ARHT Media : Warrant indenture

ARHT MEDIA INC.

as the Corporation

and

TSX TRUST COMPANY

as the Warrant Agent

WARRANT INDENTURE

Providing for the Issue of Warrants

Dated as of March 17, 2021

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	TABLE OF CONTENTS
		Page
ARTICLE 1 INTERPRETATION..............................................................................................	2
1.1	Definitions. .......................................................................................................................	2
1.2	Gender and Number. ........................................................................................................	7
1.3	Headings, Etc. ..................................................................................................................	7
1.4	Day not a Business Day. ..................................................................................................	7
1.5	Time of the Essence. ........................................................................................................	7
1.6	Monetary References........................................................................................................	7
1.7	Applicable Law. ...............................................................................................................	7
ARTICLE 2 ISSUE OF WARRANTS ........................................................................................	7
2.1	Creation and Issue of Warrants. .......................................................................................	7
2.2	Terms of Warrants............................................................................................................	8
2.3	Warrantholder not a Shareholder. ....................................................................................	8
2.4	Warrants to Rank Pari Passu. ...........................................................................................	8
2.5	Form of Warrants. ............................................................................................................	8
2.6	Book Entry Only Warrants...............................................................................................	9
2.7	Signing of Warrant Certificates......................................................................................	11
2.8	Authentication by the Warrant Agent. ...........................................................................	11
2.9	Legends. .........................................................................................................................	13
2.10	Register of Warrants ...................................................................................................	15
2.11 Issue in Substitution for Warrant Certificates Lost, etc..............................................	16
2.12 Exchange of Warrant Certificates...............................................................................	16
2.13 Transfer and Ownership of Warrants. ........................................................................	17
2.14 Cancellation of Surrendered Warrants. ......................................................................	18
ARTICLE 3 EXERCISE OF WARRANTS .............................................................................	18
3.1	Right of Exercise. ...........................................................................................................	18
3.2	Warrant Exercise. ...........................................................................................................	18
3.3	U.S. Restrictions; Legended Certificates .......................................................................	20
3.4	Transfer Fees and Taxes.................................................................................................	23
3.5	Warrant Agency. ............................................................................................................	23
3.6	Effect of Exercise of Warrants. ......................................................................................	23
3.7	Partial Exercise of Warrants; Fractions..........................................................................	24
3.8	Expiration of Warrants. ..................................................................................................	24
3.9	Accounting and Recording.............................................................................................	24
3.10	Securities Restrictions. ...............................................................................................	25
ARTICLE 4 ADJUSTMENT OF NUMBER OF COMMON SHARES AND PRICES ......	25
4.1	Adjustment of Number of Common Shares and Prices. ................................................	25
4.2	Entitlement to Common Shares on Exercise of Warrant. ..............................................	29
4.3	No Adjustment for Certain Transactions. ......................................................................	29
4.4	Determination by Independent Firm. .............................................................................	29
4.5	Proceedings Prior to any Action Requiring Adjustment. ...............................................	29
4.6	Certificate of Adjustment. ..............................................................................................	30

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4.7	Notice of Special Matters. ..............................................................................................	30
4.8	No Action after Notice. ..................................................................................................	30
4.9	Other Action. ..................................................................................................................	30
4.10 Protection of Warrant Agent.......................................................................................	31
4.11	Participation by Warrantholder. .................................................................................	31
ARTICLE 5 RIGHTS OF THE CORPORATION, REPRESENTATIONS AND
COVENANTS .............................................................................................................................	31
5.1	Optional Purchases by the Corporation..........................................................................	31
5.2	General Covenants. ........................................................................................................	32
5.3	Warrant Agent's Remuneration and Expenses. ..............................................................	33
5.4	Performance of Covenants by Warrant Agent. ..............................................................	33
5.5	Enforceability of Warrants. ............................................................................................	33
ARTICLE 6 ENFORCEMENT.................................................................................................	33
6.1	Suits by Warrantholders. ................................................................................................	33
6.2	Suits by the Corporation.................................................................................................	34
6.3	Immunity of Shareholders, etc. ......................................................................................	34
6.4	Waiver of Default...........................................................................................................	34
ARTICLE 7 MEETINGS OF WARRANTHOLDERS...........................................................	35
7.1	Right to Convene Meetings............................................................................................	35
7.2	Notice. ............................................................................................................................	35
7.3	Chairman. .......................................................................................................................	35
7.4	Quorum...........................................................................................................................	35
7.5	Power to Adjourn. ..........................................................................................................	36
7.6	Show of Hands. ..............................................................................................................	36
7.7	Poll and Voting...............................................................................................................	36
7.8	Regulations.....................................................................................................................	36
7.9	Corporation and Warrant Agent May be Represented. ..................................................	37
7.10 Powers Exercisable by Extraordinary Resolution. .....................................................	37
7.11 Meaning of Extraordinary Resolution. .......................................................................	38
7.12	Powers Cumulative.....................................................................................................	39
7.13	Minutes. ......................................................................................................................	39
7.14	Instruments in Writing................................................................................................	39
7.15 Binding Effect of Resolutions. ...................................................................................	39
7.16	Holdings by Corporation Disregarded........................................................................	40
ARTICLE 8 SUPPLEMENTAL INDENTURES ....................................................................	40
8.1	Provision for Supplemental Indentures for Certain Purposes. .......................................	40
8.2	Successor Entities...........................................................................................................	41
ARTICLE 9 CONCERNING THE WARRANT AGENT......................................................	41
9.1	Indenture Legislation......................................................................................................	41
9.2	Rights and Duties of Warrant Agent. .............................................................................	41
9.3	Evidence, Experts and Advisers.....................................................................................	42
9.4	Documents, Monies, etc. Held by Warrant Agent. ........................................................	43
9.5	Actions by Warrant Agent to Protect Interest. ...............................................................	44
9.6	Warrant Agent Not Required to Give Security. .............................................................	44

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9.7 Protection of Warrant Agent. .........................................................................................	44
9.8 Replacement of Warrant Agent; Successor by Merger. .................................................	45
9.9	Conflict of Interest. ........................................................................................................	46
9.10	Acceptance of Agency................................................................................................	46
9.11	Warrant Agent Not to be Appointed Receiver. ..........................................................	46
9.12	Authorization to Carry on Business............................................................................	47
9.13	Warrant Agent Not Required to Give Notice of Default. ...........................................	47
9.14	Anti-Money Laundering. ............................................................................................	47
9.15	Compliance with Privacy Code. .................................................................................	47
9.16	Securities and Exchange Commission Certification. .................................................	48
ARTICLE 10 GENERAL...........................................................................................................	48
10.1	Notice to the Corporation and the Warrant Agent......................................................	48
10.2	Notice to Warrantholders............................................................................................	50
10.3	Ownership of Warrants...............................................................................................	50
10.4	Counterparts and Electronic Copies. ..........................................................................	50
10.5	Satisfaction and Discharge of Indenture.....................................................................	51

10.6 Provisions of Indenture and Warrants for the Sole Benefit of Parties and

Warrantholders..........................................................................................................................

51

10.7 Common Shares or Warrants Owned by the Corporation or its Subsidiaries -

Certificate to be Provided. ........................................................................................................	51
10.8	Severability .................................................................................................................	52
10.9	Force Majeure.............................................................................................................	52
10.10	Assignment, Successors and Assigns .........................................................................	52
10.11	Rights of Rescission and Withdrawal for Holders .....................................................	52
SCHEDULE "A" FORM OF WARRANT.................................................................................	A-1
SCHEDULE "B" FORM OF DECLARATION FOR REMOVAL OF LEGEND ....................	B-1
SCHEDULE "C" FORM OF U.S. WARRANTHOLDER CERTIFICATION UPON EXERCISE
OF WARRANTS ........................................................................................................................	C-1

WARRANT INDENTURE

THIS WARRANT INDENTURE is dated as of March 17, 2021.

BETWEEN:

ARHT MEDIA INC., a corporation existing under the laws of the

Province of Ontario (the "Corporation"),

- and -

TSX TRUST COMPANY, a trust company existing under the laws of Canada and authorized to carry on business in all provinces of Canada (the "Warrant Agent")

WHEREAS the Corporation is proposing to issue up to 42,645,832 Units (as defined herein) by way of short form prospectus offering, which each Unit will be comprised of one Common Share (as defined herein) and one Warrant (as defined herein);

AND WHEREAS the Corporation proposes to issue up to 2,985,208 Compensation Options (as defined herein) to the Agent (as defined herein), with each Compensation Option exercisable into one Unit (the "Compensation Option Units");

AND WHEREAS in connection with the Offering (as defined herein), the Corporation is proposing to issue up to 45,631,040 Warrants, comprised of up to 42,645,832 Warrants partially comprising the Units sold in the Offering (including Units issuable on exercise of the over- allotment option of the Agent) and up to 2,985,208 Warrants partially comprising the Compensation Option Units granted to the Agent in connection with closing of the Offering;

AND WHEREAS pursuant to this Indenture, each Warrant shall, subject to adjustment, entitle the holder thereof to acquire one Common Share (as defined herein) upon payment of the Exercise Price (as defined herein) prior to the Expiry Time (as defined herein) upon the terms and conditions herein set forth;

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;

NOW THEREFORE, in consideration of the promises 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: