Document:

A.M. CASTLE & CO. - 8-K

Exhibit 10.3

 

AMENDMENT NO. 1 TO THE INTERCREDITOR
AGREEMENT

 

THIS AMENDMENT NO. 1 TO THE INTERCREDITOR
AGREEMENT (this “Amendment No. 1”) is entered into as of December 8, 2016, by and among Cantor Fitzgerald Securities,
in its capacity as administrative and collateral agent for the First Lien Secured Parties (in such capacity, the “First
Lien Agent” as hereinafter further defined), U.S. Bank National Association, a national banking association, in its capacity
as trustee and collateral agent for the Second Lien Secured Parties (in such capacity, the “Second Lien Agent”)
and U.S. Bank National Association, a national banking association, in its capacity as trustee and collateral agent for the New
Convertible Notes Secured Parties (in such capacity, the “New Convertible Notes Collateral Agent”).

 

RECITALS:

 

WHEREAS, Wells Fargo Bank, National Association
in its capacity as agent acting for and behalf of the lenders under the Original First Lien Facility (as hereinafter defined),
the Second Lien Agent and the New Convertible Notes Agent are party to an amended and restated intercreditor agreement dated as
of February 8, 2016 (as may be amended, supplemented or otherwise modified from time to time) (the “Intercreditor Agreement”).

 

WHEREAS, A.M. Castle & Co. and certain
of its affiliates as borrowers and as guarantors entered into a senior secured revolving credit facility with, among others, Wells
Fargo Bank, National Association in its capacity as agent acting for and on behalf of the lenders under such facility, dated as
of December 15, 2011 (and as amended from time to time) (the “Original First Lien Facility”).

 

WHEREAS, Borrowers (as hereinafter defined)
and Guarantors (as hereinafter defined) have entered into a senior secured term loan facility and delayed draw term loan facility
with, among others, the First Lien Agent in its capacity as agent acting for and on behalf of the First Lien Lenders (as hereinafter
defined), dated as of December 8, 2016 (the “Refinancing First Lien Facilities”).

  

WHEREAS, Borrowers are refinancing and replacing
the Original First Lien Facility with the Refinancing First Lien Facilities.

 

WHEREAS, the First Lien Agent has entered
into a joinder and acknowledgment agreement with the Second Lien Agent and the New Convertible Notes Collateral Agent, dated as
of December 8, 2016, pursuant to which the First Lien Agent agrees to be bound by the provisions of the Intercreditor Agreement.

 

WHEREAS, in consideration of the foregoing,
the First Lien Agent, the Second Lien Agent and the New Convertible Notes Collateral Agent hereby agree that the Intercreditor
Agreement shall be amended to reflect and permit the refinancing of the Original First Lien Facility by the Refinancing First Lien
Facilities.

 

AGREEMENT:

 

NOW, THEREFORE, in consideration of the
terms and provisions of this Amendment No. 1 and other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereby agree as follows:

 

		1.	Existing Definitions. Unless otherwise defined herein, capitalized terms used herein
shall have the meanings set forth in the Intercreditor Agreement.

 

     

     

    

 

		2.	Additional Definition. As used herein the following term shall have the meaning given
to it below and Section 1.1 of the Intercreditor Agreement is hereby amended to include, in addition and not in limitation, the
following definitions:

 

“Distressed Debt Lenders” shall mean lenders,
funds and financial institutions that provide loans to and trade in loans of distressed companies as their primary business activity.

 

“Original First Lien Loan Agreement” shall
mean the senior secured revolving credit facility with, among others, Wells Fargo Bank, National Association in its capacity as
agent acting for and on behalf of the lenders under such facility, dated as of December 15, 2011 (and as amended from time to time).

 

		3.	Amendments to Definitions. 

 

		(a)	The definition of “Borrowers” in Section 1.1 of the Intercreditor Agreement is hereby amended by deleting the words
“the US Borrowers” and replacing them with “Borrowers”.

 

		(b)	The definition of “First Lien Agent” in Section 1.1 of the Intercreditor Agreement is hereby amended by deleting
the words “Wells Fargo Bank, National Association, a national banking association,” and replacing them with “Cantor
Fitzgerald Securities”.

 

		(c)	The definition of “First Lien Loan Agreement” in Section 1.1 of the Intercreditor Agreement is hereby amended by
deleting such definition in its entirety and replacing it with the following:

 

“First Lien Loan Agreement” shall mean the
Credit and Guaranty Agreement, dated as of December 8, 2016, by and among the Borrowers, the Guarantors, the First Lien Agent and
the First Lien Lenders, as the same now exists or may hereafter be amended, modified, supplemented, extended, renewed, restated
or replaced.

 

		(d)	The definition of “Triggering Event” in Section 1.1 of the Intercreditor Agreement is hereby amended by deleting
clause (c) of that definition in its entirety and replacing it with the following:

 

[“(c) [intentionally reserved],”

 

		4.	Other Amendments.

 

		(a)	Section 9.4 of the Intercreditor Agreement is hereby amended by deleting clause (a)(i) in its entirety and replacing it with
the following:

 

“(i) amend the “Applicable
Margins” or similar component of the interest rate under the First Lien Loan Agreement (or any facility refinancing the First
Lien Loan Agreement) in a manner that would result in the total yield on the First Lien Debt (A) in the case of floating rate First
Lien Debt provided by a Distressed Debt Lender, to exceed by more than two (2%) percent per annum the total yield on the First
Lien Debt that is calculated as if the highest level of the pricing grid set forth in the “Applicable Margins” or similar
component of the interest rate under the Original First Lien Loan Agreement were in effect on the date hereof, (B) in the case
of fixed rate First Lien Debt provided by a Distressed Debt Lender, to exceed 4.5% per annum, (excluding in each case increases
resulting from the accrual or payment of interest at the default rate), (c) in the case of floating rate First Lien Debt provided
by lender which is not a Distressed Debt Lender, to exceed by more than six (6%) percent per annum the total yield on the First
Lien Debt that is calculated as if the highest level of the pricing grid set forth in the “Applicable Margins” or similar
component of the interest rate under the Original First Lien Loan Agreement were in effect on the date hereof, (D) in the case
of fixed rate First Lien Debt provided by a lender other than a Distressed Debt Lender, to exceed 8.5% per annum, (excluding in
each case increases resulting from the accrual or payment of interest at the default rate); it being noted, however, that the Junior
Lien Secured Parties have consented to the interest rate payable under the senior secured term loan facility and delayed draw term
loan facility between, among others, the Borrowers, the Guarantors and the First Lien Agent, dated as of December 8, 2016,”

 

     

     

    

 

		(b)	A new section is added to the Intercreditor Agreement immediately after Section 9.18:

 

9.19. Concerning the First Lien
Agent. Cantor Fitzgerald Securities is entering into this Intercreditor Agreement solely in its capacity as administrative
and collateral agent pursuant to the First Lien Loan Agreement and not in its individual or corporate capacity. In acting hereunder,
the First Lien Agent shall be entitled to all of the rights, privileges and immunities set forth in the First Lien Loan Agreement
and the Credit Documents (as defined in the First Lien Loan Agreement), whether or not expressly set forth herein.

 

		(c)	The notice address for the First Lien Agent, as set forth in Section 9.9 of the Intercreditor Agreement, is hereby amended
by deleting the existing First Lien Agent notice address in its entirety and replacing it with the following:

 

First Lien Agent: 

 

	300 Avenue of the Champions, Suite 110 
	Palm Beach Gardens, FL 33418
	
        Attn:
N. Horning (A.M. Castle) 

        Telecopier: (646) 219-1180

         

        With a copy to its Principal Office
at:

        900 West Trade Street, Suite 725

        Charlotte, NC 28202

        Attn: B. Young (A.M. Castle)

        Telecopier: (646) 390-1764

 

with copies to: 

 

Shipman & Goodwin LLP

One Constitution Plaza

Hartford, CT 06103

E-mail: NPlotkin@goodwin.com

Attention: N. Plotkin

 

     

     

    

 

		5.	New Collateral and Guarantors. The Second Lien Agent acknowledges that (i) HY-Alloy
Steels Company and Keystone Service, Inc. have been added as Guarantors under the First Lien Documents and that those new Guarantors
have granted and perfected a security interest in substantially all of such Guarantors’ assets and (ii) the First Lien Documents
require the inclusion of certain foreign subsidiaries of the Borrower as Guarantors under the First Lien Documents and that those
new foreign Guarantors will grant and perfect a security interest in substantially all of such foreign Guarantors’ assets.
Notwithstanding Section 2.5(a) of the Intercreditor Agreement, upon the inclusion of such Guarantors and the granting and perfecting
of such security interests to the First Lien Agent under the First Lien Documents, the First Lien Agent hereby consents to the
inclusion of such Guarantors and the granting and perfecting of such security interests in the assets of the Guarantors to the
Second Lien Agent under the Second Lien Documents.

 

		6.	Reference to and Effect on the Intercreditor Agreement. This Amendment No. 1 constitutes
the entire agreement of the parties with respect to the subject matter hereof and thereof, and supersedes all prior oral or written
communications, memoranda, proposals, negotiations, discussions and commitments with respect to the subject matter hereof. Except
as expressly amended pursuant hereto or thereto, no other amendments, modifications or waivers to the Intercreditor Agreement are
intended or implied, and in all other respects the Intercreditor Agreement is specifically ratified, restated and confirmed by
all parties hereto as of the date hereof. To the extent that any provisions of the Intercreditor Agreement are inconsistent with
any provisions of this Amendment No. 1, the provisions of this Amendment No. 1 shall prevail.

 

		7.	Governing Law. The validity, construction and effect of this Amendment No. 1 shall
be governed by the internal laws of the State of New York but excluding any principles of conflicts of law or any other rule of
law that would result in the application of the law of any jurisdiction other than the laws of the State of New York.

 

		8.	Counterparts. This Amendment No. 1 may be executed in any number of counterparts,
each of which shall be an original, but all of which taken together shall constitute one and the same agreement. Delivery of an
executed counterpart of this Amendment No. 1 by telefacsimile or other electronic method of transmission shall have the same force
and effect as the delivery of an original executed counterpart of this Amendment No. 1. Any party delivery an executed counterpart
of this Amendment No. 1 by telefacsimile or other electronic method of transmission shall also deliver an original executed counterpart,
but the failure to do so shall not affect the validity, enforceability or binding effect of this Amendment No. 1.

 

[Signature
page to follow]

 

     

     

    

 

IN WITNESS WHEREOF, the parties hereto have
executed this Amendment No. 1 as of the date first written above.

	 	 	 
	FIRST LIEN AGENT	 
	 	 	 
	CANTOR FITZGERALD SECURITIES	 
	as First Lien Agent	 
	 	 	 
	By:	/s/ James Bond	 
	 	 	 
	Name:	James Bond	 
	Title:	Chief Operating Officer	 
	 	 	 
	SECOND LIEN AGENT	 
	 	 	 
	U.S. BANK NATIONAL ASSOCIATION,	 
	as Second Lien Agent	 
	 	 	 
	By:	/s/ Raymond S. Haverstock	 
	 	 	 
	Name:	Raymond S. Haverstock	 
	Title:	Vice President	 
	 	 	 
	NEW CONVERTIBLE NOTES COLLATERAL AGENT	 
	 	 	 
	U.S. BANK NATIONAL ASSOCIATION,	 
	as New Convertible Notes Collateral Agent	 
	 	 	 
	By:	/s/ Raymond S. Haverstock	 
	 	 	 
	Name:	Raymond S. Haverstock	 
	Title:	Vice President	 

 

[Signature page to Amendment No.1 to
the Intercreditor Agreement]

 

     

     

    

 

ACKNOWLEDGMENT AND AGREEMENT

 

Each of the undersigned hereby acknowledges
and agrees to the representations, terms and provisions of this Amendment No. 1 among Cantor Fitzgerald Securities as the First
Lien Agent, U.S. Bank National Association as the Second Lien Agent and US. Bank National Association as the New Convertible Notes
Collateral Agent. By its signature below, each of the undersigned agrees that it will, together with its successors and assigns,
be bound by the provisions hereof.

 

Each of the undersigned acknowledges and
agrees that: (i) although it may sign this Amendment No. 1 it is not a party hereto and does not and will not receive any right,
benefit, priority or interest under or because of the existence of Amendment No. 1, (ii) in the event of a breach by the undersigned
of any of the terms and provisions contained in Amendment No. 1, such a breach shall constitute a First Lien Event of Default and
a Junior Lien Event of Default and (iii) it will execute and deliver such additional documents and take such additional action
as may be necessary or desirable in the opinion of any Secured Party to effectuate the provisions and purposes of Amendment No.
1.

 

[Signature
page to follow]

 

     

     

    

 

	 	 	 
	GRANTORS:	 
	 	 	 
	A.M. CASTLE & CO.	 
	 	 	 
	By:	/s/ Patrick R. Anderson	 
	 	 	 
	Name:	Patrick R. Anderson	 
	Title:	Chief Financial Officer	 
	 	 	 
	A.M. CASTLE & CO. (CANADA) INC.	 
	 	 	 
	By:	/s/ Patrick R. Anderson	 
	 	 	 
	Name:	Patrick R. Anderson	 
	Title:	Director, Vice President – Finance, Chief Financial Officer and Treasurer
	 	 	 
	KEYSTONE TUBE COMPANY, LLC	 
	 	 	 
	By:	/s/ Patrick R. Anderson	 
	 	 	 
	Name:	Patrick R. Anderson	 
	Title:	Treasurer	 

 

[Acknowledgment to Amendment No.1 to
the Intercreditor Agreement]Exhibit 4.9

Parkinson
ESSA (US) Employment Agreement

Table of
Contents 

	Article
    1 Interpretation	1
	1.1	Definitions	1
	Article
    2 Position, Duties and Service	5
	2.1	Position and Duties	5
	2.2	Changes to Duties	5
	2.3	Service to the Company	5
	2.4	Term	6
	Article3 Compensation Generally	 6
	3.1	No Other Compensation
    or Benefits	6
	3.2	Salary	6
	3.3	Reimbursement for
    Expenses	6
	3.4	Other Expenses	6
	3.5	Vacation	7
	3.6	Benefits	7
	3.7	Incentive Compensation	7
	3.8	Stock Options	7
	Article
    4 Intellectual Property Rights	7
	4.1	Obligation of Confidentiality	7
	4.2	Disclosure of Work
    Product	8
	4.3	Assignment of Rights	8
	4.4	Moral Rights	8
	4.5	Goodwill	8
	4.6	Assistance	9
	4.7	Assistance with
    Proceedings	9
	Article
    5 Conflicts and Restrictive Covenant	9
	5.1	Disclosure of Conflicts
    of Interest	9
	5.2	Avoidance of Conflicts
    of Interest	10
	5.3	Restrictive Covenant	10
	5.4	Provisions Reasonable	10
	5.5	Right to Use Employee’s
    Name and Likeness	11
	Article
    6 Termination	11
	6.1	Termination by Employee	11
	6.2	Termination by Company
    Without Cause	11
	6.3	Consequences of
    Termination Without Cause Unrelated to a Change of Control	11
	6.4	Consequences of
    Termination Without Cause After a Change of Control	12
	6.5	Termination in the
    Event of Death	12
	6.6	Termination by Company
    for Cause	12
	6.7	No Damages for Termination	13
	6.8	Termination from
    ESSA Pharma	13
	Article
    7 General	13
	7.1	Agreement Confidential	13
	7.2	Binding Effect	13
	7.3	Counterparts	14
	7.4	Entire Agreement	14
	7.5	Further Assurances	14
	7.6	Governing Law	14
	7.7	Independent Legal
    Advice	14
	7.8	Injunctive Relief	14
	7.9	Non-Disparagement	15
	7.10	Notice	15
	7.11	Publicity	16
	7.12	Severability	16
	7.13	Surviving Obligations	16
	7.14	Waiver	16
	7.15	Acceptance	16

 

 

 

 

 

 

    	 

    	 

    

Parkinson
ESSA Employment Agreement

to be effective
as of and from

the Effective Date (as defined below)

PRIVATE AND CONFIDENTIAL

Dr. David Parkinson

David R. Parkinson

820 Anderson Ln

Sebastopol, CA 95472

 

Dear David:

		Re:	Terms of Employment of
                                         David Parkinson (“you” or the “Employee”)

                                         with ESSA Pharmaceuticals Corp. (the “Company”)

This Agreement (as defined
below) sets out the terms and conditions of your employment by the Company and will constitute your employment agreement.

Article
1 Interpretation

		1.1	Definitions

For the purposes of this Agreement:

		1.1.1	“$”
                                         means US dollars.

		1.1.2	“Affiliate”
                                         means with respect to a Person, any Person that, directly or indirectly, Controls, is
                                         Controlled by, or is under common Control with such Person, including, without limitation,
                                         any partner, officer, director, or member of such Person and any venture capital fund
                                         now or hereafter existing that is Controlled by or under common Control with one or more
                                         general partners or shares the same management company or investment manager with such
                                         Person, and including any parent or subsidiary company of such Person.

		1.1.3	“Agreement”
                                         means this employment agreement and the exhibits hereto.

		1.1.4	“Board”
                                         shall have the meaning set out in Section 2.1 (Position and Duties).

		1.1.5	“Business”
                                         means the business of the Company described in Exhibit 1.1.5.

		1.1.6	“Business
                                         Information” means all business information, including information regarding:

		.1	commercial
                                         strategies, business plans, business methods, corporate plans, management systems, finances,
                                         new business opportunities, marketing or sales of any past, present or future product
                                         or service, including, without limitation, sales targets and statistics, market share
                                         and pricing statistics, marketing surveys and plans, market research reports, sales techniques,
                                         price lists, discount structures, advertising and promotional material;

    	 

    	 

    

 

		.2	financial
                                         information, compensation and investment arrangements, terms of agreements, financial
                                         structure, financial position, financial results or other financial affairs, actual or
                                         proposed transactions or investments or other confidential information; and

		.3	the
                                         name, address, telephone number, contact name and identity of each of the Key Contacts,
                                         the nature of their business operation, and all confidential aspects of their business
                                         relationship or potential business relationship with the Company or any Affiliate of
                                         the Company.

		1.1.7	“Cause”
                                         shall have the meaning set out in Section 6.6 (Termination by Company for Cause).

		1.1.8	“CEO”
                                         shall have the meaning set out in Section 2.1 (Position and Duties).

		1.1.9	“Change
                                         of Control” shall be deemed to have occurred if any of the following occurs
                                         after the Effective Date:

		.1	any
                                         “person” or “group” (as such terms are defined below) (a) is
                                         or becomes the beneficial owner (except that a “person” or “group”
                                         shall be deemed to have beneficial ownership of all shares of capital stock or other
                                         equity interests if such person or group has the right to acquire such shares or interests,
                                         whether such right is exercisable immediately or only after the passage of time), directly
                                         or indirectly, in a transaction or series of related transactions, of shares of capital
                                         stock or other interests (including partnership interests) of ESSA Pharma then outstanding
                                         and normally entitled (without regard to the occurrence of any contingency) to vote in
                                         the election of the directors, managers or similar supervisory positions (“Voting
                                         Stock”) of ESSA Pharma representing more than fifty percent (50%) of the total
                                         voting power of all outstanding classes of Voting Stock or (b) has the power, directly
                                         or indirectly, for reasons other than solely for investment purposes, to elect a majority
                                         of the members of the board of directors of ESSA Pharma;

		.2	a
                                         sale of substantially all of the assets of ESSA Pharma; or

		.3	ESSA
                                         Pharma enters into a merger, reverse-merger, amalgamation, arrangement, consolidation
                                         or other form of business combination, share exchange, reorganization, recapitalization,
                                         transfer or other similar transaction with another Person (whether or not ESSA Pharma
                                         the surviving entity) and as a result of such transaction (a) the members of the board
                                         of directors of ESSA Pharma immediately prior to such transaction constitute less than
                                         a majority of the members of the board of directors of ESSA Pharma or such surviving
                                         entity immediately following such transaction or (b) the Persons that beneficially owned,
                                         directly or indirectly, the shares of Voting Stock of ESSA Pharma immediately prior to
                                         such transaction cease to beneficially own, directly or indirectly, shares of Voting
                                         Stock of ESSA Pharma representing at least a majority of the total voting power of all
                                         outstanding classes of Voting Stock of the surviving entity immediately following such
                                         transaction.

    	2

    	 

    

 

A Change of Control
that is incidental to a bona fide financing or recapitalization of the Company is deemed not to be a Change of Control for the
purposes of this Agreement. Notwithstanding anything to the contrary, a transaction that does not constitute a change in control
event under U.S. Treasury Regulation 1.409A-3(i)(5)(v) or (vii) will not be considered a Change of Control for purposes of this
Agreement.

		1.1.10	“Code”
                                         means the Internal Revenue Code of 1986, as amended.

		1.1.11	“Confidential
                                         Information” means all non-public information, knowledge, or data pertaining
                                         to the business, affairs and technology of the Company or any Affiliate of the Company
                                         including without limitation ESSA Pharma, including:

		.1	Technical
                                         Information and Business Information;

		.2	your
                                         Work Product; and

		.3	information
                                         secured by the Company from Persons subject to an obligation of confidentiality;

and, in all cases, all
copies and tangible embodiments thereof, in whatever form or medium, all whether furnished or prepared before or after the Effective
Date.

		1.1.12	“Control”
                                         or “Controls” means, in relation to a corporation or a partnership, as the
                                         case may be:

		.1	the
                                         right to cast a majority of the votes that may be cast at a general meeting of the shareholders
                                         of a corporation;

		.2	the
                                         right to elect or appoint, directly or indirectly, a majority of the directors of a corporation;

		.3	to
                                         hold more than 50% of the interests of a partnership other than a limited partnership;
                                         and

		.4	to
                                         be the general partner of a limited partnership.

		1.1.13	“Effective
                                         Date” shall have the meaning set out in Section 2.4 (Term).

		1.1.14	“ESSA
                                         Pharma” means ESSA Pharma Inc., the sole shareholder of the Company;

		1.1.15	“Inventions”
                                         means any and all discoveries, developments, enhancements, improvements, concepts, formulas,
                                         processes, ideas, writings, whether or not reduced to practice, industrial and other
                                         designs, patents, patent applications, provisional patent applications, continuations,
                                         continuations-in-part, substitutions, divisionals, reissues, renewals, re-examinations,
                                         extensions, supplementary protection certificates or the like, trade secrets or utility
                                         models, copyrights and other forms of intellectual property including all applications,
                                         registrations and related foreign applications filed and registrations granted thereon.

    	3

    	 

    

 

		1.1.16	“Key
                                         Contacts” means the actual and potential: licensors, licensees, sublicensees,
                                         collaborators, partners, investors, shareholders, acquirers, lenders or merger candidates,
                                         suppliers and customers of the Company or any Affiliate of the Company.

		1.1.17	“Notice
                                         Period” shall have the meaning set out in Section 6.1 (Termination by Employee).

		1.1.18	“Person”
                                         means any individual, partnership, joint venture, syndicate, sole proprietorship, company
                                         or corporation with or without share capital, trust, trustee, executor, administrator,
                                         or other legal personal representatives, regulatory body or agency, government or governmental
                                         agency, authority or entity howsoever designated or constituted.

		1.1.19	“Salary”
                                         shall have the meaning set out in Section 3.2 (Salary).

		1.1.20	“Section
                                         409A” shall have the meaning set out in Section 7.15 (Section 409A). 

		1.1.21	“Technical
                                         Information” means all technical information of the Company or any Affiliate
                                         of the Company, including information regarding knowledge or data of an intellectual,
                                         technical, scientific or industrial nature, including compositions of matter, techniques,
                                         specifications, standards, technical data, uses of matter, practices, methods, computer
                                         data, scientific strategies and concepts, clinical and regulatory strategies and concepts,
                                         test data, research data, analytical and quality control data, formulation data, manufacturing
                                         data, development information, filings for the protection of intellectual property protection,
                                         drawings, specifications, designs, plans, proposals, reports, formulas, compilations,
                                         research data and manuals.

		1.1.22	“Term
                                         of Employment” means the period from the Effective Date until this Agreement
                                         terminated in accordance with Article 6.

		1.1.23	“Work
                                         Product” means any and all works of authorship, including

		.1	all
                                         Inventions and possible Inventions relating to the Company’s Business resulting
                                         from any work performed by you for the Company that you may invent or co-invent during
                                         your involvement in any capacity with the Company, except those Inventions invented by
                                         you entirely on your own time that do not relate to the Company’s Business or do
                                         not derive from any equipment, supplies, facilities, Confidential Information or other
                                         information, gained, directly or indirectly, by you from or through your involvement
                                         in any capacity with the Company; and

    	4

    	 

    

 

		.2	all
                                         Technical Information and Business Information resulting from any work performed by you
                                         for the Company;

and includes all analyses,
compilations, studies, reports or other documents prepared by you based upon or including any such information, data or knowledge
of the Company or any Affiliate of the Company.

Article
2 Position, Duties and Service

		2.1	Position
                                         and Duties

 

You will be employed by and
will serve the Company as President and Chief Executive Officer (the “CEO”), having the duties and functions
customarily performed by, and having all responsibilities customary to, a CEO, including those described in Exhibit 2.1. . All
payments and benefits provided to you pursuant to this Agreement are in full satisfaction of any and all services you provide
to both the Company and ESSA Pharma.

You will report directly to
the Board of Directors of ESSA Pharma (the “Board”). The rights of the Company as provided in this Agreement
may be exercised on behalf of the Company only by the Board, or by a committee or person expressly designated for such purposes
by the Board.

		2.2	Changes
                                         to Duties

Your duties and functions pertain
to the Company or any Affiliate of the Company may be varied or added to from time to time by the Board in its discretion.

		2.3	Service
                                         to the Company

During the Term of Employment,
you will:

		2.3.1	well
                                         and faithfully serve the Company, at all times act in the best interests of the Company,
                                         and, to the extent necessary to discharge the responsibilities assigned to you hereunder,
                                         you will use your best efforts to perform faithfully and efficiently such responsibilities;

		2.3.2	apply
                                         your skill and experience to the performance of your duties in such employment;

		2.3.3	comply
                                         with all policies and procedures from time to time formulated by the Company;

		2.3.4	devote
                                         all of your working time, attention and energies to the business and affairs of the Company
                                         (other than any of your working time, attention and energies devoted to the business
                                         and affairs of ESSA Pharma), unless otherwise agreed; and

		2.3.5	not,
                                         without the prior approval of the Company and the Board, carry on or engage in any other
                                         business or occupation or become a director, officer, employee or agent of or hold any
                                         position or office with any other company, firm, organization, or person other than the
                                         Company or ESSA Pharma, except as disclosed in Exhibit 2.3.5 or as a volunteer for a
                                         non-profit organization, engaging in civic, religious, educational or other community
                                         activities, or maintaining personal investments or a personal holding company, provided
                                         that such activities do not materially interfere with the performance of your duties
                                         under this Agreement.

    	5

    	 

    

 

		2.4	Term

The terms and conditions of
this Agreement shall have effect as and from January 7, 2016 (the “Effective Date”) and throughout the Term
of Employment.

Article
3 Compensation Generally

		3.1	No
                                         Other Compensation or Benefits

 

You will be compensated as
set out in this Article. You expressly acknowledge and agree that you will not be entitled by reason of your employment by the
Company or by reason of any termination of such employment, to any remuneration, compensation, severance, damages or benefits
other than as expressly set forth in this Agreement.

		3.2	Salary

 

During the Term of Employment
the Company will pay you an annual salary (the “Salary”) at the rate of $430,000 per annum, payable on a semi-monthly
basis, subject to the withholding of all applicable statutory deductions, including any taxable benefits received in respect of
your employment. As a managerial employee of the Company, you are not entitled to overtime pay.

		3.3	Reimbursement
                                         for Expenses

 

As of the Effective Date, the
Company agrees to reimburse you for reasonable travel, accommodation, and other expenses incurred in the course of employment,
including travel between Sonoma County, California and Houston, Texas, and Vancouver, BC as may be required to fulfull your duties
as CEO.

		3.4	Other
                                         Expenses 

 

The Company will also reimburse
you for up to six round-trip economy tickets each year for your spouse to travel between Sonoma County and Houston. For all such
expenses, you will be required to keep proper accounts and to furnish such statements and vouchers to the Company. Certain of
these expenses may be deemed to be a taxable benefit.

		3.5	Vacation

 

During the Term of Employment,
you will be entitled to 20 working days of vacation, pro-rated for any partial year of employment. The Company reserves the right
to request that vacations be scheduled so as not to conflict with necessary business operations. Any unused vacation balance remaining
at calendar year end may be carried over into the subsequent calendar year to a cumulative maximum of 30 working days of vacation.

    	6

    	 

    

 

		3.6	Benefits

The Company will reimburse
you up to $12,000 per year for reasonable health insurance premiums paid by you, upon you providing satisfactory evidence of such
premiums being paid or owed to your health insurance provider (the “Health Care Premium Payment”). Notwithstanding
the foregoing, if the Company determines, in its sole discretion, that it cannot pay the Health Care Premium Payment without a
substantial risk of violating applicable law, the Company instead will pay you, on the first day of each calendar month, a fully
taxable cash payment equal to the amount of the Health Care Premium Payment, subject to applicable tax withholdings (such amount,
the “Special Cash Payment”), until the month in which your employment with the Company is terminated.

		3.7	Incentive
                                         Compensation

You will be eligible for an
annual bonus of up to 50% of base salary, which will be paid on the basis of your performance over each calendar year, and by
no later than 60 days after the end of each calendar year. Bonus eligibility and performance criteria shall be set at the sole
discretion of the Board. You will need to be employed with the Company through the end of each calendar year in order to be eligible
to receive the annual bonus.

		3.8	Stock
                                         Options

Subject to the approval of the Board,
you will be granted 600,000 options to purchase common shares in ESSA Pharma, subject to the terms and conditions of ESSA Pharma’s
stock option plan, and Board approval and any required shareholder approval.. These options shall vest over 4 years, with 25%
of the options cliff-vesting on the one-year anniversary of the Effective Date of your employment and the remainder of the options
vesting in equal monthly installments thereafter over the next three years, in all cases subject to continued employment with
the Company and/or ESSA Pharma. Any additional option grants shall be at the sole discretion of the Board.

 

Article
4 Intellectual Property Rights

		4.1	Obligation
                                         of Confidentiality

 

You understand and agree that
in the course of your employment with the Company, both before and after the Effective Date, you have obtained and will obtain
knowledge of Confidential Information. You agree that unless the Company otherwise agrees in writing or except as required by
law or disclosed pursuant to a confidential disclosure agreement executed by the Company and the recipient:

		4.1.1	you
                                         will keep all Confidential Information learned or acquired by you, disclosed to you or
                                         developed by you, as a result of or in connection with or during the course of your employment
                                         by the Company, whether before or after the Effective Date, strictly confidential;

		4.1.2	all
                                         Confidential Information shall, as between you and the Company, be and remain the property
                                         of the Company; and

    	7

    	 

    

 

		4.1.3	you
                                         will not at any time, during or after your employment with the Company, disclose any
                                         Confidential Information to any Person other than the Company, or use any Confidential
                                         Information for the benefit of any Person other than the Company.

The above obligations with
respect to Confidential Information shall not apply to Confidential Information which has become available to the general public
through no fault of your own.

		4.2	Disclosure
                                         of Work Product

You agree to promptly and fully
inform the Company of all of your Work Product, whether or not patentable, throughout the course of your involvement, in any capacity,
with the Company or any Affiliate of the Company, whether or not developed before or after your execution of this Agreement. On
your ceasing to be employed by the Company, you will immediately deliver up to the Company all of your Work Product. You further
agree that all of your Work Product shall at all times be the Confidential Information of the Company.

		4.3	Assignment
                                         of Rights

You will assign, and do hereby
assign, to the Company or, at the option of the Company and upon notice from the Company, to the Company’s designee, your
entire right, title and interest in and to all of your Work Product and all other rights and interests of a proprietary nature
in and associated with your Work Product, including all patents, copyrights, trademarks, and applications filed therefore and
other registrations granted thereon. To the extent that you retain or acquire legal title to any such rights and interests, you
hereby declare and confirm that such legal title is and will be held by you only as trustee and agent for the Company. You agree
that the Company’s rights hereunder shall attach to all of your Work Product, notwithstanding that it may be perfected or
reduced to specific form after you have terminated your relationship with the Company. You further agree that the Company’s
rights hereunder shall extend to every country of the world.

		4.4	Moral
                                         Rights

You agree to hereby waive in
whole all moral rights and agree never to assert any moral rights which you may have in your Work Product, including, without
limitation, the right to the integrity of such Work Product, the right to be associated with the Work Product, the right to restrain
or claim damages for any distortion, mutilation or other modification or enhancement of the Work Product and the right to restrain,
the use or reproduction of the Work Product in any context and in connection with any product, service, cause or institution and
you further confirm that the Company may use or alter any such Work Product as the Company sees fit in its absolute discretion.

		4.5	Goodwill

You hereby agree that all goodwill
you have established or may establish with Key Contacts relating to the business or affairs of the Company or any Affiliate of
the Company, including without limitation ESSA Pharma, both before and after the Effective Date, shall, as between you and the
Company, be and remain the property of the Company exclusively, for the Company to use, alter, vary, adapt and exploit as the
Company shall determine in its discretion.

    	8

    	 

    

 

		4.6	Assistance

You hereby agree to assist
the Company and/or ESSA Pharma, at the Company’s request and expense, both during your Term of Employment and at any time
within 12 months of termination of your Term of Employment for any reason whatsoever, in:

		4.6.1	making
                                         patent applications for your Work Product, including instructions to lawyers and/or patent
                                         agents as to the characteristics of your Work Product in sufficient detail to enable
                                         the preparation of a suitable patent specification, to execute all formal documentation
                                         incidental to an application for letters patent and to execute assignment documents in
                                         favor of the Company for such applications;

		4.6.2	making
                                         applications for all other forms of intellectual property registration relating to your
                                         Work Product;

		4.6.3	prosecuting
                                         and maintaining the patent applications and other intellectual property relating to your
                                         Work Product; and 

		4.6.4	registering,
                                         maintaining and enforcing the patents and other intellectual property registrations relating
                                         to your Work Product.

		4.7	Assistance
                                         with Proceedings

You further agree to lend such
assistance as you can, at the Company’s request and expense, in connection with any enforcement of the Company’s intellectual
property rights or defense to an allegation of infringement of another Person’s intellectual property rights, invalidity
proceedings respecting, opposition to, or intervention regarding any applications for letters patent, copyright or trademark or
other proceedings relating to intellectual property or applications for registration thereof.

Article
5 Conflicts and Restrictive Covenant

		5.1	Disclosure
                                         of Conflicts of Interest

 

During your employment with
the Company, you will promptly, fully and frankly disclose to the Company in writing:

		5.1.1	the
                                         nature and extent of any interest you have or may have, directly or indirectly, in any
                                         contract or transaction or proposed contract or transaction of or with the Company or
                                         any Affiliate of the Company or any Key Contact;

		5.1.2	every
                                         office you may hold or acquire, and every property you may possess or acquire, whereby
                                         directly or indirectly, a duty or interest might be created in conflict with the interests
                                         of the Company or any Affiliate of the Company, or your duties and obligations under
                                         this Agreement; and

		5.1.3	the
                                         nature and extent of any conflict referred to in Sections 5.1.1 and 5.1.2.

    	9

    	 

    

 

		5.2	Avoidance
                                         of Conflicts of Interest

You acknowledge that it is
the policy of the Company that all interests and conflicts of the sort described in Section 5.1 (Disclosure of Conflicts of Interest)
be avoided, and you agree to comply with all policies and directives of the Company from time to time regulating, restricting
or prohibiting circumstances giving rise to interests or conflicts of the sort described in Section 5.1. During your employment
with the Company, you shall not enter into any agreement, arrangement or understanding (other than the Canadian Agreement) with
any other Person that would in any way conflict or interfere with this Agreement or your duties or obligations under this Agreement
or that would otherwise prevent you from performing your obligations hereunder, and you represent and warrant that you have not
prior to the Effective Date entered into any such agreement, arrangement or understanding.

		5.3	Restrictive
                                         Covenant

In consideration of the Company’s
grant to you of options to purchase common shares in ESSA Pharma pursuant to Section 3.8, during the Term of Employment and for
a period of 6 months thereafter for Sections 5.3.1 and 5.3.2, and a period of 24 months thereafter for Section 5.3.3, regardless
of the reason for such termination or non-renewal, you will not, either alone or in partnership or in conjunction with any Person,
whether as principal, agent, employee, director, officer, shareholder, consultant or in any capacity or manner whatsoever, whether
directly or indirectly:

		5.3.1	carry
                                         on or be engaged in, or advise, or give financial assistance to, any business, enterprise
                                         or undertaking that is involved in the business or in the sale, distribution, development
                                         or supply of any product or service that is directly competitive with the Business or
                                         any product or service of the Business; provided, however, that the foregoing will not
                                         prohibit you from acquiring, solely as an investment and through market purchases, securities
                                         of any such enterprise or undertaking which are publicly traded, so long as you are not
                                         part of any control group of such entity and such securities, which if converted, do
                                         not constitute more than 5% of the outstanding voting power of that entity; 

		5.3.2	solicit,
                                         agree to be employed by, or agree to provide services to any Person that was a Key Contact
                                         during the two years prior to the termination or expiry of the Term of Employment for
                                         any business purpose that is competitive with the Business or any product or service
                                         of the Company or any Affiliate of the Company; or 

		5.3.3	divert,
                                         entice or take away from the Company or any Affiliate of the Company or attempt to do
                                         so or solicit for the purpose of doing so, any business of the Company or any Affiliate
                                         of the Company, or any Person that was an employee or contractor of the Company or any
                                         Affiliate of the Company during the two years prior to the termination or expiry of the
                                         Term of Employment.

		5.4	Need
                                         to limit corporate board of directors to three boards without the prior consent of the
                                         ESSA board of directors

The Company acknowledges that
Dr. Parkinson has transitioned to a venture advisor role with NEA; in that reduced role he will not take on any material responsibilities
or receive material compensation as long as he is an employee of the Company.

    	10

    	 

    

 

		5.5	Provisions
                                         Reasonable

You hereby acknowledge and
agree that:

		5.5.1	after
                                         the Effective Date the Company and any Affiliate of the Company will operate and compete
                                         globally, with respect to the Business;

		5.5.2	competitors
                                         of the Company and the Business and any Affiliate of the Company are located globally;
                                         

		5.5.3	in
                                         order to protect the Company adequately, any enjoinder of competition would have to apply
                                         globally; 

		5.5.4	during
                                         the course of your employment by the Company, you will acquire knowledge of, and you
                                         will come into contact with, initiate and established relationships with Key Contacts,
                                         and that in some circumstances you may be the senior or sole representative of the Company
                                         or any Affiliate of the Company dealing with such Persons; and

		5.5.5	in
                                         light of the foregoing, the provisions of Section 5.3 (Restrictive Covenant) are reasonable
                                         and necessary for the proper protection of the business, property and goodwill of the
                                         Company and the Business and any Affiliate of the Company.

		5.6	Right
                                         to Use Employee’s Name and Likeness

During the Term of Employment,
you hereby grant to the Company the right to use your name, likeness and/or biography in connection with services performed by
you under this Agreement and in connection with the advertising or exploitation of any project with respect to which you perform
services for the Company.

Article
6 Termination

		6.1	Termination
                                         by Employee

 

You may resign from your position
at any time, but only by giving the Company at least 60 days prior written notice of the effective date of your resignation (the
“Notice Period”). On the giving of any such notice, the Company may accelerate your resignation, in lieu of
the Notice Period or any part thereof, by notice in writing to you and payment to you of any compensation due to you on or before
the end of the Notice Period pursuant to this Agreement, less applicable statutory deductions. A resignation from your position
with the Company will be deemed to also be a resignation from any office you may hold with ESSA Pharma and you agree to execute
any paperwork to that effect.

		6.2	Termination
                                         by Company Without Cause

 

The Company may terminate your
employment at any time without Cause (as defined below) by giving you written notification of termination, which termination shall
be effective immediately upon such notice. In the event that your employment is so terminated, you will have the common law duty
to mitigate your damages.

    	11

    	 

    

 

		6.3	Consequences
                                         of Termination Without Cause Unrelated to a Change of Control

During the first 12 months
of your continuous employment with the Company and Subject to Section 6.4, on the giving of any notice referred to in Section
6.2, the Company shall provide you with a lump sum cash payment equal to 6 months’ Salary. After 12 months of your continuous
employment with the Company and Subject to Section 6.4, on the giving of any notice referred to in Section 6.2, the Company shall
provide you with a lump sum cash payment equal to 12 months’ Salary. In either case, entitlement to such payment is subject
to compliance with the release requirement in Section 6.7.

		6.4	Consequences
                                         of Termination Without Cause After a Change of Control

On the giving of any notice
referred to in Section 6.2: (i) at the same time as, or within the twelve (12) month period following, the consummation of a Change
of Control or (ii) within the sixty (60) day period prior to the date of a Change of Control where the Change of Control was under
consideration by the Board at the time of your termination, the Company shall provide you with a lump sum cash payment equal to
18 months’ Salary. Entitlement to such payment is subject to compliance with the release requirement in Section 6.7, and
such payment shall be in lieu of any payment under Section 6.3.

		6.5	Termination
                                         in the Event of Death or Permanent Disability

Your employment shall terminate
immediately upon your death or permanent disability.

		6.6	Termination
                                         by Company for Cause

Notwithstanding any other provision
in this Agreement, the Company may at any time summarily terminate your employment, without notice or payment, for “Cause”.
In this Agreement, “Cause” means any of the following:

		6.6.1	commission
                                         of theft, embezzlement, fraud, obtaining funds or property under false pretences or similar
                                         acts of misconduct with respect to the property of the Company, any Affiliate of the
                                         Company, the Key Contacts, or their respective directors, officers, employees or contractors;

		6.6.2	oral
                                         or written representations made by you to the Company or any Affiliate of the Company
                                         with the intent to deceive or mislead;

		6.6.3	commission
                                         of an act of malfeasance, dishonesty or breach of trust against the Company, any Affiliate
                                         of the Company, the Key Contacts, or their respective directors, officers, employees
                                         or contractors, including a breach by you of any of your covenants or obligations under
                                         Article 4 (Intellectual Property Rights), Section 5.1 (Disclosure of Conflicts of Interest),
                                         Section 5.2 (Avoidance of Conflicts of Interest) or Section 5.3 (Restrictive Covenant);

		6.6.4	the
                                         entering of a guilty plea by you or your conviction for a serious criminal offence which
                                         impacts adversely on the Company or any Affiliate of the Company; or 

		6.6.5	repeated
                                         and continued failure to fulfill your duties or obligations of employment or your breach
                                         of any material obligations and covenants under this Agreement. Termination for “Cause”
                                         pursuant to this Section 6.6.5 shall only occur if you have been given written notice
                                         of such failure to fulfill your duties or obligations and you have been given 30 days
                                         from receipt of such notice to correct such behavior, if such behavior is subject to
                                         correction.

    	12

    	 

    

 

In the event the Company dismisses
you for Cause pursuant to this Section 6.6 and, subsequently, a court or arbitrator rules that the Company did not have Cause,
you hereby agree that you will only be entitled to damages in an amount equal to the compensation that would have been due to
you had the Company terminated you pursuant to Section 6.3 (Consequences of Termination Without Cause), less any amounts earned
by you in mitigation.

		6.7	No
                                         Damages for Termination

It is agreed that as a result
of the termination of your employment, for any reason, you shall not be entitled to any notice, fee, salary, severance or other
payments, benefits or damages in excess of what is specified or provided for in Section 6.1 (Termination by Employee), Section
6.3 (Consequences of Termination Without Cause Unrelated to a Change of Control), Section 6.4 (Consequences of Termination Without
Cause After a Change of Control) and Section 6.6 (Termination by Company for Cause), whichever is applicable, except that you
shall remain entitled to receive all salary and other entitlements, if any, which were due or which were accruing to you at the
date of termination. Payment of any amounts pursuant to Section 6.1 (Termination by Employee), Section 6.3 (Consequences of Termination
Without Cause Unrelated to a Change of Control), Section 6.4 (Consequences of Termination Without Cause After a Change of Control),
and Section 6.6 (Termination by Company for Cause) shall be subject to the withholding of all applicable statutory deductions
by the Company. No payments shall be payable by Company under this Article 6 until you provide to the Company an executed release
of all claims in form satisfactory to the Company. Notwithstanding anything to the contrary, you must execute and return the release
on or before the date specified by the Company in the prescribed form (the “Release Deadline”). The Release
Deadline will in no event be later than fifty-two (52) days after your termination of employment. If you fail to return the release
on or before the Release Deadline, or if you revoke the release, then you will not be entitled to the payments described in Section
6.3 or Section 6.4, as applicable. For purposes of this Agreement, no payment will be made to you upon termination of your employment
unless such termination constitutes a “separation from service” within the meaning of Section 409A of the Code, and
Section 1.409A-1(h) of the regulations promulgated thereunder.

		6.8	Termination
                                         from ESSA Pharma

Any termination of your employment
under this Article 6 shall also amount to a termination of your relationship with ESSA Pharma. You shall not be entitled to any
further compensation in relation to the termination of any office you may hold with ESSA Pharma other than as is set out in this
Agreement.

Article
7 General

		7.1	Agreement
                                         Confidential

 

Both parties shall keep the
terms and conditions of this Agreement confidential except as may be required to enforce any provision of this Agreement or as
may otherwise be required by any law, regulation or other regulatory or securities requirement.

    	13

    	 

    

 

		7.2	Binding
                                         Effect

This Agreement shall be binding
upon and inure to the benefit of the Company and its successors and assigns. Your rights and obligations contained in this Agreement
are personal and such rights, benefits and obligations shall not be voluntarily or involuntarily assigned, alienated or transferred,
whether by operation of law or otherwise, without the prior written consent of the Company. This Agreement shall otherwise be
binding upon and inure to the benefit of your personal or legal representatives, executors, administrators, successors, heirs,
distributees, devisees, legatees and permitted assigns.

		7.3	Counterparts

This Agreement may be executed
in several counterparts (including by fax or electronic transmission), each of which when so executed shall be deemed to be an
original and shall have the same force and effect as an original but such counterparts together shall constitute but one and the
same instrument.

		7.4	Entire
                                         Agreement

The terms and conditions of
this Agreement are in addition to and not in substitution for the obligations, duties and responsibilities imposed by law on employees
of corporations generally, and you agree to comply with such obligations, duties and responsibilities. Except as otherwise provided
in this Agreement, this Agreement constitutes the entire agreement between you and the Company and supersedes all prior negotiations,
proposals and agreements, whether oral or written, with respect to the subject matter hereof, and may only be varied by further
written agreement signed by you and the Company. You further acknowledge and agree that you have not relied on any representation
made by the Company, or any of its employees or agents, except as specifically set out in this Agreement.

		7.5	Further
                                         Assurances

Each of the parties hereto
will, on demand by the other party hereto, execute and deliver all such further documents and instruments and do all such further
acts and things as the party may either before or after the execution and delivery of this Agreement reasonably request to evidence,
carry out and give full effect to the terms, conditions, intent and meaning of this Agreement.

		7.6	Governing
                                         Law

This Agreement shall be governed
by and construed in accordance with the laws of the State of Texas, without giving effect to any principles of conflict of laws
that would lead to the application of the laws of another jurisdiction, and the federal laws of the United States of America applicable
therein, which shall be deemed to be the proper law hereof. The parties hereto hereby submit to the non-exclusive jurisdiction
of the courts of Houston, Texas.

		7.7	Independent
                                         Legal Advice

You acknowledge and agree that
the Company has given you the opportunity to seek, and have recommended that you obtain, independent legal advice with respect
to the subject matter of this Agreement and, further, you hereby represent and warrant to the Company that you have sought independent
legal advice or waive such advice.

    	14

    	 

    

 

		7.8	Injunctive
                                         Relief

You acknowledge and agree that
any breach or threatened breach of any of the provisions of Article 4 (Intellectual Property Rights), Section 5.1 (Disclosure
of Conflicts of Interest), Section 5.2 (Avoidance of Conflicts of Interest), or Section 5.3 (Restrictive Covenant) could cause
irreparable damage to the Company, that such harm could not be adequately compensated by the Company’s recovery of monetary
damages, and that in the event of a breach or threatened breach thereof, the Company shall have, in addition to any and all remedies
at law or in equity, the right to seek an injunction, specific performance or other equitable relief as well as any equitable
accounting of all your profits or benefits arising out of any such breach. It is further acknowledged and agreed that the remedies
of the Company specified in this Section 7.8 are in addition to and not in substitution for any rights or remedies of the Company
at law or in equity and that all such rights and remedies are cumulative and not alternative and that the Company may have recourse
to any one or more of its available rights or remedies as it shall see fit.

		7.9	Non-Disparagement

You shall not, directly or
indirectly, make any disparaging comments or criticisms (whether of a professional or personal nature) to any Person regarding
the Company, any Affiliate of the Company, the Key Contacts, or their respective directors, officers, employees or contractors
(or the terms of any agreement or arrangement of the Company) or regarding your relationship with the Company or any termination
of such relationship which, in each case, are reasonably expected to result in material damage to the business or reputation of
the Company, any Affiliate of the Company, a Key Contact, or any of their respective directors, officers, employees or contractors.

		7.10	Notice

Any notice or other communication
required or contemplated to be given hereunder must be in writing and shall be deemed effective when personally delivered or on
the day following the sending when sent by facsimile transmission, addressed to the appropriate party as set forth below:

If to the Employee:

David R. Parkinson

820 Anderson Lane

Sebastopol, CA 95472

Home: 707 823 5099

Cell: 858 345 0923

 

If to the Company:

ESSA Pharmaceuticals
Corp.

c/o ESSA Pharma Inc.

Suite 720, 999 West Broadway

Vancouver, B.C. V5Z 1K5

F: (604) 677-6915

Attention: Chairman

With a copy to:

Blake, Cassels &
Graydon LLP

595 Burrard Street

P.O Box 49314

Vancouver, B.C. V7X 1L3

Attention: Joe Garcia

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		7.11	Publicity

You shall not, without the
prior written consent of the Company, make or give any public announcements, press releases or statements to the public or the
press regarding your Work Product or any Confidential Information.

		7.12	Severability

If any provision of this Agreement
is determined to be void, illegal or unenforceable, such provision will be construed to be separate and severable from this Agreement
and will not impair the validity, legality or enforceability of any other provision of this Agreement and the remainder of this
Agreement will continue to be binding on the parties hereto as if such provision had been deleted.

		7.13	Surviving
                                         Obligations

The obligations and covenants
of the Employee under of Section 3.1 (3.1), Article 4 (Intellectual Property Rights), Section 5.3 (Restrictive Covenant) (in accordance
with its terms), Section 5 (Provisions Reasonable), Article 6 (Termination) and Article 7 (General) shall survive the termination
of this Agreement.

		7.14	Waiver

Any waiver of any breach or
default under this Agreement shall only be effective if made in writing, signed by the party against whom the waiver is sought
to be enforced, and no waiver shall be implied by any other act or conduct or by any indulgence, delay or omission. Any waiver
shall only apply to the specific matter waived and only in the specific instance in which it is waived.

		7.15	Section
                                         409A

 

Notwithstanding
anything else provided herein, to the extent any payments provided under this Agreement in connection with your termination of
employment constitute deferred compensation subject to Section 409A of the Code and the regulations thereunder (“Section
409A”), and you are deemed at the time of such termination of employment to be a “specified
employee” under Section 409A, then such payment shall not be made or commence until the earlier of (i) the expiration of
the six (6)-month period measured from your separation from service from the Company or (ii) the date of your death following
such a separation from service; provided, however, that such deferral shall only be effected to the extent required to avoid adverse
tax treatment to you including, without limitation, the additional tax for which you would otherwise be liable under Section 409A(a)(1)(B)
in the absence of such a deferral. The first payment thereof will include a catch-up payment covering the amount that would have
otherwise been paid during the period between your termination of employment and the first payment date as a result of the application
of this provision, and the balance of the installments (if any) will be payable in accordance with their original schedule. To
the extent that any provision of this Agreement is ambiguous as to its compliance with Section 409A, the provision will be read
in such a manner so that all payments hereunder comply with Section 409A. To the extent any payment under this Agreement may be
classified as a “short-term deferral” within the meaning of Section 409A, such payment shall be deemed a short-term
deferral, even if it may also qualify for an exemption from Section 409A under another provision of Section 409A. Payments pursuant
to this Agreement are intended to constitute separate payments for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations.

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		7.16	Acceptance

If the foregoing terms and
conditions are acceptable to you, please indicate your acceptance of and agreement to the terms and conditions of this Agreement
by signing below on this letter and on the enclosed copy of this letter in the space provided and by returning the enclosed copy
so executed to us. Your execution and delivery to the Company of the enclosed copy of this letter will create a binding agreement
between us.

Yours
truly,

ESSA
Pharmaceuticals Corp. 

Per:

______________________________________

Accepted
and agreed to by David Parkinson effective January 7, 2016

 

______________________________________

David R. Parkinson

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Exhibit
1.1.5: Description of the Business

 

The
Company is a development-stage pharmaceutical company focused on the development of oncology therapies or diagnostics based on
targeting the N terminal domains of receptors including but not limited to the proprietary compounds named EPI-002 and EPI-506
as a treatment for advanced prostate cancer. In addition, the Company is engaged in the business of developing novel therapeutics
for cancer, and therefore compounds or classes of compounds that are actively being developed by the Company will be identified
and included in the description of the Business, which may be amended by the Company from time to time. 

    	18

    	 

    

Exhibit
2.1: Description of Duties

 

The CEO
is responsible for all aspects of strategic development and implementation of the business of the Company and ESSA Pharma. The
primary work location for the President and CEO will be Houston, Texas, and the work duties will be carried out in Houston, Texas
and Vancouver, B.C. as needed and will include, but are not limited to, the following specific aspects of Company’s activities:

		1.	Strategic
                                         Organizational Management:

	Provides the organization with
the vision and leadership to carry out its mission.
	Works with board and staff
to generate and update company strategy;
	Manages the implementation
of the strategy
	Develops policies and strategies
for financial management including all revenues, expenses, and investments.
	Ensures rigorous accountability
and long term stability through the conservative fiscal management of resources and endowments.
	Guides and integrates the department
heads’ efforts to design and implement business processes focused on achieving agreed upon objectives.
	Generation of annual updated
corporate strategy and objectives that are consistent with that strategy.

		2.	Financial:

	Provides the leadership and
long term vision necessary to ensure the organization is financed to carry out its business strategy;
	Interacts with investments
banks and investors in order to ensure access to needed funding;
	Ensure that financial reporting,
financial controls, and cash management practices, policies and activities are carried out to the standards mandated by the regulatory
environments in which the Company operates.

		3.	Business
                                         Development:

	Ensures that the Company and
ESSA Pharma has a business development strategy that is consistent with the overall strategy of the Company and ESSA Pharma;
	Participates as appropriate
in business development activities;
	Manages the efforts of the
head of Business Development
	Performs other duties related
to the qualifications and requirements of the job.

		4.	Regulatory

		·	Ensures
                                         that the Company and ESSA Pharma meet all applicable standards in regard to all of the
                                         regulatory environments in which it operates.

		5.	Clinical
                                         Development

 

		·	Ensures
                                         that appropriate clinical development strategies and policies are in place and are being
                                         appropriately implemented

		6.	Other
                                         duties and Responsibilities 

The CEO
will also have responsibility for any other duties and responsibilities as may be determined by the Board

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Exhibit 2.3.5: Permitted
External Roles

		A.	You
                                         currently hold the following external corporate director positions:

		1.	Board
                                         Director, Cerulean Pharma, Inc

		2.	Board
                                         Director, 3S Bio, Inc

		3.	Board
                                         Director, Diatech, Inc

You
further understand that the Board wants you to limit your external activities to no more than a total of three external corporate
Board positions. The Board acknowledges that to this end you have agreed to transition as rapidly as possible (and in any event
within three months of the Effective Date) out of your Board positions with Cellsee Diagnostics, Threshold Pharmaceuticals, and
Tocagen, Inc. and will not take on any new external board positions without the prior consent of the Board.

		B.	You
                                         will transition from your current role as Venture Partner with NEA to the role of Venture
                                         Advisor and agree that you will not assume any material obligations to, nor receive any
                                         material compensation from, NEA in that new capacity.

		C.	You
                                         agree that you will only continue any approved external roles to the extent they do not
                                         conflict with your duties as CEO and President of the Company and ESSA Pharma. 

 

 

 

 

 

 

 

 

 

 

 

20

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