Document:

Exhibit 10.12

 

COMPENSATION
COMMITTEE CHARTER

 

FOR

 

PUREBASE
CORPORATION

 

Adopted:
October 25, 2016

 

I.
COMPENSATION COMMITTEE PURPOSE. 

 

The
Compensation Committee’s role is to discharge the Board’s responsibilities relating to compensation of the Company’s
executives, to produce an annual report on executive compensation for inclusion in the Company’s annual report on Form 10-K
and proxy statement, and to oversee and advise the Board on the adoption of policies that govern the Company’s compensation
programs, including stock and benefit plans.

 

II.
COMPENSATION COMMITTEE COMPOSITION

 

2.1.
The membership of the Committee consists of at least two directors, all of whom shall (a) meet the independence requirements established
by the Board and applicable laws, regulations and listing requirements, (b) be a “non-employee director” within the
meaning of Rule 16b-3 under the Securities Exchange Act of 1934, and (c) be an “outside director” within the meaning
of Section 162(m) of the Internal Revenue Code. The Board appoints the members of the Committee and the Committee Chairperson.
The Board may remove any member from the Committee at any time with or without cause.

 

2.2.
The members of the Committee will serve three year terms unless such member resigns, ceases to be a director or is removed by
action of the Board.

 

III.
COMPENSATION COMMITTEE MEETINGS

 

3.1.
The Committee will meet at least once a year, generally in conjunction with a regular meeting of the Board of Directors. Additional
meetings may be held if circumstances dictate.

 

3.2.
The Committee will cause to be kept adequate minutes of all its proceedings, which will be filed by the Company’s corporate
Secretary with the minutes of meetings of the Board of Directors, and will report on its actions and activities at the next meeting
of the Board.

 

3.3.
The Committee is governed by the same rules regarding meetings (including meetings by conference telephone or similar communications
equipment), action without meetings, notice, waiver of notice, and quorum and voting requirements as are applicable to the Board.
The Committee is authorized to adopt its own rules of procedure not inconsistent with (a) any provision of this Charter, (b) any
provision of the Bylaws of the Company, or (c) the laws of the State of Nevada.

 

    	 	1	 

    	 

    

 

IV.
COMPENSATION COMMITTEE AUTHORITY

 

4.1.
Committee will have the resources and authority necessary to discharge its duties and responsibilities. The Committee has sole
authority to retain outside counsel, compensation consultants and such other advisors as the Committee may deem appropriate to
assist the Committee in determining the compensation of the Chief Executive Officer (“CEO”) or senior executive officers,
including sole authority to approve the Company’s fees and other retention terms.

 

4.2.
Any communications between the Committee and legal counsel in the course of obtaining legal advice will be considered privileged
communications of the Company and the Committee will take all necessary steps to preserve the privileged nature of those communications.

 

4.3.
The Committee may form and delegate authority to subcommittees and may delegate authority to one or more designated members of
the Committee.

 

V.
COMPENSATION COMMITTEE RESPONSIBILITIES

 

5.
The principal responsibilities and functions of the Compensation Committee are as follows:

 

5.1.
Review the competitiveness of the Company’s executive compensation programs to ensure (a) the attraction and retention of
corporate officers, (b) the motivation of corporate officers to achieve the Company’s business objectives, and (c) the alignment
of the interests of key leadership with the long-term interests of the Company’s shareholders. From this review, the Committee
shall establish and annually review a compensation philosophy and compensation guidelines consistent with this philosophy.

 

5.2.
Review trends in management compensation, oversee the development of new compensation plans, or guidelines, and, when necessary,
approve the revision of existing plans.

 

5.3.
Consider the annual evaluation of the CEO by the Independent Directors. The results of the annual CEO evaluation conducted by
the Independent Directors will be considered in setting CEO salary and other compensation. The Committee will review and approve
corporate goals and objectives relevant to the CEO and will set CEO compensation consistent with the Company’s overall compensation
philosophy, goals and objectives. The Chair of the Committee shall be the liaison with the CEO with respect to CEO compensation
matters. The CEO may not be present during deliberations or voting concerning the CEO’s compensation.

 

5.4.
Review of Executive Officer Compensation.

 

5.4.1
Review the performance and approve the compensation structure for such executive officers of the Company as determined by the
Board and consistent with applicable laws and listing standards, and approve the annual compensation, including salary, bonus,
incentive and equity compensation, for such executive officers. The Committee will oversee development of the compensation philosophy
and guidelines to be followed by senior executive management in setting the compensation of the Company’s other executive
officers.

 

    	 	2	 

    	 

    

 

5.4.2
In determining the long-term component of compensation of the CEO and the other executive officers, the Committee will consider
various evaluation criteria, including the Company’s performance and relative shareholder return, the value of similar incentive
awards to chief executive officers and other executive officers at comparable companies, and the awards given to the Company’s
CEO and other executive officers in past years.

 

5.4.3
The Committee shall periodically review the prerequisites offered to senior management personnel.

 

5.5.
Review the compensation of non-employee Directors from time to time, and make recommendations to the full Board consistent with
the Board’s philosophy and guidelines regarding compensation of Board members. No member of the Committee will act to fix
his or her own compensation except as part of Committee deliberations regarding the appropriate level of compensation of all Directors
for their services as a Director.

 

5.6.
Review and approve compensation packages for new corporate officers and termination packages for departing corporate officers,
including consulting arrangements and severance or termination agreements.

 

5.7.
Monitoring Incentive and Equity-Based Compensation Plans.

 

5.7.1
Review and make recommendations concerning incentive compensation plans, including the use of equity-based plans. Except as otherwise
delegated by the Board, the Committee will act on behalf of the Board to administer equity-based and employee benefit plans, and
as such will discharge any responsibilities imposed on the Committee under those plans, including making and authorizing grants,
in accordance with the terms of those plans.

 

5.7.2
Make recommendations to the Board of Directors with respect to the establishment of new incentive compensation plans and equity-based
plans.

 

5.7.3
Review and make recommendations to the Board of Directors regarding the approval of employee pension, profit sharing and benefit
plans applicable to senior management personnel.

 

5.8.
Review and discuss with management the Company’s disclosure to be made in the compensation discussion and analysis (“CD&A”)
prior to filing such disclosure in the Company’s annual Form 10-K or proxy statement or such other report as may be required
in compliance with then currently applicable Securities and Exchange Commission rules and regulations and relevant stock listing
authority.

 

5.9.
Produce an annual Report of the Compensation Committee on Executive Compensation for the Company’s annual report on Form
10-K and proxy statement or such other report as may be required in compliance with then currently applicable Securities and Exchange
Commission rules and regulations and relevant listing authority as to whether the Committee has; (i) reviewed and discussed the
CD&A with management, and (ii) based on the review and discussions noted above, recommended to the Board of Directors that
the CD&A be included in the Company’s annual report on Form 10-K and proxy statement or such other report.

 

    	 	3	 

    	 

    

 

5.10.
Report regularly to the Board of Directors (i) following meetings of the Committee, (ii) with respect to such other matters as
are relevant to the Committee’s discharge of its responsibilities and (iii) with respect to such recommendations as the
Committee may deem appropriate. The report to the Board of Directors may take the form of an oral report by the Committee’s
Chairperson or any other member of the Committee designated by the Committee to make such report.

 

5.11.
Regularly review and make recommendations to the Board for changes to the Charter of the Committee.

 

5.12.
The Committee shall perform such other duties and responsibilities as may be assigned to it, from time to time, by the Board and/or
the Chairman of the Board, or as specified in plan documents.

 

VI.
STUDIES AND INVESTIGATIONS

 

6.1
The Committee shall have the power and authority to conduct or authorize studies and investigations into any matter of interest
or concern within the scope of its responsibilities that the Committee deems appropriate, and shall have the sole authority to
retain independent counsel, compensation consultants, accountants, or other experts to assist in the conduct of any such study
or investigation, including the authority to approve fees payable to such experts and any other terms of retention.

 

    	 	4ibmc_EX4_1

		
			Exhibit 4.1
		

		
			IBM Credit LLC
		

		
			Limited Liability Company Interests of IBM Credit LLC (IBM Credit or the company) registered under Section 12(g) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)
		

		
			Limited Liability Company Interests
		

		
			IBM Credit, a Delaware limited liability company, is an indirect, wholly owned subsidiary of International Business Machines Corporation (IBM).  All of the limited liability company interests in IBM Credit are owned by IBM GF International Holdings LLC, a Delaware limited liability company (the Member), which is also an indirect, wholly owned subsidiary of IBM. The company has no other class of equity securities issued and outstanding. The Member has no obligation to make any further payments for the purchase of limited liability company interests or contributions to the company solely by reason of its ownership of such interests (except as may otherwise be required by the Delaware Limited Liability Company Act (the DLLCA)). The following description contains a summary of some of the important provisions of the Limited Liability Company Interests, does not purport to be complete and is subject to and qualified in its entirety by reference to the certificate of formation, the certificate of conversion and the Limited Liability Company Agreement (the LLC Agreement) which are included as exhibits to this Form 10-K.
		

		
			Distribution Rights
		

		
			Under the DLLCA and the LLC Agreement, each interest holder is a member of IBM Credit and has the right to receive a share of IBM Credit’s profits and losses and to receive distributions of IBM Credit’s assets, if and when determined by the board of managers, and to participate in the distribution of IBM Credit’s assets in the event that IBM Credit is dissolved or liquidated.
		

		
			Transfer Restrictions
		

		
			The LLC Agreement provides that the Member may sell, assign, dispose of or otherwise transfer, pledge or encumber in whole or in part its membership interest in IBM Credit.
		

		
			Voting Rights/Board of Managers
		

		
			The LLC Agreement provides that the business affairs of IBM Credit shall be managed by a board of managers. The members of the board of managers are designated by the Member.
		

		
			Additional or Substitute Members
		

		
			The LLC Agreement provides that no substitute or additional membership interests may be created without the approval of the Member.
		

		
			Liquidation Rights
		

		
			Under the DLLCA and the LLC Agreement, in the event that IBM Credit is liquidated, dissolved, or wound up, after payment (or making provision for payment) of IBM Credit’s debts, liabilities and other obligations, membership interests are entitled to receive a share of the balance of IBM Credit’s remaining assets, if any, in accordance with the DLLCA.
		

		
			
		

		
			

		 

		

		
			Liability
		

		
			The LLC Agreement provides that the Member is generally not liable for the obligations of IBM Credit, except as otherwise provided in the DLLCA.
		

		
			Books and Records
		

		
			Under the DLLCA, interest holders are entitled, on written demand and subject to certain limitations, to inspect IBM Credit’s books and records and are entitled to receive periodic financial information from IBM Credit, in each case, as provided in the DLLCA.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00305-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00305-of-00352.parquet"}]]