Document:

EXHIBIT 10.2

Geron Corporation
2014 Employee Stock Purchase Plan

Adopted by the Board of Directors: March 10, 2014
Approved by the Stockholders: May 20, 2014
Amended by the Board of Directors: February 16, 2022
Approved by the Stockholders: May 10, 2022

1. General; Purpose.

(a) This Plan provides a means by which Eligible Employees of the Company and certain designated Related Corporations may be given an opportunity to purchase shares of Common Stock. This Plan permits the Company to grant a series of Purchase Rights to Eligible Employees under an Employee Stock Purchase Plan. Defined terms used in this Plan are set forth in Section 16.

(b) The Company, by means of this Plan, seeks to retain the services of such Employees, to secure and retain the services of new Employees and to provide incentives for such persons to exert maximum efforts for the success of the Company and its Related Corporations.

2. Administration.

(a) The Board will administer this Plan unless and until the Board delegates administration of this Plan to a Committee or Committees, as provided in Section 2(c).

(b) The Board will have the power, subject to, and within the limitations of, the express provisions of this Plan:

(i) To determine how and when Purchase Rights will be granted and the provisions of each Offering (which need not be identical).

(ii) To designate from time to time which Related Corporations of the Company will be eligible to participate in this Plan.

(iii) To construe and interpret this Plan and Purchase Rights, and to establish, amend and revoke rules and regulations for the administration of this Plan and Purchase Rights. The Board, in the exercise of this power, may correct any defect, omission or inconsistency in this Plan, in a manner and to the extent it deems necessary or expedient to make this Plan fully effective.

(iv) To settle all controversies regarding this Plan and Purchase Rights granted hereunder.

(v) To suspend or terminate this Plan at any time as provided in Section 13.

(vi) To amend this Plan at any time as provided in Section 13.

(vii) Generally, to exercise such powers and to perform such acts as it deems necessary or expedient to promote the best interests of the Company and its Related Corporations and to carry out the intent that this Plan be treated as an Employee Stock Purchase Plan.

(viii) To adopt such procedures and sub-plans as are necessary or appropriate to permit participation in this Plan by Employees who are foreign nationals or employed outside the United States.

(c) The Board may delegate some or all of the administration of this Plan to a Committee or Committees. If administration is delegated to a Committee, the Committee will have, in connection with the administration of this Plan, the powers theretofore possessed by the Board that have been delegated to the Committee, including the power to delegate to a subcommittee any of the administrative powers the Committee is authorized to exercise (and references in this Plan to the Board will thereafter be to the Committee or subcommittee), subject, however, to such resolutions, not inconsistent with the provisions of this Plan, as may be adopted from time to time by the Board. The Board may retain the authority to concurrently administer this Plan with the Committee and may, at any time, revest in the Board some or all of the powers previously delegated. Whether or not the Board has delegated administration of this Plan to a Committee, the Board will have the final power to determine all questions of policy and expediency that may arise in the administration of this Plan.

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(d) All determinations, interpretations and constructions made by the Board in good faith will not be subject to review by any person and will be final, binding and conclusive on all persons.

3. Shares of Common Stock Subject to this Plan.

(a) Subject to the provisions of Section 12(a) relating to Capitalization Adjustments, the maximum number of shares of Common Stock that may be issued under this Plan will not exceed 2,000,000 shares of Common Stock.

(b) If any Purchase Right granted under this Plan terminates without having been exercised in full, the shares of Common Stock not purchased under such Purchase Right will again become available for issuance under this Plan.

(c) The stock purchasable under this Plan will be shares of authorized but unissued or reacquired Common Stock, including shares repurchased by the Company on the open market.

4. Grant of Purchase Rights; Offering.

(a) The Board may from time to time grant or provide for the grant of Purchase Rights to Eligible Employees under an Offering (consisting of one or more Purchase Periods) on an Offering Date or Offering Dates selected by the Board. Each Offering will be in such form and will contain such terms and conditions as the Board will deem appropriate and will comply with the requirement of Section 423(b)(5) of the Code that all Employees granted Purchase Rights will have the same rights and privileges. The terms and conditions of an Offering will be incorporated by reference into this Plan and treated as part of this Plan. The provisions of separate Offerings need not be identical, but each Offering will include (through incorporation of the provisions of this Plan by reference in the document comprising the Offering or otherwise) the period during which the Offering will be effective, which period will not exceed 27 months beginning with the Offering Date, and the substance of the provisions contained in Sections 5 through 8, inclusive.

(b) The Board will have the discretion to structure an Offering so that if the Fair Market Value of a share of Common Stock on any Purchase Date within that Offering is less than or equal to the Fair Market Value of a share of Common Stock on the Offering Date for that Offering, then (i) that Offering will terminate immediately following the purchase of shares of Common Stock on such Purchase Date, and (ii) the Participants in such terminated Offering will be automatically enrolled in a new Offering beginning on the first Trading Day following such Purchase Date.

5. Eligibility.

(a) Purchase Rights may be granted only to Employees of the Company or, as the Board may designate in accordance with Section 2(b), to Employees of a Related Corporation. Except as provided in Section 5(b), an Employee will not be eligible to be granted Purchase Rights unless, on the Offering Date, the Employee has been in the employ of the Company or the Related Corporation, as the case may be, for such continuous period preceding such Offering Date as the Board may require, but in no event will the required period of continuous employment be equal to or greater than two years. In addition, the Board may provide that no Employee will be eligible to be granted Purchase Rights under this Plan unless, on the Offering Date, such Employee’s customary employment with the Company or the Related Corporation is more than 20 hours per week and more than five months per calendar year or such other criteria as the Board may determine consistent with Section 423 of the Code.

(b) The Board may provide that each person who, during the course of an Offering, first becomes an Eligible Employee will, on a date or dates specified in the Offering which coincides with the day on which such person becomes an Eligible Employee or which occurs thereafter, receive a Purchase Right under that Offering, which Purchase Right will thereafter be deemed to be a part of that Offering. Such Purchase Right will have the same characteristics as any Purchase Rights originally granted under that Offering, as described herein, except that:

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(i) the date on which such Purchase Right is granted will be the “Offering Date” of such Purchase Right for all purposes, including determination of the exercise price of such Purchase Right;

(ii) the period of the Offering with respect to such Purchase Right will begin on its Offering Date and end coincident with the end of such Offering; and

(iii) the Board may provide that if such person first becomes an Eligible Employee within a specified period of time before the end of the Offering, he or she will not receive any Purchase Right under that Offering.

(c) No Employee will be eligible for the grant of any Purchase Rights if, immediately after any such Purchase Rights are granted, such Employee owns stock possessing five percent (5%) or more of the total combined voting power or value of all classes of stock of the Company or of any Related Corporation. For purposes of this Section 5(c), the rules of Section 424(d) of the Code will apply in determining the stock ownership of any Employee, and stock which such Employee may purchase under all outstanding Purchase Rights and options will be treated as stock owned by such Employee.

(d) As specified by Section 423(b)(8) of the Code, an Eligible Employee may be granted Purchase Rights only if such Purchase Rights, together with any other rights granted under all Employee Stock Purchase Plans of the Company and any Related Corporations, do not permit such Eligible Employee’s rights to purchase stock of the Company or any Related Corporation to accrue at a rate which exceeds $25,000 of Fair Market Value of such stock (determined at the time such rights are granted, and which, with respect to this Plan, will be determined as of their respective Offering Dates) for each calendar year in which such rights are outstanding at any time. In all cases, this $25,000 limit will be determined in accordance with regulations applicable under Section 423(b)(8) of the Code. In particular, this limit will be determined based on (i) the number of shares previously purchased with respect to such calendar years pursuant to such Offering or any other Offering under this Plan, and pursuant to any other Company or Related Corporation plans intended to qualify as an employee stock purchase plan under Section 423 of the Code, and (ii) the number of shares subject to other Purchase Rights outstanding on the Offering Date for such Offering pursuant to this Plan and any other such Company or Related Corporation plan intended to qualify as an Employee Stock Purchase Plan.

(e) Officers of the Company and any designated Related Corporation, if they are otherwise Eligible Employees, will be eligible to participate in Offerings under this Plan. Notwithstanding the foregoing, the Board may provide in an Offering that Employees who are highly compensated Employees within the meaning of Section 423(b)(4)(D) of the Code will not be eligible to participate.

6. Purchase Rights; Purchase Price.

(a) On each Offering Date, each Eligible Employee, pursuant to an Offering made under this Plan, will be granted a Purchase Right to purchase up to that number of shares of Common Stock purchasable either with a percentage or with a maximum dollar amount, as designated by the Board, but in either case not exceeding 10% of such Employee’s earnings (as defined by the Board in each Offering) during the period that begins on the Offering Date (or such later date as the Board determines for a particular Offering) and ends on the date stated in the Offering, which date will be no later than the end of the Offering.

Notwithstanding the foregoing, to the extent necessary to comply with Section 423(b)(8) of the Code, the Board may specify that a Participant’s Contribution rate will be decreased to 0% of the Participant’s earnings at such time during any Offering which is scheduled to end during the current calendar year that the aggregate of all Contributions accumulated with respect to such Offering and any other Offering ending within the same calendar year equals $21,250.

(b) The Board will establish one or more Purchase Dates during an Offering on which Purchase Rights granted for that Offering will be exercised and shares of Common Stock will be purchased in accordance with such Offering.

(c) In connection with each Offering made under this Plan, the Board may specify (i) a maximum number of shares of Common Stock that may be purchased by any Participant on any Purchase Date during such Offering, (ii) a maximum aggregate number of shares of Common Stock that may be purchased by all Participants pursuant to such Offering and/or (iii) a maximum aggregate number of shares of Common Stock that may be purchased by all Participants on any Purchase Date during such Offering. If the aggregate purchase of shares of Common Stock issuable upon exercise of Purchase Rights granted under such Offering would exceed any such maximum aggregate number, then, in the absence of any Board action otherwise, a pro rata (based on each Participant’s accumulated Contributions) allocation of the shares of Common Stock available will be made in as nearly a uniform manner as will be practicable and equitable.

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(d) The purchase price of shares of Common Stock acquired pursuant to Purchase Rights will be not less than the lesser of:

(i) an amount equal to 85% of the Fair Market Value of the shares of Common Stock on the Offering Date; or

(ii) an amount equal to 85% of the Fair Market Value of the shares of Common Stock on the applicable Purchase Date.

7. Participation; Withdrawal; Termination.

(a) An Eligible Employee may elect to authorize payroll deductions as the means of making Contributions by completing and delivering to the Company, within the time specified in the Offering, an enrollment form provided by the Company. The enrollment form will specify the amount of Contributions not to exceed the maximum amount specified by the Board. Each Participant’s Contributions will be credited to a bookkeeping account for such Participant under this Plan and will be deposited with the general funds of the Company except where applicable law requires that Contributions be deposited with a third party. If permitted in the Offering, a Participant may begin such Contributions with the first payroll occurring on or after the Offering Date (or, in the case of a payroll date that occurs after the end of the prior Offering but before the Offering Date of the next new Offering, Contributions from such payroll will be included in the new Offering). If permitted in the Offering, a Participant may thereafter decrease (including to zero) or increase his or her Contributions. If specifically provided in the Offering, in addition to making Contributions by payroll deductions, a Participant may make Contributions through payment by cash or check prior to a Purchase Date.

(b) During an Offering, a Participant may cease making Contributions and withdraw from the Offering by delivering to the Company a withdrawal form provided by the Company. The Company may impose a deadline before a Purchase Date for withdrawing. Upon such withdrawal, such Participant’s Purchase Right in that Offering will immediately terminate and the Company will distribute to such Participant all of his or her accumulated but unused Contributions without interest. A Participant’s withdrawal from that Offering will have no effect upon his or her eligibility to participate in any other Offerings under this Plan, but such Participant will be required to deliver a new enrollment form to participate in subsequent Offerings.

(c) Purchase Rights granted pursuant to any Offering under this Plan will terminate immediately if the Participant either (i) is no longer an Employee for any reason or for no reason (subject to any post-employment participation period required by law) or (ii) is otherwise no longer eligible to participate in such Offering. For purposes of the foregoing, a Participant will be treated as an Employee while the Participant is on military leave, sick leave or other bona fide leave of absence agreed to in writing by the Company or a Related Corporation, if applicable, if the period of such leave does not exceed three months, or if longer, so long as the Participant’s right to reemployment with the Company or a Related Corporation, if applicable, upon the expiration of such leave is provided either by statute or by contract. The Company will distribute to such individual all of his or her accumulated but unused Contributions without interest.

(d) During a Participant’s lifetime, Purchase Rights will be exercisable only by such Participant. Purchase Rights are not transferable by a Participant, except by will, by the laws of descent and distribution, or, if permitted by the Company, by a beneficiary designation as described in Section 11.

(e) Unless otherwise specified in the Offering, the Company will have no obligation to pay interest on Contributions.

8. Exercise of Purchase Rights.

(a) On each Purchase Date, each Participant’s accumulated Contributions will be applied to the purchase of shares of Common Stock, up to the maximum number of shares of Common Stock permitted by this Plan and the applicable Offering, at the purchase price specified in the Offering. No fractional shares will be issued unless specifically provided for in the Offering.

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(b) In any Offering, if any amount of accumulated Contributions remains in a Participant’s account after the purchase of shares of Common Stock on the final Purchase Date within such Offering, and such remaining amount is less than the amount required to purchase one share of Common Stock on the final Purchase Date of such Offering, then such remaining amount will be held in such Participant’s account for the purchase of shares of Common Stock under the next Offering under this Plan, unless such Participant withdraws from or is not eligible to participate in such Offering, in which case such amount will be distributed to such Participant after the final Purchase Date without interest. If the amount of Contributions remaining in a Participant’s account after the purchase of shares of Common Stock is at least equal to the amount required to purchase one whole share of Common Stock on the final Purchase Date of an Offering, then such remaining amount will not roll over to the next Offering and will instead be distributed in full to such Participant after the final Purchase Date of such Offering without interest.

(c) No Purchase Rights may be exercised to any extent unless the shares of Common Stock to be issued upon such exercise under this Plan are covered by an effective registration statement pursuant to the Securities Act and this Plan is in material compliance with all applicable federal, state, foreign and other securities and other laws applicable to this Plan. If, on a Purchase Date, the shares of Common Stock are not so registered or this Plan is not in such compliance, no Purchase Rights will be exercised on such Purchase Date, and the Purchase Date will be delayed until the shares of Common Stock are subject to such an effective registration statement and this Plan is in material compliance, except that the Purchase Date will in no event be more than 6 months from the Offering Date. If, on the Purchase Date, as delayed to the maximum extent permissible, the shares of Common Stock are not registered and this Plan is not in material compliance with all applicable laws, no Purchase Rights will be exercised and all accumulated but unused Contributions will be distributed to the Participants without interest.

9. Other Restrictions.

(a) The Board may provide that any shares of Common Stock issued to a Participant under this Plan will be precluded from trading in an open market transaction for one year following the Purchase Date of such shares, and in such case, certificates evidencing such shares will bear a restrictive legend reflecting such restriction.

(b) The terms and conditions of Purchase Rights granted under this Plan to, and the purchase of Shares of Common Stock by, persons subject to Section 16 of the Exchange Act will comply with the applicable provisions of Rule 16b-3. This Plan will be deemed to contain, and such Purchase Rights will contain, and the shares of Common Stock issued upon exercise thereof will be subject to, such additional conditions and restrictions as may be required by Rule 16b-3 to qualify for the maximum exemption from Section 16 of the Exchange Act with respect to Plan transactions.

10. Covenants of the Company.

The Company will seek to obtain from each federal, state, foreign or other regulatory commission or agency having jurisdiction over this Plan such authority as may be required to grant Purchase Rights and issue and sell shares of Common Stock thereunder. If, after commercially reasonable efforts, the Company is unable to obtain the authority that counsel for the Company deems necessary for the grant of Purchase Rights or the lawful issuance and sale of Common Stock under this Plan, and at a commercially reasonable cost, the Company will be relieved from any liability for failure to grant Purchase Rights and/or to issue and sell Common Stock upon exercise of such Purchase Rights.

11. Designation of Beneficiary.

(a) The Company may, but is not obligated to, permit a Participant to submit a form designating a beneficiary who will receive any shares of Common Stock and/or Contributions from the Participant’s account under this Plan if the Participant dies before such shares and/or Contributions are delivered to the Participant. If a Participant is married and the designated beneficiary is not the Participant’s spouse, the Company may require spousal consent for such designation to be effective. The Company may, but is not obligated to, permit the Participant (subject to spousal consent, if applicable and required by the Company) to change such designation of beneficiary. Any such designation and/or change must be on a form approved by the Company.

(b) If a Participant dies, and in the absence of a valid beneficiary designation, the Company will deliver any shares of Common Stock and/or Contributions to the executor or administrator of the estate of the Participant. If no executor or administrator has been appointed (to the knowledge of the Company), the Company, in its sole discretion, may deliver such shares of Common Stock and/or Contributions to the Participant’s spouse, dependents or relatives, or if no spouse, dependent or relative is known to the Company, then to such other person as the Company may designate.

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12. Adjustments upon Changes in Common Stock; Corporate Transactions.

(a) In the event of a Capitalization Adjustment, the Board will appropriately and proportionately adjust: (i) the class(es) and maximum number of securities subject to this Plan pursuant to Section 3(a); (ii) the class(es) and number of securities subject to, and the purchase price applicable to outstanding Offerings and Purchase Rights; and (iii) the class(es) and number of securities that are the subject of the purchase limits under each ongoing Offering. The Board will make these adjustments, and its determination will be final, binding and conclusive.

(b) In the event of a dissolution or liquidation of the Company, all Offerings under this Plan will terminate immediately prior to the consummation of such dissolution or liquidation, unless otherwise provided by the Board.

(c) In the event of a Corporate Transaction, each outstanding Purchase Right under this Plan will be assumed or an equivalent right will be substituted for such Purchase Right by the successor corporation (or a parent or subsidiary of such successor corporation), unless the Board determines, in the exercise of its sole discretion and in lieu of such assumption or substitution, to shorten any Offerings then in progress by setting a new Purchase Date prior to the Corporate Transaction (the “New Purchase Date”). If the Board sets a new Purchase Date pursuant to the preceding sentence, then (i) the Board will notify each Participant in writing, at least 10 days prior to the New Purchase Date, that the Purchase Date for such Participant’s outstanding Purchase Rights has been changed to the New Purchase Date, (ii) such Participant’s accumulated Contributions will be used to purchase shares of Common Stock automatically on the New Purchase Date under such Purchase Rights, unless the Participant withdraws from the applicable Offering prior to the New Purchase Date in accordance with Section 7(b), and (iii) such Purchase Rights will terminate immediately after such purchase.

For purposes of this Section 12(c), a Purchase Right granted under this Plan will be deemed to be assumed if, following the Corporate Transaction, the Purchase Right confers the right to purchase, for each share of Common Stock subject to the Purchase Right immediately prior to the Corporate Transaction, the same consideration (whether stock, cash or other securities or property) received in the Corporate Transaction by holders of Common Stock for each share of Common Stock held on the effective date of the Corporate Transaction (and if such holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding shares of Common Stock); provided, however, that if such consideration received in the Corporate Transaction was not solely common stock of the successor corporation or its parent (as defined in Section 424(e) of the Code), the Board may, with the consent of the successor corporation and the Participant, provide for the consideration to be received upon exercise of the Purchase Right to be solely common stock of the successor corporation or its parent equal in fair market value to the per share consideration received by holders of Common Stock in the Corporate Transaction.

13. Amendment, Termination or Suspension of this Plan.

(a) The Board may amend this Plan at any time in any respect the Board deems necessary or advisable. However, except as provided in Section 12(a) relating to Capitalization Adjustments, stockholder approval will be required for any amendment of this Plan for which stockholder approval is required by applicable law or listing requirements, including any amendment that either (i) materially increases the number of shares of Common Stock available for issuance under this Plan, (ii) materially expands the class of individuals eligible to become Participants and receive Purchase Rights, (iii) materially increases the benefits accruing to Participants under this Plan or materially reduces the price at which shares of Common Stock may be purchased under this Plan, (iv) materially extends the term of this Plan, or (v) expands the types of awards available for issuance under this Plan, but in each of (i) through (v) above, only to the extent stockholder approval is required by applicable law or listing requirements.

(b) The Board may suspend or terminate this Plan at any time. No Purchase Rights may be granted under this Plan while this Plan is suspended or after it is terminated.

(c) Any benefits, privileges, entitlements and obligations under any outstanding Purchase Rights granted before an amendment, suspension or termination of this Plan will not be materially impaired by any such amendment, suspension or termination except (i) with the consent of the person to whom such Purchase Rights were granted, (ii) as necessary to comply with any laws, listing requirements, or governmental regulations (including, without limitation, the provisions of Section 423 of the Code and the regulations and other interpretive guidance issued thereunder relating to Employee Stock Purchase Plans) including, without limitation, any such regulations or other guidance that may be issued or amended after the date this Plan is adopted by the Board, or (iii) as necessary to obtain or maintain favorable tax, listing, or regulatory treatment.

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Notwithstanding anything in this Plan or any Offering Document to the contrary, the Board will be entitled to: (i) establish the exchange ratio applicable to amounts withheld in a currency other than U.S. dollars; (ii) permit payroll withholdings in excess of the amount designated by a Participant in order to adjust for mistakes in the Company’s processing of properly completed Contribution elections; (iii) establish reasonable waiting and adjustment periods and/or accounting and crediting procedures to ensure that amounts applied toward the purchase of Common Stock for each Participant properly correspond with amounts withheld from the Participant’s Contributions; (iv) amend any outstanding Purchase Rights or clarify any ambiguities regarding the terms of any Offering to enable the Purchase Rights to qualify under and/or comply with Section 423 of the Code; and (v) establish other limitations or procedures as the Board determines in its sole discretion advisable that are consistent with this Plan. The actions of the Board pursuant to this paragraph will not be considered to alter or impair any Purchase Rights granted under an Offering as they are part of the initial terms of each Offering and the Purchase Rights granted under each Offering.

14. Effective Date of Plan.

This Plan will become effective on the date of the annual meeting of stockholders of the Company held in 2014, provided this Plan is approved by the Company’s stockholders at such meeting. No Purchase Rights will be exercised unless and until this Plan has been approved by the stockholders of the Company, which approval must be within 12 months before or after the date this Plan is adopted (or if required under Section 13(a) above, materially amended) by the Board.

15. Miscellaneous Provisions.

(a) Proceeds from the sale of shares of Common Stock pursuant to Purchase Rights will constitute general funds of the Company.

(b) A Participant will not be deemed to be the holder of, or to have any of the rights of a holder with respect to, shares of Common Stock subject to Purchase Rights unless and until the Participant’s shares of Common Stock acquired upon exercise of Purchase Rights are recorded in the books of the Company (or its transfer agent).

(c) This Plan and Offering do not constitute an employment contract. Nothing in this Plan or in the Offering will in any way alter the at will nature of a Participant’s employment or be deemed to create in any way whatsoever any obligation on the part of any Participant to continue in the employ of the Company or a Related Corporation, or on the part of the Company or a Related Corporation to continue the employment of a Participant.

(d) The provisions of this Plan will be governed by the laws of the State of Delaware without resort to that state’s conflicts of laws rules.

16. Definitions.

As used in this Plan, the following definitions will apply to the capitalized terms indicated below:

(a) “Board” means the Board of Directors of the Company.

(b) “Capitalization Adjustment” means any change that is made in, or other events that occur with respect to, the Common Stock subject to this Plan or subject to any Purchase Right after the date this Plan is adopted by the Board without the receipt of consideration by the Company through merger, consolidation, reorganization, recapitalization, reincorporation, stock dividend, dividend in property other than cash, large nonrecurring cash dividend, stock split, liquidating dividend, combination of shares, exchange of shares, change in corporate structure or other similar equity restructuring transaction, as that term is used in Financial Accounting Standards Board Accounting Standards Codification Topic 718 (or any successor thereto). Notwithstanding the foregoing, the conversion of any convertible securities of the Company will not be treated as a Capitalization Adjustment.

(c) “Code” means the Internal Revenue Code of 1986, as amended, including any applicable regulations and guidance thereunder.

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(d) “Committee” means a committee of one or more Directors to whom authority has been delegated by the Board in accordance with Section 2(c).

(e) “Common Stock” means the common stock of the Company.

(f) “Company” means Geron Corporation, a Delaware corporation.

(g) “Contributions” means the payroll deductions and other additional payments specifically provided for in the Offering that a Participant contributes to fund the exercise of a Purchase Right. A Participant may make additional payments into his or her account if specifically provided for in the Offering, and then only if the Participant has not already had the maximum permitted amount withheld during the Offering through payroll deductions.

(h) “Corporate Transaction” means the consummation, in a single transaction or in a series of related transactions, of any one or more of the following events:

(i) a sale or other disposition of all or substantially all, as determined by the Board in its sole discretion, of the consolidated assets of the Company and its Related Corporations;

(ii) a sale or other disposition of at least 90% of the outstanding securities of the Company;

(iii) a merger, consolidation or similar transaction following which the Company is not the surviving corporation; or

(iv) a merger, consolidation or similar transaction following which the Company is the surviving corporation but the shares of Common Stock outstanding immediately preceding the merger, consolidation or similar transaction are converted or exchanged by virtue of the merger, consolidation or similar transaction into other property, whether in the form of securities, cash or otherwise.

(i) “Director” means a member of the Board.

(j) “Eligible Employee” means an Employee who meets the requirements set forth in the document(s) governing the Offering for eligibility to participate in the Offering, provided that such Employee also meets the requirements for eligibility to participate set forth in this Plan.

(k) “Employee” means any person, including an Officer or Director, who is “employed” for purposes of Section 423(b)(4) of the Code by the Company or a Related Corporation. However, service solely as a Director, or payment of a fee for such services, will not cause a Director to be considered an “Employee” for purposes of this Plan.

(l) “Employee Stock Purchase Plan” means a plan that grants Purchase Rights intended to be options issued under an “employee stock purchase plan,” as that term is defined in Section 423(b) of the Code.

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

(n) “Fair Market Value” means, as of any date, the value of the Common Stock determined as follows:

(i) If the Common Stock is listed on any established stock exchange or traded on any established market, the Fair Market Value of a share of Common Stock will be the closing sales price for such stock as quoted on such exchange or market (or the exchange or market with the greatest volume of trading in the Common Stock) on the date of determination, as reported in such source as the Board deems reliable. Unless otherwise provided by the Board, if there is no closing sales price for the Common Stock on the date of determination, then the Fair Market Value will be the closing sales price on the last preceding date for which such quotation exists.

(ii) In the absence of such markets for the Common Stock, the Fair Market Value will be determined by the Board in good faith in compliance with applicable laws and in a manner that complies with Section 409A of the Code.

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(o) “Offering” means the grant to Eligible Employees of Purchase Rights, with the exercise of those Purchase Rights automatically occurring at the end of one or more Purchase Periods. The terms and conditions of an Offering will generally be set forth in the “Offering Document” approved by the Board for that Offering.

(p) “Offering Date” means a date selected by the Board for an Offering to commence.

(q) “Officer” means a person who is an officer of the Company or a Related Corporation within the meaning of Section 16 of the Exchange Act.

(r) “Participant” means an Eligible Employee who holds an outstanding Purchase Right.

(s) “Plan” means this Geron Corporation 2014 Employee Stock Purchase Plan.

(t) “Purchase Date” means one or more dates during an Offering selected by the Board on which Purchase Rights will be exercised and on which purchases of shares of Common Stock will be carried out in accordance with such Offering.

(u) “Purchase Period” means a period of time specified within an Offering, generally beginning on the Offering Date or on the first Trading Day following a Purchase Date, and ending on a Purchase Date. An Offering may consist of one or more Purchase Periods.

(v) “Purchase Right” means an option to purchase shares of Common Stock granted pursuant to this Plan.

(w) “Related Corporation” means any “parent corporation” or “subsidiary corporation” of the Company whether now or subsequently established, as those terms are defined in Sections 424(e) and (f), respectively, of the Code.

(x) “Rule 16b-3” means Rule 16b-3 promulgated under the Exchange Act or any successor to Rule 16b-3, as in effect from time to time.

(y) “Securities Act” means the Securities Act of 1933, as amended.

(z) “Trading Day” means any day on which the exchange(s) or market(s) on which shares of Common Stock are listed, including but not limited to the NYSE, the Nasdaq Global Select Market, the Nasdaq Global Market, the Nasdaq Capital Market or any successors thereto, is open for trading.

9Exhibit
4.3

 

●[NTD:
Include legend for all holders] UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY
BEFORE [●], 2020. [the date which is four months and one day after the Closing will be inserted].

 

●[NTD:
Include legend for insiders] WITHOUT PRIOR WRITTEN APPROVAL OF THE TSX VENTURE EXCHANGE AND COMPLIANCE WITH ALL APPLICABLE SECURITIES
LEGISLATION, THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD, TRANSFERRED, HYPOTHECATED OR OTHERWISE TRADED ON OR THROUGH
THE FACILITIES OF THE TSX VENTURE EXCHANGE OR OTHERWISE IN CANADA OR TO OR FOR THE BENEFIT OF A CANADIAN RESIDENT UNTIL [●], 2020.
[the date which is four months and one day after the Closing will be inserted].

 

●[NTD:
For US Purchasers] THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES
ACT OF 1933, AS AMENDED (THE “1933 ACT”) OR ANY APPLICABLE STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES,
AGREES FOR THE BENEFIT OF MEDALLION RESOURCES LTD. (THE “CORPORATION”) THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED
OR OTHERWISE TRANSFERRED, DIRECTLY OR INDIRECTLY, ONLY (A) TO THE CORPORATION, (B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE
904 OF REGULATION S UNDER THE 1933 ACT AND IN COMPLIANCE WITH LOCAL LAWS AND REGULATIONS, (C) IN COMPLIANCE WITH THE EXEMPTION FROM REGISTRATION
UNDER THE 1933 ACT PROVIDED BY RULE 144 THEREUNDER, IF AVAILABLE, AND IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES OR “BLUE
SKY” LAWS, OR (D) IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE 1933 ACT OR ANY APPLICABLE STATE SECURITIES LAWS,
AND, IN THE CASE OF SUBPARAGRAPH (C) OR (D), THE SELLER FURNISHES TO THE CORPORATION AN OPINION OF COUNSEL OF RECOGNIZED STANDING OR
SUCH OTHER EVIDENCE AS THE CORPORATION MAY REQUIRE IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE CORPORATION TO SUCH EFFECT. DELIVERY
OF THIS CERTIFICATE MAY NOT CONSTITUTE “GOOD DELIVERY” IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA.

 

THESE
WARRANTS AND THE SECURITIES DELIVERABLE UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933,
AS AMENDED (THE “1933 ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. THESE WARRANTS MAY NOT BE EXERCISED
BY OR FOR THE ACCOUNT OR BENEFIT OF A “U.S. PERSON” OR A PERSON IN THE UNITED STATES AND THE UNDERLYING SECURITIES MAY NOT
BE DELIVERED TO AN ADDRESS IN THE UNITED STATES UNLESS THE WARRANTS AND THE UNDERLYING SECURITIES HAVE BEEN REGISTERED UNDER THE 1933
ACT AND THE APPLICABLE SECURITIES LAWS OF ANY SUCH STATE OR AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS IS AVAILABLE. “UNITED
STATES” AND “U.S. PERSON” ARE AS DEFINED BY REGULATION S UNDER THE 1933 ACT.

 

THE
WARRANTS REPRESENTED BY THIS CERTIFICATE WILL BE VOID AFTER THE EXPIRY TIME (AS DEFINED BELOW).

 

TRANSFERABLE
COMMON SHARE PURCHASE WARRANTS

 

MEDALLION
RESOURCES LTD.

(Incorporated
under the laws of the Province of British Columbia

 

	 	Right
    to Purchase
	Certificate
    No. W2020-NB-[●]	[●]
    Common Shares

 

    	 

    	- 2 -

    

 

WARRANTS
FOR PURCHASE OF COMMON SHARES

 

THIS
IS TO CERTIFY THAT, for value received [●] of [●] (hereinafter called the “holder”) is entitled
to subscribe for and purchase [●] fully paid and non-assessable common shares (“Common Shares”) in the capital
of MEDALLION RESOURCES LTD. (hereinafter called the “Company”) at an exercise price of Cdn$0.20 per Common Share (the
“Purchase Price”) until 4:30 p.m. (Vancouver time) on [●], 2023 (the “Expiry Time”) and subject
to adjustment, and to the provisions and the terms and conditions hereinafter set forth.

 

The
right to acquire Common Shares granted by this certificate (“Warrant Certificate”) may be exercised by the holder, subject
to the terms and conditions hereof, in whole or in part (but not as to a fractional Common Share), by surrender of this Warrant Certificate
and the duly completed and executed exercise form attached hereto as Appendix “A” (the “Exercise Form”) to the
offices of the Company located at Suite 1160 - 595 Howe Street, Vancouver, British Columbia V6C 2T5 accompanied by a certified cheque,
bank draft or money order payable in lawful money of Canada to or to the order of the Company in payment of an amount equal to the Purchase
Price multiplied by the number of Common Shares for which Warrants are then exercised. See attached Appendix “B” for instructions
on how to exercise Warrants represented by this Warrant Certificate.

 

Surrender
of this Warrant Certificate and the duly completed Exercise Form with payment of the aggregate Purchase Price as provided above will
be deemed to have been effected only on personal delivery thereof to, or if sent by mail or other means of transmission on actual receipt
thereof by, the Company in the City of Vancouver, British Columbia.

 

In
the event of any exercise of the rights represented by this Warrant Certificate, certificates or ownership statements representing the
Common Shares so subscribed for shall be delivered to the holder at the address specified in the Exercise Form within a reasonable time,
not exceeding five days after the rights represented by this Warrant Certificate have been so exercised. If fewer Common Shares are purchased
than the number that can be purchased pursuant to this Warrant Certificate, unless the Warrants have expired, a new Warrant Certificate
granting the right to acquire that number of Common Shares, if any, with respect to which the Warrants have not then been exercised shall
also be issued to the holder within such time. The Company shall not be required to issue fractional Common Shares upon the exercise
of all or any part of the Warrants. If the number of Common Shares otherwise issuable upon exercise of the Warrants represented by this
Warrant Certificate is a fractional number, the number of Common Shares issuable upon such exercise shall be rounded down to the nearest
whole number.

 

All
Common Shares issued before [●], 2020. [NTD: Insert date that is four months and one day from closing date.] upon
the exercise of the rights represented by this Warrant Certificate will be subject to a hold period and may not be traded until [●],
2020. [NTD: Insert date that is four months and one day from closing date.] except as permitted by applicable securities laws
and regulations and the certificates or ownership statements representing such Common Shares shall bear the following legend:

 

“UNLESS
PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE [●], 2020. [NTD:
Insert date that is four months and one day from closing date.].”

 

and,
if applicable pursuant to the rules and policies of the TSX Venture Exchange, shall bear a legend in substantially the following form:

 

“WITHOUT
PRIOR WRITTEN APPROVAL OF THE TSX VENTURE EXCHANGE AND COMPLIANCE WITH ALL APPLICABLE SECURITIES LEGISLATION, THE SECURITIES REPRESENTED
BY THIS CERTIFICATE MAY NOT BE SOLD, TRANSFERRED, HYPOTHECATED OR OTHERWISE TRADED ON OR THROUGH THE FACILITIES OF THE TSX VENTURE EXCHANGE
OR OTHERWISE IN CANADA OR TO OR FOR THE BENEFIT OF A CANADIAN RESIDENT UNTIL [●], 2020. [NTD: Insert date that is four
months and one day from closing date.]”.

 

The
Warrants represented by this Warrant Certificate may only be exercised by or on behalf of a holder who, at the time of exercise, either:

 

		(a)	(i)	is
                                            not, and is not exercising the Warrant for the account or benefit of, a U.S. person or a
                                            person in the United States;

 

		(ii)	did
                                            not execute or deliver the Exercise Form while in the United States;

 

		(iii)	delivery
                                            of the Common Shares will not be to an address in the United States; and

 

		(iv)	has
                                            in all other respects complied with the terms of Regulation S of the United States Securities
                                            Act of 1933, as amended (the “1933 Act”); or

 

    	 

    	- 3 -

    

 

		(b)	is
                                            the original subscriber for the Warrants, on its own behalf or on behalf of the original
                                            beneficial purchaser (if any), it and such beneficial purchaser (if any) are “accredited
                                            investors” that satisfy one or more of the criteria set forth in Rule 501(a) of Regulation
                                            D under the 1933 Act, it delivered a U.S. Accredited Investor Certificate to the Company
                                            in connection with the subscription for securities pursuant to which the Warrants were acquired,
                                            and the representations, warranties and covenants made by the undersigned therein are true
                                            and correct on the date of exercise of the Warrants in respect to the exercise of the Warrants
                                            and it represents to the Company as such; or

 

		(c)	is
                                            tendering with the Exercise Form a written opinion of counsel of recognized standing in form
                                            and reasonably substance satisfactory to the Company to the effect that the Common Shares
                                            to be delivered upon exercise of the Warrants have been registered under the 1933 Act and
                                            all applicable state securities laws of the United States or are exempt from such registration
                                            requirements.

 

“U.S.
person” and “United States” are as defined in Regulation S under the 1933 Act.

 

All
certificates or ownership statements issued under the direct registration system representing Common Shares issued to persons who exercise
the Warrants pursuant to subparagraphs (b) or (c) above on the exercise of the rights represented by this Warrant Certificate will, unless
such Common Shares are registered under the 1933 Act and the securities laws of all applicable states of the United States bear a legend
in substantially the following form:

 

“THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
“1933 ACT”) OR ANY APPLICABLE STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT
OF MEDALLION RESOURCES LTD. (THE “CORPORATION”) THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED,
DIRECTLY OR INDIRECTLY, ONLY (A) TO THE CORPORATION, (B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER
THE 1933 ACT AND IN COMPLIANCE WITH LOCAL LAWS AND REGULATIONS, (C) IN COMPLIANCE WITH THE EXEMPTION FROM REGISTRATION UNDER THE 1933
ACT PROVIDED BY RULE 144 THEREUNDER, IF AVAILABLE, AND IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES OR “BLUE SKY” LAWS,
OR (D) IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE 1933 ACT OR ANY APPLICABLE STATE SECURITIES LAWS, AND, IN THE CASE
OF SUBPARAGRAPH (C) OR (D), THE SELLER FURNISHES TO THE CORPORATION AN OPINION OF COUNSEL OF RECOGNIZED STANDING OR SUCH OTHER EVIDENCE
AS THE CORPORATION MAY REQUIRE IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE CORPORATION TO SUCH EFFECT. DELIVERY OF THIS CERTIFICATE
MAY NOT CONSTITUTE “GOOD DELIVERY” IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA.”

 

provided,
that if the Securities are being sold under clause (B) above (and in compliance with Canadian local laws and regulations), the legend
set forth above may be removed by providing a declaration and broker letter in the forms attached hereto as Appendix “D”,
or in such form as the Company or its registrar and transfer agent, Computershare Trust Company of Canada (the “Transfer Agent”),
may from time to time prescribe, together with such other documentation as the Company and/or Transfer Agent may reasonably require,
including, but not limited to, an opinion of counsel of recognized standing or other evidence of exemption, in either case reasonably
satisfactory to the Company and its Transfer Agent, to the effect that the sale of the securities is being made in compliance with Rule
904 of Regulation S under the 1933 Act, provided further, that, if any of the Common Shares are being sold pursuant to Rule 144 of the
1933 Act, the legend may be removed by delivery to the Transfer Agent of an opinion of counsel of recognized standing in form and substance
satisfactory to the Company, to the effect that the legend is no longer required under applicable requirements of the 1933 Act.

 

The
Company covenants and agrees that all Common Shares which may be issued upon the exercise of the rights represented by this Warrant Certificate
will, upon issuance, be fully paid and non-assessable and free of all liens, charges and encumbrances. The Company further covenants
and agrees that during the period within which the rights represented by this Warrant Certificate may be exercised, the Company will
at all times have authorized and reserved a sufficient number of Common Shares to provide for the exercise of the rights represented
by this Warrant Certificate.

 

    	 

    	- 4 -

    

 

THE
FOLLOWING ARE THE TERMS AND CONDITIONS REFERRED TO IN THIS WARRANT CERTIFICATE:

 

	1.	Adjustment
                                            of Subscription and Purchase Rights. The original Purchase
                                            Price in effect and the number and type of securities purchasable under the Warrants at any
                                            date shall be subject to adjustment from time to time as follows:

 

		(a)	If
                                            and whenever at any time prior to the Expiry Time, the Company shall (i) subdivide or redivide
                                            the outstanding Common Shares into a greater number of shares, (ii) reduce, combine or consolidate
                                            the outstanding Common Shares into a smaller number of shares, or (iii) issue Common Shares
                                            or other Participating Shares (as defined herein) to the holders of all or substantially
                                            all of the outstanding Common Shares by way of a stock dividend, the exercise price in effect
                                            on the effective date of any such event shall be adjusted immediately after such event or
                                            on the record date for such issue of Common Shares or other Participating Shares by way of
                                            stock dividend, as the case may be, so that it shall equal the amount determined by multiplying
                                            the Purchase Price in effect immediately prior to such event by a fraction, of which the
                                            numerator shall be the total number of Common Shares and other Participating Shares outstanding
                                            immediately prior to such event and of which the denominator shall be the total number of
                                            Common Shares and other Participating Shares outstanding immediately after such event. The
                                            number of Common Shares which the holder is entitled to purchase upon exercise of each Warrant
                                            shall be adjusted at the same time by multiplying the number by the inverse of the aforesaid
                                            fraction. Such adjustments shall be made successively whenever any event referred to in this
                                            subsection (a) shall occur. Any such issue of Common Shares or other Participating Shares
                                            by way of a stock dividend shall be deemed to have been made on the record date for the stock
                                            dividend for the purpose of calculating the number of outstanding Common Shares or other
                                            Participating Shares immediately after such event under this subsection (a) and subsection
                                            (e) of this Section.

 

		(b)	If
                                            and whenever at any time prior to the Expiry Time the Company shall fix a record date for
                                            the issuance of rights, options or warrants to all or substantially all of the holders of
                                            the outstanding Common Shares, entitling them, for a period expiring not more than 45 days
                                            after such record date, to subscribe for or purchase Common Shares or other Participating
                                            Shares (or securities convertible into or exchangeable for Common Shares or other Participating
                                            Shares) at a price per share (or having a conversion or exchange price per share) less than
                                            85% of the Current Market Price on such record date, the Purchase Price shall be adjusted
                                            immediately after such record date so that it shall equal the price determined by multiplying
                                            the Purchase Price in effect on such record date by a fraction, of which the numerator shall
                                            be the total number of Common Shares outstanding on such record date plus the number arrived
                                            at by dividing the aggregate price of the total number of additional Common Shares or other
                                            Participating Shares offered for subscription or purchase (or the aggregate conversion or
                                            exchange price of the convertible or exchangeable securities so offered) by such Current
                                            Market Price, and of which the denominator shall be the total number of Common Shares outstanding
                                            on such record date plus the total number of additional Common Shares or other Participating
                                            Shares offered for subscription or purchase (or into which the convertible or exchangeable
                                            securities so offered are convertible or exchangeable). The number of Common Shares which
                                            the holder is entitled to purchase upon exercise of each Warrant shall be adjusted at the
                                            same time by multiplying the number by the inverse of the aforesaid fraction. Any Common
                                            Shares owned by or held for the account of the Company or any subsidiary of the Company shall
                                            be deemed not to be outstanding for the purpose of any such computation. Such adjustment
                                            shall be made successively whenever such a record date is fixed. To the extent that any such
                                            rights, options or warrants are not so issued or any such rights, options or warrants are
                                            not exercised prior to the expiration thereof, the Purchase Price shall then be re-adjusted
                                            to the exercise price which would then be in effect based upon the number and aggregate price
                                            of Common Shares or other Participating Shares (or securities convertible into or exchangeable
                                            for Common Shares or other Participating Shares) actually issued upon the exercise of such
                                            rights, options or warrants, as the case may be.

 

    	 

    	- 5 -

    

 

		(c)	If
                                            and whenever at any time prior to the Expiry Time the Company shall fix a record date for
                                            the making of a distribution to all or substantially all the holders of its outstanding Common
                                            Shares of: (i) shares of any class other than Common Shares or Participating Shares, other
                                            than shares distributed to holders of Common Shares pursuant to their exercise of options
                                            to receive dividends in the form of such shares in lieu of Dividends Paid in the Ordinary
                                            Course on the Common Shares and other than the issue of Common Shares or other Participating
                                            Shares to the holders of all or substantially all of the outstanding Common Shares by way
                                            of a stock dividend, or (ii) subject to paragraph 1(b), rights, options or warrants (excluding
                                            rights exercisable for 45 days or less), or (iii) evidence of its indebtedness, or (iv) assets
                                            (excluding Dividends Paid in the Ordinary Course), including shares of other corporations,
                                            then, in each such case, the Purchase Price shall be adjusted immediately after such record
                                            date so that it shall equal the price determined by multiplying the Purchase Price in effect
                                            on such record date by a fraction, of which the numerator shall be the greater of: (i) one;
                                            and (ii) the total number of Common Shares outstanding on such record date multiplied by
                                            the Current Market Price per Common Share on such record date, less the fair market value
                                            (as determined by the board of directors of the Company, which determination, absent error,
                                            shall be conclusive) of such shares or rights, options or warrants or evidences of indebtedness
                                            or assets so distributed, and of which the denominator shall be the total number of Common
                                            Shares outstanding on such record date multiplied by such Current Market Price per Common
                                            Share; and the number of Common Shares which the holder is entitled to purchase upon exercise
                                            of each Warrant shall be adjusted at the same time by multiplying the number by the inverse
                                            of the aforesaid fraction. Any Common Shares owned by or held for the account of the Company
                                            shall be deemed not to be outstanding for the purpose of any such computation. Such adjustment
                                            shall be made successively whenever such a record date is fixed. To the extent that such
                                            distribution is not so made, the exercise price shall be re-adjusted to the exercise price
                                            which would then be in effect if such record date had not been fixed or to the exercise price
                                            which would then be in effect based upon such shares or rights, options or warrants or evidences
                                            of indebtedness or assets actually distributed, as the case may be, and in clause (iv) the
                                            term “Dividends Paid in the Ordinary Course” shall include the value of any securities
                                            or other property or assets distributed in lieu of cash Dividends Paid in the Ordinary Course.

 

		(d)	If
                                            and whenever at any time prior to the Expiry Time there is a reclassification of the Common
                                            Shares at any time outstanding or a change of the Common Shares into other shares or a capital
                                            reorganization of the Company not covered in subsection (a) of this section or a consolidation,
                                            amalgamation or merger of the Company with or into any other corporation or a sale of the
                                            property and assets of the Company as or substantially as an entirety to any other person,
                                            a holder of Warrants represented by this Warrant Certificate which have not been exercised
                                            prior to the effective date of such reclassification, capital reorganization, consolidation,
                                            amalgamation, merger or sale shall thereafter, upon the exercise of such Warrants, be entitled
                                            to receive and shall accept in lieu of the number of Common Shares, as then constituted,
                                            to which the holder was previously entitled upon exercise of the Warrants, but for the same
                                            aggregate consideration payable therefor, the number of shares or other securities or property
                                            of the Company or of the corporation resulting from such reclassification, consolidation,
                                            amalgamation or merger or of the person to which such sale may be made, as the case may be,
                                            that such holder would have been entitled to receive on such reclassification, capital reorganization,
                                            consolidation, amalgamation, merger or sale of, on the effective date thereof, as if the
                                            holder had been the registered holder of the number of Common Shares to which the holder
                                            was previously entitled upon due exercise of the Warrants. In any case, if necessary, appropriate
                                            adjustment shall be made in the application of the provisions set forth in this Warrant Certificate
                                            with respect to the rights and interests thereafter of the holders of the Warrants to the
                                            end that the provisions set forth in this Warrant Certificate shall thereafter correspondingly
                                            be made applicable, as nearly as may reasonably be, in relation to any shares or securities
                                            or property to which the holder may be entitled upon the exercise of such Warrants thereafter.

 

    	 

    	- 6 -

    

 

		(e)	The
                                            adjustments required under the terms of this Warrant Certificate upon the occurrence of any
                                            of the events referred to herein shall become effective immediately after a record date for
                                            such event. The Company may defer, until the occurrence of such event, issuing to the holder
                                            of any Warrant exercised after such record date and before the occurrence of such event the
                                            kind and amount of shares, other securities or property to which it would be entitled upon
                                            such exercise by reason of the adjustment required by such event. Provided, however, that
                                            the Company shall deliver to such holder an appropriate instrument evidencing such holder’s
                                            right to receive the kind and amount of shares, other securities or property to which it
                                            would be entitled upon the occurrence of the event requiring such adjustment and the right
                                            to receive any distributions made or declared in favour of holders of record of Common Shares
                                            as constituted from time to time on and after such date as the holder would, but for the
                                            provisions of this subsection (e), have received, or become entitled to receive, on such
                                            exercise.

 

		(f)	The
                                            adjustments provided for in this Warrant Certificate are cumulative and shall apply to successive
                                            subdivisions, redivisions, reductions, combinations, consolidations, distributions, issues
                                            or other events resulting in any adjustment under the provisions of this Warrant Certificate
                                            provided that, notwithstanding any other provision of this Section, no adjustment of the
                                            Purchase Price or number of Common Shares, as then constituted, purchasable shall be required
                                            unless such adjustment would require an increase or decrease, of at least 1% in the Purchase
                                            Price or the number of Common Shares, as then constituted, purchasable then in effect. Provided
                                            however, that any adjustments which by reason of this subsection (f) are not required to
                                            be made shall be carried forward and taken into account in any subsequent adjustment.

 

		(g)	In
                                            the event of any question arising with respect to the adjustments provided in this Warrant
                                            Certificate, such question shall, absent manifest error, be conclusively determined by a
                                            firm of chartered accountants appointed by the Company (who may be the auditors of the Company)
                                            with the assistance of legal counsel, who may be legal counsel to the Company; such accountants
                                            shall have access to all necessary records of the Company and such determination shall be
                                            binding upon the Company and the holder.

 

	2.	Definitions.

 

In
this Warrant Certificate:

 

		(a)	“Current
                                            Market Price” per Common Share or Participating Share at any date shall be the
                                            closing price per share for such shares on the day before such date on the TSX Venture Exchange
                                            (or if the Common Shares are not listed on such stock exchange, on such other stock exchange
                                            on which the Common Shares are listed as may be selected for such purpose by the directors
                                            of the Company, or if the Common Shares are not listed on any stock exchange, then on the
                                            over the counter market);

 

		(b)	“Common
                                            Shares” means the Company’s presently authorized common voting shares without
                                            par value and shall also include any other authorized classes of shares in the capital of
                                            the Company which do not have special rights and restrictions attaching fixed dividends thereto
                                            and limiting the participation of holders of shares of such classes in the distribution of
                                            assets upon the voluntary or involuntary liquidation, dissolution or winding up of the Company;

 

		(c)	“Dividends
                                            Paid in the Ordinary Course” means cash dividends declared payable on the Common
                                            Shares in any fiscal year of the Company to the extent that such cash dividends do not exceed,
                                            in the aggregate, the greatest of: (i) 50% of the retained earnings of the Company at the
                                            end of the immediately preceding fiscal year; (ii) 150% of the aggregate amount and/or value
                                            of dividends declared payable by the Company on the Common Shares in its immediately preceding
                                            fiscal year; and (iii) 100% of the net earnings of the Company, before extraordinary items,
                                            for its immediately preceding fiscal year (versus the amount or value of all dividends paid
                                            or payable in respect of such fiscal year which credited net earnings) as shown in the audited
                                            consolidated financial statements of the Company for such preceding fiscal year or, if there
                                            are no audited financial statements with respect to such period, computed in accordance with
                                            generally accepted accounting principles consistent with the applications made in preparation
                                            of the most recent audited consolidated financial statements of the Company, and for such
                                            purpose the amounts of any dividend paid in shares shall be the aggregate deemed issue price
                                            of such shares and the amount of any dividend paid in other than cash or shares shall be
                                            the fair market value of such dividend as declared by resolution passed by the board of directors
                                            of the Company; and

 

    	 

    	- 7 -

    

 

		(d)	“Participating
                                            Share” means a share that carries the right to participate in earnings or in capital
                                            on a liquidation or winding-up to an unlimited degree, or which ranks, in terms of priority,
                                            equally with the Common Shares with respect to participation in earnings or in capital on
                                            a liquidation or winding-up.

 

		3.	No
                                            Rights of Shareholders. The Warrants shall not entitle the holder to any rights as
                                            a shareholder of the Company, including without limitation, voting rights.

 

		4.	Transfer
                                            of Warrants. Subject to the consent of the TSX Venture Exchange, if required, the
                                            terms hereof and the terms set forth in the transfer form attached as Appendix “C”
                                            hereto (the “Transfer Form”), this Warrant may be transferred. No transfer of
                                            this Warrant shall be effective unless this Warrant Certificate is accompanied by a duly
                                            executed Transfer Form or other instrument of transfer in such form as the Company may from
                                            time to time prescribe, together with such evidence of the genuineness of each endorsement,
                                            execution and authorization and of other matters as may reasonably be required by the Company.
                                            No transfer of this Warrant shall be made effective if in the opinion of counsel to the Company
                                            such transfer would result in the violation of any applicable securities laws, including,
                                            but not limited to, the policies of the TSX Venture Exchange. For each Warrant transferred,
                                            reimbursement of the Company for any and all stamp taxes or governmental or other charges
                                            required to be paid shall be made by the holder requesting the transfer of this Warrant as
                                            a condition precedent thereto.

 

		5.	New
                                            Certificate. This Warrant Certificate is exchangeable, upon the surrender hereof
                                            by the holder to the Company, for a new Warrant Certificate of like tenor representing in
                                            the aggregate the right to subscribe for and purchase the number of Common Shares which may
                                            be subscribed for and purchased hereunder, each of such new Warrant Certificates to represent
                                            the right to subscribe for and purchase such number of Common Shares as shall be designated
                                            by the holder at the time of such surrender.

 

		6.	Loss,
                                            Mutilation, Destruction or Theft of Warrants. In case this Warrant Certificate shall
                                            become mutilated or be lost, destroyed or stolen, the Company, subject to applicable law,
                                            shall issue and deliver a new Warrant Certificate representing the Warrants of like date
                                            and tenor as the one mutilated, lost, destroyed or stolen upon surrender of and in place
                                            of and upon cancellation of the mutilated Warrant Certificate or in lieu of and in substitution
                                            for the lost, destroyed or stolen Warrant Certificate. The applicant for the issue of a new
                                            Warrant Certificate representing the Warrants pursuant to this Section shall bear the cost
                                            of the issue thereof and in case of loss, destruction or theft shall, as a condition precedent
                                            to the issue thereof, furnish to the Company such evidence of ownership and of the loss,
                                            destruction or theft of the Warrant Certificate so lost, destroyed or stolen as shall be
                                            satisfactory to the Company in its discretion and the applicant may also be required to furnish
                                            an indemnity in amount and form satisfactory to the Company in its discretion, and shall
                                            pay the reasonable charges of the Company in connection therewith.

 

		7.	Governing
                                            Law. The Warrants evidenced hereby shall be governed by and construed in accordance
                                            with the laws of the Province of British Columbia and the federal laws of Canada applicable
                                            therein.

 

		8.	Days
                                            that are not Business Days. In the event that any
                                            day on or before which any action is required to be taken hereunder is not a business day
                                            in Vancouver, British Columbia, then such action will be required to be taken on the succeeding
                                            day that is a business day.

 

		9.	Electronic
                                            Signature. This Warrant Certificate may be executed
                                            and delivered by an electronic signature and such signature shall constitute an original
                                            for all purposes.

 

THE
REMAINDER OF THIS PAGE HAS INTENTIONALLY BEEN LEFT BLANK.

 

    	 

     

    

 

IN
WITNESS WHEREOF the Company has caused this Warrant Certificate to be executed by a duly authorized officer as of the _____ day of
_______________, 2020.

 

	 	MEDALLION
    RESOURCES LTD.
	 	 	 
	 	Per:	 
	 	 	Authorized
    Signatory

 

    	 

     

    

 

APPENDIX
“A”

 

EXERCISE
FORM

 

TO:
MEDALLION RESOURCES LTD.

 

The
undersigned (the “Warrantholder”) hereby exercises the right to purchase and hereby subscribes for ______________ Common
Shares in the capital of Medallion Resources Ltd. (the “Company”) referred to in the attached Warrant Certificate according
to the conditions thereof and herewith makes payment by certified cheque, bank draft or money order of the Purchase Price in full for
the said shares.

 

Capitalized
terms in this Appendix “A” and defined in the warrant certificate to which this Appendix “A” is attached have
the meaning defined in such warrant certificate unless otherwise defined herein.

 

By
the execution of this Exercise Form, the undersigned represents and warrants to the Company that the undersigned (check one):

 

	☐	1.	(i)	is
                                            not, and is not exercising the Warrant for the account or benefit of, a U.S. person or a
                                            person in the United States;
	 	 	 	 
	 	 	(ii)	did
                                            not execute or deliver this Exercise Form while in the United States;
	 	 	 	 
	 	 	(iii)	delivery
                                            of the Common Shares will not be to an address within the United States; and
	 	 	 	 
	 	 	(iv)	has
                                            in all other respects complied with the terms of Regulation S of the United States Securities
                                            Act of 1933, as amended (the “1933 Act”); or
	 	 	 	 
	☐	2.	is
    the original subscriber for the Warrants, on its own behalf or on behalf of the original beneficial purchaser (if any), it and such
    beneficial purchaser (if any) are “accredited investors” that satisfy one or more of the criteria set forth in Rule 501(a)
    of Regulation D under the 1933 Act, delivered a U.S. Accredited Investor Certificate to the Company in connection with the subscription
    for securities pursuant to which the Warrants were acquired and the representations, warranties and covenants made by the undersigned
    therein are true and correct on the date hereof in relation to the exercise of the Warrants; or
	 	 	 	 
	☐	3.	is
    tendering with this Exercise Form a written opinion of counsel of recognized standing in form and substance reasonably satisfactory
    to the Company to the effect that the Common Shares to be delivered upon exercise of the Warrants have been registered under the
    1933 Act and all applicable state securities laws of the United States or are exempt from such registration requirements.

 

“United
States” and “U.S. person” are as defined in Regulation S under the 1933 Act.

 

The
Warrantholder acknowledges that the following legend is to be placed on share certificates or ownership statements issued under the direct
registration system for Common Shares issued before [●], 2020. [NTD: Insert date that is four months and one day from
closing date.]:

 

“UNLESS
PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE [●], 2020. [NTD:
Insert date that is four months and one day from closing date.].”

 

and,
such certificate or ownership statements may, if required pursuant to the policies of the TSX Venture Exchange, also bear a legend in
substantially the following form:

 

“WITHOUT
PRIOR WRITTEN APPROVAL OF THE TSX VENTURE EXCHANGE AND COMPLIANCE WITH ALL APPLICABLE SECURITIES LEGISLATION, THE SECURITIES REPRESENTED
BY THIS CERTIFICATE MAY NOT BE SOLD, TRANSFERRED, HYPOTHECATED OR OTHERWISE TRADED ON OR THROUGH THE FACILITIES OF THE TSX VENTURE EXCHANGE
OR OTHERWISE IN CANADA OR TO OR FOR THE BENEFIT OF A CANADIAN RESIDENT UNTIL [●], 2020. [NTD: Insert date that is four
months and one day from closing date.].”

 

    	 

     

    

 

The
undersigned holder understands that unless Box 1 above is checked, the certificate or ownership statement issued under the direct registration
system representing the Common Shares issued upon exercise of this Warrant will bear a legend in substantially the following form:

 

“THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
“1933 ACT”) OR ANY APPLICABLE STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT
OF MEDALLION RESOURCES LTD. (THE “CORPORATION”) THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED,
DIRECTLY OR INDIRECTLY, ONLY (A) TO THE CORPORATION, (B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER
THE 1933 ACT AND IN COMPLIANCE WITH LOCAL LAWS AND REGULATIONS, (C) IN COMPLIANCE WITH THE EXEMPTION FROM REGISTRATION UNDER THE 1933
ACT PROVIDED BY RULE 144 THEREUNDER, IF AVAILABLE, AND IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES OR “BLUE SKY” LAWS,
OR (D) IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE 1933 ACT OR ANY APPLICABLE STATE SECURITIES LAWS, AND, IN THE CASE
OF SUBPARAGRAPH (C) OR (D), THE SELLER FURNISHES TO THE CORPORATION AN OPINION OF COUNSEL OF RECOGNIZED STANDING OR SUCH OTHER EVIDENCE
AS THE CORPORATION MAY REQUIRE IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE CORPORATION TO SUCH EFFECT. DELIVERY OF THIS CERTIFICATE
MAY NOT CONSTITUTE “GOOD DELIVERY” IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA.”

 

If
any Warrants represented by this Warrant certificate are not being exercised, a new Warrant certificate will be issued and delivered
with the Common Share certificates or ownership statement issued under the direct registration system.

 

Please
issue a certificate or ownership statement for the Common Shares being purchased as follows in the name of the undersigned:

 

	DATED
    at _____________________________, _________________________, this ______ day of _________________, 20__.
	 	 	 
		 	
	Signature
                                            Witnessed

    (See
    instructions to Warrantholders)
	 	(Signature
    of Warrantholder, to correspond with the name of the Warrantholder as appears on the face of this Warrant Certificate)
	 	 	 
	Name
    of Warrantholder:	 	
	 	 	 
	Address
    (Please print):	 	
	 	 	 
	 	 	
	 	 	 
	 	 	

 

    	 

     

    

 

APPENDIX
“B”

 

INSTRUCTIONS
TO WARRANTHOLDERS

 

TO
EXERCISE:

 

To
exercise Warrants, the Warrantholder must complete, sign and deliver the Exercise Form, attached as Appendix A and deliver the Warrant
Certificate(s) to Medallion Resources Ltd. (the “Company”) at the address set forth below indicating the number of Common
Shares to be acquired. In such case, the signature of such registered holder on the Exercise Form must be witnessed.

 

GENERAL:

 

For
the protection of the holder, it would be prudent to use registered mail if forwarding documents by mail.

 

If
the Exercise Form is signed by a trustee, executor, administrator, curator, guardian, attorney, officer of a corporation or any person
acting in a fiduciary or representative capacity, the Warrant Certificate must also be accompanied by evidence of authority to sign satisfactory
to the Company.

 

The
address of the Company is:

 

Medallion
Resources Ltd.

1160
– 595 Howe Street

Vancouver,
B.C. V6C 2T5

 

Attention:
Don Lay

Email:
don.lay@medallionresources.com

 

    	 

     

    

 

APPENDIX
“C”

 

TRANSFER
FORM

 

For
value received, the undersigned hereby sells, transfers and assigns

 

unto
__________________________________________________________________

 

	 	(please
    print name of transferee)	 
	 	 	 
	of		 
	 	 	 
	 		 
	 	 	 
	 		 
	 	 	 
	 	(please
    print address of transferee)	 

 

__________________________________________________________
Warrants represented

 

(please
insert number of Warrants to be transferred) by the within certificate.

 

DATED
this day of ,          20 .

 

	 	 
	 	 
	 	NOTICE:
    THE SIGNATURE TO THIS TRANSFER MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE CERTIFICATE, IN EVERY PARTICULAR, WITHOUT
    ALTERATION OR ENLARGEMENT, OR ANY CHANGE WHATSOEVER

 

	Signature	 	 	 
	 	 	 	 
	guaranteed
    by:	 	 	 
	 	 	 	 
	 	 	NOTICE:
    THE SIGNATURE OF THE TRANSFEROR SHOULD BE GUARANTEED BY A BANK, FINANCIAL INSTITUTION OR STOCK BROKER WHOSE SIGNATURE IS ACCEPTABLE
    TO THE COMPANY.	 

 

Warrants
shall only be transferable in accordance with applicable laws and the resale of Warrants and Common Shares issuable upon exercise of
Warrants may be subject to restrictions under such laws.

 

    	 

     

    

 

APPENDIX
“D”

 

FORM
OF DECLARATION FOR REMOVAL OF U.S. LEGEND

 

	To:	Registrar
                                            and Transfer Agent for the Common Shares of Medallion Resources Ltd. (the “Company”)

 

The
undersigned (A) acknowledges that the sale of __________________ (the “Securities”) of the Company, represented by certificate
number(s) __________________, to which this declaration relates is being made in reliance on Rule 904 of Regulation S under the United
States Securities Act of 1933, as amended (the “U.S. Securities Act”), and (B) certifies that (1) the undersigned is not
(a) an “affiliate” of the Company (as that term is defined in Rule 405 under the U.S. Securities Act, except any officer
or director of the Company who is an affiliate solely by virtue of holding such position) (b) a “distributor” as defined
in Regulation S or (c) an affiliate of a distributor; (2) the offer of such Securities was not made to a person in the United States
and either (a) at the time the buy order was originated, the buyer was outside the United States, or the seller and any person acting
on its behalf reasonably believed that the buyer was outside the United States, or (b) the transaction was executed on or through the
facilities of the Toronto Stock Exchange, the TSX Venture Exchange, the Canadian Securities Exchange or another “designated offshore
securities market”, and neither the seller nor any person acting on its behalf knows that the transaction has been prearranged
with a buyer in the United States; (3) neither the seller nor any affiliate of the seller nor any person acting on their behalf has engaged
or will engage in any directed selling efforts in the United States in connection with the offer and sale of such Securities; (4) the
sale is bona fide and not for the purpose of “washing off” the resale restrictions imposed because the Securities are “restricted
securities” (as that term is defined in Rule 144(a)(3) under the U. S. Securities Act); (5) the seller does not intend to replace
such Securities with fungible unrestricted securities; and (6) the contemplated sale is not a transaction, or part of a series of transactions,
which, although in technical compliance with Regulation S, is part of a plan or scheme to evade the registration provisions of the U.S.
Securities Act.. Terms used herein have the meanings given to them by Regulation S.

 

	DATED:	 	 	 	 
	 	 	 	 	 
	 	 	 	By:	 
	 	 	 	 	 
	 	 	 	Name:	 
	 	 	 	 	 
	 	 	 	Title:	 

 

Affirmation
by Seller’s Broker-Dealer

 

We
have read the foregoing representations of our customer, _________________________ (the “Seller”), dated ____________, with
regard to the sale, for such Seller’s account, of _________________ (the “Securities”) of the Company represented by
certificate number(s) ______________. We have executed sales of the Securities pursuant to Rule 904 of Regulation S under the United
States Securities Act of 1933, as amended (the “U.S. Securities Act”), on behalf of the Seller. In that connection, we hereby
represent to you as follows:

 

	(1)	no
                                            offer to sell Securities was made to a person in the United States;

 

	(2)	the
                                            sale of the Securities was executed in, on or through the facilities of the Toronto Stock
                                            Exchange, the TSX Venture Exchange, the Canadian Securities Exchange or another “designated
                                            offshore securities market” (as defined in Rule 902(b) of Regulation S under the U.S.
                                            Securities Act), and, to the best of our knowledge, the sale was not pre-arranged with a
                                            buyer in the United States;

 

	(3)	no
                                            “directed selling efforts” were made in the United States by the undersigned,
                                            any affiliate of the undersigned, or any person acting on behalf of the undersigned; and

 

	(4)	we
                                            have done no more than execute the order or orders to sell the Securities as agent for the
                                            Seller and will receive no more than the usual and customary broker’s commission that
                                            would be received by a person executing such transaction as agent.

 

For
purposes of these representations: “affiliate” means a person that directly, or indirectly through one or more intermediaries,
controls, or is controlled by, or is under common control with, the undersigned; “directed selling efforts” means any activity
undertaken for the purpose of, or that could reasonably be expected to have the effect of, conditioning the market in the United States
for the Securities (including, but not be limited to, the solicitation of offers to purchase the Securities from persons in the United
States); and “United States” means the United States of America, its territories or possessions, any State of the United
States, and the District of Columbia.

 

	 	 
	Name of Firm	 
	 		 
	By:
    		 
	 	Authorized
    officer	 
	 	 	 
	Date:

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