Document:

Exhibit 4.14

 

EXECUTIVE EMPLOYMENT AGREEMENT

 

This Executive Employment Agreement (“Agreement”)
is made effective as of June 8, 2015 (the “Effective Date”), by and between POET Technologies Inc., together
with its subsidiaries, affiliates, successors and assigns (the “Company”), and Subhash Deshmukh (“Executive”).

 

RECITALS

 

The Company and Executive have agreed to
enter into an employment relationship on the terms and conditions set forth in this Agreement.

 

AGREEMENT

 

The parties agree as follows:

 

1.                 
Employment. On the Effective Date, the Company will employ Executive, and Executive agrees to accept such
employment, upon the terms and conditions set forth herein.

 

2.                 
Duties.

 

2.1             
Position. Executive will be employed as Chief Operating Officer of the Company. Executive shall have the duties and responsibilities
assigned by, and shall report to, the Company’s Chief Executive Officer and Board of Directors (the “Board”),
including, without limitation, the following:

 

(a)               
Drive toward the completion of identified milestones to create valuable intellectual property, including preparing a marketing
plan and implementing that plan to develop customers;

 

(b)              
Clearly define the Company’s path to commercialization and growth with detailed action plans to speed the path from
development, to implementation and to commercialization;

 

(c)               
Execute in accordance with the approved business plan to achieve operational, strategic, organizational and financial objectives,
which plan shall be co-developed with the CEO and approved by the Board within 30 days of the Effective Date;

 

(d)              
Co-develop within 45 days of the Effective Date business strategy with the CEO (for approval by the Board) to raise funds
for the company to achieve financial stability and also enable merger/acquisition activities;

 

(e)               
Drive the technical team located at the University of Connecticut to high performance levels, in part by following industry-standard
processes of engineering discipline to deliver the Companies’ IP-based products to the market;

 

(f)               
Develop strategy for IP-based product definition and commercialization;

 

(g)               
Support the reduction into standard industry process documentation all fabrication steps associated with POET, whether protected
or public, for each prioritized device or system based on POET intellectual property (IP); and

 

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(h)              
Develop a mitigation strategy to cover POET resources, including equipment and staff.

 

Executive shall perform faithfully
and diligently all duties assigned to Executive.

 

2.2             
Diligent Efforts/Full-time. Executive will expend Executive’s diligent efforts on behalf of the Company, and
will abide by all policies and rules, including without limitation those set forth in the Company’s Employee Handbook, and
decisions made by the Company, as well as all applicable federal, state and local laws, regulations or ordinances. Executive will
act in a manner Executive reasonably believes to be in the best interest of the Company at all times. This is an exempt position
and Executive will be required to work such hours as are necessary for the performance of the duties. Executive shall devote Executive's
full business time and efforts to the performance of Executive's assigned duties for the Company, unless Executive notifies the
Company in advance of Executive's desire to engage in other work activities, with or without compensation, or represent or serve
on the committee, board or similar body of any organization, business, or other entity, with or without compensation, and receives
the Company’s written consent to do so.

 

2.3             
Work Location. Executive's principal place of work shall be located in or near San Jose, California, or such other
location as the parties may agree upon in writing from time to time. Executive acknowledges and confirms that notwithstanding the
location of his principal place of work, he is expected to undertake substantial travel in connection with the performance of his
assigned duties for the Company.

 

3.                 
Term. Executive’s employment with the Company shall commence on the Effective Date subject to termination
upon the terms and conditions of this Agreement. Executive’s employment shall be at-will and not for any specified period
and may be terminated at any time, with or without cause, for any reason or no reason, with or without notice by either Executive
or the Company. No representative of the Company, other than the Board, has the authority to alter such at-will employment relationship.
Any change to the at-will employment relationship must be by specific, written agreement signed by Executive and the Company Officer
authorized for that purpose by resolution of the Board.

 

4.                 
Compensation.

 

4.1             
Base Salary. As compensation for Executive’s performance of Executive’s duties, the Company shall pay
to Executive an initial base salary of $250,000.00 per year (“Base Salary”), payable in semi-monthly installments
in accordance with the normal payroll practices of the Company, less required deductions for state, federal, local withholdings
or authorized deductions, if any. Executive’s salary will be evaluated in the same manner as other Company employees and
will be subject to the same increases or reductions as other Company employees as may be determined from time to time in the sole
and absolute discretion of the Board, acting through its Compensation Committee.

 

4.2             
Annual Bonus. Executive shall be eligible for an annual bonus, based upon Executive’s achievement of specified
elements or milestones within a business plan to be established by Company. The potential bonus amount and milestone criteria shall
be established by the Company annually. The potential bonus amount for 2015 has been established at $250,000, prorated for the
portion of the year during which Executive is employed. Executive and the Chief Executive Officer shall work together to define
appropriate milestones to be approved by the Board, with the 2015 milestones to be established within 45 days of the Effective
Date.

 

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4.3             
Stock Options. The Company shall recommend to the Board that Executive shall receive a grant of 1,500,000 options
to purchase common stock of the Company (the “Grant Amount”). Promptly following the Effective Date, subject to appropriate
stockholder approval at the Company’s next annual meeting, the Company shall recommend to the Board that Executive shall
receive a grant of options equal to the Grant Amount at the then-market price as determined in accordance with the Company’s
Stock Option Plan (the “Plan”) and having such additional terms in accordance with the provisions of the Plan and the
applicable award agreement between Executive and the Company (the “Award Agreement”), such options to vest as follows:
250,000 shares shall vest on the first anniversary of the Effective Date; 416,666 shares shall vest on the second anniversary of
the Effective Date; and 416,667 shares shall vest on each of the third and fourth anniversary of the Effective Date.  In accordance
with and subject to the terms of the Plan and the Award Agreement, such options shall continue to vest while this Agreement remains
in effect. The Executive agrees to abide by all Company policies with respect to transactions in Company securities and to consult
with, and consider the input of, the Board with respect to any subsequent dispositions of shares received by Executive upon the
exercise of options.

 

4.4             
 Parachute Payments. Notwithstanding any other provision of this Agreement, in the event that any payment or other
benefit received or to be received by the Executive pursuant to this Agreement, together with any other payments or benefits provided
to the Executive under any other plan, program, policy, arrangement or agreement (collectively, the “Payment”) would
(but for this Section 4.4) constitute a “parachute payment” under Section 280G of the Internal Revenue Code of 1986,
as amended (the “Code”), or would result in the imposition on the Executive of an excise tax under section 4999 of
the Code or similar provision of state or local law, then the Payment made to the Executive shall be reduced so that the aggregate
present value of the Payment does not exceed three times the Executive’s “annualized includible compensation for the
base period” (as such phrase is defined in Section 280G(d)(1) of the Code) minus one dollar, with such reduction in the Payment
being made in the manner that will result in the receipt by Executive of the greatest after-tax benefit as determined by the Company’s
independent public accountants (the “Accountants”). Unless the Company and the Executive otherwise agree in writing,
any determination required under this Section 4.4 shall be made in writing by the Accountants whose determination shall be conclusive
and binding upon the Executive and the Company for all purposes. For purposes of making the calculations required by this paragraph,
the Accountants may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good
faith interpretations concerning the application of Sections 280G and 4999 of the Code. The Company and the Executive shall furnish
to the Accountants such information and documents as the Accountants may reasonably request in order to make a determination under
this Section 4.4.

 

5.                 
Benefits and Paid Time Off. Executive will be eligible
for the Company’s standard executive-level employee benefits package, which is subject to change from time to time.
All benefits are provided subject to and consistent with the terms and
conditions, including eligibility requirements, of any such employee benefit plans. The Company shall not be liable to pay for
or provide any benefits beyond those actually provided and paid for by such benefit plans/insurance schemes. The Company reserves
the right to revise, modify and eliminate benefits at its sole and absolute discretion at any time.

 

6.                 
Business Expenses. In accordance with the Company’s expense reimbursement policy, Executive will be
reimbursed for all reasonable and necessary, out-of-pocket business expenses incurred in the performance of Executive's duties
on behalf of Company.

 

7.                 
Termination of Executive’s Employment.

 

7.1             
Definitions: as used herein the following terms shall have the following meanings:

 

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(a)               
“Cause” shall mean only: (i) Executive’s willful refusal to perform Executive’s assigned
duties or responsibilities (other than a failure resulting from Executive’s Disability (as defined below) or temporary disability)
after receiving written notice (and a 15-day opportunity to cure, if reasonably capable of cure within such period) thereof from
the Company describing in reasonable detail Executive’s failure to perform such duties or responsibilities; (ii) Executive
willfully engaging in any act of fraud, material misrepresentation or gross misconduct involving the Company or its assets; (iii)
Executive’s violation of any material federal or state law or regulation applicable to the Company’s business having
a material adverse consequence to the Company; (iv) Executive’s material breach of any material term of any written agreement
with or written policy of the Company, including but not limited to, the Proprietary Information and Invention Assignment Agreement
and/or this Agreement, subject to the notice and cure provisions described in (i) of this definition of “Cause”, if
capable of being cured; (v) Executive being convicted of, or entering a plea of nolo contendere to, any felony or any crime of
moral turpitude; or (vi) Executive’s unauthorized use or disclosure of the Company’s material confidential information
or trade secrets or a material failure by Executive to comply with the Company’s written policies or rules.

 

(b)              
“Good Reason” shall mean only: (i) a significant reduction of Executive’s duties, authority or
responsibilities compared to those as of the date of this Agreement (although a change in title only shall not constitute such
change unless the change of title reasonably connotes a reduction in authority and responsibilities); (ii) a reduction of more
than ten percent (10%) of Executive’s Base Salary as of the date of this Agreement, other than due to an across-the-board
salary reduction for other similarly situated employees and a similar or greater reduction by senior executives of Company; or
(iii) the relocation of Executive’s primary work office of more than forty (40) miles, provided that any such change, reduction
or relocation is effected by the Company without Executive’s written consent. Any consent to a future change, reduction or
relocation will not affect the base standard for any other future change, reduction or relocation, other than a new location for
the purposes of subsection (iii).

 

(c)               
“Disability” for the purposes of this Agreement shall mean: the Executive is unable to perform the essential
functions of Executive’s position with or without reasonable accommodation by reason of any medically determinable physical
or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than
three months. This provision shall be interpreted and applied in a manner consistent with all applicable laws, including laws regarding
workers’ compensation, disability, and family and medical leave laws. 

 

7.2             
Termination of Employment. Executive’s employment shall be terminable during the Term as follows:

 

(a)   
Death or Disability of Executive: In the event of the death or Disability of Executive, Executive’s employment
with the Company shall terminate immediately. In the event of such termination, neither Executive nor his estate shall be entitled
to any payments or compensation except as provided herein.

 

(b)  
Executive leaves the Company voluntarily and without Good Reason: Executive may voluntarily resign from the Company
at any time during the Term by giving 4 weeks’ notice. In the event of such resignation, Executive shall remain subject to
the provisions of this Agreement that are intended to survive its termination, including without limitation, the non-solicitation
provisions, and Executive shall not be entitled to any payments or compensation except as provided herein.

 

(c)   
Executive is terminated by the Company for Cause: The Company may terminate Executive’s employment immediately
at any time for Cause. If Executive’s employment is terminated for Cause, Executive shall not be entitled to receive any
further payments or benefits whatsoever, other than as set forth in Section 7.6 or required by law, and Executive shall remain
subject to the provisions of this Agreement that are intended to survive its termination, including without limitation, the non-competition
and non-solicitation provisions.

 

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(d)  
Termination without Cause or resignation for Good Reason: The Company may terminate Executive’s employment
under this Agreement without Cause at any time. Executive may resign for Good Reason at any time provided that Executive provides
written notice to the Company of the alleged Good Reason entitling Executive to resign and allows the Company thirty days after
receipt of such written notice to cure any such alleged breach. In the event of such termination without Cause or with Good Reason,
Executive shall remain subject to the provisions of this Agreement that are intended to survive its termination, including without
limitation, the non-competition and non-solicitation provisions. In the event of such termination, Executive shall be entitled
to an amount equivalent to six (6) months’ salary, if terminated during the first year of employment, plus two (2) months’
salary additional per each full year of employment thereafter, up to a maximum of twelve (12) months, and shall not be entitled
to any other payments except as provided herein.

 

7.3             
In order to be entitled to any post-employment payments, including those described in Section 7, Executive must execute
and not revoke a valid and binding settlement and release agreement pertaining to all claims arising out of or arising in connection
with Executive’s employment or its termination in a form reasonably satisfactory to the Company, within 45 calendar days
following the termination or, if longer, delivery by the Company of the form of agreement. No post-employment payments shall be
due or payable unless and until a valid and binding reasonable release agreement is executed by Executive and becomes effective.
Executive agrees, as a condition to the receipt of the termination payments and benefits provided for in this Section 7, and notwithstanding
giving a release as contemplated herein, that should Executive be a director of the Company he shall automatically be deemed to
have resigned from the Board whether or not such written resignation is tendered.

 

7.4             
“At-Will” Relationship. Notwithstanding the foregoing, the relationship between the Company and Executive
will at all times be at-will in nature.

 

7.5             
Effect of Payment After Termination. The payment of any monies to Executive under this Agreement after the date of
termination of Executive’s employment does not constitute an offer or a continuation of employment of Executive. In no event
shall the Executive represent or hold himself out to be an employee of the Company after the date of such termination.

 

7.6             
Payment of Wages earned. Notwithstanding anything in the foregoing to the contrary, upon termination for whatever
reason, the Company shall pay Executive any accrued and vested wages and any other payments as required by law.

 

8.                 
No Conflict of Interest. During Executive’s employment with the Company, Executive shall not engage
in any work or activities, with or without compensation, that creates an actual conflict of interest with the Company. Accordingly,
Executive agrees that Executive will not directly or indirectly compete with Company in any way, or act as an officer, director,
employee, consultant, advisor, stockholder, owner, volunteer, lender, or agent of any business enterprise of the same nature as,
or which is in direct or indirect competition with, the business in which the Company is now engaged or in which the Company becomes
engaged during Executive’s employment with the Company. Violation of this provision shall constitute a material breach of
a material term of this Agreement. Without limitation on the Company’s ability to terminate the Executive’s employment
for Cause, if the Company believes such a conflict exists, the Company may ask Executive to choose to discontinue the other work
or voluntarily resign employment with the Company. A failure by Executive to resolve a conflict of interest to the satisfaction
of the Company shall be a material breach of a material term of this Agreement. In addition, during his employment, Executive agrees
not to refer any client or potential client of the Company to competitors of the Company, without obtaining the prior written consent
of the Company’s Chief Executive Officer.

 

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9.                 
Confidentiality and Proprietary Rights. As a condition of employment, and concurrent with execution of this
Agreement, Executive agrees to execute and abide by the Company’s Proprietary Information and Invention Assignment Agreement
(“PIIA”), a copy of which was provided to Executive with this Agreement. Executive represents that Executive
has read the PIIA, understood it, agreed to be bound by it and has signed the same concurrently with the execution of this Agreement.
The PIIA is incorporated herein by reference.

 

10.             
Non-Competition During Employment. Executive acknowledges that that during his employment with the Company,
Executive has a fiduciary duty and/or duty of loyalty to the Company. Executive therefore agrees that during Executive’s
employment Executive will not engage in any employment, business, or activity that is in any way competitive with the business
or proposed business of the Company, and will not assist any other person or organization in competing with the Company or in preparing
to engage in competition with the business or proposed business of the Company. The provisions of this paragraph shall apply both
during normal working hours and at all other times including, but not limited to, nights, weekends and vacation time, while Executive
is employed by the Company.

 

11.             
Non-Solicitation.

 

(a)               
Non-Solicitation Using Trade Secrets. Other than for authorized Company business activities, Executive understands
that Executive may not use or disclose (or threaten to use or disclose) any Company trade secrets without the Company’s written
consent. This obligation means, among other things, that Executive may not use or disclose the Company’s trade secrets, whether
directly or indirectly, or on behalf of himself or others, to attempt to call on, solicit or obtain business from any actual or
prospective client, customer, or business partner of the Company, other than for authorized Company business activities. This prohibition
applies during and after Executive’s employment, so long as the information remains a trade secret. The Company considers
the following information to be its trade secrets: customer lists; confidential customer information, including without limitation
financial information; terms of business with customers; marketing tactics and any other formula, pattern, compilation, program,
device, method, technique or process that: (i) derives independent economic value, actual or potential, from not being generally
known to the public or to other persons who can obtain economic value from its disclosure or use; and (ii) is the subject of efforts
that are reasonable under the circumstances to maintain its secrecy. Executive agrees to take all reasonable steps to maintain
the confidentiality of the Company’s trade secrets.

 

(b)              
Non-Solicitation Using Proprietary Information. Executive understands that Executive may not use or disclose (or
threaten to use or disclose) any Proprietary Information (as defined in Executive’s PIIA) without the Company’s written
consent, except for the Company’s benefit as part of Executive’s job duties. This obligation means, among other things,
that Executive may not use Proprietary Information, whether directly or indirectly or on behalf of himself or others, to attempt
to call on, solicit or obtain business from any actual or prospective client, customer, or business partner of the Company, other
than for authorized Company business activities. This prohibition applies during and after Executive’s employment, so long
as the information remains confidential.

 

(c)               
Non-Solicitation of Employees. Executive agrees that during his employment and for a period of 12 months following
the termination of his employment, Executive will not, either individually or on behalf of any other entity or person, induce,
solicit, recruit or encourage any sales, marketing, operations, logistics, technical, engineer, manager or executive of the Company
to leave the employ of the Company, which means that Executive will not: (i) disclose to any third party for the purpose of recruitment
the names, compensation, contacts, backgrounds or qualifications of any such employees or otherwise identify them as potential
candidates for employment or to provide services; or (ii) personally or through any other person approach, recruit, interview,
hire or otherwise solicit such Company employees to work for Executive or any other person or employer or to terminate their employment
with the Company or violate any agreement with or duty to the Company. This prohibition does not prevent Executive from disclosing
responsive information to the EEOC, NLRB, DFEH or any other governmental body with respect to any claims or complaints.

 

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12.             
Injunctive Relief. Executive acknowledges that Executive’s breach of the covenants contained in this
Agreement would cause irreparable injury to the Company and that monetary damages will be inadequate to compensate the Company
for such a breach. Therefore, Executive agrees that in the event of any such breach, the Company shall be entitled to seek temporary,
preliminary and permanent injunctive relief without the necessity of proving actual damages or posting any bond or other security,
in addition to any other remedies at law or equity, to enforce such provisions, including without limitation, preventing use or
disclosure or further use or disclosure by Executive of the Company’s trade secrets or Proprietary Information.

 

13.             
Arbitration.

 

(a)               
The Parties acknowledge that as part of this Agreement and in exchange for valid consideration, they have agreed to submit
to arbitration any future disputes between them, whether or not arising out of this Agreement and/or Executive’s employment
with the Company and/or its termination. Thus, all future disputes, controversies or differences which may arise between the Parties,
whether arising in contract, statute, tort, fraud, misrepresentation, discrimination, common law or any other legal theory, including,
but not limited to disputes relating to claims for wrongful termination; personal, physical or emotional injury; defamation; wages
or other compensation due; equity, options, stock or any ownership interest; penalties; benefits; reimbursement of expenses; discrimination
or harassment, including but not limited to discrimination or harassment based on race, sex, pregnancy, religion, national origin,
ancestry, age, marital status, physical disability, mental disability, medical condition, or sexual orientation; retaliation; violation
of any federal, state or other governmental constitution, statute, ordinance or regulation (as originally enacted and as amended);
disputes relating to the making, performance or interpretation of this Agreement, or the relationship of the parties, including
the type of relationship; and claims or other disputes arising under but not limited to Title VII of the Civil Rights Act of 1964
("Title VII"), Age Discrimination in Employment Act of 1967 ("ADEA"), Americans with Disabilities Act ("ADA"),
Fair Labor Standards Act ("FLSA"), Employee Retirement Income Security Act ("ERISA"), Consolidated Omnibus
Budget Reconciliation Act ("COBRA"), Family and Medical Leave Act ("FMLA"), California Fair Employment and
Housing Act ("FEHA"), California Family Rights Act ("CFRA"), California Labor Code, California Civil Code,
and the California Wage Orders, or any other similar federal, state or local law or regulation, whenever brought, which cannot
be settled by the Parties themselves, shall be settled finally and bindingly by arbitration, to be held in Palo Alto, California,
in accordance with the Federal Arbitration Act and with the Employment Arbitration and Mediation Rules then in effect of the American
Arbitration Association (“AAA”) available at www.adr.org, provided that the Company shall be responsible for
all fees and costs unique to the arbitration process (recognizing that each side bears its own deposition, witness, expert and
attorneys’ fees and other expenses to the same extent as if the matter were being heard in court). In any arbitration proceeding
conducted pursuant to this paragraph, the Parties shall have the right to discovery, to call witnesses, and to cross-examine the
other party’s witnesses. The arbitrator shall render a final decision in writing, setting forth the reasons for the arbitration
award. Both Parties are bound by this agreement to arbitrate, but it does not include disputes, controversies or differences which
may not by law be arbitrated. THE PARTIES WAIVE THEIR RIGHT TO HAVE ANY SUCH DISPUTE, CLAIM OR CONTROVERSY DECIDED BY A JUDGE
OR JURY IN A COURT. THE PARTIES ALSO AGREE THAT EACH MAY BRING CLAIMS AGAINST THE OTHER ONLY IN THEIR INDIVIDUAL CAPACITIES, AND
NOT AS A PLAINTIFF OR CLASS MEMBER IN ANY PURPORTED CLASS, REPRESENTATIVE OR COLLECTIVE PROCEEDING.

 

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(b)              
Notwithstanding the foregoing provisions of this Section either the Executive or the Company, in a court of competent jurisdiction,
may seek to obtain preliminary injunctive and/or other equitable relief in support of claims to be prosecuted in an arbitration
to the extent allowed by the Federal Arbitration Act and the California Arbitration Act by filing an action in court in accordance
with California Code of Civil Procedure section 1281.8 and the Company, in a court of competent jurisdiction, may seek to obtain
injunctive and/or other equitable relief to enforce the Executive’s obligations under the PIIA or this Agreement.

 

14.             
Compliance with Code Section 409A. It is intended that compensation paid and benefits delivered to Executive
pursuant to this Agreement or otherwise shall be either paid in compliance with, or exempt from, Section 409A of the Internal Revenue
Code of 1986, as amended, and the regulations promulgated thereunder (collectively, “Section 409A”) so as not to subject
Executive to payment of interest or any tax under Section 409A, and this Agreement shall be construed, interpreted and administered
accordingly. In the event this Agreement or any compensation paid or benefits delivered to Executive hereunder or otherwise is
deemed to be subject to Section 409A, the Company shall adopt such conforming amendments as the Company deems necessary, in its
sole and absolute discretion, to comply with Section 409A and avoid the imposition of taxes under Section 409A. However, in no
event whatsoever shall the Company be liable for any additional tax, interest or penalties that may be imposed on Executive by
Section 409A or for any damages for failing to comply with Section 409A, except to the extent the Company refuses to amend the
terms of this Agreement as reasonably required to comply with 409A after written notice from Executive. Each payment to Executive
made pursuant to this Agreement shall be considered a separate payment and not one of a series of payments for purposes of Section
409A. If, upon Executive’s separation from service within the meaning of Section 409A, Executive is then a “specified
employee” (as defined in Section 409A), then solely to the extent necessary to comply with Section 409A and avoid the imposition
of taxes under Section 409A, the Company shall defer payment of “nonqualified deferred compensation” subject to Section
409A that is payable as a result of and within six (6) months following such separation from service under this Agreement until
the earlier of (i) ten (10) days after the Company receives written confirmation of Executive’s death or (ii) the first business
day of the seventh month following Executive’s separation from service. Any such delayed payments shall be made without interest.

 

15.             
Survival. The provisions of Section 7 and Section 11 through the remainder of this Agreement, and the Executive’s
obligations under the PIIA, shall survive the termination of his employment.

 

16.             
General Provisions

 

16.1         
Successors and Assigns. The rights and obligations of the Company under this Agreement shall inure to the benefit
of and shall be binding upon the successors and assigns of the Company. Executive shall not be entitled to assign any of Executive’s
rights or obligations under this Agreement and any such assignment shall be void.

 

16.2         
Waiver. Either party’s failure to enforce any provision of this Agreement shall not in any way be construed
as a waiver of any such provision, or prevent that party thereafter from enforcing each and every other provision of this Agreement.

 

16.3         
Attorney’s Fees. Each side will bear its own attorney’s fees in any dispute unless a statutory section
at issue, if any, authorizes the award of attorney’s fees to the prevailing party.

 

16.4         
Severability. In the event any provision of this Agreement is found to be unenforceable by an arbitrator or court
of competent jurisdiction, such provision shall be deemed modified to the extent necessary to allow enforceability of the provision
as so limited, it being intended that the parties shall receive the benefit contemplated herein to the fullest extent permitted
by law. If a deemed modification is not satisfactory in the judgment of such arbitrator or court, the unenforceable provision shall
be deemed deleted, and the validity and enforceability of the remaining provisions shall not be affected thereby.

 

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16.5         
Interpretation; Construction. The headings set forth in this Agreement are for convenience only and shall not be
used in interpreting this Agreement. This Agreement has been drafted after negotiation of its terms by both parties. Furthermore,
Executive acknowledges that Executive has had an opportunity to review and revise the Agreement and have it reviewed by legal counsel,
if desired, 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 this Agreement.

 

16.6         
Governing Law. This Agreement will be governed by and construed in accordance with the laws of the United States
and the State of California. Each party consents to the jurisdiction and venue of Santa Clara County, California.

 

16.7         
Notices. Any notice required or permitted by this Agreement shall be in writing and shall be delivered as follows
with notice deemed given as indicated: (a) by personal delivery when delivered personally; (b) by overnight courier upon written
verification of receipt; (c) by facsimile transmission upon acknowledgment of receipt of electronic transmission; or (d) by certified
or registered mail, return receipt requested, upon verification of receipt. Notice shall be sent to the addresses set forth below,
or such other address as either party may specify in writing.

 

TO: Executive: Subhash Deshmukh

 

 

 

 

 

 

 

TO: Company:

 

POET Technologies Inc.

121 Richmond Street West

Suite 501

Toronto, Ontario M5H 2K1

Canada

 

 

17.             
Entire Agreement. This Agreement, including the PIIA incorporated herein by reference, constitutes the entire
agreement between the parties relating to Executive’s employment and supersedes all prior representations, discussions, negotiations,
and agreements, whether written or oral. This Agreement may be amended or modified only with the written consent of Executive and
an authorized designee of the Board. No oral waiver, amendment or modification will be effective under any circumstances whatsoever.
Nothing in this Agreement affects the validity and binding nature of the Agreement.

 

THE PARTIES TO THIS AGREEMENT HAVE READ THE FOREGOING AGREEMENT
AND FULLY UNDERSTAND EACH AND EVERY PROVISION CONTAINED HEREIN. WHEREFORE, THE PARTIES HAVE EXECUTED THIS AGREEMENT ON THE DATES
SHOWN BELOW.

 

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	 	 	 	EXECUTIVE 
	 	 	 	 	 
	Dated:	April 23, 2015	 	/s/ Subhash Deshmukh
	 	 	Name:	Subhash Deshmukh
	 	 	 	 	 
	 	 	 	POET TECHNOLOGIES INC.
	 	 	 	 	 
	Dated:	April 26, 2015		By:	/s/ Peter Copetti
	 	 	 	 	Co-chair and Interim CEO
	 	 	 	Its:	 

 

 

 

-10-pzg-ex101_16.htm

Exhibit 10.1

VOTING AND SUPPORT AGREEMENT

VOTING AND SUPPORT AGREEMENT, dated as of March 14, 2016 (this “Agreement”), among Paramount Gold Nevada Corp., a Nevada corporation (“Paramount”), and each of the stockholders of Calico Resources Corp., a British Columbia corporation (the “Company”), listed on Schedule A hereto (each, a “Stockholder” and, collectively, the “Stockholders”). Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Arrangement Agreement (as defined below).

RECITALS

WHEREAS, concurrently herewith, Paramount and the Company are entering into an Arrangement Agreement and Plan of Arrangement (the “Arrangement Agreement”) pursuant to which Paramount will acquire all of the issued and outstanding common shares of the Company in exchange for the issuance and payment of shares of common stock of Paramount, on the terms and subject to the conditions set forth therein (the “Share Exchange”);  

WHEREAS, each Stockholder is the record or beneficial owner of shares of common stock of the Company (“Shares”) as set forth on Schedule A hereto (with respect to each Stockholder, the Shares listed on Schedule A, together with any additional Shares or other voting securities of the Company of which such Stockholder has as of the date hereof or acquires after the date hereof record or beneficial ownership, including by purchase, as a result of a stock dividend, stock split, recapitalization, combination, reclassification or exchange, upon exercise or conversion of any options, warrants or other securities, or otherwise, such Stockholder’s “Covered Shares”);

WHEREAS, as a condition and inducement to Paramount’s willingness to enter into the Arrangement Agreement and to proceed with the transactions contemplated thereby, including the Share Exchange, Paramount and the Stockholders are entering into this Agreement; and

WHEREAS, the Stockholders acknowledge that Paramount is entering into the Arrangement Agreement in reliance on the representations, warranties, covenants and other agreements of the Stockholders set forth in this Agreement and would not enter into the Arrangement Agreement if any Stockholder did not enter into this Agreement.

NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements herein contained, and intending to be legally bound hereby, Paramount and the Stockholders hereby agree as follows:

AGREEMENT

1. Agreement to Vote. Prior to the Termination Date (as defined below), each Stockholder irrevocably and unconditionally agrees that it shall at any meeting of the stockholders of the Company (whether annual, special or otherwise and whether or not an adjourned or postponed meeting), however called, or in connection with any written consent of stockholders of the Company, however proposed (a) when a meeting is held, appear at such meeting or otherwise cause its Covered Shares to be counted as present thereat for the purpose of establishing a quorum, and if a written consent is proposed, respond to each request by the Company for written consent, and (b) vote (or consent), or provide instructions to the designated proxyholder of the Company's management to vote at such meeting (or validly execute 

1

 

and return and cause such consent to be granted with respect to), all Covered Shares (i) in favor of the Share Exchange, the adoption of the Arrangement Agreement and any other matters necessary for consummation of the Share Exchange and the other transactions contemplated by the Arrangement Agreement and any other action reasonably requested by Paramount in furtherance thereof, and (ii) against (A) any Acquisition Proposal (as defined in the Arrangement Agreement), (B) any proposal for any recapitalization, reorganization, liquidation, dissolution, amalgamation, merger, sale of assets or other business combination between the Company and any other Person (other than the Share Exchange), (C) any other action that would reasonably be expected to impede, interfere with, delay, postpone or adversely affect the Share Exchange or any of the transactions contemplated by the Arrangement Agreement or this Agreement or any action or transaction that would result in a breach of any covenant, representation or warranty or other obligation or agreement of the Company or any of its Subsidiaries contained in the Arrangement Agreement, or of the Stockholder contained in this Agreement, (D) any change in the present capitalization or dividend policy of the Company or any amendment or other change to the Company’s certificate of incorporation or bylaws, except if approved by Paramount and (E) any other change in the Company’s corporate structure or business.

2. Grant of Irrevocable Proxy; Appointment of Proxy.

(a) Each Stockholder hereby grants to, and appoints, Paramount, the executive officers of Paramount, and any other designee of Paramount, each of them individually, such Stockholder’s proxy and attorney-in-fact (with full power of substitution) to vote or cause to be voted (including by proxy or written consent, if applicable) the Covered Shares as indicated in Section 1. This proxy is coupled with an interest and shall be irrevocable, and each Stockholder will take such further action or execute such other instruments as may be necessary to effectuate the intent of this proxy and hereby revokes any proxy previously granted by such Stockholder with respect to its Covered Shares. Paramount may terminate this proxy with respect to the Stockholder at any time at its sole election by written notice provided to the Stockholder.

(b) The proxy granted in this Section 2 shall terminate and be of no further force and effect on the Termination Date.

3. No Inconsistent Agreements. Each Stockholder hereby represents, covenants and agrees that, except as contemplated by this Agreement, such Stockholder (a) has not entered into, and shall not enter into at any time prior to the Termination Date, any voting agreement, voting trust or other agreement that directly or indirectly addresses voting with respect to any Covered Shares and (b) has not granted, and shall not grant at any time prior to the Termination Date, a proxy or power of attorney with respect to any Covered Shares, in either case, which is inconsistent with such Stockholder’s obligations pursuant to this Agreement.

4. Termination. This Agreement shall terminate upon the earliest of (a) the Effective Time (as defined in the Arrangement Agreement), (b) the date that the Arrangement Agreement is terminated in accordance with its terms and (c) written notice of termination of this Agreement by Paramount to the Stockholders (such earliest date, the “Termination Date”); provided, that the provisions set forth in Sections 10 and 24 shall survive the termination of this Agreement; provided further, that any liability incurred by any party hereto as a result of a breach of a term or condition of this Agreement prior to such termination shall survive the termination of this Agreement.

2

 

 

5. Representations and Warranties of Stockholders. Each Stockholder, as to itself (severally and not jointly), hereby represents and warrants, to the best of its knowledge, to Paramount as follows:

(a) Schedule A lists all Shares owned of record or beneficially by such Stockholder, designating any such Shares that are restricted or otherwise subject to vesting requirements. Schedule A lists all options, warrants and other securities convertible into or exercisable or exchangeable for Shares owned of record or beneficially by such Stockholder. Except as set forth on Schedule A, such Stockholder does not own of record or beneficially any voting securities in the Company or any securities convertible into or exercisable or exchangeable for any such voting securities. Such Stockholder does not own of record any Shares which are beneficially owned by a third Person.

(b) Such Stockholder is the record or beneficial owner of all Covered Shares of such Stockholder. Such Stockholder has sole voting power, sole power of disposition and sole power to agree to all of the matters set forth in this Agreement, in each case with respect to all of such Covered Shares, with no limitations, qualifications or restrictions on such rights. Such Covered Shares are not subject to any voting trust agreement or other Contract to which such Stockholder is a party restricting or otherwise relating to the voting or Transfer (as defined below) of such Covered Shares. Such Stockholder has not appointed or granted any proxy or power of attorney that is still in effect with respect to such Covered Shares, except as contemplated by this Agreement.

(c) Each such Stockholder which is an entity is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization and has all requisite power and authority to execute and deliver this Agreement and to perform its obligations hereunder; each such Stockholder who is a natural person has full legal power and capacity to execute and deliver this Agreement and to perform such Stockholder’s obligations hereunder. The execution, delivery and performance of this Agreement by each such Stockholder which is an entity, the performance by such Stockholder of its obligations hereunder have been duly and validly authorized by such Stockholder and no other actions or proceedings on the part of such Stockholder are necessary to authorize the execution and delivery by such Stockholder of this Agreement, the performance by such Stockholder of its obligations hereunder on a timely basis. This Agreement has been duly and validly executed and delivered by such Stockholder and, assuming due authorization, execution and delivery by Paramount, constitutes a legal, valid and binding obligation of such Stockholder, enforceable against such Stockholder in accordance with its terms, except as enforcement may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally and by general principles of equity (regardless of whether considered in a proceeding in equity or at law). If such Stockholder is married, and any of the Covered Shares of such Stockholder constitute community property or otherwise need spousal or other approval for this Agreement to be legal, valid and binding, this Agreement has been duly and validly executed and delivered by such Stockholder’s spouse and, assuming due authorization, execution and delivery by Paramount, constitutes a legal, valid and binding obligation of such Stockholder’s spouse, enforceable against such Stockholder’s spouse in accordance with its terms, except as enforcement may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally and by general principles of equity (regardless of whether considered in a proceeding in equity or at law).

3

 

 

(d) Except for the applicable requirements of the U.S. Exchange Act, (i) no filing with, and no permit, authorization, consent or approval of, any Governmental Entity is necessary on the part of such Stockholder for the execution, delivery and performance of this Agreement by such Stockholder and (ii) neither the execution, delivery or performance of this Agreement by such Stockholder nor compliance by such Stockholder with any of the provisions hereof shall (A) conflict with or violate, any provision of the organizational documents of any such Stockholder which is an entity, (B) result in any breach or violation of, or constitute a default (or an event which, with notice or lapse of time or both, would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, or result in the creation of a Lien on any property or asset of such Stockholder pursuant to, any contract to which such Stockholder is a party or by which such Stockholder or any property or asset of such Stockholder is bound or affected or (C) violate any order, writ, injunction, decree, statute, law, rule or regulation applicable to such Stockholder or any of such Stockholder’s properties or assets except, in the case of clause (B) or (C), for breaches, violations or defaults that would not, individually or in the aggregate, materially impair the ability of such Stockholder to perform its obligations hereunder on a timely basis.

(e) There is no action, suit, claim, arbitration, investigation, complaint, inquiry or other proceeding pending against any such Stockholder or, to the knowledge of such Stockholder, any other Person or, to the knowledge of such Stockholder, threatened against any Stockholder or any other Person that restricts or prohibits (or, if successful, would restrict or prohibit) the exercise by Paramount of its rights under this Agreement or the performance by any party of its obligations under this Agreement on a timely basis.

(f) Except as provided in the Arrangement Agreement, no broker, finder, financial advisor or investment banker is entitled to any brokerage, finder’s, financial advisor’s or other fee or commission in connection with the transactions contemplated by the Arrangement Agreement or this Agreement based upon arrangements made by or on behalf of such Stockholder.

(g) Such Stockholder understands and acknowledges that Paramount is entering into the Arrangement Agreement in reliance upon such Stockholder’s execution and delivery of this Agreement and the representations and warranties and covenants of such Stockholder contained herein and would not enter into the Arrangement Agreement if such Stockholder did not enter into this Agreement.

6. Certain Covenants of Stockholder. Each Stockholder, for itself (severally and not jointly), hereby covenants and agrees as follows:

(a) Such Stockholder shall not, and shall not authorize or permit any of its Subsidiaries or Affiliates or its or their Representatives, directly or indirectly, to:

(i) solicit, initiate, endorse, encourage or facilitate any inquiry, proposal or offer with respect to, or the making or completion of, any Acquisition Proposal, or any inquiry, proposal or offer that is reasonably likely to lead to any Acquisition Proposal;

(ii) enter into, continue or otherwise participate in any discussions or negotiations regarding, or furnish to any Person any information or data with respect to, or otherwise cooperate in any way with, any Acquisition Proposal;

4

 

 

(iii) enter into any letter of intent, memorandum of understanding, agreement in principle, acquisition agreement, merger agreement, option agreement, joint venture agreement, partnership agreement, binding term sheet or other Contract constituting or related to, or which is intended to or is reasonably likely to lead to, any Acquisition Proposal;

(iv) approve or recommend or propose to approve or recommend any Acquisition Proposal or any Contract constituting or relating to any Acquisition Proposal to the Company or any third Person;

(v) make, or in any manner participate in, a solicitation of proxies or powers of attorney or similar rights to vote, or seek to advise or influence any Person with respect to the voting of Shares (other than in favor of the Share Exchange), or seek to cause stockholders of the Company not to vote to approve the Share Exchange or any other transaction contemplated by the Arrangement Agreement; or

(vi) resolve, agree or propose to do any of the foregoing.

(b) Such Stockholder will immediately cease and cause to be terminated all existing discussions or negotiations (if any) with any Person conducted heretofore with respect to any of the matters described in paragraph (a) above.

(c) Such Stockholder shall promptly (and in any event within 24 hours of receipt) advise Paramount in writing in the event such Stockholder receives (i) any indication by any Person that it is considering making an Acquisition Proposal, (ii) any inquiry or request for information, discussion or negotiation that is reasonably likely to lead to or that contemplates an Acquisition Proposal or (iii) any proposal or offer that is or is reasonably likely to lead to an Acquisition Proposal, in each case together with a description of the material terms and conditions of and facts surrounding any such indication, inquiry, request, proposal or offer, the identity of the Person making any such indication, inquiry, request, proposal or offer, and a copy of any written agreement or other materials provided by such Person. Such Stockholder shall keep Paramount informed (orally and in writing) in all material respects on a timely basis of the status and details (including, within 24 hours after the occurrence of any amendment, modification, development, discussion or negotiation) of any such indication, inquiry, request, proposal or offer, including furnishing copies of any written inquiries, correspondence and draft documentation, and written summaries of any material oral inquiries or discussions.

(d) Except as contemplated hereby, such Stockholder shall not (i) tender into any tender or exchange offer, (ii) sell (constructively or otherwise), transfer, pledge, hypothecate, grant, gift, encumber, assign or otherwise dispose of (collectively “Transfer”), or enter into any Contract with respect to the Transfer of any of the Covered Shares or beneficial ownership or voting power thereof or therein (including by operation of law), (iii) grant any proxies or powers of attorney, deposit any Covered Shares into a voting trust or enter into a voting agreement with respect to any Covered Shares, or (iv) take any action that would make any representation or warranty of such Stockholder contained herein untrue or incorrect or have the effect of preventing or disabling such Stockholder from performing its obligations under this Agreement. Any Transfer in violation of this provision shall be void.

(e) In the event that such Stockholder acquires record or beneficial ownership of, or the power to vote or direct the voting of, any additional Shares or other voting interests with respect to the 

5

 

 

Company, such Shares or voting interests shall, without further action of the parties, be deemed Covered Shares and subject to the provisions of this Agreement, and the number of Shares held by such Stockholder set forth on Schedule A hereto will be deemed amended accordingly and such Shares or voting interests shall automatically become subject to the terms of this Agreement. Each Stockholder shall promptly notify Paramount and the Company of any such event.

7. Stockholder Capacity. This Agreement is being entered into by each Stockholder solely in its capacity as a stockholder of the Company, and nothing in this Agreement shall restrict or limit the ability of any Stockholder who is also a director or officer of the Company to take any action in his or her capacity as a director or officer of the Company except for actions specifically prohibited in the Arrangement Agreement.

8. Disclosure. Each Stockholder hereby authorizes Paramount and the Company to publish and disclose in any announcement or disclosure required by Law, the Securities and Exchange Commission or in the Proxy Statement such Stockholder’s identity and ownership of the Covered Shares and the nature of such Stockholder’s obligations under this Agreement, and to disclose a copy of this Agreement.

9. Further Assurances. From time to time, at the request of Paramount and without further consideration, each Stockholder shall take such further action as may reasonably be deemed by Paramount to be necessary or desirable to consummate and make effective the obligations of each Stockholder under this Agreement.

10. Amendment or Supplement. This Agreement may not be amended, modified or supplemented in any manner, whether by course of conduct or otherwise, except by an instrument in writing specifically designated as an amendment hereto, signed on behalf of each party hereto.

11. Waiver. No failure or delay of any party in exercising any right or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such right or power, or any course of conduct, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the parties hereunder are cumulative and are not exclusive of any rights or remedies which they would otherwise have hereunder. Any agreement on the part of a party to any such waiver shall be valid only if set forth in a written instrument executed and delivered by such party or by a duly authorized officer on behalf of such party.

12. Confidentiality. The Stockholders agree (a) to hold any non-public information regarding Paramount, this Agreement and the Share Exchange in strict confidence and (b) except as required by law or legal process not to divulge any such material non-public information to any third Person.

13. Interpretation. When a reference is made in this Agreement to a Section, paragraph, clause or Schedule, such reference shall be to a Section, paragraph, clause or Schedule of this Agreement unless otherwise indicated. The headings contained in this Agreement are for convenience of reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. All words used in this Agreement will be construed to be of such gender as the circumstances require, and in the singular or plural as the circumstances require. The word “including” and words of similar import when used in this Agreement shall mean “including, without limitation,” unless otherwise specified. The words “hereof,” “hereto,” “hereby,” “herein” and “hereunder” and words of similar import when used in 

6

 

 

this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The word “or” is not exclusive. The word “extent” in the phrase “to the extent” shall mean the degree to which a subject or other thing extends, and such phrase shall not mean simply “if.” The word “will” shall be construed to have the same meaning and effect as the word “shall.” References in this Agreement to “vote”, “voting”, “voted” and likewise shall refer to shares being voted or otherwise tabulated in any manner possible, whether in person at a meeting, by written consent, by proxy or otherwise. A Person shall be deemed the “beneficial” owner of, shall be deemed to have “beneficial” ownership of, and shall be deemed to “beneficially” own any securities which such Person or any of such Person’s Affiliates (a) beneficially owns as determined pursuant to Rule 13d 3 under the U.S. Exchange Act as in effect on the date of this Agreement, (b) has the right to acquire (whether such right is exercisable immediately or only after the passage of time), or (c) has the right to vote or dispose of, directly or indirectly. Any agreement, instrument or Law defined or referred to herein means such agreement, instrument or Law as from time to time amended, modified or supplemented, unless otherwise specifically indicated. References to any Law include references to any associated rules, regulations and official guidance with respect thereto. References to a Person are also to its predecessors, successors and assigns. Unless otherwise specifically indicated, all references to “dollars” and “$” are references to the lawful money of the United States of America. References to “days” mean calendar days unless otherwise specified. Each of the parties to this Agreement acknowledges that it has been represented by counsel in connection with this Agreement.

14. Notices. All notices and other communications hereunder shall be in writing and shall be deemed duly given (a) on the date of receipt, if delivered personally, (b) on the date of receipt, if delivered by facsimile or e-mail during normal business hours on a Business Day or, if delivered outside of normal business hours on a Business Day, on the first Business Day thereafter, (c) on the first Business Day following the date of dispatch if delivered utilizing a next-day service by a recognized next-day courier, or (d) on the earlier of confirmed receipt or the fifth Business Day following the date of mailing if delivered by registered or certified mail, return receipt requested, postage prepaid. All notices hereunder shall be delivered to the addresses set forth below, or pursuant to such other instructions as may be designated in writing by the party to receive such notice:

	
 
	
(i)
	
If to a Stockholder, to the address set forth opposite such Stockholder’s name on Schedule A hereto.

	
 
	
(ii)
	
If to Paramount:

Paramount Gold Nevada Corp.

665 Anderson Street

Winnemucca, NV 89445

	
 
	
Attention: 
	
Glen Van Treek

	
 
	
E-mail: 
	
glen@paramountnevada.com

with a copy (which shall not constitute notice) to:

LeClairRyan, A Professional Corporation

One Riverfront Plaza

1037 Raymond Boulevard, Sixteenth Floor

Newark, NJ 07102

	
 
	
Attention: 
	
James T. Seery

	
 
	
E-mail: 
	
James.Seery@leclairryan.com

7

 

 

15. Entire Agreement. This Agreement and the Arrangement Agreement (including the Exhibits) constitute the entire agreement, and supersede all prior written agreements, arrangements, communications and understandings and all prior and contemporaneous oral agreements, arrangements, communications and understandings between the parties with respect to the subject matter hereof.

16. No Third-Party Beneficiaries. Nothing in this Agreement, express or implied, is intended to or shall confer upon any Person other than the parties and their respective successors and permitted assigns any legal or equitable right, benefit or remedy of any nature under or by reason of this Agreement.

17. Governing Law. This Agreement and all disputes or controversies arising out of or relating to this Agreement shall be governed by, and construed in accordance with, the internal laws of the Province of British Columbia, without regard to the laws of any other jurisdiction that might be applied because of the conflicts of laws principles of the Province of British Columbia.

18. Submission to Jurisdiction. Each of the parties irrevocably agrees that any legal action or proceeding arising out of or relating to this Agreement brought by any party or its Affiliates against any other party or its Affiliates shall be brought and determined exclusively in the Province of British Columbia, provided that if jurisdiction is not then available in the Province of British Columbia, then any such legal action or proceeding shall be brought exclusively in any federal court located in the Province of British Columbia . Each of the parties hereby irrevocably submits to the jurisdiction of the aforesaid courts for itself and with respect to its property, generally and unconditionally, with regard to any such action or proceeding arising out of or relating to this Agreement and its obligations herein. Each of the parties agrees not to commence any action, suit or proceeding relating thereto except in the courts described above in British Columbia, other than actions in any court of competent jurisdiction to enforce any judgment, decree or award rendered by any such court in British Columbia. Each of the parties further agrees that notice as provided herein shall constitute sufficient service of process and the parties further waive any argument that such service is insufficient. Each of the parties hereby irrevocably and unconditionally waives, and agrees not to assert, by way of motion or as a defense, counterclaim or otherwise, in any action or proceeding arising out of or relating to this Agreement or its obligations hereunder (a) any claim that it is not personally subject to the jurisdiction of the courts in British Columbia as described herein for any reason, (b) that it or its property is exempt or immune from jurisdiction of any such court or from any legal process commenced in such courts (whether through service of notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise) and (c) that (i) the suit, action or proceeding in any such court is brought in an inconvenient forum, (ii) the venue of such suit, action or proceeding is improper or (iii) this Agreement, or the subject matter hereof, may not be enforced in or by such courts.

19. Assignment; Successors. Neither this Agreement nor any of the rights, interests or obligations under this Agreement may be assigned or delegated, in whole or in part, by operation of law or otherwise, by either party without the prior written consent of the other party, and any such assignment without such prior written consent shall be null and void. Subject to the preceding sentence, this Agreement will be binding upon, inure to the benefit of, and be enforceable by, the parties and their respective successors and assigns.

20. Enforcement. The parties agree that irreparable damage would occur in the event that the parties do not perform the material provisions of this Agreement in accordance with its terms or otherwise breach such provisions. Accordingly, the parties acknowledge and agree that each party shall 

8

 

 

be entitled to an injunction, specific performance and other equitable relief to prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof in the courts described in Section 18, this being in addition to any other remedy to which such party is entitled at law or in equity. Each of the parties hereby further waives (a) any defense in any action for specific performance that a remedy at law would be adequate and (b) any requirement under any law to post security as a prerequisite to obtaining equitable relief.

21. Severability. If any term or other provision of this Agreement is held to be invalid, illegal or incapable of being enforced by any rule of Law, or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as either the economic or legal substance of is the Parties' obligations hereunder are not affected in any manner materially adverse to any party or such party waives its rights under this Section with respect thereto. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner to the end that the obligations hereunder are fulfilled to the extent possible.

22. Waiver of Jury Trial. EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

23. Fees and Expenses. Except to the extent provided in the Arrangement Agreement, all fees and expenses incurred in connection with this Agreement, the Arrangement Agreement, the Share Exchange and the other transactions contemplated hereby and thereby shall be paid by the party incurring such fees or expenses, whether or not the Share Exchange is consummated.

24. Counterparts. This Agreement may be executed in two or more counterparts, all of which shall be considered one and the same instrument and shall become effective when one or more counterparts have been signed by each of the parties and delivered to each other party; provided, however, that if any of the Stockholders fail for any reason to execute this Agreement, then this Agreement shall become effective as to the other Stockholders who execute this Agreement. Delivery of an executed counterpart of this Agreement by facsimile or other electronic image scan transmission shall be effective as delivery of an original counterpart hereof.

[The remainder of this page is intentionally left blank.]

9

 

 

IN WITNESS WHEREOF, Paramount and the Stockholders have caused to be executed or executed this Agreement as of the date first written above.

 

	
PARAMOUNT GOLD NEVADA CORP.

	
 
	
 

	
 
	
 

	
 
	
 

	
By:
	
/s/ Glen Van Treek

	
Name:
	
Glen Van Treek

	
Title:
	
Chief Executive Officer

	
 
	
 

	
 
	
 

	
 
	
 

	
Stockholder:

	
 
	
 

	
By:
	
/s/ Paul Parisotto

	
Name:
	
Paul Parisotto

	
Title:
	
President, CEO and Director

	
 
	
 

	
 
	
 

	
By:
	
/s/ Rudi P. Fronk

	
Name:
	
Rudi P. Fronk

	
Title:
	
Chairman and Director

	
 
	
 

	
 
	
 

	
By:
	
/s/ Alec Peck

	
Name:
	
Alec Peck

	
Title:
	
Chief Financial Officer

	
 
	
 

	
 
	
 

	
By:
	
/s/ Allan Williams

	
Name:
	
Allan Williams

	
Title:
	
Director

	
 
	
 

	
 
	
 

	
By:
	
/s/ Kevin Milledge

	
Name:
	
Kevin Milledge

	
Title:
	
Director

	
 
	
 

	
 
	
 

10

 

 

	
By:
	
/s/ Jay S. Layman

	
Name:
	
Jay S. Layman

	
Title:
	
Director

	
 
	
 

	
 
	
 

	
By:
	
/s/ John Pollesel

	
Name:
	
John Pollesel

	
Title:
	
Director

	
 
	
 

	
 
	
 

	
By:
	
/s/ Hugo T. Sorensen

	
Name:
	
Hugo T. Sorensen

	
Title:
	
Director

	
 
	
 

	
 
	
 

	
By:
	
/s/ Vance V. Thornsberry

	
Name:
	
Vance V. Thornsberry

	
Title:
	
Vice President, Exploration

	
 
	
 

	
 
	
 

	
By:
	
/s/ Pamela White

	
Name:
	
Pamela White

	
Title:
	
Corporate Secretary

 

11

 

 

SCHEDULE A

 

					
	
Stockholder
	
Address
	
Owned Shares
	
Options
	
Warrants

	
Paul Parisotto

President / CEO / Director
	
1144 Forest Trail Place

Oakville, Ontario, L6M 3H7
	
1,486,500
	
750,000
	
Nil

	
Rudi P. Fronk

Chairman / Director
	
5449 South Jasmine Street

Greenwood Village, Colorado, 80111
	
1,050,000
	
0
	
Nil

	
Alec Peck

CFO / Director
	
Unit 3,  14655 - 32 Avenue

Surrey, B.C. V4P 3R6
	
100,000
	
185,000
	
Nil

	
Allan Williams

Director 
	
21071 - 43A Avenue

Langley, BC V3A 8K4
	
1,481,000
	
150,000
	
Nil

	
Kevin Milledge

Director 
	
4214 Boxer Street

Burnaby, B.C., V5J 2V9
	
83,333
	
150,000
	
Nil

	
Jay Layman

Director
	
2808 Canyon Crest Drive

Highlands Ranch, Colorado, 80126
	
Nil
	
125,000
	
Nil

	
John Pollesel

Director
	
12804 - 200 St. NW

Edmonton, Alberta, T5S 0E6
	
Nil
	
150,000
	
Nil

	
Hugo Sorensen

Director
	
17204 The Gore Road

Caledon, Ontario, L7K 2M4
	
150,000
	
150,000
	
Nil

	
Vance Thornsberry

VP Exploration
	
18418 N Sportsman Paradise Lane

Nine Mile Falls, Washington,  99026 
	
437,500
	
500,000
	
Nil

	
Pamela White

Corporate Secretary
	
4436 - 62nd Street

Ladner, B.C., V4K 3L7
	
20,000
	
125,000
	
Nil

 

12

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