Document:

Exhibit 4.5

 

IVANHOE ELECTRIC INC.

AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT

 

THIS
AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is entered into as of April 5,
2022, by and among IVANHOE ELECTRIC INC., a Delaware corporation (the “Company”), and each of the investors
listed on Schedule A hereto (each, an “Investor” and together, the “Investors”).

 

RECITALS

 

WHEREAS,
in connection with the Original Agreement, certain of the Investors (the “Series 1 Investors”) entered into a
Subscription Agreement (as amended, supplemented or otherwise modified from time to time, a “Bundles Subscription Agreement”)
among the Company, I-Pulse Inc., a Delaware corporation (“I-Pulse”) and such Investor pursuant to which such Investor
agreed to purchase, and each of I-Pulse and the Company (severally and not jointly) agreed to sell, the number of bundles set forth therein
of newly-issued securities (the “Bundles”) consisting of (i) US $830.00 principal amount of Convertible Unsecured
Senior PIK Notes due 2023 issued by I-Pulse (as the same may be amended, supplemented or otherwise modified from time to time, the “I-Pulse
Notes”), (ii) 500 shares of Common Stock (as defined below), and (iii) US $2,075.00 principal amount of Convertible
Unsecured Senior Notes due 2023 issued by the Company (as the same may be amended, supplemented or otherwise modified from time to time,
the “IVNE Series 1 Notes”);

 

WHEREAS,
the Series 1 Investors and the Company entered into that certain Registration Rights Agreement dated as of August 3, 2021 (the
 “Original Agreement”);

 

WHEREAS,
certain of the Investors (the “Series 2 Investors”) intend to enter into a Subscription Agreement (as amended,
supplemented or otherwise modified from time to time, a “Series 2 Subscription Agreement”), between the Company
and such Series 2 Investor, pursuant to which such Series 2 Investor shall agree to purchase a principal amount (as specified
therein) of Convertible Unsecured Senior Series 2 Notes due 2023 issued by the Company (as the same may be amended, supplemented
or otherwise modified from time to time, the “IVNE Series 2 Notes”);

 

WHEREAS,
the IVNE Series 1 Notes and IVNE Series 2 Notes are automatically convertible into shares of Common Stock upon a Qualifying
IVNE IPO (the shares issuable upon such automatic conversion, collectively, “Conversion Shares”);

 

WHEREAS,
the I-Pulse Notes are exchangeable into shares of Common Stock from and after the closing date of a Qualifying IVNE IPO and prior to the
maturity date of the I-Pulse Notes (the shares so exchanged, collectively, “Exchange Shares”);

 

WHEREAS,
pursuant to Section 3.8 of the Original Agreement, the terms of the Original Agreement may be amended, modified or waived in writing
by the Company and the holders of Registrable Securities (as defined in the Original
Agreement) that, as of the effective date of such amendment, modification or waiver, own a majority of the Registrable Securities then
outstanding or issuable upon conversion of the IVNE Series 1 Notes (the “Required Holders”);

 

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WHEREAS,
the Company and the undersigned Required Holders desire to amend and restate the Original Agreement as set forth herein; and

 

WHEREAS,
the obligations of the parties to each Series 2 Subscription Agreement to purchase and sell (as applicable) the IVNE Series 2
Notes set forth therein are conditioned upon the Company and the applicable Investor entering into this Agreement.

 

NOW
THEREFORE, in consideration of the mutual covenants and agreements of the parties hereto, and of the mutual benefits to be
gained by the performance thereof, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
the parties hereto, for themselves, their heirs, executors, administrators, successors and assigns, do hereby amend and restate the Original
Agreement in its entirety to read as follows:

 

Article 1

CERTAIN DEFINED TERMS

 

As
used in this Agreement, the following additional terms, not defined elsewhere, have the meanings herein specified:

 

“Acquisition Price”
means, as to any share of Common Stock acquired by an Investor through its purchase of Bundles (including any such share acquired upon
any conversion of IVNE Series 1 Notes or exchange of I-Pulse Notes), the per share price at which such share is acquired by such
Investor, whether directly through the purchase of Bundles or upon conversion of IVNE Series 1 Notes or exchange of I-Pulse Notes.

 

“Affiliate”
means a Person that is controlled by, that controls, or that is under common control with, a particular Person. For purpose of
this definition, the term “control” (including the terms “controlled by” and “under common control with”)
means having, directly or indirectly, the power to direct or cause the direction of the management and policies of a Person, whether through
the ownership of voting securities or by contract or otherwise.

 

“Agreement”
has the meaning set forth in the preamble hereto.

 

“Board”
means the board of directors of the Company.

 

“Bundles”
has the meaning set forth in the recitals hereto.

 

“Bundles Subscription
Agreement” has the meaning set forth in the preamble hereto.

 

“Business
Day” means any day of the year on which banking institutions in New York, New York, USA are open to the public for conducting
business and are not required or authorized to close.

 

“Company”
has the meaning set forth in the preamble hereto.

 

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“Company Securities”
means, collectively, (a) the shares of Common Stock included in the Bundles, (b) the IVNE Series 1 Notes included in the
Bundles, (c) the IVNE Series 2 Notes, (d) the Conversion Shares, (e) the Exchange Shares, (f) in the case of
any Investor not a party to a stockholders agreement between such Investor and the Company, other shares of Common Stock, if any, acquired
by such Investor prior to the Qualifying IVNE IPO, and (g) any shares of Common Stock or other securities of the Company issued as
a split, stock dividend or similar distribution or event with respect to, in exchange for, or in replacement of, any of the securities
described in clauses (a) through (f) above.

 

“Commission”
means the Securities and Exchange Commission or any successor agency of the United States federal government serving a similar
function.

 

“Common Stock”
means the common stock, par value $0.0001 per share, of the Company.

 

“Conversion Shares”
has the meaning set forth in the recitals hereto.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Exchange Shares”
has the meaning set forth in the recitals hereto.

 

“Investors”
has the meaning set forth in the preamble hereto.

 

“I-Pulse”
has the meaning set forth in the recitals hereto.

 

“I-Pulse Notes”
has the meaning set forth in the recitals hereto.

 

“IVNE Series 1
Notes” has the meaning set forth in the recitals hereto.

 

“IVNE Series 2
Notes” has the meaning set forth in the recitals hereto.

 

“Joinder”
means a counterpart of this Agreement, in the form of Exhibit A hereto, whereby a Permitted Transferee of Company Securities
agrees to bind itself to the terms of this Agreement.

 

“Lock-up Period”
has the meaning set forth in Section 2.7.

 

“Original Agreement”
has the meaning set forth in the preamble hereto.

 

“Permitted
Transferee” means (i) with respect to an entity, such entity’s Affiliates, (ii) with respect to a partnership,
such partnership’s partners or redeeming partners in accordance with their respective partnership interests, (iii) with respect
to a limited liability company, such limited liability company’s members or redeeming members in accordance with their respective
membership interests, (iv) with respect to a corporation, such corporation’s stockholders in accordance with their respective
equity interests in the corporation, (v) with respect to a natural person, such person’s spouse, ancestors, descendants or
siblings (natural or adopted) and the ancestors, descendants or siblings (natural or adopted) of such person’s spouse (all of the
foregoing collectively referred to as “family members”) or a custodian or trustee of any trust, partnership or limited liability
company for the benefit of, or the ownership interests of which are owned wholly by, such person or any such family members, (vi) any
pledgee of a pledge of IVNE Series 1 Notes, IVNE Series 2 Notes, or Registrable Securities made pursuant to a bona fide
loan transaction that creates a mere security interest provided that the transferee in any foreclosure or any sale subsequent to foreclosure
(including any transferee as a result of credit bid as part of such sale) shall not constitute a “Permitted Transferee”,
or (vii) any recipient of a bona fide gift to a charitable or tax-exempt organization as approved by the Board.

 

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“Person”
means any individual, partnership, limited partnership, corporation, limited liability company, association, joint stock corporation,
trust, joint venture, unincorporated organization or governmental entity or department, agency or political subdivision thereof, or any
other entity.

 

“Qualifying IVNE
IPO” has the meaning ascribed to it in the IVNE Series 1 Notes and IVNE Series 2 Notes.

 

“Registrable Securities”
means all Conversion Shares owned by an Investor or its Permitted Transferees, including any shares of Common Stock issued as a split,
stock dividend or similar distribution or event with respect to, in exchange for, or in replacement of, any of the Conversion Shares.
Any Registrable Securities shall cease to be such when (i) a registration statement covering such Registrable Securities has been
declared effective by the Commission and such Registrable Securities have been disposed of pursuant to such effective registration statement,
(ii) such Registrable Securities are distributed to the public pursuant to Rule 144 (or any similar provision then in effect)
under the Securities Act, or (iii) such Registrable Securities may be resold to the public without restriction under the Securities
Act in accordance with Rule 144.

 

“Registration Filing
Period” means (a) the sixty (60)-day period commencing on the first day following the closing date of the Qualifying IVNE
IPO, or (b) if the Conversion Shares are subject to the restrictions on transfer during the Lock-up Period pursuant to Section 2.7(a),
the ten (10)-day period commencing on the first day following the expiration of the Lock-up Period, provided that such Lock-up
Period exceeds sixty (60) days.

 

“Required Holders”
has the meaning set forth in the preamble hereto.

 

“Securities
Act” means the U.S. Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Series 1 Investors”
has the meaning set forth in the preamble hereto.

 

“Series 2 Investors”
has the meaning set forth in the preamble hereto.

 

“Series 2 Subscription
Agreement” has the meaning set forth in the preamble hereto.

 

“Shelf Period”
has the meaning set forth in Section 2.1(b).

 

“Shelf Registration”
has the meaning set forth in Section 2.1(a).

 

“Shelf Registration
Statement” has the meaning set forth in Section 2.1(a).

 

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Article 2

REGISTRATION RIGHTS

 

2.1            Shelf
Registration.

 

(a)            If
a Qualifying IVNE IPO occurs prior to the Maturity Date (as defined in the IVNE Series 1 Notes and IVNE Series 2 Notes), then
the Company shall use its best efforts to prepare and file with the Commission, during the Registration Filing Period, a shelf registration
statement pursuant to Rule 415 under the Securities Act on the then applicable form or any successor form (a “Shelf Registration
Statement”) relating to the offer and sale of Registrable Securities held by the Investors from time to time hereunder in accordance
with the methods of distribution elected by the Investors, and the Company shall use its best efforts to cause such Shelf Registration
Statement to become effective under the Securities Act as soon as reasonably practicable thereafter. Any such registration pursuant to
this Section 2.1(a) shall hereinafter be referred to as a “Shelf Registration.”

 

(b)            Notwithstanding
anything in this Agreement to the contrary, in the event that (i) the Registration Filing Period is determined by reference to clause
(b) of the definition thereof and (ii) based on written advice of its counsel, the Company determines that, as of the last day
of the Lock-up Period, all Registrable Securities shall have ceased to be such pursuant to the second sentence of the definition of “Registrable
Securities”, the Company shall not be required to file the Shelf Registration Statement and this Agreement shall terminate and be
of no further force or effect.

 

2.2            Continued
Effectiveness. Subject to Section 2.3(c), the Company shall use its best efforts to keep the Shelf Registration Statement continuously
effective under the Securities Act in order to permit the prospectus forming part of the Shelf Registration Statement to be usable by
a seller until the earlier of: (i) the date as of which all Registrable Securities have been sold pursuant to the Shelf Registration
Statement or another registration statement filed under the Securities Act; and (ii) the first date as of which the Investors no
longer hold any Registrable Securities (such period of effectiveness, the “Shelf Period”). All registration rights
granted under this Article 2 will terminate upon the expiration of the Shelf Period.

 

2.3            Registration
Procedures. In connection with any Shelf Registration Statement filed with the Commission and kept effective by the Company pursuant
to Sections 2.1 and 2.2, the Company shall:

 

(a)            furnish
to each seller of Registrable Securities such number of copies of such Shelf Registration Statement, each amendment and supplement thereto,
the prospectus included in such Shelf Registration Statement (including each preliminary prospectus) and such other documents as such
seller may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such seller;

 

(b)            use
best efforts to register or qualify such Registrable Securities under such other securities or blue sky laws of such jurisdictions as
any seller of Registrable Securities reasonably requests and do any and all other acts and things which may be reasonably necessary or
advisable to enable such seller to consummate the disposition in such jurisdictions of the Registrable Securities owned by such seller
(provided that the Company shall not be required to (i) qualify generally to do business in any jurisdiction where it would not otherwise
be required to qualify but for this subparagraph, (ii) subject itself to taxation in any such jurisdictions, (iii) consent to
general service of process in each such jurisdiction or (iv) undertake such actions in any jurisdiction other than the states of
the United States of America and the District of Columbia);

 

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(c)            notify
each seller of Registrable Securities, at any time when a prospectus relating thereto is required to be delivered under the Securities
Act, of the happening of any event as a result of which the prospectus included in such registration statement contains an untrue statement
of a material fact or omits any fact necessary to make the statements therein not misleading, and, at the request of any such seller,
the Company shall supplement or amend such Shelf Registration Statement (if required by the registration form used by the Company for
such Shelf Registration Statement, by the instructions applicable to such registration form or by the Securities Act or the rules or
regulations promulgated thereunder) and prepare a supplement or amendment to such prospectus so that, as thereafter delivered to purchasers
of Registrable Securities, such prospectus shall not contain an untrue statement of a material fact or omit to state any fact necessary
to make the statements therein not misleading; provided, however, that each seller shall, immediately upon receipt of any
notice from the Company of the happening of any event of the kind described in this paragraph (c), forthwith discontinue disposition of
Registrable Securities pursuant to the Shelf Registration Statement until (i) the Commission has declared any post-effective amendment
to the Shelf Registration Statement effective, if necessary, and (ii) the seller has received copies of the supplement or amendment
of the prospectus prepared in accordance with this paragraph (c), and, if so directed by the Company, each seller shall deliver to the
Company all copies, other than permanent file copies then in the seller’s possession, of the prospectus covering Registrable Securities
current at the time of receipt of such notice;

 

(d)            use
its best efforts to cause the Registrable Securities to be listed on each securities exchange on which the Common Stock is then listed,
or, if not so listed, to be listed on an exchange or quoted on an electronic inter-dealer quotation system on which the securities of
issuers engaging in businesses similar to that of the Company, as determined by the Board, are listed or quoted;

 

(e)            provide
a transfer agent and registrar for the Registrable Securities not later than the effective date of the Shelf Registration Statement;

 

(f)            make
available for inspection by any seller of Registrable Securities and any attorney, accountant or other agent retained by any such seller,
all financial and other records, pertinent corporate documents and properties of the Company, and cause the Company’s officers,
directors, employees and independent accountants to supply all information reasonably requested by any such seller, attorney, accountant
or agent in connection with the Shelf Registration Statement;

 

(g)            permit
any holder of Registrable Securities which holder, in the Company’s judgment, might be deemed to be an underwriter or a controlling
Person of the Company, to participate in the preparation of the Shelf Registration Statement and to require the insertion therein of material,
furnished to the Company in writing, which in the reasonable judgment of such holder and its counsel should be included therein;

 

(h)            to
the extent the Company is eligible under the relevant provisions of Rule 430B under the Securities Act, include in the Shelf Registration
Statement such disclosures as may be required by Rule 430B under the Securities Act (referring to the unnamed selling security holders
in a generic manner) in order to ensure that any Investor may be added to the Shelf Registration Statement at a later time through the
filing of a Prospectus supplement rather than a post-effective amendment; and

 

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(i)             if
the Shelf Registration Statement has not been effective for the Shelf Period, in the event of the issuance of any stop order suspending
the effectiveness of the Shelf Registration Statement, or of any order suspending or preventing the use of any related prospectus or suspending
the qualification of any Common Stock included in such registration statement for sale in any jurisdiction, promptly use best efforts
to obtain the withdrawal of such order. If any holder is identified in the Shelf Registration Statement as a holder of any securities
of the Company and if in its sole and exclusive judgment such holder is or might be deemed to be a controlling Person of the Company,
such holder shall have the right to require (i) to the extent permitted by law, the insertion therein of language, in form and substance
satisfactory to such holder and presented to the Company in writing, to the effect that the holding by such holder of such securities
is not to be construed as a recommendation by such holder of the investment quality of the Company’s securities covered thereby
and that such holding does not imply that such holder shall assist in meeting any future financial requirements of the Company, and (ii) in
the event that such reference to such holder by name or otherwise is not required by the Securities Act or any similar federal statute
then in force, the deletion of the reference to such holder; provided, that such holder shall furnish to the Company an opinion
of counsel to such effect, which opinion and counsel shall be reasonably satisfactory to the Company.

 

2.4            Company
Information Requests. The Company may require any Investor or Permitted Transferee to furnish to the Company such information regarding
the distribution of Registrable Securities and such other information relating to such Investor or Permitted Transferee and its ownership
of Registrable Securities or other securities of the Company as the Company may from time to time reasonably request in writing, and the
Company may exclude from the Shelf Registration the Registrable Securities of each Investor or Permitted Transferee who unreasonably fails
to furnish such information within a reasonable time after receiving such request. Each Investor and Permitted Transferee shall furnish
such information to the Company and cooperate with the Company as reasonably necessary to enable the Company to comply with the provisions
of this Agreement.

 

2.5            Expenses.
All expenses incident to the Company’s performance of or compliance with this Article 2, including without limitation
all registration and filing fees, fees and expenses of compliance with securities or blue sky laws, printing expenses, messenger and delivery
expenses, and fees and disbursements of counsel for the Company and all independent certified public accountants and other Persons retained
by the Company, and the reasonable fees and expenses of one counsel to the Investors holding Registrable Securities (such counsel fees
not to exceed US$20,000) shall be borne by the Company. Any underwriting discounts and commissions relating to Registrable Securities
shall be borne by the sellers of the Registrable Securities sold pursuant to the Shelf Registration Statement.

 

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2.6            Indemnification.

 

(a)            The
Company shall indemnify, to the extent permitted by law, each holder of Registrable Securities, its officers and directors and each Person
who controls such holder (within the meaning of the Securities Act) against all losses, claims, damages, liabilities and expenses caused
by (i) any untrue or alleged untrue statement of material fact contained in the Shelf Registration Statement or any prospectus or
preliminary prospectus included therein, or in any amendment thereof or supplement thereto or any omission or alleged omission of a material
fact required to be stated therein or necessary to make the statements therein not misleading or (ii) any other violation by the
Company of the Securities Act or other laws relating to the Shelf Registration, except insofar as the same are caused by or contained
in any information furnished in writing to the Company by such holder expressly for use therein or by such holder’s failure to deliver
a copy of the Shelf Registration Statement or any prospectus or preliminary prospectus included therein or any amendments or supplements
thereto after the Company has furnished such holder with a sufficient number of copies of the same. The obligations of the Company under
this Section 2.6(a) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or expense
if such settlement is effected without the consent of the Company (which consent shall not be unreasonably withheld or delayed).

 

(b)            Each
holder of Registrable Securities shall severally indemnify the Company, its directors and officers and each Person who controls the Company
(within the meaning of the Securities Act) against any losses, claims, damages, liabilities and expenses resulting from any untrue or
alleged untrue statement of material fact contained in the Shelf Registration Statement or any prospectus or preliminary prospectus included
therein or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein
or necessary to make the statements therein not misleading, but only to the extent that such untrue statement or omission is contained
in any information furnished in writing to the Company by such holder expressly for use herein, provided that in no event shall the indemnity
provided for in this Section 2.6(b) exceed the gross proceeds from the offering received by the indemnifying holder.

 

(c)            Any
Person entitled to indemnification hereunder shall (i) give prompt written notice to the indemnifying party of any claim with respect
to which it seeks indemnification and (ii) unless in such indemnified party’s reasonable judgment a conflict of interest between
such indemnified and indemnifying parties may exist with respect to such claim, permit such indemnifying party to assume the defense of
such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying party shall not
be subject to any liability for any settlement made by the indemnified party without its consent (but such consent shall not be unreasonably
withheld). An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim shall not be obligated to pay
the fees and expenses of more than one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless
in the reasonable judgment of any indemnified party a conflict of interest may exist between such indemnified party and any other of such
indemnified parties with respect to such claim.

 

(d)            If
the indemnification provided for in this Section 2.6 is held by a court of competent jurisdiction to be unavailable to an
indemnified party with respect to any losses, claims, damages or liabilities referred to herein, the indemnifying party, in lieu of indemnifying
such indemnified party thereunder, shall, to the extent permitted by applicable law, contribute to the amount paid or payable by such
indemnified party as a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect the relative fault
of the indemnifying party on the one hand and of the indemnified party on the other in connection with the violation(s) that resulted
in such loss, claim, damage or liability, as well as any other relevant equitable considerations. The relative fault of the indemnifying
party and of the indemnified party shall be determined by a court of law by reference to, among other things, whether the untrue (or alleged
untrue) statement of a material fact or the omission (or alleged omission) to state a material fact relates to information supplied by
the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity
to correct or prevent such statement or omission; provided, that in no event shall any contribution by a holder of Registrable
Securities hereunder exceed the net proceeds from the offering received by such holder.

 

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2.7            Lock-Up.

 

(a)            Each
Investor holding Registrable Securities (other than any such Investor that is subject to a lock-up agreement contained in a stockholder
or other agreement between such Investor and the Company) shall not sell or otherwise transfer, make any short sale of, grant any option
for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale, of any Company Securities
held by such holder during the period (the “Lock-up Period”) commencing on the effective date of the registration statement
for a Qualifying IVNE IPO and ending on the date specified by the Company or the managing underwriter of such Qualifying IVNE IPO (it
being understood that the Lock-up Period shall not in any event exceed 180 days). Notwithstanding the immediately preceding sentence,
this Section 2.7(a) shall not apply to any share of Common Stock acquired by an Investor through its purchase of Bundles
(including any such share acquired upon any conversion of IVNE Series 1 Notes or exchange of I-Pulse Notes), provided that
the Acquisition Price of such share of Common Stock is equal to or greater than 80% of the gross price per share at which Common Stock
is sold in the Qualifying IVNE IPO. For the avoidance of doubt, this Section 2.7(a) applies to IVNE Series 2 Notes
and to any shares of Common Stock acquired upon any conversion of IVNE Series 2 Notes. The obligations described in this Section 2.7
shall not apply to a registration relating solely to a transaction on Form S-4 or similar forms that may be promulgated in the future.
The Company may impose stop-transfer instructions and may stamp each certificate or other document representing Company Securities with
the legend set forth in Section 2.7(b) or a substantially similar legend with respect to Company Securities subject to
the foregoing restriction until the end of the Lock-up Period. Each holder of Registrable Securities agrees to execute a market standoff
agreement with said underwriters in customary form consistent with the provisions of this Section 2.7.

 

(b)            The
Company may stamp each certificate or other document representing Company Securities with the following legend or a substantially similar
legend with respect to Company Securities subject to the restriction set forth in Section 2.7(a) until the end of the
Lock-up Period:

 

“THE
SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE CONDITIONS ON TRANSFER SPECIFIED IN THE AMENDED AND RESTATED REGISTRATION
RIGHTS AGREEMENT DATED ON OR ABOUT APRIL 5, 2022, BY AND AMONG THE COMPANY AND THE OTHER PARTIES THERETO, AS THE SAME MAY BE AMENDED,
RESTATED OR OTHERWISE MODIFIED FROM TIME TO TIME. UPON WRITTEN REQUEST, A COPY OF SUCH CONDITIONS WILL BE FURNISHED BY THE COMPANY TO
THE HOLDER HEREOF WITHOUT CHARGE.”

 

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(c)            The
Company and each Investor that is subject to a lock-up agreement contained in a stockholder or other agreement between such Investor and
the Company hereby acknowledge and agree that all Company Securities held by such Investor shall be subject to the lock up agreements
contained in such other agreement and not this Section 2.7.

 

(d)            For
the avoidance of doubt, the Company further acknowledges and agrees that, notwithstanding the fact that the I-Pulse Notes may be exchanged
into Exchange Shares at any time from and after the closing date of a Qualifying IVNE IPO and prior to the maturity date of the I-Pulse
Notes, any lock-up period specified pursuant to Section 2.7(a) shall commence upon the effective date of the registration statement
for a Qualifying IVNE IPO regardless of whether the I-Pulse Notes are exchanged at such time or thereafter.

 

2.8            Termination
and Effective Termination. This Agreement shall terminate either (a) in accordance with Section 2.1(b) or (b) upon
the date on which the Investors no longer hold any Registrable Securities, except in each case for the provisions of Section 2.6,
which shall survive any such termination of this Agreement. No termination under this Agreement shall relieve any Person of liability
for breach of Section 2.5 for expenses incurred prior to termination.

 

Article 3

MISCELLANEOUS PROVISIONS

 

3.1            Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall serve as an original of the party executing the same,
but all of which shall constitute but one and the same Agreement.

 

3.2            Binding
Agreement. This Agreement shall be binding upon the parties hereto, their heirs, administrators, executors, successors and assigns,
and the parties hereto do covenant and agree that they themselves and their heirs, executors, administrators, successors and assigns shall
execute any and all instruments, releases, assignments, and consents that may be required of them in accordance with the provisions of
this Agreement.

 

3.3            Headings.
All headings set forth in this Agreement are intended for convenience only and shall not control or affect the meaning, construction or
effect of this Agreement or of any of the provisions hereof.

 

3.4            Other
Interpretive Matters. For purposes of this Agreement, (a) when calculating the period of time before which, within which or following
which any act is to be done or step taken pursuant to this Agreement, the date that is the reference date in calculating such period is
excluded, and if the last day of such period is a non-Business Day, the period in question ends on the next succeeding Business Day, (b) unless
the context otherwise requires, all references in this Agreement to any “Article,” “Section,” “Schedule”
or “Exhibit” are to the corresponding Article, Section, Schedule or Exhibit of this Agreement, and (c) the word
 “including,” or any variation thereof, means “including, without limitation” and does not limit
any general statement that it follows to the specific or similar items or matters immediately following it.

 

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3.5            Singular
and Plural. As used herein, the singular shall include the plural, the plural shall include the singular and any use of the male or
female gender shall include the other gender, all wherever the same shall be applicable and when the context shall admit or require.

 

3.6            Enforceability.
The determination by a court of competent jurisdiction that any particular provision of this Agreement is unenforceable or invalid shall
not affect the enforceability of or invalidate the other provisions hereof, and this Agreement shall be construed in all respects as if
such invalid or unenforceable provisions had never been part hereof and were omitted from this Agreement. Upon such a determination, the
parties shall negotiate in good faith to modify this Agreement so as to affect the original intent of the parties as closely as possible
so that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible.

 

3.7            Waivers.
Any waiver, permission, consent or approval of any kind or nature by any party hereto, of any breach or default under this Agreement,
or any waiver of any provision of this Agreement by any party hereto, must be in writing and shall be effective only in the specific instance
and for the specific purpose given, and shall be effective only to the extent in such writing specifically set forth, and the same shall
not operate or be construed as a waiver of any subsequent breach, default, provision or condition of this Agreement by any party hereto,
including the party to whom originally given.

 

3.8            Amendments.
This Agreement may be amended, amended and restated, modified or waived in whole or in part only by a writing signed by holders of Registrable
Securities that, as of the effective date of such amendment, modification or waiver, own a majority of the Registrable Securities then
outstanding or issuable upon conversion of the IVNE Series 1 Notes and IVNE Series 2 Notes, and the Company. Each such amendment,
amendment and restatement, modification, extension or termination shall be binding upon each party hereto.

 

3.9            Notices.
Any notice required or permitted hereunder shall be given in writing, addressed to the notice recipient at the address shown on Schedule
B hereto. If the Company is the notice recipient, the notice shall be copied via email to the Company’s Corporate Secretary
at the email address noted on Schedule B. The notice shall be sent by first class mail, postage prepaid, return receipt requested,
by nationally recognized overnight parcel delivery service for next day delivery by facsimile or other electronic communication; or by
hand delivery with a receipt confirmation requested. Notice given in accordance with this paragraph shall be presumed to have been delivered
and received five (5) days after mailing if sent by first class mail, one day after mailing if sent for next day delivery by overnight
parcel delivery service, and on the day of delivery if by facsimile or other electronic communication or hand delivered.

 

3.10          Entire
Agreement. This Agreement constitutes the entire agreement of the parties hereto with respect to the subject matter hereof, and supersedes
all prior agreements (including the Original Agreement) and understandings of the parties hereto, oral or written, with respect to the
subject matter hereof.

 

    11

     

    

 

3.11          Assignment
of Rights.

 

The
rights of the Investors hereunder may be assigned (but only with all related obligations as set forth below) in connection with
a transfer of Company Securities to a Permitted Transferee of the Investor; provided, however, that (i) the transferor
shall, within ten (10) days after such transfer, furnish the Company with written notice of the name and address of such transferee
or assignee and the securities with respect to which such registration rights are being assigned; and (ii) such transferee acquired
such Registrable Securities in a transaction that complied with the applicable Bundles Subscription Agreement and/or Series 2 Subscription
Agreement and shall agree to be subject to all applicable restrictions set forth in this Agreement and the applicable Bundles Subscription
Agreement and/or Series 2 Subscription Agreement. Without prejudice to any other or similar conditions imposed hereunder with respect
to any such transfer, no assignment permitted under the terms of this Section 3.11 will be effective unless the transferee to which
the assignment is being made, if not an Investor, has delivered to the Company an executed copy of the Joinder. For the avoidance of doubt,
no assignment, transfer or other disposition of Company Securities may be made by any Investor (other than any Investor that is subject
to a lock-up agreement contained in a stockholder or other agreement between such Investor and the Company) unless the transferee agrees
in writing to be bound by the provisions of Section 2.7.

 

3.12          Regulation
S.

 

Notwithstanding anything in
this Agreement to the contrary, none of the Investor or its Permitted Transferees will offer, sell or otherwise dispose of any Conversion
Shares in the United States or to a U.S. Person (as defined in Rule 902(k) of Regulation S under the Securities Act) unless
such offer, sale or disposition is made in accordance with an exemption from the registration requirements under the Securities Act and
the securities laws of all applicable states of the United States or the Commission has declared effective a registration statement in
respect of such Conversion Shares.

 

3.13          Successors
and Assigns. Except as otherwise expressly provided in this Agreement, this Agreement shall benefit and bind the successors, permitted
assigns, heirs, executors and administrators of the parties to this Agreement.

 

3.14          Stock
Splits, Etc. All references to numbers of shares in this Agreement shall be appropriately adjusted to reflect any stock dividend,
split, combination, recapitalization of shares or membership interests or other similar transaction occurring after the date of this Agreement.

 

3.15          Remedies.
Each party, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific
performance of its rights under this Agreement. All parties hereto agree that monetary damages would not be adequate compensation for
any loss incurred by reason of a breach by it of the provisions of this Agreement and hereby agrees to waive the defense in any action
for specific performance that a remedy at law would be adequate.

 

3.16          Governing
Law. This Agreement shall be deemed to be a contract governed by the laws of the State of Delaware and shall for all purposes (whether
in contract or in tort) be construed in accordance with the laws of such state, without reference to the conflicts of laws provisions
thereof.

 

    12

     

    

 

3.17          Submission
to Jurisdiction. The parties hereto hereby irrevocably submit to the jurisdiction of the courts of the State of Delaware sitting in
New Castle County over any action or proceeding arising out of or relating to this Agreement, and each party hereto hereby irrevocably
agrees that all claims in respect of such action or proceeding may be heard and determined in such courts. The parties hereto hereby irrevocably
waive any objection which they may now or hereafter have to the laying of venue of such action or proceeding brought in such court or
any claim that such action or proceeding brought in such court has been brought in an inconvenient forum. Each of the parties hereto hereby
irrevocably consents to process being served by any party to this Agreement in any action or proceeding by delivery of a copy thereof
in accordance with the provisions of Section 3.9.

 

3.18          Waiver
of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO
TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

3.19          Representations
and Warranties. Each party hereto represents and warrants to each other party hereto that (a) it
is authorized to execute this Agreement, (b) it has full power and authority to enter into this Agreement and perform its obligations
hereunder, (c) this Agreement is duly executed and delivered by it and constitutes the valid and binding agreement of such party,
enforceable against such party in accordance with its terms, and (d) it has full knowledge of the terms of this Agreement and has
consented to this Agreement.

 

[THE REMAINDER OF THIS PAGE HAS BEEN INTENTIONALLY
LEFT BLANK.]

 

    13

     

    

 

IN
WITNESS WHEREOF, the parties have caused this Amended and Restated Registration Rights Agreement to be executed, by their duly
authorized officers or agents where applicable, as of the same day and year first above written.

 

	 	IVANHOE ELECTRIC INC.
	 	 
	 	 
	 	By:	/s/ Eric Finlayson
	 	Name:	Eric Finlayson
	 	Title:	President
	 	 
	 	 
	 	INVESTOR:
	 	
	 	 
	 	(Name of individual, corporation, trust, plan
	 	or other entity which is the Investor)
	 	(Please type or print)
	 	 
	 	 
	 	By:	
	 	(If individual signing is acting for a trustee
	 	or other representative signing on behalf of
	 	the Investor, please print the full
	 	name of the trustee or other representative
	 	above the individual’s signature)
	 	 
	 	Name:	
	 	 

	 	Title or Capacity:	

 

[Signature
page to Amended and Restated Registration Rights Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, the parties have caused this Amended and Restated Registration Rights Agreement to be executed, by their duly
authorized officers or agents where applicable, as of the same day and year first above written.

 

	 	 
	 	IVANHOE ELECTRIC INC.
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	 
	 	INVESTOR:
	 	 
	 	 
	 	WMC Corporate Services Inc.
	 	(Name of individual, corporation, trust, plan
	 	or other entity which is the Investor)
	 	(Please type or print)
	 	 
	 	 
	 	By: 	/s/ Neil Matthys
	 	(If individual signing is acting for a trustee
	 	or other representative signing on behalf of
	 	the Investor, please print the full
	 	name of the trustee or other representative
	 	above the individual’s signature)
	 	 
	 	Name:	Neil Matthys
	 	 

	 	Title or Capacity:	Vice-President

 

[Signature
page to Amended and Restated Registration Rights Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, the parties have caused this Amended and Restated Registration Rights Agreement to be executed, by their duly
authorized officers or agents where applicable, as of the same day and year first above written.

 

	 	 
	 	IVANHOE ELECTRIC INC.
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	 
	 	INVESTOR:
	 	 
	 	 
	 	BHP Manganese Pty Ltd.
	 	(Name of individual, corporation, trust, plan
	 	or other entity which is the Investor)
	 	(Please type or print)
	 	 
	 	By: 	/s/ Mark Frayman
	 	(If individual signing is acting for a trustee
	 	or other representative signing on behalf of
	 	the Investor, please print the full
	 	name of the trustee or other representative
	 	above the individual’s signature)
	 	 
	 	Name:	Mark Frayman
	 	 

	 	Title or Capacity:	Head of BHP Ventures

 

[Signature
page to Amended and Restated Registration Rights Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, the parties have caused this Amended and Restated Registration Rights Agreement to be executed, by their duly
authorized officers or agents where applicable, as of the same day and year first above written.

 

	 	IVANHOE ELECTRIC INC.
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	INVESTOR:
	 	 
	 	BLACKROCK WORLD MINING TRUST PLC
	 	 
	 	By: BlackRock Investment Management (UK) Limited, its Investment Adviser
	 	 
	 	By:	 /s/ Evy Hambro
	 	Name:	Evy Hambro
	 	Title:	Managing Director
	 	 
	 	By: 	/s/ Olivia Markham
	 	Name:	Olivia Markham
	 	Title:	Managing Director
	 	 
	 	BLACKROCK GLOBAL FUNDS – WORLD MINING FUND
	 	 
	 	By: BlackRock Investment Management (UK) Limited, its Investment Adviser
	 	 
	 	By:	 /s/ Evy Hambro
	 	Name:	Evy Hambro
	 	Title:	Managing Director
	 	 
	 	By: 	/s/ Olivia Markham
	 	Name:	Olivia Markham
	 	Title:	Managing Director

 

[Signature
page to Amended and Restated Registration Rights Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, the parties have caused this Amended and Restated Registration Rights Agreement to be executed, by their duly
authorized officers or agents where applicable, as of the same day and year first above written.

 

	 	IVANHOE ELECTRIC INC.
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	INVESTOR:
	 	 
	 	ORION MINE FINANCE FUND III LP
	 	 
	 	By: Orion Mine Finance GP III, LP, its general partner
	 	 
	 	By: Orion Mine Finance GP III LLC, its general partner
	 	 
	 	By: 	/s/ Limor Nissan
	 	Name:	Limor Nissan
	 	Title:	COO & General Counsel

 

[Signature
page to Amended and Restated Registration Rights Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, the parties have caused this Amended and Restated Registration Rights Agreement to be executed, by their duly
authorized officers or agents where applicable, as of the same day and year first above written.

 

	 	IVANHOE ELECTRIC INC.
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	INVESTOR:
	 	 
	 	SailingStone Capital Partners LLC, as investment
    manager on behalf of Victory Global Energy Transition Fund, a series of Victory Portfolios
	 	(Name of individual, corporation, trust,
    plan or other entity which is the Investor)
	 	(Please type or print)
	 	 
	 	By:	 /s/ Pravin Kanneganti
	 	 
	 	(If individual signing is acting for a trustee or other representative signing on behalf of the Investor, please print the full name of the trustee or other representative above the individual’s signature)
	 	 
	 	Name: 	Pravin Kanneganti
	 	 
	 	Title or Capacity: Authorized Signor _______________

 

[Signature
page to Amended and Restated Registration Rights Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, the parties have caused this Amended and Restated Registration Rights Agreement to be executed, by their duly
authorized officers or agents where applicable, as of the same day and year first above written.

 

	 	IVANHOE ELECTRIC INC.
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	INVESTOR:
	 	 
	 	SailingStone Global Natural Resources Fund
    LP
	 	(Name of individual, corporation, trust, plan or other entity which is the Investor)
	 	(Please type or print)
	 	 
	 	By: 	/s/ Pravin Kanneganti
	 	(If individual signing is acting for a trustee or other representative signing on behalf of the Investor, please print the full name of the trustee or other representative above the individual’s signature)
	 	 
	 	Name:	 Pravin Kanneganti
	 	 
	 	Title or Capacity: Authorized Signor _______________

 

[Signature
page to Amended and Restated Registration Rights Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, the parties have caused this Amended and Restated Registration Rights Agreement to be executed, by their duly
authorized officers or agents where applicable, as of the same day and year first above written.

 

	 	IVANHOE ELECTRIC INC.
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	INVESTOR:
	 	 
	 	The Trustees of the University of Pennsylvania
	 	(Name of individual, corporation, trust, plan or other entity which is the Investor)
	 	(Please type or print)
	 	 
	 	By: 	/s/ Pravin Kanneganti
	 	(If individual signing is acting for a trustee or other representative signing on behalf of the Investor, please print the full name of the trustee or other representative above the individual’s signature)
	 	 
	 	Name:	Pravin Kanneganti
	 	 
	 	Title or Capacity: Authorized Signor ________________

 

[Signature
page to Amended and Restated Registration Rights Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, the parties have caused this Amended and Restated Registration Rights Agreement to be executed, by their duly
authorized officers or agents where applicable, as of the same day and year first above written.

 

 

	 	IVANHOE ELECTRIC INC.
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	INVESTOR:
	 	 
	 	The University of Pennsylvania Master Retirement Trust
	 	(Name of individual, corporation, trust, plan or other entity which is the Investor)
	 	(Please type or print)
	 	 
	 	By: 	/s/ Pravin Kanneganti
	 	(If individual signing is acting for a trustee or other representative signing on behalf of the Investor, please print the full name of the trustee or other representative above the individual’s signature)
	 	 
	 	Name:	Pravin Kanneganti
	 	 
	 	Title or Capacity: Authorized Signor

 

[Signature
page to Amended and Restated Registration Rights Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, the parties have caused this Amended and Restated Registration Rights Agreement to be executed, by their duly
authorized officers or agents where applicable, as of the same day and year first above written.

 

	 	IVANHOE ELECTRIC INC.
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	INVESTOR:
	 	 
	 	The Trustees of the University of Pennsylvania Retiree Medical and Death Benefits Trust
	 	(Name of individual, corporation, trust, plan or other entity which is the Investor)
	 	(Please type or print)
	 	 
	 	By: 	/s/ Pravin Kanneganti
	 	(If individual signing is acting for a trustee or other representative signing on behalf of the Investor, please print the full name of the trustee or other representative above the individual’s signature)
	 	 
	 	Name:	Pravin Kanneganti
	 	 
	 	Title or Capacity: Authorized Signor

 

[Signature
page to Amended and Restated Registration Rights Agreement]

 

     

     

    

 

SCHEDULE A

 

LIST OF INVESTORS

 

[Kept with the books and records of the Company]

 

    

    

    

 

SCHEDULE B

 

LIST OF NOTICE RECIPIENTS

 

IVANHOE ELECTRIC INC.

 

Address: c/o 654-999 Canada Place, Vancouver BC V6C 3E1, Canada

Attn: Sam Kenny, Secretary

Fax: (604) 682-2060

Email: sam@ivancorp.net

 

[Notice information for Investors is kept with the books and records
of the Company.]

 

    

    

    

 

EXHIBIT A

 

FORM OF JOINDER AGREEMENT

 

This
JOINDER AGREEMENT (this “Agreement”), dated as
of      20___, is entered into by and between IVANHOE
ELECTRIC INC., a Delaware corporation (the “Company”), and _____________ (“Joining
Party”).

 

RECITALS

 

WHEREAS,
the Company and certain other parties are parties to an Amended and Restated Registration Rights Agreement dated as of _______ __, 2022
(the “A&R Registration Rights Agreement”);

 

WHEREAS,
in accordance with the terms of the A&R Registration Rights Agreement, upon the transfer or sale of any Company Securities, the transferee
must join the Registration Statement as a party thereto;

 

WHEREAS,
_____________ has transferred Company Securities to Joining Party pursuant to _____________; and

 

WHEREAS,
Joining Party agrees to be bound by the A&R Registration Rights Agreement.

 

NOW,
THEREFORE, for good and valuable consideration, receipt and adequacy of which are hereby acknowledged, the parties hereto, intending
to be legally bound hereby, agree as follows:

 

1.          All
defined terms used but not otherwise defined herein have the meanings ascribed to such terms in the A&R Registration Rights Agreement.

 

2.          Joining
Party acknowledges receipt of a copy of the A&R Registration Rights Agreement and, after review and examination thereof, agrees to
be bound as an Investor by all the terms and provisions thereof.

 

3.          The
Company hereby (a) accepts Joining Party’s agreement to be bound as an Investor by the A&R Registration Rights Agreement
and (b) agrees that the A&R Registration Rights Agreement is hereby amended to include Joining Party as a party thereto.

 

    

    

    

 

IN
WITNESS WHEREOF, the parties hereto have duly executed this Joinder Agreement as of the day and year first above written.

 

	 	IVANHOE ELECTRIC INC.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	[JOINING PARTY]
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:Exhibit 4.7

 

THIS UNSECURED CONVERTIBLE PROMISSORY SERIES 2
NOTE (THIS “SERIES 2 NOTE”) AND THE SECURITIES INTO WHICH THIS SERIES 2 NOTE IS CONVERTIBLE ARE SUBJECT TO THE TERMS AND CONDITIONS
OF A SUBSCRIPTION AGREEMENT BETWEEN IVANHOE ELECTRIC INC. (THE “COMPANY”) AND THE SUBSCRIBER THERETO, PROVIDING FOR, AMONG
OTHER MATTERS, RESTRICTIONS ON TRANSFER OF THIS SERIES 2 NOTE AND SUCH SECURITIES. A COPY OF SUCH AGREEMENT IS ON FILE AT THE PRINCIPAL
BUSINESS OFFICE OF THE COMPANY.

 

THIS SERIES 2 NOTE AND THE SECURITIES INTO WHICH
THIS SERIES 2 NOTE IS CONVERTIBLE HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S.
SECURITIES ACT”), OR ANY STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING THIS SERIES 2 NOTE, AGREES FOR THE BENEFIT OF THE
COMPANY THAT THIS SERIES 2 NOTE AND SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO THE COMPANY,
(B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 903 OR 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT, (C) WITHIN THE
UNITED STATES IN ACCORDANCE WITH RULE 144 UNDER THE U.S. SECURITIES ACT, IF AVAILABLE, AND IN COMPLIANCE WITH APPLICABLE STATE SECURITIES
LAWS OF THE UNITED STATES, OR (D) WITHIN THE UNITED STATES IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES
ACT OR ANY APPLICABLE STATE SECURITIES LAWS, PROVIDED THAT IN THE CASE OF TRANSFERS PURSUANT TO CLAUSE (C) OR (D) ABOVE, A LEGAL
OPINION SATISFACTORY TO THE COMPANY MUST FIRST BE PROVIDED.

 

IVANHOE ELECTRIC INC.

 

UNSECURED CONVERTIBLE PROMISSORY SERIES 2 NOTE

 

	Principal Amount:  $[          ]	April __, 2022         

 

Ivanhoe
Electric Inc., a Delaware corporation (the “Company”), for value received, hereby promises to pay to
________ or its registered assigns (the “Holder”), the principal amount of [                     ] U.S. Dollars ($[       ]) (the “Principal
Amount”) on the Maturity Date (as hereinafter defined), together with any accrued and unpaid interest due thereon. Payment of
all principal and interest due shall be in such coin or currency of the United States of America as shall be legal tender for the payment
of public and private debts at the time of payment.

 

This Series 2 Note is
one of a new series of unsecured senior convertible Series 2 Notes (the “Series 2 Notes”) being issued by
the Company in a private offering (the “Offering”). The terms of the purchase and sale of the Series 2 Notes are
set forth in those certain Subscription Agreements (each, as amended, supplemented or otherwise modified from time to time, a “Subscription
Agreement”) entered into on, prior to or after the date hereof by and among the Company and each purchaser of Series 2
Notes in the Offering (collectively, the “Investors”). Capitalized terms used but not otherwise defined herein shall
have the respective meanings assigned to them in the Subscription Agreement entered into with the initial Holder of this Series 2
Note.

 

     

     

    

 

1.            Definitions.
Whenever used in this Series 2 Note, the following terms shall have the respective
meanings ascribed to them as follows:

 

“Applicable
Laws” means, with respect to any Person, all provisions of laws, statutes, ordinances, rules, regulations, certificates
or orders of any Governmental Authority applicable to such Person or any of its assets or property or to which such Person or any of its
assets or property is subject.

 

“Change
of Control” means any transaction or series of related transactions (including, without limitation, any merger, consolidation,
recapitalization or reorganization of the Company) that, immediately after giving effect thereto, results in any “person”
or “group” (within the meaning of Sections 13(d)(3) and 14(d)(2) of the Exchange Act) owning more than 50% of the
total shares of Common Stock outstanding on a fully-diluted basis (or, if the Company is not the surviving entity, more than 50% of the
total voting power represented by the voting securities of such surviving entity outstanding immediately after such transaction
or series of transactions); provided, however, that a Change of Control shall not in any event be deemed to occur (a) by
reason of a Qualifying IPO, (b) by reason of the exercise of conversion rights with respect to any or all of the Series 1 Notes
and/or any exchange of I-Pulse Notes for shares of Common Stock pursuant to the terms of the I-Pulse Notes, or (c) if, immediately
after giving effect to the applicable transaction or series of related transactions, at least 60% of the total shares of Common Stock
outstanding on a fully-diluted basis (or, if the Company is not the surviving entity, more than 60% of the total voting power represented
by the voting securities of such surviving entity outstanding immediately after such transaction or series of transactions) are held by
Persons that were holders of shares of Common Stock (or of securities convertible into, or exercisable or exchangeable for, shares of
Common Stock) immediately before giving effect to such transaction or series of transactions.

 

“Common
Stock” means the common stock, par value $0.0001 per share, of the Company.

 

“Conversion
Shares” means the Common Stock of the Company issuable to the Holder pursuant to Section 3 hereof
as of any Conversion Date.

 

“Conversion
Date” means, any date as of which the Series 2 Note Obligation Amount (or any portion thereof) is converted
into shares of Common Stock pursuant to Section 3 hereof.

 

“Event
of Default” has the meaning set forth in Section 8.1.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, of the United States of America, and the rules and regulations
promulgated thereunder;

 

    2 

     

    

 

“Governmental Authority”
means any domestic or foreign government or political subdivision thereof, whether on a federal, state or local level and whether executive,
legislative or judicial in nature, including without limitation any agency, authority, board, bureau, commission, court, department or
other instrumentality thereof.

 

“Indebtedness”
shall mean, with respect to any Person, (a) all obligations of such Person for borrowed money, (b) all obligations of such Person
evidenced by bonds, notes, debentures or other similar instruments, (c) all non-contingent obligations of such Person to reimburse
any bank or other Person in respect of amounts paid under a letter of credit, banker’s acceptance or similar instrument, and (d) all
guarantees provided by such Person in respect of Indebtedness of others Persons described in clauses (a) through (c) above.
For the avoidance of doubt, amounts payable to trade creditors in the ordinary course of the Company’s business shall not be deemed
to constitute “Indebtedness”.

 

“IPO Conversion Price”
has the meaning set forth in Section 3.1(a)(i).

 

“I-Pulse Notes”
means those certain notes issued by I-Pulse Inc. during the period from August 2021 through November 2021 in connection with
a private offering of certain bundled securities (including but not limited to the Series 1 Notes), which notes are exchangeable
for shares of Common Stock under certain circumstances, as set forth in such notes (as the same may be amended, supplemented or otherwise
modified from time to time)..

 

“Issue
Date” means April __, 2022.

 

“Maturity
Conversion Price” means, as of any date of determination, $3.13 per share of Common Stock (as such price may have been
adjusted on or prior to such date pursuant to Section 4.1 or 4.2, if applicable).

 

“Maturity
Date” means July 31, 2023.

 

“Person” means
an individual, corporation, partnership, limited liability company, association, trust, joint venture, unincorporated organization or
any government, governmental department or agency or political subdivision thereof.

 

“Qualifying IPO”
means:

 

(a) the
closing after the Issue Date of a sale of newly-issued shares of Common Stock in a public offering to one or more Persons, as a result
of which (i) either (x) the Common Stock is listed for trading on an internationally recognized stock exchange, including but
not limited to the Toronto Stock Exchange, the TSX Venture Exchange, the NEO Exchange, the New York Stock Exchange, NASDAQ, the London
Stock Exchange, the Alternative Investment Market of the London Stock Exchange or the Australian Securities Exchange (a “Recognized
Stock Exchange”), or (y) the Company becomes (A) subject to the periodic and current reporting requirements under
Section 13 or 15(d) of the Exchange Act, (B) a “reporting issuer” under the securities legislation of any province
of Canada, or (C) subject to public company reporting requirements under the rules of any of the Recognized Stock Exchanges
on which the Common Stock is listed for trading, and (ii) the gross proceeds received by the Company from such sale are not less
than $25,000,000; or

 

    3 

     

    

 

(b) any transaction occurring
after the Issue Date by which a special purpose acquisition company or shell company which is listed on a Recognized Stock Exchange acquires
(whether by merger, consolidation, stock purchase or otherwise) all of the outstanding shares of Common Stock.

 

“Required Holders”
means, as of any date of determination, the holder or holders of a majority of the aggregate Principal Amount of the Series 2 Notes
outstanding as of such time.

 

“Securities
Act” means the Securities Act of 1933, as amended, of the United States of America, and the rules and regulations
promulgated thereunder.

 

“Series 1 Notes”
means the Company’s unsecured senior convertible notes issued between August 2021 and November 2021 in connection with
a private offering of certain bundled securities (including but not limited to the I-Pulse Notes), as the same may be amended, supplemented
or otherwise modified from time to time).

 

“Series 2
Note” means this Unsecured Convertible Promissory Series 2 Note, as amended, supplemented or otherwise modified
from time to time.

 

“Series 2
Note Obligation Amount” means, as of any date of determination, the sum of (a) outstanding Principal Amount of this
Series 2 Note as of such date plus (b) the accrued but unpaid interest in respect of this Series 2 Note as of such date.

 

		2.	Interest; Payments; Prepayment; Redemption.

 

2.1            The
outstanding Principal Amount of this Series 2 Note shall bear interest at a fixed rate of three percent (3%) per annum, beginning
on the Issue Date and continuing until all such outstanding Principal Amount is paid in full and/or converted into Conversion Shares.
Interest shall be computed based on a 360-day year of twelve 30-day months and shall be payable, together with the outstanding Principal
Amount, on the Maturity Date.

 

2.2            To
the extent the Series 2 Note Obligation Amount is not converted into Conversion Shares on or prior to the Maturity Date, the entire
Principal Amount of this Series 2 Note then outstanding (together with any accrued and unpaid interest thereon) shall be due and
payable on the Maturity Date. All payments of principal and interest due hereunder shall be in such coin or currency of the United States
of America as shall be legal tender for the payment of public and private debts at the time of payment.

 

2.3            Except
as otherwise expressly provided herein, this Series 2 Note may not be prepaid or redeemed by the Company in whole or in part prior
to the Maturity Date

 

2.4            The
obligations set forth in this Series 2 Note constitute senior unsecured obligations of the Company and rank at least pari passu
to all existing and, without limiting Section 7.3, future senior Indebtedness of the Company, including the other Series 2
Notes and the Series 1 Notes.

 

    4 

     

    

 

		3.	Conversion of Series 2 Note.

 

		3.1	Conversion Events.

 

(a)            Qualifying
IPO.

 

(i)            If
a Qualifying IPO occurs prior to the Maturity Date, then effective as of the closing date of such Qualifying IPO, the Series 2 Note
Obligation Amount shall automatically convert in full into a number of Conversion Shares equal to: (x) the outstanding Series 2
Note Obligations Amount on such closing date, divided by (y) a price per share (the “IPO Conversion Price”)
equal to (A) 90% of the gross price per share at which Common Stock is sold in the Qualifying IPO, if the Qualifying IPO occurs on
or before September 30, 2022; (B) 85% of the gross price per share at which Common Stock is sold in the Qualifying IPO, if the
Qualifying IPO occurs on or after October 1, 2022 but on or before December 31, 2022; or (C) 80% of the gross price per
share at which Common Stock is sold in the Qualifying IPO, if the Qualifying IPO occurs on or after January 1, 2023. If, in the case
of a Qualifying IPO described in clause (b) of the definition thereof, such gross price per share is not readily identifiable, then
such gross price per share shall be deemed to equal the average of the last reported per share sale
price of the successor entity’s common stock on the public securities market on which it is primarily traded for the twenty (20) consecutive
trading days immediately prior to the closing date of such Qualifying IPO; provided, however, that if no sales of such common
stock occurred on any such trading day, the mean between the closing “bid” and “asked” per share prices for such
common stock on such trading day shall be used in lieu of the last reported per share sale price for such trading day.

 

(ii)            No
later than five (5) business days following the closing date of a Qualifying IPO, the Company shall provide the Holder with written
notice of the conversion of the Series 2 Note Obligation Amount into Conversion Shares in accordance with Section 3.1(a)(i),
specifying the Series 2 Note Obligation Amount so converted, the IPO Conversion Price, the number of Conversion Shares into which
such Series 2 Note Obligation Amount has been converted and the effective date of such conversion, and requesting the Holder to surrender
this Series 2 Note to the Company in the manner and at the place designated in such notice. The Holder agrees to deliver the original
of this Series 2 Note to the Company for cancellation not later than ten (10) days after its receipt of such notice; provided,
however, that from and after the closing date of such Qualifying IPO, the Series 2 Note Obligation Amount shall be
deemed to have been fully converted into Conversion Shares and this Series 2 Note shall be deemed to have been paid in full, whether
or not it is delivered for cancellation as set forth in this sentence. From and after the closing date of such Qualifying IPO, the Holder
shall be treated for all purposes as the record holder of the Conversion Shares into which the Series 2 Note Obligation Amount has
been converted in accordance with this Section 3.1(a). The Holder shall be entered into the register of holders of Common Stock effective
as of the closing date of the Qualifying IPO and the Company shall promptly provide (or cause to be provided) to the Holder evidence of
same.

 

    5 

     

    

 

(iii)            Notwithstanding
anything in this Series 2 Note to the contrary, if there shall occur a Qualifying IPO described in clause (b) of the definition
thereof in which the Common Stock is converted into or exchanged for securities, cash or other property then, upon conversion of the Series 2
Note Obligation Amount pursuant to Section 3.1(a)(i), the Holder shall be entitled to receive (in lieu of the Conversion Shares)
the kind and amount of securities, cash or other property which the holder would have been entitled to receive if (a) such Series 2
Note Obligation Amount (or portion thereof) had been converted into the number of Conversion Shares that the Holder would otherwise have
been entitled to receive pursuant to Section 3.1(a)(i) and (b) immediately after giving effect to such conversion,
the number of Conversion Shares determined pursuant to clause (a) above had been sold, exchanged or otherwise disposed of by such
Holder in accordance with the terms of such Qualifying IPO (such securities, cash and other property, the “Alternative Conversion
Consideration”). In the event any such event occurs, the Company shall make such equitable adjustments in the application of
the provisions of this Section 3.1(a) as it determines are appropriate with respect to the rights and interests thereafter
of the Holder, to the end that the provisions set forth in this Section 3.1(a) shall thereafter be applicable, as nearly
as reasonably may be, in relation to the Alternative Conversion Consideration deliverable upon conversion of the Series 2 Note Obligation
Amount.

 

(b)            Change
of Control.

 

(i)            In
the event that a Change of Control is expected to occur prior to the closing date of a Qualifying IPO, the Company shall deliver written
notice to the Holder (the “Change of Control Notice”) not less than thirty (30) days prior to the anticipated effective
date of such Change of Control where practicable (or, if it is not practicable to deliver the Change of Control Notice prior to the effective
date of a Change of Control and the Change of Control does not occur by reason of a merger, consolidation, recapitalization or reorganization
of the Company), not more than five (5) days following the effective date of such Change of Control). The Change of Control Notice
shall include (A) the material terms and conditions of the proposed transaction, including the material terms of all transaction
documents to be entered into by other holders of the Common Stock in connection with the applicable Change of Control, (B) the anticipated
date on which the Change of Control will occur, and (C) the Maturity Conversion Price. Following delivery of a Change of Control
Notice, the Holder will be required to make the applicable election (a “Change of Control Election”) as set forth in
Section 3.1(b)(ii) with respect to this Series 2 Note by delivering written notice thereof to the Company not later
than fifteen (15) days after delivery of the applicable Change of Control Notice (such fifteenth (15th) day, the “Change
of Control Election Deadline Date”). Following delivery of a Change of Control Notice, the Company shall promptly provide the
Holder with such additional information regarding the terms of the Change of Control as the Holder may reasonably request, subject to
any restrictions on the Company pursuant to any applicable confidentiality agreement. Any Change of Control Election made by the Holder
in connection with a Change of Control shall be irrevocable once delivered to the Company, except that if the Change of Control in respect
of which such Change of Control Election is given does not occur, then such Change of Control Election will be considered null and void
and of no further force or effect from and after the date as of which (x) such Change of Control is abandoned or (y) it becomes
readily apparent that such Change of Control will no longer occur.

 

    6 

     

    

 

(ii)            Following
the delivery of a Change of Control Notice, the Holder may elect, by written notice delivered to the Company on or prior to the Change
of Control Election Deadline Date (a “Change of Control Election Notice”), that upon the effective date of such Change
of Control and immediately before giving effect thereto (or within 10 days after the delivery of such Change of Control Election Notice,
if the Change of Control Notice has been delivered after such effective date in accordance with Section 3.1(b)(i)), that either:
(x) the Company shall prepay the entire Series 2 Note Obligation Amount in full in cash (upon which prepayment this Series 2
Note shall cease to be outstanding); or (y) the Series 2 Note Obligation Amount shall be converted fully into shares of Common
Stock, with the number of Conversion Shares to be received by the Holder in connection with such conversion to equal the quotient obtained
by dividing (A) the Series 2 Note Obligation Amount as of the date of the closing of such Change of Control by (B) the
Maturity Conversion Price. If the Holder does not deliver a Change of Control Election Notice on or prior to the applicable Change of
Control Election Deadline Date, then the Holder will be deemed to have made the election specified under clause (x) of this Section 3.1(b)(ii).

 

(iii)            Upon
any conversion of this Series 2 Note pursuant to Section 3.1(b)(ii) into shares of Common Stock, the Holder agrees to execute
and deliver, and shall be bound upon such conversion by the obligations in, all transaction documents entered into by other holders of
the Common Stock in connection with the applicable Change of Control. In connection with any conversion of this Series 2 Note pursuant
to Section 3.1(b)(ii) into shares of Common Stock, the Holder agrees to deliver the original of this Series 2 Note to the
Company for cancellation not later than ten (10) days after the effective date of such conversion (as determined in accordance with
the foregoing provisions of this Section 3.1(b)); provided, however, that from and after such effective
date, (x) the Series 2 Note Obligation Amount shall be deemed to have been fully converted into Conversion Shares and this Series 2
Note shall be deemed to have been paid in full, whether or not it is delivered for cancellation as set forth in this sentence, and (y) the
Holder shall be treated for all purposes as the record holder of the Conversion Shares into which the Series 2 Note Obligation Amount
has been converted in accordance with this Section 3.1(b). The Holder shall be entered into the register of holders of Common Stock
effective as of such effective date and the Company shall promptly provide (or cause to be provided) to the Holder evidence of same.

 

(c)            Maturity
Date.

 

(i)            If,
prior to the Maturity Date, the Series 2 Note Obligation Amount has not been fully converted into Conversion Shares pursuant to Section 3.1(a)(i) or
3.1(b)(ii) or fully repaid in cash pursuant to Section 3.1(b)(ii), then in lieu of paying all or portion of the Series 2
Note Obligation Amount in cash as otherwise required by Section 2.2 on the Maturity Date, the Company (in its sole discretion) may
convert this Series 2 Note, in whole or in part, into shares of Common Stock on the Maturity Date, with the number of Conversion
Shares to be received by Holder in connection with such conversion to be equal to the quotient obtained by dividing (x) the Series 2
Note Obligation Amount as of the Maturity Date (or the portion thereof to be so converted, as the case may be) by (y) the
Maturity Conversion Price. The Company shall provide written notice to the Holder of its election pursuant to the immediately preceding
sentence no later than the Maturity Date.

 

    7 

     

    

 

(ii)            In
connection with the conversion and/or repayment in full of the Series 2 Note Obligation Amount on the Maturity Date pursuant to Sections
3.1(c)(i) and 2.2, the Holder agrees to deliver the original of this Series 2 Note to the Company for cancellation as promptly
as practicable after the Maturity Date; provided, however, that from and after such conversion and/or repayment
in full, this Series 2 Note shall be deemed to have been paid in full, whether or not it is delivered for cancellation as set forth
in this sentence. Any conversion of this Series 2 Note pursuant to Section 3.1(c)(i) shall be deemed to have occurred as
of the Maturity Date, and from and after the Maturity Date, the Holder shall be treated for all purposes as the record holder of any Conversion
Shares into which the Series 2 Note Obligation Amount (or a portion thereof) has been converted in accordance with this Section 3.1(c).
In connection with any such conversion, the Holder shall be entered into the register of holders of Common Stock effective as of the Maturity
Date and the Company shall promptly provide (or cause to be provided) to the Holder evidence of same.

 

3.2            Fractional
Interests; Effect of Conversion. In lieu of the Company issuing any fractional securities to the Holder upon any conversion of this
Series 2 Note, the Company shall have the option of paying to the Holder an amount equal to the product obtained by multiplying the
applicable conversion price by the fraction of the security not issued, but provided such amount is at least equal to ten dollars ($10)
and if not, then such amount less than ten dollars ($10) shall not be paid or payable and such fractional security shall be cancelled.
Upon conversion of this Series 2 Note in full and the payment of the amount (if any) specified in this paragraph, this Series 2
Note shall be deemed to have been paid in full and the Company shall be deemed to have satisfied all its obligations under or in respect
of this Series 2 Note, whether or not the original of this Series 2 Note has been delivered to the Company for cancellation.

 

3.3            No
Other Conversion. Except as expressly provided in Section 3.1, neither the Series 2 Note Obligation Amount nor any portion
thereof may be converted into shares of Common Stock.

 

3.4            Delivery
of Securities Upon Conversion.

 

(a)            As
soon as reasonably practicable after any Conversion Date, the Company shall deliver to the Holder a certificate or certificates evidencing
the Conversion Shares issuable to the Holder. The Holder understands and acknowledges that all certificates representing Conversion Shares,
as well as all certificates in exchange for or in substitution of the foregoing securities, until such time as the same is no longer required
under applicable requirements of U.S. Securities Laws or any other applicable securities laws, shall bear the legends set forth in the
Subscription Agreement.

 

    8 

     

    

 

(b)            The
issuance of certificates evidencing Conversion Shares in connection with any conversion of this Series 2 Note shall be made without
charge to the Holder for any transfer, stamp or similar tax in respect thereof or other out-of-pocket expense incurred by the Company
in connection with such conversion and the issuance of such Conversion Shares; provided, however, that the
Company shall not be required to pay any tax that may be payable in respect of any issuance of Conversion Shares to any Person other than
the Holder or any withholding, income or similar tax due by or with respect to the Holder in connection with such Conversion Shares or
as a result of such conversion. The Company shall not be required to make any such issuance or delivery of such certificates unless and
until the Holder or other Person otherwise entitled to such issuance or delivery has paid the amount of any tax payable by it pursuant
to the proviso in the immediately preceding sentence or has established, to the satisfaction of the Company, that no such tax payable.
Upon any conversion of this Series 2 Note, the Company shall take all such actions as are necessary in order to ensure that the Conversion
Shares issued upon such conversion shall be validly issued, fully paid and non-assessable.

 

3.5            Portfolio
Interest. Notwithstanding anything in this Series 2 Note to the contrary, in the event that, the holder is not a United States
person (as defined by Section 7701(a)(30) of the U.S. Internal Revenue Code of 1986, as amended (the “Code”))
and on the date of any conversion of this Series 2 Note into Conversion Shares pursuant to Section 3.1, the interest payable
under this Series 2 Note does not qualify as “portfolio interest” (“Portfolio Interest”) as defined
in Section 871(h) of the Code, or the exemption from withholding for Portfolio Interest set forth in Section 871(h) of
the Code is no longer in effect, then so much of the accrued interest as is equal to the amount that the Company is required to withhold
under Section 1441(a) of the Code shall not be converted into Conversion Shares pursuant to Section 3.1, and the Company
shall withhold such amount in compliance with Section 1441(a) of the Code.

 

		4.	Conversion Price Adjustments.

 

4.1            If,
at any time when any Series 2 Note Obligation Amount remains outstanding hereunder:

 

(a)            the
Company effects a subdivision of the outstanding Common Stock, or shall declare a dividend payable on the Common Stock in additional shares
of Common Stock, then the Maturity Conversion Price, as in effect immediately before such subdivision or dividend, shall be decreased
in inverse proportion to the increase in the aggregate number of outstanding shares of Common Stock resulting from such subdivision or
dividend; and

 

(b)            the
Company combines the outstanding shares of Common Stock, then the Maturity Conversion Price, as in effect immediately before such combination,
shall be increased in inverse proportion to the decrease in the aggregate number of outstanding shares of Common Stock resulting from
such combination.

 

4.2            If,
at any time prior to the full conversion of the Series 2 Note Obligation Amount into Conversion Shares hereunder, the Company effects
a dividend or other distribution of cash or other assets to the holders of the Common Stock (other than a dividend payable in additional
shares of Common Stock), then the Maturity Conversion Price, as in effect immediately before such distribution, shall be decreased by
an amount equal to the per share value of the cash or assets so distributed. In the event that such per share value is not readily identifiable,
it shall be determined by the Company acting in good faith.

 

    9 

     

    

 

		5.	Certain Representations.

 

5.1            All
corporate and stockholder action on the part of the Company’s directors and stockholders necessary for the authorization, execution
and delivery of, and the performance of all obligations of the Company under, this Series 2 Note has been taken. This Series 2
Note has been duly executed and delivered by the Company, and constitutes a valid and legally binding obligation of the Company, enforceable
against the Company in accordance with its terms, except as may be limited by (A) applicable bankruptcy, insolvency, reorganization
or others laws of general application relating to or affecting the enforcement of creditors’ rights generally and (B) the effect
of laws governing the availability of equitable remedies.

 

5.2            The
completion of the transactions contemplated by this Series 2 Note does not conflict with, and does not result in a breach of any
of the terms, conditions, or provisions of, the constitutive documents of the Company or any material agreement or instrument to which
the Company or any subsidiary of the Company is a party.

 

6.            Status.
This Series 2 Note does not confer upon the Holder any right to vote or to consent or to
receive notice as a stockholder of the Company in respect of any matters whatsoever, or any other rights or liabilities as a stockholder,
prior to conversion hereof into Conversion Shares.

 

7.            Covenants. 
In addition to the other covenants and agreements of the Company set forth in this Series 2 Note, the Company covenants and agrees
that so long as this Series 2 Note shall be outstanding:

 

7.1            Notice
of Default.  If the Company becomes aware that any one or more events occur which constitute or which, with the giving of notice
or the lapse of time or both, would constitute an Event of Default, or if the holder of any other Series 2 Note notifies the Company
is writing that it believes such an event has occurred, the Company shall give prompt written notice thereof to the Holder, specifying
the nature and status of the actual, potential or alleged Event of Default.

 

7.2            No
Impairment. Except as set forth in Section 9, the Company will not, by amendment of its certificate of incorporation or through
reorganization, consolidation, merger, dissolution, sale of assets or any other voluntary action, avoid or seek to avoid the observance
or performance of any of the terms of this Series 2 Note.

 

7.3            Other
Indebtedness. The Company shall not incur any new Indebtedness which is intended to rank pari passu or senior in right of payment
to the Series 2 Notes; provided, however, that this Section 7.3 does not apply to any Indebtedness incurred
which is used to repay the Series 2 Notes and accrued interest thereon in full before any other permitted use (other than a concurrent
repayment in full of the Series 1 Notes).

 

    10 

     

    

 

8.            Events
of Default; Remedies.

 

8.1            Events
of Default.  “Event of Default” wherever used herein means any one of the following events:

 

(a)            the
Company shall fail to issue and deliver the Conversion Shares required to be issued when required to do so in accordance with Section 3;

 

(b)            default
in the due and punctual payment of the principal of, or any other interest or other amount owing in respect of, this Series 2 Note
when and as the same shall become due and payable (whether on the Maturity Date or by acceleration or otherwise), subject to a ten (10)-day
cure period;

 

(c)            default
in the performance or observance of any covenant or agreement of the Company contained in this Series 2 Note (other than a covenant
or agreement a default in the performance of which is specifically provided for elsewhere in this Section 8.1), and the
continuance of such default for a period of thirty (30) days after receipt by the Company of written notice of such default from the Holder;

 

(d)            the
entry of a decree or order by a court having jurisdiction adjudging the Company as bankrupt or insolvent; or approving as properly filed
a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Company under the U.S. Federal Bankruptcy
Code or any other applicable federal or state law, or appointing a receiver, liquidator, assignee, trustee or sequestrator (or other similar
official) of the Company or of any substantial part of its property, or ordering the winding-up or liquidation of its affairs, and the
continuance of any such decree or order unstayed and in effect for a period of sixty (60) days;

 

(e)            the
institution by the Company of proceedings to be adjudicated as bankrupt or insolvent, or the consent by it to the institution of bankruptcy
or insolvency proceedings against it, or the filing by it of a petition or answer or consent seeking reorganization or relief under the
U.S. Federal Bankruptcy Code or any other applicable federal or state law, or the consent by it to the filing of any such petition or
to the appointment of a receiver, liquidator, assignee, trustee or sequestrator (or other similar official) of the Company or of any substantial
part of its property, or the making by it of an assignment for the benefit of creditors;

 

(f)            the
Company seeks the appointment of a receiver, liquidator, assignee, trustee or sequestrator (or other similar official) of the Company
or of any substantial part of its property, or proposes in writing or makes a general assignment or an arrangement or composition with
or for the benefit of its creditors or any group or class thereof or files a petition for suspension of payments or other relief of debtors
or a moratorium or similar relief is agreed or declared in respect of or affecting all or any material part of the Indebtedness or any
other debt obligations of the Company of any kind; or

 

(g)            the
occurrence of an “Event of Default” as defined in any other Series 2 Note.

 

    11 

     

    

 

8.2            Effects
of Default.

 

(a)            If
an Event of Default under Section 8.1(a), (b) or (c) occurs and is continuing, then and in every such case the Holder may
declare this Series 2 Note to be due and payable immediately, by a notice in writing to the Company, and upon any such declaration,
the Company shall pay to the Holder the outstanding Principal Amount of this Series 2 Note plus all accrued and unpaid interest in
cash through the date the Series 2 Note is paid in full; provided, however, that in the event the aggregate original
principal amount of this Series 2 Note and the other Series 2 Notes (if any) owned by the Holder and its Affiliates is less
than $1,000,000, such declaration shall be without effect unless and until similar declarations have been made by the Required Holders
in respect of such Event of Default. Any declaration made by the Holder pursuant to this Section 8.2(b) in connection with any
Event of Default under Section 8.1(a), (b) or (c) may be rescinded and annulled by the Holder at any time prior to payment
hereunder and the Holder shall have all rights as a holder of the Series 2 Note until such time, if any, as the Holder receives full
payment pursuant to this Section 8.2; provided, however, that in the event the aggregate original principal amount
of this Series 2 Note and the other Series 2 Notes (if any) owned by the Holder and its Affiliates is less than $1,000,000,
such declaration shall automatically be rescinded and annulled if the Required Holders have rescinded and annulled the corresponding declaration
made by them in respect of the applicable Event of Default. No rescission or annulment pursuant to the immediately preceding sentence
shall affect any subsequent Event of Default.

 

(b)            Notwithstanding
the foregoing, in the event that an Event of Default under Section 8.1(d), (e) or (f) occurs, the outstanding Principal
Amount of this Series 2 Note plus accrued and unpaid interest, and other amounts owing in respect thereof through the date of acceleration,
shall become immediately due and payable in cash. In connection with the automatic acceleration described in the immediately preceding
sentence, the Holder need not provide, and the Company hereby waives, any presentment, demand, protest or other notice of any kind, and
the Holder may immediately and without expiration of any grace period enforce any and all of its rights and remedies hereunder and all
other remedies available to it under applicable law.

 

8.3            Remedies,
Other Obligations, Breaches and Injunctive Relief. The remedies provided in this Series 2 Note shall be cumulative and in addition
to all other remedies available under this Series 2 Note at law or in equity (including a decree of specific performance and/or other
injunctive relief), and nothing herein shall limit the Holder’s right to pursue damages for any failure by the Company to comply
with the terms of this Series 2 Note. The Company acknowledges that a breach by it of its obligations under Section 3 of this
Series 2 Note may cause irreparable harm to the Holder and that the remedy at law for any such breach may be inadequate. The Company
therefore agrees that, in the event of any such breach or threatened breach, the Holder shall be entitled, in addition to all other available
remedies, to an injunction restraining any such breach or any such threatened breach, without the necessity of showing economic loss and
without any bond or other security being required

 

8.4            Remedies
Not Waived; Exercise of Remedies.  No course of dealing between the Company and the Holder or any delay in exercising any rights
hereunder shall operate as a waiver by the Holder. No failure or delay by the Holder in exercising any right, power or privilege under
this Series 2 Note shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further
exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and
not exclusive of any rights or remedies provided by Applicable Law.

 

    12 

     

    

 

9.            Amendments.
The terms of this Series 2 Note may be modified, amended or waived in writing by (and no
such modification, amendment or waiver shall be effective unless approved in writing by) the Company and the Required Holders; provided,
however, that no modification, amendment or waiver of this Section 9 or the material economic terms of this Series 2
Note, including (a) Section 6.2, (b) any change in the amount or time of any prepayment or repayment of principal of, or
reduction in the rate or change in the time of payment or method of computation of the interest on, this Series 2 Note, or (c) any
change in the method or process for calculating the number of Conversion Shares to be issued upon any conversion of this Series 2
Note pursuant to Section 3.1, in each case will be effective unless it is consented to in writing by the Holder.

 

		10.	Miscellaneous.

 

10.1            Severability. 
If any provision of this Series 2 Note shall be held to be invalid or unenforceable, in whole or in part, neither the validity nor
the enforceability of the remainder hereof shall in any way be affected.

 

10.2            Notice. 
Where this Series 2 Note provides for notice of any event, such notice shall be given (unless otherwise herein expressly provided)
in writing and either (a) delivered personally, (b) sent by certified, registered or express mail, postage prepaid or (c) sent
by facsimile or other electronic transmission, and shall be deemed given when so delivered personally, sent by facsimile or other electronic
transmission (confirmed in writing) or mailed. Notices shall be addressed, if to Holder, to its address as provided in the Subscription
Agreement (or such other address as it may specify by written notice to the Company) or, if to the Company, to its principal office.

 

10.3            Governing
Law.  This Series 2 Note shall be governed by, and construed in accordance with, the laws of the State of Delaware (without
giving effect to any conflicts or choice of law provisions that would cause the application of the domestic substantive laws of any other
jurisdiction).

 

10.4            Forum. 
The Holder and the Company hereby agree that any dispute which may arise out of or in connection with this Series 2 Note shall be
adjudicated before a federal or state court of competent jurisdiction in the State of Delaware and they hereby submit to the exclusive
jurisdiction of such courts, as well as to the jurisdiction of all courts to which an appeal may be taken from such courts, with respect
to any action or legal proceeding commenced by either of them and hereby irrevocably waive any objection they now or hereafter may have
respecting the venue of any such action or proceeding brought in such a court or respecting the fact that such court is an inconvenient
forum.

 

10.5            Headings;
Section References.  The headings of the sections of this Series 2 Note are inserted for convenience only and do not
constitute a part of this Series 2 Note. Unless the context otherwise requires, all references in this Series 2 Note to any
 “Section” are to the corresponding Section of this Series 2 Note.

 

    13 

     

    

 

10.6            No
Recourse against Others.  The obligations of the Company under this Series 2 Note are solely obligations of the Company
and no officer, employee, director or stockholder shall be liable for any failure by the Company to pay amounts in respect of this Series 2
Note when due or to perform any other obligation.

 

10.7            Binding
Effect.  This Series 2 Note shall be binding upon and inure to the benefit of both parties hereto and their respective permitted
successors and assigns.

 

[Signature Page Follows]

 

    14 

     

    

 

In
Witness Whereof, the Company has caused this Series 2 Note to be signed by its duly authorized officer on the date first
set forth above written.

 

	 	Ivanhoe Electric Inc.
	 	 
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

Signature Page to Unsecured
Convertible Promissory Series 2 Note

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