Document:

Exhibit 10.1

 

 

SECURITIES PURCHASE AGREEMENT

 

 

This Securities Purchase Agreement (this “Agreement”)
is dated as of February 9, 2021, and is between Tanzanian Gold Corporation., a company incorporated under the laws of the Province
of Alberta, Canada (the “Company”), and each purchaser identified on the signature pages hereto (each, including
its successors and assigns, a “Purchaser” and collectively the “Purchasers”).

 

WHEREAS, subject to the terms and conditions set forth
in this Agreement and pursuant to (i) an effective registration statement under the Securities Act (as defined below) as to the
Shares, and (ii) an exemption from the registration requirements of Section 5 of the Securities Act contained in Section 4(a)(2)
thereof and/or Regulation D thereunder as to the Warrants, the Company desires to issue and sell to each Purchaser, and each Purchaser,
severally and not jointly, desires to purchase from the Company, securities of the Company as more fully described in this Agreement.

 

NOW, THEREFORE, IN CONSIDERATION of the mutual covenants
contained in this Agreement, and for other good and valuable consideration the receipt and adequacy of which are hereby acknowledged,
the Company and each Purchaser agree as follows:

 

ARTICLE I.

DEFINITIONS

 

1.1       Definitions.
In addition to the terms defined elsewhere in this Agreement, for all purposes of this Agreement, the following terms have the
meanings set forth in this Section 1.1:

 

“A.G.P.” means A.G.P./Alliance Global
Partners, sole placement agent.

 

“Acquiring Person” shall have the meaning
ascribed to such term in Section 4.5.

 

“Action” shall have the meaning ascribed
to such term in Section 3.1(m).

 

“Affiliate” means any Person that,
directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with a Person
as such terms are used in and construed under Rule 405 under the Securities Act.

 

“Authorization” shall have the meaning
ascribed to such term in Section 3.1(ss).

 

“BHCA” shall have the meaning ascribed
to such term in Section 3.1(oo).

 

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

 

“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; provided, however, for
clarification, commercial banks shall not be deemed to be authorized or required by law to remain closed due to “stay at
home”, “shelter-in-place”, “non-essential employee” or any other similar orders or restrictions or
the closure of any physical branch locations at the direction of any governmental authority so long as the electronic funds transfer
systems (including for wire transfers) of commercial banks in The City of New York generally are open for use by customers on such
day.

 

“Closing” means the closing of the
purchase and sale of the Securities pursuant to Section 2.1.

 

“Closing Date” means the Trading Day
on which all of the Transaction Documents have been executed and delivered by the applicable parties thereto, and all conditions
precedent to (i) the Purchasers’ obligations to pay the Subscription Amount and (ii) the Company’s obligations to deliver
the Securities, in each case, have been satisfied or waived, but in no event later than the second (2nd) Trading Day following
the date hereof.

 

“Code” means the United States Internal
Revenue Code of 1986, as amended.

 

    
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“Commission” means the United States
Securities and Exchange Commission.

 

“Common Stock” means the common shares
of the Company, no par value, and any other class of securities into which such securities may hereafter be reclassified or changed.

 

“Common Stock Equivalents” means any
securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire at any time Common Stock, including,
without limitation, any debt, preferred stock, right, option, warrant or other instrument that is at any time convertible into
or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock.

 

“Company Counsel” means Lewis Brisbois
Bisgaard & Smith LLP.

 

“Disclosure Schedules ” means the Disclosure
Schedules of the Company delivered concurrently herewith.

 

“Disclosure Time” means, (i) if this
Agreement is signed on a day that is not a Trading Day or after 9:00 a.m. (New York City time) and before midnight (New York City
time) on any Trading Day, 9:01 a.m. (New York City time) on the Trading Day immediately following the date hereof, unless otherwise
instructed as to an earlier time by A.G.P., and (ii) if this Agreement is signed between midnight (New York City time) and 9:00
a.m. (New York City time) on any Trading Day, no later than 9:01 a.m. (New York City time) on the date hereof, unless otherwise
instructed as to an earlier time by A.G.P.

 

“DWAC” shall have the meaning ascribed
to such term in Section 2.2(a)(v).

 

“EDGAR” means the Commission’s
Electronic Data Gathering, Analysis and Retrieval System.

 

“Effectiveness Period” shall have the
meaning ascribed to such term in Section 5.1(a).

 

“Environmental Law” shall have the
meaning ascribed to such term in Section 3.1(p).

 

“Evaluation Date” shall have the meaning
ascribed to such term in Section 3.1(v).

 

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

 

“Exempt Issuance” means the issuance
of (a) shares of Common Stock or options to employees, officers, directors, consultants or advisors of the Company for services
rendered to the Company pursuant to any stock or option plan duly adopted for such purpose, by a majority of the non-employee members
of the Board of Directors or a majority of the members of a committee of non-employee directors established for such purpose; provided,
that any issuance of securities to consultants or advisors pursuant to clause (a) above that are not issued pursuant to a Form
S-8 shall be issued as "restricted securities" (as defined in Rule 144) and carry no registration rights that require
or permit the filing of any registration statement in connection therewith during the 90 day period following the Closing Date,
(b) securities upon the exercise or exchange of or conversion of any Securities issued hereunder and/or other securities exercisable
or exchangeable for or convertible into shares of Common Stock issued and outstanding on the date of this Agreement, provided that
such securities have not been amended since the date of this Agreement to increase the number of such securities or to decrease
the exercise price, exchange price or conversion price of such securities (other than in connection with stock splits or combinations)
or to extend the term of such securities, (c) securities issued pursuant to acquisitions or strategic transactions approved by
a majority of the disinterested directors of the Company, provided that such securities shall be issued as "restricted securities"
(as defined in Rule 144) and carry no registration rights that require or permit the filing of any registration statement in connection
therewith during the 90 day period following the Closing Date, and provided that any such issuance shall only be to a Person (or
to the equityholders of a Person) which is, itself or through its subsidiaries, an operating company or an owner of an asset in
a business synergistic with the business of the Company and shall provide to the Company additional benefits in addition to the
investment of funds, but shall not include a transaction in which the Company is issuing securities primarily for the purpose of
raising capital or to an entity whose primary business is investing in securities; and (d) shares of Common Stock, RSUs or options
in connection with existing employment contracts and the hire of new executive officers/consultants of the Company; provided, that
any issuance of securities to consultants pursuant to clause (d) above that are not issued pursuant to a Form S-8 shall be issued
as "restricted securities" (as defined in Rule 144) and carry no registration rights that require or permit the filing
of any registration statement in connection therewith during the 90 day period following the Closing Date.

 

    
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“FCPA” means the Foreign Corrupt Practices
Act of 1977, as amended, and the rules and regulations thereunder.

 

“Federal Reserve” shall have the meaning
ascribed to such term in Section 3.1(oo).

  

“Hazardous Substances” shall have the
meaning ascribed to such term in Section 3.1(q).

 

“Intellectual Property Rights” shall
have the meaning ascribed to such term in Section 3.1(s).

 

“IFRS” means the International Financial
Reporting Standards as issued by the International Accounting Standards Board.

 

“Issuer Free Writing Prospectus” shall
have the meaning ascribed to such term in Section 3.1(f)(ii).

 

“IT Systems” shall have the meaning
ascribed to such term in Section 3.1(qq).

 

“Legend Removal Date” shall have the
meaning ascribed to such term in Section 4.1(c).

 

“Lien” means a lien, charge, mortgage,
pledge, security interest, claim, right of first refusal, pre-emptive right, or other encumbrance of any kind whatsoever.

 

“Lock-Up Agreement” means the Lock-Up
Agreements, each dated as of the date hereof, by and between the Company and the directors and officers of the Company, in the
form of Exhibit A attached hereto.

 

“Material Adverse Effect” shall have
the meaning assigned to such term in Section 3.1(b).

 

“Material Permits” shall have the meaning
assigned to such term in Section 3.1(r).

  

“Money Laundering Laws” shall have
the meaning assigned to such term in Section 3.1(pp).

 

“Offering” means the offering of the
Securities hereunder.

 

“Per Share Purchase Price” equals $0.65
per share.

 

“Person” means an individual or corporation,
partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company,
government (or an agency or subdivision thereof) or other entity of any kind.

 

“Personal Data” shall have the meaning
ascribed to such term in Section 3.1(qq).

 

“Proceeding” means an action, claim,
suit, investigation or proceeding (including, without limitation, an informal investigation or partial proceeding, such as a deposition)
pending or, to the Company’s knowledge, threatened in writing against or affecting the Company, any Subsidiary or any of
their respective properties before or by any court, arbitrator, governmental or administrative agency or regulatory authority (federal,
state, county, local or foreign).

 

“Prospectus” means the final base prospectus
filed for the Registration Statement.

 

“Prospectus Supplement” means the supplement
to the Prospectus complying with Rule 424(b) of the Securities Act that is filed with the Commission and delivered by the Company
to each Purchaser at the Closing.

 

“Purchaser Party” shall have the meaning
ascribed to such term in Section 4.8.

 

    
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“Registrable Securities” shall have
the meaning ascribed to such term in Section 5.1(b).

 

“Registration Statement” shall have
the meaning ascribed to such term in Section 3.1(f)(ii).

 

“Resale Registration Statement” shall
have the meaning ascribed to such term in Section 5.1(a).

 

“Required Approvals” shall have the
meaning ascribed to such term in Section 3.1(e).

 

“Rule 144” means Rule 144 promulgated
by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time to time, or any similar
rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule.

 

“Rule 424” means Rule 424 promulgated
by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time to time, or any similar
rule or regulation hereafter adopted by the Commission having substantially the same purpose and effects as such Rule.

 

“Sanctions” shall have the meaning
ascribed to such term in Section 3.1(kk).

 

“SEC Reports” shall have the meaning
ascribed to such term in Section 3.1(j).

 

“Securities” means the Shares, the
Warrants and the Warrant Shares.

 

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

 

“Shares” means the shares of Common
Stock issued or issuable to each Purchaser pursuant to this Agreement.

 

“Shelf Procedures” shall have the meaning
ascribed to such term in Section 3.1(f)(i).

 

“Short Sales” means all “short
sales” as defined in Rule 200 of Regulation SHO under the Exchange Act (but shall not be deemed to include locating and/or
borrowing Common Stock).

 

“Specified Person” shall have the meaning
ascribed to such term in Section 3.1(kk).

 

“Subscription Amount” means, as to
each Purchaser, the aggregate amount to be paid for Shares and Warrants purchased hereunder as specified below such Purchaser’s
name on the signature page of this Agreement and next to the heading “Subscription Amount,” in United States dollars
and in immediately available funds.

 

“Subsidiary” and “Subsidiaries”
shall have the meanings ascribed to such terms in Section 3.1(a).

 

“Trading Day” means a day on which
the NYSE American is open for trading.

 

“Trading Market” means any of the following
markets or exchanges on which the Common Stock is listed or quoted for trading on the date in question: the NYSE American, the
Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New York Stock Exchange (or any successors
to any of the foregoing).

 

“Transaction Documents” means this
Agreement, the Warrants, the Lock-Up Agreements and the Placement Agent Agreement dated February 9, 2021 between A.G.P. and the
Company, all exhibits and schedules thereto and hereto and any other documents or agreements executed in connection with the transactions
contemplated hereunder.

 

“Transfer Agent” means Odyssey Trust
Company, the current transfer agent of the Company, at its office at Stock Exchange Tower 350, 300 5th Avenue SW, Calgary,
Alberta, Canada T2P 3C4, and any successor transfer agent of the Company.

 

“VWAP” means, for any date, the price
determined by the first of the following clauses that applies: (a) if the Common Stock is then listed or quoted on a Trading Market,
the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the Trading Market
on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York
City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average price
of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Stock is not
then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then reported on the Pink Open Market
(or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the
Common Stock so reported, or (d) in all other cases, the fair market value of a share of Common Stock as determined by an independent
appraiser selected in good faith by the Purchasers of a majority in interest of the Securities then outstanding and reasonably
acceptable to the Company, the fees and expenses of which shall be paid by the Company.

 

    
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“Warrants” means, collectively, the Common Stock
purchase warrants delivered to the Purchasers at the Closing in accordance with Section 2.2(a) hereof, which Warrants
shall be exercisable six months following the date of issuance and have a term of exercise equal to five (5) years, in the form
of Exhibit A attached hereto.

 

“Warrant Shares” means the shares of Common Stock
issuable upon exercise of the Warrants.

 

ARTICLE II.

PURCHASE AND SALE

 

2.1        Closing.
On the Closing Date, upon the terms and subject to the conditions set forth herein, the Company agrees to sell, and the Purchasers,
severally and not jointly, agree to purchase, $21,400,000 Shares and Warrants. Each Purchaser’s Subscription Amount as set
forth on the signature page hereto executed by such Purchaser shall be made available for “Delivery Versus Payment”
(“DVP”) settlement with the Company or its designees. The Company shall deliver to each Purchaser its respective Shares
and a Warrant as determined pursuant to Section 2.2(a), and the Company and each Purchaser shall deliver the other items set forth
in Section 2.2 deliverable at the Closing. Upon satisfaction of the covenants and conditions set forth in Sections 2.2 and 2.3,
the Closing shall occur electronically at the offices of McGuireWoods LLP or such other location as the parties shall mutually
agree. Unless otherwise directed by A.G.P., settlement of the Shares shall occur via DVP (i.e., on the Closing Date,
the Company shall issue the Shares registered in the Purchasers’ names and addresses and released by the Transfer Agent directly
to the account(s) at A.G.P. identified by each Purchaser; upon receipt of such Shares, A.G.P. shall promptly electronically deliver
such Shares to the applicable Purchaser, and payment therefor shall be made by the Placement Agent (or its clearing firm) by wire
transfer to the Company).

 

2.2       Deliveries.

 

(a) On or prior to the Closing Date,
the Company shall deliver or cause to be delivered to each Purchaser the following:

 

(i)     this Agreement duly
executed by the Company;

 

(ii)     a legal opinion
of Company Counsel, in a form reasonably acceptable to A.G.P. and the Purchasers;

  

(iii)     subject to the
last sentence of Section 2.1, the Company shall have provided each Purchaser with the Company’s wire instructions, on Company
letterhead and executed by the Chief Executive Officer;

 

(iv)     subject to the last
sentence of Section 2.1, a copy of the irrevocable instructions to the Transfer Agent instructing the Transfer Agent to deliver
on an expedited basis via The Depository Trust Company Deposit or Withdrawal at Custodian system (“DWAC”) Shares
equal to such Purchaser’s Subscription Amount divided by the Per Share Purchase Price, registered in the name of such Purchaser;

 

(v) a Warrant registered in the name of such Purchaser
to purchase up to a number of shares of Common Stock equal to 50% of such Purchaser’s Shares, with an exercise price equal
to $0.80, subject to adjustment therein;

 

    
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(vi)      Officer’s
Certificate, in form and substance satisfactory to the Purchasers;

 

(vii)     Secretary’s Certificate,
in form and substance satisfactory to the Purchasers;

 

(viii)       the
Lock-Up Agreements; and

 

(x)      the Prospectus and
Prospectus Supplement (which may be delivered in accordance with Rule 172 under the Securities Act).

 

(b) On or prior to the Closing Date,
each Purchaser shall deliver or cause to be delivered to the Company the following:

 

(i)     this Agreement duly
executed by such Purchaser; and

 

(ii)     such Purchaser’s
Subscription Amount, which shall be made available for “Delivery Versus Payment” settlement with the Company or its
designees.

 

2.3       Closing
Conditions.

 

(a)  The obligations of
the Company hereunder in connection with the Closing are subject to the following conditions being met:

 

(i)     the accuracy in all
material respects (or, to the extent representations or warranties are qualified by materiality or Material Adverse Effect, in
all respects) when made and on the Closing Date of the representations and warranties of the Purchasers contained herein (unless
as of a specific date therein in which case they shall be accurate as of such date);

 

(ii)     all obligations,
covenants and agreements of each Purchaser required to be performed at or prior to the Closing Date shall have been performed;
and

 

(iii)     the delivery by
each Purchaser of the items set forth in Section 2.2(b) of this Agreement.

 

(b)  The respective obligations
of the Purchasers hereunder in connection with the Closing are subject to the following conditions being met:

 

(i)     the accuracy in all
material respects (or, to the extent representations or warranties are qualified by materiality or Material Adverse Effect, in
all respects) when made and on the Closing Date of the representations and warranties of the Company contained herein (unless as
of a specific date therein in which case they shall be accurate as of such date);

 

(ii)     all obligations,
covenants and agreements of the Company required to be performed at or prior to the Closing Date shall have been performed;

 

(iii)     the delivery by
the Company of the items set forth in Section 2.2(a) of this Agreement;

 

(iv)     there shall have
been no Material Adverse Effect with respect to the Company since the date hereof; and

 

(v)     from the date hereof
to the Closing Date, trading in the Common Stock shall not have been suspended by the Commission or the NYSE American, and, at
any time prior to the Closing Date, trading in securities generally as reported by Bloomberg L.P. shall not have been suspended
or limited, or minimum prices shall not have been established on securities whose trades are reported by such service, or on any
Trading Market, nor shall a banking moratorium have been declared either by the United States or New York State authorities nor
shall there have occurred any material outbreak or escalation of hostilities or other national or international calamity of such
magnitude in its effect on, or any material adverse change in, any financial market which, in each case, in the reasonable judgment
of such Purchaser, makes it impracticable or inadvisable to purchase the Securities at the Closing.

 

    
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ARTICLE III.

REPRESENTATIONS AND WARRANTIES

 

3.1       Representations
and Warranties of the Company. The Company hereby makes the following representations and warranties to each Purchaser:

 

(a)  Subsidiaries.
All of the direct and indirect material subsidiaries of the Company are set forth on Schedule 3.1(a) (each, a “Subsidiary”,
and collectively, the “Subsidiaries”). The Company owns, directly or indirectly, all of the capital stock or
other equity interests of each Subsidiary free and clear of any Liens, and all of the issued and outstanding shares of capital
stock of each Subsidiary are validly issued and are fully paid, non-assessable and free of preemptive and similar rights to subscribe
for or purchase securities. There are no outstanding options, warrants, scrip rights to subscribe to, calls or commitments of any
character whatsoever relating to, or securities, rights or obligations convertible into or exercisable or exchangeable for, or
giving any Person any right to subscribe for or acquire, any capital stock of any Subsidiary, or contracts, commitments, understandings
or arrangements by which any Subsidiary is or may become bound to issue capital stock.

 

(b)  Organization and
Qualification. The Company and each of the Subsidiaries has been duly organized and validly exists as a corporation, limited
partnership or company in good standing (or the foreign equivalent thereof, if any) under the laws of its jurisdiction of organization.
The Company and each of the Subsidiaries is duly qualified to do business and is in good standing as a foreign or extra-provincial
corporation, partnership, company or limited liability company in each jurisdiction in which the character or location of its properties
(owned, leased or licensed) or the nature or conduct of its business makes such qualification necessary, except for those failures
to be so qualified or in good standing which (individually and in the aggregate) would not have a Material Adverse Effect. No Proceeding
has been instituted in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power
and authority or qualification. Neither the Company nor any Subsidiary is in violation nor default of any of the provisions of
its respective certificate or articles of incorporation, bylaws or other organizational or charter documents. The term “Material
Adverse Effect” means an effect, change, event or occurrence that, alone or in conjunction with any other or others:
(i) has or would reasonably be expected to have a material adverse effect on: (A) the business, general affairs, management, condition
(financial or otherwise), results of operations, shareholders’ equity, properties or prospects of the Company and the Subsidiaries,
taken as a whole, or (B) the legality, validity or enforceability of any Transaction Document, (ii) the Company’s ability
to perform in any material respect on a timely basis its obligations under any Transaction Document or (iii) would result in the
Prospectus or any amendment thereto containing a material misrepresentation within the meaning of applicable securities laws; provided
that a change in the market price or trading volume of the Common Stock alone shall not be deemed, in and of itself, to constitute
a Material Adverse Effect.

 

(c)  Authorization; Enforcement.
The Company has the requisite corporate power and authority to enter into and to consummate the transactions contemplated by this
Agreement and each of the other Transaction Documents and otherwise to carry out its obligations hereunder and thereunder. The
execution and delivery of this Agreement and each of the other Transaction Documents by the Company and the consummation by it
of the transactions contemplated hereby and thereby have been duly authorized by all necessary action on the part of the Company
and no further action is required by the Company, the Board of Directors or the Company’s shareholders in connection herewith
or therewith other than in connection with the Required Approvals. This Agreement and each other Transaction Document to which
the Company is a party has been (or upon delivery will have been) duly executed by the Company and, when delivered in accordance
with the terms hereof and thereof, will constitute the valid and binding obligation of the Company enforceable against the Company
in accordance with its terms, except (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization,
moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by
laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification
and contribution provisions may be limited by applicable law.

 

    
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(d)  No Conflicts.
The execution, delivery and performance by the Company of this Agreement and the other Transaction Documents to which it is a party,
the issuance and sale of the Securities and the consummation by it of the transactions contemplated hereby and thereby do not and
will not (i) conflict with or violate any provision of the Company’s or any Subsidiary’s certificate or articles of
incorporation, bylaws or other organizational or charter documents, or (ii) conflict with, or constitute a default (or an event
that with notice or lapse of time or both would become a default) under, result in the creation of any Lien upon any of the properties
or assets of the Company or any Subsidiary, or give to others any rights of termination, amendment, anti-dilution or similar adjustments,
acceleration or cancellation (with or without notice, lapse of time or both) of, any agreement, credit facility, debt or other
instrument (evidencing a Company or Subsidiary debt or otherwise) or other understanding to which the Company or any Subsidiary
is a party or by which any property or asset of the Company or any Subsidiary is bound or affected, or (iii) subject to the Required
Approvals, conflict with or result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction
of any court or governmental authority, to which the Company or a Subsidiary is subject (including federal and state securities
laws and regulations),or by which any property or asset of the Company or a Subsidiary is bound or affected; except in the case
of each of clauses (ii) and (iii), such as could not have or reasonably be expected to result in a Material Adverse Effect.

 

(e)     Filings,
Consents and Approvals. The Company is not required to obtain any consent, waiver, authorization or order of, give any notice
to, or make any filing or registration with, any court or other federal, state, local or other governmental authority or other
Person in connection with the execution, delivery and performance by the Company of the Transaction Documents, other than: (i)
the filings required pursuant to Section 4.4 of this Agreement, (ii) the filing with the Commission of the Prospectus Supplement,
(iii) application(s) to each applicable Trading Market for the listing of the Shares and Warrant Shares for trading thereon in
the time and manner required thereby, (iv) the filing of Form D with the Commission, (v) such filings as are required under applicable
state securities laws, and (vi) such filings as may become required under applicable Canadian securities law (collectively, the
“Required Approvals”).

 

(f)      Issuance
of the Securities; Qualification; Registration.

 

(i)     The Shares are duly
authorized and, when issued and paid for in accordance with the applicable Transaction Documents, will be duly and validly issued,
fully paid and non-assessable, free and clear of all Liens imposed by the Company. The Warrants, when issued and paid for in accordance
with the applicable Transaction Documents, will be valid and binding obligations of the Company, enforceable against the Company
in accordance with their terms. The Warrant Shares, when issued in accordance with the terms of the Warrants, will be validly issued,
fully paid and nonassessable, The Company has reserved from its duly authorized capital stock the maximum number of shares of Common
Stock issuable pursuant to this Agreement and the Warrants.

 

(ii)      The Company
was at the time of the filing of the Registration Statement eligible to use Form F-3. The Company is eligible to use Form
F-3 under the Securities Act and it meets the transaction requirements with respect to the aggregate market value of securities
being sold pursuant to this offering and during the twelve (12) calendar months prior to this offering, as set forth in General
Instruction I.B.5 of Form F-3, if applicable. The Company has prepared and filed with the Commission a registration statement under
the Securities Act on Form F-3 (File No. 333-250146) on November 17, 2020, providing for the offer and sale, from time to time,
of up to $25,000,000 of the Company’s securities (the “Registration Statement”). The Registration Statement
became effective under the Securities Act on November 25, 2020. Any registration statement filed by the Company pursuant to Rule
462(b) under the Securities Act is called the “Rule 462(b) Registration Statement,” and from and after the date and
time of filing of the Rule 462(b) Registration Statement, the term “Registration Statement” shall include the Rule
462(b) Registration Statement. No stop order suspending the effectiveness of the Registration Statement has been issued under the
Securities Act and no proceedings for that purpose have been instituted or are pending or, to the knowledge of the Company, are
contemplated by the Commission and any request on the part of the Commission for additional information has been complied with.
The 462(b) Registration Statement will have been filed with the Commission and no stop order suspending the effectiveness of the
Rule 462(b) Registration Statement has been issued under the Securities Act and no proceedings for that purpose have been instituted
or are pending, or to the knowledge of the Company, are contemplated by the Commission and any request on the part of the Commission
for additional information has been complied with.

 

    
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Any “issuer free writing prospectus” (as defined
in Rule 433 under the Securities Act) relating to the Shares is hereafter referred to as an “Issuer Free Writing Prospectus”.
Any reference herein to the Prospectus and the Prospectus Supplement shall be deemed to refer to and include the documents incorporated
by reference therein as of the date of filing thereof; and any reference herein to any “amendment” or “supplement”
with respect to any of the Prospectus and the Prospectus Supplement shall be deemed to refer to and include (i) the filing of any
document with the Commission incorporated or deemed to be incorporated therein by reference after the date of filing of such Prospectus
or Prospectus Supplement and (ii) any such document so filed.

 

All references in this Agreement to the Registration Statement,
Rule 462(b) Registration Statement, the Prospectus, or the Prospectus Supplement, or any Issuer Free Writing Prospectus, or any
amendments or supplements to any of the foregoing, shall be deemed to include any copy thereof filed with the Commission on EDGAR.

 

The Company has filed the registration statement with
FINRA or meets the definition of an “experienced issuer” as defined in FINRA Rule 5110(j).

 

(g)  Securities Act Compliance.
The Registration Statement and Rule 462(b) Registration Statement complies, and the Prospectus and any further amendments or supplements
to the Registration Statement or the Prospectus will comply, with the applicable provisions of the Securities Act. Each part of
the Registration Statement and Rule 462(b) Registration Statement, when such part became effective, did not and will not contain
an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the
statements therein not misleading. The Prospectus and any amendments or supplements thereto, at the time the Prospectus or any
such amendment or supplement was issued and at the Closing Date, conformed and will conform in all material respects to the requirements
of the Securities Act. The Prospectus, as of its filing date, and any amendment thereof or supplement thereto, did not and will
not contain an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in
the light of the circumstances under which they were made, not misleading.

 

(h)     No
Stop Orders. No order preventing or suspending the use of the Prospectus or any Issuer Free Writing Prospectus has been issued
by the Commission.

 

(i)      Capitalization.
The capitalization of the Company is as set forth on Schedule 3.1(i). All of the issued and outstanding shares of Common
Stock are duly authorized, validly issued, fully paid and non-assessable and have been duly and validly authorized and issued,
in compliance with all federal and state securities laws and not in violation of or subject to any preemptive or similar right
that entitles any person to acquire from the Company any Common Stock or other security of the Company or any security convertible
into, or exercisable or exchangeable for, Common Stock or any other such security, except for such rights as may have been fully
satisfied or waived prior to the date hereof. Except as a result of the purchase and sale of the Securities and as set forth on
Schedule 3.1(i), the Company has no outstanding options, warrants, scrip rights to subscribe to, calls or commitments of
any character whatsoever relating to, or securities, rights or obligations convertible into or exercisable or exchangeable for,
or giving any Person any right to subscribe for or acquire, any Common Stock, or contracts, commitments, understandings or arrangements
by which the Company is or may become bound to issue additional Common Stock or Common Stock Equivalents. No Person has any right
of first refusal, pre-emptive right, right of participation, or any similar right to participate in the transactions contemplated
by the Transaction Documents. The issuance and sale of the Securities will not obligate the Company to issue Common Stock or other
securities to any Person (other than the Purchasers) and will not result in a right of any holder of Company securities to adjust
the exercise, conversion, exchange or reset price under any of such securities. There are no outstanding securities or instruments
of the Company with any provision that adjusts the exercise, conversion, exchange or reset price of such security or instrument
upon an issuance of securities by the Company. There are no outstanding securities or instruments of the Company that contain any
redemption or similar provisions, and there are no contracts, commitments, understandings or arrangements by which the Company
is or may become bound to redeem a security of the Company. Except for the Required Approvals, no further approval or authorization
of any shareholder of the Company, the Board of Directors or others is required for the issuance and sale of the Securities. There
are no shareholders agreements, voting agreements or other similar agreements with respect to the Company’s capital stock
to which the Company is a party or, to the knowledge of the Company, between or among any of the Company’s shareholders.

 

    
	 	9	 

     

    

 

(j)      Reports.
The Company has filed all reports, schedules, forms, statements and other documents required to be filed by the Company under the
Securities Act and Exchange Act, including pursuant to Section 13(a) or 15(d) thereof (the foregoing materials, including the exhibits
thereto and documents incorporated by reference therein, together with the Prospectus and the Prospectus Supplements, being collectively
referred to herein as the “SEC Reports”) on a timely basis or has received a valid extension of such time of filing
and has filed any such SEC Reports prior to the expiration of any such extension. As of their respective dates, the SEC Reports
complied in all material respects with the requirements of the Securities Act and the Exchange Act, as applicable, and none of
the SEC Reports, when filed, contained any untrue statement of a material fact or omitted to state a material fact required to
be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were
made, not misleading. The Company is not, and has not been for a period of at least one year prior to the date thereof, an issuer
identified in Rule 144(i)(1) of the 1933 Act. The Company filed current "Form 10 information" (as defined in Rule 144
(i)(3)) with the SEC reflecting its status as an entity that was no longer an issuer described in Rule 144(i)(1)(i) more than one
(1) year from the date hereof.

 

(k)     Financial
Statements. The consolidated financial statements, including the notes thereto, included or incorporated by reference in the
Registration Statement and the Prospectus comply in all material respects with applicable accounting requirements and the rules
and regulations of the Commission with respect thereto as in effect at the time of filing. Such financial statements have been
prepared in accordance with IFRS applied on a consistent basis during the periods involved, except as may be otherwise specified
in such financial statements or the notes thereto and except that unaudited financial statements may not contain all footnotes
required by IFRS, and fairly present in all material respects the financial position of the Company and its consolidated Subsidiaries
as of and for the dates thereof and the results of operations and cash flows for the periods then ended, subject, in the case of
unaudited statements, to normal, immaterial, year-end audit adjustments.

 

(l)      Material
Changes; Undisclosed Events, Liabilities or Developments. Since the date of the latest consolidated financial statements included
in or incorporated by reference into the Registration Statement and the Prospectus, except as set forth on Schedule 3.1(l), (i)
there has been no event, occurrence or development that has had or that could reasonably be expected to result in a Material Adverse
Effect, (ii) neither the Company nor any Subsidiary has incurred any liabilities (contingent or otherwise) other than (A) trade
payables and accrued expenses incurred in the ordinary course of business consistent with past practice and (B) liabilities not
required to be reflected in the Company’s financial statements pursuant to IFRS or disclosed in filings made with the Commission,
(iii) the Company has not altered its method of accounting, (iv) the Company has not declared or made any dividend or distribution
of cash or other property to its stockholders or purchased, redeemed or made any agreements to purchase or redeem any shares of
its capital stock and (v) the Company has not issued any equity securities to any officer, director or Affiliate, except pursuant
to existing Company stock option plans or as a condition of entering into an employment agreement. The Company does not have pending
before the Commission any request for confidential treatment of information. Except for the issuance of the Securities contemplated
by this Agreement or as set forth on Schedule 3.1(l), no event, liability, fact, circumstance, occurrence or development
has occurred or exists or is reasonably expected to occur or exist with respect to the Company or its Subsidiaries or their respective
businesses, prospects, properties, operations, assets or financial condition that would be required to be disclosed by the Company
under applicable securities laws at the time this representation is made or deemed made that has not been publicly disclosed at
least one (1) Trading Day prior to the date that this representation is made.

 

(m)     Litigation.
Except as set forth on Schedule 3.1(m), there is no action, suit, inquiry, notice of violation, proceeding or investigation
pending or, to the knowledge of the Company, threatened against or affecting the Company, any Subsidiary or any of their respective
properties before or by any court, arbitrator, governmental or administrative agency or regulatory authority (federal, state, county,
local or foreign) (collectively, an “Action”). None of the Actions set forth on Schedule 3.1(m) (i) adversely
affects or challenges the legality, validity or enforceability of any of the Transaction Documents or the Securities, or (ii) is
expected to result in a Material Adverse Effect. The Company has disclosed, in the documents filed by the Company pursuant to Sections
12, 13, 14 or 15 of the Exchange Act and incorporated or deemed to be incorporated by reference into the Prospectus, all such information
that it is required to disclose in respect of any Action pursuant to the requirements of the Securities Act and the Exchange Act,
as applicable. Neither the Company nor any Subsidiary, nor any director or officer thereof, is or has been the subject of any Action
involving a claim of violation of or liability under federal or state securities laws or a claim of breach of fiduciary duty. Except
as set forth on Schedule 3.1(m), to the knowledge of the Company there has not been, and there is not pending or contemplated,
any investigation by the Commission involving the Company or any current or former director or officer of the Company. The Commission
has not issued any stop order or other order suspending the effectiveness of any registration statement filed by the Company or
any Subsidiary under the Exchange Act or the Securities Act.

  

    
	 	10	 

     

    

 

(n)     Labor
Relations. No labor dispute exists or, to the knowledge of the Company, is imminent with respect to any of the employees of
the Company, which could reasonably be expected to result in a Material Adverse Effect. None of the Company’s or its Subsidiaries’
employees is a member of a union that relates to such employee’s relationship with the Company or such Subsidiary, and neither
the Company nor any of its Subsidiaries is a party to a collective bargaining agreement, and the Company and its Subsidiaries believe
that their relationships with their employees are good. To the knowledge of the Company, no executive officer of the Company or
any Subsidiary, is, or is now expected to be, in violation of any material term of any employment contract, confidentiality, disclosure
or proprietary information agreement or non-competition agreement, or any other contract or agreement or any restrictive covenant
in favor of any third party, and the continued employment of each such executive officer does not subject the Company or any of
its Subsidiaries to any liability with respect to any of the foregoing matters. The Company and its Subsidiaries are in compliance
with all U.S. federal, state, local and foreign laws and regulations relating to employment and employment practices, terms and
conditions of employment and wages and hours, except where the failure to be in compliance could not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect

 

(o)     Compliance.
Neither the Company nor any Subsidiary: (i) is in default under or in violation of (and no event has occurred that has not been
waived that, with notice or lapse of time or both, would result in a default by the Company or any Subsidiary under), nor has the
Company or any Subsidiary received notice of a claim that it is in default under or that it is in violation of, any indenture,
loan or credit agreement or any other agreement or instrument to which it is a party or by which it or any of its properties is
bound (whether or not such default or violation has been waived), (ii) is in violation of any judgment, decree or order of any
court, arbitrator or other governmental authority or (iii) is or has been in violation of any statute, rule, ordinance or regulation
of any governmental authority, including without limitation all foreign, federal, state and local laws relating to taxes, environmental
protection, occupational health and safety, product quality and safety and employment and labor matters, except in each case of
(i), (ii) and (iii) as could not have or reasonably be expected to result in a Material Adverse Effect.

 

(p)     Environmental
Law. There has been no storage, generation, transportation, handling, use, treatment, disposal, discharge, emission, contamination,
release or other activity involving any kind of hazardous, toxic or other wastes, pollutants, contaminants, petroleum products
or other hazardous or toxic substances, chemicals or materials (“Hazardous Substances”) by, due to, on behalf
of, or caused by the Company or any Subsidiary (or, to the Company’s knowledge, any other entity for whose acts or omissions
the Company is or may be liable) upon any property now or previously owned, operated, used or leased by the Company or any Subsidiary,
or upon any other property, which would be a violation of or give rise to any liability under any applicable law, rule, regulation,
order, judgment, decree or permit, common law provision or other legally binding standard relating to pollution or protection of
human health and the environment (“Environmental Law”), except for violations and liabilities which, individually
or in the aggregate, would not have a Material Adverse Effect. There has been no disposal, discharge, emission contamination or
other release of any kind at, onto or from any such property or into the environment surrounding any such property of any Hazardous
Substances with respect to which the Company or any Subsidiary has knowledge, except as would not, individually or in the aggregate,
have a Material Adverse Effect. There is no pending or, to the best of the Company’s knowledge, threatened administrative,
regulatory or judicial action, claim or notice of noncompliance or violation, investigation or proceedings relating to any Environmental
Law against the Company or any Subsidiary, except as would not, individually or in the aggregate, have a Material Adverse Effect.
No property of the Company or any Subsidiary is subject to any Lien under any Environmental Law. Except as disclosed in the Prospectus,
neither the Company nor any Subsidiary is subject to any order, decree, agreement or other individualized legal requirement related
to any Environmental Law, which, in any case (individually or in the aggregate), would have a Material Adverse Effect. The Company
and each Subsidiary are in compliance with all applicable federal, state, local and Environmental Laws and has all permits, authorizations
and approvals required under any applicable Environmental Laws and are each in compliance with their requirements. In the ordinary
course of its business, the Company periodically reviews the effect of Environmental Laws on the business, operations and properties
of the Company and the Subsidiaries, in the course of which it identifies and evaluates associated costs and liabilities (including,
without limitation, any capital or operating expenditures required for clean-up, closure or remediation of properties or compliance
with Environmental Laws, or any permit, license or approval, any related constraints on operating activities and any potential
liabilities to third parties). On the basis of such review, the Company has reasonably concluded that such associated costs and
liabilities would not, individually or in the aggregate, have a Material Adverse Effect.

 

    
	 	11	 

     

    

 

(q)     Title
to Assets. The Company and the Subsidiaries have good and marketable title in fee simple to all real property owned by them
and good and marketable title in all personal property owned by them that is material to the business of the Company and the Subsidiaries,
in each case free and clear of all Liens, except for (i) Liens as do not materially affect the value of such property and do not
materially interfere with the use made and proposed to be made of such property by the Company and the Subsidiaries and (ii) Liens
for the payment of federal, state or other taxes, for which appropriate reserves have been made therefor in accordance with IFRS
and, the payment of which is neither delinquent nor subject to penalties. Any real property and facilities held under lease by
the Company and the Subsidiaries are held by them under valid, subsisting and enforceable leases with which the Company and the
Subsidiaries are in compliance in all material respects.

 

(r)      Regulatory
Permits. The Company and the Subsidiaries possess all certificates, authorizations and permits issued by the appropriate federal,
state, local or foreign regulatory authorities necessary to conduct their respective businesses as described in the SEC Reports,
except where the failure to possess such permits could not reasonably be expected to result in a Material Adverse Effect (“Material
Permits”), and neither the Company nor any Subsidiary has received any notice of proceedings relating to the revocation
or modification of any Material Permit.

 

(s)      Intellectual
Property. The Company and the Subsidiaries have, or have rights to use, all patents, patent applications, trademarks, trademark
applications, service marks, trade names, trade secrets, inventions, copyrights, licenses and other intellectual property rights
and similar rights necessary or required for use in connection with their respective businesses as described in the SEC Reports
and which the failure to so have could have a Material Adverse Effect (collectively, the “Intellectual Property Rights”).
None of, and neither the Company nor any Subsidiary has received a notice (written or otherwise) that any of, the Intellectual
Property Rights has expired, terminated or been abandoned, or is expected to expire or terminate or be abandoned, within two (2)
years from the date of this Agreement except as would not reasonably be expected to have a Material Adverse Effect. Neither the
Company nor any Subsidiary has received, since the date of the latest audited financial statements included within the SEC Reports,
a written notice of a claim or otherwise has any knowledge that the Intellectual Property Rights violate or infringe upon the rights
of any Person and neither is aware of any facts which would form a reasonable basis for any such claim, except as could not have
or reasonably be expected to not have a Material Adverse Effect. To the knowledge of the Company, all such Intellectual Property
Rights are enforceable and there is no existing infringement by another Person of any of the Intellectual Property Rights. The
Company and its Subsidiaries have taken reasonable security measures to protect the secrecy, confidentiality and value of all of
their intellectual properties, except where failure to do so could not, individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect. None of the Intellectual Property Rights used by the Company or any of its Subsidiaries in their
respective businesses has been obtained or is being used by the Company or such Subsidiary in violation of any contractual obligation
binding on the Company or any of its subsidiaries in violation of the rights of any person. The Company and its subsidiaries have
taken all reasonable steps in accordance with normal industry practice to protect and maintain the Intellectual Property Rights
including, without limitation, the execution of appropriate nondisclosure and invention assignment agreements. The consummation
of the transactions contemplated by this Agreement will not result in the loss or impairment of, or payment of, and additional
amounts with respect to, nor require the consent of, any other person regarding the Company’s or any of its subsidiaries’
right to own or use any of the Intellectual Property Rights as owned or used in the conduct of such party’s business as currently
conducted. To the knowledge of the Company and its Subsidiaries, no employee of any of the Company or its subsidiaries is the subject
of any pending claim or proceeding involving a violation of any term of any employment contract, invention disclosure agreement,
patent disclosure agreement, noncompetition agreement, non-solicitation agreement, nondisclosure agreement or restrictive covenant
to or with a former employer, where the basis of such violation relates to such employee’s employment with the Company or
its subsidiaries or actions undertaken by the employee while employed with the Company or its Subsidiaries.

 

(t)      Insurance.
The Company and the Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and
in such amounts as are prudent and customary in the businesses in which the Company and the Subsidiaries are engaged, including,
but not limited to, directors and officers insurance coverage. Neither the Company nor any Subsidiary has any reason to believe
that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage
from similar insurers as may be necessary to continue its business without a significant increase in cost.

 

    
	 	12	 

     

    

 

(u)     Transactions
With Affiliates and Employees. Except as set forth on Schedule 3.1(u), none of the officers or directors of the Company
or any Subsidiary and, to the knowledge of the Company, none of the employees of the Company or any Subsidiary is presently a party
to any transaction with the Company or any Subsidiary (other than for services as employees, officers and directors), including
any contract, agreement or other arrangement providing for the furnishing of services to or by, providing for rental of real or
personal property to or from, providing for the borrowing of money from or lending of money to or otherwise requiring payments
to or from any officer, director or such employee or, to the knowledge of the Company, any entity in which any officer, director,
or any such employee has a substantial interest or is an officer, director, trustee, stockholder, member or partner, in each case
in excess of $120,000 other than for (i) payment of salary or consulting fees for services rendered, (ii) reimbursement for expenses
incurred on behalf of the Company and (iii) other employee benefits, including stock option agreements under any stock option plan
of the Company.

 

(v)     Sarbanes-Oxley;
Internal Accounting Controls. The Company and the Subsidiaries and their respective officers and directors are in compliance
with the applicable provisions of the Sarbanes-Oxley Act of 2002, as amended. The Company and the Subsidiaries maintain a system
of internal accounting controls sufficient to provide reasonable assurance that: (i) transactions are executed in accordance with
management’s general or specific authorizations, (ii) transactions are recorded as necessary to permit preparation of financial
statements in conformity with IFRS and to maintain asset accountability, (iii) access to assets is permitted only in accordance
with management’s general or specific authorization, and (iv) the recorded accountability for assets is compared with the
existing assets at reasonable intervals and appropriate action is taken with respect to any differences. The Company and the Subsidiaries
have established disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Company
and the Subsidiaries and designed such disclosure controls and procedures to ensure that information required to be disclosed by
the Company in the reports it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the
time periods specified in the Commission’s rules and forms. The Company’s certifying officers have evaluated the effectiveness
of the disclosure controls and procedures of the Company and the Subsidiaries as of applicable dates specified under the Exchange
Act (such date, the “Evaluation Date”). The Company presented in its most recently filed annual report on Form
20-F the conclusions of the certifying officers about the effectiveness of the disclosure controls and procedures based on their
evaluations as of the Evaluation Date. Except as set forth in the Prospectus, since the Evaluation Date, there have been no changes
in the internal control over financial reporting (as such term is defined in the Exchange Act) of the Company and the Subsidiaries
that have materially affected, or is reasonably likely to materially affect, the internal control over financial reporting of the
Company and the Subsidiaries.

 

(w)    Certain Fees.
Except for fees payable to A.G.P as will be as set forth in the Prospectus, no brokerage or finder’s fees or commissions
are or will be payable by the Company, any Subsidiary or any Related Entity to any broker, financial advisor or consultant, finder,
placement agent, investment banker, bank or other Person with respect to the transactions contemplated by the Transaction Documents.
The Purchasers shall have no obligation with respect to any fees or with respect to any claims made by or on behalf of other Persons
for fees of a type contemplated in this Section that may be due in connection with the transactions contemplated by the Transaction
Documents.

 

(x)     Investment
Company. The Company is not, and is not an Affiliate of, and immediately after receipt of payment for the Securities, will
not be or be an Affiliate of, an “investment company” within the meaning of the Investment Company Act of 1940, as
amended. The Company shall conduct its business in a manner so that it will not become an “investment company” subject
to registration under the Investment Company Act of 1940, as amended.

 

(y)     Registration
Rights. No Person has any right to cause the Company or any Subsidiary to effect the registration under the Securities Act
of any securities of the Company or any Subsidiary.

 

    
	 	13	 

     

    

 

(z)     Listing
and Maintenance Requirements. The Company is subject to the reporting requirements of Section 13 of the Exchange Act and files
periodic reports with the SEC; the Shares are registered with the SEC under Section 12(b) of the Exchange Act and the Company is
not in breach of any filing or other requirements under the Exchange Act. The Company has taken no action designed to or which
is likely to have the effect of terminating the registration of its Common Stock under the Exchange Act nor has it received any
notice from that the Commission is contemplating terminating such registration. Except as disclosed in the SEC Reports, the Company
has not, in the 12 months preceding the date hereof, received notice from any Trading Market on which the Common Stock are or have
been listed or quoted to the effect that the Company is not in compliance with the listing or maintenance requirements of such
Trading Market. The Company is, and has no reason to believe that it will not in the foreseeable future continue to be, in compliance
with all such listing and maintenance requirements. The Common Stock is currently eligible for electronic transfer through the
Depository Trust Company or another established clearing corporation and the Company is current in payment of the fees to the Depository
Trust Company (or such other established clearing corporation) in connection with such electronic transfer.

 

(aa)    Application
of Takeover Protections. The Company and the Board of Directors have taken all necessary action, if any, in order to render
inapplicable any control share acquisition, business combination, poison pill (including any distribution under a rights agreement)
or other similar anti-takeover provision under the Company’s articles of incorporation (or similar charter documents) or
the laws of its jurisdiction of incorporation that is or could become applicable to the Purchasers as a result of the Purchasers
and the Company fulfilling their obligations or exercising their rights under the Transaction Documents, including without limitation
as a result of the Company’s issuance of the Securities and the Purchasers’ ownership of the Securities.

 

(bb)   Disclosure.
Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents, the Company
confirms that neither it nor any other Person acting on its behalf has provided any of the Purchasers or their agents or counsel
with any information that it believes constitutes or might constitute material, non-public information which is not otherwise disclosed
in the Prospectus Supplement. The Company understands and confirms that the Purchasers will rely on the foregoing representation
in effecting transactions in securities of the Company. All of the disclosure furnished by or on behalf of the Company to the Purchasers
regarding the Company and its Subsidiaries, their respective businesses and the transactions contemplated hereby, including the
Disclosure Schedules to this Agreement, is true and correct in all material respects and does not contain any untrue statement
of a material fact or omit to state any material fact necessary in order to make the statements made therein, in the light of the
circumstances under which they were made, not misleading. The press releases disseminated by the Company during the twelve months
preceding the date of this Agreement taken as a whole do not contain any untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances
under which they were made and when made, not misleading. The Company acknowledges and agrees that no Purchaser makes or has made
any representations or warranties with respect to the transactions contemplated hereby other than those specifically set forth
in Section 3.2 hereof.

 

(cc)    No Integrated
Offering. Assuming the accuracy of the Purchasers’ representations and warranties set forth in Section 3.2, neither the
Company, nor any of its Affiliates, nor any Person acting on its or their behalf has, directly or indirectly, made any sales of
any security or solicited any offers to buy any security, under circumstances that would cause this offering of the Securities
to be integrated with prior offerings by the Company for purposes of (i) the Securities Act which would require the registration
of the offer, issuance or sale of the Warrants or Warrant Shares under the Securities Act, or (ii) any applicable shareholder approval
provisions of any Trading Market on which any of the securities of the Company are listed or designated.

 

(dd)    Solvency.
Based on the consolidated financial condition of the Company as of the Closing Date, after giving effect to the receipt by the
Company of the proceeds from the sale of the Securities hereunder, (i) the fair saleable value of the Company’s assets exceeds
the amount that will be required to be paid on or in respect of the Company’s existing debts and other liabilities (including
known contingent liabilities) as they mature, (ii) the Company’s assets do not constitute unreasonably small capital to carry
on its business as now conducted and as proposed to be conducted including its capital needs taking into account the particular
capital requirements of the business conducted by the Company, consolidated and projected capital requirements and capital availability
thereof, and (iii) the current cash flow of the Company, together with the proceeds the Company would receive, were it to liquidate
all of its assets, after taking into account all anticipated uses of the cash, would be sufficient to pay all amounts on or in
respect of its liabilities when such amounts are required to be paid. The Company does not intend to incur debts beyond its ability
to pay such debts as they mature (taking into account the timing and amounts of cash to be payable on or in respect of its debt).
The Company has no knowledge of any facts or circumstances which lead it to believe that it will file for reorganization or liquidation
under the bankruptcy or reorganization laws of any jurisdiction within one year from the Closing Date. Schedule 3.1(dd)
sets forth as of the date hereof all outstanding secured and unsecured Indebtedness of the Company or any Subsidiary, or for which
the Company or any Subsidiary has commitments. For the purposes of this Agreement, “Indebtedness” means (x) any liabilities
for borrowed money or amounts owed by the Company in excess of $50,000 (other than trade accounts payable incurred in the ordinary
course of business), (y) all guaranties, endorsements and other contingent obligations in respect of indebtedness of others to
third parties, whether or not the same are or should be reflected in the Company’s consolidated balance sheet (or the notes
thereto), except guaranties by endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary
course of business; and (z) the present value of any lease payments in excess of $50,000 due under leases required to be capitalized
in accordance with IFRS. Neither the Company nor any Subsidiary is in default with respect to any Indebtedness.

 

    
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(ee)    Tax Status.
Except for matters that would not, individually or in the aggregate, have or reasonably be expected to result in a Material Adverse
Effect, the Company and its Subsidiaries each (i) has made or filed all United States federal, state and local income and all foreign
tax returns, reports and declarations required by any jurisdiction to which it is subject, (ii) has paid all taxes and other governmental
assessments and charges that are material in amount, shown or determined to be due on such returns, reports and declarations and
(iii) has set aside on its books provision reasonably adequate for the payment of all material taxes for periods subsequent to
the periods to which such returns, reports or declarations apply. There are no unpaid taxes in any material amount claimed to be
due by the taxing authority of any jurisdiction, and the officers of the Company or of any Subsidiary know of no basis for any
such claim.

 

(ff)    Foreign
Corrupt Practices; Criminal Acts. Neither the Company nor any Subsidiary, nor to the knowledge of the Company or any Subsidiary,
any agent or other person acting on behalf of the Company or any Subsidiary, has (i) directly or indirectly, used any funds for
unlawful contributions, gifts, entertainment or other unlawful expenses related to foreign or domestic political activity, (ii)
made any unlawful payment to foreign or domestic government officials or employees or to any foreign or domestic political parties
or campaigns from corporate funds, (iii) failed to disclose fully any contribution made by the Company or any Subsidiary (or made
by any person acting on its behalf of which the Company is aware) which is in violation of law, or (iv) violated in any material
respect any provision of FCPA. Neither the Company nor any Subsidiary, nor to the knowledge of the Company or any Subsidiary, any
agent or other person acting on behalf of the Company or any Subsidiary, has violated or is in violation of any provision of the
Corruption of Foreign Officials Act (Canada).

 

(gg)    Accountants.
The Company’s independent registered public accounting firm is as set forth in the Prospectus. To the knowledge and belief
of the Company, such accounting firm (i) is a registered public accounting firm as required by the Exchange Act and (ii) shall
express its opinion with respect to the financial statements to be included in the Company’s Annual Report on Form 20-F for
the fiscal year ended August 31, 2021.

 

(hh)   Acknowledgment
Regarding Purchasers’ Purchase of Securities. The Company acknowledges and agrees that each of the Purchasers is acting
solely in the capacity of an arm’s length purchaser with respect to the Transaction Documents and the transactions contemplated
thereby. The Company further acknowledges that no Purchaser is acting as a financial advisor or fiduciary of the Company (or in
any similar capacity) with respect to the Transaction Documents and the transactions contemplated thereby and any advice given
by any Purchaser or any of their respective representatives or agents in connection with the Transaction Documents and the transactions
contemplated thereby is merely incidental to the Purchasers’ purchase of the Securities. The Company further represents to
each Purchaser that the Company’s decision to enter into this Agreement and the other Transaction Documents has been based
solely on the independent evaluation of the transactions contemplated hereby by the Company and its representatives.

 

(ii)     Acknowledgment
Regarding Purchaser’s Trading Activity. Anything in this Agreement or elsewhere herein to the contrary notwithstanding
(except for Sections 3.2(e) and 4.14 hereof), it is understood and acknowledged by the Company that: (i) none of the Purchasers
has been asked by the Company to agree, nor has any Purchaser agreed, to desist from purchasing or selling, long and/or short,
securities of the Company, or “derivative” securities based on securities issued by the Company or to hold the Securities
for any specified term; (ii) past or future open market or other transactions by any Purchaser, specifically including, without
limitation, Short Sales or “derivative” transactions, before or after the closing of this or future private placement
transactions, may negatively impact the market price of the Company’s publicly-traded securities; (iii) any Purchaser, and
counter-parties in “derivative” transactions to which any such Purchaser is a party, directly or indirectly, presently
may have a “short” position in the Common Stock, and (iv) each Purchaser shall not be deemed to have any affiliation
with or control over any arm’s length counter-party in any “derivative” transaction. The Company further understands
and acknowledges that (y) one or more Purchasers may engage in hedging activities (in material compliance with applicable laws)
at various times during the period that the Securities are outstanding, including, without limitation, during the periods that
the value of the Warrant Shares deliverable with respect to Securities are being determined, and (z) such hedging activities (if
any) could reduce the value of the existing shareholders’ equity interests in the Company at and after the time that the
hedging activities are being conducted. The Company acknowledges that such aforementioned hedging activities do not constitute
a breach of any of the Transaction Documents.

 

    
	 	15	 

     

    

 

(jj)     Regulation
M Compliance. The Company has not, and to its knowledge no one acting on its behalf has, (i) taken, directly or indirectly,
any action designed to cause or to result in the stabilization or manipulation of the price of any security of the Company to facilitate
the sale or resale of any of the Securities, (ii) sold, bid for, purchased, or, paid any compensation for soliciting purchases
of, any of the Securities, or (iii) paid or agreed to pay to any Person any compensation for soliciting another to purchase any
other securities of the Company, other than, in the case of clauses (ii) and (iii), compensation paid to A.G.P.

 

(kk)    Office of
Foreign Assets Control. Neither the Company nor any Subsidiary nor, to the Company's knowledge, any director, officer, agent,
employee or affiliate of the Company or any Subsidiary is currently subject to any U.S. sanctions administered by the Office of
Foreign Assets Control of the U.S. Treasury Department (“OFAC”) and the Company will not, directly or indirectly, use
the proceeds of the Offering hereunder, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint
venture partner or other person or entity, for the purpose of financing the activities of any person currently subject to any U.S.
sanctions administered by OFAC.

 

(ll)      Stock
Option Plans. Each stock option granted by the Company under the Company’s stock option plan or omnibus long term incentive
plan was granted (i) in accordance with the terms of such plan and (ii) with an exercise price at least equal to the fair market
value of the Common Stock on the date such stock option would be considered granted under IFRS and applicable law. No stock option
granted under the Company’s stock option plan or omnibus long-term incentive plan has been backdated. The Company has not
knowingly granted, and there is no Company policy or practice to knowingly grant, stock options prior to, or otherwise knowingly
coordinate the grant of stock options with, the release or other public announcement of material information regarding the Company
or the Subsidiaries or their financial results or prospects.

 

(mm)   Office of Foreign
Assets Control. Neither the Company nor any Subsidiary nor, to the Company's knowledge, any director, officer, agent, employee
or affiliate of the Company or any Subsidiary is currently subject to any U.S. sanctions administered by the OFAC.

 

(nn)     U.S.
Real Property Holding Corporation. The Company is not and has never been a United States real property holding corporation
within the meaning of Section 897 of the Internal Revenue Code of 1986, as amended, and the Company shall so certify upon Purchaser’s
request.

 

(oo)    Bank Holding
Company Act. Neither the Company nor any of its Subsidiaries or Affiliates is subject to the Bank Holding Company Act of 1956,
as amended (the “BHCA”) and to regulation by the Board of Governors of the Federal Reserve System (the “Federal
Reserve”). Neither the Company nor any of its Subsidiaries or Affiliates owns or controls, directly or indirectly, five
percent (5%) or more of the outstanding shares of any class of voting securities or twenty-five percent or more of the total equity
of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve. Neither the Company nor any of its
Subsidiaries or Affiliates exercises a controlling influence over the management or policies of a bank or any entity that is subject
to the BHCA and to regulation by the Federal Reserve.

 

    
	 	16	 

     

    

 

(pp)    Money Laundering.
The operations of the Company and its Subsidiaries are and have been conducted at all times in compliance with applicable financial
record-keeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, applicable
money laundering statutes and applicable rules and regulations thereunder (collectively, the “Money Laundering Laws”),
and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving
the Company or any Subsidiary with respect to the Money Laundering Laws is pending or, to the knowledge of the Company or any Subsidiary,
threatened.

 

(qq)    Information
Technology. The Company’s, the Subsidiaries’ and, to the knowledge of the Company, the Related Parties’ information
technology assets and equipment, computers, systems, networks, hardware, software, websites, applications, and databases (collectively,
“IT Systems”) operate and perform in all material respects as required in connection with the operation of the
business of the Company, the Subsidiaries and the Related Entities as currently conducted. The Company, the Subsidiaries and, to
the knowledge of the Company, the Related Parties maintain commercially reasonable controls, policies, procedures, and safeguards
to maintain and protect their material confidential information and the integrity, continuous operation, redundancy and security
of all IT Systems and all personal, personally identifiable, sensitive, confidential or regulated data (“Personal Data”)
processed and stored thereon, and to the knowledge of the Company, there have been no breaches, incidents, violations, outages,
compromises or unauthorized uses of or accesses to same, except for those that have been remedied without material cost or liability
or the duty to notify any other person, nor any incidents under internal review or investigations relating to the same. The Company,
the Subsidiaries and, to the knowledge of the Company, the Related Parties are presently in compliance in all material respects
with all applicable laws or statutes and all applicable judgments, orders, rules and regulations of any court or arbitrator or
governmental or regulatory authority, internal policies and contractual obligations relating to the privacy and security of IT
Systems and Personal Data and to the protection of such IT Systems and Personal Data from unauthorized use, access, misappropriation
or modification, except for any such noncompliance that would not have a Material Adverse Effect.

 

(rr)     Other
Covered Persons. Other than A.G.P., the Company is not aware of any person that has been or will be paid (directly or indirectly)
remuneration for solicitation of purchasers in connection with the sale of any Securities.

 

(ss)     Regulatory.
Except as described in the Registration Statement and the Prospectus, as applicable, the Company and its Subsidiaries (i) have
not received any notice from any court or arbitrator or governmental or regulatory authority or third party alleging or asserting
noncompliance with any laws or any licenses, exemptions, certificates, approvals, clearances, authorizations, permits, registrations
and supplements or amendments thereto required to conduct the Company’s business as presently conducted (“Authorizations”);
(ii) possess all material Authorizations and such Authorizations are valid and in full force and effect and are not in violation
of any term of any such Authorizations; (iii) have not received any written notice that any court or arbitrator or governmental
or regulatory authority has taken, is taking or intends to take, action to limit, suspend, materially modify or revoke any Authorizations
nor is any such limitation, suspension, modification or revocation threatened; (iv) have filed, obtained, maintained or submitted
all material reports, documents, forms, notices, applications, records, claims, submissions and supplements or amendments as required
by any Authorizations and that all such reports, documents, forms, notices, applications, records, claims, submissions and supplements
or amendments were complete and accurate on the date filed (or were corrected or supplemented by a subsequent submission); and
(v) are not a party to any corporate integrity agreements, monitoring agreements, consent decrees, settlement orders, or similar
agreements with or imposed by any governmental or regulatory authority, except in the case of each of clauses (i) through (v),
such as could not have or reasonably be expected to result in a Material Adverse Effect.

 

(tt)     Material
Agreements. The agreements and documents described in the Registration Statement or Prospectus conform in all material respects
to the descriptions thereof contained or incorporated by reference therein conformed in all material respects to the requirements
of the Securities Act or the Exchange Act, as applicable at the time filed, and were filed on a timely basis with the Commission
and none of such documents contained an untrue statement of a material fact or omitted to state a material fact necessary to make
the statements therein, in the light of the circumstances under which they were made, not misleading; any further documents so
filed and there are no agreements or other documents required by the Securities Act and the rules and regulations thereunder to
be described in the Prospectus or to be filed with the Commission as exhibits to the Registration Statement or to be incorporated
by reference in the Registration Statement or Prospectus, that have not been so described or filed or incorporated by reference.

 

    
	 	17	 

     

    

 

(uu) Private Placement. Assuming
the accuracy of the Purchasers’ representations and warranties set forth in Section 3.2, no registration under
the Securities Act is required for the offer and sale of the Warrants or the Warrant Shares by the Company to the Purchasers as
contemplated hereby.

 

(vv)     No
General Solicitation. Neither the Company nor any Person acting on behalf of the Company has offered or sold any of the Warrant
or Warrant Shares by any form of general solicitation or general advertising. The Company has offered the Warrants and Warrant
Shares for sale only to the Purchasers and certain other “accredited investors” within the meaning of Rule 501 under
the Securities Act.

 

(ww)     No
Disqualification Events. With respect to the Warrant and Warrant Shares to be offered and sold hereunder in reliance on Rule
506 under the Securities Act, none of the Company, any of its predecessors, any affiliated issuer, any director, executive officer,
other officer of the Company participating in the offering hereunder, any beneficial owner of 20% or more of the Company’s
outstanding voting equity securities, calculated on the basis of voting power, nor any promoter (as that term is defined in Rule
405 under the Securities Act) connected with the Company in any capacity at the time of sale (each, an “Issuer Covered
Person”) is subject to any of the “Bad Actor” disqualifications described in Rule 506(d)(1)(i) to (viii)
under the Securities Act (a “Disqualification Event”), except for a Disqualification Event covered by Rule 506(d)(2)
or (d)(3). The Company has exercised reasonable care to determine whether any Issuer Covered Person is subject to a Disqualification
Event. The Company has complied, to the extent applicable, with its disclosure obligations under Rule 506(e), and has furnished
to the Purchasers a copy of any disclosures provided thereunder.

 

(xx)     Notice
of Disqualification Events. The Company will notify the Purchasers in writing, prior to the Closing Date of (i) any Disqualification
Event relating to any Issuer Covered Person and (ii) any event that would, with the passage of time, reasonably be expected to
become a Disqualification Event relating to any Issuer Covered Person, in each case of which it is aware.

 

(yy) Mining Rights. Except
as described in the Registration Statement and Prospectus,

 

(i)   The Buckreef Project in Tanzania,
as described in the Registration Statement and the Prospectus (“Material Property”), is the only resource property
that is currently material to the Company in which the Company or the Subsidiaries have an interest.

 

(ii)  The Company, directly or through its
Subsidiaries, holds an interest in fee or freehold title, mining leases, mining concessions, mining claims, exploration permits,
prospecting permits, participant interests, conventional property agreements, or proprietary interests or rights, or other similar
contractual rights recognized in the jurisdiction in which the Material Property are located, in respect of the ore bodies and
minerals located on the Material Property in which the Company (through the applicable subsidiary) has an interest under valid,
subsisting and enforceable title documents or other recognized and enforceable agreements, instruments, contracts, arrangements
or understandings, sufficient to permit the Company (through the applicable subsidiary) to explore for the minerals relating thereto,
and all such material documents, agreements, instruments, contracts, arrangements or understandings in connection with the Material
Property (“Material Property Agreements”) are valid and subsisting and enforceable in accordance with their terms,
except in each case where the failure to be so would not be reasonably expected to have a Material Adverse Effect.

 

(iii)   All concessions, leases, property
agreements and contracts, claims and permits relating to the Material Property in which the Company (through the applicable subsidiary)
has an interest or right have been validly granted, located, approved, executed and/or recorded or filed in accordance with all
applicable laws and are valid, subsisting and enforceable in all respects, except in each case where the failure to be so would
not be reasonably expected to have a Material Adverse Effect.

 

(iv)    Except as disclosed in
the Registration Statement or the Prospectus, the Company (through the applicable Subsidiary) has, or reasonably anticipates receiving
in due course, all necessary surface rights, access rights and other necessary rights and interests relating to the Material Property
in which the Company (through the applicable subsidiary) has an interest granting the Company (through the applicable Subsidiary)
the right and ability to explore for minerals, ore and metals as are appropriate in view of the rights and interest therein of
the Company or the applicable Subsidiary, with only such exceptions as do not materially interfere with the current use made by
the Company or the applicable Subsidiary of the rights or interest so held, and each of the proprietary interests or rights and
each of the Material Property Agreements is currently in good standing in all respects in the name of the Company or the applicable
Subsidiary, except where such failure to be so would not reasonably be expected to have a Material Adverse Effect.

 

    
	 	18	 

     

    

 

(v)     All assessments or
other work required to have been performed to date in relation to the material mining claims and mining rights of the Company and
the applicable Subsidiary in order to maintain their respective interests therein, if any, have been performed to date and, except
as disclosed in the Registration Statement or the Prospectus, the Company and the applicable Subsidiary have complied in all respects
with all applicable laws in this regard as well as with legal and contractual obligations to third parties in this regard except
in respect of mining claims and mining rights that the Company and the applicable Subsidiary intend to abandon or relinquish and
except for any non-compliance which would not either individually or in the aggregate reasonably be expected to have a Material
Adverse Effect.

 

(zz)    Mining
Practice. Except as disclosed in the Registration Statement and the Prospectus, all mining operations by the Company and its
Subsidiaries on the Material Properties have for the past five (5) years been conducted with the exercise of reasonable diligence,
skill, care and prudence for mining operations in similar locations under similar circumstances.

 

(aaa)         Technical
Reports. Schedule 3.1(aaa) sets out each applicable technical report relating to the Material Property (the “Reports”)
as of the date of this Agreement. Each Report was at the time of filing compliant, in all material respects, with the requirements
of the provisions of NI 43-101 — Standards of Disclosure for Mineral Projects (“NI 43-101”). All scientific and
technical information disclosed in the Registration Statement and Prospectus: (i) is based upon information prepared by or under
the supervision of, or approved by, a “qualified person” (as such term is defined in NI 43-101) and (ii) was true,
complete and accurate in all material respects at the time of filing. The Company made available to the respective authors thereof
prior to the issuance of all of the Reports, for the purpose of preparing the Reports, as applicable, all information requested,
and no such information contained any misrepresentation as at the time the relevant information was made available. The Reports,
as of their respective dates, accurately and completely set forth all material facts relating to the Material Property, and as
of the date hereof and the date of the Prospectus, there is no new material scientific or technical information concerning any
of the Material Property not included in the Reports. With respect to information set forth in the Registration Statement and the
Prospectus: (i) information relating to the Company’s estimates of mineral reserves and resources as at the date they were
prepared has been reviewed and verified by the Company or independent consultants to the Company as being consistent with the Company’s
mineral reserve and mineral resource estimates as at the date they were prepared; (ii) the mineral reserve and mineral resource
estimated have been prepared in accordance with National Instrument 43-101 — Standards of Disclosure for Mineral Projects,
as applicable, by or under the supervision of a “qualified person” as defined therein; and (iii) the methods used in
estimating the Company’s mineral reserves and mineral resources are in accordance with accepted mineral reserve and mineral
resource estimation practices.

 

(bbb)        Foreign
Private Issuer. The Company is a “foreign private issuer” within the meaning of Rule 405 under the Securities Act
(“Foreign Private Issuer”).

 

(ccc)        Dividend
Restrictions. Except as described in the Registration Statement and the Prospectus, no Subsidiary of the Company is prohibited
or restricted, directly or indirectly, from paying dividends to the Company, or from making any other distribution with respect
to such Subsidiary’s equity securities or from repaying to the Company or any other Subsidiary of the Company any amounts
that may from time to time become due under any loans or advances to such Subsidiary from the Company or from transferring any
property or assets to the Company or to any other Subsidiary.

 

(ddd)        PFIC
Status. As of August 31, 2020, the Company has not determined whether it may be deemed a “passive foreign investment
company,” as such term is defined in the Code. Neither the Company nor any Subsidiary of the Company has any knowledge
that it is, or, after giving effect to the offering, issuance and sale of the Placement Shares hereunder and the application of
the proceeds thereof, that it will be, a “controlled foreign corporation” as defined by the Code.

 

    
	 	19	 

     

    

 

3.2       Representations
and Warranties of the Purchasers. Each Purchaser, for itself and for no other Purchaser, hereby represents and warrants as
of the date hereof and as of the Closing Date to the Company as follows (unless as of a specific date therein, in which case they
shall be accurate as of such date):

 

(a)     Organization;
Authority. Such Purchaser is either an individual or an entity duly incorporated or formed, validly existing and in good standing
under the laws of the jurisdiction of its incorporation or formation with full right, corporate, partnership, limited liability
company or similar power and authority to enter into and to consummate the transactions contemplated by the Transaction Documents
and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of the Transaction Documents and
performance by such Purchaser of the transactions contemplated by the Transaction Documents have been duly authorized by all necessary
corporate, partnership, limited liability company or similar action, as applicable, on the part of such Purchaser. Each Transaction
Document to which it is a party has been duly executed by such Purchaser, and when delivered by such Purchaser in accordance with
the terms hereof or thereof, will constitute the valid and legally binding obligation of such Purchaser, enforceable against it
in accordance with its terms, except: (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization,
moratorium and other laws of general application affecting enforcement of creditors’ rights generally; (ii) as limited by
laws relating to the availability of specific performance, injunctive relief or other equitable remedies; and (iii) insofar as
indemnification and contribution provisions may be limited by applicable law.

 

(b)     Understandings
or Arrangements. Such Purchaser is acquiring the Securities as principal for its own account and has no direct or indirect
arrangement or understandings with any other persons to distribute or regarding the distribution of such Securities (this representation
and warranty not limiting such Purchaser’s right to sell the Shares pursuant to the Registration Statement, the Registrable
Securities pursuant to the Resale Registration Statement, or otherwise in compliance with applicable federal and state securities
laws). Such Purchaser is acquiring the Securities hereunder in the ordinary course of its business. Such Purchaser understands
that the Warrants and the Warrant Shares are “restricted securities” the resale of which has not been registered under
the Securities Act or any applicable state securities law and is acquiring such Securities as principal for his, her or its own
account and not with a view to or for distributing or reselling such Securities or any part thereof in violation of the Securities
Act or any applicable state securities law, has no present intention of distributing any of such Securities in violation of the
Securities Act or any applicable state securities law and has no direct or indirect arrangement or understandings with any other
persons to distribute or regarding the distribution of such Securities in violation of the Securities Act or any applicable state
securities law (this representation and warranty not limiting such Purchaser’s right to sell such Securities pursuant to
a registration statement or otherwise in compliance with applicable federal and state securities laws).

 

(c)     Purchaser
Status. At the time such Purchaser was offered the Securities, it was, and as of the date hereof it is, and on each date on
which it exercises any Warrants, it will be either: (i) an “accredited investor” as defined in Rule 501(a)(1), (a)(2),
(a)(3), (a)(7) or (a)(8) under the Securities Act or (ii) a “qualified institutional buyer” as defined in Rule 144A(a)
under the Securities Act.

 

(d)     Experience
of Such Purchaser. Such Purchaser, either alone or together with its representatives, has such knowledge, sophistication and
experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment
in the Securities, and has so evaluated the merits and risks of such investment. Such Purchaser is able to bear the economic risk
of an investment in the Securities and, at the present time, is able to afford a complete loss of such investment.

 

(e)     Access
to Information. Such Purchaser acknowledges that it has had the opportunity to review the Transaction Documents (including
all exhibits and schedules thereto) and the reports filed with the Commission and has been afforded: (i) the opportunity to ask
such questions as it has deemed necessary of, and to receive answers from, representatives of the Company concerning the terms
and conditions of the offering of the Securities and the merits and risks of investing in the Securities; (ii) access to information
about the Company and its financial condition, results of operations, business, properties, management and prospects sufficient
to enable it to evaluate its investment; and (iii) the opportunity to obtain such additional information that the Company possesses
or can acquire without unreasonable effort or expense that is necessary to make an informed investment decision with respect to
the investment. Such Purchaser acknowledges and agrees that neither A.G.P. nor any Affiliate of A.G.P. has provided such Purchaser
with any information or advice with respect to the Securities nor is such information or advice necessary or desired. Neither A.G.P.
nor any Affiliate has made or makes any representation as to the Company or the quality of the Securities and A.G.P. and any Affiliate
may have acquired non-public information with respect to the Company which such Purchaser agrees need not be provided to it. In
connection with the issuance of the Securities to such Purchaser, neither A.G.P. nor any of their Affiliates has acted as a financial
advisor or fiduciary to such Purchaser.

 

    
	 	20	 

     

    

 

(f)      Certain
Transactions and Confidentiality. Other than consummating the transactions contemplated hereunder, such Purchaser has not,
nor has any Person acting on behalf of or pursuant to any understanding with such Purchaser, directly or indirectly executed any
purchases or sales, including Short Sales, of the securities of the Company during the period commencing as of the time that such
Purchaser first received a term sheet (written or oral) from the Company or any other Person representing the Company setting forth
the material terms of the transactions contemplated hereunder and ending immediately prior to the execution hereof. Notwithstanding
the foregoing, in the case of a Purchaser that is a multi-managed investment vehicle whereby separate portfolio managers manage
separate portions of such Purchaser’s assets and the portfolio managers have no direct knowledge of the investment decisions
made by the portfolio managers managing other portions of such Purchaser’s assets, the representation set forth above shall
only apply with respect to the portion of assets managed by the portfolio manager that made the investment decision to purchase
the Securities covered by this Agreement. Other than to other Persons party to this Agreement or to such Purchaser’s representatives,
including, without limitation, its officers, directors, partners, legal and other advisors, employees, agents and Affiliates, such
Purchaser has maintained the confidentiality of all disclosures made to it in connection with this transaction (including the existence
and terms of this transaction). Notwithstanding the foregoing, for the avoidance of doubt, nothing contained herein shall constitute
a representation or warranty against, or a prohibition of, any actions with respect to the borrowing of, arrangement to borrow,
identification of the availability of, and/or securing of, securities of the Company in order for such Purchaser (or its broker
or other financial representative) to effect Short Sales or similar transactions in the future.

 

(g)      General
Solicitation. Such Purchaser is not purchasing the Securities as a result of any advertisement, article, notice or other communication
regarding the Securities published in any newspaper, magazine or similar media or broadcast over television or radio or presented
at any seminar or, to the knowledge of such Purchaser, any other general solicitation or general advertisement.

 

(h) Purchasers acknowledge that none
of the Securities will be qualified for distribution in any jurisdiction of Canada, and may not be traded through the facilities
of the Toronto Stock Exchange or any other Canadian stock exchange, or otherwise in a jurisdiction of Canada. Each Purchaser represents
and warrants to the Company that such Purchaser (i) is acquiring the Securities not for sale or with a view to distribution in
Canada, and (ii) has no present intention of selling the Securities through the facilities of the Toronto Stock Exchange or any
other Canadian stock exchange, or otherwise in a jurisdiction of Canada, and does not presently have any reason to expect a change
in such intention.

 

The Company acknowledges and agrees
that the representations contained in this Section 3.2 shall not modify, amend or affect such Purchaser’s right to rely on
the Company’s representations and warranties contained in this Agreement or any representations and warranties contained
in any other Transaction Document or any other document or instrument executed and/or delivered in connection with this Agreement
or the consummation of the transactions contemplated hereby. Notwithstanding the foregoing, for the avoidance of doubt, nothing
contained herein shall constitute a representation or warranty, or preclude any actions, with respect to locating or borrowing
shares in order to effect Short Sales or similar transactions in the future.

 

    
	 	21	 

     

    

 

ARTICLE IV.

OTHER AGREEMENTS OF THE PARTIES

 

4.1       Removal
of Legends.

 

(a)     The
Warrants and Warrant Shares may only be disposed of in compliance with state and federal securities laws. In connection with any
transfer of Warrants or Warrant Shares other than pursuant to an effective registration statement or Rule 144, to the Company or
to an Affiliate of a Purchaser or in connection with a pledge as contemplated in Section 4.1(b), the Company may require
the transferor thereof to provide to the Company an opinion of counsel selected by the transferor, and at its costs, and reasonably
acceptable to the Company, the form and substance of which opinion shall be reasonably satisfactory to the Company, to the effect
that such transfer does not require registration of such transfer of the Warrant or Warrant Shares under the Securities Act.

 

(b)     
The Purchasers agree to the imprinting, so long as is required by this Section 4.1, of a legend on any of the Warrants
or Warrant Shares in the following form:

 

NEITHER THIS SECURITY [NOR THE SECURITIES FOR WHICH
THIS SECURITY IS EXERCISABLE] HAS BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY
STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR
PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT
AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. THIS SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS SECURITY
MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT WITH A REGISTERED BROKER-DEALER OR OTHER LOAN WITH A FINANCIAL INSTITUTION
THAT IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a) UNDER THE SECURITIES ACT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

(c)     The
Company acknowledges and agrees that a Purchaser may from time to time pledge pursuant to a bona fide margin agreement with a registered
broker-dealer or grant a security interest in some or all of the Warrants or Warrant Shares to a financial institution that is
an “accredited investor” as defined in Rule 501(a) under the Securities Act and, if required under the terms of such
arrangement, such Purchaser may transfer pledged or secured Warrants or Warrant Shares to the pledgees or secured parties. Such
a pledge or transfer would not be subject to approval of the Company and no legal opinion of legal counsel of the pledgee, secured
party or pledgor shall be required in connection therewith. Further, no notice shall be required of such pledge. At the appropriate
Purchaser’s expense, the Company will execute and deliver such reasonable documentation as a pledgee or secured party of
Warrants and Warrant Shares may reasonably request in connection with a pledge or transfer of the Warrants or Warrant Shares.

 

(d)     Certificates
evidencing the Warrant Shares shall not contain any legend (including the legend set forth in Section 4.1(b) hereof):
(i) while a registration statement covering the resale of such security is effective under the Securities Act, or (ii) if such
legend is not required or customarily included under applicable requirements of the Securities Act (including judicial interpretations
and pronouncements issued by the staff of the Commission). The Company shall cause its counsel to issue a legal opinion to the
Transfer Agent or the Purchaser promptly if required by the Transfer Agent to effect the removal of the legend hereunder, or if
requested by a Purchaser, respectively, in each case, unless such removal is prohibited by the Securities Act and the rules and
regulations thereunder. If all or any portion of a Warrant is exercised at a time when there is an effective registration statement
to cover the resale of the Warrant Shares, or if such legend is not otherwise required or customarily included under applicable
requirements of the Securities Act (including judicial interpretations and pronouncements issued by the staff of the Commission)
then such Warrant Shares shall be issued free of all legends. The Company agrees that following such time as such legend is no
longer required under this Section 4.1(d), the Company will, no later than the earlier of (i) two (2) Trading Days
and (ii) the number of Trading Days comprising the Standard Settlement Period (as defined below) following the delivery by a Purchaser
to the Company or the Transfer Agent of a certificate representing Warrant Shares, as applicable, issued with a restrictive legend
(such date, the “Legend Removal Date”), deliver or cause to be delivered to such Purchaser a certificate representing
such shares that is free from all restrictive and other legends. The Company may not make any notation on its records or give instructions
to the Transfer Agent that enlarge the restrictions on transfer set forth in this Section 4. Warrant Shares subject
to legend removal hereunder shall be transmitted by the Transfer Agent to the Purchaser by crediting the account of the Purchaser’s
prime broker with the Depository Trust Company System as directed by such Purchaser. As used herein, “Standard Settlement
Period” means the standard settlement period, expressed in a number of Trading Days, on the Company’s primary Trading
Market with respect to the Common Stock as in effect on the date of delivery of a certificate representing Warrant Shares issued
with a restrictive legend.

 

    
	 	22	 

     

    

 

(e)     In addition
to such Purchaser’s other available remedies, the Company shall pay to a Purchaser, in cash, (i) as partial liquidated damages
and not as a penalty, for each $1,000 of Warrant Shares (based on the VWAP of the Common Stock on the date such Securities are
submitted to the Transfer Agent) delivered for removal of the restrictive legend and subject to Section 4.1(d), $5
per Trading Day (increasing to $10 per Trading Day five (5) Trading Days after such damages have begun to accrue) for each Trading
Day after the Legend Removal Date until such certificate is delivered without a legend and (ii) if the Company fails to (a) issue
and deliver (or cause to be delivered) to a Purchaser by the Legend Removal Date a certificate representing the Securities so delivered
to the Company by such Purchaser that is free from all restrictive and other legends and (b) if after the Legend Removal Date such
Purchaser purchases (in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by
such Purchaser of all or any portion of the number of shares of Common Stock, or a sale of a number of shares of Common Stock equal
to all or any portion of the number of shares of Common Stock, that such Purchaser anticipated receiving from the Company without
any restrictive legend, then an amount equal to the excess of such Purchaser’s total purchase price (including brokerage
commissions and other out-of-pocket expenses, if any) for the shares of Common Stock so purchased (including brokerage commissions
and other out-of-pocket expenses, if any) (the “Buy-In Price”) over the product of (A) such number of Warrant
Shares that the Company was required to deliver to such Purchaser by the Legend Removal Date multiplied by (B) the VWAP of the
Common Stock on the Trading Day that the Purchaser purchased such shares of Common Stock to satisfy its delivery obligations..

 

(f) The Shares shall be issued free of legends.

 

4.2       Furnishing of Information.
Until the earlier of the time that (i) no Purchaser owns Securities and (ii) the Warrants have expired, the Company covenants to
timely file (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be filed
by the Company after the date hereof pursuant to the Exchange Act.

  

4.3       Integration.
The Company shall not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as defined
in Section 2 of the Securities Act) that would be integrated with the offer or sale of the Shares in a manner that would require
the registration under the Securities Act of the sale of the Warrants or Warrant Shares or that would be integrated with the offer
of the Shares for purposes of the rules and regulations of any Trading Market such that it would require shareholder approval prior
to the closing of such other transaction unless shareholder approval is obtained before the closing of such subsequent transaction.

 

4.4       Securities
Laws Disclosure; Publicity. The Company shall (a) by the Disclosure Time issue a press release disclosing the material terms
of the transactions contemplated hereby, (b) file a Report of Foreign Private Issuer on Form 6-K, including the Transaction Documents
as exhibits thereto, with the Commission within the time required by the Exchange Act, and (c) file such other report as may be
required by any Canadian regulatory authority in accordance with applicable Canadian securities laws. From and after the issuance
of such press release, the Company represents to the Purchasers that it shall have publicly disclosed all material, non-public
information delivered to any of the Purchasers by the Company or any of the Subsidiaries, or any of their respective officers,
directors, employees or agents in connection with the transactions contemplated by the Transaction Documents. In addition, effective
upon the issuance of such press release, the Company acknowledges and agrees that any and all confidentiality or similar obligations
under any agreement, whether written or oral, between the Company, any of the Subsidiaries or any of their respective officers,
directors, agents, employees or Affiliates on the one hand, and any of the Purchasers or any of their Affiliates on the other hand,
shall terminate. The Company and each Purchaser shall consult with each other in issuing any other press releases with respect
to the transactions contemplated hereby, and neither the Company nor any Purchaser shall issue any such press release nor otherwise
make any such public statement without the prior consent of the Company, with respect to any press release of any Purchaser, or
without the prior consent of each Purchaser, with respect to any press release of the Company, which consent shall not unreasonably
be withheld or delayed, except if such disclosure is required by law, in which case the disclosing party shall promptly provide
the other party with prior notice of such public statement or communication. Notwithstanding the foregoing, the Company shall not
publicly disclose the name of any Purchaser, or include the name of any Purchaser in any filing with the Commission or any regulatory
agency or Trading Market except (a) as required by federal securities law in connection with the filing of final Transaction Documents
with the Commission; (b) the Resale Registration Statement; and (c) to the extent such disclosure is required by law or Trading
Market regulations.

 

4.5       Shareholder
Rights Plan. No claim will be made or enforced by the Company or, with the consent of the Company, any other Person, that any
Purchaser is an “Acquiring Person” under any control share acquisition, business combination, poison pill (including
any distribution under a rights agreement) or similar anti-takeover plan or arrangement in effect or hereafter adopted by the Company,
or that any Purchaser could be deemed to trigger the provisions of any such plan or arrangement, by virtue of receiving Securities
under the Transaction Documents or under any other agreement between the Company and the Purchasers.

 

 

    
	 	23	 

     

    

 

4.6       Non-Public
Information. Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents,
which shall be disclosed pursuant to Section 4.4, the Company covenants and agrees that neither it, nor any other Person acting
on its behalf will provide any Purchaser or any Purchaser’s agents or counsel with any information that constitutes, or the
Company reasonably believes constitutes, material non-public information, unless prior thereto such Purchaser shall have consented
to the receipt of such information and agreed with the Company to keep such information confidential. The Company understands and
confirms that each Purchaser shall be relying on the foregoing covenant in effecting transactions in securities of the Company.
To the extent that the Company, any of its Subsidiaries, or any of their respective officers, director, agents, employees or Affiliates
delivers any material, non-public information to a Purchaser without such Purchaser’s consent, the Company hereby covenants
and agrees that such Purchaser shall not have any duty of confidentiality to the Company, any of the Subsidiaries, or any of their
respective officers, directors, agents, employees or Affiliates, or a duty to the Company, any of the Subsidiaries or any of their
respective officers, directors, agents, employees or Affiliates not to trade on the basis of, such material, non-public information,
provided that the Purchaser shall remain subject to applicable law. To the extent that any notice provided pursuant to any Transaction
Document constitutes, or contains, material, non-public information regarding the Company or any Subsidiaries, the Company shall
simultaneously file such material non-public information on with the Commission pursuant to a Report of Foreign Private Issuer
on Form 6-K. The Company understands and confirms that each Purchaser shall be relying on the foregoing covenant in effecting transactions
in securities of the Company.

 

4.7       Use of
Proceeds. The Company shall use the net proceeds from the sale of the Securities hereunder for working capital purposes and
shall not use such proceeds: (a) for the satisfaction of any portion of the Company’s debt (other than payment of trade payables
in the ordinary course of the Company’s business and prior practices), (b) for the redemption of any Common Stock or Common
Stock Equivalents, (c) for the settlement of any outstanding litigation, or (d) in violation of FCPA or OFAC regulations.

 

4.8       Indemnification
of Purchasers. Subject to the provisions of this Section 4.8, the Company will indemnify and hold each Purchaser and its directors,
officers, shareholders, members, partners, employees and agents (and any other Persons with a functionally equivalent role of a
Person holding such titles notwithstanding a lack of such title or any other title), each Person who controls such Purchaser (within
the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, shareholders,
agents, members, partners or employees (and any other Persons with a functionally equivalent role of a Person holding such titles
notwithstanding a lack of such title or any other title) of such controlling persons (each, a “Purchaser Party”)
harmless from any and all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses, including all judgments,
amounts paid in settlements, court costs and reasonable attorneys’ fees and costs of investigation that any such Purchaser
Party may suffer or incur caused by or based upon (a) any breach of any of the representations, warranties, covenants or agreements
made by the Company in this Agreement or in the other Transaction Documents, (b) any action instituted against the Purchaser Parties
in any capacity, or any of them or their respective Affiliates, by any shareholder of the Company who is not an Affiliate of such
Purchaser Party, with respect to any of the transactions contemplated by the Transaction Documents (unless such action is solely
based upon a material breach of such Purchaser Party’s representations, warranties or covenants under the Transaction Documents
or any agreements or understandings such Purchaser Party may have with any such shareholder or any violations by such Purchaser
Party of state or federal securities laws or any conduct by such Purchaser Party which is finally judicially determined to constitute
fraud, gross negligence or willful misconduct) or (c) in connection with any registration statement of the Company providing for
the resale by the Purchasers of the Warrant Shares issued and issuable upon exercise of the Warrants. The Company will indemnify
each Purchaser Party, to the fullest extent permitted by applicable law, from and against any and all losses, claims, damages,
liabilities, costs (including, without limitation, reasonable attorneys’ fees) and expenses, as incurred, caused by or based
upon (i) any untrue or alleged untrue statement of a material fact contained in the Registration Statement or any amendment thereto,
any Issuer Free Writing Prospectus, the Prospectus or any amendment or supplement thereto, or any registration statement of the
Company providing for the resale by the Purchasers of the Warrant Shares issued and issuable upon exercise of the Warrants, any
prospectus or any form of prospectus or any amendment or supplement thereto or in any preliminary prospectus contained in such
prospectus, or caused by or based upon any omission or alleged omission of a material fact required to be stated therein or necessary
to make the statements therein (in the case of any prospectus or supplement thereto, in the light of the circumstances under which
they were made) not misleading, except to the extent, but only to the extent, that such untrue statements or omissions are based
solely upon information regarding such Purchaser Party furnished in writing to the Company by such Purchaser Party expressly for
use therein, or (ii) any violation or alleged violation by the Company of the Securities Act, the Exchange Act or any state securities
law, or any rule or regulation thereunder in connection therewith. If any action shall be brought against any Purchaser Party in
respect of which indemnity may be sought pursuant to this Agreement, such Purchaser Party shall promptly notify the Company in
writing, and the Company shall have the right to assume the defense thereof with counsel of its own choosing reasonably acceptable
to the Purchaser Party. Any Purchaser Party shall have the right to employ separate counsel in any such action and participate
in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Purchaser Party except to the
extent that (x) the employment thereof has been specifically authorized by the Company in writing, (y) the Company has failed after
a reasonable period of time to assume such defense and to employ counsel or (z) in such action there is, in the reasonable opinion
of counsel, a material conflict on any material issue between the position of the Company and the position of such Purchaser Party,
in which case the Company shall be responsible for the reasonable fees and expenses of no more than one such separate counsel.
The Company will not be liable to any Purchaser Party under this Agreement (1) for any settlement by a Purchaser Party effected
without the Company’s prior written consent, which shall not be unreasonably withheld or delayed; or (2) to the extent, but
only to the extent that a loss, claim, damage or liability is attributable to any Purchaser Party’s breach of any of the
representations, warranties, covenants or agreements made by such Purchaser Party in this Agreement or in the other Transaction
Documents. The indemnification required by this Section 4.8 shall be made by periodic payments of the amount thereof during the
course of the investigation or defense, as and when bills are received or are incurred. The indemnity agreements contained herein
shall be in addition to any cause of action or similar right of any Purchaser Party against the Company or others and any liabilities
the Company may be subject to pursuant to law.

 

    
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4.9       Reservation
of Common Stock. As of the date hereof, the Company has reserved and the Company shall continue to reserve and keep available
at all times, free of preemptive rights, a sufficient number of shares of Common Stock for the purpose of enabling the Company
to issue the Shares pursuant to this Agreement and Warrant Shares pursuant to any exercise of the Warrants.

 

4.10       Listing
of Common Stock. The Company hereby agrees to use commercially reasonable best efforts to maintain the listing or quotation
of the Common Stock on the NYSE American and Toronto Stock Exchange, and concurrently with the Closing, the Company shall apply
to list or quote all of the Shares and Warrant Shares on the NYSE American and Toronto Stock Exchange and promptly secure the listing
of all of the Shares and Warrant Shares on the NYSE American and Toronto Stock Exchange. The Company further agrees, if the Company
applies to have the Common Stock traded on any other Trading Market, it will then include in such application all of the Shares
and Warrant Shares, and will take such other action as is necessary to cause all of the Shares and Warrant Shares to be listed
or quoted on such other Trading Market as promptly as possible. The Company will then take all action reasonably necessary to continue
the listing and trading of its Common Stock on a Trading Market and will comply in all respects with the Company’s reporting,
filing and other obligations under the bylaws or rules of the Trading Market. For so long as the Company maintains a listing or
quotation of the Common Stock on a Trading Market, the Company agrees to maintain the eligibility of the Common Stock for electronic
transfer through the Depository Trust Company or another established clearing corporation, including, without limitation, by timely
payment of fees to the Depository Trust Company or such other established clearing corporation in connection with such electronic
transfer.

 

4.11       Lock-Up.
 The Company shall not amend, modify, waive or terminate any provision of any of the Lock-Up Agreements except to extend the
term of the lock-up period and shall enforce the provisions of each Lock-Up Agreement in accordance with its terms. If any party
to a Lock-Up Agreement breaches any provision of a Lock-Up Agreement, the Company shall promptly use its commercially reasonable
efforts to seek specific performance of the terms of such Lock-Up Agreement.

 

4.12       Subsequent
Equity Sales.

 

(a)     From
the date hereof until 90 days after the Closing Date, neither the Company nor any Subsidiary shall (i) issue, enter into any agreement
to issue or announce the issuance or proposed issuance of any Common Stock or Common Stock Equivalents or (ii) file any registration
statement or any amendment or supplement thereto, other than the Prospectus Supplement and the Resale Registration Statement; provided
however, that the Company may file a shelf registration statement 30 days after the Closing Date which will include the
Registrable Securities and other securities of the Company subject to the restriction of Section 4.12(a)(i) for such other securities..

 

    
	 	25	 

     

    

 

(b) Notwithstanding the foregoing,
this Section 4.12 shall not apply in respect of an Exempt Issuance; provided, however that such securities are issued as “restricted
securities” (as defined in Rule 144 of the Securities Act) and carry no registration rights that require or permit the filing
of any registration statement in connection therewith during the prohibition period in Section 4.12(a) herein.

  

4.13       Equal
Treatment of Purchasers. No consideration (including any modification of any Transaction Document) shall be offered or paid
to any Person to amend or consent to a waiver or modification of any provision of the Transaction Documents unless the same consideration
is also offered to all of the parties to such Transaction Documents. For clarification purposes, this provision constitutes a separate
right granted to each Purchaser by the Company and negotiated separately by each Purchaser, and is intended for the Company to
treat the Purchasers as a class and shall not in any way be construed as the Purchasers acting in concert or as a group with respect
to the purchase, disposition or voting of Securities or otherwise.

 

4.14       Certain
Transactions and Confidentiality. Each Purchaser, severally and not jointly with the other Purchasers, covenants that neither
it nor any Affiliate acting on its behalf or pursuant to any understanding with it will execute any purchases or sales, including
Short Sales of any of the Company’s securities during the period commencing with the execution of this Agreement and ending
at such time that the transactions contemplated by this Agreement are first publicly announced pursuant to the initial press release
as described in Section 4.4. Each Purchaser, severally and not jointly with the other Purchasers, covenants that until such time
as the transactions contemplated by this Agreement are publicly disclosed by the Company pursuant to the initial press release
as described in Section 4.4, such Purchaser will maintain the confidentiality of the existence and terms of this transaction and
the information included in this Agreement, including the schedules hereto. Notwithstanding the foregoing, and notwithstanding
anything contained in this Agreement to the contrary, the Company expressly acknowledges and agrees that (i) no Purchaser makes
any representation, warranty or covenant hereby that it will not engage in effecting transactions in any securities of the Company
after the time that the transactions contemplated by this Agreement are first publicly announced pursuant to the initial press
release as described in Section 4.4, (ii) no Purchaser shall be restricted or prohibited from effecting any transactions in any
securities of the Company in accordance with applicable securities laws from and after the time that the transactions contemplated
by this Agreement are first publicly announced pursuant to the initial press release as described in Section 4.4 and (iii) no Purchaser
shall have any duty of confidentiality or duty not to trade in the securities of the Company to the Company or the Subsidiaries
after the issuance of the initial press release as described in Section 4.4. Notwithstanding the foregoing, in the case of a Purchaser
that is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of such Purchaser’s
assets and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio managers managing
other portions of such Purchaser’s assets, the covenant set forth above shall only apply with respect to the portion of assets
managed by the portfolio manager that made the investment decision to purchase the Securities covered by this Agreement.

 

4.15       Capital Changes.
Until the six-month anniversary of the Closing Date, the Company shall not undertake a reverse or forward stock split or reclassification
of the Common Stock without the prior written consent of the Purchasers holding a majority in interest of the Shares.

 

4.16       Exercise Procedures. The form of
Notice of Exercise included in the Warrants set forth the totality of the procedures required of the Purchasers in order to exercise
the Warrants. No additional legal opinion, other information or instructions shall be required of the Purchasers to exercise their
Warrants. Without limiting the preceding sentences, no ink-original Notice of Exercise shall be required, nor shall any medallion
guarantee (or other type of guarantee or notarization) of any Notice of Exercise form be required in order to exercise the Warrants.
The Company shall honor exercises of the Warrants and shall deliver Warrant Shares in accordance with the terms, conditions and
time periods set forth in the Transaction Documents.

 

    
	 	26	 

     

    

 

4.17       Form D; Blue Sky
Filings. The Company agrees to timely file a Form D with respect to the Warrant and Warrant Shares as required under Regulation
D and to provide a copy thereof, promptly upon request of any Purchaser. The Company shall take such action as the Company shall
reasonably determine is necessary in order to obtain an exemption for, or to qualify the Warrant and Warrant Shares for, sale to
the Purchasers at the Closing under applicable securities or “Blue Sky” laws of the states of the United States, and
shall provide evidence of such actions promptly upon request of any Purchaser.

 

4.18       Sales During Pre-Settlement
Period. Notwithstanding anything herein to the contrary, if at any time on or after the time of execution of this Agreement
by the Company and an applicable Purchaser, through, and including the time immediately prior to the Closing (the “Pre-Settlement
Period”), such Purchaser sells (excluding “short sales” as defined in Rule 200 of Regulation SHO) to any Person
all, or any portion, of any Shares to be issued hereunder to such Purchaser at the Closing (collectively, the “Pre-Settlement
Shares”), such Purchaser shall, automatically hereunder (without any additional required actions by such Purchaser or the
Company), be deemed to be unconditionally bound to purchase, and the Company shall be deemed unconditionally bound to sell, such
Pre-Settlement Shares to such Purchaser at the Closing; provided, that the Company shall not be required to deliver any Pre-Settlement
Shares to such Purchaser prior to the Company’s receipt of the purchase price of such Pre-Settlement Shares hereunder; and
provided further that the Company hereby acknowledges and agrees that the foregoing shall not constitute a representation or covenant
by such Purchaser as to whether or not during the Pre-Settlement Period such Purchaser shall sell any Shares to any Person and
that any such decision to sell any Shares by such Purchaser shall be made, in the sole discretion of such Purchaser, at the time
such Purchaser elects to effect any such sale, if any.

 

ARTICLE V.

REGISTRATION RIGHTS

 

5.1       Registration
Procedures and Expenses.

 

(a) The Company shall prepare and file with
the Commission, as promptly as reasonably practicable following Closing, a registration statement on Form F-3 (or any successor
to Form F-3), covering the resale of the Registrable Securities (as defined below) (the “Resale F-3 Registration Statement”)
and shall use its commercially reasonable efforts to cause such Resale F-3 Registration Statement to be declared effective under
the Securities Act by the Commission as soon as reasonably practicable thereafter and in any event no later than 180 days after
the Closing Date. For purposes of this Agreement, the term “Registrable Securities” shall mean (i) the Warrants,
(ii) the Warrant Shares; and (iii) any Common Stock of the Company issued as (or issuable upon the conversion or exercise of any
warrant, right or other security which is issued as) a dividend or other distribution with respect to, or in exchange for or in
replacement of, any Warrants or Warrant Shares. In the event that Form F-3 (or any successor form) is or becomes unavailable to
register the resale of the Registrable Securities at any time prior to the expiration of the Purchasers’ registration rights
pursuant to this Article V, the Company shall prepare and file with the Commission, as promptly as reasonably practicable following
the Closing, a registration statement on Form F-1 (or any successor to Form F-1), covering the resale of the Registrable Securities
(the “Resale F-1 Registration Statement” and collectively with the Resale F-3 Registration Statement, the “Resale
Registration Statement”) and shall use its commercially reasonable efforts to cause such Resale F-1 Registration Statement
to be declared effective under the Securities Act by the Commission as soon as reasonably practicable thereafter and in any event
no later than 180 days after the Closing Date.  If the Company is not initially eligible to use Form F-3, and the Company
subsequently becomes eligible to use Form F-3 during the Effectiveness Period (as defined below), the Company shall file, as promptly
as reasonably practicable, a new Resale F-3 Registration Statement covering the resale of the Registrable Securities and replace
the Resale F-1 Registration Statement with the new Resale F-3 Registration Statement upon the effectiveness of the new Resale F-3
Registration Statement.

 

(b) The Company shall, during the Effectiveness
Period, use its reasonable best efforts to:

 

(i)                       
make any necessary blue sky filings;

 

    
	 	27	 

     

    

 

(ii)                       
pay the expenses incurred by the Company and the Purchasers in complying with Article V, including, all registration and
filing fees, FINRA fees, exchange listing fees, printing expenses, fees and disbursements of counsel for the Company, blue sky
fees and expenses and the expense of any special audits incident to or required by any such registration (but excluding attorneys’
fees of any Purchaser and any and all underwriting discounts and selling commissions applicable to the sale of Registrable Securities
by the Purchasers); and

 

(iii)                       
advise the Purchasers, promptly after it shall receive notice or obtain knowledge of the issuance of any stop order by the
Commission delaying or suspending the effectiveness of the Registration Statement or of the initiation of any proceeding for that
purpose; and it will promptly use its reasonable best efforts to prevent the issuance of any stop order or to obtain its withdrawal
at the earliest possible moment if such stop order should be issued.

 

The Company understands that the Purchasers
disclaim being an underwriter, but acknowledges that a determination by the Commission that a Purchaser is deemed an underwriter
shall not relieve the Company of any obligations it has hereunder.  The Company will not name any Purchaser as an underwriter
in a Resale Registration Statement or related prospectus.

 

(c) If the Resale Registration Statement is
not effective at any time during the period commencing from the six-month anniversary of the Closing Date and ending at such time
as there cease to be Registrable Shares (the “Effectiveness Period”), in addition to any other rights the Purchasers
may have hereunder or under applicable law, the Purchasers shall be permitted to exercise the Warrants, in whole or in part, pursuant
to the cashless exercise procedures described in Section 2(c) of the Warrants.

 

ARTICLE VI.

MISCELLANEOUS

 

6.1     Termination. This Agreement
may be terminated by any Purchaser, as to such Purchaser’s obligations hereunder only and without any effect whatsoever on
the obligations between the Company and the other Purchasers, by written notice to the other parties, if the Closing has not been
consummated on or before February 13, 2021; provided, however, that no such termination will affect
the right of any party to sue for any breach by any other party (or parties).

 

6.2     Fees and Expenses. Except
as expressly set forth in the Transaction Documents to the contrary, each party shall pay the fees and expenses of its advisers,
counsel, accountants and other experts, if any, and all other expenses incurred by such party incident to the negotiation, preparation,
execution, delivery and performance of this Agreement. The Company shall pay all Transfer Agent fees (including, without limitation,
any fees required for same-day processing of any instruction letter delivered by the Company and any exercise notice delivered
by a Purchaser), stamp taxes and other taxes and duties levied in connection with the delivery of any Securities to the Purchasers.

 

6.3     Entire Agreement. The Transaction
Documents, together with the exhibits and schedules thereto, and the Prospectus contain the entire understanding of the parties
with respect to the subject matter hereof and thereof and supersede all prior agreements and understandings, oral or written, with
respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules.

 

6.4     Notices. Any and all notices
or other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall be deemed given
and effective on the earliest of: (a) the time of transmission, if such notice or communication is delivered via facsimile at the
facsimile number or email attachment at the email address as set forth on the signature pages attached hereto at or prior to 5:30
p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the time of transmission, if such notice or communication
is delivered via facsimile at the facsimile number or email attachment at the email address as set forth on the signature pages
attached hereto on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (c) the second
(2nd) Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service or (d) upon actual
receipt by the party to whom such notice is required to be given. The address for such notices and communications shall be as set
forth on the signature pages attached hereto. To the extent that any notice provided pursuant to any Transaction Document constitutes,
or contains, material, non-public information regarding the Company or any Subsidiaries, the Company shall simultaneously disclose
such information in accordance with applicable law and file such notice with the Commission pursuant to a Report of Foreign Issuer
on Form 6-K.

 

    
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6.5     Amendments; Waivers. No
provision of this Agreement may be waived, modified, supplemented or amended except in a written instrument signed, in the case
of an amendment, by the Company and Purchasers which purchased a majority in interest of the Shares based on the initial Subscription
Amounts hereunder (or, prior to the Closing, the Company and each Purchaser) or, in the case of a waiver, by the party (or with
respect to the Purchasers, a majority thereof) against whom enforcement of any such waived provision is sought. No waiver of any
default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in
the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall
any delay or omission of any party to exercise any right hereunder in any manner impair the exercise of any such right.

 

6.6     Headings. The headings herein
are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect any of the provisions
hereof.

  

6.7     Successors and Assigns.
This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted assigns. The Company
may not assign this Agreement or any rights or obligations hereunder without the prior written consent of each Purchaser (other
than by merger). Any Purchaser may assign any or all of its rights under this Agreement to any Person to whom such Purchaser assigns
or transfers any Securities, provided that such transferee agrees in writing to be bound, with respect to the transferred Securities,
by the provisions of the Transaction Documents that apply to the “Purchasers.”

 

6.8     No Third-Party Beneficiaries.
A.G.P. shall be the third party beneficiaries of the representations and warranties of the Company in Section 3.1 and the representations
and warranties of the Purchasers in Section 3.2. This Agreement is intended for the benefit of the parties hereto and their respective
successors and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person,
except as otherwise set forth in Section 4.8 and this Section 6.8.

 

6.9     Governing Law. All questions
concerning the construction, validity, enforcement and interpretation of the Transaction Documents shall be governed by and construed
and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law
thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of the transactions
contemplated by this Agreement and any other Transaction Documents (whether brought against a party hereto or its respective affiliates,
directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and federal
courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal
courts sitting in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith
or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement of any of the Transaction
Documents), and hereby irrevocably waives, and agrees not to assert in any action or proceeding, any claim that it is not personally
subject to the jurisdiction of any such court, that such action or proceeding is improper or is an inconvenient venue for such
Proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in any such action
or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such
party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient
service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process
in any other manner permitted by law. If any party shall commence an action or proceeding to enforce any provisions of the Transaction
Documents, then, in addition to the obligations of the Company under Section 4.8, the prevailing party in such action or proceeding
shall be reimbursed by the non-prevailing party for its reasonable attorneys’ fees and other costs and expenses incurred
with the investigation, preparation and prosecution of such action or proceeding.

 

6.10   Survival. The representations and warranties
contained herein shall survive the Closing and the delivery of the Securities for a period of five (5) years from the Closing.

 

6.11   Execution. This Agreement may be executed
in two or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective
when counterparts have been signed by each party and delivered to each other party, it being understood that the parties need not
sign the same counterpart. In the event that any signature is delivered by facsimile transmission or by e-mail delivery of a “.pdf”
format data file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature
is executed) with the same force and effect as if such facsimile or “.pdf” signature page were an original thereof.

 

    
	 	29	 

     

    

 

6.12   Severability. If any term, provision, covenant
or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the
remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall
in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially reasonable efforts to find
and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision,
covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed
the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid,
illegal, void or unenforceable.

 

6.13   Rescission and Withdrawal Right. Notwithstanding
anything to the contrary contained in (and without limiting any similar provisions of) any of the other Transaction Documents,
whenever any Purchaser exercises a right, election, demand or option under a Transaction Document and the Company does not timely
perform its related obligations within the periods therein provided, then such Purchaser may rescind or withdraw, in its sole discretion
from time to time upon written notice to the Company, any relevant notice, demand or election in whole or in part without prejudice
to its future actions and rights; provided, however, that in the case of a rescission of an exercise of a Warrant, the applicable
Purchaser shall be required to return any shares of Common Stock subject to any such rescinded exercise notice concurrently with
the return to such Purchaser of the aggregate exercise price paid to the Company for such shares and the restoration of such Purchaser’s
right to acquire such shares pursuant to such Purchaser’s Warrant (including, issuance of a replacement warrant certificate
evidencing such restored right).

 

6.14   Replacement of Securities. If any certificate
or instrument evidencing any Securities is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be issued
in exchange and substitution for and upon cancellation thereof (in the case of mutilation), or in lieu of and substitution therefor,
a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft or
destruction. The applicant for a new certificate or instrument under such circumstances shall also pay any reasonable third-party
costs (including customary indemnity) associated with the issuance of such replacement Securities.

 

6.15   Remedies. In addition to being entitled
to exercise all rights provided herein or granted by law, including recovery of damages, each of the Purchasers and the Company
will be entitled to specific performance under the Transaction Documents. The parties agree that monetary damages may not be adequate
compensation for any loss incurred by reason of any breach of obligations contained in the Transaction Documents and hereby agree
to waive and not to assert in any action for specific performance of any such obligation the defense that a remedy at law would
be adequate.

 

6.16   Payment Set Aside. To the extent that the
Company makes a payment or payments to any Purchaser pursuant to any Transaction Document or a Purchaser enforces or exercises
its rights thereunder, and such payment or payments or the proceeds of such enforcement or exercise or any part thereof are subsequently
invalidated, declared to be fraudulent or preferential, set aside, recovered from, disgorged by or are required to be refunded,
repaid or otherwise restored to the Company, a trustee, receiver or any other Person under any law (including, without limitation,
any bankruptcy law, state or federal law, common law or equitable cause of action), then to the extent of any such restoration
the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if
such payment had not been made or such enforcement or setoff had not occurred.

 

6.17   Independent Nature of Purchasers’ Obligations
and Rights. The obligations of each Purchaser under any Transaction Document are several and not joint with the obligations
of any other Purchaser, and no Purchaser shall be responsible in any way for the performance or non-performance of the obligations
of any other Purchaser under any Transaction Document. Nothing contained herein or in any other Transaction Document, and no action
taken by any Purchaser pursuant hereto or thereto, shall be deemed to constitute the Purchasers as a partnership, an association,
a joint venture or any other kind of entity, or create a presumption that the Purchasers are in any way acting in concert or as
a group with respect to such obligations or the transactions contemplated by the Transaction Documents. Each Purchaser shall be
entitled to independently protect and enforce its rights including, without limitation, the rights arising out of this Agreement
or out of the other Transaction Documents, and it shall not be necessary for any other Purchaser to be joined as an additional
party in any proceeding for such purpose. Each Purchaser has been represented by its own separate legal counsel in its review and
negotiation of the Transaction Documents. For reasons of administrative convenience only, each Purchaser and its respective counsel
have chosen to communicate with the Company through the legal counsel of A.G.P. The legal counsel of A.G.P. does not represent
any of the Purchasers and only represents A.G.P. The Company has elected to provide all Purchasers with the same terms and Transaction
Documents for the convenience of the Company and not because it was required or requested to do so by any of the Purchasers. It
is expressly understood and agreed that each provision contained in this Agreement and in each other Transaction Document is between
the Company and a Purchaser, solely, and not between the Company and the Purchasers collectively and not between and among the
Purchasers.

 

    
	 	30	 

     

    

 

6.18 [Reserved].

 

6.19    Saturdays, Sundays, Holidays, etc.     If
the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a
Business Day, then such action may be taken or such right may be exercised on the next succeeding Business Day.

 

6.20   Currency. Unless otherwise stated, all dollar
amounts and references to “$” in this Agreement refer to the lawful currency of the United States.

 

6.21   Construction. The parties agree that each
of them and/or their respective counsel have reviewed and had an opportunity to revise the Transaction Documents and, therefore,
the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed
in the interpretation of the Transaction Documents or any amendments thereto. In addition, each and every reference to share prices
and Common Stock in any Transaction Document shall be subject to adjustment for reverse and forward stock splits, stock dividends,
stock combinations and other similar transactions of the Common Stock that occur after the date of this Agreement.

 

6.22   WAIVER OF JURY TRIAL. IN ANY ACTION,
SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY, THE PARTIES EACH KNOWINGLY AND INTENTIONALLY,
TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY, IRREVOCABLY AND EXPRESSLY WAIVES FOREVER
TRIAL BY JURY.

  

(Signature Pages Follow)

 

 

 

 

 

 

 

 

 

    
	 	31	 

     

    

 

IN WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement
to be duly executed by their respective authorized signatories as of the date first indicated above.

 

 

TANZANIAN GOLD CORPORATION 

	 	Address for Notice:
	 	 
	 	 
	
        By:__________________________________________

        Name: Stephen
        Mullowney

        Title: Chief Executive Officer

         
	
        Tanzanian Gold Corporation

        #202, 5626 Larch Street

        Vancouver, BC

        V6E 4E1

        Attention: Donna Moroney

        Corporate Secretary

        E-mail: dmoroney@wiklow.com

        With a copy to:

        s.mullowney@tangoldcorp.com

 

 

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE PAGE FOR PURCHASER FOLLOWS]

 

 

 

 

 

 

 

 

 

 

    
	 	32	 

     

    

 

 

[PURCHASER SIGNATURE PAGES TO TRX SECURITIES PURCHASE AGREEMENT]

 

IN WITNESS WHEREOF, the undersigned have caused this Securities
Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

 

	Name of Purchaser:	 

 

	Signature of Authorized Signatory of Purchaser:	 

 

	Name of Authorized Signatory:	 

 

	Title of Authorized Signatory:	 

 

	Email Address of Authorized Signatory:	 

 

	Facsimile Number of Authorized Signatory:	 
	 
	Address for Notice to Purchaser:

 

 

DWAC for Shares:

 

 

	Subscription Amount: $	 	 

 

	Shares:	 	 

 

	EIN Number:	 	 

 

 

 

    
	 	33	 

     

    

 

 

Exhibit A

 

Form of Lock-Up Agreement

 

See attached.

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

LOCK-UP AGREEMENT

 

February __, 2021

 

Tanzanian Gold Corporation

#202, 5226 Larch Street

Vancouver, British Columbia

Canada V6M 4E1

 

		Re:	Securities Purchase Agreement, dated as of February ___, 2021 (the “Purchase Agreement”),
between Tanzanian Gold Corporation (the “Company”) and the purchasers signatory thereto (each, a “Purchaser”
and, collectively, the “Purchasers”)

 

Ladies and Gentlemen:

 

Defined terms not otherwise defined
in this lock-up agreement (the “Letter Agreement”) shall have the meanings set forth in the Purchase Agreement.
Pursuant to Section 2.2(a) of the Purchase Agreement and in satisfaction of a condition of the Company’s obligations under
the Purchase Agreement, the undersigned irrevocably agrees with the Company that, from the date hereof until 90 days following
the Closing Date (such period, the “Restriction Period”), the undersigned will not offer, sell, contract to
sell, hypothecate, pledge or otherwise dispose of (or enter into any transaction which is designed to, or might reasonably be expected
to, result in the disposition (whether by actual disposition or effective economic disposition due to cash settlement or otherwise)
by the undersigned or any Affiliate of the undersigned or any person in privity with the undersigned or any Affiliate of the undersigned),
directly or indirectly, or establish or increase a put equivalent position or liquidate or decrease a call equivalent position
within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), with
respect to, any Common Shares of the Company or securities convertible, exchangeable or exercisable into, Common Shares of the
Company beneficially owned, held or hereafter acquired by the undersigned (the “Securities”). Beneficial ownership
shall be calculated in accordance with Section 13(d) of the Exchange Act. In order to enforce this covenant, the Company shall
impose irrevocable stop-transfer instructions preventing the transfer agent of the Company from effecting any actions in violation
of this Letter Agreement.

 

Notwithstanding the foregoing, and
subject to the conditions below, the undersigned may transfer the Securities provided that (1) the Company receives a signed
lock-up letter agreement (in the form of this Letter Agreement) for the balance of the Restriction Period from each donee, trustee,
distributee, or transferee, as the case may be, prior to such transfer (2) any such transfer shall not involve a disposition
for value, (3) such transfer is not required to be reported with the Securities and Exchange Commission in accordance with
the Exchange Act and no report of such transfer shall be made voluntarily, and (4) neither the undersigned nor any donee,
trustee, distributee or transferee, as the case may be, otherwise voluntarily effects any public filing or report regarding such
transfers, with respect to transfer:

 

	 	i)	as a bona fide gift or gifts;

 

    
	 	1	 

     

    

 

	 	ii)	to any immediate family member or to any trust for the direct or indirect benefit of the undersigned or the immediate family of the undersigned (for purposes of this Letter Agreement, “immediate family” shall mean any relationship by blood, marriage or adoption, not more remote than first cousin);

 

	 	iii)	to any corporation, partnership, limited liability company, or other business entity all of the equity holders of which consist of the undersigned and/or the immediate family of the undersigned;

 

	 	iv)	if the undersigned is a corporation, partnership, limited liability company, trust or other business entity (a) to another corporation, partnership, limited liability company, trust or other business entity that is an Affiliate of the undersigned or (b) in the form of a distribution to limited partners, limited liability company members or stockholders of the undersigned;

 

	 	v)	if the undersigned is a trust, to the beneficiary of such trust; or

 

	 	vi)	by will, other testamentary document or intestate succession to the legal representative, heir, beneficiary or a member of the immediate family of the undersigned.

   

In addition, notwithstanding the foregoing,
this Letter Agreement shall not restrict the delivery of Common Shares to the undersigned upon (i) the exercise of any options
granted under any employee benefit plan of the Company, or any issuance of Common Shares under any employee benefit plan; (ii)
the exercise of warrants; or (iii) the issuance under any Shareholder Rights Plan; provided however that any Common Shares or Securities
acquired in connection with any such exercise or issuance under (i), (ii) or (iii) will be subject to the restrictions set forth
in this Letter Agreement.

 

Furthermore, the undersigned may enter
into any new plan established in compliance with Rule 10b5-1 of the Exchange Act; provided that (i) such plan may only be established
if no public announcement or filing with the Securities and Exchange Commission, or other applicable regulatory authority, is made
in connection with the establishment of such plan during the Restriction Period and (ii) no sale of Common Shares are made pursuant
to such plan during the Restriction Period.

 

The undersigned acknowledges that
the execution, delivery and performance of this Letter Agreement is a material inducement to each Purchaser to complete the transactions
contemplated by the Purchase Agreement and the Company shall be entitled to specific performance of the undersigned’s obligations
hereunder. The undersigned hereby represents that the undersigned has the power and authority to execute, deliver and perform this
Letter Agreement, that the undersigned has received adequate consideration therefor and that the undersigned will indirectly benefit
from the closing of the transactions contemplated by the Purchase Agreement.

 

    
	 	2	 

     

    

 

This Letter Agreement may not be amended or
otherwise modified in any respect without the written consent of each of the Company and the undersigned. This Letter Agreement
shall be construed and enforced in accordance with the laws of the State of New York without regard to the principles of conflict
of laws. The undersigned hereby irrevocably submits to the exclusive jurisdiction of the United States District Court sitting in
the Southern District of New York and the courts of the State of New York located in Manhattan, for the purposes of any suit, action
or proceeding arising out of or relating to this Letter Agreement, and hereby waives, and agrees not to assert in any such suit,
action or proceeding, any claim that (i) it is not personally subject to the jurisdiction of such court, (ii) the suit, action
or proceeding is brought in an inconvenient forum, or (iii) the venue of the suit, action or proceeding is improper. The undersigned
hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding
by receiving a copy thereof sent to the Company at the address in effect for notices to it under the Purchase Agreement and agrees
that such service shall constitute good and sufficient service of process and notice thereof. The undersigned hereby waives any
right to a trial by jury. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner
permitted by law. The undersigned agrees and understands that this Letter Agreement does not intend to create any relationship
between the undersigned and any Purchaser and that no Purchaser is entitled to cast any votes on the matters herein contemplated
and that no issuance or sale of the Securities is created or intended by virtue of this Letter Agreement.

 

This Letter Agreement shall be binding on successors
and assigns of the undersigned with respect to the Securities and any such successor or assign shall enter into a similar agreement
for the benefit of the Purchasers.

 

 

 

*** SIGNATURE PAGE FOLLOWS***

 

 

 

 

 

 

 

 

 

 

    
	 	3	 

     

    

 

This Letter Agreement may be executed in two
or more counterparts, all of which when taken together may be considered one and the same agreement.

 

_________________________

Signature

 

__________________________

Print Name

 

__________________________

Position in Company, if any

 

Address for Notice:

 

__________________________

 

__________________________

 

__________________________

Number of shares of Common share

 

_____________________________________________________________________________

Number of shares of Common share underlying subject to warrants,
options, debentures or other convertible securities

 

 

By signing below, the Company agrees to enforce
the restrictions on transfer set forth in this Letter Agreement.

 

TANZANIAN GOLD CORPORATION

 

 

By: _________________________________

Name:_______________________________

Title:________________________________

 

 

 

4EX-4.(a)(1)

 Exhibit 4(a)(1) 

 
 

 
 Home Office: Cincinnati, Ohio 

[Administrative Office: P.O. Box 5423, Cincinnati, Ohio 45201-5423] 

[Marketing Name] 

Individual Deferred Annuity Contract 

[Tax Qualification] 

Indexed Crediting Strategies 

Flexible Purchase Payments for Limited Period 

Nonparticipating – No Dividends 

This is your annuity contract. It is a legally binding agreement between you and us. It provides that we will pay the Annuity Payout Benefit to you in
exchange for your Purchase Payment(s). PLEASE READ THIS CONTRACT WITH CARE. 
 As you read through this contract, please note that the words “we”,
“us”, “our”, and “Company” refer to Great American Life Insurance Company. The words “you” and “your” refer to the Owner, including a joint owner, if any. The word “Contract” refers to this
annuity contract. Other capitalized terms are defined on the Contract Specifications page or by a specific provision of this Contract. 
 This Contract is a
deferred annuity, which means the Annuity Payout Benefit is to begin on a future date. It offers one or more Indexed Strategies that may increase or decrease based in part by the change in an external market index, rate,
or value over a specified Term. However, this Contract does not directly participate in any equity, debt, or other investments. This Contract allows flexible Purchase Payments for a limited period, which means you may make one
or more Purchase Payments during the Purchase Payment Period. It is nonparticipating, which means it does not pay dividends or share in the Company’s divisible surplus. 

This Contract is a [tax qualification]. [Please refer to the tax qualification endorsement for important provisions.] 

 

			
	

	  	

	Mark F. Muething	  	John P. Gruber
	Executive Vice President	  	Secretary

  

	
	  

TWENTY DAY EXAMINATION – RIGHT TO CANCEL
  

You may cancel this Contract by returning it and giving written notice of cancellation. You have until midnight of the 20th day
following the date you
receive it, or such longer period as may be provided by law. If you purchased this Contract to replace an
existing annuity contract or life insurance policy, you have until midnight of the 30th day following the date you receive it. To
cancel,
you must return this Contract and give the required notice either to us or to the producer who sold it to you, in person or by mail. If by
mail, the return of this Contract or notice is effective on the date it is postmarked, with the
proper address and with postage paid. If
you cancel this Contract as set forth above, this Contract shall be void and we will refund the Account Value, or if required by law,
the Purchase Payments made for it. If we are required to refund the
Purchase Payments, we reserve the right to hold Purchase
Payments in the Purchase Payment Account until the first Strategy Application Date on or after the end of the examination period.

  

					
	P1833521NW	  		  	

 TABLE OF CONTENTS 
  

					
	 	  	Page	 
	 HOW TO CONTACT US
	  	 	2	 
	 CONTRACT SPECIFICATIONS
	  	 	3	 
	 OWNER
	  	 	6	 
	 ANNUITANT
	  	 	7	 
	 BENEFICIARY
	  	 	7	 
	 PURCHASE PAYMENTS
	  	 	8	 
	 CONTRACT VALUES
	  	 	8	 
	 INTEREST AND GAIN OR LOSS
	  	 	10	 
	 CHARGES
	  	 	11	 
	 CASH BENEFIT
	  	 	12	 
	 ANNUITY PAYOUT BENEFIT
	  	 	13	 
	 DEATH BENEFIT
	  	 	14	 
	 PAYOUT OPTIONS
	  	 	16	 
	 GENERAL PROVISIONS
	  	 	18	 
	 ENDORSEMENTS AND RIDERS (IF ANY)
	  			

 HOW TO CONTACT US 

Administrative Office: For information and assistance, or to make a complaint, election, or request, call or write: 

[Policy Administration] 
 Great
American Life Insurance Company® 
 [P.O. Box 5423 

Cincinnati, Ohio 45201-5423 
 1-800-789-6771] 
 If you prefer, you may
visit us at our website, [www.GAIGannuities.com] 
 Request in Good Order: Any election or request you make to us under this Contract must be a
Request in Good Order. A Request in Good Order is an election or request that is: 
  

	 	1)	 complete and satisfactory to us; 

 

	 	2)	 sent to us on our form or in a manner satisfactory to us, which may, at our discretion, be by telephone or
electronic means; and 

  

	 	3)	 received by us at our Administrative Office. 

We are not bound by a request until we acknowledge it. We will deem a Request in Good Order to be a standing order. It may be modified or revoked only by a
subsequent Request in Good Order, when permitted by the provisions of this Contract. You may be required to return this Contract to us in connection with a request. 

If a Request in Good Order is received by us on a day that is not a Market Day, or after the first Market Close of a Market Day, we will treat it as if it
were received at the start of the next Market Day. 

  

					
	P1833521NW	  	2	  	

 CONTRACT SPECIFICATIONS 

CONTRACT 
  

					
		 	Contract Number:	  	[000000000]
			
		 	Contract Effective Date:	  	[May 1, 2015]
			
		 	Contract Anniversary:	  	[May 1] of each year after the Contract Effective Date
			
		 	Contract Year:	  	A 12-month period that starts on the Contract Effective Date or on a Contract Anniversary.
			
		 	Annuity Payout Initiation Date	  	
			
		 	 Earliest Permitted Date:
	  	[May 1, 2016]
			
		 	 Latest Permitted Date:
	  	[May 1, 2075]
		
		 	 The latest permitted date may change if an Owner of this Contract
changes.

			
		 	Minimum Required Value:	  	[$5,000]
			
		 	Minimum Fixed Period Payout:	  	[10 years]
			
		 	Contract Charge Rate	  	[1.00%]

 OWNER[S] 
  

	
	 [JOHN DOE]

	
	 [JANE DOE]

 ANNUITANT[S] 
  

	
	 [JOHN DOE]

	
	 [JANE DOE]

 [BENEFICIARY 
  

	
	 [NONE]

	
	 [Primary Beneficiar[y][ies]]

	
	 [JANE DOE. Spouse]

	
	 [50% JIMMY DOE, Son]

	
	 [50% JUNE DOE, Daughter]

	
	 [Contingent Beneficiar[y][ies]]

	
	 [50% JIMMY DOE, Son]

	
	 [50% JUNE DOE, Daughter]

 Beneficiary designations are subject to the rights of a Joint Owner, if any, and to a change of
Beneficiary made after the date this Contract was printed, and to other Contract rules. Beneficiary designations do not apply after the Annuity Payout Initiation Date.] 

  

					
	P1833521NW	  	3	  	

 PURCHASE PAYMENTS 
  

					
	Initial Purchase Payment:	  	[$	25,000.00	] 
	Additional Purchase Payment Minimum:	  	[$	10,000.00	] 
	Total Purchase Payment Maximum:	  	[$	1,000,000.00	] 
	 Purchase Payment Period:
	  	 	[First Two Months of Contract]	 

 CREDITNG STRATEGIES 

Strategy Application Date: [the 6th and 20th day of each month] 

 

							
	 Strategies:
	  	Maximum Loss
or Buffer
Each Term	  	[Initial
Bailout
Trigger]	 	Initial
Selection
	 [S&P 500® Conserve Indexed
Strategy]
	  	[Maximum Loss 0%]	  	[1.5%]	 	[20%]
	 [S&P 500® Growth Indexed
Strategy]
	  	[Maximum Loss 10%]	  	[8.0%]	 	[20%]
	 [iShares US Real Estate Conserve 

Indexed Strategy
	  	[Maximum Loss 0%]	  	[1.5%]	 	[10%]
	 [iShares US Real Estate Growth

Indexed Strategy
	  	[Maximum Loss 10%]	  	[8%]	 	[10%]
	 [iShares MSCI EAFE Conserve

Indexed Strategy
	  	[Maximum Loss 0%]	  	[1.5%]	 	[10%]
	 [Reach MSCI EAFE Growth

Indexed Strategy
	  	[Maximum Loss 10%]	  	[8%]	 	[10%]
	 [S&P 500® Buffer

Indexed Strategy]
	  	[10% Buffer]	  	[9.0%]	 	[20%]

 Each Crediting Strategy is described in an endorsement to this Contract. Please refer to the Strategy
endorsements for important provisions and disclosures. 
  

					
	        	 	Term:	  	A Term is the period for which Contract values are allocated to a given Crediting Strategy, and over which interest or gain or loss is calculated. Each Term is one year long, and will start and end on a Strategy Application Date.
A new Term will start at the end of the preceding Term.
			
		 	Market Day:	  	A Market Day is each day that all markets that are used to measure available Indexed Strategies are open for regular trading.
			
		 	Market Close:	  	A Market Close is the close of the regular or core trading session on the market used to measure a given Indexed Strategy.

  

					
	P1833521NW	  	4	  	

 VESTED GAIN OR LOSS DURING A TERM 

 

									
	 	  	Vesting Factor	 
	 	  	 Positive

Index Change
	 	 	 Negative

Index Change
	 
	 [Dates within the first six months of a Term]
	  	 	[25	%] 	 	 	[100	%] 
	 [Dates within the final six months of a Term, but before the final Market Date of the
Term]
	  	 	[50	%] 	 	 	[100	%] 
	 After reaching the final Market Day of a Term
	  	 	100	% 	 	 	100	% 

 [The final six months of a Term start with the date that is six months after the first day of the Term.] 

EARLY WITHDRAWAL CHARGE 
  

																																	
	 Contract Year
	  	1	 	 	2	 	 	3	 	 	4	 	 	5	 	 	6	 	 	7	 	 	8+	 
	 Early Withdrawal Charge Rate
	  	 	9	% 	 	 	8	% 	 	 	7	% 	 	 	6	% 	 	 	5	% 	 	 	4	% 	 	 	2	% 	 	 	0	% 

 Free Withdrawal Percentage: [10%] 

  

					
	P1833521NW	  	5	  	

 OWNER 

Owner 
 The Owner of this Contract is the person who
possesses all of the ownership rights under this Contract. The Owner on the Contract Effective Date is set out on the Contract Specifications page. 
 If
the cover page of this Contract states that it is a Nonqualified Annuity, then it may be owned by two persons jointly. If there is a joint Owner, the term “Owner” includes the joint Owner, and you must exercise all rights of ownership by
joint action. 
 You may change the Owner as provided in the Change of Owner provision of this Contract. A surviving spouse may become the
Owner pursuant to the Successor Owner provision of this Contract. 
 If an Owner is a trust, custodial account, corporation, limited liability
company, partnership, or other entity, then the age of the eldest Annuitant is treated as the age of the Owner for all purposes of this Contract. 

Assignment 
 Subject to the tax qualification endorsement,
if any, you may assign all or any part of your rights under this Contract, except your rights to: 
  

	 	1)	 designate or change a Beneficiary; 

 

	 	2)	 designate or change an Annuitant; 

 

	 	3)	 change Owners; or 

  

	 	4)	 elect a Payout Option. 

We are not responsible for the validity or tax effects of an assignment. An assignment must be made by a Request in Good Order. 

The rights of a person holding an assignment, including the right to any payment under this Contract, come before the rights of an Owner, Annuitant,
Beneficiary, or other payee. An assignment may be ended only by the person holding it or as provided by law. 
 Change of Owner 

Subject to the tax qualification endorsement, if any, you may change the Owner at any time during your lifetime. 

A change of Owner must be made by a Request in Good Order. A change of Owner cancels all prior Beneficiary designations. It does not cancel a designation of
an Annuitant or a Payout Option election. 
 Successor Owner 

Your spouse becomes the successor owner of this Contract and succeeds to all rights of ownership if all of the following requirements are met: 

 

	 	1)	 a Death Benefit is payable on account of your death; 

 

	 	2)	 the sole Beneficiary under this Contract is your spouse, or a revocable trust or custodial account created by
your spouse; 

  

	 	3)	 either you make that election by a Request in Good Order before your death, or your spouse makes that election
by a Request in Good Order before the Death Benefit Payment Date; and 

  

	 	4)	 you were not a successor owner of this Contract. 

A successor owner election cancels all prior Beneficiary designations. It does not cancel a designation of an Annuitant or a Payout Option election. 

  

					
	P1833521NW	  	6	  	

 If state law extends this successor owner right to a civil union partner or other person who is not your
spouse as defined by federal tax law, then distributions after your death must be made as required by the Death Benefit Distribution Rules provision of this Contract. 

Community Property 
 If you live in a community property
state and have a spouse at any time while you own this Contract, the laws of that state may vary your ownership rights. 
 ANNUITANT

 The Annuitant is the natural person or persons on whose life the Annuity Payout Benefit is based. The Annuitant on the Contract Effective Date is set
out on the Contract Specification page. 
 If this Contract has a tax qualification endorsement, then the Annuitant must be the natural person covered under
the retirement arrangement for whose benefit this Contract is held. 
 If the cover page states that this Contract is a Nonqualified Annuity, then the
Annuitant cannot be changed at any time that it is owned by a trust, custodial account, corporation, limited liability company, partnership, or other entity. 

Otherwise, you may change a designation of Annuitant by a Request in Good Order at any time before the Annuity Payout Initiation Date. 

If an Annuitant dies before the Annuity Payout Initiation Date and no Death Benefit is payable, then in the absence of a new designation, the Annuitant shall
be the surviving joint Annuitant(s), or if none, the Owner(s). 
 BENEFICIARY 

Beneficiary 
 A Beneficiary is a person entitled to receive
all or part of a Death Benefit that is to be paid under this Contract on account of a death before the Annuity Payout Initiation Date. 
 If a Death Benefit
becomes payable on account of your death or the death of a joint Owner, then the surviving Owner is the Beneficiary no matter what other designation you may have made. 

In all other cases, you may designate person or persons who will be the Beneficiary(ies) as provided in the Designation of Beneficiary provision
of this Contract. 
 If no designated Beneficiary is surviving, then the Beneficiary is your estate. 

Designation of Beneficiary 
 A designation of Beneficiary
must be made by a Request in Good Order, received by us on or before the date of death for which a Death Benefit is payable. 
 You may designate two or
more persons jointly as the Beneficiaries. Unless you state otherwise, joint Beneficiaries that are surviving are entitled to equal shares. You may also designate one or more persons as contingent Beneficiary. Unless you state otherwise, a
contingent Beneficiary is entitled to a benefit only if there is no primary Beneficiary that is surviving. 

  

					
	P1833521NW	  	7	  	

 Survivorship Required 

In order to be entitled to receive a Death Benefit, a Beneficiary must survive for at least 30 days after the death for which the Death Benefit is payable. If
you designate your spouse as a Beneficiary and your marriage ends before your death, we will treat your former spouse as having predeceased you except: 
  

	 	1)	 to the extent a court order provides that the former spouse’s rights as a beneficiary are to continue; or

	 	2)	 to the extent he or she remains or becomes an Owner. 

PURCHASE PAYMENTS 
 A Purchase Payment is
an amount received by us for this Contract. It is determined after deducting any taxes withheld from the payment, and after deducting any fee charged by the person remitting payment. 

You may make one or more Purchase Payments to us for this Contract. 

The initial Purchase Payment must be received by us on or before the Contract Effective Date. 

Each additional Purchase Payment must at least equal the minimum that is set out on the Contract Specifications page. Each additional Purchase Payment must be
received by us at our Administrative Office on or before the earliest of the following: 
  

	 	1)	 the last day of the Purchase Payment Period that is set out on the Contract Specifications page;

  

	 	2)	 the Annuity Payout Initiation Date; 

 

	 	3)	 a death for which a Death Benefit is payable; and 

 

	 	4)	 the date that this Contract is surrendered. 

Total Purchase Payments cannot exceed the maximum that is set out on the Contract Specifications Page. 

Upon request, we will provide you with a receipt for a Purchase Payment as proof of payment. 

CONTRACT VALUES 
 Account Value

 The Account Value of this Contract is equal to the sum of the values of each Crediting Strategy, plus the value of the Purchase Payment Account, if
any. 

  

					
	P1833521NW	  	8	  	

 Indexed Strategy Value 

The value of an Indexed Strategy is equal to: 
  

	 	1)	 the investment base for that Term, which is the amount applied to the Strategy at the start of the current
Term; minus 

  

	 	2)	 the sum of the daily Contract Charges subtracted from the investment base during the current Term; minus

  

	 	3)	 the portion of that investment base that is taken from the Strategy to pay for each withdrawal and related
Early Withdrawal Charge during the current Term; minus 

  

	 	4)	 the portion of that investment base that is taken from the Strategy to pay for each rider charge during the
current Term; and plus 

  

	 	5)	 the Vested Gain or Loss for that Term on the remaining portion of the investment base. 

The portion of the investment base that is taken from the Strategy to pay for a withdrawal or charge is the amount that, when Vested Gain or Loss is included,
equals the withdrawal or charge. If there is a Vested Gain, then the portion of the investment base taken will be less than the withdrawal or charge. If there is a Vested Loss, then the portion of the investment base taken will be greater than the
withdrawal or charge. 
 A withdrawal or charge will reduce the value of an Indexed Strategy by an amount equal to the withdrawal or charge. The portion of
the investment base taken to pay for a withdrawal or charge is proportional to the reduction in the value of the Indexed Strategy due to the withdrawal or charge. 

Purchase Payment Account Value 
 The Purchase Payment
Account holds each Purchase Payment until it is applied to a Crediting Strategy on a Strategy Application Date. The Strategy Application Dates are set out on the Contract Specifications page. Until it is applied to a Crediting Strategy, the value of
the Purchase Payment Account is equal to: 
  

	 	1)	 Purchase Payments received by us since the last Strategy Application Date; minus 

 

	 	2)	 the premium tax or other tax that may apply to such Purchase Payments; minus 

 

	 	3)	 each withdrawal and related Early Withdrawal Charge taken from the Purchase Payment Account since the last
Strategy Application Date; minus 

  

	 	4)	 each rider charge taken from the Purchase Payment Account since the last Strategy Application Date; and plus

  

	 	5)	 interest earned daily on the Purchase Payment Account value. 

Surrender Value 
 The Surrender Value of this Contract is
the amount that can be taken as a Cash Benefit under this Contract. It is equal to: 
  

	 	1)	 the Account Value; minus 

 

	 	2)	 rider charges not previously deducted; and minus 

 

	 	3)	 the Early Withdrawal Charge that would apply on a surrender of this Contract. 

Annuity Payout Value 
 The Annuity Payout Value is the
amount that can be applied to the Annuity Payout Benefit under this Contract. It is equal to: 
  

	 	1)	 the Account Value on the Annuity Payout Initiation Date; minus 

 

	 	2)	 rider charges not previously deducted; and minus 

 

	 	3)	 premium tax or other taxes not previously deducted. 

  

					
	P1833521NW	  	9	  	

 Death Benefit Value 

The Death Benefit Value is the amount that is available as a Death Benefit under this Contract. It is equal to the greater of: 

 

	 	1)	 the Account Value on the date that the Death Benefit Value is determined; or 

 

	 	2)	 the Purchase Payments, reduced proportionately for each withdrawal, including withdrawals to pay rider charges,
but not including amounts applied to pay Early Withdrawal Charges. 

 The proportionate reduction for withdrawals is based on the amount
of the withdrawal as a percentage of the Account Value immediately before of the withdrawal. 
 In either case, the Death Benefit Value is reduced by: 

 

	 	1)	 rider charges not previously deducted; and 

 

	 	2)	 premium tax or other taxes not previously deducted. 

For this purpose, the date that the Death Benefit Value is determined is the earlier of: 

 

	 	1)	 the date that we have received both proof of death and a Request in Good Order with instructions as to the form
of Death Benefit; or 

  

	 	2)	 the first anniversary of the date of death. 

INTEREST AND GAIN OR LOSS 
 Interest and
Gain or Loss on Contract Values 
 Each Strategy earns interest or is adjusted for Vested Gain or Loss based on the rules that apply to that Strategy.
The rules for each Strategy are set out in an endorsement to this Contract. 
 The Purchase Payment Account earns interest daily at an annual effective rate
equal to [1%] per year. 
 An amount held under this Contract stops earning interest or being adjusted for Vested Gain or Loss after the earliest of: 

 

	 	1)	 the Annuity Payout Initiation Date; 

 

	 	2)	 the date that the Death Benefit Value is determined; or 

 

	 	3)	 the date on which the amount is withdrawn or this Contract is surrendered. 

Crediting Strategy 
 A Crediting Strategy is a specified
method by which interest or gain or loss is calculated for a Term. The initial Crediting Strategies are set out on the Contract Specifications page. The interest rates, maximum gains, participation rates, minimum and maximum allocations, or other
variable factors in effect for a given Crediting Strategy may vary from one Term to the next. At the end of a Term, we reserve the right to eliminate a particular Crediting Strategy at our discretion. 

Strategy Selections 
 Each Purchase Payment is applied to
the Purchase Payment Account upon receipt by us. 
 On each Strategy Application Date, we apply the then current balance of the Purchase Payment Account to
the Crediting Strategies you have selected. Your selection must be made by a Request in Good Order. The Strategy Application Dates and your initial selection are set out on the Contract Specifications page. Your selection continues to apply until
changed by a Request in Good Order. 
 Strategy Renewals at Term End 

At the end of each Term of a given Crediting Strategy, we will apply the ending value of that Strategy to a new Term of that same Strategy except to the extent
that such value is moved under the Strategy Reallocation at Term End provision. 

  

					
	P1833521NW	  	10	  	

 Strategy Reallocations at Term End 

At the end of a Term, you may reallocate the ending values of the Crediting Strategies for that Term among the available Strategies. A reallocation must be
made by Request in Good Order received by us on or before the last day of the Term. 
 At the end of a Term, we will reallocate any amount that cannot be
applied to a given Crediting Strategy for the next Term because that Strategy is no longer available or because the amount is under the minimum or over the maximum for that Strategy. We will make this reallocation to a Strategy that we designate
that has a maximum loss of 0%. 
 You cannot reallocate amounts from one Crediting Strategy to another until the end of the Term for which such amount is
being held. 
 Rules for Strategy Selections and Reallocations 

Crediting Strategy selections and reallocations must be in whole percentages. We reserve the right to round amounts up or down to make whole percentages, and
to reduce or increase amounts proportionately in order to total 100%. 
 We reserve the right to establish minimum or maximum amounts or percentages that
may be applied to a given Crediting Strategy. We may change these minimums or maximums for any future renewal Terms in our discretion. We will notify you of any such change. We may limit the availability of a Strategy for a Term that would extend
beyond the Annuity Payout Initiation Date. 
 CHARGES 

Contract Charge 
 The Contract Charge is deducted daily
from the investment base of each Indexed Strategy. The charge for a given day is calculated as a percentage of the investment base on that day. It compounds to an effective annual rate equal to the Contract Charge Rate set out on the Contract
Specifications page. 
 Early Withdrawal Charge 
 We
will deduct an Early Withdrawal Charge from the Account Value of this Contract if it is surrendered or a withdrawal is taken prior to the seventh Contract Anniversary. 

The Early Withdrawal Charge is equal to the Early Withdrawal Charge rate multiplied by the amount that is subject to such charge. The amount that is subject
to the charge is the portion of the Account Value that you withdraw or surrender. The amount you withdraw or surrender includes any amount needed to pay the Early Withdrawal Charge itself. It does not include the amount covered by your Free
Withdrawal Allowance. The Early Withdrawal Charge rates are set out on the Contract Specifications page. 
 An Early Withdrawal Charge does not apply to a
withdrawal or surrender on or after the seventh Contract Anniversary. 

  

					
	P1833521NW	  	11	  	

 Free Withdrawal Allowance 

The Free Withdrawal Allowance is the total amount or amounts that may be taken as a withdrawal or surrender during a Contract Year without an Early Withdrawal
Charge that might otherwise apply. For the first Contract Year, it is equal to Free Withdrawal Percentage multiplied by the total Purchase Payments received by us. For each subsequent Contract Year, it is equal to the Free Withdrawal Percentage
multiplied by the sum of the Account Value as of the most recent Contract Anniversary plus all Purchase Payments received by us since that Contract Anniversary. The Free Withdrawal Percentage is set out on the Contract Specifications page. 

You may not carry over any unused part of your Free Withdrawal Allowance from one Contract Year to the next. 

CASH BENEFIT 
 Surrender 

You may surrender this Contract in full at any time before the earlier of: 
  

	 	1)	 the Annuity Payout Initiation Date; or 

 

	 	2)	 a death for which a Death Benefit is payable. 

A surrender must be made by a Request in Good Order. In the case of a surrender, this Contract terminates. 

The amount paid upon a surrender is the Surrender Value. 

Withdrawals 
 You may take withdrawals from this Contract
at any time before the earliest of: 
  

	 	1)	 the Annuity Payout Initiation Date; 

 

	 	2)	 a death for which a Death Benefit is payable; or 

 

	 	3)	 the date that this Contract is surrendered. 

A withdrawal must be made by a Request in Good Order. The amount of any withdrawal must be at least $500. No withdrawal may be made if it would reduce the
Account Value to less than the Minimum Required Value. The Minimum Required Value is set out on the Contract Specifications page. 
 A withdrawal will be
taken: 
  

	 	1)	 first proportionally from funds that then qualify for a waiver of the Early Withdrawal Charge pursuant to the
provisions of the Crediting Strategy endorsement; 

  

	 	2)	 then from the Purchase Payment Account; and 

 

	 	3)	 then proportionally from Indexed Strategies having the shortest Term. 

Exchanges, Transfers, and Rollovers 
 An amount paid on a
withdrawal or surrender may be paid to or for another annuity or tax-qualified account in a tax-free exchange, transfer, or rollover to the full extent allowed by
federal tax law. 

  

					
	P1833521NW	  	12	  	

 ANNUITY PAYOUT BENEFIT 

Annuity Payout Benefit 
 The Annuity Payout Benefit is a
series of periodic payments made under a Payout Option. The Annuity Payout Benefit is payable under this Contract if the Annuity Payout Initiation Date is reached before the earlier of: 

 

	 	1)	 a death for which a Death Benefit is payable; or 

 

	 	2)	 the date that this Contract is surrendered. 

Once the Annuity Payout Initiation Date is reached: 
  

	 	1)	 the Annuity Payout Benefit is in place of all other benefits under this Contract; and 

 

	 	2)	 all other rights under this Contract terminate except for rights related to the Annuity Payout Benefit.

 Annuity Payout Amount 
 The amount
of each payment under the Annuity Payout Benefit is determined on the Annuity Payout Initiation Date based on: 
  

	 	1)	 the Annuity Payout Value on that date; 

 

	 	2)	 the Payout Option that applies; and 

 

	 	3)	 the payment interval. 

Annuity Payout Initiation Date 
 The Annuity Payout
Initiation Date is the first day of the first payment interval for which payment of the Annuity Payout Benefit is to be made. Payments under a Payout Option are made at the end of each payment interval. This means that for annual payments, the first
payment will be made one year after the Annuity Payout Initiation Date. 
 You may choose the Annuity Payout Initiation Date by a Request in Good Order.
Such a request must be received by us no later than the chosen date, and at least 30 days before the date of the first payment to be made under a Payout Option. 

The earliest permitted date that you may choose is the first Contract Anniversary. Unless we agree, the latest permitted date that you may choose is the
Contract Anniversary following your 95th birthday or the 95th birthday of a joint owner. The earliest and latest permitted dates, as determined on the Contract Effective Date, are set out on the Contract Specifications page. 

If you have not chosen the Annuity Payout Initiation Date by the latest permitted date, we may choose it for you. We will notify you in writing at least 45
days before the date we choose, and give you an opportunity to choose an earlier date. 
 Form of Annuity Payout Benefit 

The Annuity Payout Benefit is paid in the form of annual payments as a Life Payout with Payments for at Least a Fixed Period as described in the PAYOUT OPTIONS
section of this Contract, with a fixed period of 10 years, or if fewer, the maximum number of whole years permitted by any tax qualification endorsement. 

In place of that, you may choose to have the Annuity Payout Benefit paid in the form of any other Payout Option that is available to you under this Contract.
Your choice must be made by a Request in Good Order that is received by us no later than the Annuity Payout Initiation Date and at least 30 days before the date of the first payment to be made. 

  

					
	P1833521NW	  	13	  	

 Each Payout Option that is contingent on life is based on the life of the Annuitant. 

We will not pay an Annuity Payout Benefit if we have the right to terminate this Contract pursuant to the Termination provision. 

Payee for Annuity Payout Benefit 
 Payments of the Annuity
Payout Benefit are paid to the surviving Owner(s). In place of receiving such payments, the surviving Owner(s) may from time to time elect for payments of the Annuity Payout Benefit be made: 

 

	 	1)	 as a tax-free exchange, transfer, or rollover to or for an annuity or tax-qualified account as permitted by federal tax law; or 

  

	 	2)	 to the Annuitant. 

That election must be made or changed by a Request in Good Order received at least 30 days before the date of payment. 

Annuity Payout Benefit payments that become due after the death of the payee are made to: 

 

	 	1)	 the surviving Owner(s); or if none 

 

	 	2)	 then to the surviving contingent payee(s) designated by the surviving Owner(s); or if none

  

	 	3)	 the estate of the last payee who received payments. 

A designation or change of a contingent payee must be made or changed by a Request in Good Order. If you designate your spouse as a contingent payee and your
marriage ends before your death, then we will treat your former spouse as having predeceased you except: 
  

	 	1)	 to the extent a court order provides that the former spouse’s rights as a contingent payee are to
continue; or 

  

	 	2)	 to the extent he or she remains or becomes an Owner. 

The portion of the Annuity Payout Benefit, if any, remaining after the death of an Owner or Annuitant must be paid at least as rapidly as payments were being
made at the time of such death. 
 DEATH BENEFIT 

Death Benefit 
 A Death Benefit is payable under this
Contract if, before the Annuity Payout Initiation Date and before the date that this Contract is surrendered: 
  

	 	1)	 an Owner dies; or 

  

	 	2)	 an Annuitant dies when this Contract is owned by a trust, custodial account, corporation, limited liability
company, partnership, or other entity. 

 No Death Benefit will be payable on your death if your spouse becomes successor owner of this
Contract. 
 If a Death Benefit becomes payable: 
  

	 	1)	 it is in place of all other benefits under this Contract; and 

 

	 	2)	 all other rights under this Contract terminate except for rights related to the Death Benefit.

 Only one Death Benefit can be paid under this Contract. 

  

					
	P1833521NW	  	14	  	

 Death Benefit Amount 

If the Death Benefit is to be paid as a series of periodic payments under a Payout Option, then the amount of each payment under the Death Benefit is
determined on the date that the Death Benefit Value is applied to the Payout Option and is based on: 
  

	 	1)	 the Death Benefit Value, together with any interest required by law to the date it is applied to the Payout
Option; 

  

	 	2)	 the Payout Option that applies; and 

 

	 	3)	 the payment interval. 

If the Death Benefit is paid in a lump sum, then it is equal to the Death Benefit Value increased by interest as required by law. 

Interest on Death Benefit 
 We will accrue interest on the
Death Benefit payable under this Contract as required by law. Such interest, if any, is added to the Death Benefit Value to be paid. 
 Death Benefit
Payout Date 
 If the Death Benefit is to be paid under a Payout Option, then we will we apply the Death Benefit Value to a Payout Option as soon as
practical after receipt of due proof of death and a Request in Good Order. The date that we do so will be the first day of the first payment interval for which a payment is to be made. Payments under a Payout Option are made at the end of each
payment interval. This means that for annual payments, the first payment will be made one year after the date on which the Death Benefit is applied to a Payout Option. 

If the Death Benefit is to be paid as a lump sum, then it will be paid as soon as practical after the receipt of the Request in Good Order for a lump sum
payment. 
 Form of Death Benefit 
 Death Benefit
payments are made annually as a Fixed Period Payout as described in the PAYOUT OPTIONS section of this Contract, with a period certain of two years. 
 In
place of that, you may choose to have Death Benefit payments paid as a lump sum or in the form of any Payout Option that is available under this Contract. Your choice must be made by a Request in Good Order that is received by us on or before the
date of death for which a Death Benefit is payable. 
 If you do not make such a choice, the Beneficiary may make that choice after the date of death. His
or her choice must be made by a Request in Good Order that is received by us no later than the date that the Death Benefit Value is applied to a Payout Option and at least 30 days before the date of the first payment to be made. 

Any choice is subject to the Death Benefit Distribution Rules provision of this Contract. 

In any event, a Payout Option that is contingent on life is based on the life of the Beneficiary. A Beneficiary that is a trust, custodial account,
corporation, limited liability company, partnership, or other entity may elect a Payout Option based on the life of a person to whom the Beneficiary is obligated. Such an election must be made by a Request in Good Order at least 30 days before the
date of payment. 
 We will pay the Death Benefit as a lump sum rather than as payments under a Payout Option if: 

 

	 	1)	 as of the date that the Death Benefit Value is to be applied to a Payout Option, the Death Benefit
Distribution Rules provision of this Contract does not allow a two-year payout; or 

  

	 	2)	 the Death Benefit is less than $2,000. 

  

					
	P1833521NW	  	15	  	

 Death Benefit Distribution Rules 

The Death Benefit must be paid in accordance with the tax qualification endorsement, if any. If the cover page states that this Contract is a Nonqualified
Annuity, then the Death Benefit must be paid either: 
  

	 	1)	 in full within five years of the date of death; or 

 

	 	2)	 over the life of the Beneficiary or over a period certain not exceeding his or her life expectancy, with
payments at least annually and with the first payment made within one year of the date of death. 

 If the cover page states that this
Contract is a Nonqualified Annuity, and your spouse (as defined by federal tax law) becomes the successor owner of this Contract after your death, then: 
  

	 	1)	 this rule does not apply to your death; and 

 

	 	2)	 if the successor owner dies before the Annuity Payout Initiation Date, this rule applies to the death of the
successor owner. 

 Payee for Death Benefit Payments 

Death Benefit payments are made to the Beneficiary as the payee unless: 
  

	 	1)	 amounts are paid as a tax-free exchange, transfer, or rollover to or
for an annuity or tax-qualified account as permitted by federal tax law; or 

  

	 	2)	 the Beneficiary is a trust, custodial account, corporation, limited liability company, partnership, or other
entity, and elects to have Death Benefit payments made to a person to whom the Beneficiary is obligated to make corresponding payments. 

Death Benefit payments that become due after the death of the payee are made to the contingent payee designated as part of any Payout Option election made by
you for the Death Benefit. If there is no such contingent payee surviving, then such payments are made to the contingent payee designated by the Beneficiary. Failing that, such payments are made to the estate of the last payee who received payments.

 If the Beneficiary designates his or her spouse as the contingent payee and their marriage ends before the Beneficiary’s death, then we will treat
the former spouse as having predeceased the Beneficiary except to the extent a court order provides that the rights of the former spouse as contingent payee are to continue. 

A designation or change of a payee or contingent payee must be made by a Request in Good Order. A Beneficiary may not change a contingent payee designation
made as part of a Payout Option election made by you for the Death Benefit. A Beneficiary may make or change any other payee or contingent payee designation at any time. 

PAYOUT OPTIONS 
 Conditions 

Payments under a Payout Option are subject to any minimum amounts, payment intervals, and other rules and conditions that we may from time to time require. If
we change our minimums, we may change any current or future payment amounts and/or payment intervals to conform to the change. Payments under a Payout Option are made at the end of a payment interval. Once payment begins under a Payout Option, the
Payout Option may not be changed. 
 All elected Payout Options must comply with pertinent laws and governmental regulations and rulings. 

If more than one person is the payee under a Payout Option, payments are made to the payees jointly. No more than two persons may be initial payees under a
joint and survivor Payout Option. 

  

					
	P1833521NW	  	16	  	

 If payment under a Payout Option depends on whether a specified person is still alive, we may at any time
require proof that such person is still living. We will require proof of the age of any person on whose life payments are based. 
 Nonhuman Payees under
a Payout Option 
 Except as stated in this provision, the primary payee under a Payout Option must be a human being. All payments under a Payout Option
during his or her life must be made by check payable to the primary payee or by electronic transfer to a checking or savings account owned by the primary payee. Payments may be made as a tax-free exchange,
transfer, or rollover to or for another annuity or tax-qualified account to the full extent allowed by federal tax law. An Owner that is a trust, corporation, limited liability company, partnership, or other
entity may be the primary payee for an Annuity Payout Benefit. A Beneficiary that is a trust, corporation, limited liability company, partnership, or other entity may be the primary payee for a Death Benefit. We may make other exceptions in our
discretion. 
 Limitation on Election of Payout Option 

A fixed period of less than the Minimum Fixed Period Payout is available only for a Death Benefit. The Minimum Fixed Period Payout is set out on the Contract
Specifications page. 
 Payout Option Computations 
 The
2012 Individual Annuity Mortality Period Table with projection scale G2 for blended lives (60% female/40% male) with interest at [1%] per year, compounded annually, is used to compute all guaranteed Payout Option factors, values, and benefits under
this Contract. For purposes of calculating payments based on the age of a person, we will use the person’s age as of his or her last birthday. 

Available Payout Options 
 The available Payout Options
are set out below. 
 Fixed Period Payout: We will make periodic payments for a fixed period. The first payment is paid as of the last
day of the initial payment interval. The fixed period may not be longer than 30 years. The Fixed Period Payout Table applies to this Option. 

Life Payout: We will make periodic payments until the death of the person on whose life payments are based. The first payment is paid as
of the last day of the initial payment interval. Upon request, we will provide information on the payouts that we will make based on the age of the person on whose life payments are based, the payment interval, and the year in which the Contract
Value is applied to the Payout Option 
 Life Payout with Payments for at Least a Fixed Period: We will make periodic payments until
the death of the person on whose life payments are based. We guarantee that such payments continue for at least a fixed period you select even if the person should die before the end of that fixed period. The first payment is paid as of the last day
of the initial payment interval. Upon request, we will provide information on the payments that we will make based on the age of the person on whose life payments are based, the fixed period, the payment interval, and the year in which the Contract
value is applied to the Payout Option. 
 Joint and One-half Survivor Payout: We will make
periodic payments until the death of the primary person on whose life payments are based; thereafter, we will make one-half of the periodic payment until the death of the secondary person on whose life
payments are based. The first payment is paid as of the last day of the initial payment interval. Upon request, we will provide information on the payments that we will make based on the ages of the persons on whose lives payments are based, the
payment interval, and the year in which the Contract value is applied to the Payout Option. 
 We will make periodic payments in any other form of Payout
Option that is acceptable to us at the time of an election. 

  

					
	P1833521NW	  	17	  	

 Commuted Values 

Once the Contract value is applied to a Payout Option, the periodic payments cannot be accelerated or converted into a lump sum payment unless we agree. 

Fixed Period Payout Table 
 The Fixed Period Payout Table
shows the payments that we will make at sample payment intervals for each $1,000 applied based on the guaranteed Payout Option factors. 

Payments for fixed number of years for each $1,000 applied. 
  

																	
	 	  	Annual	 	  	Semi
Annual	 	  	Quarterly	 	  	Monthly	 
	 Years
	  				  				  				  			
	 1
	  	[$	1,010.00	 	  	$	503.74	 	  	$	251.55	 	  	$	83.78	 
	 2
	  	 	507.51	 	  	 	253.12	 	  	 	126.40	 	  	 	42.10	 
	 3
	  	 	340.02	 	  	 	169.58	 	  	 	84.68	 	  	 	28.20	 
	 4
	  	 	256.28	 	  	 	127.82	 	  	 	63.83	 	  	 	21.25	 
	 5
	  	 	206.03	 	  	 	102.76	 	  	 	51.31	 	  	 	17.09	 
	 6
	  	 	172.54	 	  	 	86.05	 	  	 	42.97	 	  	 	14.31	 
	 7
	  	 	148.62	 	  	 	74.12	 	  	 	37.01	 	  	 	12.32	 
	 8
	  	 	130.69	 	  	 	65.18	 	  	 	32.55	 	  	 	10.84	 
	 9
	  	 	116.74	 	  	 	58.22	 	  	 	29.07	 	  	 	9.68	 
	 10
	  	 	105.58	 	  	 	52.65	 	  	 	26.29	 	  	 	8.75	 
	 11
	  	 	96.45	 	  	 	48.10	 	  	 	24.02	 	  	 	8.00	 
	 12
	  	 	88.84	 	  	 	44.31	 	  	 	22.12	 	  	 	7.37	 
	 13
	  	 	82.41	 	  	 	41.10	 	  	 	20.52	 	  	 	6.83	 
	 14
	  	 	76.90	 	  	 	38.35	 	  	 	19.15	 	  	 	6.37	 
	 15
	  	 	72.12	 	  	 	35.97	 	  	 	17.96	 	  	 	5.98	 
	 16
	  	 	67.94	 	  	 	33.88	 	  	 	16.92	 	  	 	5.63	 
	 17
	  	 	64.25	 	  	 	32.04	 	  	 	16.00	 	  	 	5.33	 
	 18
	  	 	60.98	 	  	 	30.41	 	  	 	15.18	 	  	 	5.05	 
	 19
	  	 	58.05	 	  	 	28.95	 	  	 	14.45	 	  	 	4.81	 
	 20
	  	 	55.41	 	  	 	27.63	 	  	 	13.80	 	  	 	4.59	] 

 The values stated for fixed periods shorter than the Minimum Fixed Period Payout are available only as a Death Benefit option.
The Minimum Fixed Period Payout is set out on the Contract Specifications page. 
 GENERAL PROVISIONS 

Entire Contract 
 This Contract, any application for it,
any endorsements to it, and any riders and rider applications, form the entire contract between you and us. 
 Only statements that you have made in
consideration for this Contract or a rider may be used to defend a claim based on it, or to void this Contract or a rider. Such statements are treated as representations and not warranties. 

  

					
	P1833521NW	  	18	  	

 Changes – Waivers 

No changes or waivers of the provisions of this Contract are valid unless made in writing and are signed by our President, Vice President, or Secretary. No
other person or producer has authority to change or waive any provision of this Contract. We reserve the right, in our sole discretion, to administer and change the provisions of this Contract to obtain or retain the intended tax treatment under
federal tax law, or to take into account other pertinent laws and governmental regulations and rulings. 
 Misstatement 

If the age of a person is misstated, we will adjust payments to the amount that would have been payable based on the correct age. If payments based on the
correct age would have been higher, we will promptly pay the underpaid amount in one sum, with interest. If payments based on the correct age would have been lower, we may deduct the overpaid amount, with interest, from succeeding payments. We may
also pursue other remedies at law or in equity. The interest to be paid or charged is the rate that was used to calculate the payments, but not to exceed 6% per year. 

Required Reports 
 At least once each Contract Year, we
will send you a report of your current values. We will also provide any other information required by law. These reports will stop on the earliest of the following dates: 
  

	 	1)	 the Annuity Payout Initiation Date; 

 

	 	2)	 the date that the Death Benefit Value is determined; or 

 

	 	3)	 the date that this Contract is surrendered. 

The reports will be mailed to your last known address. If permitted by law, in place of that we may deliver these and other required documents in electronic
form. The reported values will be based on the information in our possession at the time that we prepare the report. We may adjust the reported values at a later date if that information proves to be incorrect or has changed. 

Exclusive Benefit 
 Your rights as Owner of this Contract
are for the exclusive benefit of you and your Beneficiaries. Your rights as Owner of this Contract are not forfeitable by us. 
 State Law 

All factors, values, benefits, and reserves under this Contract shall not be less than those required by the law of the state in which this Contract is
delivered. 
 Claims of Creditors 
 To the extent
allowed by law, your rights as Owner of this Contract and all values and benefits under it are not subject to the claims of creditors or to legal process. 

Company Liability 
 We will not be liable for any loss
that is related to a failure by you, or by any other person having rights or benefits under this Contract, to comply with pertinent laws or governmental regulations or rulings. 

Incontestability 
 This Contract is not contestable by us,
except to the extent stated in an application, endorsement, or rider, if any. 
 Discharge of Liability 

We will be discharged from all liability to the extent of each payment that is made for a Cash Benefit, Annuity Payout Benefit, Death Benefit, or rider
benefit. 

  

					
	P1833521NW	  	19	  	

 Transfer by the Company 

We reserve the right to transfer our obligations under this Contract to another qualified life insurance company under an assumption or reinsurance
arrangement. We may make such a transfer without your consent. 
 Taxes 

Some states impose on the Company a premium tax or other taxes on annuities. If a premium tax or other tax is charged or due, we reserve the right to deduct
this amount from the Purchase Payment or Account Value at the time that it is imposed. 
 Proof of Death 

Before making payment of a Death Benefit, or any other payment or transfer of ownership rights that depends on the death of a specified person, we will require
proof of death. We may delay making any payment until it is received. For this purpose, proof of death is: 
  

	 	1)	 a certified copy of a death certificate showing the cause and manner of death; 

 

	 	2)	 a certified copy of a decree that is made by a court of competent jurisdiction as to the finding of death; or

  

	 	3)	 other proof that is satisfactory to us. 

Loans 
 A loan is not available under this Contract. 

Termination 
 We reserve the right to terminate this
Contract at any time that the Account Value is less than the Minimum Required Value. The Minimum Required Value is set out on the Contract Specifications page. If we terminate this Contract for this reason, we will pay you the Surrender Value. We
will not terminate this Contract at a time when a distribution to you is prohibited by a tax qualification endorsement. 
 Deferral of Payment 

We reserve the right to delay payment of a surrender or withdrawal after we receive your Request in Good Order for it. We may delay such payment for up to six
months upon receipt of written approval from the commissioner of insurance of the state in which this Contract was issued. 
 Escheat of Payment 

If an Annuity Payout Benefit or Death Benefit is due to be paid, and we cannot find the payee or there is a dispute over the payment that is not resolved, we
will escheat the amount due as required by law. In the case of an Annuity Payout Benefit, we will escheat payments as they become due. In the case of a Death Benefit, we will escheat the Death Benefit as a lump sum on the date that state law
requires that it be escheated. 
 Change of Administrative Office 

If we change our Administrative Office, we will notify you in writing. 

Separate Account 
 We hold reserves to support our
guarantees under the Indexed Strategies of this Contract in a non-unitized Separate Account. The Separate Account is established and maintained pursuant to the laws of our domiciliary state. The assets in the
Separate Account shall not be chargeable with liabilities arising out of any other business that we conduct. General account assets are also available to meet guarantees under this Contract as well as our other general obligations. 

  

					
	P1833521NW	  	20	  	

 Changes in Indices 

This Contract has one or more Crediting Strategies that calculate interest based in whole or in part on an index, a market interest rate, or the price or unit
value of an investment fund or commodity. 
 We reserve the right to replace an index or an interest rate if it stops being published, or if an investment
fund terminates, or if an investment fund or a commodity stops being traded on a specified market, then we will select a similar index, interest rate, investment fund, commodity, or market to replace it. If the publication schedule of an index or
interest rate is changed, or if the calculation of it is changed significantly, if there is a significant change in the investment objectives, strategies, or operations of an investment fund, or if a specified market declines in importance, then:

  

	 	1)	 we may replace it with a similar index, interest rate, investment fund, commodity, or market; or

  

	 	2)	 we may make adjustments to it to approximate its performance before the change. 

The new or adjusted index, interest rate, investment fund, commodity, or market will not be exactly the same as the original, but it will correspond
reasonably to it, as determined by us in good faith. The new or adjusted index, interest rate, investment fund, commodity, or market will apply until it is replaced or adjusted, or until the particular Crediting Strategy is eliminated. If required,
we will get approval from the insurance department of the state where this Contract was issued before we make a replacement or adjustment. 

  

					
	P1833521NW	  	21	  	

 GREAT AMERICAN LIFE INSURANCE
COMPANY® 
 [Marketing Name] 

Individual Deferred Annuity Contract 

[Tax Qualification] 

Indexed Rate Crediting Strategies 

Flexible Purchase Payments for Limited Period 

Nonparticipating - No Dividends 

  

					
	P1833521NW

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