Document:

Document

Management Incentive Plan

Exhibit 10.2

I.Purpose
The Management Incentive Plan (“MIP”) is designed to provide an incentive for key members of the MiMedx Group, Inc. (“MiMedx” or “Company”) management team to exceed the annual Business Plan (the “Business Plan”) and Strategic Plan (the “Strategic Plan”) and reward those management team members with deserving performance. The MiMedx Board of Directors (the “Board of Directors”) has complete authority to interpret the MIP, to prescribe, amend and rescind rules and regulations relating to it, and to make all other determinations necessary or advisable for the administration of the MIP. 

The goals of the MIP are: 
1.To increase shareholder value. 
2.To achieve and exceed the MiMedx Business Plan and Strategic Plan. 
3.To reward key individuals for demonstrated performance that is sustained throughout the year. 
4.To enhance the Company’s ability to be competitive in the marketplace for executive talent, and to attract, retain and motivate a high-performing and high-potential management team. 

II.Duration, Termination and Amendment
The MIP is effective beginning on January 1, 2021. The MIP will remain in effect from year to year (each calendar year shall be referred to herein as a “Performance Period”) until terminated or suspended by the Board of Directors. The MIP is subject to adjustment by the Company at any time during or after the Performance Period, provided that no adjustment may materially adversely affect any incentive amounts already earned and payable under the MIP. In the event of an adjustment, an addendum will be published to inform eligible participants. 

The Board shall have the right to amend or terminate the MIP at any time, provided that any termination shall automatically end all of the outstanding Performance Periods and calculations shall be made with respect to achievement of the performance goals for such Performance Periods for the purpose of determining whether any pro-rata amounts may be payable under the MIP; provided, further, that in the event any pro-rata amounts are payable, such amounts shall be paid as provided in Section IX of the MIP.

III.MIP Participation, Eligibility and Employment Requirement
Participation and eligibility is determined by the Board of Directors or its delegate. No individual is automatically included in the MIP. Only those individuals approved by the Board of Directors or its delegate and confirmed in writing are eligible. Verbal comments or promises to any employee or past practices are not binding on MiMedx or any of its divisions or subsidiaries in any manner.

Terminated Employees: Incentives are only earned by employees who are in good standing, not on notice, and employed on the date payment is made. Participants terminating employment prior to the date of payment are not eligible for any incentive payment regardless of the reason for termination of employment, unless otherwise determined by the Board of Directors or its delegate, in its sole discretion. 

First Time Participants: New management employees hired or promoted into an eligible position on or before September 30 of a Performance Period will be able to begin participating in the MIP on the first day of the first full month in the eligible position. The bonus will be prorated based on the number of months employed in the eligible position. No incentives will be earned or paid for new hires beginning employment after September 30 of any Performance Period. 

Existing Participants: Participants who transfer during a performance period from one MIP eligible position to another MIP eligible position, having either a higher or lower bonus, will begin participating at the new MIP level on the first day of the first full month in the new position. The participant’s bonus will be prorated for the months employed in each eligible position. 

Leave of Absence: Participants who have been on an approved leave of absence for medical or other reasons for greater than 60 cumulative days, but 120 or lesser cumulative days, during the year will receive a prorated portion of their earned amount. Participants who have been on an approved leave of absence for medical or other reasons for greater than 120 cumulative days during the year will not be eligible to earn any amount of MIP for the year.

MiMedx MIP

IV.MIP Administration
The Board of Directors has the discretion, subject to the provisions of the MIP, to make or to select the manner of making all determinations with respect to the MIP. The Board of Directors has delegated the administration of the MIP to the Compensation Committee of the Board of Directors (the “Compensation Committee”), who in turn, will approve and subsequently make recommendations to the Board of Directors of all determinations with respect to the MIP. As delegated by the Board of Directors, the Compensation Committee shall have full authority to formulate adjustments and make interpretations under the MIP as it deems appropriate. As delegated, the Compensation Committee shall also be empowered to make any and all of the determinations not herein specifically authorized which may be necessary or desirable for the effective administration of the MIP. As delegated, the amounts calculated under the MIP shall be paid only upon the Compensation Committee’s determination, in its sole discretion, that the participant is entitled to them. All matters of delegation of the MIP will be approved by the Compensation Committee prior to its recommendation to the Board of Directors. 

All decisions made on behalf of the Company by the Board of Directors or the Compensation Committee relative to the plan are final and binding. The determination of compliance with the individual objectives established under the plan for an employee shall be made by the Board of Directors in its sole discretion after approval by the Compensation Committee.

V.MIP Bonus Opportunity Determination
The MIP provides for the determination of a bonus opportunity expressed as a percentage of the participant’s annual salary in effect at the end of the performance period or the end of each respective period when a participant transfers from one MIP eligible position to another (the “Bonus Opportunity Amount”), contingent upon satisfaction of established performance goals and continued employment through the payment date of any bonus. Participants approved for MIP participation as of January 1 of a Performance Period are eligible for a full year’s participation, not subject to proration if employed for the entire year, in accordance with the provisions hereof. All incentives earned under the MIP will be measured and paid annually. 

VI.MIP Participants
The MIP participants include the position of Chief Executive Officer (the “CEO”), other Named Executive Officers, plus such other persons who are designated in writing by the Compensation Committee 

VII.MIP Method of Calculation
Each participant’s incentive will be calculated based on the achievement of Company and individual performance goals established for the Performance Period, to be determined by resolution of the Board or its delegate.
 
Following the end of the Performance Period, management will provide documentation to the Compensation Committee confirming the degree of achievement of all performance metrics and goals, including individual performance goals, pertaining to the Performance Period. The Compensation Committee will review the documentation from management, and following its review, the Compensation Committee will determine the achievement of such performance measures and goals prior to the approval of the Compensation Committee and its subsequent recommendation to the Board of Directors and payment in accordance with such achievement. The Compensation Committee may in its sole discretion reduce or eliminate an incentive amount otherwise calculated and/or Bonus Opportunity Amount. 

VIII.Maximum MIP Payment Amounts
The maximum potential amount to be earned by a participant is two (2) times the participant’s Bonus Opportunity Amount. The determining annual base salary in the payout calculation is the annual base salary in effect at the end of the Performance Period or the end of each respective period when a participant transfers from one MIP eligible position to another. 
 
IX.Payment of Earned MIP Amounts
Amounts earned by participants upon satisfaction of the performance goals for a performance period and employment requirement, as approved by the Compensation Committee and/or Board of Directors will be paid on or before March 15th of the year following the end of such Performance Period.

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MiMedx MIP

X.Exemption from 409A
This Plan is intended to be exempt from the applicable requirements of Section 409A of the Code and shall be construed and interpreted in accordance therewith. The Committee may at any time amend, suspend or terminate this Plan, or any payments to be made hereunder, as necessary to be exempt from Section 409A of the Code. Notwithstanding the preceding, MiMedx shall not be liable to any participant or any other person if the Internal Revenue Service or any court or other authority having jurisdiction over such matter determines for any reason that any amount to be paid under this Plan is subject to taxes, penalties or interest as a result of failing to be exempt from, or comply with, Section 409A of the Code. The incentive amounts under the MIP are intended to satisfy the exemption from Section 409A of the Code for “short-term deferrals.”

XI.Miscellaneous 
Nothing in the MIP shall be deemed to constitute a contract for the continuance of employment of the participants or bring about a change of status of employment. Neither the action of the Company in establishing this MIP, nor any provisions hereof, nor any action taken by the Company shall be construed as giving any employee the right to be retained in the employ of the Company for any period of time, or to be employed in any particular position, or at any particular rate of remuneration. 

Further, nothing contained herein shall in any manner inhibit the day-to-day conduct of the business of the Company and its subsidiaries, which shall remain within the sole discretion of management of the Company; nor shall any requirements imposed by management or resulting from the conduct of the business of the Company constitute an excuse for, or waiver from, compliance with any goal established under the MIP. 

No persons shall have any right, vested or contingent, or any claim whatsoever, to be granted any award or receive any payment hereunder, except payments of awards determined and payable in accordance with the specific provisions hereof or pursuant to a specific and properly approved agreement regarding the granting or payment of an award to a designated individual. 

Neither the MIP, nor any payments pursuant to the MIP, shall affect, or have any application to, any of the Company’s life insurance, disability insurance, PTO, medical or other related benefit plans, whether contributory or non-contributory on the part of the employee except as may be specifically provided by the terms of the applicable benefit plan. 

All payments pursuant to the MIP are subject to applicable withholdings. To the extent required by law, the Company shall withhold from all payments made hereunder any amount required to be withheld by Federal and state or local government or other applicable laws. Each participant shall be responsible for satisfying in cash or cash equivalent acceptable to the Committee any income and employment tax withholdings applicable to any payment under the MIP or participation in the MIP.

MiMedx reserves the right to apply a participant’s incentive payment against any outstanding obligations owed to the Company. 

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MiMedx MIP

XII. Recoupment 

Notwithstanding any other provision of this MIP to the contrary, any Bonus Opportunity Amount or incentive payment received by the participant and/or other cash paid hereunder, shall be subject to potential cancellation, recoupment, rescission, payback or other action in accordance with the terms of the Company’s Compensation Recoupment Policy, if any, as it may be established or amended from time to time. By participation in this MIP and acceptance of any incentive payment amount, the participant agrees and consents to the Company’s application, implementation and enforcement of (a) any Compensation Recoupment Policy or similar policy established by the Company or any affiliate that may apply to the participant and (b) any provision of applicable law relating to cancellation, rescission, payback or recoupment of compensation, and expressly agrees that the Company may take such actions as are necessary to effectuate any such Compensation Recoupment Policy, similar policy (as applicable to the participant) or applicable law without further consent or action being required by the participant. To the extent that the terms of this MIP and any Compensation Recoupment Policy or similar policy or law conflict, then the terms of such policy or law shall prevail. 

Page 4 of 4Exhibit 10.1

 

 

 

	Investor Name:  _________________________	 	 
	 	 	 
	Total Purchase Price:	 	USD$____________  
	Combined Per Share-Warrant Price:	 	USD$0.5398 
	Number of Purchased Shares:	 	Total Purchase Price/Combined Per Share-Warrant Price1 
	Number of Warrants:	 	Number of Purchased Shares/22

 

SUBSCRIPTION AGREEMENT

 

Tanzanian Gold Corporation

#202, 5626 Larch Street,

Vancouver, British Columbia

Canada V6M 4E1

 

Ladies and Gentlemen:

 

The undersigned (the “Investor”)
hereby confirms its agreement with Tanzanian Gold Corporation, a corporation formed under the Business Corporations Act (Alberta)
and formerly known as Tanzanian Royalty Exploration Corporation, (the “Company”), as follows:

 

1.       This
Subscription Agreement, including the Terms and Conditions for the Purchase of Common Shares and Warrants, attached hereto as Annex
I which is incorporated herein by this reference as if fully set forth herein (the “Terms and Conditions” and,
together with this Subscription Agreement, this “Agreement”) is made as of the date set forth below between the Company
and the Investor. Pursuant to this Subscription Agreement, the Company is agreeing to sell and the Investor is agreeing to purchase,
common shares of the Company, no par value (the “Common Shares”) and one-half warrant, with each whole warrant exercisable
to purchase one Common Share at an exercise price of USD$1.50 per share (the “Warrant(s)”). Warrants cannot be exercised
for fractional amount. Accordingly, the Investor agrees that all of its representations and warranties set forth herein, and the
Terms and Conditions, are true, complete and accurate as of the date hereof and the Closing Date.

 

2.       The
Company has authorized the sale and issuance to the Investor of the number of Purchased Shares (the “Purchased Shares”)
of Common Shares and Number of Warrants (“Purchased Warrants”) at the Combined Per Share-Warrant Price for an aggregate
purchase price of the Total Purchase Price. The Investor will pay the Total Purchase Price by cash.

 

3.       The
offering and sale of the Common Shares and Warrants and Common Shares underlying the Warrants (the “Offering”) is being
made pursuant to (a) an effective Registration Statement on Form F-3, File No. 333-250146 (the “Registration Statement”)
filed by the Company with the Securities and Exchange Commission (the “Commission”), including the Prospectus contained
therein (the “Base Prospectus”), (b) if applicable, certain “free writing prospectuses” (as that term is
defined in Rule 405 under the Securities Act of 1933, as amended (the “Act”)), that have been or will be filed, if
required, with the Commission and delivered to the Investor on or prior to the date hereof (the “Issuer Free Writing Prospectus”),
containing only certain supplemental information regarding the Common Shares, the terms of the Offering and the Company, and (c)
a Prospectus Supplement (the “Prospectus Supplement” and, together with the Base Prospectus, the “Prospectus”)
containing certain supplemental information regarding the Common Shares and terms of the Offering and the Company that has been
or will be filed with the Commission and has been delivered to the Investor prior to the Closing.

 

____________________________

1 Rounded down to the nearest whole
number.

2 Rounded down to the nearest whole
number.

 

    	 	1	 

     

    

4.       The
Company and the Investor agree that the Investor will purchase from the Company and the Company will issue and sell to the Investor
the Purchased Shares and Purchased Warrants for the Total Purchase Price.

 

5.       The
manner of settlement of the shares of Common Shares and Warrants purchased by the Investor shall be as follows:

 

(i)       Delivery
of representation of stock ownership using Direct Registration System (“DRS”) representing the Purchased Shares purchased
by the Investor, or upon Investor’s request, delivery of a certificate representing the Purchased Shares purchased by the
Investor at the Investor’s address by Odyssey Trust Company, the Company’s transfer agent (the “Transfer Agent”).

 

(ii)       Delivery
of a Warrant certificate representing the Purchased Warrants purchased by the Investor at the Investor’s address by the Company

 

NO LATER THAN 10:00 A.M. (EASTERN
TIME) ON THE THIRD BUSINESS DAY IMMEDIATELY AFTER THE DATE OF EXECUTION OF THIS AGREEMENT BY THE INVESTOR AND THE COMPANY, THE
INVESTOR SHALL:

 

(iii)       Deliver
to the Company, this duly completed and executed Agreement and the Total Purchase Price.

 

6.       The
Investor represents that it has received (or otherwise had made available to it by the filing by the Company of an electronic version
thereof with the Commission) the Base Prospectus, declared effective by the Commission on November 25, 2020, which is a part of
the Company’s Registration Statement and the documents incorporated by reference therein, any Issuer Free Writing Prospectus
and the Prospectus Supplement (collectively, the “Disclosure Package”), prior to or in connection with the receipt
of this Agreement. The Investor acknowledges that, prior to the delivery of this Agreement to the Company, the Investor may receive
certain additional information regarding the Offering and the Company (the “Offering Information”). Such information
may be provided to the Investor by any means permitted under the Act, including the Prospectus Supplement, a free writing prospectus
and oral communications.

 

7.                  
No offer by the Investor to buy Common Shares and Warrants will be accepted and no part of the purchase price will be delivered
to the Company until the Investor has received or has public access to the Disclosure Package and the Offering Information and
the Company has accepted such offer by countersigning a copy of this Agreement, and any such offer may be withdrawn or revoked,
without obligation or commitment of any kind, at any time prior to the Company sending (orally, in writing or by electronic mail)
notice of its acceptance of such offer. An indication of interest will involve no obligation or commitment of any kind until the
Investor has been delivered the Disclosure Package and Offering Information and this Agreement is accepted and countersigned by
or on behalf of the Company.

 

8.                  
Representations and Warranties of the Company. The Company hereby makes the following representations and warranties to
the Investor:

 

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(a)               
Subsidiaries. The Company’s subsidiaries consist of (i) 55% interest in Buckreef Gold Company Limited; (ii) 90% interest
in Itetemia Mining Company Limited; (iii) 60% interest in Lunguya Mining Company Ltd.; (iv) 100% interest in Tancan Mining Company
Limited; (v) 100% interest in Tanzania American International Development Corporation 2000 Limited; and (vi) 75% interest in Northwest
Basemetals Company Limited.

 

(b)               
Organization and Qualification. The Company and each of the Subsidiaries is an entity duly incorporated or otherwise organized,
validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization, with the requisite
power and authority to own and use its properties and assets and to carry on its business as currently conducted. Neither the Company
nor any Subsidiary is in violation nor default of any of the provisions of its respective certificate or articles of incorporation,
bylaws or other organizational or charter documents. Each of the Company and the Subsidiaries is duly qualified to conduct business
and is in good standing as a foreign corporation or other entity in each jurisdiction in which the nature of the business conducted
or property owned by it makes such qualification necessary, except where the failure to be so qualified or in good standing, as
the case may be, could not have or reasonably be expected to result in: (i) a material adverse effect on the legality, validity
or enforceability of the Agreement, (ii) a material adverse effect on the results of operations, assets, business, prospects or
condition (financial or otherwise) of the Company and the Subsidiaries, taken as a whole, or (iii) a material adverse effect on
the Company’s ability to perform in any material respect on a timely basis its obligations under the Agreement (any of (i),
(ii) or (iii), a “Material Adverse Effect”)) and no Proceeding has been instituted in any such jurisdiction revoking,
limiting or curtailing or seeking to revoke, limit or curtail such power and authority or qualification.

 

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

 

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

 

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(e)               
Filings, Consents and Approvals. The Company is not required to obtain any consent, waiver, authorization or order
of, give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental
authority in connection with the execution, delivery and performance by the Company of the Agreement, other than: (i) the filings
required pursuant to Section 9.4 of this Agreement, and (ii) the notice and/or application(s) to the NYSE American and Toronto
Stock Exchange (collectively “Trading Market”) for the issuance and sale of the Common Shares and the listing of such
Common Shares for trading thereon in the time and manner required thereby (collectively, the “Required Approvals”).
There is no market for the Warrants and the Company does not plan on applying to list the Warrants on any trading system.

 

(f)                
Issuance of the Investor Common Shares. The Common Shares to be issued to the Investor (“Investor Shares”)
are duly authorized and, when issued and paid for in accordance with the Agreement, will be duly and validly issued, fully paid
and nonassessable, free and clear of all liens imposed by the Company other than restrictions on transfer provided for in the Agreement,
if any. The Company has prepared and filed the Registration Statement in conformity with the requirements of the Securities Act,
which became effective on November 25, 2020, including the Prospectus, and such amendments and supplements thereto as may have
been required to the date of this Agreement. The Registration Statement is effective under the Securities Act and no stop order
preventing or suspending the effectiveness of the Registration Statement or suspending or preventing the use of the Prospectus
has been issued by the Commission and no proceedings for that purpose have been instituted or, to the knowledge of the Company,
are threatened by the Commission. The Company, if required by the rules and regulations of the Commission, shall file the Prospectus
with the Commission pursuant to Rule 424(b). At the time the Registration Statement and any amendments thereto became effective,
at the date of this Agreement and at the Closing Date, the Registration Statement and any amendments thereto conformed and will
conform in all material respects to the requirements of the Securities Act and did not and will not contain any untrue statement
of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein
not misleading; and the Prospectus and any amendments or supplements thereto, at time the Prospectus or any amendment or supplement
thereto was issued and at the Closing Date, conformed and will conform in all material respects to the requirements of the Securities
Act and did not and will not contain an untrue statement of a material fact or omit to state a material fact necessary in order
to make the statements therein, in light of the circumstances under which they were made, not misleading.

 

(g)               
Capital Stock. No Person has any right of first refusal, preemptive right, right of participation, or any similar
right to participate in the transactions contemplated by the Agreement. The issuance and sale of the Investor Shares will not obligate
the Company to issue Common Shares or other securities to any Person (other than the Investors) and will not result in a right
of any holder of Company securities to adjust the exercise, conversion, exchange or reset price under any of such securities. The
Company does not have any stock appreciation rights or “phantom stock” plans or agreements or any similar plan or agreement.
All of the outstanding shares of capital stock of the Company are duly authorized, validly issued, fully paid and nonassessable,
have been issued in compliance with all federal and state securities laws, and none of such outstanding shares was issued in violation
of any preemptive rights or similar rights to subscribe for or purchase securities. No further approval or authorization of the
Board of Directors or others is required for the issuance and sale of the Investor Shares. There are no stockholders agreements,
voting agreements or other similar agreements with respect to the Company’s capital stock to which the Company is a party
or, to the knowledge of the Company, between or among any of the Company’s stockholders.

 

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(h)               
SEC Reports; Financial Statements. The Company has filed all reports, schedules, forms, statements and other documents
required to be filed by the Company under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d)
thereof, for the two years preceding the date hereof (or such shorter period as the Company was required by law or regulation to
file such material) (the foregoing materials, including the exhibits thereto and documents incorporated by reference therein being
collectively referred to herein as the “SEC Reports”) on a timely basis or has received a valid extension of such time
of filing and has filed any such SEC Reports prior to the expiration of any such extension. As of their respective dates, the SEC
Reports complied in all material respects with the requirements of the Securities Act and the Exchange Act, as applicable, and
none of the SEC Reports, when filed, contained any untrue statement of a material fact or omitted to state a material fact required
to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were
made, not misleading. The Company has never been an issuer subject to Rule 144(i) under the Securities Act. The financial statements
of the Company included in the SEC Reports comply in all material respects with applicable accounting requirements and the rules
and regulations of the Commission with respect thereto as in effect at the time of filing. Such financial statements have been
prepared in accordance with International Financial Reporting Standards applied on a consistent basis during the periods involved
(“IFRS”), and fairly present in all material respects the financial position of the Company and its consolidated Subsidiaries
as of and for the dates thereof and the results of operations and cash flows for the periods then ended, subject, in the case of
unaudited statements, to normal, immaterial, year-end audit adjustments.

 

(i)                
Material Changes; Undisclosed Events, Liabilities or Developments. Since the date of the latest audited financial
statements included within the SEC Reports, except as specifically disclosed in a subsequent SEC Report filed prior to the date
hereof, (i) there has been no event, occurrence or development that has had or that could reasonably be expected to result in a
Material Adverse Effect, (ii) the Company has not incurred any liabilities (contingent or otherwise) other than (A) trade payables
and accrued expenses incurred in the ordinary course of business consistent with past practice and (B) liabilities not required
to be reflected in the Company’s financial statements pursuant to IFRS or disclosed in filings made with the Commission,
(iii) the Company has not altered its method of accounting, (iv) the Company has not declared or made any dividend or distribution
of cash or other property to its stockholders or purchased, redeemed or made any agreements to purchase or redeem any shares of
its capital stock and (v) the Company has not issued any equity securities to any officer, director or Affiliate, except as disclosed
in the SEC Reports. The Company does not have pending before the Commission any request for confidential treatment of information.
No event, liability, fact, circumstance, occurrence or development has occurred or exists or is reasonably expected to occur or
exist with respect to the Company or its Subsidiaries or their respective businesses, prospects, properties, operations, assets
or financial condition that would be required to be disclosed by the Company under applicable securities laws at the time this
representation is made or deemed made that has not been publicly disclosed at least one Trading Day prior to the date that this
representation is made.

 

(j)                
Litigation. Except as disclosed in the SEC Reports, there is no action, suit, inquiry, notice of violation, proceeding
or investigation pending or, to the knowledge of the Company, threatened against or affecting the Company, any Subsidiary or any
of their respective properties before or by any court, arbitrator, governmental or administrative agency or regulatory authority
(federal, state, county, local or foreign) (collectively, an “Action”) which (i) adversely affects or challenges the
legality, validity or enforceability of any of the Agreement or the Shares or (ii) could, if there were an unfavorable decision,
have or reasonably be expected to result in a Material Adverse Effect. Neither the Company nor any Subsidiary any director or officer
thereof (in his or her capacity as such), is or has been the subject of any Action involving a claim of violation of or liability
under federal or state securities laws or a claim of breach of fiduciary duty except as disclosed in an SEC Report. There has not
been, and to the knowledge of the Company, there is not pending or contemplated, any investigation by the Commission involving
the Company or any current or former director or officer of the Company (in his or her capacity as such). The Commission has not
issued any stop order or other order suspending the effectiveness of any registration statement filed by the Company or any Subsidiary
under the Exchange Act or the Securities Act.

 

    	 	5	 

     

    

(k)               
Risk Factors. An investment in the Company is subject to a number of risk and an Investor may lose all of his or
her money. The material risks that the Company may be subject to is set forth in the “Risk Factor’s section of the
Registration Statement.

 

9.                  
Other Agreements of the Parties.

 

9.1       Shares
Sold Pursuant to a Registration Statement. The Common Shares and Warrants to be sold to the Investor and the Common Shares
underlying the Warrants (the “Securities”) when exercised will be made pursuant to an effective registration statement
and the Common Shares and Common Shares underlying the Warrants will be free of all legends. If at any time following the date
hereof the Registration Statement is not effective or is not otherwise available for the sale of the Investor Shares, the Company
shall immediately notify the holders of the Investor Shares in writing that such Registration Statement is not then effective and
thereafter shall promptly notify such holders when the Registration Statement is effective again and available for the resale of
the Common Shares underlying the Warrants (it being understood and agreed that the foregoing shall not limit the ability of the
Company to issue, or the Investor to sell, any of the Investor Shares in compliance with applicable federal and state securities
laws).

 

9.2       Furnishing
of Information. The Company covenants to maintain the registration of the Common Shares under Section 12(b) or 12(g) of the
Exchange Act and to timely file (or obtain extensions in respect thereof and file within the applicable grace period) all reports
required to be filed by the Company after the date hereof pursuant to the Exchange Act even if the Company is not then subject
to the reporting requirements of the Exchange Act.

 

9.3       Integration.
The Company shall not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as defined
in Section 2 of the Securities Act) that would be integrated with the offer or sale of the Common Shares and Warrants for purposes
of the rules and regulations of any Trading Market such that it would require shareholder approval prior to the closing of such
other transaction unless shareholder approval is obtained before the closing of such subsequent transaction.

 

9.4       Securities
Laws Disclosure; Publicity; Rights Plan. The Company shall file a Current Report on Form 6-K with the Commission describing
the terms of the transaction. From and after the Form 6-K, the Company represents to the Investor that it shall have publicly disclosed
all material, non-public information delivered to the Investor by the Company or any of its Subsidiaries, or any of their respective
officers, directors, employees or agents in connection with the transactions contemplated by the Agreement. In addition, effective
upon the issuance of Form 6-K, the Company acknowledges and agrees that any and all confidentiality or similar obligations under
any agreement, whether written or oral, between the Company, any of its Subsidiaries or any of their respective officers, directors,
agents, employees or Affiliates on the one hand, and any of the Investors or any of their Affiliates on the other hand, shall terminate.
The Company shall not publicly disclose the name of the Investor, or include the name of the Investor in any filing with the Commission
or any regulatory agency or Trading Market, without the prior written consent of the Investor, except (a) as required by federal
securities laws and (b) to the extent such disclosure is required by law or Trading Market regulations, in which case the Company
shall provide the Investor with prior notice of such disclosure permitted under this clause (b). No claim will be made or enforced
by the Company or, with the consent of the Company, any other Person, that the Investor is an “Acquiring Person” under
any control share acquisition, business combination, poison pill (including any distribution under a rights agreement) or similar
anti-takeover plan or arrangement in effect or hereafter adopted by the Company, or that the Investor could be deemed to trigger
the provisions of any such plan or arrangement, by virtue of receiving Investor Shares under the Agreement.

 

    	 	6	 

     

    

9.5       Non-Public
Information. Except with respect to the material terms and conditions of the transactions contemplated by the Agreement, which
shall be disclosed pursuant to Section 9.4, the Company covenants and agrees that neither it, nor any other Person acting on its
behalf will provide the Investor or its agents or counsel with any information that constitutes, or the Company believes constitutes,
material non-public information, unless prior thereto the Investor shall have consented to the receipt of such information, which
consent shall constitute the Investor’s agreement to keep such information confidential. The Company understands and confirms
that the Investor shall be relying on the foregoing covenant in effecting transactions in securities of the Company. To the extent
that the Company delivers any material, non-public information to the Investor without the Investor’s consent, the Company
hereby covenants and agrees that the Investor shall not have any duty of confidentiality to the Company, any of its Subsidiaries,
or any of their respective officers, directors, agents, employees or Affiliates, or a duty to the Company, any of its Subsidiaries
or any of their respective officers, directors, agents, employees or Affiliates not to trade on the basis of, such material, non-public
information, provided that the Investor shall remain subject to applicable law. The Company understands and confirms that the Investor
shall be relying on the foregoing covenant in effecting transactions in securities of the Company.

 

9.6       Indemnification
of Investor. Subject to the provisions of this Section 9.6, the Company will indemnify and hold the Investor and its directors,
officers, shareholders, members, partners, employees and agents (and any other Persons with a functionally equivalent role of a
Person holding such titles notwithstanding a lack of such title or any other title), each Person who controls the Investor (within
the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, shareholders,
agents, members, partners or employees (and any other Persons with a functionally equivalent role of a Person holding such titles
notwithstanding a lack of such title or any other title) of such controlling persons (each, an “Investor Party”) harmless
from any and all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses, including all judgments,
amounts paid in settlements, court costs and reasonable attorneys’ fees and costs of investigation that any such Investor
Party may suffer or incur as a result of or relating to (a) any breach of any of the representations, warranties, covenants or
agreements made by the Company in the Agreement or (b) any action instituted against the Investor Parties in any capacity, or any
of them or their respective Affiliates, by any stockholder of the Company who is not an Affiliate of such Investor Parties, with
respect to any of the transactions contemplated by the Agreement (unless such action is based upon a breach of such Investor Party’s
representations, warranties or covenants under the Agreement or understandings such Investor Parties may have with any such stockholder
or any violations by such Investor Parties of state or federal securities laws or any other conduct by such Investor Parties which
constitutes fraud, gross negligence, willful misconduct or malfeasance). If any action shall be brought against any Investor Party
in respect of which indemnity may be sought pursuant to this Agreement, such Investor Party shall promptly notify the Company in
writing, and the Company shall have the right to assume the defense thereof with counsel of its own choosing reasonably acceptable
to the Investor Party. Any Investor Party shall have the right to employ separate counsel in any such action and participate in
the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Investor Party except to the extent
that (i) the employment thereof has been specifically authorized by the Company in writing, (ii) the Company has failed after a
reasonable period of time to assume such defense and to employ counsel or (iii) in such action there is, in the reasonable opinion
of such separate counsel, a material conflict on any material issue between the position of the Company and the position of such
Investor Party, in which case the Company shall be responsible for the reasonable fees and expenses of no more than one such separate
counsel. The Company will not be liable to any Investor Party under this Agreement (y) for any settlement by an Investor Party
effected without the Company’s prior written consent, which shall not be unreasonably withheld or delayed; or (z) to the
extent, but only to the extent that a loss, claim, damage or liability is attributable to any Investor Party’s breach of
any of the representations, warranties, covenants or agreements made by such Investor Party in this Agreement. The indemnification
required by this Section 9.6 shall be made by periodic payments of the amount thereof during the course of the investigation or
defense, as and when bills relating to indemnifiable amounts are received by the Company. The indemnity agreements contained herein
shall be in addition to any cause of action or similar right of any Investor Party against the Company or others and any liabilities
the Company may be subject to pursuant to law.

 

    	 	7	 

     

    

9.7       Listing
of Common Shares. The sale of the Common Shares and Common Shares underlying the Warrants by the Company to the Investor is
condition upon approval of the additional listing of the Common Shares by the Trading Markets. The Company hereby agrees to use
best efforts to maintain the listing or quotation of the Common Shares on the Trading Market on which it is currently listed, and
concurrently with the Closing, the Company shall apply to list or quote all of the Investor Shares on such Trading Market and promptly
secure the listing of all of the Investor Shares on such Trading Market. The Company further agrees, if the Company applies to
have the Common Shares traded on any other Trading Market, it will then include in such application all of the Investor Shares.
The Company will then take all action reasonably necessary to continue the listing or quotation and trading of its Common Shares
on a Trading Market and will comply in all respects with the Company’s reporting, filing and other obligations under the
bylaws or rules of the Trading Market. The Company agrees to maintain the eligibility of the Common Shares for electronic transfer
through the Depository Trust Company or another established clearing corporation, including, without limitation, by timely payment
of fees to the Depository Trust Company or such other established clearing corporation in connection with such electronic transfer.
As of the date hereof, the Company has reserved and the Company shall continue to reserve and keep available at all times, free
of preemptive rights, a sufficient number of shares of Common Shares for the purpose of enabling the Company to issue Investor
Shares pursuant to this Agreement.

 

Agreed and Accepted on December ___, 2020

 

TANZANIAN GOLD CORPORATION

 

___________________________________________

Name: James E. Sinclair

Title: Executive Chairman

 

[Company Signature Page to Tanzanian Gold Corporation Subscription
Agreement]

 

    	 	8	 

     

    

Please confirm that the foregoing correctly sets forth the agreement between us by signing
in the space provided below for that purpose.

 

Dated: December __, 2020

 

INVESTOR

 

Name of Investor

 

By:_______________________________________

Title:______________________________________

 

		Address:	_______________________________

_______________________________

 

Common Shares and Warrants to be issued in the following exact name(s):

 

	Name	Mailing ad Delivery Address 	Common Shares to be DRS unless box checked
	
        ________________________

         
	
        ______________________________

         
	
        o

         

	
        ________________________

         
	
        ______________________________

         
	
        o

         

	
        _______________________

         
	
        ______________________________

         
	
        o

         

	 	 	 

 

Warrants will be delivered by certificated form in the exact name indicated above.

 

[Investor Signature Page to Tanzanian Gold Corporation Subscription
Agreement]

 

    	 	9	 

     

    

ANNEX I

 

TERMS AND CONDITIONS FOR PURCHASE OF COMMON SHARES AND WARRANTS

 

1.                  
Authorization and Sale of the Common Shares and Warrants. Subject to the terms and conditions of this Agreement, the Company
has authorized the sale of the Securities.

 

2.                  
Agreement to Sell and Purchase the Common Shares and Warrants. At the Closing (as defined in Section 3.1 below), the Company
will sell to the Investor, and the Investor will purchase from the Company, upon the terms and conditions set forth herein, the
Purchased Shares and the Purchased Warrants for the Total Purchase Price.

 

3.                  
Closing and Delivery of the Common Shares and Warrants and Purchase Price.

 

3.1       Closing.
The completion of the purchase and sale of the Common Shares and Warrants (the “Closing”) shall occur at a place and
time (the “Closing Date”) to be specified by the Company and the Investor. At the Closing, (a) the Company shall cause
the Transfer Agent to deliver to the Investor the Purchased Shares registered in the name of the Investor pursuant to DRS, or in
the alternative, at the request of the Investor, certificates representing the Purchased Shares to the Investor; (b) the Company
shall deliver to the Investor the Warrants for the Purchased Warrants registered in the name of the Investor and (c) the Total
Purchase Price for the Purchased Shares and Purchased Warrants being purchased by the Investor will be delivered by or on behalf
of the Investor to the Company.

 

3.2       Conditions
to the Company’s Obligations. The Company’s obligation to issue and sell the Purchased Shares and Purchased Warrants
to the Investor shall be subject to: (i) the receipt by the Company of the Total Purchase Price, (ii) the accuracy of the representations
and warranties made by the Investor and the fulfillment of those undertakings of the Investor to be fulfilled prior to the Closing
Date, and (iii) the conditional acceptance of the Offering by the NYSE American and Toronto Stock Exchange.

 

4.                  
Representations, Warranties and Covenants of the Investor. The Investor acknowledges, represents and warrants to, and agrees
with, the Company that:

 

4.1       The
Investor has full right, power, authority and capacity to enter into this Agreement and to consummate the transactions contemplated
hereby and has taken all necessary action to authorize the execution, delivery and performance of this Agreement, and this Agreement
constitutes a valid and binding obligation of the Investor enforceable against the Investor in accordance with its terms, except
as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’
and contracting parties’ rights generally and except as enforceability may be subject to general principles of equity (regardless
of whether such enforceability is considered in a proceeding in equity or at law) and except as to the enforceability of any rights
to indemnification or contribution that may violate the public policy underlying any law, rule or regulation (including any federal
or state securities law, rule or regulation).

 

4.2       The Investor had had a reasonable
opportunity to ask questions of and receive answers from a person or persons acting on behalf of the Company concerning the
Offering and sale of the Securities and the business, financial condition and results of operations of the Company, and all
such questions have been answered to the full satisfaction of the Investor.

 

    	 	1	 

     

    

4.3        In evaluating the suitability of an
investment in the Company, the Investor has not relied upon any representation or information (oral or written) other than as stated
in this Agreement and the Disclosure Package. In making an investment decision the Investor has solely relied on its own examination
of the Company, the Disclosure Package, the terms of the Offering, including the merits and risks involved.

 

4.4       The
Investor is able bear the financial risks of its investment. The Investor has significant prior investment experience. The Investor
is knowledgeable about investment considerations in mining companies like the Company. The Investor has a sufficient net worth
to sustain a loss of its entire investment in the Company in the event such a loss should occur. The Investor’s overall commitment
to investments is not excessive in view of the Investor’s net worth and financial circumstances and the purchase of the Securities
will not cause such commitment to become excessive. The investment in the Securities is a suitable one for the Investor.

 

4.5       The Investor has taken no action that would give rise
to any claim by any person for brokerage commissions, finders’ fees or the like relating to the Agreement or the transactions
contemplated hereby.

 

4.6       The
Securities to be purchased by the Investor are being acquired for the Investor’s own account, not as nominee or agent, and
not with a view to the resale or distribution of any part thereof in violation of the Act, and the Investor has no present intention
of selling, granting any participation in, or otherwise distributing the same in violation of the Act.

 

4.7       Since
the date on which the Company or its agents first contacted the Investor, its representative, about the Offering, the Investor
has maintained information about the Offering in confidence (other with respect to disclosures to the Investor’s advisors
who are under a legal obligation of confidentiality) and has not engaged in any transactions in the securities of the Company.
The Investor covenants that it has not and will not engage in any transactions in the securities of the Company or disclose any
information about the Offering (other than to its advisors who are under a legal obligation of confidentiality) prior to the time
that the transactions contemplated by the Agreements are publicly disclosed by the Company.

 

4.8       The Investor understands that nothing in this Agreement,
the Prospectus, the Disclosure Package, the Offering Information or any other materials presented to the Investor in connection
with the purchase of the Securities constitutes legal, tax or investment advice. The Investor has consulted such legal, tax and
investment advisors and made such investigation as it, in its sole discretion, has deemed necessary or appropriate in connection
with its purchase of Securities. The Investor has received all documents requested by the Investor, have carefully reviewed them
and understand the information contained therein.

 

4.9       The Investor understands that neither
the Commission nor any state securities commission or other regulatory authority has approved the Securities, or passed upon or
endorsed the merits of the Offering or confirmed the accuracy or determined the adequacy of the Offering. The Offering has not
been reviewed by any federal, state or other regulatory authority.

 

4.10       The
Investor was not induced to invest in the Company or in the Securities by any form of general solicitation or general advertising
including, but not limited to, the following: (i) any advertisement, article, notice or other communication published in any newspaper,
magazine or similar media or broadcast over the news or radio; or (ii) any seminar or meeting whose attendees were invited by any
general solicitation or advertising.

 

    	 	2	 

     

    

5.                  
Survival of Representations, Warranties and Agreements. Notwithstanding any investigation made by any party to this Agreement,
all covenants, agreements, representations and warranties made by the Investor herein will survive the execution of this Agreement,
the delivery to the Investor of the Securities being purchased and the payment therefor.

 

6.                  
Changes. This Agreement may not be modified or amended except pursuant to an instrument in writing signed by the Company
and the Investor.

 

7.                  
Headings. The headings of the various sections of this Agreement have been inserted for convenience of reference only and
will not be deemed to be part of this Agreement.

 

8.                  
Severability. In case any provision contained in this Agreement should be invalid, illegal or unenforceable in any respect,
the validity, legality and enforceability of the remaining provisions contained herein will not in any way be affected or impaired
thereby.

 

9.                  
Governing Law. This Agreement will be governed by, and construed in accordance with, the laws of the Province of Alberta,
Canada, without giving effect to the principles of conflicts of law that would require the application of the laws of any other
jurisdiction.

 

10.              
Counterparts. This Agreement may be executed in two or more counterparts, each of which will constitute an original, but
all of which, when taken together, will constitute but one instrument, and will become effective when one or more counterparts
have been signed by each party hereto and delivered to the other parties. The Company and the Investor acknowledge and agree that
the Company shall deliver its counterpart to the Investor along with the Prospectus Supplement (or the filing by the Company of
an electronic version thereof with the Commission).

 

11.              
Confirmation of Sale. The Investor acknowledges and agrees that such Investor’s receipt of the Company’s signed
counterpart to this Agreement, together with the Prospectus Supplement (or the filing by the Company of an electronic version thereof
with the Commission), shall constitute written confirmation of the Company’s sale of shares of Securities to such Investor.

 

 

 

 

 

 

 

 

 

 

 

3

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