Document:

Exhibit
10.9 

 

THIRD
AMENDMENT TO PILOT MINING TEST AGREEMENT AND FIRST AMENDMENT TO

STRATEGIC ALLIANCE AGREEMENT

 

This
Third Amendment to Pilot Mining Test Agreement and (“Third Amendment”) is effective as of March 4, 2021, and is entered
into by and among DeepGreen Engineering Pte Ltd (“DeepGreen”), DeepGreen Metals Inc. (“DGM”) and
Allseas Group S.A. (“Allseas”) (each is referred to as a “Party” and together as the “Parties”).

 

RECITALS

 

		A.	Allseas
                                            and DeepGreen entered into that certain Pilot Mining Test Agreement dated July 8, 2019 (as
                                            amended by

                                            Change Order Number 1, and again by Amendment Number 2 dated February 20, 2020 and as otherwise

                                            amended) (collectively, the “Agreement”).

 

		B.	Allseas,
                                            and DGM entered into that certain Strategic Alliance Agreement, dated March 29, 2019 (“SAA”).

 

		C.	DGM
                                            is entering into a Business Combination Agreement on or about the date hereof with Sustainable
                                            Opportunities Acquisition Corp. and certain other parties thereto (the “BCA”).

 

		D.	DGM
                                            is becoming a party to the Agreement only to the extent set forth in this Third Amendment.

 

		E.	The
                                            Parties wish to amend the Agreement and SAA as set forth in this Third Amendment.

 

NOW,
THEREFORE, in consideration of the premises set forth above and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Parties hereto agree as follows:

 

		1.	Definitions.

 

			Capitalized terms
                                                                            used and not defined in this Third Amendment have the respective meanings assigned to them in the Agreement.

 

		2.	Amendments.
Effective as of the Closing of the Transactions (as such terms are defined in the BCA), the Agreement and SAA are hereby amended as follows:

 

		2.1.	Principles.
Clause 1.2(f)(2) of the SAA is deleted in its entirety and replaced with the following:

 

		2.1.1.	if
DGM or any of its applicable Affiliates need a new nodule collection and shipping system and can finance it, DGM shall, and shall cause
any of its applicable Affiliates to, offer Allseas a new Nodule Collection and Shipping Agreement. If Allseas refuses, DeepGreen and
its applicable Affiliates will be free to offer it to another offshore service provider (Allseas’ Right of Refusal to Follow-on
Nodule Collection and Shipping Systems).

 

		2.2.	Governing
Law. Clause 5 of the SAA is deleted in its entirety and replaced with the following:

 

"This
Strategic Alliance Agreement will be governed by the laws of the Province of British Columbia and the federal laws of Canada applicable
therein. The invalidity or unenforceability of any provision of the Agreement will not affect the validity or enforceability of any other
provision. The Parties agree that any dispute arising out of or in connection with this Strategic Alliance Agreement shall be resolved
by arbitration in accordance with the arbitration rules of the International Chamber of Commerce. The number of arbitrators shall be
three. The seat and legal place of the arbitration shall be London."

 

		2.3.	Permits,
Licences and Compliance with Law

 

		2.3.1.	Clause
7.5 of the Agreement is deleted in its entirety and replaced with the following:

 

"Allseas
will save, indemnify and hold harmless DeepGreen Group from and against any Claims by reason of a failure of Allseas, its Affiliates
or their respective Subcontractors to comply fully with its obligations under this clause 7. DeepGreen will save, indemnify and hold
harmless Allseas Group from and against any Claims by reason of negligence, willful misconduct or breach of law (including, without
limitation, breach of any contract with the International Seabed Authority) by DeepGreen or its Affiliates".

 

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED
BY [***], HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM IF PUBLICLY DISCLOSED.

 

    

     

    

 

		2.4.	Payment;
Credit.

 

		2.4.1.	Clause
12.1 of the Agreement is deleted in its entirety and replaced with the following: “The amounts payable by DeepGreen to Allseas
and equity compensation to be issued pursuant to this Agreement are set forth on Annex 2.”

 

		2.4.2.	Clause
12.2 of the Agreement is deleted in its entirety.

 

		2.4.3.	In
connection with the Credit Amount provided for pursuant to Section 2.4.4 below, Allseas agrees that the aggregate value of all the shares
underlying the Warrant (as defined below) as of 6:00 PM Eastern Time on June 1, 2022 for the purposes of this Section 12 (the “Warrant
Credit Value”), shall be determined as follows:

 

		(i)	if
the shares underlying the Warrant (on an as-exercised basis) are traded on a national stock exchange, the aggregate value of such shares
shall be equal to (x) the total number of shares underlying the Warrant multiplied by (y) the price per one share of the class and series
of shares into which the Warrant is then exercisable (assuming for such purposes only that the Warrant is exercisable in full at such
time) at the end of the trading day on June 1, 2022 as published by Bloomberg L.P. or any successor thereof (and if not available, by
another internationally-recognized market data agency), and (ii) if the shares underlying the Warrant (on an as-exercised basis) are
then not publicly traded, the aggregate value of such shares shall be equal to (x) the total number of shares underlying the Warrant
multiplied by (y) the price per one share of the class and series of shares into which the Warrant is then exercisable (assuming for
such purposes only that the Warrant is exercisable in full at such time) as determined by an independent valuer appointed by Allseas.

 

		2.4.4.	Allseas
agrees that on the Vesting Date (as defined in the Warrant), automatically, and without any further action by Allseas, DGM, DeepGreen
or any other person, DeepGreen and DGM shall be, and hereby are, entitled to the following aggregate amount from Allseas (the “Credit
Amount”): (i) if the Warrant Credit Value is One Hundred Fifty Million U.S. Dollars ($150,000,000) or less, the Credit Amount
shall be Zero Dollars ($0.00), and (ii) if the Warrant Credit Value shall be more than One Hundred Fifty Million U.S. Dollars ($150,000,000),
the Credit Amount shall be equal to the excess of the Warrant Credit Value over One Hundred Fifty Million U.S. Dollars ($150,000,000).
For illustration purposes only, (i) if the Warrant Credit Value shall be One Hundred Million U.S. Dollars ($100,000,000) the Credit Amount
shall be Zero Dollars ($0.00), and ( ) if the Warrant Credit Value shall be Three Hundred Million U.S. Dollars ($300,000,000) the Credit
Amount shall be One Hundred Fifty Million U.S. Dollars ($150,000,000).

 

		2.4.5.	The
Parties agree that Allseas shall have no obligation to pay the Credit Amount in cash unless it elects to do so, in whole or in part.
The Parties further agree that the Credit Amount shall be, and is hereby made, available to DeepGreen and DGM (and any of their subsidiaries,
direct or indirect) to offset (and by so doing reduce) the amount of any obligation to make any payment to Allseas or any of its subsidiaries,
for any and all costs, both operating and capital, incurred after the date upon which Allseas commences extraction work under the Nodule
Collection and Shipping Contract (or similar agreement) with DeepGreen or its Affiliates ("Project Zero Commencement Date")
and until the first year anniversary of production after Project Zero Commencement Date (“Allowed Offset Costs”).

 

		2.4.6.	Allseas
agrees that all cost and expenses related to any Allowed Offset Costs shall be deemed timely and fully paid upon notice by DGM or DeepGreen
that such payment is made by a reduction of an amount equal thereto from the Credit Amount. For illustration purposes only, if the Credit
Amount shall be One Hundred Million U.S. Dollars ($100,000,000) and Allowed Offset Costs are in an amount of Twenty Million U.S. Dollars
($20,000,000) from Allseas, than when the payment for such Allowed Offset Costs becomes due, a notice of credit by DeepGreen to Allseas
in an amount of Twenty Million U.S. Dollars ($20,000,000) shall be deemed to be full payment thereof and the Credit Amount shall thereupon
be correspondently reduced and set at Eighty Million U.S. Dollars ($80,000,000).

 

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED
BY [***], HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM IF PUBLICLY DISCLOSED.

 

    2

     

    

 

		2.4.7.	Allseas
shall, and cause any of its applicable subsidiaries to, deliver to DGM or DeepGreen (and any of their subsidiaries, direct or indirect),
as applicable, together with any invoice for such product or services, a notice of updated Credit Amount, listing the Allowed Offset
Costs the amount credited against the Credit Amount, and the then updated Credit Amount. Allseas, on behalf of itself and its subsidiaries,
agrees that use of the Credit Amount as form of payment for Allowed Offset Costs is an agreed upon form of payment by the Parties, and
that Allseas will not, and cause it subsidiaries not to, charge DeepGreen, DGM (or any of their subsidiaries, direct or indirect) any
amount in addition thereto.

 

		2.5.	Annex
2 Amendment. Clause 1.1 of Annex 2 is deleted in its entirety and replaced with the following:

 

		“1.1
(a)	DeepGreen
will pay Allseas Ten Million U.S. Dollars (USD $10,000,000) on June 30, 2021, and thereupon Allseas shall provide DeepGreen with a report
with respect to the riser contract placed and a minimum of [***] progress on harvester buoyancy/lars/umbilical/hydraulic&electrical
pack/jumper. In addition, DeepGreen will pay Allseas Ten Million U.S. Dollars (USD $10,000,000) on the later of (i) January 1, 2022 and
(ii) confirmation of successful harvest north sea drive test. In addition, DeepGreen will pay Allseas Ten Million U.S. Dollars (USD $10,000,000)
upon Successful Completion. The foregoing payments will be due against proper invoices and payable within 30 days of such invoice. For
the avoidance of doubt, all payments set forth above are inclusive of VAT and any other applicable taxes, fees and/or charges. ”

 

		“1.1
(b) 	On
the date of Closing of the Transactions under the BCA (or prior thereto in the discretion of DGM), DGM shall issue to Allseas a Warrant
in the form attached hereto as Attachment 1 (the “Warrant”). The Warrant shall be for such number of shares,
with such exercise price, term or exercise and other terms as set forth therein.”

 

		2.6.	Successful
Completion. Clause 15 is deleted in its entirety and replaced with the following:

 

		“15.1	 Allseas shall deliver the PMTS in accordance with the dates and milestones set out in this Agreement, including as may be
specified in Annex 3: Programme. Successful Completion shall occur after the PMTS meets the requirements of Annex 6 attached to the Third
Amendment (“Success Criteria”).

 

		15.2	Where
Allseas considers that the PMTS meets the Success Criteria, Allseas must notify DeepGreen and request the issue of a Completion Certificate.

 

		15.3	DeepGreen
must independently evaluate such results to ensure that the Success Criteria have been met, and upon such verification (which shall not
be unreasonably withheld, delayed or conditioned and shall be done in good faith) (a) issue to Allseas a Completion Certificate in respect
of the whole or the relevant part of the PMTS, which constitutes “Success Completion”; or (b) notify Allseas of any
Defects in all or any relevant part of the PMTS. The verification process above shall be completed in 24 hours, provided Allseas made
available to DeepGreen sufficient information (in a form agreed in good faith by the parties) to make its determination.

 

		15.4	Any
notice issued under clause 15.3(b) will include details of the specific nature of each Defect and will specify the part or parts of this
Agreement containing the obligations which Allseas has failed to meet. Allseas must on receipt of any such notice use commercially reasonable
endeavors to promptly correct all Defects. When it has completed such correction, it must notify DeepGreen in accordance with clause
15.1 and the Parties will repeat the above process until Successful Completion.”

 

		2.7.	Clause
16.1 of the Agreement is deleted in its entirety and replaced with the following:

 

			"Allseas
must provide to DeepGreen all relevant data and information with respect to the design, construction, performance and likely environmental
impacts of the PMTS, including environmental data, performance results, and any other information required by the ISA and reasonably
requested by DeepGreen to understand the performance parameters of the PMTS. Allseas shall provide reasonable assurances with respect
to the accuracy, sufficiency and completeness of such data provided. In providing such data and information to the ISA, DeepGreen shall,
and shall cause its applicable Affiliates to (i) ensure that any portions of such data or information marked confidential by Allseas
are designated as confidential when submitted or transferred to the ISA and (ii) consult with the ISA regarding the designation of such
data or information as confidential and the establishment of appropriate safeguards for its use."

 

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED
BY [***], HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM IF PUBLICLY DISCLOSED.

 

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		2.8.	Clause
16 of the Agreement is amended by addition of a new clause 16.3 worded as follows:

 

			"The
Parties' rights and obligations under this Clause 16 are subject to Clause 21 of this Agreement."

 

		2.9.	Reference
to Shares.

 

		2.9.1.	Clause
17.3(b) of the Agreement is deleted in its entirety and replaced with the following: “(b) any additional costs reasonably incurred
by DeepGreen as a direct result of Allseas’ default or other events giving rise to termination are recoverable from Allseas but
always limited to deductions from the cash portion of the Success Fee or any other payment or fee due in accordance with this Agreement,
including all payments set forth in Annex 2.”

 

		2.9.2.	Clause
17.6 of the Agreement is deleted in its entirety and replaced with the following: “Intentionally Omitted”.

 

		2.9.3.	The
Parties agree that notwithstanding anything to the contrary in the Agreement, the SAA or otherwise, (i) other than the Warrant, Allseas
will not be, and Allseas is not entitled to, any shares, options or other forms of ownership interests or any right convertible into,
exchange for or that otherwise that may result in any obligation of DGM or DeepGreen or any of their affiliates to issue, grant or otherwise
allocate to Allseas, any shares, options or other forms of ownership interests in connection with the Agreement, the SAA or otherwise,
and (ii) any call right, redemption right, right of first refusal or other similar right in the SAA or the Agreement with respect to
shares of DeepGreen or DGM is hereby cancelled and terminated in its entirety in consideration for the mutual rights and benefits of
the parties under this Third Amendment.

 

		2.10.	Ownership,
liens. Clause 20 of the Agreement deleted in its entirety and replaced with the following:

 

			"Title
to any deliverables or outputs in or arising from the performance or utilization of the PMTS (including any data, drawings, reports and
technical documents) will vest in and be held by Allseas, provided however that DeepGreen personnel shall be entitled to witness, and
examine all aspects of the development of the PMTS. The risk of loss or damage to the PMTS remains with Allseas and Allseas remains responsible
for the PMTS in accordance with the terms of this Agreement.

 

			For the
                                                                              avoidance of doubt, subject to clauses 16, 21 and 25 of this Agreement, DeepGreen shall be entitled to submit all data, drawings,
                                                                              reports and other technical documents to the ISA without restriction and under any terms as may be required by the ISA to meet
                                                                              applicable regulatory requirements concerning the pilot mining test project."

 

		2.11.	Intellectual
property.

 

		2.11.1.	Clause
21.2 of the Agreement is deleted in its entirety and replaced with the following:

 

			"Allseas
shall be entitled to exclusive ownership of any new Intellectual Property developed in connection with the design, engineering, development
and operation of the PMTS. DeepGreen and DGM acknowledge that, upon Successful Completion, it is Allseas' intention to apply for a patent
over the PMTS."

 

		2.11.2.	Clause
21 is amended by addition of a new Clause 21.4 worded as follows:

 

			"If
DeepGreen or its applicable Affiliates are required to give undertakings to third parties regarding technology transfer under Article
5 of Annex III of the United Nations Convention on the Law of the Sea, DeepGreen shall, and shall cause its applicable Affiliates to,
ensure that any such undertakings identify the extent to which the technology includes or comprises Intellectual Property owned by Allseas.
In the event that DeepGreen or its Affiliates receive a request for technology transfer in accordance with any such undertaking, DeepGreen
shall promptly consult and cooperate with Allseas to ensure that any transfer of technology that includes or comprises Intellectual Property
owned by Allseas is made on reasonable commercial terms and conditions."

 

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED
BY [***], HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM IF PUBLICLY DISCLOSED.

 

    4

     

    

 

		2.12.	Audit
and Storage of Documents. Clause 23.1 of the Agreement is deleted in its entirety and replaced with the following:

 

			"During
the course of the contract and for a period ending six (6) years thereafter, DeepGreen or its duly authorized representative (including
a well-reputed third party auditor appointed by DeepGreen at its own cost) has the right to audit at all reasonable times and, upon request,
take copies of all of Allseas's financial records (including financial data stored on computers) books, personnel records, financial
accounts, correspondence, financial memoranda, receipts, vouchers and other financial papers relating to any provision of this Agreement
under which Allseas has obligations the performance of which is capable of being verified by audit."

 

		2.13.	Assignment.
Clause 24.3 of the Agreement is deleted in its entirety and replaced with the following:

 

		“	DeepGreen
may, with the prior consent of Allseas, which shall not be unreasonably withheld, assign or novate to any other party the whole or any
part of this Agreement. Allseas may with the prior consent of DeepGreen, which shall not be unreasonably withheld, assign or novate to
any other party the whole or any part of this Agreement.”

 

		2.14.	Confidentiality.
Clause 25 of the Agreement is amended by addition of a new clause 25.6 worded as follows:

 

			"The
Parties' rights and obligations under clause 25.5 are subject to clause 16 and clause 21 of this Agreement."

 

		2.15.	Indemnities.
Clause 26.6 of the Agreement is deleted in its entirety and replaced with the following:

 

			"Each
Party expressly agrees that the indemnities set out in this clause 26 do not extend to criminal prosecution, Willful Misconduct, fine
or penalty arising from, relating to or in connection with the performance or non-performance of this Agreement."

 

		2.16.	Exclusion
of consequential loss. Clause 27.2(a) of the Agreement is deleted in its entirety and replaced with the following:

 

			"indemnities
given under clause 26."

 

		2.17.	Limitation
of Liability. Clause 28 of the Agreement is deleted in its entirety and replaced with the following:

 

		“28.1
	Except
for indemnity obligations and the provisions of clause 17.6, Allseas’ obligations and liabilities under this Agreement or arising
out of or related to the performance of the obligations under this Agreement, whether in contract, tort or otherwise at law, shall always
be limited to forfeiture of the value of the consideration paid and to be paid in cash by DeepGreen under Annex 2 below.

 

		28.2	Except
for indemnity obligations, DeepGreen’s obligations and liabilities under this Agreement or arising out of or related to the performance
of the obligations under this Agreement, whether in contract, tort or otherwise at law, shall always be limited to forfeiture of the
value of the consideration paid and to be paid by DeepGreen in cash under Annex 2 below.”

 

		2.18.	Governing
law and language:

 

		2.18.1.	Clause
34.2(a) of the Agreement is deleted in its entirety and replaced with the following:

 

			"the
seat and venue of the arbitration shall be London"

 

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED
BY [***], HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM IF PUBLICLY DISCLOSED.

 

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		2.18.2.	Clause
34 of the Agreement is amended by addition of new clauses 34.3 and 34.4 worded as follows:

 

		"34.3
	DGM acknowledges that, by
virtue of the Third Amendment, DGM became bound by certain clauses of this Agreement. DGM agrees to resolve any disputes, differences
or claims arising out of the provisions of this Agreement that bind DGM by arbitration in accordance with this clause 34.

 

		34.4	In
the event both DGM and DeepGreen are named as parties in an arbitration under this Agreement, DGM and DeepGreen shall form one side,
and constituted a single Party, for the purposes of jointly appointing one arbitrator and taking other steps necessary to constitute
the arbitral tribunal under clause 34.2 above."

 

		2.19.	Force
Majeure: Clause 33.3(e) of the Agreement is deleted in its entirety and replaced with the following:

 

			"changes
to applicable legislation or ISA Regulations preventing development and delivery of the PMTS in entirety."

 

		2.20.	Waiver.
New Clause 35.10 is added to the Agreement as follows: “Waiver. The failure of a Party to enforce any term or condition
of this Agreement may not be construed as a waiver by such Party of such term or condition, nor will a waiver of any breach of a term
or condition of this Agreement on any one occasion constitute a waiver of any subsequent breach of the same or similar term or condition.
All remedies are cumulative unless expressly stated otherwise, and exercise of any right or remedy shall not prejudice any other right
or remedy.”

 

		3.	Observer
Rights. Effective as of the Closing of the Transactions pursuant to the BCA, Allseas shall be entitled to appoint one observer to
the board of directors of DGM’s parent company as per the terms of the Observer Letter attached hereto as Attachment 2.
As of the Closing of the Transaction, Allseas shall cease to have any right to appoint any director to the board of directors of DGM,
its parent company or any of their respective affiliates, and shall cause any such director, to the extent then serving to resign as
of the Closing.

 

		4.	Termination.
Notwithstanding anything to the contrary in the Agreement or the SAA or otherwise, effective as of the Closing of the Transactions pursuant
to the BCA, Allseas may not terminate the Agreement or the SAA before DeepGreen or its applicable Affiliate receives its required Exploitation
Contract with the ISA except pursuant to clause 17.1(b) of the Agreement. Neither the SAA nor the Agreement (except as permitted in clause
17.1(b)), may be terminated by Allseas for any reason before DeepGreen or its applicable Affiliate receives its required Exploitation
Contract with the ISA, and Allseas may not separate from or exit its arrangements with DeepGreen as described in such documents until
such time (except for termination of the Agreement as permitted in clause 17.1(b)) without DeepGreen’s prior written consent to
be granted or withheld in its sole discretion. In addition, if the Agreement is terminated (for any reason) after DeepGreen or its applicable
Affiliate receives its required Exploitation Contract with the ISA, then Allseas will take all such actions and provide all such information
and assistance as reasonably requested by DeepGreen from time to time to enable DeepGreen or an affiliate thereof to engage a third party
to (or internally) design, develop and build a new pilot mining test system or a new production-ready mining system for ISA nodule exploitation
rights (the “Transition Services”). DeepGreen will pay for such Transition Services based on then prevailing rates
of Allseas for similar services as charged to its other customers, and DeepGreen shall be entitled to make such payment by applying credit
against the Credit Amount to the extent still available. In the event that DeepGreen or its applicable Affiliate is unable to secure
an Exploitation Contract with the ISA within five (5) years of the Successful Completion, then this Section 4 shall expire, and
all termination rights of Allseas shall be restored.

 

		5.	Entire
Agreement. This Third Amendment shall be read together with the Agreement as a single agreement, and together constitute the entire
agreement between the Parties with respect to the subject matter hereof and thereof. Each Party agrees to execute, acknowledge and deliver
such further instructions, and to do all such other acts, as may be necessary or appropriate in order to carry out the purposes and intent
of this Third Amendment. This Third Amendment may be executed in multiple originals, each of which shall be considered an original for
all purposes and, collectively, shall be considered to constitute this Third Amendment. Signatures transmitted by facsimile or in a Portable
Document Format (pdf) may be considered an original for all purposes, including, without limitation, the execution of this Third Amendment
and enforcement of this Third Amendment. Where applicable, this Third Amendment shall be deemed to amend the SAA.

 

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED
BY [***], HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM IF PUBLICLY DISCLOSED.

 

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This
Third Amendment and the attachments hereto shall prevail in case of any conflict with the SAA or the Agreement as amended to date

 

[SIGNATURE
PAGE FOLLOWS]

 

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED
BY [***], HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM IF PUBLICLY DISCLOSED.

 

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[SIGNATURE
PAGE TO THIRD AMENDMENT TO PILOT MINING TEST AGREEMENT]

 

IN
WITNESS WHEREOF, the Parties hereto have caused this Third Amendment to be effective as of the Closing.

 

	 	DeepGreen Engineering Pte Ltd
	 	 	 
	 	By:	/s/ Gerard Barron
	 	 	Name:	 Gerard Barron
	 	 	Title: 	Chief Executive Officer
	 	 	 
	 	Allseas Group S.A.
	 	 	 
	 	By:	
	 	 	Name:
	 	 	Title:
	 	 	 
	 	DeepGreen
                    Metals Inc.

	 	 	 
	 	By:	/s/ Gerard
Barron
	 	 	Name: 	Gerard Barron
	 	 	Title: 	Chief Executive Officer

 

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED
BY [***], HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM IF PUBLICLY DISCLOSED.

 

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[SIGNATURE
PAGE TO THIRD AMENDMENT TO PILOT MINING TEST AGREEMENT]

 

IN
WITNESS WHEREOF, the Parties hereto have caused this Third Amendment to be effective as of the Closing.

 

	 	Allseas Group S.A.
	 	 
	 	By:	/s/ E.P. Heerema
	 	 	Name: 	E.P. Heerema
	 		Title: 	President

 

	 	DeepGreen Metals Inc.
	 	 
	 	By:	
	 	 	Name:
	 	 	Title:

 

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED
BY [***], HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM IF PUBLICLY DISCLOSED.

 

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ANNEX
3 – PROGRAMME

 

		1	Allseas
                                            shall commence the work upon Agreement award and shall carry out the PMTA in a continuous
                                            and expeditious manner to meet the key dates herein

 

		1.1	Schedule
                                            of Key Dates

 

	No.	Milestones	Description	Completion Date
	1	[***]	[***]	[***]
	2	[***]	[***]	[***]
	3	[***]	[***]	[***]
	4	Month 22	[***]	[***]
	5	Month 23	[***]	[***]
	6	Month 24	[***]	[***]
	7	Month 25	[***]	[***]
	8	Month 27	[***]	[***]
	9	Month 29	[***]	[***]
	10	Month 33	[***]	[***]
	11	Month 36	[***]	[***]
	12	Month 39	[***]	[***]
	13	Month 42	[***]	[***]

 

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED
BY [***], HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM IF PUBLICLY DISCLOSED.

 

    A - 3

     

    

 

ANNEX
4 – SPECIFICATIONS

 

With
design codes for explorations and exploitation for deep-sea mining operations currently under development, the design of the PMTS will,
where reasonably practical for the purpose of the PMT, be in accordance to industry standards design codes applied in the oil & gas
industry as listed in table 2, complemented with the recommendations as listed in table 3.

 

Modification
to Hidden Gem will be in accordance with the vessel’s classification under Lloyds register rules for ships and Valetta flag-state
requirements. Legislation of applicable laws and conventions as listed in table 1 for Deep Sea Mining operations and vessel operations
shall be adhered to.

 

Table
1 Rules and Regulations

 

	Regulations	By	Date
	United Nations Convention
    on the Law of the Sea	United Nations	1994
	Convention
    on the Prevention of Marine Pollution by Dumping of Wastes and Other Matter	International maritime
    organization	1972
	International
    Convention for the Prevention of Pollution from Ships (MARPOL)	International
    maritime organization	1978

 

Table
2 Design Codes

 

	Design
    code	Document
    code	Date
	Lloyds Register Rules for
    Ships	[***]	2019
	Code for Lifting Appliance
    in marine environment	[***]	2019
	Marine operations and Marine
    warranty	[***]	2018
	Rules For Classification
    - Underwater technology	[***]	2018
	Standard for offshore and
    platform lifting appliances	[***]	2016
	Modelling and Analysis of
    Marine Operations	[***]	2017

 

Table
3 Recommendations

 

	Recommendation	Document
    code	Date
	Recommended
    Practice - Managing environmental aspects and impacts of seabed mining	[***]	2016
	Recommended
    Practice - Risk management in marine and subsea operations	[***]	2017
	Recommendations
    for the guidance of contractors for the assessment of the possible environmental impacts arising from exploration for marine minerals
    in the Area	[***]	2013

 

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED
BY [***], HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM IF PUBLICLY DISCLOSED.

 

    A - 4

     

    

 

ANNEX
6--SUCCESS CRITERIA

 

The
following shall be achieved in order to meet the Success Criteria:

 

		●	Production
                                            run 1 (PR.1) – [***] nominal production rate

 

		●	Production
                                            run 2 (PR.2) – [***] nominal production rate

 

Nominal
production rate defined as [***]/hour of wet nodules

 

The
PR.1 &PR.2 shall be considered to be successful if, in addition to the rates set forth above, there shall be during the tests:

 

		●	Continuous
                                            operations during PR.1 & PR.2, no start/stops due to mechanical breakdown

 

		●	Average
                                            continuous production speed of the collector between [***] and [***]

 

		●	Collected
                                            nodules for PR.1 & PR.2 shall be [***] and [***], respectively.

 

All
tests prior to PR.1 & PR.2 shall be deemed to suffice to collect the required data for environmental impact assessment, technical
confirmation and scalability as listed under ANNEX I. Such prior tests will be executed but will not be part of the criteria for successful
completion PMTA.

 

Success
Criteria for Successful Completion of the PMTA shall be: successful completion of PR.1 & PR.2, and a total nodule collection of >[***].

 

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED
BY [***], HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM IF PUBLICLY DISCLOSED.

 

A
- 6Exhibit 10.10

 

CONFIDENTIAL

 

INVESTMENT AND PARTICIPATION AGREEMENT

 

DEEPGREEN

 

RESOURCES

 

THIS AGREEMENT made as of the 15th day of March,
2017 (the Effective Date) between:

 

Maersk Supply Service NS (Company no. 31424377), a corporation
incorporated under the laws of Denmark (and together with any Permitted Transferee, Maersk)

 

- and -

 

Maersk Supply Service Subsea UK Limited (Company no. 09843677),
a limited liability company incorporated under the laws of England and Wales (and together with any Permitted Transferee, Maersk UK)

 

- and -

 

DeepGreen Resources Inc. (Company no. BC0901047), a corporation
incorporated under the laws of British Columbia (the Corporation),

 

(each of Maersk, Maersk UK and the Corporation may be referred
to herein individually as a Party and collectively as the Parties).

 

WHEREAS the Corporation and Maersk each acknowledge
the importance to the other Party of the collaboration of the Corporation and Maersk in the Clarion Clipperton Zone (the CCZ);

 

AND WHEREAS Maersk has agreed to complete four Marine
Cruises, being Cruise 3, Cruise 4, Cruise 5 and Cruise 6, and Maersk UK has agreed to complete the fifth Marine Cruise, being Cruise 7,
in accordance with each BIMCO;

 

AND WHEREAS the Corporation has agreed that Maersk
and Maersk UK, respectively, will be entitled to receive a number of Common Shares upon Completion of a Marine Cruise based on the aggregate
expenditures made by Maersk or Maersk UK, as applicable, for such cruise;

 

AND WHEREAS the Corporation has agreed that Maersk
will have a right to match both technically and financially proposals, tenders or offers from service providers other than Maersk for
other marine cruises or Marine Services;

 

AND WHEREAS the Corporation has agreed that Maersk
will have a pro-rata participation right in respect of certain equity financings;

 

AND WHEREAS the Corporation has agreed that Maersk
will be entitled to nominate a board observer or board representative in certain circumstances;

 

NOW THEREFORE THIS AGREEMENT WITNESSETH that, for
good and valuable consideration, the receipt whereof is hereby acknowledged, the Parties have agreed as follows:

 

Article 1

Definitions

 

1.1 In addition to terms defined
elsewhere herein, in this Agreement:

 

Additional
Subscription Right has the meaning set forth in the Articles.

 

     

     

    

 

Affiliate means a Person connected with another Person because:

 

(a)
one of them is the direct or indirect subsidiary of the other, or

 

(b)
each of them is, directly or indirectly, controlled by the same Person.

 

Agreement means this Agreement,
and the terms “hereof”, “hereunder”, “hereto”, “herein” and other similar terms refer to
this Agreement and not any particular Article, section, clause or schedule hereto (except as specifically stated).

 

Articles means the articles
of the Corporation, as amended, and as may be further amended from time to time.

 

BIMCO means the applicable BIMCO
Supplytime 2005 Time Charter Party for Offshore Service Vessels for a particular Marine Cruise.

 

Board means the Board of Directors of the Corporation.

CFPO has the meaning set forth in Section 5.1(j).

 

Change of Control means, in
one transaction or a series of related transactions: (i) the completion of a consolidation, take-over bid (whether exempt or non-exempt),
reverse take-over, amalgamation, arrangement or merger, in each case involving the Corporation, in which the registered holders of Shares
immediately prior to such consolidation, take-over bid, reverse take-over, amalgamation, arrangement or merger do not, immediately after
such consolidation, take-over bid, reverse take-over, amalgamation, arrangement or merger, own shares representing a majority of the outstanding
voting power (based on the right to elect directors generally) of the Corporation or the surviving or consolidated corporation; (ii) the
direct or indirect sale, lease, or transfer of all or substantially all of the assets of the Corporation; or (iii) any other form of corporate
reorganization in which outstanding Shares of the Corporation are exchanged for or converted into cash, securities of another corporation
or business organization (including the surviving entity of a take-over bid, reverse take-over, amalgamation, arrangement or merger),
or other property in which the registered holders of Shares immediately prior to such reorganization do not, immediately after such reorganization,
own shares representing a majority of the outstanding voting power (based on the right to elect directors generally) of the Corporation;
provided that in each case the registered holders of Shares immediately prior to such transaction receive, or may elect to receive, cash
or share-based consideration for all or a portion of their Shares, as applicable.

 

Class B Preferred Shares means
Class B preferred shares in the capital of the Corporation without par value and having the rights and restrictions set forth in the Articles.

 

Common Shares means common shares in the capital of the Corporation
without par value.

 

Completion shall be deemed
to occur at the time and on the date when the vessel for a particular Marine Cruise is redelivered to Maersk in accordance with the BIMCO
for that Marine Cruise.

 

Concurrent Financing means the
proposed issue and sale of Class B Preferred Shares at a price of US$1.25 per share on a non-brokered private placement basis in accordance
with applicable securities laws for gross proceeds of up to approximately US$150,000,000 in the aggregate (including proceeds (if any)
received upon exercise of the Preferred Share Purchase Option), such financing which may be completed (including at all, and in one or
more tranches) and closed or terminated at any time all in the Corporation’s sole discretion.

 

    2

     

    

 

Control
shall be determined in accordance with Section 1(3) of the Securities Act (British Columbia), as amended.

 

Data Room Information means
all information, summaries, presentations, reports, memoranda, models, calculations, certificates, charters, policies, plans, videos,
agreements, minutes, registers, financial statements, correspondence, licences, patent applications, resolutions, analyses, maps, records,
files, data, interpretations, papers or other documents relating to the Corporation, its Subsidiaries or their respective businesses,
properties or assets, contained in the intemet-based data room established by the Corporation, hosted by ansarada and made available to
Maersk and its advisors prior to the Effective Date at the weblink https://dataroom.ansarada.com/deeporeen%7C17535/.

 

Definitive Agreement has the meaning set forth in Section 11.2(a).

 

Denominator has the meaning set forth in Section 2.3.

 

Dispute has the meaning set forth in Section 11.1.

 

Effective Date has the meaning set forth in the preamble to
this Agreement.

 

Encumbrance means any mortgage,
lien, charge, pledge, security interest, hypothec, encumbrance, claim or demand whatsoever.

 

Environmental Laws means any
law, regulation or other applicable requirement relating to: (a) the release or threatened release of Hazardous Substance; (b) pollution;
(c) protection of employee health or safety, public health or the environment; or (c) the manufacture, handling, transport, use, treatment,
storage, or disposal of Hazardous Substances.

 

Existing Dispute has the meaning set forth in Section 11.2(a).

Expenses has the meaning set forth in Section 4.3(b).

 

Final Costs means the agreed
aggregate Marine Cruise Costs incurred by Maersk or Maersk UK, as applicable, in respect of a particular Marine Cruise.

 

Financial Statements has the meaning set forth in Section 5.2(p).

 

Forward Looking Statements has the meaning set forth in Section
5.2(u).

Going Public Transaction means:

 

		(a)	an initial public offering of Common Shares pursuant to which the Corporation becomes
a Reporting Issuer and Common Shares of the Corporation are listed on a stock exchange;

 

		(b)	a transaction or series of transactions which: (i) involves a Reporting Issuer
listed on a stock exchange or holders of securities of that Reporting Issuer acquiring Shares, securities or assets of the Corporation
or that Reporting Issuer effecting a merger, amalgamation, arrangement, reorganization, business combination or other similar transaction
with the Corporation or its security holders and which, in any case; (ii) results in: (x) the registered holders of Shares immediately
prior to such transaction or transactions having Control of the Reporting Issuer or the entity resulting from such transaction; (y) such
Reporting Issuer or entity resulting from such transaction being a Reporting Issuer listed on a stock exchange; and (z) the business of
such Reporting Issuer or entity resulting from such transaction being substantially the same as the business of the Corporation immediately
prior to such transaction or transactions; or

 

    3

     

    

 

		(c)	a
                                            transaction or series of transactions which: (i) involves the Corporation or holders of Shares
                                            acquiring securities or assets of a Reporting Issuer listed on a stock exchange or the Corporation
                                            effecting a merger, amalgamation, arrangement, reorganization, business combination or other
                                            similar transaction with that Reporting Issuer or its security holders and which, in any
                                            case; (ii) results in: (x) the registered holders of shares of that Reporting Issuer immediately
                                            prior to such transaction or transactions having Control of the Corporation or the entity
                                            resulting from such transaction; (y) the Corporation or the entity resulting from such transaction
                                            or transactions being a Reporting Issuer listed on a stock exchange; and (z) the business
                                            of the Corporation or entity resulting from such transaction being substantially the same
                                            as the business of the Corporation immediately prior to such transaction or transactions,
                                            and

                                                                                

                                                                                

 

for
greater certainty, all cases above do not include any transaction or series of transactions which constitutes a take-over bid pursuant
to applicable securities laws.

 

Hazardous
Substances has the meaning set forth in Section 5.1(i).

 

IFRS has the meaning set forth in Section 5.2(p).

 

Indemnified Persons has the meaning set forth in Section 5.5.

 

In-Kind Common Share Investment has the meaning set forth in
Section 2.3.

 

International Seabed Area means
the seabed and ocean floor and subsoil thereof, beyond the limits of national jurisdiction.

 

ISA means the International Seabed Authority and any successor
thereto.

 

ISA Exploration Contract means
the contract for exploration for polymetallic nodules between the ISA and NORI, dated July 22, 2011, and any amendment thereto.

 

ISA Regulations means the legally
binding regulations adopted by the ISA applicable to the activities of the Corporation and its Subsidiaries in the International Seabed
Area.

 

Information Circular means an
information circular in respect of a shareholder meeting as required pursuant to the Act or National Instrument 51-102 Continuous Disclosure
Obligations of the Canadian Securities Administrators, as amended or replaced.

 

Marine Cruise means the five
marine cruises, being Cruise 3, Cruise 4, Cruise 5, Cruise 6 and Cruise 7, pursuant to the applicable BIMCO.

 

Marine Cruise Costs has the meaning set forth in Section 2.1.

 

Marine Services means services provided by Maersk or Maersk
UK, as applicable, pursuant to a BIMCO.

 

Material Adverse Effect means
a material adverse effect on the business, assets (including intangible assets), liabilities, financial condition, property or results
of operations of a Party, on a consolidated basis.

 

NORI means Nauru Ocean Resources Inc., a company
incorporated under the laws of Nauru. Other Contractors has the meaning set forth in Section 4.1(b).

 

Other Costs means any allocable costs attributable
to the provision of Other Services. Other Services has the meaning set forth in Section 4.2.

 

    4

     

    

 

Participating
Financing has the meaning set forth in Section 3.1(a).

 

Permitted
Encumbrance means:

 

		(a)	any lien arising by operation of law or regulation and in the ordinary course of
trading and not as a result of any default or omission by the Corporation or any of its Subsidiaries;

 

		(b)	any Encumbrance created by and or between the Corporation and any of its Subsidiaries;

 

		(c)	any Encumbrance which has been granted with the prior written consent of Maersk
(such consent not to be unreasonably withheld or delayed)

 

		(d)	any Encumbrance created as a result of, or pursuant to, this Agreement or any other
agreement or documentation in connection with it; and/or

 

		(e)	any Encumbrance in favour of the Republic of Nauru resulting from their sponsorship
of NORI.

 

Permitted Issuance means any
issuance pursuant to subparagraphs 8(a) — 8(c) of the definition of ‘Permitted Issuance’ in the Articles.

 

Permitted Transferee has the meaning set forth in Section 12.1.

 

Person includes any individual,
partnership, association, body corporate, organization, trust, estate, trustee, executor, administrator, legal representative, government,
syndicate or other entity, whether or not having legal status.

 

Preferred Share Purchase Option means
the irrevocable option to purchase up to 50,000,000 Class B Preferred Shares granted by the Corporation to Maersk pursuant to the
Preferred Share Purchase Option Agreement,

 

Preferred Share Purchase Option Agreement
means the Preferred Share Purchase Option Agreement between Maersk Supply Service A/S (Company no. 31424377) and the Corporation dated
March 15, 2017.

 

Pro-Rata Participation Right has the meaning set forth in Section
3.2(a).

 

Pro-Rata Share means the amount
expressed as a percentage determined by dividing the number of Shares (and other voting equity, if any) then held, directly or indirectly,
by Maersk by the number of Shares (and other voting equity, if any) then issued and outstanding prior to issuing Shares (or other voting
equity, as applicable) pursuant to a Participating Financing or a Strategic Financing, as applicable, and in each case excluding any Shares
issuable pursuant to the then unearned portion of the In-Kind Common Share Investment or the unexercised Preferred Share Purchase Option.

 

Prospectus shall be interpreted
in accordance with National Instrument 41-101 - General Prospectus Requirements of the Canadian Securities Administrators, as amended
or replaced.

 

Protective Non-Disclosure Agreement
means the Protective Non-Disclosure Agreement among the Corporation, Maersk and Maersk UK dated March 15, 2017.

 

Related Dispute has the meaning set forth in Section 11.2(b).

 

Reporting Issuer has the same
meaning as set forth in Section 1(1) of the Securities Act (British Columbia), as amended.

 

Revenue has the meaning set forth in Section 4.3(b).

 

    5

     

    

 

Rules
has the meaning set forth in Section 11.1.

 

Share Limit has the meaning set forth in Section 7.1.

 

Share Reorganization has the meaning set forth in Section 2.9.

 

Shares means, collectively,
the Common Shares and the Class B Preferred Shares and any other shares in the capital of the Corporation.

 

Strategic Financing has the meaning set forth in Section 3.1(b).

Subscription Agreement has the meaning set forth in Section 2.5.

 

Subsidiaries means DeepGreen
Engineering Pte. Ltd., DeepGreen Resources LLC, Nauru Education and Training Foundation Inc., Nauru Health and Environmental Foundation
Incorporated and NORI.

 

Termination has the meaning set forth in Section 3.7.

Termination Date has the meaning set forth in Section 13.1.

 

		1.2	The following schedules are incorporated into and form a part
of this Agreement:

 

(a)
Schedule A — Confirmation of Funds (Corporation)

 

(b)
Schedule B — Confirmation of Aggregate Costs (Maersk / Maersk UK)

 

(c)
Schedule C — Subscription Agreement (Maersk / Maersk UK)

 

Article 2

In-kind Common Share Investment

 

		2.1	Subject to Section 2.2, Maersk agrees to complete four Marine Cruises, being Cruise
3, Cruise 4, Cruise 5 and Cruise 6, and Maersk UK agrees to complete the fifth Marine Cruise, being Cruise 7, in accordance with the applicable
BIMCO. The scope of Marine Cruise related services to be performed by Maersk, Maersk UK and the Corporation, respectively, and the allocable
costs of each Marine Cruise of Maersk, Maersk UK and the Corporation, respectively, (such costs, the Marine Cruise Costs) shall
be as set forth in the BIMCO for that particular Marine Cruise. For greater certainty, each of Maersk, Maersk UK and the Corporation acknowledge
and agree that the other Party may sub-contract such Marine Cruise related services to Affiliates and third parties in accordance with
the applicable BIMCO, which sub-contract services shall be included in the Marine Cruise Costs of such Party.

 

		2.2	Prior to Maersk or Maersk UK, as applicable, commencing mobilization expenses for
a Marine Cruise, the Corporation agrees to provide to Maersk or Maersk UK, as applicable, confirmation (in the form set forth in Schedule
A) that the Corporation has sufficient funds to undertake its allocable portion of the Marine Cruise Costs for such Marine Cruise, such
costs to be determined in accordance with the BIMCO for that particular Marine Cruise.

 

		2.3	Maersk or Maersk UK, as applicable, shall receive a number of Common Shares (the
In-kind Common Share Investment) equal to the agreed Final Costs for a particular Marine Cruise divided by US$1.25 (the Denominator),
subject to adjustment pursuant to Section 2.9.

 

		2.4	Within 30 days of Completion of a Marine Cruise, Maersk or Maersk UK, as applicable,
shall use commercially reasonable efforts to provide to the Corporation confirmation (in the form set forth in Schedule B) of the aggregate
Marine Cruise Costs incurred by Maersk or Maersk UK, as applicable, in respect of such Marine Cruise, such aggregate
costs to be calculated in accordance with the BIMCO for that particular Marine Cruise.

 

    6

     

    

 

		2.5	If the Corporation does not object to the aggregate Marine Cruise Costs incurred by Maersk or Maersk UK,
as applicable, in respect of such Marine Cruise, such costs shall be Final Costs and the Corporation shall request Maersk or Maersk UK,
as applicable, to provide a duly executed subscription agreement (in the form set forth in Schedule C) (a Subscription Agreement) in
respect of the particular In-Kind Common Share Investment and such other ancillary documents as the Corporation may reasonably request.

 

		2.6	If the Corporation objects to the aggregate Marine Cruise Costs incurred by Maersk or Maersk UK, as applicable,
in respect of such Marine Cruise, the Corporation shall, within 60 days of receipt of the confirmation delivered by Maersk or Maersk UK,
as applicable, pursuant to Section 2.4, notify Maersk or Maersk UK, as applicable, of the amount of such Marine Cruise Costs:

 

		(a)	which are disputed together with the Corporation’s reasons, the disputed amount of such Marine Cruise
Costs which shall be subject to review, audit and dispute resolution (as the case may be) pursuant to the applicable BIMCO; and

 

		(b)	which are not disputed, and such costs shall be Final Costs and the Corporation shall request Maersk or
Maersk UK, as applicable, to provide a revised Subscription Agreement for the amount of the In-Kind Common Share Investment equivalent
to such Final Costs and such other ancillary documents as the Corporation may reasonably request, and upon receipt thereof Maersk or Maersk
UK, as applicable, shall be treated as the holder of record of the Common Shares comprising such In-Kind Common Share Investment notwithstanding
any delay in the issuance and delivery of the certificate(s) for such Common Shares.

 

		2.7	If upon resolution of any dispute pursuant to Section 2.6(a):

 

		(a)	any further In-Kind Common Share Investment is due to Maersk or Maersk UK, as applicable, Maersk or Maersk
UK, as applicable, shall provide to the Corporation confirmation (in the form set forth in Schedule B) together with a duly executed Subscription
Agreement in respect of such In-Kind Common Share Investment and such other ancillary documents as the Corporation may reasonably request,
and upon receipt thereof Maersk or Maersk UK, as applicable, shall be treated as the holder of record of the Common Shares comprising
such In-Kind Common Share Investment notwithstanding any delay in the issuance and delivery of the certificate(s) for such Common Shares.

 

		(b)	a credit is due to the Corporation, Maersk or Maersk UK, as applicable, shall credit such amount against
its aggregate Marine Cruise Costs for the immediately following Marine Cruise or, if no further Marine Cruise is to occur, shall refund
such amount to the Corporation in cash.

 

		2.8	The Corporation shall, within 15 days following receipt by the Corporation of a subscription agreement
pursuant to Section 2.5, Section 2.6(b) or 2.7(a), issue and deliver a share certificate representing the Common Shares as set forth in
such subscription agreement, such issued Common Shares which shall be in full satisfaction of the Final Costs in respect of the applicable
Marine Cruise and the Corporation shall have no further obligation in respect of such Final Costs (including to issue any Common Shares
or pay any amount in respect thereto).

 

		2.9	In the event of a subdivision, consolidation, split or reclassification of the Common Shares or similar
circumstances (a Share Reorganization), the Denominator shall be adjusted at the time of any In-kind Common Share Investment to
an amount equal to the product of:

 

		(a)	the
Denominator in effect immediately before the effective date or record date of the Share Reorganization; multiplied by

 

    7

     

    

 

		(b)	a fraction the numerator of which is the total number of Shares outstanding on that effective date or
record date before giving effect to the Share Reorganization, and the denominator of which is the total number of Shares that are or would
be outstanding immediately after such effective date or record date after giving effect to the Share Reorganization.

 

		2.10	This Article 2 shall not entitle Maersk or Maersk UK, as applicable, to any rights whatsoever as a shareholder
of the Corporation with respect to any Common Shares until it has delivered to the Corporation a duly executed Subscription Agreement
and such other ancillary documents as the Corporation may reasonably request in accordance with this Article 2 and Maersk or Maersk UK,
as applicable, and the Corporation have agreed to the Final Costs.

 

		2.11	For so long as Maersk or Maersk UK, as applicable, is precluded from receiving Common Shares by virtue
of the Share Limit, the Final Costs in respect of any subsequent Marine Cruise(s) (or portion thereof) shall be paid in cash by the Corporation
within 60 days of agreement of Maersk or Maersk UK, as applicable, and the Corporation to the Final Costs as set forth in this Article
2 mutatis mutandis, such cash payment which shall be in full satisfaction of such Final Costs and the Corporation shall have no
further obligation in respect of such Final Costs (including to issue any Common Shares or pay any amount in respect thereto).

 

		2.12	Maersk’s rights to receive Common Shares or cash for the Final Costs in respect of a Marine Cruise pursuant
to an In-Kind Common Share Investment and the Corporation’s obligations to issue such Common Shares or pay cash shall terminate and be
of no further force or effect upon the issuance of the Common Shares or the payment of cash (in lieu of such Common Shares) for the Final
Costs for the fourth completed Marine Cruise, being Cruise 6, in accordance with this Article 2.

 

		2.13	Maersk UK’s rights to receive Common Shares or cash for the Final Costs in respect of its Marine Cruise
pursuant to an In-Kind Common Share Investment and the Corporation’s obligations to issue such Common Shares or pay cash shall terminate
and be of no further force or effect upon the issuance of the Common Shares or the payment of cash (in lieu of such Common Shares) for
the Final Costs for the fifth completed Marine Cruise, being Cruise 7, in accordance with this Article 2.

 

Article 3

 Pro-Rata Participation Right

 

		3.1	In addition to the Concurrent Financing, and except with respect to the Pro-Rata Participation Right,
the Corporation may without restriction from time to time and at any time:

 

		(a)	issue such number of Shares or other securities for cash proceeds (including, without limitation, upon
conversion of any convertible debt in accordance with the terms thereof), at such prices and to such investors as the Corporation may
determine in its sole discretion (any such issuance, a Participating Financing);

 

		(b)	issue such number of Shares or other securities (including in-kind equity issuances) in exchange or as
consideration for services to such service providers as the Corporation may determine in its sole discretion including with respect to
strategic alliances relating to matters other than Marine Services (any such issuance, a Strategic Financing); or

 

		(c)	incur debt with such lender(s) and on such terms (including on a secured or unsecured basis) as the Corporation
may determine in its sole discretion, and (i) Maersk shall not have any right (including, without limitation, the Pro-Rata Participation
Right) to participate in
any such debt issue; and (ii) the Corporation shall not be obliged to offer Maersk an opportunity to participate in any such debt issue.

 

    8

     

    

 

		3.2	From and after the date Maersk first becomes a shareholder of the Corporation pursuant to either the In-Kind
Common Share Investment or exercise of the Preferred Share Purchase Option and prior to Termination, Maersk shall:

 

		(a)	in respect of any Participating Financing or Strategic Financing (in each case other than a Permitted
Issuance), have the right (the Pro-Rata Participation Right), but not the obligation, to purchase up to its Pro-Rata Share of the
Shares (or other equity) offered pursuant to any such financing on the same terms as offered to other investors in such financing; and

 

		(b)	in respect of a Going Public Transaction, have a Pro-Rata Participation Right but not the obligation,
to purchase up to its Pro-Rata Share of the Shares (or other equity) offered pursuant to the Going Public Transaction on the same terms
as offered to other investors in the Going Public Transaction, provided such right is permitted pursuant to applicable laws and approved
by the underwriter(s) or investment dealer(s) for such Going Public Transaction (in their sole discretion).

 

Maersk acknowledges and agrees that:
(i) the Company may, without restriction from time to time and at any time, incur debt with such lender(s) and on such terms (including
on a secured or unsecured basis) as the Company may determine in its sole discretion; (ii) Maersk shall not have any right (including,
without limitation, the Pro-Rata Participation Right) to participate in any such debt issue; and (iii) the Corporation shall not be obliged
to offer Maersk an opportunity to participate in any such debt issue.

 

		3.3	Maersk agrees to notify the Corporation in writing within 20 days of receipt of notice by the Corporation
of a Participating Financing or a Strategic Financing whether Maersk will participate in such financing and, if so, the number of Shares
or other equity not exceeding its Pro-Rata Share to be purchased by Maersk.

 

		3.4	In each 12 month period from the date Maersk first becomes a shareholder of the Corporation pursuant to
either the In-Kind Common Share Investment or exercise of the Preferred Share Purchase Option and prior to Termination, Maersk may exercise
once in each such 12 month period the Pro-Rata Participation Right to purchase up to its Pro-Rata Share of the aggregate number of Shares
(or other equity) issued pursuant to Permitted Issuances during such 12 month period, such Shares (or other equity) to be purchased at
the volume weighted average price per Share calculated by dividing the total value of Shares (or other equity) issued during such twelve
month period by the total number of Shares (or other equity) issued during such 12 month period; provided that, if at the time of such
Permitted Issuance Maersk participated in such Permitted Issuance, that Permitted Issuance shall be excluded for the purposes of determining
Maersk’s Pro-Rata Share pursuant to this Section 3.4.

 

		3.5	In respect of any purchase pursuant to Section 3.3 or Section 3.4, Maersk agrees to deliver to the Corporation
a duly executed subscription agreement (in substantially the form provided by the Corporation to other purchasers under the Participating
Financing, Strategic Financing or Permitted Issuance, as applicable) and such other documents as the Corporation may reasonably request
and tender payment in cash in full to the Corporation for the Shares (or other equity) so purchased by wire transfer to such account as
directed by the Corporation in writing.

 

		3.6	The Pro-Rata Participation Right shall not entitle Maersk to any rights whatsoever as a shareholder of
the Corporation with respect to any Shares (or other equity), subject to the Pro-Rata Participation Right, unless Maersk has elected in
accordance with Section 3.3 or 3.4 to so participate and has delivered a duly executed subscription agreement in the applicable form and
such other ancillary documents as the Corporation may
reasonably request and tendered payment each in accordance with Section 3.5.

 

    9

     

    

 

		3.7	The Pro-Rata Participation Right shall terminate and be of no further force or
effect upon the earliest of:

 

		(a)	immediately prior to closing of a Going Public Transaction if the Pro-Rata Participation
Right is not permitted pursuant to applicable laws or approved by the underwriter(s) or investment dealer(s) for such Going Public Transaction
(in their sole discretion);

 

		(b)	closing of a Going Public Transaction if the Pro-Rata Participation Right is permitted
pursuant to applicable laws and approved by the underwriter(s) or investment dealer(s) for such Going Public Transaction (in their sole
discretion); or

 

		(c)	immediately prior to a Change of Control, (any such termination, Termination).

 

		3.8	Subject to Article 12, the Pro-Rata Participation Right is non-transferable.

 

Article 4

Right to Match and Services to Other Contractors

 

		4.1	The Parties acknowledge and agree as follows:

 

		(a)	collaboration of the Corporation and Maersk in the CCZ is of importance to each Party;

 

		(b)	that Maersk intends to offer offshore services to other contractors involved in
the seafloor polymetallic nodule industry (Other Contractors), and nothing contained in this Agreement shall act as, or be construed
as granting the Corporation or any of its Affiliates, a veto or other similar right to restrict Maersk from providing such services (including
marine cruises) to any Other Contractor; and

 

		(c)	the Corporation is relying on Maersk and Maersk UK for the provision of the Marine
Cruises (as applicable) to the exclusion of other service providers and each of Maersk and Maersk UK agree to provide the Corporation
with the Marine Cruises (as applicable) on a preferential basis in accordance with this Agreement and each BIMCO.

 

		4.2	The Parties agree (i) to use their joint efforts to offer the provision by Maersk
or Maersk UK and the Corporation of offshore services to Other Contractors (Other Services); (ii) Other Services may be provided
separately from, or in conjunction with, a Marine Cruise; and (iii) Other Services may include but are not limited to vessels, technical
support services provided by Maersk or Maersk UK, as applicable, or the Corporation or the rental of equipment supplied by Maersk or Maersk
UK, as applicable, or the Corporation.

 

		4.3	If Maersk or Maersk UK, as applicable, intends to bid for the provision of Other
Services which are to be provided not during a Marine Cruise, then:

 

		(a)	Maersk or Maersk UK, as applicable, shall notify the Corporation that it
                                                               intends to bid for such provision and advise the Corporation of the services and/or equipment to be provided by the Corporation. If
                                                               the Corporation is able to provide such services and/or equipment, then the Corporation agrees to provide Maersk or Maersk UK, as
                                                               applicable, with a quote for such services and/or equipment to be included in Maersk’s or Maersk UK’s bid, as applicable, to the
                                                               Other Contractor. If Maersk’s or Maersk UK’s bid, as applicable, is successful and it secures the contract award for such Other
                                                               Services, Maersk or Maersk UK, as applicable, and the Corporation
agree to negotiate a mutually acceptable agreement between Maersk or Maersk UK, as applicable, and the Corporation for the provision
of the services and/or equipment to be provided by the Corporation; and

 

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		(b)	within 30 days of completion of the Other Services Maersk or Maersk UK, as applicable, shall provide to
the Corporation a final statement of the Other Services provided, the aggregate amount paid by the Other Contractor for the Other Services
(Revenue) and Maersk’s or Maersk UK’s, as applicable, actual Other Costs incurred for the Other Services provided, and following receipt
thereof the Corporation shall advise Maersk or Maersk UK, as applicable, in writing of the Corporation’s actual Other Costs incurred (if
any) for the Other Services (such Other Costs incurred by Maersk or Maersk UK, as applicable, and the Corporation in respect of the Other
Services, Expenses). The amount remaining after deducting Expenses from Revenue shall be shared equally and paid to each of Maersk or
Maersk UK, as applicable, and the Corporation (or, if directed by a Party, applied as a set-off against other costs owing by such Party
to the other Party).

 

		4.4	If the Corporation intends to bid for the provision of Other Services which are to be provided during a Marine Cruises, then:

 

		(a)	if the Corporation’s bid is successful and it secures the contract award for such Other Services, Maersk
or Maersk UK, as applicable, shall provide such services in accordance with the BIMCO for that Marine Cruise; and

 

		(b)	within 30 days of Completion of the Other Services the Corporation shall provide to Maersk or Maersk UK,
as applicable, a final statement of the Other Services provided, the aggregate Revenue from the Other Services provided and the Corporation’s
actual Expense incurred for the Other Services provided, and following receipt thereof Maersk or Maersk UK, as applicable, shall advise
the Corporation in writing of Maersk’s or Maersk UK’s, as applicable, actual Expenses for the Other Services. The amount remaining after
deducting Expenses from Revenue shall be shared equally and paid to each of Maersk or Maersk UK, as applicable, and the Corporation (or,
if directed by a Party, applied as a set-off against other costs owing by such Party to the other Party).

 

		4.5	If:

 

		(a)	the Corporation or any of its Affiliates wishes to seek a proposal, tender or offer for other marine cruises
or Marine Services from service providers other than Maersk or Maersk UK, as applicable, then, subject to Section 4.5(c), the Corporation
agrees that it will first request in writing a proposal, tender or offer from Maersk for the provision of such services. The Corporation
shall be permitted to seek one or more proposals, tenders or offers from any such other service providers. The Corporation or its Affiliate(s),
as applicable, shall be entitled to seek third party review of Maersk’s or any other service provider’s proposal, tender or offer including
the market competiveness of such proposal, tender or offer in the current market. In no circumstance shall the Corporation be obligated
to accept any proposal, tender or offer from Maersk or any other service provider.

 

		(b)	the Corporation or any of its Affiliates receives a proposal, tender or offer from one or more other
                                                               service providers that it wishes to accept, then, subject to Section 4.5(c), the Corporation shall notify Maersk of the terms of
                                                               such proposal, tender or offer and provide Maersk with the right, exercisable within 30 days, to match both technically and
                                                               financially the proposal, tender or offer from the other service provider. If Maersk notifies the Corporation of its decision to
                                                               match both technically and financially such proposal, tender or offer and if the Corporation or its Affiliate, as applicable, has
                                                               decided to contract such services, then the Corporation or its Affiliate, as applicable, shall be obliged to contract with Maersk
                                                               for the provision of such other marine cruises or Marine Services on such terms. For greater certainty, if the Corporation does not
                                                               receive a proposal, tender or offer from any
other service providers, or if the Corporation receives a proposal, tender or offer from one or more other service providers that it
does not wish to accept, the Corporation shall not be obligated to so notify Maersk or provide Maersk with any such right to match.

 

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		(c)	the Corporation or any of its Affiliates wishes to seek a proposal, tender or offer for other marine cruises
or Marine Services from service providers other than Maersk or Maersk UK, as applicable, and, upon consultation with Maersk, Maersk advises
the Corporation that it does not wish to provide such services (such advise not to be unreasonably delayed or withheld), then the Corporation
shall be entitled to seek a proposal, tender or offer for such services from any other service providers and the Corporation shall have
no further obligation to notify Maersk of the terms of such proposal, tender or offer or provide Maersk with the right to match such proposal,
tender or offer.

 

		4.6	The Corporation agrees not to disclose to any such other service providers the terms of any such Maersk
proposal, tender or offer pursuant to Section 4.5(b).

 

		4.7	During the term of this Agreement as set forth in Section 13.1, Maersk and Maersk UK and their respective
Affiliates shall not, without the Corporation’s prior written consent, directly or indirectly, provide financing for any activities related
to the seafloor polymetallic nodule industry to any entity engaged in seafloor polymetallic nodule activities, or enter into any joint
venture, partnership, offtake, purchase, tribute mining or other similar arrangement with any other party with the intent to explore for,
mine or process seafloor polymetallic nodules.

 

Article 5

Representations and Warranties

 

		5.1	Maersk represents, warrants and covenants to the Corporation (and acknowledges that the Corporation is
relying thereon) as of the Effective Date that:

 

		(a)	Maersk is a corporation duly formed and validly existing under the laws of its jurisdiction of incorporation
or continuance;

 

		(b)	Maersk has all requisite corporate power and capacity to enter into this Agreement and to perform its
obligations under this Agreement;

 

		(c)	Maersk is an “accredited investor” within the meaning of National Instrument 45-106 -Prospectus
Exemptions of the Canadian Securities Administrators by satisfying one or more of the criteria specified therein;

 

		(d)	this Agreement has been duly authorized, executed and delivered by Maersk and constitutes a legal, valid
and binding obligation of Maersk enforceable in accordance with its terms, except as such enforceability may be subject to the effects
of bankruptcy, insolvency, reorganization, moratorium, receivership, or similar laws or judicial decisions now or hereafter in effect
relating to, limiting, or affecting the rights of creditors generally or by general principles of equity;

 

		(e)	the execution and delivery of this Agreement by Maersk and the performance by Maersk of its obligations
hereunder do not and will not conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default
under (whether after notice or lapse of time or both), (i) any statute, rule or regulation applicable to Maersk; (ii) the constating documents
or resolutions of the directors or shareholders of Maersk which are in effect at the date hereof; (iii) any contract to which Maersk is
a party; or (iv) any judgment, decree or order binding upon Maersk;

 

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		(0	Maersk has all franchises, permits,
licenses and any similar authority necessary for the conduct of its business, except in respect of any such franchises, permits, licenses
or any similar authority the lack of which would not have a Material Adverse Effect. Maersk is not in default in any material respect
under any of such franchises, permits, licenses or other similar authority;

 

		(g)	there is no claim, action, suit, proceeding, arbitration, complaint, charge or investigation pending or,
to Maersk’s knowledge, threatened against Maersk: (i) that questions the validity of this Agreement, the right of Maersk to enter into
this Agreement, or to consummate the transactions contemplated by this Agreement; or (ii) that would reasonably be expected to have, either
individually or in the aggregate, a Material Adverse Effect;

 

		(h)	Maersk is not in breach, violation or default: (i) of any provision of any statute, rule or regulation
applicable to Maersk which has any implication on this Agreement; (ii) of any provisions of its constating documents or the resolutions
of its directors or shareholders which are in effect at the date hereof; (iii) of any contract to which it is a party which has any implication
on this Agreement; or (iv) of any judgment, decree or order binding upon it, except where any such breach, violation or default would
not have a Material Adverse Effect;

 

		(i)	except in respect of any non-compliance, release or generation that does not have any implication on this
Agreement: (i) Maersk is in compliance with all Environmental Laws; (b) there has been no release of any pollutant, contaminant or toxic
or hazardous material, substance or waste or petroleum or any fraction thereof (each a Hazardous Substance), on, upon, into or
from any site or vessel currently or heretofore owned or leased by, or otherwise under the control or management of, Maersk; and (c) there
have been no Hazardous Substances generated by Maersk that have been disposed of or come to rest at any site not in conformity with Environmental
Laws; and

 

		(i)	In connection with the matters that are the subject of this Agreement, neither Maersk, nor any of its
Affiliates, nor any of Maersk’s or its Affiliates’ directors, officers, employees or agents have, directly or indirectly, made, offered,
promised or authorized any payment or gift of any money or anything of value to or for the benefit of any “foreign public official”
(as such term is defined in the Corruption of Foreign Public Officials Act (Canada), as amended (the CFPO)), foreign political
party or official thereof or candidate for foreign political office for the purpose of (i) influencing any official act or decision of
such official, party or candidate, (ii) inducing such official, party or candidate to use his, her or its influence to affect any act
or decision of a foreign governmental authority, or (iii) securing any improper advantage, in each case in order to assist the Corporation
or any of its Affiliates in obtaining or retaining business for or with, or directing business to, any Person in violation of any applicable
law, rule or regulation. In connection with the matters that are the subject of this Agreement, neither Maersk, nor any of its Affiliates,
nor any of Maersk’s or its Affiliates’ directors, officers, employees or agents have, directly or indirectly, made or authorized any bribe,
rebate, payoff, influence payment, kickback or other unlawful payment of funds or received or retained any funds in violation of any applicable
law, rule or regulation. Maersk further represents insofar as it has implications for the matters that are the subject of this Agreement,
it maintains, and each of its Affiliates maintains, systems of internal controls (including, but not limited to, accounting systems, purchasing
systems and billing systems) to ensure compliance with any applicable anti-bribery or anti-corruption law. In connection with the matters
that are the subject of this Agreement, neither Maersk, nor any of its Affiliates, nor, to Maersk’s knowledge, any of Maersk’s or its
Affiliates’, directors, officers, employees or agents are the subject of any allegation, voluntary disclosure, investigation, prosecution
or other enforcement action related to any anti-bribery or anti-corruption law.

 

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		5.2	The Corporation represents,
warrants and covenants to Maersk (and acknowledges that Maersk is relying thereon) as of the Effective Date that:

 

		(a)	the Corporation is a corporation duly formed and validly existing under the laws of the Province of British
Columbia;

 

		(b)	the Corporation has all requisite corporate power and capacity to enter into this Agreement and to perform
its obligations under this Agreement;

 

		(c)	each of the Subsidiaries is a corporate entity duly and validly existing under the laws of its jurisdiction
of incorporation or continuance;

 

		(d)	(i) the Corporation has no direct or indirect subsidiaries, other than the Subsidiaries; (ii) the Corporation
owns directly, or indirectly through one or more Subsidiaries, all of the issued and outstanding shares in the capital of each of the
Subsidiaries, free and clear of all Encumbrances, and all of such shares have been duly authorized and are outstanding as fully
paid and non-assessable shares; and (iii) there are no outstanding options, warrants, rights (including conversion or pre-emptive rights
and rights of first refusal or similar rights) or agreements, orally or in writing, to purchase or acquire any shares in the capital of
a Subsidiary, or any securities convertible into or exchangeable for shares in the capital of a Subsidiary;

 

		(e)	each of the Corporation and the Subsidiaries is duly qualified to transact business and is in good standing
in each jurisdiction in which the failure to so qualify would have a Material Adverse Effect;

 

		(f)	the Common Shares, when issued in accordance with Article 2, and Shares, when issued in accordance with
Article 3, will be issued as fully paid and non-assessable shares in the capital of the Corporation;

 

		(g)	(i) 91,329,912 Common Shares, 440,000 Class B Preferred Shares and 6,350,000 options to purchase Common
Shares were issued and outstanding (prior to giving effect to any Shares that may be issued pursuant to the In-kind Common Share Investment,
the Preferred Share Purchase Option, the Concurrent Financing or the Additional Subscription Right); and (ii) other than the foregoing
options and Shares that may be issued pursuant to the In-kind Common Share Investment, the Preferred Share Purchase Option, the Concurrent
Financing or the Additional Subscription Right, there are no outstanding options, warrants, rights (including conversion or pre-emptive
rights and rights of first refusal or similar rights) or agreements, orally or in writing, to purchase or acquire from the Corporation
any Shares, or any securities convertible into or exchangeable for Shares.

 

		(h)	this Agreement has been duly authorized, executed and delivered by the Corporation and constitutes a legal,
valid and binding obligation of the Corporation enforceable in accordance with its terms, except as such enforceability may be subject
to the effects of bankruptcy, insolvency, reorganization, moratorium, receivership, or similar laws or judicial decisions now or hereafter
in effect relating to, limiting, or affecting the rights of creditors generally or by general principles of equity.

 

		(i)	the execution and delivery of this Agreement by the Corporation, the performance by the Corporation of
its obligations hereunder, the issue and sale of Shares pursuant to the In-kind Common Share Investment or exercise of the Preferred Share
Purchase Option, the grant of the Preferred Share Purchase Option and the consummation of the transactions contemplated by this Agreement,
do not and will not conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under
(whether after notice or lapse of time or both), (i) any statute, rule or regulation applicable to
the Corporation, any of its Subsidiaries or any of their respective properties or assets including, without limitation, the ISA Regulations;
(ii) the constating documents or resolutions of the directors or shareholders of the Corporation or any of its Subsidiaries which are
in effect at the date hereof; (iii) any contract to which the Corporation or any of its Subsidiaries is a party or by which any of their
properties or assets is bound including, without limitation, the ISA Exploration Contract; or (iv) any judgment, decree or order binding
upon the Corporation, any of its Subsidiaries or any of their respective properties or assets;

 

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		(j)	NORI is the legal and beneficial owner of its interests under the ISA Exploration Contract, free and clear of all Encumbrances other
than Permitted Encumbrances;

 

		(k)	the ISA Exploration Contract is valid and in good standing under the ISA Regulations;

 

		(I)	neither the Corporation nor any of its Subsidiaries has received from the ISA any notice alleging that
NORI is in breach of, or in default under, the ISA Contract or the ISA Regulations;

 

		(m)	the Corporation and each of its Subsidiaries has all franchises, permits, licenses and any similar authority
necessary for the conduct of its business as currently conducted, except in respect of any such franchises, permits, licenses or any similar
authority the lack of which would not have a Material Adverse Effect. Neither the Corporation nor any of its Subsidiaries is in default
in any material respect under any of such franchises, permits, licenses or other similar authority;

 

		(n)	there is no claim, action, suit, proceeding, arbitration, complaint, charge or investigation pending or,
to the Corporation’s knowledge, threatened: (i) against the Corporation or any of its Subsidiaries; (ii) that questions the validity of
this Agreement, the right of the Corporation to enter into this Agreement, or to consummate the transactions contemplated by this Agreement;
or (iii) that would reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect;

 

		(o)	neither the Corporation nor any of its Subsidiaries is in breach, violation or default: (i) of any provision
of any statute, rule or regulation applicable to the Corporation, any of its Subsidiaries or any of their respective property or assets
including, without limitation, the ISA Regulations; (ii) of any provisions of its constating documents or the resolutions of its directors
or shareholders which are in effect at the date hereof; (iii) of any contract to which it is a party or by which any of its properties
or assets is bound including, without limitation, the ISA Exploration Contract; or (iv) of any judgment, decree or order binding upon
it or any of its assets or properties, in each case except where any such breach, violation or default would not reasonably be expected
to have a Material Adverse Effect;

 

		(p)	(i) the Corporation has delivered to Maersk its audited financial statements as at and for the fiscal
year ended December 31, 2015 (the Financial Statements); (ii) the Financial Statements have been prepared in accordance with International
Financial Reporting Standards as issued by the International Accounting Standards Board (IFRS) applied on a consistent basis throughout
the periods indicated. The Financial Statements fairly present in all material respects the financial condition and operating results
of the Corporation and its Subsidiaries as of the dates, and for the periods, indicated therein; (iii) except as set forth in the Financial
Statements, the Corporation and its Subsidiaries have no material liabilities or obligations, contingent or otherwise, other than: (A)
liabilities incurred in the ordinary course of business subsequent to December 31, 2015; (B) obligations under contracts and commitments
incurred in the ordinary course of business; and (C) liabilities and obligations of a type or nature not required under IFRS to be reflected
in the Financial Statements, which, in all such cases, individually and in the aggregate would not have a Material Adverse Effect; and (iv)
the Corporation maintains a standard system of accounting established and administered in accordance with IFRS;

 

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		(q)	except as disclosed in the Data Room Information, since December 31, 2015 there has not been any change
in the assets, liabilities, financial condition or operating results of the Corporation or its Subsidiaries, on a consolidated basis,
from that reflected in the Financial Statements, except changes in the ordinary course of business that have not caused, in the aggregate,
a Material Adverse Effect;

 

		(r)	except in respect of any non-compliance, release or generation that have not caused, in the aggregate,
a Material Adverse Effect: (i) the Corporation and each of its Subsidiaries is in compliance with all Environmental Laws; (b) there has
been no release of any Hazardous Substance, on, upon, into or from any site or vessel currently or heretofore owned or leased by, or otherwise
under the control or management of, the Corporation or any of its Subsidiaries; and (c) there have been no Hazardous Substances generated
by the Corporation or any of its Subsidiaries that have been disposed of or come to rest at any site not in conformity with Environmental
Laws;

 

		(s)	neither the Corporation, nor any of its Subsidiaries, nor any of the Corporation’s or its Subsidiaries’
directors, officers, employees or agents have, directly or indirectly, made, offered, promised or authorized any payment or gift of any
money or anything of value to or for the benefit of any “foreign public official” (as such term is defined in the CFPO), foreign
political party or official thereof or candidate for foreign political office for the purpose of (i) influencing any official act or decision
of such official, party or candidate, (ii) inducing such official, party or candidate to use his, her or its influence to affect any act
or decision of a foreign governmental authority, or (iii) securing any improper advantage, in each case in order to assist the Corporation
or any of its Affiliates in obtaining or retaining business for or with, or directing business to, any Person contrary to the CFPO and
any applicable anti-bribery or anti-corruption law. Neither the Corporation, nor any of its Subsidiaries, nor any of the Corporation’s
or its Subsidiaries’ directors, officers, employees or agents have, directly or indirectly, made or authorized any bribe, rebate, payoff,
influence payment, kickback or other unlawful payment of funds or received or retained any funds in violation of any applicable law, rule
or regulation. The Corporation further represents that it has maintained, and has caused each of its Subsidiaries and Affiliates to maintain,
systems of internal controls (including, but not limited to, accounting systems, purchasing systems and billing systems) to ensure compliance
with the CFPO and any other applicable anti-bribery or anti-corruption law. Neither the Corporation, nor any of its Subsidiaries, nor,
to the Corporation’s knowledge, any of the Corporation’s or its Subsidiaries’, directors, officers, employees or agents are the subject
of any allegation, voluntary disclosure, investigation, prosecution or other enforcement action related to the CFPO or any other anti-bribery
or anti-corruption law;

 

		(t)	the Corporation has made available to Maersk in the Data Room Information all material information in
the possession or control of the Corporation that relates to the Corporation, its Subsidiaries and their respective businesses, properties
and assets. All Data Room Information (excluding Data Room Information prepared by a third party other than at the request of the Corporation
or its Affiliates) was accurate and complete in all material respects as at its respective date as stated therein, or, if any such Data
Room Information is undated, as of the date of its delivery to the Data Room Information website. There has been no change to the Data
Room Information since the date posted to the Data Room Information website that is material to the Corporation (taken as a whole), except
as has been disclosed to Maersk in writing or in a more recently posted document in the Data Room Information website; and

 

		(u)	where Data Room Information reflects the opinion or view of the Corporation or its Affiliates including
opinions or views which are forward looking or otherwise relate to projections, forecasts or estimates of future performance
or results (operating, financial or otherwise) (Forward Looking Statements), at the time such opinion or view was given such opinion
or view was honestly held and believed to be reasonable in the circumstances in which it was given, provided, however, that it shall
not constitute a breach of this section solely if actual results vary or differ from those contained in Forward Looking Statements.

 

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		5.3	Each of the Parties acknowledges and agrees that its representations, warranties and covenants set out
in this Agreement will not merge upon the completion of any In-kind Common Share Investment or the grant of the Preferred Share Purchase
Option or the issuance of any Option Shares (as defined in the Preferred Share Purchase Option Agreement) upon exercise of the Preferred
Share Purchase Option pursuant to the Preferred Share Purchase Option Agreement, but will survive until completion of the final In-kind
Common Share Investment in connection with the final Marine Cruise, being Marine Cruise 7.

 

		5.4	Each of the Parties agrees as follows:

 

		(a)	The Corporation shall provide to Maersk or Maersk UK, as applicable, in each confirmation required under
Section 2.2 (in the form set forth in Schedule A) certification that: (i) the Corporation has, in all material respects, complied with
all covenants and satisfied all terms and conditions hereof to be complied with and satisfied by the Corporation at or prior to the date
of such confirmation; and (i) the representations and warranties contained in Section 5.2 were true and correct, in all material respects,
as of the Effective Date; and

 

		(b)	Maersk shall provide to the Corporation in each confirmation required under Section 2.4 (in the form set
forth in Schedule B), including the confirmation of Maersk UK in respect of the fifth Marine Cruise, being Cruise 7, certification
that: (i) Maersk has, in all material respects, complied with all covenants and satisfied all terms and conditions hereof to be complied
with and satisfied by Maersk at or prior to the date of such confirmation; and (i) the representations and warranties contained in Section
5.1 were true and correct, in all material respects, as of the Effective Date.

 

		5.5	Each Party agrees to indemnify and save harmless the other Party and its respective Affiliates, shareholders,
directors, officers, employees, counsel and agents (Indemnified Persons) against all losses, claims, costs, expenses and damages
or liabilities (but excluding loss of profits, incidental and consequential damages and diminution in value) which any Indemnified Person
may suffer or incur which are caused or arise from a breach by that Party of its representations, warranties and covenants herein.

 

Article 6

Reservation of Shares and Fractional Shares

 

		6.1	The Corporation shall at all times during the term of this Agreement, reserve and keep available a sufficient
number of unissued Shares in its authorized capital to satisfy the requirements hereof.

 

		6.2	No fractional Shares shall be issued pursuant to Article 2 or Article 3. If, as a result of any adjustment
pursuant to Section 2.9, the In-Kind Common Share Investment or exercise of the Pro-Rata Participation Right, Maersk or Maersk UK, as
applicable, would become entitled to a fractional Share, Maersk or Maersk UK, as applicable, shall have the right to acquire only the
adjusted number of full Shares (with any such fractional share rounded up or down to the nearest whole number) and no payment or other
adjustment will be made with respect to the fractional Shares.

 

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Article
7

Restrictions on Vesting and Exercise

 

		7.1	Notwithstanding anything to the contrary in this Agreement:

 

		(a)	Maersk or Maersk UK, as applicable, will not be entitled to receive Common Shares
pursuant to the In-kind Common Share Investment, the Corporation will not be obligated to issue any Common Shares in respect thereof and
the In-kind Common Share Investment shall not provide Maersk or Maersk UK, as applicable, with the right to become the owner of Common
Shares;

 

		(b)	Maersk
                                            will not exercise the Pro-Rata Participation Right, the Corporation will not be obligated
                                            to issue any Shares (or other equity) in respect thereof and the Pro-Rata Participation Right
                                            shall not provide Maersk with the right to become the owner of Shares (or other equity);
                                            and

 

		(c)	Maersk
or Maersk UK, as applicable, will not exercise any other rights to acquire Shares or otherwise acquire any Shares, the Corporation will
not be obligated to issue or approve any transfer of any Shares (or other equity) in respect thereof (as applicable) and such
rights shall not provide Maersk or Maersk UK, as applicable, with the right, and Maersk or Maersk UK, as applicable, shall not otherwise
agree, to become the owner of Shares (or other equity), 

 

if
the issuance of Common Shares pursuant to the In-kind Common Share Investment, the exercise of the Pro-Rata Participation Right or the
issuance of Shares pursuant thereto or the exercise of any other rights to acquire Shares or the issuance or transfer of Shares pursuant
to any other rights to acquire Shares, in either case taken together with any other Shares Maersk, Maersk UK or any of their respective
Affiliates, directly or indirectly, owns or exercises control or direction over, would result in Maersk, Maersk UK or any of their Affiliates
(taken together), directly or indirectly, owning or exercising control or direction over more than 33% of the then issued and outstanding
Shares (the Share Limit).

 

		7.2	In
                                            respect of any Common Shares or other Shares the issuance or transfer of which would exceed
                                            the Share Limit, Maersk or Maersk UK, as applicable, shall not be entitled to receive Common
                                            Shares pursuant to the In-kind Common Share Investment or Shares pursuant to the Pro-Rata
                                            Participation Right or any other rights to acquire Shares, as applicable, and none of the
                                            foregoing rights shall be exercised (as applicable), for so long as the issuance or transfer
                                            of Common Shares or other Shares (as the case may be) pursuant to any such rights would exceed
                                            the Share Limit.

 

Article 8

Concurrent Financing, Future Shareholders and
Going Public Transaction

 

		8.1	Maersk and the Corporation agree to jointly develop disclosure regarding the transactions
set forth in the Definitive Agreements, including Maersk’s ‘lead order’ In-kind Common Share Investment, or any other disclosure for the
Concurrent Financing or any other financing or any transaction including a Going Public Transaction (including, in each case, as required
in accordance with applicable securities laws), such assistance not to be unreasonably withheld or delayed, all of which may be utilised
by Maersk and the Corporation from time to time including as may be provided by the Corporation to prospective investors or other parties,
as applicable.

 

		8.2	The Corporation and Maersk agree that managing reputational risk, including regarding
non-compliance with the CFPO and other applicable foreign corrupt practices legislation as well as applicable corporate and securities
laws, is of paramount importance to each of the Corporation and Maersk. In that regard and prior to completing a Going Public Transaction:

 

		(a)	the
Corporation will not accept as a shareholder any Person that has been convicted of, or otherwise found to have committed, a violation
of the CFPO or other applicable foreign corrupt practices legislation;

 

    18

     

    

  

		(b)	except as may otherwise be agreed in writing between the Corporation and Maersk
(not to be unreasonably withheld), the Corporation will obtain from each subscriber and all providers of funds to the Concurrent Financing
and all other financings a representation and warranty in a subscription agreement or other applicable document (as determined by the
Corporation in its sole discretion) as follows:

 

“the Subscriber has not committed a violation of the Corruption
of Foreign Public Officials Act (Canada), the United States Foreign Corrupt Practices Act of 1977, as amended, or any other
applicable foreign corrupt practice legislation and the Aggregate Subscription Price which will be advanced by the Subscriber to the
Corporation hereunder has not been sourced in violation of such legislation and will not represent proceeds of crime for the purposes
of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada) (the PCMLA) or otherwise contravene the
PCMLA and the Subscriber acknowledges that the Corporation may in the future be required by law to disclose the Subscriber’s name
and other information relating to this Subscription Agreement and the Subscriber’s subscription hereunder, on a confidential basis,
pursuant to the PCMLA; and to the best of its knowledge (i) none of the subscription funds to be provided by the Subscriber (A) have
been or will be derived from or related to any activity that is deemed criminal under the laws of Canada, the United States of America,
or any other jurisdiction, or (B) are being tendered on behalf of a person or entity who has not been identified to the Subscriber, and
(ii) it shall promptly notify the Corporation if the Subscriber discovers that any of such representations ceases to be true, and to
provide the Corporation with appropriate information in connection therewith;” 

		8.3	Both the Corporation and Maersk see the general benefit of the Corporation undertaking
a Going Public Transaction. In the event that the Corporation determines to undertake such a Going Public Transaction, Maersk agrees to
either: (i) use reasonable efforts to support such undertaking; or (ii) not support such Going Public Transaction in which case it shall
not to publicly oppose such a transaction.

 

Article 9

Board Observer; Board Representative

 

		9.1	Prior to a Going Public Transaction, a Change of Control or Maersk becoming a shareholder
pursuant to either the In-Kind Common Share Investment or exercise of the Preferred Share Purchase Option, Maersk shall be entitled to
nominate one representative to serve as an observer at meetings of the Board, such observer to be permitted to attend (in a non-voting
capacity) any such meeting either in person or by electronic means as available and permitted from time to time pursuant to the Articles.
The observer may be excluded from any Board meeting (or portions thereof) for reasons of confidentiality, solicitor-client privilege or
conflict of interest as determined by the Board, acting in good faith.

 

		9.2	Upon Maersk becoming a shareholder through any issuance of Shares to Maersk pursuant
to either the In-Kind Common Share Investment (in part or in full) or exercise of the Preferred Share Purchase Option (in part or in full)
and prior to a Going Public Transaction or Change of Control, Maersk shall be permitted to designate one nominee for inclusion in the
management director nominees recommended by management for election to the Board by shareholders of the Corporation.

 

    19

     

    

 

		9.3	The rights of Maersk to nominate an observer or designate
a board nominee shall terminate and be of no further force or effect upon the earliest of:

 

		(a)	immediately prior to closing of a Going Public Transaction; or

 

		(b)	upon a Change of Control if, as a result of any disposition(s) of Shares by Maersk or any of its Affiliates
pursuant to or in connection with such Change of Control, Maersk and its Affiliates (taken together), directly or indirectly, own or exercise
control or direction over less than 10% of the then issued and outstanding Shares.

 

		9.4	During the term of this Agreement, Maersk and its Affiliates shall not directly or indirectly recruit,
solicit, or otherwise induce or attempt to induce any employee or consultant of the Corporation to terminate his or her employment with
the Corporation or otherwise to act contrary to the interests of the Corporation; provided that Maersk and its Affiliates will not be
prevented from making a general advertisement of employment opportunities in any published media of general circulation that is not directed
specifically at employees of the Corporation or prevented from hiring an employee of the Corporation in response to any such general advertisement
or who approaches Maersk or its Affiliates on his or her own initiative.

 

Article 10

Tax Withholding

 

		10.1	The Corporation may take reasonable steps for the withholding of any taxes that it is required by applicable
law or the requirements of any governmental authority to remit in connection with this Agreement or any issuance of Shares.

 

Article 11

Dispute Resolution

 

Any dispute, controversy or claim (a
Dispute) arising out of or relating to this Agreement, or the breach, termination or invalidity thereof, shall be settled by arbitration
in accordance with the provisions of the UNCITRAL Arbitration Rules as adopted in 2013 and as may be further revised or adopted prior
to the date of a Dispute (the Rules) and the following: (i) the arbitration shall be heard by an arbitral tribunal consisting of
three arbitrators, with each Party having the right to appoint one arbitrator and the two so appointed arbitrators appointing the third
arbitrator who shall act as chair; (ii) the place of arbitration shall be Vancouver, British Columbia; (iii) the language to be used in
the arbitration proceedings shall be English; and (iv) the Parties hereby waive their right to any form of recourse against an award to
any court or other competent authority, insofar as such waiver can validly be made under the applicable law.

 

		11.2	Subject to Section 11.3, where:

 

		(a)	a Dispute has been referred to arbitration (an Existing Dispute) under this Agreement, the Preferred
Share Purchase Option Agreement, the Subscription Agreement, the Protective Non-Disclosure Agreement or a BIMCO (each, a Definitive
Agreement); and

 

		(b)	a
                                            new Dispute has arisen under a Definitive Agreement relating either to issues or to facts
                                            which are substantially the same as those to be determined in an Existing Dispute (a Related
                                            Dispute),

 

then
(i) the Parties may agree that the three arbitrators appointed or to be appointed in respect of such Existing Dispute shall also be appointed
in respect of such Related Dispute; or (ii) if three arbitrators have been appointed in the Existing Dispute, and no arbitrators have
been appointed in a Related Dispute or is composed of the same arbitrators as in the Existing Dispute, the three arbitrators in the Existing
Dispute shall have the power, upon the request of a Party to the Existing Dispute or a Related Dispute,
to order the consolidation of the whole or part of both sets of arbitration proceedings in accordance with the Rules; provided in either
case the three arbitrators determine that it would be just and equitable and procedurally efficient to do so and no Party to either the
Existing Dispute or the Related Dispute would be materially prejudiced as a result.
 

    20

     

    

 

		11.3	The
                                            Parties agree that any Dispute arising out of or relating to Marine Cruise Costs or a BIMCO
                                            (or the breach, termination or invalidity thereof) shall be settled in accordance with the
                                            applicable BIMCO.

 

Article
12

Assignment

 

		12.1	This
                                            Agreement shall be binding upon and inure to the benefit of the Parties and their respective
                                            successors and permitted assigns. No Party may assign, transfer, convey, or pledge either
                                            this Agreement or any of its rights, interests, or liabilities hereunder without the prior
                                            written consent of the other Party, such consent not to be unreasonably withheld or delayed;
                                            provided that:

 

		(a)	Maersk
                                            may, subject to applicable securities laws, assign or transfer: (i) the Pro-Rata Participation
                                            Right; or (ii) its rights and obligations under this Agreement, in each case, to an Affiliate
                                            of Maersk as verified by Maersk to the satisfaction of the Corporation acting reasonably
                                            (any such transferee of a Party pursuant to this Section 12.1, a Permitted Transferee),
                                            and in the event of any such assignment or transfer, this Agreement shall be read as
                                            applying mutatis mutandis to Maersk, the Corporation and a Permitted Transferee, as
                                            applicable;

 

		(b)	Maersk
                                            or Maersk UK, as applicable, may, subject to applicable securities laws, request that any
                                            Shares issuable to Maersk or Maersk UK, as applicable, hereunder be issued to an Affiliate
                                            of Maersk or Maersk UK, as applicable, as verified by Maersk or Maersk UK, as applicable,
                                            to the satisfaction of the Corporation acting reasonably; and

 

		(c)	Maersk
                                            or Maersk UK, as applicable, may, subject to applicable securities laws, request that any
                                            Shares Maersk or Maersk UK, as applicable, directly or indirectly, owns or exercises control
                                            or direction over, be transferred to an Affiliate of Maersk or Maersk UK, as applicable,
                                            as verified by Maersk or Maersk UK, as applicable to the satisfaction of the Corporation
                                            acting reasonably.

 

		12.2	Concurrent
                                            with an assignment or transfer to a Permitted Transferee pursuant to Section 12.1, the Permitted
                                            Transferee of a Party shall be bound by the provisions of this Agreement as if an original
                                            party hereto and shall execute and deliver to the other Party an executed assignment, assumption
                                            and novation agreement and other documentation reasonably requested, in form reasonably satisfactory
                                            to the other Party, acting reasonably, agreeing to be bound by the terms of this Agreement.

 

Article 13

Term and Termination

 

		13.1	The term of this Agreement shall commence on the Effective Date and continue in full force and effect
until the date that is 3 years following the date of Completion of the fifth Marine Cruise, being Cruise 7 (the Termination Date).

 

		13.2	This Agreement and all rights and obligations of the Parties pursuant to this Agreement shall terminate
and be of no further force or effect on the Termination Date.

 

    21

     

    

 

Article
14

Regulatory Approval

 

		14.1	Notwithstanding anything to the contrary in this Agreement, Maersk and Maersk UK hereby agree that the
Corporation will not be obliged to issue any Shares hereunder if the issuance of the Shares would constitute a violation by Maersk or
Maersk UK, as applicable, or the Corporation of any applicable law or regulation or of any rule of any governmental authority, regulatory
body or, following completion of a Going Public Transaction, stock exchange having jurisdiction.

 

		14.2	Maersk and Maersk UK hereby
acknowledges that any Shares issued in accordance with this Agreement shall be subject to such terms, conditions or restrictions with
respect to resale as may be imposed pursuant to the Articles, applicable law or by any securities commission or, following completion
of a Going Public Transaction, stock exchange having jurisdiction with respect thereto, and Maersk and Maersk UK hereby agree to comply
with such terms, conditions and restrictions, and the Corporation shall in no event be obliged, by any act of Maersk or Maersk UK, as
applicable, or otherwise, to issue, register or qualify for resale or distribution any securities issuable hereunder pursuant to a Prospectus
or similar document or to take any other affirmative action in order to cause the exercise of any rights hereunder or the issue, resale
or distribution of Shares issuable pursuant hereto to comply with any law or regulation or any rule of any governmental authority, regulatory
body or, following completion of a Going Public Transaction, stock exchange.

 

Article 15

General

 

		15.1	Whenever the singular or masculine or neuter is used in this Agreement, the same shall be construed as
meaning the plural, feminine, or body corporate and vice versa where the context or the parties hereto so require.

 

		15.2	Any notice to be given pursuant to the provisions hereof shall be in writing and shall be conclusively
deemed to have been given and received by a party hereto and to be effective on the day on which it is delivered to such party at the
address for such party set forth below (or at such other address that such party shall provide to the other party in writing), or if sent
by email and received prior to 5:00 p.m. (Vancouver time) on the day such email is received (failing which such email shall be deemed
to be received on the next following business day):

 

		(a)	If to Maersk:

 

Maersk Supply Service A/S

Esplanaden 50

1098 Copenhagen K Denmark

 

		Attention	Chief Strategy Officer

		Email:	jonas.agerskov@maersksupplyservice.com

 

		(b)	If to Maersk UK:

 

13th Floor, Aldgate Tower 2 Leman
Street

London, United Kingdom El 8FA

 

		Attention:	Company Secretary

		Email:	john.kilby@maersk.com

 

    22

     

    

 

 (c) If to the Corporation:

 

Suite 1620, 200 Burrard Street

Vancouver, B.C., V6C 3L6 Canada

 

		Attention	Chief Executive Officer

		Email:	office@deepgreenresources.com

 

		15.3	Maersk and Maersk UK hereby acknowledge that the Corporation may
be required to disclose, pursuant to applicable securities laws or rules or regulations of applicable governmental authorities, regulatory
bodies or stock exchange(s), and will be required to disclose as part of a Prospectus or Information Circular, as the case may be, in
respect of a Going Public Transaction, information regarding Maersk and Maersk UK including, without limitation, their respective name,
address and the number of Shares held, as applicable, and that such information will be disclosed by the Corporation to the Corporation’s
registrar and transfer agent and legal counsel to the Corporation. By executing this Agreement, Maersk and Maersk UK consent to the foregoing
collection, use and disclosure of such information.

 

		15.4	The Parties covenant that they shall from time to time as may
be reasonably requested by a Party do and perform such further acts and things and execute all such deeds, documents and writings as
may be required to give effect to this Agreement.

 

		15.5	Each Party shall bear its own costs and expenses incurred in connection with the negotiation and execution
of this Agreement, including, without limitation, legal and other professional fees and expenses.

 

		15.6	This Agreement (including the Schedules hereto and any documents referred to herein including the Definitive
Agreements) represents the entire agreement between the Parties relating to the subject matter hereof, superseding the term sheet between
Maersk and the Corporation dated December 23, 2016 and all other prior oral and written agreements, understanding, representations and
warranties and courses of conduct and dealing between the Parties, and there are no representations, covenants or other agreements relating
to the subject matter hereof except as stated or referred to herein (or in such documents referred to herein).

 

		15.7	Subject to the other provisions hereof, this Agreement shall enure to the benefit of and be binding upon
the Parties hereto and their respective heirs, executors, administrators, successors and permitted assigns.

 

		15.8	This Agreement shall be governed by the laws of the Province of British Columbia and the federal laws
of Canada applicable therein.

 

		15.9	Time is of the essence hereof.

 

		15.10	Neither this Agreement nor any provision hereof shall be amended,
modified or changed except by an instrument in writing signed by both Parties.

 

		15.11	Either Party may: (a) extend the time for the performance of any
of the obligations or acts of the other Party; (b) waive compliance, except as provided herein, with any of the other Party’s agreements
or the fulfilment of any conditions to its own obligations contained herein; or (c) waive inaccuracies in any of the other Party’s representations
or warranties contained herein or in any other agreement, confirmation, instrument, certificate or other document required to be delivered
pursuant to this Agreement; provided, however, that any such extension or waiver shall be valid only if set forth in an instrument in
writing signed on behalf of such Party and, unless otherwise provided in the written waiver, will be limited to the specific breach or
condition waived.

 

		15.12	The
invalidity, illegality or unenforceability of any provision of this Agreement does not affect the validity, legality or enforceability
of any other provision hereof.

 

		15.13	The headings used in this Agreement have been inserted for convenience
of reference only and shall not affect the meaning or interpretation of this Agreement or any provision hereof.

 

		15.14	This Agreement may be executed in any number of counterparts by
the Parties to it on separate counterparts, each of which shall be deemed an original but all of which together shall constitute one
and the same instrument. A PDF copy of a signature delivered electronically by email shall be deemed to be an original for the
purposes of this Agreement.

 

[intentionally blank — signature page follows]

 

    23

     

    

 

Signature page to Investment and Participation Agreement
dated as of the Effective Date.

 

IN WITNESS WHEREOF the parties hereto have executed this Agreement
as of the date first above written.

 

DEEPGREEN RESOURCES INC.

 

	By:	 	 
	 	Name:	 
	 	Title:	 

 

MAERSK
SUPPLY SERVICE A/S

 

	By:	 	 
	 	Name: 	 
	 	Title:	Managing
                         Director

	 

 

 

 

MAERSK
SUPPLY SERVICE SUBSEA UK LIMITED

 

	By:	 	 
	 	Name:	 
	 	Title:	Director	 

 

	By:	 	 
	 	Name:	 
	 	Title:	 

 

    24

     

    

 

CONFIDENTIAL

 

Schedule A

 

Confirmation of Funds (Corporation)

 

		TO:	[Maersk I Maersk UK]

 

Reference is made to the Investment
and Participation Agreement dated March 15, 2017 among Maersk Supply Service A/S (Company no. 31424377), Maersk Supply Service Subsea
UK Limited (Company no. 09843677) and the Corporation (the IPA). Capitalised terms referred to herein and not otherwise defined
have the same meaning as set forth in the IPA.

 

The Corporation hereby confirms that:

 

		(a)	the Corporation has sufficient funds to undertake its allocable portion of the Marine Cruise Costs for
Marine Cruise [●], being $[●], such costs which have been determined in accordance with the BIMCO dated [●].

 

		(b)	the Corporation has, in all material respects, complied with all covenants and satisfied all terms and
conditions in the IPA to be complied with and satisfied by the Corporation at or prior to the date of this Confirmation; and

 

		(c)	the representations and warranties contained in Section 5.2 of the IPA were true and correct, in all material
respects, as of the Effective Date.

 

DATED this [●] day of [●], 20[●]

 

DEEPGREEN RESOURCES INC.

 

	By:	 	 
	 	Name:	 
	 	Title:	 

 

    1

     

    

 

CONFIDENTIAL

 

Schedule B

 

Confirmation of Aggregate Costs (Maersk / Maersk
UK)

 

		TO:	The Corporation

 

Reference is made to the Investment
and Participation Agreement dated March 15, 2017 among Maersk Supply Service A/S (Company no. 31424377), Maersk Supply Service Subsea
UK Limited (Company no. 09843677) and the Corporation (the IPA). Capitalised terms referred to herein and not otherwise defined
have the same meaning as set forth in the IPA.

 

[INSTRUCTION: use the following format for
Cruise 3, 4, 5 and 6 and delete INSTRUCTIONS and confirmation and signature blocks below]

 

Maersk hereby confirms that:

 

		(a)	the aggregate Marine Cruise Costs incurred by Maersk in respect of Marine Cruise [●] were
$[●], such aggregate costs which have been determined in accordance with the BIMCO dated [●];

 

		(b)	Maersk has, in all material respects, complied with all covenants and satisfied all terms and conditions
in the IPA to be complied with and satisfied by Maersk at or prior to the date of this Confirmation; and

 

		(c)	the representations and warranties contained in Section 5.1 of the IPA were true and correct, in all material
respects, as of the Effective Date.

 

DATED this [●] day of [●], 20[●].

MAERSK SUPPLY SERVICE A/S

 

	By:	 	 
	 	Name:	 
	 	Title:	 

 

[INSTRUCTION: use the following format for
Cruise 7 and delete INSTRUCTIONS and confirmation and signature block above]

 

Maersk UK hereby confirms that:

 

		(a)	the aggregate Marine Cruise Costs incurred by Maersk UK in respect of Marine Cruise [●] were
$[●], such aggregate costs which have been determined in accordance with the BIMCO dated [●]; and

 

		(b)	Maersk UK has, in all material respects, complied with all covenants and satisfied all terms and conditions
in the IPA to be complied with and satisfied by Maersk UK at or prior to the date of this Confirmation.

 

Maersk hereby confirms that
the representations and warranties contained in Section 5.1 of the IPA were true and correct, in all material respects, as of the Effective
Date.

 

DATED this [●] day of [●], 20[●].

 

    2

     

    

 

	MAERSK SUPPLY SERVICE A/S
	 	MAERSK SUPPLY SERVICE SUBSEA UK LIMITED

	 	 	 	 	 
	By:	 	 	By:	 
	 	Name:	 	 	Name:
	 	Title:	 	 	Title:

 

    3

     

    

 

 CONFIDENTIAL

 

Schedule C

 

Subscription Agreement (Maersk / Maersk UK)

 

    4

     

    

 

CANADA/OFFSHORE

 

SUBSCRIPTION AGREEMENT FOR COMMON SHARES

 

INSTRUCTIONS: To properly complete this Subscription Agreement:

 

(1) Complete all boxes on these two face pages.

 

(2) Complete and sign
all of the required exhibits:

 

(i)   If
you are subscribing as an accredited investor, complete and sign Exhibit 1. and

 

(ii) All non-Canadian
subscribers must complete and sign Exhibit 2.

 

(3) Return your completed documents to: Karen Tanaka: ktanakaadeepqreenresources.com.

 

This Subscription Agreement is comprised
of 24 pages

 

		TO:	DeepGreen Resources Inc. (the Corporation)

 

The undersigned (Subscriber) (each
of the Subscriber and the Corporation may be referred to herein individually as a Party and collectively as the Parties) hereby irrevocably
subscribes for the number of common shares in the capital of the Corporation (Shares) set forth below determined by dividing the aggregate
expenditures (determined in accordance with the IPA (as defined below)) for the marine cruise specified below by the subscription price
of $1.25 per Share, upon and subject to the terms and conditions set forth in “Terms and Conditions of Subscription for Shares of
DeepGreen Resources Inc.” attached hereto (together with the face pages and the attached exhibits, the Subscription Agreement).

 

	 	 	Marine Cruise #
	 	 	 
	(Full Legal Name of Subscriber - please
  print) By:	 	Aggregate Expenditures:
	 	 	 
	 	 	 
	(Authorized
  Signature)	 	Number of Shares (Aggregate Expenditures + $1.25 per
  Share):
	 	 	 
	(If the Subscriber is a corporation or other entity,
  print the name of the individual who signed above)	 	Disclosed
  Beneficial Purchaser Information:
	 	 	 
	(If the Subscriber is a corporation or other entity,
  print the title of the individual who signed above)	 	if the Subscriber is signing as agent for a principal pursuant to paragraph
  3(g) (the Disclosed Beneficial Purchaser), complete the following and ensure that Exhibit 1 (and Exhibit 2, if applicable) is
  completed on behalf of such Disclosed Beneficial Purchaser
	 	 	 
	 	 	 
	(Subscriber’s Residential Address)	 	(Name of Disclosed Beneficial Purchaser)
	 	 	 
	 	 	 
	(Telephone Number)	 	(Disclosed Beneficial Purchaser’s Residential Address, Telephone
  Number and E-mail Address)
	 	 	 
	(E-Mail Address)	 	Deliver the Shares as set forth below:
	 	 	 
	 	 	 
	Register the Shares as set forth below:	 	(Name)
	 	 	 
	 	 	 
	(Name)	 	(Address)
	 	 	 
	 	 	 
	(Account reference, if applicable)	 	(Contact Name and Telephone Number)
	 	 	 
	 	 	 
	(Address)	 	 

 

(SUBSCRIBER MUST ALSO
COMPLETE THE SECOND FACE PAGE)

 

    - 1 -

     

    

 

 

	Subscriber’s Present Holdings:	 	presently owned (beneficially, directly or indirectly) by applicable) or over which the Subscriber (or the Disclosed are as follows (please indicate “nil” if you (or the currently own or control any securities of the
	The Subscriber represents that securities of the Corporation the Subscriber (or the Disclosed Beneficial Purchaser, if Beneficial Purchaser, if applicable) exercises control or direction, Disclosed Beneficial Purchaser, if applicable) do not Corporation):	 
	 	 
	Type of Securities Presently Owned	 	Number or Amount
	 	 	 

 

The Subscriber represents that the Subscriber (or the Disclosed Beneficial
Purchaser, if applicable) is O or is not C) (check one) an insider of the Corporation (as defined in Schedule A).

 

The Subscriber represents that the Subscriber (or the Disclosed
Beneficial Purchaser, if applicable) is () or is not O (check one) a registrant (as defined in Schedule A).

 

The Subscriber represents that the Subscriber (or the Disclosed
Beneficial Purchaser, if applicable) is O or is not O (check one) a promoter of the Corporation (as defined in Schedule
A). 

 

ACCEPTANCE:
The Corporation hereby accepts the subscription as set forth above on the terms and conditions contained in this Subscription Agreement.

 

_______________, 20[●].

 

	DeepGreen Resources Inc.	 	 
	 			Subscription No.:      
	By:	 	 	 
	 	 	 	 
	 	 	 	 

 

    - 2 -

     

    

 

TERMS AND CONDITIONS OF SUBSCRIPTION FOR

SHARES OF DEEPGREEN RESOURCES INC.

 

Terms of the Offering

 

	1.	The Subscriber acknowledges (on its own behalf and, if applicable, on behalf of
each person on whose behalf the Subscriber is contracting) that this subscription is irrevocable on the part of the Subscriber.

 

	2.	The Subscriber acknowledges (on its own behalf and, if applicable, on behalf of
each person on whose behalf the Subscriber is contracting) that the Shares subscribed for by it hereunder form part of the issuance and
sale by the Corporation of Shares at a subscription price of $1.25 per Share pursuant to the Investment and Participation Agreement dated
March 15, 2017 among Maersk Supply Service A/S (Company no. 31424377), Maersk Supply Service Subsea UK Limited (Company no. 09843677)
and the Corporation (Company no. BC0901047) (the IPA, and such issuance and sale of Shares, the Offering). The Subscriber
further acknowledges that the Corporation may offer or sell additional securities concurrently with the Offering or in the future.

 

Representations, Warranties and Covenants of the Subscriber

 

	3.	The Subscriber (on its own behalf and, if applicable, on behalf of each person on
whose behalf the Subscriber is contracting) represents, warrants and covenants to the Corporation (and acknowledges that the Corporation
and its counsel, are relying thereon) that as of the date hereof (the Closing Date):

 

		(a)	it has been independently advised as to restrictions with
respect to trading in the Shares imposed by applicable securities laws, confirms that no representation (written or oral) has been made
to it by or on behalf of the Corporation with respect thereto other than as set forth herein, acknowledges that it is aware of the characteristics
of the Shares, the risks relating to an investment therein and of the fact that it may not be able to resell the Shares except in accordance
with limited exemptions under applicable securities laws and regulatory policy until expiry of the applicable restricted period and compliance
with the other requirements of applicable law; and

 

		(b)	it acknowledges that the Corporation is not now a “reporting
issuer” under the securities laws of any province or territory in Canada, that the Corporation has no obligation to become a reporting
issuer and that there is no guarantee that it will become a reporting issuer in the future; and the Subscriber further acknowledges that
as a result of the Corporation not being a reporting issuer the Shares will be subject to an indefinite “restricted period”
under applicable Canadian securities laws of 4 months and a day from the later of the Closing Date and the date the Corporation becomes
a reporting issuer under the securities laws of any province or territory of Canada, during which time the Subscriber may not trade the
Shares without filing a prospectus or being able to rely on one of the limited exemptions from the requirement to file a prospectus under
applicable securities laws and it agrees that any certificates representing the Shares may bear the following legend indicating that
the resale of such securities is restricted:

 

“Unless permitted under securities
legislation, the holder of this security must not trade the security before the date that is 4 months and a day after the later of (i)
the Closing Date, and (ii) the date the issuer became a reporting issuer in any province or territory.”

 

and the Subscriber further acknowledges
that it has been advised to consult its own legal counsel in its jurisdiction of residence for full particulars of the resale restrictions
applicable to it; and

 

		(c)	other than the Data Room Information (as defined in the IPA),
it has not received or been provided with, nor has it requested, nor does it have any need to receive, any offering memorandum,
prospectus, sales or advertising literature, or any other document describing or purporting to describe the business and affairs of the
Corporation which has been prepared for delivery to, and review by, prospective purchasers in order to assist them in making an investment
decision in respect of the Shares; and

 

    - 3 -

     

    

 

		(d)	it has not become aware of any advertisement in printed media of general and regular
paid circulation (or other printed public media), radio, television or telecommunications or other form of advertisement (including electronic
display and the internet) with respect to the distribution of the Shares; and

 

		(e)	it understands that the Shares are being offered for sale only on a “private
placement” basis and that the sale and delivery of the Shares is conditional upon such sale being exempt from the requirements as
to the filing of a prospectus or delivery of an offering memorandum or upon the issuance of such orders, consents or approvals as may
be required to permit such sale without the requirement of filing a prospectus or delivery of an offering memorandum and, as a consequence
(i) the Subscriber is restricted from using most of the civil remedies available under securities legislation, (ii) the Subscriber may
not receive information that would otherwise be required to be provided to it under securities legislation, and (iii) the Corporation
is relieved from certain obligations that would otherwise apply under securities legislation; and

 

		(f)	unless it is purchasing under subsection 3(g), it is purchasing the Shares as principal
for its own account, not for the benefit of any other person, for investment only and not with a view to the resale or distribution of
all or any of the Shares, it is resident in, was offered the Shares in and executed this Subscription Agreement in the jurisdiction set
out as the “Subscriber’s Residential Address” on the face page hereof and it (A) is an “accredited investor”, as such
term is defined in National Instrument 45-106 “Prospectus Exemptions” (NI 45-106); (B) was not created and is not being
used solely to purchase or hold securities as an accredited investor as described in paragraph (m) of the definition of “accredited
investor” in NI 45-106; (C) will concurrently execute and deliver a Representation Letter in the form attached to this Subscription
Agreement as Exhibit 1 and specifically represents and warrants that one or more of the categories set forth in Appendix A attached to
the Representation Letter correctly, and in all respects, describes the Subscriber, and will describe the Subscriber as at the Closing
Date, and the Subscriber has so indicated by initialling next to the category in such Appendix A which so describes it; or

 

		(g)	if the Subscriber is resident in or otherwise subject to applicable securities laws
in Canada and is not purchasing as principal, it is duly authorized to enter into this Subscription Agreement and to execute and deliver
all documentation in connection with the purchase on behalf of each beneficial purchaser, each of whom is purchasing as principal for
its own account, not for the benefit of any other person, and not with a view to the resale or distribution of all or any of the Shares,
it acknowledges that the Corporation may be required by law to disclose to certain regulatory authorities the identity of each beneficial
purchaser of Shares for whom it may be acting, and it and each beneficial purchaser is resident in the jurisdiction set out as the “Subscriber’s
Residential Address” or the “Disclosed Beneficial Purchaser’s Residential Address”, as applicable, and the Subscriber is
acting as agent for a Disclosed Beneficial Purchaser, who is disclosed on the face page of this Subscription Agreement, who is resident
in the jurisdiction set out as the “Disclosed Beneficial Purchaser’s Residential Address” and who complies with subsection 3(f)
hereof as if all references therein were to the Disclosed Beneficial Purchaser rather than to the Subscriber and the Subscriber has concurrently
executed and delivered a Representation Letter in the form attached hereto as Exhibit 1 on behalf of such Disclosed Beneficial Purchaser
(and executed and delivered Exhibit 2 if applicable) on behalf of such Disclosed Beneficial Purchaser; and

 

		(h)	if the Subscriber or any other purchaser for whom it is acting hereunder is resident
in or otherwise subject to the applicable securities laws of a jurisdiction outside of Canada, it has concurrently executed and delivered
a Representation Letter in the form attached to this Subscription

 

    - 4 -

     

    

 

Agreement
as Exhibit 2 and will provide such evidence of compliance with all matters described in such Representation Letter as the Corporation
or its counsel may request; and

 

		(i)	it acknowledges that:

 

		(i)	no securities commission or similar regulatory authority has reviewed or passed
on the merits of the Shares; and

 

		(ii)	there is no government or other insurance covering the Shares; and

 

		(iii)	there are risks associated with the purchase of the Shares; and

 

		(iv)	there are restrictions on the Subscriber’s ability to resell the Shares and it is
the responsibility of the Subscriber to find out what those restrictions are and to comply with them before selling the Shares; and

 

		(v)	the Corporation has advised the Subscriber that the Corporation is relying on an
exemption from the requirements to provide the Subscriber with a prospectus under the Securities Act (British Columbia) and other
applicable securities laws (the Securities Laws) and, as a consequence of acquiring securities pursuant to this exemption, certain
protections, rights and remedies provided by the Securities Laws, including statutory rights of rescission or damages, will not be available
to the Subscriber; and

 

		(vi)	the certificate representing the Shares will be endorsed with a legend stating that
the Shares will be subject to restrictions on resale in accordance with applicable securities legislation; and

 

		6)	it further acknowledges that: (i) the Class B Preferred Shares of the Corporation
(Class B Shares) have attached to them special rights or restrictions as set out in Part 28 of the Articles of the Corporation
(the Articles), including without limitation, if, at any time within 36 months after the Issue Date (as defined in the Articles)
the Corporation issues Additional Shares (as defined in the Articles) for consideration in cash that is less than the Issue Price (as
defined in the Articles) (Subsequent Financing Securities), then each Class B Holder (as defined in the Articles) shall have the
right to acquire Common Shares (the Additional Subscription Right) at an issue price of US$0.05 per share (the Additional Subscription
Price), subject to adjustment as provided in Section 28.7(4) of the Articles, being such number of Common Shares as is required to
lower the average acquisition cost of the holder’s Class B Shares (taken together with such Common Shares purchased by the holder at the
Additional Subscription Price) to the Subsequent Financing Securities purchase price; (ii) such special rights or restrictions, including
the Additional Subscription Right, do not apply to Common Shares and the Subscriber will not be entitled to any such special rights, including
the Additional Subscription Right, in respect of any Common Shares held by the Subscriber; (iii) if the Subscriber holds any Class B Shares
in the future and such Class B Shares have attached to them special rights or restrictions including the Additional Subscription Right,
the Additional Subscription Right will not entitle the Subscriber to any such adjustment with respect to any Common Shares held by the
Subscriber; (iv) the exercise of any such special rights, including the Additional Subscription Right, may negatively affect the rights
of the holders of Common Shares including, without limitation, by virtue of the dilutive effect of the Additional Subscription Right;
and (v) the Subscriber has been encouraged to read the Articles in their entirety including to understand the special rights or restrictions
attached to the Common Shares and the Class B Shares, respectively; and

 

		(k)	the Shares have not been offered to the Subscriber (or any person on whose behalf
the Subscriber is contracting) in the United States, and any person making the order to purchase the Shares and executing and delivering
this Subscription Agreement was not in the United States when the order was placed and this Subscription Agreement was executed and delivered,
unless such person is a dealer or other
professional fiduciary organized, incorporated, or (if an individual) resident in the United States signing on behalf of a discretionary
account or similar account (other than an estate or trust) held for the benefit or account of a Disclosed Beneficial Purchaser which is
not in the United States or a U.S. Person (as described below); and

 

    - 5 -

     

    

 

		(I)	it is not a U.S. Person (as defined in Regulation S under the United States Securities
Act of 1933, as amended (the U.S. Securities Act), which definition includes, but is not limited to, an individual resident
in the United States, an estate or trust of which any executor or administrator or trustee, respectively, is a U.S. Person and any partnership
or corporation organized or incorporated under the laws of the United States) and is not purchasing the Shares on behalf of, or for the
account or benefit of, a person in the United States or a U.S. Person; and

 

		(m)	it is aware that the Shares have not been and will not be registered under the
U.S. Securities Act or the securities laws of any state and that these securities may not be offered or sold in the United States without
registration under the U.S. Securities Act or compliance with requirements of an exemption from registration and the applicable laws of
all applicable states and acknowledges that the Corporation has no present intention of filing a registration statement under the U.S.
Securities Act in respect of any of the Shares; and

 

		(n)	it undertakes and agrees that it will not offer or sell any of the Shares in the
United States unless such securities are registered under the U.S. Securities Act and the securities laws of all applicable states of
the United States or an exemption from such registration requirements is available, and further that it will not resell the Shares, except
in accordance with the provisions of applicable securities legislation, regulations, rules, policies and orders and stock exchange rules;
and

 

		(o)	it has not purchased the Shares as a result of any form of directed selling efforts
in the United States, as such term is defined in Regulation S under the U.S. Securities Act; and

 

		(p)	it understands and acknowledges that the Corporation (i) is under no obligation
to be or to remain a “foreign issuer”, as such term is defined in the U.S. Securities Act, (ii) may not, at the time the Subscriber
sells the Shares or at any other time, be a foreign issuer, and (iii) may engage in one or more transactions that could cause the Corporation
not to be a foreign issuer; and

 

		(q)	it pre-existed the offering of the Shares and has a bona fide business purpose
other than the investment in the Shares and was not created, formed or established solely or primarily to acquire securities, or to permit
purchases of securities without a prospectus, in reliance on an exemption from the prospectus requirements of applicable securities legislation;
and

 

		(r)	it is a corporation, partnership, trust, unincorporated association or other entity
and it has the legal capacity to enter into and be bound by this Subscription Agreement and further certifies that all necessary approvals
of directors, trustees, fiduciaries, shareholders, partners, stakeholders, holders of voting securities or otherwise have been given and
obtained; and

 

		(s)	the entering into of this Subscription Agreement and the transactions contemplated
hereby will not result in a violation of any of the terms or provisions of any law applicable to the Subscriber (or any person on whose
behalf the Subscriber is contracting), or if the Subscriber (or any person on whose behalf the Subscriber is contracting) is not a natural
person, any of such person’s constating documents, or any agreement to which such person is a party or by which it is bound; and

 

		(t)	this Subscription Agreement has been duly and validly authorized, executed and
delivered by and constitutes a legal, valid, binding and enforceable obligation of the Subscriber; and

 

    - 6 -

     

    

 

		(u)	in the case of a subscription by it for Shares acting as agent for a principal,
it is duly authorized to execute and deliver this Subscription Agreement and all other necessary documentation in connection with such
subscription on behalf of such principal and this Subscription Agreement has been duly authorized, executed and delivered by or on behalf
of, and constitutes a legal, valid and binding agreement of, such principal; and

 

		(v)	it has such knowledge and experience in financial and business
affairs as to be capable of evaluating the merits and risks of its investment in the Shares and is able to, and agrees to, bear the economic
risk of loss of its investment or, where it is not purchasing as principal, each beneficial purchaser is able to, and agrees to, bear
the economic risk of loss of its investment; and

 

		(w)	it has relied solely upon publicly available information relating
to the Corporation and not upon any verbal or written representation as to fact or otherwise made by or on behalf of the Corporation;
and

 

		(x)	it acknowledges that the Corporation's counsel is acting as counsel
to the Corporation and not as counsel to the Subscriber (or any person on whose behalf the Subscriber is contracting); and

 

		(y)	if required by applicable securities legislation, regulations,
rules, policies or orders or by any securities commission, stock exchange or other regulatory authority, the Subscriber will execute,
deliver, file and otherwise assist the Corporation in filing, such reports, undertakings and other documents with respect to the issue
of the Shares; and

 

		(z)	no person has made to the Subscriber (or any person on whose behalf the Subscriber
is contracting) any written or oral representations (i) that any person will resell or repurchase the Shares (except in accordance with
the articles of the Corporation), or (ii) that any person will refund the purchase price of the Shares, or (iii) as to the future price
or value of the Shares, or (iv) as to any of the Shares being issued pursuant to this Subscription Agreement being listed on any stock
exchange; and

 

		(aa)	in connection with the matters that are the subject of this Subscription Agreement,
the Subscriber has not committed a violation of the Corruption of Foreign Public Officials Act (Canada) or other applicable foreign
corrupt practice legislation and the Aggregate Subscription Price which will be advanced by the Subscriber to the Corporation hereunder
have not been sourced in violation of such legislation and will not represent proceeds of crime for the purposes of the Proceeds of
Crime (Money Laundering) and Terrorist Financing Act (Canada) (the PCMLA) or otherwise contravene the PCMLA and the Subscriber
acknowledges that the Corporation may in the future be required by law to disclose the Subscriber’s name and other information relating
to this Subscription Agreement and the Subscriber’s subscription hereunder, on a confidential basis, pursuant to the PCMLA; and to the
best of its knowledge (i) none of the subscription funds to be provided by the Subscriber (A) have been or will be derived from or related
to any activity that is deemed criminal under the laws of Canada, the United States of America, or any other jurisdiction, or (B) are
being tendered on behalf of a person or entity who has not been identified to the Subscriber, and (ii) it shall promptly notify the Corporation
if the Subscriber discovers that any of such representations ceases to be true, and to provide the Corporation with appropriate information
in connection therewith;

 

		(bb)	the Subscriber (including any person on whose behalf the Subscriber is contracting)
has been encouraged to obtain independent legal, income tax and investment advice with respect to this subscription for Shares and accordingly,
has had the opportunity to acquire an understanding of the meanings of all terms contained herein relevant to the Subscriber (and each
person on whose behalf the Subscriber is contracting) for purposes of giving representations, warranties and covenants under this Subscription
Agreement.

 

    - 7 -

     

    

 

Closing

 

		4.	The Subscriber agrees to deliver to the Corporation this duly
completed and executed Subscription Agreement, including all applicable exhibits, on the Closing Date.

 

		5.	The Corporation shall be entitled to rely on an executed copy
of this Subscription Agreement delivered via facsimile or electronically (including e-mail), and acceptance by the Corporation of such
executed copy of this Subscription Agreement shall be legally effective to create a valid and binding agreement between the Subscriber
and the Corporation in accordance with the terms hereof. In addition, this Subscription Agreement may be executed in counterparts, each
of which shall be deemed to be an original and all of which shall constitute one and the same document. If less than a complete copy
of this Subscription Agreement is delivered to the Corporation, the Corporation shall be entitled to assume that the Subscriber accepts
and agrees with all of the terms and conditions of this Subscription Agreement unaltered on the pages not delivered.

 

General

 

		6.	The Subscriber, on its own behalf and (if applicable) on behalf
of others for whom it is contracting hereunder, agrees that the representations, warranties and covenants of the Subscriber herein will
be true and correct both as of the Subscriber’s execution of this Subscription Agreement and as of the Closing Date. The representations,
warranties and covenants of the Subscriber herein are made with the intent that they be relied upon by the Corporation and its counsel
in determining the eligibility of a purchaser of Shares and the Subscriber agrees to indemnify and save harmless the Corporation and
its affiliates, shareholders, directors, officers, employees, counsel and agents against all losses, claims, costs, expenses and damages
or liabilities which any of them may suffer or incur which are caused or arise from a breach thereof. The Subscriber undertakes to immediately
notify the Corporation of any change in any statement or other information relating to the Subscriber set forth herein which takes place
prior to the Closing Date.

 

		7.	The Subscriber acknowledges that this Subscription Agreement and
the exhibits hereto require the Subscriber to provide certain personal information to the Corporation. Such information is being collected
by the Corporation for the purposes of completing the Offering, which includes, without limitation, determining the Subscriber’s eligibility
to purchase the Shares under applicable securities laws, preparing and registering certificates representing the Shares to be issued
to the Subscriber and completing filings required by relevant securities regulatory authorities including the British Columbia Securities
Commission, as applicable. The Subscriber’s personal information will also be included in closing books prepared in connection with the
Offering and may be disclosed now or in the future by the Corporation to one or more of the following: (i) stock exchanges and securities
regulatory authorities; (ii) the Corporation’s registrar and transfer agent; (iii) Canadian tax authorities; (iv) any of the other parties
involved in the Offering, including legal counsel; and (v) other parties subsequent to the Offering, including legal counsel, reviewing
closing books prepared in connection with the Offering in furtherance of a business transaction or other legitimate business purpose
of the Corporation. By executing this Subscription Agreement, the Subscriber:

 

		(a)	acknowledges that it has been notified by the Corporation:

 

		(i)	that the Corporation may be required to deliver to the relevant securities regulatory authorities or regulators
the full name, residential address, telephone number and email address of the Subscriber, the number and type of securities purchased,
the total purchase price, the date of distribution, whether or not the Subscriber is an insider of the Corporation or a registrant and
the exemption relied upon;

 

		(ii)	that this information is being collected by the various securities regulatory authorities or regulators
under the authority granted in securities legislation;

 

    - 8 -

     

    

 

		(●)	 that
this information is being collected for the purposes of the administration and enforcement of the securities legislation of the local
jurisdiction; and

 

		(i)	that the contact information of the public official in the local jurisdiction who
can answer questions about the security regulatory authority’s or regulator’s indirect collection of this information can be found in
Schedule B to this Subscription Agreement;

 

		(b)	consents to the collection, use and disclosure of the Subscriber’s personal information
described in this Section 7; and

 

		(c)	consents to the filing of copies or originals of any of the Subscriber’s documents
delivered in connection with this Subscription Agreement as may be required to be filed with any stock exchange or securities regulatory
authority in connection with the transactions contemplated hereby.

 

		8.	The Subscriber acknowledges and agrees that all costs incurred by the Subscriber
(including any fees and disbursements of any counsel retained by the Subscriber) relating to the sale of the Shares to the Subscriber
shall be borne by the Subscriber.

 

		9.	The Subscriber acknowledges that it has consented to and requested that all documents
evidencing or relating in any way to the sale of the Shares be drawn up in the English language only. Le soussigne reconnait par les presentes
avoir consenti et exige que tous les documents faisant foi ou se rapportant de quelque maniere a la vente d’actions soient rediges en
anglais seulement.

 

		10.	The contract arising out of this Subscription Agreement and all documents relating
thereto is governed by and construed in accordance with the laws of the Province of British Columbia and the federal laws of Canada applicable
therein.

 

		11.	Any dispute, controversy or claim (a Dispute) arising out of or relating
to this Agreement, or the breach, termination or invalidity thereof, shall be settled by arbitration in accordance with the provisions
of the UNCITRAL Arbitration Rules as adopted in 2013 and as may be further revised or adopted prior to the date of a Dispute (the Rules)
and the following: (i) the arbitration shall be heard by an arbitral tribunal consisting of three arbitrators, with each Party having
the right to appoint one arbitrator and the two so appointed arbitrators appointing the third arbitrator who shall act as chair; (ii)
the place of arbitration shall be Vancouver, British Columbia; (iii) the language to be used in the arbitration proceedings shall be English;
and (iv) the Parties hereby waive their right to any form of recourse against an award to any court or other competent authority, insofar
as such waiver can validly be made under the applicable law. Except as set forth herein, where:

 

		(a)	a Dispute has been referred to arbitration (an Existing Dispute) under this
Agreement, the Preferred Share Purchase Option Agreement (as defined in the IPA), the Protective Non-Disclosure Agreement (as defined
in the IPA), a BIMCO (as defined in the IPA) or the IPA (each, a Definitive Agreement); and

 

		(b)	a new Dispute has arisen under a Definitive Agreement relating either to issues
or to facts which are substantially the same as those to be determined in an Existing Dispute (a Related Dispute),

 

then (i) the Parties may agree
that the three arbitrators appointed or to be appointed in respect of such Existing Dispute shall also be appointed in respect of
such Related Dispute; or (ii) if three arbitrators have been appointed in the Existing Dispute, and no arbitrators have been
appointed in a Related Dispute or is composed of the same arbitrators as in the Existing Dispute, the three arbitrators in the
Existing Dispute shall have the power, upon the request of a Party to the Existing Dispute or a Related Dispute, to order the
consolidation of the whole or part of both sets of arbitration proceedings in accordance with the Rules; provided in either case the
three arbitrators determine that it would be just and equitable and procedurally efficient to do so and no Party to either the
Existing Dispute or the Related Dispute would be materially prejudiced as a result. Notwithstanding the
foregoing, the Parties agree that any Dispute arising out of or relating to Marine Cruise Costs (as defined in the IPA) or a BIMCO
(or the breach, termination or invalidity thereof) shall be settled in accordance with the applicable BIMCO.

 

    - 9 -

     

    

 

		12.	Time is of the essence hereof.

 

		13.	This Subscription Agreement (including the exhibits) and the Agreement
constitutes the entire agreement of the parties hereto relating to the subject matter hereof, superseding all prior oral and written
agreements, understanding, representations and warranties and courses of conduct and dealing between the parties, and there are no representations,
covenants or other agreements relating to the subject matter hereof except as stated or referred to herein.

 

		14.	The terms and provisions of this Subscription Agreement are binding
upon and enure to the benefit of the Subscriber and the Corporation and their respective heirs, executors, administrators, successors
and assigns; provided that, except as otherwise provided in the Agreement, this Subscription Agreement is not assignable by any party
hereto without prior written consent of the other parties.

 

		15.	Neither this Subscription Agreement nor any provision hereof shall
be modified, changed, discharged or terminated except by an instrument in writing signed by the party against whom any waiver, change,
discharge or termination is sought.

 

		16.	The invalidity, illegality or unenforceability of any provision
of this Subscription Agreement does not affect the validity, legality or enforceability of any other provision hereof.

 

		17.	Either Party may: (a) extend the time for the performance of any
of the obligations or acts of the other Party; (b) waive compliance, except as provided herein, with any of the other Party’s agreements
or the fulfilment of any conditions to its own obligations contained herein; or (c) waive inaccuracies in any of the other Party’s
representations or warranties contained herein or in any other agreement, confirmation, instrument, certificate or other document required
to be delivered pursuant to this Subscription Agreement; provided, however, that any such extension or waiver shall be valid only if
set forth in an instrument in writing signed on behalf of such Party and, unless otherwise provided in the written waiver, will be limited
to the specific breach or condition waived.

 

		18.	Each of the Parties acknowledges and agrees that the representations,
warranties and covenants set out in this Subscription Agreement will not merge upon the completion of any In-kind Common Share Investment
(as defined in the IPA) or the grant of the Preferred Share Purchase Option pursuant to the Preferred Share Purchase Option Agreement
or the issuance of any Option Shares upon exercise of the Preferred Share Purchase Option pursuant to the Preferred Share Purchase Option
Agreement, but will survive until completion of the final In-kind Common Share Investment in connection with the final Marine Cruise
(as defined in the IPA), being Marine Cruise 7. Preferred Share Purchase Option and Option Shares have the same meaning
as set forth in the Preferred Share Purchase Option Agreement.

 

		19.	Each Party agrees to indemnify and save harmless the other Party
and its respective Affiliates, shareholders, directors, officers, employees, counsel and agents (Indemnified Persons) against
all losses, claims, costs, expenses and damages or liabilities (but excluding loss of profits, incidental and consequential damages and
diminution in value) which any Indemnified Person may suffer or incur which are caused or arise from a breach by that Party of its representations,
warranties and covenants herein.

 

		20.	The headings used in this Subscription Agreement have been inserted
for convenience of reference only and shall not affect the meaning or interpretation of this Subscription Agreement or any provision
hereof.

 

		21.	In this Subscription Agreement (including the exhibits), all references
to $ are to U.S. dollars unless otherwise stated.

 

		22.	This Subscription Agreement may be executed in any number of counterparts
by the Parties to it on separate counterparts, each of which shall be deemed an original but all of which together shall constitute
one and the same instrument. A PDF copy of a signature delivered electronically by email shall be deemed to be an original for the purposes
of this Agreement.

 

    - 10 -

     

    

 

SCHEDULE A

DEFINITIONS

 

In this Subscription Agreement (including
the exhibits attached to this Subscription Agreement), the following terms have the following meanings:

 

affiliate means an issuer connected with another
issuer because

 

		(a)	one of them is the subsidiary of the other, or

 

		(b)	each of them is controlled by the same person;

 

bank means a bank named in Schedule I or II of the
Bank Act (Canada);

 

Canadian financial institution means

 

		(a)	an association governed by the Cooperative Credit Associations Act (Canada)
or a central cooperative credit society for which an order has been made under section 473(1) of that Act, or

 

		(c)	a bank, loan corporation, trust company, trust corporation, insurance company,
treasury branch, credit union, caisse populaire, financial services cooperative, or league that, in each case, is authorized by an enactment
of Canada or a jurisdiction of Canada to carry on business in Canada or a jurisdiction of Canada;

 

control person means

 

		(a)	a person or company who holds a sufficient number of the voting rights attached
to all outstanding voting securities of an issuer to affect materially the control of the issuer, and if a person or company holds more
than 20% of the voting rights attached to all outstanding voting securities of an issuer, the person or company is deemed, in the absence
of evidence to the contrary, to hold a sufficient number of the voting rights to affect materially the control of the issuer, or

 

		(b)	each person or company in a combination of persons or companies acting in concert
by virtue of an agreement, arrangement, commitment or understanding, who holds in total a sufficient number of the voting rights attached
to all outstanding voting securities of an issuer to affect materially the control of the issuer, and if a combination of persons or companies
holds more than 20% of the voting rights attached to all outstanding voting securities of an issuer, the combination of persons or companies
is deemed, in the absence of evidence to the contrary, to hold a sufficient number of the voting rights to affect materially the control
of the issuer;

 

director means

 

		(a)	a member of the board of directors of a company or an individual who performs similar
functions for a company, and

 

		(b)	with respect to a person that is not a company, an individual who performs functions
similar to those of a director of a company;

 

    - 11 -

     

    

 

eligibility adviser means

 

		(a)	a person that is registered as an investment dealer and authorized to give advice with respect to the
type of security being distributed, and

 

		(b)	in Manitoba, also means a lawyer who is a practicing member in good standing with
a law society of a jurisdiction of Canada or a public accountant who is a member in good standing of an institute or association of chartered
accountants, certified general accountants or certified management accountants in a jurisdiction of Canada provided that the lawyer or
public accountant must not:

 

		(i)	have a professional, business or personal relationship with the issuer, or any of its directors, executive
officers, founders, or control persons, and

 

		(ii)	have acted for or been retained personally or otherwise as an employee, executive
officer, director, associate or partner of a person that has acted for or been retained by the issuer or any of its directors, executive
officers, founders or control persons within the previous 12 months;

 

executive officer means, for an issuer, an individual who is

 

		(a)	a chair, vice-chair or president,

 

		(b)	a vice-president in charge of a principal business unit, division or function including sales, finance
or production, or

 

		(c)	performing a policy-making function in respect of the issuer;

financial assets means

 

		(a)	cash,

 

		(b)	securities, or

 

		(c)	a contract of insurance, a deposit or an evidence of a deposit that is not a security for the purposes
of securities legislation;

 

foreign jurisdiction means a
country other than Canada or a political subdivision of a country other than Canada;

 

founder means, in respect of an issuer, a person who,

 

		(a)	acting alone, in conjunction, or in concert with one or more persons, directly or indirectly, takes
the initiative in founding, organizing or substantially reorganizing the business of the issuer, and

 

		(b)	at the time of the distribution or trade is actively involved in the business of the issuer;

 

fully managed account means
an account of a client for which a person makes the investment decisions if that person has full discretion to trade in securities for
the account without requiring the client’s express consent to a transaction;

 

holding entity means a person that is controlled by an individual;

individual means a natural person, but does not include

 

		(a)	a partnership, unincorporated association, unincorporated syndicate,
unincorporated organization or a trust, or

 

    - 12 -

     

    

 

		(b)	a natural person in the person’s capacity as trustee, executor,
administrator or other legal personal representative;

 

insider means:

 

		(a)	a director or officer of the Corporation;

 

		(b)	a director or officer of a person or company that is itself an insider or subsidiary
of the Corporation;

 

		(c)	a person or company that has

 

		(i)	beneficial ownership of, or control or direction over, directory
or indirectly, or

 

		(ii)	a combination of beneficial ownership of and control or direction over, directly
or indirectly,

 

securities of the Corporation carrying
more than 10% of the voting rights attached to all of the Corporation’s outstanding voting securities, excluding, for the purpose of the
calculation of the percentage held, any securities held by the person or company as underwriter in the course of a distribution;

 

		(d)	a person designated as an insider in an order made by a securities commission; or

 

		(e)	a person that is in a prescribed / designated class of persons;

 

investment fund means a mutual
fund or a non-redeemable investment fund, and, for greater certainty in British Columbia, includes an employee venture capital corporation
that does not have a restricted constitution, and is registered under Part 2 of the Employee Investment Act (British Columbia)
and whose business objective is making multiple investments and a venture capital corporation registered under Part 1 of the Small
Business Venture Capital Act (British Columbia) whose business objective is making multiple investments;

 

local jurisdiction means the
province or territory of Canada in which the applicable Canadian securities regulatory authority is situate;

 

mutual fund has the meaning ascribed to it under
the securities legislation of the local jurisdiction; non-redeemable investment fund means an issuer,

 

		(a)	whose primary purpose is to invest money provided by its securityholders,

 

		(b)	that does not invest:

 

		(i)	for the purpose of exercising or seeking to exercise control of an issuer, other
than an issuer that is a mutual fund or a non-redeemable investment fund, or

 

		(ii)	for the purpose of being actively involved in the management of any issuer in which
it invests, other than an issuer that is a mutual fund or a non-redeemable investment fund, and

 

		(c)	that is not a mutual fund;

 

    - 13 -

     

    

 

person includes

 

		(a)	an individual,

 

		(b)	a corporation,

 

		(c)	a partnership, trust, fund and an association, syndicate, organization or other
organized group of persons, whether incorporated or not, and

 

		(d)	an individual or other person in that person’s capacity as a trustee, executor,
administrator or personal or other legal representative;

 

promoter means

 

		(a)	a person or company, acting alone or in conjunction with one or more other persons
or companies or a combination of them, that, directly or indirectly, takes the initiative in founding, organizing or substantially reorganizing
the business of the issuer, or

 

		(b)	a person or company that, directly or indirectly, receives in consideration of services
or property, or both,

 

		(i)	10% or more of any class of securities of the issuer, or

 

		(ii)	10% or more of the proceeds from the sale of any class of securities
of a particular issue,

 

in connection
with the founding, organizing or substantial reorganizing of the business of the issuer, but does not include a person or company that
receives securities or proceeds solely

 

		(iii)	as underwriting commissions, or

 

		(iv)	in consideration of property transferred to the issuer,

 

if that person or company does not otherwise take part in founding, organizing or substantially
reorganizing the business; 

registrant means a person registered or required to be registered under any securities
legislation in Canada; 

regulator means, for the local jurisdiction, the person referred to in Appendix
D of National Instrument 14-101 and includes: (i) in Alberta, the Executive Director as defined under section 1 of the Securities
Act (Alberta), (ii) in Ontario, the Director as defined under section 1 of the Securities Act (Ontario), and (iii) in British
Columbia, the Executive Director as defined under section 1 of the Securities Act (British Columbia); 

related entity means, for an issuer, a person that controls or is controlled by
the issuer or that is controlled by the same person that controls the issuer; 

related liabilities means 

		(a)	liabilities incurred or assumed for the purpose of financing the acquisition or
ownership of financial assets, or

 

		(b)	liabilities that are secured by financial assets;

 

Schedule Ill bank means an authorized foreign bank
named in Schedule Ill of the Bank Act (Canada);

    - 14 -

     

    

 

securities regulatory authority means,
for the local jurisdiction, the securities commission or similar regulatory authority listed in Appendix C of National Instrument 14-101,
and includes the Alberta Securities Commission, the Ontario Securities Commission and the British Columbia Securities Commission;

 

spouse means an individual who,

 

		(a)	is married to another individual and is not living separate and apart within the
meaning of the Divorce Act (Canada), from the other individual,

 

		(b)	is living with another individual in a marriage-like relationship, including a marriage-like
relationship between individuals of the same gender, or

 

		(c)	in Alberta, is an individual referred to in paragraph (a) or (b), or is an adult
interdependent partner within the meaning of the Adult Interdependent Relationships Act (Alberta); and

 

subsidiary means an issuer that
is controlled directly or indirectly by another issuer and includes a subsidiary of that subsidiary.

 

Control

 

Other than in respect of the definitions
of “holding entity” or “related entity” above, a person (first person) is considered to control another person (second
person) if

 

		(a)	the first person beneficially owns or, directly or indirectly exercises control
or direction over securities of the second person carrying votes which, if exercised, would entitle the first person to elect a majority
of the directors of the second person, unless that first person holds the voting securities only to secure an obligation,

 

		(b)	the second person is a partnership, other than a limited partnership, and first
person holds more than 50% of the interests of the partnership, or

 

		(c)	the second person is a limited partnership and the general partner of the limited
partnership is the first person.

 

In respect of the definitions of “holding
entity” and “related entity” above, a person (first person) is considered to control another person (second person) if
the first person, directly or indirectly, has the power to direct the management and policies of the second person by virtue of

 

		(a)	ownership of or direction over voting securities in the second person,

 

		(b)	a written agreement or indenture,

 

		(c)	being the general partner or controlling the general partner of the second person, or

 

		(d)	being a trustee of the second person.

 

    - 15 -

     

    

 

SCHEDULE B

 

SECURITIES REGULATORY AUTHORITY IN LOCAL JURISDICTION

 

The contact information of the public official in the local jurisdiction
who can answer questions about the security regulatory authority’s or regulator’s indirect collection of this information is as follows:

 

British Columbia Securities Commission

P.O. Box 10142, Pacific Centre

701 West Georgia Street

Vancouver, British Columbia V7Y 1L2

Inquiries: (604) 899-6584

Toll free in Canada: 1-800-373-6393

Facsimile: (604) 899-6581

Attention: FOI Inquiries

Email: FOI-privacvAbcsc.bc.ca

 

    - 16 -

     

    

 

EXHIBIT 1

 

REPRESENTATION LETTER

(FOR ACCREDITED INVESTORS)

 

		TO:	DeepGreen Resources Inc. (the Corporation)

 

(Capitalized terms not specifically defined
in this Exhibit have the meaning ascribed to them in the Subscription Agreement to which this Exhibit is attached.)

 

In connection with the execution
by the undersigned Subscriber of the Subscription Agreement of which this Representation Letter forms a part, the undersigned Subscriber
hereby represents, warrants, covenants and certifies to the Corporation that:

 

	1.	the undersigned Subscriber is resident in the jurisdiction set out as the “Subscriber’s Residential
Address” on the face page of the Subscription Agreement and if the undersigned Subscriber is purchasing as agent for a Disclosed
Beneficial Purchaser, the Disclosed Beneficial Purchaser is resident in the jurisdiction set out as the “Disclosed Beneficial Purchaser’s
Residential Address” on the face page of the Subscription Agreement;

 

	2.	the undersigned Subscriber is either (a) purchasing the Shares as principal for its own account, or (b)
acting as agent for a Disclosed Beneficial Purchaser who is purchasing the Shares as principal for its own account;

 

	3.	the undersigned Subscriber (or if the undersigned Subscriber is purchasing as agent for a Disclosed Beneficial
Purchaser, the Disclosed Beneficial Purchaser) is an “accredited investor” within the meaning of National Instrument 45-106
“Prospectus Exemptions” (NI 45-106) by virtue of satisfying the indicated criterion as set out in Appendix A to
this Representation Letter;

 

	4.	the undersigned Subscriber (or if the undersigned Subscriber is purchasing as agent for a Disclosed Beneficial
Purchaser, the Disclosed Beneficial Purchaser) was not created, and is not used, solely to purchase or hold securities as an accredited
investor as described in paragraph (m) of the definition of “accredited investor” in NI 45-106; and

 

	5.	upon execution of this Representation Letter by the undersigned Subscriber, this Representation Letter,
including Appendix A hereto, shall be incorporated into and form a part of the Subscription Agreement.

 

Dated: ________________, 20_.

 

	 	 
	 	Print name of Subscriber
	 	 	 
	 	By: 	 
	 	 	Signature
	 	 	 
	 	 
	 	Print name of Signatory (if different from the Subscriber)
	 	 
	 	 
	 	Title

 

IMPORTANT: PLEASE INITIAL THE APPLICABLE PROVISION(S)
IN

APPENDIX A ON THE FOLLOWING PAGES

 

    - 17 -

     

    

 

APPENDIX A

 

TO EXHIBIT 1

 

In this Appendix A all monetary references are in Canadian Dollars.

 

NOTE: PLEASE MARK YOUR INITIALS BESIDE THE
APPLICABLE CATEGORY OR CATEGORIES OF “ACCREDITED INVESTOR” TO WHICH YOU BELONG.

 

Accredited Investor (as defined in NI 45-106) means:

 

		(a)	(i)	except in Ontario, a Canadian financial institution, or a Schedule III bank; or

 

		(ii)	in Ontario, (A) a bank listed in Schedule I, II or III to the
Bank Act (Canada); (B) an association to which the Cooperative Credit Association Act (Canada) applies or a central cooperative
credit society for which an order has been made under subsection 473(1) of that Act; or (C) a loan corporation, trust company, trust
corporation, insurance company, treasury branch, credit union, caisse populaire, financial services cooperative or credit union league
or federation that is authorized by a statute of Canada or Ontario to carry on business in Canada or Ontario, as the case may be;

 

		(b)	the Business Development Bank of Canada incorporated under the Business Development Bank of Canada
Act (Canada);

 

		(c)	a subsidiary of any person referred to in paragraphs (a) or (b), if the person owns all of the voting
securities of the subsidiary, except the voting securities required by law to be owned by directors of that subsidiary;

 

		(d)	a person registered under the securities legislation of a jurisdiction of Canada as an adviser or dealer,
except as otherwise prescribed by the regulations;

 

		(e)	an individual registered under the securities legislation of a jurisdiction of Canada as a representative
of a person referred to in paragraph (d);

 

		(e.1)	an individual formerly registered under the securities legislation
of a jurisdiction of Canada, other than an individual formerly registered solely as a representative of a limited market dealer under
one or both of the Securities Act (Ontario) or the Securities Act (Newfoundland and Labrador);

 

		(f)	the Government of Canada or a jurisdiction of Canada, or any crown corporation, agency or wholly owned
entity of the Government of Canada or a jurisdiction of Canada;

 

		(g)	a municipality, public board or commission in Canada and a metropolitan community, school board, the Comite
de gestion de la taxe scolaire de I’ile de Montreal or an intermunicipal management board in Quebec;

 

		(h)	any national, federal, state, provincial, territorial or municipal government of or in any foreign jurisdiction,
or any agency of that government;

 

		(i)	a pension fund that is regulated by the Office of the Superintendent of Financial Institutions (Canada),
a pension commission or similar regulatory authority of a jurisdiction of Canada;

 

		(j)	an individual who, either alone or with a spouse, beneficially owns financial assets having an aggregate
realizable value that, before taxes, but net of any related liabilities, exceeds $1,000,000;

 

    - 18 -

     

    

 

		(j.1)	an individual who beneficially owns financial assets having an
aggregate realizable value that, before taxes but net of any related liabilities, exceeds $5,000,000;

 

		(k)	an individual whose net income before taxes exceeded $200,000
in each of the two most recent calendar years or whose net income before taxes combined with that of a spouse exceeded $300,000 in each
of the two most recent calendar years and who, in either case, reasonably expects to exceed that net income level in the current calendar
year;

 

(Note: if individual accredited investors
wish to purchase through wholly-owned holding companies or similar entities, such purchasing entities must qualify under section (t) below,
which must be initialled.)

 

		(I)	an individual who, either alone or with a spouse, has net assets
of at least $5,000,000;

 

		(m)	a person, other than an individual or investment fund, that has
net assets of at least $5,000,000 as shown on its most recently prepared financial statements;

 

		(n)	an investment fund that distributes or has distributed its securities
only to

 

		(i)	a person that is or was an accredited investor at the time of
the distribution,

 

		(ii)	a person that acquires or acquired securities in the circumstances referred to in sections 2.10 (minimum
amount investment) or 2.19 (additional investment in investment funds) of NI 45-106, or

 

		(iii)	a person described in paragraph (i) or (ii) that acquires or acquired securities under section 2.18 (investment
fund reinvestment) of NI 45-106;

 

		(o)	an investment fund that distributes or has distributed securities under a prospectus in a jurisdiction
of Canada for which the regulator or, in Quebec, the securities regulatory authority, has issued a receipt;

 

		(p)	a trust company or trust corporation registered or authorized to carry on business under the Trust
and Loan Companies Act (Canada) or under comparable legislation in a jurisdiction of Canada or a foreign jurisdiction, acting on behalf
of a fully managed account managed by the trust company or trust corporation, as the case may be;

 

		(q)	a person acting on behalf of a fully managed account managed by that person, if that person is registered
or authorized to carry on business as an adviser or the equivalent under the securities legislation of a jurisdiction of Canada or a foreign
jurisdiction;

 

		(r)	a registered charity under the Income Tax Act (Canada) that, in regard to the trade, has obtained
advice from an eligibility adviser or an adviser registered under the securities legislation of the jurisdiction of the registered charity
to give advice on the securities being traded;

 

		(s)	an entity organized in a foreign jurisdiction that is analogous to any of the entities referred to in
paragraphs (a) to (d) or paragraph (i) in form and function;

 

		(t)	a person in respect of which all of the owners of interests, direct, indirect or beneficial, except the
voting securities required by law to be owned by directors, are persons that are accredited investors (as defined in NI 45-106);

 

		(u)	an investment fund that is advised by a person registered as an
adviser or a person that is exempt from registration as an adviser;

 

		(v)	a person that is recognized or designated by the securities regulatory authority
or, except in Ontario and Quebec, the regulator as an accredited investor; or

 

		(w)	a trust established by an accredited investor for the benefit of the accredited
investor’s family members of which a majority of the trustees are accredited investors and all of the beneficiaries are the accredited
investor’s spouse, a former spouse of the accredited investor or a parent, grandparent, brother, sister, child or grandchild of that accredited
investor, of that accredited investor’s spouse or of that accredited investor’s former spouse.

 

    - 19 -

     

    

 

EXHIBIT 2

 

REPRESENTATION LETTER

 

(FOR NON-CANADIAN RESIDENT INVESTORS

EXCLUDING U.S. PERSONS)

 

		TO:	DeepGreen Resources Inc. (the Corporation)

 

(Capitalized terms not specifically defined
in this Exhibit have the meaning ascribed to them in the Subscription Agreement to which this Exhibit is attached)

 

In connection with the execution
by the undersigned Subscriber of the Subscription Agreement which this Representation Letter forms a part of, the undersigned Subscriber
hereby represents, warrants, covenants and certifies to the Corporation that:

 

		1.	The undersigned Subscriber and (if applicable) any other purchaser
for whom it is acting hereunder, is resident in the jurisdiction
set out as the “Subscriber’s Residential Address” on the face page of the Subscription Agreement (the Foreign Jurisdiction)
and the undersigned Subscriber certifies that it and (if applicable) any other purchaser for whom it is acting hereunder is not resident
in or otherwise subject to applicable securities laws of any province or territory of Canada.

 

		2.	The undersigned Subscriber and (if applicable) any other purchaser
for whom it is acting hereunder, is a purchaser which is purchasing
the Shares pursuant to an exemption from any prospectus or securities registration or similar requirements under the applicable securities
laws of the Foreign Jurisdiction or any other securities laws to which the Subscriber and (if applicable) any other purchaser for whom
the Subscriber is acting hereunder are otherwise subject.

 

		3.	If the undersigned Subscriber, or any other purchaser for whom
it is acting hereunder, is resident in or otherwise subject to applicable
securities laws of a member state (Member State) of the European Economic Area (EEA) which has implemented Directive 2003/71/EC
(the Prospectus Directive) other than the United Kingdom, the Subscriber (as principal for its own account or acting as agent for
a Disclosed Beneficial Purchaser who is disclosed on the face page of the Subscription Agreement) represents and warrants that it is either:

 

		(a)	a qualified investor within the meaning of the law in that Member State of the EEA which implements Article
2(1)(e) of the Prospectus Directive; and (2) is not acting as a financial intermediary as that term is used in Article 3(2) of the Prospectus
Directive, or, if so acting (i) the Shares which it proposes to acquire are not being acquired on behalf of, nor are they being acquired
with a view to their offer or resale to, persons in a Member State of the EEA other than qualified investors as defined in the Prospectus
Directive or persons who have agreed to purchase at least €100,000 worth of Shares; or (ii) where it proposes to acquire Shares on
behalf of persons in a Member State of the EEA other than qualified investors or persons who have agreed to purchase at least €100,000
worth of Shares, the offer of those Shares to it is not treated under the Prospectus Directive as having been made to such persons; or

 

		(b)	not a qualified investor within the meaning of the law in that Member State of the EEA which implements
Article 2(1)(e) of the Prospectus Directive; and is purchasing at least €100,000 worth of Shares

 

(collectively, a permitted participant).

 

    - 20 -

     

    

 

		4.	If the undersigned Subscriber, or any other purchaser for whom
it is acting hereunder, is resident in or otherwise subject to applicable securities laws of
the United Kingdom:

 

		(a)	the Subscriber is either: (i) purchasing the Shares as principal for its own account, (ii) acting as agent
for a Disclosed Beneficial Purchaser who is disclosed on the face page of the Subscription Agreement and who is purchasing the Shares
as principal for its own account; or (iii) purchasing the Shares on behalf of discretionary client(s) in circumstances where section 86(2)
of the Financial Services and Markets Act 2000 (as amended by the Financial Services Act 2012) (FSMA) applies;

 

		(b)	the Subscriber (and if the undersigned Subscriber is purchasing as agent for a Disclosed Beneficial Purchaser,
the Disclosed Beneficial Purchaser) is a person in the United Kingdom who: (i) is a permitted participant, (ii) is a “qualified investor”
for the purposes of section 86(7) of the FSMA, (iii) is such a person as is referred to in Article 19 (investment professionals) or Article
49 (high net worth companies, unincorporated associations, etc.) of the Financial Services and Markets Act 2000 (Financial Promotion)
Order 2005; and (iv) has complied with and undertakes to comply with all applicable provisions of the FSMA and other applicable
securities laws with respect to anything done by it in relation to the Shares in, from or otherwise involving the United Kingdom; and

 

		(c)	it confirms that, to the extent applicable to it, it is aware of, has complied and will comply with its
obligations in connection with the Criminal Justice Act 1993, the Proceeds of Crime Act 2002 and Part VIII of the FSMA, it has identified
its clients in accordance with the Money Laundering Regulations 2007 (the Regulations) and has complied fully with its obligations
pursuant to the Regulations and will, as a condition precedent of any acceptance of this subscription, provide all such information and
documents as may be required in relation to it (or any person on whose behalf it is acting as agent) that may be required by the Corporation
or any agent or person acting for it in order to discharge any obligations under the Regulations.

 

		5.	The purchase of Shares by the Subscriber, and any other purchaser for whom it is acting hereunder, does
not contravene any of the applicable securities laws in the Foreign Jurisdiction or any other securities laws to which the Subscriber
and (if applicable) any other purchaser for whom the Subscriber is acting hereunder are otherwise subject and does not result in: (i)
any obligation of the Corporation to prepare and file a prospectus, an offering memorandum or similar document; or (ii) any obligation
of the Corporation to make any filings with or seek any approvals of any kind from any regulatory body in such jurisdiction or any other
ongoing reporting requirements with respect to such purchase or otherwise; or (iii) any registration or other obligation on the part of
the Corporation under the applicable securities laws in the Foreign Jurisdiction or any other securities laws to which the Subscriber
and (if applicable) any other purchaser for whom the Subscriber is acting hereunder are otherwise subject.

 

		6.	The Shares are being acquired for investment purposes only and not with a view to the resale or distribution
of all or any of the Shares.

 

		7.	The Subscriber, and any other purchaser for whom it is acting hereunder, are knowledgeable of, and have
been independently advised as to, the securities laws of the Foreign Jurisdiction or any other securities laws to which the Subscriber
and (if applicable) any other purchaser for whom the Subscriber is acting hereunder are otherwise subject.

 

    - 21 -

     

    

 

		8.	Upon execution of this Exhibit by the undersigned Subscriber, this Exhibit shall be incorporated into
and form a part of the Subscription Agreement.

 

Dated: ______________, 20

 

	 	Print name of Subscriber
	 	 
	 	By:	 
	 	 	Signature
	 	 
	 	 
	 	Print name of Signatory (if different from the Subscriber)
	 	 
	 	 
	 	Title
	 	 
	 	 

 

 

- 22 -

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