Document:

Exhibit 10.1

PROMISSORY NOTE

 

	 	$400,000	As of May 2, 2022

 

Alpine Acquisition Corporation
(“Maker”) promises to pay to the order of Alpine Acquisition Sponsor LLC or its successors or assigns (“Holder”)
the principal sum of Four Hundred Thousand Dollars and No Cents ($400,000.00) in lawful money of the United States of America, on the
terms and conditions described below.

 

1. Principal. The
principal balance of this Note shall be repayable on the consummation of the Maker’s initial merger, stock exchange, asset acquisition,
stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities (a “Business
Combination”). Holder understands that if a Business Combination is not consummated, this Note will not be repaid and all amounts
owed hereunder will be forgiven except to the extent that the Maker has funds available to it outside of its trust account established
in connection with its initial public offering.

 

2. Interest. No interest
shall accrue on the unpaid principal balance of this Note.

 

3. Application of Payments.
All payments shall be applied first to payment in full of any costs incurred in the collection of any sum due under this Note, including
(without limitation) reasonable attorneys’ fees, then to the payment in full of any late charges and finally to the reduction of
the unpaid principal balance of this Note.

 

4. Events of Default.
The following shall constitute Events of Default:

 

(a) Failure to Make
Required Payments. Failure by Maker to pay the principal of this Note within five (5) business days following the date when due.

 

(b) Voluntary Bankruptcy,
Etc. The commencement by Maker of a voluntary case under the Federal Bankruptcy Code, as now constituted or hereafter amended,
or any other applicable federal or state bankruptcy, insolvency, reorganization, rehabilitation or other similar law, or the consent by
it to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar
official) of Maker or for any substantial part of its property, or the making by it of any assignment for the benefit of creditors, or
the failure of Maker generally to pay its debts as such debts become due, or the taking of corporate action by Maker in furtherance of
any of the foregoing.

 

(c) Involuntary Bankruptcy,
Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of maker in an involuntary
case under the Federal Bankruptcy Code, as now or hereafter constituted, or any other applicable federal or state bankruptcy, insolvency
or other similar law, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of Maker
or for any substantial part of its property, or ordering the winding-up or liquidation of its affairs, and the continuance of any such
decree or order unstayed and in effect for a period of 60 consecutive days.

 

5. Remedies.

 

(a) Upon the occurrence of an
Event of Default specified in Section 4(a), Holder may, by written notice to Maker, declare this Note to be due and payable, whereupon
the principal amount of this Note, and all other amounts payable thereunder, shall become immediately due and payable without presentment,
demand, protest or other notice of any kind, all of which are hereby expressly waived, anything contained herein or in the documents evidencing
the same to the contrary notwithstanding. 

 

(b) Upon the occurrence of an
Event of Default specified in Sections 4(b) and 4(c), the unpaid principal balance of, and all other sums payable with regard to, this
Note shall automatically and immediately become due and payable, in all cases without any action on the part of Holder.

 

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6. Conversion. Upon
consummation of a Business Combination, the Holder shall have the option, but not the obligation, to convert the principal balance of
this Note, in whole or in part at the option of the Holder, into warrants (“Warrants”) of the Maker at a price of $1.00
per Warrant; provided, however, that the Holder shall be permitted to convert this Note only if the stockholders of the Maker or the target
business in any such Business Combination, whichever may be required in connection with such Business Combination, have approved the issuance
of the Warrants to the Holder if such approval is necessary under applicable law. The Warrants will be identical to the “private
warrants” (as such term is defined in the Maker’s final prospectus for its initial public offering, dated August 30, 2021).
As promptly as reasonably practicable after notice by Holder to Maker to convert the principal balance of this Note, which must be made
at least 24 hours prior to the consummation of the Business Combination, and after Holder’s surrender of this Note, Maker shall
have issued and delivered to Holder, without any charge to Holder, a certificate or certificates (issued in the name(s) requested by Holder)
for the number of Warrants of Maker issuable upon the conversion of this Note.

 

7. Waivers. Maker
and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor, protest, and
notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by Holder under the terms
of this Note, and all benefits that might accrue to Maker by virtue of any present or future laws exempting any property, real or personal,
or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution, or providing for
any stay of execution, exemption from civil process, or extension of time for payment; and Maker agrees that any real estate that may
be levied upon pursuant to a judgment obtained by virtue hereof, on any writ of execution issued hereon, may be sold upon any such writ
in whole or in part in any order desired by Holder.

 

8. Unconditional Liability.
Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement of the payment of this
Note, and agrees that its liability shall be unconditional, without regard to the liability of any other party, and shall not be affected
in any manner by any indulgence, extension of time, renewal, waiver or modification granted or consented to by Holder, and consents to
any and all extensions of time, renewals, waivers, or modifications that may be granted by Holder with respect to the payment or other
provisions of this Note, and agree that additional makers, endorsers, guarantors, or sureties may become parties hereto without notice
to them or affecting their liability hereunder.

 

9. Notices. Any notice
called for hereunder shall be deemed properly given if (i) sent by certified mail, return receipt requested, (ii) personally delivered,
(iii) dispatched by any form of private or governmental express mail or delivery service providing receipted delivery, (iv) sent by telefacsimile
or (v) sent by e-mail, to the following addresses or to such other address as either party may designate by notice in accordance with
this Section:

 

If to Maker:

 

Alpine Acquisition Corporation

10141 N. Canyon View Lane

Fountain Hills, Arizona 85268

 

If to Holder:

 

Alpine Acquisition Sponsor LLC

10141 N. Canyon View Lane

Fountain Hills, Arizona 85268

 

Notice shall be deemed given on the earlier of (i)
actual receipt by the receiving party, (ii) the date shown on a telefacsimile transmission confirmation, (iii) the date on which an e-mail
transmission was received by the receiving party’s on-line access provider (iv) the date reflected on a signed delivery receipt,
or (vi) two (2) Business Days following tender of delivery or dispatch by express mail or delivery service.

 

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10. Construction.
This Note shall be construed and enforced in accordance with the domestic, internal law, but not the law of conflict of laws, of the State
of Delaware.

 

11. Severability.
Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

IN WITNESS WHEREOF, Maker, intending
to be legally bound hereby, has caused this Note to be duly executed the day and year first above written.

  

	 	
    ALPINE ACQUISITION CORPORATION

	 	 
	 	By: 	 
	 	 	Name: 
	 	 	Title: 

 

    3Gentor Resources Inc.: Exhibit 4.1 - Filed by newsfilecorp.com

    

    EXHIBIT 4.1

    GENTOR RESOURCES INC.

    Stock Option Plan

     The board of directors of Gentor Resources Inc. (the "Corporation") wishes to establish a stock option plan (the "Plan") governing the issuance of stock options (the "Stock Options") to directors, officers and employees of the Corporation or subsidiaries of the Corporation and persons or corporations who provide services to the Corporation or its subsidiaries on an on-going basis, or have provided or are expected to provide a service or services of considerable value to the Corporation or its subsidiaries.  Capitalized terms, not otherwise defined herein, have the meanings ascribed thereto in the TSX Venture Exchange Corporate Finance Manual.

     The terms and conditions of the Plan for issuance of Stock Options are as follows:

    1. Purposes

     The principal purposes of the Plan are:

    (a) to retain and attract qualified directors, officers, employees and service providers which the Corporation and its subsidiaries require;

    (b) to promote a proprietary interest in the Corporation and its subsidiaries;

    (c) to provide an incentive element in compensation; and

    (d) to promote the profitability of the Corporation and its subsidiaries.

    2. Reservation of Shares

     The total number of common shares in the capital of the Corporation ("Common Shares") issuable upon the exercise of all outstanding Stock Options granted under this Plan shall not at any time exceed 10% of the total number of outstanding Common Shares, from time to time.

    3. Eligibility

     Stock Options shall be granted only to persons, firms or corporations ("Eligible Optionees") who are Directors, Employees, Consultants or Management Company Employees of the Corporation or a subsidiary of the Corporation.  Where the Eligible Optionee is an Employee, Consultant or Management Company Employee, the board of directors of the Corporation (the "Board") shall confirm that the Eligible Optionee is a bona fide Employee, Consultant or Management Company Employee, as the case may be, of the Corporation or a subsidiary of the Corporation prior to any grant of Stock Options.

     Stock Options may also be granted to a corporation which is wholly-owned by an Eligible Optionee if the corporation agrees not to effect or permit any transfer of ownership or option of shares of the corporation, nor to issue further shares of any class in the corporation to any other individual or entity as long as any Stock Options granted to the corporation remain outstanding, without the prior written consent of the TSX Venture Exchange.  Unless the context otherwise requires, the term Eligible Optionee as used herein, shall include any such corporation.

    

    4. Granting of Stock Options

     The Board may from time to time grant Stock Options to Eligible Optionees.  At the time a Stock Option is granted, the Board shall determine the number of Common Shares of the Corporation available for purchase under the Stock Option, the date when the Stock Option is to become effective and, subject to the other provisions of this Plan, all other terms and conditions of the Stock Option.  An Eligible Optionee may hold more than one Stock Option at any time, however, at no time shall:

    (a) the number of Common Shares reserved for issuance pursuant to stock options granted to Insiders under this Plan and under any other stock purchase or option plans of the Corporation, exceed 10% of the outstanding Common Shares;

    (b) the number of stock options granted to Insiders under this Plan and under any other stock purchase or option plans of the Corporation, within a 12 month period, exceed 10% of the outstanding Common Shares; 

    (c) the number of Common Shares reserved for issuance pursuant to stock options granted to any one person, firm or corporation under this Plan and under any other stock purchase or option plans of the Corporation, exceed 5% of the outstanding Common Shares; 

    (d) the number of Common Shares issued pursuant to stock options under this Plan and under any other stock purchase or option plans of the Corporation to any one person, firm or corporation, within a one-year period, exceed 5% of the outstanding Common Shares;

    (e) the number of Stock Options granted to any one Consultant in a 12 month period exceed 2% of the outstanding Common Shares; or

    (f) the aggregate number of Stock Options granted to persons employed in Investor Relations Activities exceed 2% of the outstanding Common Shares in any 12 month period without the express consent of the TSX Venture Exchange.

     Any Stock Options granted to a corporation referred to in Section 3 hereof shall be included in the calculation of the Stock Options held by an Eligible Optionee.

    5. Exercise Price

                  The exercise price (the "Exercise Price") of each Stock Option shall be determined in the discretion of the Board at the time of the granting of the Stock Option, provided that the exercise price shall not be lower than the "Market Price".  "Market Price" shall mean the last closing price of the Common Shares on the TSX Venture Exchange prior to the date the Stock Option is granted; provided that in the event the Common Shares are not listed on the TSX Venture Exchange but are listed on another stock exchange or stock exchanges, the foregoing reference to the TSX Venture Exchange shall be deemed to be a reference to such other stock exchange, or if more than one, to such one as shall be designated by the Board, and to the extent that the Common Shares are not listed on any exchange, the Market Price shall be such price as is determined by the Board in good faith.

    6. Term and Exercise Periods

    (a) All Stock Options shall be for a term determined in the discretion of the Board at the time of the granting of the Stock Options, provided that no Stock Option shall have a term exceeding five years and, unless the Board at any time makes a specific determination otherwise, a Stock Option and all rights to purchase Common Shares pursuant thereto shall expire and terminate immediately upon the Eligible Optionee who holds such Stock Option ceasing to be at least one of a Director, Employee, Management Company Employee or Consultant of the Corporation or a subsidiary of the Corporation. 

    

    (b) Unless otherwise determined by the Board at the time of the granting of the Stock Options pursuant to clause 6(c)(iii) below, 1/4 of the Stock Options granted pursuant hereto will vest on each of the 6 month, 12 month, 18 month and 24 month anniversaries of the date of the grant of the Stock Options (the "Grant Date").  For greater clarity, unless otherwise determined pursuant to the terms hereof, all Stock Options granted to an Eligible Optionee will be available to exercise and purchase Common Shares on the 24 month anniversary of the Grant Date.

    (c) By way of example, without limiting the generality of the foregoing or the discretion of the Board, the Board may, at the time of the granting of the Stock Option, determine:

    (i) that a Stock Option is exercisable only while the Eligible Optionee remains at least one of a Director, Employee, Management Company Employee or Consultant and for a limited period of time ("Additional Period") after the Eligible Optionee ceases to be at least one of a Director, Employee, Management Company Employee or Consultant (which Additional Period may not exceed 90 days or, in the case of an Eligible Optionee engaged in Investor Relations Activities, 30 days);

    (ii) that a Stock Option can be exercisable for an Additional Period or for its remaining term (which Additional Period or remaining term may not exceed one year) after the death, disability or incapacity of an Eligible Optionee;

    (iii) that a Stock Option has a different vesting schedule than that specified in subsection 6(b) above; or

    (iv) that a Stock Option may provide for early exercise and/or termination or other adjustment in the event of a death of a person and in other circumstances, such as if the Corporation shall resolve to sell all or substantially all of its assets, to liquidate or dissolve, or to merge, amalgamate, consolidate or be absorbed with or into any other corporation.

    7. Non-Assignability

     Other than a limited right of assignment, subject to the terms upon which the Stock Option is granted, in the event of the death of an Eligible Optionee to allow the exercise of Stock Options by the Eligible Optionee's legal representative, Stock Options shall not be assignable or transferable by the Eligible Optionees.

    8. Payment of Exercise Price

     All shares issued pursuant to the exercise of a Stock Option shall be paid for in full at the time of exercise of the Stock Option and prior to the issue of the shares.  All Common Shares issued in accordance with the foregoing shall be issued as fully paid and non-assessable Common Shares.

    

    9. Non-Exercise

     If any Stock Option granted pursuant to the Plan is not exercised for any reason whatsoever, upon the expiry of the Stock Options pursuant to the terms of its grant or the terms hereof, the shares reserved and authorized for issuance pursuant to such Stock Option shall revert to the Plan and shall be available for other Stock Options.  Notwithstanding the foregoing, at no time shall there be outstanding Stock Options exceeding, in the aggregate, the number of Common Shares reserved for issuance pursuant to Stock Options under this Plan.

    10. Adjustment in Certain Circumstances

     In the event:

    (a) of any change in the Common Shares through subdivision, consolidation, reclassification, amalgamation, merger or otherwise; or

    (b) of any stock dividend to holders of Common Shares (other than such stock dividends issued at the option of shareholders of the Corporation in lieu of substantially equivalent cash dividends); or

    (c) that any rights are granted to holders of Common Shares to purchase Common Shares at prices substantially below fair market value; or

    (d) that as a result of any recapitalization, merger, consolidation or otherwise the Common Shares are converted into or exchangeable for any other shares;

    then in any such case the Board may make such adjustment in the Plan and in the Stock Options granted under the Plan as the Board may in its sole discretion deem appropriate to prevent substantial dilution or enlargement of the rights granted to, or available for, holders of Stock Options, and such adjustments may be included in the Stock Options.

    11. Expenses

     All expenses in connection with the Plan shall be borne by the Corporation.

    12. Compliance with Laws

     The Corporation shall not be obliged to issue any shares upon exercise of Stock Options if the issue would violate any law or regulation or any rule of any governmental authority or stock exchange. The Corporation shall not be required to issue, register or qualify for resale any shares issuable upon exercise of Stock Options pursuant to the provisions of a prospectus or similar document, provided that the Corporation shall notify the TSX Venture Exchange or any other stock exchange on which the shares of the Corporation are listed and any other appropriate regulatory bodies of the existence of the Plan and the issuance and exercise of Stock Options.

     In addition to any resale restrictions that may be applicable under applicable securities laws, all Stock Options and any shares issued on the exercise of Stock Options shall be legended with a four month hold period from the date the Stock Options are granted. 

    

    13. Disinterested Shareholder Approval

     Disinterested shareholder approval shall be obtained by the Corporation prior to any reduction in the Exercise Price if the Optionee is an Insider of the Corporation at the time of a proposed reduction of the Exercise Price.

    14. Form of Stock Option Agreement

     All Stock Options shall be issued by the Corporation in a form which meets the general requirements and conditions set forth in this Plan and the requirements of the TSX Venture Exchange or such other exchange on which the shares of the Corporation are listed from time to time.

    15. General Offer for Common Shares

    If a bona fide offer (the "Offer") for the Common Shares is made to shareholders generally, which Offer, if accepted in whole or in part, would result in the offeror exercising control over the Corporation within the meaning of subsection 1(3) of the Securities Act (Ontario), then the Corporation shall, immediately upon receipt of notice of the Offer, notify each Eligible Optionee then holding Stock Options of the Offer, with full particulars thereof, whereupon, notwithstanding clause 6(b) hereof but subject to any necessary regulatory approval, such Stock Options may be exercised in whole or in part by the Eligible Optionee so as to permit the Eligible Optionee to tender the Common Shares received upon such exercise (the "Optioned Shares") pursuant to the Offer.  If:

    (a) the Offer is not completed within the time specified therein; or

    (b) the Eligible Optionee does not tender the Optioned Shares pursuant to the Offer; or

    (c) all of the Optioned Shares tendered by the Eligible Optionee pursuant to the Offer are not taken up and paid for by the offeror in respect thereof,

    then the Optioned Shares or, in the case of clause (c) above, the Optioned Shares that are not taken up and paid for, shall be returned by the Eligible Optionee to the Corporation and reinstated as authorized but unissued Common Shares and the terms of the Stock Options as set forth in clause 6(b) hereof shall again apply to the Stock Options.  If any Optioned Shares are returned to the Corporation under this Section 15, the Corporation shall refund the Exercise Price to the Eligible Optionee for such Optioned Shares.  In no event shall the Eligible Optionee be entitled to sell the Optioned Shares otherwise than pursuant to the Offer.

    16. Amendments and Termination 

     The Corporation shall retain the right to (a) amend from time to time the terms of the Plan or to terminate the Plan by resolution of the Board, and (b) amend from time to time the terms of outstanding Stock Options by resolution of the Board.  Any such amendments or termination shall be subject to the consent of any applicable regulatory body, including any stock exchange on which the Corporation's shares are listed (to the extent such consent is required).  Any amendment to the terms of outstanding Stock Options shall be subject to the consent of the Eligible Optionee holding such Stock Options.  Any amendment to the terms of the Plan shall take effect only with respect to Stock Options granted thereafter, provided that such amendment may apply to any Stock Options previously granted with the consent of the Eligible Optionees holding such Stock Options.

    

    17. Delegation of Administration of the Plan

     Subject to the legislation governing the Corporation, the Board may delegate to one or more directors of the Corporation, on such terms as it considers appropriate, all or any part of the powers, duties and functions relating to the granting of Stock Options and the administration of the Plan.

    18. Applicable Law

                  This Plan shall be governed by and construed in accordance with the laws in force in the Province of Ontario, Canada. 

    19. Stock Exchange

     To the extent applicable, the issuance of any shares of the Corporation pursuant to Stock Options issued pursuant to this Plan is subject to approval of the Plan by the TSX Venture Exchange or other stock exchange upon which the Common Shares are listed, and the Plan shall be subject to the ongoing requirements of such exchange.

    20. Administration

     This Plan shall be administered by the Board.  The Board shall have full and final discretion to interpret the provisions of this Plan and to prescribe, amend, rescind and waive rules and regulations to govern the administration and operation of this Plan.  All decisions and interpretations made by the Board shall be binding and conclusive upon the Corporation and on all persons eligible to participate in this Plan, subject to shareholder approval if required by any stock exchange on which the Corporation's shares are listed.

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