Document:

EX-10.24

Exhibit
10.24 

EMPLOYMENT
AGREEMENT 

THIS
EMPLOYMENT AGREEMENT ("Agreement"), effective this 28th day of July, 2017
(the "Effective Date"), is entered into by and between Richard
Gerstein ("Executive") and Unifi, Inc. (the "Employer" and,
collectively with its successors, subsidiaries and affiliated companies, the
"Company"). 

WHEREAS,
the Employer desires to retain the services of Executive on the terms and
subject to the conditions set forth in this Agreement; 

NOW,
THEREFORE, in consideration of the mutual representations, warranties, covenants
and agreements set forth herein, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties
hereto, intending to be legally bound, agree as follows: 

1.    Employment.
Subject to the terms and conditions of this Agreement, the Employer agrees to
 employ Executive, and Executive agrees to be employed by the Employer, as of
August 14, 2017 (the "Start Date"), pursuant to the terms of
this Agreement. 

2.    Position.
During the period of his employment hereunder, Executive agrees to serve the
 Company, and the Employer shall employ Executive, as Executive Vice President
of Global PVA & Chief Marketing Officer. If appointed or elected,
Executive also shall serve as an officer, director and/or manager of one or more
of the Employer's subsidiaries and affiliated companies in such capacity or
capacities as may be determined from time to time. 

3.    At-Will
Employment and Duties. 

       (a)
At-Will Employment. Executive and the Employer agree that Executive's
employment by the Employer hereunder will be at-will (as defined under
applicable law), and may be terminated at any time, for any reason, at the
option of either party, subject to the provisions of this Agreement. 

       (b)
Duties. During the period of his employment hereunder and except for
 illness, reasonable vacation periods, and reasonable leaves of absence,
Executive shall in good faith devote all of his business time, attention, skill
and efforts to the business and affairs of the Company. Executive's duties shall
be performed under the supervision of the Employer's Chief Executive Officer.
The foregoing shall not be construed as prohibiting Executive from serving on
corporate, civic or charitable boards or committees or making personal
investments, so long as such activities do not materially interfere with the
performance of Executive's obligations to the Company as set forth herein. 

4.    Salary;
Bonus; Reimbursement of Expenses; Other Benefits. 

       (a)
Salary. In consideration of the services to be rendered by Executive
 pursuant to this Agreement, the Employer shall pay, or cause to be paid, to
Executive a base salary (the "Base Salary") as established by or pursuant
to authority granted by the Employer's board of directors (the
"Board"). Executive's initial Base Salary shall be $400,000 per
annum. The Base Salary shall be reviewed annually by or pursuant to authority
granted by the Board in connection with its annual review of executive
 compensation to determine if such Base Salary should be increased for the
following year in recognition of services to the Company. The Base Salary
shall be payable at such intervals in conformity with the Employer's prevailing
practice as such practice shall be established or modified from time to time.

       (b)
Bonuses; Additional Compensation. Executive will be eligible to receive
bonuses and to participate in compensation plans of the Employer in accordance
with any plan or decision that the Board, or any committee or other person
authorized by the Board, may in its sole discretion determine from time to time.
For the Employer's 2018 fiscal year, Executive's bonus will be equal to 30%, 50%
and 100% of Base Salary for threshold, target and maximum levels of performance,
respectively, and will be pro-rated for the period of Executive's employment
with the Employer during the fiscal year. 

       (c)
Initial Equity Grants. Executive will receive on the Start Date an award
 of (i) options to purchase 15,000 shares of the Employer's common stock
and (ii) restricted stock units representing 20,000 share of the Employer's
common stock. The options will have an exercise price equal to the mean between
 the lowest and highest reported sale prices of the Employer's common stock on
the Start Date, will vest and become fully exercisable in three substantially
equal installments beginning on the first anniversary of the Start Date, subject
to your continued employment through each vesting date, and will have a ten year
term. The restricted stock units will become vested and settled in shares of the
Employer's common stock as follows, subject to your continued employment through
each vesting date: 25% on the first anniversary of the Start Date, 25% on the
second anniversary of the Start Date and 50% on the third anniversary of the
Start Date. 

       (d)
Reimbursement of Expenses. Executive shall be paid or reimbursed by the
 Employer, in accordance with and subject to the Employer's general expense
reimbursement policies and practices, for all reasonable travel and other
business expenses incurred by Executive in performing his obligations under this
Agreement. 

       (e)
Other Benefits. During the period of employment hereunder, Executive
 shall be entitled to participate in all other benefits of employment generally
available to other executives of the Employer and those benefits for which such
persons are or shall become eligible, when and as he becomes eligible therefore.
All outstanding unvested equity awards issued to Executive by the Employer shall
vest in full upon a "Change of Control" (as such term is defined in the
Unifi, Inc. 2013 Incentive Compensation Plan). 

5.    Termination
of Employment. 

       (a)
Termination as a Result of Executive's Death or Disability. Executive's
employment hereunder shall terminate automatically upon Executive's death and
may be terminated by the Employer upon Executive's "Disability" (as hereinafter
defined). If Executive's employment hereunder is terminated by reason of
Executive's death or Disability, Executive's (or Executive's estate's) right to
benefits under this Agreement will terminate as of the date of such termination
and all of the Employer's obligations hereunder shall immediately cease and
terminate, except that (i) Executive or Executive's estate, as the case may
be, will be entitled to receive accrued Base Salary and benefits through the
date of termination and (ii) all outstanding unvested equity awards issued
to Executive by the Employer shall vest in full upon such termination of
employment. As used herein, Executive's "Disability" shall have the
meaning set forth in any long-term disability plan in which Executive
participates, and in the absence thereof shall mean the determination in good
faith by the Board that, due to physical or mental illness, Executive shall have
failed to perform his duties on a full-time basis hereunder for one hundred
eighty (180) consecutive days and shall not have returned to the
performance of his duties hereunder on a full-time basis before the end of such
period. If Disability has occurred, termination of Executive's employment
hereunder shall occur within thirty (30) days after written notice of such
termination is given (which notice may be given before the end of the one
hundred eighty (180) day period described above so as to cause termination
of employment to occur as early as the last day of such period). 

 

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       (b)
Termination by Executive for Good Reason or by the Employer other than as a
Result of Executive's Death or Disability or for Cause. 

(i)
Executive may terminate Executive's employment hereunder for "Good Reason" (as
hereinafter defined), if Good Reason exists, upon at least five (5) days
prior written notice to the Employer, and the Employer may terminate Executive's
employment hereunder for any reason or for no reason, other than as a result of
Executive's death or Disability or for Cause (as hereinafter defined), in each
case with the consequences set forth in this Section 5(b). 

(ii)
If Executive's employment hereunder is terminated by Executive for Good Reason
or by the Employer other than by reason of Executive's death or Disability and
other than for Cause, then, subject to Executive entering into and not revoking
a release of claims in favor of the Employer and the Company pursuant to
Section 5(e) below, and Executive fully complying with the covenants set
forth in Section 6, Executive shall be entitled to the following benefits:

(1)
Cash severance payments equal in the aggregate to twelve (12) months of
Executive's annual Base Salary at the time of termination, payable in twelve
(12) equal monthly installments beginning at the end of the first full
month following termination of employment. 

(2)
In the event Executive elects COBRA continuation coverage for the level of
medical coverage he had in force at the time of his termination, the Employer
shall reimburse Executive for the monthly cost of such continuation coverage
until the earlier of (A) the date Executive ceases to maintain such
continuation coverage in effect or (B) twelve (12) months from the
termination of Executive's employment. 

(iii)
For purposes of this Agreement, "Good Reason" shall mean: (1) a
material reduction (without Executive's express written consent) in Executive's
title or responsibilities; (2) the requirement that Executive relocate to
an employment location that is more than fifty (50) miles from his
employment location on the Start Date; (3) the Employer's material breach
(without Executive's express written consent) of Sections 2 or 4 of this
Agreement; or (4) following a Change of Control, Executive not being an
officer of the ultimate surviving parent business entity resulting from such
Change of Control transaction, in a substantially similar role to that performed
by Executive for the Employer prior to such Change of Control, for a period of
at least twelve (12) months thereafter; provided, that with respect to the
foregoing clauses (1), (2) and (3), Executive has provided the Employer
written notice of the event or circumstance purporting to constitute Good Reason
within thirty (30) days of the event or circumstance occurring and the
Employer has not cured such event or circumstance within fifteen (15) days
following the date Executive provides such notice. If the Employer thereafter
intentionally repeats the breach it previously cured, such breach shall no
longer be deemed curable. 

       (c)
Termination by Executive other than for Good Reason. Executive may
 terminate his employment with the Employer other than for Good Reason upon
thirty (30) days prior written notice to the Employer, after which the
Employer shall have no further obligation hereunder to Executive, except for
payment of accrued Base Salary and benefits through the termination date. If
Executive so notifies the Employer of such termination, the Employer shall have
the right to accelerate the effective date of such termination to any date after
the Employer's receipt of such notice, but such acceleration will not be deemed
to constitute a termination of Executive's employment by the Employer without
Cause, and the consequences of such termination will continue to be governed by
this subsection. 

 

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       (d)
Termination by the Employer for Cause. The Employer may terminate
Executive's employment under this Agreement at any time for "Cause" (as
hereinafter defined) whereupon the Employer shall have no further obligation
hereunder to Executive, except for payment of amounts of Base Salary and
benefits accrued through the termination date. For purposes of this Agreement,
"Cause" shall mean: (i) the continued willful failure by Executive
to substantially perform his duties to the Company, (ii) the willful
engaging by Executive in gross misconduct materially and demonstrably injurious
to the Company or (iii) Executive's material breach of Sections 3, 6 or 7
of this Agreement; provided, that with respect to any breach that is curable by
Executive, as determined by the Board in good faith, the Employer has provided
Executive written notice of the material breach and Executive has not cured such
breach, as determined by the Board in good faith, within fifteen (15) days
following the date the Employer provides such notice. 

       (e)
Waiver and Release. In consideration for and as a condition to the
payments and benefits provided and to be provided under Section 5(b)(ii) of
this Agreement other than those provided under Section 9 (indemnification),
Executive agrees that Executive will, within thirty (30) days after the
termination of Executive's employment hereunder, deliver to the Employer a fully
executed release agreement substantially in a form then used by and agreeable to
the Employer and which shall fully and irrevocably release and discharge the
Company, its directors, officers, and employees from any and all claims,
charges, complaints, liabilities of any kind, known or unknown, owed to
Executive, other than any rights Executive may have under the terms of this
Agreement that survive such termination of employment and other than any vested
rights of Executive under any of the Company's employee benefit plans or
programs that, by their terms, survive or are unaffected by such termination of
employment. 

6.    Certain
Covenants by Executive. 

       (a)
Confidential Information. Executive acknowledges that in his employment
 hereunder he will occupy a position of trust and confidence. Executive shall
not, except in the course of the good faith performance of his duties hereunder
or as required by applicable law, without limitation in time or until such
information shall have become public other than by Executive's unauthorized
disclosure, disclose to others or use, whether directly or indirectly, any
Confidential Information (as hereinafter defined) regarding the Company. For
purposes of this Agreement, "Confidential Information" shall mean
information about the Company or its clients or customers that was learned by
Executive in the course of his employment by the Employer, including (without
limitation) any proprietary knowledge, trade secrets, data, formulae,
information and client and customer lists and all papers, resumes, and records
(including computer records) of the documents containing such Confidential
Information, but excludes information (i) which is in the public domain
through no unauthorized act or omission of Executive; or (ii) which becomes
available to Executive on a non-confidential basis from a source other than the
Company without breach of such source's confidentiality or non-disclosure
obligations to the Company. Executive agrees to deliver or return to the
Employer, at the Employer's request at any time or upon termination or
expiration of his employment or as soon thereafter as possible, (i) all
 documents, computer tapes and disks, records, lists, data, drawings, prints,
notes and written information (and all copies thereof) furnished by the Company
or prepared by Executive during the term of his employment by the Employer and
(ii) all notebooks and other data relating to research or experiments or
other work conducted by Executive in the scope of such employment. Upon the date
of termination of Executive's employment hereunder, Executive shall, as soon as
possible but no later than two (2) days after the date of termination,
surrender to the Employer all Confidential Information in Executive's possession
and return to the Employer all Company property in Executive's possession or
control, including but not limited to, all paper records and documents, computer
disks and access cards and keys to any Company facilities. 

       (b)
Non-Competition. During the period of Executive's employment hereunder
and for a period of twelve (12) months after the date of termination of his
employment, Executive shall not, 

 

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directly or indirectly, in the "Restricted Territory" (as hereinafter defined),
without the prior written consent of the Employer, provide consultative services
or otherwise provide services to (whether as an employee or a consultant, with
or without pay) or, own, manage, operate, join, control, participate in, or be
connected with (as a shareholder, partner, or otherwise), any business,
individual, partner, firm, corporation, or other entity that is then a
competitor of the Company (each such competitor a "Competitor of the
Company"); provided, however, that the "beneficial ownership"
by Executive, either individually or as a member of a "group," as such terms are
used in Rule 13d of the General Rules and Regulations under the Securities
Exchange Act of 1934, as amended (the "Exchange Act"), of not more than
five percent (5%) of the voting stock of any publicly held corporation
shall not alone constitute a violation of this Agreement. For purposes of this
Agreement, "Restricted Territory" shall mean: (i) the State of North
Carolina, (ii) the other contiguous states of the United States of America,
and (iii) any other jurisdiction in which the Company is doing or does
business during Executive's employment hereunder. Executive and the Employer
acknowledge and agree that the business of the Company extends throughout the
contiguous states of the United States of America and internationally. 

       (c)
Non-Solicitation of Customers and Suppliers. During the period of
 Executive's employment hereunder and for a period of twelve (12) months
after the date of termination of Executive's employment hereunder, Executive
shall not, directly or indirectly, influence or attempt to influence customers
or suppliers of the Company to divert any of their business to any Competitor of
the Company. 

       (d)
Non-Solicitation of Employees. Executive recognizes that he possesses and
 will possess Confidential Information about other employees of the Company
relating to their education, experience, skills, abilities, compensation and
benefits, and inter-personal relationships with customers of the Company.
Executive recognizes that the information he possesses and will possess about
these other employees is not generally known, is of substantial value to the
Company in developing its business and in securing and retaining customers, and
has been and will be acquired by him because of his business position with the
Company. Executive agrees that, during the period of Executive's employment
hereunder and for a period of twelve (12) months thereafter, he will not,
directly or indirectly, solicit, recruit, induce or encourage or attempt to
solicit, recruit, induce, or encourage any employee of the Company (i) for
the purpose of being employed by him or by any Competitor of the Company on
whose behalf he is acting as an agent, representative or employee or
(ii) to terminate his or her employment or any other relationship with the
Company. Executive also agrees that Executive will not convey any Confidential
Information or trade secrets about other employees of the Company to any other
 person. 

       (e)
Post-Termination Covenants by Executive. 

(i)
Upon the termination of Executive's employment hereunder, regardless of
(A) the date, cause, or manner of the Termination of Employment,
(B) whether the Termination of Employment is with or without Cause or is a
result of Executive's resignation, or (C) whether the Employer provides
severance benefits to Executive under this Agreement (the "Termination of
Employment"), Executive shall resign and does resign (1) as a member of
the Board if serving on the Board at that time and (2) from all positions
as an officer, director or manager of the Company and from any other positions
with the Company, with all such resignations to be effective upon the date of
the Termination of Employment. 

(ii)
From and after the Termination of Employment, Executive agrees not to make any
statements to the Company's employees, customers, vendors, or suppliers or to
any public or media source, whether written or oral, regarding Executive's
employment hereunder or termination from the Employer's employment, except as
may be approved in writing by an executive officer of the Employer in
advance. Executive further agrees not to make any statement (including to
any media source, or to the Company's suppliers, customers or employees) or take

 

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any action that would disrupt, impair, embarrass, harm or affect adversely the
Company or any of the employees, officers, directors, or customers of the
Company or place the Company or such individuals in any negative light. 

(iii)
From and after the Termination of Employment, Executive agrees to cooperate with
and provide assistance to the Company and its legal counsel in connection with
any litigation (including arbitration or administrative hearings) or
investigation affecting the Company, in which, in the reasonable judgment of the
 Company's counsel, Executive's assistance or cooperation is
needed. Executive shall, when requested by the Company, provide testimony
or other assistance and shall travel at the Company's request in order to
fulfill this obligation. In connection with such litigation or
investigation, the Company shall attempt to accommodate Executive's schedule,
shall reimburse Executive (unless prohibited by law) for any actual loss of
wages in connection therewith, shall provide Executive with reasonable notice in
advance of the times in which Executive's cooperation or assistance is needed,
and shall reimburse Executive for any reasonable expenses incurred in connection
with such matters. 

       (f)
Injunctive Relief. It is expressly agreed that the Employer will or would
 suffer irreparable injury, for which a remedy in monetary damages alone would
be inadequate, if Executive were to violate any of the provisions of this
Section 6 and that the Employer would by reason of such violation be
entitled to injunctive relief in a court of appropriate jurisdiction, and
Executive further consents and stipulates to the entry of such injunctive relief
in such a court prohibiting Executive from so violating Section 6 of this
Agreement, in addition to any and all damages or other remedies to which the
Employer would be entitled at law or in equity. Nothing herein shall be
construed as prohibiting the Employer from pursuing any other equitable or legal
remedies for such breach or threatened breach, including the recovery of
monetary damages from Executive. 

       (g)
Executive's Acknowledgement. Executive acknowledges and agrees that
(i) the restrictive covenants in this Section 6 are reasonable in
time, territory and scope, and in all other respects and (ii) should any
part or provision of any covenant herein be held invalid, void or unenforceable
in any court of competent jurisdiction, such invalidity, voidness, or
unenforceability shall not render invalid, void or unenforceable any other part
or provision of this Agreement. The restrictive covenants contained herein
shall be construed as agreements independent of any other provision in this
Agreement and the existence of any claim or cause of action of Executive against
the Employer, whether predicated on this Agreement or otherwise, shall not
constitute a defense to the enforcement by the Employer of these covenants. 

       (h)
Protected Disclosures. Pursuant to the Defend Trade Secrets Act of 2016
 (8 U.S.C. § 1833(b)), Executive will not be held criminally or civilly liable
under any federal or state trade secret law for the disclosure of a trade secret
of the Company that (i) is made (A) in confidence to a federal, state,
or local government official, either directly or indirectly, or to an attorney
and (B) solely for the purpose of reporting or investigating a suspected
violation of law; or (ii) is made in a complaint or other document that is
filed under seal in a lawsuit or other proceeding. If Executive files a lawsuit
for retaliation by the Company for reporting a suspected violation of law,
Executive may disclose the trade secret to Executive's attorney and use the
trade secret information in the court proceeding, if Executive (i) files
any document containing the trade secret under seal, and (ii) does not
disclose the trade secret, except pursuant to court order. Nothing in this
Agreement, is intended to conflict with 18 U.S.C. § 1833(b) or create liability
for disclosures of trade secrets that are expressly allowed by such section.
Notwithstanding any provision in any agreement between Executive and the
Company, Executive may disclose any confidential or non-public information
(i) to report possible violations of federal law or regulation to any
governmental agency or entity, including but not limited to the Department of
Justice, the Securities and Exchange Commission, the United States Congress and
any agency Inspector General, or make other disclosures that are protected under
the whistleblower provisions of federal law or regulation or (ii) as
required by law or order by a court; 

 

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provided,
however, Executive agrees to notify the Company in advance if Executive
is required to provide information or testimony in connection with any action
brought by a non-governmental or non-regulatory person or entity. 

       (i)
Survival of Provisions. The obligations contained in this Section 6
shall survive the termination or expiration of Executive's employment hereunder
and shall be fully enforceable thereafter. 

7.    No
Conflict. Executive represents and warrants that Executive is not subject to
any agreement, instrument, order, judgment or decree of any kind, or any other
restrictive agreement of any character, which would prevent Executive from
entering into this Agreement or would conflict with the performance of
Executive's duties pursuant to this Agreement. Executive represents and warrants
that Executive will not engage in any activity, which would conflict with the
performance of Executive's duties pursuant to this Agreement. 

8.    Notices.
Any notice, requests, demands and other communications to be given to a party in
 connection with this Agreement shall be in writing addressed to such party at
such party's "Notice Address," which shall initially be as set forth below: 

 

			
	
      If to the Company:
	  	
      Unifi,
      Inc.

		  	
      7201
      West Friendly Avenue

		  	
      Greensboro,
      North Carolina 27410

		  	
      Attn:
      Secretary

		
	
      If
      to Executive:
	  	
      Richard
      Gerstein

		  	
      Most
      recent address reflected on

		  	
          the
      Company's payroll records

A
party's Notice Address may be changed or supplemented from time to time by such
party by notice thereof to the other party as herein provided. Any such notice
shall be deemed effectively given to and received by a party on the first to
occur of (a) the date on which such notice is actually delivered (whether
by mail, courier, hand delivery, electronic or facsimile transmission or
otherwise) to such party's Notice Address and addressed to such party, if such
delivery occurs on a business day, or if such delivery occurs on a day which is
not a business day, then on the next business day after the date of such
delivery, or (b) the date on which such notice is actually received by such
party (or, in the case of a party that is not an individual, actually received
by the individual designated in the Notice Address of such party). For purposes
of the preceding sentence, a "business day" is any day other than a Saturday,
Sunday or U.S. federal public legal holiday. 

9.    Indemnification.

       (a)
General. Subject to the limitations set forth in this Section 9, the
 Employer shall indemnify and hold harmless, to the fullest extent permitted by
applicable law as it presently exists or may hereafter be amended, Executive if
Executive was or is made or is threatened to be made a party to or is otherwise
involved in any pending, threatened or completed action, suit, arbitration,
alternative dispute resolution proceeding, investigation, administrative
hearing, or other proceeding, whether by or in the right of the Employer, any
other Company, or any other person or entity, whether civil, criminal,
administrative or investigative (a "Proceeding") by reason of the fact
that Executive is or was a director, officer, employee or agent of the Employer
or is or was serving at the request of the Employer as a director, officer,
member, employee or agent of any other Company or other enterprise, including
service with respect to employee benefit plans, against all cost, expense,
liability and loss (including without limitation, attorneys' fees, 

 

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judgments, fines, ERISA excise taxes or penalties and amounts paid or to be paid
in settlement) reasonably incurred or suffered by Executive or on Executive's
behalf in connection with any Proceeding and any appeal therefrom. Executive's
rights under this Section 9 shall continue after Executive has ceased
acting as a director, officer, member, employee or agent of a Company and shall
inure to the benefit of the heirs, executors and administrators of Executive.
The Employer's obligation to provide the indemnification set forth in this
Section 9(a) shall be subject to Executive having acted in good faith and
in a manner Executive reasonably believed to be in or not opposed to the best
interests of any Company, and, with respect to any criminal action or
proceeding, having had no reasonable cause to believe Executive's conduct was
unlawful. The termination of any Proceeding by judgment, order, settlement,
conviction, or upon a plea of nolo contendere or its equivalent, shall not, of
itself, create a presumption that Executive did not act in good faith and in a
manner which Executive reasonably believed to be in or not opposed to the best
 interests of the Company, and, with respect to any criminal action or
proceeding, had reasonable cause to believe that Executive's conduct was
unlawful. 

       (b)
Advancement of Expenses. Subject to the limitations set forth in this
 Section 9, the Employer shall pay the reasonable expenses (including
reasonable attorneys' fees) incurred by Executive in defending any Proceeding in
advance of its final disposition; provided, however, that such
advancement of expenses shall be made only upon receipt of an undertaking by
Executive, in a form approved by the Employer, to repay all amounts advanced if
it shall ultimately be determined that Executive is not entitled to be
indemnified therefor. Executive agrees to reimburse the Employer for all
expenses advanced under this Section 9 in the event and only to the extent
it shall ultimately be determined by a final adjudication that Executive is not
entitled to be indemnified by the Employer for such expenses. 

       (c)
Claims for Indemnification or Advancement; Determination of Eligibility.

(i)
Any claim by Executive for indemnification or advancement of expenses under this
 Agreement shall be made in a writing delivered to the Employer, setting forth
in reasonable detail the basis for such indemnification or advancement and the
amount requested, and accompanied by appropriate documentation to support the
amount so requested (or, in the case of advancement of expenses to be incurred,
the basis on which such amount is to be determined). A claim for advancement may
include future expenses reasonably expected to be incurred, provided they are
generally described in the claim, and provided that the Employer shall not be
required to advance particular expenses covered by the claim until it has
received appropriate substantiation that those expenses have been incurred and
are appropriately included within the advances approved by the Employer pursuant
to this Section 9(c). 

(ii)
Promptly upon its receipt of a written claim for advancement of expenses to
which Executive is entitled hereunder, and within sixty (60) days after its
receipt of a written claim for indemnity to which Executive is entitled
hereunder, the Employer shall pay such advancement (and any future related
submissions for advancement of expenses as they are incurred) or such claim for
indemnity in full to or as directed by Executive. If and to the extent it is
required by law that the Employer make any particular determination as to
Executive's eligibility to receive such advancements or indemnity, or whether
Executive has met the standards set forth in Section 9(a) hereof, the
Employer shall make such determination as promptly as practicable in good faith
and in accordance with such requirements of law, and in any event within sixty
(60) days after its receipt of the claim from Executive. In the event that
the Employer fails to make such determination as to Executive's eligibility, or
makes a determination that Executive is ineligible for indemnification or
advancement of expenses hereunder, within such sixty (60)-day period, then
Executive may seek such determination from a court of competent jurisdiction. In
any such proceeding, the Employer shall have the burden of proving that
Executive was not entitled to the requested indemnification or advancement of
expenses, and any prior determination by the 

 

8

Employer to the contrary shall be to no effect and shall not be given any weight
by the court, it being the intention of the parties that any determination by
the court as to Executive's eligibility for and entitlement to indemnification
or advancement of expenses hereunder shall be made de novo based upon the terms
of this Agreement and the evidence presented to such court. 

       (d)
Limitations on Claims. In addition to the limitations on indemnification
 set forth in Section 9(a) above, the Employer shall not be obligated
pursuant to this Agreement: 

(i)
 To indemnify or advance expenses to Executive with respect to a Proceeding
initiated by Executive, except (i) for Proceedings authorized or consented
to by the Board; or (ii) in the event a claim for indemnification or
payment of expenses (including attorneys' fees) made under this Agreement is not
paid in full within sixty (60) days after a written claim therefor has been
received by the Employer, Executive may file suit to recover the unpaid amount
of such claim and, if successful in whole or in part, shall be entitled to be
paid the expense of prosecuting such claim, including attorneys' fees. In any
such action, the Employer shall have the burden of proving that Executive was
not entitled to the requested indemnification or payment of expenses under
applicable law or this Agreement. 

(ii)
To indemnify Executive for any expenses incurred by Executive with respect to
any Proceeding instituted by Executive to enforce or interpret this Agreement,
unless Executive is successful in establishing Executive's right to
indemnification in such Proceeding, in whole or in part; provided,
however, that nothing in this Section 9(d)(ii) is intended to limit
the Employer's obligation with respect to the advancement of expenses to
Executive in connection with any Proceeding instituted by Executive to enforce
or interpret this Agreement, as provided in Section 9(c) above. 

(iii)
To indemnify Executive in connection with proceedings or claims involving the
enforcement of the provisions of this Agreement (other than as otherwise
specifically provided for in this Section 9) or any other employment,
severance or compensation plan or agreement that Executive may be a party to, or
beneficiary of, with the Employer or any other Company. 

(iv)
To indemnify Executive on account of any proceeding with respect to which final
 judgment is rendered against Executive for payment or an accounting of profits
arising from the purchase or sale by Executive of securities in violation of
Section 16(b) of the Securities Exchange Act of 1934, as amended, any
similar successor statute, or similar provisions of state statutory law or
common law. 

       (e)
Non-Exclusivity of Rights. The right conferred on Executive by this
Section 9 shall not be exclusive of any other rights which Executive may
have or hereafter acquire under any statute, provision of the Employer's
articles of incorporation or bylaws, agreement, vote of shareholders or
disinterested directors or otherwise, or under any insurance maintained by the
Employer; but such rights in the aggregate shall not entitle Executive to
duplicative multiple recoveries. No amendment or alteration of the Employer's
articles of incorporation or bylaws or any other agreement shall adversely
affect the rights provided to Executive under this Section 9. 

       (f)
Savings Clause. If any provision or provisions of this Agreement shall be
 invalidated on any ground by any court of competent jurisdiction, then the
Employer shall nevertheless indemnify Executive as to costs, charges and
expenses (including attorneys' fees), judgments, fines and amounts paid in
settlement with respect to any action, suit or proceeding, whether civil,
criminal, administrative or investigative, including an action by or in the
right of the Employer, to the full extent 

 

9

permitted by any applicable portion of this Agreement that shall not have been
invalidated and to the full extent permitted by applicable law. 

10.    Dispute
Resolution. 

       (a)
Any dispute between Executive and the Employer arising out of this Agreement or
 the performance or nonperformance hereof (except with respect to
Section 9), shall, upon the demand of either Executive or the Employer, be
settled by binding arbitration in accordance with the Employment Arbitration
Rules and Mediation Procedures of the American Arbitration Association as in
effect at the time the arbitration is commenced and the provisions of this
subsection: 

(i)
The arbitration shall be conducted in Greensboro, North Carolina by a panel of
three impartial arbitrators selected in accordance with such rules, unless the
parties shall hereafter mutually agree in writing to have the arbitration
conducted by a single arbitrator. 

(ii)
In conducting the arbitration and rendering their award, the arbitrators shall
give effect to the terms of this Agreement, including the choice of applicable
law, shall give effect to any other agreement of the parties relating to the
conduct of the arbitration, and shall give effect to applicable statutes of
limitations. 

(iii)
The costs of the arbitration, including the fees and expenses of the arbitrators
and of the American Arbitration Association, shall be allocated to such parties
as, and in such proportions as, the arbitrators shall determine to be just and
equitable, which determination shall be set forth in the award. 

(iv)
Judgment upon the award of the arbitrators may be entered by any court of
competent jurisdiction. 

       (b)
Nothing in this Section 10 shall preclude any party from applying to a
 court of competent jurisdiction for, and obtaining if warranted, preliminary or
ancillary relief pending the conduct of such arbitration, or an order to compel
the arbitration provided for herein. 

       (c)
Any claim arising out of Section 9, including a claim by Executive for
 indemnification or advancement of expenses thereunder, shall be brought before
the state courts of the State of North Carolina pursuant to Section 12.

11.    Assignment;
Successors. This Agreement is personal in its nature and neither of the
parties hereto shall, without the consent of the other, assign or transfer this
Agreement or any rights or obligations hereunder; provided that, this Agreement
shall be binding upon and, subject to the provisions hereof, inure to the
benefit of any successor of the Employer and such successor shall be deemed
substituted for the Employer under the terms of this Agreement; but any such
substitution shall not relieve the Employer of any of its obligations under this
Agreement. As used in this Agreement, the term "successor" shall include any
person, firm, corporation, or like business entity which at any time, whether by
merger, purchase or otherwise, acquires all or a controlling interest in the
assets or business of the Employer. 

12.    Governing
Law. The validity, interpretation, construction and performance of this
Agreement shall be governed by, and construed and enforced in accordance with,
the substantive laws of the State of North Carolina, without giving effect to
its principles of conflict of laws. Executive and the Employer each hereby
irrevocably consent that both parties are subject to the jurisdiction of the
state courts of the State of North Carolina for all purposes in connection with
any action or proceeding that arises out 

 

10

of or relates to this Agreement, and further agree that the sole and exclusive
venue for any such dispute shall be the General Court of Justice, Superior Court
Division, in Guilford County, North Carolina. 

13.    Withholding.
The Employer shall make such deductions and withhold such amounts from each
payment made to Executive hereunder as may be required from time to time by law,
governmental regulation or order. 

14.    Headings.
Section headings in this Agreement are included herein for convenience of
 reference only and shall not constitute a part of this Agreement for any other
purpose. 

15.    Waiver;
Modification. Failure to insist upon strict compliance with any of the
terms, covenants, or conditions hereof shall not be deemed a waiver of such
term, covenant, or condition, nor shall any waiver or relinquishment of, or
failure to insist upon strict compliance with, any right or power hereunder at
any one or more times be deemed a waiver or relinquishment of such right or
power at any other time or times. This Agreement shall not be modified in any
respect except by a writing executed by each party hereto. 

16.    Severability.
The parties have entered into this Agreement for the purposes herein expressed,
with the intention that this Agreement be given full effect to carry out such
purposes. Therefore, consistent with the effectuation of the purposes hereof,
the invalidity or unenforceability of any provision hereof or part thereof shall
 not affect the validity or enforceability of any other provision hereof or any
other part of such provision. 

17.    Entire
Agreement. This Agreement constitutes the entire agreement between the
parties with respect to the subject matter hereof and supersedes any prior
agreements between them with respect to the subject matter hereof. Without
limiting the generality of the foregoing, the obligations under this Agreement
with respect to any termination of employment of Executive, for whatever reason,
supersede any severance or related obligations of the Company in any policy,
plan or practice of the Company or any agreement between Executive and the
Company. 

18.    Counterparts.
This Agreement may be executed by the parties hereto in multiple counterparts
 and shall be effective as of the Effective Date when each party shall have
executed and delivered a counterpart hereof, whether or not the same counterpart
is executed and delivered by each party. When so executed and delivered, each
such counterpart shall be deemed an original and all such counterparts shall be
deemed one and the same document. Transmission of images of signed signature
pages by facsimile, e-mail or other electronic means shall have the same effect
as the delivery in person of manually signed documents. 

19.    Compliance
with Section 409A. This Agreement is intended to comply with
Section 409A of the Internal Revenue Code of 1986, as amended ("Section
409A"), to the extent applicable. Notwithstanding any provision herein
to the contrary, this Agreement shall be interpreted, operated and administered
consistent with this intent. Each separate installment under this Agreement
shall be treated as a separate payment for purposes of determining whether such
payment is subject to or exempt from compliance with the requirements of
Section 409A. In addition, in the event that Executive is a "specified
employee" within the meaning of Section 409A (as determined in accordance
with the methodology established by the Employer as in effect on the date of
termination of Executive's employment hereunder), any payment or benefits
hereunder that are nonqualified deferred compensation subject to the
requirements of Section 409A shall be provided to Executive no earlier than
six (6) months after the date of Executive's "separation from service"
within the meaning of Section 409A. 

[Signatures
follow on next page] 

 

11

IN
WITNESS WHEREOF, the Employer has caused this Agreement to be executed by its
 duly authorized officer, and Executive has hereunto signed this Agreement, as
of the Effective Date. 

 

			
	"Employer":
	
	
      Unifi,
      Inc.

	
	By:        /s/
      KEVIN D.
      HALL            
	Name:  Kevin D. Hall
	Title:    Chief Executive
      Officer
	
	"Executive":
	
	
      /s/
      RICHARD
       GERSTEIN                

	
      Name:  Richard
      GersteinContact Minerals Corp. - Exhibit 10.1 - Filed by newsfilecorp.com

THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE
SECURITIES AND EXCHANGE COMMISSION OR ANY OTHER FEDERAL OR STATE REGULATORY
AUTHORITY. THE SHARES BEING SOLD HEREBY ARE SPECULATIVE AND INVOLVE A HIGH
DEGREE OF RISK. THE SALE PRICE WAS DETERMINED ARBITRARILY BY THE SELLERS AND
BEARS NO RELATIONSHIP TO THE ASSETS, EARNINGS, BOOK VALUE, CURRENT OR FUTURE
TRADING PRICE OF THE SHARES, OR ANY OTHER CRITERIA.

THE SECURITIES OFFERED HEREBY HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933 (THE “SECURITIES ACT”), AND ARE PROPOSED TO BE ISSUED
IN RELIANCE UPON AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT PROVIDED BY REGULATION S PROMULGATED UNDER THE SECURITIES ACT.
UPON ANY SALE, SUCH SECURITIES MAY NOT BE REOFFERED FOR SALE OR RESOLD OR
OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO U.S. PERSONS EXCEPT IN
ACCORDANCE WITH THE PROVISIONS OF REGULATION S, PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT, OR PURSUANT TO AN AVAILABLE
EXEMPTION FROM THE REGISTRATION REQUIREMENTS UNDER THE SECURITIES ACT AND IN
EACH CASE IN ACCORDANCE WITH ANY APPLICABLE STATE SECURITIES LAWS. HEDGING
TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE
WITH THE SECURITIES ACT.

STOCK PURCHASE AGREEMENT 

            THIS
STOCK PURCHASE AGREEMENT is made and entered into this 29th day of
August, 2017 by and among CONTACT MINERALS CORP., a Nevada corporation (the
"Company"), Kerry J. McCullagh (the "Seller"), and the purchasers set forth on
Exhibit A, attached hereto and incorporated herein (each, a "Purchaser",
and collectively, the “Purchasers”).

            NOW
THEREFORE, in consideration of the mutual promises contained herein and other
good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties agree as follows: 

1.        Purchase and Sale.
The Company and the Seller hereby agrees to issue and sell to the Purchasers (as
applicable), and the Purchasers, in reliance on the representations and
warranties contained herein, and subject to the terms and conditions of this
Agreement, agree to receive and purchase from the Company and the Seller the
following: 

	 	1.1. 	
      7,000,000 shares of Common Stock of the Company (the
      "Seller Shares”), which constitutes all securities of the Company
      beneficially owned by Seller; and

	 	 	 
	 	1.2. 	
      78,770,000 shares of Common Stock of the Company, which
      shall be issued by the Company to the Purchasers (the “Issued
    Shares”)

The Seller Shares shall be transferred to the Purchasers for a
purchase price equal to Eighty-Five-Thousand Dollars ($50,000) (“Seller Shares
Purchase Price”), payable in immediately available funds in United States
currency. The Issued Shares shall be issued to the Purchasers for a purchase
price equal to Two Hundred Forty-Six Thousand Five Hundred Dollars ($300,000)
(the “Issued Shares Purchase Price,” and together with the Seller Shares
Purchase Price, the “Aggregate Purchase Price”) payable in immediately available
funds in United States currency. The Seller Shares and Issued Shares
(collectively, the “Securities”) shall be delivered to the Purchasers in the
amounts as set forth on Exhibit A. The Company, Purchasers and Seller
acknowledge and accept that the trading price of the Securities may decrease or
increase subsequent to the sale of the Securities. The Company, Purchaser and
Sellers waive claims to any losses as a result of the sale of the Securities.

1

2.        Payment of
Aggregate Purchase Price. The parties acknowledge and agree that the Company is
indebted to the Seller in the aggregate amount that exceed of $265,000 (the
“Seller Indebtedness”). The Seller and the Company agree and acknowledge that
the Issued Shares Purchase Price shall be paid directly to the Seller in
settlement of the Seller Indebtedness and in settlement of any and all claims
against the Company by the Seller. Such payment shall be deemed paid in full
without the requirement of any further action by the Purchaser or the Company.
The Aggregate Purchase Price shall be disbursed directly to the Seller or to
such individuals designated by the Seller, which may be amended from time to
time by the Seller in a written communication delivered to the Escrow Agent (as
hereinafter defined. 

3.        Closing. The
Closing of the purchase and sale of the Securities shall occur upon the
satisfaction or waiver of all conditions set forth below, but no later than 5 PM
EST September 5, 2017, or such other date as may be determined by the
parties.

            3.1.       
Condition Precedent. As a condition precedent to the obligations of the
Purchasers to purchase the Securities, the Purchasers shall have conducted a due
diligence review of the Company and its books and records to its full
satisfaction. 

            3.2.       
Sellers/Company Deliverables: Unless waived in writing by Purchasers, the Seller
and the Company shall: 

                   3.2.1.
Ten calendar days prior to the Closing, cause the Company to file and mail to
each of the Company stockholders an information statement required by Rule 14f-1
promulgated under the Exchange Act of 1934, as amended (as hereinafter defined);

                   3.2.2.
Prior to the Closing: 

                   3.2.2.1.
Cause the Company to timely file a Current Report on Form 8-K disclosing the
entry by the Seller of this Agreement; 

                   3.2.2.2.
Deliver to the Escrow Agent the Company books and records, unless otherwise
agreed to in writing by the parties; 

                   3.2.2.3.
All management accounts and other records desirable and necessary for Purchasers
to prepare and file the Company’s annual report for the fiscal year ended July
31, 2017, on Form 10-K with the Securities and Exchange Commission;

                   3.2.2.4.
Written confirmation of (i) payment in full of all loans and payables of the
Company, including without limitation, those made by affiliates of the Company;
and (ii) termination of all office
leases;       

                   3.2.2.5.
Signed resignation letters of all existing officers and directors of the
Company; 

                   3.2.2.6.
Executed Board consents appointing designees of the Purchasers as directors and
officers of the Company; 

                   3.2.2.7.
All Edgar and other codes of the Company necessary to make filings with the
Securities and Exchange Commission;

                   3.2.2.8.
Contact information of all service providers of the Company necessary or
desirable to comply with SEC rules and regulations and to maintain listing on
the over the counter bulletin board, which shall include without limitation,
independent auditors, legal counsel, transfer agent, registered agent, market
maker and edgarizer;

2

                   3.2.2.9.
Written confirmation from the Company’s stock transfer agent that it has
received all documentation necessary to effectuate the transfer of stock
certificates representing the Securities to the Purchasers, including the
issuance of stock certificates representing the Securities to the
Purchasers.

            3.3.       
Purchaser Deliverables: On or prior to the Closing, the Purchasers shall
deliver: (i) the Aggregate Purchase Price to the Escrow Agent; and (ii) upon the
satisfaction of the terms set forth in Section 2.2 hereof as determined by
Purchasers in their discretion, written acknowledgement that Purchasers are
satisfied with the results of their due diligence review of the Company and its
books and records. 

4.        Resignation of Old
and Appointment of New Board of Directors and Officers. The Company and the
Seller shall take such corporate action(s) and make such SEC filings on Schedule
14F-1 in compliance with the Exchange Act Rules and as otherwise required by the
Company Articles of Incorporation and/or Bylaws to duly (a) appoint the below
named persons to their respective positions, to be effective as of the Closing
Date, and (b) obtain and submit to the Purchasers, together with all required
corporate action(s) the resignation of all members of the board of directors,
and any and all corporate officers as of the Closing Date, all of which actions
shall be certified and delivered to the Purchasers as effective at Closing by
the Seller in such form and substance satisfactory to the Purchasers. Following
the execution of this Agreement and through the date of effectiveness of such
resignations, no other officers or directors shall be appointed or elected to
serve the Company except as otherwise expressly provided herein. 

	Name 	Position 
	Shiong Han Wee 	Director 
	Kwueh Lin Wong 	Director

5.        Representations
and Warranties of Seller. Each of the Company and the Seller hereby severally
represents and warrants to each of the following as of the date hereof and the
Closing Date: 

            5.1.       
Corporate Existence and Power. The Company is a corporation duly organized and
validly existing and in good standing under the laws of the jurisdiction of its
incorporation or formation. The Company has the requisite corporate power and
authority to carry on its business as presently conducted and as currently
proposed to be conducted, to own and operate its properties and assets, to
execute and deliver this Agreement, and to carry out the provisions of this
Agreement. The Company is duly qualified to do business and is in good standing
as a foreign company in all jurisdictions in which the nature of its activities
and of its properties makes such qualification necessary, except for those
jurisdictions in which failure to do so would not have a material adverse effect
on the Company or its business. 

            5.2.       
Subsidiaries. The Company does not own or control any equity security or other
interest of any other corporation, partnership, limited liability company or
other business entity. The Company is not a participant in any joint venture,
partnership, limited liability company or similar arrangement. Since its
inception, the Company has not consolidated or merged with, acquired all or
substantially all of the assets of, or acquired the equity securities of or any
interest in any corporation, partnership, limited liability company or other
business entity. 

            5.3.       
Authorization; No Contravention. The execution, delivery and performance by
Seller of this Agreement and the transactions contemplated hereby (a) have been
duly authorized by all necessary action of the Seller and the Company, (b) do
not violate, conflict with or result in any breach or default of (or with due
notice or lapse of time or both would result in any breach, default or contravention of), or the creation of any lien under, any
contractual obligation of the Seller or the Company or any requirement of law
applicable to the Company, and (d) do not violate any judgment, injunction,
writ, award, decree or order (collectively, "Orders") of any governmental
authority against, or binding upon, the Company. There are no actions,
subpoenas, suits, proceedings, claims, complaints, disputes, arbitrations or
investigations (collectively, "Claims") pending, initiated, or, to the knowledge
of the Sellers, threatened, at law, in equity, in arbitration or before any
governmental authority against the Company. 

3

            5.4.       
Governmental Authorization; Third Party Consents. No consent, approval,
authorization, order, registration or qualification (each, an "Authorization")
of or with any governmental authority or any other person is required for the
execution, delivery or performance (including, without limitation, the sale of
the Securities) by, or enforcement against, the Company of this Agreement or the
consummation by the Company of the transactions contemplated by this Agreement,
except (i) such Authorizations as have already been obtained or (ii) as
otherwise provided in this Agreement. 

            5.5.       
Capitalization.

                          5.5.1.       
The Company's authorized capital stock consists solely of 300,000,000 shares of
common stock, of which 16,530,000 shares are issued and outstanding, and
15,000,000 authorized shares of preferred stock, of which no shares are issued
and outstanding. All shares of Company stock are owned of record and
beneficially by the shareholders in the amounts set forth in the Shareholder’s
list attached hereto as Exhibit B. There are no outstanding dividends,
whether current or accumulated, due or payable on any of the capital stock of
the Company.

                          5.5.2.       
Seller is the legal owner, and has good and marketable title (beneficially and
of record) to all of the Seller Shares. The Securities, when issued to the
Purchasers pursuant to this Agreement, will: (i) be duly authorized, validly
issued, and outstanding; (ii) be fully paid, non-assessable, and free of
preemptive rights; (iii) be free and clear of any and all pledges, claims,
charges, liens, security interests, encumbrances, or other interests of third
parties of any nature whatsoever; and (iv) constitute Ninety Percent (90%) of
the issued and outstanding securities of the Company on a fully diluted basis.
(i) There are no outstanding options, warrants, rights, commitments, or
agreements of any kind for the issuance or sale of, or outstanding securities
convertible into, any additional shares of capital stock of any class of the
Company; (ii) there are no voting trusts, voting agreements, proxies, or other
agreements, instruments, or undertakings with respect to the voting of any
Company securities to which the Company or any of its shareholders is a party;
and (iii) there are no restrictions on transfer of any Company securities except
for restrictions imposed by applicable laws or by the express terms of this
Agreement. There are no contracts, commitments, understandings or arrangement by
which the Company is bound to issue additional registered capital, share capital
or other securities. 

            5.6.       
Agreements. Except for this Agreement and the Escrow Agreement (as hereinafter
defined), there are no agreements, understandings, instruments, contracts or
proposed transactions, or judgments, orders, writs or decrees, to which the
Company is a party or by which it is bound. The Company is not a guarantor or
indemnitor of any indebtedness of any other person, party or entity. The Company
has not declared or paid any dividends, or authorized or made any distribution
upon or with respect to any class or series of its equity securities.

            5.7.       
Absence of Undisclosed Liabilities. As of the dates of the Company's financial
statements, the Company had no liabilities, either accrued or contingent, of a
nature required to be reflected in the financial statements in accordance with
generally accepted accounting principles, and whether due or to become due,
which individually or in the aggregate are reasonably likely to have an adverse
effect on the Company. 

           
5.8.        Absence of All Liabilities. 

4

                   5.8.1.       
The Company has no liabilities, either accrued or contingent, whether or not of
a nature required to be reflected in the financial statements in accordance with
generally accepted accounting principles, and whether due or to become due.
Except for the Seller Indebtedness which will be paid in full at Closing, the
Company has fully paid all debtors, vendors and service providers for all
obligations that have become due and payable as of the Closing Date. 

                  
5.8.2.        There are no lawsuits, actions
or administrative, arbitration or other proceedings or governmental
investigations ongoing, pending or threatened against or relating to the
Company, Seller or the Company's properties or business. The Company has not
entered into or been subject to any consent decree, compliance order, or
administrative order with respect to any property owned, operated, leased, or
used by the Company. The Company has not received any request for information,
notice, demand letter, administrative inquiry, or formal or informal complaint
or claim with respect to any property owned, operated, leased, or used by the
Company or any facilities or operations thereon. 

                   5.8.3.       
The Company has filed all tax returns required to have been filed. All such tax
returns were correct and complete in all material respects. All taxes owed by
the Company (whether or not shown on any tax return) have been paid. The Company
currently is not the beneficiary of any extension of time within which to file
any tax return. To the Company's knowledge, no claim has ever been made by an
authority in a jurisdiction where the Company does not file tax returns that it
is or may be subject to taxation by that jurisdiction. There are no actual,
pending or, to the Company's knowledge, threatened liens, encumbrances, or
charges against any of the assets of the Company arising in connection with any
failure (or alleged failure) to pay any tax. The Company has withheld and paid
all taxes required to have been withheld and paid in connection with amounts
paid or owing to any employee, independent contractor, creditor, shareholder, or
other third party. To the Company's knowledge, there is no dispute or claim
concerning any tax liability of the Company either claimed or raised by any
authority in writing. The Company has not waived any statute of limitations in
respect of taxes or agreed to any extension of time with respect to a tax
assessment or deficiency. 

            5.9.       
Financial Statements. The Company's financial statements fairly present the
financial condition of the Company at the dates of said statements and the
results of its operations for the periods covered thereby and will be prepared
in accordance with generally accepted accounting principles and practices
consistently applied and consistent with the books and records of the Company.

            5.10.     
Binding Effect. This Agreement has been duly executed and delivered by the
Seller and the Company, and constitutes the legal, valid and binding obligation
of the Purchasers, Seller and the Company, enforceable against the Seller and
the Company in accordance with its terms, except as enforceability may be
limited by applicable bankruptcy, insolvency, reorganization, fraudulent
conveyance or transfer, moratorium or similar laws affecting the enforcement of
creditors' rights generally and by general principles of equity. 

            5.11.    
 Private Offering. No registration of the Securities, pursuant to the
provisions of the Securities Act of 1933, as amended, or any state securities or
"blue sky" laws, will be required by the sale of the Securities in the manner
contemplated in Section 1 herein. The Company and Seller agree that neither he
or she, nor anyone acting on its, his or her behalf, shall offer to sell the
Securities or any other securities of the Company so as to require the
registration of the Securities pursuant to the provisions of the Securities Act
of 1933, as amended, or any state securities or "blue sky" laws. 

      
     5.12.      Disclosure.
The Company and Seller understand and confirm that Purchasers are relying on the
representations, warranties and covenants contained in this Agreement and the
disclosures set forth in the reports, forms and other documents filed with the
United States Securities Exchange by the Company (collectively, the “SEC
Reports”) in entering into this Agreement. All disclosures contained in the SEC
Reports or otherwise provided to Purchaser regarding the Company, its businesses
and the transactions contemplated hereby, furnished by or on behalf of Seller or
the Company are complete, true and correct and do not contain any untrue
statement of a material fact or omit to state any material fact necessary in
order to make the statements made therein, in light of the circumstances under which they were made, not misleading.

5

6.        Representations,
Warranties and Covenants of Purchasers. Each of the Purchasers hereby severally
covenants, represents and warrants to the Company and Seller as follows, and
acknowledges that the Company and Seller are relying upon such covenants,
representations and warranties in connection with the sale of the Securities the
Purchasers: 

	 	6.1. 	
      The Purchasers acknowledge and agree that the Securities
      are “restricted securities” within the meaning of the U.S. Securities Act
      and will be issued to the Purchasers in accordance with Regulation S of
      the U.S. Securities Act. Any certificates representing the Securities will
      be endorsed with the following legend in accordance with Regulation S of
      the U.S. Securities Act:

“THE SECURITIES REPRESENTED BY THIS
CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE
"ACT"), AND HAVE BEEN ISSUED IN RELIANCE UPON AN EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE ACT PROVIDED BY REGULATION S PROMULGATED UNDER THE ACT. SUCH
SECURITIES MAY NOT BE REOFFERED FOR SALE OR RESOLD OR OTHERWISE TRANSFERRED
EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S, PURSUANT TO AN
EFFECTIVE REGISTRATION UNDER THE ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM
REGISTRATION UNDER THE ACT. HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY
NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE ACT”. 

	 	6.2. 	
      The Purchasers agree not to reoffer, resell, transfer or
      dispose the Securities unless such reoffer, resale, transfer or
      disposition is made pursuant to an effective registration under the U. S.
      Securities Act and any applicable state securities laws, or pursuant to an
      available exemption from the registration requirements of the U.S.
      Securities Act, and any applicable state securities laws. The Purchasers
      further agrees that the Company may refuse to register any resale or
      transfer of the Securities not made pursuant to an effective registration
      under the U. S. Securities Act and any applicable state securities law or
      pursuant to an available exemption from the registration requirements of
      the U.S. Securities Act;

	 	 	
       

	 	6.3. 	
      Each of the Purchasers are not a U.S. Person, as defined
      in Regulation S of the U.S. Securities Act;

	 	 	
       

	 	6.4. 	
      Each Purchaser has satisfied himself/herself/itself as to
      the full observance of the laws of that Purchaser’s jurisdiction in
      connection with any invitation to subscribe for the Securities or any use
      of this Agreement, including (i) the legal requirements within the
      Purchaser’s jurisdiction for the purchase of the Securities; (ii) any
      foreign exchange restrictions applicable to such purchase; (iii) any
      governmental or other consents that may need to be obtained; (iv) the
      income tax and other tax consequences, if any, that may be relevant to an
      investment in the Shares; and (v) any restrictions on transfer applicable
      to any disposition of the Securities imposed by the jurisdiction in which
      that Purchaser is resident.

	 	 	
       

	 	6.5. 	
      An investment in the Company’s securities is highly
      speculative, and the Purchasers are an investor in securities of companies
      in the development stage and acknowledges that each Purchaser is able to
      fend for himself, can bear the economic risk of his investment, has such
      knowledge and experience in financial or business matters such that he is
      capable of evaluating the merits and risks of the investment in the
      securities of the Company;

	 	 	
       

	 	6.6. 	
      The Purchasers can bear the economic risk of an
      investment in the securities of the Company;

	 	 	
       

	 	6.7. 	
      The Purchasers have had full opportunity to review the
      Company’s filings with the SEC, including the Company’s annual reports on Form 10-K,
      quarterly reports on Form 10-Q, Current Reports on Form 8-K and additional
      information regarding the business and financial condition of the Company.
      The Purchasers believe they have received all the information they
      consider considers necessary or appropriate for deciding whether to
      purchase the Securities. The Purchasers further represent that they have
      had an opportunity to ask questions and receive answers from the Company
      regarding the terms and conditions of the offering of the Securities under
      this Agreement and the business, properties, prospects and financial
      condition of the Company. The Purchasers have had full opportunity to
      discuss this information with the Purchasers’ legal and financial advisers
  prior to execution of this Agreement;

6

	 	6.8. 	
      The Purchasers acknowledge that they have been informed
      that the offering of the Securities by the Company and the Seller Shares
      by the Seller, have not been reviewed by the SEC or any other regulatory
      body and that the Securities are being issued by the Company pursuant to
      an exemption from registration under the Securities Act and any applicable
      state securities laws.

	 	 	 
	 	6.9. 	
      The Purchasers understand that the Securities will be
      "restricted securities" under the U.S. Securities Act and the rules and
      regulations promulgated thereunder as they are being acquired from the
      Company in a transaction not involving a public offering and that under
      such laws and applicable regulations such securities may be resold without
      registration under the U.S. Securities Act only in certain limited
      circumstances. In this connection, the Purchasers represents that it they
      are familiar with SEC Rule 144, as presently in effect, and understands
      the resale limitations imposed thereby and by the U.S. Securities Act and
      the rules and regulations promulgated
thereunder.

	 	6.10. 	
      The Purchasers acknowledges that the Company is in the
      early stages of development of its business and may require substantial
      funds in the near future in order to continue as a going concern.
  

	 	 	
       

	 	6.11. 	
      The Purchasers are not aware of any general solicitation
      or advertisement of the Securities. 

	 	 	
       

	 	6.12. 	
      The Purchasers acknowledge that the Company is a “shell
      company” as that term is defined in as defined in Rule 12b-2 promulgated
      under the U.S. Securities Exchange Act an “accredited investor” as that
      term is defined under NI 45-106. 

	 	
      6.13. 
	
      The Purchasers acknowledges and agree that the Company is
      an “OTC reporting issuer” as that term is defined in MI 51-105, and that
      the Securities will be issued and sold pursuant to exemptions from the
      prospectus requirements of applicable Canadian securities laws. The
      Purchasers further acknowledges and agrees that the Securities may not be
      traded in or from a jurisdiction in Canada unless such trade is made in
      accordance with the provisions of MI 51-105, the Purchasers will, and will
      cause their affiliates to, comply with such conditions in making any trade
      of the Securities in or form a jurisdiction in Canada and the Company will
      refuse to register any transfer of the Securities made in connection with
      a trade of the Securities in or from a jurisdiction in Canada and not made
      in accordance with the provisions of MI 51-105. Notwithstanding the
      generality of the foregoing, as of the date hereof, MI 51-105 generally
      provides that the Securities may not be traded in or form a jurisdiction
      in Canada unless the following conditions have been met:

	 	6.13.1. 	
      A four-month period has passed from the later of (i) the
      date that the Company distributed the Securities, and (ii) the date the
      Securities were distributed by a control person of the Company; 

	 	 	
       

	 	6.13.2. 	
      If the person trading the Securities is a control person
  of the Company, such person has held the Securities for at least 6 months; 

7

	 	6.13.3. 	
      The number of the Securities that the person proposes to
      trade, plus the number of common shares of the Company that such person
      has traded in the preceding 12 months, does not exceed 5% of the Company’s
      outstanding common shares; 

	 	 	
       

	 	6.13.4. 	
      The trade is made through an investment dealer registered
      in a jurisdiction in Canada; 

	 	 	
       

	 	6.13.5. 	
      The investment dealer executes the trade through any of
      the over-the-counter markets in the United States; 

	 	 	
       

	 	6.13.6. 	
      There has been no unusual effort made to prepare the
      market or create a demand for the Securities; 

	 	 	
       

	 	6.13.7. 	
      No extraordinary commission or other consideration is
      paid to a person for the trade; 

	 	 	
       

	 	6.13.8. 	
      If the person trading the Securities is an insider of the
      Company, the person reasonably believes that the Company is not in default
      of securities legislation; and 

	 	 	
       

	 	6.13.9. 	
      All certificates representing the Securities bear the
  Canadian restrictive legend set out in Section 13(1) of MI 51-105.  

		6.14. 	
      As of the date hereof, the Purchasers represent and
      warrant to the Company that they do not presently intend to trade the
      Securities in or from a jurisdiction in Canada. If, after the date hereof,
      the Purchasers elect to trade the Securities in or from a jurisdiction in
      Canada, they will, prior to any such trade, and in addition to complying
      with the provisions of section 6.13 of this Agreement, re-submit all
      certificates representing the Securities to the Purchasers for purposes of
      having the legend set out in Section 13(1) of MI 51-105 endorsed on such
      certificates. 

	 	 	
       

		6.15. 	
      The Purchaser covenants to take such steps as reasonably
      necessary to keep the Company’s reporting issuer status in British
      Columbia in good standing, including complying the applicable regulatory
      requirements until such time the Company is able to deregister as a MI
      51-105 “OTC reporting issuer.” Purchaser acknowledges that failure to
      comply with British Columbia regulatory requirements may result in
      regulatory consequences. 

	7. 	
      Acknowledgement of Escrow Agent as Purchaser Counsel. The
      Seller and Purchasers hereby acknowledge that they are parties to that
      certain Escrow Agreement dated August ___, 2017, by and among Chen-Drake
      Law Group (“Escrow Agent”), the Purchasers, the Company and the Seller
      (the “Escrow Agreement”), pursuant to which the Company, Seller and
      Purchasers established an escrow account and appointed Escrow Agent to
      serve as the escrow agent thereto in accordance with the terms and
      conditions of the Escrow Agreement. The Company, Seller and Purchasers
      hereby acknowledge that Escrow Agent: (i) is legal counsel to the
      Purchasers; (ii) has explained to each of it the potential conflicts
      arising from having legal counsel to the Purchasers serve as the Escrow
      Agent; and (iii) has advised each of them to seek independent counsel to
      review the terms of this Agreement and the Escrow Agreement. Each of the
      Company, Seller and Purchasers hereby acknowledges that it, he or she has
      had the opportunity to seek such independent counsel and agrees to waive
      all potential and actual conflicts arising from having Escrow Agent serve
      as Escrow Agent. The parties further acknowledge that the duties,
      responsibilities and obligations of Escrow Agent shall be limited to those
      expressly set forth in the Escrow Agreement and no duties,
      responsibilities or obligations shall be inferred or implied. Escrow Agent
      shall not be subject to, nor required to comply with, any other agreement
      between or among any or all of the Purchasers and the Seller or to which
      any of the Purchasers or the Seller are a party, even though reference
      thereto may be made herein, or to comply with any direction or instruction
      from any of the Purchasers or the Seller or any entity acting on its
      behalf. The Purchasers and the Seller hereby expressly acknowledge their
      appointment of Escrow Agent to serve as the escrow agent in accordance with the
  terms and conditions of the Escrow Agreement.

8

	8. 	
      Miscellaneous. This Agreement constitutes the entire
      agreement between the parties hereto and supersedes all prior agreements
      and discussions between Purchasers, the Company and Seller. No waiver of
      any of the provisions of this Agreement will be deemed to constitute a
      waiver of any other provisions hereof. This Agreement may be executed by
      the parties hereto in separate counterparts, each of which will be deemed
      to be one and the same instrument. All claims, disputes and other matters
      in question between the parties to this Agreement, arising out of or
      relating to this Agreement or breach thereof, shall be filed and heard
      only in the state courts of Nevada. The Agreement will be government by
      and construed and enforced in accordance with the internal laws of the
      State of Nevada, without regard to the principles of conflicts of law
      thereof. Each party shall do and perform, or cause to be done and
      performed, all such further acts and things, and shall execute and deliver
      all such other agreements, certificates, instruments and documents, as the
      other party may reasonably request in order to carry out the intent and
      accomplish the purposes of this Agreement and the consummation of the
      transactions contemplated hereby.

[The remainder of this page has been intentionally left
blank.]

9

      
     IN WITNESS WHEREOF, the parties hereto have
executed this Agreement as of the date set forth in the first paragraph. 

	COMPANY: 	 	PURCHASER: 
	  	 	  
	CONTACT MINERALS CORP., 	 	  
	A Nevada corporation 	 	  
	  	 	  
	By:                   
      ________________________________	 	 
    
	               
       Kerry J. McCullagh 	 	Shiong Han Wee 
	               
       Chief Executive Officer, President, 	 	Address: 
    ________________________________
	               
       Chief Financial Officer and Secretary 	 	                  
      ________________________________
	               
       Address: 595 Hornby Street, Suite 706 	 	                  
      ________________________________
	               
       Vancouver, British Columbia 	 	 
	               
       Canada 	 	  
	  	 	  
	SELLER: 	 	PURCHASER: 
	  	 	  
	  	 	  
	Kerry J. McCullagh 	 	Kwueh Lin Wong 
	  	 	Address:  
      ________________________________
	Address:   ___________________________________	 	                  
      ________________________________
	               
         ___________________________________	 	                  
      ________________________________
	                   ___________________________________	 	 
	 	 	 

10

EXHIBIT A 

PURCHASERS 

	  	
Amount of Shares 
	Shiong Han Wee 	
      42,885,000 

       

	Kwueh Lin Wong 	
      42,885,000 

       

11

EXHIBIT B 

SHAREHOLDERS LIST 

[See Attachment]

 

12

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