the successor to the Warrant Agent hereunder without any further act on its part or any of the parties hereto, provided that such corporation would be eligible for appointment
                    as successor Warrant Agent under Section 9.8(1).

              

      

    

    

    

    
      	
              Section 9.9

            	
              Conflict of Interest.

            

    

    

    

    
      
        	(1)	
                The Warrant Agent represents to the Corporation that at the time of execution and delivery hereof no material conflict of interest exists between its role as a Warrant Agent hereunder and its role in any other capacity and agrees that in the event of a material conflict of interest arising hereafter it
                    will, within ninety (90) days after ascertaining that it has such material conflict of interest, either eliminate the same or assign its agency hereunder to a successor Warrant Agent approved by the Corporation and meeting the
                    requirements set forth in Section 9.8(1). Notwithstanding the foregoing provisions of this Section 9.9(1), if any such material conflict of interest exists or hereafter shall exist, the validity and enforceability of this Indenture and
                    the Warrant Certificate shall not be affected in any manner whatsoever by reason thereof.

              

      

    

    

    

    
       

    

    
      
        

      - 54 -

    

    
      
        	(2)	
                Subject to Section 9.9(1), the Warrant Agent, in its personal or any other capacity, may buy, lend upon and deal in securities of the Corporation and generally may contract
                    and enter into financial transactions with the Corporation without being liable to account for any profit made thereby.

              

      

       

      

      	
              Section 9.10

            	
              Acceptance of Agency

            

    

    

    

    The Warrant Agent hereby accepts the agency in this Indenture declared and provided for and agrees to perform the same upon the terms
        and conditions herein set forth.

    

    

    
      	
              Section 9.11

            	
              Warrant Agent Not to be Appointed Receiver.

            

    

    

    

    The Warrant Agent and any person related to the Warrant Agent shall not be appointed a receiver, a receiver and manager or liquidator of
        all or any part of the assets or undertaking of the Corporation.

    

    

    
      	
              Section 9.12

            	
              Warrant Agent Not Required to Give Notice of Default.

            

    

    

    

    The Warrant Agent shall not be bound to give any notice or do or take any act, action or proceeding by virtue of the powers conferred on
        it hereby unless and until it shall have been required so to do under the terms hereof; nor shall the Warrant Agent be required to take notice of any default hereunder, unless and until notified in writing of such default, which notice shall
        distinctly specify the default desired to be brought to the attention of the Warrant Agent and in the absence of any such notice the Warrant Agent may for all purposes of this Indenture conclusively assume that no default has been made in the
        observance or performance of any of the representations, warranties, covenants, agreements or conditions contained herein. Any such notice shall in no way limit any discretion herein given to the Warrant Agent to determine whether or not the
        Warrant Agent shall take action with respect to any default.

    

    

    
      	
              Section 9.13

            	
              Anti-Money Laundering.

            

    

    

    

    
      
        	(1)	
                Each party to this Agreement other than the Warrant Agent hereby represents to the Warrant Agent that any account to be opened by, or interest to be held by the Warrant
                    Agent in connection with this Indenture, for or to the credit of such party, either (i) is not intended to be used by or on behalf of any third party; or (ii) is intended to be used by or on behalf of a third party, in which case such
                    party hereto agrees to complete and execute forthwith a declaration in the Warrant Agent’s prescribed form as to the particulars of such third party.

              

      

    

    

    

    
      
        

      - 55 -

    

    
      
        	(2)	
                The Warrant Agent shall retain the right not to act and shall not be liable for refusing to act if, due to a lack of information or for any other reason whatsoever, the
                    Warrant Agent, in its sole judgment, determines that such act might cause it to be in non-compliance with any applicable anti-money laundering, anti-terrorist or economic sanctions legislation, regulation or guideline. Further, should
                    the Warrant Agent, in its sole judgment, determine at any time that its acting under this Indenture has resulted in its being in non-compliance with any applicable anti-money laundering, anti-terrorist or economic sanctions legislation,
                    regulation or guideline, then it shall have the right to resign on ten (10) days written notice to the other parties to this Indenture, provided (i) that the Warrant Agent’s written notice shall describe the circumstances of such
                    non-compliance; and (ii) that if such circumstances are rectified to the Warrant Agent's satisfaction within such ten (10) day period, then such resignation shall not be effective.

              

      

    

    

    

    
      	
              Section 9.14

            	
              Compliance with Privacy Code.

            

    

    

    

    The Parties acknowledge that the Warrant Agent may, in the course of providing services hereunder, collect or receive financial and
        other personal information about such parties and/or their representatives, as individuals, or about other individuals related to the subject matter hereof, and use such information for the following purposes:

    

    

    
      
        	

              	(a)	
                to provide the services required under this Indenture and other services that may be requested from time to time;

              

      

    

    

    

    
      
        	

              	(b)	
                to help the Warrant Agent manage its servicing relationships with such individuals;

              

      

    

    

    

    
      
        	

              	(c)	
                to meet the Warrant Agent’s legal and regulatory requirements; and

              

      

    

    

    

    
      
        	

              	(d)	
                if Social Insurance Numbers are collected by the Warrant Agent, to perform tax reporting and to assist in verification of an individual’s identity for security purposes.

              

      

    

    

    

    Each Party acknowledges and agrees that the Warrant Agent may receive, collect, use and disclose personal information provided to it or
        acquired by it in the course of its acting as agent hereunder for the purposes described above and, generally, in the manner and on the terms described in its Privacy Code, which the Warrant Agent shall make available on its website,
        www.computershare.com, or upon request, including revisions thereto. The Warrant Agent may transfer personal information to other companies in or outside of Canada that provide data processing and storage or other support in order to facilitate the
        services it provides.

    

    

    Further, each party agrees that it shall not provide or cause to be provided to the Warrant Agent any personal information relating to
        an individual who is not a party to this Indenture unless that party has assured itself that such individual understands and has consented to the aforementioned uses and disclosures.

    

    

    
      
        

      - 56 -

    

    
      	
              Section 9.15

            	
              Securities Exchange Commission Certification.

            

    

    

    

    The Corporation confirms that as at the date of execution of this Agreement it does not have a class of securities registered
        pursuant to Section 12 of the U.S. Exchange Act or have a reporting obligation pursuant to Section 15(d) of the U.S. Exchange Act.

    

    

    The Corporation covenants that in the event that (i) any class of its securities shall become registered pursuant to Section 12 of
        the U.S. Exchange Act or Corporation shall incur a reporting obligation pursuant to Section 15(d) of the U.S. Exchange Act or (ii) any such registration or reporting obligation shall be terminated by the Corporation in accordance with the U.S.
        Exchange Act, the Corporation shall promptly deliver to the Warrant Agent  an officers’ certificate (in a form provided by the Warrant Agent notifying the Warrant  Agent of such registration or termination and such other information as the Warrant
        Agent may require at the time. The Corporation acknowledges that Warrant Agent is relying upon the foregoing representation and covenants in order to meet certain United States Securities and Exchange Commission (“SEC”) obligations with respect to
        those clients who are filing with the SEC.

    

    

    ARTICLE 10

    GENERAL

    

    

    
      	
              Section 10.1

            	
              Notice to the Corporation and the Warrant Agent.

            

    

    

    

    
      
        	(1)	
                Unless herein otherwise expressly provided, any notice to be given hereunder to the Corporation or the Warrant Agent shall be deemed to be validly given if delivered, sent
                    by registered letter, postage prepaid or if faxed:

              

      

    

    

    

    
      
        	

              	(a)	
                If to the Corporation:

              

      

    

    

    

    Viemed Healthcare, Inc.

    202 N. Luke Street

    Lafayette, Louisiana

    70506

    

    

    Attention: Chief Executive
        Officer

    

    

    with a copy to McMillan LLP:

    

    

    McMillan LLP

    
      Brookfield Place

      181 Bay Street, Suite 4400

      Toronto, ON  M5J 2T3

      

      

      Attention: Robbie Grossman

      

      

      Facsimile number: 416-865-7048

    

    

    

    
      
        

      - 57 -

    

    
      
        	

              	(b)	
                If to the Warrant Agent:

              

      

    

    

    

    Computershare Trust Company of Canada

    600, 530 – 8th Avenue SW

    Calgary, AB T2P 3S8

    

    

    Attention:  Manager, Corporate Trust

    

    

    Facsimile  number:  403-267-6598

    

    

    and any such notice delivered in accordance with the foregoing shall be deemed to have been received and given on the date of delivery
        or, if mailed, on the fifth Business Day following the date of mailing such notice or, if faxed, on the next Business Day following the date of transmission.

    

    

    
      
        	(2)	
                The Corporation or the Warrant Agent, as the case may be, may from time to time notify the other in the manner provided in Section 10.1(1) of a change of address which,
                    from the effective date of such notice and until changed by like notice, shall be the address of the Corporation or the Warrant Agent, as the case may be, for all purposes of this Indenture.

              

      

    

    

    

    
      
        	(3)	
                If, by reason of a strike, lockout or other work stoppage, actual or threatened, involving postal employees, any notice to be given to the Warrant Agent or to the
                    Corporation hereunder could reasonably be considered unlikely to reach its destination, such notice shall be valid and effective only if it is delivered to the named officer of the party to which it is addressed, as provided in Section
                    10.1(1), or given by facsimile or other means of prepaid, transmitted and recorded communication.

              

      

    

    

    

    
      	
              Section 10.2

            	
              Notice to Registered Warrantholders.

            

    

    

    

    
      
        	(1)	
                Unless otherwise provided herein, notice to the Registered Warrantholders under the provisions of this Indenture shall be valid and effective if delivered or sent by
                    ordinary prepaid post addressed to such holders at their post office addresses appearing on the register hereinbefore mentioned and shall be deemed to have been effectively received and given on the date of delivery or, if mailed, on
                    the third (3rd) Business Day following the date of mailing such notice. In the event that Warrants are held in the name of the Depository, a copy of such
                    notice shall also be sent by electronic communication to the Depository and shall be deemed received and given on the day it is so sent.

              

      

    

    

    

    
      
        

      - 58 -

    

    
      
        	(2)	
                If, by reason of a strike, lockout or other work stoppage, actual or threatened, involving postal employees, any notice to be given to the Registered Warrantholders
                    hereunder could reasonably be considered unlikely to reach its destination, such notice shall be valid and effective only if it is delivered to such Registered Warrantholders to the address for such Registered Warrantholders contained
                    in the register maintained by the Warrant Agent or such notice may be given, at the Corporation’s expense, by means of publication in the Globe and Mail, National Edition, or any other English language daily newspaper or newspapers of
                    general circulation in Canada, in each two (2) successive weeks,  the first such notice to be published within five (5) Business Days of such event, and any so notice published shall be deemed to have been received and given on the
                    latest date the publication takes place.

              

      

    

    

    

    
      	
              Section 10.3

            	
              Ownership of Warrants.

            

    

    

    

    The Corporation and the Warrant Agent may deem and treat the Registered Warrantholders as the absolute owner thereof for all purposes,
        and the Corporation and the Warrant Agent shall not be affected by any notice or knowledge to the contrary except where the Corporation or the Warrant Agent is required to take notice by statute or by order of a court of competent jurisdiction. The
        receipt of any such Registered Warrantholder of the Common Shares which may be acquired pursuant thereto shall be a good discharge to the Corporation and the Warrant Agent for the same and neither the Corporation nor the Warrant Agent shall be
        bound to inquire into the title of any such holder except where the Corporation or the Warrant Agent is required to take notice by statute or by order of a court of competent jurisdiction.

    

    

    
      	
              Section 10.4

            	
              Counterparts.

            

    

    

    

    This Indenture may be executed in several counterparts, each of which when so executed shall be deemed to be an original and such
        counterparts together shall constitute one and the same instrument and notwithstanding their date of execution they shall be deemed to be dated as of the date hereof. Delivery of an executed copy of the Indenture by electronic facsimile
        transmission or other means of electronic communication capable of producing a printed copy will be deemed to be execution and delivery of this Indenture as of the date hereof.

    

    

    
      
        

      - 59 -

    

    
      	
              Section 10.5

            	
              Satisfaction and Discharge of Indenture.

            

    

    

    

    Upon the earlier of:

    

    

    
      
        	

              	(a)	
                the date by which there shall have been delivered to the Warrant Agent for exercise or cancellation all Warrants theretofore Authenticated hereunder, in the case of
                    Certificated Warrants or by way of transaction instruction (or such other instructions, in a form satisfactory to the Warrant Agent), in the case of Uncertificated Warrants, or by way of standard processing through the book entry only
                    system in the case of a CDS Global Warrant; and

              

      

    

    

    

    
      
        	

              	(b)	
                the Expiry Time;

              

      

    

    

    

    and if all certificates or other entry on the register representing Common Shares required to be issued in compliance with the provisions hereof have been
        issued and delivered hereunder or to the Warrant Agent in accordance with such provisions, this Indenture shall cease to be of further effect and the Warrant Agent, on demand of and at the cost and expense of the Corporation and upon delivery to
        the Warrant Agent of a certificate of the Corporation stating that all conditions precedent to the satisfaction and discharge of this Indenture have been complied with, shall execute proper instruments acknowledging satisfaction of and discharging
        this Indenture. Notwithstanding the foregoing, the indemnities provided to the Warrant Agent by the Corporation hereunder shall remain in full force and effect and survive the termination of this Indenture.

    

    

    
      
        
          
            	
                    Section 10.6

                  	
                    Provisions of Indenture and Warrants for the Sole Benefit of Parties and Registered Warrantholders.

                  

          

        

      

    

    

    

    Nothing in this Indenture or in the Warrants, expressed or implied, shall give or be construed to give to any person other than the
        parties hereto and the Registered Warrantholders, as the case may be, any legal or equitable right, remedy or claim under this Indenture, or under any covenant or provision herein or therein contained, all such covenants and provisions being for
        the sole benefit of the parties hereto and the Registered Warrantholders.

    

    

    
      
        
          
            	
                    Section 10.7

                  	
                    Common Shares or Warrants Owned by the Corporation or its Subsidiaries - Certificate to be Provided.

                  

          

        

      

    

    

    

    For the purpose of disregarding any Warrants owned legally or beneficially by the Corporation in Section 7.16, the Corporation shall
        provide to the Warrant Agent, from time to time, a certificate of the Corporation setting forth as at the date of such certificate:

    

    

    
      
        

      - 60 -

    

    
      
        	

              	(a)	
                the names (other than the name of the Corporation) of the Registered Warrantholders which, to the knowledge of the Corporation, are owned by or held for the account of the
                    Corporation; and

              

      

    

    

    

    
      
        	

              	(b)	
                the number of Warrants owned legally or beneficially by the Corporation;

              

      

    

    

    

    and the Warrant Agent, in making the computations in Section 7.16, shall be entitled to rely on such certificate without any additional
        evidence.

    

    

    
      	
              Section 10.8

            	
              Severability

            

    

    

    

    If, in any jurisdiction, any provision of this Indenture or its application to any party or circumstance is restricted, prohibited or
        unenforceable, such provision will, as to such jurisdiction, be ineffective only to the extent of such restriction, prohibition or unenforceability without invalidating the remaining provisions of this Indenture and without affecting the validity
        or enforceability of such provision in any other jurisdiction or without affecting its application to other parties or circumstances.

    

    

    
      	
              Section 10.9

            	
              Force Majeure

            

    

    

    

    No party shall be liable to the other, or held in breach of this Indenture, if prevented, hindered, or delayed in the performance or
        observance of any provision contained herein by reason of act of God, riots, terrorism, acts of war, epidemics, governmental action or judicial order, earthquakes, or any other similar causes (including, but not limited to, mechanical, electronic
        or communication interruptions, disruptions or failures). Performance times under this Indenture shall be extended for a period of time equivalent to the time lost because of any delay that is excusable under this Section.

    

    

    
      	
              Section 10.10

            	
              Assignment, Successors and Assigns

            

    

    

    

    Neither of the parties hereto may assign its rights or interest under this Indenture, except as provided in Section 9.8 in the case of
        the Warrant Agent, or as provided in Section 8.2 in the case of the Corporation. Subject thereto, this Indenture shall enure to the benefit of and be binding upon the parties hereto and their respective successors and permitted assigns.

    

    

    
      
        

      - 61 -

    

    
      	
              Section 10.11

            	
              Rights of Rescission and Withdrawal for Holders

            

    

    

    

    Should a holder of Warrants exercise any legal, statutory, contractual or other right of withdrawal or rescission that may be available
        to it, and the holder’s funds which were paid on exercise have already been released to the Corporation by the Warrant Agent, the Warrant Agent shall not be responsible for ensuring the exercise is cancelled and a refund is paid back to the holder.
        In such cases, the holder shall seek a refund directly from the Corporation and subsequently, the Corporation, upon surrender to the Corporation or the Warrant Agent of any underlying Common Shares that may have been issued, or such other procedure
        as agreed to by the parties hereto, shall instruct the Warrant Agent in writing, to cancel the exercise transaction and any such underlying Common Shares on the register, which may have already been issued upon the Warrant exercise.  In the event
        that any payment is received from the Corporation by virtue of the holder being a shareholder for such Warrants that were subsequently rescinded, such payment must be returned to the Corporation by such holder.  The Warrant Agent shall not be under
        any duty or obligation to take any steps to ensure or enforce that the funds are returned pursuant to this section, nor shall the Warrant Agent be in any other way responsible in the event that any payment is not delivered or received pursuant to
        this section.  Notwithstanding the foregoing, in the event that the Corporation provides the refund to the Warrant Agent for distribution to the holder, the Warrant Agent shall return such funds to the holder as soon as reasonably practicable, and
        in so doing, the Warrant Agent shall incur no liability with respect to the delivery or non-delivery of any such funds.

    

    

    
      
        

      - 62 -

    

    IN WITNESS WHEREOF the parties hereto have
        executed this Indenture under the hands of their proper officers in that behalf as of the date first written above.

     

      

    	 	
            VIEMED HEALTHCARE, INC.

          
	 	 
	 	
            By:

          	
            /s/ W. Todd Zehnder

          
	 	 	
            Name: 

            

          	W. Todd Zehnder
	 	 	
            Title:

            

          	Chief Operating Officer

    

    

    	 	
            COMPUTERSHARE TRUST COMPANY OF CANADA

          
	 	 
	 	
            By:

          	
            /s/ Anna Szczepankiewicz

          
	 	 	
            Name: Anna Szczepankiewicz

          
	 	 	
            Title: Corporate Trust Officer

          
	 	 	 
	 	
            By:

          	
            /s/ Beatriz Fedozzi

          
	 	 	 
	 	 	
            Name:  Beatriz Fedozzi

          
	 	 	
            Title: Corporate Trust Officer

          

    

    

    
      
        

      A-1

    

    
    SCHEDULE “A”

    

    

    FORM OF WARRANT

    

    

    SUBJECT TO THE CORPORATION’S ACCELERATION RIGHT, THE WARRANTS EVIDENCED HEREBY ARE EXERCISABLE AT OR BEFORE 4:00 P.M. (TORONTO TIME) ON AUGUST 27, 2019
        AFTER WHICH TIME THE WARRANTS EVIDENCED HEREBY SHALL BE DEEMED TO BE VOID AND OF NO FURTHER FORCE OR EFFECT.

    

    

    For all Warrants sold outside the United States and registered in the
          name of the Depository, the also include the following legend:

    

    

    (INSERT IF BEING ISSUED TO CDS)UNLESS THIS CERTIFICATE IS
        PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF CDS CLEARING AND DEPOSITORY SERVICES INC. (“CDS”) TO VIEMED HEALTHCARE, INC. (THE “ISSUER”) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IN RESPECT THEREOF
        IS REGISTERED IN THE NAME OF CDS & CO., OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS (AND ANY PAYMENT IS MADE TO CDS & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS), ANY
        TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED HOLDER HEREOF, CDS & CO., HAS A PROPERTY INTEREST IN THE SECURITIES REPRESENTED BY THIS CERTIFICATE HEREIN AND IT IS A VIOLATION OF
        ITS RIGHTS FOR ANOTHER PERSON TO HOLD, TRANSFER OR DEAL WITH THIS CERTIFICATE.

    

    

    For Warrants sold in the United States, also include the following
          legends:

    

    

    THIS WARRANT AND THE SECURITIES DELIVERABLE UPON EXERCISE HEREOF  HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933,
        AS AMENDED (THE “U.S. SECURITIES ACT”), OR ANY STATE SECURITIES LAWS, AND MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO VIEMED HEALTHCARE, INC. (THE “CORPORATION”) (B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF
        REGULATION S UNDER THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH LOCAL LAWS AND REGULATIONS, (C) WITHIN THE UNITED STATES IN ACCORDANCE WITH (1) RULE 144A UNDER THE U.S. SECURITIES ACT, OR (2) RULE 144 UNDER THE U.S. SECURITIES ACT AND, IN EACH
        CASE, IN COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS, OR (D) IN ANOTHER TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS, PROVIDED THAT IN THE CASE OF TRANSFERS PURSUANT TO
        (C)(2) OR (D) ABOVE, A LEGAL OPINION SATISFACTORY TO THE CORPORATION MUST FIRST BE PROVIDED TO COMPUTERSHARE TRUST COMPANY OF CANADA TO THE EFFECT THAT SUCH TRANSFER IS EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT AND APPLICABLE STATE
        SECURITIES LAWS.  DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE “GOOD DELIVERY” IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA.

    

    

    
      
        

      A-2

    

    THE SECURITIES EVIDENCED HEREBY AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER U.S. SECURITIES ACT OR U.S. STATE
        SECURITIES LAWS.  THESE WARRANTS MAY NOT BE EXERCISED IN THE UNITED STATES OR BY OR ON BEHALF OF, OR FOR THE ACCOUNT OR BENEFIT OF, A U.S. PERSON UNLESS THIS SECURITY AND THE COMMON SHARES ISSUABLE UPON EXERCISE OF THIS SECURITY HAVE BEEN
        REGISTERED UNDER THE U.S. SECURITIES ACT AND THE APPLICABLE STATE SECURITIES LEGISLATION OR AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS IS AVAILABLE. “UNITED STATES” AND “U.S. PERSON” ARE AS DEFINED BY REGULATION S UNDER THE U.S. SECURITIES
        ACT.

    

    

    
      
        

      A-3

    

    WARRANT

    

    

    To acquire Common Shares of

    

    

    VIEMED HEALTHCARE, INC.

    

    

    (incorporated pursuant to the laws of the Province of British Columbia)

     

      

    	
            Warrant

            Certificate No. _____________

          	
            Certificate for____________Warrants, each entitling the holder to acquire one
                (1) Common Share (subject to adjustment as provided for in the Warrant Indenture (as defined below)

          
	 	 
	 	
            CUSIP 92663R121

          
	 	 
	 	
            ISIN CA 92663R1212

          

    

    

    THIS IS TO CERTIFY THAT, for value received,

     

      

     
      	
               

            	 

    

    

    

    (the “Warrantholder”) is the registered holder of the number of
        common share purchase warrants (the “Warrants”) of Viemed Healthcare, Inc. (the

        “Corporation”) specified above, and is entitled, on exercise of these Warrants upon and subject to the terms and conditions set forth herein and in the Warrant
        Indenture, to purchase at any time before 4:00 p.m. (Toronto time) (the “Expiry Time”) on August 27, 2019 (the “Expiry Date”), subject to the Acceleration Right (as defined below), one fully paid and non-assessable common share without par value in the capital of the Corporation as constituted on the date
        hereof (a “Common Share”) for each Warrant subject to adjustment in accordance with the terms of the Warrant Indenture (as defined below).  Any capitalized
        terms used and not otherwise defined in this Warrant Certificate have the meaning ascribed thereto in the Warrant Indenture.

    

    

    “Acceleration Right” means the right of the Corporation to
        accelerate the Expiry Date to a date that is not the less than twenty (20) days following the issuance of the Acceleration Notice if, at any time before the Expiry Date, the volume weighted average trading price of the Common Shares exceeds $5.50
        for a period of twenty (20) consecutive Trading Days.

    

    

    
      
        

      A-4

    

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

    

    

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

    

    

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

    

    

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

    

    

    Subject to adjustment thereof in the events and in the manner set forth in the Warrant Indenture hereinafter referred to, the exercise price payable for
        each Common Share upon the exercise of Warrants shall be $2.60 per Common Share (the “Exercise Price”).

    

    

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

    

    

    This Warrant Certificate evidences Warrants of the Corporation issued or issuable under the provisions of an amended and restated warrant indenture (which
        indenture together with all other instruments supplemental or ancillary thereto is herein referred to as the “Warrant Indenture”) dated as of January 9, 2018,
        between the Corporation and Computershare Trust Company of Canada, as Warrant Agent, to which Warrant Indenture reference is hereby made for particulars of the rights of the holders of Warrants, the Corporation and the Warrant Agent in respect
        thereof and the terms and conditions on which the Warrants are issued and held, all to the same effect as if the provisions of the Warrant Indenture were herein set forth, to all of which the holder, by acceptance hereof, assents.  The Corporation
        will furnish to the holder, on request and without charge, a copy of the Warrant Indenture.

    

    

    
      
        

      A-5

    

    On presentation at the principal office of the Warrant Agent as set out above, subject to the provisions of the Warrant Indenture and on compliance with
        the reasonable requirements of the Warrant Agent, one or more Warrant Certificates may be exchanged for one or more Warrant Certificates entitling the holder thereof to purchase in the aggregate an equal number of Common Shares as are purchasable
        under the Warrant Certificate(s) so exchanged.

    

    

    Neither the Warrants nor the Common Shares issuable upon exercise hereof have been or will be registered under the United States Securities Act of 1933, as
        amended (the “U.S. Securities Act”), or U.S. state securities laws.  These Warrants may not be exercised in the United States or by or on behalf of, or for the
        account or benefit of, a U.S. Person or a person in the United States unless this security and the Common Shares issuable upon exercise of this security have been registered under the U.S. Securities Act and the applicable state securities
        legislation or an exemption from such registration requirements is available.

    

    

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

    

    

    The Warrant Indenture also contains provisions making binding on all holders of Warrants outstanding thereunder resolutions passed at meetings of holders
        of Warrants held in accordance with the provisions of the Warrant Indenture and instruments in writing signed by Warrantholders of Warrants entitled to purchase a specific majority of the Common Shares that can be purchased pursuant to such
        Warrants.

    

    

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

    

    

    Warrants may only be transferred in compliance with the conditions of the Warrant Indenture on the register to be kept by the Warrant Agent in Calgary and in Toronto, or such other registrar as the Corporation, with the
        approval of the Warrant Agent, may appoint at such other place or places, if any, as may be designated, upon surrender of this Warrant Certificate to the Warrant Agent or other registrar accompanied by a written instrument of transfer in form and
        execution satisfactory to the Warrant Agent or other registrar and upon compliance with the conditions prescribed in the Warrant Indenture and with such reasonable requirements as the Warrant Agent or other registrar may prescribe and upon the
        transfer being duly noted thereon by the Warrant Agent or other registrar. Time is of the essence hereof.

    

    

    
      
        

      A-6

    

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

    

    

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

    

    

    IN WITNESS WHEREOF the Corporation has caused this Warrant
        Certificate to be duly executed as of _______________,  ____________.

     

      

     
      	
               

            	
              VIEMED HEALTHCARE, INC.

            
	
               

            	
               

            	
               

            	
               

            
	
               

            	
              By:

            	
               

            	
               

            
	 	 	
              Authorized Signatory

            	 

      

      

      	
              Countersigned and Registered by:

            
	   
	
              COMPUTERSHARE TRUST COMPANY OF CANADA

            
	 	 	 
	
              By:

            	 	 
	 	
              Authorized Signatory

            	 

    

     

      

    

    
      
        

      A-7

    

    FORM OF TRANSFER

    

    

    
      
        	To:	
                Computershare Trust Company of Canada

              

      

    

    

    

    FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers to 

     

      

     

     
      

     

      

     
    

    (print name and address) the Warrants represented by this Warrant Certificate and hereby irrevocable constitutes and appoints ____________________ as its
        attorney with full power of substitution to transfer the said securities on the appropriate register of the Warrant Agent.

     

      

    In the case of a Warrant Certificate that contains a U.S. restrictive legend, the undersigned hereby represents, warrants and certifies that (one (only) of
        the following must be checked):

    

    

    
      	 	☐	(A)    the transfer is being made only to the Corporation;
	 	 	
               

            
	 	☐	(B)    the transfer is being made outside the United States in accordance
                with Rule 904 of Regulation S under the U.S. Securities Act, and in compliance with any applicable local securities laws and regulations and the holder has provided herewith the Declaration for Removal of Legend attached as Schedule “C” to
                the Warrant Indenture, or 
	 	 	
               

            
	

            	☐	
              
                
                  
                    (C)    the transfer is being made within the United States or to, or for the account or benefit
                        of, U.S. Persons, in accordance with a transaction that does not require registration under the U.S. Securities Act or any applicable state securities laws and the undersigned has furnished to the Corporation and the Warrant Agent
                        an opinion of counsel of recognized standing in form and substance reasonably satisfactory to the Corporation and the Warrant Agent to such effect.

                  

                

              

            

    

    

    

    

    In the case of a Warrant Certificate that does not contain a U.S. restrictive legend, if the proposed transfer is to, or for
        the account or benefit of a U.S. Person or to a person in the United States, the undersigned hereby represents, warrants and certifies that the transfer of the Warrants is being completed pursuant to an exemption from the registration requirements
        of the U.S. Securities Act and any applicable state securities laws, in which case the undersigned has furnished to the Corporation and the Warrant Agent an opinion of counsel of recognized standing in form and substance reasonably satisfactory to
        the Corporation and the Warrant Agent to such effect.

    

    

    
      
        

      A-8

    

    
      	
              ☐

            	
              If transfer is to a U.S. Person, check this box.

            

    

    

    

    DATED this ____ day of_________________, 20____.

    

    

    	
            SPACE FOR GUARANTEES OF SIGNATURES (BELOW)

          	 	
            )

          	
             

          
	 	 	 	 
	 	 	
            )

          	 	 
	 	 	 	 
	 	 	
            )

          	
            Signature of Transferor

          
	 	 	 	 
	 	 	
            )

          	 
	 	 	 	 
	 	 	
            )

          	 	 
	 	 	

          	 
	
            Guarantor’s Signature/Stamp

          	 	
            )

          	
            Name of Transferor

          
	

          	 	

          	
             

          
	 	 	
            )

          	 

    

    

    REASON FOR TRANSFER – For US Residents only (where the individual(s) or corporation receiving the securities is a US resident).  Please
        select only one (see instructions below).

    

    

    
      
        	☐ Gift

              	☐ Estate

              	☐ Private Sale

              	☐ Other (or no change in ownership)

         

        

      

    

    	
            Date of Event (Date of gift, death or sale):

          	
            Value per Warrant on the date of event:

          

     

    

    	
            

          	
            

          	
            ☐ 

          	CAD OR
              

            	
            ☐ 

              

          	USD

    

    

    CERTAIN REQUIREMENTS RELATING TO TRANSFERS – READ CAREFULLY

    

    

    The signature(s) of the transferor(s) must correspond with the name(s) as written upon the face of this certificate(s), in every particular, without
        alteration or enlargement, or any change whatsoever.  All securityholders or a legally authorized representative must sign this form.  The signature(s) on this form must be guaranteed in accordance with the Warrant Agent’s then current guidelines
        and requirements at the time of transfer.  Notarized or witnessed signatures are not acceptable as guaranteed signatures.  As at the time of closing, you may choose one of the following methods (although subject to change in accordance with
        industry practice and standards):

    

    

    
      
        

      A-9

    

    
      
        	

              	•	
                Canada and the USA:  A Medallion Signature Guarantee obtained from a member of an
                    acceptable Medallion Signature Guarantee Program (STAMP, SEMP, NYSE, MSP).  Many commercial banks, savings banks, credit unions, and all broker dealers participate in a Medallion Signature Guarantee Program.  The Guarantor must affix a
                    stamp bearing the actual words “Medallion Guaranteed”, with the correct prefix covering the face value of the certificate.

              

      

    

    

    

    
      
        	

              	•	
                Canada:  A Signature Guarantee obtained from an authorized officer of the Royal
                    Bank of Canada, Scotia Bank or TD Canada Trust.  The Guarantor must affix a stamp bearing the actual words “Signature Guaranteed”, sign and print their full name and alpha numeric signing number.  Signature Guarantees are not accepted
                    from Treasury Branches, Credit Unions or Caisse Populaires unless they are members of a Medallion Signature Guarantee Program. For corporate holders, corporate signing resolutions, including certificate of incumbency, are also required
                    to accompany the transfer, unless there is a “Signature & Authority to Sign Guarantee” Stamp affixed to the transfer (as opposed to a “Signature Guaranteed” Stamp) obtained from an authorized officer of the Royal Bank of Canada,
                    Scotia Bank or TD Canada Trust or a Medallion Signature Guarantee with the correct prefix covering the face value of the certificate.

              

      

    

    

    

    
      
        	

              	•	
                Outside North America:  For holders located outside North America, present the
                    certificates(s) and/or document(s) that require a guarantee to a local financial institution that has a corresponding Canadian or American affiliate which is a member of an acceptable Medallion Signature Guarantee Program.  The
                    corresponding affiliate will arrange for the signature to be over-guaranteed.

              

      

    

    

    

    OR

    

    

    The signature(s) of the transferor(s) must correspond with the name(s) as written upon the face of this certificate(s), in every particular, without
        alteration or enlargement, or any change whatsoever.  The signature(s) on this form must be guaranteed by an authorized officer of Royal Bank of Canada, Scotia Bank or TD Canada Trust whose sample signature(s) are on file with the transfer agent,
        or by a member of an acceptable Medallion Signature Guarantee Program (STAMP, SEMP, NYSE, MSP).  Notarized or witnessed signatures are not acceptable as guaranteed signatures.  The Guarantor must affix a stamp bearing the actual words:  “SIGNATURE
        GUARANTEED”, “MEDALLION GUARANTEED” OR “SIGNATURE & AUTHORITY TO SIGN GUARANTEE”, all in accordance with the transfer agent’s then current guidelines and requirements at the time of transfer.  For corporate holders, corporate signing
        resolutions, including certificate of incumbency, will also be required to accompany the transfer unless there is a “SIGNATURE & AUTHORITY TO SIGN GUARANTEE” Stamp affixed to the Form of Transfer obtained from an authorized officer of the Royal
        Bank of Canada, Scotia Bank or TD Canada Trust or a “MEDALLION GUARANTEED” Stamp affixed to the Form of Transfer, with the correct prefix covering the face value of the certificate.

    

    

    
      
        

      A-10

    

    REASON FOR TRANSFER – FOR US RESIDENTS ONLY

    

    

    Consistent with US IRS regulations, the Warrants Agent is required to request cost basis information from US securityholders.  Please indicate the reason
        for requesting the transfer as well as the date of event relating to the reason.  The event date is not the day in which the transfer is finalized, but rather the date of the event which led to the transfer request (i.e. date of gift, date of death
        of the securityholder, or the date the private sale took place).

    

    

    
      
        

      B-1

    

    
    SCHEDULE “B”

    

    

    EXERCISE FORM

    

    

    
      
        	TO:	
                VIEMED HEALTHCARE, INC.

              

      

    

    

    

    
      
        	AND TO:	
                Computershare Trust Company of Canada

              

      

    

    

    

    The undersigned holder of the Warrants evidenced by this Warrant Certificate hereby exercises the right to acquire ____________ (A)
        Common Shares of Viemed Healthcare, Inc.

     

      

    	 	
            Exercise Price Payable:

          	 
	 	 	
            ((A) multiplied by $2.60, subject to adjustment)

          

    

    

    The undersigned hereby exercises the right of such holder to be issued, and hereby subscribes for, Common Shares that are issuable
        pursuant to the exercise of such Warrants on the terms specified in such Warrant Certificate and in the Warrant Indenture.

    

    

    The undersigned hereby acknowledges that the undersigned is aware that the Common Shares received on exercise may be subject to
        restrictions on resale under applicable securities legislation.

    

    

    Any capitalized term in this Warrant Certificate that is not otherwise defined herein, shall have the meaning
        ascribed thereto in the Warrant Indenture.

    

    

    The undersigned represents, warrants and certifies as follows (one (only) of the following must be checked):

    

    

    
      	☐	 	
              (A)    the undersigned holder at the time of exercise of the Warrants (i) is not in
                  the United States, (ii) is not a U.S. Person , (iii) is not exercising the Warrants for the account or benefit of a U.S. Person or a person in the United States, (iv) did not execute or deliver this exercise form in the United States and
                  (v) delivery of the underlying Common Shares will not be to an address in the United States; OR

            

      

      

      
        
          

        B-2

      

      	
               ☐

            	 	
              (B)    the undersigned holder (a) is the original U.S. purchaser who purchased Units pursuant to the
                  Company’s Unit offering who delivered the Certificate of U.S. Purchaser attached to the subscription agreement in connection with its purchase of Units, (b) is exercising the Warrants for its own account or for the account of a disclosed
                  principal that was named in the subscription agreement pursuant to which it purchased such Units, and (c) is, and such disclosed principal, if any, is an institutional "accredited investor" as defined in Rule 501(a)(1),(2),(3)or (7) of
                  Regulation D under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) at the time of exercise of these Warrants and the
                  representations and warranties of the holder made in the original subscription agreement including the Certificate of U.S. Purchaser remain true and correct as of the date of exercise of these Warrants; OR

            
	

            	

            
	 ☐	 	
              (C)     if the undersigned holder is (i) a holder in the United States, (ii) a U.S. Person, (iii) a
                  person exercising for the account or benefit of a U.S. Person, (iv) executing or delivering this exercise form in the United States or (v) requesting delivery of the underlying Common Shares in the United States, the undersigned holder
                  has delivered to the Corporation and the Corporation’s transfer agent (a) a completed and executed U.S. Purchaser Letter in substantially the form attached to the Warrant Indenture as Schedule “D” or (b) an opinion of counsel (which will
                  not be sufficient unless it is in form and substance reasonably satisfactory to the Corporation) or such other evidence reasonably satisfactory to the Corporation to the effect that with respect to the Common Shares to be delivered upon
                  exercise of the Warrants, the issuance of such securities has been registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration requirements is available.

            

    

    

    

    
       

    

    
       

    

    
       

    

    It is understood that the Corporation and Computershare Trust Company of Canada may require evidence to verify the foregoing
        representations.

    

    

    
      
        	Notes: (1)	
                Certificates will not be registered or delivered to an address in the United States unless Box B or C above is checked.

              

      

    

    

    

    
      
        	(2)	
                If Box C above is checked, holders are encouraged to consult with the Corporation and the Warrant Agent in advance to determine that the legal opinion tendered in
                    connection with the exercise will be satisfactory in form and substance to the Corporation and the Warrant Agent.

              

      

    

    

    

    “United States” and “U.S. Person” are as defined in Rule 902 of Regulation S under the U.S. Securities Act.

    

    

    
      
        

      B-3

    

    The undersigned hereby irrevocably directs that the said Common Shares be issued, registered and delivered as follows:

     

      

    	
            Name(s) in Full and 

            Social Insurance 

            Number(s) 

            (if applicable)

          	 	
            Address(es)

          	 	
            Number of 

            Common Shares

          
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

    

    

    Please print full name in which certificates representing the Common Shares are to be issued.  If any Common Shares are to be issued to
        a person or persons other than the registered holder, the registered holder must pay to the Warrant Agent all eligible  transfer taxes or other government charges, if any, and the Form of Transfer must be duly executed.

    

    

    Once completed and executed, this Exercise Form must be mailed or delivered to Computershare Trust Company of Canada, c/o Manager, Corporate Trust, 600, 530 8th Avenue SW, Calgary, Alberta T2P 3S8.

    

    

    DATED this ____day of _____, 20__.

     

      

    	
             

          	)	 
	 	)	 
	 	
            )

          	 
	
            Witness

          	
            )

            
              )

              
                )

                 

               

          	
            (Signature of Warrantholder, to be the same  

            as appears on the face of this Warrant 

            Certificate)

          
	 	
            )

          	 
	 	

          	
             Name of Registered Warrantholder

          

     

      

    ☐     Please check if the certificates representing the Common Shares are to be delivered at the office where this Warrant
        Certificate is surrendered, failing which such certificates will be mailed to the address set out above.  Certificates will be delivered or mailed as soon as practicable after the surrender of this Warrant Certificate to the Warrant Agent.

    

    

    
      
        

      C-1

    

    
    SCHEDULE “C”

    

    

    FORM OF DECLARATION FOR REMOVAL OF LEGEND

    

    

    
      	
              TO:

            	
              Computershare Trust Company of Canada

            

    

    

    

    Computershare Investor Services Inc.

    

    

    as registrar and transfer agent for the Warrants and Common Shares issuable upon exercise of the Warrants of Viemed Healthcare, Inc.

    

    

    The undersigned (a) acknowledges that the sale of the securities of Viemed Healthcare, Inc. (the “Corporation”) to which this declaration relates is being made in reliance on Rule 904 of Regulation S under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) and (b) certifies that (1) the undersigned is not an affiliate of the Corporation as that term is defined in the U.S. Securities Act, except any officer or director of the
        Corporation who is an affiliate solely by virtue of holding such position, (2) the offer of such securities was not made to a person in the United States and either (A) at the time the buy order was originated, the buyer was outside the United
        States, or the seller and any person acting on its behalf reasonably believed that the buyer was outside the United States, or (B) the transaction was executed in, on or through the facilities of the TSX Venture Exchange or any other designated
        offshore securities market as defined in Regulation S under the U.S. Securities Act and neither the seller nor any person acting on its behalf knows that the transaction has been prearranged with a buyer in the United States, (3) neither the seller
        nor any affiliate of the seller nor any person acting on any of their behalf has engaged or will engage in any directed selling efforts in the United States in connection with the offer and sale of such securities, (4) the sale is bona fide and not
        for the purpose of “washing off” the resale restrictions imposed because the securities are “restricted securities” (as such term is defined in Rule 144(a)(3) under the U.S. Securities Act), (5) the seller does not intend to replace the securities
        sold in reliance on Rule 904 of the U.S. Securities Act with fungible unrestricted securities and (6) the contemplated sale is not a transaction, or part of a series of transactions which, although in technical compliance with Regulation S, is part
        of a plan or scheme to evade the registration provisions of the U.S. Securities Act.  Terms used herein have the meanings given to them by Regulation S.

    

    

    DATED this ____day of _____, 20__.

     

      

    	 	
            (Name of Seller)

          
	 	 
	 	
            By:

          	 
	 	 	
            Name:

          
	 	 	
            Title:

          

    

    

    
      
        

      D-1

    

    
    SCHEDULE “D”

    

    

    FORM OF U.S. PURCHASER CERTIFICATION UPON EXERCISE OF WARRANTS

    

    

    Viemed Healthcare, Inc.

    202 N. Luke Street

    Lafayette, Louisiana

    70506

    

    

    Attention: Chief Executive Officer

    

    

    - and to -

    

    

    Computershare Trust Company of Canada

    

    

    as Warrant Agent

    

    

    Dear Sirs:

    

    

    We are delivering this letter in connection with the purchase of common shares (the “Common Shares”) of Viemed Healthcare, Inc., a corporation incorporated under the laws of the Province of British Columbia (the “Corporation”)

        upon the exercise of warrants of the Corporation (“Warrants”), issued under the amended and restated warrant indenture dated as of January 9, 2018 between the
        Corporation and Computershare Trust Company of Canada.

    

    

    We hereby confirm that:

    

    

    
      
        	

              	(a)	
                we are an institutional “accredited investor” (satisfying one or more of the criteria set forth in Rule 501 (a)(1),(2),(3) or (7) of Regulation D under the United States
                    Securities Act of 1933 (the “U.S. Securities Act”));

              

      

    

    

    

    
      
        	

              	(b)	
                we are purchasing the Common Shares for our own account;

              

      

    

    

    

    
      
        	

              	(c)	
                we have such knowledge and experience in financial and business matters that we are capable of evaluating the merits and risks of purchasing the Common Shares;

              

      

    

    

    

    
      
        	

              	(d)	
                we are not acquiring the Common Shares with a view to distribution thereof or with any present intention of offering or selling any of the Common Shares, except (A) to the
                    Corporation, (B) outside the United States in accordance with Rule 904 under the U.S. Securities Act or (C) inside the United States in accordance with Rule 144 under the U.S. Securities Act, if applicable, and in compliance with
                    applicable state securities laws;

              

      

    

    

    

    
      
        

      D-2

    

    
      
        	

              	(e)	
                we acknowledge that we have had access to such financial and other information as we deem necessary in connection with our decision to exercise the Warrants and purchase
                    the Common Shares; and

              

      

    

    

    

    
      
        	

              	(f)	
                we acknowledge that we are not purchasing the Common Shares as a result of any general solicitation or general advertising, including advertisements, articles, notices or
                    other communications published in any newspaper, magazine or similar media or broadcast over radio, television, or any seminar or meeting whose attendees have been invited by general solicitation or general advertising.

              

      

    

    

    

    We understand that the Common Shares are being offered in a transaction not involving any public offering within the United States
        within the meaning of the U.S. Securities Act and that the Common Shares have not been and will not be registered under the U.S. Securities Act.  We further understand that any Common Shares acquired by us will be in the form of definitive physical
        certificates and that such certificates will bear a legend reflecting the fact that we will not offer, sell or otherwise transfer any of the Common Shares, directly or indirectly, unless (i) the sale is to the Corporation; (ii) the sale is made
        outside the United States in compliance with the requirements of Rule 904 of Regulation S under the U.S. Securities Act; or (iii) the sale is made in the United States (A) pursuant to an exemption from registration under the U.S. Securities Act
        provided by Rule 144 thereunder, if available, and in compliance with any applicable state securities laws or (B) pursuant to a transaction that does not require registration under the U.S. Securities Act or applicable state securities laws, and in
        the case of each of (A) and (B), the seller has furnished to the Corporation an opinion to such effect from counsel of recognized standing reasonably satisfactory to the Corporation prior to such offer, sale or transfer.

    

    

    We acknowledge that you will rely upon our confirmations, acknowledgements and agreements set forth herein, and we agree to notify you
        promptly in writing if any of our representations or warranties herein ceases to be accurate or complete.

    

    

    DATED this ____day of _____, 20__.

     

      

    	 	 
	 	
            (Name of U.S. Purchaser)

          
	 	 
	 	
            By:

          	 
	 	 	
            Name:

          
	 	 	
            Title:Exhibit 4.2

      

       

      

      VIEMED HEALTHCARE, INC.

       

      

      as the Corporation

       

      and

       

      COMPUTERSHARE TRUST COMPANY OF CANADA

      
        

        

        as the Warrant Agent

      
         

        
          
 

         

        

        AMENDED AND RESTATED WARRANT INDENTURE

      

      
        (amending and restating a warrant indenture dated as of May 4, 2015)

         Providing for the Issue of Warrants

         
          Dated effective January 9, 2018

           

            

          
            
 

        

      

       

      
        
          

      

      	 	
              TABLE OF CONTENTS

            	 
	 	 	 
	 	

            	
              Page No.

            
	 	 	 
	 	
              ARTICLE 1

              INTERPRETATION

            	 
	 	 	 
	
              Section 1.1

            	
              Definitions.

            	
              3

            
	
              Section 1.2

            	
              Gender and Number.

            	
              7

            
	
              Section 1.3

            	
              Headings, Etc.

            	
              8

            
	
              Section 1.4

            	
              Day not a Business Day.

            	
              8

            
	
              Section 1.5

            	
              Time of the Essence.

            	
              8

            
	
              Section 1.6

            	
              Monetary References.

            	
              8

            
	
              Section 1.7

            	
              Applicable Law.

            	
              8

            
	 	 	 
	 	
              ARTICLE 2

              ISSUE OF WARRANTS

            	 
	 	 	 
	
              Section 2.1

            	
              Creation and Issue of Warrants.

            	
              8

            
	
              Section 2.2

            	
              Terms of Warrants.

            	
              9

            
	
              Section 2.3

            	
              Warrantholder not a Shareholder.

            	
              9

            
	
              Section 2.4

            	
              Warrants to Rank Pari Passu.

            	
              9

            
	
              Section 2.5

            	
              Form of Warrants, Certificated Warrants.

            	
              9

            
	
              Section 2.6

            	
              Book Entry Only Warrants.

            	
              10

            
	
              Section 2.7

            	
              Warrant Certificate.

            	
              12

            
	
              Section 2.8

            	
              Legends.

            	
              14

            
	
              Section 2.9

            	
              Register of Warrants

            	
              16

            
	
              Section 2.10

            	
              Issue in Substitution for Warrant Certificates Lost, etc.

            	
              18

            
	
              Section 2.11

            	
              Exchange of Warrant Certificates.

            	
              18

            
	
              Section 2.12

            	
              Transfer and Ownership of Warrants.

            	
              19

            
	
              Section 2.13

            	
              Cancellation of Surrendered Warrants.

            	
              20

            
	 	 	 
	 	
              ARTICLE 3

              EXERCISE OF WARRANTS

            	 
	 	 	 
	
              Section 3.1

            	
              Right of Exercise.

            	
              20

            
	
              Section 3.2

            	
              Warrant Exercise.

            	
              20

            
	
              Section 3.3

            	
              Prohibition on Exercise by U.S. Persons; Legended Certificates

            	
              24

            
	
              Section 3.4

            	
              Transfer Fees and Taxes.

            	
              25

            
	
              Section 3.5

            	
              Warrant Agency.

            	
              26

            
	
              Section 3.6

            	
              Effect of Exercise of Warrant Certificates.

            	
              26

            
	
              Section 3.7

            	
              Partial Exercise of Warrants; Fractions.

            	
              27

            
	
              Section 3.8

            	
              Expiration of Warrants.

            	
              27

            
	
              Section 3.9

            	
              Accounting and Recording.

            	
              27

            
	
              Section 3.10

            	
              Securities Restrictions.

            	
              28

            

       

      

      
        
          

      

      
      	 	
              TABLE OF CONTENTS

                  (continued)

            	 
	 	 	 
	 	 	
              Page No.

            
	 	 	 
	 	
              ARTICLE 4

              ADJUSTMENT OF NUMBER OF COMMON SHARES AND EXERCISE PRICE

            	 
	 	 	 
	
              Section 4.1

            	
              Adjustment of Number of Common Shares and Exercise Price.

            	
              28

            
	
              Section 4.2

            	
              Entitlement to Common Shares on Exercise of Warrant.

            	
              33

            
	
              Section 4.3

            	
              No Adjustment for Certain Transactions.

            	
              34

            
	
              Section 4.4

            	
              Determination by Independent Firm.

            	
              34

            
	
              Section 4.5

            	
              Proceedings Prior to any Action Requiring Adjustment.

            	
              34

            
	
              Section 4.6

            	
              Certificate of Adjustment.

            	
              34

            
	
              Section 4.7

            	
              Notice of Special Matters.

            	
              35

            
	
              Section 4.8

            	
              No Action after Notice.

            	
              35

            
	
              Section 4.9

            	
              Other Action.

            	
              35

            
	
              Section 4.10

            	
              Protection of Warrant Agent.

            	
              35

            
	
              Section 4.11

            	
              Participation by Warrantholder.

            	
              36

            
	 	 	 
	 	
              ARTICLE 5

              RIGHTS OF THE CORPORATION AND COVENANTS

            	 
	 	 	 
	
              Section 5.1

            	
              Optional Purchases by the Corporation.

            	
              36

            
	
              Section 5.2

            	
              General Covenants.

            	
              37

            
	
              Section 5.3

            	
              Warrant Agent’s Remuneration and Expenses.

            	
              38

            
	
              Section 5.4

            	
              Performance of Covenants by Warrant Agent.

            	
              38

            
	
              Section 5.5

            	
              Enforceability of Warrants.

            	
              38

            
	 	 	 
	 	
              ARTICLE 6

              ENFORCEMENT

            	 
	 	 	 
	
              Section 6.1

            	
              Suits by Registered Warrantholders.

            	
              39

            
	
              Section 6.2

            	
              Suits by the Corporation.

            	
              39

            
	
              Section 6.3

            	
              Immunity of Shareholders, etc.

            	
              39

            
	
              Section 6.4

            	
              Waiver of Default.

            	
              39

            
	 	 	 
	 	
              ARTICLE 7

              MEETINGS OF REGISTERED WARRANTHOLDERS

            	 
	 	 	 
	
              Section 7.1

            	
              Right to Convene Meetings.

            	
              40

            
	
              Section 7.2

            	
              Notice.

            	
              40

            
	
              Section 7.3

            	
              Chairman.

            	
              40

            
	
              Section 7.4

            	
              Quorum.

            	
              41

            
	
              Section 7.5

            	
              Power to Adjourn.

            	
              41

            
	
              Section 7.6

            	
              Show of Hands.

            	
              41

            

       

      

      
        - ii -

        
          

      

      	 	
              TABLE OF CONTENTS

                  (continued)

            	 
	 	 	 
	 	 	
              Page No.

            
	 	 	 
	
              Section 7.7

            	
              Poll and Voting.

            	
              42

            
	
              Section 7.8

            	
              Regulations.

            	
              42

            
	
              Section 7.9

            	
              Corporation and Warrant Agent May be Represented.

            	
              42

            
	
              Section 7.10

            	
              Powers Exercisable by Extraordinary Resolution.

            	
              43

            
	
              Section 7.11

            	
              Meaning of Extraordinary Resolution.

            	
              44

            
	
              Section 7.12

            	
              Powers Cumulative.

            	
              45

            
	
              Section 7.13

            	
              Minutes.

            	
              45

            
	
              Section 7.14

            	
              Instruments in Writing.

            	
              45

            
	
              Section 7.15

            	
              Binding Effect of Resolutions.

            	
              46

            
	
              Section 7.16

            	
              Holdings by Corporation Disregarded.

            	
              46

            
	 	 	 
	 	
              ARTICLE 8

              SUPPLEMENTAL INDENTURES

            	 
	 	 	 
	
              Section 8.1

            	
              Provision for Supplemental Indentures for Certain Purposes.

            	
              46

            
	
              Section 8.2

            	
              Successor Entities.

            	
              47

            
	 	 	 
	 	
              ARTICLE 9

              CONCERNING THE WARRANT AGENT

            	 
	 	 	 
	
              Section 9.1

            	
              Warrant Indenture Legislation.

            	
              48

            
	
              Section 9.2

            	
              Rights and Duties of Warrant Agent.

            	
              48

            
	
              Section 9.3

            	
              Evidence, Experts and Advisers.

            	
              49

            
	
              Section 9.4

            	
              Documents, Monies, etc. Held by Warrant Agent.

            	
              50

            
	
              Section 9.5

            	
              Actions by Warrant Agent to Protect Interest.

            	
              51

            
	
              Section 9.6

            	
              Warrant Agent Not Required to Give Security.

            	
              51

            
	
              Section 9.7

            	
              Protection of Warrant Agent.

            	
              51

            
	
              Section 9.8

            	
              Replacement of Warrant Agent; Successor by Merger.

            	
              52

            
	
              Section 9.9

            	
              Conflict of Interest.

            	
              53

            
	
              Section 9.10

            	
              Acceptance of Agency

            	
              54

            
	
              Section 9.11

            	
              Warrant Agent Not to be Appointed Receiver.

            	
              54

            
	
              Section 9.12

            	
              Warrant Agent Not Required to Give Notice of Default.

            	
              54

            
	
              Section 9.13

            	
              Anti-Money Laundering.

            	
              54

            
	
              Section 9.14

            	
              Compliance with Privacy Code.

            	
              55

            
	
              Section 9.15

            	
              Securities Exchange Commission Certification.

            	
              56

            
	 	 	 
	 	
              ARTICLE 10

               GENERAL

            	 
	 	 	 
	
              Section 10.1

            	
              Notice to the Corporation and the Warrant Agent.

            	
              56

            
	
              Section 10.2

            	
              Notice to Registered Warrantholders.

            	
              57

            
	
              Section 10.3

            	
              Ownership of Warrants.

            	
              58

            

       

      

      
        - iii -

        
          

      

      	 	
              TABLE OF CONTENTS

                  (continued)

            	 
	 	 	 
	 	 	
              Page No.

            
	 	 	 
	
              Section 10.4

            	
              Counterparts.

            	
              58

            
	
              Section 10.5

            	
              Satisfaction and Discharge of Indenture.

            	
              59

            
	
              Section 10.6

            	
              Provisions of Indenture and Warrants for the Sole Benefit of Parties and Registered Warrantholders.

            	
              59

            
	
              Section 10.7

            	
              Common Shares or Warrants Owned by the Corporation or its Subsidiaries - Certificate to be Provided.

            	
              59

            
	
              Section 10.8

            	
              Severability

            	
              60

            
	
              Section 10.9

            	
              Force Majeure

            	
              60

            
	
              Section 10.10

            	
              Assignment, Successors and Assigns

            	
              60

            
	
              Section 10.11

            	
              Rights of Rescission and Withdrawal for Holders

            	
              61

            

      

      

      	
              SCHEDULES

            
	 
	
              SCHEDULE “A”

            	
              FORM OF WARRANT

            
	
              SCHEDULE “B”

            	
              EXERCISE FORM

            
	
              SCHEDULE “C”

            	
              FORM OF DECLARATION FOR REMOVAL OF LEGEND

            
	
              SCHEDULE “D”

            	
              FORM OF U.S. PURCHASER CERTIFICATION UPON EXERCISE OF WARRANTS

            

       

      
        - iv -

        
          

      

      THIS AMENDED AND RESTATED WARRANT INDENTURE
          is made effective as of the 9th day of January, 2018.

       

      BETWEEN:

       

      VIEMED HEALTHCARE, INC., a corporation
          existing under the laws of the Province of British Columbia (the “Corporation”),

       

      - and -

       

       

      COMPUTERSHARE TRUST COMPANY OF CANADA, a
          trust company existing under the laws of Canada and authorized to carry on business in all provinces of Canada (the “Warrant Agent”)

       

      WHEREAS Patient Home Monitoring Corp. (“PHM”) and the Warrant Agent entered into a warrant indenture dated as of May 4, 2015 (the “PHM Indenture”) authorizing the issuance of up to 22,425,000 warrants to purchase common shares of PHM (the “PHM Warrants”) pursuant thereto;

       

      AND WHEREAS PHM entered into an Arrangement
          Agreement dated January 11, 2017 (the "Arrangement Agreement"), as amended October 31, 2017, with the Corporation, its wholly-owned subsidiary, pursuant to
          which, effective December 21, 2017, PHM completed a plan of arrangement under the Business Corporations Act (British Columbia) (the "Arrangement"), as a result of which, among other things, (a) the special rights and restrictions attached to the common shares in the capital of PHM (the “PHM Shares”) were amended and the identifying name of the PHM Shares was changed to “Class A Common Shares”, (b) a new class of shares of PHM was created with
          the identifying name of “Common Shares” (the “New PHM Shares”), (c) each PHM Share outstanding at the effective time of the Arrangement was exchanged for one
          New PHM Share and one tenth (1/10) of one Common Share in the capital of Corporation, and (d) the authorized capital of PHM was amended by eliminating the PHM Shares;

       

      AND WHEREAS subsection 4.1(d) of the PHM
          Indenture provides, among other things, that if there is a reclassification of the PHM Shares or a capital reorganization of PHM or a consolidation, amalgamation, arrangement or merger of PHM with or into any other body corporate, trust,
          partnership or other entity, any Registered Warrantholder (as defined in the PHM Indenture) who has not exercised its right of acquisition prior to the effective date of such reclassification, capital reorganization, consolidation, amalgamation,
          arrangement or merger, sale or conveyance, upon the exercise of such right thereafter, shall be entitled to receive upon the payment of the Exercise Price (as defined in the PHM Indenture) and shall accept, in lieu of the number of PHM Shares
          that prior to such effective date the Registered Warrantholder (as defined in the PHM Indenture) would have been entitled to receive, the number of shares or other securities or property of PHM or of the body corporate, trust, partnership or
          other entity resulting from such merger, amalgamation or consolidation, that such Registered Warrantholder (as defined in the PHM Indenture) would have been entitled to receive on such reclassification, capital reorganization, consolidation,
          amalgamation, arrangement or merger if, on the effective date thereof, the Registered Warrantholder (as defined in the PHM Indenture) had been the registered holder of the number of PHM Shares to which prior to such effective date it was entitled
          to acquire upon the exercise of the PHM Warrants;

       

      
        
          

        - 2 -

      

      
      AND WHEREAS in connection with the
          Arrangement and in order to carry out the provisions of subsection 4.1(d) of the PHM Indenture, the parties have agreed that each PHM Warrant will be deemed to be cancelled and replaced by (a) one warrant of PHM (a “New PHM Warrant”), each of which entitles the holder to purchase one New PHM Share at an
          exercise price equal to the exercise price of the PHM Warrant multiplied by the New PHM Exercise Price Ratio (as defined in the Arrangement Agreement), and (b) one tenth (1/10) of a warrant of the Corporation (a “Warrant”), with each whole Warrant entitling the holder to purchase one Common Share at an exercise price equal to the exercise price of the PHM Warrant multiplied by the Newco Exercise
          Price Ratio (as defined in the Arrangement Agreement);

       

      AND WHEREAS in order to reflect the above,
          the parties have agreed to amend and restate the PHM Indenture in accordance with the provisions this Amended and Restated Warrant Indenture and the terms of an Amended and Restated Warrant Indenture between PHM and the Warrant Agent entered into
          concurrently herewith;

       

      AND WHEREAS all acts and deeds necessary have
          been done and performed to make the Warrants, when created and issued as provided in this Indenture, legal, valid and binding upon the Corporation with the benefits and subject to the terms of this Indenture;

       

      AND WHEREAS the foregoing recitals are made
          as representations and statements of fact by the Corporation and not by the Warrant Agent (as defined herein);

       

      NOW THEREFORE, in consideration of the
          premises and mutual covenants hereinafter contained and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Corporation hereby appoints the Warrant Agent as warrant agent to hold the rights,
          interests and benefits contained herein for and on behalf of those persons who from time to time become the holders of Warrants issued pursuant to this Indenture and the parties hereto agree as follows:

       

      
        
          

        - 3 -

      

      ARTICLE 1 

      

      INTERPRETATION

       

      
        	
                Section 1.1

              	
                Definitions.

              

      

       

      In this Indenture, including the recitals and schedules hereto, and in all indentures supplemental hereto:

       

      “Acceleration Notice“ means the notice of acceleration to
          holders of Warrants upon the Corporation’s exercise of the Acceleration Right, which notice of acceleration shall be in the form of a press release issued by the Corporation announcing the acceleration of the Expiry Date;

       

      “Acceleration Right” means the right of the Corporation to
          accelerate the Expiry Date to a date that is not the less than twenty (20) days following the issuance of the Acceleration Notice if, at any time before the Expiry Date, the volume weighted average trading price of the Common Shares exceeds
          $22.00 for a period of twenty (20) consecutive Trading Days;

       

      “Adjustment Period” means the period from the Effective Date up
          to and including the Expiry Time;

       

      “Applicable Legislation” means any statute of Canada or a
          province thereof, and the regulations under any such named or other statute, relating to warrant indentures or to the rights, duties and obligations of warrant agents under warrant indentures, to the extent that such provisions are at the time in
          force and applicable to this Indenture;

       

      “Auditors” means MNP LLP or such other firm of chartered
          accountants duly appointed as auditors of the Corporation, from time to time;

       

      “Authenticated” means (a) with respect to the issuance of a
          Warrant Certificate, one which has been duly signed by the Corporation and authenticated by signature of an authorized officer of the Warrant Agent, (b) with respect to the issuance of an Uncertificated Warrant, one in respect of which the
          Warrant Agent has completed all Internal Procedures such that the particulars of such Uncertificated Warrant as required by Section 2.7 are entered in the register of holders of Warrants, “Authenticate”, “Authenticating” and “Authentication” have the appropriate correlative meanings;

       

      “Book Entry Only Participants” means institutions that
          participate directly or indirectly in the Depository’s book entry registration system for the Warrants;

       

      “Book Entry Only Warrants” means Warrants that are to be held
          only by or on behalf of the Depository;

       

      
        
          

        - 4 -

      

      “Business Day” means any day other than Saturday, Sunday or a
          statutory or civic holiday, or any other day on which banks are not open for business in the City of Toronto, Province of Ontario and the City of Calgary, Province of Alberta and shall be a day on which the TSX Venture Exchange is open for
          trading;

       

      “CDS Global Warrants” means Warrants representing all or a
          portion of the aggregate number of Warrants issued in the name of the Depository represented by an Uncertificated Warrant, or if requested by the Depository or the Corporation, by a Warrant Certificate

       

      “Certificated Warrant” means a Warrant evidenced by a writing or
          writings substantially in the form of Schedule “A”, attached hereto;

       

      “Common Shares” means, subject to Article 4, fully paid and
          non-assessable common shares of the Corporation as presently constituted;

       

      “Confirmation” has the meaning set forth in Section 3.2(4);

       

      “Counsel” means a barrister and/or solicitor or a firm of
          barristers and/or solicitors retained by the Warrant Agent or retained by the Corporation, which may or may not be counsel for the Corporation;

       

      “Current Market Price” of the Common Shares at any date means
          the weighted average of the trading price per Common Share for such Common Shares for each day there was a closing price for the twenty (20) consecutive Trading Days ending five (5) days prior to such date on the TSX Venture Exchange or if on
          such date the Common Shares are not listed on the TSX Venture Exchange, on such stock exchange upon which such Common Shares are listed and as selected by the directors, or, if such Common Shares are not listed on any stock exchange then on such
          over-the-counter market as may be selected for such purpose by the directors of the Corporation;

       

      “Depository” means CDS Clearing and Depository Services Inc. or
          such other person as is designated in writing by the Corporation to act as depository in respect of the Warrants;

       

      “Dividends” means any dividends paid by the Corporation;

       

      “Effective Date” means the date of this Indenture;

       

      “Exchange Rate” means the number of Common Shares subject to the
          right of purchase under each Warrant;

       

      
        
          

        - 5 -

      

      “Exercise Date” means, in relation to a Warrant, the Business
          Day on which such Warrant is validly exercised or deemed to be validly exercised in accordance with Article 3 hereof;

       

      “Exercise Notice” has the meaning set forth in Section 3.2(1);

       

      “Exercise Price” at any time means the price at which a whole
          Common Share may be purchased by the exercise of a whole Warrant, which is initially $10.40 per Common Share, payable in immediately available Canadian funds, subject to adjustment in accordance with the provisions of Section 4.1;

       

      “Expiry Date” means the earlier of (i) May 4, 2018; and (ii)
          twenty (20) days following the date of the issuance of an Acceleration Notice;

       

      “Expiry Time” means 4:00 p.m. (Toronto time) on the Expiry Date;

       

      “Extraordinary Resolution” has the meaning set forth in 7.11(1);

       

      “Internal Procedures” means in respect of the making of any one
          or more entries to, changes in or deletions of any one or more entries in the register at any time (including without limitation, original issuance or registration of transfer of ownership) the minimum number of the Warrant Agent’s internal
          procedures customary at such time for the entry, change or deletion made to be complete under the operating procedures followed at the time by the Warrant Agent, it being understood that neither preparation and issuance shall constitute part of
          such procedures for any purpose of this definition;

       

      “Issue Date” means the date of issuance of the Warrants;

       

      “person” means an individual, body corporate, partnership,
          trust, warrant agent, executor, administrator, legal representative or any unincorporated organization;

       

      “register” means the one set of records and accounts maintained
          by the Warrant Agent pursuant to Section 2.9:

       

      “Registered Warrantholders” means the persons who are registered
          owners of Warrants as such names appear on the register, and for greater certainty, shall include the Depository as well as the holders of Uncertificated Warrants appearing on the register of the Warrant Agent;

       

      “Regulation D” means Regulation D as promulgated by the United
          States Securities and Exchange Commission under the U.S. Securities Act;

       

      “Regulation S” means Regulation S as promulgated by the United
          States Securities and Exchange Commission under the U.S. Securities Act;

       

      
        
          

        - 6 -

      

      “Shareholders” means holders of Common Shares;

       

      “Successor entity” has the meaning set forth in Section 8.2;

       

      “Tax Act” means the Income Tax Act (Canada) and the regulations thereunder;

       

      “this Warrant Indenture”, “this Indenture”, “this Agreement”, “hereto” “herein”, “hereby”, “hereof” and similar expressions mean and refer to this Amended and Restated Warrant Indenture and any indenture, deed or instrument supplemental hereto; and the
          expressions “Article”, “Section”, “subsection” and “paragraph” followed by a number, letter or both mean and refer to the specified
          article, section, subsection or paragraph of this Amended and Restated Warrant Indenture;

       

      “Trading Day” means, with respect to the TSX Venture Exchange, a
          day on which such exchange is open for the transaction of business and with respect to another exchange or an over-the-counter market means a day on which such exchange or market is open for the transaction of business;

       

      “transaction instruction” means a written order signed by the
          holder or the Depository, entitled to request that one or more actions be taken, or such other form as may be reasonably acceptable to the Warrant Agent, requesting one or more such actions to be taken in respect of an Uncertificated Warrant;

       

      “Uncertificated Warrant” means any Warrant which is not a
          Certificated Warrant;

       

      “United States” means the United States of America, its
          territories and possessions, any state of the United States, and the District of Columbia;

       

      “Units” means units of PHM, each consisting of one (1) PHM Share
          and one-half (1⁄2) of one PHM Warrant, which were issued by PHM pursuant to a private placement on May 4, 2015;

       

      “U.S. Exchange Act” means the United States Securities Exchange Act of 1934, as amended;

       

      “U.S. Person” has the meaning set forth in Rule 902(k) of
          Regulation S;

       

      “U.S. Purchaser Letter” means the U.S. Purchaser letter in
          substantially the form attached hereto as Schedule “D”;

       

      “U.S. Securities Act” means the United States Securities Act of 1933, as amended;

       

      “U.S. Warrantholder” means any Warrantholder that is a U.S.
          Person, acquired Warrants in the United States or for the account or benefit of any U.S. Person or Person in the United States;

       

      
        
          

        - 7 -

      

      “Warrants” means the Common Share purchase warrants created by
          and authorized by and issuable under this Indenture, to be issued and countersigned hereunder as a Certificated Warrant and/or Uncertificated Warrant held through the book entry registration system on a no certificate issued basis, entitling the
          holder or holders thereof to purchase up to 2,242,500 Common Shares (subject to adjustment as herein provided) at the Exercise Price prior to the Expiry Time and, where the context so requires, also means the warrants issued and Authenticated
          hereunder, whether by way of Warrant Certificate or Uncertificated Warrant;

       

      “Warrant Agency” means the principal office of the Warrant Agent
          in the City of Calgary or such other place as may be designated in accordance with Section 3.5;

       

      “Warrant Agent” means Computershare Trust Company of Canada, in
          its capacity as warrant agent of the Warrants, or its successors from time to time;

       

      “Warrant Certificate” means a certificate, substantially in the
          form set forth in Schedule “A” hereto, to evidence those Warrants that will be evidenced by a certificate;

       

      “Warrantholders”, or “holders” without reference to Warrants, means the warrantholders as and in respect of Warrants registered in the name of the Depository and includes owners of Warrants who beneficially hold
          securities entitlements in respect of the Warrants through a Book Entry Only Participant or means, at a particular time, the persons entered in the register hereinafter mentioned as holders of Warrants outstanding at such time;

       

      “Warrantholders’ Request” means an instrument signed in one or
          more counterparts by Registered Warrantholders entitled to acquire in the aggregate not less than 25% of the aggregate number of Common Shares which could be acquired pursuant to all Warrants then unexercised and outstanding, requesting the
          Warrant Agent to take some action or proceeding specified therein; and

       

      “written order of the Corporation”, “written request of the Corporation”, “written consent of the “Corporation” and “certificate of the Corporation” mean, respectively, a written order, request, consent and certificate signed in the name of the Corporation by any duly
          authorized signatory of the Corporation and may consist of one or more instruments so executed.

       

      
        	
                Section 1.2

              	
                Gender and Number.

              

      

       

      Words importing the singular number or masculine gender shall include the plural number or the feminine or neuter genders, and vice
          versa.

       

      
        
          

        - 8 -

      

      
        	
                Section 1.3

              	
                Headings, Etc.

              

      

       

      The division of this Indenture into Articles and Sections, the provision of a Table of Contents and the insertion of headings are for
          convenience of reference only and shall not affect the construction or interpretation of this Indenture or of the Warrants.

       

      
        	
                Section 1.4

              	
                Day not a Business Day.

              

      

       

      If any day on or before which any action or notice is required to be taken or given hereunder is not a Business Day, then such action
          or notice shall be required to be taken or given on or before the requisite time on the next succeeding day that is a Business Day.

       

      
        	
                Section 1.5

              	
                Time of the Essence.

              

      

       

      Time shall be of the essence of this Indenture.

       

      
        	
                Section 1.6

              	
                Monetary References.

              

      

       

      Whenever any amounts of money are referred to herein, such amounts shall be deemed to be in lawful money of Canada unless otherwise
          expressed.

       

      
        	
                Section 1.7

              	
                Applicable Law.

              

      

       

      This Indenture, the Warrants, the Warrant Certificates (including all documents relating thereto, which by common accord have been and
          will be drafted in English) shall be construed in accordance with the laws of the Province of Ontario and the federal laws applicable therein and shall be treated in all respects as Ontario contracts. Each of the parties hereto, which shall
          include the Warrantholders, irrevocably attorns to the exclusive jurisdiction of the courts of the Province of Ontario with respect to all matters arising out of this Indenture and the transactions contemplated herein.

       

      ARTICLE 2 

      

      ISSUE OF WARRANTS

       

      
        	
                Section 2.1

              	
                Creation and Issue of Warrants.

              

      

       

      A maximum of 2,242,500 Warrants (subject to adjustment as herein provided) are hereby created and authorized to be issued in
          accordance with the terms and conditions hereof. By written order of the Corporation, the Warrant Agent shall deliver Warrant Certificates to Registered Warrantholders and record the name of the Registered Warrantholders on the Warrant register.
          Registration of interests in Warrants held by the Depository may be evidenced by a position appearing on the register for Warrants of the Warrant Agent for an amount representing the aggregate number of such Warrants outstanding from time to
          time.

       

      
        
          

        - 9 -

      

      
        	
                Section 2.2

              	
                Terms of Warrants.

              

      

       

      
        
          	

                	(1)	
                  Subject to the applicable conditions for exercise set out in Article 3 having been satisfied and subject to adjustment in accordance with Section 4.1, each Warrant shall
                      entitle each Warrantholder thereof, upon exercise at any time after the Issue Date and prior to the Expiry Time, to acquire one (1) Common Share upon payment of the Exercise Price.

                

        

      

       

      
        
          	

                	(2)	
                  No fractional Warrants shall be issued or otherwise provided for hereunder and Warrants may only be exercised in a sufficient number to acquire whole numbers of Common
                      Shares.

                

        

      

       

      
        
          	

                	(3)	
                  Each Warrant shall entitle the holder thereof to such other rights and privileges as are set forth in this Indenture.

                

        

      

       

      
        
          	

                	(4)	
                  The number of Common Shares which may be purchased pursuant to the Warrants and the Exercise Price therefor shall be adjusted upon the events and in the manner specified
                      in Section 4.1.

                

        

      

       

      
        
          	

                	(5)	
                  If the volume weighted average trading price of the Common Shares exceeds $22.00 for a period of twenty (20) consecutive Trading Days, the Corporation shall be entitled,
                      at the option of the Corporation, to exercise the Acceleration Right by issuing an Acceleration Notice.

                

        

      

       

      
        	
                Section 2.3

              	
                Warrantholder not a Shareholder.

              

      

       

      Except as may be specifically provided herein, nothing in this Indenture or in the holding of a Warrant Certificate, entitlement to a
          Warrant or otherwise, shall, in itself, confer or be construed as conferring upon a Warrantholder any right or interest whatsoever as a Shareholder, including, but not limited to, the right to vote at, to receive notice of, or to attend, meetings
          of Shareholders or any other proceedings of the Corporation, or the right to Dividends and other allocations.

       

      
        	
                Section 2.4

              	
                Warrants to Rank Pari Passu.

              

      

       

      All Warrants shall rank equally and without preference over each other, whatever may be the actual date of issue thereof.

       

      
        	
                Section 2.5

              	
                Form of Warrants, Certificated Warrants.

              

      

       

      
        
          	

                	(1)	
                  The Warrants may be issued in both certificated and uncertificated form. Each Warrant originally issued to a U.S. Warrantholder will be evidenced in certificated form
                      only and bear the applicable legends as set forth in Schedule “A” hereto. All Warrants issued in certificated form shall be evidenced by a Warrant Certificate (including all replacements issued in accordance with this Indenture),
                      substantially in the form set out in Schedule “A” hereto, which shall be dated as of the Issue Date, shall bear such distinguishing letters and numbers as the Corporation may, with the approval of the Warrant Agent, prescribe, and
                      shall be issuable in any denomination excluding fractions. All Warrants issued to the Depository may be in either a certificated or uncertificated form, such uncertificated form being evidenced by a book position on the register of
                      Warrantholders to be maintained by the Warrant Agent in accordance with Section 2.6.

                

        

      

       

      
        
          

        - 10 -

      

      
        	
                Section 2.6

              	
                Book Entry Only Warrants.

              

      

       

      
        
          	(1)	
                  Reregistration of beneficial interests in and transfers of Warrants held by the Depository shall be made only through the book entry registration system and no Warrant
                      Certificates shall be issued in respect of such Warrants except where physical certificates evidencing ownership in such securities are required or as set out herein or as may be requested by the Depository, as determined by the
                      Corporation, from time to time. Except as provided in this Section 2.6, owners of beneficial interests in any CDS Global
                      Warrants shall not be entitled to have Warrants registered in their names and shall not receive or be entitled to receive Warrants in definitive form or to have their names appear in the register referred to in Section 2.9 herein.
                      Notwithstanding any terms set out herein, Warrants having any legend set forth in Section 2.8 herein and held in the name of the Depository may only be held in the form of Uncertificated Warrants with the prior consent of the Warrant
                      Agent and in accordance with the internal procedures of the Warrant Agent.

                

        

      

       

      
        
          	(2)	
                  Notwithstanding any other provision in this Indenture, no CDS Global Warrants may be exchanged in whole or in part for Warrants registered, and no transfer of any CDS
                      Global Warrants in whole or in part may be registered, in the name of any person other than the Depository for such CDS Global Warrants or a nominee thereof unless:

                

        

      

       

      
        
          	

                	(a)	
                  the Depository notifies the Corporation that it is unwilling or unable to continue to act as depository in connection with the Book Entry Only Warrants and the
                      Corporation is unable to locate a qualified successor;

                

        

      

       

      
        
          	

                	(b)	
                  the Corporation determines that the Depository is no longer willing, able or qualified to discharge properly its responsibilities as holder of the CDS Global Warrants and
                      the Corporation is unable to locate a qualified successor;

                

        

      

       

      
        
          

        - 11 -

      

      
        
          	

                	(c)	
                  the Depository ceases to be a clearing agency or otherwise ceases to be eligible to be a depository and the Corporation is unable to locate a qualified successor;

                

        

      

       

      
        
          	

                	(d)	
                  the Corporation determines that the Warrants shall no longer be held as Book Entry Only Warrants through the Depository;

                

        

      

       

      
        
          	

                	(e)	
                  such right is required by Applicable Law, as determined by the Corporation and the Corporation’s Counsel;

                

        

      

       

      
        
          	

                	(f)	
                  the Warrant is to be Authenticated to or for the account or benefit of a person in the United States or a U.S. Person; or

                

        

      

       

      
        
          	

                	(g)	
                  such registration is effected in accordance with the internal procedures of the Depository and the Warrant Agent,

                

        

      

       

      following which, Warrants for those holders requesting the same shall be registered and issued to the beneficial owners of such
          Warrants or their nominees as directed by the holder. The Corporation shall provide an Officer’s Certificate giving notice to the Warrant Agent of the occurrence of any event outlined in this Section 2.6 (2)(a) – (g).

       

      
        
          	(3)	
                  Subject to the provisions of this Section 2.6, any exchange of CDS Global Warrants for Warrants
                      which are not CDS Global Warrants may be made in whole or in part in accordance with the provisions of Section 2.11, mutatis mutandis.  All such Warrants issued in
                      exchange for a CDS Global Warrant or any portion thereof shall be registered in such names as the Depository for such CDS Global Warrants shall direct and shall be entitled to the same benefits and subject to the same terms and
                      conditions (except insofar as they relate specifically to CDS Global Warrants) as the CDS Global Warrants or portion thereof surrendered upon such exchange.

                

        

      

       

      
        
          	(4)	
                  Every Warrant that is Authenticated upon registration or transfer of a CDS Global Warrant, or in exchange for or in lieu of a CDS Global Warrant or any portion thereof,
                      whether pursuant to this Section 2.6, or otherwise, shall be Authenticated in the form of, and shall be, a CDS Global Warrant, unless such Warrant is registered in
                      the name of a person other than the Depository for such CDS Global Warrant or a nominee thereof.

                

        

      

       

      
        
          	(5)	
                  Notwithstanding anything to the contrary in this Indenture, subject to Applicable Law, the CDS
                      Global Warrant will be issued as an Uncertificated Warrant, unless otherwise requested in writing by the Depository or the Corporation.

                

        

      

       

      
        
          

        - 12 -

      

      
        
          	(6)	
                  The rights of beneficial owners of Warrants who hold securities entitlements in respect of the Warrants through the book entry registration system shall be limited to
                      those established by applicable law and agreements between the Depository and the Book Entry Only Participants and between such Book Entry Only Participants and the beneficial owners of Warrants who hold securities entitlements in
                      respect of the Warrants through the book entry registration system, and such rights must be exercised through a Book Entry Only Participant in accordance with the rules and procedures of the Depository.

                

        

      

       

      
        
          	(7)	
                  Notwithstanding anything herein to the contrary, neither the Corporation nor the Warrant Agent nor any agent thereof shall have any responsibility or liability for:

                

        

      

       

      
        
          	

                	(a)	
                  the electronic records maintained by the Depository relating to any ownership interests or any other interests in the Warrants or the depository system maintained by the
                      Depository, or payments made on account of any ownership interest or any other interest of any person in any Warrant represented by an electronic position in the book entry registration system (other than the Depository or its
                      nominee);

                

        

      

       

      
        
          	

                	(b)	
                   maintaining, supervising or reviewing any records of the Depository or any Book Entry Only Participant relating to any such interest; or

                

        

      

       

      
        
          	

                	(c)	
                  any advice or representation made or given by the Depository or those contained herein that relate to the rules and regulations of the Depository or any action to be
                      taken by the Depository on its own direction or at the direction of any Book Entry Only Participant.

                

        

      

       

      
        
          	(8)	
                  The Corporation may terminate the application of this Section 2.6 in its sole discretion in which case all Warrants shall be evidenced by Warrant Certificates registered
                      in the name of a Person other than the Depository.

                

        

      

       

      
        	
                Section 2.7

              	
                Warrant Certificate.

              

      

       

      
        
          	

                	(1)	
                  For Warrants issued in certificated form, the form of certificate representing Warrants shall be substantially as set out in Schedule “A” hereto or such other form as is
                      authorized from time to time by the Warrant Agent. Each Warrant Certificate shall be Authenticated on behalf of the Warrant Agent. Each Warrant Certificate shall be signed by any duly authorized signatory of the Corporation; whose
                      signature shall appear on the Warrant Certificate and may be printed, lithographed or otherwise mechanically reproduced thereon and, in such event, certificates so signed are as valid and binding upon the Corporation as if it had been
                      signed manually. Any Warrant Certificate which has a signature as hereinbefore provided shall be valid notwithstanding that the person whose signature is printed, lithographed or mechanically reproduced no longer holds office at the
                      date of issuance of such certificate. The Warrant Certificates may be engraved, printed or lithographed, or partly in one form and partly in another, as the Warrant Agent may determine.

                

        

      

       

      
        
          

        - 13 -

      

      
        
          	

                	(2)	
                  The Warrant Agent shall Authenticate Uncertificated Warrants (whether upon original issuance, exchange, registration of transfer, partial payment, or otherwise) by
                      completing its Internal Procedures and the Corporation shall, and hereby acknowledges that it shall, thereupon be deemed to have duly and validly issued such Uncertificated Warrants under this Indenture.  Such Authentication shall be
                      conclusive evidence that such Uncertificated Warrant has been duly issued hereunder and that the holder or holders are entitled to the benefits of this Indenture.  The register shall be final and conclusive evidence as to all matters
                      relating to Uncertificated Warrants with respect to which this Indenture requires the Warrant Agent to maintain records or accounts.  In case of differences between the register at any time and any other time the register at the later
                      time shall be controlling, absent manifest error and such Uncertificated Warrants are binding on the Corporation.

                

        

      

       

      
        
          	

                	(3)	
                  Any Warrant Certificate validly issued in accordance with the terms of this Indenture in effect at the time of issue of such Warrant Certificate shall, subject to the
                      terms of this Indenture and applicable law, validly entitle the holder to acquire Common Shares, notwithstanding that the form of such Warrant Certificate may not be in the form currently required by this Indenture.

                

        

      

       

      
        
          	

                	(4)	
                  No Warrant shall be considered issued and shall be valid or obligatory or shall entitle the holder thereof to the benefits of this Indenture, until it has been
                      Authenticated by the Warrant Agent. Authentication by the Warrant Agent, including by way of entry on the register,  shall not be construed as a representation or warranty by the Warrant Agent as to the validity of this Indenture or
                      of such Warrant Certificates or Uncertificated Warrants (except the due Authentication thereof) or as to the performance by the Corporation of its obligations under this Indenture and the Warrant Agent shall in no respect be liable or
                      answerable for the use made of the Warrants or any of them or of the consideration thereof. Authentication by the Warrant Agent shall be conclusive evidence as against the Corporation that the Warrants so Authenticated have been duly
                      issued hereunder and that the holder thereof is entitled to the benefits of this Indenture.

                

        

      

       

      
        
          

        - 14 -

      

      
        
          	(5)	
                  No Certificated Warrant shall be considered issued and Authenticated or, if Authenticated, shall be obligatory or shall entitle the holder thereof to the benefits of this
                      Indenture, until it has been Authenticated by signature by or on behalf of the Warrant Agent substantially in the form of the Warrant set out in Schedule “A” hereto. Such Authentication on any such Certificated Warrant shall be
                      conclusive evidence that such Certificated Warrant is duly Authenticated and is valid and a binding obligation of the Corporation and that the holder is entitled to the benefits of this Indenture.

                

        

      

       

      
        
          	(6)	
                  No Uncertificated Warrant shall be considered issued and shall be obligatory or shall entitle the holder thereof to the benefits of this Indenture, until it has been
                      Authenticated by entry on the register of the particulars of the Uncertificated Warrant. Such entry on the register of the particulars of an Uncertificated Warrant shall be conclusive evidence that such Uncertificated Warrant is a
                      valid and binding obligation of the Corporation and that the holder is entitled to the benefits of this Indenture.

                

        

      

       

      
        	
                Section 2.8

              	
                Legends.

              

      

       

      
        
          	(1)	
                  Neither the Warrants nor the Common Shares issuable upon exercise of the Warrants have been or will be registered under the U.S. Securities Act or under any United States
                      state securities laws.  Each Warrant Certificate originally issued for the benefit or account of a U.S. Warrantholder and each Warrant Certificate issued in exchange therefor or in substitution thereof shall bear or be deemed to bear
                      the following legends or such variations thereof as the Corporation may prescribe from time to time:

                

        

      

       

      “THE WARRANTS AND THE SECURITIES DELIVERABLE UPON THE EXERCISE THEREOF HAVE NOT BEEN AND WILL NOT BE REGISTERED
          UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”), OR ANY STATE SECURITIES LAWS, AND MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO VIEMED HEALTHCARE, INC. (THE “CORPORATION”) (B) OUTSIDE
          THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH LOCAL LAWS AND REGULATIONS, (C) WITHIN THE UNITED STATES IN ACCORDANCE WITH (1) RULE 144A UNDER THE U.S. SECURITIES ACT, OR (2)
          RULE 144 UNDER THE U.S. SECURITIES ACT AND, IN EACH CASE, IN COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS, OR (D) IN ANOTHER TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS,
          PROVIDED THAT IN THE CASE OF TRANSFERS PURSUANT TO (C)(2) OR (D) ABOVE, A LEGAL OPINION SATISFACTORY TO THE CORPORATION MUST FIRST BE PROVIDED TO COMPUTERSHARE TRUST COMPANY OF CANADA TO THE EFFECT THAT SUCH TRANSFER IS EXEMPT FROM REGISTRATION
          UNDER THE U.S. SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS.  DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE “GOOD DELIVERY” IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA.

       

      
        
          

        - 15 -

      

      THE WARRANTS EVIDENCED HEREBY AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE
          U.S. SECURITIES ACT OR U.S. STATE SECURITIES LAWS.  THESE WARRANTS MAY NOT BE EXERCISED IN THE UNITED STATES OR BY OR ON BEHALF OF, OR FOR THE ACCOUNT OR BENEFIT OF, A U.S. PERSON UNLESS THIS SECURITY AND THE COMMON SHARES ISSUABLE UPON EXERCISE
          OF THIS SECURITY HAVE BEEN REGISTERED UNDER THE U.S. SECURITIES ACT AND THE APPLICABLE STATE SECURITIES LEGISLATION OR AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS IS AVAILABLE. “UNITED STATES” AND “U.S. PERSON” ARE AS DEFINED BY REGULATION S
          UNDER THE U.S. SECURITIES ACT.”;

       

      provided that, if the Warrants are being sold outside the United States in accordance with Rule 904 of Regulation S under the U.S.
          Securities Act, this legend may be removed by the transferor providing a declaration to the Warrant Agent in the form set forth in Schedule “C” or as the Warrant Agent or the Corporation may prescribe from time to time, and if required by the
          Warrant Agent, including an opinion of counsel, of recognised standing reasonably satisfactory to the Corporation and the Warrant Agent, that the proposed transfer may be effected without registration under the U.S. Securities Act.

       

      The Warrant Agent shall be entitled to request any other documents that it may require in accordance with its internal policies for
          the removal of the legend set forth above.

       

      
        
          

        - 16 -

      

      
        
          	(2)	
                  Each CDS Global Warrant originally issued in Canada and held by the Depository, and each CDS Global Warrant issued in exchange therefor or in substitution thereof shall
                      bear or be deemed to bear the following legend or such variations thereof as the Corporation may prescribe from time to time:

                

        

      

       

      “UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF CDS CLEARING AND DEPOSITORY SERVICES INC.
          (“CDS”) TO VIEMED HEALTHCARE, INC. (THE “ISSUER”) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IN RESPECT THEREOF IS REGISTERED IN THE NAME OF CDS & Co, OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
          AUTHORIZED REPRESENTATIVE OF CDS (AND ANY PAYMENT IS MADE TO CDS & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
          WRONGFUL SINCE THE REGISTERED HOLDER HEREOF, CDS & CO., HAS A PROPERTY INTEREST IN THE SECURITIES REPRESENTED BY THIS CERTIFICATE HEREIN AND IT IS A VIOLATION OF ITS RIGHTS FOR ANOTHER PERSON TO HOLD, TRANSFER OR DEAL WITH THIS CERTIFICATE.”

       

      
        
          	(3)	
                  Notwithstanding any other provisions of this Indenture, in processing and registering transfers of Warrants, no duty or responsibility whatsoever shall rest upon the
                      Warrant Agent to determine the compliance by any transferor or transferee with the terms of the legend contained in subsections 2.8(1) or 2.8(2), or with the relevant securities laws or regulations, including, without limitation,
                      Regulation S, and the Warrant Agent shall be entitled to assume that all transfers are legal and proper.

                

        

      

       

      
        	
                Section 2.9

              	
                Register of Warrants

              

      

       

      
        
          	(1)	
                  The Warrant Agent shall maintain records and accounts concerning the Warrants, whether certificated or uncertificated, which shall contain the information called for
                      below with respect to each Warrant, together with such other information as may be required by law or as the Warrant Agent may elect to record. All such information shall be kept in one set of accounts and records which the Warrant
                      Agent shall designate (in such manner as shall permit it to be so identified as such by an unaffiliated party) as the register of the holders of Warrants.  The information to be entered for each account in the register of Warrants at
                      any time shall include (without limitation):

                

        

      

       

      
        
          

        - 17 -

      

      
        
          	

                	(a)	
                  the name and address of the holder of the Warrants, the date of Authentication thereof and the
                      number of Warrants;

                

        

      

       

      
        
          	

                	(b)	
                  whether such Warrant is a Certificated Warrant or an Uncertificated Warrant and, if a Warrant Certificate, the unique number or code assigned to and imprinted thereupon
                      and, if an Uncertificated Warrant, the unique number or code assigned thereto if any;

                

        

      

       

      
        
          	

                	(c)	
                  whether such Warrant has been cancelled; and

                

        

      

       

      
        
          	

                	(d)	
                  a register of transfers in which all transfers of Warrants and the date and other particulars of each transfer shall be entered.

                

        

      

       

      The register shall be available for inspection by the Corporation and or any Warrantholder during the Warrant Agent’s regular business
          hours on a Business Day and upon payment to the Warrant Agent of its reasonable fees.  Any Warrantholder exercising such right of inspection shall first provide an affidavit in form satisfactory to the Corporation and the Warrant Agent, acting
          reasonably, stating the name and address of the Warrantholder and agreeing not to use the information therein except in connection with an effort to call a meeting of Warrantholders or to influence the voting of Warrantholders at any meeting of
          Warrantholders.

       

      
        
          	(2)	
                  Once an Uncertificated Warrant has been Authenticated, the information set forth in the register with respect thereto at the time of Authentication may be altered,
                      modified, amended, supplemented or otherwise changed only to reflect exercise or proper instructions to the Warrant Agent from the holder as provided herein, except that the Warrant Agent may act unilaterally to make purely
                      administrative changes internal to the Warrant Agent and changes to correct errors. Each person who becomes a holder of an Uncertificated Warrant, by his, her or its acquisition thereof shall be deemed to have irrevocably (i)
                      consented to the foregoing authority of the Warrant Agent to make such minor error corrections and (ii) agreed to pay to the Warrant Agent, promptly upon written demand, the full amount of all loss and expense (including without
                      limitation reasonable legal fees of the Corporation and the Warrant Agent plus interest, at an appropriate then prevailing rate of interest to the Warrant Agent), sustained by the Corporation or the Warrant Agent as a proximate result
                      of such error if but only if and only to the extent that such present or former holder realized any benefit as a result of such error and could reasonably have prevented, forestalled or minimized such loss and expense by prompt
                      reporting of the error or avoidance of accepting benefits thereof whether or not such error is or should have been timely detected and corrected by the Warrant Agent; provided, that no person who is a bona fide purchaser shall have
                      any such obligation to the Corporation or to the Warrant Agent.

                

        

      

       

      
        
          

        - 18 -

      

      
        	
                Section 2.10

              	
                Issue in Substitution for Warrant Certificates Lost, etc.

              

      

       

      
        
          	(1)	
                  If any Warrant Certificate becomes mutilated or is lost, destroyed or stolen, the Corporation, subject to applicable law, shall issue and thereupon the Warrant Agent
                      shall certify and deliver, a new Warrant Certificate of like tenor, and bearing the same legend, if applicable, as the one mutilated, lost, destroyed or stolen in exchange for and in place of and upon cancellation of such mutilated
                      Warrant Certificate, or in lieu of and in substitution for such lost, destroyed or stolen Warrant Certificate, and the substituted Warrant Certificate shall be in a form approved by the Warrant Agent and the Warrants evidenced thereby
                      shall be entitled to the benefits hereof and shall rank equally in accordance with its terms with all other Warrants issued or to be issued hereunder.

                

        

      

       

      
        
          	(2)	
                  The applicant for the issue of a new Warrant Certificate pursuant to this Section 2.10 shall bear the cost of the issue thereof and in case of loss, destruction or theft
                      shall, as a condition precedent to the issuance thereof, furnish to the Corporation and to the Warrant Agent such evidence of ownership and of the loss, destruction or theft of the Warrant Certificate so lost, destroyed or stolen as
                      shall be satisfactory to the Corporation and to the Warrant Agent, in their sole discretion, acting reasonably, and such applicant shall also be required to furnish an indemnity and surety bond in amount and form satisfactory to the
                      Corporation and the Warrant Agent, in their sole discretion, and shall pay the reasonable charges of the Corporation and the Warrant Agent in connection therewith.

                

        

      

       

      
        	
                Section 2.11

              	
                Exchange of Warrant Certificates.

              

      

       

      
        
          	(1)	
                  Any one or more Warrant Certificates representing any number of Warrants may, upon compliance with the reasonable requirements of the Warrant Agent (including compliance
                      with applicable securities legislation), be exchanged for one or more other Warrant Certificates representing the same aggregate number of Warrants, and bearing the same legend, if applicable, as represented by the Warrant Certificate
                      or Warrant Certificates so exchanged.

                

        

      

       

      
        
          	(2)	
                  Warrant Certificates may be exchanged only at the Warrant Agency or at any other place that is designated by the Corporation with the approval of the Warrant Agent. Any
                      Warrant Certificate from the holder (or such other instructions, in form satisfactory to the Warrant Agent), tendered for exchange shall be surrendered to the Warrant Agency and cancelled by the Warrant Agent.

                

        

      

       

      
        
          

        - 19 -

      

      
        	
                Section 2.12

              	
                Transfer and Ownership of Warrants.

              

      

       

      
        
          	(1)	
                  The Warrants may only be transferred on the register kept by the Warrant Agent at the Warrant Agency by the holder or its legal representatives or its attorney duly
                      appointed by an instrument in writing in form and execution satisfactory to the Warrant Agent only upon (a) in the case of a Warrant Certificate, surrendering to the Warrant Agent at the Warrant Agency the Warrant Certificates
                      representing the Warrants to be transferred together with a duly executed transfer form as set forth in Schedule “A” and  (b) in the case of Book Entry Only Warrants, in accordance with procedures prescribed by the Depository under
                      the book entry registration system, and (c) upon compliance with:

                

        

      

       

      
        
          	

                	(i)	
                  the conditions herein;

                

        

      

       

      
        
          	

                	(ii)	
                  such reasonable requirements as the Warrant Agent may prescribe; and

                

        

      

       

      
        
          	

                	(iii)	
                  all applicable securities legislation and requirements of regulatory authorities;

                

        

      

       

      and such transfer shall be duly noted in such register by the Warrant Agent. Upon compliance with such requirements, the Warrant Agent
          shall issue to the transferee of a Warrant Certificate and to the transferee of an Uncertificated Warrant, an Uncertificated Warrant representing the Warrants transferred, and the transferee will be recorded through the relevant Book Entry Only
          Participant in accordance with the book entry registration system as the entitlement holder of such Warrants, or the Warrant Agent shall Authenticate and deliver a Warrant Certificate upon request that part of the CDS Global Warrant be
          certificated.  Transfers within the systems of the Depository are not the responsibility of the Warrant Agent and will not be noted on the register maintained by the Warrant Agent.

       

      
        
          	(2)	
                  If a Warrant Certificate tendered for transfer bears the legend set forth in Section 2.8(1), the Warrant Agent shall not register such transfer unless the transferor has
                      provided the Warrant Agent with the Warrant Certificate and (A) the transfer is made to the Corporation, (B) a declaration to the effect set forth in Schedule “C” to this Warrant Indenture, or in such other form as the Corporation may
                      from time to time prescribe, is delivered to the Warrant Agent, or (C) the transferor provides an opinion of counsel of recognized standing, reasonably satisfactory to the Corporation and the Warrant Agent that the transfer is in
                      compliance with applicable state laws and the U.S. Securities Act.

                

        

      

       

      
        
          

        - 20 -

      

      
        
          	(3)	
                  Subject to the provisions of this Indenture, Applicable Legislation and applicable law, the Warrantholder shall be entitled to the rights and privileges attaching to the
                      Warrants, and the issue of Common Shares by the Corporation upon the exercise of Warrants in accordance with the terms and conditions herein contained shall discharge all responsibilities of the Corporation and the Warrant Agent with
                      respect to such Warrants and neither the Corporation nor the Warrant Agent shall be bound to inquire into the title of any such holder.

                

        

      

       

      
        	
                Section 2.13

              	
                Cancellation of Surrendered Warrants.

              

      

       

      All Warrant Certificates surrendered pursuant to Section 2.11, Section 2.12 and Article 3 shall be cancelled by the Warrant Agent and
          upon such circumstances all such Uncertificated Warrants shall be deemed cancelled and so noted on the register by the Warrant Agent. Upon request by the Corporation, the Warrant Agent shall furnish to the Corporation a cancellation certificate
          identifying the Warrant Certificates so cancelled, the number of Warrants evidenced thereby, the number of Common Shares, if any, issued pursuant to such Warrants and the details of any Warrant Certificates issued in substitution or exchange for
          such Warrant Certificates cancelled.

       

      ARTICLE 3 

      

      EXERCISE OF WARRANTS

       

      
        	
                Section 3.1

              	
                Right of Exercise.

              

      

       

      Subject to the provisions hereof, each Registered Warrantholder may exercise the right conferred on such holder to subscribe for and
          purchase one (1) Common Share for each Warrant after the Issue Date and prior to the Expiry Time and in accordance with the conditions herein.

       

      
        	
                Section 3.2

              	
                Warrant Exercise.

              

      

       

      
        
          	

                	(1)	
                  Registered Warrantholders of Warrant Certificates who wish to exercise the Warrants held by them in order to acquire Common Shares must complete the exercise form (the “Exercise Notice”) attached to the Warrant Certificate(s) which form is attached hereto as Schedule “B”, which may be amended by the Corporation with
                      the consent of the Warrant Agent, if such amendment does not, in the reasonable opinion of the Corporation and the Warrant Agent, which may be based on the advice of Counsel, materially and adversely affect the rights, entitlements
                      and interests of the Warrantholders, and deliver such certificate(s), the executed Exercise Notice and a certified cheque, bank draft or money order payable to or to the order of the Corporation for the aggregate Exercise Price to the
                      Warrant Agent at the Warrant Agency. The Warrants represented by a Warrant Certificate shall be deemed to be surrendered upon personal delivery of such certificate, Exercise Notice and aggregate Exercise Price or, if such documents
                      are sent by mail or other means of transmission, upon actual receipt thereof by the Warrant Agent at the office referred to above.

                

        

      

       

      
        
          

        - 21 -

      

      
        
          	

                	(2)	
                  In addition to completing the Exercise Form attached to the Warrant Certificate(s), a Warrantholder who is a person in the United States, a U.S. Person, a person
                      exercising for the account or benefit of a U.S. Person, or person requesting delivery of the Common Shares issuable upon exercise of the Warrants in the United States must (a) provide a completed and executed U.S. Purchaser Letter or
                      (b) an opinion of counsel of recognised standing in form and substance reasonably satisfactory to the Corporation and the Warrant Agent that the exercise is exempt from the registration requirements of applicable securities laws of
                      any state of the United States and the U.S. Securities Act; provided however that in the case of a Warrantholder that is the original purchaser
                      of PHM Warrants and who delivered the U.S. Accredited Investor Certificate attached to the subscription agreement of the Corporation in connection with its purchase of Units pursuant to the private placement under which the PHM
                      Warrants were issued, such Warrantholder will not be required to deliver a U.S. Purchaser Letter or an opinion of counsel in connection with the due exercise of the Warrant at a time when the representations, warranties and covenants
                      made by the Warrantholder in the U.S. Accredited Investor Certificate remain true and correct and the Warrantholder  represents to the Corporation as such.

                

        

      

       

      
        
          	

                	(3)	
                  A Registered Warrantholder of Uncertificated Warrants evidenced by a security entitlement in respect of Warrants must complete the Exercise Notice and deliver the
                      executed Exercise Notice and a certified cheque, bank draft or money order payable to or to the order of the Corporation for the aggregate Exercise Price to the Warrant Agent at the Warrant Agency. The Uncertificated Warrants shall be
                      deemed to be surrendered upon receipt of the Exercise Notice and aggregate Exercise Price or, if such documents are sent by mail or other means of transmission, upon actual receipt thereof by the Warrant Agent at the office referred
                      to above.

                

        

      

       

      
        
          

        - 22 -

      

      
        
          	

                	(4)	
                  A beneficial owner of Warrants issued in uncertificated form evidenced by a security entitlement in respect of Warrants in the book entry registration system who desires
                      to exercise his or her Warrants must do so by causing a Book Entry Only Participant to deliver to the Depository on behalf of the entitlement holder, notice of the owner’s intention to exercise Warrants in a manner acceptable to the
                      Depository. Forthwith upon receipt by the Depository of such notice, as well as payment for the aggregate Exercise Price, the Depository shall deliver to the Warrant Agent confirmation of its intention to exercise Warrants (a “Confirmation”) in a manner acceptable to the Warrant Agent, including by electronic means through a book based registration system, including CDSX. 
                      An electronic exercise of the Warrants initiated by the Book Entry Only Participant through a book based registration system, including CDSX, shall constitute a representation to both the Corporation and the Warrant Agent that the
                      beneficial owner at the time of exercise of such Warrants (a) is not in the United States; (b) is not a U.S. Person and is not exercising such Warrants on behalf of a U.S. Person or a person in the United States; and (c) did not
                      execute or deliver the notice of the owner’s intention to exercise such Warrants in the United States. If the CDS Participant is not able to make or deliver the foregoing representation by initiating the electronic exercise of the
                      Warrants, then such Warrants shall be withdrawn from the book based registration system, including CDSX by the CDS Participant and an individually registered Warrant Certificate shall be issued by the Warrant Agent to such Beneficial Owner or CDS
                      Participant and the exercise procedures set forth in Section 3.2(1) shall be followed.

                

        

      

       

      
        
          	

                	(5)	
                  Payment representing the aggregate Exercise Price must be provided to the appropriate office of the Book Entry Only Participant in a manner acceptable to it. A notice in
                      form acceptable to the Book Entry Only Participant and payment from such beneficial holder should be provided to the Book Entry Only Participant sufficiently

                      in advance so as to permit the Book Entry Only Participant to deliver notice and payment to the Depository and for the Depository in turn to deliver notice and payment to the Warrant Agent prior to Expiry Time. The Depository will
                      initiate the exercise by way of the Confirmation and forward the aggregate Exercise Price electronically to the Warrant Agent and the Warrant Agent will execute the exercise by issuing to the Depository through the book entry
                      registration system the Common Shares to which the exercising Warrantholder is entitled pursuant to the exercise.  Any expense associated with the exercise process will be for the account of the entitlement holder exercising the
                      Warrants and/or the Book Entry Only Participant exercising the Warrants on its behalf.

                

        

      

       

      
        
          	

                	(6)	
                  By causing a Book Entry Only Participant to deliver notice to the Depository, a Warrantholder shall be deemed to have irrevocably surrendered his or her Warrants so
                      exercised and appointed such Book Entry Only Participant to act as his or her exclusive settlement agent with respect to the exercise and the receipt of Common Shares in connection with the obligations arising from such exercise.

                

        

      

       

      
        
          

        - 23 -

      

      
        
          	

                	(7)	
                  Any notice which the Depository determines to be incomplete, not in proper form or not duly executed shall for all purposes be void and of no effect and the exercise to
                      which it relates shall be considered for all purposes not to have been exercised thereby. A failure by a Book Entry Only Participant to exercise or to give effect to the settlement thereof in accordance with the Warrantholder’s
                      instructions will not give rise to any obligations or liability on the part of the Corporation or Warrant Agent to the Book Entry Only Participant or the Warrantholder.

                

        

      

       

      
        
          	

                	(8)	
                  Any exercise form or Exercise Notice referred to in this Section 3.2 shall be signed by the Registered Warrantholder, or its executors or administrators or other legal
                      representatives or an attorney of the Registered Warrantholder, duly appointed by an instrument in writing satisfactory to the Warrant Agent but such exercise form need not be executed by the Depository.

                

        

      

       

      
        
          	

                	(9)	
                  Any exercise referred to in this Section 3.2 shall require that the entire Exercise Price for Common Shares subscribed must be paid at the time of subscription and such
                      Exercise Price and original Exercise Notice executed by the Registered Warrantholder or the Confirmation from the Depository must be received by the Warrant Agent prior to the Expiry Time.

                

        

      

       

      
        
          	

                	(10)	
                  Warrants may only be exercised pursuant to this Section 3.2 by or on behalf of a Registered Warrantholder, as applicable, who makes the certifications set forth on the
                      Exercise Notice set out in Schedule “B” or as provided herein.

                

        

      

       

      
        
          	

                	(11)	
                  If the form of Exercise Notice set forth in the Warrant Certificate shall have been amended, the Corporation shall cause the amended Exercise Notice to be forwarded to
                      all Registered Warrantholders.

                

        

      

       

      
        
          	

                	(12)	
                  Exercise Notices and Confirmations must be delivered to the Warrant Agent at any time during the Warrant Agent’s actual business hours on any Business Day prior to the
                      Expiry Time. Any Exercise Notice or Confirmations received by the Warrant Agent after business hours on any Business Day other than the Expiry Date will be deemed to have been received by the Warrant Agent on the next following
                      Business Day.

                

        

      

       

      
        
          	

                	(13)	
                  Any Warrant with respect to which an Exercise Notice or a Confirmation is not received by the Warrant Agent before the Expiry Time shall be deemed to have expired and
                      become void and all rights with respect to such Warrants shall terminate and be cancelled.

                

        

      

       

      
        
          

        - 24 -

      

      
        	
                Section 3.3

              	
                Prohibition on Exercise by U.S. Persons; Legended Certificates

              

      

       

      
        
          	

                	(1)	
                  Subject to Section 3.3(2) below, (i) Warrants may not be exercised within the United States or by or on behalf of any U.S. Person; and (ii) no Common Shares issued upon
                      exercise of Warrants may be delivered to any address in the United States.

                

        

      

       

      
        
          	

                	(2)	
                  Notwithstanding Section 3.3(1), Warrants which bear the legend set forth in Section 2.8(1) may be exercised in the United States or by or on behalf of a U.S. Person, and
                      Common Shares issued upon exercise of any such Warrants may be delivered to an address in the United States, provided that (a) the person exercising the Warrants (i)  is an original U.S. Purchaser who purchased the Warrants directly
                      from the Corporation (ii) is an institutional “accredited investor” that satisfies one or more of the criteria set forth in Rule 501(a)(1), (2), (3) or (7) of Regulation D and (b) delivers a completed and executed U.S. Purchaser
                      Letter or provides in form and substance satisfactory to the Corporation and Warrant Agent a legal opinion which confirms that issuance of Common Shares is in compliance with the applicable state laws and the U.S. Securities Act; provided however that in the case of a Warrantholder that is the original purchaser of the PHM Warrants and who delivered the U.S. Accredited
                      Investor Certificate attached to the subscription agreement of the Corporation in connection with its purchase of Units pursuant to the private placement under which the PHM Warrants were issued, such Warrantholder will not be
                      required to deliver a U.S. Purchaser Letter or an opinion of counsel in connection with the due exercise of the Warrant at a time when the representations, warranties and covenants made by the Warrantholder in the U.S. Accredited
                      Investor Certificate remain true and correct and the Warrantholder represents to the Corporation as such.

                

        

      

       

      
        
          	

                	(3)	
                  Certificates representing Common Shares issued upon the exercise of Warrants which bear the legend set forth in Section 2.8(1) and which are issued and delivered pursuant
                      to Section 3.2(2) shall bear the following legend:

                

        

      

       

      
        
          

        - 25 -

      

      “THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED
          (THE “U.S. SECURITIES ACT”), OR ANY STATE SECURITIES LAWS, AND MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO VIEMED HEALTHCARE, INC. (THE “CORPORATION”) (B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF REGULATION
          S UNDER THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH LOCAL LAWS AND REGULATIONS, (C) WITHIN THE UNITED STATES IN ACCORDANCE WITH (1) RULE 144A UNDER THE U.S. SECURITIES ACT, OR (2) RULE 144 UNDER THE U.S. SECURITIES ACT AND, IN EACH CASE, IN
          COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS, OR (D) IN ANOTHER TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS, PROVIDED THAT IN THE CASE OF TRANSFERS PURSUANT TO (C)(2) OR
          (D) ABOVE, A LEGAL OPINION SATISFACTORY TO THE CORPORATION MUST FIRST BE PROVIDED TO COMPUTERSHARE TRUST COMPANY OF CANADA TO THE EFFECT THAT SUCH TRANSFER IS EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT AND APPLICABLE STATE SECURITIES
          LAWS.  DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE “GOOD DELIVERY” IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA. PROVIDED THAT THE CORPORATION IS A “FOREIGN ISSUER” WITHIN THE MEANING OF REGULATION S UNDER THE U.S. SECURITIES
          ACT A THE TIME OF SALE, A NEW CERTIFICATE BEARING NO LEGEND, MAY BE OBTAINED FROM THE CORPORATION’S TRANSFER AGENT UPON DELIVERY OF THIS CERTIFICATE AND A DULY EXECUTED DECLARATION, IN A FORM SATISFACTORY TO THE CORPORATION’S TRANSFER AGENT AND
          THE CORPORATION TO THE EFFECT THAT THE SALE OF THE SECURITIES REPRESENTED HEREBY IS BEING MADE IN COMPLINACE WITH RULE 904 OF REGULATION S OF THE U.S. SECURITIES ACT. THE CORPORATION’S TRANSFER AGENT MAY REQUIRE AN OPINION OF COUNSEL, OF
          RECOGNIZED STANDING IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO IT, IN CONNECTION WITH ANY OFFER, SALE OR TRANSFER OF THE SECURITIES BY THE HOLDER HEREOF.”

       

      
        	
                Section 3.4

              	
                Transfer Fees and Taxes.

              

      

       

      If any of the Common Shares subscribed for are to be issued to a person or persons other than the Registered Warrantholder, the
          Registered Warrantholder shall execute the form of transfer and will comply with such reasonable requirements as the Warrant Agent may stipulate and will pay to the Corporation or the Warrant Agent on behalf of the Corporation, all applicable
          transfer or similar taxes and the Corporation will not be required to issue or deliver certificates evidencing Common Shares unless or until such Warrantholder shall have paid to the Corporation or the Warrant Agent on behalf of the Corporation,
          the amount of such tax or shall have established to the satisfaction of the Corporation and the Warrant Agent that such tax has been paid or that no tax is due.

       

        

      
        
          

        - 26 -

      

      
        	
                Section 3.5

              	
                Warrant Agency.

              

      

       

      To facilitate the exchange, transfer or exercise of Warrants and compliance with such other terms and conditions hereof as may be
          required, the Corporation has appointed the Warrant Agency, as the agency at which Warrants may be surrendered for exchange or transfer or at which Warrants may be exercised and the Warrant Agent has accepted such appointment. The Corporation may
          from time to time designate alternate or additional places as the Warrant Agency (subject to the Warrant Agent’s prior approval) and will give notice to the Warrant Agent of any proposed change of the Warrant Agency.  Branch registers shall also
          be kept at such other place or places, if any, as the Corporation, with the approval of the Warrant Agent, may designate. The Warrant Agent will from time to time when requested to do so by the Corporation or any Registered Warrantholder, upon
          payment of the Warrant Agent’s reasonable charges, furnish a list of the names and addresses of Registered Warrantholders showing the number of Warrants held by each such Registered Warrantholder.

       

      
        	
                Section 3.6

              	
                Effect of Exercise of Warrant Certificates.

              

      

       

      
        
          	(1)	
                  Upon the exercise of Warrant Certificates pursuant to and in compliance with Section 3.2 and subject to Section 3.3 and Section 3.4, the Common Shares to be issued
                      pursuant to the Warrants exercised shall be deemed to have been issued and the person or persons to whom such Common Shares are to be issued shall be deemed to have become the holder or holders of such Common Shares within five
                      Business Days of the Exercise Date  unless  the  register shall be closed on such date, in which case the Common Shares subscribed for shall be deemed to have been issued and such person or persons deemed to have become the holder or
                      holders of record of such Common Shares, on the date on which such register is  reopened. It is hereby understood that in order for persons to whom Common Shares are to be issued, to become holders of Common Shares on record on the
                      Exercise Date, beneficial holders must commence the exercise process sufficiently in advance so that the Warrant Agent is in receipt of all items of exercise at least one Business Day prior to such Exercise Date.

                

        

      

       

      
        
          	(2)	
                  Within five Business Days after the Exercise Date with respect to a Warrant, the Warrant Agent shall cause to be delivered or mailed to the person or persons in whose
                      name or names the Warrant is registered or, if so specified in writing by the holder, cause to be delivered to such person or persons at the Warrant Agency where the Warrant Certificate was surrendered, a certificate or certificates
                      for the appropriate number of Common Shares subscribed for, or any other appropriate evidence of the issuance of Common Shares to such person or persons in respect of Common Shares issued under the book entry registration system.

                

        

      

       

      
        
          

        - 27 -

      

      
        	
                Section 3.7

              	
                Partial Exercise of Warrants; Fractions.

              

      

       

      
        
          	(1)	
                  The holder of any Warrants may exercise his right to acquire a number of whole Common Shares less than the aggregate number which the holder is entitled to acquire. In
                      the event of any exercise of a number of Warrants less than the number which the holder is entitled to exercise, the holder of Warrants upon such exercise shall, in addition, be entitled to receive, without charge therefor, a new
                      Warrant Certificate(s), bearing the same legend, if applicable, or other appropriate evidence of Warrants, in respect of the balance of the Warrants held by such holder and which were not then exercised.

                

        

      

       

      
        
          	(2)	
                  Notwithstanding anything herein contained including any adjustment provided for in Section 4.1, the Corporation shall not be required, upon the exercise of any Warrants,
                      to issue fractions of Common Shares. Warrants may only be exercised in a sufficient number to acquire whole numbers of Common Shares.

                

        

      

       

      
        	
                Section 3.8

              	
                Expiration of Warrants.

              

      

       

      Immediately after the Expiry Time, all rights under any Warrant in respect of which the right of acquisition provided for herein shall
          not have been exercised shall cease and terminate and each Warrant shall be void and of no further force or effect.

       

      
        	
                Section 3.9

              	
                Accounting and Recording.

              

      

       

      
        
          	(1)	
                  The Warrant Agent shall promptly account to the Corporation with respect to Warrants exercised, and shall promptly forward to the Corporation (or into an account or
                      accounts of the Corporation with the bank or trust company designated by the Corporation for that purpose), all monies received by the Warrant Agent on the subscription of Common Shares through the exercise of Warrants. All such
                      monies and any securities or other instruments, from time to time received by the Warrant Agent, shall be received in trust for, and shall be segregated and kept apart by the Warrant Agent for the benefit of, the Warrantholders and
                      the Corporation as their interests may appear.

                

        

      

       

      
        
          	(2)	
                  The Warrant Agent shall record the particulars of Warrants exercised, which particulars shall include the names and addresses of the persons who become holders of Common
                      Shares on exercise and the Exercise Date, in respect thereof. The Warrant Agent shall provide such particulars in writing to the Corporation within five Business Days of any request by the Corporation therefor.

                

        

      

       

      
        
          

        - 28 -

      

      
        	
                Section 3.10

              	
                Securities Restrictions.

              

      

       

      Notwithstanding anything herein contained, Common Shares will be issued upon exercise of a Warrant only in compliance with the
          securities laws of any applicable jurisdiction.

       

      ARTICLE 4 

      

      ADJUSTMENT OF NUMBER OF COMMON SHARES AND EXERCISE PRICE

       

      
        	
                Section 4.1

              	
                Adjustment of Number of Common Shares and Exercise Price.

              

      

       

      The subscription rights in effect under the Warrants for Common Shares issuable upon the exercise of the Warrants shall be subject to
          adjustment from time to time as follows:

       

      
        
          	

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

                

        

      

       

      
        
          	

                	(i)	
                  subdivide, re-divide or change its outstanding Common Shares into a greater number of Common Shares;

                

        

      

       

      
        
          	

                	(ii)	
                  reduce, combine or consolidate its outstanding Common Shares into a lesser number of Common Shares; or

                

        

      

       

      
        
          	

                	(iii)	
                  issue Common Shares or securities exchangeable for, or convertible into, Common Shares to all or substantially all of the holders of Common Shares by way of stock
                      dividend or other distribution (other than a distribution of Common Shares upon the exercise of Warrants or any outstanding options);

                

        

      

       

      (any of such events in Section 4.1(a) (i), (ii) or (iii) being called a “Common  Share Reorganization”) then the Exercise Price shall be adjusted as of the  effect on the effective date or record date of such subdivision, re-division, change, reduction, combination, consolidation or
          distribution, as the case may be, shall in the case of the events referred to in (i) or (iii) above be decreased in proportion to the number of outstanding Common Shares resulting from such subdivision, re-division, change or distribution, or
          shall, in the case of the events referred to in (ii) above, be increased in proportion to the number of outstanding Common Shares resulting from such reduction, combination or consolidation by multiplying the Exercise Price in effect immediately
          prior to such effective date or record date by a fraction, the numerator of which shall be the number of Common Shares outstanding on such effective date or record date before giving effect to such Common Share Reorganization and the denominator
          of which shall be the number of Common Shares outstanding as of the effective date or record date after giving effect to such Common Shares Reorganization (including, in the case where securities exchangeable for or convertible into Common Shares
          are distributed, the number of Common Share that would have been outstanding  had such securities been exchanged for or converted into Common Shares on such record date or effective date). Such adjustment shall be made successively whenever any
          event referred to in this Section 4.1(a) shall occur. Upon any adjustment of the Exercise Price pursuant to Section 4.1(a), the Exchange Rate shall be contemporaneously adjusted by multiplying the number of Common Shares theretofore obtainable on
          the exercise thereof by a fraction of which the numerator shall be the Exercise Price in effect immediately prior to such adjustment and the denominator shall be the Exercise Price resulting from such adjustment;

       

      
        
          

        - 29 -

      

      
        
          	

                	(b)	
                  if and whenever at any time during the Adjustment Period, the Corporation shall fix a record date for the issuance of rights, options or warrants to all or substantially
                      all the holders of its outstanding Common Shares entitling them, for a period expiring not more than forty-five (45) days after such record date, to subscribe for or purchase Common Shares (or securities convertible or exchangeable
                      into Common Shares) at a price per Common Share (or having a conversion or exchange price per Common Share) less than 95% of the Current Market Price on such record date (a “Rights Offering”), the Exercise Price shall be adjusted immediately after such record date so that it shall equal the amount determined by multiplying the Exercise Price in effect on such record
                      date by a fraction, of which the numerator shall be the total number of Common Shares outstanding on such record date plus a number of Common Shares equal to the number arrived at by dividing the aggregate price of the total number of
                      additional Common Shares offered for subscription or purchase (or the aggregate conversion or exchange price of the convertible or exchangeable securities so offered) by the Current Market Price, and of which the denominator shall be
                      the total number of Common Shares outstanding on such record date plus the total number of additional Common Shares offered for subscription or purchase or into which the convertible or exchangeable securities so offered are
                      convertible or exchangeable; any Common Shares owned by or held for the account of the Corporation shall be deemed not to be outstanding for the purpose of any such computation; such adjustment shall be made successively whenever such
                      a record date is fixed; to the extent that no such rights or warrants are exercised prior to the expiration thereof, the Exercise Price shall be readjusted to the Exercise Price which would then be in effect if such record date had
                      not been fixed or, if any such rights or warrants are exercised, to the Exercise Price which would then be in effect based upon the number of Common Shares (or securities convertible or exchangeable into Common Shares) actually issued
                      upon the exercise of such rights or warrants, as the case may be. Upon any adjustment of the Exercise Price pursuant to this Section 4.1(b), the Exchange Rate will be adjusted immediately after such record date so that it will equal
                      the rate determined by multiplying the Exchange Rate in effect on such record date by a fraction, of which the numerator shall be the Exercise Price in effect immediately prior to such adjustment and the denominator shall be the
                      Exercise Price resulting from such adjustment. Such adjustment will be made successively whenever such a record date is fixed, provided that if two or more such record dates or record dates referred to in this Section 4.1(b) are fixed
                      within a period of twenty-five (25) Trading Days, such adjustment will be made successively as if each of such record dates occurred on the earliest of such record dates;

                

        

      

       

      
        
          

        - 30 -

      

      
        
          	

                	(c)	
                  if and whenever at any time during the Adjustment Period the Corporation shall fix a record date for the making of a distribution to all or substantially all the holders
                      of its outstanding Common Shares of (i) securities of any class, whether of the Corporation or any other trust (other than Common Shares), (ii) rights, options or warrants to subscribe for or purchase Common Shares (or other
                      securities convertible into or exchangeable for Common Shares), other than pursuant to a Rights Offering; (iii) evidences of its indebtedness or (iv) any property or other assets then, in each such case, the Exercise Price shall be
                      adjusted immediately after such record date so that it shall equal the price determined by multiplying the Exercise Price in effect on such record date by a fraction, of which the numerator shall be the total number of Common Shares
                      outstanding on such record date multiplied by the Current Market Price on such record date, less the excess, if any, of the fair market value on such record date, as determined by the Corporation (whose determination shall be
                      conclusive), of such securities or other assets so issued or distributed over the fair market value of any consideration received therefor by the Corporation from the holders of the Common Shares, and of which the denominator shall be
                      the total number of Common Shares outstanding on such record date multiplied by the Current Market Price; and Common Shares owned by or held for the account of the Corporation shall be deemed not to be outstanding for the purpose of
                      any such computation; such adjustment shall be made successively whenever such a record date is fixed; to the extent that such distribution is not so made, the Exercise Price shall be readjusted to the Exercise Price which would then
                      be in effect if such record date had not been fixed. Upon any adjustment of the Exercise Price pursuant to this Section 4.1(c), the Exchange Rate will be adjusted immediately after such record date so that it will equal the rate
                      determined by multiplying the Exchange Rate in effect on such record date by a fraction, of which the numerator shall be the Exercise Price in effect immediately prior to such adjustment and the denominator shall be the Exercise Price
                      resulting from such adjustment;

                

        

      

       

      
        
          

        - 31 -

      

      
        
          	

                	(d)	
                  if and whenever at any time during the Adjustment Period, there is a reclassification of the Common Shares or a capital reorganization of the Corporation other than as
                      described in Section 4.1(a) or a consolidation, amalgamation, arrangement or merger of the Corporation with or into any other body corporate, trust, partnership or other entity, or a sale or conveyance of the property and assets of
                      the Corporation as an entirety or substantially as an entirety to any other body corporate, trust, partnership or other entity, any Registered Warrantholder who has not exercised its right of acquisition prior to the effective date of
                      such reclassification, capital reorganization, consolidation, amalgamation, arrangement or merger, sale or conveyance, upon the exercise of such right thereafter, shall be entitled to receive upon payment of the Exercise Price and
                      shall accept, in lieu of the number of Common Shares that prior to such effective date the Registered Warrantholder would have been entitled to receive, the number of shares or other securities or property of the Corporation or of the
                      body corporate, trust, partnership or other entity resulting from such merger, amalgamation or consolidation, or to which such sale or conveyance may be made, as the case may be, that such Registered Warrantholder would have been
                      entitled to receive on such reclassification, capital reorganization, consolidation, amalgamation, arrangement or merger, sale or conveyance, if, on the effective date thereof, as the case may be, the Registered Warrantholder had been
                      the registered holder of the number of Common Shares to which prior to such effective date it was entitled to acquire upon the exercise of the Warrants. If determined appropriate by the Warrant Agent, relying on advice of Counsel, to
                      give effect to or to evidence the provisions of this Section 4.1(d), the Corporation, its successor, or such purchasing body corporate, partnership, trust or other entity, as the case may be, shall, prior to or contemporaneously with
                      any such reclassification, capital reorganization, consolidation, amalgamation, arrangement, merger, sale or conveyance, enter into an indenture which shall provide, to the extent possible, for the application of the provisions set
                      forth in this Indenture with respect to the rights and interests thereafter of the Registered Warrantholders to the end that the provisions set forth in this Indenture shall thereafter correspondingly be made applicable, as nearly as
                      may reasonably be, with respect to any shares, other securities or property to which a Registered Warrantholder is entitled on the exercise of its acquisition rights thereafter. Any indenture entered into between the Corporation and
                      the Warrant Agent pursuant to the provisions of this Section 4.1(d) shall be a supplemental indenture entered into pursuant to the provisions of Article 8 hereof. Any indenture entered into between the Corporation, any successor to
                      the Corporation or such purchasing body corporate, partnership, trust or other entity and the Warrant Agent shall provide for adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided in this
                      Section 4.1 and which shall apply to successive reclassifications, capital reorganizations, amalgamations, consolidations, mergers, sales or conveyances;

                

        

      

       

      
        
          

        - 32 -

      

      
        
          	

                	(e)	
                  in any case in which this Section 4.1 shall require that an adjustment shall become effective immediately after a record date for an event referred to herein, the
                      Corporation may defer, until the occurrence of such event, issuing to the Registered Warrantholder of any Warrant exercised after the record date and prior to completion of such event the additional Common Shares issuable  by reason
                      of the adjustment required by such event before giving effect to such adjustment; provided, however, that the Corporation shall deliver to such Registered Warrantholder an appropriate instrument evidencing such Registered
                      Warrantholder’s right to receive such additional Common Shares upon the occurrence of the event requiring such adjustment and the right to receive any distributions made on such additional Common Shares declared in favour of holders
                      of record of Common Shares on and after the relevant date of exercise or such later date as such Registered Warrantholder would, but for the provisions of this Section 4.1(e), have become the holder of record of such additional Common
                      Shares pursuant to Section 4.1;

                

        

      

       

      
        
          	

                	(f)	
                  in any case in which Section 4.1(a)(iii), Section 4.1(b) or Section 4.1(c) require that an adjustment be made to the Exercise Price, no such adjustment shall be made if
                      the Registered Warrantholders of the outstanding Warrants receive, subject to any required stock exchange or regulatory approval, the rights or warrants referred to in Section 4.1(a)(iii), Section 4.1(b) or the shares, rights,
                      options, warrants, evidences of indebtedness or assets referred to in Section 4.1(c), as the case may be, in such kind and number as they would have received if they had been holders of Common Shares on the applicable record date or
                      effective date, as the case may be, by virtue of their outstanding Warrants having then been exercised into Common Shares at the Exercise Price in effect on the applicable record date or effective date, as the case may be;

                

        

      

       

      
        
          

        - 33 -

      

      
        
          	

                	(g)	
                  the adjustments provided for in this Section 4.1 are cumulative, and shall, in the case of adjustments to the Exercise Price be computed to the nearest whole cent and
                      shall apply to successive subdivisions, re-divisions, reductions, combinations, consolidations, distributions, issues or other events resulting in any adjustment under the provisions of this Section 4.1, provided that, notwithstanding
                      any other provision of this Section, no adjustment of the Exercise Price shall be required unless such adjustment would require an increase or decrease of at least 1% in the Exercise Price then in effect or the number of Common Shares
                      purchasable upon the exercise of such Warrant would change by at least one one-hundreth  of a Common Share; provided, however, that any adjustments which by reason of this Section 4.1(g) are not required to be made shall be carried
                      forward and taken into account in any subsequent adjustment; and

                

        

      

       

      
        
          	

                	(h)	
                  after any adjustment pursuant to this Section 4.1, the term “Common Shares” where
                      used in this Indenture shall be interpreted to mean securities of any class or classes which, as a result of such adjustment and all prior adjustments pursuant to this Section 4.1, the Registered Warrantholder is entitled to receive
                      upon the exercise of his Warrant, and the number of Common Shares indicated by any exercise made pursuant to a Warrant shall be interpreted to mean the number of Common Shares or other property or securities a Registered Warrantholder
                      is entitled to receive, as a result of such adjustment and all prior adjustments pursuant to this Section 4.1, upon the full exercise of a Warrant.

                

        

      

       

      
        	
                Section 4.2

              	
                Entitlement to Common Shares on Exercise of Warrant.

              

      

       

      All Common Shares or shares of any class or other securities, which a Registered Warrantholder is at the time in question entitled to
          receive on the exercise of its Warrant, whether or not as a result of adjustments made pursuant to this Article 4, shall, for the purposes of the interpretation of this Indenture, be deemed to be Common Shares which such Registered Warrantholder
          is entitled to acquire pursuant to such Warrant.

       

      
        
          

        - 34 -

      

      
        	
                Section 4.3

              	
                No Adjustment for Certain Transactions.

              

      

       

      Notwithstanding anything in this Article 4, no adjustment shall be made in the acquisition rights attached to the Warrants if the
          issue of Common Shares is being made pursuant to this Indenture or in connection with (a) any share incentive plan or restricted share plan or share purchase plan in force from time to time for directors, officers, employees, consultants or other
          service providers of the Corporation; or (b) the satisfaction of existing instruments issued at the date hereof.

       

      
        	
                Section 4.4

              	
                Determination by Independent Firm.

              

      

       

      In the event of any question arising with respect to the adjustments provided for in this Article 4 such question shall be
          conclusively determined by an independent firm of chartered accountants other than the Auditors, who shall have access to all necessary records of the Corporation, and such determination shall be binding upon the Corporation, the Warrant Agent,
          all holders and all other persons interested therein.

       

      
        	
                Section 4.5

              	
                Proceedings Prior to any Action Requiring Adjustment.

              

      

       

      As a condition precedent to the taking of any action which would require an adjustment in any of the acquisition rights pursuant to
          any of the Warrants, including the number of Common Shares which are to be received upon the exercise thereof, the Corporation shall take any action which may, in the opinion of Counsel, be necessary in order that the Corporation has unissued and
          reserved in its authorized capital and may validly and legally issue as fully paid and non-assessable all the Common Shares which the holders of such Warrants are entitled to receive on the full exercise thereof in accordance with the provisions
          hereof.

       

      
        	
                Section 4.6

              	
                Certificate of Adjustment.

              

      

       

      The Corporation shall from time to time immediately after the occurrence of any event which requires an adjustment or readjustment as
          provided in Section 4.1, deliver a certificate of the Corporation to the Warrant Agent specifying the nature of the event requiring the same and the amount of the adjustment or readjustment necessitated thereby and setting forth in reasonable
          detail the method of calculation and the facts upon which such calculation is based, which certificate shall be supported by a certificate of the Corporation’s Auditors verifying such calculation. The Warrant Agent shall rely, and shall be
          protected in so doing, upon the certificate of the Corporation or of the Corporation’s Auditor and any other document filed by the Corporation pursuant to this Article 4 for all purposes.

       

      
        
          

        - 35 -

      

      
        	
                Section 4.7

              	
                Notice of Special Matters.

              

      

       

      The Corporation covenants with the Warrant Agent that, so long as any Warrant remains outstanding, it will give notice to the Warrant
          Agent and to the Registered Warrantholders of its intention to fix a record date that is prior to the Expiry Date for any matter for which an adjustment may be required pursuant to Section 4.1 Such notice shall specify the particulars of such
          event and the record date for such event, provided that the Corporation shall only be required to specify in the notice such particulars of the event as shall have been fixed and determined on the date on which the notice is given. The notice
          shall be given in each case not less than fourteen (14) days prior to such applicable record date. If notice has been given and the adjustment is not then determinable, the Corporation shall promptly, after the adjustment is determinable, file
          with the Warrant Agent a computation of the adjustment and give notice to the Registered Warrantholders of such adjustment computation.

       

      
        	
                Section 4.8

              	
                No Action after Notice.

              

      

       

      The Corporation covenants with the Warrant Agent that it will not close its transfer books or take any other corporate action which
          might deprive the Registered Warrantholder of the opportunity to exercise its right of acquisition pursuant thereto during the period of fourteen (14) days after the giving of the certificate or notices set forth in Section 4.6 and Section 4.7.

       

      
        	
                Section 4.9

              	
                Other Action.

              

      

       

      If the Corporation, after the date hereof, shall take any action affecting the Common Shares other than action described in Section
          4.1, which in the reasonable opinion of the directors of the Corporation would materially affect the rights of Warrantholders, the Exercise Price and/or Exchange Rate, the number of Common Shares which may be acquired upon exercise of the
          Warrants shall be adjusted in such manner and at such time, by action of the directors, acting reasonably and in good faith, in their sole discretion as they may determine to be equitable to the Warrantholders in the circumstances, provided that
          no such adjustment will be made unless  any requisite prior approval of any stock exchange on which the Common Shares are listed for trading has been obtained.

       

      
        	
                Section 4.10

              	
                Protection of Warrant Agent.

              

      

       

      The Warrant Agent shall not:

       

      
        
          	

                	(a)	
                  at any time be under any duty or responsibility to any Registered Warrantholder to determine whether any facts exist which may require any adjustment contemplated by
                      Section 4.1, or with respect to the nature or extent of any such adjustment when made, or with respect to the method employed in making the same;

                

        

      

       

      
        
          

        - 36 -

      

      
        
          	

                	(b)	
                  be accountable with respect to the validity or value (or the kind or amount) of any Common Shares or of any other securities or property which may at any time be issued
                      or delivered upon the exercise of the rights attaching to any Warrant;

                

        

      

       

      
        
          	

                	(c)	
                  be responsible for any failure of the Corporation to issue, transfer or deliver Common Shares or certificates for the same upon the surrender of any Warrants for the
                      purpose of the exercise of such rights or to comply with any of the covenants contained in this Article; and

                

        

      

       

      
        
          	

                	(d)	
                  incur any liability or be in any way responsible for the consequences of any breach on the part of the Corporation of any of the representations, warranties or covenants
                      herein contained or of any acts of the directors, officers, employees, agents or servants of the Corporation.

                

        

      

       

      
        	
                Section 4.11

              	
                Participation by Warrantholder.

              

      

       

      No adjustments shall be made pursuant to this Article 4 if the Registered Warrantholders are entitled to participate in any event
          described in this Article 4 on the same terms, mutatis mutandis, as if the Registered Warrantholders had exercised their Warrants prior to, or on the
          effective date or record date of, such event.

       

      ARTICLE 5

       RIGHTS OF THE CORPORATION AND COVENANTS

       

      
        	
                Section 5.1

              	
                Optional Purchases by the Corporation.

              

      

       

      Subject to compliance with applicable securities legislation and approval of applicable regulatory authorities, if any, the
          Corporation may from time to time purchase by private contract or otherwise any of the Warrants. Any such purchase shall be made at the lowest price or prices at which, in the opinion of the directors, such Warrants are then obtainable, plus
          reasonable costs of purchase, and may be made in such manner, from such persons and on such other terms as the Corporation, in its sole discretion, may determine. In the case of Certificated Warrants, Warrant Certificates representing the
          Warrants purchased pursuant to this Section 5.1 shall forthwith be delivered to and cancelled by the Warrant Agent and reflected accordingly on the register. In the case of Uncertificated Warrants, the Warrants purchased pursuant to this Section
          5.1 shall be reflected accordingly on the register and in accordance with procedures prescribed by the Depository under the book entry registration system. No Warrants shall be issued in replacement thereof.

       

      
        
          

        - 37 -

      

      
        	
                Section 5.2

              	
                General Covenants.

              

      

       

      The Corporation covenants with the Warrant Agent that so long as any Warrants remain outstanding:

       

      
        
          	

                	(a)	
                  it will reserve and keep available a sufficient number of Common Shares for the purpose of enabling it to satisfy its obligations to issue Common Shares upon the exercise
                      of the Warrants;

                

        

      

       

      
        
          	

                	(b)	
                  it will cause the Common Shares from time to time acquired pursuant to the exercise of the Warrants to be duly issued and delivered in accordance with the Warrants and
                      the terms hereof;

                

        

      

       

      
        
          	

                	(c)	
                  all Common Shares which shall be issued upon exercise of the right to acquire provided for herein shall be fully paid and non-assessable;

                

        

      

       

      
        
          	

                	(d)	
                  it will use reasonable commercial efforts to maintain its existence and carry on its business in the ordinary course;

                

        

      

       

      
        
          	

                	(e)	
                  it will use reasonable commercial efforts to ensure that all Common Shares outstanding or issuable from time to time (including without limitation the Common Shares
                      issuable on the exercise of the Warrants) continue to be or are listed and posted for trading on the TSX Venture Exchange (or such other Canadian stock exchange acceptable to the Corporation), provided that this clause shall not be
                      construed as limiting or restricting the Corporation from completing a consolidation, amalgamation, arrangement, takeover bid or merger that would result in the Common Shares ceasing to be listed and posted for trading on the TSX
                      Venture Exchange, so long as the holders of Common Shares receive securities of an entity which is listed on a stock exchange in Canada, or cash, or the holders of the Common Shares have approved the transaction in accordance with the
                      requirements of applicable corporate and securities laws and the policies of the TSX Venture Exchange;

                

        

      

       

      
        
          	

                	(f)	
                  it will make all requisite filings under applicable Canadian securities legislation including those necessary to remain a reporting issuer not in default in each of the
                      provinces and other Canadian jurisdictions where it is or becomes a reporting issuer;

                

        

      

       

      
        
          	

                	(g)	
                  generally, it will well and truly perform and carry out all of the acts or things to be done by it as provided in this Indenture; and

                

        

      

       

      
        
          	

                	(h)	
                  the Corporation will promptly notify the Warrant Agent and the Warrantholders in writing of any default under the terms of this Warrant Indenture which remains
                      unrectified for more than five (5) days following its occurrence.

                

        

      

       

      
        
          

        - 38 -

      

      
        	
                Section 5.3

              	
                Warrant Agent’s Remuneration and Expenses.

              

      

       

      The Corporation covenants that it will pay to the Warrant Agent from time to time reasonable remuneration for its services hereunder
          and will pay or reimburse the Warrant Agent upon its request for all reasonable expenses, disbursements and advances incurred or made by the Warrant Agent in the administration or execution of the trusts hereby created (including the reasonable
          compensation and the disbursements of its Counsel and all other advisers and assistants not regularly in its employ) both before any default hereunder and thereafter until all duties of the Warrant Agent hereunder shall be finally and fully
          performed.  Any amount owing hereunder and remaining unpaid after thirty (30) days from the invoice date will bear interest at the then current rate charged by the Warrant Agent against unpaid invoices and shall be payable upon demand. This
          Section shall survive the resignation or removal of the Warrant Agent and/or the termination of this Indenture.

       

      
        	
                Section 5.4

              	
                Performance of Covenants by Warrant Agent.

              

      

       

      If the Corporation shall fail to perform any of its covenants contained in this Indenture, the Warrant Agent may notify the Registered
          Warrantholders of such failure on the part of the Corporation and may itself perform any of the covenants capable of being performed by it but, subject to Section 9.2, shall be under no obligation to perform said covenants or to notify the
          Registered Warrantholders of such performance by it. All sums expended or advanced by the Warrant Agent in so doing shall be repayable as provided in Section 5.3. No such performance, expenditure or advance by the Warrant Agent shall relieve the
          Corporation of any default hereunder or of its continuing obligations under the covenants herein contained.

       

      
        	
                Section 5.5

              	
                Enforceability of Warrants.

              

      

       

      The Corporation covenants and agrees that it is duly authorized to create and issue the Warrants to be issued hereunder and that the
          Warrants, when issued and Authenticated as herein provided, will be valid and enforceable against the Corporation in accordance with the provisions hereof and the terms hereof and that, subject to the provisions of this Indenture, the Corporation
          will cause the Common Shares from time to time acquired upon exercise of Warrants issued under this Indenture to be duly issued and delivered in accordance with the terms of this Indenture.

       

      
        
          

        - 39 -

      

      ARTICLE 6

       ENFORCEMENT

       

      
        	
                Section 6.1

              	
                Suits by Registered Warrantholders.

              

      

       

      All or any of the rights conferred upon any Registered Warrantholder by any of the terms of this Indenture may be enforced by the
          Registered Warrantholder by appropriate proceedings but without prejudice to the right which is hereby conferred upon the Warrant Agent to proceed in its own name to enforce each and all of the provisions herein contained for the benefit of the
          Registered Warrantholders.

       

      
        	
                Section 6.2

              	
                Suits by the Corporation.

              

      

       

      The Corporation shall have the right to enforce full payment of the Exercise Price of all Common Shares issued by the Warrant Agent to
          a Registered Warrantholder hereunder and shall be entitled to demand such payment from the Registered Warrantholder or alternatively to instruct the Warrant Agent to cancel the share certificates and amend the securities register accordingly.

       

      
        	
                Section 6.3

              	
                Immunity of Shareholders, etc.

              

      

       

      The Warrant Agent and the Warrantholders hereby waive and release any right, cause of action or remedy now or hereafter existing in
          any jurisdiction against any incorporator or any past, present or future shareholder, trustee, employee or agent of the Corporation or any successor entity on any covenant, agreement, representation or warranty by the Corporation herein.

       

      
        	
                Section 6.4

              	
                Waiver of Default.

              

      

       

      Upon the happening of any default hereunder:

       

      
        
          	

                	(a)	
                  the Registered Warrantholders of not less than 51% of the Warrants then outstanding shall have power (in addition to the powers exercisable by Extraordinary
                      Resolution) by requisition in writing to instruct the Warrant Agent to waive any default hereunder and the Warrant Agent shall thereupon waive the default upon such terms and conditions as shall be prescribed in such requisition; or

                

        

      

       

      
        
          	

                	(b)	
                  the Warrant Agent shall have power to waive any default hereunder upon such terms and conditions as the Warrant Agent may deem advisable, on the advice of Counsel, if, in
                      the Warrant Agent’s opinion, based on the advice of Counsel, the same shall have been cured or adequate provision made therefor;

                

        

      

       

      provided that no delay or omission of the Warrant Agent or of the Registered Warrantholders to exercise any right or power accruing upon any default
          shall impair any such right or power or shall be construed to be a waiver of any such default or acquiescence therein and provided further that no act or omission either of the Warrant Agent or of the Registered Warrantholders in the premises
          shall extend to or be taken in any manner whatsoever to affect any subsequent default hereunder of the rights resulting therefrom.

       

      
        
          

        - 40 -

      

      ARTICLE 7 

      

      MEETINGS OF REGISTERED WARRANTHOLDERS

       

      
        	
                Section 7.1

              	
                Right to Convene Meetings.

              

      

       

      The Warrant Agent may at any time and from time to time, and shall on receipt of a written request of the Corporation or of a
          Warrantholders’ Request and upon being indemnified and funded to its reasonable satisfaction by the Corporation or by the Registered Warrantholders signing such Warrantholders’ Request against the costs which may be incurred in connection with
          the calling and holding of such meeting, convene a meeting of the Registered Warrantholders. If the Warrant Agent fails to so call a meeting within seven (7) days after receipt of such written request of the Corporation or such Warrantholders’
          Request and the indemnity and funding given as aforesaid, the Corporation or such Registered Warrantholders, as the case may be, may convene such meeting. Every such meeting shall be held in the City of Vancouver, British Columbia or at such
          other place as may be approved or determined by the Warrant Agent.

       

      
        	
                Section 7.2

              	
                Notice.

              

      

       

      At least twenty-one (21) days’ prior written notice of any meeting of Registered Warrantholders shall be given to the Registered
          Warrantholders in the manner provided for in Section 10.2 and a copy of such notice shall be sent by mail to the Warrant Agent (unless the meeting has been called by the Warrant Agent) and to the Corporation (unless the meeting has been called by
          the Corporation). Such notice shall state the time when and the place where the meeting is to be held, shall state briefly the general nature of the business to be transacted thereat and shall contain such information as is reasonably necessary
          to enable the Registered Warrantholders to make a reasoned decision on the matter, but it shall not be necessary for any such notice to set out the terms of any resolution to be proposed or any of the provisions of this Section 7.2.

       

      
        	
                Section 7.3

              	
                Chairman.

              

      

       

      An individual (who need not be a Registered Warrantholder) designated in writing by the Warrant Agent shall be chairman of the meeting
          and if no individual is so designated, or if the individual so designated is not present within fifteen minutes from the time fixed for the holding of the meeting, the Registered Warrantholders present in person or by proxy shall choose an
          individual present to be chairman.

       

        

      
        
          

        - 41 -

      

      
        	
                Section 7.4

              	
                Quorum.

              

      

       

      Subject to the provisions of Section 7.11, at any meeting of the Registered Warrantholders a quorum shall consist of Registered
          Warrantholder(s) present in person or by proxy and entitled to purchase at least 25% of the aggregate number of Common Shares which could be acquired pursuant to all the then outstanding Warrants. If a quorum of the Registered Warrantholders
          shall not be present within thirty minutes from the time fixed for holding any meeting, the meeting, if summoned by Registered Warrantholders or on a Warrantholders’ Request, shall be dissolved; but in any other case the meeting shall be
          adjourned to the same day in the next week (unless such day is not a Business Day, in which case it shall be adjourned to the next following Business Day) at the same time and place and no notice of the adjournment need be given. Any business may
          be brought before or dealt with at an adjourned meeting which might have been dealt with at the original meeting in accordance with the notice calling the same. No business shall be transacted at any meeting unless a quorum be present at the
          commencement of business. At the adjourned meeting the Registered Warrantholders present in person or by proxy shall form a quorum and may transact the business for which the meeting was originally convened, notwithstanding that they may not be
          entitled to acquire at least 25% of the aggregate number of Common Shares which may be acquired pursuant to all then outstanding Warrants.

       

      
        	
                Section 7.5

              	
                Power to Adjourn.

              

      

       

      The chairman of any meeting at which a quorum of the Registered Warrantholders is present may, with the consent of the meeting,
          adjourn any such meeting, and no notice of such adjournment need be given except such notice, if any, as the meeting may prescribe.

       

      
        	
                Section 7.6

              	
                Show of Hands.

              

      

       

      Every question submitted to a meeting shall be decided in the first place by a majority of the votes given on a show of hands except
          that votes on an Extraordinary Resolution shall be given in the manner hereinafter provided. At any such meeting, unless a poll is duly demanded as herein provided, a declaration by the chairman that a resolution has been carried or carried
          unanimously or by a particular majority or lost or not carried by a particular majority shall be conclusive evidence of the fact.

       

      
        
          

        - 42 -

      

      
        	
                Section 7.7

              	
                Poll and Voting.

              

      

       

      
        
          	(1)	
                  On every Extraordinary Resolution, and on any other question submitted to a meeting and after a vote by show of hands when demanded by the chairman or by one or more of
                      the Registered Warrantholders acting in person or by proxy and entitled to acquire in the aggregate at least 5% of the aggregate number of Common Shares which could be acquired pursuant to all the Warrants then outstanding, a poll
                      shall be taken in such manner as the chairman shall direct. Questions other than those required to be determined by Extraordinary Resolution shall be decided by a majority of the votes cast on the poll.

                

        

      

       

      
        
          	(2)	
                  On a show of hands, every person who is present and entitled to vote, whether as a Registered Warrantholder or as proxy for one or more absent Registered Warrantholders,
                      or both, shall have one vote. On a poll, each Registered Warrantholder present in person or represented by a proxy duly appointed by instrument in writing shall be entitled to one vote in respect of each Warrant then held or
                      represented by it. A proxy need not be a Registered Warrantholder. The chairman of any meeting shall be entitled, both on a show of hands and on a poll, to vote in respect of the Warrants, if any, held or represented by him.

                

        

      

       

      
        	
                Section 7.8

              	
                Regulations.

              

      

       

      
        
          	

                	(1)	
                  The Warrant Agent, or the Corporation with the approval of the Warrant Agent, may from time to time make and from time to time vary such regulations as it shall think fit
                      for the setting of the record date for a meeting for the purpose of determining Registered Warrantholders entitled to receive notice of and to vote at the meeting.

                

        

      

       

      
        
          	

                	(2)	
                  Any regulations so made shall be binding and effective and the votes given in accordance therewith shall be valid and shall be counted. Save as such regulations may
                      provide, the only persons who shall be recognized at any meeting as a Registered Warrantholder, or be entitled to vote or be present at the meeting in respect thereof (subject to Section 7.9), shall be Registered Warrantholders or
                      proxies of Registered Warrantholders.

                

        

      

       

      
        	
                Section 7.9

              	
                Corporation and Warrant Agent May be Represented.

              

      

       

      The Corporation and the Warrant Agent, by their respective directors, officers, agents, and employees and the Counsel for the
          Corporation and for the Warrant Agent may attend any meeting of the Registered Warrantholders.

       

      
        
          

        - 43 -

      

      
        	
                Section 7.10

              	
                Powers Exercisable by Extraordinary Resolution.

              

      

       

      In addition to all other powers conferred upon them by any other provisions of this Indenture or by law, the Registered Warrantholders
          at a meeting shall, subject to the provisions of Section 7.11, have the power exercisable from time to time by Extraordinary Resolution:

       

      
        
          	

                	(a)	
                  to agree to any modification, abrogation, alteration, compromise or arrangement of the rights of Registered Warrantholders or the Warrant Agent in its capacity as warrant
                      agent hereunder (subject to the Warrant Agent’s prior consent, acting reasonably) or on behalf of the Registered Warrantholders against the Corporation whether such rights arise under this Indenture or otherwise;

                

        

      

       

      
        
          	

                	(b)	
                  to amend, alter or repeal any Extraordinary Resolution previously passed or sanctioned by the Registered Warrantholders;

                

        

      

       

      
        
          	

                	(c)	
                  to direct or to authorize the Warrant Agent, subject to Section 9.2(2) hereof, to enforce any of the covenants on the part of the Corporation contained in this Indenture
                      or to enforce any of the rights of the Registered Warrantholders in any manner specified in such Extraordinary Resolution or to refrain from enforcing any such covenant or right;

                

        

      

       

      
        
          	

                	(d)	
                  to waive, and to direct the Warrant Agent to waive, any default on the part of the Corporation in complying with any provisions of this Indenture either unconditionally
                      or upon any conditions specified in such Extraordinary Resolution;

                

        

      

       

      
        
          	

                	(e)	
                  to restrain any Registered Warrantholder from taking or instituting any suit, action or proceeding against the Corporation for the enforcement of any of the covenants on
                      the part of the Corporation in this Indenture or to enforce any of the rights of the Registered Warrantholders;

                

        

      

       

      
        
          	

                	(f)	
                  to direct any Warrantholder who, as such, has brought any suit, action or proceeding to stay or to discontinue or otherwise to deal with the same upon payment of the
                      costs, charges and expenses reasonably and properly incurred by such Warrantholder in connection therewith;

                

        

      

       

      
        
          	

                	(g)	
                  to assent to any change in or omission from the provisions contained in this Indenture or any ancillary or supplemental instrument which may be agreed to by the
                      Corporation, and to authorize the Warrant Agent to concur in and execute any ancillary or supplemental indenture embodying the change or omission;

                

        

      

       

      
        
          

        - 44 -

      

      
        
          	

                	(h)	
                  to sanction any scheme for the consolidation, amalgamation or merger of the Corporation with any other entity or for the sale, lease, transfer or other disposition of all
                      or substantially all of the undertaking, property and assets of the Corporation;

                

        

      

       

      
        
          	

                	(i)	
                  with the consent of the Corporation, such consent not to be unreasonably withheld, to remove the Warrant Agent or its successor in office and to appoint a new warrant
                      agent or warrant agents to take the place of the Warrant Agent so removed; and

                

        

      

       

      
        
          	

                	(j)	
                  to assent to any compromise or arrangement with any creditor or creditors or any class or classes of creditors, whether secured or otherwise, and with holders of any
                      shares or other securities of the Corporation.

                

        

      

       

      
        	
                Section 7.11

              	
                Meaning of Extraordinary Resolution.

              

      

       

      
        
          	

                	(1)	
                  The expression “Extraordinary Resolution” when used in this Indenture means,
                      subject as hereinafter provided in this Section 7.11 and in Section 7.14, a resolution proposed at a meeting of Registered Warrantholders duly convened for that purpose and held in accordance with the provisions of this Article 7 at
                      which there are present in person or by proxy Registered Warrantholders holding at least 25% of the aggregate number of Common Shares that could be acquired and passed by the affirmative votes of Registered Warrantholders holding not
                      less than 66 2/3% of the aggregate number of Common Shares that could be
                      acquired at the meeting and voted on the poll upon such resolution.

                

        

      

       

      
        
          	

                	(2)	
                  If, at the meeting at which an Extraordinary Resolution is to be considered, Registered Warrantholders holding at least 25% of the aggregate number of Common Shares that
                      could be acquired are not present in person or by proxy within 30 minutes after the time appointed for the meeting, then the meeting, if convened by Registered Warrantholders or on a Warrantholders’ Request, shall be dissolved; but in
                      any other case it shall stand adjourned to such day, being not less than fifteen (15) or more than sixty (60) days later, and to such place and time as may be appointed by the chairman. Not less than fourteen (14) days’ prior notice
                      shall be given of the time and place of such adjourned meeting in the manner provided for in Section 10.2. Such notice shall state that at the adjourned meeting the Registered Warrantholders present in person or by proxy shall form a
                      quorum but it shall not be necessary to set forth the purposes for which the meeting was originally called or any other particulars. At the adjourned meeting the Warrantholders present in person or by proxy shall form a quorum and may
                      transact the business for which the meeting was originally convened and a resolution proposed at such adjourned meeting and passed by the requisite vote as provided in Section 7.11(1) shall be an Extraordinary Resolution within the
                      meaning of this Indenture notwithstanding that Registered Warrantholders entitled to acquire at least 25% of the aggregate number of Common Shares which may be acquired pursuant to all the then outstanding Warrants are not present in
                      person or by proxy at such adjourned meeting.

                

        

      

       

      
        
          

        - 45 -

      

      
        
          	

                	(3)	
                  Subject to Section 7.14, votes on an Extraordinary Resolution shall always be given on a poll and no demand for a poll on an Extraordinary Resolution shall be necessary.

                

        

      

       

      
        	
                Section 7.12

              	
                Powers Cumulative.

              

      

       

      Any one or more of the powers or any combination of the powers in this Indenture stated to be exercisable by the Registered
          Warrantholders by Extraordinary Resolution or otherwise may be exercised from time to time and the exercise of any one or more of such powers or any combination of powers from time to time shall not be deemed to exhaust the right of the
          Registered Warrantholders to exercise such power or powers or combination of powers then or thereafter from time to time.

       

      
        	
                Section 7.13

              	
                Minutes.

              

      

       

      Minutes of all resolutions and proceedings at every meeting of Registered Warrantholders shall be made and duly entered in books to be
          provided from time to time for that purpose by the Warrant Agent at the expense of the Corporation, and any such minutes as aforesaid, if signed by the chairman or the secretary of the meeting at which such resolutions were passed or proceedings
          had shall be prima facie evidence of the matters therein stated and, until the contrary is proved, every such meeting in respect of the proceedings of which minutes shall have been made shall be deemed to have been duly convened and held, and all
          resolutions passed thereat or proceedings taken shall be deemed to have been duly passed and taken.

       

      
        	
                Section 7.14

              	
                Instruments in Writing.

              

      

       

      All actions which may be taken and all powers that may be exercised by the Registered Warrantholders at a meeting held as provided in
          this Article 7 may also be taken and exercised by Registered Warrantholders holding not less than 66 2/3% of the aggregate number of all of the then outstanding Warrants by an instrument in writing signed in one or more counterparts by such Registered Warrantholders in person or by attorney duly appointed in writing,
          and the expression “Extraordinary Resolution” when used in this Indenture shall include an instrument so signed.

       

      
        
          

        - 46 -

      

      
        	
                Section 7.15

              	
                Binding Effect of Resolutions.

              

      

       

      Every resolution and every Extraordinary Resolution passed in accordance with the provisions of this Article 7 at a meeting of
          Registered Warrantholders shall be binding upon all the Warrantholders, whether present at or absent from such meeting, and every instrument in writing signed by Registered Warrantholders in accordance with Section 7.14 shall be binding upon all
          the Warrantholders, whether signatories thereto or not, and each and every Warrantholder and the Warrant Agent (subject to the provisions for indemnity herein contained) shall be bound to give effect accordingly to every such resolution and
          instrument in writing.

       

      
        	
                Section 7.16

              	
                Holdings by Corporation Disregarded.

              

      

       

      In determining whether Registered Warrantholders holding Warrants evidencing the entitlement to acquire the required number of Common
          Shares are present at a meeting of Registered Warrantholders for the purpose of determining a quorum or have concurred in any consent, waiver, Extraordinary Resolution, Warrantholders’ Request or other action under this Indenture, Warrants owned
          legally or beneficially by the Corporation shall be disregarded in accordance with the provisions of Section 10.7.

       

      ARTICLE 8 

      

      SUPPLEMENTAL INDENTURES

       

      
        	
                Section 8.1

              	
                Provision for Supplemental Indentures for Certain Purposes.

              

      

       

      From time to time, the Corporation (when authorized by action of the directors) and the Warrant Agent may, subject to the provisions
          hereof and they shall, when so directed in accordance with the provisions hereof, execute and deliver by their proper officers, indentures or instruments supplemental hereto, which thereafter shall form part hereof, for any one or more or all of
          the following purposes:

       

      
        
          	

                	(a)	
                  setting forth any adjustments resulting from the application of the provisions of Article 4;

                

        

      

       

      
        
          	

                	(b)	
                  adding to the provisions hereof such additional covenants and enforcement provisions as, on the advice of Counsel, are necessary or advisable in the premises, provided
                      that the same are not in the opinion of the Warrant Agent, relying on the advice of Counsel, prejudicial to the interests of the Registered Warrantholders;

                

        

      

       

      
        
          

        - 47 -

      

      
        
          	

                	(c)	
                  giving effect to any Extraordinary Resolution passed as provided in Section 7.11;

                

        

      

       

      
        
          	

                	(d)	
                  making such provisions not inconsistent with this Indenture as may be necessary or desirable with respect to matters or questions arising hereunder or for the purpose of
                      obtaining a listing or quotation of the Warrants on any stock exchange, provided that such provisions are not, in the opinion of the Warrant Agent, relying on the advice of Counsel, prejudicial to the interests of the Registered
                      Warrantholders;

                

        

      

       

      
        
          	

                	(e)	
                  adding to or altering the provisions hereof in respect of the transfer of Warrants, making provision for the exchange of Warrants, and making any modification in the form
                      of the Warrant Certificates which does not affect the substance thereof;

                

        

      

       

      
        
          	

                	(f)	
                  modifying any of the provisions of this Indenture, including relieving the Corporation from any of the obligations, conditions or restrictions herein contained, provided
                      that such modification or relief shall be or become operative or effective only if, in the opinion of the Warrant Agent, relying on the advice of Counsel, such modification or relief in no way prejudices any of the rights of the
                      Registered Warrantholders or of the Warrant Agent, and provided further that the Warrant Agent may in its sole discretion decline to enter into any such supplemental indenture which in its opinion may not afford adequate protection to
                      the Warrant Agent when the same shall become operative;

                

        

      

       

      
        
          	

                	(g)	
                  providing for the issuance of additional Warrants hereunder, including Warrants in excess of the number set out in Section 2.1 and any consequential amendments hereto as
                      may be required by the Warrant Agent relying on the advice of Counsel; and

                

        

      

       

      
        
          	

                	(h)	
                  for any other purpose not inconsistent with the terms of this Indenture, including the correction or rectification of any ambiguities, defective or inconsistent
                      provisions, errors, mistakes or omissions herein, provided that in the opinion of the Warrant Agent, relying on the advice of Counsel, the rights of the Warrant Agent and of the Registered Warrantholders are in no way prejudiced
                      thereby.

                

        

      

       

      
        	
                Section 8.2

              	
                Successor Entities.

              

      

       

      In the case of the consolidation, amalgamation, arrangement, merger or transfer of the undertaking or assets of the Corporation as an
          entirety or substantially as an entirety to or with another entity (“successor entity”), the successor entity resulting from such consolidation,
          amalgamation, arrangement, merger or transfer (if not the Corporation) shall expressly assume, by supplemental indenture satisfactory in form to the Warrant Agent and executed and delivered to the Warrant Agent, the due and punctual performance
          and observance of each and every covenant and condition of this Indenture to be performed and observed by the Corporation.

       

      
        
          

        - 48 -

      

      ARTICLE 9 

      

      CONCERNING THE WARRANT AGENT

       

      
        	
                Section 9.1

              	
                Warrant Indenture Legislation.

              

      

       

      
        
          	(1)	
                  If and to the extent that any provision of this Indenture limits, qualifies or conflicts with a mandatory requirement of Applicable Legislation, such mandatory
                      requirement shall prevail.

                

        

      

       

      
        
          	(2)	
                  The Corporation and the Warrant Agent agree that each will, at all times in relation to this Indenture and any action to be taken hereunder, observe and comply with and
                      be entitled to the benefits of Applicable Legislation.

                

        

      

       

      
        	
                Section 9.2

              	
                Rights and Duties of Warrant Agent.

              

      

       

      
        
          	(1)	
                  In the exercise of the rights and duties prescribed or conferred by the terms of this Indenture, the Warrant Agent shall act honestly and in good faith with a view to the
                      best interest of the Warrantholders and shall exercise that degree of care, diligence and skill that a reasonably prudent warrant agent would exercise in comparable circumstances.  No provision of this Indenture shall be construed to
                      relieve the Warrant Agent from liability for its own gross negligent action, wilful misconduct, bad faith or fraud under this Indenture.

                

        

      

       

      
        
          	(2)	
                  The obligation of the Warrant Agent to commence or continue any act, action or proceeding for the purpose of enforcing any rights of the Warrant Agent or the Registered
                      Warrantholders hereunder shall be conditional upon the Registered Warrantholders furnishing, when required by notice by the Warrant Agent, sufficient funds to commence or to continue such act, action or proceeding and an indemnity
                      reasonably satisfactory to the Warrant Agent to protect and to hold harmless the Warrant Agent and its officers, directors, employees and agents, against the costs, charges and expenses and liabilities to be incurred thereby and any
                      loss and damage it may suffer by reason thereof. None of the provisions contained in this Indenture shall require the Warrant Agent to expend or to risk its own funds or otherwise to incur financial liability in the performance of any
                      of its duties or in the exercise of any of its rights or powers unless indemnified and funded as aforesaid.

                

        

      

       

      
        
          	(3)	
                  The Warrant Agent may, before commencing or at any time during the continuance of any such act, action or proceeding, require the Registered Warrantholders, at whose
                      instance it is acting to deposit with the Warrant Agent the Warrants Certificates held by them, for which Warrants the Warrant Agent shall issue receipts.

                

        

      

       

      
        
          

        - 49 -

      

      
        
          	(4)	
                  Every provision of this Indenture that by its terms relieves the Warrant Agent of liability or entitles it to rely upon any evidence submitted to it is subject to the
                      provisions of Applicable Legislation.

                

        

      

       

      
        	
                Section 9.3

              	
                Evidence, Experts and Advisers.

              

      

       

      
        
          	(1)	
                  In addition to the reports, certificates, opinions and other evidence required by this Indenture, the Corporation shall furnish to the Warrant Agent such additional
                      evidence of compliance with any provision hereof, and in such form, as may be prescribed by Applicable Legislation or as the Warrant Agent may reasonably require by written notice to the Corporation.

                

        

      

       

      
        
          	(2)	
                  In the exercise of its rights and duties hereunder, the Warrant Agent may, if it is acting in good faith, rely as to the truth of the statements and the accuracy of the
                      opinions expressed in statutory declarations, opinions, reports, written requests, consents, or orders of the Corporation, certificates of the Corporation or other evidence furnished to the Warrant Agent pursuant to a request of the
                      Warrant Agent, provided that such evidence complies with Applicable Legislation and that the Warrant Agent complies with Applicable Legislation and that the Warrant Agent examines the same and determines that such evidence complies
                      with the applicable requirements of this Indenture.

                

        

      

       

      
        
          	(3)	
                  Whenever it is provided in this Indenture or under Applicable Legislation that the Corporation shall deposit with the Warrant Agent resolutions, certificates, reports,
                      opinions, requests, orders or other documents, it is intended that the truth, accuracy and good faith on the effective date thereof and the facts and opinions stated in all such documents so deposited shall, in each and every such
                      case, be conditions precedent to the right of the Corporation to have the Warrant Agent take the action to be based thereon.

                

        

      

       

      
        
          	(4)	
                  The Warrant Agent may employ or retain such Counsel, accountants, appraisers or other experts or advisers as it may reasonably require for the purpose of discharging its
                      duties hereunder and may pay reasonable remuneration for all services so performed by any of them, without taxation of costs of any Counsel, and shall not be responsible for any misconduct or negligence on the part of any such experts
                      or advisers who have been appointed with due care by the Warrant Agent.

                

        

      

       

      
        
          

        - 50 -

      

      
        
          	(5)	
                  The Warrant Agent may act and rely and shall be protected in acting and relying in good faith on the opinion or advice of or information obtained from any Counsel,
                      accountant, appraiser, engineer or other expert or adviser, whether retained or employed by the Corporation or by the Warrant Agent, in relation to any matter arising in the administration of the agency hereof.

                

        

      

       

      
        	
                Section 9.4

              	
                Documents, Monies, etc. Held by Warrant Agent.

              

      

       

      
        
          	(1)	
                  Any monies, securities, documents of title or other instruments that may at any time be held by the Warrant Agent shall be placed in the deposit vaults of the Warrant
                      Agent or of any Canadian chartered bank listed in Schedule I of the Bank Act (Canada), or deposited for safekeeping with any such bank. Any
                      monies held pending the application or withdrawal thereof under any provisions of this Indenture, shall be held, invested and reinvested in “Permitted Investments” as directed in writing by the Corporation.  “Permitted Investments”
                      shall be treasury bills guaranteed by the Government of Canada having a term to maturity not to exceed ninety (90) days, or term deposits or bankers’ acceptances of a Canadian chartered bank having a term to maturity not to exceed
                      ninety (90) days, or such other investments that is in accordance with the Warrant Agent’s standard type of investments.  Unless otherwise specifically provided herein, all interest or other income received by the Warrant Agent in
                      respect of such deposits and investments shall belong to the Corporation.

                

        

      

       

      
        
          	(2)	
                  Any written direction for the investment or release of funds received shall be received by the Warrant Agent by 10:00 a.m. (Toronto time) on the Business Day on which
                      such investment or release is to be made, failing which such direction will be handled on a commercially reasonable efforts basis and may result in funds being invested or released on the next Business Day.

                

        

      

       

      
        
          	(3)	
                  The Warrant Agent shall have no responsibility or liability for any diminution of any funds resulting from any investment made in accordance with this Indenture,
                      including any losses on any investment liquidated prior to maturity in order to make a payment required hereunder.

                

        

      

       

      
        
          	(4)	
                  In the event that the Warrant Agent does not receive a direction or only a partial direction, the Warrant
                        Agent may hold cash balances constituting part or all of such monies and may, but need not, invest same in its deposit department, the deposit department of one of its affiliates, or the deposit department of a Canadian chartered
                        bank; but the Warrant Agent, its affiliates or a Canadian chartered bank shall not be liable to account for any profit to any parties to this Indenture or to any other person or entity.

                

        

      

       

      
        
          

        - 51 -

      

      
        	
                Section 9.5

              	
                Actions by Warrant Agent to Protect Interest.

              

      

       

      The Warrant Agent shall have power to institute and to maintain such actions and proceedings as it may consider necessary or expedient
          to preserve, protect or enforce its interests and the interests of the Registered Warrantholders.

       

      
        	
                Section 9.6

              	
                Warrant Agent Not Required to Give Security.

              

      

       

      The Warrant Agent shall not be required to give any bond or security in respect of the execution of the agency and powers of this
          Indenture or otherwise in respect of the premises.

       

      
        	
                Section 9.7

              	
                Protection of Warrant Agent.

              

      

       

      By way of supplement to the provisions of any law for the time being relating to the Warrant Agent it is expressly declared and agreed
          as follows:

       

      
        
          	

                	(a)	
                  the Warrant Agent shall not be liable for or by reason of any statements of fact or recitals in this Indenture or in the Warrant Certificates (except the representation
                      contained in Section 9.9 or in the authentication of the Warrant Agent on the Warrant Certificates) or be required to verify the same, but all such statements or recitals are and shall be deemed to be made by the Corporation;

                

        

      

       

      
        
          	

                	(b)	
                  nothing herein contained shall impose any obligation on the Warrant Agent to see to or to require evidence of the registration or filing (or renewal thereof) of this
                      Indenture or any instrument ancillary or supplemental hereto;

                

        

      

       

      
        
          	

                	(c)	
                  the Warrant Agent shall not be bound to give notice to any person or persons of the execution hereof;

                

        

      

       

      
        
          	

                	(d)	
                  the Warrant Agent shall not incur any liability or responsibility whatever or be in any way responsible for the consequence of any breach on the part of the Corporation
                      of any of its covenants herein contained or of any acts of any directors, officers, employees, agents or servants of the Corporation;

                

        

      

       

      
        
          	

                	(e)	
                  the Corporation hereby indemnifies and agrees to hold harmless the Warrant Agent, its affiliates, their officers, directors, employees, agents, successors and assigns
                      (the “Indemnified Parties”) from and against any and all liabilities whatsoever, losses, damages, penalties, claims, demands, actions, suits, proceedings, costs, charges, assessments, judgments, expenses and disbursements, including
                      reasonable legal fees and disbursements of whatever kind and nature which may at any time be imposed on or incurred by or asserted against the Indemnified Parties, or any of them,  whether at law or in equity, in any way caused by or
                      arising, directly or indirectly, in respect of any act, deed, matter or thing whatsoever made, done, acquiesced in or omitted in or about or in relation to the execution of the Indemnified Parties’ duties, or any other services that
                      Warrant Agent may provide in connection with or in any way relating to this Indenture.  The Corporation agrees that its liability hereunder shall be absolute and unconditional regardless of the correctness of any representations of
                      any third parties and regardless of any liability of third parties to the Indemnified Parties, and shall accrue and become enforceable without prior demand or any other precedent action or proceeding; provided that the Corporation
                      shall not be required to indemnify the Indemnified Parties in the event of the gross negligence or wilful misconduct of the Warrant Agent, and this provision shall survive the resignation or removal of the Warrant Agent or the
                      termination or discharge of this Indenture; and

                

        

      

       

      
        
          

        - 52 -

      

      
        
          	

                	(f)	
                  notwithstanding the foregoing or any other provision of this Indenture, any liability of the Warrant Agent shall be limited, in the aggregate, to the amount of annual
                      retainer fees paid by the Corporation to the Warrant Agent under this Indenture in the twelve (12) months immediately prior to the Warrant Agent receiving the first notice of the claim. Notwithstanding any other provision of this
                      Indenture, and whether such losses or damages are foreseeable or unforeseeable, the Warrant Agent shall not be liable under any circumstances whatsoever for any (a) breach by any other party of securities law or other rule of any
                      securities regulatory authority, (b) lost profits or (c) special, indirect, incidental, consequential, exemplary, aggravated or punitive losses or damages.

                

        

      

       

      
        	
                Section 9.8

              	
                Replacement of Warrant Agent; Successor by Merger.

              

      

       

      
        
          	(1)	
                  The Warrant Agent may resign its agency and be discharged from all further duties and liabilities hereunder, subject to this Section 9.8, by giving to the Corporation not
                      less than sixty (60) days’ prior notice in writing or such shorter prior notice as the Corporation may accept as sufficient. The Registered Warrantholders by Extraordinary Resolution shall have power at any time to remove the existing
                      Warrant Agent and to appoint a new warrant agent. In the event of the Warrant Agent resigning or being removed as aforesaid or being dissolved, becoming bankrupt, going into liquidation or otherwise becoming incapable of acting
                      hereunder, the Corporation shall forthwith appoint a new warrant agent unless a new warrant agent has already been appointed by the Registered Warrantholders; failing such appointment by the Corporation, the retiring Warrant Agent or
                      any Registered Warrantholder may apply to a judge of the Ontario Superior Court of the Province of Ontario on such notice as such judge may
                      direct, for the appointment of a new warrant agent; but any new warrant agent so appointed by the Corporation or by the Court shall be subject to removal as aforesaid by the Registered Warrantholders. Any new warrant agent appointed
                      under any provision of this Section 9.8 shall be an entity authorized to carry on the business of a trust company in the Province of Ontario and, if required by the Applicable Legislation for any other provinces, in such other
                      provinces. On any such appointment the new warrant agent shall be vested with the same powers, rights, duties and responsibilities as if it had been originally named herein as Warrant Agent hereunder.

                

        

      

       

      
        
          

        - 53 -

      

      
        
          	(2)	
                  Upon the appointment of a successor Warrant Agent, the Corporation shall promptly notify the Registered Warrantholders thereof in the manner provided for in Section 10.2.

                

        

      

       

      
        
          	(3)	
                  Any Warrant Certificates Authenticated but not delivered by a predecessor Warrant Agent may be Authenticated by the successor Warrant Agent in the name of the predecessor
                      or successor Warrant Agent.

                

        

      

       

      
        
          	(4)	
                  Any corporation into which the Warrant Agent may be merged or consolidated or amalgamated, or any corporation resulting therefrom to which the Warrant Agent shall be a
                      party, or any corporation succeeding to substantially the corporate trust business of the Warrant Agent shall be the successor to the Warrant Agent hereunder without any further act on its part or any of the parties hereto, provided that such corporation would be eligible for
                      appointment as successor Warrant Agent under Section 9.8(1).

                

        

      

       

      
        	
                Section 9.9

              	
                Conflict of Interest.

              

      

       

      
        
          	(1)	
                  The Warrant Agent represents to the Corporation that at the time of execution and delivery hereof no material conflict of interest exists between its role as a Warrant Agent hereunder and its role in any other capacity and agrees that in the event of a material conflict of interest arising hereafter
                      it will, within ninety (90) days after ascertaining that it has such material conflict of interest, either eliminate the same or assign its agency hereunder to a successor Warrant Agent approved by the Corporation and meeting the
                      requirements set forth in Section 9.8(1). Notwithstanding the foregoing provisions of this Section 9.9(1), if any such material conflict of interest exists or hereafter shall exist, the validity and enforceability of this Indenture
                      and the Warrant Certificate shall not be affected in any manner whatsoever by reason thereof.

                

        

      

       

      
        
          

        - 54 -

      

      
        
          	(2)	
                  Subject to Section 9.9(1), the Warrant Agent, in its personal or any other capacity, may buy, lend upon and deal in securities of the Corporation and generally may
                      contract and enter into financial transactions with the Corporation without being liable to account for any profit made thereby.

                

        

      

       

      
        	
                Section 9.10

              	
                Acceptance of Agency

              

      

       

      The Warrant Agent hereby accepts the agency in this Indenture declared and provided for and agrees to perform the same upon the terms
          and conditions herein set forth.

       

      
        	
                Section 9.11

              	
                Warrant Agent Not to be Appointed Receiver.

              

      

       

      The Warrant Agent and any person related to the Warrant Agent shall not be appointed a receiver, a receiver and manager or liquidator
          of all or any part of the assets or undertaking of the Corporation.

       

      
        	
                Section 9.12

              	
                Warrant Agent Not Required to Give Notice of Default.

              

      

       

      The Warrant Agent shall not be bound to give any notice or do or take any act, action or proceeding by virtue of the powers conferred
          on it hereby unless and until it shall have been required so to do under the terms hereof; nor shall the Warrant Agent be required to take notice of any default hereunder, unless and until notified in writing of such default, which notice shall
          distinctly specify the default desired to be brought to the attention of the Warrant Agent and in the absence of any such notice the Warrant Agent may for all purposes of this Indenture conclusively assume that no default has been made in the
          observance or performance of any of the representations, warranties, covenants, agreements or conditions contained herein. Any such notice shall in no way limit any discretion herein given to the Warrant Agent to determine whether or not the
          Warrant Agent shall take action with respect to any default.

       

      
        	
                Section 9.13

              	
                Anti-Money Laundering.

              

      

       

      
        
          	(1)	
                  Each party to this Agreement other than the Warrant Agent hereby represents to the Warrant Agent that any account to be opened by, or interest to be held by the Warrant
                      Agent in connection with this Indenture, for or to the credit of such party, either (i) is not intended to be used by or on behalf of any third party; or (ii) is intended to be used by or on behalf of a third party, in which case such
                      party hereto agrees to complete and execute forthwith a declaration in the Warrant Agent’s prescribed form as to the particulars of such third party.

                

        

      

       

      
        
          

        - 55 -

      

      
        
          	(2)	
                  The Warrant Agent shall retain the right not to act and shall not be liable for refusing to act if, due to a lack of information or for any other reason whatsoever, the
                      Warrant Agent, in its sole judgment, determines that such act might cause it to be in non-compliance with any applicable anti-money laundering, anti-terrorist or economic sanctions legislation, regulation or guideline. Further, should
                      the Warrant Agent, in its sole judgment, determine at any time that its acting under this Indenture has resulted in its being in non-compliance with any applicable anti-money laundering, anti-terrorist or economic sanctions
                      legislation, regulation or guideline, then it shall have the right to resign on ten (10) days written notice to the other parties to this Indenture, provided (i) that the Warrant Agent’s written notice shall describe the circumstances
                      of such non-compliance; and (ii) that if such circumstances are rectified to the Warrant Agent's satisfaction within such ten (10) day period, then such resignation shall not be effective.

                

        

      

       

      
        	
                Section 9.14

              	
                Compliance with Privacy Code.

              

      

       

      The Parties acknowledge that the Warrant Agent may, in the course of providing services hereunder, collect or receive financial and
          other personal information about such parties and/or their representatives, as individuals, or about other individuals related to the subject matter hereof, and use such information for the following purposes:

       

      
        
          	

                	(a)	
                  to provide the services required under this Indenture and other services that may be requested from time to time;

                

        

      

       

      
        
          	

                	(b)	
                  to help the Warrant Agent manage its servicing relationships with such individuals;

                

        

      

       

      
        
          	

                	(c)	
                  to meet the Warrant Agent’s legal and regulatory requirements; and

                

        

      

       

      
        
          	

                	(d)	
                  if Social Insurance Numbers are collected by the Warrant Agent, to perform tax reporting and to assist in verification of an individual’s identity for security purposes.

                

        

      

       

      Each Party acknowledges and agrees that the Warrant Agent may receive, collect, use and disclose personal information provided to it
          or acquired by it in the course of its acting as agent hereunder for the purposes described above and, generally, in the manner and on the terms described in its Privacy Code, which the Warrant Agent shall make available on its website,
          www.computershare.com, or upon request, including revisions thereto. The Warrant Agent may transfer personal information to other companies in or outside of Canada that provide data processing and storage or other support in order to facilitate
          the services it provides.

       

      Further, each party agrees that it shall not provide or cause to be provided to the Warrant Agent any personal information relating to
          an individual who is not a party to this Indenture unless that party has assured itself that such individual understands and has consented to the aforementioned uses and disclosures.

       

      
        
          

        - 56 -

      

      
        	
                Section 9.15

              	
                Securities Exchange Commission Certification.

              

      

       

      The Corporation confirms that as at the date of execution of this Agreement it does not have a class of securities registered
          pursuant to Section 12 of the U.S. Exchange Act or have a reporting obligation pursuant to Section 15(d) of the U.S. Exchange Act.

       

      The Corporation covenants that in the event that (i) any class of its securities shall become registered pursuant to Section 12 of
          the U.S. Exchange Act or Corporation shall incur a reporting obligation pursuant to Section 15(d) of the U.S. Exchange Act or (ii) any such registration or reporting obligation shall be terminated by the Corporation in accordance with the U.S.
          Exchange Act, the Corporation shall promptly deliver to the Warrant Agent  an officers’ certificate (in a form provided by the Warrant Agent notifying the Warrant  Agent of such registration or termination and such other information as the
          Warrant Agent may require at the time. The Corporation acknowledges that Warrant Agent is relying upon the foregoing representation and covenants in order to meet certain United States Securities and Exchange Commission (“SEC”) obligations with
          respect to those clients who are filing with the SEC.

       

       ARTICLE 10

      

      GENERAL

       

      
        	
                Section 10.1

              	
                Notice to the Corporation and the Warrant Agent.

              

      

       

      
        
          	(1)	
                  Unless herein otherwise expressly provided, any notice to be given hereunder to the Corporation or the Warrant Agent shall be deemed to be validly given if delivered,
                      sent by registered letter, postage prepaid or if faxed:

                

        

      

       

      
        
          	

                	(a)	
                  If to the Corporation:

                

        

      

       

      Viemed Healthcare, Inc.

      

      202 N. Luke Street 

      

      Lafayette, Louisiana 

      

      70506 

      

       

        

      Attention: Chief Executive Officer 

      

       

        

      with a copy to McMillan LLP: 

      

       

        

      McMillan LLP 

      

      Brookfield Place 

      

      181 Bay Street, Suite 4400 

      

      Toronto, ON  M5J 2T3 

      

       

        

      Attention: Robbie Grossman 

      

       

        

      Facsimile number: 416-865-7048 

      

       

        

      
        
          

        - 57 -

      

      
        
          	

                	(b)	
                  If to the Warrant Agent:

                

        

      

       

      Computershare Trust Company of Canada

      600, 530 – 8th Avenue SW

      Calgary, AB T2P 3S8

       

      Attention:  Manager, Corporate Trust

       

      Facsimile  number:  403-267-6598

       

      and any such notice delivered in accordance with the foregoing shall be deemed to have been received and given on the date of delivery
          or, if mailed, on the fifth Business Day following the date of mailing such notice or, if faxed, on the next Business Day following the date of transmission.

       

      
        
          	(2)	
                  The Corporation or the Warrant Agent, as the case may be, may from time to time notify the other in the manner provided in Section 10.1(1) of a change of address which,
                      from the effective date of such notice and until changed by like notice, shall be the address of the Corporation or the Warrant Agent, as the case may be, for all purposes of this Indenture.

                

        

      

       

      
        
          	(3)	
                  If, by reason of a strike, lockout or other work stoppage, actual or threatened, involving postal employees, any notice to be given to the Warrant Agent or to the
                      Corporation hereunder could reasonably be considered unlikely to reach its destination, such notice shall be valid and effective only if it is delivered to the named officer of the party to which it is addressed, as provided in
                      Section 10.1(1), or given by facsimile or other means of prepaid, transmitted and recorded communication.

                

        

      

       

      
        	
                Section 10.2

              	
                Notice to Registered Warrantholders.

              

      

       

      
        
          	(1)	
                  Unless otherwise provided herein, notice to the Registered Warrantholders under the provisions of this Indenture shall be valid and effective if delivered or sent by
                      ordinary prepaid post addressed to such holders at their post office addresses appearing on the register hereinbefore mentioned and shall be deemed to have been effectively received and given on the date of delivery or, if mailed, on
                      the third (3rd) Business Day following the date of mailing such notice.  In the event that Warrants are held in the name of the Depository, a copy of
                      such notice shall also be sent by electronic communication to the Depository and shall be deemed received and given on the day it is so sent.

                

        

      

       

      
        
          

        - 58 -

      

      
        
          	(2)	
                  If, by reason of a strike, lockout or other work stoppage, actual or threatened, involving postal employees, any notice to be given to the Registered Warrantholders
                      hereunder could reasonably be considered unlikely to reach its destination, such notice shall be valid and effective only if it is delivered to such Registered Warrantholders to the address for such Registered Warrantholders contained
                      in the register maintained by the Warrant Agent or such notice may be given, at the Corporation’s expense, by means of publication in the Globe and Mail, National Edition, or any other English language daily newspaper or newspapers of
                      general circulation in Canada, in each two (2) successive weeks,  the first such notice to be published within five (5) Business Days of such event, and any so notice published shall be deemed to have been received and given on the
                      latest date the publication takes place.

                

        

      

       

      
        	
                Section 10.3

              	
                Ownership of Warrants.

              

      

       

      The Corporation and the Warrant Agent may deem and treat the Registered Warrantholders as the absolute owner thereof for all purposes,
          and the Corporation and the Warrant Agent shall not be affected by any notice or knowledge to the contrary except where the Corporation or the Warrant Agent is required to take notice by statute or by order of a court of competent jurisdiction.
          The receipt of any such Registered Warrantholder of the Common Shares which may be acquired pursuant thereto shall be a good discharge to the Corporation and the Warrant Agent for the same and neither the Corporation nor the Warrant Agent shall
          be bound to inquire into the title of any such holder except where the Corporation or the Warrant Agent is required to take notice by statute or by order of a court of competent jurisdiction.

       

      
        	
                Section 10.4

              	
                Counterparts.

              

      

       

      This Indenture may be executed in several counterparts, each of which when so executed shall be deemed to be an original and such
          counterparts together shall constitute one and the same instrument and notwithstanding their date of execution they shall be deemed to be dated as of the date hereof. Delivery of an executed copy of the Indenture by electronic facsimile
          transmission or other means of electronic communication capable of producing a printed copy will be deemed to be execution and delivery of this Indenture as of the date hereof.

       

      
        
          

        - 59 -

      

      
        	
                Section 10.5

              	
                Satisfaction and Discharge of Indenture.

              

      

       

      Upon the earlier of:

       

      
        
          	

                	(a)	
                  the date by which there shall have been delivered to the Warrant Agent for exercise or cancellation all Warrants theretofore Authenticated hereunder, in the case of
                      Certificated Warrants or by way of transaction instruction (or such other instructions, in a form satisfactory to the Warrant Agent), in the case of Uncertificated Warrants, or by way of standard processing through the book entry only
                      system in the case of a CDS Global Warrant; and

                

        

      

       

      
        
          	

                	(b)	
                  the Expiry Time;

                

        

      

       

      and if all certificates or other entry on the register representing Common Shares required to be issued in compliance with the provisions hereof have
          been issued and delivered hereunder or to the Warrant Agent in accordance with such provisions, this Indenture shall cease to be of further effect and the Warrant Agent, on demand of and at the cost and expense of the Corporation and upon
          delivery to the Warrant Agent of a certificate of the Corporation stating that all conditions precedent to the satisfaction and discharge of this Indenture have been complied with, shall execute proper instruments acknowledging satisfaction of
          and discharging this Indenture. Notwithstanding the foregoing, the indemnities provided to the Warrant Agent by the Corporation hereunder shall remain in full force and effect and survive the termination of this Indenture.

       

      
        
          	Section 10.6	
                  Provisions of Indenture and Warrants for the Sole Benefit of Parties and Registered Warrantholders.

                

        

      

       

      Nothing in this Indenture or in the Warrants, expressed or implied, shall give or be construed to give to any person other than the
          parties hereto and the Registered Warrantholders, as the case may be, any legal or equitable right, remedy or claim under this Indenture, or under any covenant or provision herein or therein contained, all such covenants and provisions being for
          the sole benefit of the parties hereto and the Registered Warrantholders.

       

      
        
          	Section 10.7	
                  Common Shares or Warrants Owned by the Corporation or its Subsidiaries - Certificate to be Provided.

                

        

      

       

      For the purpose of disregarding any Warrants owned legally or beneficially by the Corporation in Section 7.16, the Corporation shall
          provide to the Warrant Agent, from time to time, a certificate of the Corporation setting forth as at the date of such certificate:

       

      
        
          

        - 60 -

      

      
      
        
          	

                	(a)	
                  the names (other than the name of the Corporation) of the Registered Warrantholders which, to the knowledge of the Corporation, are owned by or held for the account of
                      the Corporation; and

                

        

      

       

      
        
          	

                	(b)	
                  the number of Warrants owned legally or beneficially by the Corporation;

                

        

      

       

      and the Warrant Agent, in making the computations in Section 7.16, shall be entitled to rely on such certificate without any
          additional evidence.

       

      
        	
                Section 10.8

              	
                Severability

              

      

       

      If, in any jurisdiction, any provision of this Indenture or its application to any party or circumstance is restricted, prohibited or
          unenforceable, such provision will, as to such jurisdiction, be ineffective only to the extent of such restriction, prohibition or unenforceability without invalidating the remaining provisions of this Indenture and without affecting the validity
          or enforceability of such provision in any other jurisdiction or without affecting its application to other parties or circumstances.

       

      
        	
                Section 10.9

              	
                Force Majeure

              

      

       

      No party shall be liable to the other, or held in breach of this Indenture, if prevented, hindered, or delayed in the performance or
          observance of any provision contained herein by reason of act of God, riots, terrorism, acts of war, epidemics, governmental action or judicial order, earthquakes, or any other similar causes (including, but not limited to, mechanical, electronic
          or communication interruptions, disruptions or failures). Performance times under this Indenture shall be extended for a period of time equivalent to the time lost because of any delay that is excusable under this Section.

       

      
        	
                Section 10.10

              	
                Assignment, Successors and Assigns

              

      

       

      Neither of the parties hereto may assign its rights or interest under this Indenture, except as provided in Section 9.8 in the case of
          the Warrant Agent, or as provided in Section 8.2 in the case of the Corporation. Subject thereto, this Indenture shall enure to the benefit of and be binding upon the parties hereto and their respective successors and permitted assigns.

       

      
        
          

        - 61 -

      

      
        
          	
                  Section 10.11

                	
                  Rights of Rescission and Withdrawal for Holders

                

        

         

        Should a holder of Warrants exercise any legal, statutory, contractual or other right of withdrawal or rescission that may be
            available to it, and the holder’s funds which were paid on exercise have already been released to the Corporation by the Warrant Agent, the Warrant Agent shall not be responsible for ensuring the exercise is cancelled and a refund is paid back
            to the holder. In such cases, the holder shall seek a refund directly from the Corporation and subsequently, the Corporation, upon surrender to the Corporation or the Warrant Agent of any underlying Common Shares that may have been issued, or
            such other procedure as agreed to by the parties hereto, shall instruct the Warrant Agent in writing, to cancel the exercise transaction and any such underlying Common Shares on the register, which may have already been issued upon the Warrant
            exercise.  In the event that any payment is received from the Corporation by virtue of the holder being a shareholder for such Warrants that were subsequently rescinded, such payment must be returned to the Corporation by such holder.  The
            Warrant Agent shall not be under any duty or obligation to take any steps to ensure or enforce that the funds are returned pursuant to this section, nor shall the Warrant Agent be in any other way responsible in the event that any payment is
            not delivered or received pursuant to this section.  Notwithstanding the foregoing, in the event that the Corporation provides the refund to the Warrant Agent for distribution to the holder, the Warrant Agent shall return such funds to the
            holder as soon as reasonably practicable, and in so doing, the Warrant Agent shall incur no liability with respect to the delivery or non-delivery of any such funds.

         

      

      
        
          

        - 62 -

      

      IN WITNESS WHEREOF the parties hereto have
          executed this Indenture under the hands of their proper officers in that behalf as of the date first written above.

       

      	 	
              VIEMED HEALTHCARE, INC.

            
	 	 
	 	
              By:

            	
              /s/ W. Todd Zehnder

            
	 	 	
              Name: 

              

            	W. Todd Zehnder
	 	 	
              Title:

              

            	Chief Operating Officer

      

      

      	 	
              COMPUTERSHARE TRUST COMPANY OF CANADA

            
	 	 
	 	
              By:

            	
              /s/ Anna Szczepankiewicz

            
	 	 	
              Name: Anna Szczepankiewicz

            
	 	 	
              Title: Corporate Trust Officer

            
	 	 	 
	 	
              By:

            	
              /s/ Beatriz Fedozzi

            
	 	 	
              Name: Beatriz Fedozzi

            
	 	 	
              Title: Corporate Trust Officer

            

       

      
        
          

        A-1

      

      
      SCHEDULE “A”

       

      FORM OF WARRANT

       

      SUBJECT TO THE CORPORATION’S ACCELERATION RIGHT, THE WARRANTS EVIDENCED HEREBY ARE EXERCISABLE AT OR BEFORE 4:00 P.M. (TORONTO TIME) ON MAY 4, 2018 AFTER
          WHICH TIME THE WARRANTS EVIDENCED HEREBY SHALL BE DEEMED TO BE VOID AND OF NO FURTHER FORCE OR EFFECT.

       

      For all Warrants sold outside the United States and registered in the
            name of the Depository, the also include the following legend:

       

      (INSERT IF BEING ISSUED TO CDS)UNLESS THIS CERTIFICATE IS
          PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF CDS CLEARING AND DEPOSITORY SERVICES INC. (“CDS”) TO VIEMED HEALTHCARE, INC. (THE “ISSUER”) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IN RESPECT THEREOF
          IS REGISTERED IN THE NAME OF CDS & CO., OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS (AND ANY PAYMENT IS MADE TO CDS & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS), ANY
          TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED HOLDER HEREOF, CDS & CO., HAS A PROPERTY INTEREST IN THE SECURITIES REPRESENTED BY THIS CERTIFICATE HEREIN AND IT IS A VIOLATION
          OF ITS RIGHTS FOR ANOTHER PERSON TO HOLD, TRANSFER OR DEAL WITH THIS CERTIFICATE.

       

      
        
          

        A-2

      

      For Warrants sold in the United States, also include the following
            legends:
         

        THIS WARRANT AND THE SECURITIES DELIVERABLE UPON EXERCISE HEREOF  HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF
            1933, AS AMENDED (THE “U.S. SECURITIES ACT”), OR ANY STATE SECURITIES LAWS, AND MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO VIEMED HEALTHCARE, INC. (THE “CORPORATION”) (B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE
            904 OF REGULATION S UNDER THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH LOCAL LAWS AND REGULATIONS, (C) WITHIN THE UNITED STATES IN ACCORDANCE WITH (1) RULE 144A UNDER THE U.S. SECURITIES ACT, OR (2) RULE 144 UNDER THE U.S. SECURITIES ACT AND,
            IN EACH CASE, IN COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS, OR (D) IN ANOTHER TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS, PROVIDED THAT IN THE CASE OF TRANSFERS
            PURSUANT TO (C)(2) OR (D) ABOVE, A LEGAL OPINION SATISFACTORY TO THE CORPORATION MUST FIRST BE PROVIDED TO COMPUTERSHARE TRUST COMPANY OF CANADA TO THE EFFECT THAT SUCH TRANSFER IS EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT AND
            APPLICABLE STATE SECURITIES LAWS.  DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE “GOOD DELIVERY” IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA.

      

       

      THE SECURITIES EVIDENCED HEREBY AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER U.S. SECURITIES ACT OR U.S. STATE
          SECURITIES LAWS.  THESE WARRANTS MAY NOT BE EXERCISED IN THE UNITED STATES OR BY OR ON BEHALF OF, OR FOR THE ACCOUNT OR BENEFIT OF, A U.S. PERSON UNLESS THIS SECURITY AND THE COMMON SHARES ISSUABLE UPON EXERCISE OF THIS SECURITY HAVE BEEN
          REGISTERED UNDER THE U.S. SECURITIES ACT AND THE APPLICABLE STATE SECURITIES LEGISLATION OR AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS IS AVAILABLE. “UNITED STATES” AND “U.S. PERSON” ARE AS DEFINED BY REGULATION S UNDER THE U.S. SECURITIES
          ACT.

       

      
        
          

        A-3

      

      WARRANT

       

      To acquire Common Shares of

       

      VIEMED HEALTHCARE, INC.

       

      (incorporated pursuant to the laws of the Province of British Columbia)

       

      	
              Warrant

              Certificate No. ______________

            	
              Certificate for ___________ Warrants, each entitling the holder to acquire one (1) Common Share (subject to adjustment as provided for in the Warrant Indenture (as defined below)

               

                

              CUSIP 92663R113

               

                

              ISIN CA 92663R1139

            

       

      THIS IS TO CERTIFY THAT, for value received,          

       

      
        

       

      (the “Warrantholder”) is the registered holder of the number of
          common share purchase warrants (the “Warrants”) of Viemed Healthcare, Inc.
            (the “Corporation”) specified above, and is entitled, on exercise of these Warrants upon and subject to the terms and conditions set forth herein
          and in the Warrant Indenture, to purchase at any time before 4:00 p.m. (Toronto time) (the “Expiry Time”) on May 4, 2018 (the “Expiry Date”), subject to the Acceleration Right (as defined below), one fully paid and non-assessable common share without par value in the capital of the Corporation as constituted on
          the date hereof (a “Common Share”) for each Warrant subject to adjustment in accordance with the terms of the Warrant Indenture (as defined below).  Any
          capitalized terms used and not otherwise defined in this Warrant Certificate have the meaning ascribed thereto in the Warrant Indenture.

       

      “Acceleration Right” means the right of the Corporation to
          accelerate the Expiry Date to a date that is not the less than twenty (20) days following the issuance of the Acceleration Notice if, at any time before the Expiry Date, the volume weighted average trading price of the Common Shares exceeds
          $22.00 for a period of twenty (20) consecutive Trading Days.

       

      
        
          

        A-4

      

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

       

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

       

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

       

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

       

      Subject to adjustment thereof in the events and in the manner set forth in the Warrant Indenture hereinafter referred to, the exercise price payable for
          each Common Share upon the exercise of Warrants shall be $10.40 per Common Share (the “Exercise Price”).

       

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

       

      This Warrant Certificate evidences Warrants of the Corporation issued or issuable under the provisions of an amended and restated warrant indenture
          (which indenture together with all other instruments supplemental or ancillary thereto is herein referred to as the “Warrant Indenture”) dated as of January
          9, 2018, between the Corporation and Computershare Trust Company of Canada, as Warrant Agent, to which Warrant Indenture reference is hereby made for particulars of the rights of the holders of Warrants, the Corporation and the Warrant Agent in
          respect thereof and the terms and conditions on which the Warrants are issued and held, all to the same effect as if the provisions of the Warrant Indenture were herein set forth, to all of which the holder, by acceptance hereof, assents.  The
          Corporation will furnish to the holder, on request and without charge, a copy of the Warrant Indenture.

       

      
        
          

        A-5

      

      On presentation at the principal office of the Warrant Agent as set out above, subject to the provisions of the Warrant Indenture and on compliance with
          the reasonable requirements of the Warrant Agent, one or more Warrant Certificates may be exchanged for one or more Warrant Certificates entitling the holder thereof to purchase in the aggregate an equal number of Common Shares as are purchasable
          under the Warrant Certificate(s) so exchanged.

       

      Neither the Warrants nor the Common Shares issuable upon exercise hereof have been or will be registered under the United States Securities Act of 1933,
          as amended (the “U.S. Securities Act”), or U.S. state securities laws.  These Warrants may not be exercised in the United States or by or on behalf of, or
          for the account or benefit of, a U.S. Person or a person in the United States unless this security and the Common Shares issuable upon exercise of this security have been registered under the U.S. Securities Act and the applicable state
          securities legislation or an exemption from such registration requirements is available.

       

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

       

      The Warrant Indenture also contains provisions making binding on all holders of Warrants outstanding thereunder resolutions passed at meetings of holders
          of Warrants held in accordance with the provisions of the Warrant Indenture and instruments in writing signed by Warrantholders of Warrants entitled to purchase a specific majority of the Common Shares that can be purchased pursuant to such
          Warrants.

       

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

       

      Warrants may only be transferred in compliance with the conditions of the Warrant Indenture on the register to be kept by the Warrant Agent in Calgary and in Toronto, or such other registrar as the Corporation, with the
          approval of the Warrant Agent, may appoint at such other place or places, if any, as may be designated, upon surrender of this Warrant Certificate to the Warrant Agent or other registrar accompanied by a written instrument of transfer in form and
          execution satisfactory to the Warrant Agent or other registrar and upon compliance with the conditions prescribed in the Warrant Indenture and with such reasonable requirements as the Warrant Agent or other registrar may prescribe and upon the
          transfer being duly noted thereon by the Warrant Agent or other registrar. Time is of the essence hereof.

       

      
        
          

        A-6

      

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

       

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

       

      IN WITNESS WHEREOF the Corporation has caused this Warrant
          Certificate to be duly executed as of ______________, ________.

       

      	 	
              VIEMED HEALTHCARE, INC.

            
	 	 
	 	
              By:

            	 	 
	 	

            	
              Authorized Signatory

            
	 	 
	
              Countersigned and Registered by:

            	 
	 	 
	
              COMPUTERSHARE TRUST COMPANY OF CANADA

            	 
	 	 
	
              By:

            	 	 	 
	

            	
              Authorized Signatory

            	 

       

      
        
          

        A-7

      

      FORM OF TRANSFER

       

      To:         Computershare Trust Company of Canada

       

      FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers to 

       
        

        

        

       

        

      
        

      print name and address) the Warrants represented by this Warrant Certificate and hereby irrevocable constitutes and appoints ____________________ as its
          attorney with full power of substitution to transfer the said securities on the appropriate register of the Warrant Agent.

       

      In the case of a Warrant Certificate that contains a U.S. restrictive legend, the undersigned hereby represents, warrants and certifies that (one (only)
          of the following must be checked):

       

      
        	

              	☐	
                
                  (A)    the transfer is being made only to the
                      Corporation;

                

              

      

       

      
        
          	

                	☐	
                  (B)    the transfer is being made outside the United States in accordance with Rule 904
                      of Regulation S under the U.S. Securities Act, and in compliance with any applicable local securities laws and regulations and the holder has provided herewith the Declaration for Removal of Legend attached as Schedule “C” to the
                      Warrant Indenture, or

                

        

      

       

      
        
          	 	☐	
                  (C)    the transfer is being made within the United States or to, or for the account or
                      benefit of, U.S. Persons, in accordance with a transaction that does not require registration under the U.S. Securities Act or any applicable state securities laws and the undersigned has furnished to the Corporation and the Warrant
                      Agent an opinion of counsel of recognized standing in form and substance reasonably satisfactory to the Corporation and the Warrant Agent to such effect.

                

        

      

       

      In the case of a Warrant Certificate that does not contain a U.S. restrictive legend, if the proposed transfer is to, or for
          the account or benefit of a U.S. Person or to a person in the United States, the undersigned hereby represents, warrants and certifies that the transfer of the Warrants is being completed pursuant to an exemption from the registration
          requirements of the U.S. Securities Act and any applicable state securities laws, in which case the undersigned has furnished to the Corporation and the Warrant Agent an opinion of counsel of recognized standing in form and substance reasonably
          satisfactory to the Corporation and the Warrant Agent to such effect.

       

        

      
        
          

        A-8

      

      	☐	
              If transfer is to a U.S. Person, check this box.

            

       

      DATED this ____ day of_________________, 20____.

      

      

      	
              SPACE FOR GUARANTEES OF SIGNATURES (BELOW)

            	
              )

            	

            
	 	
              )

            	
              

              

            	 
	 	
              )

            	
              Signature of Transferor

            
	 	
              )

            	 
	

            	
              )

            	

            	 
	
              Guarantor’s Signature/Stamp

            	
              )

            	Name of Transferor
	 	
              )

            	 

      

      

      REASON FOR TRANSFER – For US Residents only (where the individual(s) or corporation receiving the securities is a US resident).  Please
          select only one (see instructions below).

       

      
        	☐ Gift	☐ Estate	☐ Private Sale 

                	☐ Other (or no change in ownership)

      

       

      

      	Date of Event (Date of gift, death or sale): 

              	Value per Warrant on the date of event:

       

      

      			☐ 	CAD OR	☐ 	USD

        

      

      CERTAIN REQUIREMENTS RELATING TO TRANSFERS – READ CAREFULLY

        

      

      
        The signature(s) of the transferor(s) must correspond with the name(s) as written upon the face of this certificate(s), in every particular, without
            alteration or enlargement, or any change whatsoever.  All securityholders or a legally authorized representative must sign this form.  The signature(s) on this form must be guaranteed in accordance with the Warrant Agent’s then current
            guidelines and requirements at the time of transfer.  Notarized or witnessed signatures are not acceptable as guaranteed signatures.  As at the time of closing, you may choose one of the following methods (although subject to change in
            accordance with industry practice and standards):

      

       

      

      
        
          

        A-9

      

      
        
          	

                	•	
                  Canada and the USA:  A Medallion Signature Guarantee obtained from a member of an
                      acceptable Medallion Signature Guarantee Program (STAMP, SEMP, NYSE, MSP).  Many commercial banks, savings banks, credit unions, and all broker dealers participate in a Medallion Signature Guarantee Program.  The Guarantor must affix
                      a stamp bearing the actual words “Medallion Guaranteed”, with the correct prefix covering the face value of the certificate.

                

        

      

       

      
        
          	

                	•	
                  Canada:  A Signature Guarantee obtained from an authorized officer of the Royal
                      Bank of Canada, Scotia Bank or TD Canada Trust.  The Guarantor must affix a stamp bearing the actual words “Signature Guaranteed”, sign and print their full name and alpha numeric signing number.  Signature Guarantees are not accepted
                      from Treasury Branches, Credit Unions or Caisse Populaires unless they are members of a Medallion Signature Guarantee Program. For corporate holders, corporate signing resolutions, including certificate of incumbency, are also
                      required to accompany the transfer, unless there is a “Signature & Authority to Sign Guarantee” Stamp affixed to the transfer (as opposed to a “Signature Guaranteed” Stamp) obtained from an authorized officer of the Royal Bank of
                      Canada, Scotia Bank or TD Canada Trust or a Medallion Signature Guarantee with the correct prefix covering the face value of the certificate.

                

        

      

       

      
        
          	

                	•	
                  Outside North America:  For holders located outside North America, present the
                      certificates(s) and/or document(s) that require a guarantee to a local financial institution that has a corresponding Canadian or American affiliate which is a member of an acceptable Medallion Signature Guarantee Program.  The
                      corresponding affiliate will arrange for the signature to be over-guaranteed.

                

        

      

       

      OR

       

      The signature(s) of the transferor(s) must correspond with the name(s) as written upon the face of this certificate(s), in every particular, without
          alteration or enlargement, or any change whatsoever.  The signature(s) on this form must be guaranteed by an authorized officer of Royal Bank of Canada, Scotia Bank or TD Canada Trust whose sample signature(s) are on file with the transfer agent,
          or by a member of an acceptable Medallion Signature Guarantee Program (STAMP, SEMP, NYSE, MSP).  Notarized or witnessed signatures are not acceptable as guaranteed signatures.  The Guarantor must affix a stamp bearing the actual words: 
          “SIGNATURE GUARANTEED”, “MEDALLION GUARANTEED” OR “SIGNATURE & AUTHORITY TO SIGN GUARANTEE”, all in accordance with the transfer agent’s then current guidelines and requirements at the time of transfer.  For corporate holders, corporate
          signing resolutions, including certificate of incumbency, will also be required to accompany the transfer unless there is a “SIGNATURE & AUTHORITY TO SIGN GUARANTEE” Stamp affixed to the Form of Transfer obtained from an authorized officer of
          the Royal Bank of Canada, Scotia Bank or TD Canada Trust or a “MEDALLION GUARANTEED” Stamp affixed to the Form of Transfer, with the correct prefix covering the face value of the certificate.

       

        

      
        
          

        A-10

      

      REASON FOR TRANSFER – FOR US RESIDENTS ONLY

       

      Consistent with US IRS regulations, the Warrants Agent is required to request cost basis information from US securityholders.  Please indicate the reason
          for requesting the transfer as well as the date of event relating to the reason.  The event date is not the day in which the transfer is finalized, but rather the date of the event which led to the transfer request (i.e. date of gift, date of
          death of the securityholder, or the date the private sale took place).

       

        

      
        
          

        B-1

      

      
      SCHEDULE “B”

       

      EXERCISE FORM

       

      
        	
                TO:

              	
                VIEMED HEALTHCARE, INC.

              

      

       

      
        	
                AND TO:

              	
                Computershare Trust Company of Canada

              

      

      

      

       

      The undersigned holder of the Warrants evidenced by this Warrant Certificate hereby exercises the right to acquire ____________ (A)
          Common Shares of Viemed Healthcare, Inc.

       

      	 	Exercise Price Payable:	 	 
	 	 	
              ((A) multiplied by $10.40, subject to adjustment)

            	 

      

      

      The undersigned hereby exercises the right of such holder to be issued, and hereby subscribes for, Common Shares that are issuable
          pursuant to the exercise of such Warrants on the terms specified in such Warrant Certificate and in the Warrant Indenture.

       

      The undersigned hereby acknowledges that the undersigned is aware that the Common Shares received on exercise may be subject to
          restrictions on resale under applicable securities legislation.

       

      Any capitalized term in this Warrant Certificate that is not otherwise defined herein, shall have the meaning
          ascribed thereto in the Warrant Indenture.

       

      The undersigned represents, warrants and certifies as follows (one (only) of the following must be checked):

       

      		☐	
              (A)    the undersigned holder at the time of exercise of the Warrants (i) is not in the United States,
                  (ii) is not a U.S. Person , (iii) is not exercising the Warrants for the account or benefit of a U.S. Person or a person in the United States, (iv) did not execute or deliver this exercise form in the United States and (v) delivery of the
                  underlying Common Shares will not be to an address in the United States; OR

            

       

      

      		☐	
              (B)    the undersigned holder (a) is the original U.S. purchaser who purchased Units pursuant to the
                  Company’s Unit offering who delivered the Certificate of U.S. Purchaser attached to the subscription agreement in connection with its purchase of Units, (b) is exercising the Warrants for its own account or for the account of a disclosed
                  principal that was named in the subscription agreement pursuant to which it purchased such Units, and (c) is, and such disclosed principal, if any, is an institutional "accredited investor" as defined in Rule 501(a)(1),(2),(3)or (7) of
                  Regulation D under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) at the time of exercise of these Warrants and the
                  representations and warranties of the holder made in the original subscription agreement including the Certificate of U.S. Purchaser remain true and correct as of the date of exercise of these Warrants; OR

            

       

      

      
        
          

        B-2

      

      
        	

              	☐	
                (C)    if the undersigned holder is (i) a holder in the United States, (ii) a U.S. Person, (iii) a
                    person exercising for the account or benefit of a U.S. Person, (iv) executing or delivering this exercise form in the United States or (v) requesting delivery of the underlying Common Shares in the United States, the undersigned holder
                    has delivered to the Corporation and the Corporation’s transfer agent (a) a completed and executed U.S. Purchaser Letter in substantially the form attached to the Warrant Indenture as Schedule “D” or (b) an opinion of counsel (which
                    will not be sufficient unless it is in form and substance reasonably satisfactory to the Corporation) or such other evidence reasonably satisfactory to the Corporation to the effect that with respect to the Common Shares to be delivered
                    upon exercise of the Warrants, the issuance of such securities has been registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration requirements is available.

              

         

        It is understood that the Corporation and Computershare Trust Company of Canada may require evidence to verify the foregoing
            representations.

         

        	Notes:   (1)	Certificates will not be registered or delivered to an address in the United States unless Box B or C above is checked.

         

        

        	 	(2)	
                If Box C above is checked, holders are encouraged to consult with the Corporation and the Warrant Agent in advance to determine that
                    the legal opinion tendered in connection with the exercise will be satisfactory in form and substance to the Corporation and the Warrant Agent.

              

         

        

        “United States” and “U.S. Person” are as defined in Rule 902 of Regulation S under the U.S. Securities Act.

         

        
          
            

          B-3

        

        The undersigned hereby irrevocably directs that the said Common Shares be issued, registered and delivered as follows:

         

        	
                Name(s) in Full and

                 Social Insurance

                 Number(s)

                 (if applicable)

              	 	
                Address(es)

              	 	
                Number of 

                Common Shares

              
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

        

        

        Please print full name in which certificates representing the Common Shares are to be issued.  If any Common Shares are to be issued
            to a person or persons other than the registered holder, the registered holder must pay to the Warrant Agent all eligible  transfer taxes or other government charges, if any, and the Form of Transfer must be duly executed.

         

        Once completed and executed, this Exercise Form must be mailed or delivered to Computershare Trust Company of Canada, c/o Manager, Corporate Trust, 600, 530 8th Avenue SW, Calgary, Alberta T2P 3S8.

         

        DATED this ____day of _____, 20__.

         

        	 	)

              	 
	 	)	 
	 	
                )

              	 
	
                Witness

              	)	
                (Signature of Warrantholder, to be the same 

                  

              
	 	)	as appears on the face of this Warrant 
	 	)	Certificate)
	 	)	 
	 	 	 
	 	

              	
                Name of Registered Warrantholder

              

         

        ☐        Please check if the certificates representing the Common Shares are to be delivered at the office where this
            Warrant Certificate is surrendered, failing which such certificates will be mailed to the address set out above.  Certificates will be delivered or mailed as soon as practicable after the surrender of this Warrant Certificate to the Warrant
            Agent.

         

        
          
            

          C-1

        

        
        SCHEDULE “C”

         

        FORM OF DECLARATION FOR REMOVAL OF LEGEND

         

        
          	
                  TO:

                	
                  Computershare Trust Company of Canada

                

        

         

        Computershare Investor Services Inc.

         

        as registrar and transfer agent for the Warrants and Common Shares issuable upon exercise of the Warrants of Viemed Healthcare, Inc.

        

        

        The undersigned (a) acknowledges that the sale of the securities of Viemed Healthcare, Inc. (the “Corporation”) to which this declaration relates is being made in reliance on Rule 904 of Regulation S under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) and (b) certifies that (1) the undersigned is not an affiliate of the Corporation as that term is defined in the U.S. Securities Act, except any officer or
            director of the Corporation who is an affiliate solely by virtue of holding such position, (2) the offer of such securities was not made to a person in the United States and either (A) at the time the buy order was originated, the buyer was
            outside the United States, or the seller and any person acting on its behalf reasonably believed that the buyer was outside the United States, or (B) the transaction was executed in, on or through the facilities of the TSX Venture Exchange or
            any other designated offshore securities market as defined in Regulation S under the U.S. Securities Act and neither the seller nor any person acting on its behalf knows that the transaction has been prearranged with a buyer in the United
            States, (3) neither the seller nor any affiliate of the seller nor any person acting on any of their behalf has engaged or will engage in any directed selling efforts in the United States in connection with the offer and sale of such
            securities, (4) the sale is bona fide and not for the purpose of “washing off” the resale restrictions imposed because the securities are “restricted securities” (as such term is defined in Rule 144(a)(3) under the U.S. Securities Act), (5) the
            seller does not intend to replace the securities sold in reliance on Rule 904 of the U.S. Securities Act with fungible unrestricted securities and (6) the contemplated sale is not a transaction, or part of a series of transactions which,
            although in technical compliance with Regulation S, is part of a plan or scheme to evade the registration provisions of the U.S. Securities Act.  Terms used herein have the meanings given to them by Regulation S.

        

        

        DATED this ____day of _____, 20__.

         

        	 	
                (Name of Seller)

              
	 	 
	 	
                By:

              	 
	 	 	
                Name:

              
	 	 	
                Title:

              

         

        
          
            

          D-1

        

        
        SCHEDULE “D”

         

        FORM OF U.S. PURCHASER CERTIFICATION UPON EXERCISE OF WARRANTS

         

        Viemed Healthcare, Inc. 

        

        202 N. Luke Street 

        

        Lafayette, Louisiana 

        

        70506

         

        Attention: Chief Executive Officer

         

        - and to -

         

        Computershare Trust Company of Canada

         

        as Warrant Agent

         

        Dear Sirs:

         

        We are delivering this letter in connection with the purchase of common shares (the “Common Shares”) of Viemed Healthcare, Inc., a corporation incorporated under the laws of the Province of British Columbia (the “Corporation”)

            upon the exercise of warrants of the Corporation (“Warrants”), issued under the amended and restated warrant indenture dated as of January 9, 2018 between
            the Corporation and Computershare Trust Company of Canada.

         

        We hereby confirm that:

         

        
          
            	

                  	(a)	
                    we are an institutional “accredited investor” (satisfying one or more of the criteria set forth in Rule 501 (a)(1),(2),(3) or (7) of Regulation D under the United
                        States Securities Act of 1933 (the “U.S. Securities Act”));

                  

          

        

         

        
          
            	

                  	(b)	
                    we are purchasing the Common Shares for our own account;

                  

          

        

         

        
          
            	

                  	(c)	
                    we have such knowledge and experience in financial and business matters that we are capable of evaluating the merits and risks of purchasing the Common Shares;

                  

          

        

         

        
          
            	

                  	(d)	
                    we are not acquiring the Common Shares with a view to distribution thereof or with any present intention of offering or selling any of the Common Shares, except (A) to
                        the Corporation, (B) outside the United States in accordance with Rule 904 under the U.S. Securities Act or (C) inside the United States in accordance with Rule 144 under the U.S. Securities Act, if applicable, and in compliance
                        with applicable state securities laws;

                  

          

        

         

        
          
            

          D-2

        

        
          
            	

                  	(e)	
                    we acknowledge that we have had access to such financial and other information as we deem necessary in connection with our decision to exercise the Warrants and
                        purchase the Common Shares; and

                  

          

        

         

        
          
            	

                  	(f)	
                    we acknowledge that we are not purchasing the Common Shares as a result of any general solicitation or general advertising, including advertisements, articles, notices
                        or other communications published in any newspaper, magazine or similar media or broadcast over radio, television, or any seminar or meeting whose attendees have been invited by general solicitation or general advertising.

                  

          

        

         

        We understand that the Common Shares are being offered in a transaction not involving any public offering within the United States
            within the meaning of the U.S. Securities Act and that the Common Shares have not been and will not be registered under the U.S. Securities Act.  We further understand that any Common Shares acquired by us will be in the form of definitive
            physical certificates and that such certificates will bear a legend reflecting the fact that we will not offer, sell or otherwise transfer any of the Common Shares, directly or indirectly, unless (i) the sale is to the Corporation; (ii) the
            sale is made outside the United States in compliance with the requirements of Rule 904 of Regulation S under the U.S. Securities Act; or (iii) the sale is made in the United States (A) pursuant to an exemption from registration under the U.S.
            Securities Act provided by Rule 144 thereunder, if available, and in compliance with any applicable state securities laws or (B) pursuant to a transaction that does not require registration under the U.S. Securities Act or applicable state
            securities laws, and in the case of each of (A) and (B), the seller has furnished to the Corporation an opinion to such effect from counsel of recognized standing reasonably satisfactory to the Corporation prior to such offer, sale or transfer.

         

        We acknowledge that you will rely upon our confirmations, acknowledgements and agreements set forth herein, and we agree to notify
            you promptly in writing if any of our representations or warranties herein ceases to be accurate or complete.

         

        DATED this ____day of _____, 20__.

         

        	 	 
	 	
                (Name of U.S. Purchaser)

              
	 	 
	 	
                By:

              	 
	 	 	
                Name:

              
	 	 	
                Title:

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