Document:

SHARE
        EXCHANGE AGREEMENT

         

  

AMONG

 

U.S.
GOLD CORP.

 

-
and -

 

2637262
ONTARIO INC. 

 

-
and -

 

ALL
OF THE SHAREHOLDERS OF 2637262 ONTARIO INC.

(AS
SET FORTH ON SCHEDULE I)

 

DATED
AS OF

 

September
10, 2019

 

    	 	 	 

    	 

    

 

TABLE
OF CONTENTS 

 

	 	Page
	Article
    1 INTERPRETATION	2
	 	1.1	Definitions	2
	 	1.2	Number
    and Gender 	6
	 	1.3	Currency
    	6
	 	1.4	Headings,
    etc. 	6
	 	1.5	Date
    for any Action 	6
	 	1.6	Knowledge
    	6
	 	1.7	Schedule
    and Exhibits 	6
	 	 	 	
	Article
    2 THE TRANSACTION	7
	 	2.1	Share
    Exchange 	7
	 	2.2	Implementation
    Covenants 	9
	 	 	 	
	Article
    3 PUBLICITY	10
	 	3.1	Publicity
    	10
	 	 	 	
	Article
    4 REPRESENTATIONS AND WARRANTIES 	10
	 	4.1	Representations
    and Warranties of NumberCo 	10
	 	4.2	Representations
    and Warranties of US Gold 	15
	 	4.3	Representations
    and Warranties of NumberCo Shareholders 	17
	 	4.4	Survival
    	22
	 	 	 	
	Article
    5 CLOSING MATTERS 	22
	 	5.1	Closing
    Matters 	22
	 	 	 	
	Article
    6 GENERAL 	22
	 	6.1	Confidentiality
    	22
	 	6.2	Notices
    	22
	 	6.3	Costs
    and Expenses 	23
	 	6.4	Further
    Assurances 	23
	 	6.5	Time
    	24
	 	6.6	Entire
    Agreement 	24
	 	6.7	Amendment
    	24
	 	6.8	Waiver
    	24
	 	6.9	Assignment
    	24
	 	6.10	Severability
    	24
	 	6.11	Governing
    Law 	24
	 	6.12	Counterparts
    	24
	 	 	 	
	SCHEDULE
    i Numberco shareholders	1
	 	
	SCHEDULE
    iI Numberco shareholder CONSIDERATION SHARES	2
	 	
	EXHIBIT
    A FORM OF assignment separate from certificate	1
	 	
	EXHIBIT
    B FORM OF SHARE REGISTRATION INSTRUCTION 1	1

 

    	 	- i -	 

    	 	 	 

    

 

SHARE
EXCHANGE AGREEMENT

 

THIS
AGREEMENT (the “Agreement”) is made as of the 10th day of September, 2019.

 

AMONG:

 

	 	U.S.
    GOLD CORP., a corporation incorporated under the laws of the State of Nevada	 
	 	 	 
	 	(hereinafter
    referred to as “US Gold”)	 
	 	 	 
	 	-
    and -	 
	 	 	 
	 	2637262
    ONTARIO INC., a corporation incorporated under the laws of the Province of Ontario	 
	 	 	 
	 	(hereinafter
    referred to as “NumberCo”)	 
	 	 	 
	 	-
    and -	 
	 	 	 
	 	All
    of the Shareholders of NumberCo, as set forth on Schedule I	 
	 	 	 
	 	(hereinafter
    referred to as “NumberCo Shareholders”, together with U.S. Gold and NumberCo, the “Parties”
    and individually, a “Party”)	 

 

WHEREAS
NumberCo Shareholders own all of the issued and outstanding common shares of NumberCo (“NumberCo Shares”)
and each NumberCo Shareholder owns that number of NumberCo Shares set forth beside his/her/its name on Schedule I;

 

WHEREAS
NumberCo owns all of the issued and outstanding shares of Orevada (as defined herein);

 

AND
WHEREAS, US Gold desires to acquire NumberCo for the purposes of acquiring Orevada and its Assets, and the NumberCo Shareholders
desire to exchange all of the issued and outstanding NumberCo Shares for shares of common stock of US Gold (the “US Gold
Shares”), for the consideration and upon the terms and conditions set forth in this Agreement, which will result in
NumberCo becoming a wholly-owned subsidiary of US Gold (the “Transaction” or “Share Exchange”);

 

AND
WHEREAS US Gold, NumberCo and NumberCo Shareholders intend to carry out the proposed Transaction by way of a series of steps
set forth in this Agreement;

 

AND
WHEREAS the Parties intend that the Transaction qualify as a tax-deferred transaction within the meaning of Section 368(a)
of the Internal Revenue Code of 1986, as amended (the “Code”).

 

    	 	 	 

    	 	- 2 -	 

    

 

NOW
THEREFORE, in consideration of the mutual covenants and agreements herein contained and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged by each of the Parties, the Parties hereby covenant and agree as
follows:

 

Article
1

INTERPRETATION

 

1.1
Definitions

 

In
this Agreement, unless there is something in the subject matter or context inconsistent therewith, the following terms shall have
the following meanings, respectively:

 

“Act”
means the Business Corporations Act (Ontario) as from time to time amended or re-enacted;

 

“Affiliate”
has the meaning ascribed thereto in the Act;

 

“Agreement”,
“this Agreement”, “herein”, “hereto” and “hereof”
and similar expressions refer to this business combination agreement, together with the schedules hereto, as the same may be amended
or supplemented from time to time;

 

“Arbitration
Act” means the Arbitration Act, 1991 (Ontario), as from time to time amended or re-enacted;

 

“Assets”
means all of the right, title, estate and interest in and to the property and assets, real and personal, moveable and immovable,
of whatsoever nature and kind and wheresoever situate of Orevada;

 

“Business
Day” means any day other than a Saturday or Sunday or a day recognized as a holiday in Toronto, Ontario, or New York,
New York;

 

“Closing”
means the completion of the Transaction on the terms and subject to the conditions set forth in this Agreement;

 

“Code”
means Internal Revenue Code of 1986, as amended;

 

“Confidential
Information” refers to any and all information of NumberCo or Orevada, which shall include, without limiting the generality
of the foregoing, all information (written, oral or in electronic form) which is or would reasonably be considered to be confidential
or proprietary in nature, including, but not limited to, all financial information, plans, legal opinions, names of shareholders,
private investors, joint venture partners and arrangements, which information is or may be either applicable to or related in
any way to the assets, business or affairs of NumberCo or Orevada, together with all analyses, compilations, notes, data, studies
or other material or documents containing or based upon, in whole or in part, Confidential Information;

 

“Debt
Instrument” has the meaning ascribed thereto in Section 4.1(q);

 

“Director”
means the Director appointed under Section 278 of the Act;

 

“Documents”
has the meaning ascribed thereto in Section 4.1(j);

 

“Effective
Date” means the date of this Agreement;

 

“Effective
Transaction” means the acquisition of NumberCo by US Gold by way of the Share Exchange;

 

    	 	 	 

    	 	- 3 -	 

    

 

“Encumbrances”
includes any mortgage, pledge, assignment, charge, lien, claim, security interest, adverse interest, other third person interest
or encumbrance of any kind, whether contingent or absolute, and any agreement, option, right or privilege (whether by law, contract
or otherwise) capable of becoming any of the foregoing;

 

“Exchange
Ratio” means one US Gold Share for each two NumberCo Shares;

 

“Governing
Documents” means, in respect of each of US Gold and NumberCo, its governing documents, including, as applicable, its
certificate and articles of incorporation, as amended, and all similar articles, and its by-laws, as amended;

 

“Government
Authority” means any foreign, national, provincial, local or state government, any political subdivision or any governmental,
judicial, public or statutory instrumentality, court, tribunal, agency (including those pertaining to health, safety or the environment),
authority, body or entity, or other regulatory bureau, authority, body or entity having legal jurisdiction over the activity or
Person in question and, for certainty, includes NASDAQ;

 

“Government
Order” means any judgment, injunction, writ, order, ruling, award or decree by any Governmental Entity or arbitrator;

 

“IFRS”
means the set of accounting standards developed by the International Accounting Standards Board;

 

“in
writing” means written information, including documents, files, software, records and books made available, delivered
or produced to one Party by or on behalf of another Party;

 

“Laws”
means all laws, statutes, codes, ordinances, decrees, rules, regulations, by laws, statutory rules, principles of law, published
policies, forms and guidelines, fee schedules, tariffs, judicial or arbitral or administrative or ministerial or departmental
or regulatory judgments, orders, directives, decisions, rulings or awards, including general principles of common and civil law,
and terms and conditions of any grant of approval, permission, authority or license of any Government Authority, statutory body
or self-regulatory authority (including the NASDAQ), and the term “applicable” with respect to such Laws and in the
context that refers to one or more Persons, means that such Laws apply to such Person or Persons or its or their business, undertaking,
property or securities and emanate from a Government Authority (or any other Person) having jurisdiction over the aforesaid Person
or Persons or its or their business, undertaking, property or securities;

 

“Material
Adverse Change” means, in respect of any Person, any one or more changes, events or occurrences which, either individually
or in the aggregate, is, or would reasonably be expected to be, material and adverse to the business, operations, results of operations,
assets, capital, property, obligations (whether absolute, accrued, conditional or otherwise), liabilities or financial condition
of that Person and its Subsidiaries taken as a whole;

 

“material
fact” has the meaning ascribed thereto in the Securities Act;

 

“misrepresentation”
has the meaning ascribed thereto in the Securities Act;

 

“NASDAQ”
means the Nasdaq Capital Market;

 

“NumberCo”
means 2637262 Ontario Inc., a corporation incorporated pursuant to the laws of the Province of Ontario;

 

“NumberCo
Resolutions” means the resolutions of the Board of Directors of NumberCo approving this Agreement, the Share Exchange,
the Transaction and the transactions contemplated in this Agreement.

 

“NumberCo
Shareholder” means a holder of NumberCo Shares immediately prior to the Effective Time;

 

    	 	 	 

    	 	- 4 -	 

    

 

“NumberCo
Shares” means the common shares in the capital of NumberCo, as presently constituted on the date hereof;

 

“Option
Agreement” means the exploration earn-in agreement entered into as of February 15, 2019 between Renaissance Exploration,
Inc. and Orevada;

 

“Orevada”
means Orevada Metals Inc., a corporation existing under the laws of the State of Nevada;

 

“Outside
Date” means September 10, 2019, or such other date as may be agreed upon by the Parties;

 

“Party”
and “Parties” have the meanings set forth in the introductory paragraph;

 

“Permitted
Encumbrances” means:

 

	 	(a)	liens
    for taxes not yet due;
	 	 	 
	 	(b)	assignments
    of insurance provided to landlords (or their mortgagees) pursuant to the terms of any lease of real property, and liens or
    rights reserved in any lease of real property for rent or for compliance with the terms of such lease;
	 	 	 
	 	(c)	security
    given in the ordinary course of business to any public utility, municipality or government or to any statutory or public authority
    in connection with the operations of the business of NumberCo, other than security for borrowed money; and
	 	 	 
	 	(d)	unregistered
    purchase money security interests arising under contracts for the supply of goods and materials entered into in the ordinary
    course of business which secure the unpaid balance of the purchase price for goods and/or materials purchased thereunder which
    are due and payable (and have been outstanding) for not more than 60 days after delivery of the invoice therefor.

 

“Person”
includes any individual, firm, partnership, joint venture, association, trust, trustee, executor, administrator, legal personal
representative, estate, group, body corporate, corporation, unincorporated association or organization, Government Authority,
syndicate or other entity, whether or not having legal status;

 

    	 	 	 

    	 	- 5 -	 

    

 

“Personnel
Obligations” means any obligations or liabilities of a Party or any of its Subsidiaries to pay any amount to its or
its Subsidiaries’ directors, officers, employees and consultants (other than for salary, bonuses under its or their existing
bonus arrangements and directors’ fees in the ordinary course, in each case in amounts consistent with historic practices,
and for obligations or liabilities in respect of insurance or indemnification contemplated by this Agreement or arising in the
ordinary and usual course of business) and, without limiting the generality of the foregoing, Personnel Obligations shall include
the obligations of such Party or any of its Subsidiaries to directors, officers, employees and consultants:

 

	 	(a)	for
    payments on or in connection with any change in control of such Party pursuant to any agreements, policies or arrangements,
    including the payments specified herein; and
	 	 	 
	 	(b)	for
    any special incentive bonus payments and commitments; 

 

“Public
Information Record” means all filings, financial statements, and all other documents filed by or on behalf of US Gold
with the SEC in accordance with the U.S. Exchange Act;

 

“Regulatory
Approval” means any approval, consent, waiver, permit, order or exemption from any Government Authority having jurisdiction
or authority over either Party or any Subsidiary of a Party which is required or advisable to be obtained in order to permit the
Transaction to be effected, including, without limitation, the approval of the NASDAQ and “Regulatory Approvals”
means all such approvals, consents, waivers, permits, orders or exemptions;

 

“Reporting
Jurisdictions” means the United States under the US Exchange Act;

 

“Representatives”
means the directors, officers, employees, advisors and counsel of a Person;

 

“SEC”
means the U.S. Securities and Exchange Commission;

 

“Securities
Act” means, as applicable, the Securities Act (Ontario) and the regulations thereunder, as from time to time
amended;

 

“Securities
Authorities” means the SEC and applicable states securities regulators;

 

“Subsidiary”,
has a meaning ascribed thereto in the Act;

 

“Taxes”
has the meaning ascribed thereto in Section 4.1(o);

 

“US
Exchange Act” means the United States Securities Exchange Act of 1934, as amended;

 

“US
Gold” means U.S. Gold Corp., a corporation incorporated pursuant to the laws of the State of Nevada;

 

“US
Gold Audited Financial Statements” means the audited financial statements of US Gold as at and for the year ended April
30, 2019, including the notes thereto and the report of US Gold’s auditors thereon;

 

“US
Gold Shares” means the common stock in the capital of US Gold as presently constituted on the date hereof;

 

“US
Gold Financial Statements” means, collectively, the US Gold Audited Financial Statements and the US Gold Interim Financial
Statements;

 

“US
Gold Interim Financial Statements” means the unaudited condensed interim financial statements of US Gold as at and for
the three months ended January 31, 2019, including the notes thereto;

 

    	 	 	 

    	 	- 6 -	 

    

 

“U.S.
Accredited Investor” means an accredited investor as defined in Rule 501(a) of Regulation D under the U.S. Securities
Act;

 

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

 

“U.S.
Purchaser” means any U.S. Person; any person in the United States; any person acquiring the Consideration Shares for
the account or benefit of any U.S. Person or person in the United States; any person that receives or executes this Agreement
in the United States;

 

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

 

“Working
Capital” means current assets less current liabilities as determined under IFRS.

 

1.2
Number and Gender

 

Words
importing the singular number include the plural and vice versa and words importing gender include all genders.

 

1.3
Currency

 

In
the absence of a specific designation of any currency, all references to dollars or “$” herein shall be deemed to
refer to United States dollars.

 

1.4
Headings, etc.

 

The
division of this Agreement into Articles and Sections, the provision of a table of contents hereto and the insertion of headings
are for convenience of reference only and shall not affect the construction or interpretation of this Agreement and, unless otherwise
stated, all references in this Agreement to Articles and Sections refer to Articles and Sections of and to this Agreement in which
such reference is made.

 

1.5
Date for any Action

 

In
the event that any date on which any action is required to be taken hereunder by any of the Parties is not a Business Day, such
action shall be required to be taken on the next succeeding day that is a Business Day.

 

1.6
Knowledge

 

In
this Agreement, references to the “knowledge of US Gold” means the actual knowledge of Edward Karr, after reasonable
inquiry, and references to the “knowledge of NumberCo” means the actual knowledge of Mario Stifano and Ewan Downie,
in each case, after reasonable inquiry.

 

1.7
Schedule and Exhibits

 

The
following Schedules and Exhibits are attached to and forms an integral part of this Agreement:

 

Schedule
I – List of NumberCo Shareholders

 

Schedule
II – Allocation of Consideration Shares to NumberCo Shareholders

 

Exhibit
A – Assignment Separate from Certificate

 

Exhibit
B – Registration Instructions

 

    	 	 	 

    	 	- 7 -	 

    

 

Article
2

THE
TRANSACTION

 

2.1
Share Exchange

 

Each
Party hereby agrees, unless such steps have already been completed, that, on the Effective Date or at such other time as is specifically
indicated below in this Section 2.1, and, to the extent required, subject to the terms and conditions of this Agreement, it shall
take the following steps indicated for it:

 

	 	(a)	NumberCo’s
    Board of Directors shall approve NumberCo Resolutions;
	 	 	 
	 	(b)	U.S.
    Gold shall acquire all of the issued and outstanding NumberCo Shares from the NumberCo Shareholders, effective at the Effective
    Date, by way of the Share Exchange in accordance with the following steps:

 

	 	(i)	NumberCo
    Shareholders shall exchange each NumberCo Share, outstanding immediately prior to the Effective Date, as set forth on Schedule
    II attached hereto, in consideration for such number of fully paid and non-assessable US Gold Shares issued by US Gold
    as is equal to the Exchange Ratio (the “Consideration Shares”):

 

	 	(A)	the
    number of Consideration Shares shall be decreased by the amount, if any, by which the Working Capital of NumberCo (on a consolidated
    basis with Orevada) on the Effective Date is less than $0 (“Working Capital Adjustment”); 
	 	 	 
	 	(B)	on
    the Effective Date, NumberCo shall prepare and deliver to US Gold a statement setting forth its Working Capital on the Effective
    Date (the “Closing Working Capital”), which statement shall contain a balance sheet of NumberCo (on a consolidated
    basis with Orevada) as of the Effective Date (without giving effect to the transactions contemplated herein), a calculation
    of Closing Working Capital (the “Closing Working Capital Statement”), and a certificate of NumberCo that
    the Closing Working Capital Statement was prepared using accounting methods, practices, principles, policies and procedures,
    with consistent classifications, judgments and valuation and estimation methodologies under IFRS;
	 	 	 
	 	(C)	any
    Working Capital Adjustment to the Consideration Shares shall be based on the value of US Gold Shares calculated using the
    volume weighted average of the closing price of US Gold Shares on NASDAQ for the 10 trading days ending on the trading day
    immediately prior to the Effective Date, as reported by NASDAQ; and
	 	 	 
	 	(D)	the
    number of Consideration Shares issuable to the NumberCo Shareholders will be reduced on a pro rata basis by the Working Capital
    Adjustment.

 

    	 	 	 

    	 	- 8 -	 

    

 

 

	 	(ii)	subject
    to the terms of this Agreement, each NumberCo Shareholder (A) shall transfer to US Gold and US Gold shall accept from each
    NumberCo Shareholder, the NumberCo Shares held by such NumberCo Shareholder, outstanding immediately prior to the Effective
    Date; and (B) shall deliver (1) certificates representing the transferred NumberCo Shares; (2) an assignment separate from
    certificate in the form of Exhibit A, duly endorsed in blank for transfer of NumberCo Shares to US Gold; and (3) Registration
    Instructions in the form of Exhibit B;
	 	 	 
	 	(iii)	the
    acquisition price (the “Acquisition Price”) for the NumberCo Shares shall be paid and satisfied by the
    issuance and delivery on the Effective Date of the Consideration Shares (as adjusted by the Working Capital Adjustment) by
    US Gold to the NumberCo Shareholders in accordance with Schedule II hereto, and no other consideration;
	 	 	 
	 	(iv)	NumberCo
    will be a direct wholly-owned Subsidiary of US Gold; and
	 	 	 
	 	(v)	each
    NumberCo Shareholder acknowledges and agrees with US Gold that the Consideration Shares will be subject to resale restrictions
    under applicable securities laws and be deemed “restricted securities” (as defined in Rule 144(a)(3) of the U.S.
    Securities Act.

 

	 	(c)	on
    the Effective Date, US Gold shall issue or cause its registrar and transfer agent to issue electronic positions representing
    the appropriate number of Consideration Shares to the former NumberCo Shareholders. No fractional US Gold Shares will be delivered
    to any NumberCo Shareholder otherwise entitled thereto and no cash amount will be payable in lieu thereof;
	 	 	 
	 	(d)	the
    Parties hereby acknowledge and agree that US Gold will consult the former NumberCo shareholders for a potential representative
    nominee to be added to the board of US Gold at the next annual general meeting following the Effective Date.
	 	 	 
	 	(e)	the
    Parties shall take any other actions and do any other things, including the execution of any other agreements, documents or
    instruments, that are necessary or useful to give effect to the Transaction, provided that nothing in this Agreement shall
    prevent or limit the ability of the directors of each of US Gold and NumberCo to fulfill their fiduciary or statutory duties.
	 	 	 
	 	(f)	the
    Parties to this Agreement intend that the Transaction contemplated by this Agreement shall qualify as a tax-deferred reorganization
    within the meaning of Section 368(a) of the Code and that this Agreement shall constitute a plan of reorganization under the
    Treasury Regulations issued under Section 368 (collectively, the “Intended Tax Treatment”). Each party
    hereto agrees to act in good faith, consistent with the intent of the parties and the Intended Tax Treatment as set forth
    in this Section 2.1(f). Notwithstanding the foregoing, neither US Gold nor NumberCo makes any representation, warranty or
    covenant to any other Party or to any NumberCo Shareholder regarding the U.S. tax treatment of the transactions contemplated
    by this Agreement.
	 	 	 
	 	(g)	NumberCo
    Shareholders agree that each NumberCo Shareholder hereby releases and forever discharges NumberCo, its subsidiaries and their
    respective directors, officers, employees, representatives and advisors from and against any and all claims, actions, obligations,
    and damages whatsoever which the NumberCo Shareholder may have against any of them relating to any liabilities, claims, shareholders’
    loans or other obligations from, of or owing by NumberCo up to the Effective Date. This release will be operative from and
    after the Effective Date and shall be effective without the delivery of any further release or other documents by the NumberCo
    Shareholder.

 

    	 	 	 

    	 	- 9 -	 

    

 

	 	(h)	US
    Gold does not assume and shall not be liable for any Taxes under the Code or any other tax act, law or legislation whatsoever,
    which may be or become payable by the NumberCo Shareholders including, without limiting the generality of the foregoing, any
    taxes resulting from or arising as a consequence of the sale by the NumberCo Shareholders to US Gold of the NumberCo Shares
    herein contemplated, and the NumberCo Shareholders shall indemnify and save harmless US Gold from and against all such taxes.

 

2.2
Implementation Covenants

 

	 	(a)	Deliveries
    by US Gold at Closing. In addition to all other documents required hereunder to be delivered by US Gold to NumberCo to
    complete the Transaction, US Gold shall deliver to NumberCo at Closing or the Effective Date:

 

	 	(i)	a
    certificate of good standing of US Gold;
	 	 	 
	 	(ii)	a
    certified copy of the resolutions passed by the board of directors of US Gold approving this Agreement as well as the consummation
    of the transactions contemplated hereby;
	 	 	 
	 	(iii)	certificates
    in the respective names of the holders or confirmation of electronic registration of US Gold Shares representing the Consideration
    Shares issuable to NumberCo Shareholders pursuant to the Share Exchange (such electronic registration to be registered and
    prepared in accordance with a written direction to be provided by NumberCo prior to the Effective Date); and
	 	 	 
	 	(iv)	such
    other documents as are customary for transactions of the nature and magnitude of the Transaction.

 

	 	(b)	Deliveries
    by NumberCo at Closing. In addition to all other documents required hereunder to be delivered by NumberCo to US Gold to
    complete the Transaction, NumberCo shall deliver to US Gold at Closing on the Effective Date:

 

	 	(i)	a
    certificate of status of NumberCo;
	 	 	 
	 	(ii)	a
    certificate of good standing of Orevada;
	 	 	 
	 	(iii)	a
    certified copy of the resolutions passed by the board of directors of NumberCo approving this Agreement;
	 	 	 
	 	(iv)	completed
    assignment separate from certificates from each NumberCo Shareholder assigning the NumberCo Shares;
	 	 	 
	 	(v)	the
    minute books and corporate records of each of NumberCo and Orevada;

 

    	 	 	 

    	 	- 10 -	 

    

 

	 	(vi)	resignations
    of each of the officers and directors of each of NumberCo and Orevada, in a form satisfactory to US Gold, acting reasonably;
	 	 	 
	 	(vii)	Closing
    Working Capital Statement; and
	 	 	 
	 	(viii)	such
    other documents as are customary for transactions of the nature and magnitude of the Transaction.

 

Article
3

PUBLICITY

 

3.1
Publicity

 

So
long as this Agreement is in effect, US Gold and NumberCo shall advise, consult and cooperate with each other prior to issuing,
or permitting any of their directors, officers, employees or agents to issue, any news release or other written public or private
statement to the press with respect to this Agreement and the Transaction contemplated hereby from the date hereof until the Effective
Date. Each such Party shall not issue any such news release or make any such written public or private statement prior to such
consultation, except as may be required by applicable Law or by obligations pursuant to any listing agreement with a stock exchange.

 

Article
4

REPRESENTATIONS
AND WARRANTIES

 

4.1
Representations and Warranties of NumberCo

 

NumberCo
and each NumberCo Shareholder, jointly and not severally, hereby represent and warrant to US Gold, and acknowledge that US Gold
is relying upon such representations and warranties, as follows:

 

	 	(a)	other
    than Orevada, NumberCo does not have any Subsidiaries and neither NumberCo nor Orevada own any other stock, partnership interest,
    joint venture interest or any other security or ownership interest issued by any other corporation, organization or entity;
	 	 	 
	 	(b)	each
    of NumberCo and Orevada have been duly incorporated and are validly existing and are current and up-to-date with all filings
    required to be made by it in such jurisdiction;
	 	 	 
	 	(c)	the
    authorized capital of NumberCo consists of an unlimited number of NumberCo Shares, of which 4,000,000 NumberCo Shares are
    issued and outstanding as of the date hereof and owned by the NumberCo Shareholders, as set forth on Schedule II attached
    hereto;
	 	 	 
	 	(d)	Orevada
    is a wholly-owned Subsidiary of NumberCo. NumberCo is the sole registered and beneficial owner of all of the issued and outstanding
    shares of capital stock of Orevada, free and clear of all Encumbrances. The issued and outstanding shares of Orevada are not
    subject to any options, rights, warrants or other agreements or instruments that would give any Person the right to acquire
    all or any portion of the outstanding shares of Orevada. Other than this Agreement, NumberCo has not entered into any agreement,
    arrangement or understanding (whether written or oral) for the sale, assignment, transfer or other disposition of the issued
    and outstanding shares of Orevada;

 

    	 	 	 

    	 	- 11 -	 

    

 

	 	(e)	NumberCo
    has full corporate power, capacity and authority to undertake all steps of the Transaction contemplated by this Agreement
    and to carry out its obligations hereunder and thereunder;
	 	 	 
	 	(f)	NumberCo
    is not a “reporting issuer” nor an associate of any reporting issuer (as such term is defined in the Securities
    Act) and the NumberCo Shares do not trade on any exchange;
	 	 	 
	 	(g)	NumberCo
    is not party to and has not granted any agreement, warrant, option or right or privilege capable of becoming an agreement
    for the purchase, subscription or issuance of any NumberCo Shares or securities convertible into or exchangeable for NumberCo
    Shares;
	 	 	 
	 	(h)	neither
    NumberCo nor Orevada is a party to and has not granted any agreement, warrant, option or right or privilege capable of becoming
    an agreement for the purchase, subscription or issuance of any shares of capital stock of Orevada or securities convertible
    into or exchangeable for shares of capital stock of Orevada;
	 	 	 
	 	(i)	each
    of NumberCo and Orevada has all requisite corporate capacity, power and authority, and possesses all material certificates,
    authorizations, permits and licenses issued by the appropriate federal, provincial or municipal regulatory agencies or bodies
    necessary to conduct its business as now conducted by it and to own its assets and is in compliance in all material respects
    with such certificates, authorizations, permits or licenses and has not received any notice of proceedings relating to the
    revocation or modification of any such certificate, authorization, permit or license which, alone or in the aggregate, if
    the subject of an unfavourable decision, order, finding or ruling, would materially and adversely affect the conduct of its
    business, operations or financial condition;
	 	 	 
	 	(j)	each
    of this Agreement and the documents contemplated herein (collectively, the “Documents”) has been duly authorized
    and, with respect to this Agreement, executed and delivered by NumberCo and this Agreement constitutes a legal, valid and
    binding obligation of NumberCo;
	 	 	 
	 	(k)	the
    entering into and the performance by NumberCo of the transactions contemplated herein, to the knowledge of NumberCo:

 

	 	(i)	do
    not require any Regulatory Approval;
	 	 	 
	 	(ii)	will
    not contravene any statute or regulation of any Government Authority which is binding on NumberCo, where such contravention
    would materially and adversely affect the business, operations or condition (financial or otherwise) of NumberCo; and
	 	 	 
	 	(iii)	will
    not result in the breach of, or be in conflict with, or constitute a default under, or create a state of facts which, after
    notice or lapse of time, or both, would constitute a default under any term or provision of the Governing Documents or resolutions
    of NumberCo or any mortgage, note, indenture, contract or agreement, instrument, lease or other document to which NumberCo
    is a party, or any judgment, decree or order or any term or provision thereof, which breach, conflict or default would materially
    and adversely affect the business, operations or condition (financial or otherwise) of NumberCo;

 

    	 	 	 

    	 	- 12 -	 

    

 

	 	(l)	there
    are no suits, actions or litigation or arbitration proceedings or governmental proceedings in progress, pending or, to the
    knowledge of NumberCo, contemplated or threatened, to which NumberCo or Orevada is a party or to which the property of NumberCo
    or Orevada is subject. There are no outstanding judgments, injunctions, rules or orders of any court, governmental department,
    commission, agency or arbitrator against NumberCo or Orevada;
	 	 	 
	 	(m)	other
    than expenses incurred and to be incurred in connection with the transactions contemplated hereby, (i) there are no material
    liabilities of NumberCo or Orevada, whether direct, indirect, absolute, contingent or otherwise, and (ii) on the Effective
    Date, the Closing Working Capital Statement shall be (A) a good faith estimate of the Closing Working Capital and (B) prepared
    using accounting methods, practices, principles, policies and procedures, with consistent classifications, judgments and valuation
    and estimation methodologies under IFRS;
	 	 	 
	 	(n)	all
    filings and fees required to be made by NumberCo or Orevada pursuant to applicable Laws, if any, have been made and paid and
    such filings were true and accurate in all material respects as at the respective dates thereof;
	 	 	 
	 	(o)	all
    taxes (including income tax, capital tax, sales tax, excise tax, payroll taxes, employer health tax, workers’ compensation
    payments, property taxes, custom and land transfer taxes), duties, royalties, levies, imposts, assessments, deductions, charges
    or withholdings and all liabilities with respect thereto including any penalty and interest payable with respect thereto (collectively,
    “Taxes”) due and payable by NumberCo or Orevada have been paid as required by applicable Laws. All Tax
    returns, declarations, withholdings, remittances and filings required to be made or filed by NumberCo have been made or filed
    with all appropriate Government Authorities as and when required by applicable Laws and all such returns, declarations, withholdings,
    remittances and filings are complete and accurate in all material respects and no material fact or facts have been omitted
    therefrom which would make any of them misleading. NumberCo is not classified as a U.S. domestic corporation under Section
    7874 of the Code. To the knowledge of NumberCo: (i) no examination of any Tax return of NumberCo or Orevada by any Government
    Authority is currently in progress; and (ii) there are no issues or disputes outstanding with any Government Authority respecting
    any Taxes that have been paid, or may be payable, by NumberCo or Orevada. There are no agreements with any taxation authority
    providing for an extension of time for any assessment or reassessment of Taxes with respect to NumberCo or Orevada;
	 	 	 
	 	(p)	since
    the date of its incorporation, neither NumberCo nor Orevada has, directly or indirectly, declared or paid any dividend or
    declared or made any other distribution on any of its shares or securities of any class, or, directly or indirectly, redeemed,
    purchased or otherwise acquired any of its shares or securities or agreed to do any of the foregoing;
	 	 	 
	 	(q)	NumberCo
    is not party to any loan, bond, debenture, promissory note or other instrument evidencing indebtedness (demand or otherwise)
    for borrowed money (“Debt Instrument”) or any agreement, contract or commitment to create, assume or issue
    any Debt Instrument;
	 	 	 
	 	(r)	Orevada
    is not party to any Debt Instrument or any agreement, contract or commitment to create, assume or issue any Debt Instrument;

 

    	 	 	 

    	 	- 13 -	 

    

 

	 	(s)	NumberCo
    and Orevada have conducted and are conducting their business in compliance in all material respects with all applicable Laws
    of each jurisdiction in which it carries on business and with all Laws material to its operations;
	 	 	 
	 	(t)	NumberCo
    is not aware of any pending or contemplated change to any applicable Law or governmental position that would materially affect
    the business of NumberCo or Orevada as currently conducted or the legal environment under which NumberCo or Orevada operates;
	 	 	 
	 	(u)	NumberCo
    does not have any loan or other indebtedness outstanding which has been made to any of its shareholders, directors, officers
    or employees, past or present, or any Person not dealing at “arm’s length” (within the meaning of such term
    for purposes of the Income Tax Act (Canada)) with NumberCo;
	 	 	 
	 	(v)	on
    or before the Effective Date, NumberCo, its board of directors and the NumberCo Shareholders will have taken all necessary
    actions, steps and corporate and other proceedings to approve or authorize, validly and effectively, the entering into, and
    the execution, delivery and performance of this Agreement;
	 	 	 
	 	(w)	NumberCo
    has no associates (as such term is defined in the Securities Act), other than Orevada, and is not a partner, co-tenant, joint
    venturer or otherwise a participant in any partnership, co-tenancy, joint venture or other similar jointly owned business;
	 	 	 
	 	(x)	neither
    NumberCo nor Orevada is subject to any obligation to make any investment in or to provide funds by way of loan, capital contribution
    or otherwise to any Persons;
	 	 	 
	 	(y)	the
    only officers and directors of NumberCo and Orevada, respectively, are as hereinafter set forth:

 

	NumberCo 	 	Orevada 
	Name	 	Office	 	Name	 	Office
	Mario
    Stifano	 	President
    and Director	 	Mario
    Stifano	 	President,
    Treasurer, Secretary and Director
	Daniel
    Mechis	 	Treasurer
    and Secretary	 	 	 	 
	Ewan
    Downie	 	Director	 	 	 	 

 

	 	(z)	as
    of the date hereof, the corporate records and minute books of NumberCo and Orevada are, in all material respects, complete
    and accurate in accordance with all applicable Laws;
	 	 	 
	 	(aa)	the
    issued and outstanding NumberCo Shares have been duly authorized, validly allotted and issued as fully paid, non-assessable
    shares in the capital of NumberCo and in compliance in all material respects with all applicable corporate and securities
    Laws;
	 	 	 
	 	(bb)	NumberCo
    is not a non-resident for purposes of the Income Tax Act (Canada); 
	 	 	 
	 	(cc)	Orevada
    has a valid contractual interest in all of its material properties and Assets free and clear of all Encumbrances whatsoever,
    other than Permitted Encumbrances;

 

    	 	 	 

    	 	- 14 -	 

    

 

	 	(dd)	Property
    Matters:

 

	 	(i)	Orevada
    does not legally or beneficially own, hold, lease or control any real property, including any (A) fee surface and mineral
    property (“Fee Property”), (B) federal unpatented mining claims (“Mining Claims”), and
    (C) real property leases, surface use agreements, rights-of-way, or easements with respect to real property (“Property
    Contracts”). The Fee Property, Mining Claims and Property Contracts will be collectively referred to hereinafter
    as the “Real Property”;
	 	 	 
	 	(ii)	Orevada
    does not legally or beneficially own, hold, lease or control any water rights;
	 	 	 
	 	(iii)	Orevada
    has not leased, subleased, optioned, mortgaged, or entered into any contracts transferring any interest in the Real Property
    or the Option Agreement to any Person;
	 	 	 
	 	(iv)	The
    Option Agreement is in good standing, valid and effective in accordance with its terms, and there is not any existing material
    default or event of default (or event which with notice or lapse or time, or both would constitute a material default; or
    would constitute a basis of force majeure or other claim of excusable delay or non-performance) of Orevada and, to the knowledge
    of NumberCo, no other Person is in default thereunder and no event has occurred that is reasonably likely to result in the
    revocation or withdrawal of any such rights and licenses; and
	 	 	 
	 	(v)	NumberCo
    has made available to US Gold (A) all information, data, geological and geophysical test results, maps and surveys in the
    possession of Orevada that might reasonably be expected to be material to a prospective purchaser of Orevada and its properties
    and business and NumberCo has not withheld from US Gold any such information, data, test results, maps or surveys; and (B)
    all current and historical reports regarding Orevada’s ore reserves and resources and mine plans in the possession or
    control of Orevada, all of which were prepared in good faith in the ordinary course of business.

 

	 	(ee)	Environmental
    Matters. As used in this Section 4.1(ee), the following terms have the following meanings:

 

“Environmental
Costs” means any and all costs and expenditures, including any fees and expenses of attorneys and of environmental consultants
or engineers incurred in connection with investigating, defending, remediating or otherwise responding to any Release of Hazardous
Materials, any violation or alleged violation of Environmental Law, any fees, fines, penalties or charges associated with any Governmental
Authorization, or any actions necessary to comply with any Environmental Law.

 

“Environmental
Law” means any Law, Governmental Authorization or Governmental Order relating to pollution, contamination, Hazardous Materials
or protection of human health or the environment.

 

    	 	 	 

    	 	- 15 -	 

    

 

“Hazardous
Materials” means any dangerous, toxic or hazardous pollutant, contaminant, chemical, waste, material or substance as
defined in or governed by any Law relating to such substance or otherwise relating to the environment or human health or safety,
including any waste, material, substance, pollutant or contaminant that might cause any injury to human health or safety or to
the environment or might subject the owner or operator of the Real Property to any Environmental Costs or liability under any
Environmental Law.

 

“Regulatory
Action” means any Litigation with respect to Orevada and the Real Property brought or instigated by any Government Authority
in connection with any Environmental Costs, Release of Hazardous Materials or any Environmental Law.

 

“Release”
means the spilling, leaking, disposing, discharging, emitting, depositing, ejecting, leaching, escaping or any other release or
threatened release, however defined, whether intentional or unintentional, of any Hazardous Material.

 

“Third-Party
Environmental Claim” means any Litigation (other than a Regulatory Action) based on negligence, trespass, strict liability,
nuisance, toxic tort or any other cause of action or theory relating to any Environmental Costs, Release of Hazardous Materials
or any violation of Environmental Law.

 

	 	(i)	No
    Third-Party Environmental Claim or Regulatory Action has been taken, is pending or is, to the knowledge of NumberCo, threatened
    against Orevada;
	 	 	 
	 	(ii)	No
    Encumbrance has been attached or filed or is, to the knowledge of NumberCo, threatened against Orevada in favor of any Person
    for (i) any liability under or violation of any applicable Environmental Law, (ii) any Release of Hazardous Materials or (iii)
    any imposition of Environmental Costs; and
	 	 	 
	 	(iii)	All
    environmental audits, site assessments, risk assessments, and other environmental reports and studies, including summaries
    of any material test results or analytic data, conducted by, at the expense of, or on behalf of Orevada or that are otherwise
    in the possession of NumberCo or Orevada have been provided to US Gold.

 

	 	(ff)	no
    third party shall be entitled to receive any brokerage commissions, finder’s fees, fees for financial advisory services
    or similar compensation in connection with the transactions contemplated by this Agreement based on any arrangement or agreement
    made by or on behalf of NumberCo and/or Orevada.

 

4.2 Representations and Warranties of US Gold

 

US
Gold hereby represents and warrants to NumberCo, and acknowledges that NumberCo is relying upon such representations and warranties,
as follows:

 

	 	(a)	US
    Gold has been duly incorporated and is validly existing under the Laws of the State of Nevada and is current and up-to-date
    with all filings required to be made by it in such jurisdiction;

 

    	 	 	 

    	 	- 16 -	 

    

 

	 	(b)	US
    Gold has full corporate power, capacity and authority to undertake all steps of the Transaction contemplated in the Documents
    and to carry out its obligations under this Agreement;
	 	 	 
	 	(c)	the
    authorized capital of US Gold consists of an unlimited number of US Gold Shares and an unlimited number of preferred shares,
    issuable in series, of which 21,322,442 US Gold Shares are outstanding at the Effective Date;
	 	 	 
	 	(d)	each
    of the Documents has been duly authorized, executed and delivered by US Gold;
	 	 	 
	 	(e)	US
    Gold is a reporting issuer under Section 13 and 15(d) of the U.S. Exchange Act and is not in default of any requirement of
    U.S. Exchange Act or other regulatory requirements of the Securities Authorities;
	 	 	 
	 	(f)	the
    issued and outstanding US Gold Shares are listed and posted for trading on the NASDAQ and no order ceasing or suspending trading
    in any securities of US Gold that is currently outstanding and no proceedings for such purpose are pending or, to the knowledge
    of US Gold, threatened;
	 	 	 
	 	(g)	the
    entering into and the performance by US Gold of the transactions contemplated herein:

 

	 	(i)	do
    not require any Regulatory Approval;
	 	 	 
	 	(ii)	will
    not contravene any statute or regulation of any Government Authority which is or will be binding on US Gold, where such contravention
    would materially and adversely affect the business, operations or condition (financial or otherwise) of US Gold, taken as
    a whole; and
	 	 	 
	 	(iii)	will
    not result in the breach of, or be in conflict with, or constitute a default under, or create a state of facts which, after
    notice or lapse of time, or both, would constitute a default under any term or provision of the Governing Documents or resolutions
    of US Gold or any mortgage, note, indenture, contract or agreement, instrument, lease or other document to which US Gold is
    a party, or any judgment, decree or order or any term or provision thereof, which breach, conflict or default would materially
    and adversely affect the business, operations or condition (financial or otherwise) of US Gold, taken as a whole;

 

	 	(h)	the
    Public Information Record relating to US Gold does not contain a misrepresentation at the time of filing that has not been
    corrected since filing; and
	 	 	 
	 	(i)	No
    third party shall be entitled to receive any brokerage commissions, finder’s fees, fees for financial advisory services
    or similar compensation in connection with the transactions contemplated by this Agreement based on any arrangement or agreement
    made by or on behalf of US Gold.

 

    	 	 	 

    	 	- 17 -	 

    

 

4.3 Representations and Warranties of NumberCo Shareholders

 

Each
NumberCo Shareholder, jointly and not severally, hereby represents and warrants to US Gold, and acknowledges that US Gold is relying
upon such representations and warranties, as follows:

 

	 	(a)	such
    NumberCo Shareholder acknowledges and agrees that such NumberCo Shareholder is solely responsible for determining the tax
    consequences applicable to such NumberCo Shareholder in light of its own particular circumstances, that such NumberCo Shareholder
    has relied on the advice of such NumberCo Shareholder’s own legal and tax advisors and that such NumberCo Shareholder
    has not received, and that neither US Gold nor NumberCo has provided to such NumberCo Shareholder, any legal or tax advice
    in connection with the Share Exchange or any transactions contemplated in anticipation of, or in connection, therewith;
	 	 	 
	 	(b)	neither
    the execution and delivery of this Agreement, or any other agreements and instruments executed in connection with the Transaction
    by the NumberCo Shareholder nor the performance by the NumberCo Shareholder of its obligations hereunder and thereunder will
    conflict with or result in:

 

	 	(i)	a
    violation, contravention or breach by the NumberCo Shareholder of any of the terms, conditions or provisions of any agreement
    or instrument to which such the NumberCo Shareholder is a party, or by which the NumberCo Shareholder is bound or constitute
    a default by the NumberCo Shareholder thereunder, or, to the knowledge of the NumberCo Shareholder, under any statute, regulation,
    judgment, decree or law by which the NumberCo Shareholder is subject or bound, or result in the creation or imposition of
    any mortgage, lien, charge or Encumbrance of any nature whatsoever upon any of the NumberCo Shareholder’s NumberCo Shares;
    or
	 	 	 
	 	(ii)	a
    violation by the NumberCo Shareholder of any law or regulation or any applicable order of any court, arbitrator or governmental
    authority having jurisdiction over the NumberCo Shareholder, or require the NumberCo Shareholder, prior to the Effective Date
    or as a condition precedent thereof, to make any governmental or regulatory filings, obtain any consent, authorization, approval,
    clearance or other action by any Person, or await the expiration of any applicable waiting period;

 

	 	(c)	no
    Person has any agreement or option or any right or privilege (whether pre-emptive or contractual) capable of becoming an agreement
    or option for the acquisition from the NumberCo Shareholder of any of the NumberCo Shareholder’s NumberCo Shares;
	 	 	 
	 	(d)	such
    NumberCo Shareholder has all necessary power, authority and capacity to enter into the Agreement, and all other agreements
    and instruments to be executed by it as contemplated by the Agreement and to carry out its obligations under the Agreement,
    and such other agreements and instruments;
	 	 	 
	 	(e)	the
    execution and delivery of the Agreement, and such other agreements and instruments and the consummation of the Transaction
    have been duly authorized by all necessary corporate action on the part of the NumberCo Shareholder as may be required;
	 	 	 
	 	(f)	the
    Agreement constitutes a valid and binding obligation of the NumberCo Shareholder enforceable against such NumberCo Shareholder
    in accordance with its terms subject, however, to limitations with respect to enforcement imposed by law in connection with
    bankruptcy, insolvency, reorganization or other laws affecting creditors’ rights generally and to the extent that equitable
    remedies such as specific performance and injunctions are only available in the discretion of the court from which they are
    sought;

 

    	 	 	 

    	 	- 18 -	 

    

 

	 	(g)	such
    NumberCo Shareholder is the sole registered and legal beneficial owner of its NumberCo Shares as set forth in Schedule
    II to this Agreement and identified on the signature page hereto and has good and valid title thereto free and clear of
    any Encumbrances;
	 	 	 
	 	(h)	such
    NumberCo Shareholder has the exclusive right and full power to transfer its NumberCo Shares to US Gold as contemplated in
    the Agreement free and clear of any Encumbrances;
	 	 	 
	 	(i)	there
    is not pending or, to the knowledge of the NumberCo Shareholder, after due inquiry, threatened or contemplated, any suit,
    action, legal proceeding, litigation or governmental investigation of any sort which would:

 

	 	(i)	in
    any manner restrain or prevent the NumberCo Shareholder from effectually or legally transferring its NumberCo Shares to US
    Gold in accordance with the Agreement;
	 	 	 
	 	(ii)	cause
    any Encumbrance to be attached to its NumberCo Shares;
	 	 	 
	 	(iii)	divest
    title to its NumberCo Shares; or
	 	 	 
	 	(iv)	make
    US Gold or NumberCo liable for damages in connection with the Transaction;

 

	 	(j)	to
    the knowledge of such NumberCo Shareholder, after due inquiry, there is not pending, threatened or contemplated, any suit,
    action, legal proceeding, litigation or governmental investigation of any sort relating to the NumberCo Shareholder, its NumberCo
    Shares or the Transaction, nor is there any present state of facts or circumstances which can be reasonably anticipated to
    be a basis for any such suit, action, legal proceeding, litigation or governmental investigation nor is there presently outstanding
    against the NumberCo Shareholder, any judgment, decree, injunction, rule or order of any court, governmental department, commission,
    agency, instrumentality, or arbitrator;
	 	 	 
	 	(k)	such
    NumberCo Shareholder has not entered into any agreement that would entitle any person to any valid claim against US Gold for
    a broker’s commission, finder’s fee, or any like payment in respect of the acquisition and sale of the NumberCo
    Shares or any other matters contemplated by the Agreement, and in the event that any Person acting or purporting to act for
    the undersigned establishes a claim for any fee from US Gold, the NumberCo Shareholder severally covenants to indemnify and
    hold harmless US Gold with respect thereto and with respect to all costs reasonably incurred in the defence thereof;
	 	 	 
	 	(l)	such
    NumberCo Shareholder has had the opportunity to ask questions of and receive answers from US Gold regarding the acquisition
    of the Consideration Shares, and has received all the information regarding US Gold that it has requested;
	 	 	 
	 	(m)	such
    NumberCo Shareholder acknowledges that the Consideration Shares are highly speculative in nature and that the NumberCo Shareholder
    has such sophistication and experience in business and financial matters as to be capable of evaluating the merits and risks
    of the investment. In connection with the delivery of the Consideration Shares, the NumberCo Shareholder has not relied upon
    US Gold for investment, legal or tax advice, or other professional advice, and has in all cases sought or elected not to seek
    the advice of his own personal investment advisers, legal counsel and tax advisers. The NumberCo Shareholder is able, without
    impairing his financial condition, to bear the economic risk of, and withstand a complete loss of the investment and he can
    otherwise be reasonably assumed to have the capacity to protect his own interests in connection with its investment in the
    Consideration Shares;

 

    	 	 	 

    	 	- 19 -	 

    

 

	 	(n)	such
    NumberCo Shareholder is aware that the Consideration Shares have not been and will not be registered under the U.S. Securities
    Act or the securities laws of any state and that the Consideration Shares may not be offered or sold, directly or indirectly,
    in the United States without registration under the U.S. Securities Act and applicable state securities laws or compliance
    with the requirements of an exemption therefrom and it acknowledges that US Gold has no present intention or obligation to
    file a registration statement under the U.S. Securities Act or applicable state securities laws in respect of such securities;
    accordingly, the Consideration Shares are (or will be when issued) “restricted securities” within the meaning
    of Rule 144(a)(3) of the U.S. Securities Act.
	 	 	 
	 	(o)	if
    such NumberCo Shareholder is not a U.S. Purchaser, such NumberCo Shareholder acknowledges and agrees that:

 

	 	(i)	such
    NumberCo Shareholder is not in the United States or a U.S. Person (as such term is defined in Regulation S of the U.S. Securities
    Act) and is not acquiring the Consideration Shares for the account or benefit of a Person in the United States or a U.S. Person;
	 	 	 
	 	(ii)	such
    NumberCo Shareholder is resident, or if not an individual has its head office in, the jurisdiction set out on Schedule
    I and intends that the securities laws of that jurisdiction govern the shareholder in connection with the receipt of the
    Consideration Shares and that such address was not created and is not used solely for the purpose of acquiring the Consideration
    Share;
	 	 	 
	 	(iii)	it
    is a purchaser in a sale that occurs outside the United States within the meaning of Regulation S and acknowledges that (A)
    until the expiration of such “distribution compliance period” any offer or sale of the Consideration Shares shall
    not be made by it to, or for the account or benefit of, a Person in the United States and (B) until the expiration of the
    “distribution compliance period,” it may not, directly or indirectly, refer, resell, pledge or otherwise transfer
    the Consideration Shares or any interest therein except to a Person who certifies in writing to US Gold that such transfer
    satisfies, as applicable, the requirements of the legends described herein and that the Consideration Shares will not be accepted
    for registration of any transfer prior to the end of the applicable “distribution compliance period,” unless the
    transferee has first complied with certification requirements described in this Section. The term “distribution compliance
    period” means the six month period following the issue date for the Consideration Shares; provided however, that
    the Consideration Shares may be resold in accordance with Rule 144 under the U.S. Securities Act, as set forth in paragraph
    (vi), below;
	 	 	 
	 	(iv)	the
    current structure of this transaction and all transactions and activities contemplated hereunder is not a scheme to avoid
    the registration requirements of the U.S. Securities Act or any applicable state securities laws;

 

    	 	 	 

    	 	- 20 -	 

    

 

	 	(v)	it
    has no intention to distribute either directly or indirectly any of the Consideration Shares in the United States, except
    in compliance with the U.S. Securities Act and any applicable state securities laws; and
	 	 	 
	 	(vi)	it
    acknowledges and agrees that the Consideration Shares will be “restricted securities” within the meaning of Rule
    144(a)(3) under the U.S. Securities Act and will remain “restricted securities” notwithstanding any resale within
    or outside the United States unless the sale is completed pursuant to an effective registration statement under the U.S. Securities
    Act or pursuant to an exemption therefrom, including in accordance with Rule 144 under the U.S. Securities Act (“Rule
    144”), if available; the NumberCo Shareholder acknowledges that the Consideration Shares will be subject to a minimum
    hold period of at least six months under Rule 144 from the date of issuance; the NumberCo Shareholder acknowledges that it
    has been advised to obtain independent legal and professional advice on the requirements of Rule 144, and that the NumberCo
    Shareholder has been advised that resales of the Consideration Shares may be made only under certain circumstances; the NumberCo
    Shareholder understands that to the extent that Rule 144 is not available, the NumberCo Shareholder may be unable to sell
    any Consideration Shares without either registration under the U.S. Securities Act or the availability of another exemption
    or exclusion from such registration requirements, and in all cases pursuant to exemptions from applicable securities laws
    of any applicable state of the United States.

 

	 	(p)	if
    such NumberCo Shareholder is a U.S. Purchaser, such NumberCo Shareholder represents and warrants that it is a U.S. Accredited
    Investor;
	 	 	 
	 	(q)	such
    NumberCo Shareholder understands that upon the issuance thereof, and until such time as the same is no longer required under
    the applicable requirements of the Securities Act or applicable U.S. state laws and regulations, the certificates representing
    the Consideration Shares will, bear a legend in substantially the following form:

 

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”). THESE SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO THE
CORPORATION, (B) PURSUANT TO A REGISTRATION STATEMENT EFFECTIVE UNDER THE U.S. SECURITIES ACT, AND IN ACCORDANCE WITH APPLICABLE
STATE SECURITIES LAWS, OR (C) IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE
STATE LAWS, AND THE HOLDER HAS, PRIOR TO SUCH SALE, FURNISHED TO THE CORPORATION AN OPINION OF COUNSEL OR OTHER EVIDENCE OF EXEMPTION,
IN EITHER CASE REASONABLY SATISFACTORY TO THE US BLOCKER. HEDGING TRANSACTIONS INVOLVING SUCH SECURITIES MAY NOT BE CONDUCTED
UNLESS IN COMPLIANCE WITH THE U.S. SECURITIES ACT. HEDGING TRANSACTIONS MAY NOT BE CONDUCTED EXCEPT IN COMPLIANCE WITH THE U.S.
SECURITIES ACT.

 

    	 	 	 

    	 	- 21 -	 

    

 

	 	(r)	if
    required by applicable securities laws, such NumberCo Shareholder will execute, deliver and file or assist US Gold in filing
    such reports, undertakings and other documents with respect to the issue of the Consideration Shares as may be required by
    any securities commission, stock exchange or other regulatory authority;
	 	 	 
	 	(s)	if
    such NumberCo Shareholder that is resident in or otherwise subject to the securities laws of any province or territory of
    Canada, such NumberCo Shareholder represents, warrants and agrees that the Consideration Shares to be issued to such NumberCo
    Shareholder in accordance with Section 2.1 shall be issued by US Gold pursuant to the exemption from the prospectus requirements
    under applicable Canadian securities laws set forth in section 2.12 of National Instrument 45-106 – Prospectus Exemptions
    (asset acquisition) as adopted by the Canadian Securities Administrators, and that the requisite conditions for availability
    of such exemption shall have been satisfied at the time of Closing;
	 	 	 
	 	(t)	such
    NumberCo Shareholder understands that it may not be able to resell the Consideration Shares except in accordance with limited
    exemptions available under applicable securities legislation, regulatory policy and stock exchange rules, and that such NumberCo
    Shareholder is solely responsible for (and US Gold is in no way responsible for) such NumberCo Shareholder’s compliance
    with applicable resale restrictions, including filing reports with the securities commission or other regulatory authority
    in the jurisdiction of its residence upon a disposition by such NumberCo Shareholder of any of such securities;
	 	 	 
	 	(u)	such
    NumberCo Shareholder acknowledges that it is aware of the characteristics of the Consideration Shares and that such Consideration
    Shares are intended by the Parties to be issued the pursuant to the “asset acquisition” exemption from the prospectus
    requirements under applicable Canadian securities law, the risks relating thereto and of the fact that US Gold is not a “reporting
    issuer” in any jurisdiction in Canada and, accordingly, the Consideration Shares are subject to an indefinite restriction
    on sale (i.e. “hold period”) and the applicable hold period under applicable Canadian securities laws will not
    commence until US Gold becomes a “reporting issuer” in the applicable Canadian jurisdictions, which it has no
    obligation or present intention to become and, as a result, such NumberCo Shareholder may not be able to resell the Consideration
    Shares except in accordance with limited exemptions under applicable securities legislation and regulatory policy until the
    expiry of the applicable hold period and compliance with the other requirements of applicable law;
	 	 	 
	 	(v)	such
    NumberCo Shareholder will not resell any of the Consideration Shares except in accordance with the provisions of applicable
    securities legislation and, if applicable, stock exchange rules; and
	 	 	 
	 	(w)	Such
    NumberCo Shareholder has been advised to consult its own legal advisors with respect to the Consideration Shares and the Transaction,
    including trading in the Consideration Shares, and with respect to the hold periods imposed by the securities laws in which
    the NumberCo Shareholder resides and other applicable securities laws, and acknowledges that no representation has been made
    to such NumberCo Shareholder by or on behalf of US Gold respecting the applicable hold periods imposed by the securities laws
    or other resale restrictions applicable to such securities which restrict the ability of the NumberCo Shareholder to resell
    such securities, that the NumberCo Shareholder is solely responsible to find out what these restrictions are, that the NumberCo
    Shareholder is solely responsible for compliance with applicable resale restrictions and that the NumberCo Shareholder is
    aware that it may not resell such securities except in accordance with limited exemptions under applicable securities laws.

 

    	 	 	 

    	 	- 22 -	 

    

 

4.4 Survival

 

The
representations and warranties of each of US Gold and NumberCo contained herein shall not survive the Share Exchange. All representations,
warranties and covenants of the NumberCo Shareholders contained in this Agreement (including, without limitation, Section 4.1)
shall survive the Closing and shall not merge.

 

Article
5

CLOSING
MATTERS

 

5.1 Closing Matters

 

The
completion of the transactions contemplated under this Agreement shall be effected via electronic exchange or at the offices of
[intentionally omitted], counsel to US Gold, at 12:00 p.m. (New York time) on the Effective Date (the “Time of
Closing”).

 

Article
6

GENERAL

 

6.1 Confidentiality

 

From
and after the Closing, NumberCo Shareholders shall hold, and shall use their reasonable best efforts to cause their representatives
to hold, in confidence any and all Confidential Information, whether written or oral. If any NumberCo Shareholder or any of their
respective representatives are compelled to disclose any information by Governmental Order or Law, the applicable NumberCo Shareholder
shall promptly notify US Gold in writing and shall disclose only that portion of such information that is legally required to
be disclosed, provided that the applicable NumberCo Shareholder shall use reasonable best efforts to obtain as promptly as possible
an appropriate protective order or other reasonable assurance that confidential treatment will be accorded such information.

 

6.2 Lockup and Leak-Out

 

Each
NumberCo Shareholder hereby agrees that for a period commencing on the Effective Date and expiring on the date that is 6 months
thereafter (the “Lock-up Period”), it shall not, directly or indirectly, without the prior written consent
of the US Gold, offer, agree or offer to sell, sell, grant an option for the purchase or sale of, transfer, pledge, assign, hypothecate,
distribute or otherwise encumber or dispose (collectively, “Dispose”) of any securities of US Gold, including
common stock or options, rights, warrants or other securities underlying, convertible into, exchangeable or exercisable for or
evidencing any right to purchase or subscribe for any securities of US Gold (whether or not beneficially owned by the undersigned),
or any beneficial interest therein (collectively, the “Securities”), and following, the expiration of the Lock-Up
period will not Dispose of any Securities except at a price per share greater than $1.35 until the date that is 6 months after
the expiration of the Lock-Up Period.

 

    	 	 	 

    	 	- 23 -	 

    

 

6.3 Notices

 

Any
notice or other communication required or permitted to be given or made under this Agreement shall be in writing and shall be
deemed to have been duly given or made if (i) delivered personally, (ii) sent by prepaid courier service or mail, or (iii) sent
by electronic transmission, in each case to the applicable address set out below:

 

	 	(a)	If
    to US Gold, to:

 

	 	U.S.
    Gold Corp.
	 	1910
    E. Idaho Street, Suite 102-Box 604
	 	Elko,
    NV 89801
	 	 
	 	Attention:	Edward
    Karr, Chief Executive Officer
	 	E-mail:	ek@usgoldcorp.gold
	 	 	 
	 	with
    a copy (which shall not constitute notice) to:
	 	 
	 	[Intentionally omitted.]

 

	 	(b)	If
    to NumberCo, to:

 

	 	2637262
    Ontario Inc.
	 	3400
    One First Canadian Place
	 	Toronto,
    Ontario M5X 1A4
	 	 
	 	Attention:	Mario
    Stifano
	 	 	 
	 	with
    a copy (which shall not constitute notice) to:
	 	 
	 	Bennett
    Jones LLP
	 	3400
    One First Canadian Place
	 	Toronto,
    Ontario M5X 1A4
	 	 
	 	Attention:	Abbas
    Ali Khan
	 	E-mail:	alikhana@bennettjones.com

 

Any
such communication so given or made shall be deemed to have been given or made and to have been received on the day of delivery
if delivered, or on the day of sending by electronic transmission, provided that such day in either event is a Business Day and
the communication is so delivered or sent prior to 5:00 p.m. at the place of receipt on such day. Otherwise, such communication
shall be deemed to have been given or made and to have been received on the next following Business Day. Any such communication
sent by mail shall be deemed to have been given or made and to have been received on the fifth Business Day following the mailing
thereof. Any Party may from time to time change its address under this Section 6.3 by notice to the other Party given in the manner
provided by this Section. No Party shall prevent, hinder or delay or attempt to prevent, hinder or delay the service on that Party
of a notice or other communication relating to this Agreement.

 

6.4 Costs and Expenses

 

Each
Party shall pay their own costs to complete the Transaction, including all legal and accounting fees and disbursements relating
to the preparation of the transaction documents.

 

    	 	 	 

    	 	- 24 -	 

    

 

6.5 Further Assurances

 

Each
Party shall, from time to time, and at all times hereafter, at the request of the other Party, but without further consideration,
perform or cause to be performed all such further acts and execute and deliver or cause to be executed and delivered all such
further documents and instruments as shall be reasonably required in order to fully perform and carry out the terms and intent
hereof.

 

6.6 Time

 

For
every provision in this Agreement, time is of the essence in all respects.

 

6.7 Entire Agreement

 

This
Agreement constitutes the entire agreement between the Parties pertaining to the subject matter hereof and shall supersede all
prior agreements, understandings, negotiations and discussions, whether oral or written, between the Parties with respect to the
subject matter hereof. There are no representations, warranties, conditions, covenants or other agreements between the Parties
in connection with the subject matter hereof except as specifically set forth herein. The Schedules attached hereto form an integral
part of this Agreement.

 

6.8 Amendment

 

This
Agreement may, at any time on or before the Effective Date, be amended by mutual agreement of the Parties, provided, however,
that this Agreement may not be amended except by an instrument in writing signed by the appropriate officers on behalf of each
of the Parties.

 

6.9 Waiver

 

A
Party may: (i) extend the time for the performance by the other Party of the obligations owed to it; (ii) waive compliance with
the other Party’s agreements or the fulfillment of any of its conditions contained herein; or (iii) waive inaccuracies in
the other Party’s representations or warranties owed to it and contained herein or in any document delivered by such other
Party hereto; provided, however, that any such extension or waiver shall be valid only if set forth in an instrument in writing
signed on behalf of such Party. Any waiver by a Party of any one or more of the conditions in its favour herein shall be without
prejudice to its right to terminate this Agreement in respect of any other non-fulfilment of any other condition.

 

6.10 Assignment

 

Neither
this Agreement nor any of the rights, interests or obligations hereunder shall be assigned by either Party hereto without the
prior written consent of the other Party.

 

6.11 Severability

 

Whenever
possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable Law.
Any provision or part of this Agreement which is invalid, illegal or unenforceable in any jurisdiction will, as to that jurisdiction,
be ineffective to the extent of such invalidity, illegality or unenforceability and will be severed from the balance of this Agreement,
all without affecting the remaining provisions of this Agreement or affecting the validity, legality or enforceability of such
provision or part in any other jurisdiction so long as the economic or legal substance of the transactions contemplated hereby
is not fundamentally changed. Upon such determination that any provision or part of this Agreement is invalid, illegal or unenforceable,
the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely
as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated
to the greatest extent possible.

 

6.12 Governing Law

 

This
Agreement and all matters arising hereunder shall be governed by, construed and enforced in accordance with the Laws of the State
of Nevada and the federal Laws of the United States applicable therein. Except as specifically set forth herein, the Parties hereby
irrevocably and unconditionally consent to and submit to the courts of the State of Nevada for any actions, suits or proceedings
arising out of or relating to this Agreement or the matters contemplated hereby (and agree not to commence any action, suit or
proceeding relating thereto except in such courts) and further agree that service of any process, summons, notice or document
by single registered mail to the address of a Party set forth in this Agreement shall be effective service of process for any
action, suit or proceeding brought against such Party in such court. Except as specifically set forth herein, the Parties hereby
irrevocably and unconditionally waive any objection to the laying of venue of any action, suit or proceeding arising out of this
Agreement or the matters contemplated hereby in the courts of the State of Nevada and hereby further irrevocably and unconditionally
waive and agree not to plead or claim in any such court that any such action, suit or proceeding so brought has been brought in
an inconvenient forum.

 

6.13 Counterparts

 

This
Agreement may be executed in any number of counterparts, each of which so executed shall be deemed to be an original and all of
which taken together shall be deemed to constitute one and the same instrument. The delivery of an executed counterpart copy of
this Agreement by facsimile, email or other electronic means shall be deemed to be equivalent to the delivery of an original executed
copy thereof.

 

[remainder
of page intentionally left blank]

 

    	 	 	 

    	 

    

 

IN
WITNESS WHEREOF, this Agreement has been duly executed by the parties hereto as of the date first written above.

 

	 	U.S.
    GOLD CORP.
	 	 
	 	By:	/s/
    Edward M. Karr
	 	Name: 

                                                                              Title:
	Edward
                                         M. Karr

        Chief
        Executive Officer

 

	 	2637262
    ONTARIO INC.
	 	 
	 	By:	/s/
    Mario Stifano
	 	Name  

                                                                           
Title:	Mario
                                         Stifano

        

 

SHAREHOLDERS
OF 2637262 ONTARIO INC.

 

	/s/ Ewan Downie	 	/s/ Symone Downie
	Name:	Ewan
    Downie	 	Name:	Symone
    Downie
	Address:	[Intentionally
    omitted]	 	Address:	[Intentionally
    omitted]
	 	 	 	 	 
	/s/ Mario Stifano	 	/s/ Stephanie Mann
	Name:	Mario
    Stifano	 	Name:	Stephanie
    Mann
	Address:	[Intentionally
    omitted]	 	Address:	[Intentionally
    omitted]
	 	 	 	 	 
	/s/ Daniel Mechis	 	/s/ Harris Watson
	Name:	Daniel
    Mechis	 	Name:	Harris
    Watson
	Address:	[Intentionally
    omitted]	 	Address:	[Intentionally
    omitted]
	 	 	 	 	 
	/s/ Robert Shewchuk	 	/s/ Lukas Shewchuk
	Name:
    	Robert
    Shewchuk	 	Name:	Lukas
    Shewchuk
	Address:	[Intentionally
    omitted]	 	Address:	[Intentionally
    omitted]

 

		E.C.
    DOWNIE HOLDINGS INC. 
	 	
	 	By:	/s/
    Ewan Downie
	 	Name:

                                                                              
Title:	Ewan
                                         Downie

        Principal

 

    	 	 	 

    	 

    

 

SCHEDULE
i

LIST
OF Numberco shareholders

 

	Shareholder
    Name	 	Shareholder
    Address	 	#
                                         of NumberCo

                                                                                Shares
                                         Owned
	 	 	%
                                         of NumberCo

                                                                                Shares
                                         Owned
	 
	Ewan Downie	 	[Intentionally
    omitted]	 	 	400,000	 	 	 	10	%
	Symone Downie	 	[Intentionally
    omitted]	 	 	400,000	 	 	 	10	%
	E.C. Downie Holdings
    Inc.	 	[Intentionally
    omitted]	 	 	400,000	 	 	 	10	%
	Mario Stifano	 	[Intentionally
    omitted]	 	 	1,200,000	 	 	 	30	%
	Robert Shewchuk	 	[Intentionally
    omitted]	 	 	680,000	 	 	 	17	%
	Lukas Shewchuk	 	[Intentionally
    omitted]	 	 	320,000	 	 	 	8	%
	Harris Watson	 	[Intentionally
    omitted]	 	 	200,000	 	 	 	5	%
	Stephanie Mann	 	[Intentionally
    omitted]	 	 	200,000	 	 	 	5	%
	Daniel Mechis	 	[Intentionally
    omitted]	 	 	200,000	 	 	 	5	%

 

    	 	 	 

    	 

    

 

SCHEDULE
iI

Allocation
of Consideration Shares to NumberCo Shareholders

 

	Shareholder
    Name	 	Number
                                         of NumberCo

                                                                                Shares
                                         Owned
	 	 	Number
                                         of Consideration

                                                                                Shares
                                         Issuable
	 
	Ewan Downie	 	 	400,000	 	 	 	200,000	 
	Symone Downie	 	 	400,000	 	 	 	200,000	 
	E.C. Downie Holdings
    Inc.	 	 	400,000	 	 	 	200,000	 
	Mario Stifano	 	 	1,200,000	 	 	 	600,000	 
	Robert Shewchuk	 	 	680,000	 	 	 	340,000	 
	Lukas Shewchuk	 	 	320,000	 	 	 	160,000	 
	Harris Watson	 	 	200,000	 	 	 	100,000	 
	Stephanie Mann	 	 	200,000	 	 	 	100,000	 
	Daniel Mechis	 	 	200,000	 	 	 	100,000	 

 

    	 	 	 

    	 

    

 

EXHIBIT
A

FORM
OF assignment separate from certificate

 

FOR
VALUE RECEIVED, ________________________________ (the “Assignor”), does hereby assign and transfer unto
U.S. Gold Corp., a Nevada corporation, _________________ common shares in 2637262 ONTARIO INC., an Ontario corporation, standing
in its name on the books of 2637262 ONTARIO INC. represented by Certificate No. ____________herewith, which such common shares
represent the entirety of the outstanding common shares of 2637262 ONTARIO INC. held by Assignor, and does hereby irrevocably
constitute and appoint any officer of 2637262 ONTARIO INC. as Assignor’s true and lawful attorney-in-fact to transfer said
shares on the books of 2637262 ONTARIO INC. with full power of substitution in the premises.

 

Date:
_________________, 2019

 

	 	ASSIGNOR:
	 	 	 
	 	By:
    	           
	 	 	 
	 	Name:	 

 

    	 	 	 

    	 

    

 

EXHIBIT
B

FORM
OF SHARE REGISTRATION INSTRUCTION

 

Registration
Instructions

 

	 

        __________________________________________

        (Name
        of Shareholder - please print)

         

         

        By:
        _______________________________________

        (Authorized
        Signature)

         

        __________________________________________

        (Official
        Capacity or Title – please print)

         

        __________________________________________

        (Please
        print name of individual whose signature appears above if different than the name of the shareholder printed above.)

         

         

        __________________________________________

        (Subscriber’s
        Address)

         

        _________________________________________

         

        __________________________________________

        (Telephone
        Number)         (E-mail Address)

         
	 	 

        Number
        of Consideration Shares: ______________ 

         

	 
	 

         

	 
	

         

        Disclosed
        Beneficial Purchaser Information:

         

        If
        the shareholder is signing as agent for a principal and is not a trust company or trust corporation purchasing as trustee
        or agent for accounts fully managed by it or a person acting on behalf of a fully managed account managed by it, complete
        the following:

         

        ____________________________________________ 

        (Name
        of Principal)

         

        ____________________________________________

        (Principal’s
        Address, Telephone Number and E-mail Address)

         

         

         

	 	 	 
	 

        Register
        the Consideration Shares as set forth below:

         

        __________________________________________

        (Name)

         

        __________________________________________

        (Account
        reference, if applicable)

         

        __________________________________________

        (Address)

         

        __________________________________________

         
	 	 

        Deliver
        the Consideration Shares as set forth below:

         

        ____________________________________________

        (Name)

         

        ____________________________________________

        (Account
        reference, if applicable)

         

        ____________________________________________

        (Contact
        Name)

         

        ____________________________________________

        (Address)

         

        ____________________________________________Exhibit 10.1

 

EXECUTION VERSION

 

BLACK CREEK INDUSTRIAL REIT IV INC.
 Up to $2,000,000,000 in Shares of Common Stock

 

DEALER MANAGER AGREEMENT

 

This Dealer Manager Agreement (the “Agreement”) is made and entered into as of September 5, 2019, by and among Black Creek Industrial REIT IV Inc., a Maryland corporation (the “Company”), BCI IV Advisors LLC, a Delaware limited liability company (the “Advisor”), and Black Creek Capital Markets, LLC, a Colorado limited liability company (the “Dealer Manager”).

 

Whereas, on January 4, 2019, the Company filed a registration statement on Form S-11 (Registration No. 333-229136) (such registration statement and any prospectus contained therein, as they have been and may in the future be amended, including any pre-effective amendments, post-effective amendments or other supplements to such registration statement or such prospectus after the effective date of registration, being respectively referred to herein as the “Registration Statement” and the “Prospectus,” respectively, as more fully defined below) with the Securities and Exchange Commission (the “SEC”) for the registration under the Securities Act of 1933, as amended (the “Securities Act”) of an offering (the “Offering”) of up to $2,000,000,000 of its common stock, $0.01 par value per share;

 

Whereas, the Offering is comprised of $1,500,000,000 of Shares that will be issued and sold to the public (the “Primary Offering”) and $500,000,000 of Shares that will be offered pursuant to the Company’s distribution reinvestment plan (the “DRIP”) in any combination of Class T shares (“Class T Shares”), Class W shares (“Class W Shares”) and Class I shares (“Class I Shares”), subject to the Company’s right to reallocate such Share amounts, as described in the Prospectus;

 

Whereas, in connection with the Offering, the minimum initial purchase requirement for any one person shall be $2,000 for Class T Shares and Class W Shares or $1,000,000 for Class I Shares (unless waived by the Company and except as otherwise indicated in the Prospectus);

 

Whereas, the Company is managed by the Advisor; and

 

Whereas, the Company has retained the Dealer Manager to use its best efforts to sell the Shares and to manage the sale by other participating broker dealers (the “Dealers”) of the Shares and Dealer Manager desires to serve as the Dealer Manager for the Company for the sale of the Shares upon the terms and conditions set forth in this Agreement and in the Registration Statement.

 

Now, therefore, in consideration of the terms and conditions hereinafter set forth and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, it is agreed between the Company, the Advisor and the Dealer Manager as follows:

 

1.                                      Representations and Warranties of the Company:

 

The Company represents and warrants to the Dealer Manager and the Advisor that:

 

 

a.                                      Registration Statement and Prospectus.  The Company has filed the Registration Statement and the related Prospectus with the SEC in accordance with applicable requirements of the Securities Act and the applicable rules and regulations (the “Rules and Regulations”) of the SEC promulgated thereunder, covering the Shares.   Copies of such Registration Statement and each amendment thereto have been or will be delivered to the Dealer Manager.  The Registration Statement (including financial statements, exhibits and all other documents related thereto that are filed as a part thereof or incorporated therein) and Prospectus contained therein, as finally amended and revised at the effective date of the Registration Statement (including at the effective date of any post-effective amendment thereto), are respectively referred to herein as the “Registration Statement” and the “Prospectus,” except that if the Prospectus filed by the Company pursuant to Rule 424(b) under the Securities Act shall differ from the Prospectus, the term “Prospectus” shall also include the Prospectus filed pursuant to Rule 424(b). Every contract or document required by the Securities Act or Rules and Regulations to be filed as an exhibit to the Registration Statement has been and will be so filed with the SEC.

 

b.                                      The Company.  The Company is and will be at all times during the Offering duly and validly organized and formed as a corporation under the laws of the state of Maryland, with the power and authority to conduct its business as described in the Prospectus.

 

c.                                       Compliance with the Securities Act.  At the time the Registration Statement becomes effective and at the time that any post-effective amendment thereto becomes effective, the Registration Statement and Prospectus will comply with the Securities Act and the Rules and Regulations and at the time the Registration Statement becomes effective and at the time that any post-effective amendment thereto becomes effective and during the Offering the Registration Statement and Prospectus will not contain any untrue statements of material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein not misleading; provided, however, that the foregoing provisions of this Section 1(c) will not apply to statements contained in or omitted from the Registration Statement or Prospectus that are made in reliance upon and in conformity with information furnished to the Company in writing by the Dealer Manager or any of the Dealers specifically for inclusion in the Registration Statement or Prospectus.

 

d.                                      Use of Proceeds.  The Company intends to use the funds received from the sale of the Shares as set forth in the Prospectus.

 

e.                                       Absence of Further Consents and Approvals.  No consent, approval, authorization or other order of any governmental authority is required in connection with the execution or delivery by the Company of this Agreement or the issuance and sale by the Company of the Shares, except such as may be required under the Securities Act or applicable state securities laws.

 

f.                                        No Order of Suspension.  No order preventing or suspending the use of a Prospectus has been issued and no proceedings for that purpose are pending, threatened or, to the knowledge of the Company, contemplated by the SEC; and to the knowledge of the Company, no order suspending the offering of the Shares in any jurisdiction has been issued and no proceedings for that purpose have been instituted or threatened or are contemplated.

 

g.                                       No Pending Actions.  There are no actions, suits or proceedings pending or to the knowledge of the Company, threatened against the Company at law or in equity or before or by any federal or state

 

2

 

commission, regulatory body or administrative agency or other governmental body, domestic or foreign, which will have a material adverse effect on the business or property of the Company.

 

h.                                      Absence of Conflict or Default.  The execution and delivery of this Agreement, the consummation of the transactions herein contemplated and compliance with the terms of this Agreement by the Company will not conflict with or constitute a default under (i) any of its organizational documents, (ii) any, indenture, mortgage, deed of trust, or lease to which the Company is a party or by which it may be bound, or to which any of the property or assets of the Company is subject, or (iii) any rule, regulation, writ, injunction or decree of any government, governmental instrumentality or court, domestic or foreign, having jurisdiction over the Company or any of its assets, properties or operations, except in the case of clause (ii) and (iii) for such conflicts or defaults that would not individually or in the aggregate have a material adverse effect on the condition (financial or otherwise), business, properties or results of operations of the Partnership.

 

i.                                          Requisite Authority.  The Company has all necessary power and authority to enter into this Agreement and to perform the transactions contemplated hereby, except to the extent that the enforceability of the indemnity and/or contribution provisions contained in Section 7 of this Agreement may be limited under applicable securities laws and to the extent that the enforceability of this Agreement may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws that affect creditors’ rights generally or by equitable principles relating to the availability of remedies.

 

j.                                         Authorization of Agreement.  This Agreement has been duly authorized, executed and delivered by the Company, and assuming due authorization, execution and delivery of this Agreement by the Advisor and the Dealer Manager, will constitute a valid and legally binding agreement of the Company enforceable against the Company in accordance with its terms, except to the extent that the enforceability of the indemnity and/or contribution provisions contained in Section 7 of this Agreement may be limited under applicable securities laws and to the extent that the enforceability of this Agreement may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws that affect creditors’ rights generally or by equitable principles relating to the availability of remedies.

 

k.                                      Authorization of Shares.  At the time of the issuance of the Shares, the Shares will have been duly authorized and validly issued, and upon payment therefor, will be fully paid and nonassessable and will conform to the description thereof contained in the Prospectus; no holder thereof will be subject to personal liability for the obligations of the Company solely by reason of being such a holder; such Shares are not subject to the preemptive rights of any shareholder of the Company; and all action required to be taken for the authorization, issue and sale of such Shares has been validly and sufficiently taken.

 

l.                                          Taxes.  The Company has filed all federal, state and foreign income tax returns, which have been required to be filed, on or before the due date (taking into account all extensions of time to file) and has paid or provided for the payment of all taxes indicated by said returns and all assessments received by the Company to the extent that such taxes or assessments have become due.

 

m.                                  Financial Statements.  The financial statements of the Company included in the Prospectus present fairly in all material respects the financial position of the Company as of the date indicated and the results of its operations for the periods specified; said financial statements have been prepared in conformity with generally accepted accounting principles applied on a consistent basis.

 

3

 

n.                                      Investment Company Act.  The Company does not intend to conduct its business so as to be an “investment company” as that term is defined in the Investment Company Act of 1940, as amended, and the rules and regulations thereunder, and it will exercise reasonable diligence to ensure that it does not become an “investment company” within the meaning of the Investment Company Act of 1940, as amended.

 

o.                                      Qualification as a Real Estate Investment Trust.  The Company has been organized and has operated in a manner so as to qualify as a real estate investment trust under the Internal Revenue Code of 1986, as amended (the “Code”), commencing with the taxable year ended December 31, 2016, and, to the knowledge of the Company, there currently exists no circumstance that will prevent the Company from complying with such requirements as contemplated in the Prospectus. The Company intends to operate the business of the Company so as to continue to comply with such requirements.

 

p.                                      Sales Material.  To the knowledge of the Company, all materials provided by the Company or any of its affiliates to the Dealer, including materials provided to the Dealer in connection with its due diligence investigation relating to the Offering, were materially accurate as of the date provided.

 

q.                                      Supplemental Sales Materials.  Any and all supplemental sales materials prepared by the Company and any of its affiliates (excluding the Dealer Manager) specifically for use with potential investors in connection with the Offering, when used in conjunction with the Prospectus, did not at the time provided for use, and, as to later provided materials, will not at the time provided for use, include any untrue statement of a material fact nor did they at the time provided for use, or, as to later provided materials, will they, omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made and when read in conjunction with the Prospectus, not misleading.  If at any time any event occurs which is known to the Company as a result of which such supplemental sales materials when used in conjunction with the Prospectus would include an untrue statement of a material fact or, in view of the circumstances under which they were made, omit to state any material fact necessary to make the statements therein not misleading, the Company will promptly notify the Dealer Manager thereof.

 

2.                                      Covenants of the Company.

 

The Company covenants and agrees with the Dealer Manager during the full term of this Agreement that:

 

a.                                      Furnishing Materials.  It will, at no expense to the Dealer Manager, furnish the Dealer Manager with such number of printed copies of the Registration Statement, including all amendments and exhibits thereto, as the Dealer Manager may reasonably request.  It will similarly furnish to the Dealer Manager and others designated by the Dealer Manager as many copies of the following documents as the Dealer Manager may reasonably request:  (i) the Prospectus in final form and every form of supplemental or amended prospectus; (ii) this Agreement; and (iii) any other printed advertising, sales literature, supplemental sales materials or other materials (provided that the use of said advertising, sales literature, supplemental sales materials and other materials has been first approved for use by the Company and filed with all appropriate regulatory agencies).

 

b.                                      Qualification of Shares.  It will furnish such proper information and execute and file such documents as may be necessary for the Company to qualify the Shares for offer and sale under the

 

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securities laws of such jurisdictions as the Dealer Manager may reasonably designate and will file and make in each year such statements and reports as may be required.  The Company will furnish to the Dealer Manager a copy of such papers filed by the Company in connection with any such qualification.

 

c.                                       Effectiveness of Registration; Stop Orders.  It will:  (i) use its best efforts to cause any post-effective amendment to the Registration Statement to become effective; (ii) furnish copies of any proposed amendment or supplement of the Registration Statement or Prospectus to the Dealer Manager; (iii) file every amendment or supplement to the Registration Statement or the Prospectus that may be required by the SEC; (iv) use its best efforts to prevent the issuance of any order by the SEC, any state regulatory authority or any other regulatory authority which suspends the effectiveness of the Registration Statement, prevents the use of the Prospectus, or otherwise prevents or suspends the Offering; and (v) if at any time the SEC, any state regulatory authority or any other regulatory authority shall issue any stop order suspending the effectiveness of the Registration Statement, it will use its best efforts to obtain the lifting of such order at the earliest possible time.

 

d.                                      Amendments and Supplements.  If at any time when a Prospectus is required to be delivered under the Securities Act any event occurs as a result of which, in the opinion of either the Company or the Dealer Manager, the Prospectus or any other prospectus then in effect would include an untrue statement of a material fact or, in view of the circumstances under which they were made, omit to state any material fact necessary to make the statements therein not misleading, the Company will promptly notify the Dealer Manager thereof (unless the information shall have been received from the Dealer Manager) and will effect the preparation of an amended or supplemental prospectus which will correct such statement or omission.  The Company will then promptly prepare such amended or supplemental prospectus or prospectuses as may be necessary to comply with the requirements of Section 10 of the Securities Act.

 

3.                                      Representations and Warranties of the Advisor.

 

The Advisor represents and warrants to the Company and the Dealer Manager that:

 

a.                                      The Company.  The Advisor is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Delaware, with all requisite power and authority to enter into this Agreement and to carry out its obligations hereunder.

 

b.                                      Authorization of Agreement.  This Agreement has been duly authorized, executed and delivered by the Advisor, and assuming due authorization, execution and delivery of this Agreement by the Company and the Dealer Manager, will constitute a valid and legally binding agreement of the Advisor enforceable against the Advisor in accordance with its terms, except to the extent that the enforceability of the indemnity and/or contribution provisions contained in Section 7 of this Agreement may be limited under applicable securities laws and to the extent that the enforceability of this Agreement may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws that affect creditors’ rights generally or by equitable principles relating to the availability of remedies.

 

c.                                       No Pending Actions.  There are no actions, suits or proceedings pending or, to the knowledge of the Advisor, threatened against the Advisor at law or in equity or before or by any federal or state commission, regulatory body or administrative agency or other governmental body, domestic or foreign,

 

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which could reasonably be expected to have a material adverse effect on the business or property of the Advisor and its subsidiaries, taken as a whole.

 

4.                                      Representations and Warranties of the Dealer Manager.

 

The Dealer Manager represents and warrants to the Company and the Advisor that:

 

a.                                      The Company.  The Dealer Manager is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Colorado, with all requisite power and authority to enter into this Agreement and to carry out its obligations hereunder.

 

b.                                      Authorization of Agreement.  This Agreement has been duly authorized, executed and delivered by the Dealer Manager, and assuming due authorization, execution and delivery of this Agreement by the Company and the Advisor, will constitute a valid and legally binding agreement of the Dealer Manager enforceable against the Dealer Manager in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally or by equitable principles relating to enforceability and except that rights to indemnity and contribution hereunder may be limited by applicable law and public policy.

 

c.                                       Absence of Conflict or Default.  The execution and delivery of this Agreement, the consummation of the transactions herein contemplated and compliance with the terms of this Agreement by the Dealer Manager will not conflict with or constitute a default under (i) its organizational documents, (ii) any indenture, mortgage, deed of trust or lease to which the Dealer Manager is a party or by which it may be bound, or to which any of the property or assets of the Dealer Manager is subject, or (iii) any rule, regulation, writ, injunction or decree of any government, governmental instrumentality or court, domestic or foreign, having jurisdiction over the Dealer Manager or its assets, properties or operations, except in the case of clause (ii) or (iii) for such conflicts or defaults that would not individually or in the aggregate have a material adverse effect on the condition (financial or otherwise), business, properties or results of operations of the Dealer Manager.

 

d.                                      Broker Dealer Registration; FINRA Membership.  The Dealer Manager is, and during the term of this Agreement will be, duly registered as a broker dealer pursuant to the provisions of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), a member in good standing of the Financial Industry Regulatory Authority, Inc. (“FINRA”), and a broker or dealer duly registered as such in those states where the Dealer Manager is required to be registered in order to carry out the Offering.  Moreover, the Dealer Manager’s employees and representatives have all required licenses and registrations to act under this Agreement.

 

e.                                       Anti-Money Laundering.  The Dealer Manager has, to the extent required, established and implemented anti-money laundering compliance programs in accordance with applicable law, including applicable FINRA rules, SEC rules and the USA PATRIOT Act of 2001 and will require that its Dealers establish such programs, reasonably expected to detect and cause the reporting of suspicious transactions in connection with the sale of Shares of the Company.

 

f.                                        Disclosure.  The information under the caption “Plan of Distribution” in the Prospectus and all other information furnished to the Company by the Dealer Manager in writing expressly for use in the Registration Statement, any preliminary prospectus, the Prospectus, or any amendment or supplement

 

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thereto does not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading.

 

5.                                      Appointment, Obligations and Compensation of Dealer Manager.

 

a.                                      Appointment of Dealer Manager; Best Efforts.  The Company hereby appoints the Dealer Manager as its agent and principal distributor for the purpose of selling for cash to the public up to the maximum amount of Shares set forth in the Prospectus (subject to the Company’s right of reallocation, as described in the Prospectus) through Dealers, all of whom shall be members of FINRA, or registered investment advisors or bank trust departments who are paid no commission or as otherwise described in the Prospectus.  The Dealer Manager hereby accepts such agency and distributorship and agrees to use its best efforts to sell the Shares on said terms and conditions.  The Dealer Manager represents to the Company that it is a member in good standing of FINRA and that it and its employees and representatives have all required licenses and registrations to act under this Agreement.  With respect to the Dealer Manager’s participation in the distribution of the Shares in this Offering, the Dealer Manager agrees to comply in all material respects with the applicable requirements of the Securities Act, the Rules and Regulations, the Exchange Act and the rules and regulations promulgated thereunder, and all other state or federal laws, rules and regulations applicable to the Offering and the sale of Shares, all applicable state securities or blue sky laws and regulations, and the rules of FINRA applicable to the Offering, from time to time in effect, including, without limitation, FINRA Rules 2040, 2090, 2111, 2121, 2310, 5110 and 5141.

 

b.                                      Commencement of Sales; Termination.  Promptly after the effective date of the Registration Statement and the Dealer Manager’s execution of agreements with Dealers, the Dealer Manager and the Dealers shall commence the offering of the Shares for cash to the public in jurisdictions in which the Shares are registered or qualified for sale or in which such offering is otherwise permitted.  The Dealer Manager and the Dealers will suspend or terminate offering the Shares upon request of the Company at any time and will resume offering the Shares upon subsequent request of the Company.

 

c.                                       Suitability.  The Dealer Manager, in its agreements with Dealers, shall require that each Dealer offer Shares only to persons who meet the financial qualifications set forth in the Prospectus or in any suitability letter or memorandum sent to it by the Company and only make offers to persons in the states in which it is advised in writing that the Shares are qualified for sale or that such qualification is not required.  In offering Shares, the Dealer Manager, in its agreements with Dealers, will require that each Dealer comply with the provisions of all applicable rules and regulations relating to suitability of investors, including, without limitation, applicable FINRA rules and the provisions of Article III.C. of the Statement of Policy Regarding Real Estate Investment Trusts of the North American Securities Administrators Association, Inc., effective May 7, 2007, as amended (the “NASAA REIT Guidelines”). The Dealer Manager, in its agreements with Dealers, shall require that the Dealers shall sell Class W Shares and Class I Shares only to those persons who are eligible to purchase such Shares as described in the Prospectus and only through those Dealers who are authorized to sell such Shares.

 

d.                                      Offering Price.  The Dealer Manager and all Dealers will offer and sell the Shares for cash at the offering price set forth in the Prospectus, subject to discounts for Class T Shares described in the “Plan of Distribution” section of the Prospectus and except as otherwise provided in the DRIP. The offering price for each class of Shares generally will be the then-current transaction price, which will generally be the most recently disclosed monthly net asset value (“NAV”) per Share for such class, plus applicable

 

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upfront selling commissions and dealer manager fees. Although the transaction price will generally be based on the most recently disclosed monthly NAV per Share, the NAV per Share of such stock as of the date on which a purchase is settled may be significantly different. The Company may offer Shares at a price that the Company believes reflects the NAV per Share of such stock more appropriately than the most recently disclosed monthly NAV per Share, including by updating a previously disclosed transaction price, in cases where the Company believes there has been a material change (positive or negative) to its NAV per Share relative to the most recently disclosed monthly NAV per Share.  Each class of Shares may have a different NAV per Share because distribution fees differ with respect to each class.

 

e.                                       Commissions, Fees, and Expense Reimbursements.  Subject to discounts for Class T Shares and special circumstances described in the “Plan of Distribution” section of the Prospectus, as compensation for the services rendered by the Dealer Manager, the Company agrees that it will pay to the Dealer Manager with respect to the Class T Shares, a selling commission in the amount of up to two percent (2.0%) of the public offering price of the Class T Shares sold in the Primary Offering, plus a dealer manager fee in the amount of up to two and a half percent (2.5%) of the public offering price of the Class T Shares sold in the Primary Offering, however such amounts may vary at certain Dealers provided that the sum will not exceed four and a half percent (4.5%) of the public offering price.  The Company shall not pay any selling commissions or dealer manager fees with respect to Class W Shares and Class I Shares.  In addition, subject to FINRA limitations on underwriting compensation, with respect to each Class T Share and Class W Share, the Company agrees that it will pay to the Dealer Manager a distribution fee (the “Distribution Fee”), which accrues monthly and is calculated on outstanding Class T Shares and Class W Shares issued in the Primary Offering in an amount equal to one percent (1.0%) per annum and one-half-of-one-percent (0.50%) per annum, respectively, of the NAV per Class T Share or Class W Share, respectively.  In calculating the distribution fees, the Company will use the most recently disclosed monthly NAV per Share before giving effect to the monthly distribution fee or distributions on its Shares.  The Company will pay the Distribution Fee to the Dealer Manager monthly in arrears and will be paid on a continuous basis from year to year.  The Dealer Manager may reallow all or a portion of the selling commissions, the dealer manager fees and the Distribution Fees to the Dealers who sold the Shares giving rise to such commissions and fees to the extent the Selected Dealer Agreement with such Dealer provides for such a reallowance; provided, however, that upon the date when the Dealer Manager is notified that the Dealer who sold the Class T Shares and/or Class W Shares giving rise to the Distribution Fees is no longer the broker dealer of record with respect to such Class T Shares and/or Class W Shares, then such Dealer’s entitlement to the respective Distribution Fees related to such Class T Shares and/or Class W Shares shall cease, and the Dealer shall not receive the respective Distribution Fees for any portion of the month in which the Dealer is not the broker dealer of record on the last day of the month; provided, however, if the change in the broker dealer of record with respect to such Class T Shares and/or Class W Shares is made in connection with a change in the registration of record for such Class T Shares and/or Class W Shares on the Company’s books and records (including, but not limited to, a re-registration due to a sale or a transfer or a change in the form of ownership of the account), then the Dealer shall be entitled to a pro rata portion of the Distribution Fees related to such Class T Shares and/or Class W Shares for the portion of the month for which the Dealer was the broker dealer of record.  Thereafter, such Distribution Fees may be reallowed by the Dealer Manager to the then-current broker dealer of record of the Class T Shares and/or Class W Shares if any such broker dealer of record has been designated (the “Servicing Broker Dealer”); provided, that, such reallowance shall only be paid to the extent such Servicing Broker Dealer has entered into a Selected Dealer Agreement or similar agreement with the Dealer Manager (the

 

8

 

“Servicing Agreement”) and such Selected Dealer Agreement or Servicing Agreement with the Servicing Broker Dealer provides for such reallowance.  The Dealer Manager may pay to such Dealers and Servicing Broker Dealers up to 100% of the aggregate Distribution Fees payable by the Company to the Dealer Manager.  The Company shall not pay the Dealer Manager a Distribution Fee with respect to Class I Shares.  In addition, to the extent the Dealer Manager determines to pay a supplemental fee or commission to a Dealer or a Servicing Broker Dealer with respect to the sale of Class I Shares in the Primary Offering as described in the Prospectus, the Company shall not reimburse the Dealer Manager for any such payment.

 

The Company shall cease paying Distribution Fees to the Dealer Manager with respect to each Class T Share or Class W Share when it is no longer outstanding, including as a result of conversion to Class I Shares.  In addition, the Company shall cease paying distribution fees with respect to each Class T Share or Class W Share held within a stockholder’s account and such Share shall automatically and without any action on the part of the holder thereof convert into a number of Class I Shares at the Applicable Conversion Rate (as defined in the Prospectus) on the earliest of:  (i) a listing of any Shares of the Company’s common stock on a national securities exchange, (ii) the Company’s merger or consolidation with or into another entity, or the sale or other disposition of all or substantially all of its assets and (iii) the end of the month in which the Company, with the assistance of the Dealer Manager, determines that the total upfront selling commissions, upfront dealer manager fees and ongoing distribution fees paid with respect to all Shares of such class held by such stockholder within such account (including Shares purchased through the DRIP or received as stock dividends) equals or exceeds 8.5% of the aggregate purchase price of all Shares of such class held by such stockholder within such account and purchased in the Primary Offering.

 

In addition, after termination of the Primary Offering, each Class T Share or Class W Share (i) sold in the Primary Offering, (ii) sold under the DRIP, and (iii) received as a stock dividend with respect to such Shares sold in the Primary Offering or DRIP, shall automatically and without any action on the part of the holder thereof convert into a number of Class I Shares at the Applicable Conversion Rate (as defined in the Prospectus), at the end of the month in which the Company, with the assistance of the Dealer Manager, determines that all underwriting compensation paid or incurred with respect to the Primary Offering from all sources, determined pursuant to the rules and guidance of FINRA, would be in excess of 10% of the aggregate purchase price of all Shares sold for the Company’s account through the Primary Offering.

 

As provided in the “Plan of Distribution” section of the Prospectus, the Advisor has agreed to advance all of the Company’s organization and offering expenses on its behalf, including expenses that are deemed issuer costs and certain expenses that are deemed underwriting compensation, such as legal, accounting, printing, mailing and filing fees and expenses, bona fide due diligence expenses of Dealers and investment advisers supported by detailed and itemized invoices, costs in connection with preparing sales materials, design and website expenses, fees and expenses of the escrow agent and transfer agent, fees to attend retail seminars sponsored by Dealers, compensation of certain registered employees of the Dealer Manager, reimbursements for customary travel, lodging, meals and reasonable entertainment expenses and other actual costs of registered persons associated with the Dealer Manager incurred in the performance of wholesaling activities, but excluding upfront selling commissions, dealer manager fees and distribution fees, through December 31, 2019. Subject to FINRA limitations on underwriting compensation, the Company has agreed to reimburse the Advisor for all such advanced expenses ratably over the 60 months following December 31, 2019.

 

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In addition, the Company has agreed to reimburse the Advisor for any organization and offering expenses that the Advisor incurs on the Company’s behalf as and when incurred, beginning January 1, 2020. After the termination of the Primary Offering and again after termination of the offering under the DRIP, the Advisor has agreed to reimburse the Company to the extent that the organization and offering expenses that the Company incurs exceed 15% of the gross proceeds from the applicable offering.  Any organization and offering expenses reimbursed by the Company which are deemed underwriting compensation will be subject to the 10% limit on total underwriting compensation imposed by FINRA Rule 2310.

 

Subject to FINRA limitations on underwriting compensation, in addition to the organization and offering expenses for which the Company will reimburse the Advisor, the Advisor may, in its sole discretion, pay additional expenses that are considered underwriting compensation to the Dealer Manager (which may be reallowed or paid by the Dealer Manager to Dealers) without reimbursement from the Company. These additional amounts may be paid by the Advisor in order to fund certain of the Dealer Manager’s costs and expenses related to the distribution of the Offering, including compensation of certain registered employees of the Dealer Manager, reimbursements for customary travel, lodging, meals and reasonable entertainment expenses and other actual costs of registered persons associated with the Dealer Manager incurred in the performance of wholesaling activities, as well as supplemental fees and commissions paid by the Dealer Manager to Dealers or Servicing Broker Dealers with respect to the sale of Class I Shares in the Primary Offering as described in the Prospectus.  These expenses also may include reimbursements for legal fees of the Dealer Manager, cost reimbursements for registered representatives of Dealers to attend educational conferences sponsored by the Company or the Dealer Manager, attendance fees for registered persons associated with the Dealer Manager to attend seminars conducted by Dealers, and promotional items.

 

The terms of any payment or reallowance of selling commissions, dealer manager fees, and Distribution Fees shall be set forth in the agreements entered into between the Dealer Manager and the Dealers or Servicing Broker Dealers, as applicable.  Notwithstanding the foregoing, no selling commissions, Distribution Fees, dealer manager fees, or other amounts will be paid to the Dealer Manager under this provision unless or until subscriptions for the purchase of Shares have been accepted by the Company.  The Company and the Advisor will not be liable or responsible to any Dealer or Servicing Broker Dealer for direct payment of selling commissions, any reallowance of dealer manager fees or Distribution Fees, any payment of supplemental fees and commissions with respect to Class I Shares or any other underwriting compensation or expense reimbursement to such Dealer or Servicing Broker Dealer, it being the sole and exclusive responsibility of the Dealer Manager for payment of such amounts to Dealers and Servicing Broker Dealers.

 

f.                                        Sales With Reduced Selling Commissions and Dealer Manager Fees.  Notwithstanding the foregoing, Class T Shares may be sold net of selling commissions and dealer manager fees through either of the following distribution channels: (i) through fee-based programs, also known as wrap accounts or (ii) through investment advisers registered under the Investment Advisers Act of 1940 or applicable state law.  In addition, subject to the agreement of the Dealer Manager, selling commissions and/or dealer manager fees may be reduced or eliminated with respect to the sale of Class T Shares to certain investors who have agreed with a Dealer to reduce or eliminate the selling commissions and/or the dealer manager fees.

 

g.                                       Permissible Materials.  The Dealer Manager shall use and distribute in conjunction with the offer and sale of any Shares only the Prospectus (as it may be supplemented or amended from time-to-time)

 

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and such sales literature and advertising as shall have been previously been approved in writing by the Company.

 

h.                                      Offering Jurisdictions.  The Dealer Manager and the Dealers shall cause Shares to be offered and sold only in such jurisdictions where the Dealer Manager and the respective Dealer are licensed to do so.  In addition, the Dealer Manager shall cause Shares to be offered and sold only in those jurisdictions specified in writing by the Company where the offering and sale of its Shares have been authorized by appropriate regulatory authorities and such list of jurisdictions shall be updated by the Company as additional states are added.

 

i.                                          Submission of Orders.  The Dealer Manager, in its agreements with Dealers, shall require each Dealer to:

 

(i)                                     return any check not conforming to the foregoing instructions directly to such subscriber not later than the end of the next business day following its receipt; provided that checks received by the Dealer which conform to the foregoing instructions shall be transmitted for deposit in accordance with the procedures in paragraphs (ii) through (iv) below;

 

(ii)                                  where, pursuant to a Dealer’s internal supervisory procedures, internal supervisory review is conducted at the same location at which subscription documents and checks are initially received from subscribers, transmit checks by the end of the next business day following receipt of the subscription documents and the check by the Dealer to the Company or to such other account or agent as directed by the Company;

 

(iii)                               where, pursuant to a Dealer’s internal supervisory procedures, final internal supervisory review is conducted at a different location (the “Final Review Office”), transmit subscription documents and checks to the Final Review Office by the end of the next business day following receipt of the subscription documents and check by the Dealer.  The Final Review Office will transmit such subscription documents and checks by the end of the next business day following receipt by the Final Review Office to the Company or to such other account or agent as directed by the Company; and

 

(iv)                              deliver checks and completed subscription documents required to be sent to the Company via overnight courier to Black Creek Industrial REIT IV Inc., c/o DST Systems, Inc., 430 W. 7th Street, Suite 219079, Kansas City, Missouri, 64105.

 

6.                                      Issuance of Confirmations to Purchasers.

 

The Company hereby agrees and assumes the duty to confirm on its behalf and on behalf of Dealers who sell the Shares all orders for purchase of Shares accepted by the Company.  Such confirmations will comply with the rules of the SEC and FINRA, and will comply with applicable laws of such other jurisdictions to the extent the Company is advised of such laws in writing by the Dealer Manager.

 

7.                                      Indemnification.

 

a.                                      The Company will indemnify and hold harmless the Dealers and the Dealer Manager, their officers and directors and each person, if any, who controls such Dealer or the Dealer Manager within the meaning of Section 15 of the Securities Act from and against any losses, claims, damages or liabilities, joint or several, to which such Dealers or the Dealer Manager, their officers and directors, or

 

11

 

such controlling person may become subject, under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon (a) any untrue statement or alleged untrue statement of a material fact contained in (i) the Registration Statement (including the Prospectus as a part thereof) or any post-effective amendment thereto, (ii) the Prospectus or any amendment or supplement to the Prospectus or (iii) any blue sky application or other document executed by the Company or on its behalf specifically for the purpose of qualifying any or all of the Shares for sale under the securities laws of any jurisdiction or based upon written information furnished by the Company under the securities laws thereof (any such application, document or information being hereinafter called a “Blue Sky Application”), or (b) the omission or alleged omission to state in (i) the Registration Statement (including the Prospectus as a part thereof) or any post-effective amendment thereto, (ii) the Prospectus or any amendment or supplement to the Prospectus or (iii) any Blue Sky Application a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, and will reimburse each Dealer or the Dealer Manager, its officers and directors and each such controlling person for any legal or other expenses reasonably incurred by such Dealer or the Dealer Manager, its officers and directors, or such controlling person in connection with investigating or defending such loss, claim, damage, liability or action; provided that the Company will not be liable in any such case to the extent that any such loss, claim, damage or liability arises out of, or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in reliance upon and in conformity with written information furnished to the Company or the Dealer Manager by or on behalf of any Dealer or the Dealer Manager specifically for use with reference to such Dealer or the Dealer Manager in the preparation of the Registration Statement or any such post-effective amendment thereof, any such Blue Sky Application or the Prospectus or any such amendment thereof or supplement thereto; and further provided that the Company will not be liable in any such case if it is determined that such Dealer or the Dealer Manager was at fault in connection with the loss, claim, damage, liability or action.  This indemnity agreement will be in addition to any liability which the Company may otherwise have.  Notwithstanding the foregoing, the Company may not indemnify or hold harmless the Dealer Manager, any Dealer or any of their affiliates in any manner that would be inconsistent with the provisions to Article II.G of the NASAA REIT Guidelines.  In particular, but without limitation, the Company may not indemnify or hold harmless the Dealer Manager, any Dealer or any of their affiliates for liabilities arising from or out of a violation of state or federal securities laws, unless one or more of the following conditions are met:

 

(i)                                     There has been a successful adjudication on the merits of each count involving alleged securities law violations;

 

(ii)                                  Such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction; or

 

(iii)                               A court of competent jurisdiction approves a settlement of the claims against the indemnitee and finds that indemnification of the settlement and the related costs should be made, and the court considering the request for indemnification has been advised of the position of the SEC and of the published position of any state securities regulatory authority in which the securities were offered as to indemnification for violations of securities laws.

 

b.                                      The Dealer Manager will indemnify and hold harmless the Company, each officer and director of the Company, and each person or firm which has signed the Registration Statement and each person, if

 

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any, who controls the Company within the meaning of Section 15 of the Securities Act, from and against any losses, claims, damages or liabilities to which any of the aforesaid parties may become subject, under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon (a) any untrue statement of a material fact contained in (i) the Registration Statement (including the Prospectus as a part thereof) or any post-effective amendment thereto, (ii) the Prospectus or any amendment or supplement to the Prospectus or (iii) any Blue Sky Application, or (b) the omission to state in (i) the Registration Statement (including the Prospectus as a part thereof) or any post-effective amendment thereto, (ii) the Prospectus or any amendment or supplement to the Prospectus or (iii) any Blue Sky Application a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made not misleading, in each such case to the extent, but only to the extent, that such untrue statement or omission was made in reliance upon and in conformity with written information furnished to the Company by or on behalf of the Dealer Manager specifically for use with reference to the Dealer Manager in the preparation of the Registration Statement or any such post-effective amendments thereof, any such Blue Sky Application or the Prospectus or any such amendment thereof or supplement thereto, or (c) any unauthorized use of sales materials or use of unauthorized verbal representations concerning the Shares by the Dealer Manager and will reimburse the aforesaid parties, in connection with investigation or defending such loss, claim, damage, liability or action.  This indemnity agreement will be in addition to any liability which the Dealer Manager may otherwise have.

 

c.                                       Each Dealer severally will indemnify and hold harmless the Company, the Dealer Manager, the Advisor and each of their directors (including any persons named in the Registration Statement with his consent, as about to become a director), each of their officers who has signed the Registration Statement and each person, if any, who controls the Company, the Dealer Manager, or the Advisor within the meaning of Section 15 of the Securities Act from and against any losses, claims, damages or liabilities to which the Company, the Dealer Manager, the Advisor, any such director or officer, or controlling person may become subject, under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon (a) any untrue statement or alleged untrue statement of a material fact contained in (i) the Registration Statement (including the Prospectus as a part thereof) or any post-effective amendment thereto, (ii) the Prospectus or any amendment or supplement to the Prospectus or (iii) any Blue Sky Application, or (b) the omission or alleged omission to state in (i) the Registration Statement (including the Prospectus as a part thereof) or any post-effective amendment thereto, (ii) the Prospectus or any amendment or supplement to the Prospectus or (iii) any Blue Sky Application a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, in each case under (a) and (b) hereof to the extent, but only to the extent that such untrue statement or alleged untrue statement or omission or alleged omission was made in reliance upon and in conformity with written information furnished to the Company or the Dealer Manager by or on behalf of such Dealer specifically for use with reference to such Dealer in the preparation of the Registration Statement or any such post-effective amendments thereof, any such Blue Sky Application or the Prospectus or any such amendment thereof or supplement thereto, or (c) any failure to deliver to any investor the Prospectus and all supplements thereto and any amended prospectus, or (d) any unauthorized use of sales materials, or use of unauthorized verbal representations concerning the Shares by such Dealer or Dealer’s representatives or agents in violation of Section VII of the Selected Dealer Agreement or otherwise, or (e) any sale in violation of or failure by Dealer to perform its obligations as set forth in Section IX of the Selected Dealer Agreement, or (f) any failure to comply with applicable rules of FINRA, federal or state securities laws or the rules and regulations promulgated thereunder, the NASAA REIT Guidelines, or

 

13

 

any other state or federal laws and regulations applicable to the Offering or the activities of the Dealer in connection with the Offering, and will reimburse the Company, the Dealer Manager, and the Advisor and any such directors or officers, or controlling person, in connection with investigating or defending any such loss, claim, damage, liability or action.  This indemnity agreement will be in addition to any liability which such Dealer may otherwise have.

 

d.                                      Promptly after receipt by an indemnified party under this Section 7 of notice of the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 7, notify in writing the indemnifying party of the commencement thereof; the omission so to notify the indemnifying party will relieve it from liability under this Section 7 only in the event and to the extent the failure to provide such notice adversely affects the ability to defend such action.  In case any such action is brought against any indemnified party, and it notifies an indemnifying party of the commencement thereof, the indemnifying party will be entitled, to the extent it may wish, jointly with any other indemnifying party similarly notified, to participate in the defense thereof, with separate counsel.  Such participation shall not relieve such indemnifying party of the obligation to reimburse the indemnified party for reasonable legal and other expenses (subject to paragraph (e) of this Section 7) incurred by such indemnified party in defending itself, except for such expenses incurred after the indemnifying party has deposited funds sufficient to effect the settlement, with prejudice, of the claim in respect of which indemnity is sought.  Any such indemnifying party shall not be liable to any such indemnified party on account of any settlement of any claim or action effected without the consent of such indemnifying party.

 

e.                                       The indemnifying party shall pay all legal fees and expenses of the indemnified party in the defense of such claims or actions; provided, however, that the indemnifying party shall not be obliged to pay legal expenses and fees to more than one law firm in connection with the defense of similar claims arising out of the same alleged acts or omissions giving rise to such claims notwithstanding that such actions or claims are alleged or brought by one or more parties against more than one indemnified party.  If such claims or actions are alleged or brought against more than one indemnified party, then the indemnifying party shall only be obliged to reimburse the expenses and fees of the one law firm that has been selected by a majority of the indemnified parties against which such action is finally brought; and in the event a majority of such indemnified parties is unable to agree on which law firm for which expenses or fees will be reimbursable by the indemnifying party, then payment shall be made to the first law firm of record representing an indemnified party against the action or claim.  Such law firm shall be paid only to the extent of services performed by such law firm and no reimbursement shall be payable to such law firm on account of legal services performed by another law firm.

 

f.                                        The indemnity agreements contained in this Section 7 shall remain operative and in full force and effect regardless of (a) any investigation made by or on behalf of any Dealer, or any person controlling any Dealer or by or on behalf of the Company, the Dealer Manager or any officer or director thereof, or by or on behalf of any person controlling the Company or the Dealer Manager, (b) delivery of any Shares and payment therefor, and (c) any termination of this Agreement.  A successor of any Dealer or of any of the parties to this Agreement, as the case may be, shall be entitled to the benefits of the indemnity agreements contained in this Section 7.

 

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8.                                      Arbitration.

 

Any dispute, controversy or claim arising between the parties relating to this Agreement (whether such dispute arises under any federal, state or local statute or regulation, or at common law), shall be resolved by final and binding arbitration administered in accordance with the then current rules of the American Arbitration Association (“AAA”).  Any matter to be settled by arbitration shall be submitted to the AAA in Denver, Colorado and the parties agree to abide by all awards rendered in such proceedings.  The parties shall attempt to designate one arbitrator from the AAA, but if they are unable to do so, then the AAA shall designate an arbitrator.  Any arbitrator selected by the parties or the AAA shall be a qualified Person who has experience with complex real estate disputes.  The arbitration shall be final and binding, and enforceable in any court of competent jurisdiction.  All awards may be filed with the clerk of one or more courts, state or federal having jurisdiction over the party against whom such award is rendered or his or her property, as a basis of judgment and of the issuance of execution for its collection.

 

9.                                      Survival of Provisions.

 

The respective agreements, representations and warranties of the Company and the Dealer Manager set forth in this Agreement shall remain operative and in full force and effect regardless of (a) any termination of this Agreement, (b) any investigation made by or on behalf of the Dealer Manager or any Dealer or any person controlling the Dealer Manager or any Dealer or by or on behalf of the Company or any person controlling the Company, and (c) the acceptance of any payment for the Shares.

 

10.                               Applicable Law; Venue.

 

This Agreement was executed and delivered in, and its validity, interpretation and construction shall be governed by, the laws of the State of Colorado; provided, however, that causes of action for violations of federal or state securities laws shall not be governed by this Section.  Venue for any action brought hereunder shall lie exclusively in Denver, Colorado.

 

11.                               Severability.

 

If any portion of this Agreement shall be held invalid or inoperative, then so far as is reasonable and possible the remainder of this Agreement shall be considered valid and operative and effect shall be given to the intent manifested by the portion held invalid or inoperative.

 

12.                               Delay Not a Waiver.

 

Neither the failure nor any delay on the part of any party to this Agreement to exercise any right, remedy, power, or privilege under this Agreement shall operate as a waiver thereof, nor shall a waiver of any right, remedy, power, or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power, or privilege with respect to any subsequent occurrence.

 

13.                               Counterparts.

 

This Agreement may be executed in any number of counterparts.  Each counterpart, when executed and delivered, shall be an original contract, but all counterparts, when taken together, shall constitute one and the same Agreement.

 

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14.                               Third-Party Beneficiaries; Successors; and Amendment.

 

a.                                      This Agreement shall inure to the benefit of and be binding upon the Dealer Manager, the Company and the Advisor and their respective successors.  Nothing in this Agreement is intended or shall be construed to give to any other person any right, remedy or claim, except as otherwise specifically provided herein.  This Agreement shall inure to the benefit of the Dealers to the extent set forth in Section 7 hereof.

 

b.                                      This Agreement may be amended by the written agreement of the Dealer Manager, the Advisor and the Company.

 

15.                               Term and Termination.

 

In any case, if not sooner terminated, this Agreement shall expire at the close of business on the effective date that the Offering is terminated.  This Agreement may be terminated by either party (a) immediately upon notice to the other party in the event that the other party shall have materially failed to comply with any material provision of this Agreement or if any of the representations, warranties, covenants or agreements of such party contained herein shall not have been materially complied with or (b) on 60 days’ written notice.

 

In addition, the Dealer Manager, upon the expiration or termination of this Agreement, shall (a) promptly deposit any and all funds in its possession which were received from investors for the sale of Shares into such account as the Company may designate; and (b) promptly deliver to the Company all records and documents in its possession which relate to the Offering which are not designated as dealer copies.  The Dealer Manager, at its sole expense, may make and retain copies of all such records and documents required to be retained by the Dealer Manager pursuant to (i) federal and state securities laws and the rules and regulations thereunder, (ii) the applicable rules of FINRA and (iii) the NASAA REIT Guidelines, but shall keep all such information confidential.  The Dealer Manager shall use its best efforts to cooperate with the Company to accomplish any orderly transfer of management of the Offering to a party designated by the Company.  Upon expiration or termination of this Agreement, the Company shall pay to the Dealer Manager all earned but unpaid compensation and reimbursement for all incurred, accountable compensation to which the Dealer Manager is or becomes entitled under Section 5 of this Agreement, including but not limited to any Distribution Fees, pursuant to the requirements of that Section 5 at such times as such amounts become payable pursuant to the terms of such Section 5 without acceleration, offset by any losses suffered by the Company, any officer or director of the Company, any person or firm which has signed the Registration Statement or any person who controls the Company within the meaning of Section 15 of the Securities Act arising from the Dealer Manager’s breach of this Agreement or any other action by the Dealer Manager that would otherwise give rise to an indemnification claim against the Dealer Manager under Section 7.b. of this Agreement.

 

16.                               Definitions.

 

Any terms used but not defined herein shall have the meanings given to them in the Prospectus.

 

16

 

17.                               Notices.

 

All notices, approvals, requests, and authorizations that are required hereunder to be in writing shall be duly given and deemed to be delivered when delivered in person, by courier, or by over-night delivery service, or deposited in the United States mail, properly addressed and stamped with the required postage, to the intended recipient, as set forth below.

 

	
To the   Dealer Manager:
    	
 
    	
Black   Creek Capital Markets, LLC
   518 17th Street, 12th Floor
   Denver, Colorado 80202
   Attn:  Steven Stroker
    
	
 
    	
 
    	
 
    
	
To the   Company:
    	
 
    	
Black   Creek Industrial REIT IV Inc.
   518 17th Street, 17th Floor
   Denver, Colorado 80202
   Attn:  Joshua J. Widoff
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
With a   copy to:
   Alice L. Connaughton
   Morrison & Foerster LLP
   2000 Pennsylvania Avenue, NW, Suite 6000
   Washington, D.C. 20006
    
	
 
    	
 
    	
 
    
	
To the   Advisor:
    	
 
    	
BCI IV   Advisors LLC
   518 17th Street, 17th Floor
   Denver, Colorado 80202
   Attn:  Evan H. Zucker

 

With a   copy to:
   Alice L. Connaughton
   Morrison & Foerster LLP
   2000 Pennsylvania Avenue, NW, Suite 6000
   Washington, D.C. 20006
    

 

Any party may change its address specified above by giving the other party notice of such change in accordance with this Section.

 

17

 

IN WITNESS WHEREOF, the parties hereto have each duly executed this Dealer Manager Agreement as of the day and year set forth above.

 

	
 
    	
COMPANY:
    
	
 
    	
BLACK   CREEK INDUSTRIAL REIT IV INC.
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/Dwight L. Merriman III
    
	
 
    	
 
    	
Dwight L. Merriman III
    
	
 
    	
 
    	
Managing   Director,
    
	
 
    	
 
    	
Chief Executive Officer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
DEALER MANAGER:
    
	
 
    	
BLACK   CREEK CAPITAL MARKETS, LLC
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Steven Stroker
    
	
 
    	
 
    	
Steven   Stroker
    
	
 
    	
 
    	
Chief   Executive Officer
    
	
 
    	
 
    
	
 
    	
ADVISOR:
    
	
 
    	
BCI IV   ADVISORS LLC
    
	
 
    	
 
    
	
 
    	
By: BCI   IV Advisors Group LLC, its sole member
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/Evan   H. Zucker
    
	
 
    	
 
    	
Evan H. Zucker
    
	
 
    	
 
    	
Manager
    

 

18

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