Document:

EX-10.1

 Exhibit 10.1 
 CONSULTING AGREEMENT 
 THIS CONSULTING
AGREEMENT effective as of the 12th day of December,
2011 (the “Effective Date”), by and between Asta Funding, Inc. a Delaware corporation (the “Company”), and A. L. Piccolo & Co. Inc., a New York corporation, whose business address is located at 350 West 50th Street, #6U, New York, New York 10019 (the “Consultant”).

 W I T N E S S E T H: 
 WHEREAS, the Company desires to retain the services of the Consultant to perform certain business consulting services for the Company in addition to the services the Consultant provides to the
Company as a member of its Board of Directors, and the Consultant desires to render such additional services; 
 NOW,
THEREFORE, in consideration of the representations, warranties and mutual covenants set forth herein, the parties agree as follows: 
 1. Consulting Services. The Company hereby retains the Consultant to perform certain business consulting services for the Company (as more specifically described in Appendix A, hereto), all upon
and subject to the terms and conditions hereinafter set forth. 
 2. Term. The term of this Agreement shall commence as
of the Effective Date and shall continue in full force and effect for a period of two (2) years (the “Term”) and thereafter the Employee’s employment will be automatically renewed for additional one (1) year Terms, unless
(i) the Consultant or the Company, by written notice to the other party hereto no later than 30 days prior to the expiration of a Term, elect not to renew this Agreement for the period following such Term or (ii) this Agreement is
terminated at an earlier date pursuant to the provisions of Section 5, hereof. 
 3. Duties. 

(a) The Consultant agrees that during the Term of this Agreement he shall provide consulting services to the Company (over and above the
services the performs for the Company as a member of its Board of Directors) as described in Appendix “A” hereto. 

 (b) The parties to this Agreement acknowledge that, except as otherwise provided herein
(i) the location(s) at which such services are performed and (ii) the date or dates during which such services are performed shall be subject to the discretion of the Consultant; provided, however, that the Consultant shall properly
fulfill his obligations contemplated in this Agreement in a timely and efficient manner. In performing the services described hereunder, the Consultant shall be subject to the sole direction of, and shall report only to, the Company’s Chief
Executive Officer. 
 4. Compensation and Expenses. 

(a) Compensation. In consideration of the services to be rendered by the Consultant hereunder, the Company agrees to pay to the
Consultant, and the Consultant agrees to accept as full compensation, a payment of (i) $150,000.00 per year (the “Compensation”), such payment being made in monthly installments on the last business day of the calendar months
ending during the Term, (ii) $25,000.00 for each business transaction (including, but not limited to, debt or equity fundings or joint ventures), other than with respect to any transaction pending as of the Effective Date,
engaged in by the Company with respect to which the Consultant provided significant services, such payments being made in lump sums within 30 days after the closing of such transactions; provided, however, that no payment shall be made for
any such period or event during which Consultant at any time is or was in violation of any of the provisions of Sections 6 through 12, hereof, (iii) as of the Effective Date, the Consultant shall be granted each year during the Term of
this Agreement, an option to purchase 30,000 shares of the Company’s common stock, par value $0.01 per share pursuant to the terms of an option agreement to be entered into by and between the Consultant and the Company, and (iv) a
discretionary bonus based upon Consultant’s performance during each year of this Agremeent determined by the Chief Executive Officer of the Company in his sole and absolute discretion. 

(b) Reimbursement of Expenses. The Consultant shall be reimbursed for reasonable and necessary expenses incurred by the Consultant
in performing his services hereunder, provided that such expenses are adequately documented in accordance with the Company’s policies regarding reimbursement of expenses of its executive officers. 

  
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 5. Termination of this Agreement. 

(a) Termination for Cause or Voluntary Termination. The Company may, at any time and in its sole discretion, terminate this
Agreement for Cause. The Consultant may also terminate this Agreement immediately upon giving written notice of such voluntary termination to the Company. Furthermore, this Agreement shall be terminated upon the Consultant’s death or the onset
of the Consultant’s Disability. 
 (b) Definition of Cause. For purposes of this Agreement, “Cause” shall
mean: 
 (i) embezzlement or any other offense by the Consultant involving misuse or misappropriation of money or other property
of the Company; 
 (ii) subject to the provisions of Section 3(b) hereof, the Consultant’s failure or refusal to
perform specific directives of the Company’s Chief Executive Officer or of any other appropriate officer of the Company, which directives are consistent with the scope and nature of services contemplated to be performed by the Consultant
pursuant to this Agreement; 
 (iii) the Consultant’s commission of fraud against the Company; 

(iv) the Consultant’s conviction of, or plead of no contest to, a felony; or 

 

	(v)	 the breach by the Consultant of any of the terms of Sections 6 through 12 hereof. 

(vi) any act of the Consultant which would materially impair the reputation of the Company. 

(c) Definition of Disability. For purposes of this Agreement, “Disability” shall mean the
Consultant’s physical or mental disability which prevents him from substantially performing his duties hereunder (with or without accommodation) for an indefinite period as determined by the written opinion of a physician selected in good faith
by the Company. 
 (d) Payments Upon Termination; Waiver of Breach. Upon the termination of this
Agreement pursuant to this Section 5, no compensation shall be paid to the Consultant other than a portion of the monthly installment of the Compensation to which he would have been entitled for the month during which such termination occurred.
The actual amount paid for such month shall equal the monthly installment that would have been paid to the Consultant for such month had the Agreement not been terminated, multiplied by a fraction, the numerator being the number of days that had
elapsed from the beginning of the month to the date of termination of the Agreement and the denominator being the total 

  
 3 

 number of days contained in such month. No waiver of the Company of any act specified above
by the Consultant or breach by him of his covenants under this Agreement shall be deemed to constitute a waiver of any future breach or act, whether or not such breach or act is of the same nature. If this Agreement is terminated pursuant to this
Section 5, the Company shall have no further obligations to the Consultant hereunder after the date of such termination. 
 6. Additional Agreements and Covenants. The Consultant hereby agrees and covenants as follows: 
 (a) The Consultant acknowledges and agrees that (i) in the performance of his duties under this Agreement he will serve as an independent contractor to the Company, (ii) at no time will he be an
employee, officer, agent or director of the Company and (iii) will not at any time represent himself to be an employee, officer, agent or director of the Company. 

(b) The Consultant acknowledges that, in his capacity as an independent consultant to the Company, he has no power or
authority to bind or otherwise obligate the Company to any agreement or contract of any nature. Therefore, he will at no time attempt to bind or obligate the Company with respect to any agreement, understanding or contract with any individual or
entity, and will not represent himself to any individual or entity as having any power or authority to so bind or obligate the Company. 
 7. Proprietary Information. 
 (a) The Consultant agrees
that all information, whether or not in writing, of a private, secret or confidential nature concerning the Company’s business, business relationships or financial affairs (collectively, “Proprietary Information”) is and shall be the
exclusive property of the Company. By way of illustration, but not limitation, Proprietary Information may include inventions, products, processes, methods, techniques, formulas, compositions, compounds, projects, developments, plans, research data,
clinical data, financial data, personnel data, computer programs or other software or code, customer and supplier lists, and contacts at or knowledge of customers or prospective customers of the Company. The Consultant agrees that he will not
disclose any Proprietary Information to any person or entity other than the proper employees of the Company or use the same for any purposes (other than in the performance of his duties as an independent contractor to the Company) without written
approval by an appropriate officer of the Company, either during or after the Term of this Agreement, unless and until such Proprietary Information has become public knowledge without fault of the Consultant. 

  
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 (b) The Consultant agrees that all files, letters, memoranda, reports,
records, data, sketches, drawings, laboratory notebooks, program listings, or other written, photographic, or other tangible material containing Proprietary Information, whether created by the Consultant or others, which came into the
Consultant’s custody and possession as an independent contractor to the Company or which shall come into the Consultant’s custody or possession, shall be and are the exclusive property of the Company to be used by the Consultant only in
the performance of the Consultant’s duties for the Company. All such materials or copies thereof and all tangible property of the Company in the Consultant’s custody or possession will not, at any time, be removed form the Company’s
premises without prior written consent of an executive officer of the Company (except as reasonably necessary in the discharge of the Consultant’s duties hereunder) and shall be delivered to the Company upon the earlier of (i) a request by
the Company or (ii) the termination of this Agreement. After such delivery, the Consultant shall not retain any such materials or copies thereof or any such tangible property. 

(c) The Consultant also agrees that his obligation not to disclose or to use information and materials of the types set
forth in Sections 7(a) and (b), and his obligation to return materials and tangible property, set forth in Section 7(b), also extend to such types of information, materials and tangible property of customers of the Company or suppliers to the
Company or other persons who may have disclosed or entrusted the same to the Company or to the Consultant. 
 8.
Developments. 
 (a) The Consultant agrees to make full and prompt disclosure to the Company of all
inventions, improvements, discoveries, methods, developments, computer software (and programs and code) and works of authorship, whether not patentable or copyrightable, which were or are created, made, conceived or reduced to practice by the
Consultant or under the Consultant’s direction or jointly with others during the term of this Agreement, whether or not during normal working hours or on the premises of the Company (all of which are collectively referred to in this letter as
“Developments”). 

  
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 (b) The Consultant also agrees to assign and, by executing this Agreement,
the Consultant does hereby assign, to the Company (or to any person or entity designated by the Company) all of the Consultant’s rights, titles and interests, if any, in and to all Developments and all related patents, patent applications,
copyrights and copyright applications. However, this Section 8(b) shall not apply to Developments which (i) do not relate to the present or planned business or research and development of the Company and (ii) are made and conceived by
the Consultant: (A) at a time other than during normal working hours, (B) not on the Company’s premises and (C) not using the Company’s tools, devices, equipment or Proprietary Information. The Consultant understands that to
the extent that the terms of this Agreement shall be construed in accordance with the laws of any state which precludes a requirement in a consultant’s agreement to assign certain classes of inventions made by an independent contractor, this
Section 8(b) shall be interpreted not to apply to any invention which a court rules and/or the Company agrees falls within such class or classes. The Consultant also agrees to waive all claims to moral and/or equitable rights in any
Developments. 
 (c) The Consultant agrees to cooperate fully with the Company, both during and after the term
of this Agreement, with respect to the procurement, maintenance and enforcement of copyrights, patents and other intellectual property rights (both in the United States and foreign countries) relating to Developments. The Consultant agrees that he
will sign all papers, including, without limitation, copyright applications, patent applications, declarations, oaths, formal assignments, assignments of priority rights, and powers of attorney, which the Company may deem necessary or desirable in
order to protect its rights and interests in any Development. The Consultant further agrees that if the Company is unable, after reasonable effort, to secure the Consultant’s signature on any such papers, any executive officer of the Company
shall be entitled to execute any such papers as the Consultant’s agent and attorney-in-fact, and the Consultant hereby irrevocably designates and appoints each executive officer of the Company as the Consultant’s agent and attorney-in-fact
to execute any such papers on the Consultant’s behalf, and to take any and all actions as the Company may deem necessary or desirable, in order to protect its rights and interests in any Development, under the conditions described in this
sentence. 

  
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 9. Other Agreements. The Consultant hereby represents that he is not
bound by the terms of any agreement with any employer or other person to refrain from performing his duties as set forth hereunder or from using or disclosing any trade secret or confidential or proprietary information in the course of the
Consultant’s relationship with the Company or to refrain from competing, directly or indirectly, with the business of such employer or any other person. The Consultant further represents that his performance of all the terms set forth in this
Agreement, and of all of the Consultant’s duties as an independent contractor to the Company, does not and will not breach any agreement to keep in confidence proprietary information, knowledge or data acquired by the Consultant in confidence
or in trust prior to the Consultant’s entering into this Agreement with the Company, and the Consultant will not disclose to the Company or induce the Company to use any confidential or proprietary information or material belonging to any
employer or others. 
 10. Certain Obligations. The Consultant acknowledges that the Company from time to
time may have agreements with other persons, which impose obligations or restrictions on the Company regarding inventions made during the course of work under such agreements or regarding the confidential nature of such work. The Consultant agrees
to be bound by all such obligations and restrictions which are made known to the Consultant and to take all action necessary to discharge the obligations of the Company under such agreements. 

11. Non-Competition. 
 (a) During the Term of this Agreement and for a period of 6 months after the termination of this Agreement for any reason (such period hereinafter being referred to as the “Restricted Period”),
the Consultant will not directly or indirectly: 
 (i) as an individual proprietor, partner, stockholder, officer, employee,
director, joint venturer, investor, lender, consultant, or in any other capacity whatsoever (other than as the direct or indirect passive holder of not more than five percent (5%) of the combined voting power of the outstanding stock of a
publicly held company), develop, design, produce, market, sell or render (or assist any other person in developing, designing, producing, marketing, selling or rendering) products or services competitive with those developed, designed, produced,
marketed, sold or rendered by the Company while the Consultant was an independent contractor to the Company; or 

  
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 (ii) solicit, divert or take away, or attempt to divert or to take away, the business or
patronage of any of the clients, customers or accounts, or prospective clients, customers or accounts, of the Company which were contacted, solicited or served by the Company while the Consultant was an independent contractor to the Company.

 (b) If the Consultant violates any of the provisions of Section 11(a) of this Agreement, the Consultant shall continue
to be bound by the restrictions set forth in such Section 11(a) until the later of (i) the end of the Restricted Period or (ii) the end a period of 6 months without any violation of such provisions. 

12. Non-Solicitation. 
 (a) During the Term of this Agreement and, thereafter, during the Restricted Period, the Consultant will not directly or indirectly recruit, solicit or hire any employee of the Company, or induce or
attempt to induce any employee of the Company to terminate his or her employment with, or otherwise cease his or her relationship with, the Company. 
 (b) If the Consultant violates the provisions of Section 12(a) of this Agreement, the Consultant shall continue to be bound by the restrictions set forth in such Section 12(a) until the later of
(i) the end of the Restricted Period or (ii) the end of a period of 6 months without any violation of such provisions. 
 13. Indemnification by Consultant. Notwithstanding any other provision of this Agreement to the contrary, in the event the Consultant violates any provision of Sections 6 through 12 hereof at any
time on or after the Effective Date of this Agreement, the Consultant shall indemnify the Company for any losses (including, but not limited to, the loss of future business), expenses, liabilities or costs (including, but not limited to, court costs
and attorneys’ fees) directly or indirectly resulting from any such violation. 

  
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 14. Enforcement of Company’s Rights. No delay or omission by the
Company in exercising any of its rights set forth under this Agreement will operate as a waiver of that or any other right. A waiver or consent given by the Company on any one occasion is effective only in that instance and will not be construed as
a bar to or waiver of any right on any other occasion. 
 15. Injunctive Relief. The restrictions set forth in this
Agreement are necessary for the protection of the business and goodwill of the Company and are considered by the Consultant to be reasonable for such purpose. The Consultant agrees that any breach by the Consultant of any term set forth under this
Agreement is likely to cause the Company substantial and irrevocable damage and, therefore, any such breach shall entitle the Company, in addition to any other legal remedies available to it, to apply to any court of competent jurisdiction to enjoin
such breach or threatened breach or alleged breach or alleged threatened breach. The parties hereto understand and intend that each restriction set forth herein shall be construed as separable and divisible from every other restriction, and that the
unenforceability, in whole or in part, of any other restriction, will not effect the enforceability of the remaining restrictions and that one or more or all of such restrictions may be enforced in whole or in part as the circumstances warrant. The
Consultant hereby acknowledges that he is fully cognizant of the restrictions imposed upon him pursuant to the terms of this Agreement. 
 16. Certain Rules of Construction. 
 (a) For purposes of Sections 6 through
12 of this Agreement, the term “Company” shall mean the Company and any and all subsidiaries, parents and affiliated corporations of the Company as may be in existence from time to time. 

(b) The headings and subheadings set forth in this Agreement are inserted for the convenience of reference only and are to be ignored in
any construction of the terms set forth herein. 
 (c) Wherever applicable, the neuter, feminine or masculine pronoun as used
herein shall also include the masculine or feminine, as the case may be. 
 (d) The words “hereof,”
“herein,” “hereunder” and similar words refer to this Agreement as a whole and not to any particular provision of this Agreement; and any subsection, Section, Schedule, Appendix or Exhibit references are to this Agreement unless
otherwise specified. 
  

	(e)	 The term “including” is not limiting and means “including without limitation.” 

  
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 (f) References in this Agreement to any statute or statutory provisions include a reference
to such statute or statutory provisions as from time to time amended, modified, reenacted, extended, consolidated or replaced (whether before or after the date of this Agreement) and to any subordinate legislation made from time to time under such
statute or statutory provision. 
 (g) References to this Agreement or to any other document include a reference to this
Agreement or to such other document as varied, amended, modified, novated or supplemented from time to time. 
 (h) References
to “writing” or “written” include any non-transient means of representing or copying words legibly, including by facsimile or electronic mail. 
 (i) References to “$” are to United States Dollars. 
 (j) References to
“%” are to percent. 
 (k) As all parties to this Agreement have had the opportunity to review and suggest revisions
to this Agreement, the standard rule providing that ambiguities will be resolved against the drafting party is hereby waived by the non-drafting party. 
 17. Notices. All notices, requests, demands or other communications hereunder shall be deemed to have been given if delivered in writing personally or by certified mail to each party at the address
set forth below, or at such other address as each party may designate in writing to the other: 
 If to the Company: 

Mr. Gary Stern, Chief Executive Officer 
 Asta Funding, Inc. 
 210 Sylvan Avenue 
 Englewood Cliffs, New Jersey 07632 
 If to the Consultant: 

Mr. Louis A. Piccolo 

A.L. Piccolo & Co., Inc. 
 350 West 50th
Street, # 6U 
 New York, New York 10019 
 18. Entire Agreement. The terms of this Agreement supersede all prior agreements, written or oral, between the Consultant and the Company relating to the matters set forth under this Agreement. The
terms of this Agreement may not be modified, changed or discharged in whole or in part, except by an agreement in writing signed by the Consultant and the Company. 

  
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 19. Successors and Assigns. This Agreement shall be binding upon and
shall inure to the benefit of the respective heirs, legal representatives, successors and assigns of the parties hereto. The Company may assign its obligations and rights set forth under this Agreement to any other corporation or entity which
acquires (whether by purchase, merger, consolidation or otherwise) all or substantially all of the business and/or assets of the Company. Furthermore, the Consultant expressly consents to be bound by the provisions of this Agreement for the benefit
of the Company or any subsidiary or affiliate thereof to which the Company may assign its rights and/or obligations hereunder without the necessity that this Agreement be reexecuted at the time of such transfer. As this is a contract for personal
services, the Consultant may not assign his obligations set forth hereunder to any person. 
 20.
Severability. In the event that any one or more of the provisions of this Agreement shall be declared to be illegal or unenforceable under any law, rule or regulation of any government having jurisdiction over the parties hereto, such
illegality or unenforceability shall not affect the validity and enforceability of the other provisions of this Agreement. As an example, but in no manner limiting the application, of the immediately preceding sentence, if any restriction set forth
in this Agreement is found by any court of competent jurisdiction to be unenforceable because it extends for too long a period of time, over too great a range of activities or in too broad a geographic area, it shall be interpreted to extend only
over the maximum period of time, range of activities or geographic area as to which it may be enforceable. 
 21.
Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 

22. Governing Law. The terms of this Agreement are governed by and will be construed as a sealed instrument under
and in accordance with the laws of the State of New Jersey without regard to its principles of conflicts of law. Except as provided in Section 15, hereof, in the event that either party is compelled to bring a claim related to this Agreement,
to interpret or enforce the provisions of the Agreement, to recover damages as a result of a breach of the Agreement, or from any other cause (a “Claim”), such Claim must be processed in the manner set forth below: 

  
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 (a) THE SOLE AND EXCLUSIVE METHOD TO RESOLVE ANY CLAIM IS ARBITRATION,
AND EACH PARTY WAIVES THE RIGHT TO A JURY TRIAL OR COURT TRIAL. Neither party shall initiate or prosecute any lawsuit in any way related to any Claim covered by this Agreement. 

(b) The arbitration shall be binding and conducted before a single arbitrator in accordance with the then-current JAMS
Arbitration Rules and Procedures for Employment Disputes or the appropriate governing body, as modified by the terms and conditions of this paragraph. Venue for any arbitration pursuant to this Agreement will lie in New York, New York. The
arbitrator will be selected by mutual agreement of the parties or, if the parties cannot agree, then by striking from a list of arbitrators supplied by JAMS or the appropriate governing body. The Company shall pay the arbitrator’s fees and
arbitration costs (recognizing that each side bears the cost of its own deposition(s), witness, expert and attorneys’ fees and other expenses as and to the same extent as if the matter were being heard in a court of law). Upon the conclusion of
the arbitration hearing, the arbitrator shall issue a written opinion revealing, however briefly, the essential findings and conclusions upon which the arbitrator’s award is based. The award of the arbitrator shall be final and binding.
Judgment upon any award may be entered in any court having jurisdiction thereof. 
 23. Survival. All obligations of the
parties to this Agreement to be performed hereunder after the date of the termination of this Agreement shall survive on and after such date until fully performed. 
 24. Referral Fees. Notwithstanding any other provision of this Agreement to the contrary, the Consultant may receive referral fees, investment banking fees, consultant fees, and other similar forms
of compensation from third parties relating to any transaction engaged in by the Company, provided that the Consultant discloses in writing to the Board of Directors of the Company the particulars of such compensation prior to the Board of Directors
voting on such transaction and Consultant shall abstain from any vote in which Consultant has any financial interest. 

  
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 25. Counsel. Consultant has been advised to obtain its own separate and independent
legal counsel in connection with the execution and delivery of this Agreement. Consultant acknowledges that Ted. D. Rosen, Esq. of Fox Rothschild, LLP has acted solely as counsel to the Company in connection with this Agremeent. 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement
as of the date first above written. 
  

							
		 		 	 Asta Funding, Inc.

				
		 		 	By:	 	/s/ Gary Stern
		 		 		 	 Name: Gary Stern

		 		 		 	Title: Chief Executive Officer

  

							
		 		 	A. L. Piccolo & Co., Inc.
				
		 		 	By:	 	 /s/ Louis Piccolo

		 		 		 	 Name: Louis Piccolo

		 		 		 	Title: President

  
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 APPENDIX A 
 Scope of Duties 
 •Perform due diligence 

•Analyze financial information 

•Negotiate business terms 
 •Perform
financial analysis 
 •Make introductions of potential new business opportunities 
 •Assist in setting up financial and management controls and systems 

  
 15Enertopia Corp: Exhibit 10.1 - Filed by newsfilecorp.com

LOAN AGREEMENT 

THIS AGREEMENT made the 9th day of February, 2012

AMONG:

Robert McAllister 
Suite 205
171 Commercial Drive 
Kelowna, BC V1X 7W2 
Fax 250 765 6412 

(herein called the “Lender”) 

OF THE FIRST PART 

AND: 

ENERTOPIA CORP., of
950 –
1130 West Pender Street,
Vancouver BC V6E 4A4,
Fax 604 602 1625 

(herein called the “Company”) 

OF THE SECOND PART 

WHEREAS: 

A.                                         
This Loan Agreement (the “Loan Agreement”) is entered into this date by and
between the Lender and the Company for up to three months. 

B.                                          
The purpose of this Loan Agreement is to set out terms of the arrangement by
which Lender agrees to make a loan of CAD$50,000 (“Loan”) available to the
Company.

1.                                          
DEFINITIONS 

1.1                                          
“Indebtedness” means all loans and advances made or which may be made by the
Lender to the Company and Interest thereon and all costs, charges and expenses
of or incurred by the Lender in connection with any Securities and in connection
with any property covered by or comprised in the Securities, whether in
protecting, preserving, realizing or collecting any Securities or property
aforesaid or attempting so to do or otherwise and all other obligations and
liabilities, present or future, direct or indirect, absolute or contingent,
mature or not, of the Company to the Lender arising under or by virtue of this
Agreement, the Securities or otherwise howsoever. 

1.2                                          
“Interest” will be at 10%. 

1.3                                          
“Principal” means the aggregate principal amount of money loaned to the Company
by the Lender of CAD$50,000 dollars. 

- 2 - 

1.4                                          
“Securities” means the securities referred to in Article 3 or any renewal
thereof or substitution therefore. 

2.                                          
TERMS OF THE LOAN 

2.1                                          
The Lender will lend to the Company, and the Company will borrow from the Lender
by way of one advance to be evidenced by a promissory note in the form attached
hereto as Schedule “A”, the Principal sum of fifty thousand dollars (CAD)
subject to the terms and conditions of this Agreement and the Securities. 

2.2                                          
For value received, Company promises to pay to Lender on the first annual
anniversary of the date of this Loan Agreement (the “Maturity Date”) the amount
of the Principal which has been advanced hereunder and remains outstanding from
the date of funding.

2.3                                          
Notwithstanding the above the Company may repay at any time any or all of the
Principal then outstanding and accrued and unpaid Interest on giving 20 days
notice to the Lender. In this event the Company may elect to repay the Principal
at any time in advance of the Maturity Date. 

3.                                          
SECURITY FOR THE LOAN 

3.1                                          
The loan shall be unsecured.

4.                                          
AFFIRMATIVE COVENANTS OF THE COMPANY 

4.1                                          
At all times while any Principal or Interest on the Loan is outstanding, the
Company will: 

	 	(a) 	
      maintain the properties and assets being the subject of
      the Securities in good repair;

	 	 	 
	 	(b) 	
      keep true records and books of account in which full,
      true and correct entries will be made in accordance with generally
      accepted accounting principles consistently applied throughout the period
      involved, and maintain adequate accounts and reserves for all taxes,
      including taxes on income and profits, all depreciation and amortization
      of his properties and assets and all such other reserves for contingencies
      as would normally be required in accordance with generally accepted
      accounting principles;

	 	 	 
	 	(c) 	
      permit any representative of the Lender to visit and
      inspect the properties charged by the Securities and to examine the
      Company’s books, records, leases and other documents relating thereto and
      to enquire from time to time as to particulars of any of the foregoing,
      all at such times and so often as may reasonably be requested;
  and

	 	 	 
	 	(d) 	
      forthwith upon request of the Lender execute and deliver
      to the Lender all such further and other mortgages, deeds, documents,
      matters, acts, things and insurances in law (collectively, the “Ancillary
      Items”) for the purpose of record orotherwise which the Lender may reasonably require to perfect
the intentions and provisions of this Agreement; provided that the Company will
not be obligated to execute and deliver any Ancillary Items where the execution
and delivery of such Ancillary Items would breach the terms and conditions of
any lease of real property existing on the date hereof to which the Company is a
party. 

- 3 - 

5.                                          
DEFAULT 

5.1                                          
Default by the Company. The occurrence of one or more of the following
events shall constitute an “event of default”, namely: 

	 	(a) 	
      if the Company fails to make payment of the Indebtedness
      or any part thereof as and when the same comes due and payable;

	 	 	 
	 	(b) 	
      if any representation or warranty contained herein or
      otherwise made in writing to the Lender in connection with any of the
      transactions contemplated by this Agreement is found to be false or
      misleading or incorrect in any material respect on the date which it was
      made;

	 	 	 
	 	(c) 	
      if the Company defaults in the performance of or
      compliance with any term, covenant or agreement contained in this
      Agreement or in any of the Securities and the default is not remedied
      within twenty (20) days after notice thereof has been given to the
      Company;

	 	 	 
	 	(d) 	
      the entry of a decree or order for relief by a court
      having jurisdiction in respect of the Company in an involuntary case under
      the federal bankruptcy laws, as now or hereafter constituted, or any other
      applicable federal or state bankruptcy, insolvency or other similar
      laws;

	 	 	 
	 	(e) 	
      the commencement by the Company of a voluntary case under
      the federal bankruptcy laws, as now or hereafter constituted, or any other
      applicable federal or state bankruptcy, insolvency or other similar
      laws;

	 	 	 
	 	(f) 	
      the appointment of a receiver, liquidator, assignee,
      custodian, trustee, sequestrator (or similar official) of the Company or
      for any material part of the Company’s property;

	 	 	 
	 	(g) 	
      the consent by the Company to the appointment of, or
      taking possession by, a receiver, liquidator, assignee, custodian,
      trustee, sequestrator (or similar official) of the Company or for any
      material part of the Company’s property;

	 	 	 
	 	(h) 	
      the issuance of an order for the winding up or
      liquidation of the affairs of the Company and the continuance of such
      decree, order or appointment unstayed and in effect for a period of sixty
      (60) consecutive days;

	 	 	 
	 	(i) 	
      the making by the Company of an assignment for the
      benefit of its creditors;

- 4 - 

	 	(j) 	
      the institution by or against the Company of any formal
      or informal proceeding for the dissolution or liquidation of, settlement
      of claims against or winding-up of the affairs of the Company;

	 	 	 
	 	(k) 	
      the threat by the Company of ceasing to carry on business
      or the Company ceasing to carry on business;

	 	 	 
	 	(l) 	
      the entry of a decree or order or an effective resolution
      passed for winding-up the Company;

	 	 	 
	 	(m) 	
      the entry by the Company into any reconstruction,
      reorganization, amalgamation, merger or other similar arrangement with any
      other person; or

	 	 	 
	 	(n) 	
      if any encumbrancer takes possession of the properties
      being the subject of the Securities or being financed with the Loan,
      unless the Company in good faith dispute the encumbrancer’s claim and
      non-payment does not jeopardize the title of the Company to any such
      property or any way impairs any of the Securities;
or

5.2                                          
Upon the occurrence of any one of these events of default, the entire amount of
the Principal and Interest then outstanding shall immediately become due and
payable. 

5.3                                          
Lender’s delay or failure to insist upon the strict performance of the Company’s
obligations under this Loan Agreement or the Securities shall not be construed
as a waiver of Lender’s right to later require strict performance nor as a
waiver of any of Lender’s legal and equitable remedies. 

6.                                          
PAYMENT ON MATURITY 

6.1                                          
On the Maturity Date, the Company will deliver the Principal then outstanding
and any earned Interest due Lender by wire transfer to Lender’s nominated bank
account or in cash or certified cheque delivered to the address of Lender. 

7.                                          
NOTICES 

7.1                                          
Any notice, request, demand, claim, instruction, or other document to be given
to any party pursuant to this Loan Agreement shall be in writing delivered
personally or sent by mail, registered or certified, postage fully prepaid, as
follows: 

	 	(a) 	
      If to, Lender to the address set forth on the first page
      of this Loan Agreement.

	 	 	 
	 	(b) 	
      If to Company, to the addresses set forth on the first
      page of this Loan Agreement, with a copy to:

Madonald Tuskey, Corporate and
Securities Lawyers 
400-570 Granville Street 
Vancouver, BC V6C 3P1

Attention: William L. Macdonald 
Fax: 604 681 4760 

- 5 - 

7.2                                          
Any party may give any notice, request, demand, claim, instruction, or other
document under this section using any other means (including expedited courier,
messenger service, telecopy, facsimile, telex, ordinary mail, or electronic
mail), but no such notice, request, demand, claim, instruction, or other
document shall be deemed to have been duly given unless and until it actually is
received by the individual for whom it is intended. Any party may change its
address for purposes of this section by giving notice of the change of address
to the other party in the manner provided in this section. 

8.                                          
TERMINATION 

8.1                                          
This Loan Agreement may, by written notice, be terminated as follows: 

	 	(a) 	
      by either the Company or the Lender if a material breach
      of any provision of this Loan Agreement has been committed by the other
      party and such breach has not been waived; or

	 	 	 
	 	(b) 	
      by mutual written consent of the Company and
    Lender.

8.2                                          
Each Party’s right of termination is in addition to any other rights it may have
under this Loan Agreement or otherwise, and the exercise of a right of
termination will not be an election of remedies; provided, however, that if this
Loan Agreement is terminated by a party because of a breach of the Loan
Agreement by the other party or because one or more of the conditions to the
terminating party’s obligations under this Loan Agreement is not satisfied as a
result of the other party’s failure to comply with its obligations under this
Loan Agreement, the terminating party’s right to pursue all legal remedies will
survive such termination unimpaired. For greater certainty, termination of this
Loan Agreement does not release the Company from its obligations hereunder in
respect of any Principal then outstanding. 

9.                                          
INDEMNIFICATION 

9.1                                          
All representations, warranties, covenants, and obligations in this Loan
Agreement, and any other certificate or document delivered pursuant to this Loan
Agreement will survive the Loan Agreement. The right to indemnification, payment
of damages or other remedy based on such representations, warranties, covenants,
and obligations will not be affected by any investigation conducted with respect
to, or any knowledge acquired (or capable of being acquired) at any time,
whether before or after the execution and delivery of this Loan Agreement, with
respect to the accuracy or inaccuracy of or compliance with, any such
representation, warranty, covenant, or obligation. The waiver of any condition
based on the accuracy of any representation or warranty, or on the performance
of or compliance with any covenant or obligation, will not affect the right to
indemnification, payment of damages, or other remedy based on such
representations, warranties, covenants, and obligations. 

9.2                                          
The Company and the Lender mutually agree to indemnify and hold each other
harmless along with their respective representatives, stockholders, controlling
persons, and affiliates (collectively, the “Indemnified Persons”) for, and will
pay to the Indemnified Persons the amount of, any loss, liability, claim, damage
(including incidental and consequential damages), expense (including costs of
investigation and defense and reasonable attorneys’ fees) or diminution of
value, whether or not involving a third-party claim, arising, directly or indirectly, from or in connection with any breach of any
representation, warrant, covenant or obligation made by the other Party in this
Loan Agreement.

- 6 - 

10.                                          
GENERAL PROVISIONS 

10.1                                          
The Parties agree to furnish upon request to each other such further
information, and to execute and deliver to each other such other documents, and
to do such other acts and things, all as the other party may reasonably request
for the purpose of carrying out the intent of this Loan Agreement. 

10.2                                          
The rights and remedies of the parties to this Loan Agreement are cumulative and
not alternative. Neither the failure nor any delay by any party in exercising
any right, power, or privilege under this Loan Agreement or the documents
referred to in this Loan Agreement will operate as a waiver of such right,
power, or privilege, and no single or partial exercise of any such right, power,
or privilege will preclude any other or further exercise of such right, power,
or privilege or the exercise of any other right, power, or privilege. To the
maximum extent permitted by applicable law, (a) no claim or right arising out of
this Loan Agreement or the documents referred to in this Loan Agreement can be
discharged by one party, in whole or in part, by a waiver or renunciation of the
claim or right unless in writing signed by the other party; (b) no waiver that
may be given by a party will be applicable except in the specific instance for
which it is given; and (c) no notice to or demand on one party will be deemed to
be a waiver of any obligation of such party or of the right of the party giving
such notice or demand to take further action without notice or demand as
provided in this Loan Agreement or the documents referred to in this Loan
Agreement. 

10.3                                          
This Loan Agreement supersedes all prior agreements between the parties with
respect to this loan and constitutes (along with the documents referred to in
this Loan Agreement) a complete and exclusive statement of the terms of the
agreement between the parties with respect to its subject matter. This Loan
Agreement may not be amended except by a written agreement executed by the party
to be charged with the amendment. 

10.4                                          
Neither party may assign any of its rights under this Loan Agreement without the
prior consent of the other parties. This Loan Agreement will apply to, be
binding in all respects upon, and inure to the benefit of the successors and
permitted assigns of the parties. Nothing expressed or referred to in this Loan
Agreement will be construed to give any Person other than the parties to this
Loan Agreement any legal or equitable right, remedy, or claim under or with
respect to this Loan Agreement or any provision of this Loan Agreement. This
Loan Agreement and all of its provisions and conditions are for the sole and
exclusive benefit of the parties to this Loan Agreement and their successors and
assigns. 

10.5                                          
If any provision of this Loan Agreement is held invalid or unenforceable by any
court of competent jurisdiction, the other provisions of this Loan Agreement
will remain in full force and effect. Any provision of this Loan Agreement held
invalid or unenforceable only in part or degree will remain in full force and
effect to the extent not held invalid or unenforceable. 

10.6                                          
This Loan Agreement will be governed by the laws of the Province of British
Columbia. 

- 7 - 

10.7                                          
This Loan Agreement may be signed in as many counterparts is as necessary and
all signatures so executed shall constitute one Agreement, binding on all
Parties as if each was a signatory on the original. 

11.                                          
SIGNATURES 

11.1                                          
IN WITNESS WHEREOF, the parties have executed and delivered this Loan Agreement
as of the date first written above. 

Per:
__________________________________
      
Robert McAllister Authorized Signatory 

ENERTOPIA CORP. 

Per:
_________________________________
      Chris Bunka,
CEO and Authorized Signatory 

SCHEDULE “A” 

PROMISSORY NOTE 

	CAD$50,000 	February 9, 2012 

FOR VALUE RECEIVED, the undersigned (the “Borrower”) promise to
pay to Robert McAllister of suite 205 171 Commercial Drive, Kelowna B.C. Canada,
(the “Lender”) the principal sum of fifty thousand CAD dollars (CAD$50,000) in
lawful currency of the CAD (the “Principal Sum”), as herein provided.

The Principal Sum or such amount as shall remain outstanding
from time to time shall bear 10% interest thereon, both before and after each of
maturity, default and judgment commencing on the day the Principal Sum is
advanced by the Lender to the Borrower.

The Principal Sum aforesaid will become due and payable on the
9th day of May, 2012, or earlier if by mutual consent. 

Extension of time of payment of all or any part of the amount
owing hereunder at any time or times and failure of the Lender to enforce any of
its rights or remedies hereunder shall not release the Borrower from its
obligations hereunder or constitute a waiver of the rights of the Lender to
enforce any rights and remedies therein. 

On default in payment of any sum due hereunder for the
Principal Sum or Interest or after 15 days’ notice of Default to the Borrower
upon the occurrence of an Event of Default as defined pursuant to the Loan
Agreement, entered into between the Borrower and the Lender and dated for
reference February 8, 2012, or any amendments thereto, the unpaid balance of the
Principal Sum and all accrued Interest thereon shall at the option of the Lender
forthwith become due and payable. 

The undersigned, when not in default hereunder, will have the
privilege of prepaying in whole or in part the Principal Sum, upon 20 days’
notice to the Lender. 

Presentment, protest, notice of protest and notice of dishonour
are hereby waived. 

ENERTOPIA CORP. 

Per:
__________________________________
       
Chris Bunka, Authorized Signatory

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