Document:

Exhibit
10.1

 

GOLD
ROYALTY CORP. 

1830
- 1030 West Georgia Street

Vancouver,
B.C. V6E 2Y3

 

 

VIA
EMAIL

 

August
1st, 2020

 

David
Garofalo

 

 

Dear
Mr. Garofalo:

 

	Re:	Gold Royalty Corp. (the “Company”) – Appointment of David Garofalo as
    Chair of Board of Directors, President and Chief Executive Officer

 

  

This
letter serves as confirmation of the terms of your appointment as Chair of the board of directors (the “Board”),
President and Chief Executive Officer of the Company.

 

1.
APPOINTMENT AND DUTIES

 

1.1.
Position

 

The
Company will appoint you, and you agree and consent to act as, the Chair of the Board, President and Chief Executive Officer of
the Company, upon and subject to the terms and conditions of this Agreement.

 

1.2.
Duties and Functions

 

You
will be responsible to, and report to, the Board. Your duties shall include those duties set forth in Schedule “A”
hereto, and such other responsibilities and duties reasonably commensurate therewith as the Board may require and assign to you
from time to time in writing (the “Services”). In your capacity as an officer of the Company, you agree to
act in a competent, trustworthy and loyal manner that promotes the interests of the Company. You agree to carry out the Services
using reasonable commercial efforts and in a manner that will promote the business of the Company.

 

Unless
prevented by ill health, or physical or mental disability or impairment, you shall, during the term hereof, devote sufficient
business time, care and attention to the business of the Company in order to properly discharge your duties hereunder. It is acknowledged
and agreed that you are or may become a director, trustee, officer, shareholder or investor in other businesses, ventures, entities,
institutions and organizations during the term of this Agreement and you may devote time, care and attention thereto so long as
your doing so does not materially adversely affect your ability to devote sufficient time and energy to properly discharge your
duties hereunder.

 

1.3.
Good Faith

 

You
agree to faithfully serve the Company, and to not disclose the private affairs of the Company, or any of its affiliates, to any
person other than as required in the business of the Company, and you shall not for your own purposes, or for any purposes other
than those of the Company, disclose any non-public information with respect to the business and operations of the Company.

 

    	 

    	-2-

    

 

1.4.
Avoidance of Conflicts of Interest 

 

You
shall not enter into any agreement, arrangement or understanding with any other person or entity that would in any way conflict
or interfere with this Agreement or your duties and obligations hereunder or that would otherwise prevent you from performing
the Services hereunder.

 

1.5.
Term of Agreement

 

The
term of this Agreement shall be in effect for so long as you are an officer of, or are otherwise engaged or employed by, the Company,
subject to termination as provided for in this Agreement.

 

2.
COMPENSATION

 

2.1.
Restricted Shares

 

In
consideration for your Services to the Company to date and your agreement to be appointed President and Chief Executive Officer
of the Company, the Company will issue you an aggregate of 400,000 restricted common shares of the Company (the “Restricted
Shares”), which will be issued on customary terms, including provisions that they will
be surrendered to the Company for cancellation if the following milestones are not met, in the case of items (a) through (c) below,
within two years of the date of issuance of the Restricted Shares; and in the case of item (d), within three years of the date
of issuance of the Restricted Shares: 

 

	 	(a)	as
    to 25% of such Restricted Shares, if the Company does not complete equity financing(s) in an aggregate amount of at least
    $10,000,000 (the “Round 2 Financing”) prior to completion of an IPO or an Exit Transaction (each as defined
    herein), provided that if prior to the completion of an IPO or an Exit Transaction (each as defined herein), the Company has
    not completed equity financing(s) in an aggregate amount of at least $10,000,000, then the Restricted Shares subject to items
    (b) to (d) below, will be increased on a pro rata basis by the amount of Restricted Shares referenced in this item (a);
	 	 	 
	 	(b)	as
    to 25% of such Restricted Shares, if the Company does not complete an initial public offering, spin-off from GoldMining Inc.
    or other going-public transaction (collectively, an “IPO”) or any merger or sale of the outstanding shares
    of the Company or all or substantially all of its assets to a third-party, in each case, that values the Company at a minimum
    of $50 million (an “Exit Transaction”);
	 	 	 
	 	(c)	as
    to 25% of such Restricted Shares if the Company does not receive at least $1,000,000 of royalty payments under any of its
    royalties; and
	 	 	 
	 	(d)	as
    to 25% of such Restricted Shares if you are no longer a director, officer or employee of the Company on the date that is one
    year after an IPO, provided that where an Exit Transaction (other than a reverse takeover or similar going public transaction)
    occurs prior to the satisfaction of this condition, then this condition shall be deemed earlier satisfied concurrently upon
    completion of an Exit Transaction.

 

The
Restricted Shares will be issued to you by the Company as soon as reasonably practicable of the date hereof and will be issued
at a price that will not be less than the fair value of such Restricted Shares at the time of their issuance. You acknowledge
that the Restricted Shares may be subject to hold periods and legends required under applicable securities laws and as may be
imposed by any applicable stock exchange in connection with a listing of the Company’s common shares thereon.

 

    	 

    	-3-

    

 

2.2.
Options

 

In
addition, you shall be granted, in consideration for, and as an inducement to, agreeing to enter into this Agreement and provide
the Services hereunder, options (the “Options”) to purchase an aggregate of 600,000 common shares of the Company
at an exercise price equal to US$5.00 per share or such lower price, if any, at which the Company sells shares in the Round 2
Financing. For greater clarity: (a) the exercise price of the Options will not be less than the fair market value of the common
shares of the Company at the time of such grant; (b) 25% of the Options will vest on the date of grant and 25% will vest on each
of the dates that are 6, 12 and 18 months thereafter; (c) the Options will be granted as soon as reasonably practicable after
completion of the Round 2 Financing; and (d) the Options will be exercisable for a period of five years from the grant date thereof.
The Options will be granted pursuant to a customary long term incentive plan to be adopted by the Company prior to its IPO. Notwithstanding
the foregoing, the terms of the Options may be amended if required to comply with the requirements of any applicable stock exchange
in connection with an IPO.

 

2.3.
Additional Compensation

 

You
shall otherwise be eligible to participate, from time to time, in the Company’s short and long-term compensation and incentive
plans and other benefit plans, as may be adopted and implemented from time to time on a basis commensurate with your position
and responsibilities. For certainty, as soon as reasonably practicable after an IPO, the Board and/or its compensation committee,
as applicable, and you will negotiate in good faith towards finalizing and entering into an executive employment agreement on
such terms, including as to compensation, that is commensurate with your position, responsibilities and on terms customary for
a similarly situated company in the royalty industry.

 

2.4.
Benefits

 

Subject
to the terms of the various plans in effect with the Company from time to time, and subject to your taking the necessary steps
to ensure that you (and, where applicable, your eligible dependents) are properly registered under the plans, and subject to payment
of costs payable by you where applicable, you shall participate in all employee benefit programs made available to other senior
executives of the Company and its subsidiaries and commensurate to your position.

 

2.5.
Expenses

 

The
Company agrees to pay or promptly reimburse you for the reasonable travel and business related expenses actually and properly
incurred by you in connection with your provision of the Services under this Agreement in accordance with the Company’s
policies, as may be in place from time to time.

 

3.
TERMINATION 

 

3.1.
Termination by Notice

 

You
may terminate this Agreement upon giving the Company at least 60 days’ prior written notice of the termination date. On
receiving such notice, the Company may elect to pay you salary in lieu of working the notice period, in which case the termination
will be effective immediately.

 

Subject
to Section 3.2, the Company may terminate this Agreement subject to applicable notice periods under the laws of the province of
British Columbia, including the common law applicable therein.

 

    	 

    	-4-

    

 

For
the sake of clarity, the treatment of any Restricted Shares, Options or other awards on termination of this Agreement shall be
governed by the plans and/or agreement underlying such Restricted Shares, Options, or other awards.

 

3.2.
Termination for Cause

 

The
Company may terminate this Agreement and your positions with the Company for “cause” as that term is interpreted at
common law, at any time, without notice or payment in lieu thereof.

 

3.3.
Resignation from Board of Directors

 

You
agree that, if you are a director of the Company or any of its subsidiaries at the time this Agreement is terminated or at the
time of your resignation or termination as President and Chief Executive Officer of the Company, you will, if requested by the
Company, immediately resign as a director of the Company of any of its subsidiaries, as applicable.

 

4.
CONFIDENTIALITY 

 

4.1.
Confidentiality

 

You
acknowledge and agree that: (i) during the course your appointment as a director of the Company or your engagement hereunder,
you will have an opportunity to learn or otherwise become aware of Confidential Information (as defined herein); (ii) the Confidential
Information is a valuable asset which is the property of the Company exclusively, the unauthorized use or disclosure of which
would cause serious harm to the economic interests of the Company; (iii) it is in the interests of the Company that the Confidential
Information remain the exclusive confidential property of the Company and that it not be used or disclosed except in accordance
with the knowledge and consent of the Company; and (iv) other than in the course of performing duties in accordance with your
engagement hereunder or your appointment as a director or officer of the Company or as otherwise approved by the Company in writing,
you shall hold in confidence all Confidential Information, not directly or indirectly use any Confidential Information and not
directly or indirectly disclose any Confidential Information.

 

4.2.
Definition of Confidential Information

 

In
this Agreement, “Confidential Information” means information known or used by the Company in connection with
its business and affairs that is not known to the general public and includes, but is not limited to, research, strategic plans
or objectives, potential acquisitions or other transactions, unpublished financial information, unpublished exploration data and
other information relating to the Company’s royalty or other mineral interests and all intellectual property, but does not
include any information that: (i) is or becomes a matter of public knowledge through no breach of this Agreement by you; (ii)
any information of which the you have specific knowledge prior to this engagement; or (iii) any information of which you obtain
specific knowledge from a third party after the termination of this Agreement and the cessation of your office as a director or
officer of the Company, unless the third party obtained such information directly or indirectly from a person in violation of
a duty of confidence owed to the Company.

 

4.3.
Ownership of Documents and Records

 

All
documents, software, records, work papers, notes, memoranda and similar records of or containers of Confidential Information made
or compiled by you at any time or made available to you at any time during the term of this Agreement or your tenure as a director
or officer of the Company (whether before the effective date of this Agreement or thereafter) including all copies thereof, shall
be the property of the Company and belong solely to it, and shall be held by you solely for the benefit of the Company and you
shall deliver same to the Company upon the termination of this Agreement or the termination of your tenure as a director and officer
of the Company or at any other time upon request by the Company.

 

    	 

    	-5-

    

 

5.
NON-SOLICITATION AND NON-COMPETITION 

 

5.1.
Non-Solicitation

 

You
acknowledge and agree that, during the term of this Agreement or the term that you serve as a director or officer of the Company
and for a period of one (1) year after the later thereof, you will not solicit, directly or indirectly, employees or consultants
of the Company for the purpose of having them terminate their employment or engagement with the Company, provided, however, that
any general solicitation of employment that does not target the Company’s employees shall not be deemed to be a violation
of this Section 5.1.

 

5.2.
Corporate Opportunities

 

You
further agree and acknowledge that you will not, during the term of this Agreement or the term that you serve as a director or
officer of the Company and for a period of one (1) year after the later thereof, appropriate for yourself or for any organization
or person by which you are employed or retained, any Company property or business opportunity that had arisen through the use
of Company property, information or by virtue of your position with the Company or provision of Services to the Company.

 

6.
GENERAL

 

6.1.
Entire Agreement

 

This
Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and cancels and supersedes
any prior understandings and agreements between the parties hereto with respect thereto. There are no representations, warranties,
forms, conditions, undertakings or collateral agreements, express, implied or statutory between the parties other than as expressly
set forth in this Agreement.

 

6.2.
Waivers

 

No
waiver of any breach of any term or provision of this Agreement shall be effective or binding unless made in writing and signed
by the party purporting to give the same and, unless otherwise provided in the written waiver, shall be limited to the specific
breach waived.

 

6.3.
Survival of Terms

 

Your
representations, warranties, covenants, agreements, obligations and liabilities under any and all of Sections 1.3, 1.4, 4 and
5 of this Agreement shall survive any expiration or termination of this Agreement. Any expiration or termination of this Agreement
shall be without prejudice to any rights and obligations of the parties hereto arising or existing up to the effective date of
such expiration or termination, or any remedies of the parties with respect thereto.

 

6.4.
Severability

 

If
any provision of this Agreement is determined to be invalid or unenforceable in whole or in part, such invalidity or unenforceability
shall attach only to such provision or part thereof and the remaining part of such provision and all other provisions hereof shall
continue in full force and effect.

 

    	 

    	-6-

    

 

6.5.
Further Assurances

 

Each
party must, from time to time, execute and deliver all such further documents and instruments and do all acts and things as the
other party may reasonably require to effectively carry out or better evidence or perfect the full intent and meaning of this
Agreement.

 

6.6.
Laws and Courts

 

This
Agreement shall be governed and interpreted in accordance with the laws of the province of British Columbia and the federal laws
applicable therein. All disputes arising under this Agreement will be referred to the courts of British Columbia which will have
jurisdiction, but not exclusive jurisdiction, and each party hereto irrevocably submits to the non-exclusive jurisdiction of such
courts.

 

6.7.
Counterpart Execution

 

This
Agreement may be executed in any number of counterparts, each of which when delivered, either in original or facsimile form, shall
be deemed to be an original and all of which together shall constitute one and the same document.

 

    	 

    	-7-

    

 

Please
acknowledge your agreement to this arrangement by signing below as provided.

 

Yours
truly,

 

GOLD
ROYALTY CORP. 

 

	By:
    	/s/
    Pat Obara	 
	 	Authorized
    Signatory 	 

 

AGREED
TO this 1st day of August, 2020.

 

	/s/
    David Garofalo	 
	David
    Garofalo	 

 

    	 

    	 

    

 

Schedule
“A”

 

SERVICES

 

As
Chair of the Board and President and Chief Executive Officer of the Company, your duties shall include the following:

 

	 	(a)	providing
    leadership the Company’s executive team;
	 	 	 
	 	(b)	establishing
    and implementing operational and financial strategies and policies of the Company as approved by the Board;
	 	 	 
	 	(c)	overseeing
    the preparation of business plans as required from time to time for review and approval by the Board
	 	 	 
	 	(d)	monitoring
    the operations of the Company;
	 	 	 
	 	(e)	providing
    leadership in identifying, reviewing and assessing potential mergers and acquisition targets;
	 	 	 
	 	(f)	supervising
    corporate information dissemination, directing the required interaction between the Company and institutional investors and
    the public, and acting as a spokesperson for the Company; 
	 	 	 
	 	(g)	meeting
    regularly and as required with the Board to review material issues and to ensure that the Board is provided in a timely manner
    with all information and access to management necessary to permit the Board to fulfill its obligations; and 
	 	 	 
	 	(h)	performing
    such other duties consistent with your positions which the Board shall, from time to time, reasonably direct.Exhibit
10.2

 

GOLD
ROYALTY CORP.

1830
- 1030 West Georgia Street

Vancouver,
B.C. V6E 2Y3

VIA
EMAIL

 

November
1st, 2020

 

Josephine
Man

 

Dear
Josephine:

 

Re:
Gold Royalty Corp. (the “Company”) – Appointment of Josephine Man as Chief Financial Officer

 

This
letter serves as confirmation of the terms of your appointment as Chief Financial Officer of the Company.

 

	 	1.	APPOINTMENT
    AND DUTIES

 

		1.1.	Position

 

The
Company will appoint you, and you agree and consent to act as, the Chief Financial Officer of the Company, commencing on November
1, 2020, upon and subject to the terms and conditions of this Agreement.

 

		1.2.	Duties
                                         and Functions

 

You
will be responsible to, and report to, the Chief Executive Officer of the Company (the “CEO”). Your duties
shall include those duties set forth in Schedule “A” hereto, and such other responsibilities and duties
reasonably commensurate therewith as the CEO or the board of directors of the Company (the “Board”) may
require and assign to you from time to time in writing (the “Services”). In your capacity as an officer of
the Company, you agree to act in a competent, trustworthy and loyal manner that promotes the interests of the
Company.

 

You
agree to carry out the Services using reasonable commercial efforts and in a manner that will promote the business of the Company.
This is a part time position and you agree to devote at least [●] hours per week to the business of the Company. It is acknowledged
and agreed that the you are currently, and may in the future act as, a director or officer in other businesses, ventures, entities,
institutions and organizations during the term of this Agreement and may devote time, care and attention thereto so long as you
doing so do not materially adversely affect your ability to devote sufficient time and energy to properly discharge your duties
hereunder or otherwise result in a breach of this Agreement by you, and further provided that such business, venture, entity,
institution or organization is not in the gold or other precious metal royalty, streaming or similar business.

 

		1.3.	Good
                                         Faith

 

You
agree to faithfully serve the Company, and to not disclose the private affairs of the Company, or any of its affiliates, to any
person other than as required in the business of the Company, and you shall not for your own purposes, or for any purposes other
than those of the Company, disclose any non-public information with respect to the business and operations of the Company.

 

    	 

     

    

  

		1.4.	Avoidance
                                         of Conflicts of Interest

 

You
shall not enter into any agreement, arrangement or understanding with any other person or entity that would in any way
conflict or interfere with this Agreement or your duties and obligations hereunder or that would otherwise prevent you from
performing the Services hereunder.

 

		1.5.	Term
                                         of Agreement

 

The
term of this Agreement shall be in effect for so long as you are an officer of, or are otherwise engaged or employed by, the Company,
subject to termination as provided for in this Agreement.

 

	 	2.	COMPENSATION

 

	 	2.1.	Base
    Salary

 

You
shall receive an annual base salary (the “Base Salary”) of $60,000. Such Base Salary will be due and payable
by the Company to you in accordance with the Company’s normal payroll practices, and shall be subject to deductions in respect
of statutory remittances, including, without limitation, deductions for income tax, pension plan premiums and employment insurance
premiums, in a manner consistent with the general payroll practice of the Company, or at such other time and in such other manner
as you and the Company may agree in writing, from time to time.

 

	 	2.2.	Adjustment
    of Base Salary

 

As
soon as reasonably practicable after the completion of an initial public offering, spin-off from GoldMining Inc. or other going-public
transaction of the Company (collectively, an “IPO”), the Board and/or its compensation committee, as applicable,
and you will negotiate in good faith towards finalizing and entering into an executive employment agreement on such terms, including
as to adjustment of base salary, that is commensurate with your position, responsibilities and on terms customary for a similarly
situated company in the royalty industry.

 

	 	2.3.	Options

 

You
shall be granted, in consideration for, and as an inducement to, agreeing to enter into this Agreement and provide the Services
hereunder, Gold Royalty options (the “ GRC Options”) to purchase an aggregate of 180,000 common shares of the
Company at an exercise price equal to US$5.00 per share or such lower price, if any, at which the Company sells common shares
in any financing for cash proceeds that results in completion of equity financings in the aggregate amount of at least US$10,000,000
(the “Round 2 Financing”). For greater clarity: (a) the exercise price of the GRC Options will not be less
than the fair market value of the common shares of the Company at the time of such grant; (b) 25% of the GRC Options will vest
on the date of grant and 25% will vest on each of the dates that are 6, 12 and 18 months thereafter; (c) the GRC Options will
be granted as soon as reasonably practicable after completion of the Round 2 Financing; and (d) the GRC Options will be exercisable
for a period of five years from the grant date thereof. The GRC Options will be granted pursuant to a customary long-term incentive
plan to be adopted by the Company prior to its IPO. Notwithstanding the foregoing, the terms of the GRC Options may be amended
if required to comply with the requirements of any applicable stock exchange in connection with an IPO.

 

    	 

    	 

    

  

Additionally,
you shall be granted, in consideration for, and as an inducement to, agreeing to enter into this Agreement and provide the Services
hereunder, options (the “GOLD Options”) to purchase an aggregate of 25,000 common shares of GoldMining Inc.
at an exercise price per share equal to the closing price on the day prior to signing this Agreement. For greater clarity: (a)
the exercise price of the GOLD Options will not be less than the fair market value of the common shares of GoldMining Inc. at
the time of such grant; (b) 25% of the GOLD Options will vest on the date of grant and 25% will vest on each of the dates that
are 6, 12 and 18 months thereafter; (c) the GOLD Options will be granted pursuant to, and shall at all times be subject to, the
terms of the GoldMining Inc.’s second amended and restated stock option plan dated April 5, 2019, as the same may be amended,
supplemented or replaced from time to time (the “GOLD Plan”); and (d) the GOLD Options will be exercisable
for a period of five years from the grant date thereof.

 

	 	2.4.	Additional
    Compensation

 

You
shall otherwise be eligible to participate, from time to time, in the Company’s short and long-term compensation and incentive
plans and other benefit plans, as may be adopted and implemented from time to time on a basis commensurate with your position
and responsibilities as may be determined by the Board and/or its compensation committee.

 

	 	2.5.	Benefits

 

Subject
to the terms of the various plans in effect with the Company from time to time, and subject to your taking the necessary steps
to ensure that you (and, where applicable, your eligible dependents) are properly registered under the plans, and subject to payment
of costs payable by you where applicable, you shall participate in all employee benefit programs made available to other senior
executives of the Company and its subsidiaries and commensurate to your position as may be determined by the Board and/or its
compensation committee.

 

	 	2.6.	Expenses

 

The
Company agrees to pay or promptly reimburse you for the reasonable travel and business related expenses actually and properly
incurred by you in connection with your provision of the Services under this Agreement in accordance with the Company’s
policies, as may be in place from time to time.

 

	 	3.	TERMINATION

 

	 	3.1.	Termination
    by Notice

 

You
may terminate this Agreement upon giving the Company at least 30 days’ prior written notice of the termination date. On
receiving such notice, the Company may elect to pay you salary in lieu of working the notice period, in which case the termination
will be effective immediately.

 

Subject
to Section 3.2, the Company may terminate this Agreement, at any time, subject to applicable notice periods under the laws of
the province of British Columbia, including the common law applicable therein. For the sake of clarity, the treatment of any GRC
and GOLD Options or other awards on termination of this Agreement shall be governed by the plans and/or agreement underlying such
Options or other awards.

 

	 	3.2.	Termination
    for Cause

 

Notwithstanding
Section 3.1, the Company may terminate this Agreement and your positions with the Company for “cause” as that term
is interpreted at common law, at any time, without notice or payment in lieu thereof.

 

    	 

    	 

    

  

	 	3.3.	Resignation
    from Board of Directors

 

You
agree that, if you are a director of the Company or any of its subsidiaries at the time this Agreement is terminated or at the
time of your resignation or termination as Chief Financial Officer of the Company, you will, if requested by the Company, immediately
resign as a director or officer of the Company of any of its subsidiaries, as applicable.

 

	 	4.	CONFIDENTIALITY

 

	 	4.1.	Confidentiality

 

You
acknowledge and agree that: (i) during the course of your engagement hereunder, you will have an opportunity to learn or otherwise
become aware of Confidential Information (as defined herein); (ii) the Confidential Information is a valuable asset which is the
property of the Company exclusively, the unauthorized use or disclosure of which would cause serious harm to the economic interests
of the Company; (iii) it is in the interests of the Company that the Confidential Information remain the exclusive confidential
property of the Company and that it not be used or disclosed except in accordance with the knowledge and consent of the Company;
and (iv) other than in the course of performing duties in accordance with your engagement hereunder or your appointment as a director
or officer of the Company or as otherwise approved by the Company in writing, you shall hold in confidence all Confidential Information,
not directly or indirectly use any Confidential Information and not directly or indirectly disclose any Confidential Information.

 

	 	4.2.	Definition
    of Confidential Information

 

In
this Agreement, “Confidential Information” means information known or used by the Company in connection with
its business and affairs that is not known to the general public and includes, but is not limited to, research, strategic plans
or objectives, potential acquisitions or other transactions, unpublished financial information, unpublished exploration data and
other information relating to the Company’s royalty or other mineral interests and all intellectual property, but does not
include any information that: (i) is or becomes a matter of public knowledge through no breach of this Agreement by you; (ii)
any information of which the you have specific knowledge prior to this engagement; or (iii) any information of which you obtain
specific knowledge from a third party after the termination of this Agreement and the cessation of your office as a director or
officer of the Company, unless the third party obtained such information directly or indirectly from a person in violation of
a duty of confidence owed to the Company.

 

	 	4.3.	Ownership
    of Documents and Records

 

All
documents, software, records, work papers, notes, memoranda and similar records of or containers of Confidential Information made
or compiled by you at any time or made available to you at any time during the term of this Agreement or your tenure as a director
or officer of the Company (whether before the effective date of this Agreement or thereafter) including all copies thereof, shall
be the property of the Company and belong solely to it, and shall be held by you solely for the benefit of the Company and you
shall deliver same to the Company upon the termination of this Agreement or the termination of your tenure as a director and officer
of the Company or at any other time upon request by the Company.

 

    	 

    	 

    

  

	 	5.	NON-SOLICITATION
    AND NON-COMPETITION

 

	 	5.1.	Non-Solicitation

 

You
acknowledge and agree that, during the term of this Agreement or the term that you serve as a director or officer of the Company
and for a period of one year after the later thereof, you will not solicit, directly or indirectly, employees or consultants of
the Company for the purpose of having them terminate their employment or engagement with the Company, provided, however, that
any general solicitation of employment that does not target the Company’s employees shall not be deemed to be a violation
of this Section 5.1.

 

	 	5.2.	Corporate
    Opportunities

 

You
further agree and acknowledge that you will not, during the term of this Agreement or the term that you serve as a director or
officer of the Company and for a period of one year after the later thereof, appropriate for yourself or for any organization
or person by which you are employed or retained, any Company property or business opportunity that had arisen through the use
of Company property, information or by virtue of your position with the Company or provision of Services to the Company.

 

	 	6.	GENERAL

 

	 	6.1.	Entire
    Agreement

 

This
Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and cancels and supersedes
any prior understandings and agreements between the parties hereto with respect thereto. There are no representations, warranties,
forms, conditions, undertakings or collateral agreements, express, implied or statutory between the parties other than as expressly
set forth in this Agreement.

 

	 	6.2.	Waivers

 

No
waiver of any breach of any term or provision of this Agreement shall be effective or binding unless made in writing and signed
by the party purporting to give the same and, unless otherwise provided in the written waiver, shall be limited to the specific
breach waived.

 

	 	6.3.	Survival
    of Terms

 

Your
representations, warranties, covenants, agreements, obligations and liabilities under any and all of Sections 1.3, 1.4, 4 and
5 of this Agreement shall survive any expiration or termination of this Agreement.

 

Any
expiration or termination of this Agreement shall be without prejudice to any rights and obligations of the parties hereto arising
or existing up to the effective date of such expiration or termination, or any remedies of the parties with respect thereto.

 

	 	6.4.	Severability

 

If
any provision of this Agreement is determined to be invalid or unenforceable in whole or in part, such invalidity or unenforceability
shall attach only to such provision or part thereof and the remaining part of such provision and all other provisions hereof shall
continue in full force and effect.

 

	 	6.5.	Further
    Assurances

 

Each
party must, from time to time, execute and deliver all such further documents and instruments and do all acts and things as the
other party may reasonably require to effectively carry out or better evidence or perfect the full intent and meaning of this
Agreement.

 

    	 

    	 

    

  

	 	6.6.	Laws
    and Courts

 

This
Agreement shall be governed and interpreted in accordance with the laws of the province of British Columbia and the federal laws
applicable therein. All disputes arising under this Agreement will be referred to the courts of British Columbia which will have
jurisdiction, but not exclusive jurisdiction, and each party hereto irrevocably submits to the non-exclusive jurisdiction of such
courts.

 

	 	6.7.	Counterpart
    Execution

 

This
Agreement may be executed in any number of counterparts, each of which when delivered, either in original or facsimile form, shall
be deemed to be an original and all of which together shall constitute one and the same document.

 

    	 

    	 

    

 

Please
acknowledge your agreement to this arrangement by signing below as provided.

 

Yours
truly,

 

GOLD
ROYALTY CORP. 

  

	By:	 /s/
    David Garofalo	 
	 	Authorized
    Signatory	 

 

AGREED
TO this 18th day of November, 2020.

  

	/s/
    Josephine Man	 
	JOSEPHINE
    MAN	 

 

    	 

    	 

    

  

Schedule
“A”

 

SERVICES

 

As
Chief Financial Officer of the Company, your duties shall include the following:

 

	 	(a)	 supervision
    and management of all accounting and financial reporting functions, all treasury, receivable and payable functions, all banking
    arrangements and all other internal financial functions and controls of the Company;
	 	(b)	supervision
    and management of all employees in the financial and accounting departments of the Company;
	 	(c)	preparation
    of all budgets and business plans, and reporting on the same;
	 	(d)	participation
    in the development of policies and programs, and reporting on the same; and
	 	(e)	performance
    of such other functions and duties normally performed by a chief financial officer and/or corporate secretary of publicly
    held companies comparable to the Company, and such other duties and functions consistent with the chief financial officer’s
    position which the chief executive officer of the Company shall, from time to time, reasonably direct.

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