Document:

White Mountain Titanium Corporation: Exhibit 10.1 - Filed by newsfilecorp.com

EXHIBIT 10.1

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT
BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED OR HYPOTHECATED EXCEPT IN ACCORDANCE
WITH THE PROVISIONS OF REGULATION S PROMULGATED UNDER THE SECURITIES ACT,
PURSUANT TO REGISTRATION UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE
EXEMPTION FROM REGISTRATION. HEDGING TRANSACTIONS INVOLVING THE SECURITIES
REPRESENTED HEREBY MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE SECURITIES
ACT. THIS CERTIFICATE MUST BE SURRENDERED TO THE COMPANY OR ITS TRANSFER AGENT
AS A CONDITION PRECEDENT TO THE SALE, PLEDGE, HYPOTHECATION OR ANY OTHER
TRANSFER OF ANY INTEREST IN ANY OF THE SECURITIES REPRESENTED BY THIS
CERTIFICATE.

WHITE MOUNTAIN TITANIUM CORPORATION

WARRANT TO PURCHASE
COMMON STOCK

Warrant No.: _______________
Number of Shares:
_______________
Date of Issuance: _______________(the “Issuance
Date”)

White Mountain Titanium Corporation, a Nevada corporation (the
“Company”), hereby certifies that, for good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, _______________,
the registered holder hereof or its permitted assigns (the “Holder”), is
entitled, subject to the terms set forth below, to purchase from the Company, at
the Exercise Price (as defined below) then in effect, upon surrender of this
Warrant to Purchase Common Stock (including all Warrants to Purchase Common
Stock issued in exchange, transfer or replacement hereof, the “Warrant”),
at any time or times on or after the date hereof, but not after 11:59 P.M., New
York Time, on the Expiration Date (as defined below), _______________ fully paid
nonassessable shares of Common Stock (as defined below) (the “Warrant
Shares”). Except as otherwise defined herein, capitalized terms in this
Warrant shall have the meanings set forth in Section 13. This Warrant is one of
the Warrants to Purchase Common Stock (the “Unit Warrants”) issued
pursuant to the non-public offering by the Company of units (including the
Warrants) commenced on or about January 25, 2013.

     1. EXERCISE OF
WARRANT.

          (a)
Mechanics of Exercise. Subject to the terms and conditions hereof, this
Warrant may be exercised by the Holder on any day, in whole or in part, by (i)
delivery of a written notice, in the form attached hereto as Exhibit A
(the “Exercise Notice”), of the Holder’s election to exercise this
Warrant and (ii) payment to the Company of an amount equal to the applicable
Exercise Price multiplied by the number of Warrant Shares as to which this
Warrant is being exercised (the “Aggregate Exercise Price”) in cash or
wire transfer of immediately available funds. The Holder shall not be required
to deliver the original Warrant in order to effect an exercise hereunder;
provided, however, that the Holder shall covenant in the Exercise Notice,
that it will deliver the original Warrant to the Company within five (5)
Business Days of such exercise. Execution and delivery of the Exercise Notice
with respect to less than all of the Warrant Shares shall have the same effect
as cancellation of the original Warrant and issuance of a new Warrant evidencing the right to purchase the
remaining number of Warrant Shares. On or before the first Business Day
following the date on which the Company has received each of the Exercise Notice
and the Aggregate Exercise Price (the “Exercise Delivery Documents”), the
Company shall transmit by facsimile an acknowledgment of confirmation of receipt
of the Exercise Delivery Documents to the Holder and the Company’s transfer
agent (the “Transfer Agent”). On or before the third Business Day
following the date on which the Company has received all of the Exercise
Delivery Documents (the “Share Delivery Date”), the Company shall (X)
provided that the Transfer Agent is participating in The Depository Trust
Company (“DTC”) Fast Automated Securities Transfer Program, upon the
request of the Holder, credit such aggregate number of shares of Common Stock to
which the Holder is entitled pursuant to such exercise to the Holder’s or its
designee’s balance account with DTC through its Deposit Withdrawal Agent
Commission system, or (Y) if the Transfer Agent is not participating in the DTC
Fast Automated Securities Transfer Program, issue and dispatch by overnight
courier to the address as specified in the Exercise Notice, a certificate,
registered in the name of the Holder or its designee, for the number of shares
of Common Stock to which the Holder is entitled pursuant to such exercise. Upon
delivery of the Exercise Notice and Aggregate Exercise Price referred to in
clause (ii)(A) above the Holder shall be deemed for all corporate purposes to
have become the holder of record of the Warrant Shares with respect to which
this Warrant has been exercised, irrespective of the date of delivery of the
certificates evidencing such Warrant Shares. If this Warrant is submitted in
connection with any exercise pursuant to this Section 1(a) and the number of
Warrant Shares represented by this Warrant submitted for exercise is greater
than the number of Warrant Shares being acquired upon an exercise, then the
Company shall as soon as practicable and in no event later than three (3)
Business Days after any exercise and at its own expense, issue a new Warrant (in
accordance with Section 5(d)) representing the right to purchase the number of
Warrant Shares purchasable immediately prior to such exercise under this
Warrant, less the number of Warrant Shares with respect to which this Warrant is
exercised. No fractional shares of Common Stock are to be issued upon the
exercise of this Warrant, but rather the number of shares of Common Stock to be
issued shall be rounded up to the nearest whole number. The Company shall pay
any and all taxes, including without limitation, all documentary stamp, transfer
or similar taxes, or other incidental expense that may be payable with respect
to the issuance and delivery of Warrant Shares upon exercise of this
Warrant.

          (b)
Exercise Price. For purposes of this Warrant, “Exercise Price”
means $0.90 per share, subject to adjustment as provided herein.

          (c)
Disputes. In the case of a dispute as to the determination of the
Exercise Price or the arithmetic calculation of the Warrant Shares, the Company
shall promptly issue to the Holder the number of Warrant Shares that are not
disputed and resolve such dispute in accordance with Section 10.

          (d)
No Fractional Shares or Scrip. No fractional shares or scrip representing
fractional shares shall be issued upon the exercise of this Warrant. In lieu of
any fractional share to which the Holder would otherwise be entitled, the
Company shall make a cash payment equal to the fair market value of such
fractional share. 

          (e)
Compliance with Securities Laws.

          (i)
The Holder of this Warrant, by acceptance hereof, acknowledges that this Warrant
and the Common Stock to be issued upon exercise hereof are being acquired solely
for the Holder’s own account and not as a nominee for any other party; and for
investment, and that the Holder will not offer, sell or otherwise dispose of
this Warrant or any Common Stock to be issued upon exercise hereof except under
circumstances that will not result in a violation of the Securities Act or any
state securities laws. Upon exercise of this Warrant, the Holder shall, if
requested by the Company, confirm in writing, in a form satisfactory to the
Company, that the Common Stock so purchased are being acquired solely for the Holder's own account and not as a nominee for any other party, for investment, and not with a view toward distribution or resale. 

2

               (ii)
This Warrant and all Common Stock issued upon exercise hereof unless registered
under the Securities Act shall be stamped or imprinted with a legend in
substantially the following form (in addition to any legend required by state
securities laws): 

THE SECURITIES REPRESENTED HEREBY HAVE
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED OR
HYPOTHECATED EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S
PROMULGATED UNDER THE SECURITIES ACT, PURSUANT TO REGISTRATION UNDER THE
SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION. HEDGING
TRANSACTIONS INVOLVING THE SECURITIES REPRESENTED HEREBY MAY NOT BE CONDUCTED
UNLESS IN COMPLIANCE WITH THE SECURITIES ACT. THIS CERTIFICATE MUST BE
SURRENDERED TO THE COMPANY OR ITS TRANSFER AGENT AS A CONDITION PRECEDENT TO THE
SALE, PLEDGE, HYPOTHECATION OR ANY OTHER TRANSFER OF ANY INTEREST IN ANY OF THE
SECURITIES REPRESENTED BY THIS CERTIFICATE.

     2. ORGANIC CHANGE.

          (a)
Any recapitalization, reorganization, reclassification, consolidation, merger,
sale of all or substantially all of the Company’s assets to another Person or
other transaction, in each case which is effected in such a way that holders of
Common Stock are entitled to receive securities or assets with respect to or in
exchange for Common Stock is referred to herein as an “Organic Change.”
Prior to the consummation of any (i) sale of all or substantially all of the
Company’s assets to an acquiring Person or (ii) other Organic Change following
which the Company is not a surviving entity, the Company will secure from the
Person purchasing such assets or the Person issuing the securities or providing
the assets in such Organic Change (in each case, the “Acquiring Entity”)
a written agreement to deliver to the Holder in exchange for this Warrant, a
security of the Acquiring Entity evidenced by a written instrument substantially
similar in form and substance to this Warrant and reasonably satisfactory to the
holder of this Warrant (including an adjusted exercise price equal to the value
for the Common Stock reflected by the terms of such consolidation, merger or
sale, and exercisable for a corresponding number of shares of Common Stock
acquirable and receivable upon exercise of this Warrant (without regard to any
limitations on the exercise of this Warrant), if the value so reflected is less
than the Exercise Price in effect immediately prior to such consolidation,
merger or sale). In the event that an Acquiring Entity is directly or indirectly
controlled by a company or entity whose common stock or similar equity interest
is listed, designated or quoted on a securities exchange or trading market, the
Holder may elect to treat such Person as the Acquiring Entity for purposes of
this Section 2. Notwithstanding the foregoing, at the Holder’s option and
request, the Acquiring Entity shall purchase the Warrant from such Holder for a
purchase price, payable in cash within five (5) Business Days after such request
(or, if later, on the effective date of the Organic Change), equal to the value
of the remaining unexercised portion of this Warrant on the date of such
request, which value shall be computed using the Black-Scholes option pricing
model with such assumptions and inputs as are reasonably satisfactory to the
Company. The terms of any agreement pursuant to which a Organic Change is
effected shall include terms requiring any such successor or surviving entity to
comply with the provisions of this Section 2 and insuring that the Warrants (or
any such replacement security) will be similarly adjusted upon any subsequent
transaction analogous to an Organic Change. Prior to the consummation of any
other Organic Change, the Company shall make appropriate provision to insure
that the Holder thereafter will have the right to acquire and receive in lieu
of or in addition to (as the case may be) the shares of Common
Stock immediately theretofore acquirable and receivable upon the exercise of
this Warrant (without regard to any limitations on the exercise of this
Warrant), such shares of stock, securities or assets that would have been issued
or payable in such Organic Change with respect to or in exchange for the number
of shares of Common Stock which would have been acquirable and receivable upon
the exercise of this Warrant as of the date of such Organic Change (without
regard to any limitations on the exercise of this Warrant). 

3

          (b)
If, prior to the exercise of this Warrant, the Company shall have effected one
or more stock split-ups, stock dividends or other increases or reductions of the
number of shares of its Common Stock outstanding without receiving reasonable
compensation therefor in money, services, or property, the number of shares of
Common Stock subject to this Warrant shall, (i) if a net increase shall have
been effected in the number of outstanding shares of Common Stock, be
proportionately increased, and the cash consideration payable per share shall be
proportionately reduced, and, (ii) if a net reduction shall have been effected
in the number of outstanding shares of Common Stock, be proportionately reduced
and the cash consideration payable per share be proportionately increased.

     3. NONCIRCUMVENTION. The
Company hereby covenants and agrees that the Company will not, by amendment of
its Articles of Incorporation or through any reorganization, transfer of assets,
consolidation, merger, dissolution, issue or sale of securities, or any other
voluntary action, avoid or seek to avoid the observance or performance of any of
the terms of this Warrant, and will at all times in good faith carry out all the
provisions of this Warrant and take all action as may be required to protect the
rights of the Holder.

     4. WARRANT HOLDER NOT DEEMED A
STOCKHOLDER. Except as otherwise specifically provided herein, the Holder,
solely in such Person’s capacity as a holder of this Warrant, shall not be
entitled to vote or receive dividends or be deemed the holder of shares of the
Company for any purpose, nor shall anything contained in this Warrant be
construed to confer upon the Holder, solely in such Person’s capacity as the
Holder, any of the rights of a shareholder of the Company or any right to vote,
give or withhold consent to any corporate action (whether any reorganization,
issue of stock, reclassification of stock, consolidation, merger, conveyance or
otherwise), receive notice of meetings, receive dividends or subscription
rights, or otherwise, prior to the issuance to the Holder of the Warrant Shares
which such Person is then entitled to receive upon the due exercise of this
Warrant. In addition, nothing contained in this Warrant shall be construed as
imposing any liabilities on the Holder to purchase any securities (upon exercise
of this Warrant or otherwise) or as a stockholder of the Company, whether such
liabilities are asserted by the Company or by creditors of the Company.
Notwithstanding this Section 4, the Company will provide the Holder with copies
of the same notices and other information given to the stockholders of the
Company generally, contemporaneously with the giving thereof to the
stockholders.

     5. REISSUANCE OF
WARRANTS.

          (a)
Transfer of Warrant. If this Warrant is to be transferred, the Holder
shall surrender this Warrant to the Company, whereupon the Company will
forthwith issue and deliver upon the order of the Holder a new Warrant (in
accordance with Section 5(d)), registered as the Holder may request,
representing the right to purchase the number of Warrant Shares being
transferred by the Holder and, if less then the total number of Warrant Shares
then underlying this Warrant is being transferred, a new Warrant (in accordance
with Section 5(d)) to the Holder representing the right to purchase the number
of Warrant Shares not being transferred.

          (b)
Lost, Stolen or Mutilated Warrant. Upon receipt by the Company of
evidence reasonably satisfactory to the Company of the loss, theft, destruction
or mutilation of this Warrant, and, in the case of loss, theft or destruction, of any indemnification
undertaking by the Holder to the Company in customary form and, in the case of
mutilation, upon surrender and cancellation of this Warrant, the Company shall
execute and deliver to the Holder a new Warrant (in accordance with Section
5(d)) representing the right to purchase the Warrant Shares then underlying this
Warrant.

4

          (c)
Warrant Exchangeable for Multiple Warrants. This Warrant is exchangeable,
upon the surrender hereof by the Holder at the principal office of the Company,
for a new Warrant or Warrants (in accordance with Section 5(d)) representing in
the aggregate the right to purchase the number of Warrant Shares then underlying
this Warrant, and each such new Warrant will represent the right to purchase
such portion of such Warrant Shares as is designated by the Holder at the time
of such surrender; provided, however, that no Warrants for fractional shares of
Common Stock shall be given.

          (d)
Issuance of New Warrants. Whenever the Company is required to issue a new
Warrant pursuant to the terms of this Warrant, such new Warrant (i) shall be of
like tenor with this Warrant, (ii) shall represent, as indicated on the face of
such new Warrant, the right to purchase the Warrant Shares then underlying this
Warrant (or in the case of a new Warrant being issued pursuant to Section 5(a)
or Section 5(c), the Warrant Shares designated by the Holder which, when added
to the number of shares of Common Stock underlying the other new Warrants issued
in connection with such issuance, does not exceed the number of Warrant Shares
then underlying this Warrant), (iii) except for new warrants issued pursuant to
section 5(a), shall have an issuance date, as indicated on the face of such new
Warrant, which is the same as the Issuance Date, and (iv) shall have the same
rights and conditions as this Warrant.

     6. NOTICES. All notices,
demands or other communications to be given or delivered under or by reason of
the provisions of this Warrant shall be in writing and shall be deemed to have
been given when delivered personally to the recipient, sent to the recipient by
facsimile transmission, sent to the recipient by email, sent to the recipient by
reputable express courier service (charges prepaid), or three (3) Business Days
after being mailed to the recipient by certified or registered mail, return
receipt requested and postage prepaid. Such notices, demands, and other
communications will be sent to the Holder at the address or number indicated on
the records of the Company and to the principal executive offices of the
Company, or to such other address or to the attention of such other person as
the recipient party has specified by prior written notice to the sending
party.

     7. AMENDMENT AND WAIVER.
Except as otherwise provided herein, the provisions of this Warrant may be
amended and the Company may take any action herein prohibited, or omit to
perform any act herein required to be performed by it, only if the Company has
obtained the written consent of the holders of these Warrants representing at
least a majority of the shares of Common Stock obtainable upon exercise of these
Warrants then outstanding.

     8. GOVERNING LAW. This
Warrant shall be construed and enforced in accordance with, and all questions
concerning the construction, validity, interpretation and performance of this
Warrant shall be governed by, the internal laws of the State of Utah, without
giving effect to any choice of law or conflict of law provision or rule (whether
of the State of Utah or any other jurisdictions) that would cause the
application of the laws of any jurisdictions other than the State of Utah.

     9. CONSTRUCTION; HEADINGS.
This Warrant shall be deemed to be jointly drafted by the Company and the Holder
and shall not be construed against any person as the drafter hereof. The
headings of this Warrant are for convenience of reference and shall not form
part of, or affect the interpretation of, this Warrant.

5

     10. DISPUTE RESOLUTION.
Any controversy, dispute or claim arising out of or relating to this Warrant
shall be submitted to binding arbitration administered by JAMS pursuant to its
Comprehensive Arbitration Rules & Procedures. Any such arbitration shall be
held in Salt Lake City, Utah.

     11. REMEDIES, OTHER
OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF. The remedies provided in this
Warrant shall be cumulative and in addition to all other remedies available
under this Warrant at law or in equity (including a decree of specific
performance and/or other injunctive relief), and nothing herein shall limit the
right of the Holder to pursue actual damages for any failure by the Company to
comply with the terms of this Warrant. The Company acknowledges that a breach by
it of its obligations hereunder will cause irreparable harm to the holder of
this Warrant and that the remedy at law for any such breach may be inadequate.
The Company therefore agrees that, in the event of any such breach or threatened
breach, the Holder shall be entitled, in addition to all other available
remedies, to an injunction restraining any breach, without the necessity of
showing economic loss and without any bond or other security being required.

     12. TRANSFER. This Warrant
may not be offered for sale, sold, transferred or assigned without the consent
of the Company.

     13. CERTAIN DEFINITIONS.
For purposes of this Warrant, the following terms shall have the following
meanings:

          (a)
“Business Day” means any day other than Saturday, Sunday or other day on
which commercial banks in the City of New York are authorized or required by law
to remain closed.

          (b)
“Common Stock” means (i) the Company’s common stock, par value $0.001 per
share, and (ii) any capital stock into which such Common Stock shall have been
changed or any capital stock resulting from a reclassification of such Common
Stock.

          (c)
“Expiration Date” means July 25, 2014, or, if such date falls on a
day other than a Business Day or on which trading does not take place on the
Principal Market (a “Holiday”), the next date that is not a Holiday.

          (d)
“Person” means an individual, a limited liability company, a partnership,
a joint venture, a corporation, a trust, an unincorporated organization, any
other entity and a government or any department or agency thereof.

          (e)
“Principal Market” means the principal securities exchange or trading
market on which the Common Stock is listed and trades.

          IN
WITNESS WHEREOF, the Company has caused this Warrant to Purchase Common
Stock to be duly executed as of the Issuance Date set out above.

	 	WHITE MOUNTAIN
      TITANIUM CORPORATION 
	 	 	  
	 	 	  
	 	By: 	
	 	 	Name: 
	 	 	Title: 

6

EXHIBIT A 
EXERCISE NOTICE

TO BE EXECUTED BY THE REGISTERED HOLDER TO EXERCISE THIS

WARRANT TO PURCHASE COMMON STOCK

WHITE MOUNTAIN TITANIUM CORPORATION

     The undersigned holder hereby
exercises the right to purchase ___________ of the shares of Common Stock
(“Warrant Shares”) of White Mountain Titanium Corporation, a Nevada
corporation (the “Company”), evidenced by the attached Warrant to
Purchase Common Stock (the “Warrant”). Capitalized terms used herein and
not otherwise defined shall have the respective meanings set forth in the
Warrant.

     1. Payment of Exercise Price. The
holder shall pay the Aggregate Exercise Price in the sum of $
___________________ to the Company in accordance with the terms of the
Warrant.

     2. Accredited Investor. The
holder is an “accredited investor” as defined in Rule 501(c) under the
Securities Act.

     3. Delivery of Warrant Shares.
The Company shall deliver to the holder __________ Warrant Shares in accordance
with the terms of the Warrant.

     4. Delivery of Warrant. The
Holder shall deliver the original Warrant to the Company within five (5)
Business Days from the date hereof.

     [5. The Holder hereby represents
that contemporaneous with the delivery of this exercise notice, that the Holder
has sold __________ Warrant Shares and hereby represents that it has complied
with the prospectus delivery requirements of the Securities Act as applicable in
connection with such sale.]1

Date: __________________, ______

	 	 
	Name of Registered
      Holder 	 
	 	  	 
	 	  	 
	By: 		 
	 	Name: 	 
	 	Title: 	 

____________________________________
1 Add only
if a contemporaneous sale has occurred pursuant to a Registration StatementMantra Venture Group Ltd.: Exhibit 10.1 - Filed by newsfilecorp.com

DIRECTOR AGREEMENT 

THIS DIRECTOR AGREEMENT (the "Agreement") is
entered into on, May 7, 2013. 

BETWEEN 

  
    
      
        
          MANTRA VENTURE GROUP LTD., 

            a corporation
            incorporated under the laws of British Columbia having its principal business
            office at Suite 562, 800 15355 24th Avenue, Surrey, British Columbia,
            V4A 2H9 

        

      

    

  

(the ”Company“)

  
    
      
        
          AND PATRICK DODD 

            #312 1617
            GRAVELY STREET 

            VANCOUVER, BC V5L 3A8 

        

      

    

  

(the ”Director”) 

WHEREAS: 

	A. 	
      The Company is engaged in the business of researching,
      developing, marketing, distributing and licensing sustainable technologies
      and initiatives;

	 	 
	B. 	
      The Company wishes to engage the Director to serve on the
      Company’s Board of Directors.

THIS AGREEMENT WITNESSES that in consideration of
the premises and mutual covenants contained in this Agreement and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties, intending to be legally bound, hereby agree as
follows: 

	1. 	
      ENGAGEMENT

	 	 
	1.1 	
      The Company hereby engages the Director to provide
      services in accordance with the terms and subject to the conditions of
      this Agreement and the Director hereby accepts such engagement.

	 	 
	2. 	
      TERM

	 	 
	2.1 	
      The term of the Director’s engagement shall be until the
      next annual general meeting of the Company in accordance with the
      Company’s articles (the “Term”).

	 	 
	3. 	
      SERVICES

	 	 
	3.1 	
      The Director hereby agrees to provide all services
      associated with serving as a member of the Company’s Board of Directors in
      accordance with the Company’s articles (the
  “Services”).

	3.2 	
      In providing the Services, the Director shall:

	 	 	 
		(a) 	
      comply with all applicable federal, provincial, local and
      foreign statutes, laws and regulations;

	 	 	 
		(b) 	
      not make any misrepresentation or omit to state any
      material fact that may result in a misrepresentation regarding the
      business of the Company; and

	 	 	 
		(c) 	
      not disclose, release or publish any information
      regarding the Company without its prior written
consent.

	4. 	
      RELATIONSHIP AMONG THE PARTIES

	 	 
	4.1 	
      Nothing contained in this Agreement shall be construed to
      constitute the parties as joint venturers, partners, co-owners or
      otherwise as participants in a joint undertaking.

	 	 
	5. 	
      COMPENSATION AND EXPENSES

	 	 
	5.1 	
      The Company shall reimburse the Director for any expenses
      reasonably incurred in the carrying out of the Services, if the Director
      requests and receives written approval from the Company to incur such
      expenses.

	 	 
	5.2 	
      The Director shall receive options to purchase 200,000
      shares of the Company’s common stock in accordance with Schedule “A”
      attached hereto for the Services provided pursuant to this
    Agreement.

	 	 
	6. 	
      SERVICES NOT EXCLUSIVE

	 	 
	6.1 	
      The Director agrees that he shall, at all times,
      faithfully and in a professional manner perform all of the duties that may
      be reasonably required of the him pursuant to the terms of this Agreement.
      The Company acknowledges that Director is engaged in other business
      activities, and that the Director shall be permitted to continue such
      activities during the term of this Agreement. The Director shall not be
      restricted from engaging in other business activities during the term of
      this Agreement, provided that he promptly informs the Company of any
      conflicts of interest and abstain from voting on or influencing any
      decisions affected by any conflict of interests in accordance with the
      Company’s policies.

	7. 	
      SUSPENSION AND
TERMINATION.

	7.1 	
      Force Majeure. The Company shall have the right to
      suspend or terminate this Agreement if the Director cannot perform his
      duties as a director in accordance with the Company’s articles, without
      any further obligation to the Director. The suspension of this Agreement
      shall not relieve the Director of any of his obligations hereunder or
      otherwise in connection with the Services.

	 	 
	7.2 	
      Effect of Termination. If the Company terminates
      this Agreement in accordance with the provisions hereof, the Company shall
      be released and discharged from any further liability or obligation
      whatsoever to the Director.

	 	 
	8. 	
      CONFIDENTIALITY

	 	 
	8.1 	
      The Director shall not, without prior authorization of
      the Company, at any time during the term of this agreement, or thereafter,
      disclose to any person, firm, association or corporation other than the
      directors, officers or employees of the Company, the private
  or business affairs of the Company or its
affiliated companies, or any other information of a private or confidential
nature concerning the Company or its affiliated companies including, without
limitation: 

2

a) information concerning trade
secrets, products, technology, sales literature and brochures, forms, business
policies and concepts, and contracts of the Company; 

(b) information concerning
manufacturing and production, pricing and sales policies, and marketing
techniques and concepts in respect of products and services provided or to be
provided by the Company; 

(c) names, addresses and contact
information of past, present or prospective customers, employees, shareholders,
officers, directors or associates of the company, or any person or entity having
a past, present, or prospective business relationship with the Company, and 

b) names, addresses and contact
information of past, present or prospective suppliers, consultants, lenders or
professional advisors of the Company and prices or rates charged by them 

		
      which by virtue of the Director’s position, the Director
      may obtain during the term of this Agreement, or which the Director
      obtained during the course of their former engagement with the
    Company.

	 	 
		
      The Director acknowledges that the above-mentioned
      confidential information could be used to the detriment of the Company.
      Accordingly the Director undertake to treat confidentially all such
      information and agree not to disclose it to any third party or use it for
      any purpose or reason without the express written permission of the
      Company except as may be necessary to perform their duties, whether during
      the term of this Agreement or following termination the Director’s
      engagement by the Company.

	 	 
	9. 	
      NON-SOLICITATION

	 	 
	9.1 	
      During the term of this Agreement the Director shall not
      hire or take away or cause to be hired or taken away any employee or
      consultant of the Company. For a period of twelve (12) months following
      the termination of this Agreement the Director shall not hire or take away
      or cause to be hired or taken away any employee who was in the employ of
      the Company during the twelve (12) months preceding such
    termination.

	 	 
	10. 	
      INDEMNIFICATION

	 	 
	10.1 	
      The Company agrees to indemnify and hold harmless the
      Director and its respective agents and employees, against any losses,
      claims, damages or liabilities, joint or several, to which either party,
      or any such other person, may become subject, insofar as such losses,
      claims, damages or liabilities (or actions, suits or proceedings in
      respect thereof) arise out of or are based upon any untrue statement or
      alleged untrue statement of any material fact contained in the
      registration statement, any preliminary prospectus, the prospectus, or any
      amendment or supplement thereto; or arise out of or are based upon the
      omission or alleged omission to state therein a material fact required to
      be stated therein, or necessary to make the statements therein not
      misleading; and shall reimburse the Director, or any such other person,
      for any legal or other expenses reasonably incurred by the Director, or
      any such other person, in connection with investigation or defending any
      such loss, claim, damage, liability, or action, suit or
  proceeding.

3

	10.2 	
      The Director agrees to indemnify and hold harmless the
      Company, its partners, financiers parent, affiliated and related
      companies, and all of their respective individual shareholders, directors,
      officers, employees, licensees and assigns from and against any claims,
      actions, losses and expenses (including legal expenses) occasioned by any
      breach of the Director’s representations and warranties contained in, or
      by any breach of any other provision of this Agreement by the
    Director.

	 	 
	11. 	
      MISCELLANEOUS PROVISIONS

	 	 
	11.1 	
      Time. Time is of the essence of this
    Agreement.

	 	 
	11.2 	
      Presumption. This Agreement or any section thereof
      shall not be construed against any party due to the fact that said
      Agreement or any section thereof was drafted by said party.

	 	 
	11.3 	
      Titles and Captions. All article, section and
      paragraph titles or captions contained in this Agreement are for
      convenience only and shall not be deemed part of the context nor affect
      the interpretation of this Agreement.

	 	 
	11.4 	
      Further Action. The parties hereto shall execute
      and deliver all documents, provide all information and take or forbear
      from all such action as may be necessary or appropriate to achieve the
      purposes of this Agreement.

	 	 
	11.5 	
      Good Faith, Cooperation and Due Diligence. The
      parties hereto covenant, warrant and represent to each other good faith,
      complete cooperation, due diligence and honesty in fact in the performance
      of all obligations of the parties pursuant to this Agreement. All promises
      and covenants are mutual and dependent.

	 	 
	11.6 	
      Savings Clause. If any provision of this
      Agreement, or the application of such provision to any person or
      circumstance, shall be held invalid, the remainder of this Agreement, or
      the application of such provision to persons or circumstances other than
      those as to which it is held invalid, shall not be affected
  thereby.

	 	 
	11.7 	
      Assignment. This Agreement may not be assigned by
      either party hereto without the written consent of the other.

	 	 
	11.8 	
      Notices. All notices required or permitted to be
      given under this Agreement shall be given in writing and shall be
      delivered, either personally or by express delivery service, to the party
      to be notified. Notice to each party shall be deemed to have been duly
      given upon delivery, personally or by courier, addressed to the attention
      of the officer at the address set forth heretofore, or to such other
      officer or addresses as either party may designate, upon at least ten (10)
      days written notice to the other party.

	 	 
	11.9 	
      Entire Agreement. This Agreement, including
      Schedule “A” attached hereto, contains the entire understanding and
      agreement among the parties. There are no other agreements, conditions or
      representations, oral or written, express or implied, with regard thereto.
      This Agreement may be amended only in writing signed by the
  parties.

	 	 
	11.10 	
      Waiver. A delay or failure by any party to
      exercise a right under this Agreement, or a partial or single exercise of
      that right, shall not constitute a waiver of that or any other
    right.

	 	 
	11.11 	
      Counterparts. This Agreement may be executed in
      duplicate counterparts, each of which shall be deemed an original, but all
      of which together shall constitute one and the same Agreement. In the
      event that this Agreement is signed by one party and faxed to
    another, the parties agree that a faxed signature shall be binding
  upon the parties as though the signature was an original.

4

	11.12 	
      Successors. The provisions of this Agreement shall
      be binding upon the parties, their successors and permitted
  assigns.

	 	 
	11.13 	
      Jurisdiction. The parties hereby attorn the
      exclusive jurisdiction of the provincial and federal courts located in the
      city of Vancouver, British Columbia in relation to all disputes arising
      from the Agreement.

	 	 
	11.14 	
      Counsel. The parties expressly acknowledge that
      each has been advised to seek separate counsel for advice in this matter
      and has been given a reasonable opportunity to do
so.

IN WITNESS WHEREOF this Agreement has been executed by
the parties to it, as of the day, month and year first written above: 

MANTRA VENTURE GROUP LTD. 

 

	By: /s/ Larry
      Kristof 	 	/s/
      Patrick Dodd 
	  	 	  
	Larry Kristof 	 	Patrick Dodd 
	Its: President 	 	  

5

SCHEDULE “A” 

Option Agreement 

THIS OPTION AGREEMENT
(the "Option Agreement") is entered into on May 7, 2013. 

BETWEEN 

  
    
      
        
          
            
              MANTRA VENTURE GROUP LTD., 

                a corporation under the laws
                of British Columbia having its principal business office at Suite 562, 800
                  15355 24th Ave., Surrey, British
                    Columbia, V4A 2H9. 

            

          

        

      

    

  

(the "Company")

AND 

  
    
      
        
          
            
              PATRICK DODD

            #312 1617 GRAVELY STREET 

                VANCOUVER, BC V5L 3A8 

            

          

        

      

    

  

(the “Optionee”) 

WHEREAS: 

	A. 	
      The Company has entered into a Director Agreement, dated,
      May 7, 2013 with the Optionee (the "Director Agreement"); and

	 	 
	B. 	
      In accordance with the provisions of the Director
      Agreement the Company has authorized the grant of options to the
      Optionee.

THIS AGREEMENT WITNESSES that the parties have agreed
that the terms and conditions of the relationship shall be as follows: 

	1. 	
      Grant of Option. The Company will issue to
      the Optionee the right and option, to purchase a total of 200,000 shares
      of the Company’s common stock at a price of US $0.10 per share immediately
      upon the signing of this Option Agreement (the “Options”).

	 	 
	2. 	
      Term. The Options shall terminate and will
      no longer be available for exercise the earlier
of:

(a) May 7, 2015; or 

(b) 180 calendar after resignation of
the Optionee from the Company’s board of directors. 

      
      In the event that the Options are terminated
pursuant to Section 2(b) hereof, 100,000 options shall remain available to the
Optionee for exercise until November 7, 2015. 

3.         
Non-transferability. The Options shall not be transferable except
to the Optionee’s estate, and the Options may be exercised during the lifetime
of the Optionee, only by the Optionee, or thereafter by its estate. More
particularly, but without limiting the generality of the foregoing, the Options
may not be assigned, transferred, pledged or hypothecated in any way, shall not
be assignable by operation of law, and shall not be subject to execution,
attachment or similar process. 

6

		
      Any attempted assignment, transfer, pledge, hypothecation
      or other disposition of the Options contrary to these provisions, and the
      levy of any execution, attachment or similar process on the Options, shall
      be null and void.

	 	 	 
	4. 	
      Optionee. In consideration of the granting
      of the Options, and regardless of whether or not the Options shall be
      exercised, the Optionee will devote the agreed upon time, energy and skill
      to the service of the Company or one or more of its subsidiaries in
      accordance with the Management Agreement.

	 	 	 
	5. 	
      Method of Exercising Option.

	 	 	 
		(a) 	
      Subject to the terms and conditions of this Agreement,
      the Optionee may exercise the Options by sending a written notice to the
      Company, mailed or personally delivered to the Company at the following
      address: Suite 562, 800 15355 24th
      Ave., Surrey, British Columbia, V4A
      2H9.. Such notice shall state the election to exercise the
      Options and the number of shares in respect of which it is being
      exercised, and shall be signed by the Optionee. The notice shall be
      accompanied by payment of the full exercise price of the shares by
      certified cheque, bank draft or money order unless the Options are
      exercised on a cashless basis. The Company shall issue for the Optionee’s
      collection, a certificate or certificates representing the shares within
      14 days after receiving the notice. Upon exercising the Options, the
      Optionee may be required by the Company to make certain representations so
      that the issuance of shares pursuant to the Options will fall within
      exemptions from securities regulations.

	 	 	 
		(b) 	
      The certificate or certificates for the shares as to
      which the Options shall have been exercised shall be registered in the
      name of the Optionee and shall be delivered as provided above to or on the
      written order of the Optionee. All shares that shall be purchased on the
      exercise of the Options as provided in this Agreement shall be fully paid
      and non-assessable. The certificates representing any shares issued upon
      exercise of the Options may contain a restrictive legend.

	 	 	 
		(c) 	
      The Options may be exercised at a price of US$0.10
      per share (the “Purchase Price”).

	 	 	 
	6. 	
      Changes in Capital Structure. If all or any
      portion of the Options shall be exercised subsequent to any share
      dividend, split-up, recapitalization, merger, consolidation, combination
      or exchange of shares, separation, reorganization or liquidation occurring
      after the date of this Agreement, as a result of which shares of any class
      shall be issued in respect of outstanding common shares, or common shares
      shall be changed into the same or a different number of shares of the same
      or another class or classes, the person or persons so exercising the
      Options shall receive the aggregate number and class of shares which, if
      common shares (as authorized at the date of this Agreement) had been
      purchased at the date of this Agreement for the same aggregate price (on
      the basis of the price per share set forth in Section 5 of this Agreement)
      and had not been disposed of, such person or persons would be holding, at
      the time of such exercise, as a result of such purchase and all such share
      dividends, split-ups, recapitalizations, mergers, consolidations,
      combinations or exchanges of shares, separations, reorganizations or
      liquidations; provided, however, that no fractional share be issued on any
      such exercise, and the aggregate price paid shall be appropriately reduced
      on account of any fractional share not issued.

7

	7. 	
      Reservation of Shares to Satisfy Option.
      The Company shall at all times during the term of the Options reserve and
      keep available such number of common shares as will be sufficient to
      satisfy the requirements of this Agreement.

	 	 	 
	8. 	
      Representations of the Optionee

	 	 	 
		(a) 	
      The Optionee understands and acknowledges that (a) the
      Options are being offered without a prospectus pursuant to the exemptions
      from registration found in Regulation S of the Securities Act of 1993, as
      amended (the "Securities Act"), (b) the Optionee has reviewed the
      confidential business plan of the Company or such other material documents
      of the Company as the Optionee has deemed necessary or appropriate for
      purposes of purchasing the Options, including this subscription agreement
      (collectively, the "Offering Documents"); and (c) this transaction has not
      been reviewed or approved by the United States Securities and Exchange
      Commission or by any regulatory authority charged with the administration
      of the securities laws of any state or foreign country.

	 	 	 
		(b) 	
      The Optionee either (i) has a preexisting personal or
      business relationship with the Company or its controlling persons, such as
      would enable a reasonably prudent Optionee to be aware of the character
      and general business and financial circumstances of the Company or its
      controlling persons, or (ii) by reason of the Optionee's business or
      financial experience, individually or in conjunction with the Optionee's
      unaffiliated professional advisors who are not compensated by the Company
      or any affiliate or selling agent of the Company, directly or indirectly,
      is capable of evaluating the merits and risks of an investment in the
      Options, making an informed investment decision and protecting the
      Optionee's own interests in connection with the transactions contemplated
      hereby.

	 	 	 
		(c) 	
      The Optionee understands and has fully considered for
      purposes of this investment the risks of this investment and understands
      that (i) this investment is suitable only for an Optionee who is able to
      bear the economic consequences of losing the Optionee's entire investment;
      (ii) the Company is a start-up enterprise with no significant operating
      history; (iii) the purchase of the Options is a speculative investment
      which involves a high degree of risk of loss by the Optionee of the
      Optionee's entire investment, and (iv) there are substantial restrictions
      on the transferability of, and there will be no public market for, the
      Options, and accordingly, it may not be possible for the Optionee to
      liquidate the Optionee's investment in the Options.

	 	 	 
		(d) 	
      The Optionee is able (i) to bear the economic risk of
      this investment, (ii) to hold the Options for an indefinite period of
      time, and (iii) to afford a complete loss of the Optionee's investment;
      and represents that the Optionee has sufficient liquid assets so that the
      lack of liquidity associated with this investment will not cause any undue
      financial difficulties or affect the Optionee's ability to provide for the
      Optionee's current needs and possible financial contingencies.

	 	 	 
		(e) 	
      The Optionee, in making the Optionee's decision to
      acquire the Options, has relied solely upon independent investigations
      made by the Optionee and the representations and warranties of the Company
      contained herein and the Optionee has been given (i) access to all
      material books and records of the Company; (ii) access to all material
      contracts and documents relating to this offering; and (iii) an
      opportunity to ask questions of, and to receive answers from, the
      appropriate executive officers and other persons acting on behalf of the
      Company concerning the Company and the terms and conditions of this
      offering, and to obtain any additional information, to the extent such
      persons possess such information or can acquire it without unreasonable
      effort or expense, necessary to verify the accuracy of the information.
      The Optionee acknowledges that no valid request to the Company by the
      Optionee for information of any kind about the Company has been refused or
      denied by the Company or remains unfulfilled as of the date
  thereof.

8

	 	(f) 	
      The Optionee has carefully considered this Option
      Agreement. In evaluating the suitability of an investment in the Company,
      the Optionee has not relied upon any representations or other information
      (whether oral or written) other than as set forth in this agreement or as
      contained in any documents or answers to questions furnished by the
      Company.

	 	 	 
	 	(g) 	
      All of the information set forth on the cover page of
      this Agreement indicated as applicable to the Optionee, is true and
      correct in all respects.

	 	 	 
	 	(h) 	
      The Options are being acquired by the Optionee solely for
      the Optionee's own personal account, for investment purposes only, and not
      with a view to, or in connection with, any resale or distribution thereof;
      the Optionee has no contract, undertaking, understanding, agreement or
      arrangement, formal or informal, with any person to sell, transfer or
      pledge to any person the Options for which the Optionee hereby subscribes,
      or any part thereof, any interest therein or any rights thereto; the
      Optionee has no present plans to enter into any such contract,
      undertaking, agreement or arrangement; and the Optionee understands the
      legal consequences of the foregoing representations and warranties to mean
      that the Optionee must bear the economic risk of the investment for an
      indefinite period of time because the Options have not been registered
      under the Securities Act and applicable state securities laws and,
      therefore, cannot be sold unless they are subsequently registered under
      the Securities Act and applicable state securities laws (which the Company
      is not obligated, and has no current intention, to do) or unless an
      exemption from such registration is available.

	 	 	 
	 	(i) 	
      The Optionee has not engaged any broker, dealer, finder,
      commission agent or other similar person in connection with the offer,
      offer for sale, or sale of the Options and is not under any obligation to
      pay any broker's fee or commission in connection with the Optionee's
      investment.

	9. 	
      Counterparts. This Agreement may be signed
      in counterparts, each of which so signed shall be deemed to be an original
      (and each signed copy sent by electronic facsimile transmission shall be
      deemed to be an original), and such counterparts together shall constitute
      one and the same instrument and notwithstanding the date of execution,
      shall be deemed to bear the date as set forth
above.

IN WITNESS WHEREOF this Agreement has been executed by
the parties to it, as of the day, month and year first written above: 

MANTRA VENTURE GROUP LTD. 

	Per: /s/ Larry
      Kristof                                           
      	 	  
	Larry Kristof 	 	/s/ Patrick
      Dodd                               
       
	Its: President 	 	Patrick Dodd 

9

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