Document:

Exhibit
10.8

 

Certain
information marked as [***] has been excluded from this exhibit because it is both (i) not material and (ii) would be competitively
harmful if publicly disclosed. 

 

NET
SMELTER RETURNS ROYALTY AGREEMENT

 

THIS
AGREEMENT is dated with effect as of _____________________, 2020.

 

BETWEEN:

 

●,
a ● having an office at ●

 

(“Owner”)

 

AND:

 

GOLD
ROYALTY CORP., a company having an office at 1830-1030 West Georgia Street, Vancouver, British Columbia, Canada V6E 2Y3

 

(“Royalty
Holder”)

 

WHEREAS:

 

	A.	Owner
    is the legal and beneficial holder of a 100% undivided interest in the Property (as defined herein);
	 	 
	B.	Pursuant
    to a Royalty Purchase Agreement between GoldMining Inc. (“GMI”)., the ultimate parent company of the Owner,
    and the Royalty Holder dated November ●, 2020 (the “RPA”), GMI agreed to, among other things, cause
    the Owner to issue and grant to the Royalty Holder the Royalty;
	 	 
	C.	Pursuant
    to a Funding Agreement between the Owner and GMI dated ●, 2020, the Owner agreed to, among other things, issue and grant
    the Royalty to the Royalty Holder in satisfaction of the obligations of GMI under the RPA; and
	 	 
	D.	Owner
    seeks to issue and grant to the Royalty Holder the Royalty, all on and subject to the terms and conditions herein contained.

 

NOW
THEREFORE THIS AGREEMENT WITNESSES that in consideration of the promises and
the mutual covenants and agreements herein and for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged by each Party, the Parties covenant and agree as follows:

 

	1.	INTERPRETATION
	 	 
	1.1	Preambles
    and Schedules. The preambles and the Schedules form an integral part of this Agreement.

 

    	 

    	-2-

    

 

	1.2	Defined
    Terms. For the purposes of this Agreement, unless the context otherwise requires, the following terms shall have the
    respective meanings set out below and grammatical variations of such terms shall have corresponding meanings:

 

	 	(a)	“Affiliate”
    means with respect to a Person, any other Person that directly, or indirectly through one or more intermediaries, Controls,
    is Controlled by or is under common Control with, the subject Person;
	 	 	 
	 	(b)	“Agreement”
    means this Net Smelter Returns Royalty Agreement as amended or supplemented in accordance with the terms hereof;
	 	 	 
	 	(c)	“Allowable
    Deductions” means all costs, charges and expenses paid, incurred, or deemed incurred by the Owner or its Affiliates
    for or with respect to Products comprising:

 

	 	(i)	direct
    charges in respect of smelting and refining (including handling, processing, settlement fees, weighing, sampling, assaying
    umpire, loading and unloading), but excluding costs of mining and milling or concentrating;
	 	 	 
	 	(ii)	actual
    and direct costs of transportation (including freight, security and insurance, demurrage and delay) of Products from the Property
    to the place of treatment and then to the place of Sale; and
	 	 	 
	 	(iii)	all
    non-recoupable production taxes, severance taxes or sales, excise, import, export and other taxes and levies, including any
    mining taxes, if any, based directly on or assessed against the value or quantity of Products that is subject to the Sale
    but excluding any and all taxes based upon the net or gross income, gross revenue or outstanding capital of the Owner or other
    operator of the Property, the value of the Property or the privilege of doing business and other taxes assessed on a similar
    basis;
	 	 	 

provided
that:

 

	 	(x)
    	where
    Products are processed on or off the Property in a facility wholly or partially owned by the Owner, a shareholder or member
    of the Owner or an Affiliate of the Owner or an Affiliate of a shareholder or member of the Owner or any Allowable Deductions
    are otherwise based upon costs incurred in respect of activities or services performed by the Owner, a shareholder or member
    of the Owner or an Affiliate of the Owner or an Affiliate of a shareholder or member of the Owner, Allowable Deductions will
    not include any costs that are in excess of those which would be incurred on an arm’s length basis providing the most
    competitive alternative or which would not be Allowable Deductions if those Products were processed by an independent third
    party; and
	 	 	 
	 	(y)	there
    will be no Allowable Deductions from Gross Proceeds received as a result of a Product Loss.

 

    	 

    	-3-

    

 

	 	(d)	“Annual
    Report” means a written report, in relation to any calendar year, detailing:

 

	 	(i)	the
    number of ounces or pounds of Products (on a Product by Product basis) produced from the Property on a quarterly basis, in
    the applicable calendar year, as well as tonnes mined, average grade mined, head grade of milled Products and metallurgical
    recovery in the applicable calendar year;
	 	 	 
	 	(ii)	if
    applicable, the names and addresses of each Offtaker to which the Products referred to in subsection (i) were delivered;
	 	 	 
	 	(iii)	the
    Gross Proceeds and the Allowable Deductions which were applied against the Gross Proceeds and the Net Smelter Returns which
    have resulted or which are estimated to result from the Products referred to in subsection (i) on a quarterly basis;
	 	 	 
	 	(iv)	the
    amount of the Royalty which has been paid to the Royalty Holder with respect to the Products referred to in subsection (i),
    in accordance with the provisions of this Agreement on a quarterly basis;
	 	 	 
	 	(v)	the
    Product prices used by the Owner and its Affiliates for short term and long term planning purposes with respect to the Property;
	 	 	 
	 	(vi)	an
    updated mine operating and development plan and budget which includes updated reserves and resources, forecasted production
    during the upcoming annual calendar year period and any planned drilling and exploration activities and mining operations
    within the Property during the upcoming annual calendar year period; and
	 	 	 
	 	(vii)	a
    summary of the status of any and all material permits and permit applications with respect to the Property;

 

	 	(e)	“Annual
    Report Dispute Notice” has the meaning set forth in section 3.12(a);
	 	 	 
	 	(f)	“Business
    Day” means a day that is not a Saturday, Sunday or any other day which is a statutory holiday or a bank holiday
    in Vancouver, British Columbia, Canada;
	 	 	 
	 	(g)	“Confidential
    Information” has the meaning set forth in section 9.2;
	 	 	 
	 	(h)	“Control”
    or “Controlled” means:

 

	 	(i)	when
    used as a verb, with respect to an entity, the ability, directly or indirectly through one or more intermediaries, to direct
    or cause the direction of the management and policies of the entity through the legal or beneficial ownership of voting securities
    or the right to appoint managers, directors or corporate management or by contract, operating agreement, voting trust or otherwise;
	 	 	 
	 	(ii)	when
    used as a verb, with respect to a natural person, the actual or legal ability to control the actions of another, through family
    relationship, agency, contract or otherwise; and

 

    	 

    	-4-

    

 

	 	(iii)	when
    used as a noun, an interest that gives the holder the ability to exercise any of the powers described in subsections (i) and
    (ii) of this definition;

 

	 	(i)	“Demanding
    Party” has the meaning set forth in section 7.1(a);
	 	 	 
	 	(j)	“Dispute
    Notice” has the meaning set forth in section 7.1(a);
	 	 	 
	 	(k)	“Expert’s
    Report” has the meaning set forth in section 3.12(b);
	 	 	 
	 	(l)	“Gross
    Proceeds” means proceeds received or deemed to be received by the Owner or its Affiliates from a Sale;
	 	 	 
	 	(m)	“Losses”
    means all damages, claims, losses, liabilities, fines, penalties, expenses, proceedings, obligations, deficiencies and costs
    (including all reasonable legal and other professional fees and disbursements, interest, penalties, judgement and amounts
    paid in settlement of any demand, action, suit, proceeding, assessment, judgement or settlement or compromise), including
    any taxes payable in respect thereof and any special, indirect and consequential losses (including loss of profits or loss
    of revenue);
	 	 	 
	 	(n)	“Material
    Adverse Effect” means an effect, change, event, occurrence or development that results in the material or potentially
    material impairment of the Royalty Holder’s ability to realize on the value of the Royalty or collect Royalty payments
    or damages as and when such may become due;
	 	 	 
	 	(o)	“Materials”
    has the meaning set forth in section 2.5;
	 	 	 
	 	(p)	“Month”
    means a calendar month;
	 	 	 
	 	(q)	“Monthly
    Average Spot Price” means the average Spot Price for the applicable Product in United States dollars (or, should
    that quotation cease, another similar quotation acceptable to the Parties or, if they cannot agree, determined by arbitration
    hereunder), calculated by dividing the sum of all such prices with respect to the applicable Product reported for the Month
    by the number of days for which such prices were reported;
	 	 	 
	 	(r)	“NI
    43-101” means National Instrument 43-101 – Standards of Disclosure for Mineral Projects of the Canadian
    Securities Administrators, or any successor instrument, rule or policy;
	 	 	 
	 	(s)	“Net
    Smelter Returns” means the Gross Proceeds from a Sale less Allowable Deductions;
	 	 	 
	 	(t)	“Offtaker”
    means the counterparty to an Offtake Agreement;
	 	 	 
	 	(u)	“Offtake
    Agreement” means any refining, smelting, brokering, marketing and/or processing agreement entered into by the Owner
    or its Affiliates with respect to Products;
	 	 	 
	 	(v)	“Owner”
    has the meaning set forth in the preambles to this Agreement;
	 	 	 
	 	(w)	“Party”
    or “Parties” means one or more of the parties to this Agreement;

 

    	 

    	-5-

    

 

	 	(x)	“Person”
    means and includes any individual, corporation, limited liability company, partnership, firm, joint venture, syndicate, association,
    trust, governmental agency or board or commission or authority and any other form of entity or organization;
	 	 	 
	 	(y)	“Product
    Loss” means loss of, theft of or damage to Products, whether or not occurring on or off the Property and whether
    the Products are in the possession of the Owner or its Affiliates or otherwise;
	 	 	 
	 	(z)	“Products”
    means any and all economic marketable metal minerals, in whatever form or state, produced from the Property and without limitation,
    any products resulting from the further milling, processing or other beneficiation, including without limitation, ore concentrates,
    doré, powders or dusts or Refined Metal;
	 	 	 
	 	(aa)	“Property”
    means all mineral rights, title and interest that comprise the ● Project located in ●, as such mineral rights
    are described in Schedule “A” attached hereto and includes without limitation all current and future rights or
    interests appurtenant thereto as well as any amendments, relocations, adjustments, resurvey, additional locations, conversions
    of, or any renewal, amendment, other modification or extension, consolidation, accession or succession thereto, whether created
    privately or through government action, of any of the foregoing covering any of the land areas within the boundaries of the
    Property as of the date hereof and as depicted in Schedule “A” attached hereto;
	 	 	 
	 	(bb)	“Refined
    Metal” means gold, silver, lead, copper, zinc, platinum group or other marketable Products refined to standards
    meeting or exceeding commercial standards for the sale of such refined metals;
	 	 	 
	 	(cc)	“Release
    and Indemnity” has the meaning set forth in section 2.7(b);
	 	 	 
	 	(dd)	“Released
    Property” has the meaning set forth in section 2.7(a);
	 	 	 
	 	(ee)	“Released
    Property Conveyance Date” has the meaning set forth in section 2.7(b);
	 	 	 
	 	(ff)	“Relinquishment
    Event” has the meaning set forth in section 2.7(a);
	 	 	 
	 	(gg)	“Relinquishment
    Notice” has the meaning set forth in section 2.7(a);
	 	 	 
	 	(hh)	“Relinquishment
    Notice Period” has the meaning set forth in section 2.7(b);
	 	 	 
	 	(ii)	“Responding
    Party” has the meaning set forth in section 7.1(a);
	 	 	 
	 	(jj)	“Royalty”
    means ●% of Net Smelter Returns from the Sale of all Products from the Property;
	 	 	 
	 	(kk)	“Royalty
    Holder Indemnified Parties” has the meaning set forth in section 5.1;
	 	 	 
	 	(ll)	“Sale”
    means a sale or Transfer of title of Products by or on behalf of the Owner or any of its Affiliates to a Person, whether or
    not an Affiliate of the Owner, and is deemed to include a deemed Transfer of title to Products transported off the Property
    that the Owner elects to have credited to or held for its account by an Offtaker and is also deemed to include any Product
    Loss prior to any Transfer or deemed Transfer of title to Products;

 

    	 

    	-6-

    

 

	 	(mm)	“Spot
    Price” means (i) in the case of Refined Metal that is gold, the price of gold in U.S. dollars on the London Metal
    Exchange, being the London P.M. gold fix; (ii) in the case of Refined Metal that is silver, the price of silver in U.S. dollars
    quoted on the London Metal Exchange; and (iii) in the case of other Refined Metals, the price per unit in U.S. dollars for
    the relevant Refined Metal as quoted in “Metals Week”. If for any reason the London Metal Exchange is no longer
    in operation or the spot price of any Refined Metal is not quoted by the London Metal Exchange or in Metals Week, as applicable,
    the “Spot Price” of such Refined Metal shall be determined by reference to the price of such Refined Metal on
    another commercial exchange mutually acceptable to the Parties;
	 	 	 
	 	(nn)	“Trading
    Activities” has the meaning set forth in section 3.9;
	 	 	 
	 	(oo)	“Transfer”
    means:

 

	 	(i)	when
    used as a verb, to sell, transfer, assign, mortgage, encumber, charge, pledge, grant a right, title or interest in or to,
    grant or allow to exist any encumbrance in respect of, or otherwise encumber or otherwise dispose of or commit to dispose
    of, directly or indirectly, including through mergers, arrangements, amalgamations, consolidations, asset sales or spin-out
    transactions;
	 	 	 
	 	(ii)	when
    used as a noun, a sale, grant, assignment, pledge or disposal or the commitment to do any of the foregoing, directly or indirectly,
    including through mergers, arrangements, amalgamations, consolidations, asset sale or spin-out transaction; and

 

	 	(pp)	“VANIAC”
    has the meaning set forth in section 7.1.

 

	1.3	Governing
    Law. Except for matters of title to the Property or the assignment or Transfer of the Property, which will be governed
    by the law of the site of the Property, this Agreement shall be construed, interpreted and enforced in accordance with, and
    the respective obligations of the Parties shall be governed by, the laws of the Province of British Columbia and the federal
    laws of Canada applicable therein.
	 	 
	1.4	Severability.
    If any one or more of the provisions contained in this Agreement is held to be invalid, illegal or unenforceable in any respect
    under the laws of any jurisdiction, the validity, legality and enforceability of such provision will not in any way be affected
    or impaired thereby under the laws of any other jurisdiction and the validity, legality and enforceability of the remaining
    provisions contained herein will not in any way be affected or impaired thereby.

 

    	 

    	-7-

    

 

	1.5	Calculation
    of Time. If any time period set forth in this Agreement ends on a day of the week which is not a Business Day, then,
    notwithstanding any other provision of this Agreement, such period will be extended until the end of the next following day
    which is a Business Day.
	 	 
	1.6	Headings.
    The headings to the articles and sections of this Agreement are inserted for convenience only and will not affect the construction
    hereof.
	 	 
	1.7	Other
    Matters of Interpretation. In this Agreement:

 

	 	(a)	the
    singular includes the plural and vice versa;
	 	 	 
	 	(b)	the
    masculine includes the feminine and vice versa;
	 	 	 
	 	(c)	references
    to “article,” “section” and “subsection” are to articles, sections and subsections of
    this Agreement, respectively;
	 	 	 
	 	(d)	all
    provisions requiring a Party to do or refrain from doing something will be interpreted as the covenant of that Party with
    respect to that matter notwithstanding the absence of the words “covenants” or “agrees” or “promises”;
	 	 	 
	 	(e)	all
    provisions requiring a Party to do something will be interpreted as including the covenant of that Party to cause that thing
    to be done when the Party cannot directly perform the covenant but can indirectly cause that covenant to be performed, whether
    by an Affiliate under its Control or otherwise; and
	 	 	 
	 	(f)	the
    words “hereto,” “herein,” “hereby,” “hereunder,” “hereof’ and
    similar expressions when used in this Agreement refer to the whole of this Agreement and not to any particular article, part,
    section, exhibit or portion thereof.

 

	2.	ROYALTY
    DESCRIPTION, RELINQUISHMENT AND FUTURE ROYALTIES
	 	 
	2.1	Net
    Smelter Return Royalty. For good and valuable consideration, the receipt and sufficiency whereof being hereby acknowledged,
    the Owner does hereby issue and grant to the Royalty Holder, and agrees to pay to the Royalty Holder, the Royalty all on the
    terms and conditions specified in this Agreement.
	 	 
	2.2	Withholding.
    [********].
	 	 
	2.3	Sale
    of Products Other Than to a Smelter or Refinery. If there is a Sale by the Owner or an Affiliate other than to a smelter
    or refinery, the Royalty shall be ●% of the gross value of recoverable metals or other materials contained in
    such Products, without deductions except for penalties or offsets in respect of ore dependent factors, if any, imposed by
    the buyer in relation to the specific Products delivered. The amount of recoverable metals or other materials contained in
    Products removed from the Property shall be calculated and determined based upon assays, metallurgical tests and such other
    analyses as are customary in the industry which are conducted in a manner satisfactory to the Owner and the Royalty Holder,
    acting reasonably. If the Parties are unable to agree on the manner of conducting such assays, tests and analyses for a period
    of 30 days, either of the Parties may refer the question to arbitration hereunder and the decision of the arbitrator shall
    be final and binding upon the Parties. For the purposes of this section, the gross value of such metals or other materials
    shall be determined by multiplying the amount of such metals or other materials by the Monthly Average Spot Price on the date
    of Sale.

 

    	 

    	-8-

    

 

	2.4	Interest
    in Land. The Parties agree that, subject to the provisions of section 2.7 and to the extent permitted by applicable
    law, the Royalty constitutes an interest in the Property and will be a covenant running with the Property, will be enforceable
    as an in rem interest in land which shall run with the Property and will be binding upon and enure to the benefit of
    the Parties and their respective successors and assigns. It is the intention of the Parties that to the extent permissible
    at law, the Royalty on the Property and the Royalty Agreement shall be registerable or otherwise recordable in all public
    places where interests in land in respect of the Property are recordable and the Owner shall, at the Owner’s sole cost
    and expense, execute, deliver, file, register and record such further documents as may be necessary for the timely and effective
    recording or registration of a caution, conveyance, mortgage, notice or caveat in respect of this Agreement, in such public
    places [including any necessary translation of this Agreement into the [Spanish/Portuguese] language as may be required
    by applicable laws or regulations]. It is further understood that, should the Royalty not be capable of being registered
    or recorded against title to the Property without reference to any form of additional security for the Royalty, the Owner
    will cooperate fully in executing any necessary documentation in order that such additional security, as may be commercially
    reasonable, be registered or recorded as may be required in order to register or record the Royalty and related additional
    security.
	 	 
	2.5	Tailings
    and Residue. All tailings, residues, waste rock, spoiled leach materials and other materials (collectively the “Materials”)
    resulting from the Owner’s operations and activities on the Property shall be the sole property of the Owner, but shall
    remain subject to the obligation to pay the Royalty should the same be processed or reprocessed, as the case may be, in the
    future and result in Products. The Owner shall have the right to dispose of Materials from the Property, whether on or off
    of the Property, and to commingle the same with Materials from other properties. In the event Materials are processed or reprocessed,
    as the case may be, the Royalty applicable thereto shall be determined on a pro rata basis as determined by using such reasonable
    and customary engineering and technical practices as are then available.
	 	 
	2.6	Ore
    Processing. All determinations with respect to: (a) whether ore from the Property will be beneficiated, processed
    or milled by the Owner or sold in a raw state; (b) the methods of beneficiating, processing or milling any such ore; (c) the
    constituents to be recovered therefrom; and (d) the purchasers to whom any ore, minerals or mineral substances derived from
    the Property may be sold, shall be made by the Owner in its sole and absolute discretion.
	 	 
	2.7	Abandonment,
    Relinquishment or Non-Renewal.

 

	 	(a)	If
    the Owner or an Affiliate of the Owner wishes to abandon, relinquish or terminate or not renew (the “Relinquishment
    Event”) all or any portion of the Property (the “Released Property”), then the Owner shall provide
    the Royalty Holder with a minimum of 30 days prior written notice of such intended Relinquishment Event (the “Relinquishment
    Notice”).

 

    	 

    	-9-

    

 

	 	(b)	Upon
    receipt of the Relinquishment Notice, the Royalty Holder shall have a period of 10 days (“Relinquishment Notice Period”)
    within which to advise the Owner by written notice that it desires to acquire such Released Property for consideration of
    (i) $10.00 and (ii) a release and indemnity, whereby the Royalty Holder releases and indemnifies the Owner from any Losses
    arising out of or in consequence of any act, activity, omission or obligation in relation to such Released Property that existed,
    occurred or took place as a result of an action by the Royalty Holder after the assignment or conveyance of such Released
    Property to the Royalty Holder (the “Released Property Conveyance Date”), provided that, for certainty,
    the Royalty Holder shall not release or indemnify the Owner from any Losses arising out of or in consequence of any act, activity,
    omission or obligation in relation to the Released Property that existed, occurred or took place before the Released Property
    Conveyance Date (the “Release and Indemnity”).
	 	 	 
	 	(c)	If
    the Royalty Holder shall forward a written notice as contemplated in section 2.7(b) to the Owner within the Relinquishment
    Notice Period, the Owner shall thereafter do all such acts and things or shall cause all such acts and things to be done,
    at the Royalty Holder’s sole cost and expense, to assign or convey, as appropriate, the Released Property to the Royalty
    Holder and to have the Released Property recorded or registered into the name of the Royalty Holder.
	 	 	 
	 	(d)	If
    the Royalty Holder does not forward a written notice as contemplated in section 2.7(b) to the Owner within the Relinquishment
    Notice Period, then the Owner or the Affiliate of the Owner shall have the right to complete the Relinquishment Event with
    respect to the applicable Released Property.
	 	 	 
	 	(e)	If
    a Relinquishment Event is completed thereafter and the Owner or any Affiliate of the Owner subsequently reacquires a direct
    or indirect beneficial interest in the Released Property, then such Released Property will once again be subject to the obligation
    to pay the Royalty with respect thereto.

 

	3.	PAYMENTS,
    TRADING ACTIVITIES AND BOOKS AND RECORDS
	 	 
	3.1	Payment
    Obligation. The obligation to pay the Royalty will accrue when there has been a Sale, provided that any Royalty due
    in respect of a Product Loss will accrue when the insurance proceeds are paid.
	 	 
	3.2	Provisional
    Settlements. Where a Sale (including an insurance settlement in respect of a Product Loss) is made on a provisional
    basis, the amount of the Royalty payable will be based upon the amount of metal or other Products (or the amount of the insurance
    settlement received in respect of a Product Loss) credited by such provisional settlement, but will be adjusted to account
    for the amount of metal or other Products (or the amount of the insurance settlement received in respect of a Product Loss)
    established by final settlement with the treatment facility or with the purchaser or insurer, as the case may be. If production
    has ceased, settlement will be made between the Parties by cash payment.

 

    	 

    	-10-

    

 

	3.3	Due
    Date. Royalty payments will be due and payable quarterly on the last day of the Month following the end of the calendar
    quarter in which the same accrued. The Owner shall pay interest on any delinquent Royalty payment at a rate per annum of 10%,
    compounded annually, commencing on the date on which such delinquent payment was properly due and payable and continuing until
    the date on which the Royalty Holder receives payment in full of such delinquent payment and all accrued interest thereon.
	 	 
	3.4	Royalty
    Statements. Royalty payments will be accompanied by a statement showing in reasonable detail for the relevant calendar
    quarter:

 

	 	(a)	the
    quantities, grades, tonnes mined, mined grade, head grade of milled Products and metallurgical recoveries of Products (on
    a Product by Product basis) produced;
	 	 	 
	 	(b)	the
    quantities and grades of Products (on a Product by Product basis) produced and for which there was a Sale in the quarter;
	 	 	 
	 	(c)	the
    Gross Proceeds of Sale received in the quarter (on a Product by Product basis), setting out the applicable Offtakers and the
    number of ounces, tonnes or pounds, as applicable, of each of the Products sold in each Month of the quarter as well as the
    Monthly Average Spot Price for each such Product for each Month of the quarter;
	 	 	 
	 	(d)	the
    quantity of Products produced from the Property, which are at the Property or elsewhere, which have not been the subject of
    a Sale;
	 	 	 
	 	(e)	the
    Allowable Deductions in the quarter;
	 	 	 
	 	(f)	any
    adjustments to provisional settlements; and
	 	 	 
	 	(g)	other
    pertinent information in sufficient detail to explain the calculation of the Royalty payment.

 

	3.5	Adjustments.
    Subject to section 3.2, all Royalty payments will be considered final and in full satisfaction of all obligations of the Owner
    with respect thereto, unless the Royalty Holder gives the Owner written notice describing and setting forth a specific objection
    to the determination thereof within 12 Months after the receipt by the Royalty Holder of the quarterly Royalty statement as
    described in section 3.4. In addition to the provisions of sections 3.10 and 3.12, if the Royalty Holder objects to a particular
    quarterly statement as herein provided, then:

 

	 	(a)	the
    Royalty Holder will have the right for a period of 90 days after the Owner releases such notice of such objection, upon reasonable
    notice and at a reasonable time, and for a reasonable period of duration, to have the Owner’s accounts and records relating
    to the calculation of the Royalty in question audited by a chartered professional accountant of recognized standing selected
    by the Royalty Holder;

 

    	 

    	-11-

    

 

	 	(b)	if
    such audit determines that there has been a deficiency or an excess in the payment made to the Royalty Holder, such deficiency
    or excess will be resolved by adjusting the next quarterly Royalty payment due hereunder. If production has ceased, settlement
    will be made between the Parties by cash payment; and
	 	 	 
	 	(c)	the
    Royalty Holder will pay all costs of such audit unless a deficiency of more than 3% of the amount due to the Royalty Holder
    is determined to exist. The Owner will pay the costs of such audit if a deficiency of more than 3% of the amount due is determined
    to exist. Failure on the part of the Royalty Holder to make a claim to the Owner for adjustment in such one year period will
    establish the correctness of the payment and preclude the filing of exception thereto or the making of claims for adjustment
    thereon.

 

	3.6	Conversion
    of Currency. All payments in respect of the Royalty will be made in U.S. dollars.
	 	 
	3.7	Wire
    Transfer. Payments made under or pursuant to this Agreement will be made without demand, notice, set-off or reduction,
    by wire transfer in good, immediately available funds, to such account or accounts as the Royalty Holder may designate pursuant
    to wire instructions provided by the Royalty Holder to the Owner not less than five Business Days prior to the dates upon
    which such payments are to be made. The date the wire transfer process is initiated shall be the date of such payment, provided
    that the Royalty Holder receives such payment, and the Owner shall have no duty to otherwise apportion any payment to the
    Royalty Holder or its successors or assigns.
	 	 
	3.8	Payments
    in Kind. In the event that the Royalty Holder determines that it wishes to receive Royalty payments in physical product
    in kind, the Royalty Holder shall provide written notice of such election. Upon timely receipt of such notice, the Owner shall
    direct any Offtaker that is the final refiner or other processor of the applicable Products to pay the Royalty directly to
    the account of the Royalty Holder. The Owner shall, and shall cause the Offtaker to, notify the Royalty Holder in writing
    at least three weeks prior to any change of such Offtaker. All costs incurred by the Owner with respect to arranging for such
    payment in kind shall be for the account of the Royalty Holder and may be deducted from any subsequent payment of the Royalty.
	 	 
	3.9	Trading
    Activities of Owner. The Owner will have the right to market and sell Refined Metal in any manner it may elect, and
    will have the right to engage in forward sales, futures trading or commodity options trading and other price hedging, price
    protection and speculative arrangements (the “Trading Activities”) which may involve the possible physical
    delivery of Products. In determining the net proceeds from the Sale of any Products subject to the Royalty, the Owner will
    not be entitled to deduct from Gross Proceeds any Losses suffered by the Owner, a shareholder of the Owner or an Affiliate
    of the Owner in Trading Activities. If the Owner engages in Trading Activities, the Royalty will be determined on the basis
    of the value of the Products produced and without regard to the price or proceeds actually received by the Owner for or in
    connection with the Sale, or the manner in which a Sale to a third party is made by the Owner, such value to be based on the
    Monthly Average Spot Price for the Month during which Products are credited to the account of the Owner or any Affiliate with
    a smelter or refiner, or, if the Owner engages in Trading Activities in respect of Products other than Refined Metal, the
    Gross Proceeds will be based on the value of such Products at the time such Products are actually delivered to third parties.
    The Parties agree that the Royalty Holder is not a participant in the Trading Activities of the Owner, and therefore the Royalty
    will not be diminished or improved by losses or gains of the Owner or any of its Affiliates in any such Trading Activities.

 

    	 

    	-12-

    

 

	3.10	Books
    and Records and Audit Rights. The Owner shall keep true, complete and accurate books and records of all of its operations
    and activities with respect to the Property, including the mining of Products therefrom and the mining, stockpiling, treatment,
    processing, refining and transportation of Products, prepared in accordance with good mining industry practice, consistently
    applied. Subject to section 9.2, the Royalty Holder and/or its authorized representatives shall be entitled, upon delivery
    of ten Business Days advance written notice, during the normal business hours of the Owner, in a manner that does not unreasonably
    interfere with the Owner’s business, and not more than once per calendar quarter (unless and until a discrepancy in
    excess of more than 3% is discovered and then the audit, review and examination rights shall be unrestricted), to perform
    audits or other reviews and examinations of the Owner’s books and records relevant to the calculation and payment of
    the Royalty pursuant to this Agreement to confirm compliance with the terms of this Agreement, including without limitation,
    calculations of Net Smelter Returns and to prepare technical reports pursuant to section 3.11. Without limiting the generality
    of the foregoing, the Royalty Holder shall have the right to audit all invoices and other records relating to the transportation
    of Products from the Property to any mill, refinery or other processor at which Products from the Property may be milled,
    smelted, concentrated, refined or otherwise treated or processed and relating to the transportation of Products in the form
    of concentrates, doré, slag or other waste products from any mill at which Products from the Property may be milled,
    to a processor. The Royalty Holder shall diligently complete any audit or other examination permitted hereunder. All expenses
    of any audit or other examination permitted hereunder shall be paid by the Royalty Holder, unless the results of such audit
    or other examination permitted hereunder disclose a deficiency in respect of any Royalty payments paid to the Royalty Holder
    hereunder in respect of the period being audited or examined in an amount greater than 3% of the amount of the Royalty properly
    payable with respect to such period, in which event all expenses of such audit or other examination shall be paid by the Owner.
	 	 
	 	In
    performing such audit the Royalty Holder and/or its agents shall have reasonable access to all sampling, assay, weighing and
    production records, including all mining, stockpile and milling records of the Owner relating to the Property and any Products
    derived from the Property (and the Royalty Holder shall be allowed to make notes or a photocopy thereof, subject to the provisions
    of section 9.2), all of which such records shall be kept and retained by the Owner in accordance with good mining industry
    practice for a period of six years.

 

	3.11	Technical
    Reports. If the Owner or any of its Affiliates prepares a technical report under NI 43-101 (or similar report) in
    respect of the Property, the Owner shall ensure that the Royalty Holder is provided with an advanced draft copy (and a reasonable
    opportunity to comment thereon) of such technical report before it is filed on SEDAR or otherwise publicly made available
    and in any event not less than 10 Business Days before it is so filed or made public. Upon the request of the Royalty Holder,
    the Owner shall use commercially reasonable efforts to cause the author(s) of such report to provide, at the sole cost and
    expense of the Royalty Holder, (i) a copy of such report to be addressed to the Royalty Holder or any of its Affiliates; (ii)
    the relevant certificates and consents of the author(s) required in connection with the filing of and reference to such report
    to be provided to the Royalty Holder or any of its Affiliates; and (iii) such other consents in connection with the use of
    or reliance upon such report by the Royalty Holder or any of its Affiliates from time to time in its public disclosure as
    may be required by the Royalty Holder. Notwithstanding the foregoing, if the Royalty Holder or any of its Affiliates is required
    by applicable law to prepare a technical report under NI 43-101 (or similar report) in respect of the Property and chooses
    to prepare its own technical report (or similar report), the Owner shall, and shall cause its Affiliates to, cooperate with
    and allow the Royalty Holder and its authorized representatives to access technical information pertaining to the Property
    and complete site visits at the Property so as to enable the Royalty Holder or its Affiliates, as the case may be, to prepare
    the technical report (or similar report) in accordance with NI 43-101 (or any other applicable Canadian and/or U.S. securities
    laws and/or stock exchange rules and policies governing the disclosure obligations of the Royalty Holder or any of its Affiliates)
    at the sole cost and expense of the Royalty Holder.

 

    	 

    	-13-

    

 

	3.12	Annual
    Report. The Owner shall deliver to the Royalty Holder an Annual Report on or before 120 days after the last day of
    each fiscal year of the Owner. With respect to any Annual Report, the Royalty Holder shall have the right to dispute any information
    provided in compliance with subsections (i), (iii) and (iv) in the definition of Annual Report in accordance with the provisions
    of this section relevant to the calculation and payment of the Royalty pursuant to this Agreement. If the Royalty Holder disputes
    any of that information in an Annual Report:

 

	 	(a)	the
    Royalty Holder shall notify the Owner in writing within 90 days from the date of delivery of the applicable Annual Report
    that it disputes the accuracy of that Annual Report (or any part thereof) (the “Annual Report Dispute Notice”);

 

	 	(b)	the
    Royalty Holder on the one hand and the Owner on the other hand shall have 90 days from the date the Annual Report Dispute
    Notice is delivered by the Royalty Holder to resolve the dispute. If the Royalty Holder and the Owner have not resolved the
    dispute within the said 90 day period, a mutually agreed independent third-party expert will be appointed to prepare a report
    with respect to the dispute in question (the “Expert’s Report”). If the Royalty Holder and the Owner
    have not agreed upon such expert within a further 10 days after the said 90 day period, then the dispute as to the expert
    shall be resolved by the dispute mechanism procedures set forth in Article 7;

 

	 	(c)	if
    the Expert’s Report concludes that the amount of the Royalty which was to have been paid to the Royalty Holder was deficient
    by 3% or less from the Royalty set out in the Annual Report, then the cost of the Expert’s Report shall be borne by
    the Royalty Holder;

 

    	 

    	-14-

    

 

	 	(d)	if
    the Expert’s Report concludes that the amount of the Royalty which was to have been paid to the Royalty Holder was deficient
    by more than 3% from the Royalty set out in the Annual Report, then the cost of the Expert’s Report shall be borne by
    the Owner; and

 

	 	(e)	if
    the Royalty Holder or the Owner disputes the Expert’s Report and such dispute is not resolved between the Parties within
    ten days after the date of delivery of the Expert’s Report, then such dispute shall be resolved by the dispute mechanism
    procedures set forth in Article 7.

 

If
the Owner does not deliver an Annual Report as required pursuant to this Article, the Royalty Holder shall have the right to perform
or to cause its representatives or agents to perform, at the cost and expense of the Owner, an audit of the books and records
of the Owner relevant to the Royalty in accordance with the provisions of section 3.10.

 

	3.13	Property
    Visits. Subject at all times to the workplace rules and supervision of the Owner, and in compliance with applicable
    laws, the Royalty Holder shall, at reasonable times and upon reasonable notice, once per calendar year, and at its sole risk
    and expense, have:

 

	 	(a)	a
    right of access by its representatives to the Property and to any mill used by the Owner to process Products derived from
    the Property (provided that in the event such mill is not owned or controlled by the Owner, such right of access shall only
    be the same as any such right of access of the Owner); and

 

	 	(b)	the
    right: (i) to monitor the stockpiling and milling of ore or Products derived from the Property and to take samples from the
    Property or from any mill or processor for the purposes of assay verifications; and (ii) to weigh or to cause the Owner to
    weigh all trucks transporting Products from the Property to any mill processing Products from the Property prior to dumping
    of such ore and immediately following such dumping.

 

The
Royalty Holder shall defend, indemnify and hold the Owner harmless from and against any Losses for damage to property or injury
to or death of Persons arising from any such inspection, except to the extent the same are caused by the gross negligence or willful
misconduct of the Owner.

 

	4.	REPRESENTATIONS,
    WARRANTIES AND COVENANTS

 

	4.1	Representations
    and Warranties of the Owner. The Owner hereby represents and warrants to and in favour of the Royalty Holder and acknowledges
    and agrees that the Royalty Holder is entering into this Agreement on the basis of such representations and warranties, namely,
    that (i) the Owner has the corporate power, capacity and authority to execute, deliver and perform this Agreement and the
    execution, delivery and performance of this Agreement by the Owner has been duly authorized by all required corporate action
    of the Owner; (ii) this Agreement represents a valid and binding obligation of the Owner duly enforceable against the Owner
    in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency or similar laws or by
    equitable principles generally; (iii) there is no event, change, circumstances, fact or state of being which could reasonably
    be expected to have a material and adverse effect on the ability of the Owner to perform its obligations under this Agreement
    or on the enforceability of this Agreement; and (iv) the Property is free and clear of all liens, charges, security interests,
    claims, mortgages and other encumbrances.

 

    	 

    	-15-

    

 

	4.2	Covenant
    of the Owner Regarding Approvals. The Owner does hereby covenant and agree that it shall do all such acts and things
    and it shall not omit to do any acts or things as shall be necessary in order to obtain all necessary approvals as shall be
    required in order for it to be able to execute, deliver and perform its obligations under this Agreement.

 

	4.3	Material
    Adverse Effect. The Owner shall promptly advise a Royalty Holder of any Material Adverse Effect and its intentions
    to address such Material Adverse Effect and to provide the Royalty Holder with all information that the Royalty Holder may
    request with respect to such Material Adverse Effect and to keep the Royalty Holder fully appraised of any ongoing matters
    related to it.

 

	5.	INDEMNITIES

 

	5.1	Indemnity
    by the Owner. The Owner does hereby agree to defend, indemnify, reimburse and hold harmless the Royalty Holder, its
    officers, directors, employees, agents, Affiliates and its successors and assigns (collectively, the “Royalty Holder
    Indemnified Parties”), and each of them, from and against any and all Losses that the Royalty Holder Indemnified
    Parties may sustain, suffer or incur as a result of:

 

	 	(a)	a
    breach of this Agreement by the Owner; and

 

	 	(b)	operations
    conducted on or in respect of the Property by or on behalf of the Owner or any of its Affiliates that result from or relate
    to the mining, handling, transportation, smelting or refining of the Products, including without limitation Losses, in any
    way arising from or connected with any non-compliance with environmental laws or any contaminants or hazardous substances
    on, in or under the Property or the soil, sediment, water or groundwater forming part thereof, whether in the past, present
    or future, or any contaminants or hazardous substances on any other lands or areas having originated or migrated from the
    Property or the soil, sediment, water or groundwater forming part thereof.

 

	6.	TRANSFER
    RIGHTS

 

	6.1	Restricted
    Transfer Rights of the Owner. The Owner may Transfer, in whole or in part: (i) the Property; or (ii) its rights and
    obligations under this Agreement; (it being understood that a Transfer of (i) or (ii) must involve a Transfer of both (i)
    and (ii)), so long as the following conditions are satisfied:

 

	 	(a)	the
    Owner provides the Royalty Holder with at least 30 days prior written notice of the intent to Transfer;

 

	 	(b)	any
    purchaser, merged company, transferee or assignee, as a condition to completion of the Transfer, agrees in writing in favour
    of the Royalty Holder, addressed to the Royalty Holder, to be bound by the terms of this Agreement, including without limitation,
    this section, and the Royalty Holder does not suffer a Material Adverse Effect in relation to the transactions set forth in
    this Agreement; and

 

    	 

    	-16-

    

 

	 	(c)	any
    transferee of the Owner that is a mortgagee, chargeholder or encumbrancer obtains an agreement in writing in favour of the
    Royalty Holder, addressed to the Royalty Holder, from any subsequent purchaser or transferee of such mortgagee, chargeholder
    or encumbrancer that such subsequent mortgagee, chargeholder or encumbrancer will be bound by the terms of this Agreement
    (with respect to the latter, if applicable), and the Royalty Holder does not suffer a Material Adverse Effect in relation
    to the transactions set forth in this Agreement.

 

	6.2	Transfer
    Rights of the Royalty Holder. The Royalty Holder shall have the right to Transfer or encumber, in whole or in part,
    its rights and obligations under this Agreement to another Person. The Royalty Holder shall also have the right to charge,
    pledge or assign as security to a lender its rights under this Agreement. In the case of a Transfer of the Royalty under this
    Agreement, the Royalty Holder shall be released from the transferred obligations under this Agreement. The Royalty Holder
    shall provide to the Owner written notice of any such Transfer as soon as reasonably practicable following completion of the
    Transfer.

 

	6.3	Project
    Financing of the Owner. The Owner covenants to and in favour of the Royalty Holder that the terms of any project financing
    arranged with respect to the Property shall not allow for the lenders to prohibit or interfere with any Royalty payments due
    to the Royalty Holder hereunder or allow for cash sweeps or payments of excess cash flow to the lenders in priority to any
    Royalty payments due to the Royalty Holder hereunder. In connection with any such project financing the Owner shall obtain
    at the closing of such project financing a certificate executed by an authorized officer of each lending institution or any
    other third party to the project financing, acknowledging the validity and existence of this Agreement and the Royalty obligations
    under this Agreement and agreeing that it will not object to or attempt to prohibit payment of any of the payments of the
    Royalty hereunder.

 

	7.	DISPUTE
    RESOLUTION

 

	7.1	Arbitration.
    In the event of a dispute in relation to this Agreement, including without limitation, the existence, validity, performance,
    breach or termination hereof or any matter arising hereunder, including whether any matter is subject to arbitration, the
    Parties agree to negotiate diligently and in good faith in an attempt to resolve such dispute. Failing resolution satisfactory
    to either Party, within ten days of the time frame specified herein or if no time frame is specified within ten days of the
    delivery of notice by either Party of the said dispute, which shall be after the dispute remains open for a period of 90 days,
    either Party may request that the dispute be resolved by binding arbitration, conducted in English, in Vancouver, British
    Columbia, Canada, pursuant to the international commercial arbitration rules of the Vancouver International Arbitration Centre
    (the “VANIAC”). The appointing authority shall be the VANIAC and the case shall be administered by the
    VANIAC in accordance with its International Commercial Arbitration Rules of Procedure, subject to the following:

 

	 	(a)	to
    demand arbitration either Party (the “Demanding Party”) shall give written notice (the “Dispute
    Notice”) to the other Party (the “Responding Party”), which Dispute Notice shall toll the running
    of any applicable limitations of actions by law or under this Agreement. The Dispute Notice shall specify the nature of the
    allegation and the issues in dispute, the amount or value involved (if applicable) and the remedy requested. Within 15 Business
    Days of receipt of the Dispute Notice, the Responding Party shall answer the demand in writing, responding to the allegations
    and issues that are disputed;

 

    	 

    	-17-

    

 

	 	(b)	the
    Demanding Party and the Responding Party shall mutually agree upon one single qualified arbitrator within seven Business Days
    of the Responding Party’s answer, failing which either the Demanding Party or the Responding Party may request the VANIAC
    to appoint one qualified arbitrator within five Business Days of the Responding Party’s answer. The arbitrator shall
    be a disinterested person qualified by experience to hear and determine the issues to be arbitrated;

 

	 	(c)	no
    later than 15 Business Days after hearing the representations and evidence of the Parties, the arbitrator shall make its determination
    in writing in English and shall deliver one copy to each of the Parties. The written decision of the arbitrator shall be final
    and binding upon the Parties in respect of all matters relating to the arbitration, the procedure, the conduct of the Parties
    during the proceedings and the final determination of the issues in the arbitration. There shall be no appeal from the determination
    of the arbitrator to any court. The decision rendered by the arbitrator may be entered into any court for enforcement purposes;

 

	 	(d)	the
    arbitrator may determine all questions of law and jurisdiction (including questions as to whether or not a dispute is arbitrable)
    and all matters of procedure relating to the arbitration;

 

	 	(e)	the
    arbitrator shall have the right to grant legal and equitable relief and to award costs (including reasonable legal fees and
    the costs of arbitration) and interest. The costs of any arbitration shall be borne by the Parties in the manner specified
    by the arbitrator in its determination, if applicable. The arbitrator may make an interim order, including injunctive relief
    and other provisional, protective or conservatory measures, as well as orders seeking assistance from a court in taking or
    compelling evidence or preserving and producing documents regarding the subject matter of the dispute;

 

	 	(f)	all
    papers, notices or process pertaining to an arbitration hereunder may be served on a Party as provided in this Agreement;
    and

 

	 	(g)	the
    Parties agree to treat as Confidential Information, in accordance with the provisions of section 9.2, the following: (i) the
    existence of the arbitral proceedings; (ii) written notices, pleadings and correspondence in relation to the arbitration;
    (iii) reports, summaries, witness statements and other documents prepared in respect of the arbitration; (iv) documents exchanged
    for the purposes of the arbitration; and (v) the contents of any award or ruling made in respect of the arbitration. Notwithstanding
    the foregoing part of this section, a Party may disclose such Confidential Information in judicial proceedings to enforce,
    nullify, modify or correct an award or ruling and as permitted under section 9.2.

 

    	 

    	-18-

    

 

	8.	OPERATION
    OF THE PROPERTY

 

	8.1	Owner
    to Determine Operations. The Owner will have complete discretion concerning the nature, timing and extent of all exploration,
    development, mining and other operations conducted on or for the benefit of the Property and may suspend operations and production
    on the Property at any time it considers prudent or appropriate to do so. The Owner will owe the Royalty Holder no duty to
    explore, develop or mine the Property, or to do so at any rate or in any manner other than that which the Owner may determine
    in its sole and unfettered discretion.

 

	8.2	Commingling.
    Commingling of Products from the Property with other ores, doré, concentrates, metals, minerals or mineral by-products
    produced elsewhere is permitted if either: (i) written consent is provided by the Royalty Holder, such consent not to be unreasonably
    withheld, delayed or conditioned, or (ii) the Royalty Holder’s rights are not disadvantaged as a result of the commingling.

 

	9.	MISCELLANEOUS

 

	9.1	Other
    Activities and Interests. This Agreement and the rights and obligations of the Parties hereunder are strictly limited
    to the Property. Each Party will have the free and unrestricted right to enter into, conduct and benefit from any and all
    business ventures of any kind whatsoever, whether or not competitive with the activities undertaken pursuant hereto, without
    disclosing such activities to the other Party or inviting or allowing the other Party to participate therein including activities
    involving mineral claims or mineral leases adjoining the Property.

 

	9.2	Confidentiality.
    All information, data, reports, records, analyses, economic and technical studies and test results relating to the Property
    and the activities of the Owner or any other party thereon and the terms and conditions of this Agreement, all of which will
    herein be referred to as “Confidential Information”, will be treated by the Royalty Holder as confidential
    and will not be disclosed to any person not a party to this Agreement, except in the following circumstances:

 

	 	(a)	the
    Royalty Holder may disclose Confidential Information to its auditors, legal counsel, institutional lenders, financiers, strategic
    partners, brokers, underwriters and investment bankers, provided that such non-party users are advised of the confidential
    nature of the Confidential Information, undertake to maintain the confidentiality thereof and are strictly limited in their
    use of the Confidential Information to those purposes necessary for such non-party users to perform the services for which
    they were retained by the Royalty Holder;

 

    	 

    	-19-

    

 

	 	(b)	the
    Royalty Holder may disclose Confidential Information to prospective purchasers of the Royalty Holder’s right to receive
    the Royalty or other rights under this Agreement, provided that each such prospective purchaser first agrees in writing to
    hold such information in confidence and be liable for any breach of such obligation, in accordance with this section and to
    use it exclusively for the purpose of evaluating its interest in purchasing such Royalty or other rights;

 

	 	(c)	the
    Royalty Holder may disclose Confidential Information where that disclosure is necessary to comply with its disclosure obligations
    and requirements under any securities law, rules or regulations or stock exchange listing agreements, policies or requirements
    or in relation to proposed credit arrangements; or

 

	 	(d)	with
    the approval of the Owner.

 

Any
Confidential Information that becomes part of the public domain by no act or omission in breach of this section will cease to
be Confidential Information for the purposes of this section. The Royalty Holder shall use commercially reasonable efforts to
enforce the duty of confidentially owed to the Royalty Holder by any Person to whom the Royalty Holder discloses the Confidential
Information.

 

	9.3	No
    Partnership. This Agreement is not intended to, and will not be deemed to, create any partnership relation between
    the Parties including without limitation, a joint venture, mining partnership or commercial partnership. The obligations and
    liabilities of the Parties will be several and not joint, and none of the Parties will have or purport to have any authority
    to act for or to assume any obligations or responsibility on behalf of the other Party. Nothing herein contained will be deemed
    to constitute a Party, the partner, agent, joint venturer or legal representative of the other Party.

 

	9.4	No
    Waivers. No waiver of or with respect to any term or condition of this Agreement shall be effective unless it is in
    writing and signed by the waiving Party, and then such waiver shall be effective only in the specific instance and for the
    purpose for which given. No course of dealing between the Parties, nor any failure to exercise, nor any delay in exercising,
    on the part of any one Party hereunder, any right, power or privilege hereunder shall operate as a waiver thereof, nor shall
    any single or partial exercise of any specific waiver of any right, power or privilege hereunder preclude any other or further
    exercise thereof or the exercise of any other right, power or privilege.

 

	9.5	Time
    of the Essence. Time shall be of the essence in the performance of any and all of the obligations of the Parties hereunder,
    including without limitation, the payment of monies.

 

	9.6	Further
    Assurances. Each Party will, at the request of another Party and at the requesting Party’s expense, execute
    all such documents and take all such actions as may be reasonably required to effect the purposes and intent of this Agreement.

 

	9.7	Rule
    Against Perpetuities. In the event a court of competent jurisdiction determines that any provision of this Agreement
    violates the statutory or common law Rule Against Perpetuities, then such provision shall automatically be revised and reformed
    as necessary to comply with the Rule Against Perpetuities and this Agreement shall not be terminated solely as a result of
    a violation of the Rule Against Perpetuities.

 

    	 

    	-20-

    

 

	9.8	Entire
    Agreement. This Agreement, including the Schedules hereto, constitutes the entire agreement of the Parties with respect
    to the subject matter hereof, all previous agreements and promises in respect thereto being hereby expressly rescinded and
    replaced hereby. No modification or alteration of this Agreement will be effective unless in writing executed subsequent to
    the date hereof by the Parties. No prior written or contemporaneous oral promises, representations or agreements are binding
    upon the Parties. There are no implied covenants contained herein.

 

	9.9	Notice.
    Any notice, demand, consent or other communication (“Notice”) given or made under this Agreement:

 

	 	(a)	must
    be in writing and signed by a person duly authorized by the sender;

 

	 	(b)	must
    be delivered to the intended recipient by hand, by overnight courier or by email to the address or email address below or
    the address or email address last notified by the intended recipient to the sender:

 

If
to the Owner:

 

[●]

 

	Attention:
    	[●]
	Address:	[●]
	 	 
	Email:
    	[●]

 

If
to the Royalty Holder:

 

	Gold Royalty Corp.
	 
	Attention:
    	Josephine
    Man
	Address:	1830-1030
    West Georgia Street,
	 	Vancouver,
    British Columbia, Canada V6E 2Y3
	Email:
    	 

 

	 	(c)	will
    be deemed to be duly given or made when delivered;

 

but
if the result is that a Notice would be deemed to be given or made on a day which is not a Business Day in the place to which
the Notice is sent or is later than 4:00 pm (local time at the place of delivery), it will be deemed to have been duly given or
made at the commencement of business on the next Business Day in that place.

 

	9.10	Counterparts.
    This Agreement may be executed in multiple counterparts, each of which will constitute an original, but all of which together
    will constitute one and the same instrument.

 

	9.11	Parties
    in Interest. This Agreement will enure to the benefit of and be binding on the Parties and their respective successors
    and permitted assigns.

 

SIGNATURE
BLOCKS APPEAR ON NEXT PAGE

 

    	 

    	-21-

    

 

IN
WITNESS WHEREOF the Parties have executed and delivered this Agreement as of the date and year first above written.

 

	 	[●]
	 	 
	 	By: 	                       
	 	Name:
	 	Title:
	 	 
	 	GOLD
    ROYALTY CORP.
	 	 
	 	By: 	 
	 	Name:
	 	Title:

 

    	 

    	 

    

 

SCHEDULE
“A”

MAP
OF PROPERTY AND PROJECTSExhibit 10.1

 

Execution Version

 

FORM OF SUBSCRIPTION
AGREEMENT

 

ArcLight Clean Transition Corp.

200 Clarendon Street, 55th Floor

Boston, Massachusetts 02116

 

Ladies and Gentlemen:

 

This Subscription Agreement
(this “Subscription Agreement”) is being entered into as of the date set forth on the signature page hereto,
by and between ArcLight Clean Transition Corp., a Cayman Islands exempted company (“ArcLight”), and the undersigned
subscriber (the “Investor”), in connection with the Agreement and Plan of Merger, dated as of the date hereof
(as may be amended, supplemented or otherwise modified from time to time, the “Merger Agreement”), by and among
ArcLight, Proterra Inc., a Delaware corporation (the “Company”), and Phoenix Merger Sub, Inc., a Delaware corporation
(“Merger Sub”), pursuant to which, among other things, Merger Sub will merge with and into the Company, with
the Company as the surviving company in the merger and, after giving effect to such merger, becoming a subsidiary of ArcLight,
on the terms and subject to the conditions therein (such merger, the “Transaction”). In connection with
the Transaction, ArcLight is seeking commitments from interested investors to purchase, following the Domestication (as defined
below) and prior to the closing of the Transaction, shares of ArcLight’s common stock, par value $0.0001 per share (the “Shares”),
in a private placement for a purchase price of $10.00 per share (the “Per Share Purchase Price”). On or about
the date of this Subscription Agreement, ArcLight is entering into subscription agreements (the “Other Subscription Agreements”
and together with this Subscription Agreement, the “Subscription Agreements”) with certain other investors (the
“Other Investors” and together with the Investor, the “Investors”), severally and not jointly,
pursuant to which the Investors, severally and not jointly, have agreed to purchase on the closing date of the Transaction, inclusive
of the Shares subscribed for by the Investor, an aggregate amount of up to 41,500,000 Shares, at the Per Share Purchase Price.

 

Prior
to the closing of the Transaction (and as more fully described in the Merger Agreement), ArcLight will domesticate as a Delaware
corporation in accordance with Section 388 of the General Corporation Law of the State of Delaware and Part XII of
the Cayman Islands Companies Law (2020 Revision) (the “Domestication”). The aggregate purchase price to be paid
by the Investor for the subscribed Shares (as set forth on the signature page hereto) is referred to herein as the “Subscription
Amount.”

 

In connection therewith,
and in consideration of the foregoing and the mutual representations, warranties and covenants, and subject to the conditions,
set forth herein, and intending to be legally bound hereby, each of the Investor and ArcLight acknowledges and agrees as follows:

 

1. Subscription.
The Investor hereby subscribes for and agrees to purchase from ArcLight the number of Shares set forth on the signature page of
this Subscription Agreement on the terms and subject to the conditions provided for herein. The Investor acknowledges and agrees
that the Investor’s subscription for the Shares shall be deemed to be accepted by ArcLight only when this Subscription Agreement
is signed by a duly authorized person by or on behalf of ArcLight; ArcLight may do so in counterpart form. The Investor acknowledges
and agrees that, as a result of the Domestication, the Shares that will be issued pursuant hereto shall be shares of common stock
in a Delaware corporation (and not, for the avoidance of doubt, ordinary shares in a Cayman Islands exempted company).

 

2. Closing.
The closing of the sale of the Shares contemplated hereby (the “Closing”) is contingent upon the substantially
concurrent consummation of the Transaction. The Closing shall occur on the date of, and substantially concurrently with and conditioned
upon the effectiveness of, the Transaction. Upon (a) satisfaction or waiver of the conditions set forth in Section 3 below and
(b) delivery of written notice from (or on behalf of) ArcLight to the Investor (the “Closing Notice”), that
ArcLight reasonably expects all conditions to the closing of the Transaction to be satisfied or waived on a date that is not less
than five (5) business days from the date on which the Closing Notice is delivered to the Investor, the Investor shall deliver
to ArcLight, two (2) business days prior to the closing date specified in the Closing Notice (the “Closing Date”),
the Subscription Amount by wire transfer of United States dollars in immediately available funds to the account(s) specified by
ArcLight in the Closing Notice. On the Closing Date, ArcLight shall issue a number of Shares to the Investor set forth on the
signature page to this Subscription Agreement and subsequently cause such Shares to be registered in book entry form in the name
of the Investor on ArcLight’s share register; provided, however, that ArcLight’s obligation to issue
the Shares to the Investor is contingent upon ArcLight having received the Subscription Amount in full accordance with this Section
2. In the event that (i) the consummation of the Transaction does not occur within three (3) business days after the anticipated
Closing Date specified in the Closing Notice, unless otherwise agreed to in writing by ArcLight and the Investor, ArcLight shall
promptly (but in no event later than four (4) business days after the anticipated Closing Date specified in the Closing Notice)
return the Subscription Amount so delivered by the Investor to ArcLight by wire transfer in immediately available funds to the
account specified by the Investor, and any book entries shall be deemed cancelled. Notwithstanding such return or cancellation,
unless and until this Subscription Agreement is terminated in accordance with Section 8 herein, the Investor shall remain obligated
(A) to redeliver funds to ArcLight in escrow following ArcLight’s delivery to the Investor of a new Closing Notice and (B)
to consummate the Closing immediately prior to or substantially concurrently with the consummation of the Transaction. For purposes
of this Subscription Agreement, “business day” shall mean a day, other than a Saturday or Sunday, on which commercial
banks in New York, New York and Boston, Massachusetts are open for the general transaction of business.

 

     

     

    

 

3. Closing
Conditions.

 

a. The
obligation of the parties hereto to consummate the purchase and sale of the Shares pursuant to this Subscription Agreement is subject
to the following conditions:

 

(i) that
no applicable governmental authority shall have enacted, issued, promulgated, enforced or entered any judgment, order, law, rule
or regulation (whether temporary, preliminary or permanent) which is then in effect and has the effect of making consummation of
the transactions contemplated hereby illegal or otherwise restraining or prohibiting consummation of the transactions contemplated
hereby and no such governmental authority shall have instituted or threatened in writing a proceeding seeking to impose any such
restraint or prohibition;

 

(ii) the
Shares shall have been approved for listing on the Nasdaq Capital Market (“Nasdaq”), subject to official notice
of issuance; and

 

(iii) all
conditions precedent to the closing of the Transaction under the Merger Agreement shall have been satisfied (as determined by the
parties to the Merger Agreement and other than those conditions under the Merger Agreement which, by their nature, are to be satisfied
at the closing of the Transaction, including to the extent that any such condition is dependent upon the consummation of the purchase
and sale of the Shares pursuant to this Subscription Agreement) or waived.

 

b. The
obligation of ArcLight to consummate the issuance and sale of the Shares pursuant to this Subscription Agreement is subject to
the following conditions:

 

(i) that
all representations and warranties of the Investor contained in this Subscription Agreement shall be true and correct in all material
respects (other than representations and warranties that are qualified as to materiality, which representations and warranties
shall be true in all respects) at and as of the Closing Date (unless they specifically speak as of an earlier date, in which case
they shall be true and correct in all material respects (other than representations and warranties that are qualified as to materiality,
which representations and warranties shall be true in all respects) as of such date), and consummation of the Closing shall constitute
a reaffirmation by the Investor of each of the representations and warranties of the Investor contained in this Subscription Agreement
as of the Closing Date; and

 

(ii) that
as of the Closing Date the Investor shall have performed, satisfied and complied in all material respects with all agreements,
conditions and covenants required by this Subscription Agreement to have been performed, satisfied or complied with by it at or
prior to the Closing.

 

    2

     

    

 

c. The
obligation of the Investor to consummate the purchase of the Shares pursuant to this Subscription Agreement is subject to the following
additional conditions:

 

(i) all
representations and warranties of ArcLight contained in this Subscription Agreement shall be true and correct in all material respects
(other than representations and warranties that are qualified as to materiality, which representations and warranties shall be
true in all respects) at and as of the Closing Date, and consummation of the Closing shall constitute a reaffirmation by ArcLight
of each of the representations and warranties of ArcLight contained in this Subscription Agreement as of the Closing Date;

 

(ii) ArcLight
shall have performed, satisfied or complied in all material respects with all agreements, conditions and covenants required by
this Subscription Agreement to have been performed, satisfied or complied with by it at or prior to the Closing;

 

(iii) no
amendment, modification or waiver of the Merger Agreement shall have occurred that would reasonably be expected to materially and
adversely affect the economic benefits that the Investor would reasonably expect to receive under this Subscription Agreement.

 

4. Further
Assurances. At the Closing, the parties hereto shall execute and deliver such additional documents and take such additional
actions as the parties reasonably may deem to be practical and necessary in order to consummate the subscription as contemplated
by this Subscription Agreement.

 

5. ArcLight
Representations and Warranties. ArcLight represents and warrants to the Investor that:

 

a. ArcLight
is an exempted company duly incorporated, validly existing and in good standing under the laws of the Cayman Islands (to the extent
such concept exists in such jurisdiction). ArcLight has all power (corporate or otherwise) and authority to own, lease and operate
its properties and conduct its business as presently conducted and to enter into, deliver and perform its obligations under this
Subscription Agreement. As of the Closing Date, following the Domestication, ArcLight will be duly incorporated, validly existing
as a corporation and in good standing under the laws of the State of Delaware.

 

b. As
of the Closing Date, the Shares will be duly authorized and, when issued and delivered to the Investor against full payment therefor
in accordance with the terms of this Subscription Agreement, the Shares will be validly issued, fully paid and non-assessable and
will not have been issued in violation of or subject to any preemptive or similar rights created under ArcLight’s certificate
of incorporation or bylaws (each as amended to the Closing Date), by contract or under the General Corporation Law of the State
of Delaware.

 

c. This
Subscription Agreement has been duly authorized, executed and delivered by ArcLight and, assuming that this Subscription Agreement
constitutes the valid and binding agreement of the Investor, this Subscription Agreement is enforceable against ArcLight in accordance
with its terms, except as may be limited or otherwise affected by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization,
moratorium or other laws relating to or affecting the rights of creditors generally, or (ii) principles of equity, whether considered
at law or equity.

 

d. The
execution and delivery of, and the performance of the transactions contemplated by, this Subscription Agreement, including the
issuance and sale of the Shares hereunder, and the compliance by ArcLight with all of the provisions of this Subscription Agreement
and the consummation of the transactions contemplated herein will not conflict with or result in a breach or violation of any of
the terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance
upon any of the property or assets of ArcLight or any of its subsidiaries pursuant to the terms of (i) any indenture, mortgage,
deed of trust, loan agreement, lease, license or other agreement or instrument to which ArcLight or any of its subsidiaries is
a party or by which ArcLight or any of its subsidiaries is bound or to which any of the property or assets of ArcLight is subject
that would reasonably be expected to have a material adverse effect on the business, properties, assets, liabilities, financial
condition or results of operations of ArcLight and its subsidiaries, taken as a whole (a “Material Adverse Effect”)
or materially affect the validity of the Shares or the legal authority of ArcLight to comply in all material respects with the
terms of this Subscription Agreement; (ii) result in any violation of the provisions of the organizational documents of ArcLight
or its subsidiaries; or (iii) result in any violation of any statute or any judgment, order, rule or regulation of any court or
governmental agency or body, domestic or foreign, having jurisdiction over ArcLight or its subsidiaries or any of their properties
that would reasonably be expected to have a Material Adverse Effect or materially affect the validity of the Shares or the legal
authority of ArcLight to comply in all material respects with this Subscription Agreement.

 

    3

     

    

 

e. As
of their respective dates, the SEC Reports required to be filed by ArcLight with the SEC complied in all material respects with
the applicable requirements of the Securities Act of 1933, as amended (the “Securities Act”), and the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), and the rules and regulations of the SEC promulgated
thereunder, 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 financial statements of ArcLight included in the SEC Reports comply in all material respects
with applicable accounting requirements and the rules and regulations of the SEC with respect thereto as in effect at the time
of filing and fairly present in all material respects the financial position of ArcLight 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, year-end
audit adjustments. A copy of each SEC Report is available to the Investor via the SEC’s EDGAR system. There are no outstanding
or unresolved comments in comment letters received by ArcLight from the staff of the Division of Corporation Finance of the SEC
with respect to any of the SEC Reports.

 

f. ArcLight
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, self-regulatory organization or other person in
connection with the execution, delivery and performance by ArcLight of this Subscription Agreement (including, without limitation,
the issuance of the Shares), other than (i) filings with the SEC, (ii) filings required by applicable state securities laws, (iii)
filings required in accordance with Section 13 of this Subscription Agreement, (iv) filings required by the Nasdaq, including with
respect to obtaining approval of ArcLight’s shareholders, and (v) filings that the failure of which to obtain would not be
reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

g. Except
for such matters as have not had and would not be reasonably likely to have, individually or in the aggregate, a Material Adverse
Effect, as of the date hereof, there is no (i) action, suit, claim or other proceeding, in each case by or before any governmental
authority pending, or, to the knowledge of ArcLight, threatened against ArcLight or (ii) judgment, decree, injunction, ruling or
order of any governmental entity or arbitrator outstanding against ArcLight. ArcLight is in compliance with all applicable laws,
except where such non-compliance would not reasonably be expected to have a Material Adverse Effect.

 

h. As
of the date of this Subscription Agreement, the authorized capital stock of ArcLight consists of (i) 500,000,000 Class A ordinary
shares, (ii) 50,000,000 Class B ordinary shares and (iii) 5,000,000 preference shares, each with a par value of $0.0001 per share.
As of the date of this Subscription Agreement, (A) 27,750,000 Class A ordinary shares of ArcLight are issued and outstanding, (B)
6,937,500 Class B ordinary shares of ArcLight are issued and outstanding, (C) 21,425,000 warrants to purchase Class A ordinary
shares of ArcLight are issued and outstanding, and (D) no preference shares are issued and outstanding. All (1) issued and outstanding
Class A ordinary shares and Class B ordinary shares of ArcLight have been duly authorized and validly issued, are fully paid and
are nonassessable and are not subject to preemptive rights and (2) outstanding warrants have been duly authorized and validly issued
and are not subject to preemptive rights. Except as set forth above and pursuant to the Other Subscription Agreements, the Merger
Agreement and the other agreements and arrangements referred to therein or in the SEC Reports, as of the date hereof, there are
no outstanding options, warrants or other rights to subscribe for, purchase or acquire from ArcLight any Class A ordinary shares,
Class B ordinary shares or other equity interests in ArcLight, or securities convertible into or exchangeable or exercisable for
such equity interests. As of the date hereof, ArcLight has no subsidiaries, other than Merger Sub, and does not own, directly or
indirectly, interests or investments (whether equity or debt) in any person, whether incorporated or unincorporated. There are
no shareholder agreements, voting trusts or other agreements or understandings to which ArcLight is a party or by which it is bound
relating to the voting of any securities of ArcLight, other than (1) as set forth in the SEC Reports and (2) as contemplated by
the Merger Agreement.

 

i. As
of the date hereof, the issued and outstanding Shares of ArcLight are registered pursuant to Section 12(b) of the Exchange Act,
and are listed for trading on Nasdaq under the symbol “ACTC” (it being understood that the trading symbol will be changed
in connection with the Transaction). Except as disclosed in the reports (the “SEC Reports”) required to be filed
by ArcLight with the SEC, as of the date hereof, there is no suit, action, proceeding or investigation pending or, to the knowledge
of ArcLight, threatened against ArcLight by Nasdaq or the SEC, respectively, to prohibit or terminate the listing of ArcLight’s
Shares on Nasdaq or to deregister the Shares under the Exchange Act. ArcLight has taken no action that is designed to terminate
the registration of the Shares under the Exchange Act.

 

    4

     

    

 

j. Assuming
the accuracy of the Investor’s and Other Investors’ representations and warranties set forth in Section 6 of this Subscription
Agreement, (i) no registration under the Securities Act is required for the offer and sale of the Shares by ArcLight to the Investor
under this Subscription Agreement, (ii) the Shares were not offered by any form of general solicitation or general advertising
and (iii) the Shares are not being offered in a manner involving a public offering under, or in a distribution in violation of,
the Securities Act or any state securities laws.

 

k. Other
than the Other Subscription Agreements, the Merger Agreement and any other agreement contemplated by the Merger Agreement, ArcLight
has not entered into any side letter or similar agreement with any investor in connection with such investor’s direct or
indirect investment in ArcLight or with any other investor (other than with respect to terms particular to the regulatory requirements
of such subscriber or its affiliates or related funds). No Other Subscription Agreement includes terms and conditions that are
materially more advantageous to any Other Investor than the Investor hereunder (other than terms particular to the regulatory requirements
of such subscriber or its affiliates or related funds), and such Other Subscription Agreements have not been amended or modified
in any material respect following the date of this Subscription Agreement to include any such terms and conditions.

 

l. Other
than fees payable to the Placement Agents (as defined below), ArcLight has not entered into any agreement or arrangement entitling
any agent, broker, investment banker, financial advisor or other person to any broker’s or finder’s fee or any other
commission or similar fee in connection with the transactions contemplated by this Subscription Agreement for which the undersigned
could become liable. Other than the Placement Agents (as defined below), ArcLight is not aware of any person that has been or will
be paid (directly or indirectly) remuneration for solicitation of purchasers in connection with the sale of any Shares.

 

6. Investor
Representations and Warranties. The Investor represents and warrants to ArcLight that:

 

a. The
Investor (i) is a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act) or an institutional
“accredited investor” (within the meaning of Rule 501(a) under the Securities Act), in each case, satisfying the applicable
requirements set forth on Schedule A, (ii) is acquiring the Shares only for his, her or its own account and not for the
account of others, or if the Investor is subscribing for the Shares as a fiduciary or agent for one or more investor accounts,
the Investor has full investment discretion with respect to each such account, and the full power and authority to make the acknowledgements,
representations and agreements herein on behalf of each owner of each such account, and (iii) is not acquiring the Shares with
a view to, or for offer or sale in connection with, any distribution thereof in violation of the Securities Act (and shall provide
the requested information set forth on Schedule A). The Investor is not an entity formed for the specific purpose of acquiring
the Shares.

 

b. The
Investor acknowledges and agrees that the Shares are being offered in a transaction not involving any public offering within the
meaning of the Securities Act and that the Shares have not been registered under the Securities Act. The Investor acknowledges
and agrees that the Shares may not be offered, resold, transferred, pledged or otherwise disposed of by the Investor absent an
effective registration statement under the Securities Act except (i) to ArcLight or a subsidiary thereof, (ii) to non-U.S. persons
pursuant to offers and sales that occur outside the United States within the meaning of Regulation S under the Securities Act or
(iii) pursuant to another applicable exemption from the registration requirements of the Securities Act, and in each of clauses
(i) and (iii) in accordance with any applicable securities laws of the states and other jurisdictions of the United States, and
that any certificates representing the Shares shall contain a restrictive legend to such effect. The Investor acknowledges and
agrees that the Shares will be subject to the foregoing transfer restrictions and, as a result of these transfer restrictions,
the Investor may not be able to readily offer, resell, transfer, pledge or otherwise dispose of the Shares and may be required
to bear the financial risk of an investment in the Shares for an indefinite period of time. The Investor acknowledges and agrees
that the Shares will not be eligible for offer, resale, transfer, pledge or disposition pursuant to Rule 144 promulgated under
the Securities Act until at least one year from the Closing Date. The Investor acknowledges and agrees that it has been advised
to consult legal counsel prior to making any offer, resale, transfer, pledge or disposition of any of the Shares.

 

    5

     

    

 

c. The
Investor acknowledges and agrees that the Investor is purchasing the Shares from ArcLight. The Investor further acknowledges that
there have been no representations, warranties, covenants and agreements made to the Investor by or on behalf of ArcLight, the
Company, any of their respective affiliates or any control persons, officers, directors, employees, partners, agents or representatives
of any of the foregoing or any other person or entity, expressly or by implication, other than those representations, warranties,
covenants and agreements of ArcLight expressly set forth in Section 5 of this Subscription Agreement.

 

d. Either
(1) the Investor’s acquisition and holding of the Shares will not constitute or result in a non-exempt prohibited transaction
under Section 406 of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), Section 4975
of the Internal Revenue Code of 1986, as amended, or any applicable similar law or (2) the Investor is not a Benefit Plan Investor
as contemplated by ERISA.

 

e. The
Investor acknowledges and agrees that the Investor has received and has had an adequate opportunity to review such information
as the Investor deems necessary in order to make an investment decision with respect to the Shares, including, with respect to
ArcLight, the Transaction and the business of the Company and its subsidiaries. Without limiting the generality of the foregoing,
the Investor acknowledges that he, she or it has reviewed the SEC Reports. The Investor acknowledges and agrees that the Investor
and the Investor’s professional advisor(s), if any, have had the full opportunity to ask such questions, receive such answers
and obtain such information as the Investor and such Investor’s professional advisor(s), if any, have deemed necessary to
make an investment decision with respect to the Shares. The Investor further acknowledges that the information provided to the
Investor may change and ArcLight is under no obligation to inform the Investor regarding any such changes, except to the extent
such changes would reasonably be expected to cause the failure of ArcLight to satisfy a condition to the Investor’s obligations
at the Closing set forth in Section 3(c).

 

f. The
Investor became aware of this offering of the Shares solely by means of direct contact between the Investor and ArcLight, the Company
or a representative of ArcLight or the Company (including the Placement Agents), and the Shares were offered to the Investor solely
by direct contact between the Investor and ArcLight, the Company or a representative of ArcLight or the Company. The Investor did
not become aware of this offering of the Shares, nor were the Shares offered to the Investor, by any other means. The Investor
acknowledges that the Shares (i) were not offered by any form of general solicitation or general advertising and (ii) are not being
offered in a manner involving a public offering under, or in a distribution in violation of, the Securities Act, or any state securities
laws. The Investor acknowledges that it is not relying upon, and has not relied upon, any statement, representation or warranty
made by any person, firm or corporation (including, without limitation, ArcLight, the Company, the Placement Agents, any of their
respective affiliates or any control persons, officers, directors, employees, partners, agents or representatives of any of the
foregoing), other than the representations and warranties of ArcLight contained in Section 5 of this Subscription Agreement, in
making its investment or decision to invest in ArcLight.

 

g. The
Investor acknowledges that it is aware that there are substantial risks incident to the purchase and ownership of the Shares, including
those set forth in ArcLight’s filings with the SEC. The Investor has such knowledge and experience in financial and business
matters as to be capable of evaluating the merits and risks of an investment in the Shares, and the Investor has sought such accounting,
legal and tax advice as the Investor has considered necessary to make an informed investment decision.

 

h. Alone,
or together with any professional advisor(s), the Investor has adequately analyzed and fully considered the risks of an investment
in the Shares and determined that the Shares are a suitable investment for the Investor and that the Investor is able at this time
and in the foreseeable future to bear the economic risk of a total loss of the Investor’s investment in ArcLight. The Investor
acknowledges specifically that a possibility of total loss exists.

 

i. In
making its decision to purchase the Shares, the Investor has relied solely upon independent investigation made by the Investor.
Without limiting the generality of the foregoing, the Investor has not relied on any statements or other information provided by
or on behalf of the Placement Agents or any of their affiliates or any control persons, officers, directors, employees, partners,
agents or representatives of any of the foregoing concerning ArcLight, the Company, the Transaction, the Merger Agreement, this
Subscription Agreement or the transactions contemplated hereby or thereby, the Shares or the offer and sale of the Shares.

 

    6

     

    

 

j. The
Investor acknowledges and agrees that no federal or state agency has passed upon or endorsed the merits of the offering of the
Shares or made any findings or determination as to the fairness of this investment.

 

k. The
Investor, if not an individual, has been duly formed or incorporated and is validly existing and is in good standing under the
laws of its jurisdiction of formation or incorporation, with power and authority to enter into, deliver and perform its obligations
under this Subscription Agreement.

 

l. The
execution, delivery and performance by the Investor of this Subscription Agreement are within the powers of the Investor, have
been duly authorized and will not constitute or result in a breach or default under or conflict with any order, ruling or regulation
of any court or other tribunal or of any governmental commission or agency, or any agreement or other undertaking, to which the
Investor is a party or by which the Investor is bound, and, if the Investor is not an individual, will not violate any provisions
of the Investor’s organizational documents, including, without limitation, its incorporation or formation papers, bylaws,
indenture of trust or partnership or operating agreement, as may be applicable. The signature on this Subscription Agreement is
genuine, and the signatory, if the Investor is an individual, has legal competence and capacity to execute the same or, if the
Investor is not an individual, the signatory has been duly authorized to execute the same, and, assuming that this Subscription
Agreement constitutes the valid and binding agreement of ArcLight, this Subscription Agreement constitutes a legal, valid and binding
obligation of the Investor, enforceable against the Investor in accordance with its terms except as may be limited or otherwise
affected by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other laws relating to or affecting
the rights of creditors generally, and (ii) principles of equity, whether considered at law or equity.

 

m. The
Investor is not (i) a person or entity named on the List of Specially Designated Nationals and Blocked Persons administered by
the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) or in any Executive Order issued
by the President of the United States and administered by OFAC (“OFAC List”), or a person or entity prohibited
by any OFAC sanctions program, (ii) a Designated National as defined in the Cuban Assets Control Regulations, 31 C.F.R. Part 515,
or (iii) a non-U.S. shell bank or providing banking services indirectly to a non-U.S. shell bank. The Investor agrees to provide
law enforcement agencies, if requested thereby, such records as required by applicable law, provided that the Investor is
permitted to do so under applicable law. If the Investor is a financial institution subject to the Bank Secrecy Act (31 U.S.C.
Section 5311 et seq.) (the “BSA”), as amended by the USA PATRIOT Act of 2001 (the “PATRIOT Act”),
and its implementing regulations (collectively, the “BSA/PATRIOT Act”), the Investor maintains policies and
procedures reasonably designed to comply with applicable obligations under the BSA/PATRIOT Act. To the extent required, it maintains
policies and procedures reasonably designed for the screening of its investors against the OFAC sanctions programs, including the
OFAC List. To the extent required by applicable law, the Investor maintains policies and procedures reasonably designed to ensure
that the funds held by the Investor and used to purchase the Shares were legally derived.

 

n. The
Investor acknowledges that no disclosure or offering document has been prepared by Morgan Stanley & Co. LLC, Barclays Capital,
Inc., Citigroup Global Markets Inc. and BofA Securities, Inc. or any of their affiliates (the “Placement Agents”)
in connection with the offer and sale of the Shares.

 

o. Neither
the Placement Agents, nor any of their affiliates nor any control persons, officers, directors, employees, partners, agents or
representatives of any of the foregoing have made any independent investigation with respect to ArcLight, the Company or its subsidiaries
or any of their respective businesses, or the Shares or the accuracy, completeness or adequacy of any information supplied to the
Investor by ArcLight.

 

p. In
connection with the issue and purchase of the Shares, the Placement Agents have not acted as the Investor’s financial advisor
or fiduciary.

 

    7

     

    

 

q. The
Investor has or has commitments to have and, when required to deliver payment to ArcLight pursuant to Section 2 above, will have,
sufficient funds to pay the Subscription Amount and consummate the purchase and sale of the Shares pursuant to this Subscription
Agreement.

 

r. The
Investor acknowledges that the purchase and sale of Shares hereunder meets the exemptions from filing under FINRA Rule 5123(b)(1).

 

s. The
Investor acknowledges that the Placement Agents may have acquired, or during the term of the Shares may acquire, non-public information
with respect to ArcLight, which the Investor agrees need not be provided to it.

 

7. Registration
Rights.

 

a. In
the event that the Shares are not registered in connection with the consummation of the Transaction, ArcLight agrees that, within
twenty (20) business days after the consummation of the Transaction (the “Filing Deadline”), it will file with
the SEC (at the its sole cost and expense) a registration statement registering the offering of the resale of the Shares (the “Registration
Statement”), and it shall use its commercially reasonable efforts to have the Registration Statement declared effective
as soon as practicable after the filing thereof, but no later than the earlier of (i) sixty (60) calendar days after the filing
thereof (or ninety (90) calendar days after the filing thereof if the SEC notifies ArcLight that it will “review” the
Registration Statement) and (ii) ten (10) business days after ArcLight is notified (orally or in writing, whichever is earlier)
by the SEC that the Registration Statement will not be “reviewed” or will not be subject to further review (such date,
the “Effectiveness Date”). ArcLight agrees to cause such Registration Statement, or another shelf registration
statement that includes the Shares to be sold pursuant to this Subscription Agreement, to remain effective until the earliest of
(i) the third anniversary of the Closing, (ii) the date on which the Investor ceases to hold any Shares issued pursuant to this
Subscription Agreement, or (iii) on the first date on which the Investor is able to sell all of its Shares issued pursuant to this
Subscription Agreement (or shares received in exchange therefor) under Rule 144 of the Securities Act within 90 days without limitation
as to the amount of such securities that may be sold, provided that at such time ArcLight is in compliance with the current
public information requirement under Rule 144 and continues to be in compliance with such requirement (the earliest of (i)–(iii)
being the “Expiration”). The Investor agrees to disclose its ownership and any other information reasonably
requested to ArcLight upon request to assist it in making the determination described above. The Investor acknowledges and agrees
that ArcLight may suspend the use of any such registration statement if it determines that in order for such registration statement
not to contain a material misstatement or omission, an amendment thereto would be needed to include information that would at that
time not otherwise be required in a current, quarterly or annual report under the Exchange Act, provided that (A) ArcLight
shall not so delay filing or so suspend the use of the Registration Statement for a period of more than sixty (60) consecutive
days or more than a total of one hundred twenty (120) calendar days, in each case in any three hundred sixty (360) day period,
(B) ArcLight shall have a bona fide business purpose for not making such information public and (C) ArcLight shall use commercially
reasonable efforts to make such registration statement available for the sale by the Investor of such securities as soon as practicable
thereafter. ArcLight’s obligations to include the Shares issued pursuant to this Subscription Agreement (or shares issued
in exchange therefor) for resale in the Registration Statement are contingent upon the Investor furnishing in writing to ArcLight
such information regarding the Investor, the securities of ArcLight held by the Investor and the intended method of disposition
of such Shares, which shall be limited to non-underwritten public offerings, as shall be reasonably requested by ArcLight to effect
the registration of such Shares, and shall execute such documents in connection with such registration as ArcLight may reasonably
request that are customary of a selling stockholder in similar situations (collectively, the “Questionnaire”),
provided, however, that the Investor shall not in connection with the foregoing be required to execute any lock-up
or similar agreement or otherwise be subject to any contractual restriction on the ability to transfer the Shares. ArcLight will
provide a draft of the Registration Statement to the Investor for review at least two (2) business days in advance of filing the
Registration Statement. So long as the Investor delivers to ArcLight a completed Questionnaire (which shall include representations
and warranties as to relevant matters), the Investor shall not be identified as a statutory underwriter in the Registration Statement
unless in response to a comment or request from the staff of the SEC or another regulatory agency; provided, however,
that if the SEC requests that the Investor be identified as a statutory underwriter in the Registration Statement, the Investor
will have an opportunity to withdraw from the Registration Statement. For purposes of clarification, any failure by ArcLight to
file the Registration Statement by the Filing Deadline or to effect such Registration Statement by the Effectiveness Date shall
not otherwise relieve ArcLight of its obligations to file or effect the Registration Statement as set forth in this Section 7.

 

    8

     

    

 

b. Prior
to the Expiration, ArcLight shall advise the Investor within three (3) business days (at ArcLight’s expense): (i) when a
Registration Statement or any post-effective amendment thereto has become effective; (ii) of the issuance by the SEC of any stop
order suspending the effectiveness of any Registration Statement or the initiation of any proceedings for such purpose; (iii) of
the receipt by ArcLight of any notification with respect to the suspension of the qualification of the Shares included therein
for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and (iv) subject to the provisions
in this Subscription Agreement, of a suspension pursuant to Section 7(a) or the occurrence of any event that requires the making
of any changes in any Registration Statement or prospectus so that, as of such date, the statements therein are not misleading
and do not omit to state a material fact required to be stated therein or necessary to make the statements therein (in the case
of a prospectus, in the light of the circumstances under which they were made) not misleading (provided that any such notice pursuant
to this Section 7(b)(iv) shall solely provide that the use of the Registration Statement or prospectus has been suspended without
setting forth the reason for such suspension). ArcLight shall use its commercially reasonable efforts to obtain the withdrawal
of any order suspending the effectiveness of any Registration Statement as soon as reasonably practicable. Upon the occurrence
of any event contemplated in clauses (i) through (iv) above, except for such times as ArcLight is permitted hereunder to suspend,
and has suspended, the use of a prospectus forming part of a registration statement, ArcLight shall use its commercially reasonable
efforts to as soon as reasonably practicable prepare a post-effective amendment to such registration statement or a supplement
to the related prospectus, or file any other required document so that, as thereafter delivered to purchasers of the Shares included
therein, such prospectus will not include any untrue statement of a material fact or omit to state any material fact necessary
to make the statements therein, in the light of the circumstances under which they were made, not misleading. The Investor agrees
that it will immediately discontinue offers and sales of the Shares using a Registration Statement until the Investor receives
copies of a supplemental or amended prospectus that corrects the misstatement(s) or omission(s) referred to above in clause (iv)
and receives notice that any post-effective amendment has become effective or unless otherwise notified by ArcLight that it may
resume such offers and sales. If so directed by ArcLight, the Investor will deliver to ArcLight or, in the Investor’s sole
discretion destroy, all copies of the prospectus covering the Shares in the Investor’s possession; provided, however,
that this obligation to deliver or destroy all copies of the prospectus covering the Shares shall not apply (x) to the extent the
Investor is required to retain a copy of such prospectus in order to comply with applicable legal, regulatory, self-regulatory
or professional requirements or in accordance with a bona fide pre-existing document retention policy or (y) to copies stored electronically
on archival servers as a result of automatic data back-up.

 

c. Prior
to the Expiration, ArcLight will use commercially reasonable efforts to file all reports necessary to enable the undersigned to
resell the Shares pursuant to the Registration Statement. For as long as the Investor holds Shares, ArcLight will use commercially
reasonable efforts to file all reports necessary to enable the undersigned to resell the Shares pursuant to Rule 144 of the Securities
Act (when Rule 144 of the Securities Act becomes available to the Investor). In addition, in connection with any proposed sale,
assignment, transfer or other disposition of the Shares by the Investor pursuant to Rule 144, or pursuant to any other exemption
under the Securities Act, or in connection with a sale or transfer in the manner described in the Registration Statement such that
the Shares held by the Investor become freely tradable and upon compliance by the Investor with the requirements of this Subscription
Agreement, if requested by the Investor, ArcLight shall cause the Transfer Agent to remove any restrictive legends related to the
book entry account holding such Shares and make a new, unlegended entry for such book entry Shares sold or disposed of without
restrictive legends within two (2) trading days of any such request therefor from the Investor, provided that ArcLight and
the Transfer Agent have timely received from the Investor customary representations and other documentation reasonably acceptable
to ArcLight and the Transfer Agent in connection therewith.

 

d. Indemnification.

 

(i) ArcLight
agrees to indemnify and hold harmless, to the extent permitted by law, the Investor, its directors, and officers, employees, and
agents, and each person who controls the Investor (within the meaning of the Section 15 of the Securities Act or Section 20 of
the Exchange Act) and each affiliate of the Investor (within the meaning of Rule 405 under the Securities Act) from and against
any and all losses, claims, damages, liabilities and expenses (including, without limitation, any reasonable attorneys’ fees
and expenses incurred in connection with defending or investigating any such action or claim) caused by any untrue or alleged untrue
statement of material fact contained in any Registration Statement, prospectus included in any Registration Statement or preliminary
prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to be
stated therein or necessary to make the statements therein not misleading, except insofar as and to the extent, but only to the
extent, the same are caused by or contained in any information furnished in writing to ArcLight by or on behalf of the Investor
expressly for use therein, including the contents of any Questionnaire.

 

    9

     

    

 

(ii) The
Investor agrees, severally and not jointly with any person that is a party to the Other Subscription Agreements, to indemnify and
hold harmless ArcLight, its directors and officers and agents and each person who controls ArcLight (within the meaning of Section
15 of the Securities Act and Section 20 of the Exchange Act) against any losses, claims, damages, liabilities and expenses (including,
without limitation, reasonable attorneys’ fees) resulting from any untrue statement of material fact contained in the Registration
Statement, prospectus or preliminary prospectus or any amendment thereof or supplement thereto or any omission of a material fact
required to be stated therein (in the case of any prospectus, or preliminary prospectus or supplement thereto, in light of the
circumstances under which they were made) or necessary to make the statements therein not misleading, but only to the extent that
such untrue statement or omission is contained in any information or affidavit so furnished in writing by the Investor (including
any Questionnaire furnished by the Investor) expressly for use therein. In no event shall the liability of the Investor be greater
in amount than the dollar amount of the net proceeds received by the Investor upon the sale of the Shares purchased pursuant to
this Subscription Agreement giving rise to such indemnification obligation.

 

(iii) Any
person entitled to indemnification hereunder shall (1) give prompt written notice to the indemnifying party of any claim with respect
to which it seeks indemnification (provided that the failure to give prompt notice shall not impair any person’s right to
indemnification hereunder to the extent such failure has not materially prejudiced the indemnifying party) and unless in such indemnified
party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties exists with respect
to such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified
party. If such defense is assumed, the indemnifying party shall not be subject to any liability for any settlement made by the
indemnified party without its consent (but such consent shall not be unreasonably withheld, conditioned or delayed). An indemnifying
party who is not entitled to, or elects not to assume the defense of a claim shall not be obligated to pay the fees and expenses
of more than one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable
judgment of legal counsel to any indemnified party a conflict of interest exists between such indemnified party and any other of
such indemnified parties with respect to such claim. No indemnifying party shall, without the consent of the indemnified party,
consent to the entry of any judgment or enter into any settlement which cannot be settled in all respects by the payment of money
(and such money is so paid by the indemnifying party pursuant to the terms of such settlement) or which settlement includes a statement
or admission of fault and culpability on the part of such indemnified party or which does not include as an unconditional term
thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect to such claim
or litigation.

 

(iv) The
indemnification provided for under this Subscription Agreement shall remain in full force and effect regardless of any investigation
made by or on behalf of the indemnified party or any officer, director, employee, agent, affiliate or controlling person of such
indemnified party and shall survive the transfer of the Shares purchased pursuant to this Subscription Agreement.

 

    10

     

    

 

(v) If
the indemnification provided under this Section 7(d) from the indemnifying party is unavailable or insufficient to hold harmless
an indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to herein, then the indemnifying
party, in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified party as
a result of such losses, claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the relative
fault of the indemnifying party and the indemnified party, as well as any other relevant equitable considerations. The relative
fault of the indemnifying party and indemnified party shall be determined by reference to, among other things, whether any action
in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material
fact, was made by, or relates to information supplied by, such indemnifying party or indemnified party, and the indemnifying party’s
and indemnified party’s relative intent, knowledge, access to information and opportunity to correct or prevent such action.
The amount paid or payable by a party as a result of the losses or other liabilities referred to above shall be deemed to include,
subject to the limitations set forth above, any legal or other fees, charges or expenses reasonably incurred by such party in connection
with any investigation or proceeding. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the Securities Act) shall be entitled to contribution pursuant to this Section 7(d) from any person who was not guilty of such
fraudulent misrepresentation. In no event shall the liability of the Investor be greater in amount than the dollar amount of the
net proceeds received by the Investor upon the sale of the Shares purchased pursuant to this Subscription Agreement giving rise
to such contribution obligation.

 

8. Termination.
This Subscription Agreement shall terminate and be void and of no further force and effect, and all rights and obligations of
the parties hereunder shall terminate without any further liability on the part of any party in respect thereof, upon the earlier
to occur of (a) such date and time as the Merger Agreement is terminated in accordance with its terms without being consummated,
(b) upon the mutual written agreement of each of the parties hereto to terminate this Subscription Agreement, (c) ArcLight’s
notification to the Investor in writing that it has abandoned its plans to move forward with the Transaction, (d) thirty (30)
days after the Termination Date (as defined in the Merger Agreement, as in effect as of the date hereof), if the Closing has not
occurred by such date, or (e) if any of the conditions to Closing set forth in Section 3 of this Subscription Agreement are not
satisfied or waived, or are not capable of being satisfied, on or prior to the Closing and, as a result thereof, the transactions
contemplated by this Subscription Agreement will not be and are not consummated at the Closing (the termination events described
in clauses (a)–(e) above, collectively, the “Termination Events”); provided that nothing herein
will relieve any party from liability for any willful breach hereof prior to the time of termination, and each party will be entitled
to any remedies at law or in equity to recover losses, liabilities or damages arising from any such willful breach. ArcLight shall
notify the Investor of the termination of the Merger Agreement promptly after the termination of such agreement. Upon the occurrence
of any Termination Event, this Subscription Agreement shall be void and of no further effect and any monies paid by the Investor
to ArcLight in connection herewith shall promptly (and in any event within one business day) following the Termination Event be
returned to the Investor.

 

9. Trust
Account Waiver. The Investor acknowledges that ArcLight is a blank check company with the powers and privileges to effect
a merger, asset acquisition, reorganization or similar business combination involving ArcLight and one or more businesses or assets.
The Investor further acknowledges that, as described in ArcLight’s prospectus relating to its initial public offering dated
September 22, 2020 (the “Prospectus”) available at www.sec.gov, substantially all of ArcLight’s assets
consist of the cash proceeds of ArcLight’s initial public offering and private placement of its securities, and substantially
all of those proceeds have been deposited in a trust account (the “Trust Account”) for the benefit of ArcLight,
its public shareholders and the underwriters of ArcLight’s initial public offering. Except with respect to interest earned
on the funds held in the Trust Account that may be released to ArcLight to pay its tax obligations, if any, the cash in the Trust
Account may be disbursed only for the purposes set forth in the Prospectus. For and in consideration of ArcLight entering into
this Subscription Agreement, the receipt and sufficiency of which are hereby acknowledged, the Investor hereby irrevocably waives
any and all right, title and interest, or any claim of any kind it has or may have in the future, in or to any monies held in
the Trust Account, and agrees not to seek recourse against the Trust Account as a result of, or arising out of, this Subscription
Agreement; provided, however, that nothing in this Section 9 shall be deemed to limit the Investor’s right,
title, interest or claim to any monies held in the Trust Account by virtue of its record or beneficial ownership of any equity
interests in ArcLight other than the Shares purchased by it pursuant to this Subscription Agreement, pursuant to a validly exercised
redemption right with respect to any such Class A ordinary shares, except to the extent that the Investor has otherwise agreed
with ArcLight to not exercise such redemption right.

 

    11

     

    

 

10. No
Short Sales. The Investor hereby agrees that, from the date of this Subscription Agreement until the Closing, none of the Investor,
its controlled affiliates, or any person or entity acting on behalf of the Investor or any of its controlled affiliates or pursuant
to any understanding with the Investor or any of its controlled affiliates will engage in any Short Sales with respect to securities
of ArcLight. For purposes of this Section 10, “Short Sales” shall include, without limitation, all “short sales”
as defined in Rule 200 promulgated under Regulation SHO under the Exchange Act, and all types of direct and indirect stock pledges
(other than pledges in the ordinary course of business as part of prime brokerage arrangements), forward sale contracts, options,
puts, calls, swaps and similar arrangements (including on a total return basis), and sales and other transactions through non-U.S.
broker dealers or foreign regulated brokers. Notwithstanding the foregoing, (i) nothing herein shall prohibit other entities under
common management with the Investor that have no knowledge of this Subscription Agreement or of the Investor’s participation
in the Transaction (including the Investor’s controlled affiliates and/or affiliates) from entering into any Short Sales
and (ii) in the case of an Investor that is a multi-managed investment vehicle whereby separate portfolio managers manage separate
portions of such Investor’s assets, and whereby none of the portfolio managers with respect to any such portion have knowledge
of the investment decisions made by the portfolio managers managing other portions of such Investor’s assets that have knowledge
of this Subscription Agreement, the covenant set forth above shall only apply with respect to the portion of assets managed by
the portfolio manager that made the investment decision to purchase the Shares covered by this Subscription Agreement.

 

11. Miscellaneous.

 

a. Neither
this Subscription Agreement nor any rights that may accrue to the Investor hereunder (other than the Shares acquired hereunder,
if any) may be transferred or assigned; provided that the Investor may assign its rights and obligations under this Subscription
Agreement to one or more of its affiliates prior to receipt of the Closing Notice (including other investment funds or accounts
managed or advised by the investment manager who acts on behalf of the Investor or an affiliate thereof); provided, further,
that no such assignment shall relieve the Investor of its obligations hereunder.

 

b. ArcLight
may request from the Investor such additional information as ArcLight may deem necessary to register the resale of the Shares and
evaluate the eligibility of the Investor to acquire the Shares, and the Investor shall provide such information as may reasonably
be requested, to the extent readily available and to the extent consistent with the Investor’s internal policies and procedures;
provided that ArcLight agrees to keep any such information provided by the Investor confidential except (i) as required
by the federal securities law or pursuant to other routine proceedings of regulatory authorities or (ii) to the extent such disclosure
is required by law, at the request of the staff of the SEC or regulatory agency or under the regulations of any national securities
exchange on which ArcLight’s securities are listed for trading. The Investor acknowledges that ArcLight may file a copy of
this Subscription Agreement that does not identify the Investor with the SEC as an exhibit to a periodic report or a registration
statement of ArcLight.

 

c. The
Investor acknowledges that ArcLight, the Placement Agents and, following the Closing, the Company, will rely on the acknowledgments,
understandings, agreements, representations and warranties contained in Section 6 of this Subscription Agreement. Prior to the
Closing, each party hereto agrees to promptly notify the other parties hereto and the Placement Agents if any of the acknowledgments,
understandings, agreements, representations and warranties set forth in Section 5 or Section 6 above, as applicable, are no longer
accurate in any material respect (other than those acknowledgments, understandings, agreements, representations and warranties
that are qualified as to materiality), in which case such party shall notify the other parties hereto and the Placement Agents
if they are no longer accurate in any respect. The Investor acknowledges and agrees that each purchase by the Investor of Shares
from ArcLight will constitute a reaffirmation of the acknowledgments, understandings, agreements, representations and warranties
herein (as modified by any such notice by the Investor as of the time of such purchase).

 

d. ArcLight,
the Company and the Placement Agents are each irrevocably authorized to produce this Subscription Agreement or a copy hereof to
any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby;
provided, however, that the foregoing clause of this Section 11(d) shall not give the Company or the Placements Agent
any rights other than those expressly set forth herein.

 

    12

     

    

 

e. All
of the agreements, representations and warranties made by each party hereto in this Subscription Agreement shall survive the Closing.

 

f. This
Subscription Agreement may not be modified, waived or terminated (other than pursuant to the terms of Section 8 above) except by
an instrument in writing, signed by each of the parties hereto, provided, however, that no modification or waiver
by ArcLight of the provisions of this Subscription Agreement shall be effective without the prior written consent of the Company
(other than modifications or waivers that are solely ministerial in nature or otherwise immaterial and do not affect any economic
or any other material term of this Subscription Agreement, provided that ArcLight provide the Company with prior written
notice thereof). No failure or delay of either party in exercising any right or remedy hereunder shall operate as a waiver thereof,
nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such
right or power, or any course of conduct, preclude any other or further exercise thereof or the exercise of any other right or
power. The rights and remedies of the parties hereunder are cumulative and are not exclusive of any rights or remedies that they
would otherwise have hereunder.

 

g. This
Subscription Agreement (including the schedule hereto) constitutes the entire agreement, and supersedes all other prior agreements,
understandings, representations and warranties, both written and oral, among the parties, with respect to the subject matter hereof.
Except as set forth in Section 7, Section 11(c), Section 11(d), this Section 11(g) and the last sentence of Section 11(l) with
respect to the persons specifically referenced therein, this Subscription Agreement shall not confer any rights or remedies upon
any person other than the parties hereto, and their respective successor and assigns, and the parties hereto acknowledge that such
persons so referenced are third party beneficiaries of this Subscription Agreement for the purposes of, and to the extent of, the
rights granted to them, if any, pursuant to the applicable provisions.

 

h. Except
as otherwise provided herein, this Subscription Agreement shall be binding upon, and inure to the benefit of the parties hereto
and their heirs, executors, administrators, successors, legal representatives, and permitted assigns, and the agreements, representations,
warranties, covenants and acknowledgments contained herein shall be deemed to be made by, and be binding upon, such heirs, executors,
administrators, successors, legal representatives and permitted assigns.

 

i. If
any provision of this Subscription Agreement shall be adjudicated by a court of competent jurisdiction to be invalid, illegal or
unenforceable, the validity, legality or enforceability of the remaining provisions of this Subscription Agreement shall not in
any way be affected or impaired thereby and shall continue in full force and effect.

 

j. This
Subscription Agreement may be executed in one or more counterparts (including by facsimile or electronic mail or in .pdf) and by
different parties in separate counterparts, with the same effect as if all parties hereto had signed the same document. All counterparts
so executed and delivered shall be construed together and shall constitute one and the same agreement.

 

k. Notwithstanding
anything in this Subscription Agreement to the contrary, ArcLight shall not publicly disclose the name of the Investor, its investment
advisor or any of their respective affiliates or advisers, or include the name of the Investor, its investment advisor or any of
their respective affiliates or advisers in any press release or in any filing with the SEC or any regulatory agency or trading
market, without the prior written consent of the Investor, except (i) as required by the federal securities law or pursuant to
other routine proceedings of regulatory authorities or (ii) to the extent such disclosure is required by law, at the request of
the staff of the SEC or regulatory agency or under the regulations of any national securities exchange on which ArcLight’s
securities are listed for trading; provided, however, that ArcLight shall provide to the Investor a copy of any proposed
disclosure under this Section 11(k) relating to the Investor in advance of any publication thereof and shall include such revisions
to such proposed disclosure as the Investor shall reasonably request.

 

l. The
parties hereto acknowledge and agree that irreparable damage would occur in the event that any of the provisions of this Subscription
Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that
the parties shall be entitled to an injunction or injunctions to prevent breaches of this Subscription Agreement, without posting
a bond or undertaking and without proof of damages, to enforce specifically the terms and provisions of this Subscription Agreement,
this being in addition to any other remedy to which such party is entitled at law, in equity, in contract, in tort or otherwise.
The parties hereto acknowledge and agree that the Company and the Placement Agents shall be entitled to rely on the provisions
of the Subscription Agreement of which the Company and the Placement Agents are each an express third party beneficiary, in each
case, on the terms and subject to the conditions set forth herein.

 

    13

     

    

 

m. If
any change in the number, type or classes of authorized shares of ArcLight (including the Shares), other than as contemplated by
the Merger Agreement or any agreement contemplated by the Merger Agreement, shall occur between the date hereof and immediately
prior to the Closing by reason of reclassification, recapitalization, stock split (including reverse stock split) or combination,
exchange or readjustment of shares, or any stock dividend, the number of Shares issued to the Investor shall be appropriately adjusted
to reflect such change.

 

n. This
Subscription Agreement shall be governed by and construed in accordance with the laws of the State of New York (regardless of the
laws that might otherwise govern under applicable principles of conflicts of laws thereof) as to all matters (including any action,
suit, litigation, arbitration, mediation, claim, charge, complaint, inquiry, proceeding, hearing, audit, investigation or reviews
by or before any governmental entity related hereto), including matters of validity, construction, effect, performance and remedies.

 

o. THE
PARTIES HERETO IRREVOCABLY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF
NEW YORK AND THE SUPREME COURT OF THE STATE OF NEW YORK SOLELY IN RESPECT OF THE INTERPRETATION AND ENFORCEMENT OF THE PROVISIONS
OF THIS SUBSCRIPTION AGREEMENT AND THE DOCUMENTS REFERRED TO IN THIS SUBSCRIPTION AGREEMENT AND IN RESPECT OF THE TRANSACTIONS
CONTEMPLATED HEREBY, AND HEREBY WAIVE, AND AGREE NOT TO ASSERT, AS A DEFENSE IN ANY ACTION, SUIT OR PROCEEDING FOR INTERPRETATION
OR ENFORCEMENT HEREOF OR ANY SUCH DOCUMENT THAT IS NOT SUBJECT THERETO OR THAT SUCH ACTION, SUIT OR PROCEEDING MAY NOT BE BROUGHT
OR IS NOT MAINTAINABLE IN SAID COURTS OR THAT VENUE THEREOF MAY NOT BE APPROPRIATE OR THAT THIS SUBSCRIPTION AGREEMENT OR ANY SUCH
DOCUMENT MAY NOT BE ENFORCED IN OR BY SUCH COURTS, AND THE PARTIES HERETO IRREVOCABLY AGREE THAT ALL CLAIMS WITH RESPECT TO SUCH
ACTION, SUIT OR PROCEEDING SHALL BE HEARD AND DETERMINED BY SUCH A NEW YORK STATE OR FEDERAL COURT. THE PARTIES HEREBY CONSENT
TO AND GRANT ANY SUCH COURT JURISDICTION OVER THE PERSON OF SUCH PARTIES AND OVER THE SUBJECT MATTER OF SUCH DISPUTE AND AGREE
THAT MAILING OF PROCESS OR OTHER PAPERS IN CONNECTION WITH SUCH ACTION, SUIT OR PROCEEDING IN THE MANNER PROVIDED IN THIS SECTION
11(o) OF THIS SUBSCRIPTION AGREEMENT OR IN SUCH OTHER MANNER AS MAY BE PERMITTED BY LAW SHALL BE VALID AND SUFFICIENT SERVICE THEREOF.

 

p. EACH
PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS SUBSCRIPTION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY
WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING
TO THIS SUBSCRIPTION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS SUBSCRIPTION AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES
THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY
WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER; (II) SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE
IMPLICATIONS OF THE FOREGOING WAIVER; (III) SUCH PARTY MAKES THE FOREGOING WAIVER VOLUNTARILY AND (IV) SUCH PARTY HAS BEEN INDUCED
TO ENTER INTO THIS SUBSCRIPTION AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS SECTION 11(p).

 

    14

     

    

 

12. Non-Reliance
and Exculpation. The Investor acknowledges that it is not relying upon, and has not relied upon, any statement, representation
or warranty made by any person, firm or corporation (including, without limitation, the Placement Agents, the Company or any of
their respective affiliates or any control persons, officers, directors, employees, partners, agents or representatives of any
of the foregoing), other than the statements, representations and warranties of ArcLight expressly contained in Section 5 of this
Subscription Agreement, in making its investment or decision to invest in ArcLight. The Investor acknowledges and agrees that,
other than the statements, representations and warranties of ArcLight expressly contained in Section 5 of this Subscription Agreement,
none of (i) any other investor pursuant to this Subscription Agreement or any other subscription agreement related to the private
placement of the Shares (including the investor’s respective affiliates or any control persons, officers, directors, employees,
partners, agents or representatives of any of the foregoing), (ii) the Placement Agents, their affiliates or any control persons,
officers, directors, employees, partners, agents or representatives of any of the foregoing, or (iii) any other party to the Merger
Agreement (other than ArcLight) or any Non-Party Affiliate, shall have any liability to the Investor, or to any other investor,
pursuant to, arising out of or relating to this Subscription Agreement or any other subscription agreement related to the private
placement of the Shares, the negotiation hereof or thereof or its subject matter, or the transactions contemplated hereby or thereby,
including, without limitation, with respect to any action heretofore or hereafter taken or omitted to be taken by any of them
in connection with the purchase of the Shares or with respect to any claim (whether in tort, contract or otherwise) for breach
of this Subscription Agreement or in respect of any written or oral representations made or alleged to be made in connection herewith,
as expressly provided herein, or for any actual or alleged inaccuracies, misstatements or omissions with respect to any information
or materials of any kind furnished by ArcLight, the Company, the Placement Agents or any Non-Party Affiliate concerning ArcLight,
the Company, the Placement Agents, any of their controlled affiliates, this Subscription Agreement or the transactions contemplated
hereby. For purposes of this Subscription Agreement, “Non-Party Affiliates” means each former, current or future officer,
director, employee, partner, member, manager, direct or indirect equityholder or affiliate of ArcLight, the Company, the Placement
Agents or any of ArcLight’s, the Company’s or the Placement Agents’ controlled affiliates or any family member
of the foregoing.

 

13. Disclosure.
ArcLight shall, by 9:00 a.m., New York City time, on the first (1st) Business Day immediately following the date of this Subscription
Agreement, issue one or more press releases or file with the SEC a Current Report on Form 8-K (collectively, the “Disclosure
Document”) disclosing all material terms of the transactions contemplated hereby and by the Other Subscription Agreements,
the Transaction and any other material, nonpublic information that ArcLight or any of its representatives has provided to the Investor
at any time prior to the filing of the Disclosure Document. Upon the issuance of the Disclosure Document, to the actual knowledge
of ArcLight, the Investor shall not be in possession of any material, non-public information received from ArcLight or any of its
officers, directors, or employees or agents.

 

14. Notices.
Unless otherwise provided herein, any notice or communication required or permitted hereunder shall be in writing and either delivered
personally, emailed or telecopied, sent by overnight mail via a reputable overnight carrier, or sent by certified or registered
mail, postage prepaid, and shall be deemed to be given and received (a) when so delivered personally, (b) upon receipt of an appropriate
electronic answerback or confirmation when so delivered by telecopy (to such number specified below or another number or numbers
as such person may subsequently designate by notice given hereunder), (c) when sent, with no mail undeliverable or other rejection
notice, if sent by email, or (d) five (5) business days after the date of mailing to the address below or to such other address
or addresses as such person may hereafter designate by notice given hereunder to the address or addresses set forth on the signature
pages hereto.

 

[SIGNATURE PAGES
FOLLOW]

 

    15

     

    

 

IN WITNESS WHEREOF, the Investor has executed or caused this Subscription Agreement to be executed by its duly
authorized representative as of the date set forth below.

 

	Name of Investor:	 	State/Country of Formation or Domicile:
	 	 	 
	By:	 	 	 
	Name: 	 	 	 
	Title:	 	 	 
	 	 	 
	Name in which Shares are to be registered (if different):	 	Date: ________, 2021
	 	 	 
	Investor’s EIN:	 	 
	 	 	 
	Business Address-Street:	 	Mailing Address-Street (if different):
	 	 	 
	City, State, Zip:	 	City, State, Zip:
	 	 	 
	Attn:	                            	 	Attn:	                            
	 	 	 
	Telephone No.:	 	Telephone No.:
	 	 	 
	Facsimile No.:	 	Facsimile No.:
	 	 	 
	Number of Shares subscribed for:	 	 
	 	 	 
	Aggregate Subscription Amount: $	 	Price Per Share: $10.00
	 	 	 
	 	 	 

 

You must pay the Subscription
Amount by wire transfer of United States dollars in immediately available funds to the account specified by ArcLight in the Closing
Notice.

 

 

[Signature Page to Subscription Agreement]

 

     

     

    

 

IN WITNESS WHEREOF,
ArcLight has accepted this Subscription Agreement as of the date set forth below.

 

	 	ARCLIGHT CLEAN TRANSITION CORP.
	 	 
	 	By:	 
	 	Name: 	                                
	 	Title:	 

 

Date: January 11, 2021

 

 

[Signature Page to Subscription Agreement]

 

     

     

    

 

SCHEDULE A

 

ELIGIBILITY
REPRESENTATIONS OF THE INVESTOR

 

	A.	QUALIFIED INSTITUTIONAL BUYER STATUS

 

	 	(Please check if applicable):

 

☐ The
Investor is a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act (a “QIB”)).

 

	B.	INSTITUTIONAL ACCREDITED INVESTOR STATUS

 

	 	(Please check the applicable subparagraphs, to the extent applicable):

 

	 	1.	☐ The Investor is an “accredited investor” (within the meaning of Rule 501(a) under the Securities Act or an entity in which all of the equity holders are accredited investors within the meaning of Rule 501(a) under the Securities Act), and has marked and initialed the appropriate box below indicating the provision under which the Investor qualifies as an “accredited investor.”

 

	 	2. ☐ The Investor is not a natural person.

 

Rule 501(a), in relevant part, states
that an “accredited investor” shall mean any person who comes within any of the below listed categories, or who the
issuer reasonably believes comes within any of the below listed categories, at the time of the sale of the securities to that person.
The Investor has indicated, by marking and initialing the appropriate box below, the provision(s) below which apply to the Investor
and under which the Investor accordingly qualifies as an “accredited investor.”

 

☐ Any
bank, registered broker or dealer, insurance company, registered investment company, business development company, or small business
investment company;

 

☐ Any
plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political
subdivisions for the benefit of its employees, if such plan has total assets in excess of $5,000,000;

 

☐ Any
employee benefit plan, within the meaning of the Employee Retirement Income Security Act of 1974, if a bank, insurance company,
or registered investment adviser makes the investment decisions, or if the plan has total assets in excess of $5,000,000;

 

☐ Any
organization described in Section 501(c)(3) of the Internal Revenue Code, corporation, Massachusetts or similar business trust,
or partnership, not formed for the specific purpose of acquiring the securities offered, with total assets in excess of $5,000,000;

 

☐ Any
trust with assets in excess of $5,000,000, not formed to acquire the securities offered, whose purchase is directed by a sophisticated
person; or

 

☐ Any
entity in which all of the equity owners are accredited investors meeting one or more of the above tests.

 

This page
should be completed by the Investor

and constitutes
a part of the Subscription Agreement.

 

 

[Schedule A to Subscription Agreement]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00319-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00319-of-00352.parquet"}]]