Document:

Filed by sedaredgar.com - Argentex Mining Corp. - Exhibit 10.1

THIS PRIVATE PLACEMENT SUBSCRIPTION AGREEMENT (“SUBSCRIPTION
AGREEMENT”) RELATES TO AN OFFERING OF A UNITS (THE “UNITS”) IN AN OFFSHORE
TRANSACTION TO A PERSON THAT IS NOT A U.S. PERSON PURSUANT TO REGULATION S UNDER
THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”). 

THE UNITS HAS NOT BEEN REGISTERED UNDER THE 1933 ACT OR ANY
U.S. STATE SECURITIES LAWS AND, UNLESS SO REGISTERED, IT MAY NOT BE OFFERED OR
SOLD, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT IN
ACCORDANCE WITH THE PROVISIONS OF REGULATION S UNDER THE 1933 ACT, PURSUANT TO
AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT, OR PURSUANT TO AN
AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE 1933 ACT AND IN EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE
STATE SECURITIES LAWS. IN ADDITION, HEDGING TRANSACTIONS INVOLVING THE UNITS MAY
NOT BE CONDUCTED UNLESS IN ACCORDANCE WITH THE 1933 ACT. "UNITED STATES" AND
"U.S. PERSON" ARE AS DEFINED BY REGULATION S UNDER THE 1933 ACT. 

“UNLESS PERMITTED UNDER CANADIAN SECURITIES LEGISLATION, THE
HOLDER OF THE SECURITIES TO BE PURCHASED PURSUANT TO THIS AGREEMENT MUST NOT
TRADE THE SECURITIES IN CANADA BEFORE THE DATE THAT IS 4 MONTHS AND A DAY AFTER
THE CLOSING DATE (AS DEFINED IN THIS SUBSCRIPTION AGREEMENT. 

CONFIDENTIAL 
PRIVATE PLACEMENT SUBSCRIPTION
AGREEMENT 

(Directors Units) 

	TO: 	Argentex Mining Corp. (the
      “Company”) 
	  	602-1112 West Pender Street

	 	Vancouver B.C. V6E
      2S1 
	  	Canada 

Purchase of Units 

1.                      
Subscription and Use of Proceeds 

1.1                    
The undersigned (the “Subscriber”) hereby irrevocably subscribes for and
agrees to purchase ____________ units (each, a “Unit” and collectively,
the “Units”), with each Unit consisting of one share of the common stock
of the Company (each a “Share”) and one common share purchase warrant
(each a “Warrant”) at a price per Unit of USD $0.10 (such subscription
and agreement to purchase being the “Subscription”), for an aggregate
purchase price of USD$_____________ (the “Subscription Proceeds”.) Each
Warrant will entitle the holder to purchase one additional Share at a purchase
price of USD$0.15 for a period of 24 months from the Closing Date. 

1.2                    
On the basis of the representations and warranties and subject to the terms and
conditions set forth herein, including approval of this Subscription by the TSX
Venture Exchange, the Company hereby irrevocably agrees to sell and issue the
Units to the Subscriber. 

2.                      
Payment 

2.1                    
The Subscription Proceeds must accompany this Subscription and shall be paid by
cashiers cheque or bank draft payable to the order of the Company, drawn in U.S.
funds on a Canadian bank or another bank reasonably acceptable to the Company
or, at the Subscriber’s option, by wire transfer to the Company or its
solicitors pursuant to the wire transfer instructions that will be provided to
the Subscriber upon request. 

- 2 - 

3.                     
 Documents Required from Subscriber 

3.1                    
The Subscriber shall complete, sign and return to the Company, as soon as
possible: 

	 	(a) 	
      an executed copy of this Subscription Agreement,
    and

	 	 	 
	 	(b) 	
      on request by the Company, any other documents,
      questionnaires, notices and undertakings as may be required by the Company
      in order to enable or show compliance with the requirements of regulatory
      authorities and applicable law.

4.                      
Closing 

4.1                    
Closing of the sale of the Units (the “Closing”) shall occur promptly
following receipt of the approval of the TSX Venture Exchange to this
Subscription, or on such later date as may be determined by the Company (the
“Closing Date”). 

5.                      
Acknowledgements of Subscriber 

5.1                    
The Subscriber acknowledges and agrees that: 

	 	(a) 	
      none of the Shares, the Warrants or the shares of common
      stock (“Warrant Shares”) that may be issued upon the exercise of
      any of the Warrants (the Shares, the Warrants and the Warrant Shares may
      be hereinafter referred to collectively as the “Securities”) have
      been registered under the 1933 Act, or under any state securities or “blue
      sky” laws of any state of the United States and, unless so registered,
      none of them may be offered or sold in the United States or, directly or
      indirectly, to U.S. Persons, as that term is defined in Regulation S under
      the 1933 Act (“Regulation S”), except in accordance with the
      provisions of Regulation S, pursuant to an effective registration
      statement under the 1933 Act, or pursuant to an exemption from, or in a
      transaction not subject to, the registration requirements of the 1933 Act
      and in each case in accordance with applicable state and provincial
      securities laws;

	 	 	 
	 	(b) 	
      the Company has not undertaken to, and will have no
      obligation to, register the Securities, or any of them, under the 1933 Act
      or the applicable Canadian securities laws;

	 	 	 
	 	(c) 	
      no prospectus or offering memorandum within the meaning
      of the securities laws applicable in both the United States and Canada
      (collectively, the “Applicable Securities Laws”) has been delivered
      to, summarized for or seen by the Subscriber in connection with the sale
      of the Units and the Subscriber is not aware of any prospectus or offering
      memorandum having been prepared by the Company;

	 	 	 
	 	(d) 	
      the decision to execute this Subscription Agreement and
      acquire the Units hereunder has not been based upon any oral or written
      representation as to fact or otherwise made by or on behalf of the
      Company, and such decision is based entirely upon a review of information
      (the adequacy of which is hereby acknowledged) about the Company that is
      available to any member of the public on the EDGAR database maintained by
      the U.S. Securities and Exchange Commission (the “SEC”) at
      www.sec.gov and the SEDAR database maintained by the Canadian Securities
      Administrators at www.sedar.com;

	 	 	 
	 	(e) 	
      there is no government or other insurance covering any of
      the Securities;

	 	 	 
	 	(f) 	
      it has not received, nor has it requested, nor does it
      have any need to receive, any offering memorandum (as defined in or
      contemplated by Applicable Securities Laws) or any other document (other
      than financial statements or any other continuous disclosure documents,
      the contents of which are prescribed by statute or regulation) describing
      the business and affairs of the Company which has been prepared for
      delivery to, and review by, prospective subscribers in
  order

- 3 - 

	 		
      to assist them in making an investment decision in
      respect of the Securities (or any of them), and it has not become aware of
      any advertisement including, by way of example and not in limitation,
      advertisement in any printed media of general and regular circulation or
      on radio or television with respect to the distribution of the
    Units;

	 	 	 
	 	(g) 	
      no securities commission or similar regulatory authority
      has reviewed or passed on the merits of the Securities or any of
    them;

	 	 	 
	 	(h) 	
      there are risks associated with an investment in the
      Company including, by way of example and not in limitation, the specific
      risks identified in the Company’s most recent periodic reports filed with
      the SEC and available for viewing at the SEC’s website at www.SEC.gov and
      the SEDAR database maintained by the Canadian Securities Administrators at
      www.sedar.com;

	 	 	 
	 	(i) 	
      the Subscriber and the Subscriber’s advisor(s) have had a
      reasonable opportunity to ask questions of and receive answers from the
      Company in connection with the distribution of the Units hereunder, and to
      obtain additional information, to the extent possessed or obtainable
      without unreasonable effort or expense, necessary to verify the accuracy
      of the information about the Company;

	 	 	 
	 	(j) 	
      if the Subscriber is a Canadian resident, the Company has
      advised the Subscriber that the Company is relying on an exemption from
      the requirements of the regulatory authorities in Canada requiring that
      the Company provide the Subscriber with a prospectus and sell the
      Securities to the Subscriber through a person registered to sell
      securities under the securities laws of the Canadian Province where the
      Subscriber resides and, as a consequence of acquiring the Units pursuant
      to this exemption, certain protections, rights and remedies provided by
      the securities laws of that Canadian Province, including statutory rights
      of rescission or damages, will not be available to the
  Subscriber;

	 	 	 
	 	(k) 	
      the Subscriber is not acquiring the Units as a result of,
      and will not itself engage in, any “directed selling efforts” (as that
      term is defined in Regulation S under the 1933 Act) in the United States
      in respect of the Securities which would include any activities undertaken
      for the purpose of, or that could reasonably be expected to have the
      effect of, conditioning the market in the United States for the resale of
      any of the Securities; provided, however, that the Subscriber may sell or
      otherwise dispose of the Securities pursuant to registration thereof under
      any Applicable Securities Laws or under an exemption from such
      registration requirements;

	 	 	 
	 	(l) 	
      the Subscriber will indemnify the Company and its
      directors, officers, employees, agents, advisors and shareholders against,
      and will hold them harmless from, any and all loss, liability, claim,
      damage and expense whatsoever (including, but not limited to, any and all
      fees, costs and expenses whatsoever reasonably incurred in investigating,
      preparing or defending against any claim, lawsuit, administrative
      proceeding or investigation whether commenced or threatened) arising out
      of or based upon any representation or warranty of the Subscriber
      contained herein or in any document furnished by the Subscriber to the
      Company in connection herewith being untrue in any material respect or any
      breach or failure by the Subscriber to comply with any covenant or
      agreement made by the Subscriber to the Company in connection
      therewith;

	 	 	 
	 	(m) 	
      the Subscriber is aware that the Securities are not
      listed on any stock exchange or automated dealer quotation system and no
      representation has been made to the Subscriber that any of the Securities
      will become listed on any stock exchange or automated dealer quotation
      system except that currently the Company’s common shares are (i) quoted on
      the over-the-counter market operated by the NASD’s OTC-BB in the United
      States and (ii) listed on the TSX Venture Exchange in the provinces of
      British Columbia and Alberta, Canada;

	 	 	 
	 	(n) 	
      in addition to resale restrictions imposed under U.S.
      securities laws, there are additional restrictions on the Subscriber’s
      ability to resell the Securities under Canadian provincial securities laws
      and Canadian National Instrument 45-102;

- 4 - 

	 	(o) 	
      the Company will refuse to register any transfer of the
      Securities not made in accordance with the provisions of Regulation S,
      pursuant to an effective registration statement under the 1933 Act or
      pursuant to an available exemption from the registration requirements of
      the 1933 Act and in accordance with Applicable Securities Laws;

	 	 	 	 
	 	(p) 	
      the statutory and regulatory basis for the exemption from
      U.S. registration requirements claimed for the offer of the Units,
      although in technical compliance with Regulation S, would not be available
      if the offering is part of a plan or scheme to evade the registration
      provisions of the 1933 Act or any applicable state or provincial
      securities laws;

	 	 	 	 
	 	(q) 	
      the Subscriber has been advised to consult the
      Subscriber’s own legal, tax and other advisors with respect to the merits
      and risks of an investment in the Company and with respect to applicable
      resale restrictions, and it is solely responsible (and the Company is not
      in any way responsible) for compliance with:

	 	 	 	 
	 		(i) 	
      any applicable laws of the jurisdiction in which the
      Subscriber is resident in connection with the distribution of the
      Securities hereunder, and,

	 	 	 	 
	 		(ii) 	
      applicable resale restrictions.

6.                      
Representations, Warranties and Covenants of the Subscriber

6.1                    
The Subscriber hereby represents, warrants and covenants with and to the Company
(which representations, warranties and covenants shall survive the Closing) and
acknowledges that the Company is relying thereon that: 

	 	(a) 	
      the Subscriber has the legal capacity and competence to
      enter into and execute this Subscription Agreement and to take all actions
      required pursuant hereto and, if the Subscriber is a corporation, it is
      duly incorporated and validly subsisting under the laws of its
      jurisdiction of incorporation and all necessary approvals by its
      directors, shareholders and others have been obtained to authorize
      execution and performance of this Subscription Agreement on behalf of the
      Subscriber;

	 	 	 
	 	(b) 	
      the entering into of this Subscription Agreement and the
      transactions contemplated hereby do not and will not result in the
      violation of any of the terms and provisions of any law applicable to the
      Subscriber or of any agreement, written or oral, to which the Subscriber
      may be a party or by which the Subscriber is or may be bound;

	 	 	 
	 	(c) 	
      the Subscriber has duly executed and delivered this
      Subscription Agreement and, upon acceptance thereof by the Company, it
      will constitute a valid and binding agreement of the Subscriber
      enforceable against the Subscriber in accordance with its terms;

	 	 	 
	 	(d) 	
      the Subscriber is not acquiring the Units for the account
      or benefit of, directly or indirectly, any U.S. Person, as that term is
      defined in Regulation S;

	 	 	 
	 	(e) 	
      the Subscriber is a director of the Company;

	 	 	 
	 	(f) 	
      the Subscriber is not a U.S. Person, as that term is
      defined in Regulation S;

	 	 	 
	 	(g) 	
      the Subscriber is resident in the jurisdiction set out
      under the heading “Name and Address of Subscriber” on the signature page
      of this Subscription Agreement;

	 	 	 
	 	(h) 	
      the Subscriber has inquired into the applicable
      securities legislation of its jurisdiction of residence and the Subscriber
      either complies with or is exempt from the applicable securities
      legislation of the Subscriber's jurisdiction of
  residence;

- 5 - 

	 	(i) 	
      the Subscriber is outside the United States when
      receiving and executing this Agreement and is acquiring the Units as
      principal for the Subscriber's own account, for investment purposes only,
      and not with a view to, or for, resale, distribution or fractionalisation
      thereof, in whole or in part, and no other person has a direct or indirect
      beneficial interest in the Units;

	 	 	 	 
	 	(j) 	
      the Subscriber is not an underwriter of, or dealer in,
      the common shares of the Company, nor is the Subscriber an affiliate of
      any underwriter of or dealer in the Securities, nor is it participating,
      pursuant to a contract or otherwise, in any distribution of the
      Securities;

	 	 	 	 
	 	(k) 	
      the Subscriber agrees that, unless and until the
      Securities have been registered under the 1933 Act, or under any state
      securities or "blue sky" laws of any state of the United States, it will
      not offer or sell its Securities in the United States, directly or
      indirectly, to U.S. Persons except in accordance with the provisions of
      Regulation S, pursuant to an effective registration statement under the
      1933 Act, or pursuant to an exemption from, or in a transaction not
      subject to, the registration requirements of the 1933 Act and, in any
      event, in compliance with all Applicable Securities Laws;

	 	 	 	 
	 	(l) 	
      the Subscriber (i) has such knowledge and experience in
      business matters as to be capable of evaluating the merits and risks of
      its prospective investment in the Units; and (ii) has the ability to bear
      the economic risks of its prospective investment and can afford the
      complete loss of such investment;

	 	 	 	 
	 	(m) 	
      the Subscriber has not acquired the Units as a result of,
      and will not itself engage in, any “directed selling efforts” (as defined
      in Regulation S) in the United States in respect of the Units which would
      include any activities undertaken for the purpose of, or that could
      reasonably be expected to have the effect of, conditioning the market in
      the United States for the resale of any of the Securities in the United
      States;

	 	 	 	 
	 	(n) 	
      any offer or and sale of any of the Securities prior to
      the expiration of a period of six months after the date of original
      issuance of that respective Security (the six-month period hereinafter
      referred to as the "Distribution Compliance Period") shall only be
      made in compliance with the safe harbor provisions set forth in Regulation
      S, pursuant to the registration provisions of the 1933 Act or an exemption
      therefrom, and that all offers and sales after the Distribution Compliance
      Period shall be made only in compliance with the registration provisions
      of the 1933 Act or an exemption therefrom and in each case only in
      accordance with Applicable Securities Laws;

	 	 	 	 
	 	(o) 	
      it will not engage in any hedging transactions involving
      any of the Securities unless such transactions are in compliance with the
      provisions of the 1933 Act and in each case only in accordance with
      Applicable Securities Laws and the Subscriber is not aware of any
      advertisement of, or any general solicitation in respect of, any of the
      Securities; and

	 	 	 	 
	 	(p) 	
      no person has made to the Subscriber any written or oral
      representations:

	 	 	 	 
	 		(i) 	
      that any person will resell or repurchase any of the
      Securities;

	 	 	 	 
	 		(ii) 	
      that any person will refund the purchase price of any of
      the Securities;

	 	 	 	 
	 		(iii) 	
      as to the future price or value of any of the Securities;
      or

	 	 	 	 
	 		(iv) 	
      that any of the Securities will be listed and posted for
      trading on any stock exchange or automated dealer quotation system or that
      application has been made to list and post any of the Securities on any
      stock exchange or automated dealer quotation system; except that the
      Company’s Common Stock is currently (i) listed for quotation on the U.S.
      Over the Counter Bulletin Board and (ii) listed on the TSX Venture
      Exchange.

- 6 - 

7.                      
Acknowledgement and Waiver 

7.1                    
The Subscriber has acknowledged that the decision to purchase the Units was
solely made on the basis of available information provided to the Subscriber.
The Subscriber hereby waives, to the fullest extent permitted by law, any rights
of withdrawal, rescission or compensation for damages to which the Subscriber
might be entitled in connection with the distribution of the Units. 

8.                     
 Legends 

8.1                    
The Subscriber hereby acknowledges that that upon the issuance thereof, and
until such time as the same is no longer required under the applicable
securities laws and regulations, the certificates representing any of the
Securities will bear a U.S. legend in substantially the following form: 

  “THESE SECURITIES WERE ISSUED IN AN OFFSHORE TRANSACTION
    TO PERSONS WHO ARE NOT U.S. PERSONS (AS DEFINED HEREIN) PURSUANT TO REGULATION
    S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “1933
    ACT”). ACCORDINGLY, NONE OF THE SECURITIES TO WHICH THIS CERTIFICATE
    RELATES HAVE BEEN REGISTERED UNDER THE 1933 ACT, OR ANY U.S. STATE SECURITIES
    LAWS, AND, UNLESS SO REGISTERED, NONE MAY BE OFFERED OR SOLD IN THE UNITED
    STATES (AS DEFINED HEREIN) OR, DIRECTLY OR INDIRECTLY, TO U.S. PERSONS (AS
    DEFINED HEREIN) EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT OR
    PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
    REQUIREMENTS OF THE 1933 ACT AND IN EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE
    STATE SECURITIES LAWS. IN ADDITION, HEDGING TRANSACTIONS INVOLVING THE SECURITIES
    MAY NOT BE CONDUCTED UNLESS IN ACCORDANCE WITH THE 1933 ACT. “UNITED
    STATES" AND "U.S. PERSON" ARE AS DEFINED BY REGULATION S UNDER THE 1933 ACT.”

and a Canadian legend in substantially the following form: 

“UNLESS PERMITTED UNDER CANADIAN
  SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY
  IN CANADA BEFORE ______________ [INSERT THE DATE THAT IS 4 MONTHS AND A DAY
  AFTER THE CLOSING DATE]. 

8.2                    
The Subscriber hereby acknowledges and agrees to the Company making a notation
on its records or giving instructions to the registrar and transfer agent of the
Company in order to implement the restrictions on transfer set forth and
described in this Subscription Agreement. 

9.                      
Canadian Resale Restriction 

9.1                    
The Subscriber acknowledges that the Securities are subject to resale
restrictions in Canada and may not be traded in Canada except as permitted by
the applicable Canadian securities legislation (collectively, the “Canadian
Securities Laws”). 

9.2                    
The Subscriber acknowledges that pursuant to Canadian National Instrument
45-102, a subsequent trade in any of the Securities will be a distribution
subject to the prospectus and registration requirements of the Canadian
Securities Laws unless certain conditions are met, including the following: 

	 	(a) 	
      at least four months (the "Canadian Hold Period")
      shall have elapsed from the date on which the Security was issued to the
      Subscriber;

- 7 - 

	 	(b) 	
      during the currency of the Canadian Hold Period, any
      certificate representing the any of the Securities is imprinted with the
      Canadian Legend

	 	 	 
	 	(c) 	
      the trade is not a control distribution (as defined in
      National Instrument 45-102);

	 	 	 
	 	(d) 	
      no unusual effort is made to prepare the market or to
      create a demand for the Securities that are the subject of the
    trade;

	 	 	 
	 	(e) 	
      no extraordinary commission or consideration is paid to a
      person or company in respect of the trade; and

	 	 	 
	 	(f) 	
      if the selling security holder is an insider or officer
      of the Company, the selling security holder has no reasonable grounds to
      believe that the Company is in default of securities legislation;
  or

	 	 	 
	 	(g) 	
      the trade qualifies under the provisions of Section 2.14
      of National Instrument 45-102.

9.3                    
The Subscriber acknowledges that any certificate representing any of the
Securities issued prior to the expiration of the Canadian Hold Period, will have
a Canadian Legend imprinted thereon. 

10.          
          Costs

10.1                  
The Subscriber acknowledges and agrees that all costs and expenses incurred by
the Subscriber (including any fees and disbursements of any special counsel
retained by the Subscriber) relating to the purchase of the Units or the
exercise of any of the Warrants shall be borne by the Subscriber. 

11.         
           Governing
Law 

11.1                  
This Subscription Agreement is governed by the laws of the Province of British
Columbia and the federal laws of Canada applicable herein, except to the extent
that the laws of Delaware or the federal securities laws of the United States
apply. The Subscriber, in its personal or corporate capacity and, if applicable,
on behalf of each beneficial purchaser for whom it is acting, irrevocably
attorns to the jurisdiction of the courts of the Province of British Columbia.

12.      
             
Survival 

12.1                  
This Subscription Agreement, including without limitation the representations,
warranties and covenants contained herein, shall survive and continue in full
force and effect and be binding upon the parties hereto notwithstanding the
completion of the purchase of the Units by the Subscriber pursuant hereto. 

13.      
             
Assignment 

13.1                  
This Subscription Agreement is not transferable or assignable. 

14.      
             
Severability 

14.1                  
The invalidity or unenforceability of any particular provision of this
Subscription Agreement shall not affect or limit the validity or enforceability
of the remaining provisions of this Subscription Agreement. 

15.      
             
Entire Agreement 

15.1                  
Except as expressly provided in this Subscription Agreement and in the
agreements, instruments and other documents contemplated or provided for herein,
this Subscription Agreement contains the entire agreement between the parties
with respect to the sale of the Units and there are no other terms, conditions,
representations or warranties, whether expressed, implied, oral or written, by
statute or common law, by the 

- 8 - 

Company, its agents or by anyone else. This subscription may
only be amended by instrument in writing signed by the parties hereto. 

16.                    
Notices 

16.1                  
All notices and other communications hereunder shall be in writing and shall be
deemed to have been duly given if mailed or transmitted by any standard form of
telecommunication. Notices to the Subscriber shall be directed to the address on
the signature page of this Subscription Agreement and notices to the Company
shall be directed to it at 602 - 1112 West Pender Street, Vancouver B.C. V6E
2S1, Canada; Attention: Mr. Kenneth Hicks or by fax at (604) 568-1540. 

16.2                  
The Subscriber hereby acknowledges and agrees that it will notify the Company at
the address or fax number above, or at such other address or fax number as the
Company notifies the Subscriber from time to time is the current address or fax
number of the Company, to maintain with the Company’s records an updated address
to which the Company may mail or transmit notices and other communications under
this Subscription Agreement. 

17.                    
Collection of Personal Information 

17.1                  
The Subscriber acknowledges and consents to the fact that the Company is
collecting the Subscriber’s personal information for the purpose of completing
the transactions contemplated by this Subscription Agreement. The Subscriber
further acknowledges and consents to the fact that the Company may be required
by applicable securities laws to provide securities commissions in Canada or the
United States or other authorities with personal information provided by the
Subscriber. 

17.2                  
The Subscriber, on its own behalf and on behalf of any other person for whom it
is contracting hereunder, acknowledges and consents to the release by the
Company of information regarding the Subscriber's subscription, including the
Subscriber's name, address, telephone number and registration instructions, the
number of securities purchased, the number of securities of the Company held,
the status of the Subscriber as an insider, and, if applicable, information
regarding beneficial ownership of or the principal of the Subscriber, in
compliance with securities regulatory policies to regulatory authorities in
reporting jurisdictions or to other authorities as required by law and to the
transfer agent of the Company for the purpose of arranging for the preparation
of the certificate representing any of the Securities. The purpose of the
collection of this information is to ensure that the Company and its advisors
will be able to issue the Securities to the Subscriber in compliance with
applicable securities laws and the instructions of the Subscriber and to obtain
the information required to be provided in documents required to be filed with
the Exchange and with securities regulatory authorities under applicable
securities laws and other authorities as required by law. In addition, the
Subscriber acknowledges and consents to the collection, use and disclosure of
all such personal information by the any stock exchange on which the Company’s
common shares are listed and other regulatory authorities in accordance with
their requirements, including the provision to third party service providers,
from time to time. 

The contact information for the officer of the Issuer who can
answer questions about the collection of information by the Issuer is as
follows: 

	 	Name & Title: 	Kenneth Hicks, President 
	 	Company's Name: 	Argentex Mining Corp. 
	 	Address: 	602 - 1112 West Pender Street,
      Vancouver BC V6E 2S1 
	 	Phone No.: 	(604) 568-2496 
	 	Fax No.: 	(604) 568-1540

17.3                  
Furthermore, the Subscriber is hereby notified that: 

	 	(a) 	
      the Company may deliver to the securities commission of
      any province of Canada or the Securities and Exchange Commission in the
      United States certain personal information pertaining to the Subscriber,
      including the Subscriber’s full name, residential address and telephone
      number, the number of securities purchased by the Subscriber and the total
      purchase price paid for such

- 9 - 

	 		
      securities, beneficial ownership information, the
      prospectus exemption relied on by the Company and the date of distribution
      of the security,

	 	 	 
	 	(b) 	
      such information is being collected indirectly by the
      Securities Commissions under authority granted in securities
      legislation,

	 	 	 
	 	(c) 	
      such information is being collected for the purposes of
      the administration and enforcement of the securities legislation of the
      applicable province of Canada, and

	 	 	 
	 	(d) 	
      the Subscriber may contact the following public official
      in Ontario with respect to questions about the Ontario Securities
      Commission’s indirect collection of such information at the following
      address and telephone number:

Administrative Assistant to the
Director of Corporate Finance 
Ontario Securities Commission 
Suite 1903,
Box 55, 20 Queen Street West 
Toronto, Ontario, M5H 3S8 
Telephone: (416)
593-8086 

18.                    
Reliance, Indemnity, Notification of Changes and Survival 

18.1                  
The representations and warranties in this Subscription Agreement are made by
the Subscriber with the intent that they be relied upon by the Company in
determining its suitability as a purchaser of the Units, and the Subscriber
hereby agrees to indemnify the Company against all losses, claims, costs,
expenses and damages or liabilities which any of them may suffer or incur as a
result of reliance thereon. The Subscriber undertakes to notify the Company
immediately of any change in any representation, warranty or other information
relating to the Subscriber set forth in this Subscription Agreement (and the
exhibits, schedules, forms and appendices thereto) which takes place prior to
the Closing. 

18.2                  
The representations and warranties of the Subscriber contained in this Agreement
shall survive the Closing. 

19.                    
Counterparts and Electronic Means 

19.1                  
This Subscription Agreement may be executed in any number of counterparts, each
of which, when so executed and delivered, shall constitute an original and all
of which together shall constitute one instrument. Delivery of an executed copy
of this Subscription Agreement by electronic facsimile transmission or other
means of electronic communication capable of producing a printed copy will be
deemed to be execution and delivery of this Subscription Agreement as of the
date hereinafter set forth. 

20.                    
Delivery Instructions 

20.1                  
The Subscriber hereby directs the Company to deliver the Units to: 

__________________________________________________________________________________________________
(name)

__________________________________________________________________________________________________
(address)

20.2           
       The Subscriber hereby directs the Company
to cause the Units to be registered on the books of the Company as follows: 

__________________________________________________________________________________________________
(name)

__________________________________________________________________________________________________
(address)

- 10 - 

IN WITNESS WHEREOF the Subscriber has duly executed this
Subscription Agreement as of the date of acceptance by the Company. 

_________________________________________
(Name of Subscriber –
Please type or print) 

_________________________________________
(Signature and, if
applicable, Office) 

_________________________________________
(Address of
Subscriber) 

_________________________________________
(City, State or
Province, Postal Code of Subscriber) 

_________________________________________
(Country of
Subscriber) 

_________________________________________
(Fax and/or E-mail
Address of Subscriber) 

- 11 - 

A C C E P T A N C E 

The above-mentioned Subscription Agreement in respect of the
Units is hereby accepted by the Company. 

DATED at ______________________, the________ day of
___________________, 2009. 

ARGENTEX MINING CORP. 

Per:   ________________________________________________
         
Authorized SignatoryFiled by sedaredgar.com - Royal Mines & Minerals Corp - Exhibit 10.1

ROYAL MINES AND MINERALS CORP.

2009 STOCK INCENTIVE PLAN

Established January 12, 2009

ARTICLE 1.
 THE PLAN

1.1           Title 

This plan is entitled the "2009 Stock Incentive Plan" (the
"Plan") of Royal Mines And Minerals Corp., a Nevada corporation (the
"Company").

1.2           Purpose

The purpose of the Plan is to enhance the long-term stockholder
value of the Company by offering opportunities to directors, officers, employees
and eligible consultants of the Company and any Related Company, as defined
below, to acquire and maintain stock ownership in the Company in order to give
these persons the opportunity to participate in the Company's growth and
success, and to encourage them to remain in the service of the Company or a
Related Company. 

ARTICLE 2. 
DEFINITIONS 

2.1           Definitions

The following terms will have the following meanings in the
Plan: 

"Award" means any Option granted under this Plan. 

"Board" means the Board of Directors of the Company.

"Cause," unless otherwise defined in the
instrument evidencing the award or in an employment or services agreement
between the Company or a Related Company and a Participant, means a material
breach of the employment or services agreement, dishonesty, fraud, misconduct,
unauthorized use or disclosure of confidential information or trade secrets, or
conviction or confession of a crime punishable by law (except minor violations),
in each case as determined by the Plan Administrator, and its determination
shall be conclusive and binding. 

"Code" means the Internal Revenue Code of 1986, as
amended from time to time. 

"Common Stock" means the shares of common stock, par
value $0.001 per share, of the Company. 

“Consultant” means any consultant, agent, advisor or
independent contractor who provides services to the Company or a Related
Company, but does not include an officer or director of the Company.

"Consultant Participant" means a Participant who is
defined as a Consultant Participant in Article 5. 

"Corporate Transaction," unless otherwise defined in the
instrument evidencing the Award or in a written employment or services agreement
between the Company or a Related Company and a Participant, means consummation
of either:

	(a) 	
      a merger or consolidation of the Company with or into any
      other corporation, entity or person or

1

	(b) 	
      a sale, lease, exchange or other transfer in one
      transaction or a series of related transactions of all or substantially
      all the Company's outstanding securities or all or substantially all the
      Company's assets; provided, however, that a Corporate Transaction shall
      not include a Related Party Transaction.

"Disability," unless otherwise defined by the
Plan Administrator, means a mental or physical impairment of the Participant
that is expected to result in death or that has lasted or is expected to last
for a continuous period of twelve (12) months or more and that causes the
Participant to be unable, in the opinion of the Company, to perform his or her
duties for the Company or a Related Company and to be engaged in any substantial
gainful activity. 

"Employment Termination Date" means, with respect to a
Participant, the first day upon which the Participant no longer has an
employment or service relationship with the Company or any Related Company.

"Exchange Act" means the Securities Exchange Act of
1934, as amended. 

"Fair Market Value" means the per share value of the
Common Stock determined as follows:

	 	(a) 	
      if the Common Stock is listed on an established stock
      exchange or exchanges or the NASDAQ National Market, the lesser of (i) the
      closing price per share on the date immediately preceding the date of the
      granting of the options; or (ii) the average closing price per share
      during the ten (10) trading days immediately preceding such date on the
      principal exchange on which it is traded or as reported by
  NASDAQ;

	 	 	 
	 	(b) 	
      if the Common Stock is not then listed on an exchange or
      the NASDAQ National Market, but is quoted on the NASDAQ Capital Market,
      the OTC Bulletin Board service or the Pink Sheets electronic quotation
      service, the lesser of (i) the closing price per share on the date
      immediately preceding the date of the granting of the options; or (ii) the
      average of the closing bid and ask prices per share for the Common Stock
      as quoted by NASD, the OTC Bulletin Board or the Pink Sheets, as the case
      may be, during the ten (10) trading days immediately preceding such date;
      or

	 	 	 
	 	(c) 	
      if there is no such reported market for the Common Stock
      for the date in question, then an amount determined in good faith by the
      Plan Administrator.

"Grant Date" means the date on which the Plan
Administrator completes the corporate action relating to the grant of an Award
or such later date specified by the Plan Administrator, and on which all
conditions precedent to the grant have been satisfied, provided that conditions
to the exercisability or vesting of Awards shall not defer the Grant Date. 

"Incentive Stock Option" means an Option granted with
the intention, as reflected in the instrument evidencing the Option, that it
qualify as an "incentive stock option" as that term is defined in Section 422 of
the Code. 

"Non-Qualified Stock Option" means an Option other than
an Incentive Stock Option. "Option" means the right to purchase Common
Stock granted under Article 7. "Option Expiration Date" has the meaning
set forth in Article 7.6. 

"Option Term" has the meaning set forth in Article 7.3.

"Participant" means the person to whom an Award is
granted and who meets the eligibility requirements imposed by Article 5,
including Consultant Participants, as defined in Article 5. 

2

"Plan Administrator" has the meaning set forth in
Article 3.1. 

"Related Company" means any entity that, directly or
indirectly, is in control of or is controlled by the Company. 

"Related Party Transaction" means: (a) a merger or
consolidation of the Company in which the holders of shares of Common Stock
immediately prior to the merger hold at least a majority of the shares of Common
Stock in the Successor Corporation immediately after the merger; (b) a sale,
lease, exchange or other transaction in one transaction or a series of related
transactions of all or substantially all the Company's assets to a wholly-owned
subsidiary corporation; (c) a mere reincorporation of the Company; or (d) a
transaction undertaken for the sole purpose of creating a holding company that
will be owned in substantially the same proportion by the persons who held the
Company's securities immediately before such transaction. 

"Securities Act" means the Securities Act of 1933, as
amended. 

"Successor Corporation" has the meaning set forth in
Article 11.3(a) . 

"Vesting Commencement Date" means the Grant Date or such
other date selected by the Plan Administrator as the date from which the Option
begins to vest for purposes of Article 7.4. 

ARTICLE 3. 
ADMINISTRATION 

3.1           Plan Administrator 

The Plan shall be administered by the Board or a committee
appointed by, and consisting of two or more members of, the Board (the "Plan
Administrator"). If and so long as the Common Stock is registered under Section
12(b) or 12(g) of the Exchange Act, the Board shall consider in selecting the
members of any committee acting as Plan Administrator, with respect to any
persons subject or likely to become subject to Section 16 of the Exchange Act,
the provisions regarding (a) "outside directors" as contemplated by Section
162(m) of the Code and (b) "non-employee directors" as contemplated by Rule
16b-3 under the Exchange Act. Committee members shall serve for such term as the
Board may determine, subject to removal by the Board at any time. At any time
when no committee has been appointed to administer the Plan, then the Board will
be the Plan Administrator.

3.2            Administration and Interpretation by Plan Administrator

Except for the terms and conditions explicitly set forth in the
Plan, the Plan Administrator shall have exclusive authority, in its discretion,
to determine all matters relating to Awards under the Plan, including the
selection of individuals to be granted Awards, the type of Awards, the number of
shares of Common Stock subject to an Award, all terms, conditions, restrictions
and limitations, if any, of an Award and the terms of any instrument that
evidences the Award. The Plan Administrator shall also have exclusive authority
to interpret the Plan and the terms of any instrument evidencing the Award and
may from time to time adopt and change rules and regulations of general
application for the Plan's administration. The Plan Administrator's
interpretation of the Plan and its rules and regulations, and all actions taken
and determinations made by the Plan Administrator pursuant to the Plan, shall be
conclusive and binding on all parties involved or affected. The Plan
Administrator may delegate administrative duties to such of the Company's
officers as it so determines. 

3

ARTICLE 4. 
STOCK SUBJECT TO THE PLAN

4.1           Authorized Number of Shares 

Subject to adjustment from time to time as provided in this
Article 4.1 and in Article 11.1, the maximum aggregate number of shares of
Common Stock available for issuance under the Plan shall be Five Million
(5,000,000) shares. The maximum aggregate number of shares of the Company’s
Common Stock that may be optioned and sold under the Plan will be increased
effective the first day of each of the Company’s fiscal quarters, beginning with
the fiscal quarter commencing February 1, 2009, by an amount equal to the lesser
of:

	 	(1) 	
      10% of the total increase in the number of shares of
      Common Stock outstanding during the previous fiscal quarter; or

	 	 	 
	 	(2) 	
      a lesser number of shares of Common Stock as may be
      determined by the Board.

4.2           Reuse of Shares 

Any shares of Common Stock that have been made subject to an
Award that cease to be subject to the Award (other than by reason of exercise or
settlement of the Award to the extent it is exercised for or settled in shares)
shall again be available for issuance in connection with future grants of Awards
under the Plan. In the event shares issued under the Plan are reacquired by the
Company pursuant to any forfeiture provision or right of repurchase, such shares
shall again be available for the purposes of the Plan; provided, however, that
the maximum number of shares that may be issued upon the exercise of Awards
shall equal the share number stated in Article 4.1, subject to adjustment from
time to time as provided in Articles 11.1 through 11.6.

ARTICLE 5.

ELIGIBILITY 

5.1           Plan Eligibility

An Award may be granted to any officer, director or employee of
the Company or a Related Company that the Plan Administrator from time to time
selects. An Award may also be granted to any consultant, agent, advisor or
independent contractor who provides services to the Company or any Related
Company (a “Consultant Participant”), so long as such Consultant Participant:
(a) is a natural person; (b) renders bona fide services that are not in
connection with the offer and sale of the Company's securities in a
capital-raising transaction; and (c) does not directly or indirectly promote or
maintain a market for the Company's securities. 

ARTICLE 6. 

AWARDS 

6.1           Form and Grant of Awards 

The Plan Administrator shall have the authority, in its sole
discretion, to determine the type or types of Awards to be granted under the
Plan. Awards may be granted singly or in combination. 

6.2           Settlement of Awards 

The Company may settle Awards through the delivery of shares of
Common Stock, the granting of replacement Awards or any combination thereof as
the Plan Administrator shall determine. Any Award 

4

settlement, including payment deferrals, may be subject to such
conditions, restrictions and contingencies as the Plan Administrator shall
determine. The Plan Administrator may permit or require the deferral of any
Award payment, subject to such rules and procedures as it may establish, which
may include provisions for the payment or crediting of interest, or dividend
equivalents, including converting such credits into deferred stock equivalents.

ARTICLE 7.
 AWARDS OF OPTIONS

7.1           Grant of Options 

The Plan Administrator shall have the authority, in its sole
discretion, to grant Options to Participants as Incentive Stock Options or as
Non-Qualified Stock Options, which shall be appropriately designated.

7.2           Option Exercise Price 

The exercise price for shares purchased under an Option shall
be as determined by the Plan Administrator, provided that:

	(a) 	
      the exercise price for Options granted to Participants
      other than Consultant Participants shall not be less than the minimum
      exercise price required by Article 8.3 with respect to Incentive Stock
      Options and shall not be less than 75% of the Fair Market Value of the
      Common Stock on the Grant Date with respect to Non-Qualified Stock
      Options;

	 	 
	(b) 	
      the exercise price for Options granted to Consultant
      Participants shall not be less than 75% of the Fair Market Value of the
      Common Stock on the Grant Date.

7.3           Term of Options 

Subject to earlier termination in accordance with the terms of
the Plan and the instrument evidencing the Option, the maximum term of an Option
(the "Option Term") shall be as established for that Option by the Plan
Administrator or, if not so established, shall be ten (10) years from the Grant
Date. 

7.4           Exercise of Options 

The Plan Administrator shall establish and set forth in each
instrument that evidences an Option the time at which, or the installments in
which, the Option shall vest and become exercisable, any of which provisions may
be waived or modified by the Plan Administrator at any time. 

The Plan Administrator, in its sole discretion, may adjust the
vesting schedule of an Option held by a Participant who works less than
"full-time" as that term is defined by the Plan Administrator or who takes a
Company-approved leave of absence. 

To the extent an Option has vested and become exercisable, the
Option may be exercised in whole or from time to time in part by delivery to the
Company of a written stock option exercise agreement or notice, in a form and in
accordance with procedures established by the Plan Administrator, setting forth
the number of shares with respect to which the Option is being exercised, the
restrictions imposed on the shares purchased under such exercise agreement, if
any, and such representations and agreements as may be required by the Plan
Administrator, accompanied by payment in full as described in Article 7.5. An
Option may be exercised only for whole shares and may not be exercised for less
than a reasonable number of shares at any one time, as determined by the Plan
Administrator. 

7.5           Payment of Exercise Price 

5

The exercise price for shares purchased under an Option shall
be paid in full to the Company by the delivery of consideration equal to the
product of the Option exercise price and the number of shares purchased. Such
consideration must be paid before the Company will issue the shares being
purchased and must be delivered in the form of a check or bank draft or other
method of payment or some combination thereof as may be acceptable to the Plan
Administrator for that purchase.

7.6           Post-Termination Exercises 

The Plan Administrator shall establish and set forth, in each
instrument that evidences an Option, whether the Option shall continue to be
exercisable, and the terms and conditions of such exercise, if the Participant
ceases to be employed by, or to provide services to, the Company or a Related
Company, which provisions may be waived or modified by the Plan Administrator at
any time. If not so established in the instrument evidencing the Option, the
Option shall be exercisable according to the following terms and conditions,
which may be waived or modified by the Plan Administrator at any time: 

	(a) 	
      Except as otherwise set forth in this Article 7.6, any
      portion of an Option that is not vested and exercisable on the Employment
      Termination Date shall expire on such date.

	 	 	 
	(b) 	
      Any portion of an Option that is vested and exercisable
      on the Employment Termination Date shall expire on the earliest to occur
      of:

	 	 	 
		(i) 	
      if the Participant's Employment Termination Date occurs
      by reason of retirement, resignation or for any other reasons other than
      for Cause, Disability or death, the day which is thirty (30) days after
      such Employment Termination Date;

	 	 	 
		(ii) 	
      if the Participant's Employment Termination Date occurs
      by reason of Disability or death, the day which is six (6) months after
      such Employment Termination Date; and

	 	 	 
		(iii) 	
      the last day of the Option Term (the "Option Expiration
      Date").

	 	 	 
		
      Notwithstanding the foregoing, if the Participant dies
        after his or her Employment Termination Date, but while an Option is
        otherwise exercisable, the portion of the Option that is vested and
        exercisable on such Employment Termination Date shall expire upon the
        earlier to occur of: (A) the Option Expiration Date, and (B) the day which
        is six (6) months after the date of death, unless the Plan Administrator
    determines otherwise.

	 	 	 
		
      Also notwithstanding the foregoing, in case of
        termination of the Participant's employment or service relationship for
        Cause, all Options granted to that Participant shall automatically expire
        upon first notification to the Participant of such termination, unless the
        Plan Administrator determines otherwise. If a Participant's employment or
        service relationship with the Company is suspended pending an
        investigation of whether the Participant shall be terminated for Cause,
        all the Participant's rights under any Option shall likewise be suspended
        during the period of investigation. If any facts that would constitute
        termination for Cause are discovered after the Participant's relationship
        with the Company or a Related Company has ended, any Option then held by
        the Participant may be immediately terminated by the Plan Administrator,
    in its sole discretion.

	 	 	 
	(c) 	
      Unless the Plan Administrator determines otherwise, upon
      a termination of the Participant’s status as an employee, officer,
      director or Consultant of the Company or any Related Company (the
      “Original Position”), other than a termination for Cause, death or
      Disability, the Participant shall not be deemed to have ceased to be
      employed by or to have ceased providing services to the Company or any
      Related Company, provided that the Participant acts as an employee,
      officer, director or Consultant of the Company or a Related Company
      eligible to receive an Award under the provisions of Article 5, in another
      capacity, immediately upon the termination of the Original
  Position.

6

	(d) 	
      The effect of a Company-approved leave of absence on the
      application of this Article 7 shall be determined by the Plan
      Administrator, in its sole discretion.

	 	 
	(e) 	
      If a Participant's employment or service relationship
      with the Company or a Related Company terminates by reason of Disability
      or death, the Option shall become fully vested and exercisable for all the
      shares subject to the Option. Such Option shall remain exercisable for the
      time period set forth in this Article 7.6.

ARTICLE 8.
INCENTIVE STOCK OPTION LIMITATIONS

Notwithstanding any other provisions of the Plan, and to the
extent required by Section 422 of the Code, Incentive Stock Options shall be
subject to the following additional terms and conditions: 

8.1           Dollar Limitation 

To the extent the aggregate Fair Market Value (determined as of
the Grant Date) of Common Stock with respect to which Incentive Stock Options
are exercisable for the first time during any calendar year (under the Plan and
all other stock option plans of the Company) exceeds $100,000, such portion in
excess of $100,000 shall be treated as a Non-Qualified Stock Option. In the
event the Participant holds two or more such Options that become exercisable for
the first time in the same calendar year, such limitation shall be applied on
the basis of the order in which such Options are granted. 

8.2           Eligible Employees 

Individuals who are not employees of the Company or one of its
parent corporations or subsidiary corporations may not be granted Incentive
Stock Options. 

8.3           Exercise Price 

The exercise price of an Incentive Stock Option shall be at
least 100% of the Fair Market Value of the Common Stock on the Grant Date, and
in the case of an Incentive Stock Option granted to a Participant who owns more
than 10% of the total combined voting power of all classes of the stock of the
Company or of its parent or subsidiary corporations (a "Ten Percent
Stockholder"), shall not be less than 110% of the Fair Market Value of the
Common Stock on the Grant Date. The determination of more than 10% ownership
shall be made in accordance with Section 422 of the Code. 

8.4           Exercisability 

An Option designated as an Incentive Stock Option shall cease
to qualify for favorable tax treatment as an Incentive Stock Option to the
extent it is exercised (if permitted by the terms of the Option) (a) more than
three (3) months after the Employment Termination Date if termination was for
reasons other than death or disability, (b) more than one (1) year after the
Employment Termination Date if termination was by reason of disability, or (c)
after the Participant has been on leave of absence for more than ninety (90)
days, unless the Participant's reemployment rights are guaranteed by statute or
contract. 

8.5           Taxation of Incentive Stock Options 

In order to obtain certain tax benefits afforded to Incentive
Stock Options under Section 422 of the Code, the Participant must hold the
shares acquired upon the exercise of an Incentive Stock Option for two (2) years
after the Grant Date and one (1) year after the date of exercise. A Participant
may be subject to the alternative minimum tax at the time of exercise of an
Incentive Stock Option. The Participant shall give the Company prompt notice of
any disposition of shares acquired on the exercise of an Incentive Stock Option
prior to the expiration of such holding periods. 

7

8.6           Code Definitions 

For the purposes of this Article 8, "parent corporation,"
"subsidiary corporation" and "disability" shall have the meanings attributed to
those terms for purposes of Section 422 of the Code. 

ARTICLE 9. 
WITHHOLDING 

9.1           General 

The Company may require the Participant to pay to the Company
the amount of any taxes that the Company is required by applicable federal,
state, local or foreign law to withhold with respect to the grant, vesting or
exercise of an Award. The Company shall not be required to issue any shares
Common Stock under the Plan until such obligations are satisfied. 

9.2            Payment of Withholding Obligations in Cash or Shares

The Plan Administrator may permit or require a Participant to
satisfy all or part of his or her tax withholding obligations by: (a) paying
cash to the Company, (b) having the Company withhold from any cash amounts
otherwise due or to become due from the Company to the Participant, (c) having
the Company withhold a portion of any shares of Common Stock that would
otherwise be issued to the Participant having a value equal to the tax
withholding obligations (up to the employer's minimum required tax withholding
rate), or (d) surrendering any shares of Common Stock that the Participant
previously acquired having a value equal to the tax withholding obligations (up
to the employer's minimum required tax withholding rate to the extent the
Participant has held the surrendered shares for less than six months). 

 ARTICLE 10. 
ASSIGNABILITY 

10.1           Assignment

Neither an Award nor any interest therein may be assigned,
pledged or transferred by the Participant or made subject to attachment or
similar proceedings other than by will or by the applicable laws of descent and
distribution, and, during the Participant's lifetime, such Awards may be
exercised only by the Participant. Notwithstanding the foregoing, and to the
extent permitted by Section 422 of the Code, the Plan Administrator, in its sole
discretion, may permit a Participant to assign or transfer an Award or may
permit a Participant to designate a beneficiary who may exercise the Award or
receive payment under the Award after the Participant's death; provided,
however, that any Award so assigned or transferred shall be subject to all the
terms and conditions of the Plan and those contained in the instrument
evidencing the Award. 

ARTICLE 11.
 ADJUSTMENTS 

11.1           Adjustment of Shares 

In the event, at any time or from time to time, a stock
dividend, stock split, spin-off, combination or exchange of shares,
recapitalization, merger, consolidation, distribution to stockholders other than
a normal cash dividend, or other change in the Company's corporate or capital
structure, including, without limitation, a Related Party Transaction, results
in: (a) the outstanding shares of Common Stock, or any securities exchanged
therefor or received in their place, being exchanged for a different number or
kind of securities of the Company or of any other corporation, or (b) new,
different or additional 

8

securities of the Company or of any other corporation being
received by the holders of shares of Common Stock of the Company, then the Plan
Administrator shall make proportional adjustments in: (i) the maximum number and
kind of securities subject to the Plan and issuable as Incentive Stock Options
as set forth in Article 4 and the maximum number and kind of securities that may
be made subject to Awards to any individual as set forth in Article 4.3, and
(ii) the number and kind of securities that are subject to any outstanding Award
and the per share price of such securities, without any change in the aggregate
price to be paid therefor. The determination by the Plan Administrator as to the
terms of any of the foregoing adjustments shall be conclusive and binding.
Notwithstanding the foregoing, a dissolution or liquidation of the Company or a
Corporate Transaction shall not be governed by this Article 11.1 but shall be
governed by Articles 11.2 and 11.3, respectively. 

11.2           Dissolution or Liquidation 

To the extent not previously exercised or settled, and unless
otherwise determined by the Plan Administrator in its sole discretion, Options
denominated in units shall terminate immediately prior to the dissolution or
liquidation of the Company. To the extent a forfeiture provision or repurchase
right applicable to an Award has not been waived by the Plan Administrator, the
Award shall be forfeited immediately prior to the consummation of the
dissolution or liquidation. 

11.3           Corporate Transaction 

Options 

	(a) 	
      In the event of a Corporate Transaction, except as
      otherwise provided in the instrument evidencing an Option (or in a written
      employment or services agreement between a Participant and the Company or
      Related Company) and except as provided in subsection (b) below, each
      outstanding Option shall be assumed or an equivalent option or right
      substituted by the surviving corporation, the successor corporation or its
      parent corporation, as applicable (the "Successor Corporation").

	 	 
	(b) 	
      If, in connection with a Corporate Transaction, the
      Successor Corporation refuses to assume or substitute for an Option, then
      each such outstanding Option shall become fully vested and exercisable
      with respect to 100% of the unvested portion of the Option. In such case,
      the Plan Administrator shall notify the Participant in writing or
      electronically that the unvested portion of the Option specified above
      shall be fully vested and exercisable for a specified time period. At the
      expiration of the time period, the Option shall terminate, provided that
      the Corporate Transaction has occurred.

	 	 
	(c) 	
      For the purposes of this Article 11.3, the Option shall
      be considered assumed or substituted for if following the Corporate
      Transaction the option or right confers the right to purchase or receive,
      for each share of Common Stock subject to the Option immediately prior to
      the Corporate Transaction, the consideration (whether stock, cash, or
      other securities or property) received in the Corporate Transaction by
      holders of Common Stock for each share held on the effective date of the
      transaction (and if holders were offered a choice of consideration, the
      type of consideration chosen by the holders of a majority of the
      outstanding shares); provided, however, that if such consideration
      received in the Corporate Transaction is not solely common stock of the
      Successor Corporation, the Plan Administrator may, with the consent of the
      Successor Corporation, provide for the consideration to be received upon
      the exercise of the Option, for each share of Common Stock subject
      thereto, to be solely common stock of the Successor Corporation
      substantially equal in fair market value to the per share consideration
      received by holders of Common Stock in the Corporate Transaction. The
      determination of such substantial equality of value of consideration shall
      be made by the Plan Administrator and its determination shall be
      conclusive and binding.

	 	 
	(d) 	
      All Options shall terminate and cease to remain
      outstanding immediately following the Corporate Transaction, except to the
      extent assumed by the Successor Corporation.

9

11.4           Further Adjustment of Awards 

Subject to Articles 11.2 and 11.3, the Plan Administrator shall
have the discretion, exercisable at any time before a sale, merger,
consolidation, reorganization, liquidation or change of control of the Company,
as defined by the Plan Administrator, to take such further action as it
determines to be necessary or advisable, and fair and equitable to the
Participants, with respect to Awards. Such authorized action may include (but
shall not be limited to) establishing, amending or waiving the type, terms,
conditions or duration of, or restrictions on, Awards so as to provide for
earlier, later, extended or additional time for exercise, lifting restrictions
and other modifications, and the Plan Administrator may take such actions with
respect to all Participants, to certain categories of Participants or only to
individual Participants. The Plan Administrator may take such action before or
after granting Awards to which the action relates and before or after any public
announcement with respect to such sale, merger, consolidation, reorganization,
liquidation or change of control that is the reason for such action. 

11.5           Limitations 

The grant of Awards shall in no way affect the Company's right
to adjust, reclassify, reorganize or otherwise change its capital or business
structure or to merge, consolidate, dissolve, liquidate or sell or transfer all
or any part of its business or assets. 

11.6           Fractional Shares 

In the event of any adjustment in the number of shares covered
by any Award, each such Award shall cover only the number of full shares
resulting from such adjustment. 

ARTICLE 12.
 AMENDMENT AND TERMINATION 

12.1           Amendment or Termination of Plan 

The Board may suspend, amend or terminate the Plan or any
portion of the Plan at any time and in such respects as it shall deem advisable;
provided, however, that to the extent required for compliance with Section 422
of the Code or any applicable law or regulation, stockholder approval shall be
required for any amendment that would: (a) increase the total number of shares
available for issuance under the Plan, (b) modify the class of employees
eligible to receive Options, or (c) otherwise require stockholder approval under
any applicable law or regulation. Any amendment made to the Plan that would
constitute a "modification" to Incentive Stock Options outstanding on the date
of such amendment shall not, without the consent of the Participant, be
applicable to such outstanding Incentive Stock Options but shall have
prospective effect only. 

12.2           Term of Plan 

Unless sooner terminated as provided herein, the Plan shall
terminate ten (10) years after the earlier of the Plan's adoption by the Board
and approval by the stockholders. 

12.3           Consent of Participant 

The suspension, amendment or termination of the Plan or a
portion thereof or the amendment of an outstanding Award shall not, without the
Participant's consent, materially adversely affect any rights under any Award
theretofore granted to the Participant under the Plan. Any change or adjustment
to an outstanding Incentive Stock Option shall not, without the consent of the
Participant, be made in a manner so as to constitute a "modification" that would
cause such Incentive Stock Option to fail to continue to qualify as an Incentive
Stock Option. Notwithstanding the foregoing, any adjustments made pursuant to
Article 11 shall not be subject to these restrictions. 

10

ARTICLE 13.
 GENERAL 

13.1           Evidence of Awards 

Awards granted under the Plan shall be evidenced by a written
instrument that shall contain such terms, conditions, limitations and
restrictions as the Plan Administrator shall deem advisable and that are not
inconsistent with the Plan. 

13.2           No Individual Rights 

Nothing in the Plan or any Award granted under the Plan shall
be deemed to constitute an employment contract or confer or be deemed to confer
on any Participant any right to continue in the employ of, or to continue any
other relationship with, the Company or any Related Company or limit in any way
the right of the Company or any Related Company to terminate a Participant's
employment or other relationship at any time, with or without Cause. 

13.3           Issuance of Shares 

Notwithstanding any other provision of the Plan, the Company
shall have no obligation to issue or deliver any shares of Common Stock under
the Plan or make any other distribution of benefits under the Plan unless, in
the opinion of the Company's counsel, such issuance, delivery or distribution
would comply with all applicable laws (including, without limitation, the
requirements of the Securities Act), and the applicable requirements of any
securities exchange or similar entity. 

The Company shall be under no obligation to any Participant to
register for offering or resale or to qualify for exemption under the Securities
Act, or to register or qualify under state securities laws, any shares of Common
Stock, security or interest in a security paid or issued under, or created by,
the Plan, or to continue in effect any such registrations or qualifications if
made. The Company may issue certificates for shares with such legends and
subject to such restrictions on transfer and stop-transfer instructions as
counsel for the Company deems necessary or desirable for compliance by the
Company with federal and state securities laws. 

To the extent the Plan or any instrument evidencing an Award
provides for issuance of stock certificates to reflect the issuance of shares of
Common Stock, the issuance may be effected on a noncertificated basis, to the
extent not prohibited by applicable law or the applicable rules of any stock
exchange. 

13.4           No Rights as a Stockholder 

No Option denominated in units shall entitle the Participant to
any cash dividend, voting or other right of a stockholder unless and until the
date of issuance under the Plan of the shares that are the subject of such
Award. 

13.5           Compliance With Laws and Regulations 

Notwithstanding anything in the Plan to the contrary, the Plan
Administrator, in its sole discretion, may bifurcate the Plan so as to restrict,
limit or condition the use of any provision of the Plan to Participants who are
officers or directors subject to Section 16 of the Exchange Act without so
restricting, limiting or conditioning the Plan with respect to other
Participants. Additionally, in interpreting and applying the provisions of the
Plan, any Option granted as an Incentive Stock Option pursuant to the Plan
shall, to the extent permitted by law, be construed as an "incentive stock
option" within the meaning of Section 422 of the Code. 

11

13.6           Participants in Other Countries 

The Plan Administrator shall have the authority to adopt such
modifications, procedures and subplans as may be necessary or desirable to
comply with provisions of the laws of other countries in which the Company or
any Related Company may operate to assure the viability of the benefits from
Awards granted to Participants employed in such countries and to meet the
objectives of the Plan. 

13.7           No Trust or Fund 

The Plan is intended to constitute an "unfunded" plan. Nothing
contained herein shall require the Company to segregate any monies or other
property, or shares of Common Stock, or to create any trusts, or to make any
special deposits for any immediate or deferred amounts payable to any
Participant, and no Participant shall have any rights that are greater than
those of a general unsecured creditor of the Company. 

13.8           Severability 

If any provision of the Plan or any Award is determined to be
invalid, illegal or unenforceable in any jurisdiction, or as to any person, or
would disqualify the Plan or any Award under any law deemed applicable by the
Plan Administrator, such provision shall be construed or deemed amended to
conform to applicable laws, or, if it cannot be so construed or deemed amended
without, in the Plan Administrator's determination, materially altering the
intent of the Plan or the Award, such provision shall be stricken as to such
jurisdiction, person or Award, and the remainder of the Plan and any such Award
shall remain in full force and effect. 

13.9           Choice of Law 

The Plan and all determinations made and actions taken pursuant
hereto, to the extent not otherwise governed by the laws of the United States,
shall be governed by the laws of the State of Nevada without giving effect to
principles of conflicts of law. 

ARTICLE 14.
 EFFECTIVE DATE 

14.1           Effective Date of Plan

The effective date is the date on which the Plan is adopted by
the Board. If the stockholders of the Company do not approve the Plan within
twelve (12) months after the Board's adoption of the Plan, any Incentive Stock
Options granted under the Plan will be treated as Non-Qualified Stock Options.

12

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