Document:

PRIVATE & CONFIDENTIAL

 

November
26, 2012

 

Mr. Sam
Kerr

69 Stillwater
Crescent

Toronto,
Ontario

M2R 3S3

 

Dear
Sam:

 

On behalf
of the Board of Directors of TrioResources AG Inc., I am pleased to offer you the position of Vice President (“VP”)
of TrioResources AG Inc. (“Employer”). This agreement replaces any prior arrangements with the Company (the “Agreement”)
with respect to those items listed below.

 

		1.	Circumstances of Employment

 

We confirm
that the circumstances of your entering into this Agreement are as follows:

 

		a.	Your start date of this Agreement is November 26, 2012

 

		2.	Position. In your role as VP, you will report to the Board
of Directors of the Company and will be responsible for such duties as may be agreed to by you and the Board from time to time.
You will be expected at all times to perform your duties faithfully, industriously and to the best of your ability, experience
and talent, to the reasonable satisfaction of Company.

 

		3.	Salary and Benefits. 

 

		(a)	Base Salary. Your annual base salary will be $120,000
effective November 26, 2012. You will be paid your annual base salary in instalments in arrears in accordance with Employer’s
payroll practices in effect from time to time, less statutory deductions, by direct deposit into a bank account designated by you
or by manual cheque. 

 

		(b)	Bonus. You are eligible to participate in the Company’s
bonus program. Any bonus entitlement will be based on the successful and timely completion of projects assigned to you, as well
as meeting management’s expectations in the performance of your employment, the financial performance of the Company, on
a consolidated basis, and will be granted completely in the discretion of the board of directors of
the Company

 

    	 

    	 

    

 

		(c)	Special Bonus. In the event that there is sale of the
either TrioResources AG Inc., or substantially all of the assets of either company, you will be entitled to a special bonus equal
to two (2) times your base salary at the time and the average of the last two years bonus declared by the Board of directors. Normal
payroll deductions will apply to this payment.

 

		(d)	Benefits. You will be eligible, in respect of you and
your eligible family members, to participate in Employer’s group insurance plan, when and if such group insurance plan becomes
available. You understand and agree that Employer reserves the right to unilaterally revise the terms of the group insurance plan
or to eliminate any group insurance plan altogether or to never offer any group insurance plan. Please note that benefits will
be provided in accordance with the formal plan documents or policies and any issue with respect to entitlement or payment of benefits
under any of the group insurance benefits will be governed by the terms of such documents or policies establishing the benefit
in issue. In the case of insured benefits, any dispute about entitlement is with the insurer.

 

		(e)	Employee Stock Option Plan. At this time, the Company
does not have a Stock Option Plan in place. Notwithstanding, you will be eligible, at the discretion of the Employer’s board
of directors, to participate in such plan at which time it is implemented. Any allocation of Stock Option is at the sole discretion
of the Board of Directors of TrioResources AG Inc.

 

		(f)	Vacation. In addition to normal statutory holidays recognized
by Employer in Ontario, you will be entitled to four (4)
weeks of paid vacation for each calendar year, prorated for each part year of your employment from your start date. If you do not
take your vacation in the year in which it is earned, Employer will allow you to carry over those unused vacation days for a period
of no longer than three months into the next calendar
year. All vacation must be taken at mutually agreed times. 

 

		(g)	Cellular Telephone. Employer agrees that you own your cellular telephone number 416-822-5583.
Employer will reimburse you for costs in using such cellular telephone number in the course of performing your employment duties.

 

		(h)	Travel. Employer will reimburse you for all reasonable travel and related expenses
relating to your employment on a basis consistent with travel expense reimbursement made to other executive employees of TrioResources.

 

		(i)	Client Entertainment. Employer will reimburse you for all reasonable entertainment
and client/customer reward related expenses. Employer agrees that such its annual budget will reference such reasonable amounts.

 

    	– 2 –

    	 

    

 

		(j)	Ongoing Education. The Employer encourages continuing education and it will work with the
Employee to determine which courses and events would enhance both the Employee and the Employer. The Employer will reimburse the
Employee for any courses that are work related where the Employee successfully passes the course. The Employer will evaluate the
Employee attending conferences and where the conferences are approved the Employer will pay for the Employee to attend.

 

		4.	Expenses: If you incur expenses, in addition to those referenced in Section 5, in
the course of performing your duties, you will be reimbursed for such reasonable expenses actually incurred, following approval
by your supervisor of an expense report together with such supporting invoices and/or receipts as are required by Employer’s
expense reimbursement policy from time to time.

 

		5.	Termination of Your Employment. 

 

		a.	For Cause. Employer may terminate your employment at any
time for cause, in which case you will not be entitled to any advance notice of termination or compensation in lieu of notice.
Cause for this purpose includes but is not limited to such things as unsatisfactory job performance or insubordination, either
of which goes uncorrected 30 days following written warnings from the President and CEO or the Chief Financial Officer, and wilful
misconduct that could reasonably be expected to have a material adverse effect on Employer. 

 

		b.	Without Cause.
Employer may terminate your employment at any time without cause on the following terms:

 

		(i)	Upon such termination, Employer will continue to pay you your
base salary and continue your enrolment in any Employer group benefit plans in which you are enrolled at the time of termination
of your employment, for a period of six (6) months from the effective date of termination of your employment. Upon such termination,
Employer will provide payment of any unpaid annual bonus, if any, described in Section 3(b) or 3(c), but only to the extent that
such bonus has been declared by the board of directors of TrioResources AG Inc. 
prior to the expiry of the time period described in the immediately foregoing sentence, and your rights to participate in pension,
insurance and other benefit plans and programs of Employer, or to receive similar coverage, if any, shall be as determined under
such plans and programs in the circumstances. 

 

		(ii)	The amounts referenced above include payment of any termination
and/or severance pay to which you would be entitled pursuant to the ESA or any successor legislation governing your statutory
entitlement to payment on the termination of your employment without cause. 

 

    	– 3 –

    	 

    

 

		(iii)	You agree to accept the payments set out in this Section 5(b)
in full and final satisfaction of any claim which you may have against Employer or any affiliated entity, including Predecessor,
and to sign a full and final release in a form acceptable to Employer following your termination and in consideration of the payments
described above, provided however, that such effective release will not affect any right that you, or in the event of your death,
your personal representative or beneficiary, otherwise has to any accrued payment or benefit provided for in this Agreement (which
for greater certainty, in respect of the annual bonus described in Section 3(b) or 3(c), shall only include a bonus that has been
declared by the board of directors of TrioResources AG Inc.
or to any vested benefits you may have in any employee benefit plan of Employer or its subsidiaries or affiliates, or
any right you have under any other agreement between you and Employer or any or its subsidiaries or affiliates.

 

		c.	Resignation. You may terminate your employment with Employer
at any time by providing at least four (4) weeks advance notice of your intention to resign. Upon such termination, Employer shall
have no further obligations hereunder other than to (i) pay you your accrued but unpaid salary, if any, in accordance with Section
3(a) hereof; and (ii) provide payment of unpaid annual bonus, if any, described in Section 3(b) or 3(c), but only to the extent
that such bonus has been declared by the board of directors of TrioResources AG Inc..
Your rights to participate in pension, insurance and other benefit plans and programs of Employer, or to receive similar coverage,
if any, shall be as determined under such plans and programs in the circumstances.

 

		d.	Termination on Executive’s Death.  In the event
of your death during the term of employment under this Agreement, your employment and this Agreement shall automatically terminate.
In the event of such termination, Employer shall have no further obligations hereunder, except to pay your beneficiary or legal
representative (i) your accrued but unpaid salary, if any, in accordance with Section 3(a) hereof; and (ii) your unpaid annual
bonus, if any, described in Section 3(b) or 3(c), but only to the extent that such bonus has been declared by the board of directors
of TrioResources AG Inc.. Your estate’s or
beneficiary’s rights to participate in pension, insurance and other benefit plans and programs of Employer, or to receive
similar coverage, if any, shall be as determined under such plans and programs in the circumstances. 

 

		6.	Compliance with Policies. You agree that you will adhere
to all Employer policies, rules, systems and procedures which are in place at Employer, as amended from time to time during the
term of your employment. Employer reserves the right to amend the provisions of the Employee policies at any time. 

 

    	– 4 –

    	 

    

 

		7.	Confidentiality Obligation. You acknowledge that in the
course of performing your duties for Employer, you may have access to and be entrusted with confidential information of Employer
and its affiliated companies including: customer names, prices quoted or paid to customers, and information which concerns the
present and contemplated financial status and competitive and business activities of Employer and its affiliates, including its
business strategic and acquisition targets. You agree to not directly or indirectly divulge any confidential information relating
to Employer, or any affiliated corporation or any of its customers to any person whatsoever except as may be required in the course
of performing your employment obligations. You further acknowledge that the disclosure of such confidential information contrary
to the provisions of this Section 8 would be highly detrimental to Employer. You agree that the right to maintain the confidentiality
of such information constitutes a proprietary right which Employer is entitled to protect. Accordingly, you agree and covenant
with Employer that you will not, during the term of your employment or thereafter, disclose any confidential information to any
person whatsoever, except as required in the normal course of your employment. Upon termination of your employment with Employer,
with or without cause, initiated by us or by you, you will not disclose or make use of any Employer confidential information in
any way, directly or indirectly.

 

Notwithstanding
the foregoing, nothing shall prevent disclosure or use of information by you which:

 

		(a)	prior to its disclosure
by you was available to the general public;

 

		(b)	prior to its disclosure by you is disclosed in any publicly available
document or published literature;

 

		(c)	becomes otherwise available to the public through no improper
act of your own; or

 

		(d)	is disclosed as required
by law.

 

		8.	Non-disparagement. Each party hereto covenants and agrees
that it shall not engage in any pattern of conduct that involves the making or publishing of written or oral statements or remarks
(including, without limitation, the repetition or distribution of derogatory rumours, allegations, negative reports or comments)
which are disparaging, deleterious or damaging to the integrity, reputation or goodwill any of the other party hereto.

 

    	– 5 –

    	 

    

 

		9.	Assignment. This Agreement shall inure to the benefit
of and shall be binding upon your heirs, executors, administrators, successors and legal representatives, and shall inure to the
benefit of and be binding upon Employer and its successors and assigns. You may not assign this Agreement. 

 

		10.	Entire Agreement. This Agreement constitutes the complete
understanding between you and Employer with respect to your employment, and no statement, representation, warranty or covenant
has been made by you or Employer with respect to this Agreement except as expressly set forth herein. This Agreement shall not
be altered, modified, amended or terminated unless agreed to in writing by both you and Employer.

 

		11.	Waiver. A waiver by you or Employer of any breach under
this Agreement shall not constitute a waiver of any further breaches of this Agreement.

 

		12.	Invalidity. If any provision of this Agreement shall be
determined by any court of competent jurisdiction to be invalid and unenforceable to any extent, the remainder of this Agreement
shall not be affected by such invalidity.

 

		13.	Counterparts. This Agreement may be executed in counterparts each of which when so
executed and delivered shall be an original, but all such counterparts shall together constitute one and the same instrument.

 

		14.	Governing Law. You agree that this Agreement will be construed
in accordance with the laws of the Province of Ontario.

 

		15.	Independent Legal Advice. You acknowledge that you have
received independent legal advice from counsel prior to signing this Agreement. 

 

[Remainder of page is intentionally left
blank]

 

    	– 6 –

    	 

    

 

If you
are prepared to accept employment with Employer in accordance with the terms and conditions set out in this letter, please sign
a duplicate copy of this letter where indicated below and return to me. The other copy is for your personal files.

 

We look
forward to your acceptance of this offer.

 

TrioResources AG Inc.

 

	Per:	 	 

 

J.
Duncan Reid, CEO

 

Accepted and Agreed:

 

	 	 	 
	Sam Kerr	 	Witness 

 

    	– 7 –

    	 

    

 

SCHEDULE A

 

PRIMARY RESPONSIBILITIES

 

Position Summary

 

The Vice President is responsible for directing TrioResources’ business development
and investor relations initiatives. This includes strategic planning with regard to the Company’s operations, all governing
compliance and regulations, public image, marketing and advertising programs, as well as liaising with potential investors and
institutions. Moreover, the Vice President is responsible for coordinating the implementation and organization of the Company’s
short, intermediate, and long-term business plan, through working with all departments and officers of the company in order to
align their efforts.

 

Reports to:    CEO

 

Responsibilities

 

		·	Coordinate with the CEO and CFO in authoring the business plan of the Company. This will include establishing
essential target dates for milestones and other stages of development.

		·	Responsible for strategic planning across all Company levels, through coordinating the efforts of
all departments, in aligning the operations of the business and the Company’s funding and promotion.

		·	Develop investment strategy with CFO, through which the Company will optimize its market exposure
and volume of shares traded.

		·	Establish relationships with US market makers, broker-dealers, funds, and institutions in order to
further the company’s exposure and backing.

		·	Responsible for reviewing all government documents and Company filings, and coordinating with legal
counsel over filings.

		·	Liaise with all applicable government agencies in order to ascertain the necessary compliance and
regulatory obligations of the Company, and to provide point-of-contact to any outside consulting agencies through which the Company
will maintain its compliance.

		·	Source the purchase of mining and milling equipment, as well as their import/transport to the mine,
and all related infrastructural considerations.

		·	Provide support to CEO and CFO in any/all of their roles, in ensuring the consistency and completeness
of all tasks.

		·	Preparing all marketing collateral, investor presentations & documentations.

		·	Maintaining Company website, including back-end support, providing that all information is accurate
and up-to-date.

		·	Oversee the assay results of wastewater in order to coordinate MMER and MISA compliance.

 

    	– 8 –CONVERTIBLE NOTE

 

	ISSUER:	TRIO RESOURCES AG INC. (the “Debtor”)
	 	 
	HOLDER:	INCENDIA MANAGEMENT GROUP INC. (the “CREDITOR”)
	 	 
	DATE:	September 30th, 2012
	 	 

 

FOR VALUE RECEIVED up to September 30th,
2012, the Debtor hereby acknowledges itself indebted to, and promises to pay to the Creditor in cash, certified cheque, bank
draft or wire of immediately available funds, the principal sum of Two Hundred and Sixty Six Thousand Four Hundred and Forty Four
Dollars and Seventy Cents (CDN$266,444.70) (the “Principal”) in the manner set forth herein.

 

		1.	Payment. Other than as set out herein, the Debtor shall pay all Principal without setoff
or counterclaim and without deduction or withholding for or on account of any present or future taxes, levies, duties, imports
or other charge of any kind.

 

		2.	Conversion of Principal and Repayment. At the option of the Creditor and subject to applicable
securities laws, the entire principal amount outstanding represented by this Convertible Note, plus any accrued interest thereon,
may be converted into common shares of the Debtor at $1.00 per common share. In the event that the Debtor goes public the Convertible
Note may be converted into common shares of the Public Company at the lower of $1.00 per share or at the initial listing price
less 20% discount of the public Shares or any financing that is done by the company via registration statement the debtor has an
option to convert at whichever price is the lowest of all options above. After such conversion, all obligations of the Debtor to
the Creditor pursuant to this Convertible Note shall be deemed to have been satisfied.

 

		3.	Security. The Convertible Note shall be secured until company becomes a Publicly Traded
and the Note is converted to shares or note is paid.

 

		4.	Term: The term of the Convertible Note shall be 2 years from the date of issue.

 

		5.	Repayment. The Principal and accrued interest shall be repaid on or before the end of the
Term from either: (a) the proceeds from a financing that the Debtor may complete; (b) excess working capital not required for the
operations of the business, or (c) conversion into common shares as outlined above. There shall be no penalty or bonus for repayment
of the Convertible Note prior to the end of the Term. Creditor has the right as he chooses to convert the debt note to shares of
the public company at the conversion rate agreed upon above at his option at any time during the period listed above at which time
both the principal and accrued interest will become due for the purpose of conversion.

 

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		6.	Demand. The entire unpaid Principal owing by the Debtor to the Creditor evidenced hereby
shall forthwith become due and payable at (a) the end of the Term; (b) the Creditor has the option to convert the debt to shares
at any time of the term of this Convertible Note once the company becomes Publicly traded and (c) upon demand by the Creditor
if: (i) the Debtor makes default in the observance or performance of any written covenant or undertaking given by the Debtor to
the Creditor pursuant to a specific security agreement to be entered into between the Debtor and the Creditor; (ii) the Debtor
makes default in payment of any indebtedness or liability of the Debtor to the Creditor when due whether hereunder or not and such
default is not cured within 30 days following receipt or deemed receipt of such default; (iii) an order is made or a resolution
passed for the winding-up of the Debtor, or a petition is filed for the winding-up of the Debtor; (iv) the Debtor becomes insolvent
or makes an assignment in bankruptcy or a bulk sale of its assets or a bankruptcy petition is filed or presented against the Debtor;
(v) any proceedings with respect to the Debtor are commenced under the Companies’ Creditors Arrangement Act (Canada)
or the Bankruptcy and Insolvency Act (Canada); (vi) a judgment, execution or any other similar process of any court becomes
enforceable against the Debtor or a distress or analogous process is levied upon the property of the Debtor or any part thereof;
(vii) the Debtor shall permit any sum which has been admitted as due by the Debtor or is not disputed to be due by it and which
forms or is capable of being made a charge upon any of the property of the Debtor to remain unpaid for thirty (30) days after proceedings
have been taken to enforce the same; (viii) the Debtor ceases or threatens to cease to carry on its business or commits or threatens
to commit any act of bankruptcy; or (ix) any material licenses, permits or approvals required by any law, regulation or governmental
policy or by any governmental agency or commission for the operation by the Debtor of its business shall be withdrawn or cancelled.

 

		7.	Interest. The outstanding Principal shall bear interest at the rate of 10% per annum. The
interest shall accrue and be paid at the end of the Term or at the end of the conversion period.

 

		8.	Continuing Obligation. This
Convertible Note shall remain an obligation of the Debtor until the Principal has been fully satisfied by the Debtor either by
repayment or conversion into equity. 

 

		9.	Notices. Any notice, consent or approval required or permitted to be given in connection
with this Convertible Note (in this Section referred to as 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:

 

		(a)	in the case of a Notice to the Debtor at:

	100 King Street West, Suite 5600
	Toronto ON
	M5X 1C9
	Attention: Chief Financial Officer

 

		(b)	in the case of a Notice to the Creditor at:

 

	Attention:  	Incendia Management Group Inc.
	 	1053 Glenanna Road
	 	Pickering, Ontario
	 	L1V 5E4

 

Any Notice delivered or transmitted
to a party 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 on a business day 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 business day then the Notice shall
be deemed to have been given and received on the next business day.

 

Any party may, from time to
time, change its address by giving Notice to the other party in accordance with the provisions of this Section.

 

		10.	Jurisdiction. The provisions of this Convertible Note shall be governed by and interpreted
in accordance with the laws of the Province of Ontario and the laws of Canada applicable therein.

 

		11.	Assignment. This Convertible Note, or any part thereof or any rights thereunder, shall be
assignable by the Debtor at its sole discretion.

 

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		12.	Enurement. This Convertible Note and each of its provisions shall be binding upon and shall
enure to the benefit of the Creditor and its successors and assigns, and the Debtor and its successors and assigns. The term “successor”
shall include, without limitation, any person resulting from the amalgamation, merger or combination of the Debtor with one or
more other persons.

 

		13.	Waivers. A waiver by the Creditor of any right or remedy under this Convertible Note on
any occasion shall not be a bar to exercise of the same right or remedy on any subsequent occasion or of any other right or remedy
at any time. The Debtor hereby expressly waives presentment, demand, and protest, dishonor and nonpayment of this Convertible Note,
and all other notices or demands of any kind in connection with the delivery, acceptance, performance, default or enforcement hereof,
and hereby consents to any delays, extensions of time, renewals, waivers or modifications that may be granted or consented to by
the Creditor with respect to the time of payment or any other provision hereof.

 

IN WITNESS WHEREOF
the parties Debtor has executed this Convertible Note by a duly authorized officer.

 

DATED as of
September 30th, 2012.

 

	 	TRIO RESOURCES AG INC.
	 	 
	 	Per:	 
	 	Name: J. Duncan Reid
	 	Title: CEO

 

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    	-3-

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