Document:

Enertopia Corporation: Exhibit 10.1 - Filed by newsfilecorp.com

Enertopia Corporation 
950-1130 West
Pender Street 
British Columbia, Canada V6E 4A4 

CONFIDENTIAL 

March 4, 2016 

xxxxxxx 
xxxxxxxxx 
xxxxxxxxx 
xxxxxxxx 

Attention: XXXXX 

Dear: XXXX 

	Re: 	Letter of Intent 

This Letter of Intent ("LOI") dated March 4, 2016,
supersedes Letter of Intent dated February 29, 2016, shall set forth the basic
terms and understanding of the recent discussions between Enertopia Corporation
and/or its wholly-owned subsidiary ("Enertopia" or the
“Purchaser”) and XXXXX ("XXX" or the “Seller”)
(collectively, the "Parties") with regard to the acquisition (the
"Acquisition") by Enertopia of a 100% interest in the business of XXX
being all assets pertaining to the business of producing, manufacturing,
importing/exporting, testing, researching and developing, intellectual property,
inventory, all equipment, permits, files and records containing technical
support and all other information and contents pertaining to the operation of
the business of XXX’s vitamin/nutritional supplement products listed in Schedule
A hereto (the "Business"). The parties intend this LOI to be binding and
enforceable, and that it will insure the benefit of the parties and their
respective successors and assigns. 

	 	1. 	
      Purchased Assets. At the closing, the Purchaser
      will purchase substantially all of the assets associated with the
      Business, including all inventories, all intellectual property, all
      accounts and notes receivable, all contracts and agreements, all
      equipment, all legally assignable government permits, and certain
      documents, files and records containing technical support and other
      information pertaining to the operation of the Business.

	 	 	 
	 	2. 	
      Assumed Liabilities. The Purchaser will assume as
      of the closing date only those liabilities and obligations (i) arising in
      connection with the operation of the Business by the Purchaser after the
      closing date of the Acquisition, and (ii) arising after the closing date
      in connection with the performance by the Purchaser of the contracts and
      agreements associated with the Business. For greater certainty the
      Purchaser will not assume any liabilities of the Business incurred prior
      to the closing of the Acquisition. For further clarity, the Seller will
      bear no responsibility whatsoever after the closing date of the
      Acquisition for the future operation of the Business by the Purchaser or
      future success or financial results or liabilities for that matter, where
      the Purchaser is buying the Business entirely as it is and assumes total
      control of its operations.

	 	 	 
	 	3. 	
      Financials. The Seller will assume the
      responsibility for providing financials for the Purchaser with the
      necessary due diligence needed under the Definitive Purchase Agreement (as
      hereinafter defined) and in order to satisfy the Purchaser’s regulatory
      obligations in regards to the acquisition of the Business. Such financial statements may be
      required to be audited or reviewed pursuant to applicable regulatory
      requirements. Purchaser will pay the fees on the review of the financial
  statements.

	 	4. 	
      Marketing Plan. The Seller will assume the
      responsibility of providing its detailed marketing plan on all operations
      relating to XXX.

	 	 	 
	 	5. 	
      Intellectual Property. The Seller will provide all
      documentation on all current and in development and future development of
      XXX products.

	 	 	 
	 	6. 	
      Purchase Price. The purchase price will be for a
      total consideration of $350,000 (the "Purchase Price") payable as
      set forth in Section 7 below.

	 	 	 
	 	7. 	
      Acquisition Structure. In accordance with the
      terms of a Definitive Purchase Agreement to be entered into between
      Purchaser and Seller (the "Definitive Purchase Agreement"),
      Purchaser will acquire a 100% ownership interest and operations in the
      Business (the "Ownership Interest") upon the signing of the
      Definitive Purchase Agreement. The Purchase Price shall be payable as
      follows:

	 	a. 	
      Purchaser will pay to Seller, on the date of closing of
      the Definitive Purchase Agreement (the "Closing Date"), the amount
      of $300,000 in cash;

	 	 	 
	 	b. 	
      On or before six months after the closing of the
      Definitive Purchase Agreement Purchaser shall make a cash payment of
      $25,000;

	 	 	 
	 	c. 	
      On or before the first anniversary of the closing of the
      Definitive Purchase Agreement, Purchaser shall make a final cash payment
      for $25,000

	 	8. 	
      Pre-Closing Covenants. The Parties will use their
      reasonable best efforts to obtain all necessary third-party and government
      consents (including all certificates, permits and approvals required in
      connection with the Sellers’ operation of the Business). The Seller will
      continue to operate the Business consistent with past practice. The
      Parties agree to prepare, negotiate and execute the Definitive Purchase
      Agreement which will reflect the terms set forth in this letter agreement,
      and will contain customary representations and warranties.

	 	 	 
	 	9. 	
      Warranties.

	 	a. 	
      XXX warrants that it is a company duly incorporated and
      in good standing under the laws of the State of Delaware.

	 	 	 
	 	b. 	
      XXX warrants that the Business possesses all requisite
      authorizations and approvals to operate lawfully in the
      vitamin/nutritional supplement products business
sector.

	 	10. 	
      Indemnification. The Seller represents and
      warrants to the Purchaser that it will not incur any liability in
      connection with the consummation of the acquisition of the Business to any
      third party with whom the Seller or its agents have had discussions
      regarding the disposition of the Business, and the Seller agrees to
      indemnify, defend and hold harmless the Purchaser, its officers,
      directors, stockholders, lenders and affiliates from any claims by or
      liabilities to such third parties, including any legal or other expenses
      incurred in connection with the defense of such claims. The covenants
      contained in this Section 10 will survive the termination of this
    LOI.

	 	11. 	
      Definitive Purchase Agreement. Acceptance of this
      LOI shall be followed by the negotiation and acceptance of the Definitive
      Purchase Agreement which shall incorporate the terms and conditions of
      this LOI and such other terms, conditions, representations and warranties
      as are customary for transactions of this nature or as may be reasonably
      requested by the Parties including provisions relating to the transfer,
      sale or other disposition of an ownership interest by a Party and
      governance and operation of the Business. This LOI does not set forth all
      of the matters upon which agreement must be reached in order for the
      proposed transaction to be consummated.

	 	 	 
	 	12. 	
      Transition Training. The Definitive Purchase
      Agreement will provide for the implementation of transition
      training/handover period for up to ninety (90) days for a certain
      consultant of XXX.

	 	 	 
	 	13. 	
      Non-compete Agreement. XXX agrees as a part of the
      Definitive Purchase Agreement, the authorized partners will permanently
      restrict into infinity the continued use of the private label vitamin
      supplement brands marketed by the business and further restrict for two
      years the supplier of these private label vitamin supplement branded
      products from providing any product to the Seller and/or authorized
      partners.

	 	 	 
	 	14. 	
      Binding Nature. It is understood that the
      execution of this LOI will create legal obligations and liabilities of the
      Parties.

	 	 	 
	 	15. 	
      Conditions to Obligation. The Purchaser and the
      Seller will be obligated to consummate the acquisition of the Business
      unless the Purchaser has failed to obtain, despite the parties' reasonable
      best efforts, all certificates, permits, financing and approvals that are
      required in connection with Purchaser's operation of the
  Business.

	 	 	 
	 	16. 	
      Conditions Precedent. Execution of the Definitive
      Purchase Agreement shall be conditional upon:

	 	a. 	
      Due Diligence. Completion of a satisfactory due
      diligence review by each of Enertopia and XXX which due diligence review
      shall be completed or this condition waived on or before execution of the
      Definitive Purchase Agreement; and

	 	 	 
	 	b. 	
      Board Approval. Approval by the board of directors
      of Enertopia prior to execution of the Definitive Purchase
    Agreement.

	 	17. 	
      Exclusive Dealing. During the period commencing on
      the closing date, March 9, 2016, of this LOI until April 15, 2016 (the
      "Exclusivity Period"), the Seller will not enter into any
      agreement, discussion, or negotiation with, or provide information to, or
      solicit, encourage, entertain or consider any inquiries or proposals from,
      any other corporation, fire or other person with respect to (a) the
      possible disposition of a material portion of the Business, or (b) any
      business combination involving the Business, whether by way of merger,
      consolidation, share exchange or other transaction. Exclusivity period may
      be extended for an additional 15 days by the Purchaser pending financial
      review completion.

	 	 	 
	 	18. 	
      Expenses. Each Party shall be responsible for such
      Party's own costs and charges incurred with respect to the transactions
      contemplated herein including, without limitation, all costs and charges
      incurred prior to the date of this LOI and all legal and accounting fees
      and disbursements relating to preparing the Agreement or otherwise
      relating to the Acquisition.

	 	19. 	
      Access to Information. Upon acceptance of this LOI
      and until the earlier of completion of the Transaction or the Termination
      Date, each of Enertopia and XXX will allow the other and their authorized
      representatives, including legal counsel and consultants, full, free and
      unfettered access to all information, books or records of such party
      including, but not limited to, all existing data regarding the Business in
      the possession of XXX, for the purpose of the transactions contemplated
      herein. Each of Enertopia and XXX agree that all information and documents
      so obtained will be kept confidential and the contents thereof will not be
      disclosed to any person without the prior written consent of the other,
      all as further set out in Section 20 hereof, provided however, that XXX
      acknowledges that Enertopia has certain disclosure obligations pursuant to
      securities regulatory requirements and the policies of the Canadian
      Securities Exchange.

	 	 	 
	 	20. 	
      Confidentiality.

	 	a. 	
      Each of Enertopia and XXX acknowledge that each will be
      providing to the other information that is non-public, confidential, and
      proprietary in nature (the "Confidential Information"). Each of
      Enertopia and XXX (and their respective affiliates, representative, agents
      and employees) will keep the Confidential Information confidential and
      will not, except as otherwise provided below, disclose such information or
      use such information for any purpose other than for negotiation of the
      Definitive Agreement and the evaluation and consummation of the
      Acquisition provided however that this provision shall not apply to
      information that: (i) becomes generally available to the public absent any
      breach of this provision; (ii) was available on a non-confidential basis
      to a Party prior to its disclosure pursuant to this LOI; or (iii) becomes
      available on a non-confidential basis from a third party who is not bound
      to keep such information confidential.

	 	 	 
	 	b. 	
      Each Party hereto agrees that it will not make any public
      disclosure except in the case of regulatory compliance due to the public
      reporting requirements for the existence of this LOI or of any of its
      terms without first advising the other party of the proposed disclosure,
      unless such disclosure is required by applicable law or regulation, and in
      any event the Party contemplating disclosure will inform the other Party
      of and obtain its consent to the form and content of such disclosure,
      which consent shall not be unreasonably withheld or delayed.

	 	 	 
	 	c. 	
      Each Party hereto agrees that immediately upon any
      discontinuance of activities by either party such that the Transaction
      will not be consummated, each Party will return to the other all
      Confidential Information.

	 	21. 	
      Conduct of Business. During the period during
      which this LOI remains in effect, XXX will conduct its business in a
      reasonable and prudent manner in accordance with past practices, preserve
      its existing business organization and relationships, preserve and protect
      its properties and conduct its business in compliance with all applicable
      laws and regulations.

	 	 	 
	 	22. 	
      Termination. In the event that this LOI is not
      superseded by the Agreement on or before April 15, 2016, or such other
      date the Parties may agree to, the terms of this LOI will be of no further
      force or effect except for Section 18 and 20.

	 	23. 	
      Governing Law. This LOI shall be construed in all
      respects under and be subject to the laws of the State of Nevada and the
      laws of the United States applicable therein which are applicable to
      agreements entered into and performed within the state of
Nevada.

	 	 	 
	 	24. 	
      Execution. This LOI may be executed in one or more
      counterparts and a facsimile or PDF counterpart of this LOI bearing the
      signature of a Party hereto shall be effective for all purposes and
      binding on each Party hereto.

If you are in agreement with the foregoing, please confirm that
this letter accurately sets forth your understanding of the terms of the
proposed Acquisition and the other matters set forth herein, by signing a copy
of this letter below and returning it to us prior to 5:00 p.m. (Pacific Standard
Time) on March 9, 2016 failing which this letter will be null and void.

Yours very truly, 

ENERTOPIA CORPORATION 

	Per: 	 
		Authorized Signatory 

THIS LETTER OF INTENT is hereby accepted on the terms
and conditions set forth herein this 9th day of March, 2016: 

XXXXX

	Per: 	 
	Authorized Signatory 
	  
	  
	Per: 	 
	Authorized Signatory

Schedule A 

All assets pertaining to XXXXX plus any other products under
development, including but not limited to the following: 

INVENTORY
All XXXXX inventory 

FURNITURE/FIXTURES & EQUIPMENT 
Website 

Domains 
Need complete list 

PRODUCTS 
Includes all current products listed plus all
products under development itemized under the Definitive 
Purchase Agreement.

INTELLECTUAL PROPERTY 
Need complete list of trademarks if
any 
Patent applications if any 
Formulations 
Marketing plan if any

Trademarks & design if any 
Domains + Social Media
Properties 
Proprietary Software if any 

Existing customers + emails 
-All current XXXXX
customers 
-All emails in database (existing customers + prospects) if anyExhibit 10.1 

 

Executive
Employment Agreement

 

	EFFECTIVE DATE:	This Executive Employment Agreement (this “Agreement”) is dated as of March 7, 2016
	 	(the “Effective Date”)
	 	 
	PARTIES:	Stillwater Mining Company 
	 	26 W Dry Creek Circle, Suite 400
	 	Littleton, CO 80120
	 	(“Employer”)
	 	 
	 	Kristen K. Koss
	 	PO Box 768
	 	Columbus, MT 59019
	 	(“Executive”)

 

Recitals

 

A.               
Employer is principally engaged in the business of mining and processing ores from its Montana operations containing
palladium, platinum, rhodium, gold, silver, copper and nickel.

 

B.                
Executive is a Human Resources professional with extensive experience in the mining industry.

 

C.               
Employer has extended an offer of employment to Executive subject to the terms and conditions set forth in this Agreement.
Executive accepts employment on the terms, covenants, and conditions set forth in this Agreement.

 

Agreement

 

In consideration of
the foregoing recitals and the covenants and promises contained in this Agreement, and for other good and valuable consideration,
the receipt and sufficiency of which are acknowledged, the Employer and the Executive agree as follows:

 

Article I.

Definitions and Interpretation

 

1.1                   
Definitions. In addition to the terms defined in the preamble and Recitals
to this Agreement and in the body of this Agreement, as used in this Agreement, the following terms shall have the following meanings:

 

“Cause”
shall mean (1) any gross misconduct, negligence, or omission by Executive; (2) Executive’s material failure or
refusal to adhere to the terms of this Agreement or to Employer’s written policies, rules and practices applicable to Executive;
(3) Executive’s unauthorized disclosure of Confidential Information (defined below) or breach of the Confidentiality provisions
contained herein; (4) a material act or acts of dishonesty by Executive involving the Employer; (5) conduct of Executive which
is materially injurious to the Employer, monetarily or otherwise; or (6) commission by Executive of a criminal offense that, if
committed in the State of Montana, would have constituted a felony under the laws of the State of Montana or the United States.

 

     

     

    

“Good Reason”
shall mean a special right of Executive to terminate employment at her initiative within 6 months following the occurrence, without
Executive’s written consent, of one or more of the following events (except as a result of a prior termination), provided
that Executive has provided Employer with notice of such event within 90 days of its initial existence and Employer has not remedied
such condition within 30 days of such notice:

 

(a)               
a material diminution or change, adverse to Executive, in Executive’s positions, titles, status, rank, nature of responsibilities,
or authority with Employer (including the non-renewal of this Agreement by the Employer);

 

(b)              
a material decrease in Executive’s annual Base Salary, or a decrease in the target bonus award opportunities described
in Article V of this Agreement (other than an across-the-board reduction on a percentage basis for all Named Executive Officers);

 

(c)               
a material reduction in the aggregate benefits for which Executive is eligible under the Employer’s benefit plans
(other than an across-the-board reduction in the aggregate benefits for all Named Executive Officers); or

 

(d)              
Employer requiring Executive to relocate outside of the State of Montana.

 

“Named Executive
Officers” means those persons designated as such in the Employer’s then-current proxy statement, as amended by
subsequent filing.

 

“Underperformance”
shall mean Executive’s failure to meet the performance expectations and standards customary for the Vice President, Human
Resources and Safety position in a U.S. public company or as set forth in this Agreement.

 

1.2                   
Interpretation. Unless a clear contrary intention appears, as used in this Agreement (a) the singular includes
the plural and vice versa, (b) reference to any document means such document as amended from time to time, (c) “include”
and “including” means including without limiting the generality of any description preceding such term, (d) the
word “or” is not exclusive, unless otherwise expressly stated, (e) the terms “hereof,” “herein,”
“hereby,” and derivative or similar words refer to this entire Agreement, and (f) headings are for convenience
only and do not constitute a part of this Agreement.

 

Article II.

Employment Duties.

 

Employer shall employ
Executive as its Vice President, Human Resources and Safety, and Executive shall reside and work in Montana, and accepts employment
under the terms and conditions set forth in this Agreement. Executive shall be responsible for performing the business and professional
services typically performed by the Vice President, Human Resources and Safety of any company, or as may reasonably be assigned
to her by Employer’s Board of Directors (“Board”), subject to the general and customary supervision by
the Board.

 

    2 

     

    

Article III.

Full-Time Best Efforts.

 

3.1                   
Full-Time Best Efforts. Executive shall devote the professional time and attention required to perform Executive’s
obligations under this Agreement, and shall at all times faithfully, industriously and to the best of Executive’s ability,
experience and talent perform all of Executive’s obligations under this Agreement. Until this Agreement is terminated, Executive
shall not be employed or engaged by any other person or firm other than Employer unless otherwise provided for in the Employer’s
policies or authorized by the Board.

 

3.2                   
No Conflicting Obligations. Executive represents and warrants to the Employer that she is under no obligation or commitment,
whether contractual or otherwise, that is inconsistent with her obligations under this Agreement. Executive represents and warrants
that she will not use or disclose, in connection with her employment by the Employer, any trade secrets or other proprietary information
or intellectual property in which Executive or any other person has any right, title, or interest and that her employment by the
Employer as contemplated by this Agreement will not infringe or violate the rights of any other person or entity. Executive represents
and warrants to the Employer that she has returned all property and confidential information belonging to any prior employers.

 

Article IV.

Term and Termination.

 

4.1       
Term. The term of this Agreement shall begin on the Effective Date and continue until 11:59 p.m. on March 6, 2017 (“Employment
Term”). This Agreement may be renewed for successive one-year terms upon written agreement of both parties no later than
thirty (30) days prior to the end of the term.

 

4.2                   
Termination. Notwithstanding Section 4.1:

 

		(a)	This Agreement may be terminated by the agreement of the Employer and the Executive.

 

		(b)	This Agreement and the Executive’s employment shall terminate immediately upon Executive’s
death.

 

		(c)	This Agreement shall terminate on the date on which the Executive will have had a disability (which
is defined to mean any mental or physical condition as a result of which the Executive is unable or fails to perform the duties
required of the Executive under this Agreement (“Disability”)) for a period of at least ninety days (which need not
be consecutive) during any twelve month period, with the date of the termination of the Executive’s employment under this
Agreement being the last date of the ninety day period, due to the Executive’s failure to perform the duties required of
the Executive under this Agreement. During any period of disability the Executive must exhaust available vacation and sick leave.

 

    3 

     

    

		(d)	Employer may terminate this Agreement immediately upon notice for Cause.

 

		(e)	Upon 30 days’ written notice to Executive and Executive’s failure to cure during the
30-day notice period, Employer may terminate this Agreement for Executive’s Underperformance.

 

		(f)	Executive may terminate this Agreement upon 60 days’ written notice to Employer with
or without Good Reason.

 

		(g)	Upon termination of Executive’s employment under this Agreement, Employer shall have no further
obligation to Executive except as specifically provided under this Agreement. Executive shall return to Employer any and all equipment,
client, project and investor information including, without limitation, confidential files, proprietary information, client files,
investor information, project files, construction files, electronic equipment, vehicles, keys, credit cards, and the like, owned
by Employer and used by, or in the possession of, Executive.

 

Article V.

Compensation and Benefits

 

5.1                   
Base Salary. Employer shall pay Executive an annual salary of $230,000 (the “Base Salary”) in accordance
with Employer’s regular payroll practices. This Base Salary is subject to periodic review and adjustment, provided, however,
that the Base Salary will not be decreased other than an across-the-board reduction on a percentage basis for all Named Executive
Officers.

 

5.2                   
Short-Term Incentive Program. 

 

(a)               
Executive will be eligible to participate in Employer’s Short-Term Incentive Program (“STIP”),
which will provide Executive the opportunity to earn a target bonus of 55% (and a maximum of 110%) of the Base Salary for each
calendar year of the Employment Term starting in 2016.

 

(b)              
The award is earned annually and is based upon achievement of performance targets established and approved by the Board
annually. Except as otherwise provided in this Agreement, Executive must be employed by Employer on the last day of the designated
performance period in order to be entitled to payment of any STIP bonus.

 

5.3                   
Long-Term Incentive Plan.

 

(a)               
Executive will be eligible to participate in Employer’s Long-Term Incentive Plan (“LTIP”), providing
an opportunity for Executive to earn a grant of equity instruments with a target value of 50% of the Base Salary for each calendar
year of the Employment Term starting in 2016, which may include time and performance based awards as determined by the Compensation
Committee annually.

 

    4 

     

    

(b)              
The terms and conditions of each LTIP grant (including performance targets) will be set forth in an annual award agreement
approved by the Board, and (if applicable) subject to the Employer’s 2012 Equity Incentive Plan. Such terms and conditions
will include provisions for complete or partial payout of an LTIP award in the event of Executive’s death or separation from
service due to disability, termination for Good Reason, termination for Underperformance, termination following a Change in Control
(as defined in the LTIP), or (under certain circumstances) expiration of this Agreement without renewal.

 

5.4                   
Business Expenses. Employer shall reimburse Executive for any business-related expenses approved pursuant to Employer’s
policy.

 

5.5                   
Fringe Benefits. The Executive shall be entitled to participate in any plans, arrangements or distributions by the Employer
pertaining to or in connection with any health insurance, pension, retirement and profit sharing plans or benefits which the Employer
adopts for the senior management executives of the Employer (the “Fringe Benefits”) on terms no less favorable
than provided to other Named Executive Officers. The Executive will be subject to all of the rules of the Employer’s plans
providing the Fringe Benefits, including without limitation, rules regarding participation and vesting.

 

5.6                   
Vacation. Executive shall be entitled to six weeks of paid vacation per year.

 

Article VI. 

Severance
Payments and Benefits

 

6.1                   
Employer’s Termination of Executive for Cause or Executive’s Resignation without Good Reason. In the event
that Employer terminates Executive’s employment for Cause or Executive resigns without Good Reason, Employer shall pay Executive
any accrued but unpaid Base Salary through the date of termination or resignation, all accrued but unused vacation earned through
the date of termination or resignation, and any reimbursement of expenses owed pursuant to this Agreement on the Employer’s
next regularly scheduled pay day. Executive will not be eligible for any STIP and LTIP award payments for the year in which Executive’s
employment terminates for Cause or Executive resigns without Good Reason, and unvested equity awards shall be forfeited on the
date of termination or resignation.

 

6.2                   
Termination due to Executive’s Death or Disability. In the event that Executive’s employment terminates
for Death or Disability, Employer shall pay Executive or her estate the following amounts:

 

(a)               
all accrued but unpaid Base Salary through the date of termination will be paid on the Employer’s next regularly scheduled
pay day after termination;

 

    5 

     

    

(b)              
a pro rata portion (equal to the number of days in the year through the date of termination relative to the total number
of days in the year) of Executive’s STIP bonus for the year in which employment terminates, paid no later than March 15th
of the following year and based on achievement of the established performance targets;

 

(c)               
all accrued but unused vacation earned through the date of termination will be paid on the Employer’s next regularly
scheduled pay day after termination; and

 

(d)              
any reimbursement of expenses owed pursuant to this Agreement will be paid on the Employer’s next regularly scheduled
pay day after termination.

 

6.3                   
Employer’s Termination of Executive for Underperformance or Executive’s Resignation for Good Reason. In
the event that Employer terminates Executive’s employment for Underperformance or Executive resigns for Good Reason, Employer
shall pay Executive the following severance benefits upon execution of a complete release in favor of Employer, its affiliates,
and all of their respective officers, directors, employees, principals, managers, partners, members, attorneys, and representatives,
in form and substance satisfactory to the Employer:

 

(a)               
all accrued but unpaid Base Salary through the date of termination or resignation will be paid on the Employer’s next
regularly scheduled pay day after termination or resignation;

 

(b)              
all accrued but unused vacation earned through the date of termination or resignation will be paid on the Employer’s
next regularly scheduled pay day after termination or resignation;

 

(c)               
any reimbursement of expenses owed pursuant to this Agreement will be paid on the Employer’s next regularly scheduled
pay day after the expenses have been approved;

 

(d)              
an amount equal to two times the Base Salary in effect at the time of the resignation to be paid out in 24 equal monthly
installments commencing on the 1st day of the month following the 3 month anniversary of the termination date and continuing on
the 1st day of each month thereafter until paid in full (subject, however, to delay as provided in Section 13.11 of this Agreement);

 

(e)               
an amount equal to two times the average of her target and actual STIP award for the calendar year immediately preceding
the resignation to be paid out in 24 equal monthly installments commencing on the 1st day of the month following the 3 month anniversary
of the termination date and continuing on the 1st day of each month thereafter until paid in full (subject, however, to delay as
provided in Section 13.11 of this Agreement; and

 

(f)               
an amount equal to 18 months of Executive’s cost to continue group medical coverage pursuant to the federal law commonly
known as COBRA, 29 U.S.C. §1162, et seq., provided that Executive is eligible for and elects such continuation coverage,
and provided that such amount will be subject to all required federal and state deductions and withholdings.

 

    6 

     

    

Article VII. 

Withholding
Tax

 

The Employer shall
be entitled to withhold from the Base Salary and any other amounts that it pays to Executive under this Agreement or otherwise,
an amount sufficient to satisfy all federal, state and local income and employment tax withholding requirements with respect to
any and all amounts paid to Executive by Employer.

 

Article VIII. 

Indemnification

 

The Employer will hold
harmless, indemnify, and provide a defense to Executive to the fullest extent permitted by Montana law with respect to any claims,
actions, suits, or proceedings, brought against Executive, in any jurisdiction, by reason of, or arising out of, Executive’s
service as, or the performance of Executive’s duties as, an employee, director, officer, and/or agent of the Employer, provided
that such claims, actions, suits, or proceedings are not found by a court or arbitrator to have arisen out of Executive’s
willful misconduct or gross negligence. The Employer will pay, and subject to any legal limitations, advance all costs, expenses,
and losses, including without limitation reasonable attorneys’ fees, costs of settlements, and consequential damages, actually
and necessarily incurred by Executive in connection with the defense of any such claims, actions, suits, or proceedings, and in
connection with any appeal thereof.

 

Article IX. 

Directors’
and Officers’ Insurance

 

The
Employer will obtain and maintain directors’ and officers’ liability insurance coverage in an amount equivalent to
that of a well-insured similarly situated company. Any directors’ and officers’ liability insurance covering Executive
will continue to apply following the period in which Executive is serving as officer or director of the Employer for actions or
omissions during the period in which Executive was acting as officer or director.

 

Article X.

Confidential Information

 

10.1               
Confidential Information. “Confidential Information” as used in this Agreement shall mean any and all communications,
information, records, documents, material, data or ideas regarding the Company, including, without limitation, lists of customers;
names, addresses, electronic mail addresses and telephone numbers of customers; customer account information; lists of expiration
dates of insurance policies sold to customers; financial models and spreadsheets; project development plans and specifications;
partnership agreements and legal documents; corporate information and proprietary data as well as future development plans; and
any communication with investors, prospective investors, partners, developers, architects, engineers, contractors, lenders, consultants
or any other service providers. Information disclosed to the Employee by the Employer or learned by the Employee in the course
of the Employee’s employment with the Employer shall be considered Confidential Information by the Employee unless the information
is conspicuously designated as “Not Confidential” or, if provided orally, identified as not confidential at the time
of disclosure.

 

    7 

     

    

10.2               
Nondisclosure and Nonuse Obligation. The
Employee shall not disseminate or in any way disclose any Confidential Information to any person, agency, department, firm or business,
provided, the Employee may disclose Confidential Information to other employees of the Employer, including, without limitation,
officers, accountants, attorneys, and directors of the Employer. Notwithstanding any other provision of this Agreement, this Agreement
shall not apply to any Confidential Information: (i) to the extent disclosure is required by law or is necessary to establish the
rights of either party to this Agreement; (ii) disclosure of which is authorized in writing by the Employer; or (ii) that is in
the public domain or becomes part of the public domain through no violation of this Agreement. The Employee shall promptly give
notice to the Employer of any unauthorized use or disclosure of any Confidential Information. The Employee shall assist the Employer
in remedying any unauthorized use or disclosure of any Confidential Information.

 

Article XI.

Competition, Non-Solicitation and Disclosure of Outside Activity

 

11.1               
Competition. From and after the termination of Executive’s employment with Employer (the “Termination
Date”) until the second anniversary of the Termination Date (the “Two-Year Period”), Executive may
compete with Employer and own, operate, manage, control, engage in, participate in, invest in, hold any interest in, assist, aid,
act as a consultant to or otherwise advise in any way, be employed by or perform any services (alone or in association with any
person) for, any person (or on behalf of Executive) that engages in or owns, invests in, operates, manages or controls any venture
or enterprise that directly competes with Employer. If Executive, without the prior approval of the Employer, competes with Employer
or owns, operates, manages, controls, engages in, participates in, invests in, holds any interest in, assists, aids, acts as a
consultant to or otherwise advises in any way, is employed by or performs any services (alone or in association with any person)
for any person (or on behalf of Executive) that engages in or owns, invests in, operates, manages or controls any venture or enterprise
that directly competes with Employer at any time during the Two-Year Period, Executive shall pay Employer an amount equal to 100%
of all gross revenue generated by Executive or other person owned, operated, managed, controlled, engaged in, participated in,
invested in or held by Executive or assisted, aided, consulted for or otherwise advised by Executive in any way or by which Executive
was employed or for which Executive performed services (alone or in association with any person) during the Two-Year Period from
any customers who were customers of Employer on the Termination Date or any time during the thirty-day period immediately preceding
the Termination Date.

 

11.2               
Non-Solicitation. Executive agrees that from and after the Effective Date and until two years after the
Termination Date, she will not, except on behalf of Employer or with the express written permission of Employer, which may be given
or withheld in Employer’s sole discretion, directly or indirectly solicit, or attempt to solicit (on Executive’s own
behalf or on behalf of any other person or entity) the employment or retaining of any employee or consultant of Employer or any
of Employer’s affiliates.

 

    8 

     

    

11.3               
Disclosure of Outside Activities. Executive, during the Employment Term, shall at all times keep the Employer
informed of any outside business activity and employment, and shall not engage in any outside business activity or employment which
may be in conflict with the Employer’s interests.

 

Article XII.

Arbitration.

 

Any dispute arising
out of or relating to this Agreement shall be settled or made by binding arbitration at a location in Billings, Montana pursuant
to the Montana Uniform Arbitration Act or other applicable Montana law, and where not inconsistent, in accordance with the Commercial
Arbitration Rules of the American Arbitration Association now or hereafter in effect. The parties to the dispute shall unanimously
select the arbitrator. In the event the parties to the dispute are unable to unanimously select an arbitrator within ten (10) days
of notice from any party to the dispute to all other parties to the dispute of the need to select an arbitrator, the arbitrator
shall be selected in accordance with the Montana Uniform Arbitration Act. The parties to the dispute shall confer with the arbitrator
and together shall decide upon a time and date for the arbitration hearing. If the parties to the dispute and the arbitrator are
unable to agree upon a time and date for the arbitration hearing, the arbitrator shall determine the time and date for the arbitration
hearing. The parties to the dispute shall equally split the arbitrator’s fees and costs, unless the arbitrator determines
that any party to the dispute has defaulted or asserted an unreasonable business position during the arbitration, in which event
the party to the dispute who defaulted or asserted the unreasonable business position shall pay all or a part of the arbitrator’s
fees and costs, as the arbitrator, in his discretion, determines. In agreeing to the method of dispute resolution set forth in
this arbitration clause, the parties specifically acknowledge that each prefers to resolve disputes by arbitration rather than
through the formal court process. Further,
each of them understands that by agreeing to arbitration each of them is waiving the right to resolve disputes arising FROM or
relating to this Agreement in Court by a judge or jury, the right to a jury trial, the right to discovery available under the Montana
Rules of Civil Procedure, the right to findings of fact based on the evidence, and the right to enforce the law applicable to any
case arising out of or relating to this Agreement by way of appeal, except as allowed under the Montana Uniform Arbitration Act.
Each of them also acknowledges that each has had an opportunity to consider and study this arbitration provision, to consult with
counsel, to suggest modifications or changes, and, if requested, has received and reviewed a copy of the Montana Uniform Arbitration
Act.

 

Article XIII.

Miscellaneous.

 

13.1               
Key-Employee Insurance. Executive agrees that the Employer may, from time to time, apply for and take out in its own
name and at its own expense, life, health, accident, or other insurance upon Executive that the Employer may deem necessary or
advisable to protect its interests; and Executive agrees to submit to any medical or other examination necessary for such purposes
and to assist and cooperate with the Employer in preparing such insurance; and Executive agrees that she shall have no right, title,
or interest in or to such insurance.

 

    9 

     

    

13.2               
Governing Law. This Agreement shall be governed by the laws of the State of Montana.

 

13.3               
No Waiver. The failure of either party to demand strict performance and compliance with any part of this Agreement shall
not be deemed to be a waiver of the rights of such party under this Agreement or by operation of law. Any waiver by either party
of a breach of any provision of this Agreement shall not operate as or be construed as a waiver of any subsequent breach thereof.

 

13.4               
Severability. The invalidity of any provision of this Agreement or portion of a provision shall not affect the validity
of any other provision of this Agreement or the remaining portion of the applicable provision.

 

13.5               
Counterparts and Facsimile Signatures. This Agreement and any amendments to this Agreement may be executed in
two or more counterparts, each of which shall be deemed an original and all of which, taken together, shall constitute one agreement.
A facsimile or electronic signature to this Agreement and any amendments to this Agreement shall be deemed an original and binding
upon the party against whom enforcement is sought.

 

13.6               
Notices. All notices required or permitted under this Agreement shall be in writing and shall be deemed effectively
given: (i) upon personal delivery to the party to be notified; (ii) when sent by confirmed facsimile or electronic mail if sent
during normal business hours of the recipient, if not, then on the next business day; (iii) upon receipt, if sent by registered
or certified mail or nationally recognized overnight courier. All notices shall be sent to Employer or Executive at the address
set forth on the first page of this Agreement, or at such other address as either party may designate by notice pursuant to this
Section.

 

13.7               
Entire Agreement. The terms of this Agreement express and constitute the entire agreement between the parties pertaining
to the subject matter of this Agreement and supersede all prior and contemporaneous agreements, term sheets, offer letters, understandings,
negotiations and discussions, whether oral or written, of the parties. No supplement, modification, waiver or termination of this
Agreement shall be binding, unless executed in writing by the party to be bound.

 

13.8               
Acknowledgments; Separate Representation.  Each of the parties represents, acknowledges and agrees that the
respective party has been advised to consult with professional legal and accounting advisors with respect to the legal and tax
consequences of the transactions described in this Agreement and all agreements referenced in this Agreement, and each party has
obtained and relied upon its own independent legal and accounting advisors in connection with the transactions contemplated in
this Agreement.

 

    10 

     

    

13.9               
Amendment. This Agreement may be amended or altered by written instrument executed by all of the parties to this Agreement.

 

13.10           
Attorney’s Fees. In the event of any arbitration or other proceeding for the interpretation or enforcement of
this Agreement, the prevailing party in such arbitration or other legal proceeding shall be entitled to recover its costs and expenses
incurred, including, without limitation, reasonable attorneys’ fees

 

13.11           
Code Section 409A. The intent of the parties is that payments and benefits under this Agreement (including all attachments,
exhibits and annexes) be exempt from or comply with Section 409A of the Internal Revenue Code of 1986, to the extent subject thereto,
and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted and be administered to be in compliance
therewith. Notwithstanding anything contained herein to the contrary, to the extent required in order to avoid accelerated taxation
and/or tax penalties under Code Section 409A, Executive shall not be considered to have terminated employment with the Employer
for purposes of this Agreement, and no payment shall be due to Executive under this Agreement, until Executive would be considered
to have incurred a “separation from service” from the Employer within the meaning of Code Section 409A. Each amount
to be paid or benefit to be provided to Executive pursuant to this Agreement that constitutes deferred compensation subject to
Code Section 409A shall be construed as a separate identified payment for purposes of Code Section 409A. Notwithstanding anything
to the contrary in this Agreement, to the extent that any payments to be made to the Executive upon his or her separation from
service would result in the imposition of any individual penalty tax imposed under Code Section 409A by reason of Executive’s
status as a “specified employee,” the payment shall instead be made on the first business day after the earlier of
(i) the date that is six months following such separation from service and (ii) Executive’s death. To the extent that the
Agreement provides for the reimbursement of specified expenses incurred by the Executive, such reimbursement shall be made in accordance
with the provisions of the Agreement, but in no event later than the last day of the Executive’s taxable year following the
taxable year in which the expense was incurred. The amount of expenses eligible for reimbursement or in-kind benefits provided
by the Employer in any taxable year of the Executive shall not affect the amount of expenses or in-kind benefits to be reimbursed
or provided in any other year (except in the case of maximum benefits to be provided under a medical reimbursement arrangement,
if applicable).

 

13.12           
Clawback. Notwithstanding any other provisions in this Agreement, any compensation that is otherwise payable under this
Agreement and that is subject to recovery under any law, government regulation or stock exchange listing requirement will be subject
to such deductions and clawback as may be required to be made pursuant to such law, government regulation or stock exchange listing
requirement (or any policy adopted by the Employer pursuant to any such law, government regulation or stock exchange listing requirement).

 

    11 

     

    

The parties have executed
this Agreement effective as the Effective Date.

 

 

	 	 
	 	EMPLOYER:
	 	 
	 	Stillwater Mining Company
	 	 
	 	 
	 	 
	 	Michael J. McMullen
	 	President and Chief Executive Officer
	 	      
	 	 
	 	 
	 	EXECUTIVE:
	 	 
	 	
	 	Kristen K. Koss
	 	Vice President, Human Resources and Safety

 

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