Document:

Exhibit
4.4

 

 

VIA
EMAIL

 

June
1, 2021

 

Samuel
Mah

[***]

[***]

 

Dear
Mr. Mah:

 

	Re:	Offer of Employment to Samuel Mah (the “Employee”)
as Vice President, Evaluations of Gold Royalty Corp. (the “Company”) 

 

This
letter serves as confirmation of the terms of your offer of employment as Vice President, Evaluations of the Company.

 

1.
APPOINTMENT AND DUTIES

 

1.1.
Position

 

The
Company will appoint you, and you agree, and consent to act as, the Vice President, Evaluations of the Company commencing on July 1,
2021, upon and subject to the terms and conditions of this Agreement.

 

1.2.
Duties and Functions

 

You
will be responsible to, and report to, the Chief Development Officer of the Company (the “CDO”). As Vice President,
Evaluations of Gold Royalty, you will also work closely with the Chief Executive Officer of the Company (the “CEO”).
Your duties shall include those duties as summarized and set forth in Schedule “A” hereto, and such other responsibilities
and duties reasonably commensurate therewith as the Chairman, CEO, CDO or the board of directors of the Company (the “Board”)
may require and assign to you from time to time in writing (the “Services”). In your capacity as an officer of the
Company, you agree to act in a competent, trustworthy and loyal manner that promotes the interests of the Company and its subsidiaries.
You may be called upon to act as a Qualified Person (“QP”) for the Company as reasonably requested, provided that you are
qualified to be designated as a QP for the Company.

 

This
is a full-time position. Unless prevented by ill health, or physical or mental disability or impairment, you shall, during the term hereof,
devote substantially all of your business time, care and attention to the business of the Company in order to properly discharge your
duties hereunder and shall not, without the prior written consent of the Company, which may be withheld by the Company in its discretion,
engage in any other business, profession or occupation, or become an officer, director, employee, contractor for service, agent or representative
of any other corporation, partnership, firm, person, organization or enterprise.

 

 

Suite
1830, 1030 West Georgia Street, Vancouver, British Columbia, V6E 2Y3 t (604) 396 3066

 

    	 

    	-2-

    

 

1.3.
Good Faith

 

You
agree to faithfully serve the Company, and to not disclose the private affairs of the Company, or any of its affiliates, to any person
other than as required in the business of the Company, and you shall not for your own purposes, or for any purposes other than those
of the Company, disclose any non-public information with respect to the business and operations of the Company or its subsidiaries.

 

1.4.
Avoidance of Conflicts of Interest

 

You
shall not enter into any agreement, arrangement or understanding with any other person or entity, other than GoldMining Inc., that would
in any way conflict or interfere with this Agreement or your duties and obligations hereunder or that would otherwise prevent you from
performing the Services hereunder.

 

1.5.
Term of Agreement

 

The
term of this Agreement shall be in effect for so long as you are an officer of, or are otherwise engaged or employed by, the Company,
subject to termination as provided for in this Agreement.

 

2.
PLACE OF EMPLOYMENT

 

The
principal place of your engagement shall be the Company’s offices in Vancouver, British Columbia, or elsewhere with consent of
the Company provided that you acknowledge that you may be required to travel on Company business and attend the Company’s other
offices or project locations regularly, as may be required.

 

3.
COMPENSATION

 

3.1.
Base Salary 

 

You
shall receive an annual base salary (the “Base Salary”) of $200,000. Such Base Salary will be due and payable by the
Company to you in accordance with the Company’s normal payroll practices, and shall be subject to deductions in respect of statutory
remittances, including, without limitation, deductions for income tax, pension plan premiums and employment insurance premiums, in a
manner consistent with the general payroll practice of the Company, or at such other time and in such other manner as you and the Company
may agree in writing, from time to time.

 

3.2.
Equity Grants

 

You
shall be granted, in consideration for, and as an inducement to, agreeing to enter into this Agreement and provide the Services hereunder:

 

	 	(a)	options
    (the “GROY Options”) to purchase an aggregate of 100,000 common shares of the Company at an exercise price equal
    to the closing price of the common shares of the Company on the NYSE American on the trading day immediately prior to the grant of
    the GROY Options; 
	 	 	 
	 	 	For
    greater clarity: (i) 25% of the GROY Options will vest on the date of grant and 25% will vest on each of the dates that are 6, 12
    and 18 months thereafter; (ii) the GROY Options will be granted as soon as reasonably practicable upon starting employment with the
    Company; (iii) the GROY Options will be granted pursuant to, and shall at all times be subject to, the terms of the Company’s
    Long-Term Incentive Plan , as the same may be amended, supplemented or replaced from time to time (the “GROY Plan”)
    and the terms of an option agreement as may be determined by the Board and/or its compensation committee; and (iv) the GROY Options
    will be exercisable for a period of five years from the grant date thereof, subject to the terms of the GROY Plan. 

 

    	 

    	-3-

    

 

3.3.
Additional Compensation

 

You
shall otherwise be eligible to participate, from time to time, in the Company’s short and long-term compensation and incentive
plans and other benefit plans, as may be adopted and implemented from time to time on a basis commensurate with your position and responsibilities
as may be determined by the Board and/or its compensation committee.

 

3.4.
Short-Term Incentive Compensation Program

 

	i)	Upon
    adoption of such plan, the Employee is eligible to receive an annual bonus (the “STIP Bonus”) pursuant to the terms and
    conditions of the Company’s Short-Term Incentive Program (the “STIP”).
	ii)	The
    Employee’s current STIP Bonus target is 40% of the Executive’s Base Salary. Such STIP Bonus may be paid in cash, or restricted
    stock units or stock options of the Company in any combination thereof at the sole discretion of the Company and consistent with
    terms and conditions of the STIP. Such STIP Target may be reviewed and amended at the sole discretion of the Company. 
	iii)	The
    Employee acknowledges and agrees that a STIP Bonus is not guaranteed and is paid in the sole discretion of the Company, and that
    a STIP Bonus received in one year does not guarantee receipt of a STIP Bonus in any subsequent year.
	iv)	The
    Employee acknowledges and agrees that payment of a STIP Bonus is conditional on the approval of the Company and is not earned until
    it is paid.
	v)	The
    Employee’s eligibility for a STIP Bonus terminates on the termination date of employment The Employee will not be entitled
    to receive a STIP Bonus or damages in lieu of a STIP Bonus for any period of time after the termination of employment regardless
    of any severance or pay in lieu of notice of termination provided by the Company. The Employee must be employed on the scheduled
    date for payment of any STIP Bonus in order to earn and be eligible for a STIP Bonus.

 

3.5.
Long-Term Incentive Compensation Program

 

	vi)	Upon
    adoption of such plan, the Employee is eligible to receive an annual bonus (the “LTIP Bonus”) pursuant to the terms and
    conditions of the Company’s Long-Term Incentive Program (the “LTIP”). 
	vii)	The
    Employee’s current LTIP Bonus target is 40% of the Employee’s Base Salary. Such LTIP Bonus may be paid in cash, or restricted
    stock units or stock options of the Company in any combination thereof at the sole discretion of the Company and consistent with
    terms and conditions of the LTIP. Such LTIP Target may be reviewed and amended at the sole discretion of the Company. 
	viii)	The
    Employee acknowledges and agrees that a LTIP Bonus is not guaranteed and is paid in the sole discretion of the Company, and that
    a LTIP Bonus received in one year does not guarantee receipt of a LTIP Bonus in any subsequent year.
	ix)	The
    Employee acknowledges and agrees that payment of a LTIP Bonus is conditional on the approval of the Company and is not earned until
    it is paid.
	x)	The
    Employee’s eligibility for a LTIP Bonus terminates on the termination date of employment The Employee will not be entitled
    to receive a LTIP Bonus or damages in lieu of a LTIP Bonus for any period of time after the termination of employment regardless
    of any severance or pay in lieu of notice of termination provided by the Company. The Employee must be employed on the scheduled
    date for payment of any LTIP Bonus in order to earn and be eligible for a LTIP Bonus.

 

    	 

    	-4-

    

 

3.6.
Benefits

 

Subject
to the terms of the various plans in effect with the Company from time to time, and subject to your taking the necessary steps to ensure
that you (and, where applicable, your eligible dependents) are properly registered under the plans, and subject to payment of costs payable
by you where applicable, you shall participate in all employee benefit programs made available to other senior executives of the Company
and its subsidiaries and commensurate to your position as may be determined by the Board and/or its compensation committee from time
to time.

 

3.7.
Expenses

 

The
Company agrees to pay or promptly reimburse you for the reasonable travel and business related expenses actually and properly incurred
by you in connection with your provision of the Services under this Agreement in accordance with the Company’s policies, as may
be in place from time to time.

 

4.
TERMINATION 

 

4.1.
Termination by Notice

 

You
may terminate this Agreement upon giving the Company at least 60 days’ prior written notice of the termination date. On receiving
such notice, the Company may elect to pay you salary in lieu of working the notice period, in which case the termination will be effective
immediately.

 

Subject
to Section 4.2, the Company may terminate this Agreement, at any time, subject to applicable notice periods under the laws of the province
of British Columbia, including the common law applicable therein. A termination of any position you may hold from time to time as an
officer or director of a subsidiary of the Company shall not constitute termination of this Agreement or require any severance or working
notice to you from the Company or its applicable subsidiary, provided that the Company has not otherwise terminated this Agreement or
your employment with the Company.

 

For
the sake of clarity, the treatment of any GROY Options or other awards on termination of this Agreement shall be governed by the plans
and/or agreements underlying such awards.

 

4.2.
Termination for Cause

 

Notwithstanding
Section 4.1, the Company may terminate this Agreement and your positions with the Company and its subsidiaries for “cause”
as that term is interpreted at common law, at any time, without notice or payment in lieu thereof.

 

4.3.
Resignation from Board of Directors

 

You
agree that, if you are a director of the Company or any of its subsidiaries at the time this Agreement is terminated or at the time of
your resignation or termination as Vice President, Evaluations of the Company, or upon termination of the Agreement in accordance with
its terms you will, if requested by the Company, immediately resign as a director of the Company or any of its subsidiaries, as applicable.

 

5.
CONFIDENTIALITY

 

5.1.
Confidentiality

 

You
acknowledge and agree that: (i) during the course of your engagement hereunder, you will have an opportunity to learn or otherwise become
aware of Confidential Information (as defined herein); (ii) the Confidential Information is a valuable asset which is the property of
the Company exclusively, the unauthorized use or disclosure of which would cause serious harm to the economic interests of the Company;
(iii) it is in the interests of the Company that the Confidential Information remain the exclusive confidential property of the Company
and that it not be used or disclosed except in accordance with the knowledge and consent of the Company; and (iv) other than in the course
of performing duties in accordance with your engagement hereunder or your appointment as a director or officer of the Company or as otherwise
approved by the Company in writing, you shall hold in confidence all Confidential Information, not directly or indirectly use any Confidential
Information and not directly or indirectly disclose any Confidential Information.

 

    	 

    	-5-

    

 

5.2.
Definition of Confidential Information

 

In
this Agreement, “Confidential Information” means information known or used by the Company, its respective subsidiaries
in connection with its respective businesses and affairs that is not known to the general public and includes, but is not limited to,
research, strategic plans or objectives, potential acquisitions or other transactions, unpublished financial information, unpublished
exploration data and other information relating to the Company’s royalties or streams, and other mineral interests and all intellectual
property, but does not include any information that: (i) is or becomes a matter of public knowledge through no breach of this Agreement
by you; (ii) any information of which the you have specific knowledge prior to this engagement; or (iii) any information of which you
obtain specific knowledge from a third-party after the termination of this Agreement and the cessation of your office as a director or
officer of the Company and its subsidiaries, unless the third-party obtained such information directly or indirectly from a person in
violation of a duty of confidence owed to the Company or any of its subsidiaries.

 

5.3.
Ownership of Documents and Records

 

All
documents, software, records, work papers, notes, memoranda and similar records of or containers of Confidential Information made or
compiled by you at any time or made available to you at any time during the term of this Agreement or your tenure as a director or officer
of the Company or its subsidiaries (whether before the effective date of this Agreement or thereafter) including all copies thereof,
shall be the property of the Company and belong solely to it, and shall be held by you solely for the benefit of the Company and you
shall deliver same to the Company upon the termination of this Agreement or the termination of your tenure as a director and officer
of the Company or at any other time upon request by the Company.

 

6.
NON-SOLICITATION AND NON-COMPETITION

 

6.1.
Non-Solicitation

 

You
acknowledge and agree that, during the term of this Agreement or the term that you serve as a director or officer of the Company or any
of its subsidiaries and for a period of one (1) year after the later thereof, you will not solicit, directly or indirectly, employees
or consultants of the Company for the purpose of having them terminate their employment or engagement with the Company or any of its
subsidiaries, provided, however, that any general solicitation of employment that does not target the Company’s or its subsidiaries’
employees shall not be deemed to be a violation of this Section 6.1.

 

6.2.
Corporate Opportunities

 

You
further agree and acknowledge that you will not, during the term of this Agreement or the term that you serve as a director or officer
of the Company or any of its subsidiaries and for a period of one (1) year after the later thereof, appropriate for yourself or for any
organization or person by which you are employed or retained, any property of the Company or its subsidiaries or business opportunity
that had arisen through the use of Company’s or its subsidiaries’ property, information or by virtue of your position with
the Company or its subsidiaries or provision of Services to the Company or its subsidiaries.

 

    	 

    	-6-

    

 

7.
GENERAL

 

7.1.
Entire Agreement

 

This
Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and cancels and supersedes any
prior understandings and agreements between the parties hereto with respect thereto. There are no representations, warranties, forms,
conditions, undertakings or collateral agreements, express, implied or statutory between the parties other than as expressly set forth
in this Agreement.

 

7.2.
Waivers

 

No
waiver of any breach of any term or provision of this Agreement shall be effective or binding unless made in writing and signed by the
party purporting to give the same and, unless otherwise provided in the written waiver, shall be limited to the specific breach waived.

 

7.3.
Survival of Terms

 

Your
representations, warranties, covenants, agreements, obligations and liabilities under any and all of Sections 1.3, 1.4, 5, 6 and 7 of
this Agreement shall survive any expiration or termination of this Agreement. Any expiration or termination of this Agreement shall be
without prejudice to any rights and obligations of the parties hereto arising or existing up to the effective date of such expiration
or termination, or any remedies of the parties with respect thereto.

 

7.4.
Severability

 

If
any provision of this Agreement is determined to be invalid or unenforceable in whole or in part, such invalidity or unenforceability
shall attach only to such provision or part thereof and the remaining part of such provision and all other provisions hereof shall continue
in full force and effect.

 

7.5.
Further Assurances

 

Each
party must, from time to time, execute and deliver all such further documents and instruments and do all acts and things as the other
party may reasonably require to effectively carry out or better evidence or perfect the full intent and meaning of this Agreement.

 

7.6.
Laws and Courts

 

This
Agreement shall be governed and interpreted in accordance with the laws of the province of British Columbia and the federal laws applicable
therein. All disputes arising under this Agreement will be referred to the courts of British Columbia which will have jurisdiction, but
not exclusive jurisdiction, and each party hereto irrevocably submits to the non-exclusive jurisdiction of such courts.

 

7.7.
Counterpart Execution

 

This
Agreement may be executed in any number of counterparts, each of which when delivered, either in original or facsimile form, shall be
deemed to be an original and all of which together shall constitute one and the same document.

 

    	 

    	-7-

    

 

Please
acknowledge your agreement to this arrangement by signing below as provided.

 

Yours
truly,

 

GOLD
ROYALTY CORP.

 

	By:
    	/s/
Josephine Man	 
	 	Authorized
    Signatory 	 

 

AGREED
TO as of the date first written above.

 

	/s/
Samuel Mah	 
	SAMUEL
    MAH	 

 

    	 

    	 

    

 

Schedule
“A”

 

SERVICES

 

As
Vice President, Evaluations of the Company, your duties shall include the following:

 

	 	(a)	assisting
    the Chairman, CEO and Chief Development Officer in establishing and implementing operational and financial strategies and policies
    of the Company as approved by the Board;
	 	 	 
	 	(b)	assisting
    the Chairman, CEO, Chief Development Officer and Board in the preparation of business plans as required from time to time for review
    and approval by the Board;
	 	 	 
	 	(c)	identifying
    potential mergers and acquisition targets and assisting the Chairman, CEO, Chief Development Officer and Board in reviewing and assessing
    such opportunities; 
	 	 	 
	 	(d)	meeting
    regularly and as required with the Chairman, CEO, Chief Development Officer and/or Board to review material issues and participate
    in planning; and 
	 	 	 
	 	(e)	performing
    such other duties consistent with your position which the Chairman, CEO, Chief Development Officer and/or Board shall, from time
    to time, reasonably direct.job_ex410.htm

EXHIBIT 4.10
  
 DESCRIPTION OF CAPITAL STOCK
   
 The following summary of the terms of our common stock does not purport to be complete and is subject to and qualified in its entirety by reference to our Amended and Restated Articles of Incorporation, as amended, and Amended and Restated Bylaws, as amended (“Bylaws”), copies of which are on file with the SEC as exhibits to reports that were previously filed with the SEC and are incorporated by reference herein.”
  
 General
  
 Our authorized capital stock consists of 200,000,000 shares of common stock, no par value, and 20,000,000 shares of preferred stock, no par value. As of December 23, 2021, we had 114,100,455 shares of common stock outstanding, and 1,749,572 shares of common stock issuable upon the exercise of stock options and warrants outstanding at a weighted average exercise price of $2.14 per share, 1,441,666 shares of restricted stock units issuable upon vesting, and an aggregate of 10,786,034 additional shares of common stock, including 4,958,334 shares available for restricted stock grants and 5,827,700 shares available for stock option grants, reserved for issuance under our 2013 Amended and Restated Incentive Stock Plan. As of December 23, 2021, there were no shares of preferred stock outstanding.
  
 The following summary of the rights of our common stock is not complete and is qualified in its entirety by reference to our Amended and Restated Articles of Incorporation, as amended, and Bylaws, copies of which are filed as exhibits to this Form 10-K
  
 Voting Rights
  
 Holders of our common stock are entitled to one vote for each share held of record on all matters to be voted on by the shareholders. Holders of our common stock are not entitled to cumulate their votes.
  
 Dividends and Liquidation
  
 Subject to limitations under applicable law and preferences that may apply to any outstanding shares of our preferred stock, holders of the common stock are entitled to receive dividends when, as and if declared by the Board out of funds legally available therefor. In the event of the Company’s liquidation, dissolution or winding up, the holders of common stock are entitled to share ratably in all assets remaining available for distribution to them after payment of liabilities and after provision has been made for any preferred stock having preference over the common stock. Holders of shares of common stock, as such, have no conversion, preemptive or other subscription rights, and there are no redemption provisions applicable to the common stock.
  
 Rights and Preferences
  
 The common stock has no preemptive, conversion or other rights to subscribe for additional securities. There are no redemption or sinking fund provisions applicable to our common stock. The rights, preferences and privileges of holders of common stock are subject to, and may be adversely affected by, the rights of the holders of shares of any series of preferred stock that we may designate and issue in the future.
  
 	 
	1
	

	 

  
 Fully Paid and Nonassessable
  
 All outstanding shares of our common stock are, and all shares of common stock to be outstanding upon completion of the offering will be, validly issued, fully paid and nonassessable.
  
 Amended and Restated of Incorporation and Bylaws Provisions
  
 See “Certain Provisions of Illinois Law and of the Company’s Amended and Restated of Incorporation, as amended, and Bylaws” for a description of provisions of our Amended and Restated Articles of Incorporation, as amended, and Bylaws which may have the effect of delaying changes in our control or management.
  
 Transfer Agent and Registrar
  
 The transfer agent and registrar for our common stock is Continental Stock Transfer and Trust. Its address is 1 State Street, New York, NY 10004, Telephone No. 212-509-4000.
  
 Certain Provisions of Illinois Law and our Amended and Restated Articles of Incorporation, as Amended, and our Bylaws
  
 Illinois Takeover Statute
  
 We are subject to Section 11.75 of the IBCA, an anti-takeover statute. In general, Section 11.75 of the IBCA prohibits a publicly held Illinois corporation from engaging in a “business combination” with an “interested shareholder” for a period of three years following the time the person became an interested shareholder, unless the business combination or the acquisition of shares that resulted in a shareholder becoming an interested shareholder is approved in a prescribed manner. Generally, a “business combination” includes a merger, asset or stock sale, or other transaction resulting in a financial benefit to the interested shareholder. Generally, an “interested shareholder” is a person who, together with affiliates and associates, owns (or within three years prior to the determination of interested shareholder status did own) 15% or more of a corporation’s voting stock. The existence of this provision would be expected to have an anti-takeover effect with respect to transactions not approved in advance by our board of directors, including discouraging attempts that might result in a premium over the market price for our stock.
  
 The IBCA also permits the board of directors to consider the interests of constituencies of the corporation in addition to shareholders, including employees, suppliers, customers and the community, in response to unsolicited offers.
  
 	 
	2
	

	 

  
 Amended and Restated Articles of Incorporation, as amended, and Bylaws Provisions
  
 Provisions of our Amended and Restated Articles of Incorporation, as amended, and Bylaws may have the effect of making it more difficult for a third party to acquire, or discourage a third party from attempting to acquire, control of our company by means of a tender offer, a proxy contest or otherwise. These provisions may also make the removal of incumbent officers and directors more difficult. These provisions are intended to discourage certain types of coercive takeover practices and inadequate takeover bids and to encourage persons seeking to acquire control of our company to first negotiate with us. These provisions could also limit the price that investors might be willing to pay in the future for shares of our common stock. These provisions may make it more difficult for shareholders to take specific corporate actions and could have the effect of delaying or preventing a change in our control. In particular, our Amended and Restated Articles of Incorporation, as amended, and our Amended and Restated Bylaws provide for the following:
  
 Special Meetings of Shareholders. Special meetings of our shareholders may be called only by the chairman of the board of directors, our president, a majority of the members of the board of directors, or by one or more shareholders holding shares in the aggregate entitled to cast not less than 20% of the votes at the special meeting.
  
 Issuance of Undesignated Preferred Stock. Our board of directors is authorized to issue, without further action by the shareholders, up to 20,000,000 shares of undesignated preferred stock with rights and preferences, including voting rights, designated from time to time by the board of directors. We currently have (i) 160,000 shares designated as Series A Convertible Preferred Stock, (ii) 5,950,000 shares of preferred stock designated as Series B Convertible Preferred Stock and (iii) 3,000,000 shares of preferred stock designated as Series C 8% Cumulative Convertible Preferred Stock As of the date of this prospectus, we did not have any shares of preferred stock outstanding. The existence of authorized but unissued shares of preferred stock enables our board of directors to render more difficult or to discourage an attempt to obtain control of us by means of a merger, tender offer, proxy contest or otherwise.
  
 	 
	3

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