Document:

Exhibit
10.1

SERIES
C PREFERRED STOCK PURCHASE AGREEMENT

 

This
SERIES C PREFERRED STOCK PURCHASE AGREEMENT (the “Agreement”), dated as of April 13, 2020, by and between DIEGO
PELLICER WORLDWIDE, INC., a Delaware corporation, with its address at 6160 Plumas Street, Suite 100, Reno, NV 89519 (the “Company”),
and GENEVA ROTH REMARK HOLDINGS, INC., a New York corporation, with its address at 111 Great Neck Road, Suite 216, Great
Neck, NY 11021 (the “Buyer”).

 

WHEREAS:

 

A.                 
The Company and the Buyer are executing and delivering
this Agreement in reliance upon the exemption from securities registration afforded by the rules and regulations as promulgated
by the United States Securities and Exchange Commission (the “SEC”) under the Securities Act of 1933, as amended (the
“1933 Act”); and

 

B.                 
Buyer desires to purchase and the Company desires
to issue and sell, upon the terms and conditions set forth in this Agreement, 55,800 shares of Series C Preferred Stock of the
Company (“Series C Shares”) with the rights and preferences as set forth on the Certificate of Designation of the
Series C Preferred Stock attached hereto as Exhibit A (“Certificate of Designation”).

 

NOW
THEREFORE, in consideration of the mutual covenants and agreements contained herein, the receipt and sufficiency of which
are hereby acknowledged, the Company and the Buyer severally (and not jointly) hereby agree as follows:

 

1.                  
Purchase and Sale of Series C Shares.

 

a.                  
Purchase of Series C Shares. On the Closing
Date (as defined below), the Company shall issue and sell to the Buyer and the Buyer agrees to purchase from the Company 55,800
Series C Shares with the rights and preferences as set forth in the Certificate of Designation.

 

b.                  
Form of Payment. On the Closing Date (as
defined below), (i) the Buyer shall pay $53,000.00 for the Series C Shares to be issued and sold to it at the Closing (as defined
below) (the “Purchase Price”) by wire transfer of immediately available funds to the Company, in accordance with the
Company’s written wiring instructions, against delivery of the Series C Shares, and (ii) the Company shall deliver such
duly executed and authorized Series C Shares on behalf of the Company, to the Buyer, against delivery of such Purchase Price.

 

c.                  
Closing Date. Subject to the satisfaction
(or written waiver) of the conditions set forth in Section 6 and Section 7 below, the date and time of the issuance and sale of
the Series C Shares pursuant to this Agreement (the “Closing Date”) shall be 12:00 noon, Eastern Standard Time on
or about April 14, 2020, or such other mutually agreed upon time. The closing of the transactions contemplated by this Agreement
(the “Closing”) shall occur on the Closing Date at such location as may be agreed to by the parties.

 

    	 	1	 

     

    

 

2.                  
Buyer’s Representations and Warranties. The Buyer represents and warrants to the Company that:

 

a.                  
The Buyer has full power and authority to enter
into this Agreement, the execution and delivery of which has been duly authorized and this Agreement constitutes a valid and legally
binding obligation of the Buyer, except as may be limited by bankruptcy, reorganization, insolvency, moratorium and similar laws
of general application relating to or affecting the enforcement of rights of creditors, and except as enforceability of the obligations
hereunder are subject to general principles of equity (regardless of whether such enforceability is considered in a proceeding
in equity or law).

b.                  
The Buyer acknowledges its understanding that
the offering and sale of the Series C Shares and the shares of common stock issuable upon conversion of the Series C Shares (such
shares of common stock being collectively referred to herein as the “Conversion Shares” and, collectively with the
Series C Shares, the “Securities”) is intended to be exempt from registration under the 1933 Act, by virtue of Rule
506(b) promulgated under the Securities Act of 1933, as amended, and the provisions of Regulation D promulgated thereunder. In
furtherance thereof, the Buyer represents and warrants to the Company and its affiliates as follows:

 

i.                    
The Buyer realizes that the basis for the exemption
from registration may not be available if, notwithstanding the Buyer’s representations contained herein, the Buyer is merely
acquiring the Securities for a fixed or determinable period in the future, or for a market rise, or for sale if the market does
not rise. The Buyer does not have any such intention.

 

ii.                  
The Buyer realizes that the basis for exemption
would not be available if the offering is part of a plan or scheme to evade registration provisions of the 1933 Act or any applicable
state or federal securities laws, except sales pursuant to a registration statement or sales that are exempted under the 1933
Act.

 

iii.                
The Buyer is acquiring the Securities solely
for the Buyer’s own beneficial account, for investment purposes, and not with a view towards, or resale in connection with,
any distribution of the Securities.

 

iv.                
The Buyer has the financial ability to bear the
economic risk of the Buyer’s investment, has adequate means for providing for its current needs and contingencies, and has
no need for liquidity with respect to an investment in the Company.

 

v.                  
The Buyer and the Buyer’s attorney, accountant,
purchaser representative and/or tax advisor, if any (collectively, the “Advisors”) has such knowledge and experience
in financial and business matters as to be capable of evaluating the merits and risks of a prospective investment in the Securities.
The Buyer also represents it has not been organized solely for the purpose of acquiring the Securities.

 

    	 	2	 

     

    

vii.
The Buyer (together with its Advisors, if any) has received all documents requested by the Buyer, if any, and has carefully reviewed
them and understands the information contained therein, prior to the execution of this Agreement.

 

c.                  
The Buyer is not relying on the Company or any
of its employees, agents, sub-agents or advisors with respect to the legal, tax, economic and related considerations involved
in this investment. The Buyer has relied on the advice of, or has consulted with, only its Advisors.

 

d.                  
The Buyer has carefully considered the potential
risks relating to the Company and a purchase of the Securities, and fully understands that the Securities are a speculative investment
that involves a high degree of risk of loss of the Buyer’s entire investment. Among other things, the Buyer has carefully
considered each of the risks described under the heading “Risk Factors” in the Company’s SEC filings.

 

e.                  
The Buyer will not sell or otherwise transfer
any Securities without registration under the 1933 Act or an exemption therefrom, and fully understands and agrees that the Buyer
must bear the economic risk of its purchase because, among other reasons, the Securities have not
been registered under the 1933 Act or under the securities laws of any state and, therefore, cannot be resold, pledged,
assigned or otherwise disposed of unless they are subsequently registered under the 1933 Act and under the applicable securities
laws of such states, or an exemption from such registration is available. In particular, the Buyer is aware that the Securities
are “restricted securities,” as such term is defined in Rule 144, and they may not be sold pursuant to Rule 144 unless
all of the conditions of Rule 144 are met. The Buyer also understands that the Company is under no obligation to register the
Securities on behalf of the Buyer. The Buyer understands that any sales or transfers of the Securities are further restricted
by state securities laws and the provisions of this Agreement.

 

f.                   
The Buyer and its Advisors, if any, have had
a reasonable opportunity to ask questions of and receive answers from a person or persons acting on behalf of the Company concerning
the offering and the business, financial condition, results of operations and prospects of the Company, and all such questions
have been answered to the full satisfaction of the Buyer and its Advisors, if any.

 

g.                   The
Buyer represents and warrants that: (i) the Buyer was contacted regarding the sale of the Securities by the Company (or an
authorized agent or representative thereof) with whom the Buyer had a prior substantial pre-existing relationship; and (ii)
no Securities were offered or sold to it by means of any form of general solicitation or general advertising, and in
connection therewith, the Buyer did not: (A) receive or review any advertisement, article, notice or other communication
published in a newspaper or magazine or similar media or broadcast over television or radio, whether closed circuit, or
generally available; or (B) attend any seminar meeting or industry investor conference whose attendees were invited by any
general solicitation or general advertising; or (C) observe any website or filing of the Company with the SEC in which any
offering of securities by the Company was described and as a result learned of any offering of securities by the
Company.

 

    	 	3	 

     

    

 

h.                  
The Buyer has taken no action that would give
rise to any claim by any person for brokerage commissions, finders’ fees or the like relating to this Agreement or the transactions
contemplated hereby.

 

i.
                  
The Buyer is an “accredited investor” as that term is defined in Rule 501(a) of Regulation D.

 

j.                    
Legends. The Buyer understands that until
such time as the Securities have been registered under the 1933 Act or may be sold pursuant to an applicable exemption from registration,
the Securities shall bear a restrictive legend in substantially the following form:

 

"THE
SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES
ACT"), OR UNDER ANY STATE SECURITIES LAWS, AND MAY NOT BE PLEDGED, SOLD, ASSIGNED, HYPOTHECATED OR OTHERWISE TRANSFERRED
UNLESS (1) A REGISTRATION STATEMENT WITH RESPECT THERETO IS EFFECTIVE UNDER THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES
LAWS OR (2) THE ISSUER OF SUCH SECURITIES RECEIVES AN OPINION OF COUNSEL TO THE HOLDER OF SUCH SECURITIES, WHICH COUNSEL AND OPINION
ARE REASONABLY ACCEPTABLE TO THE ISSUER’S TRANSFER AGENT, THAT SUCH SECURITIES MAY BE PLEDGED, SOLD, ASSIGNED, HYPOTHECATED
OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES
LAWS."

 

The
legend set forth above shall be removed and the Company shall issue a certificate without such legend to the holder of any Security
upon which it is stamped, if, unless otherwise required by applicable state securities laws, (a) such Security is registered for
sale under an effective registration statement filed under the 1933 Act or otherwise may be sold pursuant to an exemption from
registration without any restriction as to the number of securities as of a particular date that can then be immediately sold,
or (b) such holder provides the Company with an opinion of counsel, in form, substance and scope customary for opinions of counsel
in comparable transactions, to the effect that a public sale or transfer of such Security may be made without registration under
the 1933 Act, which opinion shall be accepted by the Company so that the sale or transfer is effected. The Buyer agrees to sell
all Securities, including those represented by a certificate(s) from which the legend has been removed, in compliance with applicable
prospectus delivery requirements, if any. In the event that the Company does not accept the opinion of counsel provided by the
Buyer with respect to the transfer of Securities pursuant to an exemption from registration, such as Rule 144, at the Deadline
(as defined in the Certificate of Designation), it will be considered an Event of Default (as defined in the Certificate of Designation).

 

3.                  
Representations and Warranties of the Company. The Company represents and warrants to the Buyer that:

    	 	4	 

     

    

 

a.                  
Organization and Qualification. The Company
and each of its Subsidiaries (as defined below), if any, is a corporation duly organized, validly existing and in good standing
under the laws of the jurisdiction in which it is incorporated, with full power and authority (corporate and other) to own, lease,
use and operate its properties and to carry on its business as and where now owned, leased, used, operated and conducted. “Subsidiaries”
means any corporation or other organization, whether incorporated or unincorporated, in which the Company owns, directly or indirectly,
any equity or other ownership interest.

 

b.                   Authorization;
Enforcement. (i) The Company has all requisite corporate power and authority to enter into and perform this Agreement and
to consummate the transactions contemplated hereby and thereby and to issue the Securities, in accordance with the terms
hereof and thereof, (ii) the execution and delivery of this Agreement by the Company and the consummation by it of the
transactions contemplated hereby and thereby (including without limitation, the issuance of the Series C Shares and the
issuance and reservation for issuance of the Conversion Shares issuable upon conversion or exercise thereof) have been duly
authorized by the Company’s Board of Directors and no further consent or authorization of the Company, its Board of
Directors, or its shareholders is required, (iii) this Agreement has been duly executed and delivered by the Company by its
authorized representative, and such authorized representative is the true and official representative with authority to sign
this Agreement and the other documents executed in connection herewith and bind the Company accordingly, and (iv) this
Agreement constitutes, and upon execution and delivery by the Company of the Series C Shares, each of such instruments will
constitute, a legal, valid and binding obligation of the Company enforceable against the Company in accordance with its terms
except as may be limited by bankruptcy, reorganization, insolvency, moratorium and similar laws of general application
relating to or affecting the enforcement of rights of creditors, and except as enforceability of the obligations hereunder
are subject to general principles of equity (regardless of whether such enforceability is considered in a proceeding in
equity or law).

 

c.                  
Capitalization. As of the date hereof,
the authorized common stock of the Company consists of 840,000,000 authorized shares of common stock, $0.000001 par value per
share, of which 127,693,963 shares are issued and outstanding and 5,000,000 shares of preferred stock,

$0.000001
par value per, of which no shares are outstanding. On or prior to the Closing Date, the Certificate of Designation shall be filed
with the Delaware Secretary of State authorizing 1,500,000 Series C Shares. All of such outstanding shares of capital stock are
duly authorized, validly issued, fully paid and non-assessable.

 

d.                  
Issuance of Securities. The Securities
upon issuance will be validly issued, fully paid and non-assessable, and free from all taxes, liens, claims and encumbrances with
respect to the issue thereof and shall not be subject to preemptive rights or other similar rights of shareholders of the Company
and will not impose personal liability upon the holder thereof.

 

    	 	5	 

     

    

 

e.                   No
Conflicts. The execution, delivery and performance of this Agreement by the Company and the consummation by the Company
of the transactions contemplated hereby and thereby (including, without limitation, the issuance of the Securities and
reservation for issuance of the Conversion Shares) will not (i) conflict with or
result in a violation of any provision of the Articles of Incorporation, as amended or By-laws, or (ii) violate or conflict
with, or result in a breach of any provision of, or constitute a default (or an event which with notice or lapse of time or
both could become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of,
any agreement, indenture, patent, patent license or instrument to which the Company or any of its Subsidiaries is a party, or
(iii) result in a violation of any law, rule, regulation, order, judgment or decree (including federal and state securities
laws and regulations and regulations of any self-regulatory organizations to which the Company or its securities are subject)
applicable to the Company or any of its Subsidiaries or by which any property or asset of the Company or any of its
Subsidiaries is bound or affected (except for such conflicts, defaults, terminations, amendments, accelerations,
cancellations and violations as would not, individually or in the aggregate, have a Material Adverse Effect (as defined
herein)). The businesses of the Company and its Subsidiaries, if any, are not being conducted, and shall not be conducted so
long as the Buyer owns any of the Securities, in violation of any law, ordinance or regulation of any governmental entity.
“Material Adverse Effect” means any material adverse effect on the business, operations, assets or financial
condition of the Company or its Subsidiaries, if any, taken as a whole, or on the transactions contemplated hereby or by the
agreements or instruments to be entered into in connection herewith.

 

f.                   
SEC Documents; Financial Statements. The
Company has filed all reports, schedules, forms, statements and other documents required to be filed by it with the SEC pursuant
to the reporting requirements of the Securities Exchange Act of 1934, as amended (the “1934 Act”) (all of the foregoing
filed prior to the date hereof and all exhibits included therein and financial statements and schedules thereto and documents
(other than exhibits to such documents) incorporated by reference therein, being hereinafter referred to herein as the “SEC
Documents”). Upon written request the Company will deliver to the Buyer true and complete copies of the SEC Documents, except
for such exhibits and incorporated documents. As of their respective dates or if amended, as of the dates of the amendments, the
SEC Documents complied in all material respects with the requirements of the 1934 Act and the rules and regulations of the SEC
promulgated thereunder applicable to the SEC Documents, and none of the SEC Documents, at the time they were filed with the SEC,
contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary
in order to make the statements therein, in light of the circumstances under which they were made, not misleading. None of the
statements made in any such SEC Documents is, or has been, required to be amended or updated under applicable law (except for
such statements as have been amended or updated in subsequent filings prior the date hereof). As of their respective dates or
if amended, as of the dates of the amendments, the financial statements of the Company included in the SEC Documents complied
as to form in all material respects with applicable accounting requirements and the published rules and regulations of the SEC
with respect thereto. Such financial statements have been prepared in accordance with United States generally accepted accounting
principles, consistently applied, during the periods involved and fairly present in all material respects the consolidated financial
position of the Company and its consolidated Subsidiaries as of the dates thereof and the consolidated results of their operations
and cash flows for the periods then ended (subject, in the case of unaudited statements, to normal year-end audit adjustments).
The Company is subject to the reporting requirements of the 1934 Act.

 

    	 	6	 

     

    

 

g.                  
Absence of Certain Changes. Since September
30, 2019, except as set forth in the SEC Documents, there has been no material adverse change and no material adverse development
in the assets, liabilities, business, properties, operations, financial condition, results of operations, prospects or 1934 Act
reporting status of the Company or any of its Subsidiaries.

 

h.                  
Absence of Litigation. Except as set forth
in the SEC Documents, there is no action, suit, claim, proceeding, inquiry or investigation before or by any court, public board,
government agency, self-regulatory organization or body pending or, to the knowledge of the Company or any of its Subsidiaries,
threatened against or affecting the Company or any of its Subsidiaries, or their officers or directors in their capacity as such,
that could have a Material Adverse Effect. The Company and its Subsidiaries are unaware of any facts or circumstances which might
give rise to any of the foregoing.

 

i.                    
No Integrated Offering. Neither the Company,
nor any of its affiliates, nor any person acting on its or their behalf, has directly or indirectly made any offers or sales in
any security or solicited any offers to buy any security under circumstances that would require registration under the 1933 Act
of the issuance of the Securities to the Buyer. The issuance of the Securities to the Buyer will not be integrated with any other
issuance of the Company’s securities (past, current or future) for purposes of any shareholder approval provisions applicable
to the Company or its securities.

 

j.                    
No Investment Company. The Company is
not, and upon the issuance and sale of the Securities as contemplated by this Agreement will not be an “investment company”
required to be registered under the Investment Company Act of 1940 (an “Investment Company”). The Company is not controlled
by an Investment Company.

 

		4.	COVENANTS.

 

a.                  
Best Efforts. The Company shall use its
commercially reasonable efforts to satisfy timely each of the conditions described in Section 7 of this Agreement.

 

b.                  
Form D; Blue Sky Laws. The Company agrees
to timely make any filings required by federal and state laws as a result of the closing of the transactions contemplated by this
Agreement.

 

c.                  
Use of Proceeds. The Company shall use
the proceeds for general working capital purposes.

 

d.                  
Expenses. At the Closing, the Company’s
obligation with respect to the transactions contemplated by this Agreement is to reimburse Buyer’s expenses for Buyer’s
legal fees and due diligence fee in an amount not to exceed $3,000.

 

    	 	7	 

     

    

 

e.                  
Corporate Existence. So long as the Buyer
beneficially owns any Series C Shares, the Company shall maintain its corporate existence and shall not sell all or substantially
all of the Company’s assets, except with the prior written consent of the Buyer.

 

f.                   
Breach of Covenants. If the Company breaches
any of the covenants set forth in this Section 4, and in addition to any other remedies available to the Buyer pursuant to this
Agreement, it will be considered an event of default under the Certificate of Designation.

 

g.                  
Failure to Comply with the 1934 Act. So
long as the Buyer beneficially owns any Series C Shares, the Company shall comply with the reporting requirements of the 1934
Act and the Company shall continue to be subject to the reporting requirements of the 1934 Act; any breach of the foregoing shall
be considered an event of default under the Certificate of Designation.

 

h.                  
Trading Activities. Neither the Buyer
nor its affiliates has an open short position in the common stock of the Company and the Buyer agrees that it shall not, and that
it will cause its affiliates not to, engage in any short sales of or hedging transactions with respect to the common stock of
the Company.

 

5.                   Transfer
Agent Instructions. The Company shall issue irrevocable instructions to its transfer agent to issue certificates,
registered in the name of the Buyer or its nominee, for the Conversion Shares in such amounts as specified from time to time
by the Buyer to the Company upon conversion of the Series C Shares in accordance with the terms of the Certificate of
Designation (the “Irrevocable Transfer Agent Instructions”). In the event that the Company proposes to replace
its transfer agent, the Company shall provide, prior to the effective date of such replacement, a fully executed Irrevocable
Transfer Agent Instructions in a form as initially delivered pursuant to this Agreement (including but not limited to the
provision to irrevocably reserve shares of common stock in the Reserved Amount (as defined in the Certificate of Designation)
signed by the successor transfer agent to Company and the Company. Prior to registration of the Conversion Shares under the
1933 Act or the date on which the Conversion Shares may be sold pursuant to an exemption from registration, all such
certificates shall bear the restrictive legend specified in Section 2(j) of this Agreement. The Company warrants that: (i) no
instruction other than the Irrevocable Transfer Agent Instructions referred to in this Section 5, will be given by the
Company to its transfer agent and that the Securities shall otherwise be freely transferable on the books and records of the
Company as and to the extent provided in this Agreement and the Certificate of Designation; (ii) it will not direct its
transfer agent not to transfer or delay, impair, and/or hinder its transfer agent in transferring (or issuing)(electronically
or in certificated form) any certificate for Conversion Shares to be issued to the Buyer upon conversion of or otherwise
pursuant to the Certificate of Designation or this Agreement as and when required by thereby; and (iii) it will not fail to remove
(or direct its transfer agent not to remove or impair, delay, and/or hinder its transfer agent from removing) any restrictive
legend (or to withdraw any stop transfer instructions in respect thereof) on any certificate for any Conversion Shares issued
to the Buyer upon conversion of the Series C Shares of or otherwise pursuant to the Certificate of Designation or this
Agreement as and when required thereby. If the Buyer provides the Company and the Company’s transfer, at the cost of
the Buyer, with an opinion of counsel in form, substance and scope customary for opinions in comparable transactions, to the
effect that a public sale or transfer of such Securities may be made without registration under the 1933 Act, the Company
shall permit the transfer, and, in the case of the Conversion Shares, promptly instruct its transfer agent to issue one or
more certificates, free from restrictive legend, in such name and in such denominations as specified by the Buyer. The
Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Buyer, by vitiating
the intent and purpose of the transactions contemplated hereby. Accordingly, the Company acknowledges that the remedy at law
for a breach of its obligations under this Section 5 may be inadequate and agrees, in the event of a breach or threatened
breach by the Company of the provisions of this Section 5, that the Buyer shall be entitled, in addition to all other
available remedies, to an injunction restraining any breach and requiring immediate transfer, without the necessity of
showing economic loss and without any bond or other security being required.

 

    	 	8	 

     

    

6.                  
Conditions to the Company’s Obligation to Sell. The obligation of the Company hereunder to issue and sell the Series
C Shares to the Buyer at the Closing is subject to the satisfaction, at or before the Closing Date of each of the following conditions
thereto, provided that these conditions are for the Company’s sole benefit and may be waived by the Company at any time
in its sole discretion:

 

a.                  
The Buyer shall have executed this Agreement
and delivered the same to

the
Company.

 

b. .                  
The Buyer shall have delivered the Purchase Price in accordance with Section 1(b) above. 

c.                  
The representations and warranties of the Buyer
shall be true and correct in all material respects as of the date when made and as of the Closing Date as though made at that
time (except for representations and warranties that speak as of a specific date), and the Buyer shall have performed, satisfied
and complied in all material respects with the covenants, agreements and conditions required by this Agreement to be performed,
satisfied or complied with by the Buyer at or prior to the Closing Date.

 

d.                  
No litigation, statute, rule, regulation, executive
order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed by or in any court or governmental
authority of competent jurisdiction or any self-regulatory organization having authority over the matters contemplated hereby
which prohibits the consummation of any of the transactions contemplated by this Agreement.

 

7.                  
Conditions to The Buyer’s Obligation to Purchase. The obligation of the Buyer hereunder to purchase the Series C
Shares at the Closing is subject to the satisfaction, at or before the Closing Date of each of the following conditions, provided
that these conditions are for the Buyer’s sole benefit and may be waived by the Buyer at any time in its sole discretion:

 

a.                  
The Company shall have executed this Agreement
and delivered the

same
to the Buyer.

 

    	 	9	 

     

    

b.                  
The Company shall have delivered to the Buyer
the Series C Shares by way of book entry as confirmed by the Company’s transfer agent in accordance with Section 1(b) above.

 

c.                  
The Irrevocable Transfer Agent Instructions,
in form and substance satisfactory to the Buyer, shall have been delivered to and acknowledged in writing by the Company’s
Transfer Agent.

 

d.                  
The representations and warranties of the Company
shall be true and correct in all material respects as of the date when made and as of the Closing Date as though made at such
time (except for representations and warranties that speak as of a specific date) and the Company shall have performed, satisfied
and complied in all material respects with the covenants, agreements and conditions required by this Agreement to be performed,
satisfied or complied with by the Company at or prior to the Closing Date. The Buyer shall have received a certificate or certificates,
executed by the chief executive officer of the Company, dated as of the Closing Date, to the foregoing effect and as to such other
matters as may be reasonably requested by the Buyer including, but not limited to certificates with respect to the Board of Directors’
resolutions relating to the transactions contemplated hereby.

 

e.                  
No litigation, statute, rule, regulation, executive
order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed by or in any court or governmental
authority of competent jurisdiction or any self-regulatory organization having authority over the matters contemplated hereby
which prohibits the consummation of any of the transactions contemplated by this Agreement.

 

f.                   
No event shall have occurred which could reasonably
be expected to have a Material Adverse Effect on the Company including, but not limited, to a change in the 1934 Act reporting
status of the Company or the failure of the Company to be timely in its 1934 Act reporting obligations.

 

g.                  
The Company’s transfer agent shall be engaged
to act as the transfer agent for the Series C Preferred Shares.

 

h.                  
The Certificate of Designation shall be properly
authorized and filed with the Secretary of State of the State of Delaware and declared effective.

 

i.                    
The Company shall file a Form 8A with the SEC
prior to the consummation of the transactions contemplated by this Agreement.

 

 

		8.	Governing
                                         Law; Miscellaneous.

 

a.                   Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York without
regard to principles of conflicts of laws. Any action brought by either party against the other concerning the transactions
contemplated by this Agreement shall be brought only in the state courts of New York or in the federal courts located in the
Eastern District of New York. The parties to this Agreement hereby irrevocably waive any objection to jurisdiction and venue
of any action instituted hereunder and shall not assert any defense based on lack of jurisdiction or venue or based upon forum
non conveniens. The Company and Buyer waive trial by jury. The prevailing party shall be entitled to recover from the
other party its reasonable attorney's fees and costs. In the event that any provision of this Agreement or any other
agreement delivered in connection herewith is invalid or unenforceable under any applicable statute or rule of law, then such
provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform
with such statute or rule of law. Any such provision which may prove invalid or unenforceable under any law shall not affect
the validity or enforceability of any other provision of any agreement. Each party hereby irrevocably waives personal service
of process and consents to process being served in any suit, action or proceeding in connection with this Agreement, the
Series C Shares, the Certificate of Designation or any related document or agreement by mailing a copy thereof via registered
or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it
under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof.
Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by
law.

 

    	 	10	 

     

    

b.                  
Counterparts. This Agreement may be executed
in one or more counterparts, each of which shall be deemed an original but all of which shall constitute one and the same agreement
and shall become effective when counterparts have been signed by each party and delivered to the other party.

 

c.                  
Headings. The headings of this Agreement
are for convenience of reference only and shall not form part of, or affect the interpretation of, this Agreement.

 

d.                  
Severability. In the event that any provision
of this Agreement is invalid or unenforceable under any applicable statute or rule of law, then such provision shall be deemed
inoperative to the extent that it may conflict therewith and shall be deemed modified to conform with such statute or rule of
law. Any provision hereof which may prove invalid or unenforceable under any law shall not affect the validity or enforceability
of any other provision hereof.

 

e.                  
Entire Agreement; Amendments. This Agreement
and the instruments referenced herein contain the entire understanding of the parties with respect to the matters covered herein
and therein and, except as specifically set forth herein or therein, neither the Company nor the Buyer makes any representation,
warranty, covenant or undertaking with respect to such matters. No provision of this Agreement may be waived or amended other
than by an instrument in writing signed by the parties hereto.

 

f.                    Notices.
All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder shall be in
writing and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered or
certified, return receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid,
or (iv) transmitted by hand delivery, telegram, email, or facsimile, addressed as set forth below or to such other address as
such party shall have specified most recently by written notice. Any notice or other communication required or permitted to
be given hereunder shall be deemed effective (a) upon hand delivery or delivery by facsimile, with accurate confirmation
generated by the transmitting facsimile machine, at the address or number designated below (if delivered on a business day
during normal business hours where such notice is to be received), or the first (1st) business day following such delivery
(if delivered other than on a business day during normal business hours where such notice is to be received) or (b) on the
second (2nd) business day following the date of mailing by express courier service, fully prepaid, addressed to such address,
or upon actual receipt of such mailing, whichever shall first occur. The addresses for such communications shall be as set
forth in the heading of this Agreement with a copy by fax only to (which copy shall not constitute notice) to Naidich Wurman
LLP, 111 Great Neck Road, Suite 214, Great Neck, NY 11021, Attn: Allison Naidich, facsimile: 516-466-3555, e-mail:
allison@nwlaw.com. Each party shall provide notice to the other party of any change in address.

 

    	 	11	 

     

    

g.                  
Successors and Assigns. This Agreement
shall be binding upon and inure to the benefit of the parties and their successors and assigns. Neither the Company nor the Buyer
shall assign this Agreement or any rights or obligations hereunder without the prior written consent of the other.

 

h.                  
Survival and Indemnification. The representations
and warranties and the agreements and covenants set forth in this Agreement shall survive the closing hereunder notwithstanding
any due diligence investigation conducted by or on behalf of the either party. The Company
agrees to indemnify and hold harmless the Buyer and all their officers, directors, employees and agents for loss or damage arising
as a result of or related to any breach or alleged breach by the Company of any of its representations, warranties and covenants
set forth in this Agreement or any of its covenants and obligations under this Agreement, including advancement of expenses as
they are incurred. The Buyer agrees to indemnify and hold harmless the Company and all their officers, directors, employees and
agents for loss or damage arising as a result of or related to any breach or alleged breach by the Buyer of any of its representations,
warranties and covenants set forth in this Agreement or any of its covenants and obligations under this Agreement, including advancement
of expenses as they are incurred.

 

i.                    
Further Assurances. Each party shall do
and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all such other
agreements, certificates, instruments and documents, as the other party may reasonably request in order to carry out the intent
and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

 

j.                    
No Strict Construction. The language used
in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no rules of strict
construction will be applied against any party.

 

k.                   Remedies.
Each party acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the other party by
vitiating the intent and purpose of the transaction contemplated hereby. Accordingly, each party acknowledges that the remedy
at law for a breach of its obligations under this Agreement will be inadequate and agrees, in the event of a breach or
threatened breach by the other party of the provisions of this Agreement, that the non-breaching party shall be entitled, in
addition to all other available remedies at law or in equity, and in addition to the penalties assessable herein, to an
injunction or injunctions restraining, preventing or curing any breach of this Agreement and to enforce specifically the
terms and provisions hereof, without the necessity of showing economic loss and without any bond or other security being
required.

    	 	12	 

     

    

 

IN
WITNESS WHEREOF, the undersigned Buyer and the Company have caused this Agreement to be duly executed as of the date first above
written.

 

DIEGO
PELLICER WORLDWIDE, INC.

 

By:
/s/ Christopher D. Strachan

Name: Christopher D. Strachan

	Title:Chief
    Financial Officer	 
	 

        GENEVA
        ROTH REMARK HOLDINGS, INC.

	By:/s/
        Curt Kramer

        Name:
        Curt Kramer

        Title:
        President

        111
        Great Neck Road, Suite 216 Great Neck, NY 11021

	 

        AGGREGATE
        SUBSCRIPTION AMOUNT:

	Number
    of Series C Preferred Shares purchased	55,800
	Aggregate
    Purchase Price:	$53,000.00

 

    	 	13Exhibit 10.1

 

 

EMPLOYMENT AGREEMENT

BETWEEN:

TONY
S. GIARDINI, businessperson,
of 

__________________

_____________________

___________

_____

________________

AND:

TRILOGY METALS INC., a
company incorporated pursuant to the laws of British Columbia and having its principal office at Suite 1150 – 609 Granville
Street, Vancouver, British Columbia, V7Y 1G5

 

(the
“Company”)

 

WHEREAS:

A.            
The Company is a natural resource company currently
engaged in the exploration of mineral properties situated in Alaska, USA;

B.            
The Company wishes to employ and the Executive
wishes to supply his services in the capacity of President and Chief Executive Officer, on the terms and conditions set out in
this Agreement;

C.            
The Company and the Executive desire that this
employment relationship and the terms thereof be formally embodied in this Agreement;

THEREFORE
in consideration of the recitals,
the following covenants and the
payment of one dollar
made by each party to the other,
the receipt and sufficiency of which
are acknowledged by each
party, the parties
agree on the following terms:

		1.	ENGAGEMENT AND DURATION

		1.1	Engagement

The Company
hereby employs the Executive as President and Chief Executive Officer and the Executive accepts such employment.

		1.2	Term

The Executive's employment
pursuant to the terms of this Agreement shall commence effective June 1, 2020 and shall continue indefinitely, unless and until
terminated as set forth herein.

    

    

    

 

		2.	DUTIES

2.1        
Performance of Duties

The
Executive shall act as President and Chief Executive Officer, and the Executive shall perform such services and duties as are normally
provided by a President and Chief Executive Officer of a company in a business and of a size similar to the Company’s, and
such other services and duties as may reasonably be assigned from time to time.

2.2        
Other Boards or Committees

The Executive’s performance
of reasonable personal, civic or charitable activities or the Executive’s service on any boards or committees of any private
or public companies shall not be deemed to interfere with the performance of the Executive’s services and responsibilities
to the Company pursuant to this Agreement, so long as there is no conflict between the business of the Company and the business
of the private or public companies. The Executive agrees to inform the Board of Directors (“the Board”) forthwith upon
the Executive being appointed to any such board or committee. The Executive’s right to participate on such boards or committees
shall be subject to approval of the Board, which approval will not be unreasonably withheld and must be in compliance at all times
with the Company’s Code of Business Conduct and Ethics. The Executive confirms that he is not currently sitting on any board
of directors other than the Board.

2.3        
Principal Place of Work

The Executive shall perform
his duties at the Company’s principal executive offices, and at such other locations as required. The Executive acknowledges
that his duties and responsibilities may involve a reasonable amount of traveling.

		2.4	Reporting

The Executive shall report directly
to the Board.

		2.5	Instructions

The Executive will, subject
to the terms of this Agreement, comply promptly and faithfully with the reasonable and lawful instructions, directions, requests,
rules and regulations of the Board.

		3.	REMUNERATION AND BENEFITS

		3.1	Salary

The
Company shall, commencing October 1, 2020 pay to the Executive for his services under this Agreement an annual salary of Cad$500,000.00
subject to all applicable statutory deductions and payable in substantially equal installments on the dates that the Company has
established for paying wages to its employees. For the period of June 1, 2020 to September 30, 2020, in lieu of salary, the Board
shall grant 170,000 options vesting on September 30, 2020 to purchase common shares in the Company as full compensation for the
services provided by the Executive for the period of June 1 to September 30, 2020.

    

    

    

 

		3.2	Annual Review

The salary referred to in
Section 3.1 shall be reviewed at least annually by the Board in consultation with the Executive. The Chair of the Compensation
Committee of the Board shall make recommendations to the Board or the Compensation Committee of the Board regarding appropriate
salary adjustments. The salary referred to in Section 3.1 shall be increased by such amount as is determined by the Board or the
Compensation Committee of the Board in its sole discretion taking into consideration the recommendations of the Compensation Committee
of the Board, the performance of the Executive and the performance of the Company provided, however, that in no event shall the
salary be less than the salary payable in the previous fiscal year (“Year”).

3.3        
Reimbursement of Expenses

The Company shall reimburse
the Executive for all reasonable expenses incurred by him in the performance of this Agreement provided that the Executive provides
the Company with written expense accounts with respect to each calendar month. The Company will provide the Executive with, or
reimburse the Executive for, services and fees necessary for the performance of the Executive's duties including, but not limited
to, membership in the Executive's professional institute, stock information accounts and internet connections.

		3.4	Medical Benefits

The Company shall provide
the Executive with group life, long-term disability, extended medical and dental insurance coverage (“benefit coverage”)
in accordance with the terms of the benefit plans in effect from time to time and, to the extent provided by such plans, the Company
shall extend medical and dental insurance coverage to the Executive’s spouse and child dependents. The Company may, in the
Company’s discretion, change such benefit coverage or amend such benefits from time to time, as long as such changes do not
apply solely to the Executive.

3.5        
Directors and Officers Liability Insurance

The Company shall provide
the Executive with directors’ and officers’ liability insurance appropriate to the nature of his responsibilities under
this Agreement. The directors’ and officers’ liability insurance will be subject to the terms and conditions of the
insurance policy’s coverage.

		3.6	Vacation

The Executive shall be entitled
to five weeks of paid vacation for Year. The Executive shall be entitled to a pro-rata portion of the Executive’s vacation
entitlement for any part Year of employment. The Executive shall take such vacation only at times approved in advance by the Board,
which approval shall not be unreasonably withheld. The Executive shall be covered by the Company’s vacation policy for banking
of vacation days. In addition, the Executive shall be entitled to statutory holidays and the number of paid holidays provided for
under the policies and procedures of the Company, as they exist from time to time.

    

    

    

 

		3.7	Other Benefits

In addition to any other
compensation or benefits to be received by the Executive pursuant to this Agreement, the Executive shall be eligible to participate
in all executive benefits which the Company may from time to time provide to its senior executives. For greater certainty, and
among other things, the Executive shall be eligible to participate in the Company's Stock Option Plan, as amended from time to
time, and in all other equity incentive plans that may be made available to executives of the Company. All stock options grants
and other equity incentive plans are at the discretion of the Company’s Board of Directors and are subject to, and will be
made in accordance with, the guidelines of the Toronto Stock Exchange and the Company’s Employee Stock Option Plan and other
equity incentive plans.

The Executive will receive
an initial grant of 1,600,000 options on June 1, 2020, subject to the approval of the Board, in recognition of his appointment.
It will be recommended that 1/3 of these options to vest on the grant date, which will be determined by the Board, and further
1/3 shall vest on the first-year anniversary of the grant date and the final 1/3 shall vest on the second-year anniversary of the
grant date. The terms and conditions of the options, including the manner of exercise, will be in accordance with the terms of
the Plan and the requirements of the Toronto Stock Exchange and applicable securities laws.

		3.8	Equipment

The Company shall provide
the Executive with such equipment as the Executive and Board agree is necessary for performance of the Executive's duties which
shall include a computer, and a cell phone for use in carrying out Company business.

3.9        
Annual Incentive Program

The Executive shall be entitled
to participate in the Company’s Annual Incentive Program (the “Annual Incentive Program”) according to the terms
of the Annual Incentive Program which Annual Incentive Program the Company may, in the Company’s discretion, change or amend
from time to time. For 2020, the Executive Annual Incentive Program shall be 100% of his annual salary based on objectives set
by the Board, pro-rated for the period of June 1 to November 30, 2020. The assessment of the Executive’s achievement of these
objectives and the targets and objectives for subsequent years shall be determined at the discretion of the Board.

		4.	CONFIDENTIALITY AND NON-DISCLOSURE

4.1        
“Confidential Information”

The term “Confidential
Information” means any and all information concerning any aspect of the Company not publicly disclosed, which the Executive
may receive or develop as a result of his engagement by or involvement with the Company, and including all technical data, concepts,
reports, programs, processes, technical information, trade secrets, systems, business strategies, financial information and other
information unique to the Company. All Confidential Information, including notes, diagrams, maps, reports, notebook pages, memoranda,
sample materials and any excerpts thereof that include Confidential Information are the property of the Company or parties for
whom the Company acts as agent or who are customers of the Company, as the case may be, and are strictly confidential to the Company
and/or such parties. The Executive shall not make any unauthorized disclosure or use of and shall use his best efforts to prevent
unauthorized disclosure or use of such Confidential Information.

    

    

    

4.2        
Use of Confidential Information

Except as authorized by the Company,
the Executive will not:

(a)           
duplicate, transfer or disclose nor allow any other
person to duplicate, transfer or disclose any of the Company’s Confidential Information; or

(b)           
use the Company’s Confidential Information
without the prior written consent of the Company.

4.3        
Protection of Confidential Information

The Executive will safeguard
all Confidential Information at all times so that it is not exposed to or used by unauthorized persons and will exercise at least
the same degree of care used to protect the Executive’s own Confidential Information.

		4.4	Exception

The restrictive obligations
set forth above shall not apply to the disclosure or use of any information which:

(a)           
is or later becomes publicly known under circumstances
involving no breach of this Agreement by the Executive;

(b)           
is already known to the Executive at the time of
receipt of the Confidential Information;

(c)           
is lawfully made available to the Executive by
a third party;

(d)           
is disclosed by the Executive pursuant to a requirement
of a governmental department or agency or disclosure is otherwise required by operation of law, provided that the Executive gives
notice to the Company of the required disclosure immediately upon his becoming advised of such required disclosure and provided
also that the Executive delays such disclosure so long as it is reasonably possible in order to permit the Company to appeal or
otherwise oppose such required disclosure and provides the Company with such assistance as the Company may reasonably require in
connection with such appeal or other opposition;

(e)           
is disclosed to a third party under an approved
confidentiality agreement; or

(f)            
is disclosed in the course of the Executive's proper
performance of the Executive's duties under this Agreement.

    

    

    

 

4.5        
Removal of Information

The Executive will not,
without the written consent of the Board, remove any information relating to the Company, or any third party with which the Company
is conducting business from the premises where the Executive is working, unless required in the normal course of his duties.

		4.6	New Discoveries

Any inventions, discoveries
or improvements in systems, methods and processes made by the Executive in the course of his employment and any mineral discoveries
and opportunities to acquire mineral assets or interests therein which come to the Executive will be disclosed to the Company forthwith
and shall belong to and be the absolute property of the Company.

		4.7	Survival

The provisions of this Article
4 shall survive the termination of this Agreement.

		4.8	Non-Solicitation

The Executive shall not,
for a period of twelve (12) months following the termination of the Executive’s employment for any reason, without the prior
written consent of the Board, for his account or jointly with another, either directly or indirectly, for or on behalf of himself
or any individual, partnership, corporation or other legal entity, as principal, agent, employee or otherwise, solicit, influence,
entice or induce, attempt to solicit, influence, entice or induce:

(a)           
 any person who is employed by the Company or any
affiliated company to leave such employment; or

(b)           
 any person, firm or corporation whatsoever, who
or which has at any time in the last two (2) years of his employment with the Company or any predecessor of the Company, been a
customer of the Company, an affiliated company, or of any of their respective predecessors, provided that this Section 4.9 shall
not prohibit the Executive from soliciting business from any such customer if the business is in no way similar to the business
carried on by the Company, an affiliated company, any of their respective predecessors, subsidiaries or associates to cease its
relationship with the Company or any affiliated company.

The Executive agrees that all
restrictions contained in this Agreement are reasonable and valid and all defenses to the strict enforcement thereof by the Company
are waived by the Executive.

    

    

    

 

4.9       
Equitable Remedies

The Executive agrees that,
in the event of an unauthorized disclosure or use of Confidential Information by the Executive or if the Executive violates any
of the restrictions referred to in Section 4, the Company shall suffer irreparable harm and shall be entitled to preliminary and
permanent injunctive relief and any other remedies in law or in equity with the court deems fit.

		5.	DELIVERY OF RECORDS

Upon the termination of the employment
of the Executive by the Company, the Executive will deliver to the Company all books, records, lists, brochures and other property
belonging to the Company or developed in connection with the business of the Company, and will execute such transfer documentation
as is necessary to transfer such property or intellectual property to the Company.

		6.	TERMINATION

6.1        
The Executive’s Right to Terminate

The Executive may terminate his
obligations under this Agreement:

(a)           
 at any time upon providing at least three months’
notice to the Company effective on the date set out in such notice; or

(b)           
  upon a material breach or default of any material
term of this Agreement by the Company provided that the Executive gives notice to the Company of such material breach or default
within ninety (90) days of the date the Executive has become aware (or reasonably should have become aware) of the breach or default,
and such material breach or default has not been remedied within 30 days after such notice to the Company.

The Company may, by
notice, waive the notice requirements set out in paragraph (a) above in whole or in part and if it does so, the Executive's entitlement
to remuneration and benefits as set out in Sections 6.3 and 6.4 as applicable will apply as of the date set out in such notice
of waiver.

6.2        
Company’s Right to Terminate

The Company may terminate the Executive’s
employment under this Agreement at any time:

(a)           
 for just cause, which shall include, without limitation,
any of the following events:

		(i)	theft,
dishonesty or fraud by the Executive with respect to the business of the Company;

		(ii)	the
conviction of the Executive for a criminal offence that gives rise or is likely to give rise to the Company's stock becoming ineligible
for listing on any stock exchange or market or the Company's stock being subject to a cease-trade order by a Canadian or US securities
regulatory authority; or

		(iii)	any
and all other omissions, commissions or other conduct which would constitute just cause at law; or

    

    

    

 

(b)           
  upon the Executive dying or becoming permanently
disabled or disabled for a period exceeding 180 consecutive days or 180 non-consecutive days calculated on a cumulative basis over
any two-year period during the term of this Agreement. The Executive shall be deemed to have become disabled if, because of ill
health, physical, mental disability or for other causes beyond the control of the Executive, the Executive has been unable or unwilling
or has failed to perform the Executive's duties under this Agreement; or

(c)           
  at any time upon making the severance payments
contemplated in Section 6.3 to the Executive.

6.3        
Severance Payments

In the event of the termination
of the Executive's employment:

(a)              
by the Executive or his personal representatives
pursuant to subsection 6.1(b) of this Agreement; or

(b)              
by the Company pursuant to subsection 6.2(c) or
by the Company in breach of this Agreement,

the Company shall pay to
the Executive within 10 days of such termination a severance payment equal to:

(c)           
 an amount equal to eighteen months of the Executive’s
annual salary at the time of termination of the Executive’s employment plus 1.5 times Executive’s annual incentive
earned in the previous Year pursuant to the Company’s Annual Incentive Program.

The Company shall continue the
Executive's group insurance benefits, if any, under Section 3.4 for 12 months after the date of termination, provided that if the
Company is unable to continue any such benefit by reason of the termination of employment, it will instead pay to the Executive
an amount equal to the present value of the Company's cost of providing such benefit to the Executive for a period of 12 months.
Any such payment in lieu of group insurance benefits will be paid no later than March 15 of the year following the year of termination.

In addition, the Company
shall reimburse the Executive within 10 days of such termination for all expenses as contemplated by Section 3.3.

    	 

    	 

    

6.4        
Compensation Otherwise Due to the Executive on
Termination

In the event of the termination
of the Executive's employment under this Agreement in circumstances other than those set out in Section 6.3 of this Agreement,
the Company shall pay the following amounts to the Executive within 10 days of the termination:

(a)           
if terminated pursuant to subsections 6.1(a) or
6.2(a) of this Agreement, the Company shall pay to the Executive his then-current annual salary accrued pursuant to Section 3.1
of this Agreement as of the date of termination or effective date of resignation, as applicable; or

(b)           
if terminated pursuant to subsection 6.2(b) of
this Agreement, the Company shall pay to the Executive:

		(i)	his
then-current annual salary accrued pursuant to this Agreement as of the date of termination; and

		(ii)	a
lump sum equal to the Executive’s annual salary at the time of termination of
the Executive’s employment. Such payment will be made no later than March 15 of the year following the year of such termination.

6.5        
Property Interests

If the Executive's employment
with the Company is terminated, and within two years of such termination, the Executive acquires directly or indirectly other than
from the Company or its subsidiaries any present or future interest in any mining claims or properties or mineral interests within
10 kilometers of the external boundaries of any mineral property held by the Company during the time the Executive was employed
by the Company, the Executive will offer the Company, in writing, the right to acquire such interest in exchange for reimbursement
of his direct and indirect acquisition costs. The Company shall have 30 days after receipt of such offer to accept the offer and
30 days after receipt of such offer to reimburse such costs.

		6.6	Resignations

Upon termination of the
Executive for whatever reason the Executive shall forthwith execute and deliver to the Company his written resignation from any
and all offices and directorships of the Company and its affiliates, without claim for compensation for loss of office.

6.7        
Payments in Full Settlement

The Executive acknowledges
and agrees that the payments pursuant to this Article 6 shall be in full satisfaction of all claims, losses, costs, damages or
expenses in connection with the termination of his employment, including termination pay and severance pay pursuant to any applicable
labour laws as amended from time to time. Except as provided in this Article, the Executive shall not be entitled to any further
termination payments, damages or compensation whatsoever in connection with the employment of the Executive and the termination
thereof. As a condition precedent to any payment pursuant to this Article, the Executive agrees to deliver to the Company, prior
to any such payment, a full and final release from all actions and claims in connection with the termination of his employment
or any losses, costs, damages or expenses resulting there from in favour of the Company, its affiliates, subsidiaries, directors,
officers, employees and agents in a form satisfactory to the Company and the Executive.

    

    

    

 

		7.	CHANGE OF CONTROL

7.1        
Termination By Company.

In the event that within
the twelve (12) month period immediately following a Change of Control (as defined in Section 7.3 of this Agreement), any of the
following occur:

(a)           
a material change (other than a change that is
clearly and exclusively consistent with a promotion) in the Executive’s position, duties, responsibilities, title or office
in effect immediately prior to any Change of Control;

(b)           
a material reduction in the Executive’s Base
Salary in effect immediately prior of any Change of Control; or

(c)           
any material breach by the Company of any material
provision of this Agreement,

then,
if the Executive gives the Company notice within ninety (90) days of the date the Executive has become aware (or reasonably should
have become aware) of the condition and the Company has not cured the condition within thirty (30) days from receipt of such notice,
the Executive’s employment shall be deemed to have been terminated by the Company and the Company will pay to the
Executive within 10 days of such termination
a severance payment equal to:

(d)           
an amount equal to eighteen months of the Executive’s
annual salary at the time of termination of the Executive’s employment plus 1.5x the Executive’s annual incentive target
for the Year pursuant to the Company’s Annual Incentive Program.

The Company shall continue
to provide all medical and health care benefits and all other benefits that it is permitted or able to provide under the applicable
rules of the relevant plans for a period of twelve (12) months from the date of the Executive’s election following a Change
of Control provided that if the Company is unable to continue any such benefit by reason of the termination of employment, it will
instead pay to the Executive an amount equal to the present value of the Company's cost of providing such benefit to the Executive
for a period of 12 months. Any such payment in lieu of group insurance benefits will be paid to the Executive no later than March
15 of the year following the year of termination. The Executive further agrees that compensation payable pursuant to this Section
7.1 is in lieu of the severance package payable under Section 6 of this Agreement and shall be the maximum compensation to which
the Executive is entitled to receive in lieu of reasonable notice, and the Company will have no further obligations to the Executive
with respect to the termination of this Agreement or his/her employment, including, without limitation, further severance pay or
damages.

    

    

    

 

 

7.2        
Change of Control.

For the purposes of this agreement,
a “Change of Control” means any of the following:

(a)           
at least 50% in fair-market value of all the assets
of the Company are sold to a party or parties acting jointly or in concert (as determined pursuant to the Ontario Securities Act,
R.S.O. 1990, c.S.5, as amended (the “OSA”), mutatis mutandis) in one or more transactions occurring within a period
of two (2) years; or

(b)           
there is a direct or indirect acquisition by a
person or group of persons acting jointly or in concert of voting shares of the Company that when taken together with any voting
shares owned directly or indirectly by such person or group of persons at the time of the acquisition, constitutes 40% or more
of the outstanding voting shares of the Company; or

(c)           
a majority of the then-incumbent Board of Directors’
nominees for election to the Board of Directors of the Company are not elected at any annual or special meeting of shareholders
of the Company; or

(d)           
the Company is merged, amalgamated, consolidated
or reorganized into or with another body corporate or other legal person and, as a result of such business combination, more than
40% of the voting shares of such body corporate or legal person immediately after such transaction are beneficially held in the
aggregate by a person or body corporate (or persons or bodies corporate acting jointly or in concert) and such person or body corporate
(or persons or bodies corporate acting jointly or in concert) beneficially held less than 40% of the voting shares of the Company
immediately prior to such transaction.

Notwithstanding the foregoing
provisions of paragraphs 7.3(a), (b) and (d), unless otherwise determined in a specific case by majority vote of the Board of Directors,
a “Change of Control” shall not be deemed to have occurred for the purposes of paragraphs (a), (b), and (d) solely
because the Company, an entity in which the Company directly or indirectly beneficially owns 50% or more of the outstanding voting
shares (a “Subsidiary”), or any Company sponsored employee stock ownership plan or any other equity incentive or employee
benefit plan of the Company or any Subsidiary either files or becomes obligated to file a report or a proxy statement under National
Instruments NI 51-102 (Continuous Disclosure), NI 62-103 (Early Warning) or NI 81-102 (Mutual Funds) (or any successor schedule,
form or report or item therein) under the OSA, or in any other fashion authorized by a regulatory authority having due jurisdiction,
disclosing beneficial ownership by it of voting shares of the Company, whether in excess of forty percent (40%) or otherwise, or
because the Company reports that a change in control of the Company has occurred or will occur in the future by reason of such
beneficial ownership; nor if the Company is a party to any amalgamation, merger or similar transaction involving only the Company
and its Subsidiaries and which does not result in any change of beneficial ownership of any shares of the Company or of the shares
received by former shareholders of the Company in any new entity resulting from that transaction. For greater certainty, the Spin-out
shall not be considered a Change of Control pursuant to Section 7 of this Agreement.

    

    

    

 

		8.	INDEMNIFICATION

The Company and the Executive
reaffirm the Indemnity Agreement dated April 19, 2012 which is attached as Schedule A hereto.

		9.	PERSONAL NATURE

The obligations and rights
of the Executive under this Agreement are personal in nature, based upon the singular skill, qualifications and experience of the
Executive.

		10.	RIGHT TO USE EXECUTIVE’S
NAME AND LIKENESS

During the term of this
Agreement, the Executive hereby grants to the Company the right to use the Executive’s name, likeness and/or biography in
connection with the services performed by the Executive under this Agreement and in connection with the advertising or exploitation
of any project with respect to which the Executive performs services for the Company.

		11.	LEGAL ADVICE

The Executive hereby represents,
warrants and acknowledges to the Company that he has had the opportunity to receive independent legal advice prior to the execution
and delivery of this Agreement.

		12.	WAIVER

No consent or waiver, express
or implied, by any party to this Agreement of any breach or default by any other party
in the performance of its obligations under this Agreement or of any of the terms, covenants or conditions of this Agreement shall
be deemed or construed to be a consent or waiver of any subsequent or continuing breach or default in such party’s performance
or in the terms, covenants and conditions of this Agreement. The failure of any party to this Agreement to assert any claim in
a timely fashion for any of its rights or remedies under this Agreement shall not be construed as a waiver of any such claim and
shall not serve to modify, alter or restrict any such party’s right to assert such claim at any time thereafter.

		13.	NOTICES

13.1     
Delivery of Notice

Any notice relating to this
Agreement or required or permitted to be given in accordance with this Agreement shall be in writing and shall be personally delivered
or mailed by registered mail, postage prepaid, to the address of the parties set out on the first page of this Agreement. Any notice
shall be deemed to have been received if delivered, when delivered, and if mailed, on the fifth day (excluding Saturdays, Sundays
and holidays) after the mailing thereof. If normal mail service is interrupted by strike, slowdown, force majeure or other cause,
a notice sent by registered mail will not be deemed to be received until actually received and the party sending the notice shall
utilize any other services which have not been so interrupted or shall deliver such notice in order to ensure prompt receipt thereof.

    

    

    

 

 

13.2     
Change of Address

Each party to this Agreement
may change its address for the purpose of this Section 13 by giving notice of such change in the manner provided for in Section
13.1.

		14.	APPLICABLE LAW

This Agreement shall be governed
by and construed in accordance with the laws of the province of British Columbia and the federal laws of Canada applicable therein,
which shall be deemed to be the proper law hereof. The parties hereto hereby submit to the jurisdiction of the courts of British
Columbia. All obligations of the parties under this Agreement are subject to receipt of all necessary approvals of the applicable
securities regulatory authorities.

		15.	SEVERABILITY

If any provision of this Agreement
for any reason be declared invalid, such declaration shall not affect the validity of any remaining portion of the Agreement, which
remaining portion shall remain in full force and effect as if this Agreement had been executed with the invalid portion thereof
eliminated, and it is hereby declared the intention of the parties that they would have executed the remaining portions of this
Agreement without including therein any such part, parts or portion which may, for any reason, be hereafter declared invalid.

		16.	ENTIRE AGREEMENT

This Agreement constitutes
the entire agreement between the parties hereto and there are no representations or warranties, express or implied, statutory or
otherwise other than set forth in this Agreement and there are no agreements collateral hereto other than as are expressly set
forth or referred to herein. This Agreement cannot be amended or supplemented except by a written agreement executed by all parties
hereto.

		17.	NON-ASSIGNABILITY

This Agreement shall not be assigned
by any party to this Agreement without the prior written consent of the other parties to this Agreement.

		18.	BURDEN AND BENEFIT

This Agreement shall enure
to the benefit of and be binding upon the parties hereto and their respective heirs, executors, administrators, successors and
permitted assigns.

		19.	INTERPRETATION

In this Agreement, unless something
in the subject matter or context is inconsistent therewith:

(a)           
all references in this Agreement to "Articles",
"Sections" and other subdivisions or Schedules are to the designated articles, sections or other subdivisions or Schedules
of or attached to this Agreement;

(b)           
the words "herein", "hereof"
and "hereunder" and other words of similar import refer to this Agreement as a whole and not to any particular section
or other subdivision;

(c)           
the headings are for convenience only and do not
form part of this Agreement and are not intended to interpret, define or limit the scope, extent or intent of this Agreement;

    

    

    

 

 

(d)           
the singular of any term includes the plural, and
vice versa, the use of any term is equally applicable to any gender and, where applicable, a body corporate, the word "or"
is not exclusive and the word "including" is not limiting (whether or not non-limiting language is used with reference
thereto);

(e)           
the words "written" or "in writing"
include printing, typewriting or any electronic means of communication capable of being visibly reproduced at the point of reception
including e-mail;

(f)            
any reference to a statute is a reference to the
applicable statute and to any regulations made pursuant thereto and includes all amendments made thereto and in force from time
to time and any statute or regulation that has the effect of supplementing or superseding such statute or regulation;

(g)           
a "day" shall refer to a calendar day
and in calculating all time periods the first day of a period is not included and the last day is included and references to a
"business day" shall refer to days on which banks are ordinarily open for business in Vancouver, British Columbia, but
if a period ends on a day on which the banks are not open for business in Vancouver, British Columbia, the period will be deemed
to expire on the next calendar day on which banks are open for business in Vancouver, British Columbia; and

(h)           
all references to "$" or "dollars"
are references to the lawful currency of the Canada.

		20.	TIME

Time is of the essence of this Agreement.

		21.	COUNTERPARTS

This Agreement may
be executed in counterparts and such counterparts together shall constitute one and the same instrument.

- Remainder of page intentionally left
blank -

 

    	 

    	 

    

IN WITNESS
WHEREOF the parties hereto
have executed this Agreement effective
as of the 20th day of
April, 2020.

 

 

TRILOGY METALS INC.

 

 

 

Per:
signed: Janice Stairs

 

JANICE STAIRS, CHAIR OF THE BOARD

 

 

 

 

 

 

 

Signed: Tony Giardini

 

TONY S. GIARDINI

 

 

 

    	 

    	 

    

SCHEDULE A

Indemnity Agreement dated
April 19, 2012

 

 

    

    

    

 

 

Indemnity Agreement

 

This
Agreement is made as of the 19th day of April, 2012, between NovaCopper Inc. (the "Corporation"),
a corporation governed by the laws of British Columbia, and Tony Giardini (the "Indemnified
Party"), an individual resident in Vancouver, BC.

 

RECITALS:

 

		A.	The Indemnified Party is or was a director
or officer of the Corporation or an Other Entity, or serves or served in a capacity similar thereto for the Corporation or an Other
Entity.

 

		B.	The Corporation considers it desirable and
in its best interests to enter into this Agreement to set out the circumstances and manner in which the Indemnified Party may be
indemnified in respect of liabilities or exposures which the Indemnified Party may incur as a result of the Indemnified Party serving
or having served as director or officer of the Corporation or an Other Entity, or in a capacity similar thereto in respect of the
Corporation or an Other Entity, or because of that association with the Corporation or other Entity.

 

NOW
THEREFORE, in consideration of the Indemnified Party's services as a director or officer of the Corporation or an Other
Entity, or in a capacity similar thereto for the Corporation or an Other Entity, the parties hereto covenant and agree as follows:

 

		1.	Definitions. In
this Agreement:

 

"Act"
means the British Columbia Companies Act, as the same exists on the date hereof or may hereafter be amended.

 

"Claim"
includes any demand, suit, action, application, litigation, claim, charge, complaint, prosecution, assessment, reassessment, investigation,
inquiry, hearing or proceeding of any nature or kind whatsoever, whether civil, criminal, administrative, investigative, arbitral
or otherwise, in which the Indemnified Party is involved as a result of the Indemnified Party serving or having served as a director
or officer of the Corporation or an Other Entity, or in a capacity similar thereto in respect of the Corporation or an Other Entity
or because of that association.

 

"Losses"
includes all costs, charges, expenses, losses, damages, fees (including any legal, professional or advisory fees or disbursements),
liabilities, amounts paid to settle or dispose of any Claim or satisfy any judgment, fines, penalties or liabilities, without limitation
and including any interest thereon, and including any arising by operation of statute (including but not limited to all statutory
obligations to creditors, employees, suppliers, contractors, subcontractors and any governmental authority), and whether incurred
alone or jointly with others, including any amounts which the Indemnified Party may suffer, sustain, incur or be required to pay
as a result of, or in connection with the investigation, defence, settlement or appeal of or preparation for any Claim or in connection
with any action to establish a right to indemnification under this Agreement, including all costs, charges and expenses incidental
thereto, including for travel, lodging and accommodation.

 

"Other
Entity" means any corporation, partnership, joint venture, trust, unincorporated association, unincorporated
organization, unincorporated syndicate or other enterprise for which the Indemnified Party serves or served as a director or officer,
or in a capacity similar thereto, at the request of the Corporation.

    	 

    	 

    

		2.	Indemnity.

 

		(1)	Except as prohibited by applicable law,
including the Act, and subject to Subsection 2(2) below, the Corporation
hereby agrees to indemnify and hold harmless the Indemnified Party, as well as his or her heirs and legal representatives, to the
fullest extent permitted by applicable law, including the Act, from and against any and all Losses which the Indemnified Party
may suffer, sustain, incur or be required to pay as a result of, or in connection with any Claim.

 

		(2)	Notwithstanding Subsection 2(1) above,
the Corporation shall not be obligated to indemnify and hold harmless the Indemnified Party from and against any Losses if a court
of competent jurisdiction finds that:

 

		(i)	the Indemnified Party failed to act honestly
and in good faith with a view to the best interests of the Corporation or Other Entity, as the case may be; or

 

		(ii)	in the case of a Claim that involves a
criminal or administrative action or proceeding that is enforced by monetary penalty, the Indemnified Party did not have reasonable
grounds for believing that the Indemnified Party's conduct was lawful.

 

		(3)	If, under applicable law, any payment by
the Corporation under Subsection 2(1) first requires the approval of any court, the Corporation, at its own expense and in good
faith, will promptly take all necessary proceedings to obtain such approval.

 

		3.	Advance of Funds. The Corporation
shall, at the request of the Indemnified Party, advance to the Indemnified Party funds to cover the Losses from and against which
the Indemnified Party is indemnified as provided hereunder (the "Advanced Funds"), provided the Indemnified
Party shall repay the Advanced Funds on demand, together with interest thereon from the date of demand to the date of payment of
the prime rate prescribed from time to time by the Bank of Canada, if it shall be subsequently and finally determined that the
Indemnified Party was not entitled to indemnification hereunder.

 

		4.	Taxes. For greater certainty,
a Claim subject to indemnification hereunder shall include any taxes, including any assessment, reassessment, claim or other amount
for taxes, charges, duties, levies, imposts or similar amounts, including any interest and penalties in respect thereof, to which
the Indemnified Party may be subject or suffer or incur as a result of, in respect of, arising out of or referable to any indemnification
of the Indemnified Party by the Corporation pursuant to this Agreement.

 

		5.	Partial Indemnification. If
the Indemnified Party is determined by a court of competent jurisdiction to be entitled to indemnification by the Corporation under
this Agreement for a portion of the Losses incurred in respect of a Claim but not for the total amount thereof, the Corporation
shall indemnify the Indemnified Party for such portion thereof to which the Indemnified Party is determined by a court of competent
jurisdiction to be so entitled.

 

		6.	Directors and Officers Insurance.
The Corporation shall provide and maintain directors' and officers' liability insurance with limits of not less than Cdn$5 million
per claim and in the aggregate while the Indemnified Party is a director or officer of the Corporation or Other Entity, which shall
include outside director liability coverage for the benefit of the Indemnified Party while acting as a director or officer of an
Other Entity. Following the Indemnified Party ceasing
to be a director or officer of the Corporation or Other Entity, for any reason whatsoever, the Corporation shall maintain for the
benefit of the Indemnified Party, and his or her heirs and legal representatives, directors' and officers' liability insurance
with at least the same insurance coverage and limits as that provided, from time to time, for the benefit of any other present
and future director or officer of the Corporation or an Other Entity. The Corporation shall pay for and on behalf of the Indemnified
Party any and all deductibles or retentions to which the directors' and officers' liability insurance policy makes the Corporation
or the Indemnified Party subject. The Corporation shall advise the Indemnified Party promptly after it becomes aware of any material
change in, cancellation, termination or lapse in coverage of any insurance policy of the Corporation for the benefit of any directors
and officers of the Corporation or an Other Entity, and shall provide details of any claim made under such policy and shall purchase
any available extended reporting period available under such cancelled or terminated policy.

    	 

    	 

    

 

		7.	Notice of Claim. The Indemnified
Party shall notify the Corporation, and likewise the Corporation shall notify the Indemnified Party, in writing as soon as practicable
upon receiving or being served with any demand, statement of claim, writ, assessment, reassessment, notice of motion, application,
information, charges, indictment, subpoena, summons, investigation order or other document or communication commencing, threatening
or continuing any Claim against which the Indemnified Party may be indemnified or seek advancement under this Agreement. Such notice
shall include copy of the document or communication initiating or threatening the Claim, a description of the Claim or threatened
Claim, a summary of the facts giving rise to the Claim or threatened Claim and, if possible, an estimate of any potential liability
arising under the Claim or threatened Claim. Failure by the Indemnified Party to so notify the Corporation shall not relieve the
Corporation from liability under this Agreement except and only to the extent that such failure materially prejudices the Corporation.

 

		8.	Legal Counsel. Except in respect
of an action by or on behalf of the Corporation or Other Entity, as the case may be, to procure a judgment in its favour against
the Indemnified Party, the Corporation may, and upon the written request of the Indemnified Party shall, promptly after receiving
from or delivering to the Indemnified Party written notice of any Claim or threatened Claim as required by Section 7, assume conduct
of the defence thereof in a timely manner and retain counsel on behalf of the Indemnified Party, provided that such counsel is
satisfactory to the Indemnified Party, acting reasonably, to represent the Indemnified Party in respect of the Claim. In the event
the Corporation assumes conduct of the defence on behalf of the Indemnified Party as contemplated by this Section 8, the Indemnified
Party hereby consents to the conduct thereof and to any action taken by the Corporation, in good faith, in connection therewith,
and the Indemnified Party shall fully cooperate in such defence including, without limitation, the provision of documents, attending
examinations for discovery, making affidavits, meeting with counsel, testifying and divulging to the Corporation and, where applicable,
to its insurers all information reasonably required to investigate, defend or prosecute the Claim.

 

		9.	Additional Legal Counsel.
The Indemnified Party shall have the right to employ separate counsel of the Indemnified Party's choosing in addition to the legal
counsel retained by the Corporation as provided by Section 8 in connection with any Claim or other matter for which the Indemnified
Party may be entitled to indemnity hereunder and to participate in the defence thereof provided the fees and disbursements of such
additional counsel shall be at the Indemnified Party's expense unless any of the following applies, in which case the legal fees
and disbursements of such additional counsel shall be paid by the Corporation on behalf
of the Indemnified Party: (1) the retention of such other counsel has been authorized by the Corporation; (2) the Corporation has
not appointed counsel to assume the conduct of the defence of such Claim in a timely manner; (3) the Corporation has appointed
counsel that is not satisfactory to the Indemnified Party, acting reasonably; or (4) the Indemnified Party obtains an opinion from
independent counsel that is satisfactory to the Corporation , acting reasonably (which opinion shall be in writing and provided
to the Corporation) that there is a conflict of interest between the Indemnified Party and the Corporation such that the Indemnified
Party requires separate legal counsel.

    	 

    	 

    

 

		10.	No Presumption as to Absence of Good
Faith. Unless a court of competent jurisdiction otherwise has finally held or decided that the Indemnified Party is not
entitled to be fully or partially indemnified hereunder, the determination of any Claim by judgment, order, settlement or conviction
(whether with or without court approval), or upon a plea of nolo contendere or
its equivalent, shall not, in and of itself, create any presumption for the purposes of this Agreement that the Indemnified Party
is not entitled to indemnity hereunder.

 

		11.	Settlement of Claim. No admission
of liability and no settlement of any Claim in a manner adverse to the Indemnified Party shall be made without the consent of the
Indemnified Party, unless, in the case of a settlement by the Corporation, such settlement: (1) includes an unconditional release
of the Indemnified Party from all liability arising out of such Claim; and (2) does not include a statement as to or an admission
of fault, culpability or a failure to act, by or on behalf of the Indemnified Party.

 

		12.	Other Rights and Remedies Unaffected. The rights to indemnification
and payment provided in this Agreement shall not derogate from or exclude or be diminished by any other rights to which the Indemnified
Party may be entitled under any provision of the Act or otherwise under applicable law, the constating documents of the Corporation,
the constating documents of an Other Entity, any applicable policy of insurance, guarantee or third-party indemnity, any vote of
securityholders of the Corporation or an Other Entity, or otherwise, both as to matters arising out of the Indemnified Party's
capacity as a director or officer of the Corporation or Other Entity, or in a capacity similar thereto for the Corporation or an
Other Entity, or as to matters arising out of any other capacity in which the Indemnified Party may act for or on behalf of the
Corporation. To the extent that a change in the Act, whether by statute or judicial decision, permits greater indemnification by
contract than would be afforded currently under this Agreement, it is the intent of the parties that the Indemnified Party shall
enjoy by this Agreement the greater benefits so afforded by that change.

 

		13.	Retroactive Effect. The right
to be indemnified or to the reimbursement or advancement of expenses pursuant to this Agreement is intended to be retroactive and
shall be available with respect to events occurring prior to the execution hereof. For greater certainty, the rights of the Indemnified
Party hereunder shall vest irrevocably at the time of his or her appointment as a director or officer or in any capacity similar
thereto of the Corporation or an Other Entity.

 

		14.	Additional Rights. The Corporation represents and warrants
to the Indemnified Party that the Corporation has not granted any indemnity right to any other director or officer of the Corporation
or an Other Entity, or an individual serving in a capacity similar thereto for the Corporation or an Other Entity, that is greater
than the indemnity rights granted to the Indemnified Party under this Agreement. The Corporation shall notify the Indemnified Party
in writing as soon as practicable in the event the Corporation grants any such greater indemnity right to a director or officer
of the Corporation or an Other Entity, or an individual serving
in a capacity similar thereto for the Corporation or an Other Entity, following the date hereof, which written notice shall contain
a description of the greater indemnity right. The Indemnified Party shall have the right to require the Corporation to prepare
and execute an amendment to this Agreement to incorporate such greater indemnity right in this Agreement.

    	 

    	 

    

 

		15.	Cooperation. The
Corporation and the Indemnified Party shall, from time to time, provide such information and cooperate with the other, as the other
may reasonably request, in respect of all matters under this Agreement. The Indemnified Party shall cooperate fully with the Corporation
and its insurers and provide any required information with respect to any matters relevant to or arising under any claims by the
Corporation under any policy of directors' and officers' liability insurance in respect of or related to a Claim under this Agreement.
Without limiting the foregoing, the Indemnified Party and his or her advisors shall at all times be entitled to review during regular
business hours all documents, records and other information with respect to the Corporation which are under the Corporation's control
and which may be reasonably necessary in order for the Indemnified Party to defend against any Claim that relates to, arises from
or is based on the Indemnified Party having acted in his or her capacity as a director or officer of the Corporation or an Other
Entity or by reason of that association with the Corporation or an Other Entity, p ovided that the Indemnified Party shall maintain
all such information in strictest confidence except to the extent necessary for the Indemnified Party's defence. Nothing contained
herein shall abrogate any legal privilege (solicitor/client, litigation or otherwise) that may be asserted by the Corporation in
respect of such documents, records or information to object to disclosure to the Indemnified Party.

 

		16.	Effective Time. This
Agreement shall be deemed to have effect as and from the first date that the Indemnified Party became a
director or officer of the Corporation or an Other Entity, or began serving in a capacity similar thereto
for the Corporation or an Other Entity.

 

		17.	Insolvency. The
liability of the Corporation under this Agreement shall not be affected, discharged, impaired, mitigated or released by reason
of the discharge or release of the Indemnified Party in any bankruptcy, insolvency, receivership or other similar proceeding of
creditors. The rights of the Indemnified Party under this Agreement shall not be prejudiced or impaired by permitting or consenting
to any assignment in bankruptcy, receivership, insolvency or any other creditor's proceedings of or against the Corporation or
by the winding-up or dissolution of the Corporation.

 

		18.	Multiple Proceedings.
No action or proceeding brought or instituted under this Agreement and no recovery pursuant thereto
shall be a bar or defence to any further action or proceeding which may be brought under this Agreement.

 

		19.	No Duplication of Payments.
The Corporation shall not be liable under this Agreement to make any payment in connection with
any Action to the extent the lndemnitee has otherwise actually received payment (under any insurance policy other otherwise) of
the amount otherwise payable hereunder.

 

		20.	Set-off. The
Corporation grants to the lndemnitee the right to set-off any amount owing by the Corporation hereunder to the lndemnitee against
any amount that the lndemnitee may owe to the Corporation at that time.

 

		21.	Term. This
Agreement shall not terminate as a result of the Indemnified Party ceasing to act as a director and/or officer of the Corporation
or Other Entity, or in a capacity similar thereto with
respect to the Corporation or Other Entity, but shall continue for the benefit of the Indemnified Party until the later of (a)
six years following the Indemnified Party last so acting (or such longer period as may be prescribed as the limitation period in
any statute under which a Claim is made against the Indemnified Party), and (b) the full and final disposition of any Claim made
against the Indemnified Party prior to the expiry of the period referenced in (a).

    	 

    	 

    

 

		22.	Deeming Provision. The
Indemnified Party shall be deemed to have acted or be acting at the specific request of the Corporation upon the Indemnified Party's
being appointed or elected, or re-appointed or re-elected, as a director or officer of the Corporation or an Other Entity, or into
a capacity similar thereto for the Corporation or an Other Entity.

 

		23.	Miscellaneous.

 

		(1)	Assignment. Neither party hereto
may assign this Agreement or any rights or obligations under this Agreement without the prior written consent of the other party
hereto. This Agreement shall enure to the benefit of and be binding upon the parties hereto and their successors, heirs, legal
representatives and permitted assigns.

 

		(2)	Amendments and Waivers. No supplement,
modification, amendment or waiver or termination of this Agreement and, unless otherwise specified, no consent or approval by any
party hereto, shall be binding unless executed in writing by the party to be bound thereby..

 

		(3)	Notices. Any notice, consent or approval
required or permitted to be given in connection with this Agreement (for the purposes of this Subsection 23(3), a "Notice")
shall be in writing and shall be sufficiently given if delivered, whether in person, by courier
service or other personal method of delivery, or if transmitted by facsimile or e-mail:

		(i)	in the case of a Notice to the Indemnified Party at:

                                                                                                                                                                                    

                                                                                Tony
                                         Giardini

                                         _______________________

__________________________

_______________________

 

		(ii)	in the case of a Notice to the Corporation
at:

 

NovaCopper Inc.

Suite 2300 - 200 Granville Street

 Vancouver,
British Columbia 

Canada V6C 1S4

Attention: Corporate
Counsel or Secretary 

Fax: 604-638-0644

 

Any
Notice delivered or transmitted to a party hereto as provided above shall be deemed to have been given and received on the day
it is delivered or transmitted, provided that it is delivered or transmitted prior to 5:00 p.m. local time in the place of delivery
or receipt. However, if the Notice is delivered or transmitted after 5:00 p.m. local time or if such day is not a day during which
banks are open for business in the City of Vancouver, British Columbia,
then the Notice shall be deemed to have been given and received on the next day during which banks are open for business in the
City of Vancouver, British Columbia. Either party hereto may, from time to time, change its address by giving Notice to the other
party in accordance with the provisions of this Subsection 23(3).

    	 

    	 

    

 

		(4)	Severability. If any part of this
Agreement or the application of such part to any person, entity or circumstance shall, to any extent, be invalid or unenforceable,
the remainder of this Agreement, or the application of such part to any other or person or circumstance, shall not be affected
thereby and each provision of this Agreement shall be valid and enforceable to the fullest extent permitted by applicable law.

 

		(5)	Further Assurances. The Corporation
and the Indemnified Party shall, with reasonable diligence, do all such further acts, deeds or things and execute and deliver all
such further documents as may be necessary or advisable for the purpose of assuring and conferring on the Indemnified Party the
rights hereby created or intended, and of giving effect to and carrying out the intention or facilitating the performance of the
terms of this Agreement.

 

		(6)	Execution and Delivery. This Agreement
may be executed by the Parties in counterparts and may be executed and delivered by facsimile and all such counterparts and facsimiles
together shall constitute one and the same agreement.

 

		(7)	Governing Law. This Agreement is
a contract made under and shall be governed by and construed in accordance with the laws of the Province of British Columbia and
the federal laws of Canada applicable in the Province of British Columbia. The Parties hereby irrevocably submit and attorn to
the jurisdiction of the courts of the Province of British Columbia with respect to all matters arising out of or relating to this
Agreement and all matters, agreements or documents contemplated by this Agreement. The Parties hereby waive any objections they
may have to the venue being in such courts including, without limitation, any claim that any such venue is in an inconvenient forum.

 

		(8)	Entire Agreement. This Agreement constitutes
the entire agreement between the parties hereto with respect to the subject matter hereof.

 

IN WITNESS WHEREOF each
of the parties hereto have duly executed this Agreement.

 

NOVA
COPPER INC.

 

By: Signed: Rick Van Nieuwenhuyse

Rick Van Nieuwenhuyse

President and CEO

 

 

 

 

Signed: Tony Giardini

Tony Giardini

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