Document:

Exhibit 4.7

 

EXECUTIVE EMPLOYMENT AGREEMENT

 

 

 

 

 

THIS AGREEMENT IS MADE effective the   BETWEEN: 15 day     of May   2015

 

OMEGA INSURANCE HOLDINGS INC.

34 King Street East, Suite 1200 Toronto, Ontario

Canada MSC 2X8

A wholly owned subsidiary of

Till Capital Ltd.

25 Church Street

Hamilton HM12, Bermuda      

 

(hereinafter called the "Company")

 

-and-

 

MATTHEW COOK

 

(hereinafter called the "Executive")

 

WHEREAS the Company is engaged
in the business of insurance, reinsurance, and insurance related activities;

 

AND WHEREAS the Executive
is willing to serve the Company in the capacity and on the terms and conditions herein provided;

 

NOW THEREFORE IT IS HEREBY AGREED AS FOLLOWS:

 

 1. DEFINITIONS

 

1.1   
In this Agreement the following terms shall have the following meanings:

 

(a)  "Agreement"
means this agreement as it may be amended or supplemented from time to time; and the expressions
"hereof', "herein", "hereto' ', "hereunder", "hereby" and similar expressions refer
to this agreement and unless otherwise indicated, references to "Sections" or "Parts" are references to
sections or parts in this Agreement;

 

(b) "Board" means the board of directors of the Company;

 

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(c) "Cause" means:

 

(i) 
the failure or refusal of the Executive to perform his duties and responsibilities at an acceptable level or standard,
or to comply with the Company's policies and procedures as instituted from time-to-time, provided that the Executive has been provided
written notice of such failure and has not corrected its behaviour within 30 calendar days of receiving such notice and provided
further that the Executive shall only be entitled to correct his behaviour pursuant to such notice on a one-time basis. For
purposes of clarity, any subsequent failure or refusal to perform his duties and responsibilities at an acceptable level or
standard will not require written notice of such failure by the Company and corresponding opportunity for the Executive to correct
the behaviour;

 

(ii)  
any dishonesty on the part of the Executive affecting the Company;

 

(iii)  
the conviction of the Executive for an indictable offence or for any crime involving moral turpitude, fraud or misrepresentation;

 

(iv) 
excessive use of alcohol or illegal drugs by the Executive interfering with the performance of his obligations under this
Agreement and the failure to participate fully in any employee assistance program offered by the Company;

 

(v) 
any willful and intentional act on the part of the Executive having the effect of materially injuring the reputation, business
or business relationships of the Company;

 

(vi) 
any material breach (not covered by any of the above (i) through (v)) of any of the provisions of this Agreement;
and

 

(vii)  
any other act or omission which at law would entitle the Company to terminate this Agreement.

 

(d)
"Change of Control" means a transaction or series of transactions whereby directly or indirectly:

 

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(i) 
any person or combination of persons obtains a sufficient number of securities of the Company to affect materially the control
of the Company; for the purposes of this Agreement, a person or combination of persons holding shares or other securities in excess
of the number which, directly or following conversion thereof, would entitle the holders thereof to cast 25% or more of the votes
attaching to all shares of the Company which may be cast to elect directors of the Company, shall be deemed to be in a position
to affect materially the control of the Company;

 

(ii)  
the Company shall consolidate or merge with or into, amalgamate with, or enter into a statutory agreement with, any other
person (other than a subsidiary of the Company) or any other person (other than a subsidiary of the Company) shall consolidate
or merge with or into, or amalgamate with or enter into a statutory arrangement with, the Company, and, in connection therewith,
all or part of the outstanding voting shares shall be changed in any way, reclassified or converted into, exchanged or otherwise
acquired for shares or other securities of the Company or any other person or for cash or any other property;

 

(iii)  
the Company shall sell or otherwise transfer, including by way of the grant of a leasehold interest (or one or more of
its subsidiaries shall sell or otherwise transfer, including by way of the grant of a leasehold interest), property or assets
(A) aggregating more than 50% of the consolidated assets (measured by either book value or fair market value) of the Company and
its subsidiaries as at the end of the most recently completed financial year of the Company or (B) which during the most recently
completed financial year of the Company generated, or during the then current financial year of the Company are expected to generate,
more than 50% of the consolidated operating income or cash flow of the Company and its subsidiaries, to any other person or persons
(other than the Company or one or more of its subsidiaries); or

 

(iv)   there
occurs a change in the composition of the Board, which occurs at a single meeting, or a succession of meetings
occurring within 6 months of each other, of the shareholders of the Company, whereby such individuals who were members of the
Board immediately prior to such meeting or succession of meetings cease to constitute a majority of the Board without the
Board, as constituted immediately prior to such meeting, approving of such change.

 

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(e) 
"Confidential Information" means information of a sensitive nature related to the Company or its business
including, but not limited to information pertaining to the Company's costs, sales, income, profit, profitability, pricing,
salaries or wages, marketing information, corporate information and intellectual property. "Confidential Information"
does not include any information that, through no fault of the receiving party:

 

(i)  
is within the Public Domain at the date of its disclosure to the receiving party, or subsequently enters the Public Domain (but
only after it enters the Public Domain); or

 

(ii)   is or becomes (but only after it becomes):

 

(A) 
independently developed by or on behalf of the receiving party as shown by documentary evidence; or

 

(B) 
disclosed to the receiving party by a third party not having an obligation of confidence to the proprietor of the information
as shown by the documentary evidence; or

 

(iii) is Residual Information.

 

No combination of information
shall be deemed to be within any of the above exceptions, whether or not the component parts of the combination are within one
or more of the exceptions in Sections l(e) (i) and (ii), unless the combination itself and its economic value and principles
of operation are themselves so excepted;

 

(f)
"Company" means Omega Insurance Holdings, a wholly owned subsidiary of Till Capital Ltd;

 

(g)  "Person"
means any individual, partnership, limited partnership, joint venture, syndicate, sole proprietorship, company or Company
with or without share capital, unincorporated association, trust, trustee, executor, administrator or other legal personal
representative, regulatory body or agency, government or governmental agency, authority or entity however designated or
constituted;

 

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(h) 
"Public Domain" means readily accessible to the public in a written publication, and does not include information
that is only available by substantial searching of the published literature, and information the substance of which must be
pieced together from a number of different publications and/or sources;

 

(i) 
"Residual Information" means general information not specified as being confidential in nature by the Company that
is in tangible form and is retained in memory by the Executive who have had access to Confidential Information including ideas,
concepts, know-how and techniques or business opportunities that have been considered by the Company but rejected or unsuccessfully
pursued by the Company;

 

(j) 
"Share Option" means any stock option granted under a stock option or share purchase plan of the Company;

 

(k)
"Term" shall have the meaning set forth in Part 2 below; and

 

(1) "Triggering
Event" means any one of the following events occurring without the express or implied agreement of the Executive:

 

(i) 
a change (other than those that are clearly consistent with a promotion) in the Executive's position or duties (including
any position or duties as a director of the Company), responsibilities (including a change in the person or body to whom
the Executive reports at the date of a Change in Control, except if such person or body is of equivalent rank or stature or such
change is as a result of the resignation or removal of such person or the persons comprising such body, as the case may be,
and who reports to the Executive), title or office in effect immediately prior to a Change in Control;

 

(ii)   a
reduction by the Company or any of its subsidiaries of the Executive's compensation, benefits or any other form of
remuneration or any change in the basis upon which the Executive's compensation, benefits or any other form of remuneration
payable by the Company or its subsidiaries is determined or any failure by the Company to increase the Executive's, benefits
or other forms of remuneration payable by the Company or its subsidiaries in a manner consistent (both as to frequency and
percentage increase) with practices in effect immediately prior to a Change in Control or with practices implemented
subsequent to a Change in Control with respect to the senior Executives of the Company and its subsidiaries, whichever is
more favourable to the Executive;

 

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(iii)   any
failure by the Company or its subsidiaries to continue in effect any benefit or stock ownership plan in which the
Executive was entitled to participate immediately prior to a Change in Control, or the Company or its subsidiaries taking any
action or failing to take any action that would adversely affect the Executive's participation in or reduce its rights or
benefits under or pursuant to any such plan, or the Company or its subsidiaries failing to increase or improve such rights or
benefits on a basis consistent with practices in effect immediately prior to a Change in Control or with practices
implemented subsequent to a Change in Control, whichever is more favourable to the Executive;

 

(iv) 
any breach by the Company of any provision of this Agreement;

 

(v) 
the good faith determination by the Executive that, as a result of a Change in Control or any action or event thereafter, the
Executive's status or responsibility in the Company or its subsidiaries have been diminished or the Executive is being effectively
prevented from carrying out its duties responsibilities as they existed immediately prior to a Change in Control; or

 

(vi) 
the failure by the Company to obtain, in a form satisfactory to the Executive, an effective assumption of its obligations
hereunder by any successor to the Company, including a successor to a material portion of its business.

 

(m) except where otherwise
indicated all currencies are in Canadian dollars.

 

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2. TERMS OF EMPLOYMENT

 

2.1    The Company engages
the Executive as the Company's Chief Financial Officer with effect from the date of this Agreement for an initial term
of Thirty-Six (36) months, which then will automatically renew for successive one year periods provided that the Company
has not given the Executive notice in writing of its intention not to renew this Agreement (the "Term") not less than
one hundred and eighty (180) calendar days prior to the expiration of
the Term. The Executive and the Company shall mutually agree on the Executive’s
title and responsibilities with respect to any of the Company’s
subsidiaries or affiliates.

 

2.2    The Executive
shall serve and perform in the capacities described in Section 2.1 hereof and shall have such duties, responsibilities, and
authorities as are designated for such offices pursuant to the Bylaws of the Company, and as may be reasonably assigned to
the Executive from time to time by the President. The Executive shall, and shall have commensurate authority to
formulate, and implement the Company's mission statement; The Executive is accountable for ensuring that business strategies,
production, and development targets are achieved as scheduled and within budgeted cost constraints. The Executive will
provide leadership, oversight and guidance to the Company's operations, and be responsible for the corporate financial
capabilities and share market requirements. The Executive shall report and be responsible to the Chief Executive
Officer.

 

2.3    The Executive
agrees to devote substantially all of the Executive's time, best efforts, abilities, knowledge and experience to the faithful
performance of the duties, responsibilities, and authorities which may be reasonably assigned to the Executive and which are
consistent with the Executive's Executive offices described under Section 2.1, provided the Executive shall not engage in any
business which is in direct competition with the Company or any subsidiaries or affiliates, and provided that the Executive's
other business activities shall not interfere with, or prevent the Executive from fulfilling, his obligations to the Company
hereunder. Notwithstanding the preceding, the Executive may, without being in violation of the Executive's obligations
hereunder, (i) serve on corporate, civic or charitable boards, or committees which are not engaged in business in competition
with the Company or any subsidiary; (ii) deliver lectures, accept and fulfill speaking engagements, teach at educational
institutions and seminars and write or publish papers, articles or books; and (iii) invest the Executive's personal assets in
such form or manner as will not require any material services by the Executive in the operation of the entities in which such
investments are made, provided the Executive shall use his best efforts to pursue such activities in such a manner so that
such activities shall not prevent the Executive from fulfilling his obligations to the Company hereunder.

 

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2.4 In connection with
the Executive's employment by the Company during the Term, the Executive shall be based at the Company's principal office in Toronto,
Canada, or at any office or location as agreed to by the Executive and the President, save and except for reasonable travel required
in connection with the Company's business consistent with the Executive's position as Chief Financial
Officer of the Company.

 

3. REMUNERATION AND BENEFITS

 

3.1    The
Company shall pay the Executive, as compensation for services rendered by the Executive under this Agreement, a base salary,
on an annualized basis (the "Annual Base Salary") of One Hundred and
Eighty Thousand and No/100 Canadian Dollars ($180,000.00) during the Term of this Agreement. The Annual Base
Salary shall be subject to all appropriate federal and provincial withholding and payroll taxes and shall be paid by the
Company to the Executive in accordance with the regular payroll policies and practices of the Company. The Company’s
compensation of the Executive by payments of the Annual Base Salary pursuant to this Section 3.1 shall not be deemed
exclusive and shall not prevent the Executive from participating in any other compensation or benefit plan of the Company,
nor shall such compensation in any way limit or reduce any other obligation of the Company hereunder; and, except to the
extent specifically set forth herein, no other compensation, benefit or payment hereunder shall in any way limit or reduce
the obligation of the Company to pay the Annual Base Salary to the Executive during the term of this Agreement.

 

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3.2  
Executive shall be granted stock options in Till Capital Ltd. expiring two years from the date of grant, on and subject to
the terms and conditions of the Company’s Stock Option
Plan and 3.2(i) below. These options will vest in four equal instalments every six months beginning six months from the date
of grant. Future grants will be at the discretion of the Company’s
management, as approved by the Compensation Committee of Till Capital Ltd.

 

(i)  upon approval
at the next Till Capital Ltd. Compensation Committee meeting, Executive shall be granted 10,000 options at a $10.00 strike
price. Said options will vest in the manner described in 3.2 above with the timing beginning upon the final regulatory approval
of the Share Purchase Agreement dated October 9, 2014 among Till Capital Ltd., the Executive and others (the share Purchase
Agreement").

 

(ii)  in order to facilitate
the option grant, Executive will sign the Consulting Agreement at Exhibit A, whereby Executive shall be a consultant to
Till Capital Ltd. in the interim period between signing of the Share Purchase Agreement and regulatory approval of the acquisition.

 

3.3   In addition to the
Annual Base Salary set forth in Section3 .1 hereof and any other amounts of compensation payable to the Executive pursuant to
any other provisions of this Agreement, the Company may also pay the Executive discretionary annual bonus compensation (the
"Annual Bonus Compensation"), in the form of cash or shares of the common stock of the Company in such amount, if
any, determined by the Board, or any duly authorized committee thereof, to be proper and appropriate for each fiscal year of
the Company during the term of this Agreement, provided that the Annual Bonus Compensation may not exceed 50% of the Annual
Base Salary. Such Annual Bonus Compensation shall be based upon such factors as the Board of Till Capital Ltd., or any duly
authorized committee thereof, shall deem appropriate and consistent with factors applicable to other Executive officers of
the Company, including (i) the Executive's contributions to the success of the business operations of the Company, its
divisions and its subsidiaries for each fiscal year of the Company during the term hereof; (ii)the Company's share price
performance viewed objectively as well as against its peer group within the industry ; (iii) the success of the Company's
insurance activities; (iv) the consolidated revenues, expenses and profits of the Company, its divisions and its subsidiaries
for each fiscal year of the Company during the term hereof, as determined in accordance with generally accepted accounting
principles; and (v) the general overall economic performance of the Company, its divisions and its subsidiaries for each
fiscal year of the Company.

 

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3.4  
The Company shall also reimburse the Executive for any reasonable out-of-pocket expenses incurred by the Executive
in accordance with the Company's standard expense practices. Prior to the reimbursement of such expenses, the Company shall
require the Executive to prepare a summary of the expenses incurred and submit it to the Company together with appropriate supporting
receipts, invoices, or other documentation acceptable to the Company. The Company may make an advance to cover such expenses, such
advances being repayable to the extent remaining upon termination of this Agreement.

 

3.5  
In addition to the Annual Base Salary, Options and any Annual Bonus Compensation payable
to the Executive hereunder, the Executive shall be entitled to participate in the Company's health, dental, disability and life
insurance plans (if any) provided that the Executive satisfies the eligibility requirements therefor, provided that nothing
herein will obligate the Company to institute such plans.

 

3.6   The
Executive shall be entitled to a reasonable paid vacation of not less than twenty (20) business days each calendar year
during the Employment Period, exclusive of holidays and weekends, which vacation shall be taken by the Executive in
accordance with the Company's vacation plans, policies and practices as then in effect and with a view to the business
requirements of the Company. The Executive shall also be entitled to compensation in respect of earned or accrued but unused
vacation time based on the Executive's Annual Base Salary.

 

3.7  During
the Term the Company shall provide, at its expense, appropriate and adequate office space, furniture, communications
and word-processing equipment, supplies, personnel (including as required professional, clerical, support and other
personnel) and such other facilities and services as shall be suitable to the Executive's position and adequate for the
Executive's use in performing the Executive's duties and responsibilities under this Agreement.

 

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4.  CONFIDENTIAL INFORMATION AND PROPERTY OF THE COMPANY

 

4.1
The Executive’s Obligations as to Confidential Information and Materials. Confidential Information, whether
in written, oral, magnetic, photographic, optical, or other form and whether now existing or developed or created during the period
of the Executive's relationship or engagement with the Company, excepting information obtained from general or public sources,
is proprietary to the Company and is highly confidential in nature. In this regard, the Executive acknowledges that damages
pursued by an action at law may not be an adequate remedy for the Executive's breach of its obligations under this Part
4, and the Executive agrees that the Company shall be entitled to equitable remedies including but not limited to interlocutory or
permanent injunctions, which the Executive agrees not to oppose.

 

4.2   
Use of Company Communication and Documents Storage Systems. The Executive shall send and receive all electronic
communications through, and shall store copies of all documents material to the business and affairs of the Company on, the Company's
server in accordance with the Company's information technology policies and procedures as established from time-to time.

 

4.3    General
Skills. The general skills and Residual Information and other experience gained by the Executive during the
Executive's relationship with the Company, and information within the Public Domain or generally known within the industries
or trades in which the Company competes, is not considered Confidential Information.

 

4.4  Preservation
of Confidential Information. During the Executive's relationship with the Company, the Executive may have access to all or a
portion of the Confidential Information and, as such, will occupy a position of trust and confidence with respect to the
Company's affairs and business. The Executive will take the following steps to preserve the confidential and
proprietary nature of the Confidential Information:

 

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(a)
Non-Disclosure. The Executive will not at any time disclose or otherwise permit any person or entity access to
any of the Confidential Information other than as required in the performance of the Executive's duties to the Company.

 

(b) 
Prevent Disclosure. The Executive will take all reasonable precautions to prevent disclosure of the Confidential
Information and will follow all the Company's reasonable instructions to the Executive in respect of the same.

 

(c)
Non-Use. The Executive will not use at any time, or otherwise permit any person or entity to use, any of the Confidential
Information other than as required in the performance of the Executive's duties.

 

(d)
Return all Materials. Within five business days after the termination of the Executive's relationship with
the Company, for any reason whatsoever, the Executive will deliver to the Company all keys and access cards as well as all tangible
materials embodying the Confidential Information, including, without limitation, any documentation, records, listings, notes,
data, sketches, drawings, memoranda, models, accounts, reference materials, samples, machine-readable media and equipment which
in any way relate to the Confidential Information.

 

4.5  Continuation
of Confidentiality Obligations. The Executive acknowledges and agrees that the obligations set out in this Part are to remain
in effect for a period of five (5) years following termination of the Executive's relationship with the Company. The
Executive further acknowledges that the obligations set out in this Part are not in substitution for any obligations
which the Executive may now or hereafter owe to the Company and which exist apart from this Part 4 and do not replace any
rights of the Company with respect to any such obligations.

 

4.6    Communication
of Confidential Information. The Executive agrees to communicate to the Company all Confidential Information obtained in the
course of performing the services.

 

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4.7  
Confidentiality and hereby agrees that he will Non-Competition. The Executive not at any time during the Term and for a
period of one year thereafter:

 

(a) 
knowingly interfere with or endeavour to entice away from the Company any of the financiers who were active financiers or
participated in private placements of the Company or its securities during the three year period immediately prior to the termination
of the Contactor's relationship with the Company;

 

(b) interfere
with or knowingly entice away any employee of the Company who was an employee of the Company within 120 calendar days of the
termination of the Executive's relationship with the Company.

 

4.8    Notice.
If the Executive is required by law, rule, regulation, subpoena or regulatory agency or stock exchange rule
("Legal Process") to disclose any Confidential Information, the Executive will provide the Company with prompt
notice of such requirement, if legally practicable, and will use reasonable efforts to obtain confidential treatment for any
Confidential Information that is required to be disclosed prior to making any such disclosure. If, provided that the
Executive has used reasonable efforts to obtain assurances that confidential treatment will be afforded such information, the
Executive is nonetheless required by Legal Process to disclose any Confidential Information, the Executive may only disclose
such Confidential Information that it is required by law to be disclosed.

 

4.9
Limitation. The provision of this paragraph 4 shall not prevent the Executive, following the termination of this
Agreement, from providing his services to other insurance industry companies, subject to such restrictions as may be contained
in the Share Purchase Agreement.

 

5. INTELLECTUAL PROPERTY OF THE COMPANY

 

5.1    Company's
Rights. The Executive agrees that all right, title, and interest in or to any and all of the work product of the Executive
shall be the property of the Company.

 

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5.2    Disclosure.
The Executive agrees to promptly disclose to the Company all of the products of the services hereunder and to provide all
assistance reasonably requested by the Company in the preservation of its interests in the same, such as by
executing documents or testifying. Regardless of whether this Agreement has been terminated, the Executive agrees to execute,
acknowledge, and deliver any instruments, and to provide whatever other assistance is required to confirm the ownership by
the Company of such rights. Reasonable expenses incurred for such assistance shall be paid by the Company. No additional
compensation shall be paid to the Executive in respect of any of the matters referred to in this Section 5.2.

 

5.3
No Rights. Nothing in this Agreement shall be construed to grant to the Executive any express or implied option, license
or other rights, title or interest in or to the Confidential Information or, or obligate either party to enter into any agreement
granting any such right.

 

6. TERMINATION

 

6.1
Termination. The Company may terminate this Agreement in the following circumstances:

 

(a)
at any time by the Company forthwith, without notice and without pay in lieu of notice, for Cause;

 

(b) automatically upon the death of the Executive;

 

(c)
automatically in the event the Executive is subject to any bankruptcy, insolvency or other similar proceeding;

 

(d) at
any time by notice in writing from the Company to the Executive if the Executive shall become permanently disabled; for the
purposes hereof, the Executive shall be deemed to be permanently disabled immediately following any period of 180
consecutive calendar days during which the Executive is prevented from performing his duties for more than 90 calendar days
in the aggregate by reason of illness or mental or physical disability despite reasonable accommodation efforts of the
Company;

 

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(e)  in
any other case, by (i) the payment by the Company to the Executive in a lump sum equal to twelve months' Annual Base Salary,
and (ii) the immediate vesting of any Stock Option previously granted to the Executive by the Company or any subsidiary of
the Company, and the Executive shall be entitled to exercise such Stock Option on the terms granted and, notwithstanding
any term of the stock option plan to the contrary, shall remain exercisable for the original term granted and shall not
terminate due to the termination of the Executive's employment with the Company. In addition, any provisions of the Stock
Option restricting the number of option shares which may be purchased before a particular date shall be waived. The terms of
any Stock Option agreement shall be deemed amended to reflect the provisions of this paragraph (e) The provisions of this
paragraph (e) shall be subject ·to applicable securities laws and the rules of any stock exchange on which the shares
of the Company may be then listed and the receipt of all necessary approvals from such securities regulators and exchange,
which approvals the Company shall use its reasonable commercial efforts to obtain in the event of the operation of this
paragraph (e). In the event that any payment is made to the Executive pursuant to the provisions of paragraph (e) the
Executive shall not be required in any manner whatsoever to mitigate any damages and shall be made regardless of whether the
Executive seeks or finds alternate employment of any nature whatsoever; and

 

(f)
by the Executive providing no less than ninety (90) calendar days' notice in writing to the Company. In the event the
Executive provides such notice to the Company, the Executive's employment shall terminate on the date the period of such
notice expires. In such circumstance, the Company may request that the Executive cease duties prior to the expiry of the notice
period.

 

6.2 Effect
of Termination. Upon the termination of this Agreement pursuant to Sections 6.1 (a), (b), (c) or (f), the parties agree that
the Company's liability to the Executive shall be limited to all accrued and unpaid portions of the Annual Base Salary due up
to the date of termination as well as any Expenses properly incurred prior to the date of termination, less any
advances against Expenses not accounted for.

 

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6.3 Share Purchase Agreement.
Upon the termination of this Agreement pursuant to Sections 6.1 (a), (c), (d) , or (e) , Till Capital Ltd. and the parties agree
that the period contemplated by Sections 7.ll(a) and (c) of the Share Purchase Agreement shall be adjusted to the earlier of (i)
the period calculated under Section 7.ll(a) and (c) of the Share Purchase Agreement, and (ii) a period of 12 months from the
effective date of the termination of the Executive 's employment.

 

 

 

 

 

 

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 7. CHANGE OF CONTROL

 

7.1 Notwithstanding
anything to the contrary contained in this Agreement, if a Change in Control occurs and if, in respect of the Executive, a
Triggering Event subsequently occurs within two (2) years of the Change in Control, the Executive shall be entitled to elect
to terminate this agreement with the Company and to receive a payment from the Company in an amount equal to two times the
Annual Base Salary and the amount of the Annual Bonus Compensation for the previous year (the "Change of
Control Payment"). This Section 7.1 shall not apply if such Triggering Event follows a Change in Control which involves
a sale of securities or assets of the Company with which the Executive is involved as a purchaser in any manner, whether
directly or indirectly (by way of participation in a Company or partnership that is a purchaser or by provision of debt,
equity or purchase-leaseback financing).

 

7.2 
The Change of Control Payment provided for in Section 7.1 is conditional upon the Executive electing to exercise such
right by notice given to the Company within 120 calendar days of the Triggering Event.

 

7.3
Notwithstanding the provisions contained in Section 6.l(e) hereof, the Executive shall be entitled to the Change of Control
Payment if a Triggering Event does not occur but the Executive is dismissed from the Company without Cause within two
(2) years of the Change in Control. For greater certainty, the Executive shall not be entitled to any payment by the Company
pursuant to this Section 7.3 if the Executive is dismissed from this employment with the Company for Cause. The Company shall not
dismiss the Executive for any reason unless such dismissal is specifically approved by the Board.

 

7.4  The
Change of Control Payment shall be in lieu of all other notice or damage claims as regards dismissal or termination of the
Executive's employment with the Company or any subsidiary of the Company after a Change in Control and the
arrangements provided for herein shall not be considered in any judicial determination of appropriate damages at common law
for dismissal without Cause, other than as provided for in this Agreement.

 

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7.5 
In the event that the Executive is entitled to a Change of Control Payment, the Executive shall be entitled to continue
to participate in any benefit package for a period of 12 months after the date of the giving of notice by the Executive pursuant
to Section 7.2, or the dismissal of the Executive's contract pursuant to Section 7.3, as the case may be.

 

7.6  In
the event that the Executive is entitled to a Change of Control Payment, any Stock Option previously granted to the Executive
by the Company or any subsidiary of the Company shall become fully vested, in which case the Executive shall be entitled to
exercise such Stock Option on the terms granted and, notwithstanding any term of the stock option plan to the contrary,
shall remain exercisable for the original term granted and shall not terminate due to the termination of the Executive's
employment with the Company. In addition, any provisions of the Stock Option restricting the number of option shares which
may be purchased before a particular date shall be waived. The terms of any Stock Option agreement shall be deemed amended to
reflect the provisions of this Section 7.6. The provisions of this Section 7.6 shall be subject to applicable securities laws
and the rules of any stock exchange on which the shares of the Company may be then listed and the receipt of all necessary
approvals from such securities regulators and exchange, which approvals the Company shall use its reasonable commercial
efforts to obtain in the event of the operation of this Section 7.6.

 

7.7  
Any payment to be made by the Company pursuant to the terms of Part 7 shall be paid (i) by the Company in cash in a lump sum
within five business days of the giving of notice by the Executive pursuant to Section 7.2, (ii) within five business days of
the termination or dismissal from the Executive's employment as referred to in Section 7.3, or (iii) in such manner as may be
agreed to by the Company and the Executive. Any such payment shall be calculated, in the case of

 

Section 7.8 at the date
of giving notice pursuant to Section 7.2 and, in the case of Section 7.3, at the date of dismissal or termination, as the
case may be.

 

7.9 In the event that any payment
is made to the Executive pursuant to the provisions of Section 7.1 or Section 7.3, as the case may be, the Executive shall
not be required in any manner whatsoever to mitigate any damages. Furthermore, the payment referred to in Section 7.1 or
Section 7.3, as the case may be, shall be made regardless of whether the Executive seeks or finds alternate employment of any
nature whatsoever.

 

     18

     

    

8. NOTICE

 

8.1 Unless
otherwise permitted by this Agreement, all notices, requests, demands and other communications hereunder shall be in writing
and shall be deemed to have been fully given if personally delivered to the party to whom the notice or other
communication is directed or if mailed by prepaid registered mail on the fifth business day after the date on which it is so
mailed (provided that if there is an interruption in the regular postal service during such period arising out if a strike,
lockout, work slow-down or similar labour dispute in the
postal system, all days during which such interruption
occurs shall not be counted:

 

Notice to the Company:

Omega Insurance Holdings Inc.

C/O Till Capital Ltd.

11521 North Warren Street Hayden, Idaho

USA 83835

Attention: Chief Executive officer      

 

Notice to the Executive:
Matthew Cook

 

Address

 

3 Rock Dove Avenue

Markham,
Ontario, L3S 4Ll

Canada

 

 

or to such other address as each party may
from time to time notify the other of in writing. Notices may not be given by facsimile or email.

     19

     

    

 9. MISCELLANEOUS

 

9.1 
This Agreement contains the entire understanding and agreement between the parties and supersedes all prior communications,
representations and agreements whether verbal or written between the parties with respect to the subject matter hereof. This Agreement may
be amended or modified only by written instrument signed by all parties hereto.

 

9.2 
The rights and obligations of the parties set out under Parts 4, 5 and 9 of this Agreement survive the termination of
this Agreement insofar as is necessary to give full effect to the terms hereof.

 

9.3  The
provisions of this Agreement shall be governed by and interpreted in accordance with the laws of Ontario, Canada. The parties
irrevocably attorn to the exclusive jurisdiction of the courts of Ontario with respect to any legal proceedings arising here
from.

 

9.4 
The Company has obtained legal advice concerning this Agreement and has requested that the Executive obtain independent
legal advice with respect to this Agreement. The Executive hereby represents and warrants to the Company that it has been advised
to obtain independent legal advice, and that prior to the execution of this Agreement he has obtained independent legal advice
or has, in his discretion, knowingly and willingly elected not to do so.

 

9.5
The invalidity or unenforceability of any particular provision of this Agreement shall not affect any other provision
thereof, and this Agreement shall be construed as though such invalid or unenforceable provision were omitted.

 

SIGNATURE PAGE FOLLOWS

     20

     

    

IN WITNESS WHEREOF the
parties have executed this Agreement with effect from the date first written above.

 

SIGNED, SEALED AND DELIVERED

In the presence of

 

 

 

Omega Insurance Holding Inc., 

A wholly owned subsidiary of

Till Capital Ltd.

 

 

Signed:”/s/Matthew Cook”

 

Name: Matthew Cook 

 

Title: Chief Financial Officer

 

 

Till Capital Ltd. (solely with respect to Section 6.3)

 

 

Signed: “/s/Timothy P. Leybold”

 

Name: Timothy P. Leybold

 

Title: Chief Financial Officer 

 

 

21Exhibit 4.8

 

SEPARATION
AND RELEASE OF CLAIMS AGREEMENT

 

This
Separation and Release of Claims Agreement ("Agreement") is entered into as of this first day of September, 2015, hereinafter
"Effective Date," by and between William Sheriff, his marital community, heirs, and assigns (hereinafter "Executive"),
and Till Capital Ltd. (together with all of its wholly-owned subsidiaries, its successors and
assigns, hereinafter the "Company"). Mr. Sheriff
and the Company are sometimes collectively referred to as the "Parties."

 

1.                  
Executive has resigned from all positions with the Company, including
but not limited to all Boards of Directors of the Company on which he serves and all executive positions within the Company that
he holds, but except for his employment with Till Capital Ltd., from which he will resign at the close of business on September
3, 2015 (hereinafter the "Separation Date").

 

2.                  
The Company expressly disclaims any liability to Mr. Sheriff. In
exchange for the consideration described herein, Executive hereby agrees, represents and warrants the following:

 

		(a)	Executive has authority to enter into this Agreement.

 

		(b)	Executive has not transferred, in whole or in part, any rights related
to his employment with the Company.

 

		(c)	Executive hereby settles any and all claims
that Executive may have against the Company as a result of the Company's hiring Executive, his employment with the Company and
the termination of his employment with the Company as set forth in
greater detail in paragraph 4 below.

 

		(d)	Executive has not and will not transfer any of the Company's confidential
information.

 

		(e)	Executive agrees to resign from the Board of Directors of Silver Predator at a time of the Company's choosing any time after date on which this Agreement is executed.

 

		(f)	Executive agrees to forfeit all of his stock options in the Company.

 

3.                  
The Company agrees to provide Executive the following consideration on or after his resignation from his employment on the
Separation Date:

 

		(a)	In lieu of severance, the Company will provide Executive with 7,100,000
shares of stock in Golden Predator Mining Corp., at a deemed price of C$0.05 per share, on or before September 15, 2015.

 

		(b)	Executive agrees to sell, transfer and assign, free and clear of all encumbrances,
all of Executive's stock in the Company which, on or prior to October 30, 2015 is not subject to an escrow arrangement, at a price
of $3.76
US per share, to an independent third party identified by the Company. Such sale will occur: (i) for all Company shares held
by Executive that are not then subject to an escrow (estimated to be 14,202 shares) on or prior to September 30, 2015; and
(ii) for all Company shares held by Executive that are not then subject to an escrow (estimated to be 76,531 shares) on or
prior to October 30, 2015, with Executive retaining any other shares held by Executive which on October 30, 2015 remain
subject to an escrow.

 

     1

     

    

		(c)	The Company will provide Executive with an
option expiring 18 months from the Separation Date to purchase up to 5,500,000 of the Company's Golden Predator Mining Corp.
shares according to the following schedule and prices: a) if exercised by September 30, 2015,
at $0.11 CON per share, b) if exercised by October 31, 2015, at $0.12 CON per share, c) if exercised by November 30, 2015, at $0.13
CON per share, d) if exercised by December 23, 2015, at $0.14 CON per share, e) if exercised after December 23, 2015, at $0.15
CON per share. The Company can accelerate expiry of this option to a date 45 days after it gives notice to the holder at any time
after the 10-day volume-weighted average price ("VWAP") of the Golden Predator
shares is at or above C$0.25. Executive may assign this
option on or before its expiration date.

 

		(d)	The Company will provide Executive with an
additional option expiring 18 months from the Separation Date to purchase up to an additional 6,312,154 of the Company's Golden
Predator Mining Corp. shares at $0.15
CON per share. The Company can accelerate expiry of this option to a date 45 days after it gives notice to the holder at any time
after the 10-day volume-weighted average price ("VWAP") of the Golden Predator
shares is at or above C$0.25. Executive may assign this option on or before its expiration date.

 

		(e)	Executive shall be on paid vacation and continue
to receive his current salary and benefits through the Separation Date, at which time he shall receive any unpaid salary and accrued
but unpaid vacation.
	 	 	 
	 	(f)	Subject to the Company's inspection of all data removed and verification that the data belongs to Executive, Executive shall
have six weeks from the Separation Date to remove his data and files from the Company's premises, except that in the event of a
sale of the Company's premises during this period, the Executive shall have 14 days from the date of closing of the premises sale
to remove his data and files.
	 	 	 
	 	(g)	The Company will permit Executive to keep the two Company laptop computers and Canadian smart phone in Executive's possession,
provided that the Executive first makes them available (with all information thereon intact) to the Company on not less than 2
business days’ notice and permits the Company to retain the devices for up to 3 business days in order for a third party
to make a disk image copy, such copy to be retained in custody by the neutral party. Should there be a need for the Company to
access information from this copy, Executive will be notified and provided an opportunity to be present at said access. Executive
will be responsible for all software licenses, service plans, and other ongoing expenses associated with the two laptop computers
and smart phone devices from the Separation Date.

 

     2

     

    

Executive specifically acknowledges and agrees that this consideration exceeds the
amount he would otherwise be entitled to receive upon termination of his employment, and that it is in exchange for entering into
this Agreement. Executive will not at any time seek additional consideration in any form from the Company, or any other subsidiary
of the Company on the date hereof, except as expressly set forth in this Agreement. Executive specifically acknowledges and agrees
that the Company has made no representations to him regarding the tax consequences of any amounts received by Executive or for
Executive's benefit pursuant to this Agreement. Executive agrees to pay all taxes and/or tax assessments due to be paid by Executive,
and to indemnify the Company for any claims, costs and/or penalties caused by Executive's failure to pay such taxes and/or tax
assessments.

 

4.                   
Executive represents that he has not filed, and will not file, any complaints, lawsuits,
or charges relating to his employment with, or termination from, the Company, or any other entity which is a subsidiary of the
Company on the date hereof, except in relation to any employment arrangements entered into with Golden Predator Mining Corp. after
the Separation Date.

 

5.                  
Executive agrees to release the Company, every other entity in which the Company has
a controlling interest on the date hereof, and its and their Board of Directors, officers, employees, agents and assigns, from
any and all claims, charges, complaints, causes of action or demands of whatever kind or nature that Executive now has or has ever
had against the Company, whether known or unknown, arising from or relating to Executive's employment with or discharge from the
Company. This release includes but is not limited to: wrongful or tortious termination; constructive discharge; claims for severance;
implied or express employment contracts and/or estoppel; claims for payment under any employment contract; discrimination and/or
retaliation under any federal, state or local statute or regulation, specifically including any claims Executive may have under
the Fair Labor Standards Act, the Americans with Disabilities Act, 42 U.S.C. § 12101, et seq., Title VII of the Civil Rights
Act of 1964, 42 U..S.C. § 2000e, et seq., as amended, the Genetic Information Nondiscrimination Act of 2008; Section
1981 of U.S.C. Title 42, the Equal Pay Act, the Family and Medical Leave Act, the Corporate and Criminal Fraud Accountability Act
of 2002, 18 U.S.C. § 1514A, also known as the Sarbanes-Oxley Act, the Rehabilitation Act of 1973, 29 U.S.C. § 703, et
seq., Executive Orders 11246 or 11141, the Employee Retirement Income Security Act of 1974, 29 U.S.C. § 1001, et seq.,
the Worker Adjustment and Retraining Notification Act, 29 U.S.C. § 2101, et seq., and COBRA, 29 U.S.C. 1161, et seq.;
Idaho Code §§ 67-5901-67-5912 (fair employment practices); Idaho Code §§ 44-1701-44-1704 (equal pay); Idaho
Code §§ 18-7301-18-7303 (civil rights); Idaho Protection of Public Employees Act, Idaho Code §§ 6-2101-6-2109
(whistleblower protection for public employees); any claims brought under any federal, state, or local statute or regulation for
non-payment of wages or other compensation, including expense reimbursements and/or bonuses due after the Separation Date, stock
grants or stock options; and libel, slander, or breach of contract other than the breach of this Agreement. This release specifically
excludes claims, charges, complaints, causes of action or demand that post-date the Separation Date or the Effective Date of this
Agreement, whichever is later, and that are based on factual allegations that do not arise from or relate to Executive's present
employment with or termination from the Company.

 

6.                   The
Company agrees to release Executive from any and all claims, charges, complaints, causes of action or demands of whatever
kind or nature that the Company now has or has ever had against Executive, whether known or unknown, arising from or relating
to Executive's employment with or discharge from the Company. This release specifically excludes claims, charges, complaints,
causes of action or demand that post-date the Separation Date or the Effective Date of this Agreement, whichever is later,
and that are based on factual allegations that do not arise from or relate to Executive's present employment with or
termination from the Company.

 

     3

     

    

7.                  
The Parties agree to keep the terms and amount of this Agreement completely confidential,
and that they will not hereafter disclose such information to anyone except to their respective spouses or current significant
others, attorneys and their current law firm employees, accountants, or as may be required by law, court order or in proceedings
relating to the parties' rights or obligations under this Agreement. The Parties agree to provide reasonable written notice within
10 business days in the event that a person or entity not a party hereto attempts to compel from the production of this Agreement
or the contents thereof, so that the other party may contest such disclosure at its discretion. Executive acknowledges and affirms
that he has previously executed a Till Capital Ltd. Executive Employment Agreement dated September 1, 2009 and an Executive Employment
Amendment Agreement dated March 1, 2011 (both attached hereto as Attachment A), and that the terms and conditions of said employment
agreement and amendment that survive the employment relationship, including but not limited to Executive's continuing confidentiality,
non-competition and non-solicitation obligations, survive and are not affected by this Separation and Release of Claims Agreement.

 

8.                  
Executive agrees to refrain from taking actions or making statements, written or oral,
which denigrate, disparage or defame the goodwill, reputation, products, services, employees, agents, board members, vendors, or
suppliers of the Company. The Company agrees to instruct all of the Company's employees and board members to refrain from taking
actions or making statements, written or oral, which denigrate, disparage or defame the goodwill or reputation of Executive.

 

9.                  
The Company shall issue a press release regarding Executive's resignation from the Company
and boards of directors (as set forth in paragraph 1(e)-(g) above) in the form attached as Exhibit A.

 

10.               
Executive represents that he has returned to the Company all property belonging to the
Company, including but not limited to documents, corporate cards, access cards, office keys, office equipment, laptop and desktop
computers, cell phones and other wireless devices, thumb drives, zip drives and all other media storage devices, except those identified
in paragraph 2(h) above.

 

11.               
Executive warrants that no promise or inducement has been offered for this Agreement
other than as set forth herein and that this Agreement is executed without reliance upon any other promises or representations,
oral or written. Any modification of this Agreement must be made in writing and be signed by Executive and the Company. This Agreement
supersedes all prior understandings between the Parties and represents the entire Agreement between the Parties with respect to
all matters involving Executive's employment with or termination from the Company, except as set forth in Paragraph 6 above. No
oral representations have been made or relied upon by the Parties.

 

12.                If
any provision of this Agreement or compliance by Executive or the Company with any provision of this Agreement constitutes a
violation of any law, or is or becomes unenforceable or void, then such provision, to the extent only that it is in violation
of law, unenforceable or void, will be deemed modified to the extent necessary so that it is no longer in violation of law,
unenforceable or void, and such provision will be enforced to the fullest extent permitted by law. If such modification is
not possible, said provision, to the extent that it is in violation of law, unenforceable or void, will be deemed
severable from the remaining provisions of this Agreement, which provisions will remain binding on both Executive and the
Company. This Agreement is governed by the laws of the State of Idaho.

 

     4

     

    

13.        
A court of competent jurisdiction in the State of Idaho shall have exclusive jurisdiction of any lawsuit arising from or
relating to Executive's employment with, or termination from, the Company, or arising from or relating to this Agreement. Executive
consents to such venue and personal jurisdiction. The prevailing party in any such lawsuit will be entitled to an award of attorney's
fees and reasonable litigation costs. The Company will
assert this Agreement as a defense to any claims the Executive might bring. Executive further agrees that in the event of any breach
of this Agreement by him, he will no longer be entitled to the consideration provided herein, and will return all consideration
provided to him by the Company pursuant to this Agreement.

 

14.        
Nothing in this Agreement shall be construed to prohibit Executive from filing a charge or complaint, including a challenge
to the validity of the waiver provision of this Agreement, with the Equal Employment Opportunity Commission. However, Executive
has waived any right to monetary relief.

 

15.        
This Agreement may be executed via facsimile or electronic mail and in one or more counterparts, each of which shall be
deemed an original, but all of which together constitute one and the same instrument, binding on the parties.

 

16.
EXECUTIVE ACKNOWLEDGES AND AGREES THAT HE HAS CAREFULLY READ AND VOLUNTARILY SIGNED THIS AGREEMENT, THAT HE HAS HAD AN OPPORTUNITY
TO CONSULT WITH AN ATTORNEY OF HIS CHOICE, AND THAT HE SIGNS THIS AGREEMENT WITH THE INTENT OF RELEASING TILL CAPITAL LTD. AND
ITS OFFICERS, DIRECTORS, EMPLOYEES AND AGENTS FROM
ANY AND ALL CLAIMS.

 

 

	ACCEPTED AND
AGREED TO:	 	 	 
	 	 	 	 
	Till Capital
Ltd.	 	 	 
	 	 	 	 
	“/s/ William A. Lupien”	 	“/s/ William M. Sheriff”
	Director	 	Dated: 	September 1, 2015

 

 

 

5

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