Document:

Exhibit 10.1

  

  

  

  

  

  
    
      

      

    

    SEPARATION AND TRANSITION AGREEMENT

    THIS SEPARATION AND TRANSITION AGREEMENT (the “Agreement”) is entered into by and between Cantaloupe, Inc. (f/k/a USA Technologies, Inc.), a Pennsylvania corporation (the “Company”),

      and James M. Pollock (“Employee”), as of June 1, 2021.

    WHEREAS, Employee previously served as the Company’s Chief Compliance Officer;

    WHEREAS, Employee’s employment with the Company will end on June 1, 2021 (the “Separation Date”), and during the period from the date of this Agreement through and including the Separation Date, Employee will continue to provide services as requested by the
      Company (including, without limitation, assisting the Company with the transition of Employee’s duties to his successor); and

    WHEREAS, the Company and Employee desire to resolve all disputes between them on the terms and conditions
      set forth in this Agreement.

    NOW, THEREFORE, in consideration of the mutual promises herein contained, the parties agree as follows:

    1. Continued Employment Through the Separation
            Date; Payment of Accrued Salary.

    (a) Continued Employment. From the
        date hereof through and including the Separation Date, (i) Employee will continue to be employed by the Company on a full-time basis, providing such services as requested by the Company (including, without limitation, assisting the Company with the
        transition of Employee’s duties to his successor), and (ii) in consideration for such services, the Company will continue to pay Employee his base salary at the rate in effect as of the date of this Agreement and Employee will continue to
        participate in the Company’s benefit plans at the same level as in effect on the date of this Agreement, subject to the terms and conditions of such benefit plans.

    (b) Accrued Salary. On or as soon
        after the Separation Date as is administratively practicable, the Company shall issue to Employee his final paycheck, reflecting Employee’s fully earned and accrued but unpaid base salary through the Separation Date. Except as provided in Section 2
        below, Employee acknowledges and agrees that with his final check, Employee will have received all monies, bonuses, commissions, or other compensation he earned or was due during his employment by the Company.

    (c) Benefits. Employee’s entitlement
        to benefits from the Company, and eligibility to participate in the Company’s benefit plans, shall cease on the Separation Date. As soon as is administratively practicable after the Separation Date, the Company shall issue to Employee payment for
        his accrued and unused paid time off through the Separation Date.  Provided that he is otherwise eligible, Employee may elect to receive continued healthcare coverage at Employee’s own expense pursuant to the provisions of the Consolidated Omnibus
        Budget Reconciliation Act of 1985, as amended (“COBRA”) in accordance with the provisions of COBRA.

    
      
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    (d) No Other Pay or Benefits. 
        Employee acknowledges and agrees that the payments and benefits outlined in Sections 1 and 2 of this Agreement are the only payments and benefits to which Employee is entitled.

    2. Annual Bonus; Unvested Equity Award
            Treatment.  Subject to and conditioned upon (x) Employee’s timely execution and delivery (within twenty-one (21) days following the Company’s providing a copy of this Agreement to Employee) and non-revocation of this Agreement, (y)
        Employee’s continued compliance with the terms of this Agreement, and (z) Employee’s timely execution and delivery (within twenty-one (21) days following the Separation Date) of the Release attached hereto as Exhibit A (the “Release”) and the Release having become fully effective and irrevocable in
        accordance with its terms, the Company shall pay or provide Employee with the following payment and benefits:

    (a) Payment at the regularly scheduled time (expected to be September 2021) of Employee’s fiscal year 2021 annual bonus based
        on the achievement of the applicable performance metrics and using the same determination framework as will be used for similarly situated executives at the Company; and

    (b) Vesting of Employee’s outstanding and unvested: (i) 6,666 stock options granted on March 23, 2019; (ii) 1,920 stock
        options granted on October 7, 2019; and (iii) 10,000 stock options granted on November 22, 2019. Each such grant of stock options shall otherwise subsist in accordance with the terms of the applicable stock option agreement and equity incentive
        plan.

    Except as provided in this Section 2, Employee acknowledges and agrees that he is owed no further payments (including, but
      not limited to, severance pay and pay in lieu of any notice required under Employee’s offer letter with the Company, dated March 27, 2019 (the “Offer Letter”), or
      otherwise) or benefits of any kind from the Company or any of its subsidiaries.

    3. Confirmation of Continuing Obligations.

    (a) Confidentiality Restrictions. Employee acknowledges and
        agrees that the confidentiality restrictions contained in the Offer Letter remain in full force and effect, and Employee shall continue to abide by such restrictions following the Separation Date in accordance with their terms. Such restrictions
        are incorporated by reference as though fully set forth in this Agreement.

    (b) Non-Disparagement. Employee agrees that he will
        not make any disparaging or untruthful remarks or statements, whether oral or written, about the Company, its operations or its products, services, affiliates, officers, directors, employees, or agents, or issue any communication that reflects
        adversely on or encourages any adverse action against the Company.  Employee agrees that he will not make any direct or indirect written or oral statements to the press, television, radio or other media or other external persons or entities
        concerning any matters pertaining to the business and affairs of the Company, its affiliates or any of its officers or

    
      
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    directors.  This clause (b) will not be violated by any truthful statements made in the course of a governmental investigation, legal
      proceeding, or under applicable law.

    (c) Injunctive Relief. Employee
        acknowledges and agrees that it would be difficult to fully compensate the Company for damages resulting from the breach or threatened breach of the covenants set forth in Section 3 of this Agreement and accordingly agrees that the Company shall be
        entitled to temporary and injunctive relief, including temporary restraining orders, preliminary injunctions and permanent injunctions, without the need to post any bond, to enforce such provisions in any action or proceeding instituted in the
        United States District Court for the District of Delaware or in any court in the State of Delaware having subject matter jurisdiction. This provision with respect to injunctive relief shall not, however, diminish the Company’s right to claim and
        recover damages. Employee further acknowledges and agrees that, without limitation of any other remedies available to the Company at law or in equity, in the event of any breach of any of the covenants set forth in Section 3 of this Agreement,
        Employee shall repay to the Company any payments (on a pre-tax basis) received pursuant to Section 2(a) of this Agreement within ten (10) days of any such breach.

    (d) Cooperation.
      Employee agrees (i) to be reasonably available to answer questions for any of the Company’s officers or directors regarding any matter, project, or effort with which Employee was involved while employed by the Company and (ii) to cooperate with the
      Company during the course of all proceedings arising out of the Company’s operations or business about which Employee has knowledge or information. For purposes of this Agreement, “proceedings” include internal investigations, administrative
      investigations or proceedings, and lawsuits (including pre-trial discovery and trial testimony) and “cooperation” includes (A) the Employee’s being reasonably available for interviews, meetings, depositions, hearings and/or trials without the need
      for subpoena or assurances by the Company, (B) providing any and all documents in Employee’s possession that relate to the proceeding, and (C) providing assistance in locating any and all relevant notes and/or documents relevant to any proceedings. 
      Such assistance and cooperation shall be without additional compensation other than reimbursement for reasonable associated expenses, any of which must be pre-approved, in writing, by the Company; provided, however, the Company shall compensate the
      Employee on an hourly basis if the Employee is asked to testify or prepare documents. For purposes of the previous sentence, the hourly rate shall be mutually agreed between the Company and the Employee.

    (e) Return of Property.
      On or promptly following the Separation Date (or upon the earlier request of the Company), Employee shall return to the Company all of the Company’s property (including, without limitation, any Company-owned electronic devices, laptops, desktop
      computers, or computer accessories), documents (hard copy or electronic files), and information. Employee has not and will not copy or transfer any Company information, nor will Employee maintain any Company information after the date of return
      described in this clause (e), except as required to comply with any litigation holds.

    (f) Whistleblower Provision.
      Notwithstanding anything to the contrary contained in this Agreement, (i) Employee will not be prevented from reporting possible violations of federal law or regulation to any United States governmental agency or entity in accordance with the
      provisions of and rules promulgated under Section 21F of the Securities Exchange Act of 1934 or Section 806 of the Sarbanes-Oxley Act of 2002, or any other whistleblower protection provisions

    
      
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    of state or federal law or regulation (including the right to receive an award for information provided to any such
      government agencies), and (ii) Employee acknowledges that he will not be held criminally or civilly liable for (A) the disclosure of confidential or proprietary information that is made in confidence to a government official or to an attorney solely
      for the purpose of reporting or investigating a suspected violation of law, or (B) disclosure of confidential or proprietary information that is made in a complaint or other document filed in a lawsuit or other proceeding under seal or pursuant to
      court order. Employee represents to the Company that he is not aware of any actual or suspected violation of law that could be the subject of any claims or proceedings described in this clause (f).

    4. Release of Claims.

    (a) General Release of
          Claims by Employee. In exchange for the benefits of this Agreement, and in consideration of the further agreements and promises set forth herein, Employee, on behalf of himself and his executors, heirs, administrators, representatives
      and assigns, hereby agrees to release and forever discharge the Company and all predecessors, successors and their respective parent corporations, affiliates, related, and/or subsidiary entities, and all of their past and present investors,
      directors, shareholders, officers, general or limited partners, employees, attorneys, agents and representatives, and the employee benefit plans in which Employee is or has been a participant by virtue of his employment with or service to the Company
      (collectively, the “Releasees”), from any and all claims, debts, demands, accounts, judgments, rights, causes of action, equitable relief, damages, costs,
      charges, complaints, obligations, promises, agreements, controversies, suits, expenses, compensation, responsibility and liability of every kind and character whatsoever, including attorneys’ fees and costs (collectively, “Claims”), whether in law or equity, known or unknown, asserted or unasserted, suspected or unsuspected, which Employee has or may have had against such entities based on any events or
      circumstances arising or occurring on or prior to the date hereof, arising directly or indirectly out of, relating to, or in any other way involving in any manner whatsoever Employee’s employment by or service to the Company or the termination
      thereof, and Employee’s right to purchase, or actual purchase of, any common shares or other equity interests of the Company or any of its affiliates, including any and all claims arising under federal, state, or local laws relating to employment,
      including without limitation claims of wrongful discharge, breach of express or implied contract (including, without limitation, any such claim related to any notice period or pay in lieu thereof provided in the Offer Letter), fraud, negligent or
      intentional misrepresentation, promissory estoppel, negligent or intentional infliction of emotional distress, negligent or intentional interference with contract or prospective economic advantage, unfair business practices, defamation, libel,
      slander, negligence, personal injury, assault, battery, invasion of privacy, false imprisonment, conversion, disability benefits, or other liability in tort or contract; claims for recovery of attorneys’ fees and costs; claims for any loss, cost,
      damage, or expense arising out of any dispute over the non-withholding or other tax treatment of any of the proceeds received by Employee as a result of this Agreement; and all legal and equitable claims of any kind that may be brought in any court
      or administrative agency including, without limitation, claims under Title VII of the Civil Rights Act of 1964, as amended; the Americans with Disabilities Act, as amended (“ADEA”);

      the Rehabilitation Act of 1973, as amended; the Civil Rights Act of 1866, and the Civil Rights Act of 1991; 42 U.S.C. Section 1981, et seq.; the Age Discrimination in Employment Act, as amended; the Genetic Information Nondiscrimination Act; the
      Equal Pay Act,

    
      
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    as amended; regulations of the Office of Federal Contract Compliance, 41 C.F.R. Section 60, et seq.; the Family and Medical
      Leave Act, as amended; the Fair Labor Standards Act of 1938, as amended; the Employee Retirement Income Security Act, as amended; the Fair Credit Reporting Act.; the Worker Adjustment and Retraining Notification Act; the Sarbanes-Oxley Act, 18 U.S.C.
      Section 1514A.1, et seq.; the Pennsylvania Human Relations Act; the federal and any state constitution; and all Pennsylvania state and local laws.

    (b) Notwithstanding the generality of the foregoing, Employee does not release the following claims: (i)
      Claims under this Agreement; (ii) Claims pursuant to the terms and conditions of COBRA; (iii) Employee’s right to bring to the attention of the Equal Employment Opportunity Commission or any other federal, state or local government agency claims of
      discrimination, harassment, interference with leave rights or retaliation; provided, however, that Employee does release Employee’s right to secure any damages for such alleged treatment; and (iv) Employee’s right to communicate or cooperate with any
      government agency.

    (c) Employee acknowledges that he has been advised that, by statute or common law, a general release may
      not extend to Claims of which Employee is not aware at the time of entering into this Agreement which, if known by Employee may or would have materially affected his decision to enter into the Agreement. Being aware of this fact, Employee waives any
      right he may have by statute or under common law principles to preserve his ability to assert such unknown Claims.

    (d) Employee acknowledges that the Company has advised him in writing that he should consult with an
      attorney of his choice before signing this Agreement, and Employee has had sufficient time to consider the terms of this Agreement, including his release of Claims. Employee represents and acknowledges that Employee executes this Agreement knowingly,
      voluntarily, and upon the advice and with the approval of Employee’s legal counsel.

    (e) Employee acknowledges that
        he has been provided with twenty-one (21) days to consider the terms of this Agreement, but may voluntarily elect to sign this Agreement in a shorter period of time. Employee further understands that he has seven (7) days following the
      execution of this Agreement to revoke this Agreement (including Employee’s release of claims in this Section 4), and that this Agreement and Employee’s release of claims will not become effective or enforceable until the seven (7)-day period has
      expired. Employee may revoke this Agreement by providing written notice of revocation to the Company’s General Counsel within such seven (7)-day period.  This

      Agreement will become effective and irrevocable on the eighth (8th) day after Employee signs it if he does not timely revoke it.
        Employee acknowledges and agrees that he is receiving payments and benefits to which he would not be entitled in absence of his timely execution, delivery, and non-revocation of this Agreement (including Exhibit A), and that if Employee fails to
        timely execute and deliver, or if Employee revokes, this Agreement (including Exhibit A), then the Company will have no further obligation to pay or provide Employee any payments or benefits under this Agreement, including the severance benefits described
        in Section 2.

    5. Additional Representations and Warranties By
            Employee. Employee represents that Employee has no pending complaints or charges against the Releasees, or any of them, with

    
      
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    any state or federal court, or any local, state or federal agency, division, or department based on any event(s) occurring
      prior to the date Employee signs this Agreement, is not owed wages, commissions, bonuses or other compensation, other than as set forth in this Agreement, and did not, to the best of his knowledge, during the course of Employee’s employment, sustain
      any injuries for which Employee might be entitled to compensation pursuant to worker’s compensation law. Except as expressly permitted by this Agreement, Employee further represents that Employee will not in the future file, participate in,
      encourage, instigate or assist in the prosecution of any claim, complaints, charges or in any lawsuit by any party in any state or federal court against the Releasees, or any of them, unless such aid or assistance is ordered by a court or government
      agency or sought by compulsory legal process, claiming that the Releasees, or any of them, have violated any local, state or federal laws, statutes, ordinances or regulations based upon events occurring prior to the execution of this Agreement.
      Nothing in this Section 5 is intended to affect Employee’s right to communicate directly with, cooperate with, or provide information to, any federal, state or local government regulator. Employee additionally represents and warrants to the Company
      that Employee has disclosed to the Board of Directors of the Company (as constituted as of the date of this Agreement) any and all information of which Employee has knowledge that is relevant to the Company’s past and ongoing internal investigations
      in which Employee was asked to participate.

    6. Knowing and Voluntary. Employee
        represents and agrees that, prior to signing this Agreement, Employee had the opportunity to discuss the terms of this Agreement with legal counsel of Employee’s choosing. Employee further represents and agrees that Employee is entering into this
        Agreement knowingly and voluntarily. Employee affirms that no promise was made to cause Employee to enter into this Agreement, other than what is promised in this Agreement. Employee further confirms that Employee has not relied upon any other
        statement or representation by anyone other than what is in this Agreement as a basis for Employee’s agreement.

    7. Miscellaneous.

    (a) Entire Agreement; Modification.
        This Agreement sets forth the entire understanding of the parties, superseding all prior agreements and understandings, written or oral, with respect to the subject matter hereof and supersedes all existing agreements between them concerning such
        subject matter. This Agreement may be amended or modified only with the written consent of Employee and an authorized representative of the Company. No oral waiver, amendment or modification will be effective under any circumstances whatsoever.

    (b) Assignment; Assumption by Successor.
        The rights of the Company under this Agreement may, without the consent of Employee, be assigned by the Company, in its sole and unfettered discretion, to any person, firm, corporation or other business entity which at any time, whether by
        purchase, merger or otherwise, directly or indirectly, acquires all or substantially all of the assets or business of the Company. The Company will require any successor (whether direct or indirect, by purchase, merger or otherwise) to all or
        substantially all of the business or assets of the Company expressly to assume and to agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place;
        provided, however, that no such assumption shall relieve the Company of its obligations hereunder. As used in this Agreement, the “Company” shall mean the
        Company

    
      
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    as hereinbefore defined and any successor to its business and/or assets as aforesaid which assumes and agrees to perform
      this Agreement by operation of law or otherwise.

    (c) Third‐Party Beneficiaries. This
        Agreement does not create, and shall not be construed as creating, any rights enforceable by any person not a party to this Agreement.

    (d) Waiver. The failure of either
        party hereto at any time to enforce performance by the other party of any provision of this Agreement shall in no way affect such party’s rights thereafter to enforce the same, nor shall the waiver by either party of any breach of any provision
        hereof be deemed to be a waiver by such party of any other breach of the same or any other provision hereof.

    (e) Non-transferability of Interest.
        None of the rights of Employee to receive any form of compensation payable pursuant to this Agreement shall be assignable or transferable except through a testamentary disposition or by the laws of descent and distribution upon the death of
        Employee. Any attempted assignment, transfer, conveyance, or other disposition (other than as aforesaid) of any interest in the rights of Employee to receive any form of compensation to be made by the Company pursuant to this Agreement shall be
        void.

    (f) Jurisdiction; Governing Law. This
        Agreement will be governed by and construed in accordance with the laws of the State of Delaware without regard to the conflicts of law provisions thereof. Employee and the Company agree that the state and federal courts of Wilmington, Delaware
        shall have the exclusive jurisdiction to consider any matters related to this Agreement, including without limitation any claim of a violation of this Agreement. With respect to any such court action, Employee submits to the jurisdiction of such
        courts and Employee acknowledges that venue in such courts is proper.

    (g) Ambiguities. The general rule
        that ambiguities are to be construed against the drafter shall not apply to this Agreement. In the event that any language of this Agreement is found to be ambiguous, all parties shall have the opportunity to present evidence as to the actual
        intent of the parties with respect to any such ambiguous language.

    (h) Severability. If any sentence,
        phrase, paragraph, subparagraph or portion of this Agreement is found to be illegal or unenforceable, such action shall not affect the validity or enforceability of the remaining sentences, phrases, paragraphs, subparagraphs or portions of this
        Agreement.

    (i) Counterparts. This Agreement may
        be executed in one or more counterparts, each of which shall be deemed an original, all of which together shall constitute one and the same instrument.

    (j) Withholding and Other Deductions.
        All compensation payable or provided to Employee hereunder shall be subject to such deductions as the Company is from time to time required to make pursuant to law, governmental regulation or order.

    
      
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    (k) Taxes; Right to Seek Independent Advice. Employee understands and agrees
        that all payments under this Agreement will be subject to appropriate tax withholding and other deductions, as and to the extent required by law. Employee acknowledges and agrees that neither the Company nor the Company’s counsel has provided any
        legal or tax advice to Employee and that Employee is free to, and is hereby advised to, consult with a legal or tax advisor of Employee’s choosing.

    * * * * *

    [signature page follows]

    

    

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

    
      	 	CANTALOUPE, INC.	 
	 	 	 	 
	

            	
              By:   /s/ Alyssa Braniecki                            

              

            	 
	 	Name:  Alyssa Braniecki

            	 
	 	Title:     Director of Human Resources

            	 
	 	 	 	 

    

    
      

      

      
        	 	EMPLOYEE	 
	 	 	 	 
	

              	
                 /s/ James M. Pollock                                 

                

              	 
	 	James M. Pollock	 
	 	

              	 
	 	 	 	 

      

    

    

    

    

    

    
      
        [Signature Page to Pollock Separation and Transition Agreement]

        

        

      

      
        

      
        

        

      

    

    

    

    Exhibit A

    Release

    
      	
              1.

            	
              I, James M. Pollock, hereby execute this Release as of the date set forth below.  Capitalized terms used but not defined in this Release shall
                have the meanings set forth in the Separation and Transition Agreement (the “Separation Agreement”) to which this Release is attached as Exhibit A.

            

    

    
      	
              2.

            	
              I hereby extend my release of Claims set forth in Section 4 of the Separation Agreement to cover all Claims I have ever had, have, or hereafter
                may have against any Releasee, directly or indirectly, whether known or unknown, from the beginning of time to the date of this Release.

            

    

    
      	
              3.

            	
              My foregoing release shall not apply to the extent prohibited by law or to my right to enforce the terms of the Separation Agreement; it being
                understood and agreed that the payments and benefits set forth in Section 2 of the Separation Agreement are expressly contingent upon my timely
                  execution and delivery (within twenty-one (21) days following the Separation Date) of this Release and continued compliance with the terms of the Separation Agreement and this Release, and if these conditions are at any time not
                satisfied, the Company shall have no further obligation to pay or provide any of the payments or benefits provided in Section 2 of the Separation Agreement.

            

    

    
      	
              4.

            	
              Except as provided in paragraph 5 below, I represent and warrant that I have not filed and will not file any claim, charge, or lawsuit (civil,
                administrative, or criminal) against any Releasee, either individually in any type of proceeding or as a member of a class, based upon acts, occurrences, or events which are subject to my release in paragraph 2 above.  If I breach this
                provision and file an action falling within its scope, I agree to indemnify the Releasees for all costs, including court costs and reasonable attorneys’ fees, incurred by any Releasee in the defense of such action or in establishing or
                maintaining the application or validity of this Release or the provisions thereof.

            

    

    
      	
              5.

            	
              I understand that by this Release I am not releasing:
                  (i) Claims under the Separation Agreement; (ii) Claims pursuant to the terms and conditions of COBRA; (iii) my right to bring to the attention of the Equal Employment Opportunity Commission or any other federal, state or local government
                  agency claims of discrimination, harassment, interference with leave rights or retaliation; provided, however, that I do release my right to secure any damages for such alleged treatment; and (iv) my right to communicate or cooperate with
                  any government agency.

            

    

    
      	
              6.

            	
              I hereby confirm that I am in full compliance with all terms and conditions of the Separation Agreement.

            

    

    
      	
              7.

            	
              I acknowledge and agree that in accordance with the terms of ADEA, as amended by the Older Workers Benefit Protection Act:

            

    

    
      	
              a.

            	
              I have read and understand this Release and knowingly and voluntarily entered into this

            

    

    
      
        A-10

      

      
        

      
        

        

      

    

    

    

    
      	
              

              

            	
              Release without fraud, duress, or any undue influence.

            

    

    
      	
              b.

            	
              I acknowledge that by this Release, the Company has advised me in writing to consult with an attorney before signing this Release.

            

    

    
      	
              c.

            	
              I understand the language of this Release and its meaning, particularly with respect to my waiver and release of any Claims against the Releasees.

            

    

    
      	
              d.

            	
              I have been afforded twenty-one (21) days to consider the terms of this Release, but may voluntarily elect to sign this Release in a shorter period
                of time.

            

    

    
      	
              e.

            	
              I have seven (7) days following the execution of this Release to revoke my release of Claims provided in this Release, and such release will not
                become effective or enforceable until the seven (7)-day period has expired. I may revoke this Release by providing written notice of revocation to the Company’s General Counsel within such seven (7)-day period. This Release will become
                effective and irrevocable on the eighth (8th) day after I sign it if I do not timely revoke it.

            

    

    
      	
              f.

            	
              I am receiving payment and other consideration from the Company that I would not otherwise be entitled to in absence of this Release and further
                understand that if I do not execute this Release, or timely revoke my release of Claims provided in this Release, the Company shall have no further obligation to pay or provide any of the payments or benefits provided in Section 2 of the
                Separation Agreement.

            

    

    
      	
              g.

            	
              I am not waiving any rights or claims that may arise after the date this Release is executed.

            

    

    
      	
              8.

            	
              This Release will be governed by and construed in
                  accordance with the laws of the State of Delaware without regard to the conflicts of law provisions thereof. I agree that the state and federal courts of Wilmington, Delaware shall have the exclusive jurisdiction to consider any matters
                  related to this Release, including without limitation any claim of a violation of this Release. With respect to any such court action, I submit to the jurisdiction of such courts and I acknowledge that venue in such courts is proper.

            

    

    * * * * *

    IN WITNESS WHEREOF, I, James M. Pollock, have signed this Release on  June 1, 2021.

     /s/ James M. Pollock                                                     

      

    James M. Pollock

    (not to be signed until Separation Date)

    
       

      

      A-11Exhibit
4.2

 

NEITHER
THIS NOTE NOR THE SECURITIES INTO WHICH THIS NOTE IS CONVERTIBLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR
THE SECURITIES COMMISSION OF ANY STATE. THESE SECURITIES HAVE BEEN SOLD IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT
TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS.

 

CONVERTIBLE
PROMISSORY NOTE

 

PUREBASE
CORPORATION

 

DUE:
May 27, 2031

 

This
Convertible Promissory Note (the “Note”) is a duly authorized and issued convertible promissory note (the “Note”)
of PUREBASE CORPORATION, a Nevada corporation (the “Company”), which has been issued in accordance with exemptions
from registration under the Securities Act of 1933, as amended (the “Securities Act”), pursuant to that certain Materials
Extraction Agreement, dated May 27, 2021 (the “Agreement”), among the Company, US Mine, LLC, a California limited
liability company (the “Holder”). Capitalized terms not otherwise defined herein shall have the meanings ascribed
to them in the Agreement.

 

Article
I.

 

Section
1.1 Principal and Interest. FOR VALUE RECEIVED, the Company hereby promises to pay to the order of the Holder, in lawful money
of the United States of America and in immediately available funds, the principal sum of Fifty Million Dollars (US$50,000,000) on May
27, 2031 (the “Maturity Date”). The Company further promises to pay interest in cash on the unpaid principal amount
of this Note at a rate per annum equal to 2.5%, commencing to accrue on the date hereof and payable on the Maturity Date or earlier conversion
as provided herein. Interest will be computed on the basis of a 360-day year of twelve 30-day months for the actual number of days elapsed.

 

Section
1.2 Conversion.

 

(a)
The Holder may, in its sole discretion, determine to convert (each, a “Conversion”) the outstanding principal amount
of this Note, together with accrued and unpaid interest due thereon (together, the “Outstanding Balance”), into shares
of common stock (“Common Stock”) of the Company (the “Conversion Shares”) at the conversion rate
of $0.43 per share (the “Conversion Price”); provided, however, that (i) up to fifty percent (50%) of the Outstanding
Balance may be converted on or after such date (the “Listing Date”) as the Company is listed for trading on the NYSE
American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange, or any other
national securities exchange; (ii) up to an additional twenty-five percent (25%) of the Outstanding Balance may be converted on or after
the six (6) month anniversary of the Trading Date; and (iii) the remainder of the Outstanding Balance may be converted on or after the
twelve (12) month anniversary of the Trading Date. The number of Conversion Shares issuable upon a Conversion shall be determined by
the quotient obtained by dividing (i) the outstanding principal amount of this Note plus accrued interest thereon on the conversion date
for the Conversion by (ii) the Conversion Price. The calculation by the Company of the number of Conversion Shares to be received by
the Holder upon conversion hereof, shall be conclusive absent manifest error. The Company shall not issue any fraction of a Conversion
Share upon any such conversion; if the issuance would result in the issuance of a fraction of a Conversion Share, the Company shall round
such fraction of a Conversion Share up to the nearest whole Conversion Share.

 

    	 

     

    

 

(b)
To convert any portion of this Note into Conversion Shares on any date (an “Conversion Date”), the Holder shall (i)
transmit by facsimile (or otherwise deliver), for receipt on or prior to 12:00 noon., New York time, on such date, a copy of an executed
notice of conversion in the form attached hereto as Exhibit A (the “Conversion Notice”) to the Company and
(ii) return this Note to the Company via a nationally recognized overnight delivery service (or provide an indemnification undertaking
with respect to this Note in the case of its loss, theft or destruction). On or before the fifth trading day for the Common Stock following
the date of receipt of an Conversion Notice, the Company shall cause its transfer agent to issue and deliver to the Holder at the address
as specified in the Conversion Notice, a certificate, registered in the name of the Holder, for the number of Conversion Shares to which
the Holder shall be entitled. If the outstanding principal amount of this Note is greater than the principal portion being converted,
then the Company shall as soon as practicable after receipt of this Note, at its own expense, issue and deliver to the Holder a new Note
representing the outstanding principal amount not converted. Such new Note (i) shall be of like tenor with this Note, (ii) shall represent,
as indicated on the face of such new Note, the principal amount remaining outstanding, (iii) shall have an issuance date, as indicated
on the face of such new Note, which is the same as the date of this Note, and (iv) shall have the same rights and conditions as this
Note.

 

(c)
The Holder shall not have rights as a shareholder of the Company with respect to unconverted portions of this Note. However, the Holder
will have all the rights of a shareholder of the Company with respect to the Conversion Shares as of the date of delivery to the Company
of a completed Notice of Conversion.

 

(d)
In the event that the Company shall, after the date of issuance of this Note: (i) pay a stock dividend or make a distribution in shares
of its capital stock (whether shares of its Common Stock or of capital stock of any other class); (ii) subdivide its outstanding shares
of Common Stock; (iii) combine its outstanding shares of Common Stock into a smaller number of shares; or (iv) issue by reclassification
of its shares of Common Stock any shares of capital stock of the Company, the number of shares issuable upon conversion of this Note
shall be adjusted so that the Holder shall be entitled to receive the number of shares of capital stock of the Company which the Holder
would have owned immediately following such action had this Note been converted immediately prior thereto, and the number of shares issuable
upon conversion of this Note shall thereafter be subject to further adjustment pursuant to this Section. An adjustment made pursuant
to this Section shall become effective retroactively immediately after the record date in the case of a dividend or distribution and
shall become effective immediately upon the effective date in the case of a subdivision, combination or reclassification.

 

    	2

     

    

 

If
any recapitalization, reclassification or reorganization of the capital stock of the Company, or any consolidation or merger of the Company
with another corporation, or the sale of all or substantially all of its assets or other transaction shall be effected in such a way
that holders of Common Stock shall be entitled to receive stock, securities or other assets or property (an “Organic Change”),
then lawful and adequate provisions shall be made by the Company whereby the Holder hereof shall thereafter have the right to purchase
and receive (in lieu of the Conversion Shares of the Company immediately theretofore purchasable and receivable upon the conversion of
this Note) such shares of stock, securities or other assets or property as may be issued or payable with respect to or in exchange for
a number of outstanding shares of such Common Stock equal to the number of shares of such stock immediately theretofore purchasable by
reason of the Conversion Shares and receivable assuming the full conversion of this Note. In the event of any Organic Change, appropriate
provision shall be made by the Company with respect to the rights and interests of the Holder of this Note to the end that the provisions
hereof (including, without limitation, provisions for adjustments of the conversion price and of the number of Conversion Shares purchasable
and receivable upon the exercise of this Note) shall thereafter be applicable, in relation to any shares of stock, securities or assets
thereafter deliverable upon the exercise hereof. To the extent necessary to effect the foregoing provisions, the successor corporation
(if other than the Company) resulting from such consolidation or merger or the corporation purchasing such assets shall assume by written
instrument reasonably satisfactory in form and substance to the Holder executed and mailed or delivered to the registered Holder hereof
at the last address of such Holder appearing on the books of the Company, the obligation to deliver to such Holder such shares of stock,
securities or assets as, in accordance with the foregoing provisions, such Holder may be entitled to purchase. In any event, the successor
corporation (if other than the Company) resulting from such consolidation or merger or the corporation purchasing such assets shall be
deemed to assume such obligation to deliver to such Holder such shares of stock, securities or assets even in the absence of a written
instrument assuming such obligation to the extent such assumption occurs by operation of law.

 

Section
1.3 Absolute Obligation. Except as expressly provided herein, no provision of this Note shall alter or impair the obligation of
the Company, which is absolute and unconditional, to pay the principal of, and liquidated damages (if any) on, this Note at the time,
place, and rate, and in the coin or currency, herein prescribed. This Note is a direct debt obligation of the Company.

 

Section
1.4 Security; Other Rights. The obligations of the Company to the Holder under this Note are unsecured. However, in addition to
the rights and remedies given it by this Note and the Agreement, the Holder shall have all those rights and remedies allowed by applicable
law.

 

Section
1.5 Reservation of Common Stock. The Company shall reserve and keep available out of its authorized but unissued shares of Common
Stock, solely for the purpose of conversion of this Note, that number of shares of Common Stock equal to the number of Conversion Shares
into which the Note is convertible based upon the Conversion Price.

 

Article
II.

 

Section
2.1 Events of Default. Each of the following events shall constitute a default under this Note (each, an “Event of Default”):

 

	 	(a)	failure
    by the Company to pay any outstanding principal amount and accrued but unpaid interest due on the Maturity Date;
	 	 	 
	 	(b)	the
    Company or any subsidiary of the Company shall: (i) make a general assignment for the benefit of its creditors; (ii) apply for or
    consent to the appointment of a receiver, trustee, assignee, custodian, sequestrator, liquidator or similar official for itself or
    any of its assets and properties; (iii) commence a voluntary case for relief as a debtor under the United States Bankruptcy Code;
    (iv) file with or otherwise submit to any governmental authority any petition, answer or other document seeking: (A) reorganization,
    (B) an arrangement with creditors or (C) to take advantage of any other present or future applicable law respecting bankruptcy, reorganization,
    insolvency, readjustment of debts, relief of debtors, dissolution or liquidation; (v) file or otherwise submit any answer or other
    document admitting or failing to contest the material allegations of a petition or other document filed or otherwise submitted against
    it in any proceeding under any such applicable law, or (vi) be adjudicated a bankrupt or insolvent by a court of competent jurisdiction;

 

    	3

     

    

 

	 	(c)	any
    case, proceeding or other action shall be commenced against the Company or any subsidiary of the Company for the purpose of effecting,
    or an order, judgment or decree shall be entered by any court of competent jurisdiction approving (in whole or in part) anything
    specified in Section 2.1(b) hereof, or any receiver, trustee, assignee, custodian, sequestrator, liquidator or other official shall
    be appointed with respect to the Company, or shall be appointed to take or shall otherwise acquire possession or control of all or
    a substantial part of the assets and properties of the Company, and any of the foregoing shall continue unstayed and in effect for
    any period of sixty (60) days;
	 	 	 
	 	(d)	any
    material breach by the Company of any of its representations or warranties contained in this Note; or
	 	 	 
	 	(e)	any
    default, whether in whole or in part, shall occur in the due observance or performance of any obligations or other covenants, terms
    or provisions to be performed by the Company under this Note which is not cured within ten (10) business days after receipt of written
    notice thereof.

 

If
any Event of Default specified in Section 2.1(b) or Section 2.1(c) occurs, then the full principal amount of this Note, together with
any other amounts owing in respect thereof, to the date of the Event of Default, shall become immediately due and payable without any
action on the part of the Holder, and if any other Event of Default occurs, the full principal amount of this Note, together with any
other amounts owing in respect thereof, to the date of acceleration shall become, at the Holder’s election, immediately due and
payable in cash. All Notes for which the full amount hereunder shall have been paid in accordance herewith shall promptly be surrendered
to or as directed by the Company.

 

Article
III.

 

Section
3.1 Covenants. So long as this Note shall remain in effect and until any outstanding principal and interest and all fees and all
other expenses or amounts payable under this Note have been paid in full, unless the Holder shall otherwise consent in writing (such
consent not to be unreasonably withheld), the Company shall:

 

	 	(a)	Notice
    of Default. Promptly advise the Holder in writing of the occurrence of any Event of Default of which the Company is aware. 
	 	 	 
	 	(b)	Entry
    into Certain Transactions. Not, directly or in directly, (i) liquidate, dissolve or wind up the Company; or (ii) amend, alter
    or repeal any provision of the Company’s Articles of Incorporation or Bylaws.

 

Article
IV.

 

Section
4.1 Representations of the Company. The Company hereby represents and warrants to the Holder that:

 

	 	(a)	The
    Company has the requisite corporate power and authority to enter into and perform its obligations under this Note, (ii) the execution
    and delivery of this Note by the Company and the consummation by it of the transactions contemplated hereby have been duly authorized
    by the Company’s Board of Directors, and no further consent or authorization is required by the Company or its Board of Directors,
    (iii) this Note has been duly executed and delivered by the Company, (iv) this Note constitutes the valid and binding obligation
    of the Company, enforceable against the Company in accordance with its terms, except as such enforceability may be limited by general
    principles of equity or applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or similar laws relating to, or
    affecting generally, the enforcement of creditors’ rights and remedies. 

 

    	4

     

    

 

	 	(b)	The
    execution, delivery and performance of this Note by the Company, and the consummation by the Company of the transactions contemplated
    hereby, will not (i) result in a violation of the Articles of Incorporation or bylaws (or equivalent constitutive document) of the
    Company or (ii) violate or conflict with, or result in a breach of any provision of, or constitute a default (or an event which with
    notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration
    or cancellation of, any agreement, indenture or instrument to which the Company is a party, or result in a violation of any law,
    rule, regulation, order, judgment or decree (including U.S. federal and state securities laws and regulations) applicable to the
    Company or by which any property or asset of the Company is bound or affected, except for those which could not reasonably be expected
    to have a material adverse effect on the assets, business, condition (financial or otherwise), or results of operations of the Company.
	 	 	 
	 	(c)	There
    is no action, suit, proceeding, inquiry or investigation before or by any court, public board, government agency, self-regulatory
    organization or body pending against or affecting the Company or any subsidiary, wherein an unfavorable decision, ruling or finding
    would materially adversely affect the validity or enforceability of, or the authority or ability of the Company to perform its obligations
    under, this Note.
	 	 	 
	 	(d)	The
    Conversion Shares, when issued in accordance with the terms of this Note, shall be duly and validly authorized, fully paid and non-assessable.

 

Section
4.2 Representations of the Holder. The Holder hereby represents and warrants to the Company that:

 

	 	(a)	Investment
    Purpose. The Holder is acquiring this Note, and, upon conversion of this Note, the Holder will acquire the Conversion Shares
    into which this Note may be converted (the Conversion Shares together with the Note, the “Securities”), for its
    own account for investment only and not with a view towards, or for resale in connection with, the public sale or distribution thereof,
    except pursuant to sales registered or exempted under the Securities Act of 1933, as amended (the “Securities Act”);
    provided, however, that by making the representations herein, such Holder reserves the right to dispose of the Securities at any
    time in accordance with or pursuant to an effective registration statement covering such Securities, or an available exemption under
    the Securities Act. The Holder agrees not to sell, hypothecate or otherwise transfer the Securities unless such Securities are registered
    under the federal and applicable state securities laws or unless, in the opinion of counsel satisfactory to the Company, an exemption
    from such law is available.
	 	 	 
	 	(b)	Accredited
    Investor Status. The Holder meets the requirements of at least one of the suitability standards for an “Accredited Investor”
    as that term is defined in Rule 501(a)(3) of Regulation D under the Securities Act.
	 	 	 
	 	(c)	Investor
    Qualifications. The Holder was not formed for the specific purpose of acquiring this Note, is duly organized, validly existing
    and in good standing under the laws of the state of its organization, the consummation of the transactions contemplated hereby is
    authorized by, and will not result in a violation of state law or its charter or other organizational documents, has full power and
    authority carry out the provisions hereof and thereof and to purchase and hold this Note.
	 	 	 
	 	(d)	Solicitation.
    The Holder is unaware of, is in no way relying on, and did not become aware of the offering of this Note through or as a result of,
    any form of general solicitation or general advertising including, without limitation, any article, notice, advertisement or other
    communication published in any newspaper, magazine or similar media or broadcast over television or radio, in connection with the
    offering and sale of this Note and is not subscribing for this Note and did not become aware of the offering of this Note through
    or as a result of any seminar or meeting to which the Holder was invited by, or any solicitation of a subscription by, a person not
    previously known to the Holder in connection with investments in securities generally.

 

    	5

     

    

 

	 	(e)	Brokerage
    Fees. The Holder has taken no action that would give rise to any claim by any person for brokerage commissions, finders’
    fees or the like relating to this Note or the transaction contemplated hereby.
	 	 	 
	 	(f)	Knowledge
    and Experience. The Holder has such knowledge and experience in financial, tax, and business matters, and, in particular, investments
    in securities, so as to enable it to utilize the information made available to it in connection with this Note to evaluate the merits
    and risks of an investment in this Note and the Company and to make an informed investment decision with respect thereto.
	 	 	 
	 	(g)	Liquidity.
    The Holder has adequate means of providing for such Holder’s current financial needs and foreseeable contingencies and has
    no need for liquidity of its investment in this Note for an indefinite period of time, and after purchasing this Note the Holder
    will be able to provide for any foreseeable current needs and possible personal contingencies. The Holder must bear and acknowledges
    the substantial economic risks of the investment in this Note including the risk of illiquidity and the risk of a complete loss of
    this investment.
	 	 	 
	 	(h)	High
    Risk Investment. The Holder is aware that an investment in this Note, and upon conversion of this Note, the Conversion Shares,
    involves a number of very significant risks and has carefully researched and reviewed and understands the risks of, and other considerations
    relating to, the purchase of this Note, and, upon conversion of this Note, the Conversion Shares.
	 	 	 
	 	(i)	Reliance
    on Exemptions. The Holder understands that this Note is being offered and sold to it in reliance on specific exemptions from
    the registration requirements of United States federal and state securities laws and that the Company is relying in part upon the
    truth and accuracy of, and such Holder’s compliance with, the representations, warranties, agreements, acknowledgments and
    understandings of such Holder set forth herein in order to determine the availability of such exemptions and the eligibility of such
    Holder to acquire such securities.
	 	 	 
	 	(j)	Information.
    The Holder has been furnished with all documents and materials relating to the business, finances and operations of the Company and
    its subsidiaries and information that Holder requested and deemed material to making an informed investment decision regarding its
    purchase of this Note. The Holder has been afforded the opportunity to review such documents and materials and the information contained
    therein. The Holder has been afforded the opportunity to ask questions of the Company and its management. The Holder understands
    that such discussions, as well as any written information provided by the Company, were intended to describe the aspects of the Company’s
    and its subsidiaries’ business and prospects which the Company believes to be material, but were not necessarily a thorough
    or exhaustive description, and except as expressly set forth in this Note or the Agreement, the Company makes no representation or
    warranty with respect to the completeness of such information and makes no representation or warranty of any kind with respect to
    any information provided by any entity other than the Company. Additionally, Holder understands and represents that it is purchasing
    this Note notwithstanding the fact that the Company and its subsidiaries, may disclose in the future certain material information
    Holder has not received, including the financial results of the Company and its subsidiaries for the current fiscal quarter. Neither
    such inquiries nor any other due diligence investigations conducted by such Holder shall modify, amend or affect such Holder’s
    right to rely on the Company’s representations and warranties contained herein. The Holder has sought such accounting, legal
    and tax advice as it has considered necessary to make an informed investment decision with respect to its investment in this Note.
    

    	6

     

    

 

	 	(k)	No
    Other Representations or Information. In evaluating the suitability of an investment in this Note, the Holder has not relied
    upon any representation or information (oral or written) with respect to the Company or its subsidiaries, or otherwise, other than
    as stated in this Note or the Agreement.
	 	 	 
	 	(l)	No
    Governmental Review. The Holder understands that no United States federal or state agency or any other government or governmental
    agency has passed on or will pass on, or has made or will make, any recommendation or endorsement of this Note (or the Conversion
    Shares), or the fairness or suitability of the investment in this Note (or the Conversion Shares), nor have such authorities passed
    upon or endorsed the merits of the offering of this Note (or the Conversion Shares). 
	 	 	 
	 	(m)	Transfer
    or Resale. The Holder understands that: (i) this Note, and, upon conversion of the Note, the Conversion Shares, have not been
    and are not being registered under the Securities Act or any state securities laws, and may not be offered for sale, sold, assigned
    or transferred unless (A) subsequently registered thereunder, or (B) such Holder shall have delivered to the Company an opinion of
    counsel, in a generally acceptable form, to the effect that such securities to be sold, assigned or transferred may be sold, assigned
    or transferred pursuant to an exemption from such registration requirements; (ii) any sale of such securities made in reliance on
    Rule 144 under the Securities Act (or a successor rule thereto) (“Rule 144”) may be made only in accordance with
    the terms of Rule 144 and further, if Rule 144 is not applicable, any resale of such securities under circumstances in which the
    seller (or the person through whom the sale is made) may be deemed to be an underwriter (as that term is defined in the Securities
    Act) may require compliance with some other exemption under the Securities Act or the rules and regulations of the Securities and
    Exchange Commission (the “SEC”) thereunder; and (iii) neither the Company nor any other person is under any obligation
    to register such securities under the Securities Act or any state securities laws or to comply with the terms and conditions of any
    exemption thereunder. There can be no assurance that there will be any market for this Note or the Conversion Shares, nor can there
    be any assurance that this Note will be freely transferable at any time in the foreseeable future.
	 	 	 
	 	(n)	Legends.
    The Holder understands that the certificates representing the Conversion Shares shall bear a restrictive legend in substantially
    the following form (and a stop transfer order may be placed against transfer of such stock certificates):

    	7

     

    

 

NEITHER
THIS NOTE NOR THE SECURITIES INTO WHICH THIS NOTE IS CONVERTIBLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR
THE SECURITIES COMMISSION OF ANY STATE. THESE SECURITIES HAVE BEEN SOLD IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT
TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS.

 

	 	(o)	Confidentiality.
    The Holder acknowledges and agrees that certain of the information received by it in connection with the transactions contemplated
    by this Note is of a confidential nature and may be regarded as material non-public information under Regulation FD promulgated by
    the SEC and that such information has been furnished to the Holder for the sole purpose of enabling the Holder to consider and evaluate
    an investment in this Note. The Holder agrees that it will treat such information in a confidential manner, will not use such information
    for any purpose other than evaluating an investment in this Note, will not, directly or indirectly, trade or permit the Holder’s
    agents, representatives or affiliates to trade in any securities of the Company while in possession of such information and will
    not, directly or indirectly, disclose or permit the Holder’s agents, representatives or affiliates to disclose any of such
    information without the Company’s prior written consent. The Holder shall make its agents, affiliates and representatives aware
    of the confidential nature of the information contained herein and the terms of this section including the Holder’s agreement
    to not disclose such information, to not trade in the Company’s securities while in the possession of such information and
    to be responsible for any disclosure or other improper use of such information by such agents, affiliates or representatives. Likewise,
    without the Company’s prior written consent, the Holder will not, directly or indirectly, make any statements, public announcements
    or other release or provision of information in any form to any trade publication, to the press or to any other person or entity
    whose primary business is or includes the publication or dissemination of information related to the transactions contemplated by
    this Note. 
	 	 	 
	 	(p)	No
    Legal Advice. The Holder acknowledges that it has had the opportunity to review this Note and the transactions contemplated by
    this Note with its own legal counsel and investment and tax advisors. The Holder is relying solely on such advisors and not on any
    statements or representations of the Company or any of its affiliates, employees, representatives or agents for legal, tax, economic
    and related considerations or investment advice with respect to this investment, the transactions contemplated by this Note or the
    securities laws of any jurisdiction.
	 	 	 
	 	(q)	No
    Group Participation. The Holder and its affiliates are not a member of any group, nor is any Holder acting in concert with any
    other person, including any other Holder, with respect to its acquisition of this Note (and the Conversion Shares).

 

    	8

     

    

 

Article
V.

 

Section
5.1 Notice. Notices regarding this Note shall be sent to the parties at the following addresses, unless a party notifies the other
parties, in writing, of a change of address:

 

	If
                                            to the Company:

     

     
	Purebase
                                            Corporation

    8631
    Highway 124

    P.O.
    Box 757

    lone,
    California 95640

    Attention:
    A. Scott Dockter, CEO

    Telephone:
    (888) 791-9474

     

	With
    a copy to:	The
                                            Crone Law Group, P.C.

    500
    Fifth Avenue, Suite 938

    New
    York, New York 10110

    Attn:
    Eric Mendelson, Esq.

    Telephone:
    (917) 398-5082

     

	If
    to the Holder:	US
                                            Mine, LLC

    8625
    Highway 124

    P.O.
    Box 580

    lone,
    California 95640

    Attn:
    John Bremer, Member

    Telephone:
    _______________

 

Section
5.2 Governing Law; Jurisdiction. All questions concerning the construction, validity, enforcement and interpretation of this Note
shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the
principles of conflicts of law thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement and
defense of the transactions contemplated by this Note (whether brought against a party hereto or its respective affiliates, directors,
officers, shareholders, employees or agents) shall be commenced in the state and federal courts sitting in the City of New York, Borough
of Manhattan (the “New York Courts”). Each party hereto hereby irrevocably submits to the exclusive jurisdiction of
the New York Courts for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby
or discussed herein (including with respect to the enforcement of this Note), and hereby irrevocably waives, and agrees not to assert
in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, or such New York
Courts are improper or inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents
to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight
delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Note and agrees that such service
shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any
way any right to serve process in any manner permitted by law. Each party hereto hereby irrevocably waives, to the fullest extent permitted
by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Note or the transactions
contemplated hereby. If either party shall commence an action or proceeding to enforce any provisions of this Note, then the prevailing
party in such action or proceeding shall be reimbursed by the other party for its attorney’s fees and other costs and expenses
incurred with the investigation, preparation and prosecution of such action or proceeding.

 

Section
5.3 Severability. The invalidity of any of the provisions of this Note shall not invalidate or otherwise affect any of the other
provisions of this Note, which shall remain in full force and effect.

 

Section
5.4 Entire Agreement and Amendments. This Note together with the Agreement represents the entire agreement between the parties
hereto with respect to the subject matter hereof and there are no representations, warranties or commitments, except as set forth herein.
This Note may be amended only by an instrument in writing executed by the Company and the Holder.

 

[Remainder
of Page Intentionally Left Blank]

 

    	9

     

    

 

IN
WITNESS WHEREOF, with the intent to be legally bound hereby, the Company as executed this Note as of the date first written above.

 

	 	PUREBASE
    CORPORATION
	 	 	 
	 	By:	/s/
    A. Scott Dockter
	 	Name:	A.
    Scott Dockter
	 	Title:	Chief
    Executive Officer
	 	 	 
	 	US
    MINE, LLC
	 	 	 
	 	By:	/s/
    John Bremer
	 	Name:	John
    Bremer
	 	Title:	Member

 

    	 

     

    

 

EXHIBIT
A

 

NOTICE
OF CONVERSION

 

(To
be executed by the Holder in order to convert the Note)

 

	TO:
    Purebase Corporation	 

 

The
undersigned hereby irrevocably elects to convert the unpaid principal amount and accrued interest amount indicated below of the Convertible
Promissory Note due _______, 2031 (the “Note”) into Conversion Shares of Purebase Corporation, according to the conditions
stated therein, as of the Conversion Date written below.

 

	Conversion
    Date:	 	 
	 	 	 
	Applicable
    Conversion Price (per Conversion Shares):	$	 
	 	 	 
	Principal
    amount of Note to be converted:	$	 
	 	 	 
	Principal
    amount of Note unconverted:	$	 
	 	 	 
	Interest
    amount to be converted	$	 
	 	 	 
	Number
    of Conversion Shares to be issued:	 	 
	 	 	 
	Issue
    the Conversion Shares in the following name and to the following address:	 	 
	 	 	 
	Issue
    to the following account of the Holder:	 	 
	 	 	 
	Authorized
    Signature:	 	 
	 	 	 
	Name:	 	 
	 	 	 
	Title:	 	 
	 	 	 
	Telephone
    Number:

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