Document:

form8k-exhibit10_3.htm

    Exhibit
10.3

    

    Summary of Non-Employee
Director Compensation

    

    Each
non-employee member of our Board of Directors currently receives the following
cash compensation:

    

    
      	
               
      

            	
              ·

            	
              an
      annual retainer of $15,000 for service on the Board of Directors ($30,000
      for service as non-executive Chairman of the Board of Directors), prorated
      for any partial year of service;

            

    

    

    
      	
               
      

            	
              ·

            	
              an
      annual retainer of $2,500 for service on each committee of the Board of
      Directors of which he or she is a member ($5,000 for service as chairman
      of any such committee), prorated for any partial year of
      service;

            

    

    

    
      	
               
      

            	
              ·

            	
              a
      fee of $2,500 for each meeting of the Board of Directors that he or she
      attends in person ($500 for each telephonic meeting of the Board of
      Directors in which he or she participates);
and

            

    

    

    
      	
               
      

            	
              ·

            	
              a
      fee of $1,000 for each committee meeting that he or she attends in person
      other than in connection with a meeting of the full Board of Directors
      ($500 for each telephonic committee meeting in which he or she
      participates).

            

    

    

    All
directors are reimbursed for expenses in connection with attendance at Board of
Directors and committee meetings.

    

    Our
Non-Employee Directors’ Stock Option Plan provides for the grant of options to
purchase shares of common stock to our non-employee
directors.  Non-employee directors elected for the first time receive
an initial option to purchase 30,000 shares of common stock.  In
addition, (a) all non-employee directors (other than any non-employee Chairman
of our Board of Directors) who have served in such capacity for six months
receive an annual option to purchase 10,000 shares of common stock and (b) any
non-employee Chairman of our Board of Directors who has served as a non-employee
director for six months receives an annual option to purchase 20,000 shares of
common stock.  All options granted under the non-employee directors’
plan have an exercise price equal to the fair market value of our common stock
on the date of grant.Filed by sedaredgar.com - Argentex Mining Corp. - Exhibit 10.1

THIS PRIVATE PLACEMENT SUBSCRIPTION AGREEMENT (“SUBSCRIPTION
AGREEMENT”) RELATES TO AN OFFERING OF SECURITIES IN AN OFFSHORE TRANSACTION TO A
PERSON THAT IS NOT A U.S. PERSON PURSUANT TO REGULATION S UNDER THE UNITED
STATES SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”). 

THE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE 1933 ACT
OR ANY U.S. STATE SECURITIES LAWS AND, UNLESS SO REGISTERED, NONE MAY BE OFFERED
OR SOLD, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT
IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S UNDER THE 1933 ACT, PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT, OR PURSUANT TO AN
AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE 1933 ACT AND IN EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE
STATE SECURITIES LAWS. IN ADDITION, HEDGING TRANSACTIONS INVOLVING THE
SECURITIES MAY NOT BE CONDUCTED UNLESS IN ACCORDANCE WITH THE 1933 ACT. "UNITED
STATES" AND "U.S. PERSON" ARE AS DEFINED BY REGULATION S UNDER THE 1933 ACT.

“UNLESS PERMITTED UNDER CANADIAN SECURITIES LEGISLATION, THE
HOLDER OF THE SECURITIES MUST NOT TRADE THE SECURITIES IN CANADA BEFORE THE DATE
THAT IS 4 MONTHS AND A DAY AFTER THE CLOSING DATE (AS DEFINED IN THIS
SUBSCRIPTION AGREEMENT. 

CONFIDENTIAL 
PRIVATE PLACEMENT SUBSCRIPTION
AGREEMENT 

(Canadian and Other Non-U.S. Person Accredited Investors Only)

	TO: 	Argentex Mining Corp. (the “Company”)
  
	  	602-1112 West Pender Street 
	 	Vancouver B.C. V6E 2S1 
	  	Canada 

Purchase of Units 

1.                   
Subscription and Use of Proceeds 

1.1                  On
the basis of the representations and warranties and subject to the terms and
conditions set forth herein, <> (the “Subscriber”) hereby
irrevocably subscribes for and agrees to purchase <> units (each a “Unit”
and collectively, the “Units”) at a purchase price per Unit of U.S. $0.30
(the subscription and agreement to purchase being the “Subscription”),
for an aggregate purchase price of US$<> (the “Subscription
Proceeds”). Each Unit shall consist of one share (each a “Unit
Share”) of the Company’s common stock (the “Common Stock”), par value
$0.001, and one non-transferable common share purchase warrant (each, a
“Warrant”). Each Warrant will entitle the holder to purchase one
additional share of Common Stock (each, a “Warrant Share”) at a purchase
price of U.S. $0.45 for a period of 24 months from the Closing Date (as
hereinafter defined). Each Warrant will be substantially in the form attached to
this Subscription Agreement as Exhibit A. 

1.2                 
On the basis of the representations and warranties and subject to the terms and
conditions set forth herein, including approval of this Subscription by the TSX
Venture Exchange, the Company hereby irrevocably agrees to sell and issue the
Units to the Subscriber. 

2.                   
Payment 

2.1                 
The Subscription Proceeds must accompany this Subscription and shall be paid by
cashiers cheque or bank draft payable to the order of the Company, drawn in U.S.
funds on a Canadian bank or another bank 

- 2 - 

reasonably acceptable to the Company or, at the Subscriber’s
option, by wire transfer to the Company or its lawyers pursuant to the wire
transfer instructions that will be provided to the Subscriber upon request.
The Subscriber hereby expressly authorizes the Company's lawyers to deliver
the Subscription Proceeds to the Company. 

2.2                  The
Company may treat the Subscription Proceeds as a non-interest bearing loan and
may use the Subscription Proceeds prior to this Subscription Agreement being
accepted by the Company. 

3.                   
Documents Required from Subscriber 

3.1                  The
Subscriber shall complete, sign and return to the Company, as soon as possible:

	 	(a) 	
      an executed copy of this Subscription Agreement,
    and

	 	 	 
	 	(b) 	
      a fully completed and executed Accredited Investor
      Questionnaire (the “Questionnaire”) in the form attached hereto as
      Exhibit B and

	 	 	 
	 	(c) 	
      on request by the Company, any other documents,
      questionnaires, notices and undertakings as may be required by the Company
      in order to enable or show compliance with the requirements of regulatory
      authorities and applicable law.

4.                   
Closing 

4.1                  Closing
of the sale of the Units (the “Closing”) shall occur on or about <>
or on such later date as may be determined by the Company (the “Closing
Date”). 

5.                  
 Acknowledgements of Subscriber 

5.1                 
The Subscriber acknowledges and agrees that: 

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

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

	 	 	 
	 	(c) 	
      by completing the Questionnaire, the Subscriber is
      representing and warranting that s/he is an Accredited Investor, as that
      term is defined in Canada’s National Instrument 45-106, Prospectus and
      Registration Exemptions (NI 45-106”);

	 	 	 
	 	(d) 	
      no prospectus or offering memorandum within the meaning
      of the securities laws has been delivered to, summarized for or seen by
      the Subscriber in connection with the sale of the Units and the Subscriber
      is not aware of any prospectus or offering memorandum having been prepared
      by the Company;

	 	 	 
	 	(e) 	
      the decision to execute this Subscription Agreement and
      acquire the Units hereunder has not been based upon any oral or written
      representation as to fact or otherwise made by or on behalf of the
      Company, and such decision is based entirely upon a review of information
      (the adequacy of which is hereby acknowledged) about the Company that is
      available to any member of the public

- 3 - 

	 		
      on the EDGAR database maintained by the U.S. Securities
      and Exchange Commission (the “SEC”) at www.sec.gov;

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

	 	 	 
	 	(g) 	
      it has not received, nor has it requested, nor does it
      have any need to receive, any offering memorandum (as defined in or
      contemplated by applicable securities legislation) or any other document
      (other than financial statements or any other continuous disclosure
      documents, the contents of which are prescribed by statute or regulation)
      describing the business and affairs of the Company which has been prepared
      for delivery to, and review by, prospective subscribers in order to assist
      them in making an investment decision in respect of the Securities (or any
      of them), and it has not become aware of any advertisement including, by
      way of example and not in limitation, advertisement in any printed media
      of general and regular circulation or on radio or television with respect
      to the distribution of the Units;

	 	 	 
	 	(h) 	
      the Subscriber understands and agrees that there may be
      material tax consequences to it of an acquisition, holding or disposition
      of the Securities. The Company gives no opinion and makes no
      representation with respect to the tax consequences under United States,
      Canadian, state, provincial, local or foreign tax law of the acquisition,
      holding or disposition of the Securities and the Subscriber acknowledges
      that it is solely responsible for determining the tax consequences of its
      investment;

	 	 	 
	 	(i) 	
      no securities commission or similar regulatory authority
      has reviewed or passed on the merits of the Securities or any of
    them;

	 	 	 
	 	(j) 	
      there are risks associated with an investment in the
      Company including, by way of example and not in limitation, the specific
      risks identified in the Company’s most recent periodic reports filed with
      the SEC and available for viewing at the SEC’s website at
      www.SEC.gov;

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

	 	 	 
	 	(l) 	
      if the Subscriber is a Canadian resident, the Company has
      advised the Subscriber that the Company is relying on an exemption from
      the requirements of the regulatory authorities in Canada requiring that
      the Company provide the Subscriber with a prospectus and sell the Units to
      the Subscriber through a person registered to sell securities under the
      securities laws of the Canadian Province where the Subscriber resides and,
      as a consequence of acquiring the Units pursuant to this exemption,
      certain protections, rights and remedies provided by the securities laws
      of that Canadian Province, including statutory rights of rescission or
      damages, will not be available to the Subscriber;

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

	 	 	 
	 	(n) 	
      none of the Securities may be offered or sold by the
      Subscriber to a U.S. Person (as defined in Section 6.2, below, or for the
      account or benefit of a U.S. Person (other than a distributor) prior to
      the end of the Distribution Compliance Period (as defined
  herein);

- 4 - 

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

	 	 	 	 
	 	(p) 	
      the Subscriber is aware that the Securities are not
      listed on any stock exchange or automated dealer quotation system and no
      representation has been made to the Subscriber that any of the Securities
      will become listed on any stock exchange or automated dealer quotation
      system except that currently shares of the Common Stock are (i) quoted on
      the over-the-counter market operated by the Over-The-Counter-Bulletin
      Board operated by the Financial Industry Regulatory Authority
      (“FINRA”) and (ii) listed for trading on the Canadian TSX Venture
      stock exchange;

	 	 	 	 
	 	(q) 	
      in addition to resale restrictions imposed under U.S.
      securities laws, there are additional restrictions on the Subscriber’s
      ability to resell any of the Securities under Canadian provincial
      securities laws and Canada’s National Instrument 45-102, Resale of
      Securities (“NI 45-102”);

	 	 	 	 
	 	(r) 	
      the Company will refuse to register any transfer of the
      Securities not made in accordance with the provisions of Regulation S,
      pursuant to an effective registration statement under the 1933 Act or
      pursuant to an available exemption from the registration requirements of
      the 1933 Act and in accordance with applicable state and provincial
      securities laws;

	 	 	 	 
	 	(s) 	
      the statutory and regulatory basis for the exemption from
      U.S. registration requirements claimed for the offer of the Units,
      although in technical compliance with Regulation S, would not be available
      if the offering is part of a plan or scheme to evade the registration
      provisions of the 1933 Act or any applicable state or provincial
      securities laws;

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

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

	 	 	 	 
	 		(ii) 	
      applicable resale restrictions.

6.                   
Representations, Warranties and Covenants of the Subscriber

6.1                  The
Subscriber hereby represents and warrants to, and covenants with, the Company
(which representations, warranties and covenants shall survive the Closing) and
acknowledges that the Company is relying thereon that: 

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

	 	 	 
	 	(b) 	
      the entering into of this Subscription Agreement and the
      transactions contemplated hereby do not result in the violation of any of
      the terms and provisions of any law applicable to the Subscriber
  or

- 5 - 

	 		
      of any agreement, written or oral, to which the
      Subscriber may be a party or by which the Subscriber is or may be
      bound;

	 	 	 
	 	(c) 	
      the Subscriber has duly executed and delivered this
      Subscription Agreement and, upon acceptance thereof by the Company, it
      will constitute a valid and binding agreement of the Subscriber
      enforceable against the Subscriber in accordance with its terms;

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

	 	 	 
	 	(e) 	
      the Subscriber is not a U.S. Person, as that term is
      defined in Regulation S;

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

	 	 	 
	 	(g) 	
      the Subscriber has inquired into the applicable
      securities legislation of its jurisdiction of residence and the Subscriber
      either complies with or is exempt from the applicable securities
      legislation of the Subscriber's jurisdiction of residence;

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

	 	 	 
	 	(i) 	
      if the Subscriber is a resident of Canada, the Subscriber
      is purchasing the Units pursuant to an exemption from the registration and
      the prospectus requirements of applicable securities legislation on the
      basis that the Subscriber is a resident of Canada and an “accredited
      investor” as defined in Section 1.1 of NI 45-106 (hereinafter, an
      “Accredited Investor”) and, as a
consequence:

	 	(i) 	
      is restricted from using most of the civil remedies
      available under securities legislation,

	 	 	 
	 	(ii) 	
      may not receive information that would otherwise be
      required to be provided under securities legislation, and

	 	 	 
	 	(iii) 	
      the Company is relieved from certain obligations that
      would otherwise apply under securities
legislation;

	 	(j) 	
      the Subscriber is an Accredited Investor and agrees that
      the Company shall not consider the Subscriber's Subscription for
      acceptance unless the undersigned provides to the Company, along with an
      executed copy of this Agreement:

	 	(i) 	
      a fully completed and executed Accredited Investor
      Questionnaire in the form attached as Exhibit B hereto; and

	 	 	 
	 	(ii) 	
      such other supporting documentation that the Company or
      its legal counsel may request to establish the Subscriber's qualification
      as an Accredited Investor;

	 	(k) 	
      the Subscriber is not an underwriter of, or dealer in,
      shares of the Common Stock, nor is the Subscriber an affiliate of any
      underwriter of or dealer in the Securities, nor is it participating,
      pursuant to a contract or otherwise, in any distribution of the
      Securities;

	 	 	 
	 	(l) 	
      the Subscriber agrees that, unless and until the
      Securities have been registered under the 1933 Act, or under any state
      securities or "blue sky" laws of any state of the United States, it will
      not offer or sell its Securities in the United States, directly or
      indirectly, to U.S. Persons except in
accordance

- 6 - 

	 		
      with the provisions of Regulation S, pursuant to an
      effective registration statement under the 1933 Act, or pursuant to an
      exemption from, or in a transaction not subject to, the registration
      requirements of the 1933 Act;

	 	 	 	 
	 	(m) 	
      the Subscriber (i) has such knowledge and experience in
      business matters as to be capable of evaluating the merits and risks of
      its prospective investment in the Securities; and (ii) has the ability to
      bear the economic risks of its prospective investment and can afford the
      complete loss of such investment;

	 	 	 	 
	 	(n) 	
      if the Subscriber is acquiring the Securities as a
      fiduciary or agent for one or more investor accounts:

	 	 	 	 
	 		(i) 	
      the Subscriber has sole investment discretion with
      respect to each such account and it has full power to make the foregoing
      acknowledgements, representations and agreements on behalf of such
      account, and

	 	 	 	 
	 		(ii) 	
      if the Subscriber or the beneficial owner of the investor
      account(s) is a Canadian resident, the beneficial owners of the investor
      accounts for which the Subscriber acts as a fiduciary or agent satisfy the
      definition of an “Accredited Investor”, as the term is defined in the
      Canadian National Instrument NI 45-106;

	 	 	 	 
	 	(o) 	
      the Subscriber has not acquired the Units as a result of,
      and will not itself engage in, any “directed selling efforts” (as defined
      in Regulation S) in the United States in respect of any of the Securities
      which would include any activities undertaken for the purpose of, or that
      could reasonably be expected to have the effect of, conditioning the
      market in the United States for the resale of any of the
  Securities;

	 	 	 	 
	 	(p) 	
      any offer or and sale of any of the Securities prior to
      the expiration of a period of six months after the date of original
      issuance of that respective Security (the six-month period hereinafter
      referred to as the "Distribution Compliance Period") shall only be
      made in compliance with the safe harbor provisions set forth in Regulation
      S, pursuant to the registration provisions of the 1933 Act or an exemption
      therefrom, and that all offers and sales after the Distribution Compliance
      Period shall be made only in compliance with the registration provisions
      of the 1933 Act or an exemption therefrom and in each case only in
      accordance with applicable state and provincial securities laws;

	 	 	 	 
	 	(q) 	
      it will not engage in any hedging transactions involving
      any of the Securities unless such transactions are in compliance with the
      provisions of the 1933 Act and in each case only in accordance with
      applicable state and provincial securities laws and the Subscriber is not
      aware of any advertisement of, or any general solicitation in respect of,
      any of the Securities; and

	 	 	 	 
	 	(r) 	
      no person has made to the Subscriber any written or oral
      representations:

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

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

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

	 	 	 	 
	 		(iv) 	
      that any of the Securities will be listed and posted for
      trading on any stock exchange or automated dealer quotation system or that
      application has been made to list and post any of the Securities on any
      stock exchange or automated dealer quotation system; except that the
      Company’s Common Stock is currently approved for trading on the U.S. Over
      the Counter Bulletin Board and the Canadian TSX Venture stock
    exchange.

- 7 - 

6.2                 
In this Subscription Agreement, the term “U.S. Person” shall have the meaning
ascribed thereto in Regulation S. 

7.                   
Acknowledgement and Waiver 

7.1                  The
Subscriber has acknowledged that the decision to purchase the Units was solely
made on the basis of available information provided to the Subscriber. The
Subscriber hereby waives, to the fullest extent permitted by law, any rights of
withdrawal, rescission or compensation for damages to which the Subscriber might
be entitled in connection with the distribution of the Securities. 

8.                  
 Legends 

8.1                 
The Subscriber hereby acknowledges that that upon the issuance thereof, and
until such time as the same is no longer required under the applicable
securities laws and regulations, the certificates representing any of the Unit
Shares or the Warrant Shares will bear a U.S. legend in substantially the
following form: 

  
    
      “THESE SECURITIES WERE ISSUED IN AN OFFSHORE
        TRANSACTION TO PERSONS WHO ARE NOT U.S. PERSONS (AS DEFINED HEREIN) PURSUANT
        TO REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933,
        AS AMENDED (THE “1933 ACT”). ACCORDINGLY, NONE OF THE SECURITIES
        TO WHICH THIS CERTIFICATE RELATES HAVE BEEN REGISTERED UNDER THE 1933
        ACT, OR ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO REGISTERED, NONE
        MAY BE OFFERED OR SOLD IN THE UNITED STATES (AS DEFINED HEREIN) OR, DIRECTLY
        OR INDIRECTLY, TO U.S. PERSONS (AS DEFINED HEREIN) EXCEPT PURSUANT TO
        AN EFFECTIVE REGISTRATION STATEMENT OR PURSUANT TO AN EXEMPTION FROM,
        OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE
        1933 ACT AND IN EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE STATE SECURITIES
        LAWS. IN ADDITION, HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT
        BE CONDUCTED UNLESS IN ACCORDANCE WITH THE 1933 ACT. “UNITED STATES"
        AND "U.S. PERSON" ARE AS DEFINED BY REGULATION S UNDER THE 1933 ACT.”

    

  

and a Canadian legend in substantially the following form: 

  
    
      “UNLESS PERMITTED UNDER CANADIAN SECURITIES LEGISLATION,
        THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY IN CANADA
        BEFORE <>[INSERT THE DATE THAT IS 4 MONTHS AND A DAY AFTER
        THE CLOSING DATE]. 

    

  

8.2                 
The Subscriber hereby acknowledges and agrees to the Company making a notation
on its records or giving instructions to the registrar and transfer agent of the
Company in order to implement the restrictions on transfer set forth and
described in this Subscription Agreement. 

9.                  
 Canadian Resale Restriction 

9.1                  The
Subscriber acknowledges that the Securities are subject to resale restrictions
in Canada and may not be traded in Canada except as permitted by the applicable
Canadian securities legislation (collectively, the “Canadian Securities
Laws”). 

9.2                  The
Subscriber acknowledges that pursuant to Canadian National Instrument 45-102, a
subsequent trade in any of the Securities will be a distribution subject to the
prospectus and registration requirements of the Canadian Securities Laws unless
certain conditions are met, including the following: 

- 8 - 

	 	(a) 	
      at least four months (the "Canadian Hold Period")
      shall have elapsed from the date on which the Unit Shares were issued to
      the Subscriber;

	 	 	 
	 		
      during the currency of the Canadian Hold Period, any
      certificate representing the any of the Securities is imprinted with the
      Canadian Legend

	 	 	 
	 	(b) 	
      the trade is not a control distribution (as defined in
      National Instrument 45-102);

	 	 	 
	 	(c) 	
      no unusual effort is made to prepare the market or to
      create a demand for the Securities that are the subject of the
    trade;

	 	 	 
	 	(d) 	
      no extraordinary commission or consideration is paid to a
      person or company in respect of the trade; and

	 	 	 
	 	(e) 	
      if the selling security holder is an insider or officer
      of the Company, the selling security holder has no reasonable grounds to
      believe that the Company is in default of securities legislation;
  or

	 	 	 
	 	(f) 	
      the trade qualifies under the provisions of Section 2.14
      of National Instrument 45-102.

9.3                
 The Subscriber acknowledges that any certificate representing the any of
the Unit Shares and Warrant Shares issued prior to the expiration of the
Canadian Hold Period, will have a Canadian Legend imprinted thereon. The
Subscriber also acknowledges that any certificate representing any Warrants will
bear a legend stating that the Warrants are not transferable. 

10.                  
Costs 

10.1                
The Subscriber acknowledges and agrees that all costs and expenses incurred by
the Subscriber (including any fees and disbursements of any special counsel
retained by the Subscriber) relating to the purchase of the Units or the
exercise of any of the Warrants shall be borne by the Subscriber. 

11.                  
Governing Law 

11.1                
This Subscription Agreement is governed by the laws of the Province of British
Columbia and the federal laws of Canada applicable herein, except to the extent
that the laws of Delaware or the federal securities laws of the United States
apply. The Subscriber, in its personal or corporate capacity and, if applicable,
on behalf of each beneficial purchaser for whom it is acting, irrevocably
attorns to the jurisdiction of the courts of the Province of British Columbia.

12.                  
Survival 

12.1                
This Subscription Agreement, including without limitation the representations,
warranties and covenants contained herein, shall survive and continue in full
force and effect and be binding upon the parties hereto notwithstanding the
completion of the purchase of the Units by the Subscriber pursuant hereto. 

13.                  
Assignment 

13.1                
This Subscription Agreement is not transferable or assignable. 

14.                  
Severability 

14.1                
The invalidity or unenforceability of any particular provision of this
Subscription Agreement shall not affect or limit the validity or enforceability
of the remaining provisions of this Subscription Agreement. 

- 9 - 

15.                  
Entire Agreement 

15.1                
Except as expressly provided in this Subscription Agreement and in the
agreements, instruments and other documents contemplated or provided for herein,
this Subscription Agreement contains the entire agreement between the parties
with respect to the sale of the Units and there are no other terms, conditions,
representations or warranties, whether expressed, implied, oral or written, by
statute or common law, by the Company, its agents or by anyone else. This
subscription may only be amended by instrument in writing signed by the parties
hereto. 

16.                  
Notices 

16.1                
All notices and other communications hereunder shall be in writing and shall be
deemed to have been duly given if mailed or transmitted by any standard form of
telecommunication. Notices to the Subscriber shall be directed to the address on
the signature page of this Subscription Agreement and notices to the Company
shall be directed to it at 602 - 1112 West Pender Street, Vancouver, BC, Canada
V6E 2S1; Attention: Mr. Kenneth Hicks or by fax at (604) 568-1540. 

16.2                
The Subscriber hereby acknowledges and agrees that it will notify the Company at
the address or fax number above, or at such other address or fax number as the
Company notifies the Subscriber from time to time is the current address or fax
number of the Company, to maintain with the Company’s records an updated address
to which the Company may mail or transmit notices and other communications under
this Subscription Agreement. 

17.                  
Collection of Personal Information 

17.1                
The Subscriber acknowledges and consents to the fact that the Company is
collecting the Subscriber’s personal information for the purpose of completing
the transactions contemplated by this Subscription Agreement. The Subscriber
further acknowledges and consents to the fact that the Company may be required
by applicable securities laws to provide securities commissions in Canada or the
United States or other authorities with personal information provided by the
Subscriber. 

17.2                
The Subscriber, on its own behalf and on behalf of any other person for whom it
is contracting hereunder, acknowledges and consents to the release by the
Company of information regarding the Subscriber's subscription, including the
Subscriber's name, address, telephone number and registration instructions, the
number of securities purchased, the number of securities of the Company held,
the status of the Subscriber as an insider, and, if applicable, information
regarding beneficial ownership of or the principal of the Subscriber, in
compliance with securities regulatory policies to regulatory authorities in
reporting jurisdictions or to other authorities as required by law and to the
transfer agent of the Company for the purpose of arranging for the preparation
of the certificates representing any of the Securities. The purpose of the
collection of this information is to ensure that the Company and its advisors
will be able to issue the Units to the Subscriber in compliance with applicable
securities laws and the instructions of the Subscriber and to obtain the
information required to be provided in documents required to be filed with the
TSX Venture stock exchange and with securities regulatory authorities under
applicable securities laws and other authorities as required by law. In
addition, the Subscriber acknowledges and consents to the collection, use and
disclosure of all such personal information by the any stock exchange on which
the Company’s common shares are listed and other regulatory authorities in
accordance with their requirements, including the provision to third party
service providers, from time to time. 

The contact information for the officer of the Issuer who can
answer questions about the collection of information by the Issuer is as
follows: 

- 10 - 

	 	Name & Title: 	Kenneth Hicks, President 
	 	Company's Name: 	Argentex Mining Corp. 
	 	Address: 	602 - 1112 West Pender Street,
      Vancouver, BC, Canada V6E 2S1 
	 	Phone No.: 	(604) 568-2496 
	 	Fax No.: 	(604) 568-1540

17.3                
Furthermore, the Subscriber is hereby notified that: 

	 	(a) 	
      the Company may deliver to the securities commission of
      any province of Canada or the Securities and Exchange Commission in the
      United States certain personal information pertaining to the Subscriber,
      including the Subscriber’s full name, residential address and telephone
      number, the number of securities purchased by the Subscriber and the total
      purchase price paid for such securities, beneficial ownership information,
      the prospectus exemption relied on by the Company and the date of
      distribution of the security,

	 	 	 
	 	(b) 	
      such information is being collected indirectly by the
      Securities Commissions under authority granted in securities
      legislation,

	 	 	 
	 	(c) 	
      such information is being collected for the purposes of
      the administration and enforcement of the securities legislation of the
      applicable province of Canada, and

	 	 	 
	 	(d) 	
      the Subscriber may contact the following public official
      in Ontario with respect to questions about the Ontario Securities
      Commission’s indirect collection of such information at the following
      address and telephone number:

  
    
      
        Administrative Assistant to the Director of Corporate Finance
          

          Ontario Securities Commission 

          Suite 1903, Box 55, 20 Queen Street West 

          Toronto,
          Ontario M5H 3S8 

          Telephone: (416) 593-8086 

      

    

  

18.                  
Reliance, Indemnity, Notification of Changes and Survival 

18.1                
The representations and warranties in this Subscription Agreement are made by
the Subscriber with the intent that they be relied upon by the Company in
determining its suitability as a purchaser of the Securities, and the Subscriber
hereby agrees to indemnify the Company against all losses, claims, costs,
expenses and damages or liabilities which any of them may suffer or incur as a
result of reliance thereon. The Subscriber undertakes to notify the Company
immediately of any change in any representation, warranty or other information
relating to the Subscriber set forth in this Subscription Agreement (and the
exhibits, schedules, forms and appendices thereto) which takes place prior to
the Closing. 

18.2                
The representations and warranties of the Subscriber contained in this Agreement
shall survive the Closing. 

19.                  
Counterparts and Electronic Means 

19.1                
This Subscription Agreement may be executed in any number of counterparts, each
of which, when so executed and delivered, shall constitute an original and all
of which together shall constitute one instrument. Delivery of an executed copy
of this Subscription Agreement by electronic facsimile transmission or other
means of electronic communication capable of producing a printed copy will be
deemed to be execution and delivery of this Subscription Agreement as of the
date hereinafter set forth. 

- 11 - 

20.                  
Delivery Instructions 

20.1                
  The Subscriber hereby directs the Company to deliver the Unit Shares and Warrants
  to: 

	 	 
	 	(name) 
	 	 
	 	 
	 	(address) 

20.2                
The Subscriber hereby directs the Company to cause the Unit Shares and Warrants
to be registered on the books of the Company as follows: 

	 	 
	 	(name) 
	 	 
	 	 
	 	(address) 

IN WITNESS WHEREOF the Subscriber has duly executed this
Subscription Agreement as of the date of acceptance by the Company. 

	 	 
	 	(Name of Subscriber – Please type or print)
  
	 	 
	 	 
	 	(Signature and, if applicable, Office) 
	 	 
	 	 
	 	(Address of Subscriber) 
	 	 
	 	 
	 	(City, State or Province, Postal Code of
      Subscriber) 
	 	 
	 	 
	 	(Country of Subscriber) 
	 	 
	 	 
	 	(Fax and/or E-mail Address of Subscriber)
  

- 12 - 

A C C E P T A N C E 

The above-mentioned Subscription Agreement in respect of the
Units is hereby accepted by the Company. 

DATED at ______________________, the ________ day of
___________________, 2009. 

ARGENTEX MINING CORP. 

Per:      
__________________________________________
  
           Authorized
Signatory 

Exhibit A 

Form of Warrant 

THIS WARRANT IS NOT TRANSFERABLE 

UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF
THIS WARRANT MUST NOT TRADE THE SECURITIES THAT MAY BE ISSUED UPON EXERCISE
BEFORE [<> INSERT THE DATE THAT IS 4 MONTHS AND A DAY AFTER THE
CLOSING DATE. 

THIS NON-TRANSFERABLE SHARE PURCHASE WARRANT WAS ISSUED IN
AN OFFSHORE TRANSACTION TO PERSONS WHO ARE NOT U.S. PERSONS (AS DEFINED HEREIN)
PURSUANT TO REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS
AMENDED (THE “1933 ACT”). ACCORDINGLY, NONE OF THE SECURITIES THAT MAY BE ISSUED
UPON THE EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE 1933 ACT, OR
ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO REGISTERED, NONE MAY BE OFFERED
OR SOLD IN THE UNITED STATES (AS DEFINED HEREIN) OR, DIRECTLY OR INDIRECTLY, TO
U.S. PERSONS (AS DEFINED HEREIN) EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT OR PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO,
THE REGISTRATION REQUIREMENTS OF THE 1933 ACT AND IN EACH CASE ONLY IN
ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. IN ADDITION, HEDGING
TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN ACCORDANCE
WITH THE 1933 ACT. “UNITED STATES" AND "U.S. PERSON" ARE AS DEFINED BY
REGULATION S UNDER THE 1933 ACT.” 

ARGENTEX MINING CORPORATION 
(A
Delaware Company) 

NON-TRANSFERABLE 
WARRANT CERTIFICATE 

	CERTIFICATE NO. <> 	  
	NUMBER OF WARRANTS: <> 	RIGHT TO PURCHASE <> SHARES
      

THESE NON-TRANSFERABLE WARRANTS WILL EXPIRE AND BECOME NULL AND
VOID 
AT 4:30 P.M. (VANCOUVER TIME) ON THE EXPIRY DATE (AS DEFINED IN THE
TERMS AND 
CONDITIONS ATTACHED TO THIS WARRANT CERTIFICATE. 

NON-TRANSFERABLE SHARE PURCHASE WARRANTS 
TO PURCHASE COMMON
SHARES OF ARGENTEX MINING CORPORATION. 

THE WARRANTS REPRESENTED BY THIS CERTIFICATE 

This is to certify that, for value received, <>,
of <> (the “Holder”) has the
right to purchase, upon and subject to the terms and conditions attached hereto
as Appendix “A” (the “Terms and Conditions”) at any time before 4:30 p.m.
(Pacific Time) on the Expiry Date (as defined in the attached Terms and
Conditions), the number of fully paid and non-assessable common shares (the
“Shares”) of Argentex Mining Corporation (the “Company”) set out
above, by surrendering to the Company, at its offices at 602-1112 West Pender
Street, Vancouver, BC, Canada, V6E 2S1, this Warrant Certificate with a
Subscription in the form attached hereto as Appendix “B”, duly completed and
executed, and cash, bank draft, certified cheque or money order in lawful money
of the United States of America, payable to the order of the Company at par in
Vancouver, British Columbia, in an amount equal to the purchase price per Share

- A2 - 

multiplied by the number of Shares being purchased. Subject to
adjustment thereof in the events and in the manner set forth in the Terms and
Conditions, the purchase price per Share on the exercise of each
Non-Transferable Share Purchase Warrant (“Warrant”) evidenced hereby
shall be U.S. $0.45 per Share. 

These Warrants are issued subject to the Terms and Conditions,
and the Holder may exercise the right to purchase Shares only in accordance with
the Terms and Conditions. 

Nothing contained herein or in the Terms and Conditions will
confer any right upon the Holder or any other person to subscribe for or
purchase any Shares at any time subsequent to the Expiry Date (as that term is
defined in the Terms and Conditions), and from and after such time, this Warrant
and all rights hereunder will be void and of no value. 

IN WITNESS WHEREOF the Company has caused this Warrant
Certificate to be executed. 

DATED at the City of Vancouver, in the Province of British
Columbia, as of the _______ day of __________________, 2009. 

ARGENTEX MINING CORPORATION 

Per:
_________________________________________
       
Ken Hicks, President 

  
    
      PLEASE NOTE THAT ALL SHARE CERTIFICATES ISSUED UPON
        EXERCISE HEREOF MUST BE LEGENDED AS FOLLOWS DURING THE CURRENCY OF APPLICABLE
        HOLD PERIODS: 

      UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE
        HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE <>
        [INSERT THE DATE THAT IS 4 MONTHS AND A DAY AFTER THE CLOSING DATE] 

      THESE SECURITIES WERE ISSUED IN AN OFFSHORE TRANSACTION
        TO PERSONS WHO ARE NOT U.S. PERSONS (AS DEFINED HEREIN) PURSUANT TO REGULATION
        S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “1933
        ACT”). ACCORDINGLY, NONE OF THE SECURITIES TO WHICH THIS CERTIFICATE
        RELATES HAVE BEEN REGISTERED UNDER THE 1933 ACT, OR ANY U.S. STATE SECURITIES
        LAWS, AND, UNLESS SO REGISTERED, NONE MAY BE OFFERED OR SOLD IN THE UNITED
        STATES (AS DEFINED HEREIN) OR, DIRECTLY OR INDIRECTLY, TO U.S. PERSONS
        (AS DEFINED HEREIN) EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
        OR PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO,
        THE REGISTRATION REQUIREMENTS OF THE 1933 ACT AND IN EACH CASE ONLY IN
        ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. IN ADDITION, HEDGING
        TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN ACCORDANCE
        WITH THE 1933 ACT. “UNITED STATES" AND "U.S. PERSON" ARE AS DEFINED
        BY REGULATION S UNDER THE 1933 ACT.” 

    

  

APPENDIX “A” 

TERMS AND CONDITIONS dated as of <>, 2009 (the “Terms and
Conditions”), attached to the Non-Transferable Share Purchase Warrants issued by
Argentex Mining Corp. 

1.          Definitions
  

In these Terms and Conditions, unless there is something in the
subject matter or context inconsistent therewith: 

	 	(a) 	
      “Company” means Argentex Mining Corp. until a successor
      corporation will have become such as a result of consolidation,
      amalgamation or merger with or into any other corporation or corporations,
      or as a result of the conveyance or transfer of all or substantially all
      of the properties and estates of the Company as an entirety to any other
      corporation and thereafter “Company” will mean such successor
      corporation;

	 	 	 
	 	(b) 	
      “Company’s Auditors” means an independent firm of
      accountants duly appointed as auditors of the Company;

	 	 	 
	 	(c) 	
      “Exercise Price” means U.S.$0.45 per Share, subject to
      adjustment as provided in the Terms and Conditions;

	 	 	 
	 	(d) 	
      “Expiry Date” means <> 2011;

	 	 	 
	 	(e) 	
      “herein”, “hereby” and similar expressions refer to these
      Terms and Conditions as the same may be amended or modified from time to
      time; and the expression “Section” followed by a number refer to the
      specified Section of these Terms and Conditions;

	 	 	 
	 	(f) 	
      “person” means an individual, corporation, partnership,
      trustee or any unincorporated organization and words importing persons
      have a similar meaning;

	 	 	 
	 	(g) 	
      “Holder” or “Holders” means the holder of the Warrants
      and its heirs, executors, administrators, successors, legal
      representatives and assigns;

	 	 	 
	 	(h) 	
      “Shares” means the common shares in the capital of the
      Company as constituted at the date hereof and any shares resulting from
      any subdivision or consolidation of such shares;

	 	 	 
	 	(i) 	
      “Warrants” means the Non-Transferable Share Purchase
      Warrants of the Company issued and presently authorized and for the time
      being outstanding.

2.          Interpretation
  

The division of these Terms and Conditions into sections and
the insertion of headings are for convenience of reference only and shall not
affect the construction or interpretation thereof. Words importing the singular
number include the plural and vice versa and words importing the masculine
gender include the feminine and neuter genders. 

3.          Applicable
  Law 

The rights and restrictions attached to the Warrants shall be
construed in accordance with the laws of the State of Delaware. 

4.          Additional
  Issuances of Securities 

The Company may at any time and from time to time do further
equity or debt financing and may issue additional shares, warrants, convertible
securities, stock options or similar rights to purchase shares of its capital
stock. 

- 2 - 

5.         
  Replacement of Lost Warrants 

	 	(a) 	
      In case a Warrant shall become mutilated, lost, destroyed
      or stolen, the Company in its discretion may issue and deliver a new
      Warrant of like date and tenure as the one mutilated, lost, destroyed or
      stolen, in exchange for and in place of and upon cancellation of such
      mutilated Warrant, or in lieu of, and in substitution for such lost,
      destroyed or stolen Warrant and the substituted Warrant shall be entitled
      to all benefits hereunder and rank equally in accordance with its terms
      with all other Warrants issued or to be issued by the Company.

	 	 	 
	 	(b) 	
      The applicant for the issue of a new warrant pursuant
      hereto shall bear the cost of the issue thereof and in case of loss,
      destruction or theft shall furnish to the Company evidence of ownership
      and of loss, destruction or theft of the Warrant so lost, destroyed or
      stolen as shall be satisfactory to the Company and its transfer agent in
      accordance with its usual policies and procedures and such applicant may
      also be required to furnish indemnity in the amount and form satisfactory
      to the Company and its transfer agent in accordance with its usual
      policies and procedures, and shall pay the reasonable charges of the
      Company in connection therewith.

6.          Warrant
  Holder Not a Shareholder 

The holding of a Warrant shall not constitute the Holder
thereof a shareholder of the Company, nor entitle him to any right or interest
in respect thereof except as in the Warrant expressly provided. 

7.          Exchange
  of Warrants 

	 	(a) 	
      Warrants in any authorized denomination may, upon
      compliance with the reasonable requirements of the Company, be exchanged
      for Warrants in any other authorized denomination, of the same series and
      date of expiry entitling the Holder thereof to purchase any equal
      aggregate number of Shares at the same exercise price and on the same
      terms as the Warrants so exchanged.

	 	 	 
	 	(b) 	
      Warrants may be exchanged at the office of the Company.
      Any Warrants tendered for exchange shall be surrendered to the Company and
      cancelled.

8.          Warrants
  Not Transferable 

The Warrants are not transferable. 

9.        
 Notice to Holders 

Any notice required or permitted to be given to the Holder will
be in writing and may be given by prepaid registered post, electronic facsimile
transmission or other means of electronic communication capable of producing a
printed copy to the address of the Holder appearing on the Holder’s Warrant or
to such other address as any Holder may specify by notice in writing to the
Company, and any such notice will be deemed to have been given and received by
the Holder to whom it was addressed if mailed, on the third day following the
mailing thereof, if by facsimile or other electronic communication, on
successful transmission, or, if delivered, on delivery; but if at the time of
mailing or between the time of mailing and the third business day thereafter
there is a strike, lockout, or other labour disturbance affecting postal
service, then the notice will not be effectively given until actually delivered.

10.       
Notice to the Company 

Any notice required or permitted to be given to the Company
will be in writing and may be given by prepaid registered post, electronic
facsimile transmission or other means of electronic communication capable of
producing a printed copy to the address of the Company set forth below or such
other address as the Company may specify by notice in writing to the Holder, and
any such notice will be deemed to have been given and received by the Company to
whom it was addressed if mailed, on the third day following the mailing thereof,
if by facsimile or other electronic communication, on successful transmission,
or, if delivered, on delivery; but if at the time or mailing or 

- 3 - 

between the time of mailing and the third business day
thereafter there is a strike, lockout, or other labour disturbance affecting
postal service, then the notice will not be effectively given until actually
delivered: 

Argentex Mining Corp. 
602 – 1112
West Pender Street 
Vancouver, British Columbia 
Canada V6E 2S1 

Attention: Ken Hicks, President 

Fax No. (604) 568-1540 

with a copy to: 

Clark Wilson LLP 
Barristers and
Solicitors 
800 – 885 West Georgia Street 
Vancouver, British Columbia

Canada V6C 3H1 

Attention: Ethan Minsky 

Fax: (604) 687-6314 

11.       
Method of Exercise of Warrants 

The right to purchase Shares conferred by the Warrants may be
exercised by the Holder of such Warrant by surrendering it to the Company, with
a duly completed and executed subscription in the form attached thereto and
cash, bank draft, certified cheque or money order payable to or to the order of
the Company at par in Vancouver, British Columbia, for the aggregate Exercise
Price applicable at the time of surrender in respect of the Shares subscribed
for in lawful money of the United States of America. 

12.       
Limitation on Exercise of Warrants

Notwithstanding anything contained herein to the contrary, the
rights represented by this Warrant shall not be exercisable by the Holder, in
whole or in part, and the Company shall not give effect to any such exercise,
if, after giving effect to such exercise, the Holder, together with any person
or company acting jointly or in concert with the Holder (the “Joint Actors”)
would in the aggregate beneficially own, or exercise control or direction over,
that number of voting securities of the Company which is ten percent (10%) or
greater of the total issued and outstanding voting securities of the Company,
immediately after giving effect to such exercise. For greater certainty, the
rights represented by this Warrant shall not be exercisable by the Holder, in
whole or in part, and the Company shall not give effect to any such exercise,
if, after giving effect to such exercise, the Holder, together with its Joint
Actors, would be deemed to hold a number of voting securities sufficient to
materially affect the control of the Company. Prior to exercising the rights
represented by this Warrant, the Holder shall provide the Company with a
certificate of its authorized Officer stating the number of voting securities of
the Company held by the Holder and its Joint Actors as of the date provided for
in the subscription form (the “Officer’s Certificate”) and the Company shall be
entitled to rely on the Officer’s Certificate in making any determinations
regarding the total issued and outstanding voting securities of the Company to
be held by the Holder and its Joint Actors immediately after giving effect to
the exercise. 

13.       
Effect of Exercise of Warrants 

	 	(a) 	
      Upon surrender and payment as aforesaid, the Shares so
      subscribed for shall be deemed to have been issued and such persons shall
      be deemed to have become the Holder (or Holders) of record
  of

- 4 - 

	 		
      such Shares on the date of such surrender and payment and
      such Shares shall be issued at the Exercise Price in effect on the date of
      such surrender and payment.

	 	 	 
	 	(b) 	
      Within ten business days after surrender and payment as
      aforesaid, the Company shall forthwith cause to be delivered to the person
      or persons in whose name or names the Shares so subscribed for are to be
      issued as specified in such subscription or mailed to him or them at his
      or their respective addresses specified in such subscription, a
      certificate or certificates for the appropriate number of Shares not
      exceeding those which the Holder is entitled to purchase pursuant to the
      Warrant surrendered.

14.       
Subscription for Less than Entitlement 

The Holder of any Warrant may subscribe for and purchase a
number of Shares less than the number which he is entitled to purchase pursuant
to the surrendered Warrant. In the event of any purchase of a number of Shares
less than the number which can be purchase pursuant to a Warrant, the Holder,
upon exercise thereof, shall be entitled to receive a new Warrant in respect of
the balance of the Shares which he was entitled to purchase pursuant to the
surrendered Warrant and which were not then purchased. 

15.       
Warrants for Fractions of Shares 

To the extent that the Holder of any Warrant is entitled to
receive on the exercise or partial exercise thereof a fraction of a Share, such
right may be exercised in respect of such fraction only in combination with
another Warrant or other Warrants which in the aggregate entitle the Holder to
receive a whole number of such Shares. 

16.       
Expiration of Warrants 

After the expiration of the period within which a Warrant is
exercisable, all rights thereunder shall wholly cease and terminate and such
Warrants shall be void and of no further force and effect. 

17.       
Adjustment of Exercise Price 

The Exercise Price and the number of Common Shares deliverable
upon the exercise of the Warrants shall be subject to adjustment in the event
and in the manner following: 

	 	(a) 	
      If and whenever the Shares at any time outstanding shall
      be subdivided into a greater or consolidated into a lesser number of
      Shares, the Exercise Price shall be decreased or increased
      proportionately, as the case may be, and upon any such subdivision or
      consolidation, the number of Shares deliverable upon the exercise of the
      Warrants shall be increased or decreased proportionately, as the case may
      be.

	 	 	 
	 	(b) 	
      In case of any capital reorganization or of any
      reclassification of the capital of the Company or in case of the
      consolidation, merger or amalgamation of the Company with or into any
      other company or of the sale of the assets of the Company as or
      substantially as an entirety or of any other company, each Warrant shall,
      after such capital reorganization, reclassification of capital,
      consolidation, merger, amalgamation or sale, confer the right to purchase
      that number of shares or other securities or property of the Company or of
      the company resulting from such capital reorganization, reclassification,
      consolidation, merger, amalgamation or to which such sale shall be made,
      as the case may be, to which the Holder of the shares deliverable at the
      time of such capital reorganization, reclassification of capital,
      consolidation, merger, amalgamation or sale had the Warrants been
      exercised, would have been entitled on such capital reorganization,
      reclassification, consolidation, merger, amalgamation or sale and in any
      such case, if necessary, appropriate adjustments shall be made in the
      application of the provisions set forth in Sections 11 to 18 hereof with
      respect to the rights and interest thereafter of the Holders of the
      Warrants to the end that the provisions set forth in Sections 11 to 18
      hereof shall thereafter correspondingly be made applicable as nearly as
      may reasonable be expected in relation to any shares or
  other

- 5 - 

	 		
      securities or property thereafter deliverable on the
      exercise of the Warrants. The subdivision or consolidation of the Shares
      at any time outstanding into a greater or lesser number of Shares (whether
      with or without par value) shall not be deemed to be a capital
      reorganization or a reclassification of the capital of the Company for the
      purposes of this Section 17(b).

	 	 	 
	 	(c) 	
      The adjustments provided for in this Section 17 pursuant
      to any Warrants are cumulative.

18.       
Determination of Adjustments 

If any questions shall at any time arise with respect to the
Exercise Price, such questions shall be conclusively determined by the Company’s
Auditors, from time to time, or, if they decline to so act, any other firm of
chartered accountants in Vancouver, British Columbia that the Company may
designate and who shall have access to all appropriate records and such
determination shall be binding upon the Company and the Holders. 

19.      
Covenants of the Company 

The Company will reserve and there will remain unissued out of
its authorized capital a sufficient number of Shares to satisfy the rights of
purchase provided for in the Warrants should the Holders of all the Warrants
from time to time outstanding determine to exercise such rights in respect of
all Shares which they are or may be entitled to purchase pursuant thereto. 

20.       
Immunity of Shareholders, etc. 

The Holder hereby waives and releases any right, cause of
action or remedy now or hereafter existing in any jurisdiction against any past,
present or future incorporator, shareholder, director or officer (as such) of
the Company for the issue of Shares pursuant to any Warrant or on any covenant,
agreement, representation or warranty by the Company herein contained. 

21.       
Modification of Terms and Conditions for Certain Purposes 

From time to time the Company may, subject to the provisions of
these presents, and it shall, when so directed by these presents, modify the
terms, and conditions hereof, for any one or more of any of the following
purposes: 

	 	(a) 	
      making such provisions not inconsistent herewith as may
      be necessary or desirable with respect to matters or questions arising
      hereunder or for the purpose of obtaining a listing or quotation of the
      Warrants on any stock exchange or quotation system;

	 	 	 
	 	(b) 	
      adding to or altering the provisions hereof in respect of
      the registration and transfer of Warrants making provisions for the
      exchange of Warrants of different denominations; and making any
      modification in the form of the Warrants which does not affect the
      substance thereof;

	 	 	 
	 	(c) 	
      for any other purpose not inconsistent with the terms
      hereof, including the correction or recertification of any ambiguities,
      defective provisions, errors or omissions herein; and

	 	 	 
	 	(d) 	
      to evidence any successions of any corporation and the
      assumption of any successor of the covenants of the Company herein and in
      the Warrants contained as provided herein.

22.       
United States Restrictions 

These Warrants and the Common Shares issuable upon the exercise
of these Warrants have not been and will not be registered under the United
States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any
state securities laws. These Warrants may not be exercised in the United States
(as defined in Regulation S under the U.S. Securities Act) unless these Warrants
and the Common Shares issuable upon exercise hereof have been registered under
the U.S. Securities Act of 1933, as amended, and any applicable state securities
laws or unless an exemption from such registration is available. 

- 6 - 

23.       
Legend Removal 

The Subscriber hereby acknowledges that that upon the issuance
thereof, and until such time as the same is no longer required under the
applicable securities laws and regulations, the certificates representing any of
the common shares issued upon exercise hereof will bear a U.S. legend in
substantially the following form (the “U.S. Legend”): 

  
    
      “THESE SECURITIES WERE ISSUED IN AN OFFSHORE
        TRANSACTION TO PERSONS WHO ARE NOT U.S. PERSONS (AS DEFINED HEREIN) PURSUANT
        TO REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933,
        AS AMENDED (THE “1933 ACT”). ACCORDINGLY, NONE OF THE SECURITIES
        TO WHICH THIS CERTIFICATE RELATES HAVE BEEN REGISTERED UNDER THE 1933
        ACT, OR ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO REGISTERED, NONE
        MAY BE OFFERED OR SOLD IN THE UNITED STATES (AS DEFINED HEREIN) OR, DIRECTLY
        OR INDIRECTLY, TO U.S. PERSONS (AS DEFINED HEREIN) EXCEPT PURSUANT TO
        AN EFFECTIVE REGISTRATION STATEMENT OR PURSUANT TO AN EXEMPTION FROM,
        OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE
        1933 ACT AND IN EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE STATE SECURITIES
        LAWS. IN ADDITION, HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT
        BE CONDUCTED UNLESS IN ACCORDANCE WITH THE 1933 ACT. “UNITED STATES"
        AND "U.S. PERSON" ARE AS DEFINED BY REGULATION S UNDER THE 1933 ACT.”

    

  

and a Canadian legend in substantially the following form (the
“Canadian Legend”): 

  
    
      “UNLESS PERMITTED UNDER SECURITIES LEGISLATION,
        THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE <>
        [INSERT THE DATE THAT IS 4 MONTHS AND A DAY AFTER THE CLOSING.” 

    

  

DATED as of the date first above written in these Terms and
Conditions. 

ARGENTEX MINING CORPORATION 

Per:
_______________________________________
        Ken
Hicks, President 

APPENDIX “B” 

SUBSCRIPTION FORM

(ONE NON-TRANSFERABLE SHARE PURCHASE WARRANT IS 
REQUIRED TO
SUBSCRIBE FOR EACH COMMON SHARE) 

	TO: 	ARGENTEX MINING CORPORATION 
	 	602 – 1112 West Pender Street 
	  	Vancouver, BC V6E 2S1 

The undersigned, bearer of the attached Non-Transferable Share
Purchase Warrants, hereby subscribes for _____________ of the common shares of
Argentex Mining Corporation (the “Company”) referred to in the Warrants
according to the conditions thereof and herewith makes payment of the purchase
price in full for the said number of shares at the price of U.S. $0.45 per share
if exercised on or before 4:30 p.m., Pacific Time, on the Expiry Date (as that
term is defined in the Terms and Conditions attached to the Non-Transferable
Share Purchase Warrant). Cash, a certified cheque, bank draft or money order is
enclosed herewith for such amount. 

The undersigned hereby directs that the shares hereby
subscribed for be issued and delivered as follows: 

	Name(s) in Full 	 	Address(es) 	 	Number of Shares 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

(Please print full names in which share certificates are to be
issued, stating whether Mr., Mrs. or Miss. The share must be issued in the name
of the Holder.) 

DATED this ______ day of ___________________, 20___ . 

	 	 	 	 	 
	Witness 	 	Signature 
	 	  	 	 	  
	Please print your name and address in full 	 	 	  
	 	  	 	 	  
	Mr. 		 	 	  
	Mrs. 	  	 	Address 	  
	Miss 		 	 	  
	 	 	 	 	 

TERMS AND CONDITIONS

The Warrants are issued subject to the Terms and Conditions for
the time being governing the holding of Warrants in the Company. A copy of the
Terms and Conditions may be obtained, free of charge, at the offices of the
Company. 

REPRESENTATIONS AND WARRANTIES

The undersigned is not a “U.S. person”, as such term is defined
in Regulation S as promulgated under the United States Securities Act of 1933,
at the time of the exercise of the Warrants. The undersigned is an Accredited
Investor, as defined in Section 1.1 of Canada’s National Instrument 45-106,
Prospectus and Registration Exemptions. 

- 2 - 

LEGENDS

The certificates representing the shares acquired on the
exercise of the Warrants will bear a U.S. legend in substantially the following
form: 

  
    
      “THESE SECURITIES WERE ISSUED IN AN OFFSHORE
        TRANSACTION TO PERSONS WHO ARE NOT U.S. PERSONS (AS DEFINED HEREIN) PURSUANT
        TO REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933,
        AS AMENDED (THE “1933 ACT”). ACCORDINGLY, NONE OF THE SECURITIES
        TO WHICH THIS CERTIFICATE RELATES HAVE BEEN REGISTERED UNDER THE 1933
        ACT, OR ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO REGISTERED, NONE
        MAY BE OFFERED OR SOLD IN THE UNITED STATES (AS DEFINED HEREIN) OR, DIRECTLY
        OR INDIRECTLY, TO U.S. PERSONS (AS DEFINED HEREIN) EXCEPT PURSUANT TO
        AN EFFECTIVE REGISTRATION STATEMENT OR PURSUANT TO AN EXEMPTION FROM,
        OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE
        1933 ACT AND IN EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE STATE SECURITIES
        LAWS. IN ADDITION, HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT
        BE CONDUCTED UNLESS IN ACCORDANCE WITH THE 1933 ACT. “UNITED STATES"
        AND "U.S. PERSON" ARE AS DEFINED BY REGULATION S UNDER THE 1933 ACT.”

    

  

and a Canadian legend in substantially the following form: 

  
    
      “UNLESS PERMITTED UNDER SECURITIES LEGISLATION,
        THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE [INSERT
        THE DATE THAT IS 4 MONTHS AND A DAY AFTER THE CLOSING.” 

    

  

Exhibit B 

ACCREDITED INVESTOR QUESTIONNAIRE 

The undersigned Subscriber hereby represents, warrants and
certifies to Argentex Mining Corporation, as an integral part of the
Subscription Agreement to which this Questionnaire is attached, that he, she or
it is and at Closing will be, correctly and in all respects described by the
category or categories set forth directly next to which the Subscriber has
marked below. 

	[ ] 	(1) 	
      a Canadian financial institution, or a Schedule III bank.
      

	  	  	
       

	[ ] 	(2) 	
      the Business Development Bank of Canada incorporated
      under the Business Development Bank of Canada Act (Canada).
      

	  	  	
       

	[ ] 	(3) 	
      a subsidiary of any person referred to in paragraphs (1)
      or (2), if the person owns all of the voting securities of the subsidiary,
      except the voting securities required by law to be owned by directors of
      that subsidiary. 

	  	  	
       

	[ ] 	(4) 	
      a person registered under the securities legislation of a
      jurisdiction of Canada as an adviser or dealer, other than a person
      registered solely as a limited market dealer under one or both of the
      Securities Act (Ontario) or the Securities Act (Newfoundland
      and Labrador). 

	  	  	
       

	[ ] 	(5) 	
      an individual registered or formerly registered under the
      securities legislation of a jurisdiction of Canada as a representative of
      a person referred to in paragraph (4). 

	  	  	
       

	[ ] 	(6) 	
      the Government of Canada or a jurisdiction of Canada, or
      any crown corporation, agency or wholly owned entity of the Government of
      Canada or a jurisdiction of Canada. 

	  	  	
       

	[ ] 	(7) 	
      a municipality, public board or commission in Canada and
      a metropolitan community, school board, the Comité de gestion de la taxe
      scolaire de l’île de Montréal or an intermunicipal management board in
      Québec. 

	  	  	
       

	[ ] 	(8) 	
      any national, federal, state, provincial, territorial or
      municipal government of or in any foreign jurisdiction, or any agency of
      that government. 

	  	  	
       

	[ ] 	(9) 	
      a pension fund that is regulated by either the Office of
      the Superintendent of Financial Institutions (Canada) or a pension
      commission or similar regulatory authority of a jurisdiction of Canada.
      

	  	  	
       

	[ ] 	(10) 	
      an individual who, either alone or with a spouse,
      beneficially owns, directly or indirectly, financial assets having an
      aggregate realizable value that before taxes, but net of any related
      liabilities, exceeds $1,000,000. 

	  	  	
       

	[ ] 	(11) 	
      an individual whose net income before taxes exceeded
      $200,000 in each of the 2 most recent calendar years or whose net income
      before taxes combined with that of a spouse exceeded $300,000 in each of
      the 2 most recent calendar years and who, in either case, reasonably
      expects to exceed that net income level in the current calendar year.
    

	  	  	
       

	[ ] 	(12) 	
      an individual who, either alone or with a spouse, has net
      assets of at least $5,000,000. 

	  	  	
       

	[ ] 	(13) 	
      a person, other than an individual or investment fund,
      that has net assets of at least $5,000,000 as shown on its most recently
      prepared financial statements. 

	  	  	
       

	[ ] 	(14) 	
      an investment fund that distributes or has distributed
      its securities only to 

	 	(a) 	
      a person that is or was an accredited investor at the
      time of the distribution,

- B2 - 

	 	(b) 	
      a person that acquires or acquired securities in the
      circumstances referred to in sections 2.10 [Minimum amount
      investment], and 2.19 [Additional investment in investment
      funds] of NI 45-106, or

	 	 	 
	 	(c) 	
      a person described in paragraph (i) or (ii) that acquires
      or acquired securities under section 2.18 [Investment fund
      reinvestment] of NI 45-106.

	[ ] 	(15) 	
      an investment fund that distributes or has distributed
      securities under a prospectus in a jurisdiction of Canada for which the
      regulator or, in Québec, the securities regulatory authority, has issued a
      receipt. 

	  	  	
       

	[ ] 	(16) 	
      a trust company or trust corporation registered or
      authorized to carry on business under the Trust and Loan
      Companies Act (Canada) or under comparable legislation in a
      jurisdiction of Canada or a foreign jurisdiction, acting on behalf of a
      fully managed account managed by the trust company or trust corporation,
      as the case may be. 

	  	  	
       

	[ ] 	(17) 	
      a person acting on behalf of a fully managed account
      managed by that person, if that person 

	 	(a) 	
      is registered or authorized to carry on business as an
      adviser or the equivalent under the securities legislation of a
      jurisdiction of Canada or a foreign jurisdiction, and

	 	 	 
	 	(b) 	
      in Ontario, is purchasing a security that is not a
      security of an investment fund.

	[ ] 	(18) 	
      a registered charity under the Income Tax Act
      (Canada) that, in regard to the trade, has obtained advice from an
      eligibility adviser or an adviser registered under the securities
      legislation of the jurisdiction of the registered charity to give advice
      on the securities being traded. 

	  	  	
       

	[ ] 	(19) 	
      an entity organized in a foreign jurisdiction that is
      analogous to any of the entities referred to in paragraphs (1) to (4) or
      paragraph (9) in form and function. 

	  	  	
       

	[ ] 	(20) 	
      a person in respect of which all of the owners of
      interests, direct, indirect or beneficial, except the voting securities
      required by law to be owned by directors, are persons that are accredited
      investors. 

	  	  	
       

	[ ] 	(21) 	
      an investment fund that is advised by a person registered
      as an adviser or a person that is exempt from registration as an adviser.
      

	  	  	
       

	[ ] 	(22) 	
      a person that is recognized or designated by the
      securities regulatory authority or, except in Ontario and Québec, the
      regulator as an accredited investor. 

Note: A summary of the meanings of some of the terms used in
this Accredited Investor Questionnaire follows the signature block below.

DATED _____________________, 2009. 

	 	 
	 	Signature of Subscriber 
	 	 
	 	 
	 	Name of Subscriber 
	 	 
	 	 
	 	 
	 	  
	 	Address of Subscriber 

- B3 - 

For the purposes of this Accredited Investor Questionnaire, the
following definitions are included for convenience:

	 	(a) 	
      “affiliate” means that an issuer is an affiliate of
      another issuer if:

	 	 	 	 	 
	 		(i) 	
      one of them is the subsidiary of the other, or

	 	 	 	 	 
	 		(ii) 	
      each of them is controlled by the same person.

	 	 	 	 	 
	 	(b) 	
      “Canadian financial institution” means

	 	 	 	 	 
	 		(i) 	
      an association governed by the Cooperative Credit
      Associations Act (Canada) or a central cooperative credit society for
      which an order has been made under section 473(1) of that Act,
or

	 	 	 	 	 
	 		(ii) 	
      a bank, loan corporation, trust company, trust
      corporation, insurance company, treasury branch, credit union, caisse
      populaire, financial services cooperative, or league that, in each case,
      is authorized by an enactment of Canada or a jurisdiction of Canada to
      carry on business in Canada or a jurisdiction of Canada.

	 	 	 	 	 
	 	(c) 	
      “company” means any corporation, incorporated
      association, incorporated syndicate or other incorporated
    organization;

	 	 	 	 	 
	 	(d) 	
      “control person” has the same meaning as in securities
      legislation except in Manitoba, Newfoundland and Labrador, Northwest
      Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island and
      Quebec where control person means any person that holds or is one of a
      combination of persons that holds

	 	 	 	 	 
	 		(i) 	
      a sufficient number of any of the securities of an issuer
      so as to affect materially the control of the issuer, or

	 	 	 	 	 
	 		(ii) 	
      more than 20% of the outstanding voting securities of an
      issuer except where there is evidence showing that the holding of those
      securities does not affect materially the control of the issuer.

	 	 	 	 	 
	 	(e) 	
      “entity” means a company, syndicate, partnership, trust
      or unincorporated organization;

	 	 	 	 	 
	 	(f) 	
      “financial assets” means cash, securities, or any
      contract of insurance or deposit or evidence thereof that is not a
      security for the purposes of the securities legislation;

	 	 	 	 	 
	 	(g) 	
      “fully managed account” means an account of a client for
      which a person makes the investment decisions if that person has full
      discretion to trade in securities for the account without requiring the
      client’s express consent to a transaction;

	 	 	 	 	 
	 	(h) 	
      “mutual fund” means:

	 	 	 	 	 
	 		(i) 	
      for the purposes of British Columbia law,

	 	 	 	 	 
	 			(A) 	
      an issuer of a security that entitles the holder to
      receive on demand, or within a specified period after demand, an amount
      computed by reference to the value of a proportionate interest in the
      whole or in a part of the net assets, including a separate fund or trust
      account, of the issuer of the security,

	 	 	 	 	 
	 			(B) 	
      an issuer described in an order that the commission may
      make under section 3.2 of the Securities Act (B.C.),
and

- B4 - 

	 	(C) 	
      an issuer that is in a class of prescribed
  issuers,

	 		
      but does not include an issuer, or a class of issuers,
      described in an order that the commission may make under section 3.1 of
      the Securities Act (B.C.);

	 	 	 
	 	(ii) 	
      for the purposes of Alberta
law,

	 	(A) 	
      an issuer whose primary purpose is to invest money
      provided by its security holders and whose securities entitle the holder
      to receive on demand, or within a specified period after demand, an amount
      computed by reference to the value of a proportionate interest in the
      whole or in part of the net assets, including a separate fund or trust
      account, of the issuer, or

	 	 	 
	 	(B) 	
      an issuer that is designated as a mutual fund under
      section 10 of the Alberta Securities Act (Alberta) or in accordance with
      the regulations,

	 		
      but does not include an issuer, or class of issuers, that
      is designated under section 10 of the Alberta Securities Act (Alberta) not
      to be a mutual fund;

	 	 	 
	 	(iii) 	
      for the purposes of Ontario law, an issuer whose primary
      purpose is to invest money provided by its security holders and whose
      securities entitle the holder to receive on demand, or within a specified
      period after demand, an amount computed by reference to the value as a
      proportionate interest in the whole or in part of the net assets,
      including a separate fund or trust account, of the issuer;

	 	 	 
	 	(iv) 	
      for the purposes of Quebec law, a company issuing shares
      which must, on request of the holder, redeem them at their net asset
      value;

	 	(i) 	
      “non-redeemable investment fund” means an
  issuer:

	 	 	 	 	 
	 		(i) 	
      whose primary purpose is to invest money provided by its
      security holders;

	 	 	 	 	 
	 		(ii) 	
      that does not invest,

	 	 	 	 	 
	 			(A) 	
      for the purpose of exercising or seeking to exercise
      control of an issuer, other than an issuer that is a mutual fund or a
      non-redeemable investment fund, or

	 	 	 	 	 
	 			(B) 	
      for the purpose of being actively involved in the
      management of any issuer in which it invests, other than an issuer that is
      a mutual fund or a non-redeemable investment fund, and

	 	 	 	 	 
	 		(iii) 	
      that is not a mutual fund;

	 	 	 	 	 
	 	(j) 	
      “person” includes

	 	 	 	 	 
	 		(i) 	
      an individual,

	 	 	 	 	 
	 		(ii) 	
      a corporation,

	 	 	 	 	 
	 		(iii) 	
      a partnership, trust, fund and an association, syndicate,
      organization or other organized group of persons, whether incorporated or
      not, and

	 	 	 	 	 
	 		(iv) 	
      an individual or other person in that person's capacity
      as a trustee, executor, administrator or personal or other legal
      representative;

- B5 - 

	 	(k) 	
      “portfolio adviser” means:

	 	 	 	 
	 		(i) 	
      a portfolio manager; or

	 	 	 	 
	 		(ii) 	
      a broker or investment dealer exempted from registration
      as an adviser under section 148 of the regulation made under the
      Securities Act (Ontario) if that broker or investment dealer is not exempt
      from the by-laws or regulations of the Toronto Stock Exchange or the
      Investment Dealers’ Association of Canada referred to in that
    section;

	 	 	 	 
	 	(l) 	
      “related liabilities” means liabilities incurred or
      assumed for the purpose of financing the acquisition or ownership of
      financial assets or liabilities that are secured by financial assets;
      and

	 	 	 	 
	 	(m) 	
      “spouse” means an individual who:

	 	 	 	 
	 		(i) 	
      is married to another individual and is not living
      separate and apart within the meaning of the Divorce Act (Canada) from the
      other individual,

	 	 	 	 
	 		(ii) 	
      is living with another individual in a marriage-like
      relationship, including a marriage-like relationship between individuals
      of the same gender, or

	 	 	 	 
	 		(iii) 	
      in Alberta, is an individual referred to in paragraph (i)
      or (ii), or is an adult interdependent partner within the meaning of the
      Adult Interdependent Relationships Act (Alberta);

	 	 	 	 
	 	(n) 	
      “subsidiary” means an issuer that is controlled directly
      or indirectly by another issuer and includes a subsidiary of that
      subsidiary.

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