Document:

Exhibit 10.1

 

	Investor Name:	 	______________
	Common Shares:	 	______________
	US Dollar Amount:	 	______________

 

 

SUBSCRIPTION AGREEMENT

 

 

Tanzanian Royalty Exploration Corporation

Suite 200, 82 Richmond Street East

Toronto, Ontario

M5C 1P1

 

Ladies and Gentlemen:

 

The undersigned (the "Investor")
hereby confirms its agreement with Tanzanian Royalty Exploration Corporation, a corporation formed under the Business Corporations
Act (Alberta) (the "Company"), as follows:

 

1.       This Subscription Agreement,
including the Terms and Conditions for the Purchase of Common Shares of the Company, no par value (the "Common Shares")
attached hereto as Annex I which is incorporated herein by this reference as if fully set forth herein (the "Terms
and Conditions" and, together with this Subscription Agreement, this "Agreement") is made as of the date
set forth below between the Company and the Investor.

 

2.       The Company has authorized the sale and issuance to the Investor of [______] Common Shares at US$0.2257
per share for an aggregate purchase price of USD$[_____] (the "Purchase Price"). The Investor will pay
the Purchase Price by cash.

 

3.       The offering and sale
of the Common Shares (the "Offering") is being made pursuant to (a) an effective Registration Statement on Form
F-3, No. 333-226949 (the "Registration Statement") filed by the Company with the Securities and Exchange Commission
(the "Commission"), including the Prospectus contained therein (the "Base Prospectus"), (b) if
applicable, certain "free writing prospectuses" (as that term is defined in Rule 405 under the Securities Act of 1933,
as amended (the "Act")), that have been or will be filed, if required, with the Commission and delivered to the
Investor on or prior to the date hereof (the "Issuer Free Writing Prospectus"), containing only certain supplemental
information regarding the Common Shares, the terms of the Offering and the Company, and (c) a Prospectus Supplement (the "Prospectus
Supplement" and, together with the Base Prospectus, the "Prospectus") containing certain supplemental
information regarding the Common Shares and terms of the Offering and the Company that has been or will be filed with the Commission
and has been delivered to the Investor prior to the Closing.

 

4.       The Company and the
Investor agree that the Investor will purchase from the Company and the Company will issue and sell to the Investor [______]
Common Shares for the Purchase Price. The Common Shares shall be purchased pursuant to the Terms and Conditions.

 

5.       The manner of settlement of the
shares of Common Shares purchased by the Investor

shall be as follows:

 

Delivery of a stock certificate representing the ________
Common Shares purchased by the Investor at the Investor’s address by Computershare Trust Company, the Company's transfer
agent (the "Transfer Agent").

 

 

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NO LATER THAN 10:00 A.M. (EASTERN TIME) ON THE SECOND
BUSINESS DAY IMMEDIATELY AFTER THE DATE OF EXECUTION OF THIS AGREEMENT BY THE INVESTOR AND THE COMPANY, THE INVESTOR SHALL:

 

		(i)	Deliver to the Company, this duly completed and executed Agreement and the Purchase Price.

 

6.       The Investor represents
that it has received (or otherwise had made available to it by the filing by the Company of an electronic version thereof with
the Commission) the Base Prospectus, declared effective by the Commission on September 5, 2018, which is a part of the Company's
Registration Statement and the documents incorporated by reference therein, any Issuer Free Writing Prospectus and the Prospectus
Supplement (collectively, the "Disclosure Package"), prior to or in connection with the receipt of this Agreement.
The Investor acknowledges that, prior to the delivery of this Agreement to the Company, the Investor may receive certain additional
information regarding the Offering and the Company (the "Offering Information"). Such information may be provided
to the Investor by any means permitted under the Act, including the Prospectus Supplement, a free writing prospectus and oral communications.

 

7.       No offer by the Investor to buy Common Shares will be accepted and no part of the Investor Purchase Price will be delivered
to the Company until the Investor has received or has public access to the Disclosure Package and the Offering Information and
the Company has accepted such offer by countersigning a copy of this Agreement, and any such offer may be withdrawn or revoked,
without obligation or commitment of any kind, at any time prior to the Company sending (orally, in writing or by electronic mail)
notice of its acceptance of such offer. An indication of interest will involve no obligation or commitment of any kind until the
Investor has been delivered the Disclosure Package and Offering Information and this Agreement is accepted and countersigned by
or on behalf of the Company.

 

8.       Representations and Warranties of the Company. The Company hereby makes the following representations and warranties to
the Investor:

 

(a)               
Subsidiaries. The Company's subsidiaries consist of (i) 55% interest in Buckreef gold Company Limited; (ii) 90% interest
in Itetemia Mining Company Limited; (iii) 60% interest in Lunguya Mining Company Ltd.; (iv) 100% interest in Tancan Mining Company
Limited; (v) 100% interest in Tanzania American International Development Corporation 2000 Limited; and (vi) 75% interest in Northwest
Basemetals Company Limited.

 

(b)               
Organization and Qualification. The Company and each of the Subsidiaries is an entity duly incorporated or otherwise
organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization, with
the requisite power and authority to own and use its properties and assets and to carry on its business as currently conducted.
Neither the Company nor any Subsidiary is in violation nor default of any of the provisions of its respective certificate or articles
of incorporation, bylaws or other organizational or charter documents. Each of the Company and the Subsidiaries is duly qualified
to conduct business and is in good standing as a foreign corporation or other entity in each jurisdiction in which the nature of
the business conducted or property owned by it makes such qualification necessary, except where the failure to be so qualified
or in good standing, as the case may be, could not have or reasonably be expected to result in: (i) a material adverse effect on
the legality, validity or enforceability of the Agreement, (ii) a material adverse effect on the results of operations, assets,
business, prospects or condition (financial or otherwise) of the Company and the Subsidiaries, taken as a whole, or (iii) a material
adverse effect on the Company's ability to perform in any material respect on a timely basis its obligations under the Agreement
(any of (i), (ii) or (iii), a "Material Adverse Effect")) and no Proceeding has been instituted in any such jurisdiction
revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority or qualification.

 

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(c)                     
Authorization; Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate
the transactions contemplated by the Agreement and otherwise to carry out its obligations hereunder and thereunder. The execution
and delivery of the Agreement by the Company and the consummation by it of the transactions contemplated hereby and thereby have
been duly authorized by all necessary action on the part of the Company and no further action is required by the Company and the
Board of Directors in connection herewith. The Agreement has been (or upon delivery will have been) duly executed by the Company
and, when delivered in accordance with the terms hereof and thereof, will constitute the valid and binding obligation of the Company
enforceable against the Company in accordance with its terms, except (i) as limited by general equitable principles and applicable
bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors' rights
generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies
and (iii) insofar as indemnification and contribution provisions may be limited by applicable law.

 

(d)               
No Conflicts. The execution, delivery and performance by the Company of the Agreement to which it is a party, the
issuance and sale of the Common Shares and the consummation by it of the transactions contemplated hereby and thereby do not and
will not (i) conflict with or violate any provision of the Company's or any Subsidiary's certificate or articles of incorporation,
bylaws or other organizational or charter documents, (ii) conflict with, or constitute a default (or an event that with notice
or lapse of time or both would become a default) under, result in the creation of any Lien upon any of the properties or assets
of the Company or any Subsidiary, or give to others any rights of termination, amendment, acceleration or cancellation (with or
without notice, lapse of time or both) of, any agreement, credit facility, debt or other instrument (evidencing a Company or Subsidiary
debt or otherwise) or other understanding to which the Company or any Subsidiary is a party or by which any property or asset of
the Company or any Subsidiary is bound or affected, or (iii) conflict with or result in a violation of any law, rule, regulation,
order, judgment, injunction, decree or other restriction of any court or governmental authority to which the Company or a Subsidiary
is subject (including federal and state securities laws and regulations), or by which any property or asset of the Company or a
Subsidiary is bound or affected; except in the case of each of clauses (ii) and (iii), such as could not have or reasonably be
expected to result in a Material Adverse Effect.

 

(e)               
Filings, Consents and Approvals. The Company is not required to obtain any consent, waiver, authorization or order
of, give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental
authority in connection with the execution, delivery and performance by the Company of the Agreement, other than: (i) the filings
required pursuant to Section 9.4 of this Agreement, and (ii) the notice and/or application(s) to the NYSE American and Toronto
Stock Exchange (collectively “Trading Market”) for the issuance and sale of the Common Shares and the listing of such
Common Shares for trading thereon in the time and manner required thereby (collectively, the "Required Approvals").

 

(f)                
Issuance of the Investor Common Shares. The Common Shares to be issued to the Investor (“Investor Shares”)
are duly authorized and, when issued and paid for in accordance with the Agreement, will be duly and validly issued, fully paid
and nonassessable, free and clear of all liens imposed by the Company other than restrictions on transfer provided for in the Agreement,
if any. The Company has prepared and filed the Registration Statement in conformity with the requirements of the Securities Act,
which became effective on September 5, 2018, including the Prospectus, and such amendments and supplements thereto as may have
been required to the date of this Agreement. The Registration Statement is effective under the Securities Act and no stop order
preventing or suspending the effectiveness of the Registration Statement or suspending or preventing the use of the Prospectus
has been issued by the Commission and no proceedings for that purpose have been instituted or, to the knowledge of the Company,
are threatened by the Commission. The Company, if required by the rules and regulations of the Commission, shall file the Prospectus
with the Commission pursuant to Rule 424(b). At the time the Registration Statement and any amendments thereto became effective,
at the date of this Agreement and at the Closing Date, the Registration Statement and any amendments thereto conformed and will
conform in all material respects to the requirements of the Securities Act and did not and will not contain any untrue statement
of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein
not misleading; and the Prospectus and any amendments or supplements thereto, at time the Prospectus or any amendment or supplement
thereto was issued and at the Closing Date, conformed and will conform in all material respects to the requirements of the Securities
Act and did not and will not contain an untrue statement of a material fact or omit to state a material fact necessary in order
to make the statements therein, in light of the circumstances under which they were made, not misleading.

 

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(g)               
Capitalization. The capitalization of the Company as of the date of this Agreement is as set forth as follows: (i)
129,551,226 share of Common Shares outstanding; (ii) outstanding options to purchase 7,432,000 Common Shares; (iii) outstanding
warrants to purchase 4,562,901 Common Shares; (vi) 22,624,556 Common Shares that may be issued under convertible loan; and (vii)
1,809,964 Common Shares issuable upon election of certain holders of gold loans to receive annual interest due on principal in
form of Common Shares. No Person has any right of first refusal, preemptive right, right of participation, or any similar right
to participate in the transactions contemplated by the Agreement. The issuance and sale of the Investor Shares will not obligate
the Company to issue Common Shares or other securities to any Person (other than the Investors) and will not result in a right
of any holder of Company securities to adjust the exercise, conversion, exchange or reset price under any of such securities. The
Company does not have any stock appreciation rights or "phantom stock" plans or agreements or any similar plan or agreement.
All of the outstanding shares of capital stock of the Company are duly authorized, validly issued, fully paid and nonassessable,
have been issued in compliance with all federal and state securities laws, and none of such outstanding shares was issued in violation
of any preemptive rights or similar rights to subscribe for or purchase securities. No further approval or authorization of the
Board of Directors or others is required for the issuance and sale of the Investor Shares. There are no stockholders agreements,
voting agreements or other similar agreements with respect to the Company's capital stock to which the Company is a party or, to
the knowledge of the Company, between or among any of the Company's stockholders.

 

(h)               
SEC Reports; Financial Statements. The Company has filed all reports, schedules, forms, statements and other documents
required to be filed by the Company under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d)
thereof, for the two years preceding the date hereof (or such shorter period as the Company was required by law or regulation to
file such material) (the foregoing materials, including the exhibits thereto and documents incorporated by reference therein being
collectively referred to herein as the "SEC Reports") on a timely basis or has received a valid extension of such time
of filing and has filed any such SEC Reports prior to the expiration of any such extension. As of their respective dates, the SEC
Reports complied in all material respects with the requirements of the Securities Act and the Exchange Act, as applicable, and
none of the SEC Reports, when filed, 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 the light of the circumstances under which they were
made, not misleading. The Company has never been an issuer subject to Rule 144(i) under the Securities Act. The financial statements
of the Company included in the SEC Reports comply in all material respects with applicable accounting requirements and the rules
and regulations of the Commission with respect thereto as in effect at the time of filing. Such financial statements have been
prepared in accordance with International Financial Reporting Standards applied on a consistent basis during the periods involved
("IFRS), and fairly present in all material respects the financial position of the Company and its consolidated Subsidiaries
as of and for the dates thereof and the results of operations and cash flows for the periods then ended, subject, in the case of
unaudited statements, to normal, immaterial, year-end audit adjustments.

 

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(i)                
Material Changes; Undisclosed Events, Liabilities or Developments. Since the date of the latest audited financial
statements included within the SEC Reports, except as specifically disclosed in a subsequent SEC Report filed prior to the date
hereof, (i) there has been no event, occurrence or development that has had or that could reasonably be expected to result in a
Material Adverse Effect, (ii) the Company has not incurred any liabilities (contingent or otherwise) other than (A) trade payables
and accrued expenses incurred in the ordinary course of business consistent with past practice and (B) liabilities not required
to be reflected in the Company's financial statements pursuant to IFRS or disclosed in filings made with the Commission, (iii)
the Company has not altered its method of accounting, (iv) the Company has not declared or made any dividend or distribution of
cash or other property to its stockholders or purchased, redeemed or made any agreements to purchase or redeem any shares of its
capital stock and (v) the Company has not issued any equity securities to any officer, director or Affiliate, except as disclosed
in the SEC Reports. The Company does not have pending before the Commission any request for confidential treatment of information.
No event, liability, fact, circumstance, occurrence or development has occurred or exists or is reasonably expected to occur or
exist with respect to the Company or its Subsidiaries or their respective businesses, prospects, properties, operations, assets
or financial condition that would be required to be disclosed by the Company under applicable securities laws at the time this
representation is made or deemed made that has not been publicly disclosed at least one Trading Day prior to the date that this
representation is made.

 

(j)                
Litigation. Except as disclosed in the SEC Reports, there is no action, suit, inquiry, notice of violation, proceeding
or investigation pending or, to the knowledge of the Company, threatened against or affecting the Company, any Subsidiary or any
of their respective properties before or by any court, arbitrator, governmental or administrative agency or regulatory authority
(federal, state, county, local or foreign) (collectively, an "Action") which (i) adversely affects or challenges the
legality, validity or enforceability of any of the Agreement or the Shares or (ii) could, if there were an unfavorable decision,
have or reasonably be expected to result in a Material Adverse Effect. Neither the Company nor any Subsidiary any director or officer
thereof (in his or her capacity as such), is or has been the subject of any Action involving a claim of violation of or liability
under federal or state securities laws or a claim of breach of fiduciary duty except as disclosed in an SEC Report. There has not
been, and to the knowledge of the Company, there is not pending or contemplated, any investigation by the Commission involving
the Company or any current or former director or officer of the Company (in his or her capacity as such). The Commission has not
issued any stop order or other order suspending the effectiveness of any registration statement filed by the Company or any Subsidiary
under the Exchange Act or the Securities Act.

 

(k)               
Risk Factors. An investment in the Company is subject to a number of risk and an Investor may lose all of his or
her money. The material risks that the Company may be subject to is set forth in the “Risk Factor’s section of the
Registration Statement.

 

9.       Other Agreements of the Parties.

 

9.1       Shares Sold Pursuant
to a Registration Statement.  The Common Shares to be sold to the Investor will be made pursuant to an effective registration
statement and the Common Shares will be free of all legends. If at any time following the date hereof the Registration Statement
is not effective or is not otherwise available for the sale of the Investor Shares, the Company shall immediately notify the holders
of the Investor Shares in writing that such Registration Statement is not then effective and thereafter shall promptly notify such
holders when the Registration Statement is effective again and available for the resale of the Investor Shares (it being understood
and agreed that the foregoing shall not limit the ability of the Company to issue, or the Investor to sell, any of the Investor
Shares in compliance with applicable federal and state securities laws).

 

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9.2       Furnishing of Information.
The Company covenants to maintain the registration of the Common Shares under Section 12(b) or 12(g) of the Exchange Act and
to timely file (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be
filed by the Company after the date hereof pursuant to the Exchange Act even if the Company is not then subject to the reporting
requirements of the Exchange Act.

 

9.3       Integration. The Company shall not sell, offer
for sale or solicit offers to buy or otherwise negotiate in respect of any security (as defined in Section 2 of the Securities
Act) that would be integrated with the offer or sale of the Shares for purposes of the rules and regulations of any Trading Market
such that it would require shareholder approval prior to the closing of such other transaction unless shareholder approval is obtained
before the closing of such subsequent transaction.

 

9.4       Securities Laws Disclosure; Publicity; Rights Plan.
The Company shall by 6:00 a.m. (New York City time) on the date after the execution of this Agreement, file a Current Report on
Form 6-K with the Commission describing the terms of the transaction. From and after the Form 6-K, the Company represents to the
Investor that it shall have publicly disclosed all material, non-public information delivered to the Investor by the Company or
any of its Subsidiaries, or any of their respective officers, directors, employees or agents in connection with the transactions
contemplated by the Agreement. In addition, effective upon the issuance of Form 6-K, the Company acknowledges and agrees that any
and all confidentiality or similar obligations under any agreement, whether written or oral, between the Company, any of its Subsidiaries
or any of their respective officers, directors, agents, employees or Affiliates on the one hand, and any of the Investors or any
of their Affiliates on the other hand, shall terminate. The Company shall not publicly disclose the name of the Investor, or include
the name of the Investor in any filing with the Commission or any regulatory agency or Trading Market, without the prior written
consent of the Investor, except (a) as required by federal securities laws and (b) to the extent such disclosure is required by
law or Trading Market regulations, in which case the Company shall provide the Investor with prior notice of such disclosure permitted
under this clause (b). No claim will be made or enforced by the Company or, with the consent of the Company, any other Person,
that the Investor is an "Acquiring Person" under any control share acquisition, business combination, poison pill (including
any distribution under a rights agreement) or similar anti-takeover plan or arrangement in effect or hereafter adopted by the Company,
or that the Investor could be deemed to trigger the provisions of any such plan or arrangement, by virtue of receiving Investor
Shares under the Agreement.

 

9.5       Non-Public Information.
Except with respect to the material terms and conditions of the transactions contemplated by the Agreement, which shall be disclosed
pursuant to Section 9.4, the Company covenants and agrees that neither it, nor any other Person acting on its behalf will provide
the Investor or its agents or counsel with any information that constitutes, or the Company believes constitutes, material non-public
information, unless prior thereto the Investor shall have consented to the receipt of such information, which consent shall constitute
the Investor's agreement to keep such information confidential. The Company understands and confirms that the Investor shall be
relying on the foregoing covenant in effecting transactions in securities of the Company. To the extent that the Company delivers
any material, non-public information to the Investor without the Investor's consent, the Company hereby covenants and agrees that
the Investor shall not have any duty of confidentiality to the Company, any of its Subsidiaries, or any of their respective officers,
directors, agents, employees or Affiliates, or a duty to the Company, any of its Subsidiaries or any of their respective officers,
directors, agents, employees or Affiliates not to trade on the basis of, such material, non-public information, provided that the
Investor shall remain subject to applicable law. The Company understands and confirms that the Investor shall be relying on the
foregoing covenant in effecting transactions in securities of the Company.

 

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9.6       Indemnification of
Investor. Subject to the provisions of this Section 9.6, the Company will indemnify and hold the Investor and its directors,
officers, shareholders, members, partners, employees and agents (and any other Persons with a functionally equivalent role of a
Person holding such titles notwithstanding a lack of such title or any other title), each Person who controls the Investor (within
the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, shareholders,
agents, members, partners or employees (and any other Persons with a functionally equivalent role of a Person holding such titles
notwithstanding a lack of such title or any other title) of such controlling persons (each, an "Investor Party") harmless
from any and all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses, including all judgments,
amounts paid in settlements, court costs and reasonable attorneys' fees and costs of investigation that any such Investor Party
may suffer or incur as a result of or relating to (a) any breach of any of the representations, warranties, covenants or agreements
made by the Company in the Agreement or (b) any action instituted against the Investor Parties in any capacity, or any of them
or their respective Affiliates, by any stockholder of the Company who is not an Affiliate of such Investor Parties, with respect
to any of the transactions contemplated by the Agreement (unless such action is based upon a breach of such Investor Party's representations,
warranties or covenants under the Agreement or understandings such Investor Parties may have with any such stockholder or any violations
by such Investor Parties of state or federal securities laws or any other conduct by such Investor Parties which constitutes fraud,
gross negligence, willful misconduct or malfeasance). If any action shall be brought against any Investor Party in respect of which
indemnity may be sought pursuant to this Agreement, such Investor Party shall promptly notify the Company in writing, and the Company
shall have the right to assume the defense thereof with counsel of its own choosing reasonably acceptable to the Investor Party.
Any Investor Party shall have the right to employ separate counsel in any such action and participate in the defense thereof, but
the fees and expenses of such counsel shall be at the expense of such Investor Party except to the extent that (i) the employment
thereof has been specifically authorized by the Company in writing, (ii) the Company has failed after a reasonable period of time
to assume such defense and to employ counsel or (iii) in such action there is, in the reasonable opinion of such separate counsel,
a material conflict on any material issue between the position of the Company and the position of such Investor Party, in which
case the Company shall be responsible for the reasonable fees and expenses of no more than one such separate counsel. The Company
will not be liable to any Investor Party under this Agreement (y) for any settlement by an Investor Party effected without the
Company's prior written consent, which shall not be unreasonably withheld or delayed; or (z) to the extent, but only to the extent
that a loss, claim, damage or liability is attributable to any Investor Party's breach of any of the representations, warranties,
covenants or agreements made by such Investor Party in this Agreement. The indemnification required by this Section 9.6 shall be
made by periodic payments of the amount thereof during the course of the investigation or defense, as and when bills relating to
indemnifiable amounts are received by the Company. The indemnity agreements contained herein shall be in addition to any cause
of action or similar right of any Investor Party against the Company or others and any liabilities the Company may be subject to
pursuant to law.

 

9.7       Listing of Common
Shares. The sale of the Common Shares by the Company to the Investor is condition upon approval of the additional listing
of the Common Shares by the Trading Markets. The Company hereby agrees to use best efforts to maintain the listing or quotation
of the Common Shares on the Trading Market on which it is currently listed, and concurrently with the Closing, the Company shall
apply to list or quote all of the Investor Shares on such Trading Market and promptly secure the listing of all of the Investor
Shares on such Trading Market. The Company further agrees, if the Company applies to have the Common Shares traded on any other
Trading Market, it will then include in such application all of the Investor Shares. The Company will then take all action reasonably
necessary to continue the listing or quotation and trading of its Common Shares on a Trading Market and will comply in all respects
with the Company's reporting, filing and other obligations under the bylaws or rules of the Trading Market. The Company agrees
to maintain the eligibility of the Common Shares for electronic transfer through the Depository Trust Company or another established
clearing corporation, including, without limitation, by timely payment of fees to the Depository Trust Company or such other established
clearing corporation in connection with such electronic transfer. As of the date hereof, the Company has reserved and the Company
shall continue to reserve and keep available at all times, free of preemptive rights, a sufficient number of shares of Common
Shares for the purpose of enabling the Company to issue Investor Shares pursuant to this Agreement.

 

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Agreed and Accepted

this ___th day of January __, 2019

 

TANZANIAN ROYALTY EXPLORATION CORPORATION

 

 

___________________________________________

Name: James Sinclair

Title: Executive Chairman

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Company Signature Page to Tanzanian Royalty Exploration Subscription
Agreement]

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	Number of Common Shares:	 	_________________	 
	 	 	 	 
	Aggregate Investor Purchase Price:	 	US$______________	 
	 	 	 	 
	Primary Broker:	 	_________________________	 
	 	 	 	 
	DTC:	 	_________________________	 
	 	 	 	 
	Investor Account No.:	 	_________________________	 
	 	 	 	 
	Name of Account:	 	_________________________	 

 

 

Please confirm that the foregoing correctly sets forth the agreement between us by signing
in the space provided below for that purpose.

 

 

Dated as of: January __, 2019

 

	 	INVESTOR 	 
	 	 	 	 
	 	 	 	 
	 	By: 	 	 
	 	Address: 	 	 
	 	 	 	 

 

 

 

 

 

 

 

 

 

    
[Purchaser Signature Page to Tanzanian Royalty Exploration Corporation Subscription Agreement]

     

    

ANNEX I

 

TERMS AND CONDITIONS FOR PURCHASE OF COMMON SHARES

 

1.                  
Authorization and Sale of the Common Shares. Subject to the terms and conditions of this Agreement, the Company has
authorized the sale of the Common Shares.

 

2.                  
Agreement to Sell and Purchase the Common Shares. At the Closing (as defined in Section 3.1), the Company will sell
to the Investor, and the Investor will purchase from the Company, upon the terms and conditions set forth herein, the number of
Common Shares set forth on the last page of the Agreement to which these Terms and Conditions for the Purchase of Common Shares
are attached as Annex I (the "Signature Page") for the aggregate purchase price therefor set forth on the Signature
Page.

 

3.                  
Closing and Delivery of the Common Shares and Purchase Price.

 

3.1                
Closing. The completion of the purchase and sale of the Common Shares (the "Closing") shall occur at a
place and time (the "Closing Date") to be specified by the Company and the Investor. At the Closing, (a) the
Company shall cause the Transfer Agent to deliver to the Investor the number of shares of Common Shares set forth on the
Signature Page registered in the name of the Investor or, if so indicated on the Investor Questionnaire attached hereto as
Exhibit A, in the name of a nominee designated by the Investor, and (b) the aggregate purchase price for the Common Shares
being purchased by the Investor will be delivered by or on behalf of the Investor to the Company.

 

3.2                
Conditions to the
Company's Obligations. The Company's obligation to issue and sell the Common Shares to the Investor shall be subject to: (i)
the receipt by the Company of the purchase price for the Common Shares being purchased hereunder as set forth on the Signature
Page, (ii) the accuracy of the representations and warranties made by the Investor and the fulfillment of those undertakings of
the Investor to be fulfilled prior to the Closing Date, and (iii) the conditional acceptance of the Offering by the NYSE American.

 

4.                  
Representations, Warranties and Covenants of the Investor. The Investor acknowledges, represents and warrants to, and
agrees with, the Company that:

 

4.1                
The Investor
has full right, power, authority and capacity to enter into this Agreement and to consummate the transactions contemplated hereby
and has taken all necessary action to authorize the execution, delivery and performance of this Agreement, and (b) this Agreement
constitutes a valid and binding obligation of the Investor enforceable against the Investor in accordance with its terms, except
as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors'
and contracting parties' rights generally and except as enforceability may be subject to general principles of equity (regardless
of whether such enforceability is considered in a proceeding in equity or at law) and except as to the enforceability of any rights
to indemnification or contribution that may violate the public policy underlying any law, rule or regulation (including any federal
or state securities law, rule or regulation).

 

4.2                
The Investor understands that nothing in this Agreement,
the Prospectus, the Disclosure Package, the Offering Information or any other materials presented to the Investor in connection
with the purchase of Common Shares constitutes legal, tax or investment advice. The Investor has consulted such legal, tax and
investment advisors and made such investigation as it, in its sole discretion, has deemed necessary or appropriate in connection
with its purchase of Common Shares.

    	 	1	 

     

    

5.                  
Survival of Representations, Warranties and Agreements. Notwithstanding any investigation made by any party to this
Agreement, all covenants, agreements, representations and warranties made by the Investor herein will survive the execution of
this Agreement, the delivery to the Investor of the Common Shares being purchased and the payment therefor.

 

6.                
Changes. This Agreement may not be modified or amended except pursuant to an instrument in writing signed by
the Company and the Investor.

 

7.                
Headings. The headings of the various sections of this Agreement have been inserted for convenience of reference
only and will not be deemed to be part of this Agreement.

 

8.                  
Severability. In case any provision contained in this Agreement should be invalid, illegal or unenforceable in
any respect, the validity, legality and enforceability of the remaining provisions contained herein will not in any way be affected
or impaired thereby.

 

9.               
Governing Law. This Agreement will be governed by, and construed in accordance with, the laws of the Province
of Alberta, Canada, without giving effect to the principles of conflicts of law that would require the application of the laws
of any other jurisdiction.

 

10.               
Counterparts. This Agreement may be executed in two or more counterparts, each of which will constitute an original,
but all of which, when taken together, will constitute but one instrument, and will become effective when one or more counterparts
have been signed by each party hereto and delivered to the other parties. The Company and the Investor acknowledge and agree that
the Company shall deliver its counterpart to the Investor along with the Prospectus Supplement (or the filing by the Company of
an electronic version thereof with the Commission).

 

11.               
Confirmation of Sale. The Investor acknowledges and agrees that such Investor's receipt of the Company's signed
counterpart to this Agreement, together with the Prospectus Supplement (or the filing by the Company of an electronic version thereof
with the Commission), shall constitute written confirmation of the Company's sale of shares of Common Shares to such Investor.

 

 

 

 

 

2nviv_Ex10_1

		
			Exhibit 10.1
		

		
			 
		

		
			EMPLOYMENT AGREEMENT
		

		
			 
		

		
			This EMPLOYMENT AGREEMENT (the “Agreement”) is made between InVivo Therapeutics Holdings Corp. (the “Company”) a corporation duly organized and validly existing under the laws of the State of Nevada having a business address of One Kendall Square, Building 1400 East, Floor 4, Cambridge, MA 02139, and Richard Christopher (the “Executive”).
		

		
			 
		

		
			WITNESSETH THAT:
		

		
			 
		

		
			WHEREAS, the parties desire to enter into this Agreement pertaining to the employment of the Executive by the Company:
		

		
			 
		

		
			NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth below, it is hereby covenanted and agreed by the Executive and the Company as follows:
		

		
			 
		

		
			1.          Performance of Services. The Executive’s employment with the Company shall be subject to the following:
		

		
			 
		

		
			(a)        Subject to the terms of this Agreement, the Company hereby agrees to employ the Executive as its Chief Financial Officer, effective as of the Start Date (as defined below). The Executive shall also serve as Chief Financial Officer of InVivo Therapeutics Corporation, the Company’s wholly-owned subsidiary. The Executive shall be based at the Company’s headquarters in Cambridge, MA.
		

		
			 
		

		
			(b)        While the Executive is employed by the Company, the Executive shall devote his business time, energies and talents to serving as its Chief Financial Officer. The Executive may, with the consent of the Board of Directors of the Company (the “Board”) or a committee thereof, serve on outside boards of directors, to the extent that such activities do not materially inhibit or prohibit the performance of the Executive’s duties under this Agreement or conflict in any material way with the business of the Company or any subsidiary.
		

		
			 
		

		
			(c)        The Executive shall serve as a Section 16 officer of the Company subject to the various regulatory filing responsibilities that must be met by directors, officers and principal stockholders as required by this section of the Securities and Exchange Act of 1934, as amended, and the related rules and regulations of the Securities and Exchange Commission.
		

		
			 
		

		
			(d)        The Executive agrees that he shall perform his duties faithfully and efficiently subject to the directions of the Chief Executive Officer (“CEO”) and the Board. The Executive shall not, without his consent, be assigned tasks that would be inconsistent with those of the Chief Financial Officer. The Executive shall report to the CEO and shall have such authority, power, responsibilities and duties as are inherent in his position (and the undertakings applicable to his position) and necessary to carry out his responsibilities and the duties required of him.
		

		
			 
		

		
			
		

		
			

		 

 

		

		
			 
		

		
			(e)        The Executive’s employment with the Company is “at-will,” which means that either the Executive or the Company may terminate the Executive’s employment at any time, for any reason, or for no reason, by providing notice thereof to the other party, subject to the terms of this Agreement. The Executive acknowledges that this Agreement does not constitute a contract of employment for any particular period of time or impose on the Company any obligation to retain the Executive as an employee. If the Executive’s employment with the Company terminates for any reason, the Executive shall be deemed to have resigned, effective as of the date of such termination, as an officer or director of both the Company and any subsidiary of the Company, and the Executive hereby agrees to promptly execute resignation letters documenting such resignations upon the request of the Company.
		

		
			 
		

		
			(f)        The Executive agrees to abide by the rules, regulations, instructions, personnel practices and policies of the Company and any changes therein which may be adopted from time to time by the Company.
		

		
			 
		

		
			2.          Compensation. Subject to the terms of this Agreement, while the Executive is employed by the Company, the Company shall compensate him for his services as follows:
		

		
			 
		

		
			(a)         Salary. The Company shall pay to the Executive a salary at a rate of $27,500 per month (equal to $330,000 on an annualized basis), payable in accordance with the Company’s usual payroll practices. This salary will be reviewed annually by the Compensation Committee of the Board and may be adjusted upward (but not downward without the Executive’s consent) in the sole discretion of the Compensation Committee of the Board.
		

		
			 
		

		
			(b)         Bonus. Following the end of each fiscal year, the Executive shall be eligible to receive a discretionary annual retention and performance bonus. The target amount of such bonus will be 35% of the Executive’s annualized salary for the applicable fiscal year, based on the Company’s achievement of its specified objectives for the applicable fiscal year and the Executive’s achievement of his specified objectives for the applicable fiscal year (to be established by the CEO in collaboration with the Executive each year), both as determined by the Board in its sole discretion. Actual bonus payout shall be determined in the discretion of the Board (or a committee thereof) and may be below or above the annual target bonus, based on the Company’s and the Executive’s performance. The Executive must be employed on the date on which any annual bonus is distributed in order to be eligible for and to earn any part of it, as it also serves as an incentive to remain employed by the Company.
		

		
			 
		

		
			(c)         Equity Awards. Subject to the approval of the Board, the Executive shall be granted the option to purchase up to 90,000 shares of the Company’s common stock at an exercise price equal to the closing price of a share of the Company’s common stock priced at market value on the grant date (the “Initial Grant”), which shall vest as to one-third of the shares subject thereto on the first anniversary of the Start Date, as to an additional one third of the shares subject thereto on the second anniversary of the of the Start Date, and
		

		
			 
		

		
			
		

		
			

		 

		

			2

		

 

		

		
			 
		

		
			as to the remaining one third of the shares subject thereto on the third anniversary of the Start Date. The Initial Grant shall be an inducement grant pursuant to the inducement grant exception under Nasdaq Rule 5635(c)(4) and not pursuant to the Company’s 2015 Equity Incentive Plan or any equity incentive plan of the Company and shall be evidenced by a Nonstatutory Stock Option Agreement (the “Award Agreement”). The Executive shall also be eligible to receive other equity awards through participation in the Company’s equity incentive programs, as determined in the sole discretion of the Board (or a designated committee thereof).
		

		
			 
		

		
			(d)        Other Benefits. The Executive shall be eligible for all medical, dental and other benefits and fringe benefits to the same extent and on the same terms as those benefits are provided by the Company from time to time to the Company’s other senior management members, including paid vacation.
		

		
			 
		

		
			(e)        Expense Reimbursement. The Company will reimburse the Executive for all reasonable travel, entertainment and other expenses incurred or paid by the Executive in connection with, or related to, the performance of his duties, responsibilities or services under this Agreement, provided that such expenses are incurred and accounted for in accordance with the reasonable policies and procedures established by the Company.
		

		
			 
		

		
			(f)        Withholding. All salary, bonus and other compensation payable to the Executive shall be subject to applicable withholding taxes.
		

		
			 
		

		
			(g)        Indemnification and Insurance.
		

		
			 
		

		
			(i)          The Company and the Executive, contemporaneously with the execution of this Agreement, shall execute the Company’s standard Indemnification Agreement.
		

		
			 
		

		
			(ii)         The Company shall maintain directors’ and officers’ liability insurance in commercially reasonable amounts (as reasonably determined by the Board), and the Executive shall be covered under such insurance to the same extent as other senior management members.
		

		
			 
		

		
			3.          Term and Termination. The Company and the Executive agree that the Executive’s employment with the Company is scheduled to begin on or about January 14, 2019 (but no later than January 31, 2019) with the actual first day of his employment being defined herein as the “Start Date.” The Executive’s employment with the Company pursuant to this Agreement shall terminate upon the occurrence of any of the following:
		

		
			 
		

		
			(a)        At the election of the Company for Cause immediately upon written notice by the Company to the Executive which notice shall identify in reasonable detail the Cause upon which the termination is based (and if notice is provided pursuant to subclause  (i)(A), “immediately” shall mean the last day of the cure period if the Executive has not cured the circumstance(s) set forth in the Company’s notice). For the purposes of this Agreement, “Cause” shall mean (i) a good faith finding by the Company that (A) the
		

		
			
		

		
			

		 

		

			3

		

 

		

		
			 
		

		
			Executive has failed to perform his reasonably assigned duties for the Company (other than due to his physical or mental illness or disability for a period of less than three consecutive months or in aggregate less than four months in a twelve-month period) and has failed to remedy such failure within 30 days following written notice from the Company to the Executive notifying him of such failure, or (B) the Executive has engaged in dishonesty, gross negligence or misconduct, or (ii) the Executive’s conviction of, or the entry of a pleading of guilty or nolo contendere by the Executive to, any crime involving moral turpitude or any felony;
		

		
			 
		

		
			(b)        Upon the death or disability of the Executive, if such disability renders the Executive incapable of performing his duties, as reasonably determined by the Company, and the Executive is considered disabled within the meaning of Section 409A of the Internal Revenue Code and the guidance issued thereunder;
		

		
			 
		

		
			(c)        At the election of the Company without Cause or the Executive without Good Reason upon not less than 10 days’ prior written notice of termination; or
		

		
			 
		

		
			(d)        At the election of the Executive for Good Reason, following written notice by the Executive to the Company which notice shall identify the Good Reason upon which the termination is based. For the purposes of this Agreement, “Good Reason” shall mean (i) a material adverse change in the Executive’s authority, duties or compensation without the prior consent of the Executive, (ii) a material breach by the Company of the terms of this Agreement, (iii) a requirement that the Executive report to an employee other than the CEO, or (iv) a relocation of the principal place at which the Executive performs services to more than 150 miles from Cambridge, MA. To terminate the Executive’s employment for Good Reason, the Executive must (i) provide notice to the Company of the purported event giving rise to Good Reason within 90 days after it occurs, (ii) provide the Company with at least 30 days to cure, and (iii) if not cured, resign for Good Reason within 30 days after the end of the cure period.
		

		
			 
		

		
			4.          Rights Upon Termination.
		

		
			 
		

		
			(a)        Accrued Obligations. Except for a termination by the Company without Cause or by the Executive for Good Reason, following the Executive’s Date of Termination (as defined below), the Company’s obligations under this Agreement shall immediately cease and the Company will pay the Executive only his Accrued Obligations (as defined below). For purposes of this Agreement, “Date of Termination” means the last day the Executive is employed by the Company pursuant to this Agreement, and “Accrued Obligations” means (i) the portion of the Executive’s salary as has accrued prior to any termination of his employment with the Company and has not yet been paid, (ii) an amount equal to the value of any accrued but unused vacation days or paid time off, and (iii) the amount of any expenses properly incurred by the Executive on behalf of the Company prior to any such termination and not yet reimbursed pursuant to Section 2(e) hereof.
		

		
			 
		

		
			(b)        Severance.
		

		
			 
		

		
			(i)         If the Executive’s employment is terminated without Cause by the Company or by the Executive for Good Reason, in each case prior to, or more than 12 months following, a Change in Control (as defined in the Award Agreement), the
		

		
			
		

		
			

		 

		

			4

		

 

		

		
			 
		

		
			Company shall, in addition to paying the Accrued Obligations, (A) continue to pay the Executive, as severance, his salary as in effect on the Date of Termination, paid in accordance with the Company’s usual payroll practices, for a period of 12 months following the Date of Termination and (B) if the Executive is participating in the Company’s employee group health insurance plans on the Date of Termination, and if the Executive is eligible for and timely elects to continue receiving group health insurance under the continuation coverage rules known as COBRA, continue to pay the share of the premium for such coverage that it pays for active and similarly-situated employees who receive the same type of coverage until the earlier of (x) the 6 month anniversary of the Date of Termination, and (y) the date the Executive becomes eligible for coverage under a new employer’s group health plan, unless, as a result of a change in legal requirements, the Company’s provision of payments for COBRA will violate the nondiscrimination requirements of applicable law, in which case this benefit will not apply.
		

		
			 
		

		
			(ii)        If the Executive’s employment is terminated by the Company without Cause or by the Executive for Good Reason, in each case within the twelve month period following a Change in Control, the Company shall, in addition to paying the Accrued Obligations, (A) pay the Executive an aggregate amount equal to (1) 1.5 times his annualized salary, and (2) 100% of his target annual bonus, in each case at the salary and target annual bonus level in effect on the Date of Termination or, if higher, at any time within the six month period preceding the Change in Control, which aggregate amount shall be paid in equal annual installments over the 12 month period following the Date of Termination, (B) accelerate in full the vesting of all outstanding, unvested equity awards held by the Executive, and (C) if the Executive is participating in the Company’s employee group health insurance plans on the Date of Termination, and if the Executive is eligible for and timely elects to continue receiving group health insurance under the continuation coverage rules known as COBRA, continue to pay the share of the premium for such coverage that it pays for active and similarly-situated employees who receive the same type of coverage until the earlier of ((x) the twelve (12) month anniversary of the Date of Termination, and (y) the date the Executive becomes eligible for coverage under a new employer’s group health plan, unless, as a result of a change in legal requirements, the Company’s provision of payments for COBRA will violate the nondiscrimination requirements of applicable law, in which case this benefit will not apply.
		

		
			 
		

		
			(iii)       The provision to the Executive of the severance benefits set forth in Section 4(b)(i) or 4(b)(ii), as applicable, shall (A) be contingent upon the execution by the Executive of a separation and release of claims agreement in a form reasonably acceptable to the Company that becomes effective within sixty (60) days following the Termination Date (or such shorter period as the Company may provide) and (B) begin on the first payroll date following the effective date of the release, provided that if the period during which the release may become effective spans two calendar years, the payments will commence in the second
		

		
			
		

		
			

		 

		

			5

		

 

		

		
			 
		

		
			calendar year and  (C) constitute the sole remedy of the Executive in the event of a termination of the Executive’s employment in the circumstances set forth in Section 4(b)(i) or 4(b)(ii), as applicable.
		

		
			 
		

		
			(c)        Other Benefits. The Company shall provide any other payments or benefits to be provided to the Executive by the Company or a subsidiary pursuant to any Executive benefit plans or arrangements established or adopted by the Company or a subsidiary (including, without limitation, any rights to indemnification from the Company (or from a third-party insurer for directors and officers liability coverage) under Section 2(g) or otherwise with respect to any costs, losses, claims, suits, proceedings, damages or liabilities to which the Executive may become subject which arise out of, are based upon or relate to the Executive’s employment by the Company), to the extent such amounts are due from the Company in accordance with the terms of this Agreement or such plans or arrangements.
		

		
			 
		

		
			5.          Proprietary Information.
		

		
			 
		

		
			(a)        The Executive agrees that all information, whether or not in writing, of a private, secret or confidential nature concerning the Company’s business, business relationships or financial affairs (collectively, “Proprietary Information”) is and shall be the exclusive property of the Company. Without limitation, Proprietary Information shall include inventions, products, processes, methods, techniques, formulas, compositions, compounds, projects, development plans, research data, clinical data, confidential communications with regulatory bodies and other third parties, financial data, personnel data obtained pursuant to the Executive’s duties and responsibilities, computer programs, customer and supplier lists, and contacts with or knowledge of customers or prospective customers of the Company. The Executive will not disclose any Proprietary Information to any person or entity other than employees of the Company with authorization to access the information or use the same for any purposes (other than in the performance of his duties as an employee of the Company) during or after his employment with the Company, unless and until such Proprietary Information has become public knowledge without fault of the Executive or such disclosure is required by law.
		

		
			 
		

		
			(b)        The Executive agrees that all files, letters, memoranda, reports, records, data, sketches, drawings, laboratory notebooks, program listings, or other written, photographic, electronic, or other tangible material containing Proprietary Information, in any form, whether created by the Executive or others, which shall come into his custody or possession, shall be the exclusive property of the Company and will be used by the Executive only in the performance of his duties for the Company. All such materials or copies thereof and all tangible property of the Company in the custody or possession of the Executive shall be delivered to the Company, upon the earlier of (i) a request by the Company or (ii) the Date of Termination. After such delivery, the Executive shall not retain any such materials or copies thereof or any such tangible property.
		

		
			 
		

		
			(c)        The Executive agrees that his obligation not to disclose or to use information and materials of the types set forth in Sections 5(a) and 5(b), and his obligation to return materials and tangible property, set forth in Section 5(b), also extends to such types of information, materials and tangible property of customers of the Company or suppliers to
		

		
			
		

		
			

		 

		

			6

		

 

		

		
			 
		

		
			the Company or other third parties, including licensors and licensees, who may have disclosed or entrusted the same to the Company or to the Executive.
		

		
			 
		

		
			6.          Inventions.
		

		
			 
		

		
			(a)         The Executive will make full and prompt disclosure to the Company of all inventions, improvements, discoveries, methods, developments, software, and works of authorship, whether patentable or not, which are created, made, conceived or reduced to practice by his, or under his direction, or jointly with others, during his employment by the Company, whether or not during normal working hours or on the premises of the Company (all of which are collectively referred to in this Agreement as “Inventions”).
		

		
			 
		

		
			(b)         The Executive agrees to assign and does hereby assign to the Company (or any person or entity designated by the Company) all of his right, title and interest in and to all Inventions and related patents, patent applications, trade secrets, copyrights and copyright applications. However, this Section 6(b) shall not apply to Inventions which are unrelated to the present or planned business or research and development of the Company and which are made and conceived by the Executive outside of normal working hours, outside the Company’s premises and do not involve use of the Company’s tools, devices, equipment or Proprietary Information. The Executive understands that, to the extent this Agreement is to be construed in accordance with the laws of any state which precludes a requirement in an Executive agreement to assign certain classes of inventions made by an Executive, this Section 6(b) shall be interpreted to not apply to any invention which a court rules and/or the Company agrees to fall within such classes.
		

		
			 
		

		
			(c)         The Executive agrees to cooperate fully with the Company, both during and after his employment with the Company, with respect to the procurement, maintenance and enforcement of patents, trademarks, copyrights and other intellectual property rights (both in the United States and foreign countries) relating to Inventions. The Executive shall sign all papers, including, without limitation, copyright applications, patent applications, declarations, oaths, formal assignments, assignments of priority rights, and powers of attorney, which the Company may deem necessary or desirable in order to protect its rights and interests in any Invention. The Executive further agrees that if the Company is unable to secure the signature of the Executive on any such papers with reasonable effort, an executive officer of the Company shall be entitled to execute any such papers as the agent and the attorney-in-fact of the Executive, and the Executive hereby irrevocably designates and appoints each executive officer of the Company as his agent and attorney-in-fact to execute any such papers on his behalf, and to take any and all actions as the Company may deem necessary or desirable in order to protect its rights and interests in any Invention, under the conditions described herein.
		

		
			 
		

		
			7.          Remedies. The Executive agrees and acknowledges that his breach of Section 5 or Section 6 cannot be reasonably or adequately compensated for in money damages alone and would cause irreparable injury to the Company. Accordingly, the Executive agrees that, with respect to a
		

		
			
		

		
			

		 

		

			7

		

 

		

		
			 
		

		
			breach of such Sections, the Company is entitled to, in addition to all other rights and remedies available to the Company at law or in equity, specific performance and immediate injunctive relief, without posting a bond.
		

		
			 
		

		
			8.          Non-Solicitation.
		

		
			 
		

		
			(a)         Restricted Activities. While the Executive is employed by the Company and for a period of one year after the termination or cessation of such employment for any reason, the Executive will not directly or indirectly either alone or in association with others (i) solicit, or permit any organization directly or indirectly controlled by the Executive to solicit, any employee of the Company to leave the employ of the Company, or (ii) solicit for employment, hire or engage as an independent contractor, or permit any organization directly or indirectly controlled by the Executive to solicit for employment, hire or engage as an independent contractor, any person who was employed by the Company at any time during the last six months of the Executive’s employment with the Company.
		

		
			 
		

		
			(b)         Extension. If the Executive violates the provisions of Section 8(a), the Executive shall continue to be bound by the restrictions set forth in Section 8(a) until a period of one year has expired without any violation of such provisions.
		

		
			 
		

		
			(c)         Interpretation. If any restriction set forth in Section 8(a) is found by any court of competent jurisdiction to be unenforceable because it extends for too long a period of time or over too great a range of activities or in too broad a geographic area, it shall be interpreted to extend only over the maximum period of time, range of activities or geographic area as to which it may be enforceable.
		

		
			 
		

		
			(d)        Equitable Remedies. The restrictions contained in this Section 8 are necessary for the protection of the business and goodwill of the Company and are considered by the Executive to be reasonable for such purpose. The Executive agrees that any breach of this Section 8 is likely to cause the Company substantial and irrevocable damage which is difficult to measure. Therefore, in the event of any such breach or threatened breach, the Executive agrees that the Company, in addition to such other remedies which may be available, shall have the right to obtain an injunction from a court restraining such a breach or threatened breach and the right to specific performance of the provisions of this Section 8 and the Executive hereby waives the adequacy of a remedy at law as a defense to such relief.
		

		
			 
		

		
			9.          Compliance with Section 409A.
		

		
			 
		

		
			(a)        General. It is the intention of both the Company and the Executive that the benefits and rights to which the Executive could be entitled pursuant to this Agreement comply with Section 409A of the Code and the Treasury Regulations and other guidance promulgated or issued thereunder (“Section 409A”), to the extent that the requirements of Section 409A are applicable thereto, and the provisions of this Agreement shall be construed in a manner consistent with that intention.
		

		
			 
		

		
			
		

		
			

		 

		

			8

		

 

		

		
			 
		

		
			(b)        Distributions on Account of Separation from Service. If and to the extent required to comply with Section 409A, no payment or benefit required to be paid under this Agreement on account of termination of the Executive’s employment shall be made unless and until the Executive incurs a “separation from service” within the meaning of Section 409A.
		

		
			 
		

		
			(c)        6 Month Delay for “Specified Employees”.
		

		
			 
		

		
			(i)          If the Executive is a “specified employee,” then no payment or benefit that is payable on account of the Executive’s “separation from service,” as that term is defined for purposes of Section 409A, shall be made before the date that is six months after the Executive’s “separation from service” (or, if earlier, the date of the Executive’s death) if and to the extent that such payment or benefit constitutes deferred compensation (or may be nonqualified deferred compensation) under Section 409A and such deferral is required to comply with the requirements of Section 409A. Any payment or benefit delayed by reason of the prior sentence shall be paid out or provided in a single lump sum at the end of such required delay period in order to catch up to the original payment schedule (or, if earlier, upon the death of the Executive). There shall be added to any payments that are delayed pursuant to this provision interest at the prime rate as reported in the Wall Street Journal for the date of the Executive’s separation from service. Such interest shall be calculated from the date on which the payment otherwise would have been made until the date on which the payment is made.
		

		
			 
		

		
			(ii)         For purposes of this provision, the Executive shall be considered to be a “specified employee” if, at the time of his separation from service, the Executive is a “key employee” (within the meaning of Section 416(i) of the Code) of the Company (or any person or entity with whom the Company would be considered a single employer under Section 414(b) or Section 414(c) of the Code) any stock in which is publicly traded on an established securities market or otherwise.
		

		
			 
		

		
			(d)        No Acceleration or Deferral of Payments. Neither the Company nor the Executive, individually or in combination, may accelerate or defer any payment or benefit that is subject to Section 409A, except in compliance with Section 409A and the provisions of this Agreement, and no amount that is subject to Section 409A shall be paid prior to the earliest date on which it may be paid without violating Section 409A.
		

		
			 
		

		
			(e)        Treatment of Each Installment as a Separate Payment. For purposes of applying the provisions of Section 409A to this Agreement, each separately identified amount to which the Executive is entitled under this Agreement shall be treated as a separate payment. In addition, to the extent permissible under Section 409A, any series of installment payments under this Agreement shall be treated as a right to a series of separate payments.
		

		
			 
		

		
			
		

		
			

		 

		

			9

		

 

		

		
			 
		

		
			(f)        Taxable Reimbursements.
		

		
			 
		

		
			(i)         Any reimbursements by the Company to the Executive of any eligible expenses under this Agreement that are not excludable from the Executive’s income for Federal income tax purposes (the “Taxable Reimbursements”) shall be made by no later than the earlier of the date on which they would be paid under the Company’s normal policies and the last day of the taxable year of the Executive following the year in which the expense was incurred.
		

		
			 
		

		
			(ii)        The amount of any Taxable Reimbursements to be provided to the Executive during any taxable year of the Executive shall not affect the expenses eligible for reimbursement to be provided in any other taxable year of the Executive.
		

		
			 
		

		
			(iii)       The right to Taxable Reimbursements shall not be subject to liquidation or exchange for another benefit.
		

		
			 
		

		
			(g)        Limitation on Liability. The Company shall have no liability to the Executive nor to any other person in the event that the payments and/or benefits provided under this Agreement are not exempt from or compliant with Section 409A.
		

		
			 
		

		
			10.        Survival. The Parties agree that the obligations under Sections 5, 6, 8 and 9 of this Agreement shall survive the termination of the Executive’s employment, regardless of the reason for such termination.
		

		
			 
		

		
			11.        Acknowledgement. The Executive acknowledges and agrees that the Company does not desire him to use any confidential information of any prior employer during his employment hereunder and that the Company will not ask for nor will it accept any such confidential information. This acknowledgement shall not reduce or otherwise affect the Executive’s rights to indemnification from the Company.
		

		
			 
		

		
			12.        Severability. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement.
		

		
			 
		

		
			13.        Governing Law. This Agreement shall be governed by and construed and enforced in accordance with the internal laws of the Commonwealth of Massachusetts. Both parties agree to exclusive venue in the state (Middlesex County) or federal courts located in the Commonwealth of Massachusetts.
		

		
			 
		

		
			14.        Successors and Assigns. This Agreement is personal to the Executive and without the prior written consent of the Company shall not be assignable by the Executive otherwise than by will or the laws of descent and distribution. This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns.
		

		
			 
		

		
			
		

		
			

		 

		

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			15.        Entire Agreement. This Agreement, with the Indemnification Agreement, contains the entire agreement of the parties and supersedes any prior understandings or agreements between the Executive and the Company. This Agreement may be changed only by an agreement in writing signed by the party against whom enforcement of any waiver, change, modification, extension or discharge is sought.
		

		
			 
		

		
			16.        Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, but both of which together shall constitute one and the same instrument.
		

		
			 
		

		
			[signature page follows]
		

		
			
		

		
			

		 

		

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			IN WITNESS WHEREOF, the parties have executed this Employment Agreement as of the date set forth below.
		

		
			 
		

			
					
						 

					
					
						Company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						InVivo Therapeutics Holdings Corp.

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Richard Toselli

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 Name: Richard Toselli, M.D.

				
	
					
						 

					
					
						Title: President & Chief Executive Officer

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						12/21/2018

				
	
					
						 

					
					
						Date

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						Executive

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						  /s/ Richard Christopher

				
	
					
						 

					
					
						Richard Christopher

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						12/24/2018

				
	
					
						 

					
					
						Date

				

		
			 
		

		 

		

			12

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00290-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00290-of-00352.parquet"}]]