Document:

Manas Petroleum Corporation - Exhibit 10.  - Filed by newsfilecorp.com

 

FORM 5D 

ESCROW AGREEMENT 
VALUE SECURITY 

THIS AGREEMENT is made as of the 3rd day of May, 2011

AMONG: 

MANAS PETROLEUM CORPORATION 

(the “Issuer”) 

AND: 

EQUITY FINANCIAL TRUST COMPANY

(the “Escrow Agent”) 

AND: 

EACH OF THE UNDERSIGNED
SECURITYHOLDERS OF THE ISSUER (a “Securityholder” or “you”)

(collectively, the “Parties”) 

This Agreement is being entered into by the Parties
under Exchange Policy 5.4 - Escrow, Vendor Consideration and Resale
Restrictions (the Policy) in connection with a Listing
Application. The Issuer will be a Tier 2 Issuer as described in Policy 2.1 -
Initial Listing Requirements. 

For good and valuable consideration, the Parties agree
as follows: 

PART
1           ESCROW 

1.1        Appointment of
Escrow Agent 

The Issuer and the Securityholders appoint the Escrow Agent to
act as escrow agent under this Agreement. The Escrow Agent accepts the
appointment. 

1.2        Deposit of
Escrow Securities in Escrow

	(1) 	
      You are depositing the securities (escrow securities)
      listed opposite your name in Schedule “A” with the Escrow Agent to be
      held in escrow under this Agreement. You

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      will immediately deliver or cause to be delivered to the
      Escrow Agent any share certificates or other evidence of these securities
      which you have or which you may later receive.

	 	 	 
	(2) 	
      If you receive any other securities (additional escrow
      securities):

	 	 	 
		(a) 	
      as a dividend or other distribution on escrow
      securities;

	 	 	 
		(b) 	
      on the exercise of a right of purchase, conversion or
      exchange attaching to escrow securities, including securities received on
      conversion of special warrants;

	 	 	 
		(c) 	
      on a subdivision, or compulsory or automatic conversion
      or exchange of escrow securities; or

	 	 	 
		(d) 	
      from a successor issuer in a business combination, if
      Part 6 of this Agreement applies,

	 	 	 
		
      you will deposit them in escrow with the Escrow Agent.
        You will deliver or cause to be delivered to the Escrow Agent any share
        certificates or other evidence of those additional escrow securities. When
        this Agreement refers to escrow securities, it includes additional
    escrow securities.

	 	 	 
	(3) 	
      You will immediately deliver to the Escrow Agent any
      replacement share certificates or other evidence of additional escrow
      securities issued to you.

1.3        Direction to
Escrow Agent 

The Issuer and the Securityholders direct the Escrow Agent to
hold the escrow securities in escrow until they are released from escrow under
this Agreement. 

PART 2         
 RELEASE OF ESCROW SECURITIES 

2.1        Release
Provisions 

The provisions of Schedules Value Security Escrow Agreement
for Tier 1 Issuer B(1) and Value Security Escrow Agreement for Tier 2
Issuer B(2) are incorporated into and form part of this Agreement. 

2.2        Additional
escrow securities 

If you acquire additional escrow securities in connection with
the transaction to which this agreement relates, those securities will be added
to the securities already in escrow, to increase the number of remaining escrow
securities. After that, all of the escrow securities will be released in
accordance with the applicable release schedule. 

2.3        Delivery of
  Share Certificates for Escrow Securities

  

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The Escrow Agent will send to each Securityholder any share
certificates or other evidence of that Securityholder’s escrow securities in the
possession of the Escrow Agent released from escrow as soon as reasonably
practicable after the release. 

2.4        Replacement
Certificates

If, on the date a Securityholder’s escrow securities are to be
released, the Escrow Agent holds a share certificate or other evidence
representing more escrow securities than are to be released, the Escrow Agent
will deliver the share certificate or other evidence to the Issuer or its
transfer agent and request replacement share certificates or other evidence. The
Issuer will cause replacement share certificates or other evidence to be
prepared and delivered to the Escrow Agent. After the Escrow Agent receives the
replacement share certificates or other evidence, the Escrow Agent will send to
the Securityholder or at the Securityholder’s direction, the replacement share
certificate or other evidence of the escrow securities released. The Escrow
Agent and Issuer will act as soon as reasonably practicable. 

2.5        Release upon
Death 

	(1) 	
      If a Securityholder dies, the Securityholder’s escrow
      securities will be released from escrow. The Escrow Agent will deliver any
      share certificates or other evidence of the escrow securities in the
      possession of the Escrow Agent to the Securityholder’s legal
      representative provided that:

	 	 	 
		(a) 	
      the legal representative of the deceased Securityholder
      provides written notice to the Exchange of the intent to release the
      escrow securities as at a specified date which is at least 10 business
      days and not more than 30 business days prior to the proposed release;
      and

	 	 	 
		(b) 	
      the Exchange does not provide notice of its objection to
      the Escrow Agent prior to 10:00 a.m. (Vancouver time) or 11:00 a.m.
      (Calgary time) on such specified date.

	 	 	 
	(2) 	
      Prior to delivery the Escrow Agent must
receive:

	 	 	 
		(a) 	
      a certified copy of the death certificate; and

	 	 	 
		(b) 	
      any evidence of the legal representative’s status that
      the Escrow Agent may reasonably require.

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2.6        Exchange
Discretion to Terminate 

If the Escrow Agent receives a request from the Exchange to
halt or terminate the release of escrow securities from escrow, then the Escrow
Agent will comply with that request, and will not release any escrow securities
from escrow until it receives the written consent of the Exchange. 

2.7        Discretionary
Applications 

The Exchange may consent to the release from escrow of escrow
securities in other circumstances and on terms and on conditions it deems
appropriate. Securities may be released from escrow provided that the Escrow
Agent receives written notice from the Exchange. 

2.8        Early Release

	(1) 	
      Upon the Escrow Agent being notified by the Exchange that
      the Issuer has demonstrated that its Qualifying Property, as defined by
      the Exchange, in Mongolia meets the definition of a Tier 1 Property
      (Notification), as defined by the Exchange, the Issuer’s release
      schedule will be retroactively replaced as
follows:

	Applicable Schedule Pre-Notification 	Applicable Schedule Post-Notification
  
	Schedule B(2) 	Schedule B(1) 

	(2) 	
      Within 10 days of Notification, the Escrow Agent must
      release any escrow securities from escrow securities which under the new
      release schedule would have been releasable at a date prior to the
      Notification.

PART
3           EARLY RELEASE ON
CHANGE OF ISSUER STATUS 

3.1        Early Release
– Graduation to Tier 1 

	(1) 	
      When a Tier 2 Issuer becomes a Tier 1 Issuer, the release
      schedule for its escrow securities changes.

	 	 
	(2) 	
      If the Issuer reasonably believes that it meets the
      Initial Listing Requirements of a Tier 1 Issuer as described in Policy 2.1
      – Initial Listing Requirements, the Issuer may make application to
      the Exchange to be listed as a Tier 1 Issuer. The Issuer must also
      concurrently provide notice to the Escrow Agent that it is making such an
      application.

	 	 
	(3) 	
      If the graduation to Tier 1 is accepted by the Exchange,
      the Exchange will issue an Exchange Bulletin confirming final acceptance
      for listing of the Issuer on Tier 1. Upon issuance of this Bulletin the
      Issuer must immediately:

	 	(a) 	
      issue a news release:

	 	(i) 	
      disclosing that it has been accepted for graduation to
      Tier 1; and

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	 	(ii) 	
      disclosing the number of escrow securities to be released
      and the dates of release under the new schedule;
and

	 	(b) 	
      provide the news release, together with a copy of the
      Exchange Bulletin, to the Escrow Agent.

	(4) 	
      Upon completion of the steps in section 3.1(3) above, the
      Issuer’s release schedule will be replaced as
follows:

	Applicable Schedule Pre-Graduation 	Applicable Schedule Post-Graduation
  
	Schedule B(2) 	Schedule B(1) 

	(5) 	
      Within 10 days of the Exchange Bulletin confirming the
      Issuer’s listing on Tier 1, the Escrow Agent must release any escrow
      securities from escrow securities which under the new release schedule
      would have been releasable at a date prior to the Exchange
  Bulletin.

PART
4           DEALING WITH
ESCROW SECURITIES 

4.1        Restriction on
Transfer, etc. 

Unless it is expressly permitted in this Agreement, you will
not sell, transfer, assign, mortgage, enter into a derivative transaction
concerning, or otherwise deal in any way with your escrow securities or any
related share certificates or other evidence of the escrow securities. If a
Securityholder is a private company controlled by one or more Principals of the
Issuer, the Securityholder may not participate in a transaction that results in
a change of its control or a change in the economic exposure of the Principals
to the risks of holding escrow securities. 

4.2        Pledge,
Mortgage or Charge as Collateral for a Loan 

Subject to Exchange acceptance, you may pledge, mortgage or
charge your escrow securities to a financial institution as collateral for a
loan, provided that no escrow securities or any share certificates or other
evidence of escrow securities will be transferred or delivered by the Escrow
Agent to the financial institution for this purpose. The loan agreement must
provide that the escrow securities will remain in escrow if the lender realizes
on the escrow securities to satisfy the loan. 

4.3        Voting of
Escrow Securities 

Although you may exercise voting rights attached to your escrow
securities, you may not, while your securities are held in escrow, exercise
voting rights attached to any securities (whether in escrow or not) in support
of one or more arrangements that would result in the repayment of capital being
made on the escrow securities prior to a winding up of the Issuer. 

4.4        Dividends on
Escrow Securities 

You may receive a dividend or other distribution on your escrow
  securities, and elect the manner of payment from the standard options offered
  by the Issuer. If the Escrow Agent receives a 

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dividend or other distribution on your escrow securities, other
than additional escrow securities, the Escrow Agent will pay the dividend or
other distribution to you on receipt. 

4.5        Exercise of
Other Rights Attaching to Escrow Securities 

You may exercise your rights to exchange or convert your escrow
securities in accordance with this agreement. 

PART 5         
 PERMITTED TRANSFERS WITHIN ESCROW 

5.1        Transfer to
Directors and Senior Officers 

	(1) 	
      You may transfer escrow securities within escrow to
      existing or, upon their appointment, incoming directors or senior officers
      of the Issuer or any of its material operating subsidiaries, if the
      Issuer’s board of directors has approved the transfer and provided
      that:

	 	 	 
		(a) 	
      you make application to transfer under the Policy at
      least 10 business days and not more than 30 business days prior to the
      date of the proposed transfer; and

	 	 	 
		(b) 	
      the Exchange does not provide notice of its objection to
      the Escrow Agent prior to 10:00 a.m. (Vancouver time) or 11:00 a.m.
      (Calgary time) on such specified date.

	 	 	 
	(2) 	
      Prior to the transfer the Escrow Agent must
    receive:

	 	 	 
		(a) 	
      a certified copy of the resolution of the board of
      directors of the Issuer approving the transfer;

	 	 	 
		(b) 	
      a certificate signed by a director or officer of the
      Issuer authorized to sign, stating that the transfer is to a director or
      senior officer of the Issuer or a material operating subsidiary and that
      any required acceptance from the Exchange the Issuer is listed on has been
      received;

	 	 	 
		(c) 	
      an acknowledgment in the form of Form 5E signed by the
      transferee; and

	 	 	 
		(d) 	
      a transfer power of attorney, completed and executed by
      the transferor in accordance with the requirements of the Issuer’s
      transfer agent.

5.2        Transfer to
Other Principals 

	(1) 	
      You may transfer escrow securities within
  escrow:

	 	 	 
		(a) 	
      to a person or company that before the proposed transfer
      holds more than 20% of the voting rights attached to the Issuer’s
      outstanding securities; or

	 	 	 
		(b) 	
      to a person or company that after the proposed
      transfer

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	 	(i) 	
      will hold more than 10% of the voting rights attached to
      the Issuer’s outstanding securities, and

	 	 	 
	 	(ii) 	
      has the right to elect or appoint one or more directors
      or senior officers of the Issuer or any of its material operating
      subsidiaries,

	 	 	 
	 		
      provided that:

	 	(c) 	
      you make an application to transfer under the Policy at
      least 10 business days and not more than 30 business days prior to the
      date of the proposed transfer; and

	 	 	 
	 	(d) 	
      the Exchange does not provide notice of its objection to
      the Escrow Agent prior to 10:00 a.m. (Vancouver time) or 11:00 a.m.
      (Calgary time) on such specified date.

	(2) 	
      Prior to the transfer the Escrow Agent must
    receive:

	 	 	 	 	 
		(a) 	
      a certificate signed by a director or officer of the
      Issuer authorized to sign, stating that:

	 	 	 	 	 
			(i) 	
      the transfer is to a person or company that the officer
      believes, after reasonable investigation, holds more than 20% of the
      voting rights attached to the Issuer’s outstanding securities before the
      proposed transfer; or

	 	 	 	 	 
			(ii) 	
      the transfer is to a person or company that:

	 	 	 	 	 
				(A) 	
      the officer believes, after reasonable investigation,
      will hold more than 10% of the voting rights attached to the Issuer’s
      outstanding securities; and

	 	 	 	 	 
				(B) 	
      has the right to elect or appoint one or more directors
      or senior officers of the Issuer or any of its material operating
      subsidiaries

	 	 	 	 	 
					
      after the proposed transfer; and

	 	 	 	 	 
			(iii) 	
      any required approval from the Exchange or any other
      exchange on which the Issuer is listed has been received;

	 	 	 	 	 
		(b) 	
      an acknowledgment in the form of Form 5E signed by the
      transferee; and

	 	 	 	 	 
		(c) 	
      a transfer power of attorney, completed and executed by
      the transferor in accordance with the requirements of the Issuer’s
      transfer agent.

5.3        Transfer upon
  Bankruptcy 

  

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	(1) 	
      You may transfer escrow securities within escrow to a
      trustee in bankruptcy or another person or company entitled to escrow
      securities on bankruptcy provided that:

	 	 	 	 
		(a) 	
      you make application to transfer under the Policy at
      least 10 business days and not more than 30 business days prior to the
      date of the proposed transfer; and

	 	 	 	 
		(b) 	
      the Exchange does not provide notice of its objection to
      the Escrow Agent prior to 10:00 a.m. (Vancouver time) or 11:00 a.m.
      (Calgary time) on such specified date.

	 	 	 	 
	(2) 	
      Prior to the transfer, the Escrow Agent must
    receive:

	 	 	 	 
		(a) 	
      a certified copy of either

	 	 	 	 
			(i) 	
      the assignment in bankruptcy filed with the
      Superintendent of Bankruptcy, or

	 	 	 	 
			(ii) 	
      the receiving order adjudging the Securityholder
      bankrupt;

	 	 	 	 
		(b) 	
      a certified copy of a certificate of appointment of the
      trustee in bankruptcy;

	 	 	 	 
		(c) 	
      a transfer power of attorney, duly completed and executed
      by the transferor in accordance with the requirements of the Issuer’s
      transfer agent; and

	 	 	 	 
		(d) 	
      an acknowledgment in the form of Form 5E signed
  by

	 	 	 	 
			(i) 	
      the trustee in bankruptcy or

	 	 	 	 
			(ii) 	
      on direction from the trustee, with evidence of that
      direction attached to the acknowledgement form, another person or company
      legally entitled to the escrow securities.

5.4        Transfer Upon
Realization of Pledged, Mortgaged or Charged Escrow Securities 

	(1) 	
      You may transfer escrow securities you have pledged,
      mortgaged or charged under section 4.2 to a financial institution as
      collateral for a loan within escrow to the lender on realization provided
      that:

	 	 	 
		(a) 	
      you make application to transfer under the Policy at
      least 10 business days and not more than 30 business days prior to the
      date of the proposed transfer; and

	 	 	 
		(b) 	
      the Exchange does not provide notice of its objection to
      the Escrow Agent prior to 10:00 a.m. (Vancouver time) or 11:00 a.m.
      (Calgary time) on such specified date.

	 	 	 
	(2) 	
      Prior to the transfer the Escrow Agent must
    receive:

	 	 	 
		(a) 	
      a statutory declaration of an officer of the financial
      institution that the financial institution is legally entitled to the
      escrow securities;

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	 	(b) 	
      evidence that the Exchange has accepted the pledge,
      mortgage or charge of escrow securities to the financial
    institution;

	 	 	 
	 	(c) 	
      a transfer power of attorney, executed by the transferor
      in accordance with the requirements of the Issuer’s transfer agent;
    and

	 	 	 
	 	(d) 	
      an acknowledgement in the form of Form 5E signed by the
      financial institution.

5.5        Transfer to
Certain Plans and Funds 

	(1) 	
      You may transfer escrow securities within escrow to or
      between a registered retirement savings plan (RRSP), registered retirement
      income fund (RRIF) or other similar registered plan or fund with a
      trustee, where the beneficiaries of the plan or fund are limited to you
      and your spouse, children and parents provided that:

	 	 	 
		(a) 	
      you make application to transfer under the Policy at
      least 10 business days and not more than 30 business days prior to the
      date of the proposed transfer; and

	 	 	 
		(b) 	
      the Exchange does not provide notice of its objection to
      the Escrow Agent prior to 10:00 a.m. (Vancouver time) or 11:00 a.m.
      (Calgary time) on such specified date.

	 	 	 
	(2) 	
      Prior to the transfer the Escrow Agent must
    receive:

	 	 	 
		(a) 	
      evidence from the trustee of the transferee plan or fund,
      or the trustee’s agent, stating that, to the best of the trustee’s
      knowledge, the annuitant of the RRSP or RRIF or the beneficiaries of the
      other registered plan or fund do not include any person or company other
      than you and your spouse, children and parents;

	 	 	 
		(b) 	
      a transfer power of attorney, executed by the transferor
      in accordance with the requirements of the Issuer’s transfer agent;
    and

	 	 	 
		(c) 	
      an acknowledgement in the form of Form 5E signed by the
      trustee of the plan or fund.

5.6        Effect of
Transfer Within Escrow 

After the transfer of escrow securities within escrow, the
escrow securities will remain in escrow and released from escrow under this
Agreement as if no transfer has occurred, on the same terms that applied before
the transfer. The Escrow Agent will not deliver any share certificates or other
evidence of the escrow securities to transferees under this Part 5. 

5.7        Discretionary
Applications 

The Exchange may consent to the transfer within escrow of escrow
  securities in other circumstances and on such terms and conditions as it deems
  appropriate. 

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PART 6         
 BUSINESS COMBINATIONS 

6.1        Business
Combinations 

This Part applies to the following (business
combinations): 

	(a) 	
      a formal take-over bid for all outstanding securities of
      the Issuer or which, if successful, would result in a change of control of
      the Issuer

	 	 
	(b) 	
      a formal issuer bid for all outstanding equity securities
      of the Issuer

	 	 
	(c) 	
      a statutory arrangement

	 	 
	(d) 	
      an amalgamation

	 	 
	(e) 	
      a merger

	 	 
	(f) 	
      a reorganization that has an effect similar to an
      amalgamation or merger

6.2        Delivery to
Escrow Agent 

	(1) 	
      You may tender your escrow securities to a person or
      company in a business combination. At least five business days prior to
      the date the escrow securities must be tendered under the business
      combination, you must deliver to the Escrow Agent:

	 	 	 
		(a) 	
      a written direction signed by you that directs the Escrow
      Agent to deliver to the depositary under the business combination any
      share certificates or other evidence of the escrow securities and a
      completed and executed cover letter or similar document and, where
      required, transfer power of attorney completed and executed for transfer
      in accordance with the requirements of the Issuer’s depository, and any
      other documentation specified or provided by you and required to be
      delivered to the depositary under the business combination;

	 	 	 
		(b) 	
      written consent of the Exchange; and

	 	 	 
		(c) 	
      any other information concerning the business combination
      as the Escrow Agent may reasonably require.

6.3        Delivery to
Depositary 

	(1) 	
      As soon as reasonably practicable, and in any event no
      later than three business days after the Escrow Agent receives the
      documents and information required under section 6.2, the Escrow Agent
      will deliver to the depositary, in accordance with the direction, any
      share certificates or other evidence of the escrow securities, and a
      letter addressed to the depositary that

	 	(a) 	
      identifies the escrow securities that are being
      tendered;

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	 	(b) 	
      states that the escrow securities are held in
    escrow;

	 	 	 
	 	(c) 	
      states that the escrow securities are delivered only for
      the purposes of the business combination and that they will be released
      from escrow only after the Escrow Agent receives the information described
      in section 6.4;

	 	 	 
	 	(d) 	
      if any share certificates or other evidence of the escrow
      securities have been delivered to the depositary, requires the depositary
      to return to the Escrow Agent, as soon as practicable, the share
      certificates or other evidence of escrow securities that are not released
      from escrow into the business combination; and

	 	 	 
	 	(e) 	
      where applicable, requires the depositary to deliver or
      cause to be delivered to the Escrow Agent, as soon as practicable, share
      certificates or other evidence of additional escrow securities that you
      acquire under the business combination.

6.4        Release of
Escrow Securities to Depositary 

	(1) 	
      The Escrow Agent will release from escrow the tendered
      escrow securities provided that:

	 	 	 	 
		(a) 	
      you or the Issuer make application to release the
      tendered securities under the Policy on a date at least 10 business days
      and not more than 30 business days prior to the date of the proposed
      release date; and

	 	 	 	 
		(b) 	
      the Exchange does not provide notice of its objection to
      the Escrow Agent prior to 10:00 a.m. (Vancouver time) or 11:00 a.m.
      (Calgary time) on such specified date;

	 	 	 	 
		(c) 	
      the Escrow Agent receives a declaration signed by the
      depositary or, if the direction identifies the depositary as acting on
      behalf of another person or company in respect of the business
      combination, by that other person or company, that

	 	 	 	 
			(i) 	
      the terms and conditions of the business combination have
      been met or waived; and

	 	 	 	 
			(ii) 	
      the escrow securities have either been taken up and paid
      for or are subject to an unconditional obligation to be taken up and paid
      for under the business combination.

6.5        Escrow of New
Securities 

	(1) 	
      If you receive securities (new securities) of
      another issuer (successor issuer) in exchange for your escrow
      securities, the new securities will be subject to escrow in substitution
      for the tendered escrow securities, unless, immediately after completion
      of the business combination,

	 	(a) 	
      the successor issuer is an exempt issuer as defined in
      the National Policy;

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	 	(b) 	
      the escrow holder was subject to a Value Security Escrow
      Agreement and is not a Principal of the successor issuer; and

	 	 	 
	 	(c) 	
      the escrow holder holds less than 1% of the voting rights
      attached to the successor issuer’s outstanding securities. (In calculating
      this percentage, include securities that may be issued to the escrow
      holder under outstanding convertible securities in both the escrow
      holder’s securities and the total securities
  outstanding.)

6.6        Release from
Escrow of New Securities 

	(1) 	
      The Escrow Agent will send to a Securityholder share
      certificates or other evidence of the Securityholder’s new securities as
      soon as reasonably practicable after the Escrow Agent receives:

	 	 	 	 
		(a) 	
      a certificate from the successor issuer signed by a
      director or officer of the successor issuer authorized to sign

	 	 	 	 
			(i) 	
      stating that it is a successor issuer to the Issuer as a
      result of a business combination;

	 	 	 	 
			(ii) 	
      containing a list of the securityholders whose new
      securities are subject to escrow under section 6.5;

	 	 	 	 
			(iii) 	
      containing a list of the securityholders whose new
      securities are not subject to escrow under section 6.5;

	 	 	 	 
		(b) 	
      written confirmation from the Exchange that it has
      accepted the list of Securityholders whose new securities are not subject
      to escrow under section 6.5.

	 	 	 	 
	(2) 	
      The escrow securities of the Securityholders, whose
      securities are not subject to escrow under section 6.5, will be released,
      and the Escrow Agent will send any share certificates or other evidence of
      the escrow securities in the possession of the Escrow Agent in accordance
      with section 2.3.

	 	 	 	 
	(3) 	
      If your new securities are subject to escrow, unless
      subsection (4) applies, the Escrow Agent will hold your new securities in
      escrow on the same terms and conditions, including release dates, as
      applied to the escrow securities that you exchanged.

	 	 	 	 
	(4) 	
      If the Issuer is a Tier 2 Issuer and the successor issuer
      is a Tier 1 Issuer, the release provisions in section 3.1(4) relating to
      graduation will apply.

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PART
7           RESIGNATION
OF ESCROW AGENT 

7.1        Resignation of
Escrow Agent 

	(1) 	
      If the Escrow Agent wishes to resign as escrow agent, the
      Escrow Agent will give written notice to the Issuer and the
    Exchange.

	 	 
	(2) 	
      If the Issuer wishes to terminate the Escrow Agent as
      escrow agent, the Issuer will give written notice to the Escrow Agent and
      the Exchange.

	 	 
	(3) 	
      If the Escrow Agent resigns or is terminated, the Issuer
      will be responsible for ensuring that the Escrow Agent is replaced not
      later than the resignation or termination date by another escrow agent
      that is acceptable to the Exchange and that has accepted such appointment,
      which appointment will be binding on the Issuer and the
      Securityholders.

	 	 
	(4) 	
      The resignation or termination of the Escrow Agent will
      be effective, and the Escrow Agent will cease to be bound by this
      Agreement, on the date that is 60 days after the date of receipt of the
      notices referred to above by the Escrow Agent or Issuer, as applicable, or
      on such other date as the Escrow Agent and the Issuer may agree upon (the
      “resignation or termination date”), provided that the resignation or
      termination date will not be less than 10 business days before a release
      date.

	 	 
	(5) 	
      If the Issuer has not appointed a successor escrow agent
      within 60 days of the resignation or termination date, the Escrow Agent
      will apply, at the Issuer’s expense, to a court of competent jurisdiction
      for the appointment of a successor escrow agent, and the duties and
      responsibilities of the Escrow Agent will cease immediately upon such
      appointment.

	 	 
	(6) 	
      On any new appointment under this section, the successor
      Escrow Agent will be vested with the same powers, rights, duties and
      obligations as if it had been originally named herein as Escrow Agent,
      without any further assurance, conveyance, act or deed. The predecessor
      Escrow Agent, upon receipt of payment for any outstanding account for its
      services and expenses then unpaid, will transfer, deliver and pay over to
      the successor Escrow Agent, who will be entitled to receive, all
      securities, records or other property on deposit with the predecessor
      Escrow Agent in relation to this Agreement and the predecessor Escrow
      Agent will thereupon be discharged as Escrow Agent.

	 	 
	(7) 	
      If any changes are made to Part 8 of this Agreement as a
      result of the appointment of the successor Escrow Agent, those changes
      must not be inconsistent with the Policy and the terms of this Agreement
      and the Issuer to this Agreement will file a copy of the new Agreement
      with the Exchange.

	FORM 5D 	ESCROW AGREEMENT 	Page
      13
	(as at June 14, 2010) 	  	  

PART
8           OTHER CONTRACTUAL
ARRANGEMENTS 

8.1        Escrow Agent
Not a Trustee 

The Escrow Agent accepts duties and responsibilities under this
Agreement, and the escrow securities and any share certificates or other
evidence of these securities, solely as a custodian, bailee and agent. No trust
is intended to be, or is or will be, created hereby and the Escrow Agent shall
owe no duties hereunder as a trustee. 

8.2        Escrow Agent
Not Responsible for Genuineness 

The Escrow Agent will not be responsible or liable in any
manner whatever for the sufficiency, correctness, genuineness or validity of any
escrow security deposited with it. 

8.3        Escrow Agent
Not Responsible for Furnished Information

The Escrow Agent will have no responsibility for seeking,
obtaining, compiling, preparing or determining the accuracy of any information
or document, including the representative capacity in which a party purports to
act, that the Escrow Agent receives as a condition to a release from escrow or a
transfer of escrow securities within escrow under this Agreement. 

8.4        Escrow Agent
Not Responsible after Release 

The Escrow Agent will have no responsibility for escrow
securities that it has released to a Securityholder or at a Securityholder’s
direction according to this Agreement. 

8.5       
Indemnification of Escrow Agent 

The Issuer and each Securityholder hereby jointly and severally
agree to indemnify and hold harmless the Escrow Agent, its affiliates, and their
current and former directors, officers, employees and agents from and against
any and all claims, demands, losses, penalties, costs, expenses, fees and
liabilities, including, without limitation, legal fees and expenses, directly or
indirectly arising out of, in connection with, or in respect of, this Agreement,
except where same result directly and principally from gross negligence, wilful
misconduct or bad faith on the part of the Escrow Agent. This indemnity survives
the release of the escrow securities, the resignation or termination of the
Escrow Agent and the termination of this Agreement. 

8.6        Additional
Provisions 

	(1) 	
      The Escrow Agent will be protected in acting and relying
      reasonably upon any notice, direction, instruction, order, certificate,
      confirmation, request, waiver, consent, receipt, statutory declaration or
      other paper or document (collectively referred to as “Documents”)
      furnished to it and purportedly signed by any officer or person required
      to or entitled to execute and deliver to the Escrow Agent any such
      Document in connection with this Agreement, not only as to its due
      execution and the validity and effectiveness of its provisions, but also
      as to the truth or accuracy of any information therein
  contained,

	FORM 5D 	ESCROW AGREEMENT 	Page
      14
	(as at June 14, 2010) 	  	  

		
      which it in good faith believes to be genuine.

	 	 
	(2) 	
      The Escrow Agent will not be bound by any notice of a
      claim or demand with respect thereto, or any waiver, modification,
      amendment, termination or rescission of this Agreement unless received by
      it in writing, and signed by the other Parties and approved by the
      Exchange, and, if the duties or indemnification of the Escrow Agent in
      this Agreement are affected, unless it has given its prior written
      consent.

	 	 
	(3) 	
      The Escrow Agent may consult with or retain such legal
      counsel and advisors as it may reasonably require for the purpose of
      discharging its duties or determining its rights under this Agreement and
      may rely and act upon the advice of such counsel or advisor. The Escrow
      Agent will give written notice to the Issuer as soon as practicable that
      it has retained legal counsel or other advisors. The Issuer will pay or
      reimburse the Escrow Agent for any reasonable fees, expenses and
      disbursements of such counsel or advisors.

	 	 
	(4) 	
      In the event of any disagreement arising under the terms
      of this Agreement, the Escrow Agent will be entitled, at its option, to
      refuse to comply with any and all demands whatsoever until the dispute is
      settled either by a written agreement among the Parties or by a court of
      competent jurisdiction.

	 	 
	(5) 	
      The Escrow Agent will have no duties or responsibilities
      except as expressly provided in this Agreement and will have no duty or
      responsibility under the Policy or arising under any other agreement,
      including any agreement referred to in this Agreement, to which the Escrow
      Agent is not a party.

	 	 
	(6) 	
      The Escrow Agent will have the right not to act and will
      not be liable for refusing to act unless it has received clear and
      reasonable documentation that complies with the terms of this Agreement.
      Such documentation must not require the exercise of any discretion or
      independent judgment.

	 	 
	(7) 	
      The Escrow Agent is authorized to cancel any share
      certificate delivered to it and hold such Securityholder’s escrow
      securities in electronic, or uncertificated form only, pending release of
      such securities from escrow.

	 	 
	(8) 	
      The Escrow Agent will have no responsibility with respect
      to any escrow securities in respect of which no share certificate or other
      evidence or electronic or uncertificated form of these securities has been
      delivered to it, or otherwise received by it.

8.7        Limitation of
Liability of Escrow Agent 

The Escrow Agent will not be liable to any of the Parties hereunder
  for any action taken or omitted to be taken by it under or in connection with
  this Agreement, except for losses directly, principally and immediately caused
  by its bad faith, wilful misconduct or gross negligence. Under no circumstances
  will the Escrow Agent be liable for any special, indirect, incidental, consequential,
  exemplary, aggravated or punitive losses or damages hereunder, including any
  loss of profits, whether foreseeable or unforeseeable. Notwithstanding the foregoing
  or any other 

	FORM 5D 	ESCROW AGREEMENT 	Page
      15
	(as at June 14, 2010) 	  	  

provision of this Agreement, in no event will the collective
liability of the Escrow Agent under or in connection with this Agreement to any
one or more Parties, except for losses directly caused by its bad faith or
willful misconduct, exceed the amount of its annual fees under this Agreement or
the amount of three thousand dollars ($3,000.00), whichever amount shall be
greater.

8.8        Remuneration
of Escrow Agent 

The Issuer will pay the Escrow Agent reasonable remuneration
for its services under this Agreement, which fees are subject to revision from
time to time on 30 days' written notice. The Issuer will reimburse the Escrow
Agent for its expenses and disbursements. Any amount due under this section and
unpaid 30 days after request for such payment, will bear interest from the
expiration of such period at a rate per annum equal to the then current rate
charged by the Escrow Agent, payable on demand. 

8.9        Notice to
Escrow Agent 

The Issuer shall forthwith provide a copy of the Exchange
Bulletin, confirmation of listing and posting for trading of the subject
escrowed shares or such other relevant document to the Escrow Agent as it shall
require in order to make the required releases. No duty shall rest with the
Escrow Agent to obtain this information independently nor shall it be held
liable for any loss, claim, suit or action, howsoever caused by any delay in
providing this information to it. 

PART 9         
 INDEMNIFICATION OF THE EXCHANGE 

9.1       
Indemnification 

	(1) 	
      The Issuer and each Securityholder jointly and
      severally:

	 	 	 
		(a) 	
      release, indemnify and save harmless the Exchange from
      all costs (including legal cost, expenses and disbursements), charges,
      claims, demands, damages, liabilities, losses and expenses incurred by the
      Exchange;

	 	 	 
		(b) 	
      agree not to make or bring a claim or demand, or commence
      any action, against the Exchange; and

	 	 	 
		(c) 	
      agree to indemnify and save harmless the Exchange from
      all costs (including legal costs) and damages that the Exchange incurs or
      is required by law to pay as a result of any person’s claim, demand or
      action,

	 	 	 
		
      arising from any and every act or omission committed or
      omitted by the Exchange, in connection with this Agreement, even if said
      act or omission was negligent, or constituted a breach of the terms of
      this Agreement.

	 	 	 
	(2) 	
      This indemnity survives the release of the escrow
      securities and the termination of this
Agreement.

	FORM 5D 	ESCROW AGREEMENT 	Page
      16
	(as at June 14, 2010) 	  	  

PART
10           NOTICES 

10.1      Notice to Escrow
Agent 

Documents will be considered to have been delivered to the
Escrow Agent on the next business day following the date of transmission, if
delivered by fax, the date of delivery, if delivered by hand during normal
business hours or by prepaid courier, or 5 business days after the date of
mailing, if delivered by mail, to the following: 

Equity Financial Trust Company 
1185 West Georgia Street,
Suite 1620 
Vancouver, BC V6E 4E6 

Attention: Manager, Client Relations 

Telecopy: (604) 696-9860 

10.2      Notice to Issuer 

Documents will be considered to have been delivered to the
Issuer on the next business day following the date of transmission, if delivered
by fax, the date of delivery, if delivered by hand or by prepaid courier, or 5
business days after the date of mailing, if delivered by mail, to the following:

Manas Petroleum Corporation 
Bahnhofstrasse 9, Postfach 155

CH-6341 Baar 
Switzerland 

Attention: President 

Telecopy: 011 41 44 718 10 30 

10.3      Deliveries to
Securityholders 

Documents will be considered to have been delivered to a
Securityholder on the date of delivery, if delivered by hand or by prepaid
courier, or 5 business days after the date of mailing, if delivered by mail, to
the address on the Issuer’s share register. 

Any share certificates or other evidence of a Securityholder’s
escrow securities will be sent to the Securityholder’s address on the Issuer’s
share register unless the Securityholder has advised the Escrow Agent in writing
otherwise at least ten business days before the escrow securities are released
from escrow. The Issuer will provide the Escrow Agent with each Securityholder’s
address as listed on the Issuer’s share register. 

10.4      Change of Address 

  

	FORM 5D 	ESCROW AGREEMENT 	Page
      17
	(as at June 14, 2010) 	  	  

	(1) 	
      The Escrow Agent may change its address for delivery by
      delivering notice of the change of address to the Issuer and to each
      Securityholder.

	 	 
	(2) 	
      The Issuer may change its address for delivery by
      delivering notice of the change of address to the Escrow Agent and to each
      Securityholder.

	 	 
	(3) 	
      A Securityholder may change that Securityholder’s address
      for delivery by delivering notice of the change of address to the Issuer
      and to the Escrow Agent.

10.5      Postal Interruption

A party to this Agreement will not mail a Document if the party
is aware of an actual or impending disruption of postal service. 

PART
11           GENERAL 

11.1      Interpretation – “holding
securities” 

Unless the context otherwise requires, all capitalized terms
that are not otherwise defined in this Agreement, shall have the meanings as
defined in Policy 1.1 - Interpretation or in Policy 5.4 -
Escrow, Vendor Consideration and Resale Restrictions. 

When this Agreement refers to securities that a Securityholder
“holds”, it means that the Securityholder has direct or indirect beneficial
ownership of or control or direction over the securities. 

11.2      Enforcement by Third
Parties 

The Issuer enters this Agreement both on its own behalf and as
trustee for the Exchange and the Securityholders of the Issuer, and this
Agreement may be enforced by either the Exchange, or the Securityholders of the
Issuer, or both. 

11.3      Termination, Amendment,
and Waiver of Agreement 

	(1) 	
      Subject to subsection 11.3(3), this Agreement shall only
      terminate:

	 	 	 	 
		(a) 	
      with respect to all the Parties:

	 	 	 	 
			(i) 	
      as specifically provided in this Agreement;

	 	 	 	 
			(ii) 	
      subject to subsection 11.3(2), upon the agreement of all
      Parties; or

	 	 	 	 
			(iii) 	
      when the Securities of all Securityholders have been
      released from escrow pursuant to this Agreement;
and

	FORM 5D 	ESCROW AGREEMENT 	Page
      18
	(as at June 14, 2010) 	  	  

	 	(b) 	
      with respect to a Party:

	 	 	 	 
	 		(i) 	
      as specifically provided in this Agreement; or

	 	 	 	 
	 		(ii) 	
      if the Party is a Securityholder, when all of the
      Securityholder’s Securities have been released from escrow pursuant to
      this Agreement.

	(2) 	
      An agreement to terminate this Agreement pursuant to
      section 11.3(1)(a)(ii) shall not be effective unless and until the
      agreement to terminate

	 	 	 
		(a) 	
      is evidenced by a memorandum in writing signed by all
      Parties;

	 	 	 
		(b) 	
      if the Issuer is listed on the Exchange, the termination
      of this Agreement has been consented to in writing by the Exchange;
    and

	 	 	 
		(c) 	
      has been approved by a majority vote of securityholders
      of the Issuer excluding in each case, Securityholders.

	 	 	 
	(3) 	
      Notwithstanding any other provision in this Agreement,
      the obligations set forth in section 9.1 shall survive the termination of
      this Agreement and the resignation or removal of the Escrow
  Agent.

	 	 	 
	(4) 	
      No amendment or waiver of this Agreement or any part of
      this Agreement shall be effective unless the amendment or
waiver:

	 	 	 
		(a) 	
      is evidenced by a memorandum in writing signed by all
      Parties;

	 	 	 
		(b) 	
      if the Issuer is listed on the Exchange, the amendment or
      waiver of this Agreement has been approved in writing by the Exchange;
      and

	 	 	 
		(c) 	
      has been approved by a majority vote of securityholders
      of the Issuer excluding in each case, Securityholders.

	 	 	 
	(5) 	
      No waiver of any of the provisions of this Agreement
      shall be deemed or shall constitute a waiver of any other provision
      (whether similar or not), nor shall any waiver constitute a continuing
      waiver, unless expressly provided.

11.4      Severance of Illegal
Provision 

Any provision or part of a provision of this Agreement determined
  by a court of competent jurisdiction to be invalid, illegal or unenforceable
  shall be deemed stricken to the extent necessary to eliminate any invalidity,
  illegality or unenforceability, and the rest of the Agreement and all other
  provisions and parts thereof shall remain in full force and effect and be binding
  upon the parties hereto as though the said illegal and/or unenforceable provision
  or part thereof had never been included in this Agreement. 

	FORM 5D 	ESCROW AGREEMENT 	Page
      19
	(as at June 14, 2010) 	  	  

11.5      Further Assurances

The Parties will execute and deliver any further documents and
perform any further acts reasonably requested by any of the Parties to this
agreement which are necessary to carry out the intent of this Agreement. 

11.6      Time 

Time is of the essence of this Agreement. 

11.7      Consent of Exchange to
Amendment 

The Exchange must approve any amendment to this Agreement if
the Issuer is listed on the Exchange at the time of the proposed amendment. 

11.8      Additional Escrow
Requirements 

A Canadian exchange may impose escrow terms or conditions in
addition to those set out in this Agreement. 

11.9      Governing Laws 

The laws of British Columbia and the applicable laws of Canada
will govern this Agreement. 

11.10    Counterparts 

The Parties may execute this Agreement by fax and in
counterparts, each of which will be considered an original and all of which will
be one agreement. 

11.11    Singular and Plural 

Wherever a singular expression is used in this Agreement, that
expression is considered as including the plural or the body corporate where
required by the context. 

11.12    Language 

This Agreement has been drawn up in the English language at the
request of all parties. Cet acte a été rédigé en anglais à la demande de toutes
les parties. 

11.13    Benefit and Binding Effect 

This Agreement will benefit and bind the Parties and their
heirs, executors, administrators, successors and permitted assigns and all
persons claiming through them as if they had been a Party to this Agreement.

11.14    Entire Agreement 

  

	FORM 5D 	ESCROW AGREEMENT 	Page
      20 
	(as at June 14, 2010) 	  	  

This is the entire agreement among the Parties concerning the
subject matter set out in this Agreement and supersedes any and all prior
understandings and agreements. 

11.15    Successor to Escrow Agent

Any corporation with which the Escrow Agent may be amalgamated,
merged or consolidated, or any corporation succeeding to the business of the
Escrow Agent will be the successor of the Escrow Agent under this Agreement
without any further act on its part or on the part or any of the Parties,
provided that the successor is recognized by the Exchange. 

The Parties have executed and delivered this Agreement as of
the date set out above. 

EQUITY FINANCIAL TRUST COMPANY 

	/s/ Sandy Hunter	 
	Authorized signatory 	 
	 	 
	/s/
      Jayden Ashbee 	 
	Authorized signatory 	 

MANAS PETROLEUM CORPORATION 

	/s/ Peter-Mark Vogel 	 
	 	 
	Peter-Mark Vogel,
      CEO	 
	Authorized signatory 	 
	 	 
	/s/ Ari Muljana 	 
	 	 
	Ari Muljana,
CFO	 
	Authorized signatory 	 

	FORM 5D 	ESCROW AGREEMENT 	Page
      21
	(as at June 14, 2010) 	  	  

RESOURCES & TECHNOLOGY CORP.

	/s/ Michael Velletta 	 
	  	 
	Michael Velletta
    	 
	Authorized signatory 	 

 

 

If the Security holder is an individual: 

	Signed, sealed and delivered by 	) 	  
	Heinz Scholz in the presence of: 	) 	  
	  	) 	  
	Ari Muljana	)	  
	Name 	) 	  
	  	) 	  
	/s/ Ari Muljana	)	/s/
      Heinz Scholz
	Address 	) 	HEINZ SCHOLZ 
	  	) 	  
	Hirzenbachstrasse 77, 8051 Zurich, Switzerland 	) 	  
	  	) 	  
	  	) 	  
	CFO	)	  
	Occupation 	) 	  

	FORM 5D 	ESCROW AGREEMENT 	Page
      22
	(as at June 14, 2010) 	  	  

	Signed, sealed and delivered by 	) 	  
	Michael J. Velletta in the presence of: 	) 	  
	  	) 	  
	Ari Muljana,
CFO	)	  
	Name 	) 	  
	  	) 	  
	/s/ Ari
      Muljana	)	/s/
      Michael J. Velletta
	Address 	) 	MICHAEL J. VELLETTA 
	  	) 	  
	Hirzenbachstrasse 77, 8051 Zurich, Switzerland 	) 	  
	  	) 	  
	  	) 	  
	CFO	)	  
	Occupation 	) 	  
	  	  	  
	  	  	  
	Signed, sealed and delivered by 	) 	  
	Richard Schenz in the presence of: 	) 	  
	  	) 	  
	Ari Muljana	)	  
	Name 	) 	  
	  	) 	  
	/s/ Ari
      Muljana	)	/s/
      Richard Schenz
	Address 	) 	RICHARD SCHENZ 
	  	) 	  
	Hirzenbachstrasse 77, 8051 Zurich, Switzerland 	) 	  
	  	) 	  
	  	) 	  
	CFO	)	  
	Occupation 	) 	  

	FORM 5D 	ESCROW AGREEMENT 	Page
      23
	(as at June 14, 2010) 	  	  

	Signed, sealed and delivered by 	) 	  
	Werner Ladwein in the presence of: 	) 	  
	  	) 	  
	Ari Muljana	)	  
	Name 	) 	  
	  	) 	  
	/s/ Ari
      Muljana	)	/s/
      Werner Ladwein
	Address 	) 	WERNER LADWEIN 
	  	) 	  
	Hirzenbachstrasse 77, 8051 Zurich, Switzerland 	) 	  
	  	) 	  
	  	) 	  
	CFO	)	  
	Occupation 	) 	  
	  	  	  
	Signed, sealed and delivered by 	) 	  
	Peter-Mark Vogel in the presence of: 	)	  
	  	) 	  
	Ari Muljana, CFO
    	)	  
	Name 	) 	  
	  	) 	  
	/s/ Ari
      Muljana	)	/s/
      Peter-Mark Vogel 
	Address 	) 	PETER-MARK VOGEL 
	  	) 	  
	Hirzenbachstrasse 77, 8051 Zurich, Switzerland 	) 	  
	  	) 	  
	  	) 	  
	CFO	)	  

	FORM 5D 	ESCROW AGREEMENT 	Page
      24
	(as at June 14, 2010) 	  	  

	Occupation 	) 	  
	  		  
	Signed, sealed and delivered by 	) 	  
	Ari Muljana in the presence of: 	) 	  
	  	) 	  
	Roger Jenni,
      Corporate Secretary	)	  
	Name 	) 	  
	  	) 	  
	/s/ Roger
      Jenni	)	/s/
      Ari Muljana
	Address 	) 	ARI MULJANA 
	  	) 	  
	Alte Landtrasse 15, 8802 Kilchberg, Switzerland 	) 	  
	  	) 	  
	  	) 	  
	Senior Finance
      Manager	)	  
	Occupation 	) 	  
	  	)	  
	Signed, sealed and delivered by 	) 	  
	Roger Jenni in the presence of: 	) 	  
	  	) 	  
	Ari Muljana,
CFO	)	  
	Name 	) 	  
	  	) 	  
	/s/ Ari
      Muljana	)	/s/
      Roger Jenni
	Address 	) 	ROGER JENNI 
	  	) 	  
	Hirzenbachstrasse 77, 8051 Zurich, Switzerland 	) 	  
	  	) 	  
	  	) 	  
	CFO	)	  
	Occupation 	) 	 

	FORM 5D 	ESCROW AGREEMENT 	Page
      25
	(as at June 14, 2010) 	  	  

Schedule “A” to Escrow Agreement 

Securityholder 

Name: Heinz Scholz 

Signature: /s/ Heinz Scholz 

Address for Notice:

Seegartenstrasse 45, 8810 Horgen, Switzerland 

Email.: hjs@manaspetroleum.com

Securities: 

	Class and Type 
(i.e. Value
      Securities or 
Surplus Securities) 	Number 

	Certificate(s) (if applicable)
      

	Value Common Shares 	20,059,387 	  
	 	 	 
	 	 	 

  

  	FORM 5D 	ESCROW AGREEMENT 	Page
        26
	(as at June 14, 2010) 	  	  

Securityholder 

Name: Michael J. Velletta 

Signature: /s/ Micahel J. Velletta 

Address for Notice:

4th floor, 931 Fort Street 
Victoria, British Colombia V8V
3K3, Canada 

Securities: 

	Class and Type 
(i.e. Value
      Securities or 
Surplus Securities) 	Number 

	Certificate(s) (if applicable)
      

	Value Common Shares 	nil 	  
	 	 	 
	 	 	 

  

  	FORM 5D 	ESCROW AGREEMENT 	Page
        27
	(as at June 14, 2010) 	  	  

Securityholder 

Name: Resource & Technology Corp. 

Signature: /s/ Michael J. Velletta 

Address for Notice:

4th floor, 931 Fort Street 
Victoria, British Colombia V8V
3K3, Canada 

  Email: mvelletta@manaspetroleum.com 

Securities: 

	Class and Type 
(i.e. Value
      Securities or 
Surplus Securities) 	Number 

	Certificate(s) (if applicable)
      

	Value Common Shares 	2,750,000 	  
	 	 	 
	 	 	 

  

  	FORM 5D 	ESCROW AGREEMENT 	Page
        28
	(as at June 14, 2010) 	  	  

UNDERTAKING OF HOLDING COMPANY 

TO: THE TSX VENTURE EXCHANGE 

Resource & Technology Corp. (the “Securityholder”)
has subscribed for and purchased, as principal, 2,750,000 Common Shares of Manas
Petroleum Corporation (the “Escrowed Securities”). The Escrowed Securities will
be held in escrow as detailed in the escrow agreement entered into between Manas
Petroleum Corporation (the “Issuer”), Equity Financial Trust Company and the
Securityholder.

The undersigned Securityholder undertakes that, to the extent
reasonably possible, it will not permit or authorize its securities to be issued
or transferred, nor will it otherwise authorize any transaction involving any of
its securities that could reasonably result in a change of its control without
the prior consent of the TSX Venture Exchange, as long as any Escrowed
Securities remain held or are required to be held in escrow. 

DATED this 3rd day of May 2011. 

	 	Resource & Technology Corp. 
	 	(Name of Securityholder - please print) 
	 	  
	 	/s/
      Michael J. Velletta 
	 	(Authorized Signature) 
	 	  
	 	Chairman 
	 	(Official Capacity - please print) 
	 	  
	 	Michael Velletta 
	 	(Please print here name of individual whose
      signature 
	 	appears above) 

	FORM 5D 	ESCROW AGREEMENT 	Page
      29 
	(as at June 14, 2010) 	  	  

The Securityholder is directly controlled by the undersigned
who undertakes that, to the extent reasonably possible, he will not permit or
authorize securities of the Securityholder to be issued or transferred, nor
otherwise carry out any transaction that could reasonably result in a change of
control of the Securityholder without the prior consent of the TSX Venture
Exchange, as long as any Escrowed Securities remain held or are required to be
held in escrow. 

DATED this 3rd day of May 2011. 

	 	Michael Velletta 
	 	(Name of Controlling Securityholder – please
      print) 
	 	  
	 	/s/
      Michael Velletta 
	 	(Signature) 

	FORM 5D 	ESCROW AGREEMENT 	Page
      30
	(as at June 14, 2010) 	  	  

Securityholder 

Name: Richard Schenz 

Signature: /s/ Richard Schenz

 Address for Notice:

Hauptstrasse 70, 2372 Giesshuebl, Austria 

Email: rschenz@manaspetroleum.com

Securities: 

	Class and Type 
(i.e. Value
      Securities or 
Surplus Securities) 	Number 

	Certificate(s) (if applicable)
      

	Value Common Shares 	nil 	  
	 	 	 
	 	 	 

  

  	FORM 5D 	ESCROW AGREEMENT 	Page
        31
	(as at June 14, 2010) 	  	  

Securityholder 

Name: Werner Ladwein 

Signature: /s/ Werner Ladwein 

Address for Notice:

Wenhartgasse 27, 1210 Vienna, Austria 

Email: wladwein@manaspetroleum.com

Securities: 

  	Class and Type 

        (i.e. Value Securities or 

        Surplus Securities) 	Number 

        
	Certificate(s) (if applicable)
        

        

	Value Common Shares 	nil 	  
	 	 	 
	 	 	 

  

  	FORM 5D 	ESCROW AGREEMENT 	Page
        32
	(as at June 14, 2010) 	  	  

Securityholder 

Name: Peter-Mark Vogel 

Signature: /s/ Peter-Mark Vogel 

Address for Notice:

Haabweg 2, 8806 Baech, Switzerland 

Email: mvogel@manaspetroleum.com

Securities: 

	Class and Type 
(i.e. Value
      Securities or 
Surplus Securities) 	Number 

	Certificate(s) (if applicable)
      

	Value Common Shares 	15,966,132 	  
	 	 	 
	 	 	 

  

  	FORM 5D 	ESCROW AGREEMENT 	Page
        33
	(as at June 14, 2010) 	  	  

Securityholder 

Name: Ari Muljana 

Signature: /s/ Ari Muljana 

Address for Notice:

Hirzenbachstrasse 77, 8051 Zurich, Switzerland 

Email: amuljana@manaspetroleum.com

Securities: 

	Class and Type 
(i.e. Value
      Securities or 
Surplus Securities) 	Number 

	Certificate(s) (if applicable)
      

	Value Common Shares 	nil 	  
	 	 	 
	 	 	 

  

  	FORM 5D 	ESCROW AGREEMENT 	Page
        34
	(as at June 14, 2010) 	  	  

Securityholder 

Name: Roger Jenni 

Signature: /s/ Roger Jenni 

Address for Notice:

Alte Landstrasse 15, 8802 Kilchberg, Switzerland

 Email: roger.jenny@manaspetroleum.com

 Securities: 

	Class and Type 
(i.e. Value
      Securities or 
Surplus Securities) 	Number 

	Certificate(s) (if applicable)
      

	Value Common Shares 	100,000 	  
	 	 	 
	 	 	 

  

  	FORM 5D 	ESCROW AGREEMENT 	Page
        35
	(as at June 14, 2010) 	  	  

SCHEDULE B(1) – TIER 1 VALUE SECURITY ESCROW AGREEMENT

RELEASE OF SECURITIES 

Timed Release

	
Release Dates 
	Percentage of Total 
Escrowed
      Securities to be 
Released 	Total Number of Escrowed
      
Securities to be Released 

	[Insert date of Exchange Bulletin] 	25% 	9,718,879 
	[Insert date 6 months following Exchange
      Bulletin] 	25% 	9,718,880 
	[Insert date 12 months following Exchange
      Bulletin] 	25% 	9,718,879 
	[Insert date 18 months following Exchange
      Bulletin] 	25% 	9,718,881 
	TOTAL 	100% 	38,875,519 

*In the simplest case where there are no changes to the escrow
  securities initially deposited and no additional escrow securities, then the
  release schedule outlined above results in the escrow securities being released
  in equal tranches of 25%. 

	FORM 5D 	ESCROW AGREEMENT 	Page
      36
	(as at June 14, 2010) 	  	  

SCHEDULE B(2) – TIER 2 VALUE SECURITY ESCROW AGREEMENT

RELEASE OF SECURITIES 

Timed Release

	
Release Dates 	Percentage of Total Escrowed
      
Securities to be Released 	Total Number of Escrowed
      
Securities to be Released 
	[Insert date of Exchange Bulletin] 	10% 	3,887,551 
	[Insert date 6 months following Exchange
      Bulletin] 	15% 	5,831,328 
	[Insert date 12 months following Exchange
      Bulletin] 	15% 	5,831,328 
	[Insert date 18 months following Exchange
      Bulletin] 	15% 	5,831,328 
	[Insert date 24 months following Exchange
      Bulletin] 	15% 	5,831,328 
	[Insert date 30 months following Exchange
      Bulletin] 	15% 	5,831,328 
	[Insert date 36 months following Exchange
      Bulletin] 	15% 	5,831,328 
	TOTAL 	100% 	38,875,519 

*In the simplest case where there are no changes to the escrow
  securities initially deposited and no additional escrow securities, the release
  schedule outlined above results in the escrow securities being released in equal
  tranches of 15% after completion of the release on the date of the Exchange
  Bulletin. 

	FORM 5D 	ESCROW AGREEMENT 	Page
      37
	(as at June 14, 2010) 	  	  

SCHEDULE B(5) 

UNDERTAKING OF HOLDING COMPANY 

TO:      THE TSX VENTURE
EXCHANGE 

________________________ (the “Securityholder”) has
subscribed for and agreed to purchase, as principal, ________ Common Shares of
Manas Petroleum Corporation (the “Escrowed Securities”). The Escrowed Securities
will be held in escrow as detailed in the escrow agreement entered into between
Manas Petroleum Corporation (the “Issuer”), Equity Financial Trust Company and
the Securityholder.

The undersigned Securityholder undertakes that, to the extent
reasonably possible, it will not permit or authorize its securities to be issued
or transferred, nor will it otherwise authorize any transaction involving any of
its securities that could reasonably result in a change of its control without
the prior consent of the TSX Venture Exchange, as long as any Escrowed
Securities remain held or are required to be held in escrow. 

DATED this _________________ day of ___________. 

	 	 
	 	(Name of Securityholder - please print) 
	 	
       

	 	
       

	 	
      (Authorized Signature) 

	 	
       

	 	
       

	 	
      (Official Capacity - please print) 

	 	
       

	 	
       

	 	
      (Please print here name of individual whose signature
      appears above) 

	FORM 5D 	ESCROW AGREEMENT 	Page
      38
	(as at June 14, 2010) 	  	  

The Securityholder is directly controlled by the undersigned
who undertakes that, to the extent reasonably possible, he will not permit or
authorize securities of the Securityholder to be issued or transferred, nor
otherwise carry out any transaction that could reasonably result in a change of
control of the Securityholder without the prior consent of the TSX Venture
Exchange, as long as any Escrowed Securities remain held or are required to be
held in escrow. 

DATED this __________________ day of _________. 

	 	 
	 	(Signature) 
	 	 
	 	 
	 	(Name of Controlling Securityholder – please
      print) 
	 	 
	 	 
	 	(Signature) 
	 	 
	 	 
	 	(Name of Controlling Securityholder – please
      print) 

	FORM 5D 	ESCROW AGREEMENT 	Page
      39 
	(as at June 14, 2010)Anavex Life Sciences Corp.: Exhibit 10.1 - Filed by newsfilecorp.com

NON-UNITED STATES RESIDENT SUBSCRIBERS

THIS PRIVATE PLACEMENT SUBSCRIPTION AGREEMENT RELATES TO AN
OFFERING OF SECURITIES IN AN OFFSHORE TRANSACTION TO PERSONS WHO ARE NOT U.S.
PERSONS (AS DEFINED HEREIN) PURSUANT TO REGULATION S UNDER THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”).

THE SECURITIES TO WHICH THIS PRIVATE PLACEMENT SUBSCRIPTION
AGREEMENT (THE “SUBSCRIPTION AGREEMENT”) RELATES HAVE NOT BEEN REGISTERED WITH
THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY
STATE, AND WILL BE ISSUED IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”), AND, ACCORDINGLY, MAY
NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE 1933 ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A
TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE 1933 ACT AND IN
ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS.

ANAVEX LIFE SCIENCES CORP.
(THE “ISSUER”)

PRIVATE PLACEMENT SUBSCRIPTION AGREEMENT
8% CONVERTIBLE
DEBENTURES

INSTRUCTIONS TO PURCHASER

	1. 	
      The purchaser is to complete all the information in the
      boxes on page 1 and sign where indicated with an “X”.

	 	 
	2. 	
      IF THE PURCHASER IS A CANADIAN RESIDENT AND IS AN
      ACCREDITED INVESTOR, then complete the “Accredited Investor Questionnaire”
      that starts on page 5.

	 	 
	3. 	
      RESIDENTS OF COUNTRIES OUTSIDE THE UNITED STATES AND
      CANADA AND CANADIAN RESIDENTS PURCHASING A MINIMUM OF $150,000 IN VALUE OF
      SECURITIES may subscribe without filling in an Accredited
  Investor.

	 	 
	4. 	
      Check or Cashier’s check should be made payable to
      Anavex Life Sciences Corp. For Wire instructions contact Harvey Lalach at
      harvey@anavex.com; Tel (250) 864-2740.

	 	 
	5. 	
      All other information must be filled in where
      appropriate.

	 	 
	6. 	
      ALL DOLLAR FIGURES REFER TO UNITED STATES
  DOLLARS.

This is Page 2 of 17 pages of a subscription agreement and
related appendices, schedules and forms. Collectively, these pages together are
referred to as the “Subscription Agreement”.

PRIVATE PLACEMENT SUBSCRIPTION AGREEMENT

TO: ANAVEX LIFE SCIENCES CORP. (the “Issuer”), of
50 Harrison Street, Unit 315A, Hoboken NJ 07030

Subject and pursuant to the terms set out in the Terms on pages
3 to 4, the General Provisions on pages 9 to 16 and the other schedules and
appendices attached which are hereby incorporated by reference, the Purchaser
hereby irrevocably subscribes for, and on Closing will purchase from the Issuer,
the following securities at the following price:

	$1,000,000 in value of Convertible Debenture 
	 
	The Purchaser owns, directly or indirectly, the following
      securities of the Issuer: 
	 
	[Check if applicable] The Purchaser is [ ] an
      insider of the Issuer or [ ] a member of the professional group
  

The Purchaser directs the Issuer to issue, register and deliver
the certificates representing the Investment as follows:

	REGISTRATION INSTRUCTIONS 	 	DELIVERY INSTRUCTIONS 
	 	 	 
	Name to appear on certificate 	 	Name and account reference, if applicable 
	 	 	 
	Account reference if applicable 	 	Contact name 
	 	 	 
	Address 	 	Address 
	 	 	 
	  	 	Telephone Number 

EXECUTED by the Purchaser this _______day of _____________,
2011. By executing this Subscription Agreement, the Purchaser certifies that the
Purchaser and any beneficial purchaser for whom the Purchaser is acting is
resident in the jurisdiction shown as the “Address of Purchaser”. 

	WITNESS: 
	 	EXECUTION BY PURCHASER: 

	 	 	X 
	Signature of Witness 	 	Signature of individual (if Purchaser is an
      individual) 
	 	 	X 
	Name of Witness 	 	Authorized signatory (if Purchaser is not an
      individual) 
	 	 	  
	Address of Witness 	 	Name of Purchaser (please print) 
	 	 	  
	 	 	Name of authorized signatory (please print)
    
	Accepted this day of ____________, 2011 	 	  
	ANAVEX LIFE SCIENCES CORP. 	 	Address of Purchaser (residence) 
	Per: 	 	  
	 	 	Telephone Number 
	Authorized Signatory 	 	  
	 	 	Facsimile Number 
	 	 	  
	 	 	E-mail address 
	 	 	  
	 	 	Social Security/Insurance No.:

By signing this acceptance, the Issuer agrees to be bound by
the Terms on pages 3 to 4, the General Provisions on pages 9 to 16 and the other
schedules and appendices incorporated by reference. If funds are delivered to
the Issuer’s lawyers, they are authorized to release the funds to the Issuer on
Closing. 

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 3 of 17 

TERMS

	Reference date of this 	  
	Subscription 	April _______, 2011 (the “Agreement Date”)
    
	Agreement 	  
	  	  
	The Offering 
	  	  
	  	  
	Principal Amount: 	US$1,000,000 
	  	  
	The Issuer: 	Anavex Life Sciences Corp.
        (the “Issuer”). 

	  	 

	The Purchaser: 	Weiser Capital Ltd. or its
        assignees (the “Purchaser”) 

	  	 

	Instrument: 	The offering consists of 8%
        Convertible Debentures (the “Investment”) closing in
        three tranches: 

	  	 

		“Tranche 1”:
        $250,000 closing not later than April 20, 2011 or such other date as may
        be agreed upon by the Issuer and the Purchaser (the “Initial Closing”);
      

	  	 

		“Tranche 2”
        $500,000 closing not later than May 3, 2011 or such other date as may
        be agreed upon by the Issuer and the Purchaser; and 

	  	 

		“Tranche 3”
        $250,000 closing not later than May 20, 2011 or such other date as may
        be agreed upon by the Issuer and the Purchaser (the “Final Closing”).
      

	  	 

	  	All dollar figures refer to
        United States dollars. 

	  	 

	Term of Investment: 	The term (the “Term”)
        of the Investment will mature on the earliest of: (a) 12 months from the
        date of the Initial Closing; or, (b) conversion of the entire Investment;
        or, (c) early retirement of the entire Investment under circumstances
        agreeable to both the Issuer and Purchaser. 

	  	 

	Terms of Conversion: 	The Investment is convertible
        or redeemable on the following terms: (a) conversion or redemption will
        be: (i) automatic upon the Issuer closing aggregate equity financings
        of $2,000,000 or a greater amount within any 30 consecutive calendar days
        during the Term of the Investment; or, (ii) at the election of the Purchaser;
        and (b) Investment is convertible at $3.00 per share, adjusted for splits
        and common stock share issuances of greater than 10% of the number of
        outstanding shares of the Issuer at the closing of the Investment. For
        each common share issued, one 2-year common share purchase warrant will
        be issued. The warrant will be priced at $4.00 adjusted for splits and
        common stock share issuances of greater than 10% of the number of outstanding
        shares of the Issuer at the closing of the Investment. 

	  	 

	Interest Rate: 	Accrued interest will be payable
        at the conclusion of the Term of the Investment at a rate of 8 percent
        per annum on the principal amount of the Investment. 

	  	 

		In the event of early retirement,
        interest payable will be the greater of: (a) 6 months interest on the
        principal amount of the Investment; or, (b) the accumulated interest on
        the principal amount of the Investment. 

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 4 of 17 

	Committed Use of Capital 	Tranche 1 

	 	  	Dollar Value 	Pro Rata % 	Committed Use of Capital 
	 	  	$100,000 	40% 	 Payments related to 2-73 development
      (CRO) 
	 	  	$100,000(1) 	40% 	 Closing Fee to Purchaser 
	 	Up to 	$25,000 	10% 	 Management compensation 
	 	Up to 	$25,000
    	10% 	 General and administrative expenses

	 	Up to 	$250,000(2) 	100% 	 
	 	  	  	  	 
	 	Tranche 2 	  	 
	 	  	  	  	 
	 	  	$180,000 	36% 	Payments related to 2-73 development (CRO)
  
	 	Up to 	$50,000 	10% 	Management compensation 
	 	Up to 	$50,000 	10% 	Lab staff compensation 
	 	Up to 	$25,000 	5% 	Investor and public relations expenses 
	 	Up to 	$75,000 	15% 	General and administrative expenses 
	 	Up to 	$25,000 	5% 	Payments related to Genesis termination and
      rent 
	 	Up to	$25,000 	5% 	Expenses directly related to application for
      listing of shares on a national exchange 
	 	Up to 	$70,000
    	14% 	Syntagon (synthesis 1-41) 
	 	  	  	  	 
	 	Up to 	$500,000(2) 	100% 	 
	 	  	  	  	 
	 	Tranche 3 	  	 
	 	  	  	  	 
	 	  	$50,000 	20% 	Payments related to 2-734 development to ABX
      and Forenap 
	 	Up to 	$50,000 	20% 	Lab staff compensation 
	 	Up to 	$50,000 	20% 	Management compensation 
	 	Up to 	$50,000 	20% 	Expenses directly related to application for
      listing of shares on a national exchange 
	 	Up to 	$25,000 	10% 	General and administrative expense 
	 	  	  	  	 
	 	Up to 	$25,000
    	10% 	Investor and public relations expenses 
	 	Up to 	$500,000 	100% 	 

	 	(1) 	 The Purchaser may reinvest the Closing Fee in which
        case such funds will be used as follows: 

        Dollar Value           Committed
        Use of Capital 

        $50,000                    Lab
        Rent – Eurogenet 

        $50,000                    Lab
        Staff – Compensation 

        $100,000

	 	(2) 	
      In Tranche 1 and 2, any unspent remainder is to be
      contributed to accounts payable, excluding management compensation. In
      Tranche 3, any unspent remainder is to be contributed to accounts payable,
      and may include management compensation

	Additional Terms: 	1. 	Upon conclusion of the Term of the
      Investment all unpaid principal, interest, and fees will be due and
      payable to the Purchaser. 
	  	  	  	  
	  	2. 	The Issuer may not transfer the
      obligation of the Investment. 
	  	  	  	  
		3. 	The Issuer will pay the Purchaser, or
      its agent, $100,000 concurrent with the closing of “Tranche 1”. 
	  	  	  	  
		4. 	For the five business days subsequent
      to the Initial Closing, the Purchaser, or its agent, has the right to
      purchase from the Issuer 33,334 shares of the Issuer and 33,334 common
      share purchase warrant for an aggregate purchase price of $100,000. Each
      common share purchase warrant will be exercisable for two years from the
      Initial Closing at an exercise price of $4.00 per share. In order to
      exercise its right, the Purchaser must provide the Issuer with written
      notice of its intention to exercise its right, along with a certified
      cheque in the amount of $100,000, within such five business day period
      subsequent to the Initial Closing such written notice to be given in
      accordance with section 5.4 hereof. Upon receipt of such notice and
      certified cheque, the Issuer shall have three business days to provide the
      Purchaser with certificates representing the shares and common share
      purchase warrants of the Issuer. The General Provisions shall be deemed to
      apply to any purchase pursuant to this provision and the Issuer may, in
      its sole discretion, request that the Purchaser provide evidence that it
      is able to purchase the shares and common share purchase warrants of the
      Issuer under applicable securities laws.

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 5 of 17 

	 	5. 	The following named parties are
      identified in two categories: 
	 	  	  	  	  
	 		Category 1 – named parties, and
      officers and directors added by the Issuer subsequent to the closing of
      the Investment, are enjoined from selling, lending, transferring, or
      hypothecating shares of Anavex Life Sciences Corp. common stock until the
      company 
	reports completion of its Phase 11a
      clinical study 	  
	 	  	  	  	  
	 	  	Category 2 – named parties qualify
      for ‘Management compensation’ in the investment. 
	 	  	  	  	  
	 	  	Named Party 	Category 1 	Category 2 
	 	  	Ayers, Alison 	X 	  
	 	  	Durrant, Cameron 	X 	X 
	 	  	Lalach, Harvey 	X 	X 
	 	  	Lowry, Sean 	X 	  
	 	  	Skarpelos, Tom 	X 	X 
	 	  	Stergiou, Angelos 	X 	X 
	 	  	Tousley, David 	X 	X 

	Selling Jurisdictions 	The Investment may be sold in Canada
      or in other jurisdictions other than the United States where they may be
      lawfully sold (the ”Selling Jurisdictions”). 
	  	  	  
	Exemptions 	The offering will be made in
      accordance with the following exemptions from the prospectus requirements:    
	  	  	  
		(a) 	the “accredited investor” exemption in Canada
      (section 2.3 of National Instrument 45-106, as adopted by the securities
      commissions in Canada (“NI 45-106”); 
	  	  	  
	  	(b) 	the “$150,000 purchaser” exemption in Canada
      (section 2.10 of NI 45-106); and 
	  		  
	  	(c) 	such other exemptions as may be available under
      the securities laws of the Selling   Jurisdictions and
      Regulation S of the United States. 
	  	  	  
	No Registration of Securities 	The Investment will not be registered
      with the United States Securities and Exchange Commission and will be
      tradable in compliance with Rule 144 restricted periods. 
	  	  	  
	Resale restrictions and legends 	The Purchaser acknowledges that the
      certificates representing the Shares will bear the following legend:
	  	  	  
		“THESE SECURITIES HAVE NOT BEEN
      REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES
      COMMISSION OF ANY STATE AND HAVE BEEN ISSUED IN RELIANCE UPON AN EXEMPTION
      FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
      “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT
      PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT
      OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT
      SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN
      ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS.” 
	  	  	  
		Purchasers are advised to consult
      with their own legal counsel or advisors to determine the resale
      restrictions that may be applicable to them. 
	  	  	  
	Closing Date 	The completion of the sale and
      purchase of the Investment will take place in one or more closings, on a
      date or dates as agreed to by the Issuer and the Purchaser as set forth
      above under “Instrument” (the “Closing
Date”).

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 6 of 17 

The Issuer

	Jurisdiction of organization	The Issuer is incorporated under the laws of
      the State of Nevada. 
	  	  
	Stock exchange 	Certain market makers make market in the
      Issuer’s stock on the National Association of 
	 	 
	listings 	Securities Dealers Inc.’s OTC Bulletin Board.    
	  	  
	End of Terms 

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 7 of 17 

NATIONAL INSTRUMENT 45-106

ACCREDITED INVESTOR QUESTIONNAIRE – CANADIAN
PURCHASERS

The purpose of this Questionnaire is to assure Anavex Life
Sciences Corp. (the “Issuer”) that the undersigned (the
“Subscriber”) will meet certain requirements for the registration and
prospectus exemptions provided for under National Instrument 45-106 (“NI
45-106”), as adopted by the Securities Commissions in Canada, in respect of
a proposed private placement of securities by the Issuer (the
“Transaction”). The Issuer will rely on the information contained in this
Questionnaire for the purposes of such determination.

The undersigned Subscriber covenants, represents and warrants
to the Issuer that:

	 	1. 	
      the Subscriber has such knowledge and experience in
      financial and business matters as to be capable of evaluating the merits
      and risks of the Transaction and the Subscriber is able to bear the
      economic risk of loss arising from such Transaction;

	 	 	 	 
	 	2. 	
      the Subscriber satisfies one or more of the categories of
      “accredited investor” (as that term is defined in NI 45-106) indicated
      below (please check the appropriate box):

	 	 	 	 
	 		
      [ ]
	
      (a) a Canadian financial institution as defined in
      National Instrument 14-101, or an authorized foreign bank listed in
      Schedule III of the Bank Act (Canada);

	 	 	 	 
	 		
      [ ]
	
      (b) the Business Development Bank of Canada incorporated
      under the Business Development Bank Act (Canada);

	 	 	 	 
	 		
      [ ]
	
      (c) a subsidiary of any person referred to in any of the
      foregoing categories, if the person owns all of the voting securities of
      the subsidiary, except the voting securities required by law to be owned
      by directors of that subsidiary;

	 	 	 	 
	 		
      [ ]
	
      (d) an individual registered or formerly registered under
      the securities legislation of a jurisdiction of Canada as a representative
      of a person or company registered under securities legislation in a
      jurisdiction of Canada as an adviser or dealer, other than limited market
      dealer registered under one or both of the Securities Act (Ontario)
      or the Securities Act (Newfoundland and Labrador);

	 	 	 	 
	 		
      [ ]
	
      (e) an individual registered or formerly registered under
      the securities legislation of a jurisdiction of Canada as a representative
      of a person referred to in paragraph (d);

	 	 	 	 
	 		
      [ ]
	
      (f) the Government of Canada or a jurisdiction of Canada,
      or any crown corporation, agency or wholly owned entity of the Government
      of Canada or a jurisdiction of Canada;

	 	 	 	 
	 		
      [ ]
	
      (g) a municipality, public board or commission in Canada
      and a metropolitan community, school board, the Comite de gestion de la
      taxe scholaire de l’ile de Montreal or an intermunicipal management board
      in Québec;

	 	 	 	 
	 		
      [ ]
	
      (h) a national, federal, state, provincial, territorial
      or municipal government of or in any foreign jurisdiction, or any agency
      thereof;

	 	 	 	 
	 		
      [ ]
	
      (i) a pension fund that is regulated by either the Office
      of the Superintendent of Financial Institutions (Canada) or a pension
      commission or similar regulatory authority of a jurisdiction of
    Canada;

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 8 of 17 

	 	
      [ ]
	
      (j) an individual who either alone or with a spouse
      beneficially owns, directly or indirectly, financial assets (as defined in
      NI 45-106) having an aggregate realizable value that, before taxes but net
      of any related liabilities, exceeds CDN$1,000,000;

	 	 	 	 
	 	
      [ ]
	
      (k) an individual whose net income before taxes exceeded
      CDN$200,000 in each of the two more recent calendar years or whose net
      income before taxes combined with that of a spouse exceeded CDN$300,000 in
      each of those years and who, in either case, reasonably expects to exceed
      that net income level in the current calendar year;

	 	 	 	 
	 	
      [ ]
	
      (l) an individual who, either alone or with a spouse, has
      net assets of at least CDN $5,000,000;

	 	 	 	 
	 	
      [ ]
	
      (m) a person, other than an individual or investment
      fund, that has net assets of at least CDN$5,000,000 as reflected on its
      most recently prepared financial statements;

	 	 	 	 
	 	
      [ ]
	
      (n) an investment fund that distributes it securities
      only to:

	 	 	 	 
	 		(i) 	
      persons that are accredited investors at the time of
      distribution,

	 	 	 	 
	 		(ii) 	
      a person that acquires or acquired a minimum of
      CDN$150,000 of value in securities and under Section 2.19 of NI 45-106,
      or

	 	 	 	 
	 		(iii) 	
      a person described under paragraph (i) or (ii) that
      acquires or acquired securities under Section 2.18 of NI 45-106;

	 	 	 	 
	 	
      [ ]
	
      (o) an investment fund that distributes or has
      distributed securities under a prospectus in a jurisdiction of Canada for
      which the regulator or, in Québec, the securities regulatory authority,
      has issued a receipt;

	 	 	 	 
	 	
      [ ]
	
      (p) a trust company or trust corporation registered or
      authorized to carry on business under the Trust and Loan Companies Act
      (Canada) or under comparable legislation in a jurisdiction of Canada
      or a foreign jurisdiction, acting on behalf of a fully managed account
      managed by the trust company or trust corporation, as the case may
    be;

	 	 	 	 
	 	
      [ ]
	
      (q) a person acting on behalf of a fully managed account
      managed by that person, if that person (i) is registered or authorized to
      carry on business as an adviser or the equivalent under the securities
      legislation of a jurisdiction of Canada or a foreign jurisdiction, and
      (ii) in Ontario, is purchasing a security that is not a security of an
      investment fund;

	 	 	 	 
	 	
      [ ]
	
      (r) a registered charity under the Income Tax Act
      (Canada) that, in regard to the trade, has obtained advice from an
      eligibility advisor or an advisor registered under the securities
      legislation of the jurisdiction of the registered charity to give advice
      on the securities being traded;

	 	 	 	 
	 	
      [ ]
	
      (s) an entity organized in a foreign jurisdiction that is
      analogous to any of the entities referred to in paragraphs (a) to (d) or
      paragraph (i) in form and function;

	 	 	 	 
	 	
      [ ]
	
      (t) a person in respect of which all of the owners of
      interests, direct, indirect or beneficial, except the voting securities
      required by law are persons or companies that are accredited
    investors;

	 	 	 	 
	 	
      [ ]
	
      (u) an investment fund that is advised by a person
      registered as an advisor or a person that is exempt from registration as
      an advisor; or

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 9 of 17 

	 	
      [ ]
	(v) a person that is recognized or designated
      by the securities regulatory authority or, except in Ontario and Québec,
      the regulator as (i) an accredited investor, or (ii) an exempt purchaser
      in Alberta or British Columbia after NI 45-106 came into force.
  

The Subscriber acknowledges and agrees that the Subscriber may
be required by the Issuer to provide such additional documentation as may be
reasonably required by the Issuer and its legal counsel in determining the
Subscriber’s eligibility to acquire the Investment under relevant
Legislation.

     IN WITNESS WHEREOF, the
undersigned has executed this Questionnaire as of the _______day of
__________________, 2011.

	If a Corporation, Partnership or Other Entity: 	 	If an Individual: 
	 	 	 
	  	 	X 
	Print or Type Name of Entity 	 	Signature 
	 
    	 	  
	X 	 	  
	Signature of Authorized Signatory 	 	Print or Type Name 
	 	 	 
	 
    	 	  
	Type of Entity 	 	  

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 10 of 17 

GENERAL PROVISIONS

1. DEFINITIONS

1.1 In the Subscription Agreement (including the first (cover)
page, the Terms on pages 3 to 4, the General Provisions on pages 10 to 16 and
the other schedules and appendices incorporated by reference), the following
words have the following meanings unless otherwise indicated:

	 	(a) 	
      “1933 Act” means the United States Securities Act
      of 1933, as amended;

	 	 	 
	 	(b) 	
      “Applicable Legislation” means the Securities
      Legislation Applicable to the Issuer (as defined on page 8) and all
      legislation incorporated in the definition of this term in other parts of
      the Subscription Agreement, together with the regulations and rules made
      and promulgated under that legislation and all administrative policy
      statements, blanket orders and rulings, notices and other administrative
      directions issued by the Commissions;

	 	 	 
	 	(c) 	
      “business day” means any day banking transactions
      can be conducted in the City of Vancouver, British Columbia, and does not
      include any day which is a federal or provincial holiday in Vancouver,
      British Columbia;

	 	 	 
	 	(d) 	
      “Closing” means each completion of the sale and
      purchase of the Securities;

	 	 	 
	 	(e) 	
      “Closing Date” has the meaning assigned in the
      Terms;

	 	 	 
	 	(f) 	
      “Commissions” means the Commissions with
      Jurisdiction over the Issuer (as defined on page 4) and the securities
      commissions incorporated in the definition of this term in other parts of
      the Subscription Agreement;

	 	 	 
	 	(g) 	
      “Final Closing” means the last closing under the
      Private Placement;

	 	 	 
	 	(h) 	
      “General Provisions” means those portions of the
      Subscription Agreement headed “General Provisions” and contained on
      pages 9 to 17;

	 	 	 
	 	(i) 	
      “Initial Closing” means the first closing under
      the Private Placement;

	 	 	 
	 	(j) 	
      “Private Placement” means the offering of the
      Investment on the terms and conditions of this Subscription
    Agreement;

	 	 	 
	 	(k) 	
      “Securities” means the Investment as defined in
      the Terms;

	 	 	 
	 	(l) 	
      “Subscription Agreement” means this agreement and
      the schedules and appendices incorporated by reference herein;
  and

	 	 	 
	 	(m) 	
      “Terms” means those portions of the Subscription
      Agreement headed “Terms” and contained on pages 3 to
5.

1.2 In the Subscription Agreement, the following terms have the
meanings defined in Regulation S of the 1933 Act (“Regulation S”):
“Directed Selling Efforts”, “Foreign Issuer”, “Substantial U.S. Market
Interest”, “U.S. Person” and “United States”.

1.3 In the Subscription Agreement, unless otherwise specified,
currencies are indicated in US dollars.

1.4 In the Subscription Agreement, other words and phrases that
are capitalized have the meanings assigned to them in the body hereof.

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 11 of 17 

2. ACKNOWLEDGEMENTS, REPRESENTATIONS AND WARRANTIES OF
PURCHASER

2.1 Acknowledgements concerning Offering

The Purchaser acknowledges that:

	 	(a) 	
      none of the Securities have been registered under the
      1933 Act, or under any state securities or “blue sky” laws of any state of
      the United States, and, unless so registered, may not be offered or sold
      in the United States or, directly or indirectly, to U.S. Persons, except
      in accordance with the provisions of Regulation S, pursuant to an
      effective registration statement under the 1933 Act, or pursuant to an
      exemption from, or in a transaction not subject to, the registration
      requirements of the 1933 Act and in each case in accordance with
      applicable state and provincial securities laws;

	 	 	 
	 	(b) 	
      the Purchaser acknowledges that the Issuer has not
      undertaken, and will have no obligation, to register any of the Securities
      under the 1933 Act;

	 	 	 
	 	(c) 	
      the decision to execute this Subscription Agreement and
      purchase the Securities agreed to be purchased hereunder has not been
      based upon any oral or written representation as to fact or otherwise made
      by or on behalf of the Issuer and such decision is based entirely upon a
      review of information (the “Issuer Information”) which has been
      filed by the Issuer with the Securities and Exchange Commission (the
      “SEC”);

	 	 	 
	 	(d) 	
      the Purchaser and the Purchaser’s advisor(s) have had a
      reasonable opportunity to ask questions of and receive answers from the
      Issuer regarding the Offering, and to obtain additional information, to
      the extent possessed or obtainable without unreasonable effort or expense,
      necessary to verify the accuracy of the information contained in the
      Issuer Information, or any business plan, corporate profile or any other
      document provided to the Purchaser;

	 	 	 
	 	(e) 	
      neither the Commissions or similar regulatory authority
      has reviewed or passed on the merits of the Securities;

	 	 	 
	 	(f) 	
      there is no government or other insurance covering any of
      the Securities;

	 	 	 
	 	(g) 	
      there are risks associated with an investment in the
      Securities;

	 	 	 
	 	(h) 	
      the Purchaser has not acquired the Securities as a result
      of, and will not itself engage in, any “directed selling efforts” (as
      defined in Regulation S) in the United States in respect of the Securities
      which would include any activities undertaken for the purpose of, or that
      could reasonably be expected to have the effect of, conditioning the
      market in the United States for the resale of any of the Securities;
      provided, however, that the Purchaser may sell or otherwise dispose of the
      Securities pursuant to registration thereof under the 1933 Act and any
      applicable state and provincial securities laws or under an exemption from
      such registration requirements;

	 	 	 
	 	(i) 	
      the Purchaser and the Purchaser’s advisor(s) have had a
      reasonable opportunity to ask questions of and receive answers from the
      Issuer in connection with the distribution of the Securities hereunder,
      and to obtain additional information, to the extent possessed or
      obtainable without unreasonable effort or expense, necessary to verify the
      accuracy of the information about the Issuer;

	 	 	 
	 	(j) 	
      the books and records of the Issuer were available upon
      reasonable notice for inspection, subject to certain confidentiality
      restrictions, by the Purchaser during reasonable business hours at its
      principal place of business, and all documents, records and books in
      connection with the distribution of the Securities hereunder have been
      made available for inspection by the Purchaser, the Purchaser’s lawyer
      and/or advisor(s);

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 12 of 17 

	 	(k) 	
      the Purchaser will indemnify and hold harmless the Issuer
      and, where applicable, its directors, officers, employees, agents,
      advisors and shareholders, from and against any and all loss, liability,
      claim, damage and expense whatsoever (including, but not limited to, any
      and all fees, costs and expenses whatsoever reasonably incurred in
      investigating, preparing or defending against any claim, lawsuit,
      administrative proceeding or investigation whether commenced or
      threatened) arising out of or based upon any representation or warranty of
      the Purchaser contained herein or in any document furnished by the
      Purchaser to the Issuer in connection herewith being untrue in any
      material respect or any breach or failure by the Purchaser to comply with
      any covenant or agreement made by the Purchaser to the Issuer in
      connection therewith;

	 	 	 	 
	 	(l) 	
      the Shares are not listed on any stock exchange or
      automated dealer quotation system and no representation has been made to
      the Purchaser that any of the Shares will become listed on any stock
      exchange or automated dealer quotation system, except that currently
      market makers make a market for the Issuer’s common shares on the National
      Association of Securities Dealers Inc.’s OTC Bulletin Board;

	 	 	 	 
	 	(m) 	
      the Issuer will refuse to register any transfer of the
      Securities not made in accordance with the provisions of Regulation S,
      pursuant to an effective registration statement under the 1933 Act or
      pursuant to an available exemption from the registration requirements of
      the 1933 Act and in accordance with Applicable Legislation;

	 	 	 	 
	 	(n) 	
      the Issuer has advised the Purchaser that the Issuer is
      relying on an exemption from the requirements to provide the Purchaser
      with a prospectus to sell the Securities and, as a consequence of
      acquiring the Securities pursuant to such exemption certain protections,
      rights and remedies provided by applicable securities legislation will not
      be available to the Purchaser;

	 	 	 	 
	 	(o) 	
      the statutory and regulatory basis for the exemption
      claimed for the offer of the Securities, although in technical compliance
      with Regulation S, would not be available if the offering is part of a
      plan or scheme to evade the registration provisions of the 1933 Act or any
      Applicable Legislation;

	 	 	 	 
	 	(p) 	
      the Purchaser is outside the United States when receiving
      and executing this Subscription Agreement and is acquiring the Securities
      as principal for its own account, for investment purposes only, and not
      with a view to, or for, resale, distribution or fractionalization thereof,
      in whole or in part, and no other person has a direct or indirect
      beneficial interest in such Securities;

	 	 	 	 
	 	(q) 	
      the Purchaser has been advised to consult the Purchaser’s
      own legal, tax and other advisors with respect to the merits and risks of
      an investment in the Securities and with respect to applicable resale
      restrictions, and it is solely responsible (and the Issuer is not in any
      way responsible) for compliance with:

	 	 	 	 
	 		(i) 	
      any applicable laws of the jurisdiction in which the
      Purchaser is resident in connection with the distribution of the
      Securities hereunder, and

	 	 	 	 
	 		(ii) 	
      applicable resale restrictions;

	 	 	 	 
	 	(r) 	
      this Agreement is not enforceable by the Purchaser unless
      it has been accepted by the Issuer, and the Purchaser acknowledges and
      agrees that the Issuer reserves the right to reject any subscription for
      any reason;

	 	 	 	 
	 	(s) 	
      by executing and delivering this Subscription Agreement,
      each Purchaser resident in Canada will have directed the Issuer not to
      include a Canadian legend on any certificates representing the Securities
      to be issued to such Purchaser. As a consequence, the Purchaser will not
      be able to rely on the resale provisions of National Instrument 45-102, as
      adopted by the securities commissions in Canada, and any subsequent trade
      in the Securities during or after the Canadian hold period described
      therein will be a distribution subject to the prospectus and registration
      requirements of Canadian securities legislation, to the extent that the
      trade is at that time subject to any such Canadian securities
      legislation.

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 13 of 17 

2.2 Representations by the Purchaser

The Purchaser represents and warrants to the Issuer that, as at
the Agreement Date and at the Closing:

	 	(a) 	
      the Purchaser has the legal capacity and competence to
      enter into and execute this Subscription Agreement and to take all actions
      required pursuant hereto and, if the Purchaser is a corporation, it is
      duly incorporated and validly subsisting under the laws of its
      jurisdiction of incorporation and all necessary approvals by its
      directors, shareholders and others have been obtained to authorize
      execution and performance of this Subscription Agreement on behalf of the
      Purchaser;

	 	 	 	 	 
	 	(b) 	
      the entering into of this Subscription Agreement and the
      transactions contemplated hereby do not result in the violation of any of
      the terms and provisions of any law applicable to the Purchaser or of any
      agreement, written or oral, to which the Purchaser may be a party or by
      which the Purchaser is or may be bound;

	 	 	 	 	 
	 	(c) 	
      the Purchaser has duly executed and delivered this
      Subscription Agreement and it constitutes a valid and binding agreement of
      the Purchaser enforceable against the Purchaser in accordance with its
      terms;

	 	 	 	 	 
	 	(d) 	
      the Purchaser is not acquiring the Securities for the
      account or benefit of, directly or indirectly, any U.S. Person;

	 	 	 	 	 
	 	(e) 	
      the Purchaser is not a U.S. Person;

	 	 	 	 	 
	 	(f) 	
      the Purchaser is resident in the jurisdiction set out
      under the heading “Name and Address of Purchaser” on the signature page of
      this Subscription Agreement;

	 	 	 	 	 
	 	(g) 	
      the Purchaser:

	 	 	 	 	 
	 		i. 	
      is knowledgeable of, or has been independently advised as
      to, the applicable securities laws of the securities regulators having
      application in the jurisdiction in which the Purchaser is resident (the
      “International Jurisdiction”) which would apply to the acquisition
      of the Securities;

	 	 	 	 	 
	 		ii. 	
      is purchasing the Securities pursuant to exemptions from
      prospectus or equivalent requirements under applicable securities laws or,
      if such is not applicable, the Purchaser is permitted to purchase the
      Investment under the applicable securities laws of the securities
      regulators in the International Jurisdiction without the need to rely on
      any exemptions;

	 	 	 	 	 
	 		iii. 	
      is knowledgeable of, or has been independently advised as
      to, the applicable securities laws of the authorities in the International
      Jurisdiction and such laws do not require the Issuer to make any filings
      or seek any approvals of any kind whatsoever from any securities regulator
      of any kind whatsoever in the International Jurisdiction in connection
      with the issue and sale or resale of the Securities;

	 	 	 	 	 
	 		iv. 	
      is knowledgeable, or has been independently advised, that
      the purchase of the Securities by the Purchaser does not
trigger:

	 	 	 	 	 
	 			A. 	
      any obligation to prepare and file a prospectus or
      similar document, or any other report with respect to such purchase in the
      International Jurisdiction; or

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 14 of 17 

	 	B. 	
      any continuous disclosure reporting obligation of the
      Issuer in the International Jurisdiction; and

the Purchaser will, if requested by
the Issuer, deliver to the Issuer a certificate or opinion of local counsel from
the International Jurisdiction which will confirm the matters referred to in
subparagraphs (ii), (iii) and (iv) above to the satisfaction of the Issuer,
acting reasonably;

	 	(h) 	
      if the Purchaser is not a resident of British Columbia or
      any other jurisdiction of Canada, that:

	 	 	 	 
	 		i. 	
      a subsequent trade in the Securities in or from British
      Columbia or any other jurisdiction of Canada will be a distribution
      subject to the prospectus and registration requirements of applicable
      Canadian securities laws unless certain conditions are met, which
      conditions include, among others, a requirement that any certificate
      representing the Securities (or ownership statement issued under a direct
      registration system or other book entry system) bear the restrictive
      legend (the “BC Legend”) specified in British Columbia Instrument
      51-509 (“BCI 51-509”) or the restrictive legend (the “CSA
      Legend”) specified in National Instrument 45-102 (“NI
      45-102”);

	 	 	 	 
	 		ii. 	
      the Purchaser undertakes not to trade or resell any of
      the Securities in or from Canada unless the trade or resale is made in
      accordance with BCI 51-509 or NI 45-102, as applicable. The Purchaser
      understands and agrees that the Issuer and others will rely upon the truth
      and accuracy of these representations and warranties made in this Section
      (h) and agrees that if such representations and warranties are no longer
      accurate or have been breached, the Purchaser shall immediately notify the
      Issuer;

	 	 	 	 
	 		iii. 	
      the Purchaser of these Securities, by acceptance hereof
      and as a consequence of the representations and warranties made by the
      Purchaser in this Section (h), the Purchaser will have directed the Issuer
      not to include the BC Legend or the CSA Legend on any certificates
      representing the Securities to be issued to the Purchaser. As a
      consequence, the Purchaser will not be able to rely on the resale
      provisions of BCI 51-509 or NI 45- 102, and any subsequent trade in any of
      the Securities in or from British Columbia or any other jurisdiction of
      Canada will be a distribution subject to the prospectus and registration
      requirements of applicable Canadian securities laws; and

	 	 	 	 
	 		iv. 	
      if the Purchaser wishes to trade or resell any of the
      Securities in or from British Columbia or any other jurisdiction of
      Canada, the Purchaser agrees and undertakes to return, prior to any such
      trade or resale, any certificate representing the Securities to the
      transfer agent of the Issuer to have the BC Legend or the CSA Legend, as
      applicable, imprinted on such certificate or to instruct the transfer
      agent of the Issuer to include the BC Legend or the CSA Legend, as
      applicable on any ownership statement issued under a direct registration
      system or other book entry system.

	 	 	 	 
	 	(i) 	
      the Purchaser is acquiring the Securities for investment
      only and not with a view to resale or distribution and, in particular, it
      has no intention to distribute either directly or indirectly any of the
      Securities in the United States or to U.S. Persons;

	 	 	 	 
	 	(j) 	
      the Purchaser is outside the United States when receiving
      and executing this Subscription Agreement and is acquiring the Securities
      as principal for the Purchaser’s own account, for investment purposes
      only, and not with a view to, or for, resale, distribution or
      fractionalisation thereof, in whole or in part, and no other person has a
      direct or indirect beneficial interest in such
  Securities;

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 15 of 17 

	 	(k) 	
      the Purchaser is not an underwriter of, or dealer in, the
      common shares of the Issuer, nor is the Purchaser participating, pursuant
      to a contractual agreement or otherwise, in the distribution of the
      Securities;

	 	 	 
	 	(l) 	
      the Purchaser (i) is able to fend for him/her/itself in
      the subscription; (ii) has such knowledge and experience in business
      matters as to be capable of evaluating the merits and risks of its
      prospective investment in the Securities; and (iii) has the ability to
      bear the economic risks of its prospective investment and can afford the
      complete loss of such investment;

	 	 	 
	 	(m) 	
      the Purchaser acknowledges that the Purchaser has not
      acquired the Securities as a result of, and will not itself engage in, any
      “directed selling efforts” (as defined in Regulation S) in the United
      States in respect of the Securities which would include any activities
      undertaken for the purpose of, or that could reasonably be expected to
      have the effect of, conditioning the market in the United States for the
      resale of the Securities; provided, however, that the Purchaser may sell
      or otherwise dispose of the Securities pursuant to registration of the
      Securities pursuant to the 1933 Act and any Applicable Laws or under an
      exemption from such registration requirements and as otherwise provided
      herein;

	 	 	 
	 	(n) 	
      the Purchaser understands and agrees that none of the
      Securities have been registered under the 1933 Act, or under any state
      securities or “blue sky” laws of any state of the United States, and,
      unless so registered, may not be offered or sold in the United States or,
      directly or indirectly, to U.S. Persons except in accordance with the
      provisions of Regulation S, pursuant to an effective registration
      statement under the 1933 Act, or pursuant to an exemption from, or in a
      transaction not subject to, the registration requirements of the 1933
      Act;

	 	 	 
	 	(o) 	
      the Purchaser understands and agrees that offers and
      sales of any of the Securities prior to the expiration of a period of one
      year after the date of original issuance of the Securities (the one year
      period hereinafter referred to as the “Distribution Compliance
      Period”) shall only be made in compliance with the safe harbor
      provisions set forth in Regulation S, pursuant to the registration
      provisions of the 1933 Act or an exemption therefrom, and that all offers
      and sales after the Distribution Compliance Period shall be made only in
      compliance with the registration provisions of the 1933 Act or an
      exemption therefrom and in each case only in accordance with applicable
      state and provincial securities laws;

	 	 	 
	 	(p) 	
      the Purchaser understands and agrees not to engage in any
      hedging transactions involving any of the Securities unless such
      transactions are in compliance with the provisions of the 1933 Act and in
      each case only in accordance with applicable state and provincial
      securities laws;

	 	 	 
	 	(q) 	
      the Purchaser understands and agrees that the Issuer will
      refuse to register any transfer of the Securities not made in accordance
      with the provisions of Regulation S, pursuant to an effective registration
      statement under the 1933 Act or pursuant to an available exemption from
      the registration requirements of the 1933 Act;

	 	 	 
	 	(r) 	
      the Purchaser is not aware of any advertisement of any of
      the Securities and is not acquiring the Securities as a result of any form
      of general solicitation or general advertising including advertisements,
      articles, notices or other communications published in any newspaper,
      magazine or similar media or broadcast over radio or television, or any
      seminar or meeting whose attendees have been invited by general
      solicitation or general advertising; and

	 	 	 
	 	(s) 	
      no person has made to the Purchaser any written or oral
      representations:

	 	(i) 	
      that any person will resell or repurchase any of the
      Securities;

	 	 	 
	 	(ii) 	
      that any person will refund the purchase price of any of
      the Securities;

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 16 of 17 

	 	(iii) 	
      as to the future price or value of any of the Securities;
      or

	 	 	 
	 	(iv) 	
      that any of the Securities will be listed and posted for
      trading on any stock exchange or automated dealer quotation system or that
      application has been made to list and post any of the Securities of the
      Issuer on any stock exchange or automated dealer quotation
  system.

2.3 Reliance, indemnity and notification of changes

The representations and warranties in the Subscription
Agreement (including the first (cover) page, the Terms on pages 3 to 4, the
General Provisions on pages 9 to 16 and the other schedules and appendices
incorporated by reference) are made by the Purchaser with the intent that they
be relied upon by the Issuer in determining its suitability as a purchaser of
Securities, and the Purchaser hereby agrees to indemnify the Issuer against all
losses, claims, costs, expenses and damages or liabilities which any of them may
suffer or incur as a result of reliance thereon. The Purchaser undertakes to
notify the Issuer immediately of any change in any representation, warranty or
other information relating to the Purchaser set forth in the Subscription
Agreement (including the first (cover) page, the Terms on pages 3 to 4, the
General Provisions on pages 9 to 16 and the other schedules and appendices
incorporated by reference) which takes place prior to the Closing.

2.4 Survival of representations and warranties

The representations and warranties contained in this Section
will survive the Closing.

3. ISSUER’S ACCEPTANCE

The Subscription Agreement, when executed by the Purchaser, and
delivered to the Issuer, will constitute a subscription for Securities which
will not be binding on the Issuer until accepted by the Issuer by executing the
Subscription Agreement in the space provided on the face page(s) of the
Subscription Agreement and, notwithstanding the Agreement Date, if the Issuer
accepts the subscription by the Purchaser, the Subscription Agreement will be
entered into on the date of such execution by the Issuer.

4. CLOSING

4.1 On or before the end of the business day before the Closing
Date, the Purchaser will deliver to the Issuer the Subscription Agreement and
all applicable schedules and required forms, duly executed, and payment in full
for the total price of the Securities to be purchased by the Purchaser.

4.2 At Closing, the Issuer will deliver to the Purchaser the
certificates representing the Securities purchased by the Purchaser registered
in the name of the Purchaser or its nominee, or as directed by the
Purchaser.

5. MISCELLANEOUS

5.1 The Purchaser agrees to sell, assign or transfer the
Securities only in accordance with the requirements of applicable securities
laws and any legends placed on the Securities as contemplated by the
Subscription Agreement.

5.2 The Purchaser hereby authorizes the Issuer to correct any
minor errors in, or complete any minor information missing from any part of the
Subscription Agreement and any other schedules, forms, certificates or documents
executed by the Purchaser and delivered to the Issuer in connection with the
Private Placement.

5.3 The Issuer may rely on delivery by fax machine of an
executed copy of this Subscription Agreement, and acceptance by the Issuer of
such faxed copy will be equally effective to create a valid and binding
agreement between the Purchaser and the Issuer in accordance with the terms of
the Subscription Agreement.

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 17 of 17 

5.4 Any and all notices or other communications or deliveries
required or permitted to be provided hereunder shall be in writing and shall be
deemed given and effective on the earlier of (i) the date of transmission, if
such notice or communication is delivered via facsimile at the facsimile
telephone number specified for notice prior to 5:00 p.m., Vancouver time, on a
business day, (ii) the business day after the date of transmission, if such
notice or communication is delivered via facsimile at the facsimile telephone
number specified for notice later than 5:00 p.m., Vancouver time, on any date
and earlier than 11:59 p.m., Vancouver time, on such date, (iii) the business
day following the date of mailing, if sent by nationally recognized overnight
courier service or (iv) actual receipt by the party to whom such notice is
required to be given. The addresses for such communications shall be with
respect to the Purchaser of the Investment issued pursuant hereto, addressed to
such Purchaser at its last known address or facsimile number appearing on the
books of the Issuer maintained for such purposes, or with respect to the Issuer,
addressed to:

	 	Anavex Life Sciences Corp.
    	 
	 	50 Harrison Street, Unit
      315A 	 
	 	Hoboken NJ 07030 	 
	 	  	 
	 	Attn: President 	 
	 	Tel: 250 864-2740 	 
	 	Facsimile: (250) 764-9701
    	 

5.5 Without limitation, this subscription and the transactions
contemplated by this Subscription Agreement are conditional upon and subject to
the Issuer’s having obtained such regulatory approval of this subscription and
the transactions contemplated by this Subscription Agreement as the Issuer
considers necessary.

5.6 This Subscription Agreement is not assignable or
transferable by the parties hereto without the express written consent of the
other party to this Subscription Agreement.

5.7 Time is of the essence of this Subscription Agreement.

5.8 Except as expressly provided in this Subscription Agreement
and in the agreements, instruments and other documents contemplated or provided
for in this Subscription Agreement, this Subscription Agreement contains the
entire agreement between the parties with respect to the Securities and there
are no other terms, conditions, representations or warranties whether expressed,
implied, oral or written, by statute, by common law, by the Issuer, or by anyone
else.

5.9 The parties to this Subscription Agreement may amend this
Subscription Agreement only in writing.

5.10 This Subscription Agreement enures to the benefit of and
is binding upon the parties to this Subscription Agreement and their successors
and permitted assigns.

5.11 A party to this Subscription Agreement will give all
notices to or other written communications with the other party to this
Subscription Agreement concerning this Subscription Agreement by hand or by
registered mail addressed to the address given on page 1.

5.12 This Subscription Agreement is to be read with all changes
in gender or number as required by the context.

5.13 This Subscription Agreement will be governed by and
construed in accordance with the internal laws of California (without reference
to its rules governing the choice or conflict of laws), and the parties hereto
irrevocably attorn and submit to the exclusive jurisdiction of the courts of
California with respect to any dispute related to this Subscription
Agreement.

End of General Provisions

End of Subscription Agreement

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