Document:

PURCHASE AND SALE AGREEMENT

by and between

SOLITARIO ZINC CORP.,

a Colorado corporation,

as Seller,

and

SILVERSTREAM SEZC,

a Cayman Island Company,

as Purchaser

dated

January 8, 2019

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List of Exhibits to Purchase and Sale
Agreement 

 

Exhibit A – Properties included in Brazil Royalty

Exhibit B – Properties included in Mexico Royalty

Exhibit C – Properties included in Montana Royalties

Exhibit D – Form of Convertible Note

Exhibit E – Escrow Agreement

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PURCHASE
AND SALE AGREEMENT

THIS PURCHASE AND
SALE AGREEMENT (this “Agreement”) is made as of this 8th day of January, 2019 (the “Effective Date”),
between SilverStream SEZC (“Purchaser”) and Solitario Zinc Corp. (“Seller”).

RECITALS

Royalty Agreement – Brazil

WHEREAS,
Seller is party to a certain Royalty Agreement dated April 15, 2015 (the “Brazil Royalty Agreement”), by and
among Seller (previously known as Solitario Exploration & Royalty Corp.), Mineracao Solitario do Brasil LTDA., a Brazilian
limited liability company which at that time was wholly owned by Seller (“Solitario Brasil”), Pedra Branca do
Brasil Mineracao S.A., a closely-held Brazilian corporation (“Pedra”) and Garrison Capital Partners, a United
Arab Emirates corporation (“Garrison”).

WHEREAS,
pursuant to the Brazil Royalty Agreement, Pedra is required to pay (and Garrison is required to cause Pedra to pay) to Seller a
production equal to 1% of the Net Smelter Returns (as defined in the Brazil Royalty Agreement) from certain properties in Brazil
as set forth on Exhibit A (the “Brazil Royalty”).

WHEREAS,
subsequent to the Brazil Royalty Agreement, Pedra and Solitario Brasil merged into one company, whereby Pedra remained obligated
to perform under the Brazil Royalty Agreement, including continuing to make royalty payments to Seller.

WHEREAS,
pursuant to that certain Deed of Novation of a Royalty Agreement among Pedra, Seller, Garrison and Jangada Mines PLC (“Jangada”),
Jangada acquired all of Garrison’s rights and obligations under the Brazil Royalty Agreement.

WHEREAS,
pursuant to Section 2.2 of the Brazil Royalty Agreement, Seller may assign its rights and interests under the Brazil Royalty Agreement
to any party so long as Seller provides written notice to Pedra.

Royalty Agreement – Mexico

WHEREAS, Seller
is party to a certain Shares Sales Agreement dated December 15, 2016 (the “Mexico Royalty Agreement”), by and
between the Seller and Luis Antonio Martinez Macias (“Martinez Macias”), an individual, whereby Martinez Macias
is required to pay a 1% Net Smelter Return (as defined in the Mexico Royalty Agreement) royalty to Seller from certain properties
in Mexico (the “Mexico Royalty”) as set forth on Exhibit B.

WHEREAS,
pursuant to paragraph 8 of the Mexico Royalty Agreement, Seller may assign its rights and interests under the Mexico Royalty so
long as it notifies Martinez Macias of the assignment.

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Royalty Agreement – Montana

WHEREAS, Seller
is party to an Asset Purchase Agreement, dated June 1, 2016 (the “Montana Royalty Agreement”), by and between
Seller and Canyon Resources Corporation, (“Canyon”), whereby Seller, pursuant to (a) that Royalty Deed dated
June 1, 2016, between Canyon and Seller, covering the properties described in Part 1 of Exhibit C, (b) that Royalty Deed dated
June 1, 2016, between Canyon and Seller, covering the properties described in Part 2 of Exhibit C, (c) that Royalty Deed dated
June 1, 2016, between Canyon and Seller, covering the properties described in Part 3 of Exhibit C, and (d) that Royalty Deed dated
June 1, 2016, between Canyon and Seller, covering the properties described in Part 4 of Exhibit D, which was recorded in the
official records of Sanders County, Montana on June 2, 2016, Recording No. 303060, Book 1, Page 5820 (collectively, the “Royalty
Deeds”), acquired a 1.5% Net Smelter Return (as defined in the Royalty Deeds) royalty interest on certain properties
in Montana, United States (the “Montana Royalties”) as set forth on Exhibit C.

Purchase and Sale of Royalties

WHEREAS, Seller
desires to sell and Purchaser desires to purchase all of Seller’s right, title and interest in and to the Brazil Royalty
and the Mexico Royalty (collectively, the “Royalties”).

WHEREAS, Seller
also desires to grant Purchaser an exclusive right and option to purchase all of Seller’s right, title and interest in and
to the Montana Royalties (the “Option”).

NOW, THEREFORE,
in consideration of the mutual promises and agreements set forth below, and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties agree as follows:

ARTICLE
1 - PURCHASE AND SALE OF ROYALTIES AND GRANT OF OPTION

1.1.           
Purchase and Sale. Upon the terms and subject to the conditions of this Agreement, as of the Closing Date
(as defined in Article 5): (i) the Seller agrees to assign and transfer to the Purchaser, and the Purchaser agrees to purchase
from the Seller, the Royalties and all of the Seller’s right, title and interest therein; and (ii) the Seller agrees to grant
the Option to Purchaser.

1.2.           
Purchase Price. The purchase price for the Royalties and Option grant payable by the Purchaser to the Seller
shall be Cdn$600,000 (the “Purchase Price”) with Cdn$250,000 to be paid in cash (the “Cash Consideration”)
and the remaining Cdn$350,000 to be paid by Purchaser in the form of a Convertible Promissory Note in the form attached hereto
as Exhibit D (the “Note”).

1.3.           
Payment of the Purchase Price. The Purchase Price shall be paid and satisfied by the Purchaser as follows:

(a)              
Cash Consideration. The Cash Consideration shall be paid by the wire transfer of immediately available funds to Burns,
Figa & Will P.C. (the “Escrow Agent”), at Closing, to be held in escrow, as further described in Section 5.2 of
this Agreement; and

(b)              
Note. The Note, executed by Purchaser and issued in favor of the Seller, shall be delivered to Escrow Agent at Closing,
to be held in escrow as further described in Section 5.2 of this Agreement.

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1.4.           
Grant of the Option. In consideration of Cdn$100 (to be allocated from the Cash Consideration), on the Closing
Date the Seller grants Purchaser the sole and exclusive right and option to acquire the Montana Royalties, exercisable for a period
of four (4) years from the Closing Date (the “Option Termination Date”). To exercise the Option, Purchaser shall
notify Seller at any time prior to the Option Termination Date and pay to Seller the exercise price of Cdn$100 as full consideration
for the purchase of the Montana Royalties. If Purchaser does not timely provide notice of its exercise of the Option to Seller,
the Option shall automatically expire on the Option Termination Date. Upon timely exercise of the Option, the Seller shall deliver
royalty deeds conveying the Montana Royalties to the Purchaser, free and clear of all liens and encumbrances of any kind, in substantially
the same form as the Royalty Deeds, and Seller shall execute a certificate confirming that: (i) the representations and warranties
of Seller in Section 2.1 hereof are accurate as of the exercise date with respect to the Montana Royalties; and (ii) agreeing to
take such further actions as reasonably necessary to transfer the Montana Royalties to Purchaser.

ARTICLE
2 - REPRESENTATIONS WARRANTIES AND ACKNOWLEDGEMENTS

2.1.           
Representations and Warranties of the Seller. The Seller represents and warrants to the Purchaser as follows,
and acknowledges that the Purchaser will rely on such representations and warranties in entering into this Agreement, and in concluding
the purchase and sale contemplated by this Agreement.

(a)              
Organization and Power. Seller is a duly incorporated, organized and validly existing corporation under the laws
of its jurisdiction of incorporation and has the corporate power to own its interest in the Royalties and the Montana Royalties
and to carry out its obligations under this Agreement.

(b)              
Due Authorization. The execution and delivery of this Agreement and the other documents to be executed and delivered
by the Seller hereunder and the carrying out of the transactions contemplated hereby on the part of the Seller have been duly authorized
by all necessary corporate action on the part of the Seller.

(c)              
Validity of Agreement. This Agreement and all other agreements and all assignments and transfers to be executed and
delivered by the Seller hereunder at the Closing constitute valid, binding and enforceable obligations of the Seller, subject to
applicable bankruptcy, insolvency, moratorium or other similar Laws (as defined below) relating to creditors’ rights and
general principles of equity.

(d)              
No Conflicts or Violations. Neither the execution of this Agreement nor the consummation of the transactions contemplated
hereby will be in violation of any judgment, order, permit, writ, injunction or decree of any court, commission, bureau or agency
to which Seller or Seller’s interest in the Royalties or the Montana Royalties, or both, are subject to or by which Seller
is bound, or constitute a breach or default under any agreement or other obligation in which Seller is a party or by which Seller
or the Seller’s interest in the Royalties or the Montana Royalties, or both, are bound.

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(e)              
Royalties Free and Clear. The Seller holds the Royalties free and clear of all liens, claims and encumbrances. The
Seller has not previously:

(i)                
assigned the Royalties or any of its rights with respect thereto;

(ii)             
granted or created any liens, charges or encumbrances on or in respect of the Royalties; or

(iii)           
granted any options to purchase or rights of first refusal with respect to the Royalties.

(f)               
Montana Royalties Free and Clear. The Seller holds the Montana Royalties free and clear of all liens, claim and encumbrances.
The Seller has not previously:

(i)                
assigned any portion of the Montana Royalties or any of its rights with respect thereto;

(ii)             
granted or created any liens, charges or encumbrances on or in respect of any portion of the Montana Royalties; or

(iii)           
granted any options to purchase or rights of first refusal with respect to any portion of the Montana Royalties.

(g)              
Royalty Documents. The following documents have been provided by Seller to Purchaser and are true, correct, accurate,
and complete copies of the documents they purport to be: Brazil Royalty Agreement, Mexico Royalty Agreement, Montana Royalty Agreement,
and the Royalty Deeds.

(h)              
Compliance with Laws. The Seller has not received from any federal, state, provincial, regional, municipal or local
government of the United States, Brazil, or Mexico or any subdivision thereof including an entity, person, court or other body
or organization exercising executive, legislative, judicial, regulatory or administrative functions of, or pertaining to any such
government or subdivision (“Governmental Authority”), written notice of any pending or threatened investigation
or inquiry relating to any actual or alleged violation by Seller of any applicable statutes, ordinances, regulations, rules and
ordinances (collectively, “Laws”), including all laws relating to the environment or the protection of the environment
(“Environmental Laws”), with respect to or affecting the properties encumbered by the Royalties or the Montana
Royalties.

(i)                
Broker’s Fees. Seller has no liability to pay any fees or commissions to any broker, finder, or agent with
respect to the transactions contemplated by this Agreement for which Purchaser could become liable or obligated.

(j)                
Litigation. There is no action, suit, prosecution or other similar proceeding of a material nature, or which process
initiating the same, that has been served on the Seller or to Seller’s knowledge threatened against the Seller and affecting
any of the Seller’s interest in the Royalties or the Montana Royalties at law or in equity or before or by any Governmental
Authority.

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(k)              
Information and Data. The Seller has provided the Purchaser with access to or copies of all correspondence, notes,
written information, data, and other documents in its possession or control relating to the Royalties and the Montana Royalties.
Except as specifically set forth in this Section 2.1, Seller makes no representation or warranty as to the accuracy, reliability
or completeness of any such data or information, and Purchaser shall rely on the same at its sole risk.

(l)                
Limitations. Except as specifically set forth in this Section 2.1, Seller makes no representation or warranty
concerning the Royalties or the Montana Royalties.

2.2.           
Representations and Warranties of the Purchaser. The Purchaser represents and warrants to the Seller as follows,
and acknowledges that the Seller will rely on such representations and warranties in entering into this Agreement, and in concluding
the purchase and sale contemplated:

(a)              
Organization and Power. The Purchaser is a duly formed and validly existing company in good standing under the laws
of its jurisdiction of formation and has the power to enter into this Agreement and to carry out its obligations under this Agreement.

(b)              
Due Authorization. The execution and delivery of this Agreement and the other documents to be executed and delivered
by the Purchaser hereunder and the carrying out of the transactions contemplated hereby on the part of the Purchaser have been
duly authorized by all necessary company action on the part of the Purchaser.

(c)              
Validity of Agreement. This Agreement and all other agreements to be executed and delivered by the Purchaser hereunder
at the Closing constitute valid, binding and enforceable obligations of the Purchaser, subject to applicable bankruptcy, insolvency,
moratorium or other similar Laws relating to creditors’ rights and general principles of equity.

(d)              
No Conflicts or Violations. Neither the execution of this Agreement nor the consummation of the transaction contemplated
hereby will be in violation of any judgment, order, permit, writ, injunction or decree of any court, commission, bureau or agency
to which Purchaser is subject to or by which Purchaser is bound, or constitute a breach or default under any agreement or other
obligation in which Purchaser is a party or by which Purchaser is bound.

(e)              
Broker’s Fees. The Purchaser has no liability to pay any fees or commissions to any broker, finder, or agent
with respect to the transactions contemplated by this Agreement for which the Seller could become liable or obligated.

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(f)               
Due Diligence. Purchaser has had (or will have had by the Closing Date, as defined below) the opportunity to conduct
all due diligence investigations of the Royalties, the Montana Royalties and the properties burdened by those royalties (collectively,
the “Property Rights”) Purchaser has deemed advisable. Purchaser has relied upon its investigation, study and
knowledge of the Property Rights, and not upon any representation or warranty of Seller concerning the Property Rights (other
than those specifically set forth in Section 2.1), in making the decision to enter into this Agreement. Purchaser has not
relied upon any estimates or forecasts by Seller concerning the potential payment or amount of any production royalties, the likelihood
of mineral production at any of the properties burdened by the Royalties or the Montana Royalties, any mineral reserves or resources
on or within those properties, or concerning the nature, quantity or quality or costs of mining thereof, or upon any estimates
of Seller regarding the cost of remediation, reclamation or closure associated with any of those properties.

ARTICLE
3 - PRE-CLOSING COVENANTS

3.1.           
Actions. Subject to the terms and conditions of this Agreement, each of the parties will use its good faith
efforts to take, or cause to be taken, all actions, and to do, or cause to be done, all things necessary to be ready to comply
with the requirements of Article 4 of this Agreement at the Closing, including without limitation, making such filings or registrations
with Governmental Authorities as may on its part be required.

3.2.           
Consents and Approvals. Each party shall use its reasonable commercial efforts to obtain at its own expense
as soon as reasonably possible after the date of this Agreement, and in any event on or before the Closing as required by this
Agreement, any and all consents or approvals, without any material conditions or restrictions and in form and substance satisfactory
to the other party acting reasonably, to this Agreement and to the transactions contemplated hereby that are required to be obtained
from any Governmental Authorities or third parties and that are necessary to the completion of the transactions contemplated hereby
and required on or before Closing as set forth herein in respect of the Royalties and the Option.

3.3.           
Due Diligence. Following the execution of this Agreement, until the Closing Date (and in the case of the Montana
Royalties, through the earlier of the Option exercise or the Option Termination Date) or earlier termination of this Agreement,
the Purchaser shall have the exclusive right to conduct reasonable due diligence in respect of the ownership, terms and conditions,
validity, and good standing of the Royalties and Montana Royalties, including without limitation, but subject to the provisions
of Section 4.5, through inquiries made of Governmental Authorities and the Seller and its affiliates.

ARTICLE
4 - CONDITIONS TO CLOSING

4.1.           
Mutual Conditions. The obligations of the Seller to complete the sale of the Royalties and grant of the Option
as contemplated by this Agreement and the corresponding obligations of the Purchaser to complete the purchase of the Royalties
are subject to fulfillment of the following conditions:

(a)              
No Order or Proceedings. No injunction or restraining order of any Governmental Authority of competent jurisdiction
shall be in effect which prohibits the transactions contemplated by this Agreement in respect of the Royalties, the Option, or
both, and no action or proceeding shall have been instituted and remain pending before any such court or other Governmental Authority
to restrain or prohibit any of the transactions contemplated hereby in respect of the Royalties, the Montana Royalties, or both.

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(b)              
Approvals and Consents. All consents, approvals, orders and authorizations of any person or Governmental Authority
(or registrations, declarations, filings or recordings with any such Governmental Authority) or stock exchange or securities commission
required in connection with the completion of any of the transactions contemplated by this Agreement in respect of the Royalties,
the Option, or both; the execution of this Agreement; the Closing, or the performance of any of the terms and conditions hereof,
shall have been obtained without any material conditions or restrictions and in form and substance satisfactory to both the Purchaser
and Seller, acting reasonably, on or before the Closing Date.

The foregoing conditions are inserted
for the mutual benefit of the Seller and the Purchaser and may be waived in whole or in part only if jointly waived by the Seller
and the Purchaser.

4.2.           
Purchaser’s Conditions. The obligation of the Purchaser to complete the purchase of the Royalties is
subject to fulfillment of the following conditions:

(a)              
Due Diligence. The completion of due diligence to the Purchaser’s reasonable satisfaction with respect to the
ownership, terms and conditions, validity, and good standing of the Royalties, the Montana Royalties and the Property Rights.

(b)              
Representations and Warranties. The representations and warranties of the Seller made in the Agreement shall be true
and correct in all material respects as if made at and as of the Closing Date.

(c)              
Performance of Covenants. All covenants to be performed by the Seller on or before the Closing Date pursuant to this
Agreement shall have been performed in all material respects.

The conditions in Section 4.2 are for
the exclusive benefit of the Purchaser and may be waived by the Purchaser in whole or in part by Notice to the Seller from the
Purchaser.

4.3.           
Seller’s Conditions. The obligations of the Seller to complete the sale of the Royalties and granting
of the Option are subject to fulfillment of the following conditions:

(a)              
Representations and Warranties. The representations and warranties of the Purchaser made in this Agreement shall
be true and correct in all material respects as if made on and as of the Closing Date.

(b)              
Performance of Covenants. All covenants to be performed by the Purchaser hereunder on or before the Closing Date
pursuant to this Agreement shall have been performed in all materials respects.

The conditions in Section 4.3 are for
the exclusive benefit of the Seller and may be waived by the Seller in whole or in part by Notice to the Purchaser from the Seller.

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4.4.           
Termination. This Agreement shall be subject to termination as follows:

(a)              
by the Seller by Notice to the Purchaser on or before the Closing Date if any one or more of the conditions set forth in
Sections 4.1 or 4.3 has become incapable of fulfillment or has not been fulfilled on the Closing Date and has not been waived by
the Seller; or

(b)              
by the Purchaser by Notice to the Seller on or before the Closing Date if any one or more of the conditions set forth in
Sections 4.1 or 4.2 has become incapable of fulfillment or has not been fulfilled on the Closing Date, respectively, and has not
been waived by the Purchaser.

Any such termination shall be without
prejudice to any right or remedy of either party with respect to a breach of the Agreement by the other party.

4.5.           
Confidentiality. The parties agree to hold in confidence all information obtained in confidence in respect
of the Royalties, the Montana Royalties and the Option, or otherwise obtained in connection with this Agreement, other than (a)
in circumstances where a party has an obligation to disclose such information in accordance with applicable securities laws or
stock exchange rules, or (b) in the course of taking any actions required under Section 5.4. Subject to the foregoing requirement,
neither party shall make or issue a press release or other public statement regarding this Agreement, the Royalties or the Montana
Royalties, or the activities of the parties with respect thereto, without having given the other party two (2) business days’
prior written notice of the text of the proposed release or statement, and the opportunity to comment on the same. If the other
party from whom such comment is requested has not provided any comments within two (2) business days of receiving such request,
such other party shall be deemed to have waived its right to review the press release or public statement forming the subject matter
of such request.

ARTICLE
5 - CLOSING & ESCROW

5.1.           
Time and Place of Closing. The consummation of the transactions contemplated by this Agreement (the “Closing”)
shall take place at Purchaser’s principal place of business at Strathvale House 90 N. Church Street, Grand Cayman KY1 1003,
by a method mutually agreed upon by the Purchaser and the Seller, on or before January 11, 2019, or such other date as the parties
may mutually agree (the “Closing Date”).

5.2.           
Escrow. On the Closing Date, in addition to the items specified below, Purchaser shall deliver the Cash Consideration
by wire transfer of immediately available funds and the original executed Note to the Escrow Agent to be held until such time as
the Purchaser and the Seller deliver joint written release instructions to the Escrow Agent (the “Release Date”)
pursuant to the terms and conditions of the Escrow Agreement, attached hereto as Exhibit E.

5.3.           
Documents to be Delivered by the Seller at Closing. At the Closing, the Seller shall deliver or cause to be
delivered to the Escrow Agent:

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(a)              
all deeds of conveyance, bills of sale, transfer and assignments, in form and content satisfactory to the Purchaser’s
counsel, acting reasonably, appropriate to vest in the Purchaser all of the Seller’s rights to the Royalties, free and clear
of all liens, claims and encumbrances in registrable form (if applicable) in all places where registration of such instruments
is required;

(b)              
certified copies of those resolutions of the directors and, if required, shareholders of the Seller required to be passed
to authorize the execution, delivery and implementation of this Agreement and of all documents to be delivered by the Seller under
this Agreement and the completion of the transactions contemplated hereby (drafts of which will be provided to Purchaser for review
prior to the Closing Date);

(c)              
a certificate of an officer of Seller as to the accuracy as of the Closing Date of Seller’s representations and warranties
and the performance of its covenants under this Agreement to be performed at or before the Closing (a draft of which will be provided
to Purchaser for review prior to the Closing Date); and

(d)              
a countersigned copy of the Escrow Agreement.

5.4.           
Documents to be Delivered by Seller on or before the Release Date. On or before the Release Date Seller shall
deliver or cause to be delivered to the Escrow Agent:

(a)              
a signed acknowledgement (in form reasonably satisfactory to Purchaser’s counsel) from Jangada that it is aware of
the transaction contemplated herein and that upon written notice of the Release Date it will be obligated to pay the Brazil Royalty
as it comes due to Purchaser;

(b)              
a signed acknowledgement (in form reasonably satisfactory to Purchaser’s counsel) from Martinez Macias that he is
aware of the transaction contemplated herein and that upon written notice of the Release Date he will be obligated to pay the Mexico
Royalty as it comes due to Purchaser;

(c)              
an acknowledgement, protocol, receipt or certification (in form reasonably satisfactory to Purchaser’s counsel) from
either Jangada or Solitario, certifying that it has filed a copy of the Brazil Royalty Agreement before the DNPM/ANM branch of
the State of Ceara on each of the dockets related to the mining rights subject to the Brazil Royalty Agreement;

(d)              
with respect to Registration related to the Brazil Royalty Agreement, Seller shall cause the Brazil Royalty Agreement to
be translated by a certified sworn translator and registered before the competent registry of deeds and documents having jurisdiction
over the head offices of Pedra. Further, Seller shall deliver a written confirmation of such translation and registration to Purchaser
(in form reasonably satisfactory to Purchaser’s Counsel) on or before the Release Date.

5.5.           
Documents to be Delivered by the Purchaser at Closing. At the Closing the Purchaser shall deliver or cause
to be delivered to the Escrow Agent:

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(a)              
certified copies of those resolutions of the directors and, if required, shareholders of the Purchaser required to be passed
to authorize the execution, delivery and implementation of this Agreement and of all documents and payments to be delivered by
the Purchaser under this Agreement and the completion of the transactions contemplated hereby (drafts of which will be provided
to Seller for review prior to the Closing Date);

(b)              
a certificate of an officer of the Purchaser as to the accuracy as of the Closing Date of the Purchaser’s representations
and warranties and the performance of its covenants to be performed at or before the Closing (a draft of which will be provided
to Seller for review prior to the Closing Date);

(c)              
a countersigned copy of the Escrow Agreement;

(d)              
the wire transfer of immediately available funds for the Cash Consideration; and

(e)              
the original executed Note, as evidence of the Purchaser’s obligation to pay the balance of the Purchase Price.

5.6.           
Joint Instructions to be Delivered by the Parties on the Release Date. Upon satisfaction and receipt of all
items indicated in Sections 5.3, 5.4 and 5.5, the parties will execute and deliver the joint written instructions contemplated
by the Escrow Agreement to the Escrow Agent to release the Cash Consideration and Note to the Seller.

ARTICLE
6 - TAX LIABILITIES / INDEMNIFICATION

6.1.           
Payment of Taxes. Seller is responsible for the payment and full satisfaction of all taxes due or incurred
on the Royalties before the Closing Date and Purchaser is responsible for all taxes incurred on the Royalties on or after the Closing
Date.

6.2.           
Indemnification by Purchaser. In accordance with the procedures in Section 6.4, the Purchaser shall defend
and indemnify the Seller, and its respective directors, officers, employees, agents, and representatives against and agrees to
hold the Seller and its respective directors, officers, employees, agents, and representatives harmless from, any and all damages,
claims, losses (but excluding consequential or punitive damages or damages for lost profits), liabilities, fines, penalties and
expenses (including reasonable attorneys’ fees) incurred or suffered by the Seller, or its respective directors, officers,
employees, agents, and representatives or any of them arising out of:

(a)              
any misrepresentation or breach of warranty by Purchaser of which Notice has been given under Section 6.4 before expiration
of the representation or warranty as provided in Section 8.2; and

(b)              
any covenant or agreement made or to be performed by the Purchaser pursuant to this Agreement.

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6.3.           
Indemnification by Seller. In accordance with the procedures in Section 6.4, the Seller agrees to defend
and indemnify the Purchaser and its directors, officers, employees, agents, and representatives against and agrees to hold the
Purchaser and its directors, officers, employees, agents, and representatives harmless from any and all damages, claims, losses
(but excluding consequential or punitive damages or damages for lost profits), liabilities, fines, penalties and expenses (including
reasonable attorneys’ fees) incurred or suffered by the Purchaser or its directors, officers, employees, agents, and representatives
arising out of:

(a)              
any misrepresentation or breach of warranty by Seller of which Notice has been given under Section 6.4 before expiration
of the representation or warranty as provided in Section 8.1; and

(b)              
any covenant or agreement made or to be performed by the Seller pursuant to this Agreement.

6.4.           
Claims of Indemnity. A party claiming for indemnity under this Article 6 (the “Indemnitee”)
shall give prompt Notice of any claim, action, proceeding or circumstances that could reasonably give rise to such a claim to the
party which has agreed to indemnify it (the “Indemnitor”). Inadvertent failure to give such prompt Notice will
not preclude the Indemnitee from pursuing the claim unless and to the extent that the Indemnitor is materially prejudiced by such
failure. The Indemnitor may, and will, if directed to do so by the Indemnitee, at its own expense and in the name of the Indemnitee
or otherwise, dispute any claim made, or any matter on which a claim could be made, by a third party in respect of which a Notice
has been given by the Indemnitee under this Section 6.4 and may retain legal counsel acceptable to the Indemnitee to have conduct
any proceeding relating to such a claim. The Indemnitee may employ separate counsel with respect to any such claims brought by
a third party and participate in the defense thereof, provided the fees and expenses of such counsel shall be the responsibility
of the Indemnitee unless:

(a)              
the Indemnitor fails to assume the defense of such claim on behalf of the Indemnitee within five days of receiving Notice
of such claim; or

(b)              
the employment of such counsel has been authorized by the Indemnitor;

in each of which cases the Indemnitor
shall not have the right to assume the defense of such suit on behalf of the Indemnitee but shall be liable to pay the reasonable
fees and expenses of counsel for the Indemnitee. For the purpose of confirming or disputing such a claim, the Indemnitee will provide
full and complete disclosure to the Indemnitor and complete access to and right of inspection by the representatives of the Indemnitor
of all documents and records in the possession or control of the Indemnitee relating to such claim. If any security is required
to be provided for the purpose of defending or contesting any such claim, including, without limitation, any appeal of any judgment,
the Indemnitor shall provide such security and all monies or property representing such security received by the Indemnitee as
a result of a successful defense or contestation will be held in trust by the Indemnitee for the benefit of the Indemnitor and
will be remitted to the Indemnitor on demand. Neither the Indemnitee nor the Indemnitor shall settle, compromise or pay any claim
for which indemnity is sought hereunder except with the prior written consent of the other, such consent not to be unreasonably
withheld, or in the case of the Indemnitee, unless the Indemnitor fails to dispute and defend such claim.

    	 	13	 

     

    

6.5.           
Cap on Damages. Under no circumstances shall the Purchaser or the Seller be liable under the provisions of
Sections 6.2 and 6.3, respectively, for an aggregate amount of damages and expenses in excess of the Purchase Price.

ARTICLE
7 - POST-CLOSING & POST-RELEASE DATE MATTERS; COVENANTS

7.1.           
Payments for Royalties. From and after the Closing, the Purchaser will be entitled to the full use and enjoyment
of the Royalties, including without limitation all payments thereunder.

7.2.           
Further Assurances. From and after the Closing, Seller will make any and all such filings or registrations
with Governmental Authorities as may on its part be required, or reasonably requested by Purchaser even if not required, to complete
the transfer of the Royalties to the Purchaser. If the Purchaser elects to exercise the Option, each of the parties will make any
and all such filings or registrations as may on its part be required to complete the transfer of the Montana Royalties to the Purchaser,
including all necessary or appropriate filings and registrations with Governmental Authorities. Additionally, from and after Closing,
the Seller will cooperate with reasonable requests by Purchaser to: (i) provide access to further information in its possession,
if any, regarding the Property Rights and (ii) facilitate communication or introductions between Purchaser and third parties that
Purchaser may reasonably request relating to the Property Rights.

7.3.           
Registration Cooperation Post-Release Date. If post-Release Date, with respect to the Brazil Royalty, the
new mining agency (whether DNPM/ANM, or any other mining agency) issues any new ordinances, resolutions or rules pertaining to
annotations or registrations of liens, contracts and encumbrances over mineral rights, Seller covenants, upon receipt of written
request by Purchaser, to take (within 30 days of the request from Purchaser) any actions required of the Seller (or otherwise reasonably
requested by the Purchaser) by any Governmental Authority to produce any annotations or registrations with the new mining agency.

7.4.           
Taxes. Each of Seller and Purchaser shall pay all taxes owed by it in connection with conveyance of the Royalties
and the Montana Royalties.

7.5.           
Registration Obligations Post-Release Date. Following the Release Date, Seller shall cause the deed of assignment
or similar conveyance document by which the Brazil Royalty was conveyed from Seller to Buyer (the “Brazil Royalty Conveyance”)
to be translated by a certified sworn translator and registered before the competent registry of deeds and documents having jurisdiction
over the head offices of Pedra. If the Brazil Royalty Conveyance is not so registered within 30 days following the Release Date,
then the transactions contemplated under this Agreement shall be deemed rescinded, and the following provisions shall apply:

(a)              
Seller shall return an amount equal to the Cash Consideration to Purchaser;

(b)              
Seller shall return the original Note to Purchaser;

(c)              
Seller and Purchaser shall execute such re-conveyance and re-assignment documents as are deemed necessary by their respective
Brazilian and Mexican counsel to affect the re-conveyance and re-assignment of the Brazil Royalty and the Mexico Royalty from
Purchaser to Seller, and shall record and register with the appropriate Governmental Authorities all documents required in connection
therewith;

    	 	14	 

     

    

(d)              
The Option shall terminate; and

(e)              
Seller and Purchaser shall take all such actions and execute and deliver all such additional documents as may be reasonably
required by their respective Brazilian, Mexican and U.S. counsel to rescind the transactions undertaken pursuant to this Agreement.

The provisions of the last sentence
of Section 4.4, Section 4.5, Sections 6-2 – 6.5, Article 8, and Section 9.11 shall survive the termination of this Agreement
pursuant to this Section 7.5; provided, however, that Seller’s inability to register the Brazil Royalty Conveyance as provided
in this Section 7.5 after good faith efforts to do so shall not be deemed a breach by Seller under this Agreement.

ARTICLE
8 - SURVIVAL OF REPRESENTATIONS, WARRANTIES

AND COVENANTS

8.1.           
Seller’s Representations, Warranties and Covenants. All representations and warranties made by Seller
in this Agreement or under this Agreement, shall, unless otherwise expressly stated, survive the Closing and shall continue in
full force and effect for the benefit of Purchaser for a period of three years after the Closing, provided, however,
that the representations and warranties made in Sections 2.1(a) and (b) shall survive for the applicable statute of limitations
period.

8.2.           
Purchaser’s Representations, Warranties and Covenants. All representations and warranties made by Purchaser
in this Agreement or under this Agreement, shall, unless otherwise expressly stated, survive the Closing and shall continue in
full force and effect for the benefit of Seller for a period of three years after the Closing, provided, however,
that the representations and warranties made in Sections 2.2(a) and (b) shall survive for the applicable statute of limitations
period.

ARTICLE
9 - MISCELLANEOUS

9.1.           
Expenses. The parties shall each bear all of their own costs and expenses, including consultants’ and
attorneys’ fees, incurred in connection with the negotiation of this Agreement and the consummation of the transactions contemplated
hereby.

9.2.           
Notices. All notices, requests, demands, claims, and other communications hereunder (“Notices”)
must be in writing. Any party may send any Notice to the intended recipient at the address set forth below using certified mail,
nationally recognized express courier, personal delivery or email, and any such Notice will be deemed to have been duly given (a)
two Business Days after being deposited with a nationally recognized overnight courier and upon confirming delivery with such courier,
and (b) when actually received by an individual at the intended recipient’s email address and acknowledged as received.

    	 	15	 

     

    

If to the Seller:Email:
cherald@aol.com

Attn: Chris
Herald

Solitario Zinc
Corp.

4251 Kipling
Street, Suite 390

Wheatridge, Colorado
80033

If to Purchaser:Email:
kyle@silverstreamsecz.com

Attn: Kyle Floyd

SilverStream
SECZ

Cayman Enterprise
City, P.O. Box 10315 KY1-1003

Grand Cayman,
Cayman Islands

Any party may change the address to
which Notices are to be delivered by giving the other party Notice in the manner herein set forth.

9.3.           
Entire Agreement. This Agreement, including the Exhibits hereto, constitute the entire agreement between the
parties in relation to the transactions herein contemplated and, except as specifically set out herein, or in any documents delivered
at Closing pursuant hereto, supersedes every previous agreement, communication, expectation, negotiation, representation or understanding,
whether oral or written, express or implied, statutory or otherwise, among the parties with respect to the subject matter of this
Agreement, including without limitation the letter of the Purchaser to the Seller dated August 24, 2018, and there are no collateral
agreements other than as expressly set forth or referred to in this Agreement.

9.4.           
Amendments and Waivers. This Agreement may not be amended except by written agreement among all the parties
to this Agreement. No waiver of any provision of this Agreement will be valid unless it is in writing and signed by each party.
No such waiver by any party of any default, misrepresentation, or breach of warranty or covenant hereunder, whether intentional
or not, will be deemed to extend to any prior or subsequent default, misrepresentation, or breach of warranty or covenant hereunder
or affect in any way any rights arising by virtue of any prior or subsequent such occurrence.

9.5.           
Severability. Any term or provision of this Agreement that is invalid or unenforceable in any situation in
any jurisdiction will not affect the validity or enforceability of the remaining terms and provisions hereof or the validity or
enforceability of the offending term or provision in any other situation or in any other jurisdiction.

9.6.           
Assignment. No party hereto may assign any right, benefit or interest in this Agreement without the written
consent of the other party hereto and any purported assignment without such consent shall be void and of no effect. Notwithstanding
the foregoing, following the Maturity Date under the Note (as defined therein), provided that either (a) all amounts of principal
and interest due thereunder have been fully repaid, or (b) those amounts due thereunder have been converted to common shares of
Purchaser in accordance with the terms of the Note, Purchaser may assign its option to purchase the Montana Royalties under Section
1.4, and assign and delegate all of its rights and obligations under this Agreement associated with the Montana Royalties, subject
to the terms and conditions of this Agreement pertaining thereto, to any third party without the consent of Seller.

    	 	16	 

     

    

9.7.           
Inurement. This Agreement shall inure to the benefit of and be binding upon the parties and their respective
successors and permitted assigns.

9.8.           
Gender and Number. In this Agreement, unless the context otherwise requires, words importing the singular
include the plural and vice versa, and words importing a gender include all genders.

9.9.           
Headings. The headings used in this Agreement are inserted for convenience of reference only and shall not
affect the interpretation of this Agreement.

9.10.       
Currency. All dollar amounts in this Agreement are stated in currency of Canada.

9.11.       
Governing Law. This Agreement will be governed by and construed in accordance with the laws of the State of
Colorado without giving effect to any choice or conflict of law provision or rule that would cause the application of the laws
of any jurisdiction other than the State of Colorado.

9.12.       
Execution. This Agreement may be executed by the parties in one or more counterparts and by electronic delivery,
each of which shall be deemed an original and all of which, taken together, shall constitute one and the same instrument.

[Signature Page Follows]

    	 	17	 

     

    

 

IN WITNESS WHEREOF,
Seller and Purchaser have executed this Agreement as of the Effective Date.

	
        SELLER:

        SOLITARIO ZINC CORP.,
        a Colorado corporation

         

        By: /s/ Christopher
        Herald                                

        Christopher Herald, President and CEO

        

        
	
        PURCHASER:

        SILVERSTREAM SEZC,
        a Cayman Island company

         

         By: /s/ Kyle Floyd                                            
        

        Kyle Floyd, President and CEO

         

 

    	 	18	 

     

    

Exhibit A

Properties included in Brazil Royalty

 

	Direritos Minerários	 	 	 	 	 	 	 	 	 
	Dec-17	 	 	 	 	 	 	 	 	 
	PROCESS	STATUS	AREA (ha)	PHASE	LICENSE NUMBER	PUBLICATION DATE	RENEWAL DATE	EXPIRATION DATE	DISTRICT	STATE
	800.002/18	IN PROGRESS	960	Application for exploration	 	 	 	 	MOMBAÇA, PEDRA BRANCA, TAUÁ	Ceará
	800.373/13	IN PROGRESS	999	Exploration License	3749	4/19/2016	2/18/2019	4/19/2019	PEDRA BRANCA	Ceará
	800.374/13	IN PROGRESS	580	Exploration License	3750	4/19/2016	2/18/2019	4/19/2019	PEDRA BRANCA	Ceará
	800.375/13	IN PROGRESS	976	Exploration License	3751	4/19/2016	2/18/2019	4/19/2019	PEDRA BRANCA	Ceará
	800.124/14	IN PROGRESS	2,000	Exploration License	4275	5/5/2016	3/1/2019	5/1/2019	BOA VIAGEM	Ceará
	800.126/14	IN PROGRESS	2,000	Exploration License	4277	5/5/2016	3/1/2019	5/1/2019	TAUÁ	Ceará
	800.128/14	IN PROGRESS	1,990	Exploration License	4279	5/5/2016	3/1/2019	5/1/2019	TAUÁ	Ceará
	800.129/14	IN PROGRESS	2,000	Exploration License	4280	5/5/2016	3/1/2019	5/1/2019	TAUÁ	Ceará
	800.133/14	IN PROGRESS	2,000	Exploration License	4284	5/5/2016	3/1/2019	5/1/2019	TAUÁ	Ceará
	800.134/14	IN PROGRESS	2,000	Exploration License	4285	5/5/2016	3/1/2019	5/1/2019	TAUÁ	Ceará
	800.137/14	IN PROGRESS	2,000	Exploration License	4286	5/5/2016	3/1/2019	5/1/2019	TAUÁ	Ceará
	800.140/14	IN PROGRESS	1,569	Exploration License	4287	5/5/2016	3/1/2019	5/1/2019	MOMBAÇA	Ceará
	800.235/14	IN PROGRESS	1,094	Exploration License	4288	5/5/2016	3/1/2019	5/1/2019	TAUÁ	Ceará
	800.236/14	IN PROGRESS	1,196	Exploration License	4289	5/5/2016	3/1/2019	5/1/2019	TAUÁ	Ceará
	800.410/14	IN PROGRESS	999	Exploration License	4299	5/5/2016	3/1/2019	5/1/2019	MOMBAÇA	Ceará
	800.411/14	ALVO TRAPIA	1,000	Exploration License	4300	5/5/2016	3/1/2019	5/1/2019	MOMBAÇA	Ceará
	800.412/14	IN PROGRESS	1,000	Exploration License	4301	5/5/2016	3/1/2019	5/1/2019	PEDRA BRANCA	Ceará
	800.413/14	ALVO TRAPIA	1,000	Exploration License	4302	5/5/2016	3/1/2019	5/1/2019	MOMBAÇA	Ceará
	800.414/14	ALVO TRAPIA	1,000	Exploration License	4303	5/5/2016	3/1/2019	5/1/2019	MOMBAÇA	Ceará
	800.415/14	ALVO TRAPIA	1,000	Exploration License	4304	5/5/2016	3/1/2019	5/1/2019	MOMBAÇA	Ceará
	800.515/14	IN PROGRESS	1,146	Exploration License	4306	5/5/2016	3/1/2019	5/1/2019	PEDRA BRANCA	Ceará
	800.698/14	ALVO CEDRO	483	Exploration License	4309	5/5/2016	3/1/2019	5/1/2019	PEDRA BRANCA	Ceará
	800.700/14	IN PROGRESS	1,000	Exploration License	4311	5/5/2016	3/1/2019	5/1/2019	PEDRA BRANCA	Ceará
	800.701/14	IN PROGRESS	989	Exploration License	4312	5/5/2016	3/1/2019	5/1/2019	PEDRA BRANCA	Ceará
	800.702/14	IN PROGRESS	993	Exploration License	4313	5/5/2016	3/1/2019	5/1/2019	PEDRA BRANCA	Ceará
	800.703/14	IN PROGRESS	160	Exploration License	4314	5/5/2016	3/1/2019	5/1/2019	PEDRA BRANCA	Ceará
	800.704/14	IN PROGRESS	423	Exploration License	4315	5/5/2016	3/1/2019	5/1/2019	PEDRA BRANCA	Ceará

    	 	19	 

     

    

	800.705/14	IN PROGRESS	1,000	Exploration License	4316	5/5/2016	3/1/2019	5/1/2019	PEDRA BRANCA	Ceará
	800.706/14	IN PROGRESS	746	Exploration License	4317	5/5/2016	3/1/2019	5/1/2019	PEDRA BRANCA	Ceará
	800.707/14	IN PROGRESS	1,000	Exploration License	4318	5/5/2016	3/1/2019	5/1/2019	PEDRA BRANCA	Ceará
	800.710/14	IN PROGRESS	1,000	Exploration License	4321	5/5/2016	3/1/2019	5/1/2019	PEDRA BRANCA	Ceará
	800.711/14	IN PROGRESS	1,000	Exploration License	4322	5/5/2016	3/1/2019	5/1/2019	PEDRA BRANCA	Ceará
	800.712/14	IN PROGRESS	1,000	Exploration License	4323	5/5/2016	3/1/2019	5/1/2019	PEDRA BRANCA	Ceará
	800.713/14	IN PROGRESS	1,000	Exploration License	4324	5/5/2016	3/1/2019	5/1/2019	PEDRA BRANCA	Ceará
	800.714/14	IN PROGRESS	1,000	Exploration License	4325	5/5/2016	3/1/2019	5/1/2019	PEDRA BRANCA	Ceará
	800.715/14	IN PROGRESS	1,000	Exploration License	4340	5/5/2016	3/1/2019	5/1/2019	PEDRA BRANCA	Ceará
	800.716/14	IN PROGRESS	1,000	Exploration License	4341	5/5/2016	3/1/2019	5/1/2019	PEDRA BRANCA	Ceará
	800.152/14	IN PROGRESS	1,000	Exploration License	9748	9/14/2016	6/15/2019	8/13/2019	MOMBAÇA	Ceará
	800.159/14	IN PROGRESS	1,000	Exploration License	9749	9/14/2016	6/15/2019	8/13/2019	MOMBAÇA	Ceará
	800.495/16	IN PROGRESS	1,000	Exploration License	1,524	3/2/2017	12/2/2019	2/2/2020	PEDRA BRANCA	Ceará
	800.235/17	IN PROGRESS	49	Application for exploration	 	 	 	 	PEDRA BRANCA	Ceará
	800.095/99	Pedido de SOBRESTAMENTO/ALVO ESBARRO	1,000	Final Report Presented	3,911	11/28/2013	 	 	PEDRA BRANCA	Ceará
	800.096/99	Pedido de SOBRESTAMENTO/ALVO ESBARRO	1,000	Final Report Presented	2,558	10/25/2013	 	 	MOMBAÇA	Ceará
	800.097/99	Pedido de SOBRESTAMENTO/ALVO CURIU	1,000	Final Report Presented	5,599	11/28/2013	 	 	PEDRA BRANCA	Ceará
	800.138/14	PARCIAL ASSIGNMENT SUBIMITTED	1,159	License Extension Requested	8,910	9/26/2014	 	 	TAUÁ	Ceará

    	 	20	 

     

    

	800.139/14	PARCIAL ASSIGNMENT SUBIMITTED	2,000	License Extension Requested	8,911	9/26/2014	 	 	MOMBAÇA	Ceará

 

 

    	 

    	 

    

 

    	 	21	 

     

    

    	 	22	 

     

    

Exhibit C

Properties included in Montana Royalties

    	 

    	 

    

 

		1.	Royalty Deed dated June 1, 2016, from Canyon Resources Corporation to Solitario Exploration & Royalty Corp.

	County:	Lincoln	 	 	 
	 	 	 	 	 
	Township	Range	Section	Description	Acres
	27 North	28 West	34	All	640.00
	 	 	 	 	 
	 	 	35	All	640.00
	 	 	 	 	 
	 	 	 	 	 

 

    	 	23	 

     

    

		2.	Royalty Deed dated June 1, 2016, from Canyon Resources Corporation to Solitario Exploration & Royalty Corp.

	County:	Missoula	 	 	 
	 	 	 	 	 
	Township	Range	Section	Description	Acres
	13 North	14 West	3	Lot 1	22.30
	 	 	 	Lot 2	22.10
	 	 	 	Lot 3	21.90
	 	 	 	Lot 4	41.70
	 	 	 	S1/2N1/2	160.00
	 	 	 	S1/2	320.00
	 	 	 	 	 
	 	 	5	Lot 1	22.60
	 	 	 	Lot 7	34.80
	 	 	 	SE1/4NE1/4	40.00
	 	 	 	 	 
	13 North	14 West	11	N1/2	320.00
	 	 	 	S1/2S1/2	160.00
	 	 	 	 	 
	 	 	12	S1/2SW1/4	80.00
	 	 	 	 	 
	 	 	13	N1/2	320.00
	 	 	 	 	 
	 	 	15	N1/2	320.00
	 	 	 	N1/2S1/2	160.00
	 	 	 	 	 
	 	 	17	SE1/4SE1/4	40.00
	 	 	 	 	 
	 	 	20	E1/2	320.00
	 	 	 	 	 
	 	 	21	SW1/4NW1/4	40.00
	 	 	 	W1/2SW1/4	80.00
	 	 	 	 	 
	 	 	28	NW1/4NW1/4	40.00
	 	 	 	 	 
	 	 	29	NE1/4	160.00
	 	 	 	 	 
	12 North	16 West	14	S1/2NW1/4	80.00
	 	 	 	W1/2SE1/4	80.00
	 	 	 	SW1/4	160.00
	 	 	 	 	 
	 	 	15	All	640.00
	 	 	 	 	 

    	 	24	 

     

    

	Township	Range	Section	Description	Acres
	 	 	 	 	 
	14 North	17 West	29	E1/2	320.00
	 	 	 	 	 
	 	 	32	S1/2NW1/4	80.00
	 	 	 	SW1/4NE1/4	40.00
	 	 	 	SE1/4	160.00
	 	 	 	NE1/4SW1/4	40.00

 

		3.	Royalty Deed dated June 1, 2016, from Canyon Resources Corporation to Solitario Exploration & Royalty Corp.

	
         

        County:
	
         

        Missoula
	 	 	 
	 	 	 	 	 
	Township	Range	Section	Description	Acres
	11 North	21 West	3	Lot 1	40.80
	 	 	 	Lot 2	40.80
	 	 	 	Lot 3	40.80
	 	 	 	Lot 4	40.80
	 	 	 	S1/2N1/2	160.00
	 	 	 	S1/2	320.00

 

    	 	25	 

     

    

		4.	Royalty Deed dated June 1, 2016, from Canyon Resources Corporation to Solitario Exploration & Royalty Corp.

	
         

        County:
	
         

        Sanders
	 	 	 
	 	 	 	 	 
	Township	Range	Section	Description	Acres
	24 North	26 West	21	W1/2SW1/4	80.00
	 	 	 	SE1/4SW1/4	40.00
	 	 	 	SE1/4	160.00
	 	 	 	 	 
	24 North	27 West	19	Lot 1	31.78
	 	 	 	Lot 2	31.95
	 	 	 	Lot 3	32.11
	 	 	 	Lot 4	32.28
	 	 	 	E1/2W1/2	160.00
	 	 	 	E1/2	320.00
	 	 	 	 	 
	 	 	29	N1/2SE1/4	80.00
	 	 	 	S1/2SW1/4	80.00
	 	 	 	 	 
	 	 	 	 	 
	 	 	31	Lot 1	32.75
	 	 	 	Lot 2	33.46
	 	 	 	Lot 3	34.16
	 	 	 	Lot 4	34.87
	 	 	 	E1/2W1/2	160.00
	 	 	 	E1/2	320.00
	 	 	 	 	 
	25 North

	26 West

	6

(Part in 

Flathead County)	Lot 1

	39.65

	 	 	 	            Lot 2	39.75
	 	 	 	 	 
	 	 	 	 	 	 	 

    	 	26	 

     

    

 

	Township	Range	Section	Description	Acres
	 	 	 	Lot 2	36.84
	 	 	 	Lot 3	36.70
	 	 	 	Lot 4	36.57
	
         

         
	 	 	E1/2W1/2	160.00
	 	 	 	E1/2	320.00
	 	 	 	 	 
	 	 	18	Lot 4	37.32
	 	 	 	NW1/4SE1/4	40.00
	 	 	 	 	 
	 	 	19	Lot 1	37.37
	 	 	 	Lot 2	37.21
	 	 	 	Lot 3	37.07
	 	 	 	Lot 4	36.91
	 	 	 	E1/2W1/2	160.00
	 	 	 	E1/2	320.00
	 	 	 	 	 
	 	 	31	Lot 1	36.95
	 	 	 	Lot 2	36.85
	 	 	 	Lot 3	36.75
	 	 	 	Lot 4	36.65
	 	 	 	E1/2W1/2	160.00
	 	 	 	E1/2	320.00
	 	 	 	 	 
	26 North

	26 West

	19

(Part in 

Flathead County)	 Lot 1

	37.66

	 	 	 	Lot 2	37.72
	 	 	 	Lot 3	37.80
	 	 	 	Lot 4	37.86
	 	 	 	E1/2W1/2	160.00
	 	 	 	S1/2NE1/4	80.00
	 	 	 	SE1/4	160.00
	 	 	 	 	 
	 	 	31	Lot 1	38.05
	 	 	 	Lot 2	38.14
	 	 	 	Lot 3	38.24
	 	 	 	Lot 4	38.33
	 	 	 	E1/2W1/2	160.00
	 	 	 	E1/2	320.00
	 	 	 	 	 
	 	 	 	 	 	 	 

    	 	27	 

     

    

 

	Township	Range	Section	Description	Acres
	 	 	 	 	 
	24 North	26 West	5	Lot 1	47.02
	 	 	 	Lot 2	46.58
	 	 	 	 	 
	 	 	 	Lot 4	45.70
	 	 	 	S1/2	320.00
	 	 	 	 	 
	 	 	7	Lot 1	35.91
	 	 	 	Lot 2	36.23
	 	 	 	Lot 3	36.53
	 	 	 	Lot 4	36.85
	 	 	 	E1/2W1/2	60.00
	 	 	 	E1/2	320.00
	 	 	 	 	 
	 	 	9	W1/2NW1/4	80.00
	 	 	 	SW1/4	160.00
	 	 	 	 	 
	 	 	17	All	640.00
	 	 	 	 	 
	 	 	18	Lot 2	37.44
	 	 	 	S1/2NE1/4	80.00
	 	 	 	 	 
	 	 	19	 Lot 1	38.27
	 	 	 	Lot 2	38.47
	 	 	 	Lot 3	38.65
	 	 	 	Lot 4	38.85
	 	 	 	E1/2W1/2	160.00
	 	 	 	E1/2	320.00
	 	 	 	 	 
	 	 	20	NW1/4SE1/4	40.00
	 	 	 	 	 
	 	 	 	 	 
	24 North	26 West	29	All	640.00
	 	 	 	 	 
	 	 	31	Lot 1	38.48
	 	 	 	Lot 2	38.36
	 	 	 	Lot 3	38.24
	 	 	 	Lot 4	38.12
	 	 	 	E1/2W1/2	160.00
	 	 	 	E1/2	320.00
	 	 	 	 	 
	 	 	32	SE1/4	160.00

    	 	28	 

     

    

	Township	Range	Section	Description	Acres
	 	 	 	 	 
	 	 	33	NW1/4	160.00
	 	 	 	N1/2NE1/4	80.00
	 	 	 	 	 

 

    	 	29	 

     

    

Exhibit D

 

5.0% CONVERTIBLE PROMISSORY
NOTE

 

THIS PROMISSORY NOTE HAS NOT BEEN REGISTERED
UNDER THE U.S. SECURITIES ACT OF 1933 (“THE ACT”), NOR UNDER APPLICABLE STATE SECURITIES LAWS. THIS NOTE MAY NOT BE
OFFERED FOR SALE, SOLD OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR PURSUANT
TO AN EXEMPTION FROM REGISTRATION UNDER THE ACT AND STATE LAWS, THE AVAILABILITY OF WHICH IS TO BE ESTABLISHED TO THE SATISFACTION
OF THE COMPANY.

 

ISSUE DATE:[January 11], 2019

 

This 5.0% Convertible Promissory
Note (the “Note”) is issued pursuant to that certain Purchase and Sale Agreement dated January 8, 2019 (the “PSA”)
between Solitario Zinc Corp., a Colorado corporation (the “Holder”), and SilverStream SEZC, a Cayman Island company
(the “Company”). Reference is made to the PSA for certain provisions specified therein, the definition of capitalized
terms not otherwise defined herein, and for all other pertinent purposes.

 

1.       PROMISE
TO PAY

 

1.1       Promise
to Pay - FOR VALUE RECEIVED, the Company, promises to pay to the order of Holder, on the Maturity Date the principal
amount of Cdn$350,000 (the “Principal Sum”). Simple interest at a rate of 5.0% per annum, based on a 365-day year and
actual days lapsed, on the Principal Sum will be payable quarterly, in arrears, on the 15th of the month immediately
following the end of each quarter, with the first payment commencing April 15th, 2019, for the partial quarter ended
March 31, 2019.

 

1.2              
Maturity Date - The Maturity Date of this Note is December 31, 2019. The Company shall
pay any unpaid Principal Sum outstanding to the Holder in lawful Canadian funds on the Maturity Date, and any accrued but unpaid
interest, at the address of the Holder provided in the PSA or such other address as the Holder designates by written notice to
the Company at least one week prior to the Maturity Date.

 

1.3              
Events of Default - The whole of the Principal Sum or the balance remaining unpaid,
together with any accrued and unpaid interest may, at the option of the Holder, become immediately due and payable upon the occurrence
of any of the following events (each being an “Event of Default”): 

 

		a)	the Company defaults in payment of the Principal Sum on the Maturity
Date and the default continues for 30 days after written notice of the default to the Company by Holder.

 

		b)	the Company defaults in payment of accrued interest for 90 days and
the default continues for 60 days after written notice of the 90-day default.

 

		c)	the Company makes an assignment for the benefit of creditors; a receiver
or agent is appointed in respect of the Company under bankruptcy or insolvency legislation or by or on behalf of a secured creditor
of the Company; or an application is made under the United States Bankruptcy Code or any successor or similar legislation. 

 

    	 	30	 

     

    

		d)	the Company ceases to carry on its business or disposes of substantially
all of its assets.

		e)	the Company takes any corporate action or proceeding for its dissolution
or liquidation. 

 

		f)	the Company attempts to, or successfully does, sell, assign, or otherwise
transfer the Royalties unless such sale, assignment or transfer is the result of a reverse merger or similar transaction whereby
the surviving entity remains obligated under this Note. 

 

1.4              
Remedies for an Event of Default - Upon the occurrence of an Event of Default, the
Holder may: (i) proceed against the Company (or if the Company has been party to a reverse takeover or similar transaction, its
parent company) for payment in cash of the Principal Sum outstanding and any accrued but unpaid interest; or (ii) the Company (or
if the Company has been party to a reverse takeover or similar transaction, its parent company) will reconvey the Royalties purchased
under the PSA. 

 

2.       CONVERSION

 

2.1       Mandatory
Conversion – The Principal Sum of this Note, together with any unpaid interest thereon, shall automatically convert into
shares of the Company’s Common Stock at the Conversion Price (defined below) upon 10 days written notice (the “Conversion
Date”) to the Holder (“Mandatory Conversion Notice”) in the event: (i) there exists on the date of the Mandatory
Conversion Notice a public trading market for the Company Common Stock and such shares are listed for quotation on the CSE, TSX,
TSX-V, or any similar stock exchange; and (ii) an aggregate of Cdn$5.0 million in funds has been received by the Company
from a public offering, or in funds received by the Company prior to a public offering, or in funds available to the Company as
a result of any reverse take-over transaction.

 

		a)	Company Common Stock is defined as shares of the Company, or if the
Company has been a party to a reverse takeover or similar transaction, its parent company, in either case where such shares are
listed for quotation on the Canadian Stock Exchange, TSX-Venture Exchange, Toronto Stock Exchange, or any similar stock exchange.

 

		b)	Conversion Price is defined as 85% of the average of the closing
sales price of the Company’s Common Stock for 10 consecutive trading days immediately preceding the date of the Mandatory
Conversion Notice.

 

2.2        Shares
Issued Upon a Conversion. The shares of Company Common Stock issued upon a conversion will be recorded on the books and records
of the issuer as of the Conversion Date in the name of the Holder, and will rank pari passu with the issued and fully paid
shares of the Company Common Stock outstanding on the Conversion Date, and the Holder will accordingly be entitled to any dividends
or other distributions declared, made or paid on or after such Conversion Date. If the number of shares to be issued to Holder
on conversion of this Note is not a whole number, then the number of shares shall be rounded up to the nearest whole number.

 

2.3       Payment
Obligation Ceases. The obligation of the Company to repay the Principal Sum of the Note and pay interest on the Note or any
portion thereof, as applicable, shall cease on the Conversion Date.

2.4       Available
Shares of Common Stock. The Company (or if the Company is party to a reverse takeover or similar type of transaction, its parent
company) will, at all times, ensure that there are sufficient shares of Common Stock available for issuance upon conversion while
this Note is outstanding.

    	 	31	 

     

    

3.       GENERAL

 

3.1       Notice
and Other Instruments - Any notice, demand or other communication required or permitted to be given to a party must be in writing
and must be sent as set forth in the PSA.

 

3.2       Headings
- Headings to the sections, paragraphs, subparagraphs and clauses of this Note have been inserted for convenience of reference
only, and are not to affect its construction.

 

3.3       Governing
Law - This Note and the rights, remedies, powers, covenants, duties and obligations of the parties will be construed in accordance
with and governed by the laws of the Cayman Islands.

 

3.4       Severability
- If any provision of this Note is or becomes invalid, illegal or unenforceable in any respect, that fact will not affect the validity,
legality or enforceability of the remaining provisions of this Note or any valid, legal or enforceable parts of the impugned provision.

 

3.5       Binding
on Successors – This Note will inure to the benefit of and be binding upon each of the parties and their respective heirs,
executors, administrators, successors and permitted assigns.

 

3.6       Amendment
and Waiver – This Note may not be amended, waived, discharged or terminated except by a document executed by the party
against whom enforcement of the amendment, waiver, discharge or termination is sought.

 

3.7        Compliance
with Securities Laws. Holder acknowledges that this Note is being acquired solely for the Holder’s own account and not
as a nominee for any other party, and for investment, and that the Holder shall not offer, sell or otherwise dispose of this Note
except in accordance with applicable law.

 

 

IN WITNESS WHEREOF, the Company has
caused this Note to be signed in its name as of the date first set forth above.

 

SILVERSTREAM SEZC

 

 

By:/s/ Kyle Floyd                              

Kyle Floyd, Chief Executive Officer

 

 

 

 

    	 	32	 

     

    

Exhibit E

 

ESCROW
AGREEMENT

THIS ESCROW AGREEMENT
(this “Agreement”) is made as of [January 11], 2019, by and among SilverStream SEZC, a Cayman Island company (“Purchaser”),
Solitario Zinc Corp., a Colorado corporation (the “Seller”) and Burns, Figa & Will, P.C. (“Escrow Agent”).

RECITALS

WHEREAS, pursuant to the
Purchase and Sale Agreement dated January 8, 2019 (“Purchase Agreement”) between Purchaser and Seller, the parties
thereto have agreed to place certain funds (the “Escrow Funds”), a Promissory Note (the “Note”), and certain
other documents described in Sections 5.3, 5.4 and 5.5 of the Purchase Agreement (the “Release Documents”), in an escrow
account with the Escrow Agent.

WHEREAS, the Escrow
Funds, the original executed Note and the Release Documents are to be delivered to the Escrow Agent upon the closing of the Purchase
Agreement in accordance with the terms and conditions of this Agreement.

NOW, THEREFORE,
in consideration of the covenants and mutual promises contained herein and other good and valuable consideration, the receipt and
legal sufficiency of which are hereby acknowledged and intending to be legally bound hereby, the parties agree as follows:

ARTICLE 1

TERMS OF THE ESCROW

 

1.1.           
The parties hereby agree to establish an escrow account with the Escrow Agent whereby the
Escrow Agent shall hold the Escrow Funds, the Note, and the Release Documents.

1.2.           
Purchaser will cause the Escrow Funds to be wired to the Escrow Agent at the closing of the
Purchase Agreement into the following escrow account:

Colorado Business Bank

821 17th Street

Denver, Colorado 80202

ABA Routing Number: 102003206

Account Name: Burns, Figa & Will, P.C. COLTAF Trust
Account

Account Number: 3532410

 

Purchaser will cause the Note and the Release Documents to be delivered
to Escrow Agent by overnight carrier, signature required, at:

 

Burns, Figa & Will P.C.

Attn: Theresa M. Mehringer, Esq.

6400 S. Fiddlers Green Circle, Suite 1000

Greenwood Village, Colorado 80111

    	 	33	 

     

    

1.3.           
This Agreement begins on the date first set forth above and terminates on the date all Escrow
Funds, the Note, and the Release Documents have been released by the Escrow Agent (the “Termination Date”).

1.4.           
The Escrow Funds and the Note will be delivered to Seller as indicated by a joint written
statement provided to the Escrow Agent and executed by Purchaser and Seller. The Release Documents will be delivered to the Purchaser
as indicated by a joint written statement provided to the Escrow Agent and executed by Purchaser and Seller. All parties acknowledge
that no interest will be paid on the Escrow Funds. Notwithstanding anything to the contrary set forth in this Agreement, and notwithstanding
Escrow Agent’s role as counsel for Purchaser, Escrow Agent shall not release the Escrow Funds and the Note to Seller or release
the Release Documents to Purchaser unless and until Escrow Agent received such joint written instructions. 

ARTICLE II

MISCELLANEOUS

2.1              
No waiver or any breach of any covenant or provision herein contained shall be deemed a waiver
of any preceding or succeeding breach thereof, or of any other covenant or provision herein contained. No extension of time for
performance of any obligation or act shall be deemed an extension of the time for performance of any other obligation or act.

2.2              
All notices or other communications required or permitted hereunder shall be in writing, and
shall be sent to the addresses set forth herein or in the Purchase Agreement.

2.3              
This Agreement shall be binding upon and shall inure to the benefit of the permitted successors
and permitted assigns of the parties hereto.

2.4              
This Agreement is the final expression of, and contains the entire agreement between, the
parties with respect to the subject matter hereof and supersedes all prior understandings with respect thereto. This Agreement
may not be modified, changed, supplemented or terminated, nor may any obligations hereunder be waived, except by written instrument
signed by the parties to be charged or by its agent duly authorized in writing or as otherwise expressly permitted herein.

2.5              
Whenever required by the context of this Agreement, the singular shall include the plural
and masculine shall include the feminine. This Escrow Agreement shall not be construed as if it had been prepared by one of the
parties, but rather as if all parties had prepared the same. 

2.6              
The parties hereto expressly agree that this Agreement shall be governed by, interpreted under
and construed and enforced in accordance with the laws of the State of Colorado. Any action to enforce, arising out of, or relating
in any way to, any provisions of this Agreement shall only be brought in a state or federal court sitting in Denver, Colorado.

2.7              
 The Escrow Agent’s duties hereunder may be altered, amended, modified or revoked only
by a writing signed by Purchaser, Seller and the Escrow Agent.

2.8              
 The Escrow Agent shall be obligated only for the performance of such duties as are specifically
set forth herein and may rely and shall be protected in relying or refraining from acting on any instrument reasonably believed
by the Escrow Agent to be genuine and to have been signed or presented by the proper party or parties. The Escrow Agent shall
not be personally liable for any act the Escrow Agent may do or omit to do hereunder as the Escrow Agent while acting in good
faith and in the absence of gross negligence, fraud and willful misconduct, and any act done or omitted by the Escrow Agent pursuant
to the advice of the Escrow Agent’s attorneys shall be conclusive evidence of such good faith, in the absence of gross negligence,
fraud and willful misconduct.

    	 	34	 

     

    

2.9              
 The Escrow Agent is hereby expressly authorized to disregard any and all warnings given by
any of the parties hereto or by any other person or corporation, excepting only orders or process of courts of law and is hereby
expressly authorized to comply with and obey orders, judgments or decrees of any court. The Escrow Agent will provide each party
with prompt notice of and a copy of each and all such warnings, orders, judgments, and decrees. In case the Escrow Agent obeys
or complies with any such order, judgment or decree, the Escrow Agent shall not be liable to any of the parties hereto or to any
other person, firm or corporation by reason of such decree being subsequently reversed, modified, annulled, set aside, vacated
or found to have been entered without jurisdiction.

2.10          
The Escrow Agent shall not be liable in any respect on account of the identity, authorization
or rights of the parties executing or delivering or purporting to execute or deliver the Purchase Agreement or any documents or
papers deposited or called for thereunder in the absence of gross negligence, fraud and willful misconduct.

2.11          
The Escrow Agent shall be entitled to employ such legal counsel and other experts as the Escrow
Agent may deem necessary or proper to advise the Escrow Agent in connection with the Escrow Agent’s duties hereunder, may
rely upon the advice of such counsel, and may pay such counsel reasonable compensation. 

2.12          
The Escrow Agent has acted as legal counsel for Purchaser, and may continue to act as legal
counsel for Purchaser from time to time, notwithstanding its duties as the Escrow Agent hereunder. By executing this Agreement,
and having had the opportunity to discuss with independent counsel this Agreement and any potential conflicts of interest resulting
from this Agreement, Purchaser and Seller waive any conflict of interest between Purchaser and the Escrow Agent in its capacity
as counsel to the Purchaser. This Agreement constitutes a business transaction between Purchaser, Seller and the Escrow Agent.
The Escrow Agent has advised Seller to obtain independent legal advice with respect hereto. The Escrow Agent further notes that
it has certain rights, duties and protections under this Agreement that may not be consistent with its duties to Seller as counsel
to Seller, and Seller understands and accepts such rights, duties and protections in accordance with the terms of this Agreement
for the purposes hereof.

2.13          
The Escrow Agent’s responsibilities as escrow agent hereunder shall terminate if the
Escrow Agent shall resign by giving written notice to Purchaser and Seller. In the event of any such resignation, Purchaser and
Seller shall appoint a successor escrow agent and the Escrow Agent shall deliver to such successor escrow agent any Escrow Funds,
the Note, and the Release Documents held by the Escrow Agent.

2.14          
If the Escrow Agent reasonably requires other or further instruments in connection with this
Agreement or obligations in respect hereto, the necessary parties hereto shall join in furnishing such instruments.

2.15          
It is understood and agreed that should any dispute arise with respect to the delivery and/or
ownership or right of possession of the Escrow Funds, the Note or the Release Documents held by the Escrow Agent hereunder, the
Escrow Agent is authorized and directed in the Escrow Agent’s sole discretion (1) to retain in the Escrow Agent’s
possession without liability to anyone all or any part of said Escrow Funds, the Note, and the Release Documents until such disputes
shall have been settled either by mutual written agreement of the parties concerned or by a final order, decree or judgment of
a court of competent jurisdiction after the time for appeal has expired and no appeal has been perfected, but the Escrow Agent
shall be under no duty whatsoever to institute or defend any such proceedings or (2) to deliver the Escrow Funds, the Note,
and the Release Documents held by the Escrow Agent hereunder to a state court having competent subject matter jurisdiction and
located in the Denver, Colorado metropolitan area, in accordance with the applicable procedure therefore.

    	 	35	 

     

    

2.16          
Each of Purchaser and Seller, jointly and severally, agree to indemnify and hold harmless
the Escrow Agent and its partners, employees, agents and representatives from any and all claims, liabilities, costs or expenses
in any way arising from or relating to the duties or performance of the Escrow Agent hereunder or the transactions contemplated
hereby other than any such claim, liability, cost or expense to the extent the same shall have been determined by final, unappealable
judgment of a court of competent jurisdiction to have resulted from the gross negligence, fraud or willful misconduct of the Escrow
Agent.

 

[SIGNATURE PAGE FOLLOWS]

    	 	36	 

     

    

IN WITNESS WHEREOF,
the parties hereto have executed this Agreement as of date first written above.

SILVERSSTREAM SEZC                                            SOLITARIO
ZINC CORP.

 

By: /s/ Kyle Floyd                                                       By:/s/
Christopher Herald                   

Kyle Floyd, President
& CEO                                     Christopher Herald, President & CEO

 

BURNS, FIGA & WILL
P.C.

 

By:/s/ Theresa M.
Mehringer                

Theresa M. Mehringer,
TreasurerExhibit 10.1

 

Execution Copy

 

EMPLOYMENT AGREEMENT

 

THIS AGREEMENT, dated
as of May 6, 2019 (this “Agreement”), by and between MDC PARTNERS INC., a corporation existing under
the laws of Canada (the “Company”), and FRANK LANUTO (the “Executive”).

 

WITNESSETH:

 

WHEREAS, the Company
wish to employ the Executive on the terms and conditions hereinafter set forth;

 

NOW, THEREFORE, in
consideration of the premises and other good and valuable consideration, receipt of which is acknowledged, the parties hereto agree
as follows:

 

		1.	Employment

 

The Company agrees to employ
the Executive during the Term specified in Section 2, and the Executive agrees to accept such employment, upon the terms and conditions
hereinafter set forth.

 

		2.	Term

 

Subject to the provisions
contained in Sections 6 and 7, the Executive's employment by the Company shall be for a term (the “Term”) commencing
as soon as practicable after the date hereof, but not later than ninety (90) days from the date hereof (the “Commencement
Date”) and continuing for an indefinite period thereafter unless and until (i) either the Executive shall give to the
Company ninety (90) days advance written notice of resignation (as defined herein)(a “Notice of Termination”)
or (ii) the Company terminates the Executive’s employment with or without “Cause” (as defined herein). Any Notice
of Termination given by the Executive under this Section 2 shall specify the date of termination and the fact that the notice is
being delivered pursuant to Section 2 of this Agreement. The Company shall have the right at any time during such 90-day notice
period to relieve the Executive of all or any portion of his offices, duties and responsibilities and to place him on a paid leave-of-absence
status. The date on which the Executive ceases to be employed by the Company, regardless of the reason therefore is referred to
in this Agreement as the ‘Termination Date”.

 

		3.	Duties and Responsibilities

 

(a)           Title.
During the Term, the Executive shall have the position of Chief Financial Officer of the Company.

 

(b)           Duties.
The Executive shall report directly to the Company’s Chief Executive Officer (the “MDC Executive”), at
such times and in such detail as the MDC Executive shall reasonably require. Executive shall also have appropriate reporting responsibilities
to the Audit Committee of the Company’s Board of Directors. The Executive shall perform such duties consistent with his position
as Chief Financial Officer, or as may be reasonably directed by the Chief Executive Officer of the Company.

 

     

     

    

 

(c)           Scope
of Employment. The Executive's employment by the Company as described herein shall be full-time and exclusive, and during the
Term, the Executive agrees that he will (i) devote all of his business time and attention, his reasonable best efforts, and all
his skill and ability to promote the interests of the Company; and (ii) carry out his duties in a competent manner and serve
the Company faithfully and diligently under the direction of the MDC Executive. Notwithstanding the foregoing, the Executive shall
be permitted to engage in charitable and civic activities and manage his personal passive investments, provided that such passive
investments are not in a company which transacts business with the Company or its affiliates or engages in business competitive
with that conducted by the Company (or, if such company does transact business with the Company, or does engage in a competitive
business, it is a publicly held corporation and the Executive's participation is limited to owning less than 1% of its outstanding
shares), and further provided that such activities (individually or collectively) do not materially interfere with the performance
of his duties or responsibilities under this Agreement.

 

(d)           Office
Location. During the Term, the Executive's services hereunder shall be performed at the offices of the Company in New York,
N.Y., subject to necessary travel requirements to the Company’s partner agency locations in order to carry out his duties
in connection with his position hereunder.

 

		4.	Compensation

 

(a)           Base
Salary. As compensation for his services hereunder, during the Term, the Company shall pay the Executive in accordance with
its normal payroll practices, an annualized base salary of $450,000 (“Base Salary”).

 

(b)           Perquisite
Allowance. The Company will pay to the Executive a perquisite allowance equal to $25,000 per year during the Term (the “Perquisite
Allowance”), to cover the costs of leasing, insuring and maintaining an automobile and other travel expenses, professional
dues as well as other perquisites, to be paid in accordance with the Company’s normal payroll practices.

 

(c)           Annual
Discretionary Bonus. During the Term, the Executive shall be eligible to receive an annual discretionary bonus in a target
amount equal to 100% of Base Salary, based upon criteria determined by the MDC Executive and the Compensation Committee, which
criteria shall include the Executive’s performance, the overall financial performance of the Company and such other factors
as the MDC Executive and the Compensation Committee shall deem reasonable and appropriate (the “Annual Discretionary Bonus”).
The Annual Discretionary Bonus will be paid in accordance with the Company’s normal bonus payment procedures.

 

    	 	2	 

     

    

 

(d)           Initial
Cash Bonus Award. The Company shall pay Executive a one-time bonus in an amount equal to $100,000 (the “Signing Bonus”)
within thirty (30) days after the Commencement Date, subject to applicable withholding for federal, state and local taxes. Notwithstanding
the foregoing, in the event that Executive resigns without “Good Reason” or is terminated by the Company for “Cause”
prior to December 31, 2019, then Executive shall immediately pay back to the Company an amount equal to the Signing Bonus. .

 

(e)           Grants
under LTIP Plans. Commencing in January 2020, the Executive shall be eligible to participate in the Company’s LTIP Plans
with an annual target award amount equal to $450,000, with each such award to be made on terms and conditions no more or less favorable
than those of awards made to other senior executives of the Company.

 

(f)           SARS
Inducement Grant. As soon as practicable following the Commencement Date, the Executive shall receive an award of 450,000 stock
appreciation rights (“SARs”) in respect of the Company’s Class A Shares with (i) 225,000 SARs at an exercise
price to be determined by the 10-day average closing price prior to the Commencement Date and (ii) 225,000 SARs at an exercise
price equal to $5.00, all in accordance with and subject to the terms and conditions of a separate stock appreciation rights agreement,
to be executed and delivered by the Executive and the Company (the “SAR Agreement”). The SARs granted pursuant
to the SAR Agreement will become vested and exercisable in three equal installments on each of the first three (3) anniversaries
of the Commencement Date (each such date, a “SAR Vesting Date”), subject to the Executive’s continued
employment with the Company through the applicable SAR Vesting Date. The SARS Agreement shall provide for accelerated vesting upon
a Company “Change in Control” (as defined in the Company’s 2016 Stock Incentive Plan). To the extent not yet
exercised, any SARs issued shall expire on the fifth anniversary of the Commencement Date.

 

		5.	Expenses; Health Benefits

 

(a)           Expenses.
The Company agrees to pay or to reimburse the Executive for all reasonable, ordinary, necessary and documented business or entertainment
expenses incurred during the Term in the performance of his services hereunder in accordance with the policy of the Company as
from time to time in effect. The Executive, as a condition precedent to obtaining such payment or reimbursement, shall provide
to the Company any and all statements, bills or receipts evidencing the travel or out-of-pocket expenses for which the Executive
seeks payment or reimbursement, and any other information or materials, as the Company may from time to time reasonably require.

 

(b)           Benefit
Plans. During the Term, the Executive and, to the extent eligible, his dependents, shall be eligible to participate in and
receive all benefits under any group health plans, welfare benefit plans and programs provided by the Company to its senior executives
and, without duplication, its employees generally, subject, however, to the generally applicable eligibility and other provisions
of the various plans and programs in effect from time to time.

 

(c)           Vacation.
The Executive shall be entitled to four weeks of vacation in accordance with the Company's policies, with no right of carry over,
to be taken at such times as shall not materially interfere with the Executive's fulfillment of his duties hereunder, and shall
be entitled to as many holidays, sick days and personal days as are in accordance with the Company's policy then in effect generally
for its employees.

 

    	 	3	 

     

    

 

		6.	Termination

 

(a)           Termination
for Cause. The Company, by direction of the Board of Directors or the MDC Executive, shall be entitled to terminate the Term
and to discharge the Executive for “Cause” effective upon the giving of written notice to the Executive. For
purposes of this Agreement, the term “Cause” shall mean:

 

(i)            the
Executive's willful failure or refusal to materially perform his duties and responsibilities as set forth in Section 3 hereof (other
than as a result of a Disability pursuant to Section 6(d) hereof), or abide by the reasonable directives of the MDC Executive,
or the failure of the Executive to devote all of his business time and attention exclusively to the business and affairs of the
Company in accordance with the terms hereof, in each case if such failure or refusal is not cured (if curable) within 20 days after
written notice thereof to the Executive by the Company;

 

(ii)           the
willful and unauthorized misappropriation of the funds or property of the Company;

 

(iii)          the
use of alcohol or illegal drugs, interfering with the performance of the Executive’s obligations under this Agreement, continuing
after written warning;

 

(iv)          the
conviction in a court of law of, or entering a plea of guilty or no contest to, any felony or any crime involving moral turpitude,
dishonesty or theft;

 

(v)           the
material nonconformance with the Company’s policies against racial or sexual discrimination or harassment, which nonconformance
is not cured (if curable) within 20 days after written notice to the Executive by the Company;

 

(vi)          the
commission in bad faith by the Executive of any act which materially injures or could reasonably be expected to materially injure
the reputation, business or business relationships of the Company; and

 

(vii)         any
breach (not covered by any of the clauses (i) through (vi) above) of this Agreement, if such breach is not cured (if curable) within
20 days after written notice thereof to the Executive by the Company.

 

Any notice required to be given by the Company
pursuant to clause (i), (v) or (vii) above shall specify the nature of the claimed breach and the manner in which the Company requires
such breach to be cured (if curable). In the event that the Executive is purportedly terminated for Cause and it is finally determined
that Cause as defined herein was not present, then such purported termination for Cause shall be deemed a termination without Cause
and the Executive’s rights and remedies will be governed by Section 7(b), in full satisfaction and in lieu of any and all
other or further remedies the Executive may have under this Agreement.

 

    	 	4	 

     

    

 

(b)           Termination
by the Executive for Good Reason. Provided that a Cause event has not occurred, the Executive shall be entitled to terminate
this Agreement and the Term hereunder for Good Reason (as defined below) at any time during the Term by written notice to the Company
not more than 20 days after the occurrence of the event constituting such Good Reason. For purposes of this Agreement, “Good
Reason” shall be limited to:

 

(i)            a
material diminution of the Executive’s position or authority as set forth in Section 3 hereof, which breach remains uncured
(if curable) for a period of 10 days after written notice of such breach to the Company;

 

(ii)           the
Company’s material breach of the compensation and benefits provisions of Section 4 or Section 5 hereof, which breach remains
uncured (if curable) for a period of 15 days after written notice of such breach to the Company; or

 

(iii)          following
a Change in Control (as defined below), the Executive not holding the position of Chief Financial Officer of the ultimate parent
entity or other controlling entity resulting from the Change in Control transaction.

 

Any notice required to be
given by the Executive pursuant to this Section 6(b) shall specify the nature of the circumstance alleged to constitute
Good Reason and the provisions of this Agreement relied upon, and shall specify the date of termination, which shall not be less
than 30 days or more than 60 days following the date of such notice.

 

(c)           Termination
without Cause. The Company, by direction of the Board or the MDC Executive, shall have the right at any time during the Term
to terminate the employment of the Executive without Cause by giving written notice to the Executive setting forth a Termination
Date.

 

(d)           Termination
for Death or Disability. In the event of the Executive's death, the Termination Date shall be the date of the Executive's death.
In the event the Executive shall be unable to perform his duties hereunder by virtue of illness or physical or mental incapacity
or disability (from any cause or causes whatsoever) in substantially the manner and to the extent required hereunder prior to the
commencement of such disability and the Executive shall fail to perform such duties for periods aggregating 120 days, whether or
not continuous, in any continuous period of 360 days (such causes being herein referred to as “Disability”),
the Company shall have the right to terminate the Executive's employment hereunder as at the end of any calendar month during the
continuance of such Disability upon at least 30 days’ prior written notice to him.

 

    	 	5	 

     

    

 

		7.	Effect of Termination of Employment.

 

(a)           Termination
by the Company for Cause; by Death or Disability; or pursuant to a Notice of Termination delivered by the Executive pursuant to
Section 2(a)(i) above. In the event of the termination of the employment of the Executive (1) by the Company for Cause; (2)
by reason of death or Disability pursuant to Section 6(c); or (3) pursuant to a Notice of Termination delivered by the Executive
pursuant to Section 2(a)(i) above, the Executive shall be entitled to the following payments and benefits (the “Accrued
Rights”):

 

(i)            unpaid
Base Salary and Perquisite Allowance through, and any unpaid reimbursable expenses outstanding as of, the Termination Date; and

 

(ii)           all
outstanding equity incentive awards (including the Initial Stock Grant and SARs) shall be treated in accordance with the governing
equity plan and underlying award agreement, except as otherwise provided in Section 4(f) and Section 4(g).

 

In the event of termination of the employment
of Executive in the circumstances described in this Section 7(a), except as expressly provided in this section or any other
accrued benefits or indemnification rights under the Company’s by-laws, the Company’s other organizational documents,
or this Agreement, the Company shall have no further liability to the Executive or the Executive’s heirs, beneficiaries or
estate for damages, compensation, benefits, severance or other amounts of whatever nature, directly or indirectly, arising out
of or otherwise related to this Agreement and the Executive’s employment or cessation of employment with the Company.

 

(b)           Termination
by the Company without Cause or Resignation for Good Reason. In the event of termination by the Company without Cause or resignation
by the Executive for Good Reason, the Executive shall be entitled to the following payments and benefits:

 

		(i)	the Accrued Rights as provided in Section 7(a) hereof;

 

		(ii)	his Annual Discretionary Bonus with respect to the calendar year prior to the date of termination,
when otherwise payable, but only to the extent earned and approved by the Compensation Committee of the Board but not already paid;
and

 

		(iii)	an amount equal to Executive’s Base Salary for a period of six (6) months (the “Severance
Amount”). The Severance Amount described in this Section 7(b)(iii), less applicable withholding of any tax amounts, shall
be paid by the Company to the Executive in a cash lump-sum not later than 60 days following the Termination Date.

 

In the event of termination of this Agreement
in the circumstances described in this Section 7(b), except as expressly provided in this section or any other accrued benefits
or indemnification rights, the Company shall have no further liability to the Executive or the Executive’s heirs, beneficiaries
or estate for damages, compensation, benefits, severance or other amounts of whatever nature, directly or indirectly, arising out
of or otherwise related to this Agreement and the Executive’s employment or cessation of employment with the Company.

 

    	 	6	 

     

    

 

The Executive shall be
under no duty to mitigate damages hereunder. The making of any severance payments and providing the other benefits as provided
in this Section 7(b) is conditioned upon the Executive signing and not revoking a customary separation agreement in a form reasonably
satisfactory to the Company and Executive (the “Separation Agreement”). In the event the Executive breaches
any provisions of the Separation Agreement or the provisions of Section 8 of this Agreement, in addition to any other remedies
at law or in equity available to it, the Company may cease making any further payments and providing the other benefits provided
for in this Section 7(b), without affecting its rights under this Agreement or the Separation Agreement.

 

(c)           Termination
by the Company without Cause following a Change in Control. If within one (1) year after the closing date of any “Change
in Control” transaction, the Executive’s employment is terminated by the Company without Cause or he resigns for Good
Reason, the Severance Amount shall be increased to an amount equal to Executive’s Base Salary for a period of nine (9) months.
For the purposes of this Agreement, a “Change in Control” shall be as defined in the Company’s 2016 Stock
Incentive Plan.

 

		8.	Non-Solicitation/Non-Servicing Agreement and Protection
of Confidential Information

 

(a)       Non-Solicitation/Non-Servicing.
The parties hereto agree that the covenants given in this Section 8 are being given incident to the agreements and transactions
described herein, and that such covenants are being given for the benefit of the Company. Accordingly, the Executive acknowledges
(i) that the business and the industry in which the Company competes is highly competitive; (ii) that as a key executive of the
Company he has participated in and will continue to participate in the servicing of current clients and/or the solicitation of
prospective clients, through which, among other things, the Executive has obtained and will continue to obtain knowledge of the
"know-how" and business practices of the Company, in which matters the Company has a substantial proprietary interest;
(iii) that his employment hereunder requires the performance of services which are special, unique, extraordinary and intellectual
in character, and his position with the Company places and placed his in a position of confidence and trust with the clients and
employees of the Company; and (iv) that his rendering of services to the clients of the Company necessarily required and will continue
to require the disclosure to the Executive of confidential information (as defined in Section 8(b) hereof) of the Company. In the
course of the Executive's employment with the Company, the Executive has and will continue to develop a personal relationship with
the clients of the Company and a knowledge of those clients' affairs and requirements, and the relationship of the Company with
its established clientele will therefore be placed in the Executive's hands in confidence and trust. The Executive consequently
agrees that it is a legitimate interest of the Company, and reasonable and necessary for the protection of the confidential information,
goodwill and business of the Company, which is valuable to the Company, that the Executive make the covenants contained herein
and that the Company would not have entered into this Agreement unless the covenants set forth in this Section 8 were contained
in this Agreement.

 

    	 	7	 

     

    

 

Accordingly, the Executive agrees during the
Term that he is employed by the Company and for a period of one (1) years thereafter, he shall not, as an individual, employee,
consultant, independent contractor, partner, shareholder, or in association with any other person, business or enterprise, except
on behalf of the Company, directly or indirectly, solicit business on behalf of, render any services to, engage in, guaranty any
obligations of, extend credit to, or have any ownership interest or other affiliation in, any business or other endeavor, which
is engaged in the same business as the Company or its affiliates.

 

The Executive further agrees
that during the Term that he is employed by the Company and for a period of two (2) years thereafter (such period being referred
to as the "Restricted Period"), he shall not, as an individual, employee, consultant, independent contractor,
partner, shareholder, or in association with any other person, business or enterprise, except on behalf of the Company, directly
or indirectly, and regardless of the reason for his ceasing to be employed by the Company:

 

(i)            attempt
in any manner to solicit or accept from any client business of the type performed by the Company or to persuade any client to cease
to do business or to reduce the amount of business which any such client has customarily done or is reasonably expected to do with
the Company, whether or not the relationship between the Company and such client was originally established in whole or in part
through the Executive’s efforts; or

 

(ii)           employ
as an employee or retain as a consultant any person, firm or entity who is then or at any time during the preceding twelve months
was an employee of or exclusive consultant to the Company, or persuade or attempt to persuade any employee of or exclusive consultant
to the Company to leave the employ of the Company or to become employed as an employee or retained as a consultant by any person,
firm or entity other than the Company; or

 

(iii)          render
to or for any client any services of the type which are rendered by the Company.

 

As used in this Section 8, the term “Company”
shall include any subsidiaries of the Company and the term “client” shall mean (1) anyone who is a client of
the Company on the Termination Date, or if the Executive's employment shall not have terminated, at the time of the alleged prohibited
conduct (any such applicable date being called the “Determination Date”); (2) anyone who was a client of the
Company at any time during the one year period immediately preceding the Determination Date; (3) any prospective client to whom
the Company had made a new business presentation (or similar offering of services) at any time during the one year period immediately
preceding the Termination Date; and (4) any prospective client to whom the Company made a new business presentation (or similar
offering of services) at any time within six months after the Termination Date (but only if initial discussions between the Company
and such prospective client relating to the rendering of services occurred prior to the Termination Date, and only if the Executive
participated in or supervised such discussions). For purposes of this clause, it is agreed that a general mailing or an incidental
contact shall not be deemed a "new business presentation or similar offering of services" or a "discussion".
In addition, "client" shall also include any clients of other companies operating within the MDC group of companies to
whom the Executive rendered services (including supervisory services) at any time during the six-month period prior to the Determination
Date. In addition, if the client is part of a group of companies which conducts business through more than one entity, division
or operating unit, whether or not separately incorporated (a "Client Group"), the term "client" as used
herein shall also include each entity, division and operating unit of the Client Group where the same management group of the Client
Group has the decision making authority or significant influence with respect to contracting for services of the type rendered
by the Company.

 

    	 	8	 

     

    

 

(b)           Confidential
Information. In the course of the Executive's employment with the Company (and its predecessor), he has acquired and will continue
to acquire and have access to confidential or proprietary information about the Company and/or its clients, including but not limited
to, trade secrets, methods, models, passwords, access to computer files, financial information and records, computer software programs,
agreements and/or contracts between the Company and its clients, client contacts, client preferences, creative policies and ideas,
advertising campaigns, creative and media materials, graphic design materials, sales promotions and campaigns, sales presentation
materials, budgets, practices, concepts, strategies, methods of operation, financial or business projections of the Company and
information about or received from clients and other companies with which the Company does business. The foregoing shall be collectively
referred to as "confidential information". The Executive is aware that the confidential information is not readily
available to the public and accordingly, the Executive also agrees that he will not at any time (whether during the Term or after
termination of this Agreement), disclose to anyone (other than his counsel in the course of a dispute arising from the alleged
disclosure of confidential information or as required by law) any confidential information, or utilize such confidential information
for his own benefit, or for the benefit of third parties. The Executive agrees that the foregoing restrictions shall apply whether
or not any such information is marked "confidential" and regardless of the form of the information. The term "confidential
information" does not include information which (i) is or becomes generally available to the public other than by breach of
this provision or (ii) the Executive learns from a third party who is not under an obligation of confidence to the Company or a
client of the Company. In the event that the Executive becomes legally required to disclose any confidential information, he will
provide the Company with prompt notice thereof so that the Company may seek a protective order or other appropriate remedy and/or
waive compliance with the provisions of this Section 8(b) to permit a particular disclosure. In the event that such protective
order or other remedy is not obtained, or that the Company waives compliance with the provisions of this Section 8(b) to permit
a particular disclosure, the Executive will furnish only that portion of the confidential information which he is legally required
to disclose and, at the Company's expense, will cooperate with the efforts of the Company to obtain a protective order or other
reliable assurance that confidential treatment will be accorded the confidential information. The Executive further agrees that
all memoranda, disks, files, notes, records or other documents, whether in electronic form or hard copy (collectively, the "material")
compiled by him or made available to him during his employment with the Company (whether or not the material constitutes or contains
confidential information), and in connection with the performance of his duties hereunder, shall be the property of the Company
and shall be delivered to the Company on the termination of the Executive's employment with the Company or at any other time upon
request. Except in connection with the Executive's employment with the Company, the Executive agrees that he will not make or retain
copies or excerpts of the material; provided that the Executive shall be entitled to retain his personal files.

 

    	 	9	 

     

    

 

(c)           Remedies.
If the Executive commits or threatens to commit a breach of any of the provisions of Sections 8(a) or (b), the Company shall have
the right to have the provisions of this Agreement specifically enforced by any court having jurisdiction without being required
to post bond or other security and without having to prove the inadequacy of the available remedies at law, it being acknowledged
and agreed that any such breach or threatened breach will cause irreparable injury to the Company and that money damages will not
provide an adequate remedy to the Company. In addition, the Company may take all such other actions and remedies available to it
under law or in equity and shall be entitled to such damages as it can show it has sustained by reason of such breach.

 

(d)          Acknowledgements.
The parties acknowledge that (i) the type and periods of restriction imposed in the provisions of Sections 8(a) and (b) are fair
and reasonable and are reasonably required in order to protect and maintain the proprietary interests of the Company described
above, other legitimate business interests and the goodwill associated with the business of the Company; (ii) the time, scope and
other provisions of this Section 8 have been specifically negotiated by sophisticated commercial parties, represented by legal
counsel, and are given as an integral part of the transactions contemplated by this Agreement; and (iii) because of the nature
of the business engaged in by the Company and the fact that clients can be and are serviced by the Company wherever they are located,
it is impractical and unreasonable to place a geographic limitation on the agreements made by the Executive herein. The Executive
specifically acknowledges that his being restricted from soliciting and servicing clients and prospective clients as contemplated
by this Agreement will not prevent him from being employed or earning a livelihood in the type of business conducted by the Company.
If any of the covenants contained in Sections 8(a) or (b), or any part thereof, is held to be unenforceable by reason of it extending
for too great a period of time or over too great a geographic area or by reason of it being too extensive in any other respect,
the parties agree (x) such covenant shall be interpreted to extend only over the maximum period of time for which it may be enforceable
and/or over the maximum geographic areas as to which it may be enforceable and/or over the maximum extent in all other respects
as to which it may be enforceable, all as determined by the court or arbitration panel making such determination and (y) in its
reduced form, such covenant shall then be enforceable, but such reduced form of covenant shall only apply with respect to the operation
of such covenant in the particular jurisdiction in or for which such adjudication is made. Each of the covenants and agreements
contained in this Section 8 (collectively, the "Protective Covenants") is separate, distinct and severable. All
rights, remedies and benefits expressly provided for in this Agreement are cumulative and are not exclusive of any rights, remedies
or benefits provided for by law or in this Agreement, and the exercise of any remedy by a party hereto shall not be deemed an election
to the exclusion of any other remedy (any such claim by the other party being hereby waived). The existence of any claim, demand,
action or cause of action of the Executive against the Company, whether predicated on this Agreement or otherwise, shall not constitute
a defense to the enforcement by the Company of each Protective Covenant. The unenforceability of any Protective Covenant shall
not affect the validity or enforceability of any other Protective Covenant or any other provision or provisions of this Agreement.

 

    	 	10	 

     

    

 

(e)           Notification
of Restrictive Covenants. Prior to accepting employment with any person, firm or entity during the Restricted Period, the Executive
shall notify the prospective employer in writing of his obligations pursuant to this Section 8 and shall simultaneously provide
a copy of such notice to the Company (it being agreed by the Company that such notification required under this Section 8(e) shall
not be deemed a breach of the confidentiality provisions of this Agreement).

 

(f)            Tolling.
The temporal duration of the non-solicitation/non-servicing covenants set forth in this Agreement shall not expire, and shall be
tolled, during any period in which the Executive is in violation of any of the non-solicitation/non-servicing covenants set forth
herein, and all restrictions shall automatically be extended by the period of the Executive's violation of any such restrictions.

 

		9.	Intellectual Property

 

During the Term, the Executive
will disclose to the Company all ideas, inventions and business plans developed by him during such period which relate directly
or indirectly to the business of the Company, including without limitation, any design, logo, slogan, advertising campaign or any
process, operation, product or improvement which may be patentable or copyrightable. The Executive agrees that all patents, licenses,
copyrights, tradenames, trademarks, service marks, planning, marketing and/or creative policies and ideas, advertising campaigns,
promotional campaigns, media campaigns, budgets, practices, concepts, strategies, methods of operation, financial or business projections,
designs, logos, slogans and business plans developed or created by the Executive in the course of his employment hereunder, either
individually or in collaboration with others, will be deemed works for hire and the sole and absolute property of the Company.
The Executive agrees, that at the Company's request and expense, he will take all steps necessary to secure the rights thereto
to the Company by patent, copyright or otherwise.

 

		10.	Indemnification

 

Subject to Section 124 of
the Canada Business Corporations Act (as amended or re-enacted from time to time and including the regulations made pursuant
thereto, the “Act”), the Company shall indemnify and hold harmless, the Executive and his heirs, executors,
administrators and other legal personal representatives (each, an “Indemnitee”), to the maximum extent permitted
by the Act, from and against (a) any liability and all costs, charges and expenses that an Indemnitee sustains or incurs in respect
of any action, suit or proceeding that is proposed, threatened or commenced against an Indemnitee for or in respect of anything
done or permitted by the Executive in respect of the execution of the duties of his office; and (b) all other costs, charges and
expenses that the Executive sustains or incurs in respect of the affairs of the Company. The Company shall also indemnify the Executive
in such other circumstances to the maximum extent as the Act permits or requires. To the extent permitted by the Act, the Company
will advance or reimburse any expenses, including reasonable attorneys’ fees, incurred by an Indemnitee in investigating
and defending any actual or threatened action, suit or proceeding for which an Indemnitee may be entitled to indemnification under
this Section 10.

 

    	 	11	 

     

    

 

		11.	Enforceability

 

The failure of any party
at any time to require performance by another party of any provision hereunder shall in no way affect the right of that party thereafter
to enforce the same, nor shall it affect any other party's right to enforce the same, or to enforce any of the other provisions
in this Agreement; nor shall the waiver by any party of the breach of any provision hereof be taken or held to be a waiver of any
subsequent breach of such provision or as a waiver of the provision itself.

 

		12.	Assignment

 

The Company and the Executive
agree that the Company shall have the right to assign this Agreement in connection with any asset assignment of all or substantially
all of the Company’s assets, stock sale, merger, consolidation or other corporate reorganization involving the Company and,
accordingly, this Agreement shall inure to the benefit of, be binding upon and may be enforced by, any and all successors and such
assigns of the Company. The Company and Executive agree that Executive's rights and obligations under this Agreement are personal
to the Executive, and the Executive shall not have the right to assign or otherwise transfer his rights or obligations under this
Agreement, and any purported assignment or transfer shall be void and ineffective, provided that the rights of the Executive to
receive certain benefits upon death as expressly set forth under Section 7 of this Agreement shall inure to the Executive’s
estate and heirs. The rights and obligations of the Company hereunder shall be binding upon and run in favor of the successors
and assigns of the Company.

 

		13.	Modification

 

This Agreement may not be
orally canceled, changed, modified or amended, and no cancellation, change, modification or amendment shall be effective or binding,
unless in writing and signed by the parties to this Agreement.

 

		14.	Severability; Survival; Notice

 

In the event any provision
or portion of this Agreement is determined to be invalid or unenforceable for any reason, in whole or in part, the remaining provisions
of this Agreement shall nevertheless be binding upon the parties with the same effect as though the invalid or unenforceable part
had been severed and deleted or reformed to be enforceable. The respective rights and obligations of the parties hereunder shall
survive the termination of the Executive's employment to the extent necessary to the intended preservation of such rights and obligations.

 

Any notice, request, instruction
or other document to be given hereunder by any party hereto to another party shall be in writing and shall be deemed effective
(a) upon personal delivery, if delivered by hand, or (b) three days after the date of deposit in the mails, postage prepaid if
mailed by certified or registered mail, or (c) on the next business day, if sent by prepaid overnight courier service or facsimile
transmission (if electronically confirmed), and in each case, addressed as follows:

 

    	 	12	 

     

    

 

If to the Executive:

 

Frank Lanuto

[add address]

 

If to the Company:

 

c/o MDC Partners Inc.

745 Fifth Avenue, 19th Floor

New York, NY 10151

Attention: General Counsel

Fax: (212) 937-4365

 

Any party may change the
address to which notices are to be sent by giving notice of such change of address to the other party in the manner herein provided
for giving notice.

 

		15.	Applicable Law

 

This Agreement shall be governed
by, enforced under, and construed in accordance with the laws of the State of New York, without regard to the conflict of law rules
thereof.

 

		16.	No Conflict

 

Except as previously disclosed
in writing to the Company, the Executive represents and warrants that he is not subject to any agreement, instrument, order, judgment
or decree of any kind, or any other restrictive agreement of any character, which would prevent him from entering into this Agreement
or which would be breached by the Executive upon his performance of his duties pursuant to this Agreement.

 

		17.	Entire Agreement; Counterparts

 

This Agreement and the documents
referenced herein represent the entire agreement between the Company and the Executive with respect to the employment of the Executive
by the Company, and all prior term sheets, agreements, plans and arrangements relating to the employment of the Executive by the
Company are nullified and superseded hereby. This Agreement may be executed in two counterparts or by pdf.

 

		18.	Withholdings

 

The Company may withhold
from any amounts payable under this Agreement such federal, state or local taxes as shall be required to be withheld pursuant to
any applicable law or regulation.

 

    	 	13	 

     

    

 

		19.	No Strict Construction

 

The language used in this
Agreement will be deemed to be the language chosen by the Company and the Executive to express their mutual intent, and no rule
of law or contract interpretation that provides that in the case of ambiguity or uncertainty a provision should be construed against
the draftsman will be applied against any party hereto.

 

		20.	409A Compliance

 

This Agreement is intended
to comply, to the extent applicable, with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”)
and will be so interpreted. For purposes of this Agreement, a termination of Executive’s services on the date of termination
shall be determined in a manner consistent with the rules relating to “separation from service” within the meaning
of Section 409A of the Code and the regulations thereunder. Notwithstanding anything herein to the contrary, (i) if on the date
of termination Executive is a “specified employee” as defined in Section 409A of the Code, and the deferral of the
commencement of any payments or benefits otherwise payable hereunder as a result of such termination the Agreement is necessary
in order to prevent the imposition of any accelerated or additional tax under Section 409A of the Code, then the Company will (A)
defer the commencement of the payment of any such payments or benefits hereunder (without any reduction in such payments or benefits
ultimately paid or provided to Executive) until the date that is six months following the date of termination (or the earliest
date as is permitted under Section 409A of the Code), and (B) add to such payment or benefit an interest payment for the six-month
period calculated using the short-term Applicable Federal Rate (monthly compounded) as in effect on the date of termination under
Section 1274(d) of the Internal Revenue Code and (ii) if any other payments of money or other benefits due to the Executive hereunder
could cause the application of an accelerated or additional tax under Section 409A of the Code, the parties agree to restructure
the payments or benefits to comply with Section 409A of the Code in a manner which does not diminish the value of such payments
and benefits to the Executive. To the extent any reimbursements or in-kind benefits due to the Executive under this Agreement constitute
“deferred compensation” under Section 409A of the Code, any such reimbursements or in-kind benefits shall be paid in
a manner consistent with Treas. Reg. Section 1.409A-3(i)(1)(iv). If under this Agreement, an amount is paid in two or more installments,
each installment shall be treated as a “separate payment” within the meaning of 409A of the Code.

 

*          *          *          *          *

 

    	 	14	 

     

    

 

IN WITNESS WHEREOF,
the parties have executed this Employment Agreement as of the day and year first above written.

 

	 	MDC PARTNERS INC.
	 	 
	 	By:	 
	 	 	Mark Penn,
	 	 	Chief Executive Officer
	 	 	 
	 	 	 
	 	 	Frank Lanuto

 

    	 	15

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