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Exhibit 10.20

EMPLOYMENT AGREEMENT

This Employment Agreement (the "Agreement") is made as of the _the day of                ,
2018, by and between Stephen Ruddy (the "Executive") and Deciphera Pharmaceuticals, LLC, a Delaware limited liability company (the "Company": the Executive and the Company are collectively referred to as the "Parties").

RECITALS

WHEREAS, the Company desires to employ the Executive and the Executive desires to be employed by the Company commencing on or about May 29, 2018, upon the terms contained herein. The date when Executive's employment with the Company commences is referred to as the "Effective Date."

NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows:

1.Employment.

(a)    Term. The term of this Agreement shall commence on the Effective Date and continue until terminated in accordance with the provisions of Section 3 (the "Term").

(b)    Position and Duties. During the Term, the Executive shall serve as the Chief Technical Officer of the Company and shall have such powers and duties as may from time to time be prescribed by the Chief Executive Officer of the Company or the Board of Directors (the "Board") of Deciphera Pharmaceuticals, Inc. ("Parent"), provided that such duties are consistent with the Executive's position, or other positions that the Executive may hold from time to time. The Executive shall devote Executive's full working time and efforts to the business and affairs of the Company. Notwithstanding the foregoing, the Executive may serve on other boards of directors, with the approval of the Board, or engage in religious, charitable or other community activities as long as such services do not materially interfere with the Executive's obligations or performance of Executive's duties to the Company as provided in this Agreement.

2.Compensation and Related Matters.

(a)    Base Salary. During the Term, the Executive's initial annual base salary shall be $350,000. The base salary shall be evaluated periodically by the Board or the Compensation Committee of the Board (the "Compensation Committee"). The base salary in effect at any given time is referred to herein as "Base Salary." The Base Salary shall be payable in a manner that is consistent with the Company's usual payroll practices for senior executives.

(b)    Incentive Compensation. During the Term, the Executive shall be eligible to receive cash incentive compensation as determined by the Board or the Compensation Committee from time to time. The Executive's target annual incentive compensation shall be 35 percent of Executive's Base Salary. The target annual incentive compensation in effect at any 
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given time is referred to herein as "Target Annual Cash Incentive Compensation." To earn incentive compensation, the Executive must be employed by the Company on the day such incentive compensation is paid. For the avoidance of doubt, the annual incentive compensation shall not be pro-rated for 2018.

(c)    Signing Bonus. The Executive will be eligible to receive a one-time signing bonus of $75,000 (the "Signing Bonus") upon the three-month anniversary of the Effective Date, subject to the Executive's continuous employment with the Company through such date. The Signing Bonus will be paid on the first regular payroll date occurring on or after the three-month anniversary of the Effective Date.

(d)    Equity Compensation. Promptly after the Effective Date, the Executive shall be granted an option to purchase 90,000 shares of Common Stock of Parent (the "Initial Option") with an exercise price equal to the then fair market value of the Common Stock. The Initial Option shall be granted under, and shall be subject to, the terms of the Company's current equity incentive plan and applicable equity incentive agreements.

(e)    Employee Benefits. During the Term, the Executive will be entitled to participate in the Company's employee benefit plans and programs in effect from time to time, subject to the terms of such plans and programs.

(f)    Expenses. The Executive shall be entitled to receive prompt reimbursement for all reasonable and documented out-of-pocket business expenses incurred by the Executive during the Term in performing services hereunder, in accordance with the policies and procedures then in effect and established by the Company for its senior executive officers.

(g)    Paid Time Off. During the Term, the Executive shall be entitled to paid time off in accordance with the Company's policies and procedures. During the Term, the Executive shall also be entitled to all paid holidays given by the Company to its executives.

3.Termination. During the Term, the Executive's employment hereunder may be terminated without any breach of this Agreement under the following circumstances:

(a)    Death. The Executive's employment hereunder shall terminate upon the Executive's death.

(b)    Disability. The Company may terminate the Executive's employment if the Executive is disabled and unable to perform the essential functions of the Executive's then existing position or positions under this Agreement with or without reasonable accommodation for a period of one hundred eighty (180) days (which need not be consecutive) in any twelve (12)-month period. If any question shall arise as to whether during any period the Executive is disabled so as to be unable to perform the essential functions of the Executive's then existing position or positions with or without reasonable accommodation, the Executive may, and at the request of the Company shall, submit to the Company a certification in reasonable detail by a physician selected by the Company to whom the Executive or the Executive's guardian has no reasonable objection as to whether the Executive is so disabled or how long such disability is expected to continue, and such certification shall for the purposes of this Agreement be conclusive of the issue. The Executive shall cooperate with any reasonable request of the physician in connection with such certification. If such question shall arise and the Executive 
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shall fail to submit such certification, the Company's determination of such issue shall be binding on the Executive. Nothing in this Section 3(b) shall be construed to waive the Executive's rights, if any, under existing law including, without limitation, the Family and Medical Leave Act of 1993, 29 U.S.C. §2601 et seq. and the Americans with Disabilities Act, 42 U.S.C. §12101 et seq.

(c)    Termination by Company for Cause. The Company may terminate the Executive's employment hereunder for Cause. For purposes of this Agreement, "Cause" shall mean: (i) conduct by the Executive constituting a material act of misconduct in connection with the performance of the Executive's duties, including, without limitation, misappropriation of funds or property of the Company or any of its subsidiaries or affiliates; (ii) the commission by the Executive of any felony or a misdemeanor involving moral turpitude, deceit, dishonesty or fraud, or any conduct by the Executive that would reasonably be expected to result in material injury or reputational harm to the Company or any of its subsidiaries and affiliates if the Executive was retained in his position; (iii) continued non-performance by the Executive of the Executive's duties hereunder (other than by reason of the Executive's physical or mental illness, incapacity or disability) which has continued for more than thirty (30) days following written notice of such non-performance from the Board; (iv) a breach by the Executive of any of the provisions contained in this Agreement, or in any Agreement between the parties; (v) a material violation by the Executive of the Company's written employment policies; or (vi) failure to cooperate with a bona fide internal investigation or an investigation by regulatory or law enforcement authorities, after being instructed by the Company to cooperate, or the willful destruction or failure to preserve documents or other materials known to be relevant to such investigation or the inducement of others to fail to cooperate or to produce documents or other materials in connection with such investigation.

(d)    Termination Without Cause. The Company may terminate the Executive's employment hereunder at any time without Cause. Any termination by the Company of the Executive's employment under this Agreement which does not constitute a termination for Cause under Section 3(c) and does not result from the death or disability of the Executive under Section 3(a) or (b) shall be deemed a termination without Cause.

(e)    Termination by the Executive. The Executive may terminate his employment hereunder at any time for any reason, including but not limited to Good Reason. For purposes of this Agreement, "Good Reason" shall mean that the Executive has complied with the "Good Reason Process" (hereinafter defined) following the occurrence of any of the following events: (i) the relocation of the Company's offices such that the Executive's daily commute is increased by at least fifty (50) miles each way without the written consent of the Executive; (ii) material reduction of the Executive's annual base salary without the prior consent of the Executive (other than in connection with, and substantially proportionate to, reductions by the Company of the annual base salary of more than fifty percent (50%) of its employees); or (iii) material diminution in the Executive's duties, authority or responsibilities without the prior consent of the Executive, other than changes in duties, authority or responsibilities resulting from the Executive's misconduct; provided, however, that any reduction in duties, authority or responsibilities or reduction in the level of management to which the Executive reports resulting solely from a Change in Control which results in the Company being acquired by and made a part of a larger entity shall not constitute Good Reason (each a "Good Reason Condition"). "Good Reason Process" shall mean that (A) the Executive reasonably determines in good faith that a Good Reason Condition has occurred; (B) the Executive notifies the Company in writing of the first occurrence of the Good Reason Condition within sixty (60) days of the first occurrence of such Good Reason Condition; (C) the Executive cooperates in good faith with the 
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Company's efforts, for a period not less than thirty (30) days following such notice (the "Cure Period"), to remedy the condition; (D) notwithstanding such efforts, the Good Reason Condition continues to exist; and (E) the Executive terminates his employment within sixty (60) days after the end of the Cure Period. If the Company cures the Good Reason Condition during the Cure Period, Good Reason shall be deemed not to have occurred.

(f)    Notice of Termination. Except for termination as specified in Section 3(a), any termination of the Executive's employment by the Company or any such termination by the Executive shall be communicated by written Notice of Termination to the other party hereto. For purposes of this Agreement, a "Notice of Termination" shall mean a notice which shall indicate the specific termination provision in this Agreement relied upon.

(g)    Date of Termination. "Date of Termination" shall mean: (i) if the Executive's employment is terminated by his death, the date of his death; (ii) if the Executive's employment is terminated on account of disability under Section 3(b) or by the Company for Cause under Section 3(c), the date on which a Notice of Termination is given; (iii) if the Executive's employment is terminated by the Company under Section 3(d), the last date of employment as referenced in the Notice of Termination; (iv) if the Executive's employment is terminated by the Executive under Section 3(e) without Good Reason, thirty (30) days after the date on which a Notice of Termination is given, and (v) if the Executive's employment is terminated by the Executive under Section 3(e) with Good Reason, the date on which a Notice of Termination is given after the end of the Cure Period. Notwithstanding the foregoing, (A) in the event that the Executive gives a Notice of Termination to the Company, the Company may unilaterally accelerate the Date of Termination and such acceleration shall not result in a termination by the Company for purposes of this Agreement, and (B) in the event that the Company terminates the Executive's employment without Cause under Section 3(d), the Company may unilaterally accelerate the Date of Termination to any earlier effective date provided that the Company continues to pay the Executive the Base Salary through the Date of Termination.

4.Compensation Upon Termination.

(a)    Compensation Generally. If the Executive's employment with the Company is terminated for any reason, the Company shall pay or provide to the Executive (or to his authorized representative or estate) (i) any Base Salary earned through the Date of Termination and unpaid expense reimbursements (subject to, and in accordance with, Section 2(f) of this Agreement); and (ii) any vested benefits the Executive may have under any employee benefit plan of the Company through the Date of Termination, which vested benefits shall be paid and/or provided in accordance with the terms of such employee benefit plans (collectively, the "Accrued Benefit").

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(b)    Termination by the Company without Cause or by the Executive with Good Reason. During the Term, if the Executive's employment is terminated by the Company without Cause as provided in Section 3(d), or the Executive terminates his employment for Good Reason as provided in Section 3(e), then the Company shall pay the Executive his Accrued Benefit. In addition, subject to the Executive signing a separation and general release agreement in a form and manner satisfactory to the Company (the "Separation and General Release Agreement"), the Separation and General Release Agreement becoming irrevocable and fully effective, all within the time frame set forth in the Separation and General Release Agreement (but in no event later than sixty (60) days after the Date of Termination), and the Executive not breaching any of bis post-employment contractual obligations to the Company:

(i)    the Company shall pay the Executive an amount equal to 12 months of the Executive's then current Base Salary; and

(ii)    if the Executive was participating in the Company's group health plan immediately prior to the Date of Termination and elects COBRA health continuation, then the Company shall pay to the Executive a monthly cash payment until the earlier of (i) 12 months following the Date of Termination, (ii) the end of the Executive's COBRA health continuation period or (iii) the date the Executive becomes eligible for health insurance coverage in connection with new employment or self employment (and the Executive's eligibility for any such benefits shall be promptly reported by the Executive to the Company), in an amount equal to the monthly employer contribution that the Company would have made to provide health insurance to the Executive if the Executive had remained employed by the Company;

(iii)    the amounts payable under this Section 4(b) shall be paid out in substantially equal installments in accordance with the Company's payroll practice over 12 months commencing within sixty (60) days after the Date of Termination; provided, however, that if the sixty (60)-day period begins in one calendar year and ends in a second calendar year, the severance amount shall begin to be paid in the second calendar year by the last day of such sixty (60)-day period; provided, further, that the initial payment shall include a catch-up payment to cover amounts retroactive to the day immediately following the Date of Termination. Each payment pursuant to this Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section l.409A-2(b)(2); and

5.Change in Control Payment. The provisions of this Section 5 set forth certain terms of an agreement reached between the Executive and the Company regarding the Executive's rights and obligations upon the occurrence of a Change in Control (as defined below). These provisions are intended to assure and encourage in advance the Executive's continued attention and dedication to the Executive's assigned duties and the Executive's objectivity during the pendency and after the occurrence of any such event. These provisions shall apply in lieu of, and expressly supersede, the provisions of Section 4(b) regarding severance pay and benefits upon a termination of employment, if such termination of employment occurs within 12 months after the occurrence of the first event constituting a Change in Control. These provisions shall terminate and be of no further force or effect beginning 12 months after the occurrence of a Change in Control.

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(a)    Change in Control. During the Term, if within 12 months after a Change in Control, the Executive's employment is terminated by the Company without Cause as provided in Section 3(d) or the Executive terminates the Executive's employment for Good Reason as provided in Section 3(e), then, subject to the signing of the Separation Agreement and Release by the Executive and the Separation Agreement and Release becoming fully effective, all within the time frame set forth in the Separation Agreement and Release (but in no event later than sixty (60) days following the Date of Termination):

(i)    the Company shall pay the Executive a lump sum amount equal to one (1) times the sum of (A) the Executive's then current Base Salary plus (B) the Executive's Target Annual Cash Incentive Compensation for the then-current year;

(ii)    if the Executive was participating in the Company's group health plan immediately prior to the Date of Termination and elects COBRA health continuation, then the Company shall pay to the Executive a monthly cash payment until the earlier of (i) 12 months following the date of termination, (ii) the end of the Executive's COBRA health continuation period or (iii) the date the Executive becomes eligible for health insurance coverage in connection with new employment or self employment (and the Executive's eligibility for any such benefits shall be promptly reported by the Executive to the Company), in an amount equal to the monthly employer contribution that the Company would have made to provide health insurance to the Executive if the Executive had remained employed by the Company;

(iii)    notwithstanding anything to the contrary in any applicable option agreement or stock-based award agreement, all time-based stock options and other time based stock-based awards granted to the Executive shall immediately accelerate and become fully exercisable or nonforfeitable as of the Date of Termination; and

(iv)    the amounts payable under this Section 5(a) shall be paid or commence to be paid within sixty (60) days after the Date of Termination; provided, however, that if the sixty (60)-day period begins in one calendar year and ends in a second calendar year, such payment shall be paid or commence to be paid in the second calendar year by the last day of such sixty (60)-day period.

(b)    Additional Limitation.

(i)    Anything in this Agreement to the contrary notwithstanding, in the event that the amount of any compensation, payment or distribution by the Company to or for the benefit of the Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise, calculated in a manner consistent with Section 280G of the Internal Revenue Code of 1986, as amended (the "Code"), and the applicable regulations thereunder (the "Aggregate Payments"), would be subject to the excise tax imposed by Section 4999 of the Code, then the Aggregate Payments shall be reduced (but not below zero) so that the sum of all of the Aggregate Payments shall be $1.00 less than the amount at which the Executive becomes subject to the excise tax imposed by Section 4999 of the Code; provided that such reduction shall only occur if it would result in the Executive receiving a higher After Tax Amount (as defined below) than the Executive would receive if the Aggregate Payments were not subject to such reduction. In such event, the Aggregate Payments shall be reduced in the following order, in each case, in reverse chronological order beginning with the Aggregate Payments that 
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are to be paid the furthest in time from consummation of the transaction that is subject to Section 280G of the Code: (1) cash payments not subject to Section 409A of the Code; (2) cash payments subject to Section 409A of the Code; (3) equity based payments and acceleration; and (4) non-cash forms of benefits; provided that in the case of all the foregoing Aggregate Payments all amounts or payments that are not subject to calculation under Treas. Reg. §1.280G- l, Q&A-24(b) or (c) shall be reduced before any amounts that are subject to calculation under Treas. Reg. §1.280G-l, Q&A-24(b) or (c).

(ii)    For purposes of this Section 5(b), the "After Tax Amount" means the amount of the Aggregate Payments less all federal, state, and local income, excise and employment taxes imposed on the Executive as a result of the Executive's receipt of the Aggregate Payments. For purposes of determining the After Tax Amount, the Executive shall be deemed to pay federal income taxes at the highest marginal rate of federal income taxation applicable to individuals for the calendar year in which the determination is to be made, and state and local income taxes at the highest marginal rates of individual taxation in each applicable state and locality, net of the maximum reduction in federal income taxes which could be obtained from deduction of such state and local taxes.

(iii)    The determination as to whether a reduction in the Aggregate Payments shall be made pursuant to Section 5(b)(i) shall be made by a nationally recognized accounting firm selected by the Company (the "Accounting Firm"), which shall provide detailed supporting calculations both to the Company and the Executive within fifteen (15) business days of the Date of Termination, if applicable, or at such earlier time as is reasonably requested by the Company or the Executive. Any determination by the Accounting Firm shall be binding upon the Company and the Executive.

(c)    Definitions. For purposes of this Section 5, the following terms shall have the following meanings:

"Change in Control" shall mean any of the following:

(i)    any "person," as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the " Act"), any of its subsidiaries, or any trustee, fiduciary or other person or entity holding securities under any employee benefit plan or trust of the Company or any of its subsidiaries), together with all "affiliates" and "associates" (as such terms are defined in Rule 12b-2 under the Act) of such person, shall become the "beneficial owner" (as such term is defined in Rule 13d-3 under the Act), directly or indirectly, of securities of the Company representing 50 percent or more of the combined voting power of the Company's then outstanding securities having the right to vote in an election of the Board (" Voting Securities") (in such case other than as a result of an acquisition of securities directly from the Company); or

(ii)    the date a majority of the members of the Board is replaced during any 12-month period by directors whose appointment or election is not endorsed by a majority of the members of the Board before the date of the appointment or election; or
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(iii)    the consummation of (A) any consolidation or merger of the Company where the stockholders of the Company, immediately prior to the consolidation or merger, would not, immediately after the consolidation or merger, beneficially own (as such term is defined in Rule 13d-3 under the Act), directly or indirectly, shares representing in the aggregate more than 50 percent of the voting shares of the Company issuing cash or securities in the consolidation or merger (or of its ultimate parent corporation, if any), or (B) any sale or other transfer (in one transaction or a series of transactions contemplated or arranged by any party as a single plan) of all or substantially all of the assets of the Company.

Notwithstanding the foregoing, a "Change in Control" shall not be deemed to have occurred for purposes of the foregoing clause (i) solely as the result of an acquisition of securities by the Company which, by reducing the number of shares of Voting Securities outstanding, increases the proportionate number of Voting Securities beneficially owned by any person to 50 percent or more of the combined voting power of all of the then outstanding Voting Securities; provided, however, that if any person referred to in this sentence shall thereafter become the beneficial owner of any additional shares of Voting Securities (other than pursuant to a stock split, stock dividend, or similar transaction or as a result of an acquisition of securities directly from the Company) and immediately thereafter beneficially owns 50 percent or more of the combined voting power of all of the then outstanding Voting Securities, then a "Change in Control" shall be deemed to have occurred for purposes of the foregoing clause (i).

6.Section 409A.

(a)    Anything in this Agreement to the contrary notwithstanding, if at the time of the Executive's separation from service within the meaning of Section 409A of the Code, the Company determines that the Executive is a "specified employee" within the meaning of Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that the Executive becomes entitled to under this Agreement on account of the Executive's separation from service would be considered deferred compensation otherwise subject to the twenty percent (20%) additional tax imposed pursuant to Section 409A(a) of the Code as a result of the application of Section 409A(a)(2)(B)(i) of the Code, such payment shall not be payable and such benefit shall not be provided until the date that is the earlier of (A) six months and one day after the Executive's separation from service, or (B) the Executive's death. If any such delayed cash payment is otherwise payable on an installment basis, the first payment shall include a catch-up payment covering amounts that would otherwise have been paid during the six-month period but for the application of this provision, and the balance of the installments shall be payable in accordance with their original schedule.

(b)    All in-kind benefits provided and expenses eligible for reimbursement under this Agreement shall be provided by the Company or incurred by the Executive during the time periods set forth in this Agreement. All reimbursements shall be paid as soon as administratively practicable, but in no event shall any reimbursement be paid after the last day of the taxable year following the taxable year in which the expense was incurred. The amount of in-kind benefits provided or reimbursable expenses incurred in one taxable year shall not affect the in-kind benefits to be provided or the expenses eligible for reimbursement in any other taxable year (except for any lifetime or other aggregate limitation applicable to medical expenses). Such 
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right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit.

(c)    To the extent that any payment or benefit described in this Agreement constitutes " non-qualified deferred compensation" under Section 409A of the Code, and to the extent that such payment or benefit is payable upon the Executive's termination of employment, then such payments or benefits shall be payable only upon the Executive's "separation from service." The determination of whether and when a separation from service has occurred shall be made in accordance with the presumptions set forth in Treasury Regulation Section l.409A-l(h).

(d)    The Parties intend that this Agreement will be administered in accordance with Section 409A of the Code. To the extent that any provision of this Agreement is ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such a manner so that all payments hereunder comply with Section 409A of the Code. Each payment pursuant to this Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section l.409A-2(b)(2). The Parties agree that this Agreement may be amended, as reasonably requested by either party, and as may be necessary to fully comply with Section 409A of the Code and all related rules and regulations in order to preserve the payments and benefits provided hereunder without additional cost to either party.

(e)    The Company makes no representation or warranty and shall have no liability to the Executive or any other person if any provisions of this Agreement are determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an exemption from, or the conditions of, such Section.

7.Nondisclosure/Confidentiality.

(a)    Confidential Information. As used in this Agreement, "Confidential Information" shall mean information belonging to the Company or any of its subsidiaries or affiliates or related entities, as applicable (together, the "Protected Parties" and each of them, a "Protected Party") which is of value to any of the Protected Parties in the course of conducting its business and the disclosure of which could result in a competitive or other disadvantage to a Protected Party. Confidential Information includes, without limitation:

(i)    the identity of any current or prospective customers, clients, suppliers or vendors of any of the Protected Parties;

(ii)    information relating to the business, products, affairs and finances of any of the Protected Parties;

(iii)    information relating to the manufacture, production, distribution, marketing, or sale of any product sold by any of the Protected Parties;

(iv)    technical data and know-how relating to the business of any of the Protected Parties;

(v)    any information relating to technology, marketing and business plans or strategies of any of the Protected Parties;
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(vi)    any management accounting or other similar financial information that would typically be included in the financial statements of any of the Protected Parties, including without limitation, the amount of the assets, liabilities, net worth, revenues or net income of any of the Protected Parties;

(vii)    names and addresses of any of the customers, clients, suppliers, vendors and employees of any of the Protected Parties, and details of any independent contractor or agency arrangements of any of the Protected Parties;

(viii)    information relating to legal and professional dealings, equity structure, real property, tangible property, finances, business, and investment activities, and other personal affairs of any of the Protected Parties; and

(ix)    any and all books, notes, memoranda, records, correspondence, documents, computer and other discs and tapes, data listings, codes, designs, drawings and other documents and materials (whether made or created by the Executive or otherwise) relating to the business of any of the Protected Parties;

Notwithstanding the foregoing, Confidential Information does not include information in the public domain prior to the time of disclosure, unless due to breach of the Executive's duties under Section 7(b).

(b)    Confidentiality. The Executive understands and agrees that the Executive's employment with the Company will create a relationship of confidence and trust between the Executive and the Company with respect to all Confidential Information. At all times, both during the Executive's employment with the Company and after his termination of employment, the Executive will keep in confidence and trust all such Confidential Information, and will not use or disclose any such Confidential Information without the written consent of the Company, except as may be necessary in the ordinary course of performing the Executive's duties to the Company, or as may be required by applicable law. For the avoidance of doubt, the Executive understands that pursuant to the federal Defend Trade Secrets Act of 2016, the Executive shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that (A) 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. The Executive further understands that nothing contained in this Agreement limits the Executive's ability to (A) communicate with any federal, state or local governmental agency or commission, including to provide documents or other information, without notice to the Company, or (B) share compensation information concerning the Executive or others, except that this does not permit the Executive to disclose compensation information concerning others that the Executive has obtained because the Executive's job responsibilities require or allow access to such information.

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(c)    Company Property. All documents, records, data, apparatus, equipment and other physical property, whether or not pertaining to Confidential Information, which are furnished to the Executive by the Company or any other Protected Party or are produced by the Executive in connection with the Executive's employment will be and remain the sole property of the Company. The Executive will return to the Company all such materials and property as and when requested by the Company. In any event, the Executive will return all such materials and property immediately upon termination of the Executive's employment for any reason. The Executive will not retain any such material or property or any copies thereof after such termination.

(d)    Work Product. As used in this Agreement, the term "Work Product" means all inventions , innovations, improvements, technical information, systems, software developments, methods, designs, analyses, drawings, reports, service marks, trademarks, trade names, logos and all similar or related information (whether patentable or unpatentable, copyrightable, registerable as a trademark, reduced to writing, or otherwise), or any part thereof, which relates to the Company's or any of its affiliates' actual or anticipated business, research and development or existing or future products or services and which are or were conceived, developed or made by the Executive (whether or not during usual business hours, whether or not by the use of the facilities of the Company or any of its affiliates, and whether or not alone or in conjunction with any other person) while employed by the Company together with all patent applications, letters patent, trademark, trade name and service mark applications or registrations, copyrights and reissues thereof that may be granted for or upon any of the foregoing. All Work Product that the Executive may discover, invent or originate during the Term of Employment shall be the exclusive property of the Company, and its affiliates, as applicable, and the Executive hereby assigns all of the Executive's right, title and interest in and to such Work Product to the Company or its applicable affiliate, including all intellectual property rights therein. The Executive shall promptly disclose all Work Product to the Company, shall execute at the request of the Company any assignments or other documents the Company may deem necessary to protect or perfect its (or any of its affiliate's, as applicable) rights therein, and shall assist the Company, at the Company's expense, in obtaining, defending and enforcing the Company's (or any of its affiliate's, as applicable) rights therein. The Executive hereby appoints the Company as his attorney-in-fact to execute on his behalf any assignments or other documents deemed necessary by the Company to protect or perfect the Company's (and any of its affiliate's, as applicable) rights to any Work Product.

(e)    Litigation and Regulatory Cooperation. During and after the Executive's employment, the Executive shall cooperate fully with the Company in the defense or prosecution of any claims or actions now in existence or which may be brought in the future against or on behalf of the Company which relate to events or occurrences that transpired while the Executive was employed by the Company. The Executive's full cooperation in connection with such claims or actions shall include, but not be limited to, being available to meet with counsel to prepare for discovery or trial and to act as a witness on behalf of the Company at mutually convenient times. During and after the Executive's employment, the Executive also shall cooperate fully with the Company in connection with any investigation or review of any federal, state or local regulatory authority as any such investigation or review relates to events or occurrences that transpired while the Executive was employed by the Company. The Company shall reimburse the Executive for any reasonable out-of-pocket expenses incurred in connection with the Executive's performance of obligations pursuant to this Paragraph.

8.Third-Party Agreements and Rights. The Executive represents to the Company that the Executive's execution of this Agreement, the Executive's employment with the Company 
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and the performance of the Executive's duties for the Company as contemplated under this Agreement will not violate any obligations the Executive may have to any other party. In the Executive's work for the Company, the Executive will not disclose or make use of any information in violation of any agreements with or rights of any such other party, and the Executive will not bring to the premises of the Company any copies or other tangible embodiments of non-public information belonging to or obtained from any such other party.

9.Non-Competition; Non-Solicitation.

(a)    The Executive understands and acknowledges that the Executive is being hired as a key employee with the Company, and is being placed in an executive position which includes the Executive's involvement and discretion in decisions and matters of importance for the Company. The Executive understands that the nature of the Executive's position gives the Executive access to and knowledge of Confidential Information and places the Executive in a position of trust and confidence with the Company. The Executive further understands and acknowledges that the Company's ability to safeguard its Confidential Information for the exclusive knowledge and use of the Company is of great competitive importance and commercial value to the Company, and that improper use or disclosure by the Executive may result in unfair or unlawful competitive activity.

(b)    Because of the Company's legitimate business interest as described herein, and the good and valuable consideration offered to the Executive, during the Executive's employment with the Company and continuing through twelve (12) months after the Date of Termination (the "Restricted Period"), the Executive (i) will not, directly or indirectly, whether as owner, partner, investor, operator, manager, officer, director, consultant, agent, employee, co-venturer, advisor, representative or otherwise, engage, participate, assist or invest or actively prepare to engage, participate, assist or invest or actively prepare to engage, participate, assist or invest in any Competing Business (as hereinafter defined); (ii) will refrain from directly or indirectly employing, attempting to employ, recruiting, hiring or otherwise soliciting, inducing or influencing any person to leave employment with any of the Protected Parties; and (iii) will refrain from soliciting or encouraging any customer, supplier, consultant or vendor to terminate or otherwise modify adversely its business relationship with any of the Protected Parties. The Executive understands that the restrictions set forth in this Section 9 are intended to protect the interest of each of the Protected Parties in its Confidential Information, goodwill and established employee, customer, supplier, consultant and vendor relationships and goodwill, and agrees that such restrictions are reasonable and appropriate for this purpose.

(c)    For purposes of this Agreement, the term "Competing Business" shall mean engaged (or seeking to engage) in any way in developing, manufacturing, offering, producing, providing, marketing, performing, licensing, or soliciting business for pre-clinical, clinical or commercial stage products or product candidates in oncology that: (i) in the case of pre-clinical assets are focused on specific molecular targets, that are identified by the Company as the primary intended molecular targets (e.g. the primary intended molecular targets of DCC- 2618 would be the KIT and PDGFRa kinases) or (ii) in the case of clinical-stage or commercial assets that are in active development for a particular label or indication (as defined by an active clinical protocol or prescribing information) that the Company is actively pursuing on the Termination Date or is the subject of active planning by the Company, its subsidiaries and/or its affiliates as of the Date of Termination (irrespective of whether such business is carried on by the Company and/or any of its subsidiaries or affiliates as of the Effective Date). Notwithstanding 
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the foregoing, "Competing Business" shall not include any investment by the Executive, directly or indirectly, solely as an investor (x) in publicly traded stock of a company representing less than two percent (2%) of the stock of such company, or (y) in mutual funds, exchange traded funds or similar investment or alternative investment vehicles, in each case, investing in public market securities.

(d)    The restrictions in this Section 9 shall apply to any conduct in [(i) the United States of America; (ii) any geographic area in which the Company or its subsidiaries or affiliates has sold, is then selling, or is actively planning to sell its products or services as of the Date of Termination; and (iii) any other geographic area in which the Company or its subsidiaries or affiliates has operated, is then operating or is actively planning to operate its business.

(e)    The parties acknowledge and agree that these restrictive covenants set forth in this Section 9 shall not supersede or be superseded by, and shall be read in conjunction with, any non-solicitation, non-competition and confidentiality agreement or other restrictive covenants entered into between the parties to effect the greatest restriction.

10.Severability. If any provision of this Agreement, or any part thereof, is held by a court or other authority of competent jurisdiction to be invalid or unenforceable, the parties agree that the court or authority making such determination will have the power to reduce the duration or scope of such provision or to delete specific words or phrases as necessary (but only to the minimum extent necessary) to cause such provision or part to be valid and enforceable. If such court or authority does not have the legal authority to take the actions described in the preceding sentence, the parties agree to negotiate in good faith a modified provision that would, in so far as possible, reflect the original intent of this Agreement without violating applicable law.

11.Remedies. The Executive acknowledges that the restrictions contained in this Agreement are reasonable and necessary to protect the Company's legitimate business interests and that any violation of the provisions contained herein may result in irreparable injury to the Company and that monetary damages may not be sufficient to compensate the Company for any economic loss which may be incurred by reason of breach of the restrictions contained herein. In the event of a breach or a threatened breach by the Executive of any provision contained herein, the Company shall be entitled to a temporary restraining order and injunctive relief restraining the Executive from the commission of any breach, shall not be required to provide any bond or other security in connection with obtaining any such equitable remedy and shall be entitled to recover the Company's reasonable attorneys' fees, costs and expenses related to the breach or threatened breach. Nothing contained in this Section 119 shall be construed as prohibiting the Company from pursuing any other remedies available to it for any breach or threatened breach, including, without limitation, the recovery of money damages. In the event of a breach by Executive of any covenants contained herein, the term of such covenant shall be tolled until such breach has been duly cured.

12.Withholding. All payments made by the Company to the Executive under this Agreement shall be net of any tax or other amounts required to be withheld by the Company under applicable law.
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13.Enforceability. If any portion or provision of this Agreement (including, without limitation, any portion or provision of any section of this Agreement) shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law.

14.Survival. The provisions of this Agreement shall survive the termination of this Agreement and/or the termination of the Executive's employment to the extent necessary to effectuate the terms contained herein.

15.Waiver. No waiver of any provision hereof shall be effective unless made in writing and signed by the waiving party. The failure of any party to require the performance of any term or obligation of this Agreement, or the waiver by any party of any breach of this Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach.

16.Notices. Any notices, requests, demands and other communications provided for by this Agreement shall be sufficient if in writing and delivered in person or sent by a nationally recognized overnight courier service or by registered or certified mail, postage prepaid, return receipt requested, to the Executive at the last address the Executive has filed in writing with the Company or, in the case of the Company, at its main offices, attention of the Board.

17.Amendment. This Agreement may be amended or modified only by a written instrument signed by the Executive and by a duly authorized representative of the Company.

18.Governing Law. This Agreement shall be construed under and be governed in all respects by the laws of the Commonwealth of Massachusetts, without giving effect to the conflict of laws principles of such state. The parties hereby consent to the jurisdiction of the state and federal courts of the Commonwealth of Massachusetts. Accordingly, with respect to any such court action, the Executive (a) submits to the personal jurisdiction of such courts; (b) consents to service of process; and (c) waives any other requirement (whether imposed by statute, rule of court, or otherwise) with respect to personal jurisdiction or service of process.

19.Successor to Company. This Agreement shall inure to the benefit of and be enforceable by any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company.

20.No Third-Party Beneficiaries. This Agreement is intended solely for the benefit of the parties and the Company's respective successors and permitted assigns and shall not confer upon any other person any remedy, claim, liability, reimbursement or other right. The Agreement is not intended and shall not be construed to create any third party beneficiaries or to provide to 
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any third parties with any remedy, claim, liability, reimbursement, cause of action, or other right or privilege.

21.Integration. This Agreement constitutes the entire agreement between the Parties with respect to the subject matter hereof and supersedes all prior written or oral agreements between the Parties concerning such subject matter, including without limitation, any offer letter between the Company and the Executive.

22.Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be taken to be an original; but such counterparts shall together constitute one and the same document.

[Remainder of Page Left Intentionally Blank]

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IN WITNESS WHEREOF, the parties have executed this Agreement effective on the date and year first above written.

DECIPHERA PHARMACEUTICALS, LLC

Dated: 2018.04.24                By:     /s/ Michael D. Taylor, Ph.D.
Name: Michael D. Taylor, Ph.D.
Title: President & CEO

Dated: 26 April 2018                /s/ Stephen Ruddy            
STEPHEN RUDDY

[Signature Page to Ruddy Employment Agreement]
16Exhibit 10.1 

 

PLACEMENT AGENCY AGREEMENT

 

February 5, 2021

 

Cantor Fitzgerald & Co.

499 Park Ave.

New York, NY 10022

Attention: Head of Investment Banking

Copy to: General Counsel

 

Roth Capital Partners, LLC

888 San Clemente Drive, Suite 400

Newport Beach, CA 92660

 

Ladies and Gentlemen:

 

Introduction.
Subject to the terms and conditions herein (this “Agreement”), McEwen Mining Inc., a Colorado corporation (the
 “Company”), hereby agrees to sell up to 30 million shares (the “Shares”) of the Company’s
common stock, no par value per share (the "Common Stock”), directly to various investors (each, an “Investor”
and, collectively, the “Investors”) through Cantor Fitzgerald & Co. (“Cantor”) and Roth
Capital Partners, LLC (“Roth” and, each of Cantor and Roth, a “Placement Agent” and, collectively,
the “Co-Placement Agents”) as co-placement agents. The documents executed and delivered by the Company and the
Investors in connection with the Offering (as defined below), including, without limitation, a securities purchase agreement (the
 “Purchase Agreement”), shall be collectively referred to herein as the “Transaction Documents.”
The Co-Placement Agents may retain other brokers or dealers to act as sub-agents or selected-dealers on its behalf in connection
with the Offering

 

The Company hereby
confirms its agreement with the Co-Placement Agents as follows:

 

Section 1.              
Agreement to Act as Placement Agent.

 

(a)                On
the basis of the representations, warranties and agreements of the Company herein contained, and subject to all the terms and
conditions of this Agreement, the Co-Placement Agents shall be the exclusive placement agents in connection with the offering
and sale by the Company of the Shares pursuant to the Company's registration statement on Form S-3 (File No. 333-224476) (the
 “Registration Statement”), with the terms of such offering (the “Offering”) to be
subject to market conditions and negotiations between the Company, the Co-Placement Agents and the prospective Investors. The
Co-Placement Agents will act on a reasonable best-efforts basis and the Company agrees and acknowledges that there is no
guarantee of the successful placement of the Shares, or any portion thereof, in the prospective Offering. Under no
circumstances will the Co-Placement Agents or any of their respective “Affiliates” (as defined below) be
obligated to underwrite or purchase any of the Shares for its own account or otherwise provide any financing. The
Co-Placement Agents shall act solely as the Company’s agents and not as principal. The Co-Placement Agents shall have
no authority to bind the Company with respect to any prospective offer to purchase Shares and the Company shall have the sole
right to accept offers to purchase Shares and may reject any such offer, in whole or in part. Subject to the terms and
conditions hereof, payment of the purchase price for, and delivery of, the Shares shall be made at one or more closings (each
a “Closing” and the date on which each Closing occurs, a “Closing Date”). The Closing
shall occur via “Delivery Versus Payment”, i.e., on the Closing Date, the Company shall issue the Shares directly
to the account designated by the Co-Placement Agents and, upon receipt of such Shares, the applicable Co-Placement Agent
shall electronically deliver such Shares to the applicable Investor and payment shall be made by such Co-Placement Agent (or
its clearing firm) by wire transfer to the Company. As compensation for services rendered, on each Closing Date, the Company
shall pay to the Co-Placement Agents the fees and expenses set forth below:

 

(i)                
A cash fee equal to 5% of the gross proceeds received by the Company from the sale of the Shares at the closing of the Offering
(the “Closing”), which shall be allocated 2.5% to Cantor and 2.5% to Roth.

 

     

     

    

 

(ii)              
The Company agrees to reimburse the Co-Placement Agent’s out of pocket expenses in an amount of up to $75,000 payable
immediately upon the Closing of the Offering, in addition to the expenses described in Section 6 of this Agreement; provided,
however, that such expense cap herein in no way limits or impairs the indemnification and contribution provisions of this
Agreement.

 

(b)                The
term of the Co-Placement Agent's exclusive engagement will be until the completion of the Offering (the “Exclusive Term”);
provided, however, that a party hereto may terminate the engagement with respect to itself at any time upon written
notice to the other parties. Notwithstanding anything to the contrary contained herein, the provisions concerning confidentiality,
indemnification and contribution contained herein and the Company’s obligations contained in the indemnification provisions
will survive any expiration or termination of this Agreement, and the Company’s obligation to pay fees actually earned and
payable and to reimburse expenses actually incurred and reimbursable pursuant to Section 1 hereof and which are permitted to be
reimbursed under FINRA Rule 5110(f)(2)(D)(i), will survive any expiration or termination of this Agreement. Nothing in this Agreement
shall be construed to limit the ability of the Co-Placement Agents or their respective Affiliates to pursue, investigate, analyze,
invest in, or engage in investment banking, financial advisory or any other business relationship with Persons (as defined below)
other than the Company. As used herein (i) “Persons” means an individual or corporation, partnership, trust,
incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency
or subdivision thereof) or other entity of any kind and (ii) “Affiliate” means any Person that, directly or
indirectly through one or more intermediaries, controls or is controlled by or is under common control with a Person as such terms
are used in and construed under Rule 405 under the Securities Act of 1933, as amended (the “Securities Act”).

 

    2 

     

    

 

Section 2.              Representations,
Warranties and Covenants of the Company. The Company hereby represents, warrants and covenants to the Co-Placement Agents
as of the date hereof, and as of each Closing Date, as follows:

 

(a)                Securities
Law Filings. The Company has filed with the Securities and Exchange Commission (the “Commission”) the
Registration Statement under the Securities Act, which was filed on April 27, 2018 and declared effective on July 6, 2018 for
the registration of the Shares under the Securities Act. At the time of such filing, the Company met the requirements of Form
S-3 under the Securities Act. Following the determination of pricing among the Company and the prospective Investors
introduced to the Company by the Co-Placement Agents, the Company will file with the Commission pursuant to Rules 430A and
424(b) under the Securities Act, and the rules and regulations (the “Rules and Regulations”) of the
Commission promulgated thereunder, a final prospectus supplement relating to the placement of the Shares, their respective
pricings and the plan of distribution thereof and will advise the Co-Placement Agents of all further information (financial
and other) with respect to the Company required to be set forth therein. Such registration statement, at any given time,
including the exhibits thereto filed at such time, as amended at such time, is hereinafter called the “Registration
Statement”; such prospectus in the form in which it appears in the Registration Statement at the time of
effectiveness is hereinafter called the “Base Prospectus”; the prospectus supplement in the form in which
it was filed with the Commission pursuant to Rule 424(b) is hereinafter called the “Prospectus Supplement”
and together with the Base Prospectus as it may be amended or supplemented is hereinafter called the “Final
Prospectus.” The Registration Statement at the time it originally became effective is hereinafter called the
 “Original Registration Statement.” Any reference in this Agreement to the Registration Statement, the
Original Registration Statement, the Base Prospectus, the Prospectus Supplement or the Final Prospectus shall be deemed to
refer to and include the documents incorporated by reference therein (the “Incorporated Documents”), if
any, which were or are filed under the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
at any given time, as the case may be; and any reference in this Agreement to the terms “amend,”
 “amendment” or “supplement” with respect to the Registration Statement, the Original Registration
Statement, the Base Prospectus, the Prospectus Supplement or the Final Prospectus shall be deemed to refer to and include the
filing of any document under the Exchange Act after the date of this Agreement, or the issue date of the Base Prospectus, the
Prospectus Supplement or the Final Prospectus, as the case may be, deemed to be incorporated therein by reference. All
references in this Agreement to financial statements and schedules and other information which is “contained,”
 “included,” “described,” “referenced,” “set forth” or “stated” in
the Registration Statement, the Base Prospectus, the Prospectus Supplement or the Final Prospectus (and all other references
of like import) shall be deemed to mean and include all such financial statements and schedules and other information which
is or is deemed to be incorporated by reference in the Registration Statement, the Base Prospectus, the Prospectus Supplement
or the Final Prospectus, as the case may be. As used in this paragraph and elsewhere in this Agreement, “Time of
Sale Disclosure Package” means the Base Prospectus, any prospectus supplement, any subscription agreement between
the Company and the Investors, and any issuer free writing prospectus as defined in Rule 433 of the Act (each, an
 “Issuer Free Writing Prospectus”), if any, that the parties hereto shall hereafter expressly agree in
writing to treat as part of the Time of Sale Disclosure Package. The term “any Prospectus” shall mean, as
the context requires, the Base Prospectus, the Final Prospectus, and any supplement to either thereof. The Company has not
received any notice that the Commission has issued or intends to issue a stop order suspending the effectiveness of the
Registration Statement or the use of the Base Prospectus or any Prospectus Supplement or intends to commence a proceeding for
any such purpose.

 

    3 

     

    

 

(b)                Assurances.
The Original Registration Statement, as amended, (and any further documents to be filed with the Commission) contains all
exhibits and schedules as required by the Securities Act. Each of the Registration Statement and any post-effective amendment
thereto, at the time it became effective, complied in all material respects with the Securities Act and the applicable Rules
and Regulations and did not contain any untrue statement of a material fact or omit to state a material fact required to be
stated therein or necessary to make the statements therein not misleading. The Base Prospectus, and the Final Prospectus,
each as of its respective date, comply or will comply in all material respects with the Securities Act and the applicable
Rules and Regulations. Each of the Base Prospectus and the Final Prospectus, as amended or supplemented, did not and will not
contain as of the date thereof any untrue statement of a material fact or omit to state a material fact necessary in order to
make the statements therein, in light of the circumstances under which they were made, not misleading. The Incorporated
Documents, when they were filed with the Commission, conformed in all material respects to the requirements of the Exchange
Act and the applicable Rules and Regulations promulgated thereunder, and none of such documents, when they were filed with
the Commission, contained any untrue statement of a material fact or omitted to state a material fact necessary to make the
statements therein (with respect to Incorporated Documents incorporated by reference in the Base Prospectus or Final
Prospectus), in light of the circumstances under which they were made not misleading. No post-effective amendment to the
Registration Statement reflecting any facts or events arising after the date thereof which represent, individually or in the
aggregate, a fundamental change in the information set forth therein is required to be filed with the Commission. Except for
this Agreement, there are no documents required to be filed with the Commission in connection with the transaction
contemplated hereby that (x) have not been filed as required pursuant to the Securities Act or (y) will not be filed within
the requisite time period. Except for this Agreement, there are no contracts or other documents required to be described in
the Base Prospectus or Final Prospectus, or to be filed as exhibits or schedules to the Registration Statement, which have
not been described or filed as required. The Company is eligible to use free writing prospectuses in connection with the
Offering pursuant to Rules 164 and 433 under the Securities Act. Any free writing prospectus that the Company is required to
file pursuant to Rule 433(d) under the Securities Act has been, or will be, filed with the Commission in accordance with the
requirements of the Securities Act and the applicable rules and regulations of the Commission thereunder. Each free writing
prospectus that the Company has filed, or is required to file, pursuant to Rule 433(d) under the Securities Act or that was
prepared by or behalf of or used by the Company complies or will comply in all material respects with the requirements of the
Securities Act and the applicable rules and regulations of the Commission thereunder. The Company will not, without the prior
consent of the Placement Agent, prepare, use or refer to, any free writing prospectus.

 

(c)               
Offering Materials. Neither the Company nor any of its directors and officers has distributed and none of them will
distribute, prior to each Closing Date, any offering material in connection with the offering and sale of the Shares other than
the Time of Sale Disclosure Package.

 

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

 

    4 

     

    

 

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

 

(f)                 Representations
and Warranties Incorporated by Reference. Each of the representations and warranties (together with any related disclosure
schedules thereto) made to the Investors in the Purchase Agreement, is hereby incorporated herein by reference (as though fully
restated herein) and is hereby made to, and in favor of, the Placement Agent.

 

Section 3.            
Delivery and Payment. Each Closing shall occur at the offices of the Ellenoff Grossman & Schole LLP, 1345 Avenue
of the Americas, New York, New York 10105 (“Co-Placement Agents Counsel”) (or at such other place as shall be
agreed upon by the Co-Placement Agents and the Company). Subject to the terms and conditions hereof, at each Closing payment of
the purchase price for the Shares sold on such Closing Date shall be made by Federal Funds wire transfer, against delivery of such
Shares, and such Shares shall be registered in such name or names and shall be in such denominations, as the Placement Agent may
request at least one business day before the time of purchase (as defined below).

 

Deliveries of the documents
with respect to the purchase of the Shares, if any, shall be made at the offices of Placement Agent Counsel. All actions taken
at a Closing shall be deemed to have occurred simultaneously.

 

Section 4.             
Covenants and Agreements of the Company. The Company further covenants and agrees with the Co-Placement Agents as follows:

 

(a)                Registration
Statement Matters. The Company will advise the Co-Placement Agents promptly after it receives notice thereof of the time
when any amendment to the Registration Statement has been filed or becomes effective or any supplement to the Base Prospectus
or the Final Prospectus has been filed and will furnish the Co-Placement Agents with copies thereof. The Company will file
promptly all reports and any definitive proxy or information statements required to be filed by the Company with the
Commission pursuant to Section 13(a), 14 or 15(d) of the Exchange Act subsequent to the date of any Prospectus and for so
long as the delivery of a prospectus is required in connection with the Offering. The Company will advise the Co-Placement
Agents, promptly after it receives notice thereof (i) of any request by the Commission to amend the Registration Statement or
to amend or supplement any Prospectus or for additional information, and (ii) of the issuance by the Commission of any stop
order suspending the effectiveness of the Registration Statement or any post-effective amendment thereto or any order
directed at any Incorporated Document, if any, or any amendment or supplement thereto or any order preventing or suspending
the use of the Base Prospectus or the Final Prospectus or any prospectus supplement or any amendment or supplement thereto or
any post-effective amendment to the Registration Statement, of the suspension of the qualification of the Shares for offering
or sale in any jurisdiction, of the institution or threatened institution of any proceeding for any such purpose, or of any
request by the Commission for the amending or supplementing of the Registration Statement or a Prospectus or for additional
information. The Company shall use its best efforts to prevent the issuance of any such stop order or prevention or
suspension of such use.  If the Commission shall enter any such stop order or order or notice of prevention or
suspension at any time, the Company will use its best efforts to obtain the lifting of such order at the earliest possible
moment, or will file a new registration statement and use its best efforts to have such new registration statement declared
effective as soon as practicable.  Additionally, the Company agrees that it shall comply with the provisions of
Rules 424(b), 430A, 430B and 430C, as applicable, under the Securities Act, including with respect to the timely filing
of documents thereunder, and will use its reasonable efforts to confirm that any filings made by the Company under such
Rule 424(b) are received in a timely manner by the Commission.

 

    5 

     

    

 

(b)               
Blue Sky Compliance. The Company will cooperate with the Co-Placement Agents and the Investors in endeavoring to
qualify the Shares for sale under the securities laws of such jurisdictions within the United States as the Co-Placement Agents
and the Investors may reasonably request and will make such applications, file such documents, and furnish such information as
may be reasonably required for that purpose, provided the Company shall not be required to qualify as a foreign corporation or
to file a general consent to service of process in any jurisdiction where it is not now so qualified or required to file such a
consent, and provided further that the Company shall not be required to produce any new disclosure document. The Company will,
from time to time, prepare and file such statements, reports and other documents as are or may be required to continue such qualifications
in effect for so long a period as the Co-Placement Agents may reasonably request for distribution of the Shares. The Company will
advise the Co-Placement Agents promptly of the suspension of the qualification or registration of (or any such exemption relating
to) the Shares for offering, sale or trading in any jurisdiction or any initiation or threat of any proceeding for any such purpose,
and in the event of the issuance of any order suspending such qualification, registration or exemption, the Company shall use its
best efforts to obtain the withdrawal thereof at the earliest possible moment.

 

(c)                Amendments
and Supplements to a Prospectus and Other Matters. The Company will comply with the Securities Act and the Exchange Act, and
the rules and regulations of the Commission thereunder, so as to permit the completion of the distribution of the Shares as contemplated
in this Agreement, the Incorporated Documents and any Prospectus. If during the period in which a prospectus is required by law
to be delivered in connection with the distribution of Shares contemplated by the Incorporated Documents or any Prospectus (the
 “Prospectus Delivery Period”), any event shall occur as a result of which, in the judgment of the Company or
in the opinion of the either of the Co-Placement Agent or Co-Placement Agents Counsel, it becomes necessary to amend or supplement
the Incorporated Documents or any Prospectus in order to make the statements therein, in the light of the circumstances under
which they were made, as the case may be, not misleading, or if it is necessary at any time to amend or supplement the Incorporated
Documents or any Prospectus or to file under the Exchange Act any Incorporated Document to comply with any law, the Company will
promptly prepare and file with the Commission, and furnish at its own expense to the Co-Placement Agents and to dealers, an appropriate
amendment to the Registration Statement or supplement to the Registration Statement, the Incorporated Documents or any Prospectus
that is necessary in order to make the statements in the Incorporated Documents and any Prospectus as so amended or supplemented,
in the light of the circumstances under which they were made, as the case may be, not misleading, or so that the Registration
Statement, the Incorporated Documents or any Prospectus, as so amended or supplemented, will comply with law. Before amending
the Registration Statement or supplementing the Incorporated Documents or any Prospectus in connection with the Offering, the
Company will furnish the Co-Placement Agents with a copy of such proposed amendment or supplement and will not file any such amendment
or supplement to which the Placement Agent reasonably objects.

 

    6 

     

    

 

(d)               Copies of any Amendments and Supplements to a Prospectus. The Company will furnish the Placement Agent, without charge,
during the period beginning on the date hereof and ending on the later of the last Closing Date of the Offering, as many copies
of the Incorporate Documents and any Prospectus or prospectus supplement and any amendments and supplements thereto, as either
of the Co-Placement Agents may reasonably request.

 

(e)               
Free Writing Prospectus. The Company covenants that it will not, unless it obtains the prior written consent of the
Co-Placement Agents, make any offer relating to the Shares that would constitute an Company Free Writing Prospectus or that would
otherwise constitute a “free writing prospectus” (as defined in Rule 405 of the Securities Act) required to
be filed by the Company with the Commission or retained by the Company under Rule 433 of the Securities Act. In the event that
the Co-Placement Agents expressly consent in writing to any such free writing prospectus (a “Permitted Free Writing Prospectus”),
the Company covenants that it shall (i) treat each Permitted Free Writing Prospectus as an Company Free Writing Prospectus, and
(ii) comply with the requirements of Rule 164 and 433 of the Securities Act applicable to such Permitted Free Writing Prospectus,
including in respect of timely filing with the Commission, legending and record keeping.

 

(f)               
Transfer Agent. The Company will maintain, at its expense, a registrar and transfer agent for the Common Stock.

 

(g)              
No Manipulation of Price.  The Company will not take, directly or indirectly, any action designed to
cause or result in, or that has constituted or might reasonably be expected to constitute, the stabilization or manipulation of
the price of any securities of the Company.

 

(h)              
Acknowledgment. The Company acknowledges that any advice given by the Placement Agent to the Company is solely for
the benefit and use of the Board of Directors of the Company and may not be used, reproduced, disseminated, quoted or referred
to, without the Placement Agent's prior written consent.

 

(i)               
Announcement of Offering. The Company acknowledges and agrees that the Placement Agent may, subsequent to the Closing,
make public its involvement with the Offering.

 

(j)                
Reliance on Others. The Company confirms that it will rely on its own counsel and accountants for legal and accounting
advice.

 

    7 

     

    

 

(k)                Subsequent
Equity Sales. The Company will not without the prior written consent of each Co-Placement Agent, issue, offer, sell,
contract to sell, pledge, or otherwise dispose of or enter into any transaction which is designed to, or might reasonably be
expected to, result in the disposition (whether by actual disposition or effective economic disposition due to cash
settlement or otherwise) by the Company or any affiliate of the Company, directly or indirectly, including the filing (or
participation in the filing) of a registration statement or prospectus with the Commission or any Canadian regulator or the Autorite
des marches financiers in Quebec in respect of, or establish or increase a put equivalent position or liquidate or
decrease a call equivalent position within the meaning of Section 16 of the Exchange Act, with respect to any other shares of
Common Stock or any securities convertible into, or exercisable or exchangeable for, such Common Stock, or publicly announce
an intention to effect any such transaction, for a period of 90 days after the date of this Agreement, except that the
Company may (i) file a registration statement or prospectus with the Commission in respect of the Shares and sell the Shares
to the Investors pursuant to the Transaction Documents, (ii) file any registration statement on Form S-8 designed to register
or replace any equity plan or arrangement described in the Time of Sale Disclosure Package, the Final Prospectus and the
Registration Statement, (iii) issue and sell Common Stock or grant performance shares, stock appreciation rights, options or
other equity-based awards pursuant to any employee stock option plan, stock ownership plan or dividend reinvestment plan of
the Company in effect on the date hereof and disclosed in the Time of Sale Disclosure Package, the Final Prospectus and the
Registration Statement, (iv) issue Common Stock issuable upon the conversion of securities or the exercise of warrants or
options outstanding on the date hereof and disclosed in the Time of Sale Disclosure Package, the Final Prospectus and the
Registration Statement, or (v) issue Common Stock to a seller in connection with the acquisition by the Company of mineral
properties or other entities engaged in the mining business (including, without limitation, pursuant to an option agreement,
joint venture or asset purchase), provided that the aggregate number of shares of Common Stock issued in connection with such
transactions shall not exceed 15% of the number of shares of Common Stock outstanding as of the Closing Date; provided, however,
that, except in the circumstance of an unsolicited bid, any such securities issued may not be subsequently disposed of until
90 days after the date of this Agreement by any recipient of such shares who, subsequent to such transaction, beneficially
owns more than 1% of the Common Stock outstanding as of the Closing Date.

 

(l)                
Research Matters. By entering into this Agreement, the Placement Agent
does not provide any promise, either explicitly or implicitly, of favorable or continued research coverage of the Company and the
Company hereby acknowledges and agrees that the Placement Agent’s selection as a placement agent for the Offering was in
no way conditioned, explicitly or implicitly, on the Placement Agent providing favorable or any research coverage of the Company.
In accordance with FINRA Rule 2711(e), the parties acknowledge and agree that the Placement Agent has not directly or indirectly
offered favorable research, a specific rating or a specific price target, or threatened to change research, a rating or a price
target, to the Company or inducement for the receipt of business or compensation.

 

Section 5.              Conditions of the Obligations of the Co-Placement Agents. The obligations of the Co-Placement Agents hereunder shall
be subject to the accuracy of the representations and warranties on the part of the Company set forth in Section 2 hereof, in each
case as of the date hereof and as of each Closing Date as though then made, to the timely performance by each of the Company of
its covenants and other obligations hereunder on and as of such dates, and to each of the following additional conditions:

 

(a)               
Accountants’ Comfort Letter. On the date hereof, the Co-Placement Agents shall have received, and the Company
shall have caused to be delivered to the Co-Placement Agents, a letter from Ernst & Young, LLP (Toronto, Canada) (the independent
registered public accounting firm of the Company), addressed to the Co-Placement Agents, dated as of the date hereof, in form and
substance satisfactory to the Co-Placement Agents. The letter shall not disclose any change in the condition (financial or other),
earnings, operations, business or prospects of the Company from that set forth in the Incorporated Documents or the applicable
Prospectus or prospectus supplement, which, in the Co-Placement Agents’ sole judgment, is material and adverse and that makes
it, in the Co-Placement Agents’ sole judgment, impracticable or inadvisable to proceed with the Offering of the Shares as
contemplated by such Prospectus.

 

    8 

     

    

 

(b)                Compliance with Registration Requirements; No Stop Order; No Objection from the FINRA. Each Prospectus (in accordance
with Rule 424(b)) and “free writing prospectus”, if any, shall have been duly filed with the Commission, as
appropriate; no stop order suspending the effectiveness of the Registration Statement or any part thereof shall have been issued
and no proceeding for that purpose shall have been initiated or threatened by the Commission; no order preventing or suspending
the use of any Prospectus shall have been issued and no proceeding for that purpose shall have been initiated or threatened by
the Commission; no order having the effect of ceasing or suspending the distribution of the Shares shall have been issued by any
securities commission, securities regulatory authority or stock exchange and no proceedings for that purpose shall have been instituted
or shall be pending or, to the knowledge of the Company, contemplated by any securities commission, securities regulatory authority
or stock exchange; all requests for additional information on the part of the Commission shall have been complied with; and, if
applicable, FINRA shall have raised no objection to the fairness and reasonableness of the placement terms and arrangements.

 

(c)                Corporate
Proceedings. All corporate proceedings and other legal matters in connection with this Agreement, the Registration Statement
and each Prospectus, and the registration, sale and delivery of the Shares, shall have been completed or resolved in a manner
reasonably satisfactory to the Co-Placement Agents Counsel, and such counsel shall have been furnished with such papers and information
as it may reasonably have requested to enable such counsel to pass upon the matters referred to in this Section 5.

 

(d)                No Material Adverse Change. Subsequent to the execution and delivery of this Agreement and prior to each Closing
Date, in the Co-Placement Agents’ sole judgment after consultation with the Company, there shall not have occurred any Material
Adverse Effect or any material adverse change or development involving a prospective material adverse change in the condition or
the business activities, financial or otherwise, of the Company from the latest dates as of which such condition is set forth in
the Registration Statement and Prospectus (“Material Adverse Change”).

 

(e)               
Opinion of Counsel for the Company. The Co-Placement Agents shall have received on each Closing Date the favorable
opinion of US legal counsel and Canada legal counsel to the Company (which may be in the same form as delivered to the Investors
under the Purchase Agreement), dated as of such Closing Date, including, without limitation, a negative assurance letter from US
legal counsel addressed to the Co-Placement Agents and in form and substance satisfactory to the Co-Placement Agents.

 

(f)                 Officers’
Certificate. The Co-Placement Agents shall have received on each Closing Date a certificate of the Company, dated as of such
Closing Date, signed by the Chief Executive Officer and Chief Financial Officer of the Company, to the effect that, and the Co-Placement
Agents shall be satisfied that, the signers of such certificate have reviewed the Registration Statement, the Incorporated Documents,
any Prospectus Supplement, and this Agreement and to the further effect that:

 

(i)                
The representations and warranties of the Company in this Agreement are true and correct, as if made on and as of such Closing
Date, and the Company has complied with all the agreements and satisfied all the conditions on its part to be performed or satisfied
at or prior to such Closing Date;

 

(ii)                 No
stop order suspending the effectiveness of the Registration Statement or the use of any Prospectus has been issued and no
proceedings for that purpose have been instituted or are pending or, to the Company’s knowledge, threatened under the
Securities Act; no order having the effect of ceasing or suspending the distribution of the Shares has been issued by any
securities commission, securities regulatory authority or stock exchange in the United States and no proceedings for that
purpose have been instituted or are pending or, to the knowledge of the Company, contemplated by any securities commission,
securities regulatory authority or stock exchange in the United States;

 

    9 

     

    

 

(iii)            
  When the Registration Statement became effective, at the time of sale, and at all times subsequent thereto up to the delivery
of such certificate, the Registration Statement and the Incorporated Documents, if any, when such documents became effective or
were filed with the Commission, and any Prospectus, contained all material information required to be included therein by the Securities
Act and the Exchange Act and the applicable rules and regulations of the Commission thereunder, as the case may be, and in all
material respects conformed to the requirements of the Securities Act and the Exchange Act and the applicable rules and regulations
of the Commission thereunder, as the case may be, and the Registration Statement and the Incorporated Documents, if any, and any
Prospectus, did not and do not include any untrue statement of a material fact or omit to state a material fact required to be
stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading
(provided, however, that the preceding representations and warranties contained in this paragraph (iii) shall not apply to any
statements or omissions made in reliance upon and in conformity with information furnished in writing to the Company by the Co-Placement
Agents expressly for use therein) and, since the effective date of the Registration Statement, there has occurred no event required
by the Securities Act and the rules and regulations of the Commission thereunder to be set forth in the Incorporated Documents
which has not been so set forth; and

 

(iv)             
Subsequent to the respective dates as of which information is given in the Registration Statement, the Incorporated Documents
and any Prospectus, there has not been: (a) any Material Adverse Change; (b) any transaction that is material to the Company and
the Subsidiaries taken as a whole, except transactions entered into in the ordinary course of business; (c) any obligation, direct
or contingent, that is material to the Company and the Subsidiaries taken as a whole, incurred by the Company or any Subsidiary,
except obligations incurred in the ordinary course of business; (d) any material change in the capital stock (except changes thereto
resulting from the exercise of outstanding stock options or warrants) or outstanding indebtedness of the Company or any Subsidiary;
(e) any dividend or distribution of any kind declared, paid or made on the capital stock of the Company; or (f) any loss or damage
(whether or not insured) to the property of the Company or any Subsidiary which has been sustained or will have been sustained
which has a Material Adverse Effect.

 

(g)               
Bring-down Comfort Letter.  On each Closing Date, the Co-Placement Agents shall have received from
Ernst & Young, LLP (Toronto, Canada), or such other independent registered public accounting firm of the Company, a letter
dated as of such Closing Date, in form and substance satisfactory to the Co-Placement Agents, to the effect that they reaffirm
the statements made in the letter furnished pursuant to subsection (a) of this Section 5, except that the specified
date referred to therein for the carrying out of procedures shall be no more than two business days prior to such Closing
Date.

 

    10 

     

    

 

(h)                Stock Exchange Listing. The Common Stock shall be registered under the Exchange Act and shall be listed on the Trading
Market, and the Company shall not have taken any action designed to terminate, or likely to have the effect of terminating, the
registration of the Common Stock under the Exchange Act or delisting or suspending from trading the Common Stock from the Trading
Market, nor shall the Company have received any information suggesting that the Commission or the Trading Market is contemplating
terminating such registration or listing.

 

(i)                
Lock-Up Agreements. On the Closing Date, the Placement Agent shall have received the executed lock-up agreement,
in the form attached hereto as Exhibit A, from each of the directors and officers of the Company.

 

(j)                 Additional Documents. On or before each Closing Date, the Placement Agent and counsel for the Placement Agent shall
have received such information and documents as they may reasonably require for the purposes of enabling them to pass upon the
issuance and sale of the Shares as contemplated herein, or in order to evidence the accuracy of any of the representations and
warranties, or the satisfaction of any of the conditions or agreements, herein contained.

 

If any condition specified
in this Section 5 is not satisfied when and as required to be satisfied, this Agreement may be terminated by the Placement Agent
by notice to the Company at any time on or prior to a Closing Date, which termination shall be without liability on the part of
any party to any other party, except that Section 6 (Payment of Expenses), Section 7 (Indemnification and Contribution) and Section
8 (Representations and Indemnities to Survive Delivery) shall at all times be effective and shall survive such termination.

 

    11 

     

    

 

  

Section 6.                 Payment of Expenses. The Company agrees to pay all costs, fees and expenses incurred by the Company in connection with
the performance of its obligations hereunder and in connection with the transactions contemplated hereby, including, without limitation:
(i) all expenses incident to the issuance, delivery and qualification of the Shares (including all printing and engraving costs);
(ii) all fees and expenses of the registrar and transfer agent of the Common Stock; (iii) all necessary issue, transfer and other
stamp taxes in connection with the issuance and sale of the Shares; (iv) all fees and expenses of the Company’s counsel,
independent public or certified public accountants and other advisors; (v) all costs and expenses incurred in connection with
the preparation, printing, filing, shipping and distribution of the Registration Statement (including financial statements, exhibits,
schedules, consents and certificates of experts), the Base Prospectus, the Final Prospectus and each Prospectus Supplement, and
all amendments and supplements thereto, and this Agreement; (vi) all filing fees, reasonable attorneys’ fees and expenses
incurred by the Company or the Co-Placement Agents in connection with qualifying or registering (or obtaining exemptions from
the qualification or registration of) all or any part of the Shares for offer and sale under the state securities or blue sky
laws or the securities laws of any other country, and, if requested by the Co-Placement Agents, preparing and printing a “Blue
Sky Survey,” an “International Blue Sky Survey” or other memorandum, and any supplements thereto,
advising the Co-Placement Agents of such qualifications, registrations and exemptions; (vii) if applicable, the filing fees incident
to the review and approval by the FINRA of the Co-Placement Agents’ participation in the offering and distribution of the
Shares; (viii) the fees and expenses associated with including the Shares and Warrant Shares on the Trading Market; (ix) all costs
and expenses incident to the travel and accommodation of the Company’s and the Co-Placement Agents’ employees on the
 “roadshow,” if any; and (x) all other fees, costs and expenses referred to in Part II of the Registration Statement.

 

Section 7.                
Indemnification and Contribution.

 

(a) The
Company agrees to indemnify and hold harmless each Placement Agent, its respective affiliates and each person controlling the
Placement Agent (within the meaning of Section 15 of the Securities Act), and the directors, officers, agents and employees
of the Placement Agent, its affiliates and each such controlling person (each Placement Agent, and each such entity or
person. an “Indemnified Person”) from and against any losses, claims, damages, judgments, assessments,
costs and other liabilities (collectively, the “Liabilities”), and shall reimburse each Indemnified Person
for all fees and expenses (including the reasonable fees and expenses of one counsel for all Indemnified Persons, except as
otherwise expressly provided herein) (collectively, the “Expenses”) as they are incurred by an Indemnified
Person in investigating, preparing, pursuing or defending any Actions, whether or not any Indemnified Person is a party
thereto, (i) caused by, or arising out of or in connection with, any untrue statement or alleged untrue statement of a
material fact contained in the Registration Statement, any Incorporated Document, any Prospectus, or by any omission or
alleged omission to state therein a material fact necessary to make the statements therein, in light of the circumstances
under which they were made, not misleading (other than untrue statements or alleged untrue statements in, or omissions or
alleged omissions from, information relating to an Indemnified Person furnished in writing by or on behalf of such
Indemnified Person expressly for use in the Incorporated Documents) or (ii) otherwise arising out of or in connection with
advice or services rendered or to be rendered by any Indemnified Person pursuant to this Agreement, the transactions
contemplated thereby or any Indemnified Person's actions or inactions in connection with any such advice, services or
transactions; provided, however, that, in the case of clause (ii) only, the Company shall not be responsible
for any Liabilities or Expenses of any Indemnified Person that are finally judicially determined to have resulted solely from
such Indemnified Person's (x) gross negligence or willful misconduct in connection with any of the advice, actions, inactions
or services referred to above or (y) use of any offering materials or information concerning the Company in connection with
the offer or sale of the Shares in the Offering which were not authorized for such use by the Company and which use
constitutes gross negligence or willful misconduct. The Company also agrees to reimburse each Indemnified Person for all
Expenses as they are incurred in connection with enforcing such Indemnified Person's rights under this Agreement.

 

    12

     

    

 

(b)       Upon
receipt by an Indemnified Person of actual notice of an Action against such Indemnified Person with respect to which indemnity
may be sought under this Agreement, such Indemnified Person shall promptly notify the Company in writing; provided that failure
by any Indemnified Person so to notify the Company shall not relieve the Company from any liability which the Company may have
on account of this indemnity or otherwise to such Indemnified Person, except to the extent the Company shall have been prejudiced
by such failure. The Company shall, if requested by either Placement Agent, assume the defense of any such Action including the
employment of counsel reasonably satisfactory to such Placement Agent requesting such assumption, which counsel may also be counsel
to the Company. Any Indemnified Person shall have the right to employ separate counsel in any such action and participate in the
defense thereof, but the fees and expenses of such counsel shall be at the expense of such Indemnified Person unless: (i) the Company
has failed promptly to assume the defense and employ counsel or (ii) the named parties to any such Action (including any impeded
parties) include such Indemnified Person and the Company, and such Indemnified Person shall have been advised in the reasonable
opinion of counsel that there is an actual conflict of interest that prevents the counsel selected by the Company from representing
both the Company (or another client of such counsel) and any Indemnified Person; provided that the Company shall not in such event
be responsible hereunder for the fees and expenses of more than one firm of separate counsel for all Indemnified Persons in connection
with any Action or related Actions, in addition to any local counsel. The Company shall not be liable for any settlement of any
Action effected without its written consent (which shall not be unreasonably withheld). In addition, the Company shall not, without
the prior written consent of each Placement Agent (which shall not be unreasonably withheld), settle, compromise or consent to
the entry of any judgment in or otherwise seek to terminate any pending or threatened Action in respect of which indemnification
or contribution may be sought hereunder (whether or not such Indemnified Person is a party thereto) unless such settlement, compromise,
consent or termination includes an unconditional release of each Indemnified Person from all Liabilities arising out of such Action
for which indemnification or contribution may be sought hereunder. The indemnification required hereby shall be made by periodic
payments of the amount thereof during the course of the investigation or defense, as such expense, loss, damage or liability is
incurred and is due and payable.

 

(c)       In
the event that the foregoing indemnity is unavailable to an Indemnified Person other than in accordance with this Agreement,
the Company shall contribute to the Liabilities and Expenses paid or payable by such Indemnified Person in such proportion as
is appropriate to reflect (i) the relative benefits to the Company, on the one hand, and to the Co-Placement Agents and any
other Indemnified Person, on the other hand, of the matters contemplated by this Agreement or (ii) if the allocation provided
by the immediately preceding clause is not permitted by applicable law, not only such relative benefits but also the relative
fault of the Company, on the one hand, and the Co-Placement Agents and any other Indemnified Person, on the other hand, in
connection with the matters as to which such Liabilities or Expenses relate, as well as any other relevant equitable
considerations; provided that in no event shall the Company contribute less than the amount necessary to ensure that all
Indemnified Persons, in the aggregate, are not liable for any Liabilities and Expenses in excess of the amount of fees
actually received by the Co-Placement Agents pursuant to this Agreement. For purposes of this paragraph, the relative
benefits to the Company, on the one hand, and to the Co-Placement Agents on the other hand, of the matters contemplated by
this Agreement shall be deemed to be in the same proportion as (a) the total value paid or contemplated to be paid to or
received or contemplated to be received by the Company in the transaction or transactions that are within the scope of this
Agreement, whether or not any such transaction is consummated, bears to (b) the fees paid to the Co-Placement Agents under
this Agreement. Notwithstanding the above, no person guilty of fraudulent misrepresentation within the meaning of Section
11(f) of the Securities Act, as amended, shall be entitled to contribution from a party who was not guilty of fraudulent
misrepresentation.

 

    13

     

    

 

(d)       The
Company also agrees that no Indemnified Person shall have any liability (whether direct or indirect, in contract or tort or otherwise)
to the Company for or in connection with advice or services rendered or to be rendered by any Indemnified Person pursuant to this
Agreement, the transactions contemplated thereby or any Indemnified Person's actions or inactions in connection with any such advice,
services or transactions except for Liabilities (and related Expenses) of the Company that are finally judicially determined to
have resulted solely from such Indemnified Person's gross negligence or willful misconduct in connection with any such advice,
actions, inactions or services.

 

(e)       The
reimbursement, indemnity and contribution obligations of the Company set forth herein shall apply to any modification of this Agreement
and shall remain in full force and effect regardless of any termination of, or the completion of any Indemnified Person's services
under or in connection with, this Agreement.

 

Section 8.                 Representations and Indemnities to Survive Delivery. The respective indemnities, agreements, representations, warranties
and other statements of the Company or any person controlling the Company, of its officers, and of each Placement Agent set forth
in or made pursuant to this Agreement will remain in full force and effect, regardless of any investigation made by or on behalf
of the Placement Agent, the Company, or any of its or their partners, officers or directors or any controlling person, as the case
may be, and will survive delivery of and payment for the Shares sold hereunder and any termination of this Agreement. A successor
to a Placement Agent, or to the Company, its directors or officers or any person controlling the Company, shall be entitled to
the benefits of the indemnity, contribution and reimbursement agreements contained in this Agreement.

 

Section 9.                  Notices. All communications hereunder shall be in writing and shall be mailed, hand delivered, e-mailed or telecopied
and confirmed to the parties hereto as follows:

 

Section 10.               
If to Cantor to the address set forth above, attention: Graham Moylan, email: gmoylan@cantor.com and #legal-IBD@cantor.com.

 

If to Roth to the address set forth above,
attention: Aaron Gurewitz, email: rothecm@roth.com.

 

With a copy to: 

 

Ellenoff Grossman & Schole LLP

1345 Avenue of the Americas, 11th Floor

New York, New York 10105

E-mail: capmkts@egsllp.com

Attention: Robert Charron

 

    14

     

    

 

If to the Company:

 

150 King Street West Suite 2800

Toronto, Ontario, Canada M5H 1J9

Email: rob@mcewenmining.com

Attention: Rob McEwen

 

With a copy to: 

 

Hogan Lovells US LLP

1601 Wewatta Street

Suite 900

Denver, CO 80202

e-mail: george.hagerty@hoganlovells.com

Attention: George A. Hagerty

 

Any party hereto may
change the address for receipt of communications by giving written notice to the others.

 

Section 11.               Successors. This Agreement will inure to the benefit of and be binding upon the parties hereto, and to the benefit of
the employees, officers and directors and controlling persons referred to in Section 7 hereof, and to their respective successors,
and personal representative, and no other person will have any right or obligation hereunder.

 

Section 12.               Partial Unenforceability. The invalidity or unenforceability of any section, paragraph or provision of this Agreement
shall not affect the validity or enforceability of any other section, paragraph or provision hereof. If any Section, paragraph
or provision of this Agreement is for any reason determined to be invalid or unenforceable, there shall be deemed to be made such
minor changes (and only such minor changes) as are necessary to make it valid and enforceable.

 

Section 13.              Governing
Law Provisions. This Agreement shall be deemed to have been made and delivered in New York City and both this engagement letter
and the transactions contemplated hereby shall be governed as to validity, interpretation, construction, effect and in all other
respects by the internal laws of the State of New York, without regard to the conflict of laws principles thereof. Each of the
Co-Placement Agents and the Company: (i) agrees that any legal suit, action or proceeding arising out of or relating to this engagement
letter and/or the transactions contemplated hereby shall be instituted exclusively in New York Supreme Court, County of New York,
or in the United States District Court for the Southern District of New York, (ii) waives any objection which it may have or hereafter
to the venue of any such suit, action or proceeding, and (iii) irrevocably consents to the jurisdiction of the New York Supreme
Court, County of New York, and the United States District Court for the Southern District of New York in any such suit, action
or proceeding. Each of the Co-Placement Agents and the Company further agrees to accept and acknowledge service of any and all
process which may be served in any such suit, action or proceeding in the New York Supreme Court, County of New York, or in the
United States District Court for the Southern District of New York and agrees that service of process upon the Company mailed
by certified mail to the Company’s address shall be deemed in every respect effective service of process upon the Company,
in any such suit, action or proceeding, and service of process upon each Placement Agent mailed by certified mail to such Placement
Agent’s address shall be deemed in every respect effective service process upon such Placement Agent, in any such suit,
action or proceeding. Notwithstanding any provision of this Agreement to the contrary, the Company agrees that neither of the
Co-Placement Agents nor their respective affiliates, and the respective officers, directors, employees, agents and representatives
of the Co-Placements Agent, their respective affiliates and each other person, if any, controlling the Co-Placement Agents or
any of their respective affiliates, shall have any liability (whether direct or indirect, in contract or tort or otherwise) to
the Company for or in connection with the engagement and transaction described herein except for any such liability for losses,
claims, damages or liabilities incurred by the Company that are finally judicially determined to have resulted from the willful
misconduct or gross negligence of such individuals or entities. If either party shall commence an action or proceeding to enforce
any provision of this Agreement, then the prevailing party in such action or proceeding shall be reimbursed by the other party
for its reasonable attorney’s fees and other costs and expenses incurred with the investigation, preparation and prosecution
of such action or proceeding.

 

    15

     

    

 

Section 14.               
General Provisions.

 

(a)       This
Agreement may be executed in two or more counterparts, each one of which shall be an original, with the same effect as if the signatures
thereto and hereto were upon the same instrument. This Agreement may not be amended or modified unless in writing by all of the
parties hereto, and no condition herein (express or implied) may be waived unless waived in writing by each party whom the condition
is meant to benefit. Section headings herein are for the convenience of the parties only and shall not affect the construction
or interpretation of this Agreement.

 

(b)       The
Company acknowledges that in connection with the offering of the Shares: (i) the Co-Placement Agents have acted at arms length,
are not agents of, and owe no fiduciary duties to the Company or any other person, (ii) the Placement Agent owes the Company only
those duties and obligations set forth in this Agreement and (iii) the Co-Placement Agents may have interests that differ from
those of the Company. The Company waives to the full extent permitted by applicable law any claims it may have against either Placement
Agent arising from an alleged breach of fiduciary duty in connection with the offering of the Shares

 

[The remainder of this page has been
intentionally left blank.]

 

    16

     

    

 

If the foregoing is
in accordance with your understanding of our agreement, please sign below whereupon this instrument, along with all counterparts
hereof, shall become a binding agreement in accordance with its terms.

 

	 	Very truly yours,
	 	 	 
	 	Mcewen
    mining inc.,
	 	a Colorado corporation
	 	 	 
	 	By:  	 /s/ Anna Ladd-Kruger
	 	Name:  	Anna Ladd-Kruger
	 	Title:  	Chief Financial Officer

  

The foregoing Placement
Agency Agreement is hereby confirmed and accepted as of the date first above written.

 

	Cantor
    Fitzgerald & Co.	 
	 	 	 
	By:   	/s/ Sage
    Kelly	 
	Name:   	Sage Kelly	 
	Title:  	Global Head of Investment Banking	 
	 	 	 
	ROTH CAPITAL PARTNERS, LLC	 
	 	 	 
	By:   	/s/ Joseph
    Barry	 
	Name:   	Joseph Barry	 
	Title:   	Managing Director	 

 

    17

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