Document:

ex-10.3

  Personal Information in this Agreement has been redacted.
 MINING ROYALTY AGREEMENT
  
 MINERA POLYMET SpA
  
 TO
  
 JOAO MANUEL BARREIROS DA COSTA
  
 Santiago de Chile, 29 of July of 2020, by and between:
  
  
 (1)MINERA POLYMET SpA, a profit-seeking private legal entity, RUT 76.975.206-9, constituted in accordance with the laws of the Republic of Chile, company whose line of business is as its name indicates, conventionally represented in this act by Andrea Dawson Ahumada both with address, for these purposes, in Av. Vitacura 5250, OF 802, Vitaucra Santiago, Chile (hereinafter, “POLYMET”); 
  
 and:
  
 (2)JOAO MANUEL BARREIROS DA COSTA, Canadian, divorced, self-employed businessman, passport  No. [redacted], domiciled for these purposes in [redacted], hereinafter the “BENEFICIARY”, and together with the POLYMET, as the “Parties”; 
  
 The Parties agree on the following:
  
  
 FIRST: DEFINITIONS.
 ONE. ONE. For purpose of the present, the Parties agree that the terms indicated below will have the following meanings:
  
 (i)Annex A: is the detail of the calculation of the Royalty agreed in the THIRD clause of this instrument. 
  
 (ii)Audit: has the meaning assigned to it in Section FOUR.TWO. of this agreement. 
  
 (iii)Beneficiary: is the person who receives the Royalty, as indicated at the beginning of this contract. 
  
 (iv)Chilean Public Authorities: means any national, regional, provincial, municipal or autonomous authority of the Republic of Chile and its Executive, Legislative or Judicial Branch. 
  
 (v)Agreement, or Royalty Agreement: is the present agreement or convention. 
  
 (vi)Business day: means the days in which the Chilean Public Authorities are authorized by law to do their activities, and also those days in which the Chilean an Canadian banks are obliged or authorized by law to carry out their activities. 
  
 (vii)Royalty Warranty: means the bank guarantee in favor of the Beneficiary, in order to guarantee the payment of the Royalties, as described and detailed in Section FIVE.TWO. of the present. 
  
 (viii)IVA: means Value Added Tax (VAT) 
  
 (ix)Liquidation of Royalty: it has the meaning assigned to it in Section FOUR. ONE. Of this agreement. 
  
 (x)Mineral: means the concessible mineral natural substances, of the mineral kingdom located inside the perimeter of a mining concession, in accordance with the Chilean Mining Code . 
  
 (xi)Parties: are POLYMET and the Beneficiary. Individually also referred to as “Party”. 
  
 (xii)Price of reference: is the price parameter indicated in the section 3.2 of the Third Clause. 
 
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 (xiii)Mining Properties: refers to the Mining Properties belonging to POLYMET that are detailed in Annex B. 
  
 (xiv)Royalty: has the meaning established in Section THREE.ONE. of this Agreement. 
  
 (xv)Company: MINERA POLYMET SpA. 
  
 (xvi)Exchange rate: All payments will be made in pesos at the “Observed Dollar” exchange rate published by the Central Bank of Chile, corresponding to the day before of the effective payment date. 
  
 (xvii)USD: means United States Dollars. 
  
 (xviii)Gross Sales: means the sum between: 
 a)The highest value between: 
 (i)Mineral sales, net of IVA (VAT), actually made; and, 
 (ii)Net sales of IVA (VAT) calculated based on the average Reference Price of the period (quarter or other period considered in the determination of the Royalty) multiplied by the metric tons of Copper, Gold, Cobalt, Silver content in the Mineral. 
 And
  
 b)The net sales of IVA (VAT) of Mineral derivatives or other products obtained as a result of the exploitation of the Mining Properties. 
  
 All the previous cases refer to Mineral, its derivatives or other products extracted or produced as a result of the exploitation of the Mining Properties by the Companies, their operators or successors in those Mining Properties, either for local sale or export.
  
  
 ONE.TWO.  In this Agreement:
  
 (i)The definitions and terms shall apply identically to the singular and plural forms of the defined terms; 
  
 (ii)When it is removed from the context, any pronoun will include the corresponding masculine, feminine and neutral forms; 
  
 (iii)The words “include” and “including” shall be followed by the phrase “without limitation”; 
  
 (iv)When it is indicated that a Party will “do” something, it will be understood with the same meaning and effect as the phrase “must do”; 
  
 (v)Any definition or reference to another agreement, contract, document, instrument or other record shall be construed as referring to such agreement, contract, document, instrument or other record in the manner in which they are modified, supplemented, recast or otherwise amended (subject to any restrictions contained in the modifications, supplements or amendments to the foregoing) 
  
 (vi)The word “in this instrument”, “of this instrument”, “under this instrument”, and “in the present” and other similar words, shall be construed as a reference to this Agreement in its entirety and not to one of its provisions in particular; 
  
 (vii)All references to Sections and Annexes shall be construed as references to the Sections and Annexes of this Agreement; and 
  
 (viii)The headings and titles used in this Agreement are only to facilitate the reference and will not affect or be considered for the interpretation of this Agreement. 
  
 
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SECOND: OBJECT.
 POLYMET, declares to be the exclusive owner of the following Exploitation Mining Concessions Constituted or in Process as indicated in each case, hereinafter the “Mining Properties”:
  
 (i)“Farellon Alto I to VIII”: whose domain is registered in pages 132, No. 26, of the Property Registry corresponding to 2008, of the Conservador de Minas de Freirina. Its National Role corresponds to No. 033030156-2; 
  
 (ii)“Cecil 1 to 49”: whose domain is registered in pages 185, No. 35, of the Property Registry corresponding to 2008, of the Conservador de Minas de Freirina. Its National Role corresponds to No. 033030329-8; 
  
 (iii)“Azúcar 6 to 25”: whose domain is registered in pages 600, No. 110, of the Property Registry corresponding to 2013, of the Conservador de Minas de Freirina. Its National Role corresponds to No. 033030342-5; 
  
 (iv)“Kahuna 1 al 40”: whose domain is registered in pages 599, No. 109, of the Property Registry corresponding to 2013, of the Conservador de Minas de Freirina. Its National Role corresponds to No. 033030360-3; 
  
 (v)“Stamford 61 to 101”: whose domain is registered in pages 597, No. 107, of the Property Registry corresponding to 2013, of the Conservador de Minas de Freirina. Its National Role corresponds to N° 033030334-4; 
  
 (vi)“Teresita”: whose domain is registered in pages 598, No. 108, of the Property Registry corresponding to 2013, of the Conservador de Minas de Freirina. Its National Role corresponds to No. 033030361-1; 
  
 (vii)“Quina 1-56”: whose domain is registered in pages 96, No. 26, of the Property Registry corresponding to 2011, of the Conservador de Minas de Freirina. Its National Role corresponds to No. 033030398-0; 
  
 (viii)“Exeter 1-54”: whose domain is registered in pages 8, No. 2, of the Property Registry corresponding to 1998, of the Conservador de Minas de Freirina. Its National Role corresponds to No. 033030336-0; 
  
 (ix)“Perth 1-36”: whose domain is registered in pages 36, No. 9, of the Property Registry corresponding to 2011, of the Conservador de Minas de Freirina. Its National Role corresponds to No. 033030383-2; 
  
 (x)“Rey Arturo 1-30”: whose domain is registered in pages 92, No. 50, of the Property Registry corresponding to 2018, of the Conservador de Minas de Freirina. Its National Role corresponds to No. 033021983-1; 
  
 (xi)“Lancelot I 1-27”: whose domain is registered in pages 444, No. 88, of the Property Registry corresponding to 2017, of the Conservador de Minas de Freirina. Its National Role corresponds to No. 033020283-2; 
  
 (xii)Lancelot II 1-40”: whose domain is registered in pages 257, No. 125, of the Discoveries Registry corresponding to 2019, of the Conservador de Minas de Freirina. Its National Role corresponds to No. 033030690-4 (in process); 
  
 (xiii)“Tristan II B 1 al 4”: whose domain is registered in pages 477, No. 263, of the Discoveries Registry corresponding to 2019, of the Conservador de Minas de Copiapó. Its National Role corresponds to No. 03201D251-1 (in process); 
  
 (xiv)“Tristan II A 1 al 60”: whose domain is registered in pages 475, No. 262, of the Discoveries Registry corresponding to 2019, of the Conservador de Minas de Copiapó. Its National Role corresponds to No. 03201D264-3 (in process); 
 
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(xv)“Galahad I A 1 al 44”: whose domain is registered in pages 483, No. 266, of the Discoveries Registry corresponding to 2019, of the Conservador de Minas de Copiapó. Its National Role corresponds to No. 03201D252-k (in process); 
  
 (xvi)“Galahad I B 1 al 3”: whose domain is registered in pages 485, No. 267, of the Discoveries Registry corresponding to 2019, of the Conservador de Minas de Copiapó. Its National Role corresponds to No. 03201D255-4(in process); 
  
 (xvii)“Galahad I C 1 al 60”: whose domain is registered in pages 487 vuelta, No. 268, of the Discoveries Registry corresponding to 2019, of the Conservador de Minas de Copiapó. Its National Role corresponds to No. 03201D254-6 (in process); 
  
 (xviii)“Camelot 1 al 60”: whose domain is registered in pages 479, No. 264, of the Discoveries Registry corresponding to 2019, of the Conservador de Minas de Freirina. Its National Role corresponds to No. 03201D253-8 (in process); 
  
 (xix)“Percival 4 1 al 60”: whose domain is registered in pages 481, No. 265, of the Discoveries Registry corresponding to 2019, of the Conservador de Minas de Copiapó. Its National Role corresponds to No. 03201D256-2 (in process); 
  
 (xx)“Merlín I B 1 al 10”: whose domain is registered in pages 263, No. 127, of the Discoveries Registry corresponding to 2019, of the Conservador de Minas de Freirina. Its National Role corresponds to No. 033030692-0 (in process); 
  
 (xxi)“Merlín I A 1 al 48”: whose domain is registered in pages 260, No. 126, of the Discoveries Registry corresponding to 2019, of the Conservador de Minas de Freirina. Its National Role corresponds to No. 033030692-0 (in process); 
  
  
 THIRD: ROYALTY.
 THREE.ONE.  Royalty: POLYMET, its operators or successors in the Mining Properties, as soon as it initiates or restarts the operation, exploitation and consequent sale of Mineral and other materials it will be obliged to pay quarterly to the BENEFICIARY a percentage of the total of the Gross Sales of mineral extracted from the Mining Properties corresponding to each quarter, as stipulated in Annex A of this instrument.
  
 THREE.TWO. Price of References POLYMET, its operators or successors in the Mining Properties, will pay the BENEFICIARY a Price of Reference of the Gross Sales that will be calculated under the following parameters:
  
 For its determination and calculation, the Reference Price is understood with respect to a certain unit of mineral product, such as tons, grams, ounces or any other unit of measurement, without any deduction of expenses or taxes or levies or royalties or penalties or for any other concept, received by the buyer or acquired of the mineral product, including any refinery, smelter, processor, company or any other person, multiplied by the number of units of mineral product sold or transferred by the buyer to said acquirer.
  
 Sales or transfers of mineral product by the buyer must always be made under market conditions, unless the Beneficiary expressly and previously accepts in writing the sale or transfer of the mineral product under other conditions. In this regard, for these purposes, the “spot” sale price (which is the price for immediate sales or transfers) for the relevant mineral product that is commonly and routinely used in the corresponding market will be considered. In the case of gold, silver and copper for these purposes, the following will be considered as the corresponding spot prices:
  
 a) For gold: The daily average of the price called “AM / PM LBMA Gold Price”, expressed in United States dollars per ounce, calculated by the ICE Benchmark Administration (IBA) platform will be used as the “spot” price. ) (as published correctly by the LBMA), averaged over the contribution period defined in the relevant contract;
 
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b) For silver: The official daily price called “LBMA Silver Price”, expressed in United States dollars per ounce, calculated on the CME Group's electronic tender platform (and such as it is correctly published by the LBMA shortly after 12:00 pm GMT), averaged over the contribution period defined in the corresponding contract; and
  
 c) For copper: The price set daily by the London Metal Exchange (“LME”), called “Copper Grade 'A' Cash Settlement Price” in dollars of the United States of America per metric ton will be used as the “spot” price. (as correctly published by Platt's Metal Week), averaged over the listing period defined in the relevant contract.
  
 In the event that these price definitions do not continue to apply, those that replace them will be used and are commonly and routinely used in the corresponding markets.
  
 Future contracts or options or any other type of derivatives will not be considered sales under market conditions to the extent that they are priced below the spot market price. In this sense, in the case of sales or transfers of mineral product derived from futures contracts or options or derivatives that have a lower price than the “spot” sale price for said product, for purposes of calculating and paying the GSR with respect to such sales or transfers must be used at the spot sale price that is commonly paid and currently in the corresponding market for such mineral product on the day the relevant payment is received by the buyer. In the event that the price of sales derived from such futures contracts or options or derivatives is higher than the “spot” sale price in the respective market, said higher price will be used for the calculation and payment of the GSR. In addition, in the event that the buyer decides to use futures contracts, options or other derivatives, he must always do so in a contract separate from the physical material sales contract.
  
 On the other hand, no sale or transfer of mineral product may be made in situ in the corresponding mine or mines located in the Mining Concessions, unless the Seller expressly and previously accepts in writing and written sale or transfer.
  
 The buyer must always record gross sales in his accounting, from the moment he receives payment for them, in accordance with accounting principles generally accepted in Chile.
  
 THREE.THREE. Term for the payment: The Royalty will be paid by POLYMET, its operators or successors in the Mining Properties, quarterly, within 60 days after the end of the respective calendar quarter.
  
 THREE. FOUR. Royalty Payment: The Royalty will be paid by POLYMET, its operators or succesors in the Mining Properties, to the BENEFICIARY according to the Mining Property from which the minerals have been extracted and in proportion to such extraction. In this sense, the Royalty corresponding to minerals extracted from:
  
 (i)“Farellon I to VIII”: 0,30% will be paid. 
  
 (ii)“Cecil 1 to 49”: 0,50% will be paid. 
  
 (iii)“Azúcar 6/25”: 0,50% will be paid. 
  
 (iv)“Kahuna 1/40”: 0,50% will be paid. 
  
 (v)“Stamford 61/101”: 0,50% will be paid. 
  
 (vi)“Teresita”: 0,50% will be paid. 
  
 (vii)“Quina 1-56”: 0,30% will be paid. 
  
 (viii)“Exeter 1-54”: 0,30% will be paid. 
  
 (ix)“Perth 1-36”: 0,50% will be paid. 
  
 (x)“Rey Arturo 1-30”: 0,50% will be paid. 
 
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(xi)“Lancelot I 1-27”: 0,50% will be paid. 
  
 (xii)“Lancelot II 1-40”: 0,50% will be paid. 
  
 (xiii)“Tristan II A 1 to 60”: 0,50% will be paid. 
  
 (xiv)“Tristan II B 1 to 4”: 0,50% will be paid. 
  
 (xv)“Galahad I A 1 to 44”: 0,50% will be paid. 
  
 (xvi)“Galahad I B 1 to 3”: 0,50% will be paid. 
  
 (xvii)“Galahad I C 1 al 60”: 0,50% will be paid. 
  
 (xviii)“Camelot 1 al 60”: 0,50% will be paid. 
  
 (xix)“Percival 4 1 to 60”: 0,50% will be paid. 
  
 (xx)“Merlín I B 1 to 10”: 0,50% will be paid. 
  
 (xxi)“Merlín I A 1 al 48”: 0,50% will be paid. 
  
  
 The BENEFICIARY will receive the payment of the Royalty derived from the Mining Properties, as agreed by the parties, either in cash, nominative check, deposit or bank/wire transfer into the current account of the Bank duly provided by the Beneficiary. Royalties may not be paid by payment in kind, unless both parties agree in writing. Any change in the aforementioned Beneficiaries accounts must be notified in a timely manner and in writing to POLYMET.
  
 THREE.FIVE. Validity and Term of the Royalty: The Royalty will begin to accrue from the date of the first sale of ore or other products that is made after this date by POLYMET and will remain in force as soon as maintain the commercial exploitation of the Mining Properties and, in any case, at least for 120 years counted from this date.
  
 THREE.SIX. No Royalties for different or new Mining Properties: POLYMET will pay the Royalty based on Gross Sales, exclusively in relation to Minerals or other materials that are extracted or linked to the POLYMET Mining Properties identified in the SECOND clause of this instrument.
  
 THREE.SEVEN. Absence of Obligation to Extract and Sell: POLYMET - at its sole discretion - will decide the extent of its extractive activities in the Mining Properties and the time at which they will begin, continue or restart their mining operations in them, as well as the processing methods and policies for the sale of minerals.
  
 Notwithstanding the foregoing, if after the expiration of two years from the signing of this document, the exploitation of the Mining Properties has not begun, POLYMET will pay annually to the Beneficiaries the equivalent amount in pesos, national currency, of $10.000 dollars of the United States of America, on account of advances of the payment of the royalty that is accrued once the Commercial Production begins. The first payment of the aforementioned amount will be made once the referred two-year term has expired and will be extended for a maximum of 20 years.
  
 THREE. EIGHT. Storage. POLYMET will be authorized to collect or store mining products produced from the Mining Properties, in the understanding that said stockpiles or stored rocks will not be subject to the payment of Royalty, until the product of its sale enters to POLYMET.
  
 THREE. NINE. Royalty price. As consideration for the royalty constituted in favor of the BENEFICIARY, the latter is obliged to pay in this act the amount of USD $ 1,000.-, those who pay in this act in cash, declaring POLYMET to receive it to its fullest satisfaction and satisfaction.
 
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 FOURTH: CALCULATION OF THE ROYALTY. APPROVAL OR AUDIT.
 FOUR. ONE. Declaration and approval. All royalty payments will be accompanied by a detailed settlement to allow the Beneficiary to understand the calculation method of said Royalty (the "Royalty Settlement"). The calculation of the royalty will be made in accordance with what is agreed in Annex A of this instrument.
  
 Each Royalty Settlement shall include the number of ounces, pounds or tons, as the case may be, sold during the applicable period, income from the sale, as well as any other pertinent information.
  
 FOUR. TWO. Audits. At any reasonable opportunity, but not more than once per calendar year, during normal business hours and on a Business Day, and with a prior notice of at least 15 Business Days, POLYMET will allow the BENEFICIARY, acting reasonably and at its own expense, through its directors, employees and / or representatives, may review audit, examine and obtain copies of their books and records that contain information related or required for the calculation of the Royalties (the "Audit").
  
 In the case of observations or objections from the BENEFICIARY of the Royalty, it will have a term of 30 calendar days from the date of the end of the Audit to present these observations to POLYMET, who in turn will have a term of 30 calendar days counted from the receipt of the claim to respond to it.
  
 The response of POLYMET must be presented by a representative to the BENEFICIARY, who within a period of 10 Business Days must resolve the difference. In the absence of agreement of said representatives, the Parties may resort to the Arbitration stipulated in section NINE. TWO. of the NINTH clause of this instrument.
  
 If the Audit or the arbitration concludes that the Royalty was paid within a margin of error of less than ten percent (10%) of what was agreed for the corresponding period, then no difference will be paid to the BENEFICIARY.
  
 FIFTH: BREACH AND WARRANTY.
 FIVE. ONE.  Breach. POLYMET is not currently performing exploitation and gross sales; therefore, POLYMET will pay the Royalties as soon as the operation, exploitation and consequent sale of Mineral and Other Materials, in the form and the terms foreseen in the present, recommences.
  
 FIVE. TWO.  Royalty Warranty. To guarantee the payment of the Royalty, each year, in advance, POLYMET or its successors in the Mining Properties, shall constitute in favor of the BENEFICIARY a bank guarantee of annual validity, of immediate execution and payable, taken in favor of the BENEFICIARY by the sum of USD10,000 or its equivalent in pesos, in order to guarantee the faithful and timely payment of the Royalty. In case of breach by the POLYMET with the payment of all or part of the amount corresponding quarterly by Royalties, the BENEFICIARY shall be entitled to collect that bank guarantee, applying its amount to the respective debt. In that case, within a period of 15 days from the receipt of the previous guarantee, the POLYMET or successors in the Mining Properties will be obliged to grant a new bank guarantee - identical to the aforementioned one - for the same amount in order to guarantee the payment of the royalty for the period remaining to complete the respective year.
  
 In this way, each year POLYMET or its successors in the Mining Properties must set up and deliver to the BENEFICIARY, in advance, a bank guarantee such as the one indicated to guarantee the payment of the Royalty for all the respective year. The delivery of the bank guarantee must be made to the BENEFICIARY within the period between 30 and 15 days prior to the expiration of the current guarantee. If this does not occur, the BENEFICIARY shall be entitled to collect the guarantee that is in force for the purposes set forth in this section. The foregoing is without prejudice to the obligation of POLYMET to constitute and deliver the new guarantee for the respective year.
  
 To guarantee the payment of the Royalty for the first year, POLYMET must set up and deliver the first bank guarantee within 30 days from the first sale of Mineral and / or other materials.
  
 POLYMET renounces from now to perform any management, of any nature, designed to prevent, delay or limit the collection of bank guarantees that are constituted as agreed in this section, as the collection of these guarantees does not generate them or cause them any damage.
 
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FIVE. THREE. Term of validity and renewal: The Guarantee of Regalia will begin its validity once the ninety (90) calendar days have elapsed since the third (3) anniversary of the signing of this agreement, and will remain valid for one (1) year, and must be renewed annually until the termination of the obligation to pay royalties by the POLYMET, as explained.
  
 In the event that the BENEFICIARY executes the Royalty Guarantee and that there are still balances without paying, then from there and only then may they resort to the arbitration process established in this agreement.
  
 SIXTH: ANTICIPATED TERMINATION OF THE ROYALTY.
 This Agreement, including the obligation to pay and the right to collect Royalty, may terminate before the expiration of the agreed period, extinguishing all of its rights and obligations, without liability for any of the Parties and without right of claim, for the following causal:
  
 1) In case both Parties agree in writing the termination of this Contract.
  
 2) In the event that, for any reason, the Mining Properties are transferred to the BENEFICIARY.
  
 3) In the event that POLYMET decides to abandon all or part of the Mining Properties, either for technical, commercial and / or economic reasons, but in order to do so, previously its transfer must be offered to the BENEFICIARY who will have the right to buy them in the unit price of one United States of America dollar for each Mining Property, and those that must be transferred without reservations or exclusions.
  
 4) In the event that the Mining Properties are transferred to third parties by judicial order caused by litigation or liabilities of POLYMET prior to the signing of this Contract.
  
  
 SEVENTH: PROHIBITION OF TRANSFER.
 The parties agree to prohibit the sale, assignment or transfer to any title of the rights and obligations that correspond to each of them in this contract, unless you observe what is stated below:
  
 SEVEN.ONE.  Assignment to a subsidiary: The Parties may assign, sell or transfer to any subsidiary or controlled subsidiary, all or part of the rights and obligations established in this Contract or its annexes or the agreements signed between them with this same date. For this, the respective party must send a notification to the other Party, in which they must indicate the background that justifies the aforementioned relationship of subsidiary or subsidiary. If the assignment, sale or transfer is performed by POLYMET, in addition to the foregoing, they must prove justified and previously to the BENEFICIARY that the subsidiary or subsidiary company has sufficient solvency to comply with the payments established in favor of the BENEFICIARY in this contract.
  
 SEVEN. TWO. Assignment to Third Parties: In the event that a Party wishes to assign, sell or transfer to a third party all or part of its rights and obligations established in this Contract or its annexes or in the agreements signed between them with this same date, it must have prior authorization and in writing by the other Party, which may not deny it without just cause.
  
 SEVEN. THREE. Transfer conditions:
 The Parties agree that in any eventual assignment, sale or transfer made by them as indicated in this section must be recorded in writing:
  
 (i) compliance on your part with all the requirements indicated for each case in paragraphs SEVEN. ONE. and SEVEN. TWO. previous, as appropriate;
  
 (ii) it must expressly agree, and without any kind of reservation on the part of the respective third party, that the latter will assume in this contract the position of the party with which he signed that assignment, sale or transfer, and that therefore will be absolutely opposable and enforceable, according to the position that it assumes, all the rights and obligations of any kind that correspond to the BENEFICIARY or POLYMET as agreed in this contract;
 
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(iii) that the third party will be obliged to replicate and expressly establish -without reservations of any kind- what is indicated in points (i), and (ii) above in any assignment, sale or transfer that, in turn, I may have made in accordance what is established in this contract, and so on; and,
  
 (iv) that in all these contracts the obligation of the respective parties to accept without reservation both the prohibition contained in this SEVENTH clause and the obligation to register it in the relevant Registers of the competent Conservador de Minas and in the public records that is applicable.
  
 What is agreed in clause SEVENTH will also apply:
  
 (i) to the possible mergers that POLYMET may agree with third parties; and,
 (ii) to any divisions or transformations agreed by POLYMET.
  
 SEVEN. FOUR. The parties are obliged to register in the relevant Registers of the competent Mining Curator and in the public records that the prohibition agreed in this SEVENTH clause is applicable.
  
 SEVEN. FIVE. Failure to comply with the provisions of this SEVENTH clause will be jointly and severally liable to the parties of the respective contract of sale, assignment or transfer of all the damages that this may generate to the Beneficiaries.
  
 SEVEN. SIX. In the event of a transfer of the Royalty by the Beneficiaries, or whoever succeeds or represents them, they will have the right to request the geological, metallurgical, operative, production, sale information of the Minerals or Other Materials and other Mining Properties that it is deemed convenient to offer the Royalty to third parties, subject to the condition that said third party is subject to a confidentiality obligation in writing, in the terms indicated by POLYMET.
  
 EIGHTH: NOTICES.
 All notice, consent, or other notice required or permitted under this Agreement must be in writing in English, and shall be understood to be delivered when specifically received at the POLYMET addresses, and the BENEFICIARY indicated below, unless otherwise indicated in another part of this instrument. Notices must be sent as indicated below:
  
 In case of POLYMET:
  
 Av. Vitacura 5250, Of 802, Vitacura
  
 In case of JOAO MANUEL BARREIROS DA COSTA:
  
 [redacted] Canada
  
 Any of the Parties may modify their address, contact person and other information established for the purpose of sending or receiving communications, for which purpose, they must inform the other Party in writing by registered letter addressed to the address indicated in this clause and the Modification shall only take effect between the Parties once ten calendar days have passed since the date of deposit of the respective letter in the mail.
  
 Notwithstanding the foregoing, during the entire term of this Agreement, the BENEFICIARY is obliged to maintain in Chile a single authorized representative duly representing them, with residence in the country, and to promptly inform of such designation or modification thereof. POLYMET. That agent must be appointed by public deed granted in Chile, must be able to act on behalf of the BENEFICIARY with the powers of both paragraphs of Art. 7 of the Código de Procedimiento Civil (Civil Procedure Code) and be empowered to be legally notified on behalf of the BENEFICIARY of lawsuits or legal actions. If the BENEFICIARY modifies the designation of its sole common agent, in that same act they must designate as agreed in this instrument.
  
 Likewise, and without prejudice to the foregoing, during the entire term of this Contract, POLYMET is obliged to maintain in Chile a single authorized representative duly represented, with residence in the country, and to inform in a timely manner of that designation or your modification to the BENEFICIARY. That agent must be appointed by 
 
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public deed granted in Chile, must be able to act on behalf of POLYMET with the powers of both paragraphs of art. 7 of the Código de Procedimiento Civil (Civil Procedure Code) and be empowered to be legally notified on behalf of POLYMET of lawsuits or legal actions. If POLYMET modifies the designation of its sole common agent, in that same act they must designate as agreed upon in this instrument.
  
 NINTH: APPLICABLE LAW, JURISDICTION AND ARBITRATION.
 NINE. ONE. Applicable Law: this Contract, the legal relations between the Parties and any action, whether contractual or non-contractual, that is impelled by any Party with respect to the matters arising from, relating to or arising from this Agreement, shall be governed by and shall be interpreted in accordance with the laws of the Republic of Chile, excluding provisions on conflict of laws.
  
 NINE. TWO. Arbitration: any difficulty or controversy that occurs between the contracting parties regarding the application, interpretation, duration, validity or execution of this contract or any other reason, which cannot be resolved by the Parties within thirty (30) consecutive days from counting of the notification of said difficulty, it will be submitted to arbitration, in accordance with the Arbitration Procedural Regulations of the Arbitration and Mediation Center of Santiago, in force at the time of request.
  
 The Parties confer irrevocable special power to the Cámara de Comercio de Santiago AG (Chamber of Commerce of Santiago AG), so that, at the written request of any of them, it designates an arbitrator regarding the procedure and of law regarding the ruling, from among the members of the arbitration body of the Centro de Arbitraje y Mediación de Santiago A.G (Arbitration and Mediation Center of Santiago), who has worked for at least ten years as Professor of Civil Law, Commercial Law, Economic Law or Mining Law at the Law School of the Universidad de Chile or the Pontificia Universidad Católica de Chile.
  
 There will be no appeal against the arbitrator's resolutions, except for the ordinary and extraordinary appeals that, according to the law, proceed with respect to the final judgment, which will be known by a second instance arbitral tribunal of the same nature. The Parties confer irrevocable special power to the Chamber of Commerce of Santiago A.G. so that, at the written request of any of them, it designates the arbitral tribunal of second instance, composed of three members of the arbitration body of the Center for Arbitration and Mediation of Santiago, who have worked for at least ten years as a professor of Civil Law, Commercial Law, Economic Law or Mining Law at the Law School of the University of Chile or the Pontifical Catholic University of Chile.
  
 There will be no appeal against the decisions of the second instance court, except for the ordinary and extraordinary appeals that, according to the law, proceed against the final judgment. The court of first instance, as well as the second court, will be specially empowered to resolve any matter related to its jurisdiction and/or competence.
  
 Each Party may challenge, without the need to express cause, up to two arbitrator names proposed by the Chamber in both the first and second instance.
  
 The arbitration will take place in Santiago, Chile, at the headquarters of the Arbitration and Mediation Center of the Chamber of Commerce of Santiago A.G., and will be carried out in Spanish.
  
 TENTH: MISCELLANEOUS.
 TEN. ONE. Absence of a Company: nothing stated in this instrument or its Annexes may be construed as creating, either expressly or implicitly, a joint venture or association, mining company, commercial company or other corporate relationship of any kind or imposing on any of the Parties any duty, obligation or liability of a corporate nature or any duty, obligation or responsibility of a fiduciary nature with respect to the other Party concurrent to this act.
  
 TEN. TWO. Expenses: Each Party shall pay the costs, expenses, fees, advisors and taxes incurred in the negotiation, execution and execution of its obligations under this Contract.
  
 ELEVENTH: FACULTY.
 The appearing parties grant irrevocable power to the attorneys Ms. Andrea Dawson Ahumada and Ms. Amelia Salime Mansur Tapia so that, acting individually and separately, they can clarify, complement or rectify what was agreed in this contract, with the purpose of being able to obtain the proper registration, sub-registration, registration 
 
 Page 10 of 11
 
  
or annotation of the same in the relevant public records. To this end, the attorneys, acting in the manner indicated, may sign all kinds of instruments, whether public or private, and agree on all the clauses thereof, whether of the essence, nature or merely accidental, that are necessary for the compliance with the aforementioned object. The faculty previously granted shall survive, however, the death, incapacity or dissolution of one or all of the parties.
  
 TWELFTH: FACULTY TO BEARER.
 The parties irrevocably authorize the holder of an authorized copy of this public deed to request and sign the inscriptions, sub-inscriptions and annotations that correspond in law in the relevant public records. The faculty previously granted shall survive, however, the death, incapacity or dissolution of one or all of the parties.
  
 LEGAL CAPACITY OF REPRESENTATIVE.
  
 The legal capacity of Mr. Andrea Dawson Ahumada to act on behalf of POLYMET consists of a public deed dated 23 august 2016, granted at the Notary Public of Francisco Leiva, 2°Notaria Santiago, repertorio N°50.361-2016
  
 Each of the respondents declares that they have sufficient powers and faculties to represent their respective constituents and that the latter accept without reservation what is agreed in this contract, being personally liable to their counterparts for all damages that may arise for the latter. the possible inaccuracy of this statement.
  
 In proof and previous reading, the attendees sign. A copy was made and recorded in the Repertory Book with the number indicated. I Attest.
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
   
 
 Page 11 of 11Document

Exhibit 10.1

AMC Networks Inc. Amended and Restated 2016 Employee Stock Plan  

1. Purpose. The purpose of the AMC Networks Inc. 2016 Employee Stock Plan is to compensate employees of the Company and its Affiliates who are and have been largely responsible for the management and growth of the business of the Company and its Affiliates and to advance the interests of the Company by encouraging and enabling the acquisition of a personal proprietary interest in the Company by employees upon whose judgment and keen interest the Company and its Affiliates are largely dependent for the successful conduct of their operations. It is anticipated that such compensation and the acquisition of such proprietary interest in the Company will stimulate the efforts of such employees on behalf of the Company and its Affiliates, and strengthen their desire to remain with the Company and its Affiliates. It is also expected that such compensation and the opportunity to acquire such a proprietary interest will enable the Company and its Affiliates to attract and retain desirable personnel. 
This Plan replaces the AMC Networks, Inc. Amended and Restated 2011 Employee Stock Plan (as amended to the Effective Date, the “Prior Plan”) for Awards granted on or after the effective date set forth in Section 23 (the “Effective Date”).  Awards may not be granted under the Prior Plan beginning on the Effective Date, but this Plan will not affect the terms or conditions of any option, stock appreciation right, restricted share or restricted stock unit or other award made under the Prior Plan before the Effective Date except as provided in Section 5.
The amendments to this Plan will not affect the terms or conditions of any Award granted prior to the effective date of such amendments provided in Section 23. 
2. Definitions. When used in this Plan, unless the context otherwise requires:  
(a) “Affiliate” shall mean (i) any Entity controlling, controlled by, or under common control with the Company or any other Affiliate and (ii) any Entity in which the Company owns at least five percent of the outstanding equity interests of such Entity.  
(b) “Award” shall mean an Option, Right, Restricted Share or Restricted Stock Unit or other equity based award which is granted or made under the Plan.  
(c) “Award Agreement” shall mean an agreement which may be entered into by a Participant under the Plan and the Company, setting forth the terms and provisions applicable to Awards granted to such Participant.  
(d) “Board of Directors” shall mean the Board of Directors of the Company, as constituted at any time.  
(e) “Committee” shall mean the Compensation Committee of the Board of Directors, as described in Section 3.  
(f) “Company” shall mean AMC Networks Inc., a Delaware corporation.  
(g) “Consent” shall mean (i) any listing, registration or qualification requirement in respect of an Award or Share with respect to any securities exchange or under any federal, state or local law, rule or regulation, (ii) any and all written agreements and representations by the Participant with respect to the disposition of Shares, or with respect to any other matter, which the Committee may deem necessary or desirable to comply with the terms of any such listing, registration or qualification requirement or to obtain an exemption therefrom, (iii) any and all other consents, clearances and approvals in respect of an action under the Plan by any governmental or other regulatory body or any stock exchange or self-regulatory agency, (iv) any and all consents by the Participant to (A) the Company’s supplying to any third party recordkeeper of the Plan such personal information as the Committee deems advisable to administer the Plan and (B) the Company’s imposing sales and transfer procedures and restrictions on Shares delivered under the Plan and (v) any and all other consents or authorizations required to comply with, or required to be obtained under law.  
(h) “Entity” shall mean any business, corporation, partnership, limited liability company or other entity.  
(i) “Fair Market Value” on a specified date shall mean the closing price for a Share on the stock exchange, if any, on which such Shares are primarily traded, but if no Shares were traded on such date, the average of the bid and asked closing prices at which one Share is traded on the over-the-counter market, as reported on the NASDAQ Stock Market or any other stock exchange on which the Shares may be traded, or, if none of the above is applicable, the value of a Share as established by the Committee for such date using any reasonable method of valuation. Notwithstanding the generality of the foregoing, if the Company has established an electronic exercise program with a broker for the exercise of Options or Rights and the Shares 

Exhibit 10.1

underlying the Options are publicly traded, the Fair Market Value of a Share for purposes of net cashless exercise and withholding taxes shall be the price of a Share on such stock exchange at the time of exercise.  
(j) “GAAP” shall mean accounting principles generally accepted in the United States of America.  
(k) “Internal Revenue Code” shall mean the Internal Revenue Code of 1986, as amended.  
(l) “Options” shall mean the stock options granted pursuant to Section 6 hereof.  
(m) “Participant” shall mean any employee or former employee of the Company or any Affiliate who holds an outstanding Award granted under the Plan.    
(n) “Performance Criteria” shall mean a goal or goals established by the Committee and measured over a period or periods selected by the Committee, such goal(s) to constitute a requirement that must be met in connection with the vesting, exercise and/or payment of an Award under the Plan as specified by the Committee. The performance criteria may, without limitation, be determined by reference to the performance of the Company, an Affiliate or a business unit, product, production, network or service thereof or any combination of the foregoing. Such criteria may also be measured on a per customer, subscriber, viewer (or available viewer), basic or diluted share basis or any combination of the foregoing and may reflect absolute performance, incremental performance or comparative performance to other companies (or their products or services) determined on a gross, net, GAAP or non-GAAP basis, with respect to one or more of the following in each case without limitation: (i) net or operating income or other measures of profit, including, without limitation adjusted operating income (AOI); (ii) measures of revenue; (iii) earnings before interest, taxes, depreciation and amortization (EBITDA); (iv) cash flow, free cash flow, adjusted operating cash flow (AOCF), unlevered free cash flow, cash flow from operations and similar measures; (v) return on equity, investment, assets or capital; (vi) gross or operating margins or savings; (vii) performance relative to budget, forecast or market expectations; (viii) market share or penetration, subscriber or customer acquisition or retention, ratings or viewership; (ix) operating metrics relating to sales, subscriptions or customer service or satisfaction; (x) capital spending management or product or service deployments; (xi) achievement of strategic business objectives such as acquisitions, dispositions or investments; (xii) a specified increase in the fair market value of the Shares; (xiii) a specified increase in the private market value of the Company; (xiv) the Share price; (xv) earnings per share; and/or (xvi) total shareholder return.  
(o) “Plan” shall mean this AMC Networks Inc. 2016 Employee Stock Plan, as amended from time to time.  
(p) “Restricted Period” shall mean the period of time during which Restrictions shall apply to a Restricted Share, as determined by the Committee pursuant to Section 9 hereof.  
(q) “Restricted Shares” shall mean the Shares awarded pursuant to Section 9 hereof that are subject to restrictions upon their sale, assignment, transfer, pledge or other disposal or encumbrance as determined by the Committee.  
(r) “Restricted Stock Units” shall mean awards made pursuant to Section 10 hereof, each such unit representing an unfunded and unsecured promise to deliver a Share (or cash or other property equal in value to the Share).  
(s) “Restrictions” shall mean the restrictions upon sale, assignment, transfer, pledge or other disposal or encumbrance on a Restricted Share as determined by the Committee in respect of an Award of a Restricted Share pursuant to Section 9 hereof.  
(t) “Rights” shall mean stock appreciation rights granted pursuant to Section 7 hereof.  
(u) “Share” shall mean a share of AMC Networks Inc. Class A Common Stock, par value $0.01 per share.  
(v) “Subsidiary” shall mean any “subsidiary corporation,” as defined in Section 424(f) of the Internal Revenue Code.  
3. Administration. (a) The Plan shall be administered by the Committee, which shall consist of at least the minimum number of members of the Board of Directors required by Section 162(m) of the Internal Revenue Code. Such members shall be appointed by, and shall serve at the pleasure of, the Board of Directors. Except as otherwise determined by the Board of Directors, the members of the Committee shall be “non-employee directors” as defined in Rule 16b-3 of the Securities Exchange Act of 1934 (the “Exchange Act”); provided, however, that the failure of the Committee to be so comprised shall not cause any Award to be invalid. The Committee may delegate any of its powers under the Plan to a subcommittee of the Committee (which hereinafter shall also be referred to as the Committee). With respect to any actions taken in connection with 

Exhibit 10.1

an Award that is intended to be grandfathered from the amendments to Section 162(m) of the Internal Revenue Code implemented by the Tax Cuts and Jobs Act of 2017 (if any), the members of the Committee (or subcommittee) shall be “outside directors” to the extent required by Section 162(m) of the Internal Revenue Code; provided, however, that the failure of the Committee (or subcommittee) to be so comprised shall not cause any Award to be invalid. The Committee may also delegate (i) to any person who is not a member of the Committee or (ii) to any administrative group within the Company, any of its powers, responsibilities or duties. In delegating its authority, the Committee shall consider the extent to which any delegation may cause Awards to fail to be deductible under Section 162(m) of the Internal Revenue Code or to fail to meet the requirements of Rule 16(b)-3(d)(1) or Rule 16b-3(e) under the Exchange Act.  
(b) The Committee shall have full authority, subject to the terms of the Plan (including Section 19), to (a) exercise all of the powers granted to it under the Plan, (b) construe, interpret and implement the Plan and all Awards and Award Agreements, (c) prescribe, amend and rescind rules and regulations relating to the Plan, including rules governing its own operations, (d) make all determinations necessary or advisable in administering the Plan, (e) correct any defect, supply any omission and reconcile any inconsistency in the Plan, (f) amend the Plan, (g) grant Awards and determine who shall receive Awards and the terms and conditions of such Awards, including, but not limited to, conditioning the exercise, vesting, payout or other term or condition of an Award on the achievement of Performance Criteria, (h) amend any outstanding Award in any respect, including, without limitation, to (1) accelerate the time or times at which the Award becomes vested or unrestricted or may be exercised or at which Shares are delivered under the Award (and, without limitation on the Committee’s rights, in connection with such acceleration, the Committee may provide that any Shares delivered pursuant to such Award shall be Restricted Shares, which are subject to vesting, transfer, forfeiture or repayment provisions similar to those in the Participant’s underlying Award) or (2) waive or amend any goals, restrictions, conditions or Performance Criteria (subject to the requirements of Section 162(m) of the Internal Revenue Code, if applicable to the Award) applicable to such Award, or impose new goals or restrictions and (i) determine at any time whether, to what extent and under what circumstances and method or methods (1) Awards may be (A) settled in cash, Shares, other securities, other Awards or other property, (B) exercised or (C) canceled, forfeited or suspended or (2) Shares, other securities, cash, other Awards or other property and other amounts payable with respect to an Award may be deferred either automatically or at the election of the participant or of the Committee. Subject to the requirements of Section 162(m) of the Internal Revenue Code, if applicable to the Award, the enumeration of the foregoing powers is not intended and should not be construed to limit in any way the authority of the Committee under the Plan which is intended, to the fullest extent permitted by law, to be plenary. The Plan, and all such rules, regulations, determinations and interpretations, shall be binding and conclusive upon the Company, its stockholders and all Participants, and upon their respective legal representatives, heirs, beneficiaries, successors and assigns and upon all other persons claiming under or through any of them. Any provisions set forth in the Plan regarding deductibility under Section 162(m) of the Internal Revenue Code shall apply solely to any Awards that are intended to be grandfathered from the amendments to Section 162(m) of the Internal Revenue Code implemented by the Tax Cuts and Jobs Act of 2017.
(c) No member of the Board of Directors or the Committee or any employee of the Company or any of its Affiliates (each such person a “Covered Person”) shall have any liability to any person (including, without limitation, any Participant) for any action taken or omitted to be taken or any determination made in good faith with respect to the Plan or any Award. Each Covered Person shall be indemnified and held harmless by the Company against and from any loss, cost, liability or expense (including attorneys’ fees) that may be imposed upon or incurred by such Covered Person in connection with or resulting from any action, suit or proceeding to which such Covered Person may be a party or in which such Covered Person may be involved by reason of any action taken or omitted to be taken under the Plan and against and from any and all amounts paid by such Covered Person, with the Company’s approval, in settlement thereof, or paid by such Covered Person in satisfaction of any judgment in any such action, suit or proceeding against such Covered Person; provided that, the Company shall have the right, at its own expense, to assume and defend any such action, suit or proceeding and, once the Company gives notice of its intent to assume the defense, the Company shall have sole control over such defense with counsel of the Company’s choice. The foregoing right of indemnification shall not be available to a Covered Person to the extent that a court of competent jurisdiction in a final judgment or other final adjudication, in either case, not subject to further appeal, determines that the acts or omissions of such Covered Person giving rise to the indemnification claim resulted from such Covered Person’s bad faith, fraud or willful criminal act or omission. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which Covered Persons may be entitled under the Company’s Certificate of Incorporation or By-laws, as a matter of law, by agreement or otherwise, or any other power that the Company may have to indemnify such persons or hold them harmless.  
4. Participants. Except as hereinafter provided, all employees of the Company and its Affiliates shall be eligible to receive Awards under the Plan, except that Options that are intended to qualify as incentive stock options within the meaning of Section 422 of the Internal Revenue Code shall be granted only to employees of the Company or a Subsidiary. Nothing herein contained shall be construed to prevent the making of one or more Awards at the same or different times to the same employee.  

Exhibit 10.1

5. Share Limitations. (a) The Committee may make Awards under this Plan for up to an aggregate number of 12,000,000 Shares, which may be either treasury Shares or authorized but unissued Shares. To the extent that (i) an Award shall be paid, settled or exchanged or shall expire, lapse, terminate or be cancelled for any reason, in whole or in part, without the issuance of Shares, (ii) any Shares under an Award are not issued because of payment or withholding obligations or (iii) Restricted Shares shall revert back to the Company prior to the lapse of the Restrictions or be applied by the Company for purposes of tax withholding obligations, then the Committee may also grant Awards with respect to such Shares or Restricted Shares. To the extent that the number of performance-vested restricted stock units that vest under awards that the Company granted under the Prior Plan in 2016 result in the delivery by the Company of Shares exceeding the number of Shares that may be issued under the Prior Plan (the “Prior Plan Limit”), then the number of Shares that exceed the Prior Plan Limit shall be counted against the Share limit under this Plan. Awards payable only in cash or property other than Shares shall not reduce the aggregate remaining number of Shares with respect to which Awards may be made under the Plan and Shares relating to any other Awards that are settled in cash or property other than Shares, when settled, shall be added back to the aggregate remaining number of Shares with respect to which Awards may be made under the Plan. The maximum number of Shares that may be issued under the Plan shall be adjusted by the Committee as appropriate to account for the events provided for in Section 12 hereof. Any Shares with respect to which the Company becomes obligated to make Awards through the assumption of, or in substitution for, outstanding awards previously granted by an acquired entity, shall not count against the Shares available to be delivered pursuant to Awards under this Plan.  
(b) In no event shall any Participant be granted Awards during any one (1) calendar year for, or that relate to, an aggregate number of Shares exceeding 2,000,000. The maximum number of Shares underlying Awards that may be granted to an individual in any one (1) calendar year under the Plan shall be adjusted by the Committee as appropriate to account for the events provided for in Section 12 hereof.  
(c) If, after the Effective Date, the Company creates a new class of capital stock (a “new class”), then the Committee may grant Awards for shares of the new class.  Each share of the new class granted pursuant to an Award shall count against the Share limitation in Section 5(a) as one Share (or such other number as equitably determined by the Committee).  Effective as of the date on which any new class is created by an amendment to the Company’s Amended and Restated Certificate of Incorporation, “Share” shall mean a share of AMC Networks Inc. Class A Common Stock, par value $0.01 per share, or a share of such new class, as applicable.
6. Options. Options granted under the Plan shall be either incentive stock options, within the meaning of Section 422 of the Internal Revenue Code, or non-qualified options, as determined by the Committee in its sole discretion.  
(a) Terms and Conditions. The form, terms and conditions of each Option shall be determined by the Committee and shall be set forth in an Award Agreement. Such terms and conditions may include, without limitation, provisions relating to the vesting and exercisability of such Options as well as the conditions or circumstances upon which such Options may be accelerated, extended, forfeited or otherwise modified. The Committee may, in its sole discretion, establish one or more conditions to the vesting or exercise of an Option including, without limitation, conditions the satisfaction of which are measured by Performance Criteria; provided that, if such Option is designated as an incentive stock option, then such condition or conditions shall not be inconsistent with Section 422 of the Internal Revenue Code. Unless the Award Agreement specifies that the Option is an incentive stock option, it shall be a non-qualified stock option. All or any part of any Options granted to any Participant may be made exercisable upon the occurrence of such special circumstances or events as determined in the sole discretion of the Committee.  
(b) Exercise Price for Options. The exercise price per Share of the Shares to be purchased pursuant to any Option shall be fixed by the Committee at the time an Option is granted, but in no event shall it be less than the Fair Market Value of a Share on the day on which the Option is granted. Such exercise price shall thereafter be subject to adjustment as required by the Award Agreement relating to each Option or Section 12 hereof.  
(c) Duration of Options. The duration of any Option granted under this Plan shall be for a period fixed by the Committee but shall, except as described in the next sentence, in no event be more than ten (10) years. Notwithstanding the foregoing, an Award Agreement may provide that, in the event the Participant dies while the Option is outstanding, the Option will remain outstanding until the first anniversary of the Participant’s date of death, and whether or not such first anniversary occurs prior to or following the expiration of ten (10) years from the date the Option was granted.  
(d) Incentive Stock Options Granted to Ten Percent Stockholders. To the extent required by Section 422 of the Internal Revenue Code, no Option which is intended to qualify as an incentive stock option shall be granted under this Plan to any employee who, at the time the Option is granted, owns, or is considered owning, within the meaning of Section 422 of the Internal Revenue Code, shares possessing more than ten percent (10%) of the total combined voting power or value of all 

Exhibit 10.1

classes of stock of the Company or any Subsidiary, unless the exercise price under such Option is at least one hundred and ten percent (110%) of the Fair Market Value of a Share on the date such Option is granted and the duration of such option is no more than five (5) years.  
(e) Initial Exercisability Limitation. The aggregate Fair Market Value (determined at the time that an Option is granted) of the Shares with respect to incentive stock options granted in any calendar year under all stock option plans of the Company or any corporation which (at the time of the granting of such incentive stock option) was a parent or Subsidiary of the Company, or of any predecessor corporation of any such corporation, which are exercisable for the first time by a Participant during any calendar year shall not exceed $100,000, or, if different, the maximum allowed under Section 422 of the Internal Revenue Code.  
(f) Settlement of an Option. When an Option is exercised pursuant to Section 8 hereof, the Committee, in its sole discretion, may elect, in lieu of issuing Shares pursuant to the terms of the Option, to settle the Option by paying the Participant an amount equal to the product obtained by multiplying (i) the excess of the Fair Market Value of one Share on the date the Option is exercised over the exercise price of the Option (the “Option Spread”) by (ii) the number of Shares with respect to which the Option is exercised. The amount payable to the Participant in these circumstances shall be paid by the Company either in cash or in Shares having a Fair Market Value equal to the Option Spread, or a combination thereof, as the Committee shall determine at the time the Option is exercised or at the time the Option is granted.  
7. Rights. The Committee may grant to employees the right to receive such number of Rights, as determined by the Committee in its sole discretion.  
(a) Terms and Conditions. The form, terms and conditions of each Right shall be determined by the Committee and shall be set forth in an Award Agreement. Such terms and conditions may include, without limitation, provisions relating to the vesting and exercisability of such Rights as well as the conditions or circumstances upon which such Rights may be accelerated, extended, forfeited or otherwise modified. The Committee may, in its sole discretion, establish one or more conditions to the vesting or exercise of a Right including, without limitation, conditions the satisfaction of which are measured by Performance Criteria. All or any part of any outstanding Rights granted to any Participant may be made exercisable upon the occurrence of such special circumstances or events as determined in the sole discretion of the Committee.  
(b) Exercise Price for Rights. The exercise price of each Right shall be fixed by the Committee at the time a Right is granted, but in no event shall it be less than the Fair Market Value of a Share on the day on which the Right is granted. Such exercise price shall thereafter be subject to adjustment as required by the Award Agreement relating to each Right or Section 12 hereof.  
(c) Duration of Rights. The duration of any Right granted under this Plan shall be for a period fixed by the Committee but shall, except as described in the next sentence, in no event be more than ten (10) years. Notwithstanding the foregoing, an Award Agreement may provide that, in the event the Participant dies while the Right is outstanding, the Right will remain outstanding until the first anniversary of the Participant’s date of death, and whether or not such first anniversary occurs prior to or following the expiration of ten (10) years from the date the Right was granted. 
 (d) Settlement of Rights. Upon the exercise of any Rights, the Participant shall be entitled to receive from the Company an amount equal to the product obtained by multiplying (i) the excess of the Fair Market Value of one Share on the date the Rights are exercised over the exercise price of the related Right by (ii) the number of Shares to which such Rights are related. Such amount shall be paid in cash, in Shares having a Fair Market Value equal to such amount, or a combination of cash and Shares, as the Committee shall determine at the time the Right is exercised or at the time the Right is granted.  
8. Exercise of Options and Rights. (a) An Option or Right shall be exercised by the delivery to any person who has been designated by the Company for the purpose of receiving the same, of a written notice duly signed by the Participant (or the representative of the estate or the heirs of a deceased Participant) to such effect (or electronic notice in a manner, if any, previously approved by the Company). Unless the Company chooses to settle an Option in cash, Shares or a combination thereof pursuant to Section 6(f) hereof, the Participant shall be required to deliver to the Company, within five (5) days of the delivery of the notice described above, either cash, a check payable to the order of the Company, Shares duly endorsed over to the Company (which Shares shall be valued at their Fair Market Value as of the date preceding the day of such exercise) or any combination of such methods of payment, which together amount to the full exercise price of the Shares purchased pursuant to the exercise of the Option. Notwithstanding the preceding sentence, the Company may establish an electronic exercise program with a broker and the Company and the Participant may agree upon any other reasonable manner of providing for payment of the exercise price of the Option.  

Exhibit 10.1

(b) Except to the extent the Committee chooses to settle any Option or Right in cash pursuant to Section 6(f) or 7(d) hereof, within a reasonable time after exercise of an Option or Right the Company shall either issue to the Participant a certificate representing the Shares purchased pursuant to the exercise of the Option or Right or credit the number of such Shares to a book-entry account. To the extent the Committee chooses to settle any Option or Right in cash pursuant to Section 6(f) or 7(d), within a reasonable time after exercise of an Option or Right the Company shall cause to be delivered to the person entitled thereto a payment for the amount payable pursuant to the exercise of the Option or Right.  
9. Restricted Shares. The Committee may grant to employees the right to receive such number of Restricted Shares, as determined by the Committee in its sole discretion.  
(a) Issuance; Terms and Conditions. The form, terms and conditions of each Restricted Share shall be determined by the Committee and shall be set forth in an Award Agreement. Such terms and conditions may include, without limitation, the Restrictions upon such Restricted Shares, the dates as of which Restrictions upon such Restricted Shares will cease, and the conditions or circumstances upon which such Restricted Shares will be forfeited or otherwise modified. The Committee may, in its sole discretion, establish one or more Restrictions to the vesting of a Restricted Share that relate to the satisfaction of Performance Criteria.  
(b) Payment of Par Value. To the extent a Participant is required by law to pay to the Company the par value of a Restricted Share, such Participant shall have forty-five (45) business days from the date of such grant to pay to the Company, in cash or by check, an amount equal to the par value of a Share multiplied by the number of Shares or Restricted Shares which have been granted to the employee by the Committee. In such instances, if the Participant fails to make payment to the Company for such Shares or Restricted Shares within forty-five (45) business days of the grant thereof, the Company shall withhold, or shall cause to be withheld, the amount of such payment from compensation otherwise due the employee from the Company or any Affiliate. Unless the Committee determines otherwise, a Participant’s prior service with the Company or any of its Affiliates shall be deemed sufficient consideration for such Restricted Shares and no payment therefore (including, without limitation, for the par value of the Restricted Shares) shall be due from the Participant. Subject to the provisions of Section 15 hereof, the Committee, in its sole discretion, shall either issue to the employee a certificate representing such Restricted Shares or credit the number of such Restricted Shares to a book-entry account upon the payment due, if any, pursuant to this paragraph.  
(c) Restriction on Shares. In no event shall a Restricted Share be sold, assigned, transferred, pledged or otherwise disposed of or encumbered until the expiration of the Restricted Period which relates to such Restricted Share. All or any part of any outstanding Restricted Shares granted to any Participant may be vested in full and the Restrictions thereon shall lapse upon the occurrence of such special circumstances or events as determined in the sole discretion of the Committee.  
(d) Forfeiture of Restricted Shares. If Restricted Shares are forfeited pursuant to the terms of the Plan or an Award Agreement, such Restricted Shares shall revert back and belong to the Company. In the event that any Restricted Shares should be forfeited by the Participant, revert back and belong to the Company, any stock certificate or certificates representing such Restricted Shares shall be cancelled and the Restricted Shares shall be returned to the treasury of the Company. Upon the reversion of such Restricted Shares, the Company shall repay to the employee or (in the case of death) to the representative of the employee’s estate, the full cash amount paid, if any, to the Company by the employee for such Restricted Shares pursuant to Section 9(b) hereof.  
(e) Right to Vote and Receive Dividends on Restricted Shares. Each Participant shall, during the Restricted Period, be the beneficial and record owner of such Restricted Shares and shall have full voting rights with respect thereto. Unless the Committee determines otherwise, during the Restricted Period, all ordinary cash dividends (as determined by the Committee in its sole discretion) paid upon any Restricted Share shall be retained by the Company for the account of the relevant Participant. Such dividends shall revert back to the Company if for any reason the Restricted Share upon which such dividends were paid reverts back to the Company. Upon the expiration of the Restricted Period, all such dividends made on such Restricted Share and retained by the Company will be paid to the relevant Participant.   
10. Restricted Stock Units. The Committee may grant employees such number of Restricted Stock Units as it may determine in its sole discretion.  
(a) Terms and Conditions. The form, terms and conditions of each Restricted Stock Unit shall be determined by the Committee and shall be set forth in an Award Agreement. Such terms and conditions may include, without limitation, the conditions or circumstances upon which such Restricted Stock Unit will be paid, forfeited or otherwise modified, and the date or dates upon which any Shares, cash or other property shall be delivered to the Participant in respect of the Restricted Stock Units. The Committee may, in its sole discretion, establish one or more conditions to the vesting of a Restricted Stock Unit 

Exhibit 10.1

including, without limitation, conditions the satisfaction of which are measured by Performance Criteria. All or any part of any outstanding Restricted Stock Unit granted to any Participant may be vested in full or paid upon the occurrence of such special circumstances or events as determined in the sole discretion of the Committee.  
(b) Settlement of Restricted Stock Units. The Committee, in its sole discretion, may instruct the Company to pay on the date when Shares would otherwise be issued pursuant to a Restricted Stock Unit, in lieu of such Shares, a cash amount equal to the number of such Shares multiplied by the Fair Market Value of a Share on the date when Shares would otherwise have been issued. If a Participant is entitled to receive other stock, securities or other property as a result of an adjustment, pursuant to Section 12 hereof, the Committee, in its sole discretion, may instruct the Company to pay, in lieu of such other stock, securities or other property, cash equal to the fair market value thereof as determined in good faith by the Committee. Until the delivery of such Shares, cash, securities or other property, the rights of a Participant with respect to a Restricted Stock Unit shall be only those of a general unsecured creditor of the Company. 
(c) Right to Receive Dividends on Restricted Stock Units. Unless the Committee determines otherwise, during the period prior to payment of the Restricted Stock Unit, all ordinary cash dividends (as determined by the Committee in its sole discretion) that would have been paid upon any Share underlying a Restricted Stock Unit had such Shares been issued shall be paid only at the time and to the extent such Restricted Stock Unit is vested.  
11. Grant of Other Stock-Based Awards. The Committee may grant other types of equity-based or equity-related Awards (including unrestricted Shares) in such amounts and subject to such terms and conditions as the Committee shall determine. Such Awards may entail the transfer of actual Shares, or payment in cash or otherwise of amounts based on the value of Shares.  
12. Certain Adjustments. (a) In the event that any dividend or other distribution (whether in the form of cash, Shares, other securities, or other property), recapitalization, forward or reverse stock split, reorganization, merger, consolidation, spin-off, combination, repurchase, share exchange, liquidation, dissolution or other similar corporate transaction or event affects Shares such that the failure to make an adjustment to an Award would not fairly protect the rights represented by the Award in accordance with the essential intent and principles thereof (each such event, an “Adjustment Event”), then the Committee shall, in such manner as it may determine to be equitable in its sole discretion, adjust any or all of the terms of an outstanding Award (including, without limitation, the number of Shares covered by such outstanding Award, the type of property to which the Award is subject and the exercise price of such Award). In determining adjustments to be made under this Section 12(a), the Committee may take into account such factors as it determines to be appropriate, including without limitation (i) the provisions of applicable law and (ii) the potential tax or accounting consequences of an adjustment (or not making an adjustment) and, in light of such factors or others, may make adjustments that are not uniform or proportionate among outstanding Awards.  
(b) Fractional Shares or Securities. Any fractional shares or securities payable upon the exercise of an Award as a result of an adjustment pursuant to this Section 12 shall, at the election of the Committee, be payable in cash, Shares, or a combination thereof, on such bases as the Committee may determine in its sole discretion.  
13. No Rights of a Stockholder. A Participant shall not be deemed to be the holder of, or have any of the rights of a stockholder with respect to, any Shares subject to Options, Rights or Restricted Stock Units unless and until the Company shall have issued and delivered Shares to the Participant and said Participant’s name shall have been entered as a stockholder of record on the books of the Company. Thereupon, such Participant shall have full voting, dividend and other ownership rights with respect to such Shares. The Company will not be obligated to issue or deliver any Shares unless and until all legal matters in connection with the issuance and delivery of Shares have been approved by the Company’s counsel and the Company’s counsel determines that all applicable federal, state and other laws and regulations have been complied with and all listing requirements for relevant stock exchanges have been met.  
14. No Right to Continued Employment. Nothing in the Plan or in any Award Agreement shall confer upon any Participant the right to continued employment by the Company or any Affiliate or affect any right which the Company or any Affiliate may have to terminate such employment.  
15. Issuance of Shares and Consents. If the Committee shall at any time determine that any Consent is necessary or desirable as a condition of, or in connection with, the granting of any Award, the delivery of Shares or the delivery of any cash, securities or other property under the Plan, or the taking of any other action, then such action shall not be taken, in whole or in part, unless and until such Consent shall have been effected or obtained to the full satisfaction of the Committee. Any stock certificate representing Restricted Shares shall contain an appropriate legend referring to the Plan and the Restrictions upon such Restricted Shares. Simultaneously with delivery of any stock certificate for Restricted Shares, the Company may cause a stop transfer order with respect to such certificate to be placed with the transfer agent of the Shares. 

Exhibit 10.1

 16. Withholding. If the Company or an Affiliate shall be required to withhold any amounts by reason of a federal, state or local tax laws, rules or regulations in respect of any Award, the Company or an Affiliate shall be entitled to deduct or withhold such amounts from any payments (including, without limitation Shares which would otherwise be issued to the Participant pursuant to the Award; provided that, to the extent desired for GAAP purposes, such withholding shall not exceed the statutory minimum amount required to be withheld) to be made to the Participant. In any event, the Participant shall make available to the Company or Affiliate, promptly when requested by the Company or such Affiliate, sufficient funds or Shares to meet the requirements of such withholding and the Company or Affiliate shall be entitled to take and authorize such steps as it may deem advisable in order to have such funds made available to the Company or Affiliate out of any funds or property due to the Participant.  
17. Right of Offset. The Company shall have the right to offset against its obligation to deliver Shares, cash or other property under any Award that does not constitute “non-qualified deferred compensation” pursuant to Section 409A of the Internal Revenue Code any outstanding amounts of whatever nature that the Participant then owes to the Company or any of its Affiliates.  
18. Non-Transferability of Awards. Unless the Committee shall permit (on such terms and conditions as it shall establish) an Award to be transferred to a member of the Participant’s immediate family or to a trust or similar vehicle for the benefit of members of the Participant’s immediate family (collectively, the “Permitted Transferees”), no Award shall be assignable or transferable except by will or by the laws of descent and distribution, and except to the extent required by law, no right or interest of any Participant shall be subject to any lien, obligation or liability of the Participant. All rights with respect to Awards granted to a Participant under the Plan shall be exercisable during the Participant’s lifetime only by such Participant or, if applicable, the Permitted Transferees.  
19. Administration and Amendment of the Plan. The Board of Directors or the Committee may discontinue the Plan at any time and from time to time may amend or revise the terms of the Plan or any Award Agreement, as permitted by applicable law, except that it may not (a) make any amendment or revision in a manner unfavorable to a Participant (other than if immaterial), without the consent of the Participant or (b) make any amendment or revision without the approval of the stockholders of the Company if such approval is required by the rules of an exchange on which Shares are traded. Consent of the Participant shall not be required solely pursuant to the previous sentence in respect of any adjustment made pursuant to Section 12(a) except to the extent the terms of an Award Agreement expressly refer to an Adjustment Event, in which case such terms shall not be amended in a manner unfavorable to a Participant (other than if immaterial) without such Participant’s consent.  
20. Clawback. Notwithstanding any other provisions in this Plan, any Award which is subject to recovery under any law, government regulation or stock exchange listing requirement, will be subject to such deductions and clawback as may be required to be made pursuant to such law, government regulation or stock exchange listing requirement, or any clawback policy adopted by the Company.  
21. No Repricing & Reloads.  Unless otherwise approved by the stockholders of the Company, Options and Rights will not be repriced (other than in accordance with the adjustment provisions of Section 12), be repurchased for cash on a date when the exercise price of such Option or Right is equal to or exceeds the Fair Market Value of a Share or be subject to automatic reload provisions. 
22. Section 409A. It is the Company’s intent that Awards under this Plan be exempt from, or comply with, the requirements of Section 409A of the Internal Revenue Code, and that this Plan be administered and interpreted accordingly. If and to the extent that any Award made under this Plan is determined by the Company to constitute “non-qualified deferred compensation” subject to Section 409A of the Internal Revenue Code and is payable to a Participant by reason of the Participant’s termination of employment, then (a) such payment or benefit shall be made or provided to the Participant only upon a “separation from service” as defined for purposes of Section 409A of the Internal Revenue Code under applicable regulations and (b) if the Participant is a “specified employee” (within the meaning of Section 409A of the Internal Revenue Code and as determined by the Company), such payment or benefit shall not be made or provided before the date that is six months after the date of the Participant’s separation from service (or the Participant’s earlier death).  
23. Effective Date. The Plan became effective upon approval by the stockholders of the Company on June 8, 2016. The amendments to the Plan shall become effective upon approval by the stockholders of the Company on June 11, 2020.   
24. Severability. If any of the provisions of this Plan or any Award Agreement is finally held to be invalid, illegal or unenforceable (whether in whole or in part), such provision shall be deemed modified to the extent, but only to the extent, of such invalidity, illegality or unenforceability and the remaining provisions shall not be affected thereby; provided that, if any of 

Exhibit 10.1

such provisions is finally held to be invalid, illegal, or unenforceable because it exceeds the maximum scope determined to be acceptable to permit such provision to be enforceable, such provision shall be deemed to be modified to the minimum extent necessary to modify such scope in order to make such provision enforceable hereunder.  
25. Plan Headings. The headings in this Plan are for the purpose of convenience only and are not intended to define or limit the construction of the provisions hereof.  
26. Non-Uniform Treatment. The Committee’s determinations under the Plan need not be uniform and may be made by it selectively among persons who receive, or are eligible to receive, Awards (whether or not such persons are similarly situated). Without limiting the generality of the foregoing, the Committee shall be entitled, among other things, to make non-uniform and selective determinations, amendments and adjustments, and to enter into non-uniform and selective Award Agreements, as to the persons to receive Awards under the Plan, and the terms and provisions of Awards under the Plan.   
27. Governing Law. The Plan and any Award Agreements shall be governed by and construed in accordance with the laws of the State of Delaware, without reference to principles of conflict of laws.  
28. Successors and Assigns. The terms of this Plan shall be binding upon and inure to the benefit of the Company and its successors and assigns.  
29. Duration. This Plan shall remain in effect until June 11, 2030 unless sooner terminated by the Committee or the Board of Directors. Awards theretofore granted may extend beyond that date in accordance with the provisions of the Plan.

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