Document:

Document

July 7, 2021
Marcella Butler

Re:    Separation Agreement
Dear Marcella:
This letter sets forth the substance of the separation agreement (the “Agreement”) which AppHarvest, Inc. (the “Company”) is offering to you to aid in your employment transition.
1.Separation.  Your last day of work with the Company and your employment termination date will be July 7, 2021 (the “Separation Date”).
2.Accrued Salary.  By the next regular payroll date following the Separation Date, the Company will pay you all accrued salary earned through the Separation Date, subject to standard payroll deductions and withholdings.  You will receive these payments regardless of whether or not you sign this Agreement.
3.Severance Benefits.  You are eligible for severance pursuant to Section 6.1 of the Employment Agreement between you and the Company dated December 10, 2020, as amended (the “Employment Agreement”), provided, however, that per this Agreement the Company is offering you enhanced severance benefits above the benefits contained in your Employment Agreement.  If you execute and do not revoke this Agreement and comply fully with your obligations hereunder, the Company will provide you with the following severance benefits, in full satisfaction of the obligations under the Employment Agreement:
A.    Severance Payments. The Company will make a lump sum severance payment to you of $350,000.00, reflecting twelve (12) months of the base salary in effect on the Separation Date.  This payment will be subject to standard payroll deductions and withholdings and will be made within fourteen (14) days following the “Effective Date” as defined below, provided the Company has received the executed Agreement from you on or before that date. 
B.     COBRA Premiums.  You acknowledge that you have been notified that the American Rescue Plan Act of 2021 (“ARPA”) requires that the Company pay for COBRA premiums that you incur through September 30, 2021 or the date your COBRA continuation coverage otherwise ends (if earlier than September 30, 2021), provided that you have timely elected and remain eligible for COBRA through such period.  Thereafter, if you remain eligible for COBRA or the state equivalent, then as a severance benefit, the Company will pay, as and when due to the insurance carrier or COBRA administrator (as applicable), the COBRA health insurance premiums for you and your eligible dependents, if any, until the earlier of (A) twelve (12) months following the Separation Date (B) the date when you become eligible for substantially equivalent health insurance coverage in connection with new employment or self-employment or (C) the date you cease to be eligible for COBRA continuation coverage for any reason the expiration of my eligibility for the continuation coverage under COBRA (thereafter, you will be responsible for all COBRA premium payments, if any).
C.    Partial Target Bonus. The Company will pay you $103,500, (the “Partial Target Bonus”) which equals fifty percent (50%) of the target bonus for 2021.  The Partial Target Bonus will be subject to deductions and withholdings and will be paid at the time that such bonuses are normally paid to other employees of the Company, but in no event later than March 15, 2022.
D.    Partial Acceleration. In accordance with Section 6.1(b)(iv) of the Employment Agreement, the Company will accelerate vesting of the shares subject to your equity awards, as detailed in Section 5 below.

Marcella Butler
July 7, 2021
Page 2 of 9

The Company is offering severance to you in reliance on Treasury Regulation Section 1.409A-1(b)(9) and the short-term deferral exemption in Treasury Regulation Section 1.409A-1(b)(4).  Any payments made in reliance on Treasury Regulation Section 1.409A-1(b)(4) will be made not later than March 15, 2022  For purposes of Code Section 409A, your right to receive any installment payments under this Agreement (whether severance payments, reimbursements or otherwise) shall be treated as a right to receive a series of separate payments and, accordingly, each installment payment hereunder shall at all times be considered a separate and distinct payment. 
4.Benefit Plans.  If you are currently participating in the Company’s group health insurance plans, your participation as an employee will end on July 31, 2021.  Thereafter, to the extent provided by the federal COBRA law or, if applicable, state insurance laws, and by the Company’s current group health insurance policies, you will be eligible to continue your group health insurance benefits at your own expense; provided, however, that as described in Section 3(b) above, the Company has certain obligations to pay specific COBRA premiums under ARPA and is offering to pay other COBRA premiums on your behalf, as described above.  Later, you may be able to convert to an individual policy through the provider of the Company’s health insurance, if you wish.  
For information regarding when your participation in any other Company benefit plans ends, please see the plan information previously provided to you.  If you have any questions, please contact Jenn Gustin, VP of People Operations.
5.Equity.  You were awarded restricted stock units (the “RSUs”) of 408,048 shares (as adjusted for the Company’s stock split) pursuant to the Company’s 2018 Equity Incentive Plan (the “Plan”).  Under the Plan and the agreements governing the RSU (the “RSU Documents”), vesting of the RSUs will cease as of the Separation Date.  As of the Separation Date, zero (0) shares subject to the RSUs are vested.  Notwithstanding anything to the contrary in the Option Documents and any other documents between you and the Company setting forth the terms of the RSUs, if you execute this Agreement, allow it to become effective and fully comply with your obligations hereunder, the Company’s Board of Directors will modify and accelerate your vesting schedule to provide that the portion of shares subject to the RSUs that would vest within twelve (12) months and seven (7) days of the Separation Date shall be considered vested as of the Separation Date.  
6.Other Compensation or Benefits.  You acknowledge that, except as expressly provided in this Agreement, you will not receive any additional compensation, severance or benefits after the Separation Date.
7.Expense Reimbursements.  You agree that, within ten (10) days of the Separation Date, you will submit your final documented expense reimbursement statement reflecting all business expenses you incurred through the Separation Date, if any, for which you seek reimbursement.  The Company will reimburse you for reasonable business expenses pursuant to its regular business practice.
8.Return of Company Property.  Within 10 business days of the Separation Date, you agree to return to the Company all Company documents (and all copies thereof) and other Company property that you have had in your possession at any time, including, but not limited to, Company files, notes, drawings, records, business plans and forecasts, financial information, specifications, computer-recorded information, tangible property (including, but not limited to, computers), credit cards, entry cards, identification badges and keys; and, any materials of any kind that contain or embody any proprietary or confidential information of the Company (and all reproductions thereof).  Please coordinate return of Company property with Gary Broadbent, Deputy General Counsel.  Receipt of the severance benefits described in Section 3 of this Agreement is expressly conditioned upon return of all Company Property.
9.Confidential Information and Post-Termination Obligations.  Both during and after your employment you acknowledge your continuing obligations under your Employee Confidential Information, Inventions, Non-Solicitation and Non-Competition Agreement (“CIIA”) not to use or disclose any confidential or proprietary information of the Company and to refrain from certain solicitation and competitive activities.  A copy of your CIIA is attached hereto as Exhibit A.  Confidential information that is also a “trade secret,” as defined by law, may be 

Marcella Butler
July 7, 2021
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disclosed (A) if it is made (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. In addition, in the event that you file a lawsuit for retaliation by the Company for reporting a suspected violation of law, you may disclose the trade secret to your attorney and use the trade secret information in the court proceeding, if you: (A) file any document containing the trade secret under seal; and (B) do not disclose the trade secret, except pursuant to court order. 
10.Confidentiality.  The provisions of this Agreement will be held in strictest confidence by you and will not be publicized or disclosed in any manner whatsoever; provided, however, that:  (a) you may disclose this Agreement to your immediate family; (b) you may disclose this Agreement in confidence to your attorney, accountant, auditor, tax preparer, and financial advisor; and (c) you may disclose this Agreement insofar as such disclosure may be required by law. Notwithstanding the foregoing, nothing in this Agreement shall limit your right to voluntarily communicate with the Equal Employment Opportunity Commission, United States Department of Labor, the National Labor Relations Board, the Securities and Exchange Commission, other federal government agency or similar state or local agency or to discuss the terms and conditions of your employment with others to the extent expressly permitted by Section 7 of the National Labor Relations Act.  
11.Mutual Non-Disparagement. Both you and the Company agree not to disparage the other party, and the other party’s officers, directors, employees, shareholders and agents, in any manner likely to be harmful to them or their business, business reputation or personal reputation; provided that both you and the Company will respond accurately and fully to any question, inquiry or request for information when required by legal process and are entitled to make any disclosures required by law or regulation.  The Company’s obligations under this Section are limited to Company representatives with knowledge of this provision. Notwithstanding the foregoing, nothing in this Agreement shall limit your right to voluntarily communicate with the Equal Employment Opportunity Commission, United States Department of Labor, the National Labor Relations Board, the Securities and Exchange Commission, other federal government agency or similar state or local agency or to discuss the terms and conditions of your employment with others to the extent expressly permitted by Section 7 of the National Labor Relations Act.
12.Cooperation after Termination.  You agree to cooperate fully with the Company in all matters relating to the transition of your work and responsibilities on behalf of the Company, including, but not limited to, any present, prior or subsequent relationships and the orderly transfer of any such work and institutional knowledge to such other persons as may be designated by the Company, by making yourself reasonably available during regular business hours. 
13.Release.  In exchange for the payments and other consideration under this Agreement, to which you would not otherwise be entitled, and except as otherwise set forth in this Agreement, you, on behalf of yourself and, to the extent permitted by law, on behalf of your spouse, heirs, executors, administrators, assigns, insurers, attorneys and other persons or entities, acting or purporting to act on your behalf (collectively, the “Employee Parties”), hereby generally and completely release, acquit and forever discharge the Company, its parents and subsidiaries, and its and their officers, directors, managers, partners, agents, representatives, employees, attorneys, shareholders, predecessors, successors, assigns, insurers and affiliates (the “Company Parties”) of and from any and all claims, liabilities, demands, contentions, actions, causes of action, suits, costs, expenses, attorneys’ fees, damages, indemnities, debts, judgments, levies, executions and obligations of every kind and nature, in law, equity, or otherwise, both known and unknown, suspected and unsuspected, disclosed and undisclosed, arising out of or in any way related to agreements, events, acts or conduct at any time prior to and including the execution date of this Agreement, including but not limited to:  all such claims and demands directly or indirectly arising out of or in any way connected with your employment with the Company or the termination of that employment; claims or demands related to salary, bonuses, commissions, stock, stock options, or any other ownership interests in the Company, vacation pay, fringe benefits, expense reimbursements, severance pay, or any other form of compensation; claims pursuant to any federal, state or local law, statute, or cause of action; tort law; or contract law (individually a 

Marcella Butler
July 7, 2021
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“Claim” and collectively “Claims”).  The Claims you are releasing and waiving in this Agreement include, but are not limited to, any and all Claims that any of the Company Parties:
•has violated its personnel policies, handbooks, contracts of employment, or covenants of good faith and fair dealing;
•has discriminated against you on the basis of age, race, color, sex (including sexual harassment), national origin, ancestry, disability, religion, sexual orientation, marital status, parental status, source of income, entitlement to benefits, any union activities or other protected category in violation of any local, state or federal law, constitution, ordinance, or regulation, including but not limited to: the Age Discrimination in Employment Act (ADEA), the Older Workers Benefit Protection Act, Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1866 (42 U.S.C. 1981), the Civil Rights Act of 1991, the Genetic Information Nondiscrimination Act, Executive Order 11246, which prohibit discrimination based on race, color, national origin, religion, or sex; the Americans with Disabilities Act and Sections 503 and 504 of the Rehabilitation Act of 1973, which prohibit discrimination against  the disabled, the National Labor Relations Act, the Lily Ledbetter Fair Pay Act, the anti-retaliation provisions of the Sarbanes-Oxley Act, or any other federal or state law regarding whistleblower retaliation; the Kentucky Civil Rights Act, the Kentucky Equal Pay Act, the Kentucky Equal Opportunities Act, the Kentucky Law on Whistleblowing, and Kentucky’s prohibition against requiring waiver of statutory rights as a condition of employment, all as amended, and any and all other federal, state or local laws, rules, regulations, constitutions, ordinances or public policies, whether known or unknown, prohibiting employment discrimination;
•has violated any employment statutes, such as the WARN Act, which requires that advance notice be given of certain workforce reductions; the Employee Retirement Income Security Act of 1974 (ERISA) which, among other things, protects employee benefits; the Fair Labor Standards Act of 1938, which regulates wage and hour matters; the National Labor Relations Act, which protects forms of concerted activity; the Family and Medical Leave Act of 1993, which requires employers to provide leaves of absence under certain circumstances; the Fair Credit Reporting Act, the Employee Polygraph Protection Act, the Kentucky Wages and Hours Act, damages under Ky. Rev. Stat. Ann. § 446.070, the anti-retaliation provisions under the Kentucky Workers' Compensation Law, the Kentucky Occupational Safety and Health Act, all as amended, and any and all other federal, state or local laws, rules, regulations, constitutions, ordinances or public policies, whether known or unknown relating to employment laws, such as veterans’ reemployment rights laws;
•has violated any other laws, such as federal, state, or local laws providing workers’ compensation benefits, restricting an employer’s right to terminate employees, or otherwise regulating employment; any federal, state or local law enforcing express or implied employment contracts or requiring an employer to deal with employees fairly or in good faith; any other federal, state or local laws providing recourse for alleged wrongful discharge, retaliatory discharge, negligent hiring, retention, or supervision, physical or personal injury, emotional distress, assault, battery, false imprisonment, fraud, negligent misrepresentation, defamation, intentional or negligent infliction of emotional distress and/or mental anguish, intentional interference with contract, negligence, detrimental reliance, loss of consortium to you or any member of your family, whistleblowing, and similar or related claims.
Notwithstanding the foregoing, other than events expressly contemplated by this Agreement you do not waive or release rights or Claims that may arise from events that occur after the date this waiver is executed or your right to enforce this Agreement and you are not releasing any right of indemnification you may have for any liabilities arising from your actions within the course and scope of your employment with the Company.  Also excluded from 

Marcella Butler
July 7, 2021
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this Agreement are any Claims which cannot be waived by law, including, without limitation, any rights you may have under applicable workers’ compensation laws and your right, if applicable, to file or participate in an investigative proceeding of any federal, state or local governmental agency. Nothing in this Agreement shall prevent you from filing, cooperating with, or participating in any proceeding or investigation before the Equal Employment Opportunity Commission, United States Department of Labor, the National Labor Relations Board, the Occupational Safety and Health Administration, the Securities and Exchange Commission or any other federal government agency, or similar state or local agency (“Government Agencies”), or exercising any rights pursuant to Section 7 of the National Labor Relations Act.  You further understand this Agreement does not limit your ability to voluntarily communicate with any Government Agencies or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information, without notice to the Company.  While this Agreement does not limit your right to receive an award for information provided to the Securities and Exchange Commission, you understand and agree that, you are otherwise waiving, to the fullest extent permitted by law, any and all rights you may have to individual relief based on any Claims that you have released and any rights you have waived by signing this Agreement.  If any Claim is not subject to release, to the extent permitted by law, you waive any right or ability to be a class or collective action representative or to otherwise participate in any putative or certified class, collective or multi-party action or proceeding based on such a Claim in which any of the Company Parties is a party.  This Agreement does not abrogate your existing rights under any Company benefit plan or any plan or agreement related to equity ownership in the Company; however, it does waive, release and forever discharge Claims existing as of the date you execute this Agreement pursuant to any such plan or agreement.
14.Your Acknowledgments and Affirmations / Effective Date of Agreement.  You acknowledge that you are knowingly and voluntarily waiving and releasing any and all rights you may have under the ADEA, as amended.  You also acknowledge and agree that (i) the consideration given to you in exchange for the waiver and release in this Agreement is in addition to anything of value to which you were already entitled; and (ii) that you have been paid for all time worked, have received all the leave, leaves of absence and leave benefits and protections for which you are eligible, and have not suffered any on-the-job injury for which you have not already filed a Claim.  You affirm that all of the decisions of the Company Parties regarding your pay and benefits through the date of your execution of this Agreement were not discriminatory based on age, disability, race, color, sex, religion, national origin or any other classification protected by law.  You affirm that you have not filed or caused to be filed, and are not presently a party to, a Claim against any of the Company Parties.  You further affirm that you have no known workplace injuries or occupational diseases.  You acknowledge and affirm that you have not been retaliated against for reporting any allegation of corporate fraud or other wrongdoing by any of the Company Parties, or for exercising any rights protected by law, including any rights protected by the Fair Labor Standards Act, the Family Medical Leave Act, or any related statute or local leave or disability accommodation laws, or any applicable state workers’ compensation law.  You further acknowledge and affirm that you have been advised by this writing that:  (a) your waiver and release do not apply to any rights or Claims that may arise after the execution date of this Agreement; (b) you have been advised hereby that you have the right to consult with an attorney prior to executing this Agreement; (c) you have been given thirty (30) days to consider this Agreement (although you may choose to voluntarily execute this Agreement earlier and if you do you will sign the Consideration Period waiver below); (d) you have seven (7) days following your execution of this Agreement to revoke this Agreement; and (e) this Agreement shall not be effective until the date upon which the revocation period has expired unexercised (the "Effective Date"), which shall be the eighth day after this Agreement is executed by you
15.No Admission.  This Agreement does not constitute an admission by the Company of any wrongful action or violation of any federal, state, or local statute, or common law rights, including those relating to the provisions of any law or statute concerning employment actions, or of any other possible or claimed violation of law or rights.
16.Breach.  You agree that upon any breach of this Agreement you will forfeit all amounts paid or owing to you under this Agreement.  Further, you acknowledge that it may be impossible to assess the damages caused by your violation of the terms of Sections 8, 9, 10, and 11 of this Agreement and further agree that any threatened or actual violation or breach of those Sections of this Agreement will constitute immediate and irreparable injury to the 

Marcella Butler
July 7, 2021
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Company.  You therefore agree that any such breach of this Agreement is a material breach of this Agreement, and, in addition to any and all other damages and remedies available to the Company upon your breach of this Agreement, the Company shall be entitled to an injunction to prevent you from violating or breaching this Agreement.  You agree that if the Company is successful in whole or part in any legal or equitable action against you under this Agreement, you agree to pay all of the costs, including reasonable attorneys’ fees, incurred by the Company in enforcing the terms of this Agreement.
17.Miscellaneous.  This Agreement, including Exhibit A, constitutes the complete, final and exclusive embodiment of the entire agreement between you and the Company with regard to this subject matter.  It is entered into without reliance on any promise or representation, written or oral, other than those expressly contained herein, and it supersedes any other such promises, warranties or representations.  This Agreement may not be modified or amended except in a writing signed by both you and a duly authorized officer of the Company.  This Agreement will bind the heirs, personal representatives, successors and assigns of both you and the Company, and inure to the benefit of both you and the Company, their heirs, successors and assigns.  If any provision of this Agreement is determined to be invalid or unenforceable, in whole or in part, this determination will not affect any other provision of this Agreement and the provision in question will be modified by the court so as to be rendered enforceable.  This Agreement will be deemed to have been entered into and will be construed and enforced in accordance with the laws of the Commonwealth of Kentucky as applied to contracts made and to be performed entirely within Kentucky.
If this Agreement is acceptable to you, please sign below and return the original to me on or after your Separation Date, but no later than the date that is thirty (30) days after you receive this Agreement.  This offer will expire if we have not received your executed Agreement by that date.
I wish you good luck in your future endeavors.
Sincerely,
AppHarvest, Inc.
			
	By: /s/ David Lee
	David Lee
	President

Agreed to and Accepted:

			
	/s/ Marcella Butler
	Marcella Butler

			
	July 9, 2021
	Date

Marcella Butler
July 7, 2021
Page 7 of 9

Exhibit A – Employee Confidential Information, Inventions, Non-Solicitation and Non-Competition Agreement
CONSIDERATION PERIOD
I, Marcella Butler, understand that I have the right to take at least 21 days to consider whether to sign this Agreement, which I received on July 7, 2021.  If I elect to sign this Agreement before 30 days have passed, I understand I am to sign and date below this paragraph to confirm that I knowingly and voluntarily agree to waive the 30-day consideration period.
Agreed:
			
	/s/ Marcella Butler
	Marcella Butler

			
	July 9, 2021
	DateFiled by Avantafile.com - I-Minerals Inc. - Exhibit 10.29

 THIS AGREEMENT
is dated July 15, 2021.

BETWEEN:

	 	
        I-Minerals Inc., a body corporate, continued under the laws of Canada,
having its head office at Suite 880 – 580 Hornby Street, Vancouver, British Columbia, Canada V6C 3B6

         

        (hereinafter called the “Company”)
	 

OF THE FIRST
PART

AND:

	 	
        BV Lending, LLC, an Idaho limited liability company, having its head
office at Suite 300, 2194 Snake River Parkway, Idaho Falls, Idaho, U.S.A. 83402

         

        (hereinafter called “BV”)
	 

OF THE SECOND
PART

 

WHEREAS:

 

	A. 	       Pursuant to an agreement among the parties dated June l, 2016, as amended by
an amending agreement dated October 25, 2017 (hereinafter called the "First Amending Agreement"), as further amended by
an amending agreement dated January 19, 2018 (hereinafter called the "Second Amending Agreement"), as further amended by
an amending agreement dated March 20, 2018 (hereinafter called the “Third Amending Agreement”), as further amended by an
amending agreement dated March 27, 2019 (hereinafter called the “Fourth Amending Agreement”), as further amended by an
amending agreement dated June 28, 2019 (hereinafter called the “Fifth Amending Agreement”), with the loan agreement
dated June 1, 2016, as amended by the First Amending Agreement, the Second Amending Agreement, the Third Amending
Agreement, the Fourth Amending Agreement and the Fifth Amending Agreement hereinafter collectively called the "Loan
Agreement", BV agreed to advance certain funds to the Company to advance its Bovill Kaolin Project located in the State
of Idaho, U.S.A.;

 

	B. 	       Pursuant to an agreement among the parties dated September 11, 2018
(hereinafter called the “2018 Loan Agreement”), BV agreed to advance an additional $2,500,000 to the Company to further
advance its Bovill Kaolin Project located in the State of Idaho, U.S.A.;

 

	C. 	       The Loan Agreement and the 2018 Loan Agreement are hereinafter collectively
referred to as the “Loan Agreements”; 

 

	D. 	       The Loan Agreements were previously amended by an amending agreement dated
October 25, 2019;

 

	E. 	        Pursuant to paragraph 1.01 of an agreement between the Company and BV dated
June 4, 2020, the date for the repayment of all cash advances made pursuant to the Loan Agreements, together with all
accrued and unpaid interest thereon, was extended until December 15, 2020;

 

 

	F. 	        Pursuant to paragraph 1.01 of an agreement between the Company and BV dated
December 3, 2020, the date for the repayment of all cash advances made pursuant to the Loan Agreements, together with
all accrued and unpaid interest thereon, was extended until March 15, 2021;

 

	G. 	       Pursuant to paragraph 1.01 of an agreement between the Company and BV dated
March 9, 2021, the date for the repayment of all cash advances made pursuant to the Loan Agreements, together with all
accrued and unpaid interest thereon, was extended until April 15, 2021;

 

	H. 	       Pursuant to paragraph 1.01 of an agreement between the Company and BV dated
April 15, 2021, the date for the repayment of all cash advances made pursuant to the Loan Agreements, together with all
accrued and unpaid interest thereon, was extended until May 15, 2021;

 

	I. 	         Pursuant to paragraph 1.01 of an agreement between the Company and BV
dated May 10, 2021, the date for the repayment of all cash advances made pursuant to the Loan Agreements, together with
all accrued and unpaid interest thereon, was extended until June 15, 2021;

 

	J. 	         Pursuant to paragraph 1.01 of an agreement between the Company and BV
dated June 15, 2021, the date for the repayment of all cash advances made pursuant to the Loan Agreements, together with
all accrued and unpaid interest thereon, was extended until July 15, 2021;

 

	K. 	       The parties have agreed to further extend the repayment date by which the
principal and interest outstanding pursuant to the Loan Agreements is to be made, as provided for herein;

 

NOW THEREFORE THIS AGREEMENT WITNESSETH that in
consideration of these presents and for other good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged by each of the parties, the parties hereby agree as follows:

 

	1. 	        Extension for the repayment of the Indebtedness; Modification of
Interest Rate

 

	1.01 	    Notwithstanding the provisions for the repayment of the cash advances made
pursuant to the Loan Agreements, together with all accrued and unpaid interest thereon, as provided for in the Loan
Agreements and pursuant to certain related promissory notes issued pursuant to the Loan Agreements, the date for the
repayment of all cash advances made pursuant to the Loan Agreements, together with all accrued and unpaid interest
thereon, is hereby extended until August 15, 2021.

 

	1.02 	    Notwithstanding the provisions for the rate of interest applicable to cash
advances made pursuant to the Loan Agreements, as provided for in the Loan Agreements and pursuant to certain related
promissory notes issued pursuant to the Loan Agreements, the rate of interest that shall apply to all outstanding
amounts for periods from and after May 1, 2021 shall be 13 hundredths percent (0.13%) per annum.

 

 

	2. 	        Notices

 

	2.01 	    All notices, payments and other communications given in connection with this
Agreement shall be in writing, and the respective addresses of the parties for the service of any notice, payment or
other communication shall be as follows:

 

	 	(a) 	       if to the Company:

 

	 	I-Minerals Inc.

	 	Suite 880 – 580 Hornby Street

	 	Vancouver, British Columbia, Canada

	 	V6C 3B6

 

	 	Attention:  Barry Girling, Director

	 	Email: wbg@imineralsinc.com 

 

	 	(b) 	      if to BV:

 

	 	BV Lending, LLC

 

	 	P.O. Box 51298

	 	Idaho Falls, ID 83405

 

	 	2194 Snake River Parkway

	 	Suite 300

	 	Idaho Falls, ID 83402

 

	 	Attention:  Cortney Liddiard, Chief Executive Officer

	 	Email: flyfish@ballventures.com 

 

	 	with a copy to: 

 

	 	Thel W. Casper, Esq. 

	 	General Counsel to Ball Ventures, LLC

 

	 	P.O. Box 51298

	 	Idaho Falls, ID 83405

 

	 	2194 Snake River Parkway

	 	Suite 300

	 	Idaho Falls, ID 83402

 

	 	Email: tcasper@ballventures.com

 

	 	Any notice, payment or other communication shall be sufficiently given if delivered
by email or by hand or by reputable courier service, or, absent postal disruption, if sent by registered mail, postage
prepaid, posted within either Canada or the United States of America, to the parties at their respective addresses for
service as set forth above.  Any notice, payment or other communication shall be deemed to have been given and
received on the first business day on which it is presented during normal business hours at the address for service of
the addressee.  Any party may change its address for service by notice in writing to the other parties.

	3. 	        Time of the Essence

 

	3.01 	    Time shall be of the essence of this Agreement.

 

	4. 	        U.S. Dollars

 

	4.01 	    All references herein to dollar amounts are to lawful currency of the United
States of America, unless otherwise specifically provided for herein.

 

	5. 	        Headings

 

	5.01 	    The headings contained herein are for convenience only and shall not affect the
meaning or interpretation hereof.

 

	6. 	        Singular and Plural, etc.

 

	6.01 	    Where the context so requires, words importing the singular number include the
plural and vice versa, and words importing gender shall include the masculine, feminine and neuter genders.

 

	7. 	        Entire Agreement

 

	7.01 	    This Agreement constitutes the only agreement among the parties with respect to
the subject matter hereof and shall supersede any and all prior negotiations and understandings.  This Agreement may be
amended or modified in any respect by written instrument only.

 

	8. 	        Severability

 

	8.01 	    The invalidity or unenforceability of any particular provision of this
Agreement shall not effect or limit the validity or enforceability of the remaining provisions of this Agreement.

 

	9. 	        Governing Law

 

	9.01 	    This Agreement shall be governed by and construed in accordance with the laws
of the Province of British Columbia and the laws of Canada applicable therein.  The parties irrevocably attorn to the
jurisdiction of the courts of British Columbia, which will have non-exclusive jurisdiction over any matter arising out
of this Agreement.

 

 

	10. 	      Dispute Resolution

 

	10.01 	  If any dispute arises between any of the Parties (the Parties in dispute being
the “Participants”) concerning this Agreement or its interpretation or the respective rights, duties or liabilities of
the Parties, then a Participant may give to the other Participants notice in writing of the existence of such dispute,
specifying its nature and the point at issue and the Participants agree:

 

	 	(a) 	        to try to resolve the dispute by participating in a structured negotiation
with a mediator under the Commercial Mediation Rules of British Columbia International Commercial Arbitration Centre
(“BCICAC”);

 

	 	(b) 	       where a dispute is not resolved by mediation within a period of 30 days
after the appointment of a mediator or within such further period of time to which the Participants agree, any
Participant may refer the dispute to be finally resolved by arbitration under the BCICAC Rules.  The appointing
authority will be the BCICAC, the case shall be administered by the BCICAC in accordance with its “Procedures for Cases
under the BCICAC Rules” and the place of arbitration shall be Vancouver, British Columbia. The appointment by the BCICAC
is binding upon all of the Participants;

 

	 	(c) 	       the arbitrator will give his decision in writing within three weeks of his
being appointed and the decision, both on the dispute and on the costs of the arbitration will be final and binding upon
the Participants;

 

	 	(d) 	      the arbitrator will have full authority to rule on any question of law in the
same manner as any Judge in any Court of the Province of British Columbia and the ruling of the arbitrator on any
question of law will be final and binding upon the Participants; and

 

	 	(e) 	       the failure of any Participant to abide by the decision of the arbitrator is
considered a material breach of this Agreement.

 

	 	 This  paragraph shall survive any termination of this Agreement and continues in
full force and effect notwithstanding any determination by a court or the Parties that one or more other provisions of
this Agreement are invalid, contrary to law or unenforceable. 

 

	11. 	      Successors and Assigns

 

	11.01 	  The terms and provisions of this Agreement shall be binding upon and enure to the
benefit of each of the parties and their respective successors and permitted assigns; provided that this
Agreement shall not be assignable by any party without the written consent of each of the other parties hereto.

 

	12. 	      Further Assurances

 

	12.01 	  Each of the parties hereto shall do or cause to be done all such acts and things
and execute or cause to be executed all such documents, agreements and other instruments as may reasonably be necessary
or desirable for the purpose of carrying out the provisions and intent of this Agreement.

	13. 	      Effective Date

 

	13.01 	  This Agreement is intended to and shall take effect as of the date first set
forth above, notwithstanding its actual date of execution or delivery.

 

	14. 	      Counterparts and Facsimile

 

	14.01 	  This Agreement may be executed in any number of counterparts by original,
facsimile or other form of electronic signature, each of which so executed shall constitute an original and all of which
taken together shall form one and the same agreement.

 

IN WITNESS WHEREOF the parties
have executed and delivered this Agreement as of the day and year first above written.

 

Executed byI-Minerals
Inc.   in the presence of:

 

/s/ “John Theobald”                         
             

Authorized Signatory

 

Executed byBV Lending,
LLC

 

	By: 	
             Ball Ventures, LLC, an

           Idaho limited           liability   company, the Member

 

	By: 	
             BV Management Services,   Inc., 

        an               Idaho corporation,   the Manager

 

 

	 	Per: 	/s/ “Cortney Liddiard”

	 	Cortney   Liddiard, President

 

 

	 	
        DATED:         July 15, 2021

                                                                                                                               

         

        Between:

         

        I-Minerals Inc.

        OF THE FIRST PART

        And:

         

        BV Lending, LLC

        OF THE SECOND PART

                                                                                                                               

         

        AGREEMENT

         

                                                                                                                               

         

        Tupper Jonsson & Yeadon

        1710 - 1177 West Hastings Street

        Vancouver, B. C.

        V6E 2L3

         

        Telephone: (604) 640-6355
	 

 

 

THIS TENTH AMENDING AGREEMENT is made as of July 15,
2021.

 

AMONG:

	 	
        I-Minerals Inc., a body corporate,
continued under the laws of Canada, having its head office at Suite 880 — 580 Hornby Street, Vancouver, British
Columbia, Canada V6C 3B6

         

        (hereinafter called the "Company")
	 

OF THE FIRST PART

 

AND:

	 	
        i-minerals USA Inc., an Idaho limited
liability company, having an office c/o the Company, at Suite 880 — 580 Hornby Street, Vancouver, British Columbia,
Canada V6C 3B6

         

        (hereinafter called the "Subsidiary")
	 

OF THE SECOND PART

 

AND:

 

	 	
        BV Lending, LLC,
an Idaho limited liability company, having its head office at Suite 300, 2194 Snake River Parkway, Idaho Falls, Idaho,
U.S.A. 83402

         

        (hereinafter called
"BV")     
	 

OF THE
THIRD PART

WHEREAS:

	
        A. 
	
                      Pursuant to an agreement among the parties dated October
25, 2019, as amended by an amending agreement dated November 25, 2019 (hereinafter called the “First Amending
Agreement”), as amended by an amending agreement dated January 20, 2020 (hereinafter called the “Second Amending
Agreement”), as amended by an amending agreement dated June 4, 2020 (hereinafter called the “Third Amending Agreement”),
as amended by an amending agreement dated July 8, 2020 (hereinafter called the “Fourth Amending Agreement”), as amended
by an amending agreement dated December 3, 2020 (hereinafter called the “Fifth Amending Agreement”), as amended by an
amending agreement dated March 9, 2021 (hereinafter called the “Sixth Amending Agreement”), as amended by an amending
agreement dated April 15, 2021 (hereinafter called the "Seventh Amending Agreement"), as amended by an amending
agreement dated May 10, 2021 (hereinafter called the “Eighth Amending Agreement”), and as amended by an amending
agreement dated June 15, 2021 (hereinafter called the “Ninth Amending Agreement”), with the agreement dated October 25,
2019, as amended by the First Amending Agreement, the Second Amending Agreement, the Third Amending Agreement, the
Fourth Amending Agreement, the Fifth Amending Agreement, the Sixth Amending Agreement, the Seventh Amending Agreement,
the Eighth Amending Agreement and the Ninth Amending Agreement hereinafter collectively called the “Loan Agreement”,
B.V. agreed to advance certain funds to the Company to advance its Bovill Kaolin Project located in the State of Idaho,
U.S.A.;

 

	
        B. 
	
                       The parties wish to further amend certain of the
provisions of the Loan Agreement on the terms and conditions hereinafter set forth;

 

	
        C. 
	
               The Subsidiary is a wholly-owned subsidiary of the Company and is
the legal owner of the Helmer Bovill Property hosting the Bovill Kaolin Project in the State of Idaho, U.S.A., as
referred to in Recital A. herein;

 

NOW THEREFORE THIS TENTH AMENDING AGREEMENT WITNESSETH
that in consideration of these presents and for other good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged by each of the parties, the parties hereby agree as follows:

 

	
        1. 
	
                The parties agree that the Loan Agreement is hereby amended as
follows.

 

	 	
        (a) 
	
                       Paragraph 2.01 is replaced in its entirety with the
following:

 

	 	
        BV hereby agrees to advance up to an additional $2,725,000 in cash to the
Company in separate tranches in accordance with Schedule A attached hereto (individually an “Advance” and collectively
“Advances”), with each Advance to be considered a secured loan accruing interest at the rate of (i) fourteen percent
(14%) per annum, with respect to periods prior to May 1, 2021, and (ii) 13 hundredths percent (0.13%) per annum, with
respect to periods from and after May 1, 2021, calculated from the date of each Advance as at May 31 and as at November
30 of each year in which such interest is payable hereunder, such interest also to be considered Advances hereunder over
and above the amounts set forth in Schedule A, unless BV elects otherwise, as provided for in paragraph 2.02
herein.  If applicable this interest will be considered an Advance received on the date such interest is payable as
provided for in paragraph 2.02 herein.  BV’s obligation to make the Advances is subject to satisfaction of the
conditions set forth in paragraph 2.08 below.

 

	 	
        The Company will repay to BV the principal amount of each Advance as
provided for in paragraph 6.01 herein.  Advances hereunder, other than interest when considered an Advance
hereunder, will be made in accordance with Schedule A attached hereto.  Advances are to be made on the first
business day of each month in which Advances are to be made.

 

	 	
        (b) 
	
                      Paragraph 6.01 is replaced in its entirety with the
following:

 

	 	
        “6.01   The parties agree that the Company will repay the
Indebtedness on August 15, 2021.”

 

	 	
        (c) 
	
                       Schedule A to the Loan Agreement is amended to read as
follows:

 

SCHEDULE A

	
        2019

	
         
	
         
	
         
	
         
	
         
	
        October

        (First Advance)
	
        November

        (Second Advance
	
        December

        Third Advance)
	
         

	
         
	
         
	
         
	
         
	
         
	
        $250,000
	
        $250,000
	
        $200,000
	
         

	
        2020

	
         
	
         
	
        February

        (Fourth Advance)
	
        March

        (Fifth Advance)
	
        April

        (Sixth Advance)
	
        July

        (Seventh Advance)
	
        August

        (Eighth Advance)
	
        September

        (Ninth Advance)
	
         

	
         
	
         
	
        up to $200,000
	
        up to $200,000
	
        up to $200,000
	
        up to $150,000
	
        up to $200,000
	
        up to $200,000
	
         

	
         
	
         
	
         
	
         
	
         
	
         
	
         
	
         
	
         

	
         
	
         
	
        October

        (Tenth Advance)
	
        November

        (Eleventh Advance)
	
        December

        (Twelfth Advance)
	
         
	
         
	
         
	
         

	
         
	
         
	
        up to $200,000
	
        up to $200,000
	
        up to $250,000
	
         
	
         
	
         
	
         

	
        2021

	
         
	
         
	
         
	
         
	
         
	
        July

        (Thirteenth   Advance)
	
        August

        (Fourteenth   Advance)
	
         
	
         

	
         
	
         
	
         
	
         
	
         
	
        up to $112,500
	
        up to $112,500
	
         
	
         

 

	
        2. 
	
                Except as amended by this Tenth Amending Agreement, all of the
other terms and conditions of the Loan Agreement remain in full force and effect.

 

	
        3. 
	
                Each of the parties agrees to do and/or execute all such further
and other acts, deeds, things, devices, documents and assurances that may be required in order to carry out the true
intent and meaning of this Tenth Amending Agreement.

 

	
        4. 
	
                This Tenth Amending Agreement and any certificate or other
writing delivered in connection herewith may be executed in any number of counterparts and any party hereto may execute
any counterpart, each of which when executed and delivered will be deemed to be an original and all of which
counterparts of this Tenth Amending Agreement or such other writing, as the case may be, taken together, will be deemed
to be one and the same instrument. The execution of this Tenth Amending Agreement or any other writing by any party
hereto will not become effective until each party hereto has executed a counterpart of this Tenth Amending Agreement or
any other writing, as the case may be.

 

	
        5. 
	
                Each of the parties hereto will be entitled to rely upon delivery
by facsimile or by email of executed copies of this Tenth Amending Agreement and any certificates or other writings
delivered in connection herewith, and such facsimile or emailed copies will be legally effective to create a valid and
binding agreement among the parties in accordance with the terms and conditions of this Tenth Amending
Agreement.

 

	
        6. 
	
                This Tenth Amending Agreement shall enure to the benefit of and
be binding upon the parties hereto and each of their successors and permitted assigns, as the case may be.

 

IN WITNESS WHEREOF the parties have executed and
delivered this Tenth Amending Agreement as of the day and year first above written.

 

	
        Executed by

        I-Minerals Inc.

        in the   presence of:
	
         
	
         

	
         

        /s/   “John Theobald”   
                                   

        Authorized   Signatory

         
	
         
	
         

	
         

        Executed by

        i-minerals USA Inc.

        in the   presence of:
	
         
	
         

	
         

        /s/   “John Theobald”   
                                   

        Authorized   Signatory

         
	
         
	
         

 

	
        Executed by

        BV Lending, LLC

         

        By:       Ball
Ventures, LLC, an Idaho limited 

        liability company, the Member

         

        By: BV   Management Services, Inc., an Idaho

        corporation,   the Manager

         

         

                    Per:      /s/
“Cortney Liddiard”

                               
Cortney Liddiard, President
	
         
	
         

 

	 	 DATED:            July __, 2021

                                                                                                                    
                       

         

        Between:

         

        I-Minerals Inc.

        OF THE FIRST PART

        And:

         

        i-minerals USA Inc.

         

        OF THE SECOND PART

        And:

         

        BV Lending, LLC

        OF THE THIRD PART

                                                                                                                                            

         

        TENTH AMENDING AGREEMENT

        

                                                                                                                                            

         

        Tupper Jonsson & Yeadon

        1710 - 1177 West Hastings Street

        Vancouver, B. C.

        V6E 2L3

         

        Telephone: (604) 640-6355

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