Document:

EX-10.22

 Exhibit 10.22 

SANA BIOTECHNOLOGY, INC. 
 1616
Eastlake Avenue East, Suite 360 
 Seattle, Washington 98102 

Dr. Sunil Agarwal 
 Re: Employment Terms 

Dear Sunil: 
 Sana Biotechnology, Inc. (the
“Company”), is pleased to offer you fulltime employment in the exempt position of EVP, Chief Development Officer, effective as of September 4, 2018 (the date you actually commenced employment, your “Commencement
Date”), in which you will be responsible for such duties as are normally associated with such position or other duties of at least equivalent level as determined by the Chief Executive Officer of the Company. You will report directly to
Steven Harr, the Chief Executive Officer of the Company, or such other senior officer as the Company may designate, and will be headquartered in our South San Francisco offices, or such other location as the Company may designate, except for such
reasonable travel as may be necessary to fulfill your responsibilities. In the course of your employment with Company, you will be subject to and required to comply with all company policies, and applicable laws and regulations. 

You will be paid a base salary at the monthly rate of $33,333.33 (subject to required tax withholding and other authorized deductions),
equivalent to $400,000.00 on an annualized basis. Your base salary will be payable in accordance with the Company’s standard payroll policies and subject to adjustment pursuant to the Company’s policies as in effect from time to time. 

In addition to your base salary, you will be eligible for an annual cash bonus, at the discretion of the Board of Directors of the Company
(the “Board”). Your target annual bonus shall be 40% of your base salary, but the actual amount of your annual bonus may be more or less (and may equal zero). Any annual bonus awarded to you shall be paid within two and a half
months following the year to which the annual bonus relates and will be contingent upon your continued employment through the applicable payment date. You hereby acknowledge and agree that nothing contained herein confers upon you any right to an
annual bonus in any year, and that whether the Company pays you an annual bonus and the amount of any such annual bonus will be determined by the Company in its sole discretion. 

In contemplation of you entering into this offer letter, on July 23, 2018, the Company issued you 6,440,000 shares (on a
post-split basis) of the Company’s common stock (the “Restricted Shares”), all of which are, initially, subject to a risk of forfeiture in the event you terminate employment with the Company. The Restricted Shares will vest, and the
risk of forfeiture thereon lapse, in respect of 25% of the total number of Restricted Shares on the first anniversary of July 30, 2018 and 1/48th of the total number of Restricted Shares will vest, and the

 Sunil Agarwal 

 Page
 2
 
  

 
risk of forfeiture thereon lapse, on each monthly anniversary thereafter, in each case, subject to your continued employment through the vesting date unless otherwise provided herein. The
Restricted Shares remain subject to the restricted stock agreement entered into between you and the Company, dated July 27, 2018. 

You will be eligible to receive future stock options and other equity awards in the discretion of the Board. 

You will be eligible to participate in all of the employee benefits and benefit plans that the Company generally makes available to its
regular fulltime employees. You will be eligible for paid time off, vacation and/or paid sick leave in accordance with applicable law and Company policy. 

The Company requires that, as a full-time employee, you devote your full business time, attention, skill, and efforts to the tasks and duties
of your position as assigned by the Company. If you wish to request consent to provide services (for any or no form of compensation) to any other person or business entity while employed by the Company, please discuss that with me in advance of
accepting another position. 
 As a condition of employment, you will be required (1) to sign and comply with an At-Will Employment Agreement, a copy of which is attached hereto as Exhibit A, which, among other things, prohibits unauthorized use or disclosure of Company proprietary information; (2) to sign
and return a satisfactory I-9 Immigration form attached hereto as Exhibit B and provide sufficient documentation establishing your employment eligibility in the United States of America (enclosed is a
list of acceptable INS Form I-9 documentation); and (3) to provide satisfactory proof of your identity as required by U.S. law. 

By signing below, you represent that your performance of services to the Company will not violate any duty which you may have to any other
person or entity (such as a present or former employer), including obligations concerning providing services (whether or not competitive) to others, confidentiality of proprietary information and assignment of inventions, ideas, patents or
copyrights, and you agree that you will not do anything in the performance of services hereunder that would violate any such duty. 

Notwithstanding any of the above, your employment with the Company is “at will.” This means that it is not for any specified period
of time and can be terminated by you or by the Company at any time, with or without advance notice, and for any or no particular reason or cause. It also means that your job duties, title and responsibility and reporting level, work schedule,
compensation and benefits, as well as the Company’s personnel policies and procedures, may be changed with prospective effect, with or without notice, at any time in the sole discretion of the Company. 

Without limiting the foregoing, if at any time other than during a Change in Control Period (as defined below) your employment with the Company is terminated
by the Company without Cause (other than due to your death or disability) or you resign for Good Reason (each, as defined herein) and you deliver to the Company a general release of all claims against the Company and its affiliates in a form
reasonably acceptable to the Company (a “Release”) that becomes effective and irrevocable within 60 days following such termination of employment, then you shall be 

 Sunil Agarwal 

 Page
 3
 
  

 
entitled to receive (i) continuing payments of severance pay (less applicable withholding taxes) for a period of nine (9) months to be paid periodically in accordance with the
Company’s normal payroll policies at a rate equal to the sum of your monthly base salary rate and one-twelfth of your target annual bonus, in each case as in effect immediately prior to your termination
(but without taking into account any reduction of your base salary or target annual bonus in breach of this letter), less applicable withholdings, with such installments to commence on the first payroll date following the date the Release becomes
effective and irrevocable, with the first installment to include any amount that would have been paid had the Release been effective and irrevocable on your termination date and (ii) direct payment or reimbursement for premiums for continued
health, vision and dental benefit coverage through COBRA for you, your spouse and dependents at the same level of coverage as in effect for you on the day immediately preceding the day of termination of employment for a period ending on the earlier
of (a) nine (9) months after the date of termination of employment and (b) the date you are eligible to receive health, vision and dental benefits through a new employer. In addition, concurrent with the termination of your employment with
the Company, you may (at the Company’s sole discretion) be provided the opportunity to enter into a consulting agreement (the “Consulting Agreement”) with the Company with a nine (9) month term (the “Consulting
Term,” and the last day of the Consulting Term, the “Final Consulting Date”), which would: (x) provide for annual consulting fees equal to your annual salary as in effect on the date of your termination of your
employment, (y) require that you provide, or be available to provide, services to the Company in your areas of expertise on an exclusive basis within the Company’s industry during the Consulting Term, and (z) provide that the vesting
(and lapse of any repurchase or forfeiture restrictions) of each equity award held by you will be accelerated effective as of the date of your employment termination in respect of that number of shares of Company common stock that would have vested
(and repurchase or forfeiture restrictions lapsed) had you remained employed for the nine (9) months immediately following your employment termination date and (iv) each stock option held by you that is vested on your employment
termination date (after giving effect to any accelerated vesting and lapse of repurchase or forfeiture restrictions provided in connection with your termination of employment) will remain exercisable until the earlier of 90 days after the Final
Consulting Date or the original expiration date thereof. All other terms and conditions of the Consulting Agreement will be mutually agreed between you and the Company. 

Further notwithstanding the foregoing, if at any time during a Change in Control Period your employment with the Company is terminated by the
Company without Cause (other than due to your death or disability) or you resign for Good Reason and you deliver to the Company a Release that becomes effective and irrevocable within 60 days following such termination of employment, then, in lieu
of the benefits provided in the preceding paragraph, you shall be entitled to receive (i) your base salary at the rate in effect immediately prior to your date of termination during the period of time commencing on the termination date and
ending on the twelve (12) month anniversary of your date of termination plus your target annual bonus, paid in a single cash lump sum, less applicable withholdings, on the first payroll date following the date the Release becomes effective and
irrevocable, with the first installment to include any amount that would have been paid had the Release been effective and irrevocable on your termination date, (ii) direct payment or reimbursement for up to twelve (12) months of premiums
for continued health, vision and dental benefit coverage through COBRA for you, your spouse and dependents at the same level of coverage as in effect for you on the day immediately preceding the day of termination of    

 Sunil Agarwal 

 Page
 4
 
  

 
employment for a period ending on the earlier of (a) twelve (12) months after the date of termination of employment and (b) the date you are eligible to receive health, vision and
dental benefits through a new employer, (iii) the vesting (and lapse of any repurchase or forefeiture restrictions) of each equity award held by you will be accelerated in respect of all of the shares of Company common stock subject thereto
effective immediately prior to the Change in Control, and (iv) each stock option held by you that is vested on your termination date (after giving effect to any accelerated vesting provided in connection with your termination of employment)
will remain exercisable until the earlier of the 90 days after your termination date or the original expiration date thereof. 
 The Release
referenced herein will not will not waive any of your rights, or obligations of the Company, regarding: (1) any right to indemnification and/or contribution, advancement or payment of related expenses that you may have pursuant to the
Company’s Bylaws, Certificate of Incorporation or other organizing documents, under any written indemnification or other agreement between the parties, and/or under applicable law; (2) any rights you may have to insurance coverage under
any directors and officers liability insurance, other insurance policies of the Company, COBRA or any similar state law; (3) any claims for worker’s compensation, state disability or unemployment insurance benefits, or any other
claims that cannot be released as a matter of applicable law; (4) rights to any vested benefits under any equity, compensation or other employee benefit plan or agreement with the Company; (5) rights to any applicable severance benefits;
(6) your rights as a stockholder of the Company, if applicable, and (7) any claims arising after the date you sign the Release. 

For purposes of this offer letter, the term “Cause” means: (i) a willful act of dishonesty made by you in connection
with your responsibilities as an employee; (ii) your conviction of, or plea of nolo contendere to, a felony or any crime involving fraud, embezzlement or a material violation of federal or state law by you, any of which that the Board
reasonably determines in good faith has had or will have a material detrimental effect on the Company’s reputation or business; (iii) your willful and material unauthorized use or disclosure of any proprietary information or trade secrets
of the Company or any other party to whom you owe an obligation of nondisclosure as a result of your relationship with the Company; (iv) your willful and material breach of any obligations under any written agreement or covenant with the
Company; or (v) your continued substantial failure to perform your employment duties (other than as a result of your physical or mental incapacity). No termination for Cause under (iv) or (v) shall be effectuated until after you have
received a written demand of performance from the CEO that specifically sets forth the factual basis for the CEO’s determination that you have not substantially performed your duties and have failed to cure such
non-performance to the CEO’s reasonable satisfaction within thirty (30) business days after receiving such notice. For purposes of this definition, no act or failure to act shall be considered
willful unless it is done in bad faith and without reasonable intent that the act or failure to act was in the best interest of the Company. Any act, or failure to act, based upon authority or instructions given to you pursuant to a resolution duly
adopted by the Board or based on the advice of counsel for the Company will be conclusively presumed to be done or omitted to be done by you in good faith and in the best interest of the Company. 

 Sunil Agarwal 

 Page
 5
 
  

 For purposes of this offer letter, the term “Good Reason” means your
resignation within 30 days following expiration of any Cure Period (as defined below) following the occurrence of one or more of the following, without your written consent: (i) a material reduction in your base salary or target annual bonus;
(ii) a material diminution of your title, duties, responsibilities or reporting lines; (iii) a change in the principal location of your employment of more than 50 miles; or (iv) a directive or requirement to engage in any conduct in
conflict with professional medical ethics or obligations or otherwise in violation of any law or regulation applicable to the Company’s business. No event will be considered Good Reason unless (a) you have given written notice to the
Company of your intention to terminate your employment for Good Reason, describing the grounds for such action, no later than 90 days after the first occurrence of such circumstances, (b) you have provided the Company with at least 30 days in
which to cure the circumstances (the “Cure Period”), and (c) if the Company is not successful in curing the circumstance, you end your employment within thirty days after the end of the Cure Period. 

For purposes of this offer letter, the term “Change in Control” shall have the meaning ascribed such term in the
Company’s 2018 Equity Incentive Plan, provided, that such event constitutes a “change in control event” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). 

For purposes of this offer letter, the term “Change in Control Period” shall mean the period commencing three (3) months
prior to a Change in Control and ending twelve (12) months after the Change in Control. 
 No amount deemed deferred compensation
subject to Section 409A of the Code shall be payable pursuant to this offer letter unless your termination of employment constitutes a “separation from service” with the Company within the meaning of Section 409A of the Internal
Revenue Code of 1986, as amended, and the Department of Treasury regulations and other guidance promulgated thereunder. For purposes of Section 409A of the Code (including, without limitation, for purposes of Treasury Regulation Section 1.409A-2(b)(2)(iii)), your right to receive any installment payments under this offer letter shall be treated as a right to receive a series of separate payments and, accordingly, each such installment
payment shall at all times be considered a separate and distinct payment. To the extent that any reimbursements payable pursuant to this offer letter are subject to the provisions of Section 409A of the Code, any such reimbursements payable to
you pursuant to this offer letter shall be paid to you no later than December 31 of the year following the year in which the expense was incurred, the amount of expenses reimbursed in one year shall not affect the amount eligible for
reimbursement in any subsequent year, and your right to reimbursement under this offer letter will not be subject to liquidation or exchange for another benefit. If either you or the Company reasonably determines that any payment or benefit provided
to you will violate Section 409A, you and the Company will use best efforts to restructure the payment in a manner that is either exempt from or compliant with Section 409A. You and the Company will execute any and all amendments to
this agreement as may be necessary to ensure compliance with the distribution provisions of Section 409A in an effort to avoid or minimize, to the extent allowable by law, the tax (and any interest or penalties thereon) associated with
Section 409A. If it is determined that a payment under this agreement was (or may be) made in violation of Section 409A, the Company will cooperate reasonably with any effort by you to mitigate the tax consequences of such violation,
including cooperation with your participation in any IRS voluntary compliance program or other correction procedure under Section 409A that may be available to you. 

 Sunil Agarwal 

 Page
 6
 
  

 You are not required to seek other employment or otherwise mitigate the value of any
severance benefits contemplated by this offer letter, nor will any such benefits be reduced by any earnings or benefits that you may receive from any other source, except as otherwise expressly set forth above with respect to continued group life,
health, vision and dental benefits. 
 In addition to any indemnification provided by the Company’s organizational documents, the
Company will enter into an indemnification agreement with you as an officer in the form used for other officers. 
 If you accept this
offer, this letter and any agreements referenced herein, including the At-Will Employment Agreement, shall constitute the complete agreement between you and Company with respect to the terms and conditions of your employment and supersedes any prior
or contemporaneous representations (whether oral or written) as to such matters. In the event of any conflict between any of the terms in this letter and the terms of any other agreement between the parties, the terms of this letter will control.
The terms of this letter will inure to the benefit of, be binding on and enforceable by the successors, heirs and assigns of the parties. The Company will require any successors or assigns to expressly assume and agree to perform this letter in the
same manner and to the same extent that the Company would be required to perform it if no such succession or assignment had taken place. 

This offer letter shall be interpreted and construed in accordance with the laws of the State of California without regard to any conflicts of
laws principles. Except as otherwise expressly provided herein, the terms of this letterincluding the at-will nature of your employment, may not be changed, except in a subsequent letter or written agreement,
signed by you and the Chief Executive Officer of the Company. 
 (Signature Page Follows) 

 Please sign and date this letter and the At-Will
Employment Agreement, and return it to me by email at Robin.Andrulevich@sana.com by May 14, 2019 if you wish to accept employment at the Company under the terms described above, after which time this offer of employment will expire. If you accept
our offer, we would like you to commence your employment with us as soon as practicable. 
 If you have any questions, regarding this letter
or employment with the Company, please feel free to contact me by phone at 206-898-3871 or by email at robin.andrulevich@sana.com. We look forward to your favorable reply and to a productive and enjoyable work relationship. 

 

			
	Sincerely,
	
	SANA BIOTECHNOLOGY, INC.
		
	By:	 	/s/ Robin Andrulevich
	Name:	 	Robin Andrulevich
	Title:	 	Chief People Officer

  

	
	Accepted by:
	
	/s/ Sunil Agarwal
	Sunil Agarwal
	
	May 14, 2019
	Date

 SANA BIOTECHNOLOGY, INC. 

AT-WILL EMPLOYEE AGREEMENT 

As a condition of my employment with Sana Biotechnology, Inc. (the “Company”), and in consideration of my employment with the
Company and my receipt of the compensation paid to me by the Company now and in the future, I agree to the following: 

 

 1. AT-WILL EMPLOYMENT 

MY EMPLOYMENT WITH THE COMPANY IS FOR AN UNSPECIFIED DURATION AND CONSTITUTES “AT-WILL”
EMPLOYMENT. ANY REPRESENTATION TO THE CONTRARY IS UNAUTHORIZED AND NOT VALID UNLESS OBTAINED IN WRITING AND SIGNED BY THE PRESIDENT OR CEO OF COMPANY. THIS EMPLOYMENT RELATIONSHIP MAY BE TERMINATED AT ANY TIME, WITH OR WITHOUT GOOD CAUSE OR FOR ANY
OR NO CAUSE, AT EITHER MY OPTION OR THE COMPANY’S OPTION, WITH OR WITHOUT NOTICE. THE AT-WILL NATURE OF MY EMPLOYMENT ALSO MEANS THAT I CAN BE TRANSFERRED OR DEMOTED, AND MY JOB TITLE, COMPENSATION,
BENEFITS AND OTHER TERMS AND CONDITIONS OF EMPLOYMENT CAN BE REDUCED, WITHOUT CAUSE. NOTHING IN AN EMPLOYEE HANDBOOK OR OTHER POLICY OF THE COMPANY WILL BE CONSTRUED AS CHANGING MY AT-WILL EMPLOYMENT STATUS.
THE COMPANY MAY MODIFY JOB TITLES, SALARIES, AND BENEFITS FROM TIME TO TIME AS IT DEEMS NECESSARY. 
 2. CONFIDENTIAL INFORMATION 

2.1 Definition. “Confidential Information” means any non-public information that
relates to the actual or anticipated business, research, or development of the Company and any

 
proprietary information, technical data, trade secrets, and know-how of the Company, disclosed to me by the Company, directly or indirectly, in writing,
orally, or by inspection or observation of tangible items. Confidential Information includes both Information disclosed by the Company to me, and information developed or learned by me during the course of my employment with the Company.
Confidential Information includes, but is not limited to, Company research, product plans, products, services, customers, customer lists, markets, software, developments, inventions, processes, formulas, technology, designs, drawings, engineering,
hardware configuration information, marketing, finances, and other business information. Confidential Information will not include any information that (a) was publicly known and made generally available in the public domain prior to the time
the Company disclosed the information to me, (b) became publicly known and made generally available, after disclosure to me by the Company, through no wrongful action or inaction by me or by others who were under confidentiality obligations,
(c) was in my rightful possession, without confidentiality restrictions, at the time of disclosure by the Company, as shown by my files and records or (d) is lawfully disclosed to me by any third parties that are unrelated to the Company
and are not bound by obligations of confidentiality with respect thereto. 
 2.2 Use and
Non-Use. At all times during the term of my employment and after my employment ends, I will hold all Confidential Information in strictest

 

 
confidence and not use it for any purpose except for the benefit of the Company to fulfill my employment obligations. I will not otherwise disclose Confidential Information to any third party
without the prior written authorization of the president, CEO, or the Board of Directors of the Company. Confidential Information will remain the sole property of the Company. I will take all reasonable precautions to prevent any unauthorized use or
disclosure of the Confidential Information. Prior to disclosure when compelled by applicable law, I will provide written notice to the president, CEO, and general counsel of the Company, as applicable. I understand that my unauthorized use or
disclosure of Confidential Information during my employment will lead to disciplinary action, up to and including immediate termination and legal action by the Company. I understand that my obligations under this Section 2.2 will continue after
termination of my employment. 
 If I become compelled by law, regulation (including without limitation the rules of any applicable
securities exchange), court order, or other governmental authority to disclose the Confidential Information, I shall, to the extent possible and permissible under applicable law, first give the Company prompt notice. I agree to cooperate reasonably
with the Company in any proceeding to obtain a protective order or other remedy. If such protective order or other remedy is not obtained, I shall only disclose that portion of such Confidential Information required to be disclosed, in the opinion
of my legal counsel. I shall request that confidential treatment be accorded such Confidential Information, where available. Compulsory disclosures made pursuant to this section shall not relieve me of my obligations of confidentiality and non-use with respect to non-compulsory disclosures. I understand that nothing herein is intended to

 
or shall prevent me from communicating directly with, cooperating with, or providing information to, any federal, state or local government regulator, including, but not limited to, the U.S.
Securities and Exchange Commission, the U.S. Commodity Futures Trading Commission, or the U.S. Department of Justice. Further, nothing prohibits me from providing truthful testimony or otherwise responding accurately and fully to any question,
inquiry or request for information or disclosure of documents when required by legal process, subpoena, notice, court order or law (including, without limitation, in any criminal, civil, or regulatory proceeding or investigation), or as necessary in
any action for enforcement or claimed breach of my offer letter of employment or any other employment agreement with the Company or any other legal dispute with the Company. I shall promptly notify my supervisor or any officer of the Company if I
learn of any possible unauthorized use or disclosure of Confidential Information and shall cooperate fully with the Company to enforce its rights in such information. 

2.3 Former Employer Confidential Information. I will not, during my employment with the Company, improperly use, disclose, or induce
the Company to use any proprietary information or trade secrets of any former or concurrent employer or other person or entity with which I have an obligation to keep information in confidence. Furthermore, I will not bring onto the premises of the
Company or transfer onto the Company’s technology systems any unpublished document or proprietary information belonging to any third party unless consented to in writing by both the Company and such third party. 

2.4 Third Party Information. I recognize that the Company has received and in the future will receive from third parties their
confidential or proprietary information 

 

 
subject to a duty on the Company’s part to maintain the confidentiality of this information and to use it only for certain limited purposes. I will hold all of this confidential or
proprietary information in the strictest confidence and not disclose it to any third party or use it except as necessary in carrying out my work for the Company consistent with the Company’s agreements with these third parties. I understand
that my unauthorized use or disclosure of third parties’ confidential or proprietary information during my employment will lead to disciplinary action, up to and including immediate termination and legal action by the Company. 

2.5 Defend Trade Secrets Act Notice of Immunity Rights. I acknowledge that the Company has provided me with the following notice of
immunity rights in compliance with the requirements of the Defend Trade Secrets Act: (a) I shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of Confidential Information that is made in
confidence to a Federal, State, or local government official or to an attorney solely for the purpose of reporting or investigating a suspected violation of law, (b) I shall not be held criminally or civilly liable under any Federal or State
trade secret law for the disclosure of Confidential Information that is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal and (c) if I file a lawsuit for retaliation by the Company
for reporting a suspected violation of law, I may disclose the Confidential Information to my attorney and use the Confidential Information in the court proceeding, if I file any document containing the Confidential Information under seal, and do
not disclose the Confidential Information, except pursuant to court order.

 3. INVENTIONS 

3.1 Inventions Defined. “Inventions” means inventions, original works of authorship, developments, concepts,
improvements, designs, discoveries, ideas, know-how, trademarks, and trade secrets, whether or not patentable or registrable under copyright or similar laws, that I may solely or jointly author, conceive,
develop, or reduce to practice. 
 3.2 Assignment of Inventions and Works Made for Hire. I will promptly make a full written
disclosure to the Company of any and all Inventions that I create within the scope of and during the period of my employment with the Company (including without limitation during my off-duty hours)
(“Company Inventions”). I will hold in trust for the sole right and benefit of the Company, and I hereby assign to the Company or its designee, all of my right, title, and interest (including without limitation all related
intellectual property rights and the right to sue and collect payment for past, present, and future infringement) in, all Company Inventions. In addition, all original works of authorship that are made by me (solely or jointly with others) within
the scope of and during the period of my employment with the Company (including without limitation during my off-duty hours) and that are protectable by copyright are “works made for hire,” as that
term is defined in the United States Copyright Act, and in accordance, the Company will be considered the author of these works. 
 3.3
Exception to Assignments. The obligations to assign Inventions set forth in Section 3.2 apply with respect to all Company Inventions (a) whether or not such Company Inventions are conceived, made, developed or worked on by me during
my regular hours of employment with the Company, (b) whether or not the Company

 

 
Invention was made at the suggestion of the Company, (c) whether or not the Invention was reduced to drawings, written description, documentation, models or other tangible form, and
(d) whether or not the Company Invention is related to the general line of business engaged in by the Company; but do not apply to Inventions that (i) I develop entirely on my own time or after the date of this Agreement without using the
Company’s equipment, supplies, facilities or Confidential Information, (ii) do not relate to the Company’s business, or actual or demonstrably anticipated research or development of the Company at the time of conception or reduction
to practice of the Invention, and (iii) do not result from and are not related to any work performed by me for the Company. 
 I
hereby acknowledge and agree that the Company has notified me that, if I reside in the state of California, assignments provided for in Section 3.2 do not apply to any Invention which qualifies fully for exemption from assignment under the
provisions of Section 2870 of the California Labor Code (“Section 2870”), a copy of which is attached as Exhibit C of this Agreement. I hereby acknowledge and agree that the
Company has notified me that, if I reside in the state of Washington, assignments provided for in Section 3.2 do not apply to any Invention that qualifies fully for exemption from assignment under the provisions of the Revised Code of
Washington Section 49.44.140. (“RCW 49.44.140”), a copy of which is attached as Exhibit D of this Agreement. I further understand that, to the extent this Agreement shall be construed in accordance with the laws of any
State that precludes a requirement in an employee agreement to assign certain classes of inventions made by an employee, Section 3.2 shall be interpreted not to apply to any Invention that a court rules and/or the Company agrees falls within
such classes. 

 At the Company’s request, I will promptly disclose to the Company all Inventions made
after my employment solely for purposes of the Company determining the status of the Company Invention under Sections 3.2 and 3.3 and without waiver of any underlying intellectual property rights. The Company may disclose such Company Inventions to
the department of employment security. If applicable, at the time of disclosure of an Invention that I believe qualifies under Section 2870, RCW 49.44.140, or any similar law, I shall provide to the Company, in writing, evidence to substantiate
the belief that such Invention qualifies under such law. 
 3.4 Inventions Retained and Licensed. I have attached to this
Agreement, as Exhibit A, a list describing all Inventions that were made by me prior to my employment with the Company, that relate to the Company’s proposed business, products, or research and development, and that are not assigned to
the Company under this Agreement (collectively, “Prior Inventions”). If no list is attached or if no Prior Inventions are listed on Exhibit A, I represent that there are no Prior Inventions. Furthermore, I represent and
warrant that the inclusion of any Prior Inventions from Exhibit A of this Agreement will not materially affect my ability to perform all obligations under this Agreement. If, in the course of my employment with the Company, I incorporate into
a Company product, process, or machine an Invention owned by me or in which I have an interest, then I hereby grant to the Company a nonexclusive, royalty-free, irrevocable, perpetual, transferrable, worldwide license (with right to sublicense
through multiple tiers) to make, have made, modify, use, import, offer for sale, sell, reproduce, distribute, modify, adapt, prepare derivative works of, display, perform, and otherwise exploit the Invention without restriction of any kind.

 

 3.5 Third Party Inventions. I will not incorporate any original work of authorship,
development, concept, improvement, or trade secret owned, in whole or in part, by any third party, into any Company Invention without the Company’s prior written permission. 

3.6 Moral Rights. Any assignment to the Company of Company Inventions includes without limitation all rights of attribution,
paternity, integrity, modification, disclosure, and withdrawal and any other rights throughout the world that may be known as or referred to as “moral rights,” artist’s rights,” or the like (collectively, “Moral
Rights”). To the extent that Moral Rights cannot be assigned under applicable law, I hereby waive and agree not to enforce any and all Moral Rights, including without limitation any limitation on subsequent modification, to the extent
permitted under applicable law. 
 3.7 Marketing of Company Inventions. The decision whether or not to commercialize or market any
Company Invention developed by me solely or jointly with others is within the Company’s sole discretion and for the Company’s sole benefit. Neither the Company nor any other entity will be required to pay me a royalty as a result of the
Company’s efforts to commercialize or market any Company Invention. 
 3.8 Inventions Assigned to the United States. I will
assign to the United States government all of my right, title, and interest in and to all Company Inventions whenever the full title is required to be assigned to the United States government by a contract between the Company and the United States
government or any of its agencies. 

 3.9 Maintenance of Records. I will keep and maintain adequate and current written
records of all Company Inventions. These records will be in the form of notes, sketches, drawings, electronic files, laboratory notebooks, and any other format that may be specified by the Company. At all times, the records will be available to the
Company, and remain the sole property of the Company. 
 3.10 Further Assurances. I will assist the Company or its designee, at the
Company’s expense, in every proper way to secure and protect the Company’s rights in Company Inventions and any related copyrights, patents, mask work rights, or other intellectual property rights in any and all countries. I will disclose
to the Company all pertinent information and data. I will execute all applications, specifications, oaths, assignments, and all other instruments that the Company deems necessary in order to apply for and obtain these rights and in order to deliver,
assign, and convey to the Company, its successors, assigns, and nominees the sole and exclusive rights, title, and interest in and to Company Inventions, and any related copyrights, patents, mask work rights, or other intellectual property rights. I
will testify in a suit or other proceeding relating to such Company Inventions and any rights relating thereto. My obligation to execute or cause to be executed, when it is in my power to do so, any instrument or papers will continue after the
termination of this Agreement. If the Company is unable because of my mental or physical incapacity or for any other reason to secure my signature to apply for or to pursue any application for any United States or foreign patents or copyright
registrations covering Company Inventions assigned to the Company as above, then I hereby irrevocably designate and appoint the Company and its duly authorized officers and agents as my agent and attorney in fact. Accordingly, the Company may act
for and in my behalf to execute and file any applications and to do all other lawfully permitted acts to further the prosecution and issuance of patent or copyright registrations with the same legal force and effect as if executed by me.

 

 4. NO CONFLICTING OBLIGATIONS 

4.1 Current Obligations. During the term of my employment with the Company, I will not engage in any other employment, occupation,
consulting, or other business activity directly relating to the business in which the Company is now involved, becomes involved, or has plans to become involved during the term of my employment. I will also not engage in any other activities that
conflict with my obligations to the Company. 
 4.2 Prior Relationships. Without limiting Section 4.1, I represent that I have
no other agreements, relationships or commitments to any other person or entity that conflict with my obligations to the Company under this Agreement or my ability to become employed and perform the services for which I am being hired by the
Company. If I have signed a confidentiality agreement or similar type of agreement with any former employer or other entity, I will comply with the terms of any such agreement to the extent that its terms are lawful under applicable law. I represent
and warrant that after undertaking a careful search (including without limitation searches of my computers, cell phones, electronic devices and documents), I have returned all property and confidential information belonging to all prior employers
(or other third parties I have performed services for in accordance with the terms of my applicable agreement). Moreover, if the Company or any of its employees or agents is sued based on any obligation or agreement to which I am a party or am
bound, I will indemnify the Company and its employees and agents for all verdicts, judgments, settlements, and other losses that result from any breach of my obligations under this Agreement, as well as any reasonable attorneys’ fees and costs
if the plaintiff is the prevailing party in such an action.

 5. COMPLIANCE WITH COMPANY POLICIES AND USE OF COMPANY EQUIPMENT AND FACILITIES 

I will comply with all Company policies, including but not limited to policies relating to the use of the Internet and the use of Company
equipment and facilities. I will not use Company equipment or facilities for any purpose except to fulfill my employment obligations for the benefit of the Company. I will follow all laws and regulations applicable to the use of Company equipment
and facilities and access to or use of others’ computer or communication systems. I acknowledge that the Company will maintain sole ownership of all equipment and any data stored on the equipment. I understand and consent that the Company
reserves the right to view and disclose without prior notice, for any purpose, any data stored on Company equipment or passing through the Company’s network, including but not limited to electronic mail and data downloaded from the Internet. I
understand that I am not permitted to add any unlicensed, unauthorized or non-compliant applications to the Company’s technology systems and that I shall refrain from copying unlicensed software onto the
Company’s technology systems or using non-licensed software or web sites. 
 I acknowledge
that I have no expectation of privacy either in information in transit through the Company network or stored on Company equipment, including without limitation computer, email, handheld device, telephone, or voicemail. All information, data, and
messages created, received, sent, or stored in these systems are, at all times, the property of the Company. As such, the

 

 
Company has the right to audit and search all such items and systems, without further notice to me, to ensure that the Company is licensed to use the software on the Company’s devices in
compliance with the Company’s software licensing policies, to ensure compliance with the Company’s policies, and for any other business-related purposes in the Company’s sole discretion. I am aware that Company has or may acquire
software and systems that are capable of monitoring and recording all network traffic to and from any computer I may use. The Company reserves the right to access, review, copy, and delete any of the information, data, or messages accessed through
these systems with or without notice to me. This includes, but is not limited to, all e-mail messages, website visits, internet usage, chat sessions, and all file transfers into and out of the Company’s
internal networks. The Company may review internet and technology systems activity and analyze usage patterns, and may choose to publicize this data to assure that technology systems are devoted to legitimate business purposes. 

6. RETURNING COMPANY MATERIALS 
 Upon
leaving the employ of the Company, or upon Company’s request during my employment, I will deliver to the Company (and will not keep in my possession, recreate, or deliver to anyone else) any and all Confidential Information, devices, records,
data, notes, reports, proposals, lists, correspondence, specifications, drawings blueprints, sketches, materials, equipment, Company credit cards, electronically-stored information and passwords to access such property, and other documents or
property, or reproductions of these items developed by me pursuant to my employment with the Company or otherwise belonging to the Company, its successors, or assigns. In addition, I will deliver those

 
records maintained pursuant to Section 3.9 to the Company. Notwithstanding the foregoing, I may retain in hardcopy and/or electronic format, and use the Microsoft Outlook Contacts
and similar contact information maintained by me as of my last day of employment with the Company and may also continue to maintain and use any personal or professional profile, accounts or contacts contained on any LinkedIn, Facebook or other
social media site or system existing maintained by me as of my last day of employment with the Company, as well as any documents of a personal nature, including without limitation diaries, calendars and personal documents relating to my employment,
compensation, taxes or expenses. I consent to an exit interview to confirm my compliance with this Section 6. 
 7. NOTIFICATION TO NEW EMPLOYER

 If my employment with the Company ends for any reason or no reason, the Company and I may notify my new employer about my rights and
obligations under this Agreement. 
 8. TERMINATION CERTIFICATION 

If my employment with the Company ends for any reason or no reason, I will sign and deliver to the Company the “Termination
Certification” attached to this Agreement as Exhibit B. I will keep the Company advised of my home and business address for three years after termination of my employment with the Company so that the Company can contact me regarding my
continuing obligations under this Agreement. 

 

 9. NON-COMPETITION 

9.1 Non-Competition. In order to protect Confidential Information, I will not, during the
period of my employment with the Company, and, to the extent permitted under applicable law, for a period of 12 months thereafter, whether my termination is with or without good cause or for any or no cause, and whether my termination is effected by
either the Company or me, directly or indirectly, for myself or any third party other than the Company: 
 (a) solicit sales from any of
the Company’s customers for any product or service that (i) competes with any product or service sold or provided by the Company, (ii) competes with any product or service intended to be sold or provided by the Company at the time of
the termination of my employment with the Company, or (iii) competed with any product or service sold or provided by the Company at any time during my employment with the Company; 

(b) entice any vendor, consultant, collaborator, agent, or contractor of the Company to cease its business relationship with the Company or
engage in any activity that would cause them to cease their business relationship with the Company; or 
 (c) solicit, induce, recruit, or
encourage any of the Company’s employees to leave their employment, or attempt to solicit, induce, recruit, encourage, or take away Company employees; provided, however, nothing herein shall prohibit the use of general recruiting advertisements
or search firm services which are not targeted at any specific employee, consultant or independent contractor of the Company. 
 9.2
Geographic Area Definition. “Geographic Area” means anywhere in the world where the Company conducts business.

 9.3 Severability. The covenants contained in this Section 9 will be construed as a
series of separate covenants, one for each country, city, state, or similar subdivision in any Geographic Area. If, in any judicial proceeding, a court refuses to enforce any of these separate covenants (or any part of a covenant), then the
unenforceable covenant (or part) will be eliminated from this Agreement to the extent necessary to permit the remaining separate covenants (or portions) to be enforced. In the event that the provisions of this section are deemed to exceed the time,
geographic, or scope limitations permitted by law, then the provisions will be reformed to the maximum time, geographic, or scope limitations permitted by law. 

9.4 Reasonableness. The nature of the Company’s business is such that if I were to become employed by, or substantially involved
in, the business of a competitor to the Company, it would be difficult not to rely on or use Confidential Information. Therefore, I enter into this Agreement to reduce the likelihood of disclosure of Confidential Information. I acknowledge that the
limitations of time, geography, and scope of activity agreed to above are reasonable because, among other things, (a) the Company is engaged in a highly competitive industry, (b) I will have access to Confidential Information, including
but not limited to the Company’s trade secrets, know-how, plans, and strategy (and in particular, the competitive strategy of the Company), (c) in the event my employment with the Company ends, I will be
able to obtain suitable and satisfactory employment in my chosen profession without violating this Agreement, (d) these limitations are necessary to protect Confidential Information, and the goodwill of the Company, and (e) these
limitations will apply even if I am transferred or demoted, or my job title, compensation, benefits and other terms and conditions of employment are reduced.

 

 10. COMPENSATION 

All compensation for services rendered to third parties during the term of my employment with the Company, including without limitation
equity or equity-type payments, and consulting or advisory fees, will be paid to the Company unless otherwise unanimously approved by the Board of Directors of the Company in writing. 

11. REPRESENTATIONS 
 I will execute any
proper oath or verify any proper document required to carry out the terms of this Agreement. I represent and warrant that my performance of all the terms of this Agreement will not breach any agreement to keep in confidence proprietary information
acquired by me in confidence or in trust prior to my employment by the Company. I have not entered into, and I will not enter into, any oral or written agreement in conflict with this Agreement. 

12. ARBITRATION AND EQUITABLE RELIEF 

12.1 Arbitration. EXCEPT AS PROVIDED IN SECTION 12.4, ANY DISPUTE OR CONTROVERSY ARISING OUT OF, RELATING TO, OR CONCERNING ANY
INTERPRETATION, CONSTRUCTION, PERFORMANCE, OR BREACH OF THIS AGREEMENT, WILL BE SETTLED BY ARBITRATION TO BE HELD IN SAN FRANCISCO COUNTY, CALIFORNIA, BEFORE A MUTUALLY AGREED, NEUTRAL ARBITRATOR IN ACCORDANCE WITH THE EMPLOYMENT DISPUTE RESOLUTION
RULES THEN IN EFFECT OF THE AMERICAN ARBITRATION ASSOCIATION (“RULES”), AS MODIFIED IN ANY WAY NECESSARY TO COMPLY WITH APPLICABLE LAW. THE ARBITRATOR MAY GRANT

 
INJUNCTIONS OR OTHER RELIEF IN A DISPUTE OR CONTROVERSY. IN RESOLVING ANY MATTER SUBMITTED TO ARBITRATION, THE ARBITRATOR SHALL STRICTLY FOLLOW THE SUBSTANTIVE LAW APPLICABLE TO THE DISPUTE,
CLAIM OR CONTROVERSY AND THE ARBITRATOR’S AUTHORITY AND JURISDICTION SHALL BE LIMITED TO DETERMINING THE DISPUTE IN CONFORMITY WITH APPLICABLE LAW AS TO LIABILITY, DAMAGES AND REMEDIES, TO THE SAME EXTENT AS IF THE DISPUTE WAS DETERMINED BY A
COURT WITHOUT A JURY. THE DECISION OF THE ARBITRATOR WILL BE FINAL, CONCLUSIVE, AND BINDING ON THE PARTIES TO THE ARBITRATION; PROVIDED THAT, THE COMPANY AND I WILL HAVE A RIGHT TO SEEK REVIEW IN THE CALIFORNIA COURTS IN THE EVENT THE ARBITRATOR
EXCEEDS HIS OR HER AUTHORITY OR COMMITS ANY ERRORS OF LAW. JUDGMENT MAY BE ENTERED ON THE ARBITRATOR’S DECISION IN ANY COURT HAVING JURISDICTION. THE COMPANY WILL PAY ALL ARBITRATION FEES, EXCEPT AN AMOUNT EQUAL TO THE FILING FEES I WOULD HAVE
PAID HAD I FILED A COMPLAINT IN A COURT OF LAW. IN ADDITION TO ANY OTHER RELIEF AWARDED, THE PREVAILING PARTY IN ANY ARBITRATION OR OTHER LEGAL DISPUTE BETWEEN YOU AND THE COMPANY WILL BE ENTITLED TO AN AWARD OF REASONABLE ATTORNEYS’ FEES AND
COSTS, THE AMOUNT OF WHICH WILL BE DETERMINED IN ACCORDANCE WITH APPLICABLE LAW. 

 

 12.2 Waiver of Right to Jury Trial. THIS ARBITRATION CLAUSE CONSTITUTES A WAIVER OF MY
RIGHT TO A JURY TRIAL AND RELATES TO THE RESOLUTION OF ALL DISPUTES RELATING TO ALL ASPECTS OF MY EMPLOYMENT RELATIONSHIP WITH THE COMPANY (EXCEPT AS PROVIDED IN SECTION 12.4 BELOW), INCLUDING, BUT NOT LIMITED TO, THE FOLLOWING CLAIMS: 

(a) CLAIMS FOR WRONGFUL DISCHARGE OF EMPLOYMENT, BREACH OF CONTRACT, BOTH EXPRESS AND IMPLIED, BREACH OF THE COVENANT OF GOOD FAITH AND FAIR
DEALING, BOTH EXPRESS AND IMPLIED, NEGLIGENT OR INTENTIONAL INFLICTION OF EMOTIONAL DISTRESS, NEGLIGENT OR INTENTIONAL MISREPRESENTATION, NEGLIGENT OR INTENTIONAL INTERFERENCE WITH CONTRACT OR PROSPECTIVE ECONOMIC ADVANTAGE, AND DEFAMATION; 

(b) CLAIMS FOR VIOLATION OF ANY FEDERAL, STATE, OR MUNICIPAL STATUTE, INCLUDING, BUT NOT LIMITED TO, TITLE VII OF THE CIVIL RIGHTS ACT OF
1964, THE CIVIL RIGHTS ACT OF 1991, THE AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967, THE AMERICANS WITH DISABILITIES ACT OF 1990, THE FAIR LABOR STANDARDS ACT, AND REVISED CODE OF WASHINGTON SECTION 49.60.010, ET SEQ.; AND 

(c) CLAIMS ARISING OUT OF ANY OTHER LAWS AND REGULATIONS RELATING TO EMPLOYMENT OR EMPLOYMENT DISCRIMINATION.

 NOTHING IN THIS AGREEMENT CONSTITUTES A WAIVER OF MY RIGHTS UNDER SECTION 7 OF THE NATIONAL LABOR RELATIONS ACT.

 12.3 Remedy. EXCEPT AS PROVIDED BY THE RULES AND THIS AGREEMENT, ARBITRATION SHALL BE THE SOLE, EXCLUSIVE AND FINAL REMEDY FOR
ANY DISPUTE BETWEEN ME AND THE COMPANY. ACCORDINGLY, EXCEPT AS PROVIDED FOR BY THE RULES AND THIS AGREEMENT, NEITHER I NOR THE COMPANY WILL BE PERMITTED TO PURSUE COURT ACTION REGARDING CLAIMS THAT ARE SUBJECT TO ARBITRATION. NOTWITHSTANDING, THE
ARBITRATOR WILL NOT HAVE THE AUTHORITY TO DISREGARD OR REFUSE TO ENFORCE ANY LAWFUL COMPANY POLICY, AND THE ARBITRATOR SHALL NOT ORDER OR REQUIRE THE COMPANY TO ADOPT A POLICY NOT OTHERWISE REQUIRED BY LAW. NOTHING IN THIS AGREEMENT OR IN THIS
PROVISION IS INTENDED TO WAIVE THE PROVISIONAL RELIEF REMEDIES AVAILABLE UNDER THE RULES. 
 12.4 Equitable Remedies. THE COMPANY
OR I MAY APPLY TO ANY COURT OF COMPETENT JURISDICTION FOR A TEMPORARY RESTRAINING ORDER, PRELIMINARY INJUNCTION, OR OTHER INTERIM OR CONSERVATORY RELIEF, AS NECESSARY, WITHOUT BREACH OF THIS AGREEMENT AND WITHOUT ABRIDGEMENT OF THE POWERS OF THE
ARBITRATOR. 

 

 12.5 Administrative Relief. I UNDERSTAND THAT THIS AGREEMENT DOES NOT PROHIBIT ME FROM
PURSUING AN ADMINISTRATIVE CLAIM WITH A LOCAL, STATE OR FEDERAL ADMINISTRATIVE BODY SUCH AS THE DEPARTMENT OF FAIR EMPLOYMENT AND HOUSING, THE EQUAL EMPLOYMENT OPPORTUNITY COMMISSION OR THE WORKERS’ COMPENSATION BOARD. THIS AGREEMENT DOES,
HOWEVER, PRECLUDE ME FROM PURSUING COURT ACTION REGARDING ANY SUCH CLAIM. 
 12.6 Consideration. I UNDERSTAND THAT EACH
PARTY’S PROMISE TO RESOLVE CLAIMS BY ARBITRATION IN ACCORDANCE WITH THE PROVISIONS OF THIS AGREEMENT, RATHER THAN THROUGH THE COURTS, IS CONSIDERATION FOR THE OTHER PARTY’S LIKE PROMISE. I FURTHER UNDERSTAND THAT I AM OFFERED EMPLOYMENT IN
CONSIDERATION OF MY PROMISE TO ARBITRATE CLAIMS. 
 12.7 Voluntary Nature of Agreement. I ACKNOWLEDGE THAT I AM EXECUTING THIS
AGREEMENT VOLUNTARILY AND WITHOUT ANY DURESS OR UNDUE INFLUENCE BY THE COMPANY OR ANYONE ELSE. I FURTHER ACKNOWLEDGE AND AGREE THAT I HAVE CAREFULLY READ THIS AGREEMENT AND THAT I HAVE ASKED ANY QUESTIONS NEEDED FOR ME TO UNDERSTAND THE TERMS,
CONSEQUENCES AND BINDING EFFECT OF THIS AGREEMENT AND FULLY UNDERSTAND IT, INCLUDING WITHOUT LIMITATION THAT I AM WAIVING MY RIGHT TO A JURY TRIAL. FINALLY, I ACKNOWLEDGE THAT I HAVE BEEN PROVIDED AN OPPORTUNITY TO SEEK THE ADVICE OF
AN ATTORNEY OF MY CHOICE BEFORE SIGNING THIS AGREEMENT. 

 

 13. GENERAL PROVISIONS 

13.1 Governing Law and Consent to Personal Jurisdiction. The internal laws of the state of California, without regard for its conflict
of law rules, govern this Agreement. The Company and I expressly consent to the personal jurisdiction of the state and federal courts located in San Francisco County, California, for any lawsuit arising from or relating to this Agreement. 

13.2 Entire Agreement. This Agreement sets forth the entire agreement and understanding between the Company and me relating to the
subject matter of this Agreement. This Agreement supersedes all prior or contemporaneous discussions between us. No modification of this Agreement or amendment to it, nor any waiver of any rights under this Agreement, will be effective unless in
writing signed by the party to be charged. Any subsequent change or changes in my duties, obligations, rights, salary, or compensation will not affect the validity or scope of this Agreement. 

13.3 Severability. If one or more of the provisions in this Agreement is deemed void by law, then the remaining provisions will
continue in full force and effect. 
 13.4 Successors and Assigns. This Agreement will be binding upon my heirs, executors,
assigns, administrators, and other legal representatives and will be for the benefit of the Company, its successors, and its assigns. The Company may assign this Agreement to a successor to all or part of its business or assets without restriction.
I may not assign this Agreement to any third party. Any assignment that is not permitted under this Section 13.4 above will be null and void. There are no intended third party beneficiaries to this Agreement except as expressly stated.

 

 13.5 Headings. Headings are used in this Agreement for reference only and will not be
considered when interpreting this Agreement. 
 13.6 Waiver. Waiver by the Company of a breach of any provision of this Agreement
will not operate as a waiver of any other or subsequent breach. 
 13.7 Survivorship. The rights and obligations of the parties
will survive termination of my employment with the Company. 
 13.8 Signatures. This Agreement may be signed in two counterparts,
each of which shall be deemed an original, with the same force and effectiveness as though executed in a single document.

 13.9 I ACKNOWLEDGE THAT I WAS REPRESENTED BY INDEPENDENT LEGAL COUNSEL IN NEGOTIATING THIS
AGREEMENT, INCLUDING, WITHOUT LIMITATION, THE GOVERNING LAW AND CHOICE OF FORUM PROVISION, AND THAT I HAVE READ THIS AGREEMENT CAREFULLY AND I UNDERSTAND AND ACCEPT THE OBLIGATIONS WHICH IT IMPOSES UPON ME WITHOUT RESERVATION. NO PROMISES OR
REPRESENTATIONS HAVE BEEN MADE TO ME TO INDUCE ME TO SIGN THIS AGREEMENT.  

 

									
	SANA BIOTECHNOLOGY, INC.	 		 	EMPLOYEE
			
	By: /s/ Robin Andrulevich                        	 		 	/s/ Sunil Agarwal                        
			
	Title: Chief People Officer                      	 		 	Print Name: Sunil Agarwal        
			
	Date: May 20,
2019                                 	 		 	Date: May 14, 2019Palayan Resources, Inc. 8-K

 

Exhibit
10.05

 

 

	JOINT
    VENTURE AGREEMENT
	 

        by
        and between

	 

        Provenance
        Gold Corp.

	 

        and

	 

        Palayan
        Resources Inc.

	 

        Dated
        as of January 8, 2021

 

 

THIS
JOINT VENTURE AGREEMENT ("Agreement") is entered into this 8th day of January 2021 (the “Effective
Date”) by and between Provenance Gold Corporation, a Canadian publicly traded corporation (“PAU”) and Palayan
Resources Inc. a U.S. publicly traded Nevada corporation (“PLYN”). PAU and PLYN hereinafter collectively and jointly
referred to as “Joint Venturers” or “Parties” and individually as “Party” ; for the following
purposes:

 

RECITALS

 

WHEREAS,
on December 4, 2020 the Joint Venturers entered into an LOI (“LOI”) for the formation of a Joint Venture (“JV”,
or “Venture”); and

 

WHEREAS,
the purpose of the JV is to fund and develop on a joint ownership basis (set forth herein below) the Silver Bow and Blue Horse
Projects (collectively, the “Project”) further described herein below; and

 

WHEREAS,
the Parties desire to form the JV by execution of this Agreement for the purposes provided and fix and define their respective
responsibilities, interests, and liabilities in connection with the Project; and

 

NOW,
THEREFORE, in consideration of the mutual promises and representations and subject to the terms and conditions herein contained,
and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree
as follows:

 

1.      
DEFINITIONS

 

“Administrative
Venturer” shall mean PLYN

 

“Agreement” has
the meaning set forth in the preamble.

 

“Business” has
the meaning set forth in the preamble.

 

“Closing
Date” means the date of this Agreement unless the parties agree otherwise.

 

“Governmental
Authority” means any government or political subdivision or regulatory body, whether federal, state, local or foreign,
or any agency or instrumentality of any such government or political subdivision or regulatory authority, or any federal, state,
local or foreign court or arbitrator.

 

“Indemnified
Person” means any person entitled to be indemnified under Section 15.

 

 

    	PAU initials____	PLYN initials ____
	1 | P a g e

    	 

    

 

 

“Indemnifying
Person” means any person obligated to indemnify another person Under Section 15.

 

“Law”
means any law, statute, code, ordinance, regulation or other requirement of any Governmental Authority.

 

“Lien”
means any mortgage, lien, pledge, encumbrance, security interest, claim, charge, and/or defect in title or other restriction.

 

“LOI”
means the Letter of Intent entered into by the Parties on or about December 4, 2020.

 

“Net
Revenues” shall be defined as any and all revenues of the Joint Venture Company, less any Operating costs.

 

“Operating
Costs” shall mean all costs and expenses associated with the operations and administration of the Joint Venture
Company.

 

“Operational
Venturer” shall mean PAU

 

“Order”
means any order, judgment, injunction, award, decree, ruling, charge or writ of any Governmental Authority.

 

“PAU” has
the meaning set forth in the preamble.

 

“PLYN” has
the meaning set forth in the preamble.

 

"Percentage
of Participation" shall refer to that figure set forth below.

 

“Permit”
means any permit, license, approval, consent, or authorization issued by a Governmental Authority.

 

“Person”
means any individual, sole proprietorship, partnership, corporation, limited liability company, unincorporated society or association,
trust, or other entity.

 

“Phase
1 Program” means the work and operations to be performed as set forth in Exhibit A.

 

“Phase
1 Estimate” means the cost estimate for completion of the Phase 1 Program, as set forth in Exhibit A.

 

“Policy
Committee” shall mean a committee consisting of one representative each from PAU and PLYN to resolve day-to-day
operational and administrative issues with the Project.

 

“Proceeding”
means any complaint, action, lawsuit, hearing, investigation, charge, audit, claim or demand.

 

“ProGold”
shall mean Provenance Gold Corporation USA, a wholly owned subsidiary of PAU.

 

"Project"
shall mean the Silver Bow and Blue Horse Projects in Nye County, Nevada, USA.

 

“Recitals”
the above Recitals are hereby incorporated by reference as though fully set forth herein.

 

“Tax
Venturer” shall mean PLYN.

 

    	PAU initials____	PLYN initials ____
	2 | P a g e

    	 

    

 

 

“Third-Party
Action” means any written assertion of a claim, or the commencement of any action, suit, or proceeding, by
a third party as to which any person believes it may be an Indemnified Person hereunder.

 

“Underlying
Lease” means the mining lease entered into by ProGold, with Thomas Perkins, Trustee of The Thomas E Perkins 2000
Trust, the Estate of Ruth Ann McNeilly, and the Estate of Randall Clark Dugan.

 

“Underlying
Option” means the property option agreement entered into by PAU with Donald Jennings and Boies Hall.

 

"Venturers"
shall mean PAU and PLYN, and any successor(s) as may be designated and admitted to the Venture.

 

	2.	FORMATION
                                         OF JOINT VENTURE COMPANY.

 

	 	(a)	The Venturers do hereby form a joint venture pursuant to the laws of the State of Nevada in order for the Venture to carry on
the purposes for which provision is made herein.
	 	 	 
	 	(b)	The JV shall be carried out through a newly established corporation (“Newco”), or such other structure as may be agreed
by the Venturers.
	 	 	 
	 	(c)	The Venturers shall execute such certificates or other documents as may be required, if any, by the laws of the State of Nevada
or of any other state in order for the Venture to operate its business and shall do all other acts and things requisite for the
continuation of the Venture as a joint venture pursuant to applicable law.
	 	 	 
	 	(d)	NAME. The Name and style under which the Venture shall be conducted is: “Silver Bow JV”.
	 	 	 
	 	(e)	PRINCIPAL PLACE OF BUSINESS. The Venture shall maintain its principal place of business at: 9310 Matterhorn Drive,
    Reno, Nevada, USA 89506. The Venture may re-locate its office from time to time or have additional offices as the Venturers
    may determine.
	 	 	 
	 	(f)	CORPORATE GOVERANCE. The Parties agree that Newco shall have no more than a Five (5) person Board of Directors.
    Further, within three (3) days after the completion of the minimum payment of $225,000 USD in Section 4(d), two persons nominated
    by PLYN shall be appointed to the Board of Newco. Said PLYN Board representatives shall not be removed from the Board without
    the written consent of PLYN.

 

	3.	PURPOSE OF THE JOINT VENTURE.

 

The
purpose of the Venture shall be the development of the Project, which consists of a series of one-hundred-and-two (102) lode mineral
claims (collectively, the "Silver Bow Claims") and one (1) patented mining claim (the "Blue Horse Claim"),
all of whi.ch are located in Nye County, in the State of Nevada. The Project has already had preliminary work done which, in turn,
has led to the planned Phase I exploration program to be completed by the Joint Venture (the "Phase 1 Program"). PAU
controls the rights to acquire the Silver Bow Claims, subject to a two percent (2.0%) net smelter returns royalty, pursuant to
a property option agreement (the "Underlying Option") entered into with Donald Jennings and Boies Hall. PAU controls
the Blue Horse Claim, subject to a one percent (1.0%) net smelter returns royalty, pursuant to a mining lease (the "Underlying
Lease") entered into by its wholly-owned subsidiary, Provenance Gold USA, with Thomas Perkins, Trustee of The Thomas E Perkins
2000 Trust, the Estate of Ruth Ann McNeilly, and the Estate of Randall Clark Dugan.

 

 

    	PAU initials____	PLYN initials ____
	3 | P a g e

    	 

    

 

 

	4.	CONTRIBUTIONS OF JOINT VENTURE PARTNERS and CONTINGENCY.

 

		(a)	PAU
                                         shall contribute its interest in the Project; all Project Plans and entitlements, claims,
                                         leases, and options; and its full-time expertise in the mining operations of the Venture.

 

		(b)	PLYN
                                         shall contribute the following upon the entering into of this Agreement:

 

	 	i.	On or before January 29, 2021, a cash payment of $100,000 USD to Newco, of which $60,000 USD shall be used at the discretion of
NEWCO. and $40,000 USD shall be applied towards the Phase 1 Program :and
	 	 	 
	 	ii.	On or before February 12, 2021, a cash payment of $50,000 USD to Newco to be applied towards the Phase 1 Program to be completed
by Newco on the Project;
	 	 	 
	 	iii.	On or before February 26, 2021, a cash payment of $125,000 USD to Newco to be applied towards the Phase 1 Program to be completed
by Newco on the Project;
	 	 	 
	 	iv.	On or before March 12, 2021, a cash payment of a further deposit of $125,000 USD to Newco to be applied towards the Phase 1 Program
to be completed by Newco on the Project; and
	 	 	 
	 	v.	Up to an additional maximum of $50,000.00 USD on no less than ten (10) days written notice by PAU; which additional funds shall
be deposited into Newco and used directly for any overage in the Phase 1 Program from the original estimated budget as set forth
in the Phase 1 Estimate. It is agreed and understood that such written notice for additional funds cannot be submitted prior to
February 15, 2021. In the event of this additional contribution, PLYN shall not receive any additional interest in the JV.
	 	 	 
	 	vi.	Upon
                                         completion of the Phase 1 Program, and in any case no later than June 30, 2021, Newco
                                         will engage a geologist competent to perform a 43-101 geological survey report in respect
                                         of the Project, in the form prescribed by National Instrument 43-101, and deliver
                                         same to the Board of Directors.

 

		(c)	In
                                         the event PLYN fails or refuses to complete the required payments set forth hereinabove,
                                         within the time periods prescribed above, the JV shall cease and PLYN ownership in the
                                         JV shall be reduced by the amount invested as a pro rata share based on the initial ownership
                                         to be awarded (this represents a Ratio of 0.00025% per each USD dollar invested x 49.5%.),
                                         Example – (150,000/400,000)*49.5=18.56%. PLYN will retain the ownership percentage
                                         until such time as PAU contributes further funds to the Project, at which point the PLYN
                                         interest will be diluted.

 

		(d)	In
                                         the event Palayan invests a minimum of $225,000, then Palayan will have met the minimum
                                         requirement to be a JV venturer at the pro rata share commensurate with the amount invested
                                         pursuant to the calculation used in 4(c).

 

		(e)	Except
                                         as otherwise required by law or this Agreement, the Venturers shall not be required to
                                         make any further capital contributions to the Venture.

 

 

 

 

 

 

{BALANCE
OF PAGE LEFT INTENTIONALLY BLANK]

 

 

 

 

 

 

 

    	PAU initials____	PLYN initials ____
	4 | P a g e

    	 

    

 

 

	5.	PERCENTAGE
                                         OF OWNERSHIP

 

		5.1	Following
                                         completion of the payments prescribed by Section 4(b), the Venturers shall initially
                                         each own the following percentage in the Venture:

 

		(a)	PLYN49.5%
                                         - subject to the contributions in Section 4.(b)(c)(d)

		(b)	PAU50.5%

 

		5.2	The
                                         interest of each Venturer in any Net Revenues and their respective shares in any losses
                                         and/or liabilities that may result from the Venture and their interests in all property
                                         and equipment acquired and all money received in connection with the performance of the
                                         Project shall be as follows:

 

		(a)	PLYN49.5%
                                         - subject to the contributions in Section 4.(b)(c)(d)

		(b)	PAU50.5%

 

		5.3	During
                                         such time as the Venture remains in effect, the board of directors of the Venture will,
                                         from-to-time, develop a budget for the advancement of the Project and will provide such
                                         budget to the Parties. Following receipt of such a budget, each of the Venturers will
                                         have a period of thirty (30) days to elect to fund their pro rata interest in the budget.
                                         In the event any Venturer elects not to advance the required funds, the other Venturer
                                         may fund the budget following which their proportionate interest in the Venture will
                                         be increased correspondingly. Additionally, if either Party’s diluted interest
                                         drops below ten percent (10%), then the minority interest may be purchased at fair market
                                         value with the mutual consent of all Parties.

 

		5.4	The
                                         Venturers will be jointly responsible for all obligations and payments due and owing
                                         by PAU and Newco pursuant to the Underlying Option and the Underlying Lease, based on
                                         their percentage interests in the Venture.

 

		5.5	The
                                         Venturers agree to indemnify each other and to hold the other harmless from, any and
                                         all losses of the Joint Venture that are in excess of such other Venturer's Percentage
                                         of Participation. Provided that the provisions of this subsection shall be limited to
                                         losses that are directly connected with or arise out of the performance of the Project
                                         and shall not be relate to or include any incidental, indirect or consequential losses
                                         that may be sustained or suffered by a Party.

 

	6.	OPERATIONAL MANAGEMENT.

 

		6.1	The
                                         mining operations and management of the Joint Venture shall be conducted by Newco utilizing
                                         PAU’s and PLYN’s management and consultants.

 

	7.	DELEGATION OF AUTHORITY.

 

7.1  
The Venturers agree to a split of authority between themselves as follows:

 

		7.1.1	The
                                         management of the Venture shall be responsible for the planning, budgeting, and mining
                                         operations of the joint venture operations of the Project and PLYN shall be the Administrative
                                         Venturer, reporting to the Board of Directors.

 

		7.1.2	The
                                         Parties shall set up a Policy Committee to handle day-to-day operational and administrative
                                         issues that may arise from time to time.

 

  

    	PAU initials____	PLYN initials ____
	5 | P a g e

    	 

    

 

 

		7.1.3	Newco
                                         shall be responsible for mining operations.

 

		7.1.4	Both
                                         Parties shall assist with the equity and debt funding.

 

	8.	JOINT
                                         VENTURE BANK ACCOUNTS.

 

		8.1	All
                                         Working Capital or other funds received by the Venture in connection with the development
                                         of the Project shall be deposited in an account, set up by Newco. Said account shall
                                         be kept separate and apart from any other accounts of the Venturers.

 

		8.2	Withdrawal
                                         of funds from the NEWCO Joint Venture account may be made in such amount and by such
                                         persons as authorized by Venturers; but in no event shall an amount of $25,000 USD in
                                         the aggregate for any one obligation be withdrawn from the Account without the approval
                                         of the board of directors of the Venture.

 

	9.	ACCOUNTING
                                         AND AUDITING.

 

		9.1	Separate
                                         books of accounts shall be kept by PLYN, the Administrative Venturer of the transactions
                                         of the Venture. Any Venturer may inspect such books upon reasonable notice and at any
                                         reasonable time.

 

		9.2	Periodic
                                         audits may be made upon said books at such time as authorized by the Policy Committee
                                         by persons designated by the same and copies of said audit shall be furnished to all
                                         Venturers.

 

		9.3	Upon
                                         completion of the Project, a final audit shall be made and copies of such audit shall
                                         be furnished to each of the parties.

 

		9.4	It
                                         is understood and agreed that the method of accounting used by the Administrative Venturer
                                         and for state and federal income tax purposes shall be the Accrual- based method and
                                         that the accounting year shall be the calendar year.

 

		9.5	The
                                         Administrative Venturer shall be reimbursed for any out-of-pocket costs incurred in connection
                                         with the performance of its administrative duties.

 

	10.	GOVERNANCE OF JOINT VENTURE COMPANY.

 

		10.1	Board
                                         of Directors. The Parties agree that the Board of Directors shall initially
                                         be comprised of five persons, two designated by PAU, two designated by PLYN, and one
                                         designated by mutual agreement of PAU and PLYN, subject to the contributions in Section
                                         4; provided however, in the event PLYN contributes the minimum $225,000 USD in Section
                                         4(d) then in that event PLYN shall be entitled to the Board seats specified in this Section
                                         10.1.

 

		10.2	Officers. The
                                         officers of the Joint Venture shall be the persons from time to time designated by mutual
                                         agreement of PLYN and PAU, subject to the contributions in Section 4. with the initial
                                         officers being as follows:

 

President:
TBD by mutual agreement

Vice
President: TBD by mutual agreement

Treasurer:
TBD by mutual agreement

Secretary:
TBD by mutual agreement

 

    	PAU initials____	PLYN initials ____
	6 | P a g e

    	 

    

 

 

		10.3	Major
                                         Decisions. No Major Decisions (as defined below) shall be taken unless
                                         such Major Decisions are first approved by the Parties. For purposes of this Agreement,
                                         Major Decisions means the following: (a) Any equity financing of the Joint Venture Company;
                                         (ii) Amending its Articles of Incorporation or Bylaws; (iii) Changing the size of the
                                         Board of Directors; (iv) granting any encumbrance, lien, pledge or security interest
                                         in the assets of the Joint Venture Company; (v) borrowing of money in excess of $50,000;
                                         (vi) lending or granting any credit or making any advance to any person otherwise than
                                         in the ordinary course of business of the Joint Venture Company; (vii) removing any director
                                         appointed by the Parties (other than for cause);or (viii) holding any meeting of the
                                         shareholders, unless each of the Parties is present, whether in person or by proxy; (ix)
                                         making any payment (by check, wire transfer or otherwise) in excess of $25,000 to any
                                         person; or (x) appointing or dismissing any Officer of the Joint Venture Company.

 

10.4.
Capital Stock. Other than the common equity ownership issued to the Parties pursuant to this Agreement, there shall be
no other capital stock, shares, bonds, options, rights, or derivatives authorized or issued in or for NewCo without the written
consent of PLYN or PAU.

 

	11.	MUTUAL
                                         RIGHT OF PARTICIPATION 

 

	 	11.1	PAU and NewCo hereby agree that PLYN shall have the right of first refusal to invest in any offering of securities of PAU or NewCo,
for the purpose of acquisition or exploration of mineral properties on the terms and conditions specified by the proposed offering
of PAU or NewCo. PAU and/or NewCo each agrees to notify PLYN in writing if PAU and/or NewCo intend to raise capital for the specific
purpose of acquisition or exploration of a mining property, which notice shall include a description of the property and the terms
and conditions of the proposed securities offering. If PLYN does not agree within five (5) business days to invest in the proposed
offering of securities, then PAU and/or NewCo may proceed with the subject offering without further obligation to PLYN.

 

	12.	REPRESENTATIONS
                                         AND WARRANTIES OF PAU

 

		12.1	PAU
                                         hereby represents and warrants to PLYN as follows:

 

		12.1.1	Existence
                                         and Good Standing. PAU is a Canada corporation, duly formed, validly existing and
                                         in good standing under the laws of the state of Canada.

 

		12.1.2	Execution,
                                         Delivery and Performance of Agreement. PAU has the power and authority to execute,
                                         deliver and perform fully its obligations under this Agreement.

 

		12.1.3	Enforceability.
                                         The execution, delivery and performance of this Agreement and the consummation of the
                                         transactions contemplated hereby have been duly and validly authorized by all necessary
                                         action on the part of PAU and constitute the valid and legally binding obligations of
                                         PAU enforceable against it in accordance with its terms.

 

		12.1.4	No
                                         Conflict. Neither the execution of this Agreement, nor the performance by PAU of
                                         its obligations hereunder will violate or conflict with PAU’s entry into or performance
                                         under this Agreement or PAU’s organizational documents, or any applicable Law or
                                         Order.

 

		12.1.5	Consents.
                                         No consent of any third party or Governmental Authority is required in connection with
                                         the execution and delivery by PAU of this Agreement and/or the consummation of the transactions
                                         contemplated hereby.

 

 

    	PAU initials____	PLYN initials ____
	7 | P a g e

    	 

    

 

		12.1.6	Control
                                         of Silver Bow and Blue Horse Claims. PAU has a good and marketable Option Agreement
                                         to one-hundred-and-two (102) lode mineral claims (collectively, the "Silver Bow
                                         Claims") and one (1) patented mining claim Lease Agreement (the "Blue Horse
                                         Claim"), all of which are located in Nye County, in the State of Nevada.

 

	13.	
REPRESENTATIONS AND WARRANTIES OF PLYN

 

		13.1	PLYN
                                         hereby represents and warrants to PAU as follows:

 

		13.1.1	Existence
                                         and Good Standing. PLYN is a Nevada Corporation, duly formed, validly existing and
                                         in good standing under the laws of the state of Nevada.

 

		13.1.2	Execution,
                                         Delivery and Performance of Agreement. PLYN has the power and authority to execute,
                                         deliver and perform fully its obligations under this Agreement.

 

		13.1.3	Enforceability.
                                         The execution, delivery and performance of this Agreement and the consummation of the
                                         transactions contemplated hereby have been duly and validly authorized by all necessary
                                         action on the part of PLYN and constitute the valid and legally binding obligations of
                                         PLYN enforceable against it in accordance with its terms.

 

		13.1.4	No
                                         Conflict. Neither the execution of this Agreement, nor the performance by PLYN of
                                         its obligations hereunder will violate or conflict with PLYN’s entry into or performance
                                         under this Agreement or PLYN’s organizational documents, or any applicable Law
                                         or Order.

 

		13.1.5	Consents.
                                         No consent of any third party or Governmental Authority is required in connection with
                                         the execution and delivery by PLYN of this Agreement and/or the consummation of the transactions
                                         contemplated hereby.

 

	14.	
COVENANTS AND AGREEMENTS.

 

		14.1	Further
                                         Assurances. After the date hereof, at the reasonable request of the other Party,
                                         PAU and PLYN shall execute and deliver or cause to be executed and delivered to the other
                                         Party such bills of sale (or other instruments) as required by this Agreement, in order
                                         to implement the transactions contemplated by this Agreement.

 

		14.2	No
                                         other warranties; limitation of liability. Neither Party makes any representations
                                         nor warranties, express, implied, or otherwise, except for the representations and warranties
                                         set forth in this agreement.

 

15.  
INDEMNIFICATION.

 

		15.1	Survival;
                                         Right to Indemnification Not Affected By Knowledge or Materiality.

 

		15.1.1	All
                                         representations, warranties, covenants, and obligations in this Agreement, will survive
                                         the execution of this Agreement.

 

		15.1.2	The
                                         right of the Indemnified Party to indemnification for losses or other remedy based on
                                         breach of the representations, warranties, and/or covenants set forth in this Agreement
                                         will not be affected by the closing of the transaction contemplated by this Agreement,
                                         or any information of which the Indemnified Party may have imputed or constructive knowledge
                                         prior to the date of this Agreement, provided that the rights and remedies of the Indemnified Party in respect of any of the foregoing shall not extend to any event or matter which otherwise might have affected
such rights and remedies as provided in any specific written waiver or release by the Indemnified Party.

 

 

    	PAU initials____	PLYN initials ____
	8 | P a g e

    	 

    

 

		15.1.3	For
                                         the purpose of determining whether there is a claim for losses under this Section and
                                         calculation of the amount of such losses, any qualification of any representation or
                                         warranty by reference to the materiality of matters stated therein, and any limitations
                                         of such representations as being to the knowledge of any person, or words to similar
                                         effect, shall be disregarded.

 

		15.2	Indemnification

 

		15.2.1	Subject
                                         to the limitations in Section 15.3 below, and in consideration of the agreements contained
                                         herein, each Party shall defend, indemnify and hold the other Party harmless from and
                                         against any losses, liabilities or expenses, including reasonable attorney’s fees,
                                         directly incurred by it resulting from any Third-Party Action that is instituted against
                                         it, resulting from or arising out of any breach of any of the representations or warranties
                                         made by such Party to the other Party in or pursuant to this Agreement.

 

		15.3	Limitations
                                         on Indemnification.

 

		15.3.1	The
                                         right to indemnification under Section 15.2 is subject to the following limitations:

 

		15.3.1.1	Neither
                                         Party shall have any liability under Section 15.2 unless the other Party gives prompt
                                         written notice to the Indemnifying Party asserting a claim for losses, including reasonably
                                         detailed facts and circumstances pertaining thereto, before the expiration of a period
                                         of three (3) years after the date hereof for all claims of any type or nature whatsoever.

 

		15.4	Defense
                                         of Third-Party Actions.

 

		15.4.1	Promptly
                                         after receipt of notice of any Third-Party Action, any person who believes he, she or
                                         it may be an Indemnified Person will give prompt written notice to the potential Indemnifying
                                         Person of such action.

 

		15.4.2	Upon
                                         receipt of a written notice of a Third-Party Action, the Indemnifying Person shall control
                                         the defense and settlement of such Third-Party Action. The Indemnified Person shall render
                                         all assistance as shall be reasonable and shall have the right to participate in and
                                         appoint its own counsel (at its own cost) and be present at the defense of such Third-Party
                                         Action, but not to control the defense, negotiation, or settlement thereof, which control
                                         shall remain with the Indemnifying Person.

 

	16.	Payment
                                         of Indemnification.

 

Subject
to Section 15 above, claims for indemnification under this Section 16 shall be paid or otherwise satisfied by Indemnifying Persons
within thirty (30) days after receipt of written notice thereof given by the Indemnified Person in writing.

 

	17.	REMEDIES

 

		17.1	Survival.
                                         The provisions contained in Sections 15, 16, 18.4, 18.5, 18.6, Exhibit B, f. g and i.
                                         shall survive any termination of this Agreement.

 

 

    	PAU initials____	PLYN initials ____
	9 | P a g e

    	 

    

 

 

	18.	MISCELLANEOUS

 

		18.1	Project
                                         Estimate. The Phase 1 Estimate is attached hereto and made a part hereof as Exhibit
                                         A.

 

		18.2	Standard
                                         Terms and Conditions. The Parties agree that Exhibit B attached hereto on
                                         Standard Terms and Conditions is deemed part of this Agreement for all purposes as though
                                         fully set forth herein. Further, the Parties agree and acknowledge that any other Exhibits
                                         or Schedules that are made a part of this Agreement or provided in connections with this
                                         Agreement are deemed to be a part of this Agreement for all purposes.

 

		18.3	Counterparts
                                         and eSign. This Agreement may be executed via electronic signature or via facsimile
                                         and in counterparts, each of which is deemed an original, and any Party hereto may execute
                                         any such counterpart, all of which, when taken together, constitute one and the same
                                         instrument. Further, said adopted electronic or
                                         digital signatures and initials shall in all respects be considered binding upon the
                                         Parties, in accordance with United States law and regulations, including the Uniform
                                         Electronic Transactions Act (UETA) and the Uniform Signatures in Global and National
                                         Commerce Act (E-SIGN).

 

		18.4	Confidentiality.
                                         Each Party will keep confidential, not disclose and not use for its own benefit (and
                                         will cause its subsidiaries, employees, officers and directors to keep confidential,
                                         not disclose, and not use for their own benefit) any information, whether written, oral
                                         or in electronic format and whether or not identified as “confidential” at
                                         the time of its disclosure, obtained with respect to the other Party or its subsidiaries,
                                         employees, officers and directors as a result of the transaction contemplated hereby
                                         or either Party’s due diligence process in connection herewith (“Confidential
                                         Information”). The obligation set forth in the preceding sentence will not apply
                                         to Confidential Information which (a) is in the public domain on the date hereof, (ii)
                                         enters the public domain after the date hereof (other than by reason of the breach of
                                         any confidentiality obligation), (iii) was known to the receiving Party prior to receipt
                                         from the disclosing Party, (iv) is independently developed by the receiving Party after
                                         the date hereof, (v) is disclosed to the receiving Party by a third-party not in violation
                                         of the proprietary or other rights of the other Party or (vi) is disclosed pursuant to
                                         a requirement of law or judicial process.

 

		18.5	Expenses.
                                         Each of the parties hereto shall bear its respective expenses incurred or to be incurred
                                         in connection with the execution and delivery of this Agreement and the consummation
                                         of the transactions contemplated hereby of the legal fees incurred in connection with
                                         (i) drafting this Agreement, (ii) forming and authorizing the Joint Venture Company to
                                         transact business as a foreign corporation, if required and (iii) Regulation D compliance
                                         in connection with the Joint Venture Company’s sale of securities to PAU and PLYN.
                                         Any additional costs such as SEC filing fees, etc. with respect to either PAU or PLYN
                                         shall be borne by the respective Parties.

 

		18.6	No
                                         Assignment. The rights and obligations of the parties hereunder may not be assigned
                                         without the prior written consent of the other Party hereto.

 

		18.7	Retention
                                         of Final Records. Accounting and other administrative records including the final
                                         original records of the Joint Venture and any other records relating to the Joint Venture
                                         shall be retained at the office of PLYN upon completion of the Project(s) performed by
                                         the Joint Venture.

 

 

SIGNATURE
PAGE FOLLOWS

 

 

 

    	PAU initials____	PLYN initials ____
	10 | P a g e

    	 

    

 

SIGNATURE
PAGE 

 

 

Dated
this 8th day of January 2021. 

 

	 	JOINT VENTURER:
	 	Palayan
Resources Inc.
	 	 
	 	 
	 	 	 
	 	By:
James E. Jenkins, Its CEO
	 	 
	 	 
	 	JOINT VENTURER:
	 	Provenance Gold Corporation and
	 	Provence Gold Corporation USA,
	 	a Wholly owned subsidiary of Provenance Gold Corporation.
	 	 
	 	 
	 	 	 
	 	By:
Rauno Perttu, Its CEO
	 	 

 

 

 

 

 

    	PAU initials____	PLYN initials ____
	11 | P a g e

    	 

    

 

EXHIBIT
A

PHASE
I ESTIMATE

(All
amounts in USD)

 

 

Drill
Budget for Initial Blue Horse Drilling in $USD – Major Expenses

	Shaft fencing, road repair, pad construction	 	 	 	 	 	$	30,000
	Drilling 8,000 (20 holes) at $32/foot	 	 	 	 	 	$	256,000
	Initial assaying 1,600 samples at $30/sample	 	 	 	 	 	$	48,000
	Follow-up metallurgy sampling	 	 	 	 	 	$	5,000
	Geologist, assistant 25 days - ($1,000 per day)	 	 	 	 	 	$	25,000
	Food, lodging – 25 days - ($200 per day)	 	 	 	 	 	$	5,000
	Travel	 	 	 	 	 	$	6,000
	 	 	 	Total	 	 	$	375,000

 

OPTIONAL
PROJECT

The
flow dome drilling can start in early March, after permitting and when snow is not an issue.  Here is a short cost summary
below for the first testing of the domes:  (this is optional and in another area of the Silver Bow property as discussed
today but has a good chance for high grade intercepts, similar to goldfields and Tonopah mines).

	Permitting, bonding	 	 	 	 	 	$	30,000
	Road Construction	 	 	 	 	 	$	10,000
	Drilling 7,000 (12 holes) at $35/foot	 	 	 	 	 	$	245,000
	Assaying 1,400 samples at $30/sample	 	 	 	 	 	$	42,000
	Geologist, assistant 25 days - ($1,000 per day)	 	 	 	 	 	$	25,000
	Food, lodging – 25 days - ($200 per day)	 	 	 	 	 	$	5,000
	Travel	 	 	 	 	 	$	6,000
	 	 	 	Total	 	 	$	363,000

Notes:

*difference
in footage cost is water haul

**Geologist
stays same because he must be there for road construction

  

 

 

    	PAU initials____	PLYN initials ____
	12 | P a g e

    	 

    

 

EXHIBIT
B

STANDARD
TERMS and CONDITIONS

And
MANDATORY ARBITRATION

 

	a.	Time.
                                         Time is of the essence in this Agreement and the transactions contemplated by it.

 

	b.	Good
                                         faith and Fair dealing. The Parties agree this Agreement imposes an implied duty
                                         of good faith and fair dealing on all the respective obligations of the Parties.

 

	c.	Fair
                                         meaning. This Agreement shall be construed in accordance with its fair meaning and
                                         not for or against either Party on account of which Party drafted this Agreement.

 

	d.	Entire
                                         Agreement. This Agreement constitutes the entire agreement between the Parties hereto
                                         relating to the subject matter hereof, and supersedes and replaces all prior writings,
                                         discussions and rights relating thereto; and no obligation of any kind relating thereto
                                         is assumed by or implied against either Party hereto except for those obligations expressly
                                         stated herein and those imposed by common law. This Agreement may only be amended by
                                         a written instrument signed by the Parties hereto.

 

	e.	No
                                         Representations.  No Party to this Agreement has made any representation that
                                         is not contained herein.  If such a representation has been made, is made, or is
                                         alleged to have been made, all Parties hereby expressly disclaim any reliance upon any
                                         representation not contained in this Agreement, regardless of whether such representation
                                         is or was made (or alleged to have been made) before or after this Agreement was executed.

 

	f.	Governing
                                         Law, Exclusive Jurisdiction and Waiver of Jury Trial. The laws of State of Nevada
                                         shall govern all issues concerning the relative rights of the Parties, without giving
                                         effect to any choice of law or conflict of law provision or rule or treaty that would
                                         cause the application of the laws of any jurisdictions other than the State of Nevada.
                                         Subject to the Mandatory Arbitration clause herein  each Party hereby irrevocably
                                         submits to the exclusive jurisdiction of the Courts and Arbitrators sitting in the County
                                         of Clark, State of Nevada,  and hereby irrevocably waives, and agrees not to assert
                                         in any arbitration, suit, action or proceeding, any claim that it is not personally subject
                                         to the jurisdiction of such Court(s) or Arbitrators, that such suit, action or proceeding
                                         is brought in an inconvenient forum or that the venue of such suit, action, arbitration,
                                         or proceeding is improper. Each Party hereby irrevocably waives personal service of process
                                         and consents to process being served in any such suit, action or proceeding by mailing
                                         a copy thereof to such Party at the address for such notices to it under this Agreement
                                         and agrees that such service shall constitute good and sufficient service of process
                                         and notice thereof. Nothing contained herein (or in any Treaty or Treaty Obligations)
                                         shall be deemed to limit in any way any right to serve process in any manner permitted
                                         by law.   EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE,
                                         AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER
                                         OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED
                                         HEREBY.

 

	g.	Mandatory
                                         Binding Arbitration.  Any and all disputes,
                                         controversies or claims, including any and all disputes, controversies, and claims between
                                         the Parties before, during and after the Closing of this Agreement; or arising out of
                                         or relating to this Agreement, or the making, performance, or interpretation thereof,
                                         including the issues of fraud, and misrepresentation shall be fully and finally settled
                                         by mandatory binding arbitration in accordance with the Commercial Rules of the American
                                         Arbitration Association, then existing. The arbitration shall take place in County of
                                         Clark, State of Nevada. This mandatory obligation to arbitrate shall survive the Closing
                                         of this Agreement. The obligation of the Parties to submit to binding arbitration
                                         is their sole and exclusive remedy at law or equity and this obligation shall survive
                                         Closing and or the termination of this Agreement.

 

 

    	PAU initials____	PLYN initials ____
	13 | P a g e

    	 

    

 

	h.	Attorney’s
                                         Fees and Costs. If legal action or any arbitration or other proceeding is brought
                                         for the enforcement of this Agreement, or because of any alleged dispute, breach, default,
                                         or misrepresentation, in connection with any of the provisions of this Agreement, the
                                         successful or Predominately Prevailing Party or Parties shall be entitled to recover
                                         reasonable attorney's fees and other costs incurred, including expert witness fees, in
                                         that action or proceeding, in addition to any other relief to which it or they may be
                                         entitled.

 

	i.	Notices.
                                         All Notices and other communications related to this Agreement shall be in writing (each
                                         a “Written Notice” or “Notice”) and transmitted or delivered
                                         to the applicable address noted below.  Notices may be sent by (i) email with an
                                         electronic return receipt and electronic delivery notice., (ii) first class mail, postage
                                         prepaid, or (iii) Federal Express or other reputable overnight delivery service (for
                                         delivery the next business day).

 

	 	PLYN	Palayan Resources
Inc.
	 	 	c/o James Jenkins
	 	 	850 Teague Trail, #580
	 	 	Lady Lake, FL 32159
	 	 	jjenkins@palayanresourcesinc.com
	 	 	 
	 	With a copy to:	Giannetto Law
	 	 	c/o Charles Giannetto, Esq.
	 	 	8815 Conroy Windermere RD., #104
	 	 	Windermere, FL 32835
	 	 	P/F 321 2893 049
	 	 	charlie@giannettolaw.com
	 	 	 
	 	PAU/ProGold:	Provenance Gold Corp.
	 	 	ATTN: Rauno Perttu
	 	 	Suite 2200, HSBC Building, 885 West Georgia St.
	 	 	Vancouver, BC  V6C 3E8 Canada
	 	 	rkperttu@gmail.com
	 	 	 
	 	With a copy to:	Sam Cole, Esquire
	 	 	Cassels Brock & Blackwell LLP
	 	 	Suite 2200, HSBC Building, 885 West Georgia St.
	 	 	Vancouver, BC  V6C 3E8 Canada
	 	 	scole@cassels.com

 

	j.	Severability.
                                         In the event of the invalidity or unenforceability of any one or more of the provisions
                                         of this Agreement, such illegal or unenforceable provisions shall be severed and shall
                                         not affect the validity or enforceability of the other provisions hereof, and such other
                                         provisions shall be deemed to remain in full force and effect.

 

	k.	Further
                                         Assurance. The Parties shall at their own cost and expense execute and deliver such
                                         further documents and instruments and shall take such other actions as may be reasonably
                                         required or appropriate to carry out the intent and purposes of this Agreement.

 

	l.	Legal
                                         Representation. Each Party has been represented by independent legal counsel in connection
                                         with this Agreement, or each has had the opportunity to obtain independent legal counsel
                                         and has waived such right.

 

	m.	Ability
                                         to Enter into Agreement. The Parties represent that they are legally able to enter
                                         into this Agreement and no legal or judicial impediment exists including but not limited
                                         to regulatory constraints or court orders. The Parties represent that their respective
                                         corporations or companies or the business entity doing business hereunder is in good
                                         standing with the state of incorporation or formation; and their respective companies
                                         or corporations have duly authorized this Agreement.

 

 

    	PAU initials____	PLYN initials ____
	14 | P a g e

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00319-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00319-of-00352.parquet"}]]