Document:

EX-10.1

 Exhibit 10.1 

SPIRE GLOBAL, INC. 

$85,000,000 
 EQUITY
DISTRIBUTION AGREEMENT 
 September 14, 2022 

Canaccord Genuity LLC 
 99 High Street, Suite 1200 

Boston, Massachusetts 02110 
 Ladies and Gentlemen: 

Spire Global, Inc., a Delaware corporation (the “Company”), confirms its agreement (this “Agreement”) with
Canaccord Genuity LLC (“Canaccord”), as follows:
 1. Issuance and Sale of Shares. 

(a) The Company agrees that, from time to time during the term of this Agreement, on the terms and subject to the conditions set forth herein,
it will issue and sell through Canaccord, acting as sales agent, the Company’s Class A common stock, $0.0001 par value per share (the “Common Shares”) having an aggregate offering price of up to $85,000,000 (the
“Shares”). The Shares will be sold on the terms set forth herein at such times and in such amounts as the Company and Canaccord shall agree from time to time. The issuance and sale of the Shares through Canaccord will be effected
pursuant to the Registration Statement (as defined below) filed by the Company, after it is declared effective by the Securities and Exchange Commission (the “Commission”). 

(b) Notwithstanding any other provision of this Agreement, the Company and Canaccord agree that the Company shall not deliver a Placement
Notice to Canaccord, and Canaccord shall not be obligated to place any Shares, during any period in which the Company is in possession of material non-public information. 

2. Placements. 
 (a)
Placement Notice. Each time that the Company wishes to issue and sell Shares hereunder (each, a “Placement”), it will notify Canaccord by e-mail notice (or other method mutually agreed
to in writing by the parties) containing the parameters within which it desires to sell the Shares, which shall at a minimum include the number of Shares (“Placement Shares”) to be issued, the time period during which sales are
requested to be made, any limitation on the number of Shares that may be sold in any one day and any minimum price below which sales may not be made (a “Placement Notice”), a form of which shall be mutually agreed upon by the
Company and Canaccord. The Placement Notice shall originate from any of the individuals (each 

  
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an “Authorized Representative”) from the Company set forth on Schedule 1 (with a copy to each of the other individuals from the Company listed on such schedule),
and shall be addressed to each of the individuals from Canaccord set forth on Schedule 1 attached hereto, as such Schedule 1 may be amended from time to time. The Placement Notice shall be effective upon
confirmation by Canaccord unless and until (i) Canaccord declines to accept the terms contained therein for any reason, in its sole discretion, in accordance with the notice requirements set forth in Section 4, (ii) the entire
amount of the Placement Shares have been sold, (iii) the Company suspends or terminates the Placement Notice in accordance with the notice requirements set forth in Section 4, (iv) the Company issues a subsequent Placement Notice
with parameters superseding those on the earlier dated Placement Notice, or (v) the Agreement has been terminated under the provisions of Section 12. 

(b) Placement Fee. The amount of compensation to be paid by the Company to Canaccord with respect to each Placement (in addition to any
expense reimbursement pursuant to Section 7(g)(ii)) shall be set forth in the Placement Notice and be up to 3.0% of gross proceeds from each Placement. 

(c) No Obligation. It is expressly acknowledged and agreed that neither the Company nor Canaccord will have any obligation whatsoever
with respect to a Placement or any Placement Shares unless and until the Company delivers a Placement Notice to Canaccord, and then only upon the terms specified therein and herein. It is also expressly acknowledged that Canaccord will be under no
obligation to purchase Shares on a principal basis. In the event of a conflict between the terms of this Agreement and the terms of a Placement Notice, the terms of the Placement Notice control. 

3. Sale of Placement Shares by Canaccord. Subject to the terms and conditions of this Agreement, upon the Company’s issuance of a
Placement Notice, and unless the sale of the Placement Shares described therein has been declined, suspended, or otherwise terminated in accordance with the terms of this Agreement, Canaccord will use its commercially reasonable efforts consistent
with its normal trading and sales practices to sell on behalf of the Company and as agent, such Placement Shares up to the amount specified during the time period specified, and otherwise in accordance with the terms of such Placement Notice.
Canaccord acknowledges that the Placement Shares have not been qualified for distribution by prospectus in Canada under Canadian securities laws, and agrees that it will not knowingly sell Placement Shares to any purchaser located in Canada, nor
will it pre-arrange any sale of Placement Shares with a buyer it has reason to believe is in Canada. The Company acknowledges that Canaccord will conduct the sale of Placement Shares in compliance with
applicable law, rules and regulations including, without limitation, all applicable United States state and federal securities laws, including the United States Securities Act of 1933, as amended (the “Securities Act”), the
Securities Exchange Act of 1934, as amended (the “Exchange Act”) (including Regulation M thereunder) and the rules of the New York Stock Exchange (the “Principal Trading Market”) and that such compliance may include
a delay in commencement of sales efforts after receipt of a Placement Notice. Canaccord will provide written confirmation to the Company no later than the opening of the Trading Day next following the Trading Day on which they have made sales of
Placement Shares hereunder setting forth the number of Placement Shares sold on such day, the compensation payable by the Company to Canaccord with respect to such sales, and the Net Proceeds (as defined below) payable to the Company. Subject to the
terms and conditions of the 

  
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Placement Notice, Canaccord may sell Placement Shares by any method permitted by law deemed to be an “at the market offering” under Rule 415 of the Securities Act, including without
limitation sales made directly on or through the Principal Trading Market, on any other existing trading market for the Common Shares, sales to or through a market maker other than on an exchange or in negotiated transactions at market prices
prevailing at the time of sale or at prices related to such prevailing market prices. During the term of this Agreement, and notwithstanding anything to the contrary herein, Canaccord agrees that in no event will it or any of its affiliates engage
in any market making, bidding, stabilization or other trading activity with regard to the Common Shares if such activity would be prohibited under Regulation M or other anti-manipulation rules under the Securities Act. Notwithstanding anything to
the contrary set forth in this Agreement or a Placement Notice, the Company acknowledges and agrees that (i) there can be no assurance that Canaccord will be successful in selling any Placement Shares or as to the price at which any Placement
Shares are sold, if at all, and (ii) Canaccord will incur no liability or obligation to the Company or any other person or entity if they do not sell Placement Shares for any reason other than a failure by Canaccord to use its commercially
reasonable efforts consistent with its normal trading and sales practices to sell on behalf of the Company and as agent such Placement Shares as provided under this Section 3. For the purposes hereof, “Trading Day” means
any day on which the Principal Trading Market is open for trading. 
 4. Suspension of Sales. The Company or Canaccord may, upon
notice to the other party in writing, by telephone (confirmed by e-mail) or by e-mail notice (or other method mutually agreed to in writing by the parties), suspend any
sale of Placement Shares; provided, however, that such suspension shall not affect or impair either party’s obligations with respect to any Placement Shares sold hereunder prior to the receipt of such notice. The Company and
Canaccord agree that no such notice shall be effective against the other party unless it is made to one of the individuals named on Schedule 1 hereto, as such Schedule may be amended from time to time. 

5. Settlement. 
 (a)
Settlement of Placement Shares. Unless otherwise specified in the applicable Placement Notice, settlement for sales of Placement Shares will occur on the second (2nd) Business Day (or such earlier day as is agreed by the parties to be
industry practice for regular-way trading) following the date on which such sales are made (each a “Settlement Date”). The amount of proceeds to be delivered to the Company on a Settlement
Date against the receipt of the Placement Shares sold (“Net Proceeds”) will be equal to the aggregate sales price at which such Placement Shares were sold, after deduction for (i) the commission or other compensation for such
sales payable by the Company to Canaccord, as the case may be, pursuant to Section 2 hereof, as the case may be, (ii) any other amounts due and payable by the Company to Canaccord hereunder pursuant to Section
7(g) hereof, and (iii) any transaction fees imposed by any governmental or self-regulatory organization in respect of such sales. 

(b) Delivery of Shares. On each Settlement Date, the Company will, or will cause its transfer agent to, electronically transfer the
Placement Shares being sold by crediting Canaccord’s accounts or its designee’s account at The Depository Trust Company through its Deposit Withdrawal Agent Commission System or by such other means of delivery as may be mutually agreed
upon by the parties hereto and, upon receipt of such Placement Shares, which in 

  
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all cases shall be freely tradeable, transferable, registered shares in good deliverable form, Canaccord will, on each Settlement Date, deliver the related Net Proceeds in same day funds
delivered to an account designated by the Company prior to the Settlement Date. If the Company defaults in its obligation to deliver Placement Shares on a Settlement Date, the Company agrees that in addition to and in no way limiting the rights and
obligations set forth in Section 10 hereto, it will (i) hold Canaccord harmless against any loss, claim, damage, or expense (including legal fees and expenses), as incurred, arising out of or in connection with such default by
the Company and (ii) pay to Canaccord any commission, discount, or other compensation to which it would otherwise have been entitled absent such default. 

6. Representations and Warranties of the Company. The Company represents and warrants to, and agrees with, Canaccord that, as of the
date of this Agreement: 
 (a) Registration Statement and Prospectus. The Common Shares are registered pursuant to Section 12(b)
of the Exchange Act, and the Company has filed all reports, schedules, forms, statements and other documents required to be filed by it with the Commission (the “Commission Documents”) since the Company has been subject to the
requirements of Section 12 of the Exchange Act, and all of such filings required to be filed within the last 12 months have been made on a timely basis. The Common Shares are currently quoted on the Principal Trading Market under the trading
symbol “SPIR”. The Company and the transactions contemplated hereby meet the requirements for use of Form S-3 under the Securities Act and the rules and regulations thereunder (“Rules and
Regulations”), including but not limited to the transaction requirements for an offering made by the issuer set forth in Instruction I.B.1 to Form S-3. The Company has prepared and filed, or will
prepare and file, with the Commission a registration statement on Form S-3 with respect to the Shares to be offered and sold by the Company pursuant to this Agreement. Such registration statement, at any given
time, including the amendments thereto at such time, the exhibits and any schedules thereto at such time, the documents incorporated by reference therein pursuant to Item 12 of Form S-3 under the Securities
Act at such time and the documents otherwise deemed to be a part thereof or included therein by the rules and regulations under the Securities Act, is herein called the “Registration Statement.” The Registration Statement, including
the base prospectus contained therein (the “Base Prospectus”) was prepared by the Company in conformity, in all material respects, with the requirements of the Securities Act and all applicable Rules and Regulations. One or more
prospectus supplements relating to the Shares (the “Prospectus Supplements,” and together with the Base Prospectus and any amendment thereto and all documents incorporated therein by reference, the “Prospectus”)
have been or will be prepared by the Company in conformity, in all material respects, with the requirements of the Securities Act and all applicable Rules and Regulations and have been or will be filed with the Commission in the manner and time
frame required by the Securities Act and the Rules and Regulations. Any amendment or supplement to the Registration Statement or Prospectus required by this Agreement will be so prepared and filed by the Company and, as applicable, the Company will
use commercially reasonable efforts to cause it to become effective as soon as reasonably practicable. No stop order suspending the effectiveness of the Registration Statement has been issued, and no proceeding for that purpose has been instituted
or, to the knowledge of the Company, threatened by the Commission. No order preventing or suspending the use of the Base Prospectus, the Prospectus Supplement, the Prospectus or any Issuer Free Writing Prospectus (as defined herein) has been issued
by the Commission. Copies of all filings made by the Company under the Securities Act and all 

  
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Commission Documents that were filed with the Commission have either been delivered to Canaccord or are available to Canaccord on the Commission’s Electronic Data Gathering, Analysis, and
Retrieval system (“EDGAR”). Any reference herein to the Registration Statement, the Prospectus, or any amendment or supplement thereto shall be deemed to refer to and include the documents incorporated (or deemed to be incorporated)
by reference therein pursuant to Item 12 of Form S-3 under the Securities Act, and any reference herein to the terms “amend,” “amendment” or “supplement” with respect to the
Registration Statement or Prospectus shall be deemed to refer to and include the filing after the execution hereof of any document with the Commission deemed to be incorporated by reference therein. For the purposes of this Agreement, the
“Applicable Time” means, with respect to any Shares, the time of sale of such Shares pursuant to this Agreement. 
 (b)
No Misstatement or Omission. The Registration Statement, when such part became or becomes effective, at any deemed effective date pursuant to Rule 430B(f)(2) on the date of filing thereof with the Commission and the Prospectus, on the date of
filing thereof with the Commission and at each Applicable Time and Settlement Date, conformed or will conform in all material respects with the requirements of the Securities Act and the Rules and Regulations; each part of the Registration
Statement, when such part became or becomes effective, did not or will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading; and
the Prospectus, on the date of filing thereof with the Commission, and the Prospectus and any applicable Issuer Free Writing Prospectus(es) issued at or prior to such Applicable Time, taken together (collectively, and with respect to any Shares,
together with the public offering price of such Shares, the “Disclosure Package”) and at each Applicable Time and Settlement Date, did not or will not include an untrue statement of a material fact or omit to state a material fact
necessary to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; except that the foregoing shall not apply to statements or omissions in any such document made in
reliance on information furnished in writing to the Company by Canaccord expressly stating that such information is intended for use in the Registration Statement, the Prospectus, or any amendment or supplement thereto, or in any Issuer Free Writing
Prospectus(es). The representations and warranties set forth in this subsection (b) do not apply to statements in or omissions from the Registration Statement, the Prospectus, or the Disclosure Package, made in reliance upon and in conformity
with information relating to Canaccord furnished to the Company by Canaccord for use therein, it being understood and agreed that the only such information furnished by Canaccord to the Company consists of the information described in
Section 10(b) below. 
 (c) Conformity with Securities Act and Exchange Act. The documents incorporated by
reference in the Registration Statement or the Prospectus, or any amendment or supplement thereto, when they became effective under the Securities Act or were filed with the Commission under the Exchange Act, as the case may be, conformed in all
material respects with the requirements of the Securities Act or the Exchange Act, as applicable, and the rules and regulations of the Commission thereunder, and none of such documents contained an untrue statement of a material fact or omitted to
state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; and any further documents so filed and incorporated by reference in the
Registration Statement or the Prospectus or any further amendment or supplement thereto, when 

  
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such documents become effective or are filed with the Commission, as the case may be, will conform to the requirements of the Securities Act or the Exchange Act, as applicable, and the rules and
regulations of the Commission thereunder and will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under
which they were made, not misleading; provided however, that this representation and warranty shall not apply to any statements or omissions (a) that have been corrected in a filing that has been incorporated by reference in the Prospectus
prior to the relevant Applicable Time or (b) made in reliance on information furnished in writing to the Company by Canaccord expressly stating that such information is intended for use in any such document. 

(d) Financial Information. The financial statements (including the related notes thereto and the supporting schedules, if any) of the
Company and its consolidated subsidiaries (at the respective times such financial statements were prepared) (the Company’s consolidated subsidiaries as of the date of this Agreement, being those listed on Schedule 2 hereto, the
“Subsidiaries”), set forth or incorporated by reference in the Registration Statement, Prospectus and Disclosure Package, have been and will be prepared in accordance with Regulation S-X under
the Securities Act, in all material respects, and with United States generally accepted accounting principles (“US GAAP”) consistently applied at the times and during the periods covered thereby (except (i) as may be otherwise
indicated in such financial statements or the notes thereto, and (ii) in the case of unaudited interim statements, subject to normal year-end audit adjustments and the exclusion or condensing of certain
footnotes), and fairly present in all material respects and will fairly present in all material respects the financial position of the Company as of the dates indicated and the results of its operations and the changes in its cash flows for the
periods specified (subject, in the case of unaudited statements, to normal year-end adjustments); and the other financial information included or incorporated by reference in the Registration Statement, the
Prospectus and the Disclosure Package has been derived from the accounting records of the Company and its Subsidiaries and presents fairly in all material respects the information shown thereby. The Company does not have any material liabilities or
obligations, direct or contingent, which are not disclosed in the Registration Statement, Prospectus and Disclosure Package, as of the date of filing of those documents. Except as included therein, no historical or pro forma financial statements or
supporting schedules are required to be included in the Registration Statement, the Disclosure Package or the Prospectus under the Securities Act or the Rules and Regulations. The pro forma financial information included in the Registration
Statement, the Disclosure Package or the Prospectus has been properly compiled and prepared in accordance with the applicable requirements of the Securities Act and the rules and regulations thereunder and include all adjustments necessary to
present fairly in accordance with US GAAP the pro forma financial position of the respective entity or entities presented therein at the respective dates indicated and their cash flows and the results of operations for the respective periods
specified. The assumptions used in preparing the pro forma financial information included in the Registration Statement, the Disclosure Package or the Prospectus provide a reasonable basis for presenting the significant effects directly attributable
to the transactions or events described therein. The related pro forma adjustments give appropriate effect to those assumptions; and the pro forma financial information reflect the proper application of those adjustments to the corresponding
historical financial statement amounts. 
 (e) [Reserved]. 

  
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 (f) Emerging Growth Company Status. As of the date hereof, the Company is an
“emerging growth company” as defined in Section 2(a) of the Securities Act (an “Emerging Growth Company”). 

(g) Organization. The Company is duly incorporated and validly existing under the laws of the state of Delaware and has all requisite
power and authority to carry on its business as is currently being conducted as described in, or incorporated by reference into, the Prospectus, and to own, lease and operate its properties. The Company is duly qualified as a foreign corporation to
transact business and is in good standing in each jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of property or the conduct of business, except where the failure, individually or in the aggregate,
to be so qualified or in good standing or have such power or authority would not be reasonably expected to, individually or in the aggregate, have a material adverse effect on (i) the assets, properties, condition, financial or otherwise or in
the results of operations, business affairs or business prospects of the Company and its Subsidiaries taken as a whole, (ii) the transactions contemplated hereby or (iii) the ability of the Company to perform its obligations under this
Agreement (collectively, a “Material Adverse Effect”). 
 (h) Encumbrances. Except as otherwise described in, or
incorporated by reference into, the Registration Statement, Prospectus and Disclosure Package, each of the Company and its Subsidiaries has (i) good and marketable title to all of the properties and assets owned by it that are material to the
business of the Company and the Subsidiaries taken as a whole, free and clear of all material liens, charges, claims, security interests or encumbrances (collectively, “Encumbrances”), except (i) those that do not materially
interfere with the use made and proposed to be made of such property by the Company and the Subsidiaries or (ii) those that would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect, (iii) as
relates to possession under all material leases to which it is party as lessee, and (iv) such other Encumbrances executed by the Company and its Subsidiaries in the ordinary course of business or as or may be required to conduct their business
(including without limitation, under the existing offices and lease agreements of the Company and its Subsidiaries, and other Encumbrances executed with commercial banks in order to secure ongoing payments under credit cards and/or corporate cards).
All material leases to which the Company or its Subsidiaries is a party are valid and binding and no material default has occurred and is continuing thereunder, and no event or circumstance that with the passage of time or giving of notice, or both,
would constitute such a material default has occurred and is continuing, and, to the knowledge of the Company, no material defaults by the counterparties exist under any such leases or contracts. 

(i) No Improper Practices. (i) Neither the Company nor the Subsidiaries, nor to the knowledge of the Company, any director,
officer, agent, employee or other person associated with or acting on behalf of the Company or the Subsidiaries, has, in the past five years, in connection with the operation of the Company or any of the Subsidiaries, used any corporate funds of the
Company for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity; made any direct or indirect unlawful payment to any foreign or domestic government official or employee from corporate funds of
Company, violated or is in violation of any provision of the Foreign Corrupt Practices Act of 1977 (“FCPA”); or made any bribe, rebate, payoff, influence payment, kickback or other unlawful payment in breach of the

  
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FCPA; (ii) no relationship, direct or indirect, exists between or among the Company or, to the knowledge of the Company, the Subsidiaries, on the one hand, and the directors, officers and
shareholders of the Company or, to the knowledge of the Company, the Subsidiaries, on the other hand, that is required by the Securities Act to be described in, or incorporated by reference into, the Registration Statement and the Prospectus that is
not so described; (iii) no relationship, direct or indirect, exists between or among the Company or the Subsidiaries or any of their controlled affiliates, on the one hand, and the directors, officers, shareholders or directors of the Company
or, to the knowledge of the Company, the Subsidiaries, on the other hand, that is required by the rules of the Financial Industry Regulatory Authority, Inc. (“FINRA”) to be described in, or incorporated by reference into, the
Registration Statement and the Prospectus that is not so described; and (iv) except as otherwise described in, or incorporated by reference into, the Registration Statement, the Disclosure Package or the Prospectus, there are no material
outstanding loans or advances or material guarantees of indebtedness by the Company or, to the knowledge of the Company, the Subsidiaries to or for the benefit of any of their respective officers or directors or any of the members of the families of
any of them. 
 (j) Investment Company Act. The Company is not now and, after giving effect to the offering and sale of the Shares,
will not be required to register as an “investment company” or an entity “controlled” by an “investment company,” as such terms are defined in the Investment Company Act of 1940, as amended (the “Investment
Company Act”). 
 (k) Capitalization. The Company has an authorized capitalization as set forth in the Registration
Statement, the Disclosure Package and the Prospectus as of the date or dates set forth therein. All of the issued shares of share capital of the Company have been duly and validly authorized and issued and are fully paid and non-assessable and have been issued in compliance with all federal and state securities laws; and all of the issued shares of share capital or other equity interests of the Subsidiaries have been duly and validly
authorized and issued and are fully paid and non-assessable or issued in accordance with the terms of such securities of the Company (except, in the case of any foreign subsidiary, for directors’
qualifying shares) and the shares of such Subsidiaries are owned directly or indirectly by the Company and are held free and clear of all Encumbrances. None of the outstanding Common Shares were issued in violation of any preemptive rights, rights
of first refusal or other similar rights to subscribe for or purchase securities of the Company. Except as may be otherwise described in, or incorporated by reference into, the Registration Statement, the Disclosure Package and the Prospectus, and
except with respect to equity awards (the “Equity Incentive Securities”) issued under the Company’s equity incentive plans (the “Company Equity Incentive Plans”), there are no outstanding options, warrants,
preemptive rights, rights of first refusal or other rights to purchase, or equity or debt securities convertible into or exchangeable or exercisable for, any share capital of the Company. 

(l) Equity Incentive Plans. With respect to the Equity Incentive Securities (i) each grant of an Equity Incentive Security was
duly authorized by the Company in accordance with the applicable laws by all necessary corporate action, including, as applicable, approval by the board of directors of the Company (or a duly constituted and authorized committee thereof) and any
required shareholder approval by the necessary number of votes or written consents, (ii) each such grant was made in accordance with the terms of the Company Equity Incentive Plans and all other applicable laws and regulatory rules or
requirements, except where the failure to comply 

  
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with such laws, regulatory rules or requirements would not be reasonably expected to result in a Material Adverse Effect, and (iii) each such grant was properly accounted for in accordance
with US GAAP in the financial statements (including the related notes) of the Company included in the Registration Statement, the Disclosure Package and the Prospectus, to the extent required under US GAAP to be accounted for in such
financial statements. 
 (m) The Shares. The Shares have been duly authorized and, when issued, delivered and paid for pursuant to
this Agreement, will be validly issued, fully paid and non-assessable and free and clear of all Encumbrances and will be issued in compliance with federal and state securities laws; the share capital of the
Company, including the Common Shares, conforms in all material respects to the description thereof contained in the Registration Statement and the Common Shares, including the Placement Shares, will conform to the description thereof contained in
the Prospectus as amended or supplemented. Neither the shareholders of the Company, nor any other person or entity have any preemptive rights or rights of first refusal with respect to the Placement Shares, or other rights to purchase or receive any
of the Placement Shares, and no person has the right, contractual or otherwise, to cause the Company to issue to it, or register pursuant to the Securities Act, any shares of share capital or other securities of the Company upon the issuance or sale
of the Placement Shares, in each case except for rights that have been validly waived. 
 (n) No Material Changes. Since the date of
the most recent financial statements of the Company set forth in, or incorporated by reference into, the Registration Statement, the Prospectus and the Disclosure Package, (i) neither the Company nor any of the Subsidiaries has sustained any
material loss or interference with the business of the Company and its Subsidiaries, taken as a whole, including without limitation, from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor dispute or
court or governmental action, order or decree, except in each case as otherwise disclosed in, or incorporated by reference into, the Registration Statement, Prospectus and Disclosure Package; (ii) there have been no transactions entered into by
the Company or the Subsidiaries which are material to the Company and its Subsidiaries, considered as a whole, except as otherwise disclosed in, or incorporated by reference into, the Registration Statement, Prospectus and Disclosure Package;
(iii) there has not been any material change, on a consolidated basis, in the authorized share capital of the Company and its Subsidiaries (other than the issuance of Common Shares upon the exercise of stock options and warrants or upon
conversion of convertible securities described as outstanding in, and the grant of options and awards under existing equity incentive plans described in, or incorporated by reference into, the Registration Statement, Prospectus and Disclosure
Package), any material increase in the short-term debt or long-term debt of the Company and its Subsidiaries, on a consolidated basis, or any dividend or distribution of any kind declared, set aside for payment, paid or made by the Company on any
class of share capital, or any Material Adverse Effect, or any development reasonably likely to cause or result in a Material Adverse Effect. 

(o) Legal Proceedings. 

  
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 (i) Except as set forth in, or incorporated by reference into, the
Registration Statement, Prospectus and Disclosure Package, there is no legal, governmental or administrative proceeding, investigation, action, suit pending, or, to the knowledge of the Company, threatened against or affecting the Company or its
Subsidiaries or any of their respective properties or to which the Company or its Subsidiaries is or may be a party or to which any property of the Company or its Subsidiaries is or may be the subject, or against any officer or director of the
Company or the Subsidiaries in connection with such person’s employment therewith that, if determined adversely to the Company or the Subsidiaries or such officer or director, would individually or in the aggregate reasonably be expected to
have, a Material Adverse Effect. Neither the Company nor its Subsidiaries is a party to or subject to the provisions of, any order, writ, injunction, judgment or decree of any court or government agency or instrumentality which would reasonably be
expected to have a Material Adverse Effect, except for such order, writ, injunction, judgment or decree applicable to all companies in the similar industry or business of the Company and its Subsidiaries or applicable to all companies in the
jurisdictions in which the Company operates. 
 (ii) There are no legal, governmental or administrative proceedings, actions,
suits or documents, or, to the knowledge of the Company, investigations, of the Company or its Subsidiaries that are required to be described in, or incorporated by reference into, or filed as exhibits to the Registration Statement or any of the
documents incorporated by reference therein by the Securities Act or the Exchange Act or by the rules and regulations of the Commission thereunder that have not been so described or filed as required by the Securities Act or the Exchange Act and the
Rules and Regulations under either of them. 
 (p) Authorization; Enforceability. 

(i) The Company has all requisite corporate power and authority to execute and deliver this Agreement and to perform its
obligations hereunder, to provide the representations, warranties and indemnities under this Agreement and all necessary action has been duly and validly taken by the Company to authorize the execution, delivery and performance of this Agreement.
This Agreement has been duly and validly authorized, executed and delivered by the Company and constitutes the legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except that rights to
indemnification and contribution hereunder may be limited by applicable law and except that enforcement hereof may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’
rights generally and by general equitable principles (whether applied in a proceeding in law or equity). 
 (ii) Executing
and delivering this Agreement and the issuance and sale of the Shares and the compliance by the Company with all of the provisions of this Agreement and the consummation of the transactions contemplated herein will not result in (1) a breach or
violation of any of the terms and provisions of, or constitute a default under, any obligation, agreement, covenant or condition contained in any indenture, mortgage, deed of trust, loan or credit agreement or other agreement or instrument to which
the Company or its Subsidiaries is a party or by which either of them is bound or to which any of the property of the Company or its Subsidiaries is subject, (2) a violation of the Company’s certificate of incorporation, (3) a
violation of any statute or any order, rule or 

  
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regulation of any court or governmental agency or body having jurisdiction over the Company or its Subsidiaries or any of their properties, or (4) the creation of any material Encumbrance
upon any assets of the Company or its Subsidiaries or the triggering, solely as a result of the Company’s execution and delivery of this Agreement, of any preemptive or rights of first refusal or first offer, or any similar rights (whether
pursuant to a “poison pill” provision or otherwise), on the part of holders of the Company’s securities or any other person, except, in the cases of (1), (3) and (4) above, for any such conflict, breach, violation, creation or
default that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Neither the Company nor its Subsidiaries or controlled affiliates, nor any person acting on its or their behalf, has issued or sold
any Common Shares or securities or instruments convertible into, exchangeable for and/or otherwise entitling the holder thereof to acquire Common Shares which would be integrated with the offer and sale of the Shares hereunder. 

(q) Enforceability of Agreements. All agreements between the Company and third parties expressly referenced in the Prospectus are
legal, valid and binding obligations of the Company enforceable, in all material respects, in accordance with their respective terms, except to the extent that (i) enforceability may be limited by bankruptcy, insolvency, reorganization,
moratorium or similar laws affecting creditors’ rights generally and by general equitable principles and (ii) the indemnification provisions of certain agreements may be limited be federal or state securities laws or public policy
considerations in respect thereof and except for any unenforceability that, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect. 

(r) No Violations or Default. The Company and each of its “significant subsidiaries” within the meaning of Rule 1-02(w) of Regulation S-X is not (A) in violation of its certificate of incorporation or by-laws or other applicable governing
documents, (B) in default in the performance or observance of any material obligation, agreement, covenant or condition contained in any contract, indenture, mortgage, deed of trust, loan or credit agreement, note, lease or other agreement or
instrument to which the Company or any of its Subsidiaries is a party or by which it may be bound or to which any of the properties or assets of the Company or any of its Subsidiaries is subject (collectively, “Agreements and
Instruments”), except for such defaults that would not reasonably be expected to, singly or in the aggregate, result in a Material Adverse Effect, or (C) in violation of any law, statute, rule, regulation, judgment, order, writ or
decree of any arbitrator, court, governmental body, regulatory body, administrative agency or other authority, body or agency having jurisdiction over the Company or any of its Subsidiaries or any of their respective properties, assets or operations
(each, a “Governmental Entity”), except for such violations that would not reasonably be expected to, singly or in the aggregate, result in a Material Adverse Effect. The execution, delivery and performance of this Agreement and the
consummation of the transactions contemplated herein and in the Registration Statement, the Disclosure Package and the Prospectus and compliance by the Company with its obligations hereunder have been duly authorized by all necessary corporate
action and do not and will not, whether with or without the giving of notice or passage of time or both, conflict with or constitute a breach of, or default under, or result in the creation or imposition of any lien, charge or encumbrance upon any
properties or assets of the Company or any of its Subsidiaries pursuant to, the Agreements and Instruments (except for such conflicts, breaches, defaults or Encumbrances that would not reasonably be expected to, singly or in the aggregate, result in
a 

  
 11 

 
Material Adverse Effect), nor will such action result in any violation of (i) the provisions of the certificate of incorporation or by-laws or similar
organization document of the Company or any of its Subsidiaries or (ii) any law, statute, rule, regulation, judgment, order, writ or decree of any Governmental Entity, except with respect to clause (ii), such violations as would not reasonably
be expected to, singly or in the aggregate, result in a Material Adverse Effect. 
 (s) Compliance with Laws. The Company and its
Subsidiaries have not violated and are in compliance in all material respects with all laws, statutes, ordinances, regulations, rules and orders of each foreign, federal, state or local government and any other governmental department or agency
having jurisdiction over the Company and the Subsidiaries, and any judgment, decision, decree or order of any court or governmental agency, department or authority having jurisdiction over the Company and the Subsidiaries, except for such violations
or noncompliance which, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect. 
 (t)
Consents and Permits. The Company and each of its Subsidiaries possesses such permits, licenses, certificates, approvals, clearances, consents and other authorizations (collectively, “Governmental Licenses”) issued by the
appropriate Governmental Entities necessary to conduct the business now operated by them, except where the failure to possess would not reasonably be expected to, singly or in the aggregate, result in a Material Adverse Effect. The Company and each
of its Subsidiaries is in compliance with the terms and conditions of all Governmental Licenses and, to the Company’s knowledge, no event has occurred which allows, or after notice or lapse of time would allow, revocation or termination thereof
or result in any other material impairment of the rights of the holder of any Government License, except where the failure so to comply would not reasonably be expected to, singly or in the aggregate, result in a Material Adverse Effect. All of the
material Governmental Licenses are valid and in full force and effect. Neither the Company nor any of its Subsidiaries (a) has received written notice of any ongoing claim, action, suit, proceeding, hearing, enforcement, investigation,
arbitration or other action from any U.S. or non-U.S. Governmental Entity or third party alleging that any product, operation or activity is in violation of any Governmental Licenses and has no knowledge that
any such Governmental Entity or third party is considering any such claim, litigation, arbitration, action, suit, investigation or proceeding; (b) has received written notice that any Governmental Entity has taken, is taking or intends to take
regulatory action, and has no knowledge that any other Governmental Entity is considering such action; (c) has, either voluntarily or involuntarily, initiated, conducted, or issued or caused to be initiated, conducted or issued, any recall,
safety alert, or similar notice or action relating to any alleged product defect; and (d) is a party to any corporate integrity agreement, deferred prosecution agreement, monitoring agreement, consent decree, settlement order, or similar
agreements, or has any reporting obligations pursuant to any such agreement, plan or correction or other remedial measure entered into with any Governmental Entity, except as would not, individually or in the aggregate, reasonably be expected to
have a Material Adverse Effect. 
 (u) Absence of Further Requirements. No filing with, or authorization, approval, consent, license,
order, registration, qualification or decree of, any Governmental Entity is necessary or required for the performance by the Company of its obligations hereunder, in connection with the offering, sale of the Shares hereunder or the consummation of
the transactions contemplated by this Agreement, except such as have been already obtained or as may be required under the Securities Act, the Rules and Regulations, the rules of the New York Stock Exchange, state securities laws, the rules of
FINRA. 

  
 12 

 (v) Insurance. On the date hereof, and after the date hereof other than as set forth
in, or incorporated by reference into, the Registration Statement, the Disclosure Package or the Prospectus, the Company and its Subsidiaries carry, or are covered by, insurance in such amounts and covering such risks as is prudent, reasonable and,
to the knowledge of the Company, customary for companies engaged in similar businesses in similar industries; neither the Company nor its Subsidiaries has received notice from any insurer or agent of such insurer that material capital improvements
or other expenditures will have to be made in order to continue such insurance; all such insurance is outstanding and in full force and effect and neither the Company nor the Subsidiaries has received any notice of cancellation or proposed
cancellation relating to such insurance. 
 (w) Environmental Laws. Except as otherwise described in, or incorporated by reference
into, the Registration Statement, the Disclosure Package and the Prospectus or would not reasonably be expected to, singly or in the aggregate, result in a Material Adverse Effect, (A) neither the Company nor any of its Subsidiaries is in
violation of any statute, any rule, regulation, decision or order of any governmental agency or body or any court, domestic or foreign, relating to the use, disposal or release of hazardous or toxic substances or relating to the protection or
restoration of the environment or human exposure to hazardous or toxic substances (collectively, “Environmental Laws”), owns or operates any real property contaminated with any substance that is subject to any Environmental Laws, is
liable for any off-site disposal or contamination pursuant to any Environmental Laws, or is subject to any claim relating to any Environmental Laws, which violation, contamination, liability or claim would
individually or in the aggregate, have a Material Adverse Effect; and the Company is not aware of any pending investigation which might lead to such a claim. 

(x) Independent Public Accountants. PricewaterhouseCoopers LLP (the “Auditor”), who has expressed its opinion with
respect to the Company’s audited financial statements (which term as used in this Agreement includes the related notes thereto) and any supporting schedules filed with the Commission or incorporated by reference as a part of the Registration
Statement and included in the Prospectus, is an independent registered public accounting firm as required by the Securities Act and the Exchange Act. 

(y) Forward-Looking Statements. No forward looking statement within the meaning of Section 27A of the Securities Act and
Section 21E of the Exchange Act contained in, or incorporated by reference into, the Commission Documents, the Registration Statement or the Prospectus, has been made or reaffirmed without a reasonable basis or has been disclosed other than in
good faith. 
 (z) Title to Property. Each of the Company and the Subsidiaries has good and marketable title to all real property
owned by it and good title or valid leases to all personal property owned by it, in each case, free and clear of all mortgages, pledges, liens, security interests, claims, restrictions or Encumbrances (except for customary easements and rights of
way) of any kind except such as (A) are described in, or incorporated by reference into, the Registration Statement, the Disclosure Package and the Prospectus, (B) are not expected, singly 

  
 13 

 
or in the aggregate, to materially affect the value of such property and to materially interfere with the use made and proposed to be made of such property by the Company and the Subsidiaries, or
(C) such other Encumbrances executed by the Company and its Subsidiaries in the ordinary course of business or as or may be required to conduct their business (including without limitation, under the existing offices and lease agreements of the
Company and its Subsidiaries, and other Encumbrances executed with commercial banks in order to secure ongoing payments under credit cards and/or corporate cards). 

(aa) Intellectual Property. Except as otherwise described in, or incorporated by reference into, the Registration Statement, Prospectus
or Disclosure Package or as would not reasonably be expected to, individually or in the aggregate, result in a Material Adverse Effect, (i) the Company and its Subsidiaries own or possess, or can promptly acquire on reasonable terms, ownership,
licenses or other legal rights to use all patents, trademarks, service marks, tradenames, copyrights, trade secrets or other proprietary rights (collectively, “Intellectual Property Rights”) necessary for their respective businesses
as now conducted, (ii) the Company believes it and its Subsidiaries have taken commercially reasonable steps necessary to establish and preserve their respective ownership of all Intellectual Property Rights owned by the Company or any of its
Subsidiaries that is necessary for their respective businesses as now conducted, (iii) to the knowledge of the Company, there is no infringement, misappropriation or other violation of the Intellectual Property Rights owned by the Company or
any of its Subsidiaries by any third party, (iv) to the knowledge of the Company, the present business, activities and products of the Company and its Subsidiaries do not infringe, misappropriate or otherwise violate any Intellectual Property
Rights of any other person or entity, (v) to the knowledge of the Company, there is no proceeding pending or threatened in writing, charging the Company or any of its Subsidiaries with infringement, misappropriation or other violation of any
Intellectual Property Rights adversely held by a third party which has been filed, (vi) to the knowledge of the Company, no proceedings have been instituted or are pending or threatened in writing, which challenge the rights of the Company or
any of its Subsidiaries to use the Intellectual Property Rights owned by or licensed to the Company or its Subsidiaries, and (vii) the Intellectual Property Rights owned by and, to the knowledge of the Company, licensed, to the Company and its
Subsidiaries, has not been adjudged invalid or unenforceable in whole or in part and to the knowledge of the Company, there is no pending or threatened in writing proceeding by others challenging the validity or scope of any such Intellectual
Property Rights, and the Company is unaware of any facts which are reasonably likely to form a basis for any such claim. 
 (bb)
Taxes. 
 (i) The Company has filed all federal and state and all applicable local and foreign income tax returns
which have been required to be filed through the date hereof, except in any case in which the failure to so file would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

(ii) The Company has paid all federal, state and local and foreign taxes required to be paid and any other assessment, fine or
penalty levied against it, to the extent that any of the foregoing would otherwise be delinquent, except, in all cases, for any such tax, assessment, fine or penalty that is being contested in good faith and except in any case in which the failure
to so pay would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. 

  
 14 

 (cc) No Reliance. The Company has not relied upon Canaccord or legal counsel for
Canaccord for any legal, tax or accounting advice in connection with the offering and sale of the Placement Shares. 
 (dd) Underwriter
Agreements. Except for this Agreement, the Company is not a party to any agreement with an agent or underwriter for any other “at the market” transaction. 

(ee) Disclosure Controls. 

(i) Except as otherwise described in, or incorporated by reference into, the Registration Statement, the Disclosure Package or
the Prospectus, the Company has established and maintains disclosure controls and procedures (as such term is defined in Rule 13a-15 under the Exchange Act), which (a) are designed to ensure that material
information relating to the Company, including its consolidated Subsidiaries, is made known to the Company’s principal executive officer and its principal financial officer by others within those entities, particularly during the preparation of
the Registration Statement; (b) have been evaluated for effectiveness in accordance with U.S. securities laws; and (c) are effective in all material respects to perform the functions for which they were established. 

(ii) Except as otherwise described in, or incorporated by reference into, the Registration Statement, the Disclosure Package or
the Prospectus, the Company (a) makes and keeps accurate books and records and (b) maintains internal accounting controls which provide reasonable assurance that (1) transactions are executed in accordance with management’s
authorization, (2) transactions are recorded as necessary to permit preparation of its financial statements and to maintain accountability for its assets, (3) access to its assets is permitted only in accordance with management’s
authorization and (4) the reported accountability for its assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences. 

(ff) Accounting Controls. Except as otherwise described in, or incorporated by reference into, the Registration Statement, the
Disclosure Package and the Prospectus, the Company maintains effective internal control over financial reporting (as defined under Rule 13a-15 and 15d-15 of the Exchange
Act Regulations) and a system of internal accounting controls sufficient to provide reasonable assurances that (A) transactions are executed in accordance with management’s general or specific authorization; (B) transactions are
recorded as necessary to permit preparation of financial statements in conformity with US GAAP and to maintain accountability for assets; (C) access to assets is permitted only in accordance with management’s general or specific
authorization; and (D) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. Except as otherwise described in, or incorporated by
reference into, the Registration Statement, the Disclosure Package and the Prospectus, since the end of the Company’s most recent audited fiscal year, there has been (1) no material weakness identified in the Company’s internal
control over financial reporting (whether or not remediated) and (2) no adverse change in the Company’s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the
Company’s internal control over financial reporting. 

  
 15 

 (gg) Certain Market Activities. The Company has not taken, directly or indirectly,
without giving effect to activities by Canaccord, any action designed to, or that might be reasonably expected to, cause or result in stabilization or manipulation of the price of the Shares. 

(hh) Broker/Dealer Relationships. Neither the Company nor the Subsidiaries or any related entities (i) is required to register as
a “broker” or “dealer” in accordance with the provisions of the Exchange Act or (ii) directly or indirectly through one or more intermediaries, controls or is a “person associated with a FINRA member” or
“associated person of a FINRA member” (within the meaning of Article I of the Bylaws of the FINRA). 
 (ii) [Reserved].

 (jj) Sarbanes-Oxley. The Company is in compliance in all material respects with all applicable provisions of the Sarbanes-Oxley
Act. 
 (kk) Finder’s Fees. Neither the Company nor, to the Company’s knowledge, the Subsidiaries has incurred any
liability for any brokerage commission, finder’s fees or similar payments in connection with the transactions herein contemplated, except as may otherwise exist with respect to Canaccord pursuant to this Agreement. 

(ll) Labor Disputes. No labor dispute with the employees of the Company or any of its Subsidiaries exists or, to the knowledge of the
Company, is imminent, except where any such labor dispute would not, individually or in the aggregate, result in a Material Adverse Effect. 

(mm) Canaccord Purchases. The Company acknowledges and agrees that Canaccord has informed the Company that Canaccord may, to the extent
permitted under the Securities Act and the Exchange Act, purchase and sell Common Shares for Canaccord’s own account and for the account of its clients at the same time as sales of Placement Shares occur pursuant to this Agreement. 

(nn) No Registration Rights. Except as waived or as may be described in the Prospectus, including the documents incorporated therein by
reference, neither the Company nor its Subsidiaries is party to any agreement that provides any person with the right to require the Company or its Subsidiaries to register any securities for sale under the Securities Act by reason of the filing of
the Registration Statement with the Commission or the issuance and sale of the Placement Shares. 
 (oo) Prospectus Disclosure. The
statements set forth in the Prospectus under the caption “Description of Capital Stock and Outstanding Warrants” insofar as they purport to constitute a summary of the terms of the Shares, and under the caption “Plan of
Distribution,” insofar as they purport to describe in all material respects the provisions of the laws and documents referred to therein, are accurate and complete in all material respects. 

  
 16 

 (pp) OFAC. To the knowledge of the Company, none of the Company, its Subsidiaries or
any director, officer, agent, employee or controlled affiliate of the Company or its Subsidiaries is currently the target of any proceeding, investigation, suit or other action arising out of any U.S. sanctions administered by the Office of Foreign
Assets Control of the U.S. Department of the Treasury (“OFAC”); and the Company will not directly or indirectly use the proceeds of the offering of the Placement Shares hereunder, or lend, contribute or otherwise make available such
proceeds to any subsidiary, joint venture partner or other person or entity, for the purpose of financing the activities of any person currently the subject of any U.S. sanctions administered by OFAC, in breach of such sanctions. 

(qq) Operations. The operations of the Company and its Subsidiaries are and have been conducted at all times in compliance in all
material respects with applicable financial record keeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of all jurisdictions to which the Company and its
Subsidiaries are subject, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the “Money Laundering Laws”),
except as would not reasonably be expected to result in a Material Adverse Effect; and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or its Subsidiaries with
respect to the Money Laundering Laws is pending or, to the knowledge of the Company, threatened. 
 (rr)
Off-Balance Sheet Arrangements. There are no transactions, arrangements and other relationships between and/or among the Company, and/or, to the knowledge of the Company, any of its controlled
affiliates and any unconsolidated entity, including, but not limited to, any structural finance, special purpose or limited purpose entity (each, an “Off Balance Sheet Transaction”) that could reasonably be expected to affect
materially the Company’s liquidity or the availability of or requirements for its capital resources, including those Off Balance Sheet Transactions described in the Commission’s Statement about Management’s Discussion and Analysis of
Financial Conditions and Results of Operations (Release Nos. 33-8056; 34-45321; FR-61), required to be described in, or
incorporated by reference into, the Prospectus which have not been described as required. 
 (ss) No Misstatement or Omission in an
Issuer Free Writing Prospectus. Each issuer free writing prospectus, as defined in Rule 405 under the Securities Act (an “Issuer Free Writing Prospectus”), as of the Applicable Time did not or will not contain an untrue
statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; provided, however, that the Company makes no representation or warranty
with respect to any statement contained in any Issuer Free Writing Prospectus in reliance upon and in conformity with written information furnished to the Company by and through Canaccord for use therein. 

(tt) Conformity of Issuer Free Writing Prospectus. Each Issuer Free Writing Prospectus conformed or will conform in all material
respects with the requirements of the Securities Act on the date of first use, and the Company has complied or will comply with any filing requirements applicable to such Issuer Free Writing Prospectus pursuant to the Securities Act. Each Issuer
Free Writing Prospectus, as of its issue date and at all subsequent times through 

  
 17 

 
the completion of the public offer and sale of the Placement Shares, did not, does not and will not include any information that conflicted, conflicts or will conflict with the information
contained in the Registration Statement, the Disclosure Package or the Prospectus, including any document incorporated by reference therein that has not been superseded or modified. The Company has not made any offer relating to the Shares that
would constitute an Issuer Free Writing Prospectus without the prior written consent of Canaccord. The Company has retained in accordance with the Securities Act all Issuer Free Writing Prospectuses that were not required to be filed pursuant to the
Securities Act. 
 (uu) eXtensible Business Reporting Language. The interactive data in eXtensible Business Reporting Language
included or incorporated by reference in the Registration Statement fairly presents the information called for in all material respects and has been prepared in accordance with the Commission’s rules and guidelines applicable thereto. 

(vv) Cybersecurity. Except as otherwise disclosed in, or incorporated by reference into, the Registration Statement and the Prospectus,
or where the breach or compromise would not, individually or in the aggregate, reasonably be expected have a Material Adverse Effect, (i)(x) to the knowledge of the Company, there has been no security breach or other compromise of or relating to any
of the Company’s or its Subsidiaries’ information technology and computer systems, networks, hardware, software, data (including the data of their respective customers, employees, suppliers, vendors and any third party data that the
Company maintains within its own systems on the behalf of the foregoing), equipment or technology (collectively, “IT Systems and Data”) and (y) the Company and its Subsidiaries have not been notified of, and have no knowledge
of any event or condition that would reasonably be expected to result in, any security breach or other compromise to their IT Systems and Data except where such event or condition would not, individually or in the aggregate, reasonably be expected
have a Material Adverse Effect; and (ii) the Company and its Subsidiaries are presently in compliance with all applicable laws or statutes and all applicable judgments, orders, rules and regulations of any court or arbitrator or governmental or
regulatory authority and contractual obligations relating to the privacy and security of IT Systems and Data and to the protection of such IT Systems and Data from unauthorized use, access, misappropriation or modification. 

(ww) [Reserved]. 
 (xx)
Stabilization. The Company has not taken, nor will it take, directly or indirectly, any action designed to, or which might reasonably be expected to cause or result in, or which has constituted or which might reasonably be expected to
constitute, the stabilization or manipulation of the price of the Common Shares or any security of the Company to facilitate the sale or resale of any of the Shares. 

(yy) Lending Relationship. Except as otherwise disclosed in, or incorporated by reference into, the Registration Statement, the
Disclosure Package and the Prospectus, the Company (A) does not have any material lending or other relationship with any bank or lending affiliate of Canaccord and (B) does not intend to use any of the proceeds from the sale of the
Placement Shares to repay any outstanding debt owed to any affiliate of Canaccord. 

  
 18 

 (zz) Statistical and Market-Related Data. Any statistical and market-related data
included in, or incorporated by reference into, the Registration Statement, the Disclosure Package or the Prospectus are based on or derived from sources that the Company believes, after reasonable inquiry, to be reliable and accurate in all
material respects and, to the extent required, the Company has obtained the written consent to the use of such data from such sources. 

(aaa) Related Party Transactions. There are no business relationships or related-party transactions involving the Company, any of the
Subsidiaries or any other person required to be described in, or incorporated by reference into, the Registration Statement, the Prospectus and the Disclosure Package, which have not been described as required. The Disclosure Package and the
Prospectus contains in all material respects the description of the matters set forth in the preceding sentence as required by the applicable law. 

(bbb) Margin Rules. The application of the proceeds received by the Company from the issuance, sale and delivery of the Placement
Shares as described in the Registration Statement, the Disclosure Package and the Prospectus will not violate Regulation T, U or X of the Board of Governors of the Federal Reserve System or any other regulation of such Board of Governors. 

7. Covenants of the Company. The Company covenants and agrees with Canaccord that: 

(a) Registration Statement Amendments. After the date of this Agreement and during the period in which a prospectus relating to the
Placement Shares is required to be delivered by Canaccord under the Securities Act (including in circumstances where such requirement may be satisfied pursuant to Rule 172 or Rule 173(a) under the Securities Act), (i) the Company will notify
Canaccord promptly of the time when any subsequent amendment to the Registration Statement has been filed with the Commission and has become effective (each, a “Registration Statement Amendment Date”) or any subsequent supplement to
the Prospectus has been filed and of any request by the Commission for any amendment or supplement to the Registration Statement or Prospectus or for additional information; (ii) the Company will file promptly all other material required to be
filed by it with the Commission pursuant to Rule 433(d) under the Securities Act; (iii) it will prepare and file with the Commission, promptly upon Canaccord’s request, any amendments or supplements to the Registration Statement or
Prospectus that (under the advice of counsel) are necessary or advisable in connection with the distribution of the Placement Shares by Canaccord (provided, however that the failure of Canaccord to make such request shall not relieve the Company of
any obligation or liability hereunder, or affect Canaccord’s right to rely on the representations and warranties made by the Company in this Agreement); and (iv) the Company will submit to Canaccord a copy of any amendment or supplement to
the Registration Statement or Prospectus a reasonable period of time before the filing thereof and will afford Canaccord and Canaccord’s counsel a reasonable opportunity to comment on any such proposed filing prior to such proposed filing; and
the Company will cause each amendment or supplement to the Prospectus to be filed with the Commission as required pursuant to the applicable paragraph of Rule 424(b) of the Rules and Regulations or, in the case of any document to be incorporated
therein by reference, to be filed with the Commission as required pursuant to the Exchange Act, within the time period prescribed. 

  
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 (b) Notice of Commission Stop Orders. The Company will advise Canaccord, promptly
after it receives notice thereof, of the issuance by the Commission of any stop order or of any order preventing or suspending the use of the Prospectus or other prospectus in respect of the Shares, of any notice of objection of the Commission to
the use of the form of the Registration Statement or any post-effective amendment thereto pursuant to Rule 401(g)(2) under the Securities Act, of the suspension of the qualification of the Shares for offering or sale in any jurisdiction, of the
initiation or threatening of any proceeding for any such purpose, or of any request by the Commission for the amending or supplementing of the form of the Registration Statement or the Prospectus or for additional information; and, in the event of
the issuance of any such stop order or of any such order preventing or suspending the use of the Prospectus in respect of the Shares or suspending any such qualification, to promptly use its commercially reasonable efforts to obtain the withdrawal
of such order; and in the event of any such issuance of a notice of objection, promptly to take such reasonable steps as may be necessary to permit offers and sales of the Placement Shares by Canaccord, which may include, without limitation,
amending the Registration Statement or filing a new registration statement, at the Company’s expense (references in this Section 7 to the Registration Statement shall include any such amendment or new registration
statement). 
 (c) Delivery of Prospectus; Subsequent Changes. Within the time during which a prospectus relating to the Shares is
required to be delivered by Canaccord under the Securities Act (including in circumstances where such requirement may be satisfied pursuant to Rule 172 or Rule 173(a) under the Securities Act), the Company will comply with all requirements imposed
upon it by the Securities Act and by the Rules and Regulations, as from time to time in force, and will file on or before their respective due dates all reports required to be filed by it with the Commission pursuant to Sections 13(a), 13(c), 15(d),
if applicable, or any other provision of or under the Exchange Act. If during such period any event occurs as a result of which the Prospectus as then amended or supplemented would include an untrue statement of material fact or omit to state a
material fact necessary to make the statements therein, in the light of the circumstances then existing, not misleading, or if during such period it is necessary to amend or supplement the Registration Statement or Prospectus to comply with the
Securities Act, the Company will promptly notify Canaccord to suspend the offering of Shares during such period and the Company will promptly amend or supplement the Registration Statement or Prospectus (at the expense of the Company) so as to
correct such statement or omission or effect such compliance. 
 (d) NYSE Filings. In connection with the offering and sale of the
Placement Shares, the Company will file with the Principal Trading Market all documents and notices, and make all certifications, required by the Principal Trading Market of companies that have securities that are listed on the Principal Trading
Market. 
 (e) Listing of Placement Shares. The Company will use commercially reasonable efforts to cause the Placement Shares to be
listed on the Principal Trading Market and to qualify the Placement Shares for sale under the securities laws of such jurisdictions as Canaccord designates and to continue such qualifications in effect so long as required for the distribution of the
Placement Shares; provided that the Company shall not be required in connection therewith to qualify as a foreign corporation or other entity or as a dealer in securities in any such jurisdiction where it would not otherwise be required to so
qualify or to file a general consent to service of process in any such jurisdiction or subject itself to taxation in any such jurisdiction if it is not otherwise so subject. 

  
 20 

 (f) Delivery of Registration Statement and Prospectus. Upon the request of Canaccord,
the Company will furnish to Canaccord and its counsel (at the expense of the Company) copies of the Registration Statement, the Prospectus (including all documents incorporated by reference therein) and all amendments and supplements to the
Registration Statement or Prospectus that are filed with the Commission during the period in which a prospectus relating to the Shares is required to be delivered under the Securities Act (including all documents filed with the Commission during
such period that are deemed to be incorporated by reference therein), in each case as soon as reasonably practicable and in such quantities as Canaccord may from time to time reasonably request and, at Canaccord’s request, will also furnish
copies of the Prospectus to each exchange or market on which sales of Placement Shares may be made. 
 (g) Expenses. 

(i) The Company, whether or not the transactions contemplated hereunder are consummated or this Agreement is terminated, will
pay or cause to be paid all expenses incident to the performance of its obligations hereunder, including but not limited to (i) the preparation, printing and filing of the Registration Statement and each amendment and supplement thereto, of
each Prospectus and of each amendment and supplement thereto and each Issuer Free Writing Prospectus (as defined in Section 8 of this Agreement), (ii) the preparation, issuance and delivery of the Placement Shares, (iii) all
fees and disbursements of the Company’s counsel, accountants and other advisors, (iv) the qualification of the Placement Shares under securities laws in accordance with the provisions of Section 7(e) of this Agreement,
including filing fees in connection therewith, (v) the printing and delivery to Canaccord of any requested copies of the Prospectus and any amendments or supplements thereto, and of this Agreement, (vi) the fees and expenses incurred in
connection with the listing or qualification of the Placement Shares for trading on the Exchange, and (vii) any filing fees and expenses incident to any review by the Financial Industry Regulatory Authority (including reasonable and documented
fees and disbursements of counsel to Canaccord incurred in connection therewith not to exceed $5,000) of the terms of the sale of the Placement Shares. 

(ii) In addition to any fees that may be payable to Canaccord hereunder and regardless of whether or not the transactions
contemplated hereunder are consummated or this Agreement is terminated, the Company shall reimburse Canaccord for all of its reasonable and documented expenses (including travel and related expenses, the costs of document preparation, production and
distribution, third party research and database services and the reasonable fees and disbursements of counsel to Canaccord), up to a maximum reimbursement of $50,000, arising out of this Agreement, within ten (10) days of the presentation by
Canaccord to the Company of a reasonably detailed statement therefor. In no event shall Canaccord be entitled to reimbursement of expenses hereunder to the extent it would cause Canaccord to receive total compensation in excess of eight percent
(8.0%) of the total proceeds for the sale of Placement Shares hereunder.  

  
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 (h) Use of Proceeds. The Company will use the Net Proceeds as described in the
Prospectus. 
 (i) Other Sales. Without the prior written consent of Canaccord (which consent shall not be unreasonably withheld,
conditioned or delayed), the Company will not (A) directly or indirectly, offer to sell, sell, announce the intention to sell, contract to sell, pledge, lend, grant or sell any option, right or warrant to sell or any contract to purchase,
purchase any contract or option to sell or otherwise transfer or dispose of any Common Shares (other than the Shares offered pursuant to the provisions of this Agreement) or securities convertible into or exchangeable for Common Shares, warrants or
any rights to purchase or acquire, Common Shares or file any registration statement under the Securities Act with respect to any of the foregoing (other than a registration statement on Form S-8 or any
amendments or supplements to existing Registration Statements on Form S-1 or any new Registration Statements on Form S-1 or S-3
in replacement thereof pursuant to registration requirements of the Company in existence on the date hereof), or (B) enter into any swap or other agreement or any transaction that transfers in whole or in part, directly or indirectly, any of
the economic consequence of ownership of the Common Shares, or any securities convertible into or exchangeable or exercisable for or repayable with Common Shares, whether any such swap or transaction described in clause (A) or (B) above is to
be settled by delivery of Common Shares or such other securities, in cash or otherwise, during the period beginning on the date on which any Placement Notice is delivered by the Company hereunder and ending on the final Settlement Date with respect
to Placement Shares sold pursuant to such Placement Notice; and without the prior written consent of Canaccord (which consent shall not be unreasonably withheld, conditioned or delayed), the Company will not directly or indirectly in any other
“at the market” or continuous equity transaction offer to sell, sell, contract to sell, grant any option to sell or otherwise dispose of any Common Shares (other than the Placement Shares offered pursuant to the provisions of this
Agreement) or securities convertible into or exchangeable for Common Shares, warrants or any rights to purchase or acquire, Common Shares prior to the termination of this Agreement; provided, however, that such restrictions will not be
applicable to the Company’s issuance or sale of (i) Common Shares, options to purchase Common Shares or Common Shares issuable upon the exercise of options, restricted stock unit awards, or Common Shares issuable upon the settlement of
restricted stock unit awards, or other equity awards or Common Shares issuable upon exercise or vesting of such other equity awards, pursuant to any (x) Company Equity Incentive Plan, (y) share ownership or share purchase plan or
(z) dividend reinvestment plan (but not shares subject to a waiver to exceed plan limits in its dividend reinvestment plan) of the Company whether now in effect or hereafter implemented, (ii) Common Shares issuable upon conversion of
securities or the exercise of warrants, options or other rights in effect or outstanding on the date hereof, and (iii) Common Shares, warrants or securities convertible into or exchangeable for Common Shares, warrants or any rights to purchase
or acquire Common Shares pursuant to any merger, consolidation, reorganization or sale, financing activity, or other transaction involving the Company. 

  
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 (j) Change of Circumstances. The Company will, at any time during the term of this
Agreement, as supplemented from time to time, advise Canaccord promptly after it shall have received notice or obtained knowledge thereof, of any information or fact that would materially alter or affect any opinion, certificate, letter or other
document provided to Canaccord pursuant to this Agreement. 
 (k) Due Diligence Cooperation. The Company will cooperate with any due
diligence review conducted by Canaccord or its agents, including, without limitation, providing information and making available documents and senior corporate officers, as Canaccord may reasonably request; provided, however, that the
Company shall be required to make available senior corporate officers only (i) by telephone or at the Company’s principal offices and (ii) during the Company’s ordinary business hours. 

(l) Affirmation of Representations, Warranties, Covenants and Other Agreements. Upon commencement of the offering of the Placement
Shares under this Agreement (and upon the recommencement of the offering of the Placement Shares under this Agreement following any termination of a suspension of sales hereunder), and at each Applicable Time, each Settlement Date, each Registration
Statement Amendment Date and each Company Periodic Report Date (as defined below), in each case, to the extent no waiver is applicable pursuant to Section 7(n), the Company shall be deemed to have affirmed each representation, warranty,
covenant and other agreement contained in this Agreement. 
 (m) Required Filings Relating to Placement of Placement Shares. In each
Annual Report on Form 10-K or Quarterly Report on Form 10-Q filed by the Company in respect of any quarter in which sales of Placement Shares were made by Canaccord
under this Agreement (each date on which any such document is filed, and any date on which an amendment to any such document is filed, a “Company Periodic Report Date”), the Company shall set forth with regard to such quarter the
number of Shares sold through Canaccord under this Agreement and the Net Proceeds received by the Company. 
 (n) Representation Dates;
Certificate. During the term of this Agreement, on the date of each Placement Notice given hereunder, and each time the Company (i) files the Prospectus relating to the Placement Shares or amends or supplements (other than a prospectus
supplement relating solely to an offering of securities other than the Placement Shares) the Registration Statement or the Prospectus relating to the Placement Shares by means of a post-effective amendment, sticker, or supplement but not by means of
incorporation of document(s) by reference to the Registration Statement or the Prospectus relating to the Placement Shares; (ii) files an annual report on Form 10-K or quarterly report on Form 10-Q under the Exchange Act; or (iii) files a report on Form 8-K containing amended financial information (other than an earnings release, to “furnish”
information pursuant to Form 8-K relating to the reclassifications of certain properties as discontinued operations in accordance with Statement of Financial Accounting Standards No. 144) under the
Exchange Act (each date of filing of one or more of the documents referred to in clauses (i) through (iii) shall be a “Representation Date”); the Company shall furnish Canaccord (but in the case of clause (iii) above only
if Canaccord reasonably determines that the financial information contained in such Form 8-K is material) with a certificate, in the form attached hereto as Exhibit A. The requirement to provide a
certificate under this Section 7(n) shall be waived for any Representation Date occurring at a 

  
 23 

 
time at which no Placement Notice is pending, which waiver shall continue until the earlier to occur of the date the Company delivers a Placement Notice hereunder (which for such calendar quarter
shall be considered a Representation Date) and the next occurring Representation Date; provided, however, that such waiver shall not apply for any Representation Date on which the Company files its annual report on Form 10-K. Notwithstanding the foregoing, if the Company subsequently decides to sell Placement Shares following a Representation Date when the Company relied on such waiver and did not provide Canaccord with a
certificate under this Section 7(n), then before the Company delivers the Placement Notice or Canaccord sells any Placement Shares, the Company shall provide Canaccord with a certificate, in the form attached hereto as Exhibit
A, dated the date of the Placement Notice. 
 (o) Legal Opinions. Upon commencement of the offering of Placement Shares under
this Agreement (and upon the recommencement of the offering of the Placement Shares under this Agreement following any termination of a suspension of sales hereunder), and promptly after each (i) Registration Statement Amendment Date and
(ii) Company Periodic Report Date, in each case, to the extent no waiver is applicable pursuant to Section 7(n), the Company will furnish or cause to be furnished to Canaccord the written opinion and negative assurance letter, to
the extent applicable, of Freshfields Bruckhaus Deringer LLP, counsel for the Company, or other counsel reasonably satisfactory to Canaccord, dated the date of such commencement or recommencement or the date of effectiveness of such amendment or the
date of filing with the Commission of such supplement or other document, as the case may be, in a form and substance reasonably satisfactory to Canaccord and its counsel, provided, however, in lieu of such opinion and letter, counsel
last furnishing such letter to Canaccord may furnish Canaccord with a letter substantially to the effect that Canaccord may rely on such last opinion and letter to the same extent as though each were dated the date of such letter authorizing
reliance (except that statements in such last letter shall be deemed to relate to the Registration Statement and the Prospectus as amended and supplemented to the time of delivery of such letter authorizing reliance). As used in this paragraph, to
the extent there shall be an Applicable Time on or following the date referred to in clause (i) or (ii) above, promptly shall be deemed to be on or prior to the next succeeding Applicable Time. Such opinion and negative assurance letter, to the
extent applicable, shall be rendered to Canaccord at the request of the Company and shall state so therein. 
 (p) Comfort Letters.
Upon commencement of the offering of Placement Shares under this Agreement (and upon the recommencement of the offering of the Shares under this Agreement following any termination of a suspension of sales hereunder), and promptly after each
(i) Registration Statement Amendment Date and (ii) Company Periodic Report Date, in each case, to the extent no waiver is applicable pursuant to Section 7(n) the Company shall cause its independent accountants reasonably
satisfactory to Canaccord, to furnish Canaccord letters dated the date of this Agreement or the date of such commencement or recommencement or the date of effectiveness of such amendment or the date of filing of such supplement or other document
with the Commission, as the case may be (the “Comfort Letters”), in form and substance satisfactory to Canaccord, (i) confirming that they are registered independent public accountants within the meaning of the Securities Act
and are in compliance with the applicable requirements relating to the qualification of accountants under Rule 2-01 of Regulation S-X of the Commission,
(ii) stating, as of such date, the conclusions and findings of such firm with respect to the financial information and other matters included in or incorporated by reference in 

  
 24 

 
the Registration Statement as ordinarily covered by accountants’ “comfort letters” to underwriters in connection with registered public offerings (the first such letter, the
“Initial Comfort Letter”) and (iii) updating the Initial Comfort Letter with any information which would have been included in the Initial Comfort Letter had it been given on such date and modified as necessary to relate to the
Registration Statement and the Prospectus, as amended and supplemented to the date of such letter. In addition, upon commencement of the offering of Placement Shares under this Agreement, the Company shall cause Macias Gini & O’Connell
LLP to furnish Canaccord a letter, dated the date of this Agreement or the date of such commencement or the date of effectiveness or the date of filing of such supplement or other document with the Commission, as the case may be, in form and
substance satisfactory to Canaccord, with respect to the financial statements of exactEarthTM Ltd. that are incorporated by reference into the Registration Statement and the Prospectus. 

(q) Chief Financial Officer Certificate. Upon commencement of the offering of Placement Shares under this Agreement (and upon the
recommencement of the offering of the Shares under this Agreement following any termination of a suspension of sales hereunder), and promptly after each (i) Registration Statement Amendment Date and (ii) Company Periodic Report Date, in
each case, to the extent no waiver is applicable pursuant to Section 7(n), the Company shall furnish to the Agent a certificate of the Chief Financial Officer of the Company, in form and substance reasonably satisfactory to the Agent. 

(r) Market Activities. The Company will not, directly or indirectly, without giving effect to activities by Canaccord, (i) take
any action designed to cause or result in, or that constitutes or might reasonably be expected to constitute, the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Shares or
(ii) sell, bid for, or purchase the Shares, or pay anyone any compensation for soliciting purchases of the Shares other than Canaccord. 

(s) Insurance. The Company and its Subsidiaries shall maintain, or cause to be maintained, insurance in such amounts and covering such
risks as is reasonable and customary for companies engaged in similar businesses in similar industries. 
 (t) Compliance with Laws.
The Company and its Subsidiaries shall comply with all federal, state and local or foreign law, rule, regulation, ordinance, order or decree applicable to them, except where failure to so comply would not reasonably be expected to have a Material
Adverse Effect. Furthermore, the Company and its Subsidiaries shall maintain, or cause to be maintained, all material environmental permits, licenses and other material authorizations required by federal, state and local law in order to conduct
their businesses as described in, or incorporated by reference into, the Registration Statement, the Disclosure Package or the Prospectus, and the Company and its Subsidiaries shall conduct their businesses, or cause their businesses to be
conducted, in substantial compliance with such material permits, licenses and authorizations and with applicable environmental laws, except where the failure to maintain or be in compliance with such permits, licenses and authorizations would not
reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. 
 (u) Investment Company Act. The
Company will conduct its affairs in such a manner so as to reasonably ensure that it will not be or become, at any time prior to the termination of this Agreement, an “investment company,” as such term is defined in the Investment Company
Act, assuming no change in the Commission’s current interpretation as to entities that are not considered an investment company. 

  
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 (v) Securities Act and Exchange Act. The Company will use commercially reasonable
efforts to comply, in all material respects, with all requirements imposed upon it by the Securities Act and the Exchange Act as from time to time in force, so far as necessary to permit the continuance of sales of, or dealings in, the Shares as
contemplated by the provisions hereof and the Prospectus. 
 (w) No Offer to Sell. Other than a free writing prospectus (as defined
in Rule 405 under the Securities Act) approved in advance by the Company and Canaccord in its capacity as principal or agent hereunder, neither Canaccord nor the Company (including its agents and representatives, other than Canaccord in its capacity
as such) will make, use, prepare, authorize, approve or refer to any written communication (as defined in Rule 405 under the Securities Act), required to be filed by it with the Commission, that constitutes an offer to sell or solicitation of an
offer to buy Common Shares hereunder. 
 (x) Sarbanes-Oxley Act. The Company and the Subsidiaries will comply, in all material
respects, with all effective applicable provisions of the Sarbanes-Oxley Act. 
 (y) Consent to Canaccord Trading. The Company
consents to Canaccord trading in the Common Shares of the Company for Canaccord’s own account and for the account of its clients at the same time as sales of Placement Shares occur pursuant to this Agreement. 

(z) Rescission Offers. If, to the knowledge of the Company, all filings required by Rule 424 in connection with this offering shall not
have been made or the representation in Section 6 shall not be true and correct on the applicable Settlement Date, the Company will offer to any person who has agreed to purchase Placement Shares from the Company as the result of an
offer to purchase solicited by Canaccord the right to refuse to purchase and pay for such Placement Shares. 
 (aa) Actively Traded
Security. If, at the time of execution of this Agreement, the Company’s Common Shares are not an “actively traded security” exempted from the requirements of Rule 101 of Regulation M under the Exchange Act by subsection (c)(1) of
such rule, the Company shall notify Canaccord at the time the Common Shares becomes an “actively traded security” under such rule. Furthermore, the Company shall notify Canaccord immediately if the Common Shares, having once qualified for
such exemption, ceases to so qualify. 
 (bb) Blue Sky Qualifications. The Company will use its commercially reasonable efforts, in
cooperation with Canaccord, to qualify the Placement Shares for sale under the applicable securities laws of such states and other jurisdictions (domestic or foreign) as Canaccord may designate and to maintain such qualifications in effect so long
as required to complete the sale of the Placement Shares; provided, however, that the Company shall not be obligated to file any general consent to service of process or to qualify as a foreign corporation or as a dealer in securities in any
jurisdiction in which it is not so qualified or to subject itself to taxation in respect of doing business in any jurisdiction in which it is not otherwise so subject. 

  
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 (cc) Emerging Growth Company Status. The Company will promptly notify Canaccord if
the Company ceases to be an Emerging Growth Company at any time prior to the termination of this Agreement. 
 (dd) Tax Indemnity.
The Company will indemnify and hold harmless Canaccord against any documentary, stamp or similar issue tax, including any interest and penalties, on the issue and sale of the Placement Shares. 

8. Additional Representations and Covenants of the Company. 

(a) Issuer Free Writing Prospectuses. 

(i) The Company represents that it has not made, and covenants that, unless it obtains the prior written consent of Canaccord
(such consent not to be unreasonably withheld, conditioned or delayed), it will not make any offer relating to the Shares that would constitute a “free writing prospectus” (as defined in Rule 405 of the Securities Act) (an “Issuer
Free Writing Prospectus”) required to be filed by it with the Commission or retained by the Company under Rule 433 of the Securities Act; except as set forth in a Placement Notice, no use of any Issuer Free Writing Prospectus has been consented
to by Canaccord. The Company agrees that it will comply with the requirements of Rules 164 and 433 of the Securities Act applicable to any Issuer Free Writing Prospectus, including timely filing with the Commission or retention where required and
legending. 
 (ii) The Company agrees that no Issuer Free Writing Prospectus, if any, will include any information that
conflicts with the information contained in the Registration Statement, including any document incorporated by reference therein that has not been superseded or modified, or the Prospectus. In addition, no Issuer Free Writing Prospectus, if any,
will include an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; provided however, the foregoing shall not apply
to any statements or omissions in any Issuer Free Writing Prospectus made in reliance on information furnished in writing to the Company by Canaccord expressly stating that such information is intended for use therein. 

(iii) The Company agrees that if at any time following issuance of an Issuer Free Writing Prospectus any event occurred or
occurs as a result of which such Issuer Free Writing Prospectus would conflict with the information in the Registration Statement, including any document incorporated by reference therein that has not been superseded or modified, or the Prospectus
or would include an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, the Company will give prompt notice thereof
to Canaccord and, if reasonably requested by Canaccord, will prepare and furnish without charge to Canaccord an Issuer Free Writing Prospectus or other document which will correct such conflict, statement or omission; provided, however,
the foregoing shall not apply to any statements or omissions in any Issuer Free Writing Prospectus made in reliance on information furnished in writing to the Company by Canaccord expressly stating that such information is intended for use therein.

  
 27 

 (b) Non-Issuer Free Writing Prospectus. The
Company consents to the use by Canaccord of a press release or other written communication that contains only information permitted under Rule 134 under the Securities Act; provided that Canaccord covenants with the Company not to take any action
that would result in the Company being required to file with the Commission under Rule 433(d) under the Securities Act a free writing prospectus. 

(c) Distribution of Offering Materials. The Company has not distributed and will not distribute, during the term of this Agreement, any
offering materials in connection with the offering and sale of the Placement Shares other than the Registration Statement, Prospectus or any Issuer Free Writing Prospectus reviewed and consented to by Canaccord and included in a Placement Notice (as
described in clause (a)(i) above). 
 9. Conditions to Canaccord’s Obligations. The obligations of Canaccord hereunder with
respect to a Placement will be subject to the continuing accuracy and completeness of the representations and warranties made by the Company herein and in the applicable Placement Notices, to the due performance by the Company of its obligations
hereunder, to the completion by Canaccord of a due diligence review satisfactory to Canaccord in its reasonable judgment, and to the continuing satisfaction (or waiver by Canaccord in its sole discretion) of the following additional conditions: 

(a) Registration Statement Effective. The Registration Statement shall have become effective and shall be available for the sale of
(i) all Placement Shares issued pursuant to all prior Placements and not yet sold by Canaccord and (ii) all Placement Shares contemplated to be issued by the Placement Notice relating to such Placement. 

(b) No Material Notices. None of the following events shall have occurred and be continuing: (i) receipt by the Company of any
request for additional information from the Commission or any other federal or state or foreign or other governmental, administrative or self-regulatory authority during the period of effectiveness of the Registration Statement, the response to
which might reasonably require any amendments or supplements to the Registration Statement or the Prospectus; (ii) the issuance by the Commission or any other federal or state or foreign or other governmental authority of any stop order
suspending the effectiveness of the Registration Statement or the initiation of any proceedings for that purpose; (iii) receipt by the Company of any notification with respect to the suspension of the qualification or exemption from
qualification of any of the Shares for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; (iv) the occurrence of any event that makes any statement made in the Registration Statement or the Prospectus
or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires the making of any changes in the Registration Statement, related prospectus or documents so that, in the case of the
Registration Statement, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading, and in the case of the Prospectus, it
will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; and
(v) the Company’s reasonable determination that a post-effective amendment to the Registration Statement would be appropriate. 

  
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 (c) No Misstatement or Material Omission. Canaccord shall not have advised the
Company that the Registration Statement or Prospectus, or any amendment or supplement thereto, contains an untrue statement of fact that in Canaccord’s opinion (under the advice of counsel) is material, or omits to state a fact that in
Canaccord’s opinion (under the advice of counsel) is material and is required to be stated therein or is necessary to make the statements therein not misleading. 

(d) Material Changes. Except as contemplated and appropriately disclosed in the Prospectus, or disclosed in the Company’s reports
filed with the Commission, in each case at the time the applicable Placement Notice is delivered, there shall not have been any material change, on a consolidated basis, in the authorized share capital of the Company and its Subsidiaries, or any
Material Adverse Effect, or any development that may reasonably be expected to cause a Material Adverse Effect, or a downgrading in or withdrawal of the rating assigned to any of the Company’s securities by any rating organization or a public
announcement by any rating organization that it has under surveillance or review its rating of any of the Company’s securities, the effect of which, in the sole judgment of Canaccord (without relieving the Company of any obligation or liability
it may otherwise have), is so material as to make it impracticable or inadvisable to proceed with the offering of the Placement Shares on the terms and in the manner contemplated in the Prospectus. 

(e) Certificates. Canaccord shall have received the certificate required to be delivered pursuant to Section 7(n) on
or before the date on which delivery of such certificate is required pursuant to Section 7(n). Canaccord shall have also received the certificate required to be delivered pursuant to Section 7(q) on or before
the date on which delivery of such certificate is required pursuant to Section 7(q). 
 (f) Legal Opinions.
Canaccord shall have received the opinions of counsel to the Company required to be delivered pursuant Section 7(o) on or before the date on which such delivery of such opinions are required pursuant to Section 7(o). In
addition, Canaccord shall have received the negative assurance letter of Goodwin Procter LLP, counsel to Canaccord, on such dates and with respect to such matters as Canaccord may reasonably request. 

(g) Comfort Letters. Canaccord shall have received the comfort letters required to be delivered pursuant Section
7(p) on or before the date on which such delivery of such letters are required pursuant to Section 7(p). 
 (h)
Approval for Listing; No Suspension. The Placement Shares shall have either been (i) approved for listing, subject to notice of issuance, on the Principal Trading Market, or (ii) the Company shall have filed an application for
listing of the Placement Shares on the Principal Trading Market at or prior to the issuance of the Placement Notice. Trading in the Common Shares shall not have been suspended on such market. 

(i) Other Materials. On each date on which the Company is required to deliver a certificate pursuant to Section 7(n), the
Company shall have furnished to Canaccord such appropriate further information, certificates, opinions and documents as Canaccord may reasonably request. All such opinions, certificates, letters and other documents will be in compliance with the
provisions hereof. The Company will furnish Canaccord with such conformed copies of such opinions, certificates, letters and other documents as Canaccord shall reasonably request. 

  
 29 

 (j) Securities Act Filings Made. All filings with the Commission required by Rule 424
under the Securities Act to have been filed prior to the issuance of any Placement Notice hereunder shall have been made within the applicable time period prescribed for such filing by Rule 424. 

(k) No Termination Event. There shall not have occurred any event that would permit Canaccord to terminate this Agreement pursuant
to Section 12(a). 
 10. Indemnification and Contribution. 

(a) Company Indemnification. The Company will indemnify and hold harmless Canaccord and each person, if any, who controls Canaccord
within the meaning of the Securities Act or the Exchange Act against any losses, claims, damages or liabilities, to which Canaccord or such controlling person may become subject, under Section 15 of the Securities Act or Section 20 of the
Exchange Act, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon (i) an untrue statement or alleged untrue statement of a material fact contained in the Registration Statement
(or any amendments thereto), the Prospectus (or any amendment or supplement thereto) or the Disclosure Package or (ii) the omission or alleged omission to state therein a material fact, (a) in the case of the Registration Statement or any
amendment thereto, required to be stated therein or necessary to make the statements therein not misleading and (b) in the case of the Prospectus or any supplement thereto or the Disclosure Package necessary to make the statements therein, in
light of the circumstances in which they were made, not misleading, and will reimburse Canaccord for any reasonable documented legal expenses of counsel for Canaccord, and for other documented expenses reasonably incurred by Canaccord in connection
with investigating or defending any such action or claim as such expenses are incurred; provided, however, that the Company shall not be liable in any such case to the extent that any such losses, claims, damages or liabilities arise out
of or are based upon an untrue statement or alleged untrue statement or omission or alleged omission was made in the Registration Statement (or any amendments thereto), the Prospectus (or any amendment or supplement thereto) or the Disclosure
Package, in reliance upon and in conformity with written information furnished to the Company by and through Canaccord as set forth in Section 10(b) below expressly for use therein. 

(b) Canaccord Indemnification. Canaccord will indemnify and hold harmless the Company, each of its directors, each of its officers who
signs the Registration Statement, and each person, if any, who controls the Company within the meaning of the Securities Act or the Exchange Act against any losses, claims, damages or liabilities to which the Company or such director, officer or
controlling person may become subject under Section 15 of the Securities Act or Section 20 of the Exchange Act, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon
(i) an untrue statement or alleged untrue statement of a material fact contained in the Registration Statement (or any amendments thereto), the Prospectus (or any amendment or supplement thereto) or the Disclosure Package, or (ii) the
omission or alleged omission to state therein a material fact, (a) in the case of the Registration Statement or any amendment thereto, required to be stated therein or necessary to make the 

  
 30 

 
statements therein not misleading and (b) in the case of the Prospectus or any supplement thereto or the Disclosure Package, necessary to make the statements therein, in light of the
circumstances in which they were made, not misleading, in each case to the extent, but only to the extent, that any such losses, claims, damages or liabilities arise out of or are based upon an untrue statement or alleged untrue statement or
omission or alleged omission was made in the Registration Statement (or any amendments thereto), the Prospectus (or any amendment or supplement thereto), the Disclosure Package, in reliance upon and in conformity with written information furnished
to the Company by and through Canaccord expressly for use therein, it being understood and agreed that the only such information furnished by Canaccord to the Company consists of the information set forth in the last sentence of the seventh
paragraph under the caption “Plan of Distribution” in the Prospectus; and will reimburse the Company for any legal or other expenses reasonably incurred by the Company in connection with investigating or defending any such action or claim
as such expenses are incurred. 
 (c) Procedure. 

(i) Each indemnified party shall give written notice as promptly as reasonably practicable to each indemnifying party of any
action commenced against it in respect of which indemnity may be sought hereunder, but failure to so notify an indemnifying party shall not relieve such indemnifying party from any liability hereunder to the extent it is not materially prejudiced as
a result thereof and in any event shall not relieve it from any liability which it may have otherwise than on account of this Section 10. In the case of parties indemnified pursuant to Section 10(a) above, counsel to the
indemnified parties shall be selected by Canaccord, and, in the case of parties indemnified pursuant to Section 10(b) above, counsel to the indemnified parties shall be selected by the Company. An indemnifying party may participate
at its own expense in the defense of any such action; provided, however, that counsel to the indemnifying party shall not (except with the consent of the indemnified party) also be counsel to the indemnified party. In no event shall the
indemnifying parties be liable for fees and expenses of more than one counsel (in addition to any relevant local counsel) separate from their own counsel for all indemnified parties in connection with any one action or separate but similar or
related actions in the same jurisdiction arising out of the same general allegations or circumstances. No indemnifying party shall, without the prior written consent of the indemnified parties, settle or compromise or consent to the entry of any
judgment with respect to any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever in respect of which indemnification or contribution could be sought under
this Section 10 (whether or not the indemnified parties are actual or potential parties thereto), unless such settlement, compromise or consent (i) includes an unconditional release of each indemnified party from all liability
arising out of such litigation, investigation, proceeding or claim and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party. Notwithstanding anything to the
contrary herein, neither the assumption of the defense of any such action nor the payment of any fees or expenses related thereto shall be deemed to be an admission by the indemnifying party that it has an obligation to indemnify any person pursuant
to this Agreement. 

  
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 (ii) The indemnifying party shall not be liable for any settlement of any
proceeding effected without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff, the indemnifying person agrees to indemnify each indemnified party from and against any loss, claim, damage or
liability by reason of such settlement or judgment. Notwithstanding the foregoing sentence, if at any time an indemnified party shall have requested that an indemnifying party reimburse the indemnified party for reasonable fees and expenses of
counsel as contemplated by this section, the indemnifying person shall be liable for any settlement of any proceeding effected without its written consent if (i) such settlement is entered into more than 30 days after receipt by the
indemnifying party of the proposed terms of such settlement and (ii) the indemnifying party shall not have reimbursed the indemnified person in accordance with such request prior to the date of such settlement. No indemnifying party shall,
without the prior written consent of the indemnified party, effect any settlement, compromise or consent to the entry of judgment in any pending or threatened action, suit or proceeding in respect of which any indemnified party is or could have been
a party and indemnity was or could have been sought hereunder by such indemnified party, unless such settlement, compromise or consent includes an unconditional release of such indemnified party from all liability on claims that are the subject
matter of such action, suit or proceeding. 
 (d) Contribution. If the indemnification provided for in this Section
10 is for any reason held to be unavailable to or otherwise insufficient to hold harmless an indemnified party under subsection (a) or (b) above in respect of any losses, claims, damages or liabilities (or actions in respect thereof)
referred to therein, then each indemnifying party shall contribute to the aggregate amount paid or payable by such indemnified party, as incurred, as a result of such losses, claims, damages or liabilities (or actions in respect thereof) in such
proportion as is appropriate to reflect the relative benefits received by the Company on the one hand and Canaccord on the other from the offering of the Placement Shares. If, however, the allocation provided by the immediately preceding sentence is
not permitted by applicable law or if the indemnified party failed to give the notice required under subsection (c) above, then each indemnifying party shall contribute to such amount paid or payable by such indemnified party in such proportion
as is appropriate to reflect not only such relative benefits but also the relative fault of the Company on the one hand and Canaccord on the other in connection with the statements or omissions which resulted in such losses, claims, damages or
liabilities (or actions in respect thereof), as well as any other relevant equitable considerations. The relative benefits received by the Company on the one hand and Canaccord on the other shall be deemed to be in the same proportion as the total
net proceeds from the offering of the Shares (before deducting expenses) received by the Company, bear to the total commissions received by Canaccord. The relative fault shall be determined by reference to, among other things, whether the untrue or
alleged statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company on the one hand or Canaccord on the other and the parties’ relative intent, knowledge, access to
information and opportunity to correct or prevent such statement or omission. The Company and Canaccord agree that it would not be just and equitable if contributions pursuant to this subsection (d) were determined by pro rata allocation or by
any other method of allocation which does not take account of the equitable considerations referred to above in this subsection (d). The amount paid or payable by an indemnified party as a result of the losses, claims, damages or liabilities (or
actions in respect 

  
 32 

 
thereof) referred to above in this subsection (d) shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or
defending any such action or claim. Notwithstanding the provisions of this subsection (d), Canaccord shall not be required to contribute any amount in excess of the selling commission received by Canaccord in connection with the offering
contemplated hereby. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For
purposes of this subsection (d), each officer and employee of Canaccord and each person, if any, who controls Canaccord within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act shall have the same rights to
contribution as Canaccord, and each director of the Company, each officer of the Company who signed the Registration Statement, and each person, if any, who controls the Company within the meaning of Section 15 of the Securities Act and
Section 20 of the Exchange Act shall have the same rights to contribution as the Company. 
 (e) Obligations. The obligations of
the Company under this Section 10 shall be in addition to any liability which the Company may otherwise have and shall extend, upon the same terms and conditions, to each person, if any, who controls Canaccord within the meaning of
the Securities Act; and the obligations of Canaccord under this Section 10 shall be in addition to any liability which Canaccord may otherwise have and shall extend, upon the same terms and conditions, to each officer and director
of the Company and to each person, if any, who controls the Company within the meaning of the Securities Act. 
 11. Representations and
Agreements to Survive Delivery. All representations and warranties contained in this Agreement or in certificates of officers of the Company and Canaccord delivered pursuant hereto shall remain operative and in full force and effect regardless
of (i) any investigation made by or on behalf of Canaccord or its agents, any controlling persons of Canaccord, its officers or directors, or any person controlling the Company (or any of their respective officers, directors or controlling
persons), (ii) delivery and acceptance of the Placement Shares and payment therefor or (iii) any termination of this Agreement. 
 12.
Termination. 
 (a) Canaccord shall have the right to terminate this Agreement at any time by giving notice as hereinafter specified
if (i) any Material Adverse Effect has occurred, or any development that is reasonably expected to cause a Material Adverse Effect has occurred or any other event has occurred which, in the sole judgment of Canaccord, may materially impair
Canaccord’s ability to proceed with the offering to sell the Shares, (ii) the Company shall have failed, refused or been unable, at or prior to any Settlement Date, to perform any agreement on its part to be performed hereunder,
(iii) any other condition of Canaccord’s obligations hereunder is not fulfilled, or (iv) any suspension or limitation of trading in the Common Shares of the Company on the Principal Trading Market shall have occurred. Any such
termination shall be without liability of any party to any other party except that the provisions of Section 7(g) (Expenses), Section 10 (Indemnification), Section 11 (Survival of
Representations), Section 12(f) (Termination), Section 17 (Applicable Law; Consent to Jurisdiction) and Section 18 (Waiver of Jury Trial) hereof shall remain in full force and effect notwithstanding
such termination. If Canaccord elects to terminate this Agreement as provided in this Section 12(a), Canaccord shall provide the required notice as specified in Section 13 (Notices). 

  
 33 

 (b) The Company shall have the right to terminate this Agreement in its sole discretion at
any time by giving ten (10) days’ notice as hereinafter specified. Any such termination shall be without liability of any party to any other party except that the provisions of Section 7(j), Section
10, Section 11, Section 12(f), Section 17 and Section 18 hereof shall remain in full force and effect notwithstanding such termination. 

(c) In addition to, and without limiting Canaccord’s rights under Section 12(a), Canaccord shall have the right to terminate
this Agreement in its sole discretion at any time after the date of this Agreement by giving ten (10) days’ notice as hereinafter specified. Any such termination shall be without liability of any party to any other party except that the
provisions of Section 7(j), Section 10, Section 11, Section 12(f), Section 17 and Section 18 hereof shall remain in full force and effect notwithstanding such
termination. 
 (d) This Agreement shall remain in full force and effect unless terminated pursuant to Sections
12(a), 12(b) or 12(c) above or otherwise by mutual agreement of the parties; provided that any such termination by mutual agreement shall in all cases be deemed to provide that Section
7(j), Section 10, Section 11, Section 12(f), Section 17 and Section 18 shall remain in full force and effect. 

(e) Any termination of this Agreement shall be effective on the date specified in such notice of termination; provided that such termination
shall not be effective until the close of business on the date of receipt of such notice by Canaccord or the Company, as the case may be. If such termination shall occur prior to the Settlement Date for any sale of Placement Shares, such Placement
Shares shall settle in accordance with the provisions of this Agreement. 
 (f) In the event that the Company terminates this Agreement, as
permitted under Section 12(b), the Company shall be under no continuing obligation pursuant to this Agreement to utilize the services of Canaccord in connection with any sale of securities of the Company or to pay any compensation to
Canaccord other than compensation with respect to sales of Placement Shares subscribed on or before the termination date and the Company shall be free to engage other placement agents and underwriters from and after the termination date with no
continuing obligation to Canaccord. 
 13. Notices. All notices or other communications required or permitted to be given by any
party to any other party pursuant to the terms of this Agreement shall be in writing (including electronic transmission) and if sent to Canaccord, shall be delivered to: 

Canaccord Genuity LLC 
 99 High
Street, Suite 1200 
 Boston, MA 02110 

Attention: ECM, General Counsel 

Email: aviles@cgf.com 

  
 34 

 With a copy to: 

Goodwin Procter LLP 

The New York Times Building 

620 Eighth Avenue 

New York, NY 10018 

Attention: Thomas S. Levato 

Email: TLevato@goodwinlaw.com 

or if sent to the Company, shall be delivered to: 

Spire Global, Inc. 

8000 Towers Crescent Drive Suite, 1100 

Vienna, VA 22182 

Attention: Chief Financial Officer 

Email: thomas.krywe@spire.com 

With a copy to: 

Freshfields Bruckhaus Deringer US LLP 

601 Lexington Avenue 

New York, NY 10022 

Attention: Pamela Marcogliese 

Email: Pamela.Marcogliese@freshfields.com 

Each party to this Agreement may change such address for notices by sending to the other party to this Agreement written notice of a new address for such
purpose. Each such notice or other communication shall be deemed given (i) when delivered personally or by verifiable facsimile transmission (with an original to follow) on or before 4:30 p.m., eastern time, on a Business Day or, if such day is
not a Business Day, on the next succeeding Business Day, (ii) on the next Business Day after timely delivery to a nationally-recognized overnight courier, (iii) on the Business Day actually received if deposited in the U.S. mail (certified
or registered mail, return receipt requested, postage prepaid), and (iv) if sent by email, on the Business Day on which the email was sent (provided no “bounce back” or notice of non-delivery is
received). For purposes of this Agreement, “Business Day” shall mean any day on which the Principal Trading Market and commercial banks in the city of New York are open for business. 

14. Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the Company and Canaccord and their
respective successors and the affiliates, controlling persons, officers and directors referred to in Section 10 hereof. References to any of either of the parties contained in this Agreement shall be deemed to include the successors
and permitted assigns of such party. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and permitted assigns any rights, remedies, obligations or
liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. Neither party may assign its rights or obligations under this Agreement without the prior written consent of the other party, provided,
however, that Canaccord may assign its rights and obligations hereunder to an affiliate of Canaccord without obtaining the Company’s consent. 

  
 35 

 15. Adjustments for Share Splits. The parties acknowledge and agree that all share
related numbers contained in this Agreement shall be adjusted to take into account any share split, share dividend or similar event effected with respect to the Shares. 

16. Entire Agreement; Amendment; Severability. This Agreement (including all schedules and exhibits attached hereto and placement
notices issued pursuant hereto) constitutes the entire agreement and supersedes all other prior and contemporaneous agreements and undertakings, both written and oral, among the parties hereto with regard to the subject matter hereof. Neither this
Agreement nor any term hereof may be amended except pursuant to a written instrument executed by the Company and Canaccord. In the event that any one or more of the provisions contained herein, or the application thereof in any circumstance, is held
invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein shall not be affected or impaired thereby. 

17. Applicable Law; Consent to Jurisdiction. This Agreement shall be governed by, and construed in accordance with, the internal laws
of the State of New York without regard to the principles of conflicts of laws. Each party hereby irrevocably submits to the non-exclusive jurisdiction of the state and federal courts sitting in the City of
New York, borough of Manhattan, for the adjudication of any dispute hereunder or in connection with any transaction contemplated hereby, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is
not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Each party hereby irrevocably waives personal
service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof (certified or registered mail, return receipt requested) to such party at the address in effect for notices to it under this
Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. 

18. Waiver of Jury Trial. The Company and Canaccord hereby irrevocably waive any right either may have to a trial by jury in respect of
any claim based upon or arising out of this agreement or any transaction contemplated hereby. 
 19. Absence of Fiduciary Duties. The
parties acknowledge that they are sophisticated in business and financial matters and that each of them is solely responsible for making its own independent investigation and analysis of the transactions contemplated by this Agreement. They further
acknowledge that Canaccord has not been engaged by the Company to provide, and has not provided, financial advisory services in connection with the terms of the offering and sale of the Shares nor has Canaccord assumed at any time a fiduciary
relationship to the Company in connection with such offering and sale. The parties also acknowledge that the provisions of this Agreement fairly allocate the risks of the transactions contemplated hereby among them in light

  
 36 

 
of their respective knowledge of the Company and their respective abilities to investigate its affairs and business in order to assure that full and adequate disclosure has been made in the
Registration Statement, the Disclosure Package and the Prospectus (and any amendments and supplements thereto). The Company hereby waives, to the fullest extent permitted by law, any claims it may have against Canaccord for breach of fiduciary duty
or alleged breach of fiduciary duty and agrees Canaccord shall have no liability (whether direct or indirect) to the Company in respect of such a fiduciary duty claim or to any person asserting a fiduciary duty claim on behalf of or in right of the
Company, including shareholders, employees or creditors of Company. 
 20. Judgment of Currency. The obligation of the Company in
respect of any sum due to Canaccord under this Agreement shall, notwithstanding any judgment in a currency other than U.S. dollars or any other applicable currency (the “Judgment Currency”), not be discharged until the first
business day, following receipt by Canaccord of any sum adjudged to be so due in the Judgment Currency, on which (and only to the extent that) Canaccord may in accordance with normal banking procedures purchase U.S. dollars or any other applicable
currency with the Judgment Currency; if the U.S. dollars or other applicable currency so purchased are less than the sum originally due to Canaccord hereunder, the Company agrees, as a separate obligation and notwithstanding any such judgment, to
indemnify Canaccord against such loss. If the U.S. dollars or other applicable currency so purchased are greater than the sum originally due to Canaccord hereunder, Canaccord agrees to pay to the Company an amount equal to the excess of the U.S.
dollars or other applicable currency so purchased over the sum originally due to Canaccord hereunder. 
 21. Counterparts. This
Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Delivery of an executed Agreement by one party to the other may be made by
facsimile or email transmission. 

  
 37 

 If the foregoing accurately reflects your understanding and agreement with respect to the
matters described herein please indicate your agreement by countersigning this Agreement in the space provided below. 
  

			
	Very truly yours,
	
	Spire Global, Inc.
		
	By:	 	 /s/ Peter Platzer

	Name: Peter Platzer
	Title: Chief Executive Officer
	
	Canaccord Genuity LLC
		
	By:	 	 /s/ John Stack

	Name: John Stack
	Title: Managing Director

  
 38 

 SCHEDULE 1 

The Authorized Representatives of the Company are as follows: 

Peter Platzer 
 peter@spire.com

 Thomas Krywe 

thomas.krywe@spire.com 
 The Authorized
Representatives of Canaccord are as follows: 
 Jen Pardi 

jpardi@cgf.com 
 Michael Wright

 mwright@cgf.com 

  
 39 

 SCHEDULE 2 

Subsidiaries 
  

			
	 Name
	  	 Jurisdiction of Incorporation

	Spire Global Subsidiary, Inc.	  	Delaware, United States
	Spire Global UK Ltd	  	United Kingdom
	Spire Global Singapore Pte Ltd	  	Singapore
	Spire Global Luxembourg S.a.r.l.	  	Luxembourg
	Austin Satellite Design, LLC	  	Texas, United States
	Spire Global Canada Subsidiary Corp.	  	Canada
	exactEarth Ltd.	  	Canada
	exactEarth Europe Ltd.	  	England and Wales

  
 40 

 EXHIBIT A 

OFFICER’S CERTIFICATE 

I, [name of executive officer], the [title of executive officer] of Spire Global, Inc. (the
“Company”), do hereby certify in such capacity and on behalf of the Company, and not in my personal capacity, pursuant to Section 7(n) of the Equity Distribution Agreement dated as of [•], 2022 (the
“Distribution Agreement”) between the Company and Canaccord Genuity LLC, to the best of my knowledge that: 
 (i) The
representations and warranties of the Company in Section 6 of the Distribution Agreement (A) to the extent such representations and warranties are subject to qualifications and exceptions contained therein relating to
materiality or Material Adverse Effect, are true and correct on and as of the date hereof with the same force and effect as if expressly made on and as of the date hereof, except for those representations and warranties that speak solely as of a
specific date and which were true and correct as of such date, and (B) to the extent such representations and warranties are not subject to any qualifications or exceptions, are true and correct in all material respects as of the date hereof as
if made on and as of the date hereof with the same force and effect as if expressly made on and as of the date hereof except for those representations and warranties that speak solely as of a specific date and which were true and correct as of such
date; and 
 (ii) The Company has complied with all agreements and satisfied all conditions on its part to be performed or satisfied
pursuant to the Distribution Agreement at or prior to the date hereof. 
  

							
	Date:
                                         
   	 		 	By:	 	  

		 		 		 	Name:
		 		 		 	Title:

  
 41Exhibit
10.1

 

Certain
information has been omitted from the exhibit because it is both (i) not material and (ii) of the type that the registrant
customarily and actually treats as private or confidential. The omissions have been indicated by (“[***]”).

 

 

 

 

TREATMENT
OF CONCENTRATE AND

SALE OF METALS AGREEMENT

 

 

BETWEEN

 

 

 

PILANESBERG
PLATINUM MINES (PTY) LIMITED

 

(“PPM”)

 

and

 

IMPALA
PLATINUM LIMITED

 

(“Impala”)

 

     

     

    

 

Table
of Contents

 

	 	 	Page
	 	 	 
	1.	DEFINITIONS
                                            AND INTERPRETATION	2
	 	 
	2.	EXISTING
                                            AGREEMENT	9
	 	 
	3.	DELIVERY
                                            AND TREATMENT OF CONCENTRATE AND PURCHASE AND SALE OF METALS	9
	 	 
	4.	TERM	9
	 	 
	5.	QUANTITIES
                                            OF CONCENTRATE	10
	 	 
	6.	QUALITY
                                            OF FLOTATION CONCENTRATE	12
	 	 
	7.	PURCHASE
                                            PRICE	15
	 	 
	8.	SMELTING
                                            AND REFINING CHARGES	16
	 	 
	9.	PAYMENT	18
	 	 
	10.	DELIVERY
                                            OF CONCENTRATE	23
	 	 
	11.	DELIVERY
                                            TO ALTERNATIVE SMELTER	24
	 	 
	12.	OWNERSHIP
                                            AND RISK	24
	 	 
	13.	CONCENTRATE
                                            DISPATCH AND WEIGHT OETERMINATION PROCEDURE	24
	 	 
	14.	SAMPLING	25
	 	 
	15.	ASSAY
                                            AND ASSAY SETTLEMENT	25
	 	 
	16.	BREACH	27
	 	 
	17.	REDUCTION
                                            IN PURCHASE PRICE AND PREMIUMS	28
	 	 
	18.	FAIRNESS	29
	 	 
	19.	MARKET
                                            AND PRICE SOURCE DISRUPTION	30
	 	 
	20.	FORCE
                                            MAJEURE	31
	 	 
	21.	DISPUTE
                                            RESOLUTION	32
	 	 
	22.	WARRANTIES
                                            AND UNDERTAKINGS	34
	 	 
	23.	APPLICABLE
                                            LAW	35
	 	 
	24.	CHANGE
                                            IN LAW	35
	 	 
	25.	CESSION	35
	 	 
	26.	WAIVER	35
	 	 
	27.	ENTIRE
                                            CONTRACT	35
	 	 
	28.	VARIATION,
                                            CANCELLATION AND WAIVER	35
	 	 
	29.	NOTICES	36
	 	 
	30.	CONFIDENTIALITY
                                            AND PUBLICITY	37
	 	 
	31.	LIMITATION
                                            OF LIABILITY	39
	 	 
	32.	SEVERABILITY	39
	 	 
	33.	COSTS	40
	 	 
	34.	SIGNATURE
                                            IN COUNTERPARTS	40

 

 

	SCHEDULE A	42
	 
	SCHEDULE B	43
	 
	SCHEDULE C	46
	 
	SCHEDULE D	47

 

     

     

    

 

PREAMBLE:

 

		(A)	Impala
                                            is a subsidiary of lmplats.

 

		(B)	Notwithstanding
                                            the provisions of clause 11, Impala will provide access to smelter capacity at Impala
                                            Processing and refining capacity at the Impala Refinery.

 

		(C)	On
                                            or about 23 June 2015 IRS and PPM entered into the Existing Agreement which .included
                                            terms and conditions for the delivery of Concentrate by PPM to IRS (now Impala) between 22
                                            December 2015 and 21 December 2018 containing a minimum volume of 225 000oz Pt
                                            plus associated Pgms. Based upon PPM‘s recently projected monthly production volumes
                                            from the Pilanesberg Platinum Mine and premised upon an agreement between the Parties, that
                                            all PPM‘s production shall exclusively be delivered to Impala‘s smelter from
                                            1 July 2018 onwards then, the minimum volume of 225 000oz Pt plus associated Pgms in
                                            Concentrate to be delivered by PPM under the Existing Agreement should be realised by or
                                            around 21 May 2019.

 

		(D)	From
                                            1 July 2018 Impala Refining Services Limited (“IRS) was merged into Impala as
                                            a division of lmplats. As a result, the Existing Agreement and its obligations were ceded
                                            by IRS to Impala from such date.

 

		(E)	Beyond
                                            the term of the Existing Agreement between IRS (now Impala) and PPM, PPM anticipates producing
                                            further Concentrate up to a maximum grade of 160 g/t (6 Pgm, Pt plus Pd plus Rh plus Au plus
                                            Ru plus Ir) from the Pilanesberg Platinum Mine containing Pgms and Base Metals, as set out
                                            in Schedule C. The Parties have agreed on the terms and conditions under which Impala will
                                            acquire processed Pgms and Base Metals extracted from further Concentrate delivered to it
                                            by PPM which terms and conditions are set out below. The terms and conditions of this Agreement
                                            shall replace the Existing Agreement and the associated terms and conditions signed 23 .June 2015
                                            which Existing Agreement will terminate on the Effective Date of this Agreement

 

		(F)	Deliveries
                                            of Concentrate at grades in excess of 160 g/t (6 Pgm) would be subject to a further agreement
                                            between PPM and Impala.

 

AND THE
PARTIES HEREBY AGREE

 

		1.	DEFINITIONS
                                            AND INTERPRETATION

 

		1.1	In
                                            this Agreement, including the Preamble, the following words shall have the meaning set out
                                            next to them:

 

	 	1.1.1	“Accounting
    Batch”	means
    the aggregate of three consecutive truckloads of Concentrate delivered by PPM to Impala Processing, provided that if the number of
    truckloads of Concentrate so delivered in any Metallurgical Month is not divisible by 3 (three), then the final Accounting Batch
    for such Metallurgical Month will consist of all remaining truckloads of Concentrate (being less than three truckloads) delivered
    during that Metallurgical Month for the purposes of cf determining the Accounting Sample;

 

    Page 2

     

    

 

	 	1.1.2	“Accounting
    Sample”	means
    the representative sample prepared by Impala Processing and Impala Processing Laboratory from an Accounting Batch in accordance with
    clause 14 and analysed by the Parties for the purpose of exchange of analysis to establish the quantities of Base Metals and Pgms
    contained therein;
	 	 	 	 
	 	1.1.3	“Accounting
    Weight”	means
    the mass of each Concentrate truck delivery to be established in accordance with clause 13;
	 	 	 	 
	 	1.1.4	“Affiliate”	means
    in relation to PPM, any other entity:
	 	 	 	 
	 	 	 	1.1.4.1       which
directly or indirectly Controls PPM or which is Controlled by PPM; or
	 	 	 	 
	 	 	 	1.1.4.2       which
    directly or indirectly owns 50% or more of the total economic interest in PPM; or
	 	 	 	 
	 	 	 	1.1.4.3       50%
    or more of the total economic interest in which entity is directly or indirectly owned by PPM;
	 	 	 	 
	 	1.1.5	“Agreement”	means
    this agreement including the schedules attached hereto;
	 	 	 	 
	 	1.1.6	“Base
    Metals”	means
    nickel (Ni) and copper (Cu);
	 	 	 	 
	 	1.1.7	“Business
    Day”	means
    any day not being Saturday, Sunday or a public holiday in the Republic of South Africa;
	 	 	 	 
	 	1.1.8	“Change
    in Law”	means
    the promulgation and signing into effect or issue of any Law or the change in the interpretation, administration or application of
    any Law by a Government authority, after the Signature Date;
	 	 	 	 
	 	1.1.9	“Commencement
    Date”	means
    22 May 2019 or in the event that PPM shall not have delivered the minimum quantity of 225 000oz Pt plus associated Pgms in Concentrate
    as specified under clause 3.2 of the Existing Agreement signed on 23 June 2015 then the first day of the Metallurgical Month
    which immediately follows the delivery of such minimum quantity;
	 	 	 	 
	 	1.1.10	“Concentrate”	means
    flotation concentrate as derived from all ore mined at the Pilanesberg Platinum Mine and all concentrate produced at the Pilanesberg
    Platinum Mine to which PPM shall have title or shall be the owner in accordance with clause 22 containing Base Metals and Pgms with
    an estimated Pgm grade of 111g/tonne (6E) and with an 

 

    Page 3

     

    

 

	 	 	 	estimated
    Pgm split of Pt 55.6%, Pd 23.5%, Rh 6.6%, Ru 9.9%, Ir 2.3% and Au 2.0% andwith estimated grades of Ni 1.9% and Cu 1.1 %
    and gangue materials as outlined in the Concentrate Specification Schedule A;
	 	 	 	 
	 	1.1.11	“Concentrate
    Delivery Plan”	Means,
    subject as detailed elsewhere in this Agreement to such minimum ounces of Platinum and such minimum ounces of Platinum, Palladium,
    Rhodium and Gold (4E) in Concentrate in each Metallurgical Month within defined periods during the term of this Agreement, a schedule
    to be delivered by PPM to Impala by not later than 31 March each year which shall set out PPM‘s anticipated Metallurgical
    Monthly volumes of inter alia Pgms and Base Metals and the Metallurgical Monthly Concentrate tonnage for the forthcoming Metallurgical
    Financial Year. The first such schedule shall relate to deliveries to be made by PPM during Impala‘s Metallurgical Financial
    Year 2020 and shall be delivered not later than 31 March 2019;
	 	 	 	 
	 	1.1.12	“Concentrate
    Delivery Schedule”	means
    Schedule C to this Agreement, which, using reasonable endeavours, provides a best estimate of the anticipated metallurgical annual
    volumes of inter alia Pgms and Base Metals and the Concentrate tonnage for the term of the Agreement (as per clause 4.1);
	 	 	 	 
	 	1.1.13	“Concentrate
    Specification Schedule”	means
    Schedule A which using reasonable endeavours, provides a best estimate of the composition of the Concentrate and which Schedule shall
    be revised as required in accordance with a quantitative analysis of Concentrate deliveries as delivered under the existing Agreement
    between the Parties and which Schedule A revision shall be incorporated in an Addendum to this Agreement;
	 	 	 	 
	 	1.1.14	“Control”	In
    relation to:
	 	 	 	 
	 	 	 	1.1.14.1          a
Company means:
	 	 	 	 
	 	 	 	1.1.14.1.1      the
    beneficial ownership directly or indirectly (whether through the holding of shares in a chain of subsidiaries or otherwise) of more
    than 50% of the economic interest of that company; and
	 	 	 	 
	 	 	 	1.1.14.1.2      the
    right directly or indirectly (through the holding of voting shares in a chain of 

 

    Page 4

     

    

 

	 	 	 	subsidiaries
    or otherwise) to exercise more than 50% of the voting rights in respect of the issued shares of that company; and
	 	 	 	 
	 	 	 	1.1.14.1.3      the
power directly or indirectly (through the holding of voting shares in a chain of subsidiaries or otherwise) to appoint and remove the
majority of the board of directors of that company; and
	 	 	 	 
	 	 	 	1.1.14.1.4      generally
the ability or entitlement to exercise a dominant or controlling influence over the affairs of that company;
	 	 	 	 
	 	 	 	1.1.14.2          in
relation to any other person or entity, means the power, directly or indirectly, to direct or cause the direction of the management and
policies of such other person, whether through the ownership of voting securities, by contract or otherwise;
	 	 	 	 
	 	 	 	1.1.14.3         With
                                            specific reference to Kell metallurgical process operation as referred to in clause 5.3.1.
                                            it is recognized that the source(s) of capital funding for any such metallurgical operation
                                            is at the time of establishing this Agreement unconfirmed and may involve a consortium of
                                            investors. Whereas it is likely that PPM and/or its Affiliates shall control such entity,
                                            disproportionate investment in such Kell metallurgical process operation by others, (which
                                            shall exclude existing Base Metal and Pgm refiners in RSA), may result in an entity controlled
                                            by a consortium of investors

	 	 	 	 

 

    Page 5

     

    

 

	 	 	 	including
    PPM and/or its Affiliates.
	 	 	 	 
	 	1.1.15	“DMT”	means
    dry metric Tonne i.e. 1000 kilograms or 2204.622 pounds of material without any moisture content;
	 	 	 	 
	 	1.1.16	“Effective
    Date”	means
    the Commencement Date;
	 	 	 	 
	 	1.1.17	“Existing
    Agreement”	means
    the prior agreement dated 23 June 2015 which provided terms and conditions for the delivery of Concentrate for the period between
    22 December 2015 and 21 December 2018 or until a minimum of 225 000oz Pt plus associated Pgms had been delivered in Concentrate
    by PPM to IRS or to Impala following the cession of the Existing Agreement as referred above. The Existing Agreement shall effectively
    terminate on the Effective Date of this Agreement;
	 	 	 	 
	 	1.1.18	“Filter
    Cake”	means
    the Concentrate product after the filtration process by PPM;
	 	 	 	 
	 	1.1.19	“Impala”	means
    Impala Platinum Limited a company incorporated in the Republic of South Africa with registration number 1952/071942/06;
	 	 	 	 
	 	1.1.20	“Impala
    Processing”	means
    the smelting facilities of Impala near Rustenburg;
	 	 	 	 
	 	1.1.21	“Impala
    Processing Laboratory”	means
    the laboratories of Impala used to conduct the sample preparation and assaying process;
	 	 	 	 
	 	1.1.22	“Impala
    Refinery”	means
    the base metal and precious metal refining facilities of Impala situated in Springs;
	 	 	 	 
	 	1.1.23	“Implats”	means
    Impala Platinum Holdings Limited, a company incorporated in the Republic of South Africa with registration number 1957 /001979/06;
	 	 	 	 
	 	1.1.24	“IRS”	means
    Impala Refining Services Limited a company which was incorporated in the Republic of South Africa with registration number 1968/009670/06,
    a wholly owned subsidiary of lmplats which was merged into Impala as a division following a restructure by lmplats on or around 1
    July 2018;
	 	 	 	 
	 	1.1.25	“Law”	means
    all legislation, statutes, regulations, directives, orders, notices, promulgations and other decrees of any authority, which have
    the force of law or which it would be an offence not to obey, and the common law, as amended, replaced, re-enacted, reinstated or
    

 

    Page 6

     

    

 

	 	 	 	re-interpreted
    from time to time of the Republic of South Africa;
	 	 	 	 
	 	1.1.26	“Merensky”	means
    that reef which is mainly pyroxenitic in character having narrow chromite seams or dissemination of chromite within it, characteristically
    containing Pgms in the Upper Critical Zone of the Bushveld Complex as defined in Chapter 4.3 of the Stratigraphy of South Africa
    (Geological Survey Handbook 8 of 1980);
	 	 	 	 
	 	1.1.27	“Metallurgical
    Financial Year”	means
    Impala‘s metallurgical financial year comprising 12 (twelve) consecutive standard Metallurgical Months, commencing with the
    Metallurgical Month of July each year (which month of July shall commence on the 22nd June) and which Metallurgical
    financial year shall terminate on the 21st June of the following year;
	 	 	 	 
	 	1.1.28	“Metallurgical
    Month”	means
    Impala‘s standard metallurgical month in accordance with the requirements of its cost accounting system and ending on the 21st
    of each Month;
	 	 	 	 
	 	1.1.29	“Month”	means
    a calendar month, being the period commencing on the first and ending on the last day of each month in terms of the Gregorian calendar;
	 	 	 	 
	 	1.1.30	“Parties”	means
    the Parties to this Agreement being PPM and Impala and “Party” shall mean any one of them as the context may require;
	 	 	 	 
	 	1.1.31	“Percentage
    Paid”	means
    the percentage of contained metal value paid as stipulated in clause 7.1 being [***]
    for Platinum, [***] for Palladium, [***] for Rhodium, [***]for Gold, [***] for Nickel, [***] for Copper, [***] for Ruthenium and
    [***] for Iridium;
	 	 	 	 
	 	1.1.32	“Pgms”	means
    Platinum (Pt), Palladium (Pd), Gold (Au), Rhodium (Rh), Iridium (Ir) and Ruthenium (Ru) and “Pgm” means any of such
    metals;
	 	 	 	 
	 	1.1.33	“PPM”	means
    Pilanesberg Platinum Mines (Proprietary) Limited, a company incorporated in the Republic of South Africa, with registration number
    2002/015572/07;
	 	 	 	 
	 	1.1.34	“Purchase
    Price”	means
    the purchase price of the metals extracted from the Concentrate in US$, as calculated in terms of clauses 7.1 and 7.2, and which
    price shall thereafter for the purposes of this Agreement be converted to SA Rand in accordance with clause 7.3;

 

    Page 7

     

    

 

	 	1.1.35	“R”
    or “Rand” or “ZAR” or “SA Rand”	means
    South African Rand;
	 	 	 	 
	 	1.1.36	“Rights”	means
    the mining right held or to be held by PPM inter alia over the farm Tuschenkomst 135 JP and surrounding properties as well as the
    extended Sedibelo mining area, collectively the Pilanesberg Platinum Mine, including any renewal thereof or amendment thereto;
	 	 	 	 
	 	1.1.37	“Signature
    Date”	means
    the date of signature of this Agreement by the last signing of the signatories, provided all Parties sign the Agreement;
	 	 	 	 
	 	1.1.38	“Tonne”
    or “mt or “ton”	means
    a metric tonne;
	 	 	 	 
	 	1.1.39	“Troy
    ounce” or “troy oz” or “tr.oz” or “oz”	means
    the equivalent of 31.1035 grams;
	 	 	 	 
	 	1.1.40	“US$”
    “$” or “US Dollar”	means
    United States of America Dollar;
	 	 	 	 
	 	1.1.41	“VAT”	means
    value added tax as provided for in the Value Added Tax Act 89 or 1991.

 

	In
    this Agreement all contained metal values will be calculated and rounded to two decimal places, values in percent will be calculated
    and rounded to three decimal places, masses in Tonnes and Troy ounces will be rounded to three decimal places, masses in kilograms
    will be rounded to one decimal place and all metal prices will be stated in US$ rounded to four decimal places. Analytical results
    for exchange between the Parties shall be reported to three decimal places as shall settled assays between the Parties.
	The
    schedules to this Agreement are:-
	 
	 	Schedule
    A	:	Concentrate
    Specification Schedule
	 	 	 	 
	 	Schedule
    B	:	Procedure
    for Impala Processing Site Sample Preparation
	 	 	 	 
	 	Schedule
    C:	:	Concentrate
    Delivery Schedule
	 	 	 	 
	 	Schedule
    D	:	Summarised
    Agreement Terms
	 	 	 	 	 

 

		1.2	Clause
                                            and paragraph headings are for purposes of reference only and shall not be used in interpretation

 

		1.3	Unless
                                            the context clearly indicates a contrary intention any word connoting:

 

		1.3.1	any
                                            gender includes the other gender;

 

		1.3.2	the
                                            singular includes the plural and vice versa;

 

		1.3.3	natural
                                            persons includes artificial persons and vice versa;

 

		1.3.4	insolvency
                                            includes provisional or final sequestration, liquidation or judicial management.

 

    Page 8

     

    

 

		2.	EXISTING
                                            AGREEMENT

 

The
Parties hereby record and agree that notwithstanding anything to the contrary in the Existing Agreement:

 

		2.1	PPM
                                            shall have until 21 May 2019 or such later date as may be agreed between the Parties
                                            in writing to deliver to IRS any amount which is outstanding of the minimum of 225 000oz
                                            Pt plus associated Pgms in Concentrate contemplated in clause 3.1 of the Existing Agreement
                                            (the “Outstanding Quantity”); and

 

		2.2	provided
                                            that PPM delivers the Outstanding Quantity to IRS by no later than 21 May 2019 or such
                                            later date as may be agreed between the Parties in writing, PPM shall not be in breach of
                                            any of its obligations under the Existing Agreement to deliver any Pt lus associated Pgms
                                            in Concentrate during the time periods specified in the Existing Agreement and IRS hereby
                                            irrevocably and unconditionally waives all and any claims which it may have against PPM in
                                            connection therewith.

 

		3.	DELIVERY
                                            AND TREATMENT OF CONCENTRATE AND PURCHASE AND SALE OF METALS

 

PPM
hereby agrees to sell on an exclusive basis to Impala which hereby agrees to purchase the relevant Pgms and Base Metals in Concentrate
as derived from all ore mined at the Pilanesberg Platinum Mine and all Concentrate as produced at the Pilanesberg Platinum Mine to which
PPM shall have title or shall be the owner in ‘accordance with clause 22, and delivered by PPM to Impala for treatment and processing,
on the terms and conditions as set out in this Agreement.

 

		4.	TERM

 

		4.1	Subject
                                            to the provisions of clause 5.3.1 this Agreement shall commence on the Commencement Date
                                            and subject to termination in terms of clause 16, or unless the term is suspended as a result
                                            of the reserves no longer being economically mineable, as advised by, PPM, shall remain in
                                            force until 21 May 2022 (inclusive) or for a minimum of three calendar years from the
                                            Commencement Date by which date subject to the further provisions of clause 4.3 a minimum
                                            of 250 000oz Pt plus associated Pgms in ratio typically as outlined in clause 6 shall have
                                            been delivered in Concentrate by PPM to Impala.

 

		4.1.1	If
                                            at any time during the term of this Agreement, PPM through further mine development or otherwise
                                            anticipates that PPM shall be able to consistently deliver more than the minimum quantities
                                            of Pt plus 4E as outlined under clause 4.2 and clause 6.2 then PPM shall notify Impala in
                                            writing as soon as possible thereof. Although a shorter period may be agreed between the
                                            Parties in writing, PPM shall typically advise Impala twelve months in advance of when such
                                            increase in the monthly delivery of Pt and 4E in Concentrate is likely to commence. In such
                                            event the Parties shall meet in good faith in order to agree an increase to the minimum rolling
                                            average as outlined under clause 4.2 and clause 6.2 and a revision to Schedule C for the
                                            balance of the Agreement. Such additional Concentrate would be treated and processed by Impala
                                            in accordance with the terms and conditions of this Agreement.

 

		4.2	Subject
                                            to clause 4.3 and clause 5.3 and provided only that for the period 22 May 2019 to 21
                                            May 2022 or for such three calendar years within which PPM delivers Concentrate to Impala
                                            under this Agreement, the total contained metal production in Concentrate from the Pilanesberg
                                            Platinum Mine shall be not less than 250 000oz Pt plus associated Pgms in ratio typically
                                            as outlined in clause 6, PPM warrants;

 

    Page 9

     

    

 

		4.2.1	To
                                            deliver a minimum of 90 300oz Pt plus associated Pgms in ratio typically as outlined in clause
                                            6 in Concentrate to Impala between 22 May 2019 and 21 May 2020 or to deliver such
                                            minimum of 90 300oz Pt plus associated Pgms in ratio typically as outlined in clause 6 in
                                            Concentrate within the first calendar year of Concentrate deliveries by PPM to Impala under
                                            this Agreement and;

 

		4.2.2	To
                                            deliver a minimum of 85 485oz Pt plus associated Pgms in ratio typically as outlined in clause
                                            6 in Concentrate to Impala between 22 May 2020 and 21 May 2021 or to deliver such
                                            minimum of 85 485oz Pt plus associated Pgms in ratio typically as outlined in clause 6 in
                                            Concentrate within the second calendar year of Concentrate deliveries by PPM to Impala under
                                            this Agreement and;

 

		4.2.3	Subject
                                            to the provisions of clause 5.3, clause 6.2.2.1 and clause 6.2.2.3 to deliver a minimum of
                                            250 000oz Pt plus associated Pgms in ratio typically as outlined in clause 6 in Concentrate
                                            to Impala between 22 May 2019 and 21 May 2022 or to deliver a minimum of 250 000oz
                                            Pt plus associated Pgms in ratio typically as outlined in clause 6 in Concentrate within
                                            the three calendar year term of this Agreement within which PPM delivers Concentrate to Impala.
                                            Should for whatsoever reason including but not limited to a Force Majeure event(s) the
                                            total contained metal production in Concentrate from the Pilanesberg Platinum Mine be less
                                            than 250 000oz Pt plus associated Pgms between 22 May 2019 and 21 May 2022 or within
                                            the three calendar year term of this Agreement within which PPM delivers Concentrate to Impala,
                                            then the Agreement shall continue at Impala‘s sole and absolute discretion until a
                                            minimum of 250 000oz Pt plus associated Pgms in ratio have been delivered in Concentrate
                                            by PPM to Impala. In such event PP.M shall use reasonable endeavours to deliver the balance
                                            of the minimum 250 000oz Pt plus associated Pgms in the shortest practical period beyond
                                            21 May 2022 or beyond the three calendar year term of this Agreement within which PPM
                                            delivers Concentrate to Impala.

 

		4.3	If
                                            this Agreement is suspended as a result of the reserves being no longer economically mineable,
                                            and such circumstance ls no longer applicable such that the Pilanesberg Platinum Mine shall
                                            once more be in production, then PPM shall deliver the balance of the 250 000oz Pt plus associated
                                            Pgms typically as outlined in clause 6 in Concentrate to Impala, on the terms and conditions
                                            as set out in this Agreement.

 

		4.4	Should
                                            the Parties be desirous of extending the duration of this Agreement beyond 21 May 2022
                                            or beyond the three calendar year term within which PPM delivers Concentrate to Impala under
                                            this Agreement, the Parties shall not later than 21 June 2021, enter into negotiations
                                            with a view to extending the Agreement upon such terms as may be agreed upon at that time.

 

		5.	QUANTITIES
                                            OF CONCENTRATE

 

		5.1	Subject
                                            to Clause 4.1.1 PPM shall use reasonable endeavours to deliver the contained metal volumes
                                            delivered in Concentrate generally in accordance with the provisions of Schedule C.

 

		5.2	Throughout
                                            the Agreement term, PPM shall use reasonable endeavours to ensure that the average Chrome
                                            Oxide content in all Concentrate deliveries during any one Metallurgical Month shall be less
                                            than 12.5 (twelve point five) kilograms per tonne failing which Impala shall be entitled
                                            but not obliged to 

 

    Page 10

     

    

 

	 	 	suspend
                                            deliveries of Concentrate. Impala would be entitled thereafter to demand a pre-advice of
                                            all future Accounting Batch Chrome Oxide tenors before delivery based on a PPM sample until
                                            such time as PPM can demonstrate to Impala that Chrome Oxide tenors below 12.5 (twelve point
                                            five) kilograms per tonne can be achieved on a consistent basis such that any possible suspension
                                            of deliveries of Concentrate may be lifted.
	 	 	 
		5.3	In
                                            the event only within the term of this Agreement that PPM advises Impala on not less than
                                            18 months’ notice in advance of commissioning its own Kell metallurgical process operation
                                            and thereafter PPM or an Affiliate of PPM successfully constructs and commissions its own
                                            Kell metallurgical process operation which is capable of processing the total contained metal
                                            production in Concentrate as projected thereafter from the Pilanesberg Platinum Mine, then;

 

		5.3.1	PPM
                                            shall confirm and advise Impala of the projected “Commissioning Date” which shall
                                            mean the date upon which first Concentrate shall be processed through such Kell metallurgical
                                            process operation, no less than 6 (six) Months prior to such Commissioning Date. Provided
                                            such Commissioning Date shall fall within the term of this Agreement then PPM:

 

		5.3.1.1	Shall
                                            continue to sell all Concentrate as derived from all ore mined at the Pilanesberg Platinum
                                            Mine and all Concentrate as produced at the Pilanesberg Platinum Mine to which PPM shall
                                            have title or shall be the owner in accordance with clause 22 to Impala up to such Commissioning
                                            Date.

 

		5.3.1.2	Shall
                                            in such instance be obliged to deliver a minimum of 212 900oz Pt plus associated Pgms in
                                            ratio typically as outlined in clause 6 in Concentrate to Impala between 22 May 2019
                                            and 21 May 2022 or within the 3 (three) calendar year term of this Agreement.

 

		5.3.1.3	May continue
                                            at its sole and absolute discretion to deliver Concentrate to Impala after the Commissioning
                                            Date beyond the minimum of 212 900oz in Concentrate as referred under clause 5.3.1.2.

 

		5.3.1.4	Should
                                            PPM during the term of this Agreement, retain some of its Concentrate for processing through
                                            its Kell process, only then before directly or indirectly contracting with any third party
                                            for the sale/and or delivery of such resultant product after PPM has processed Concentrate
                                            through its own metallurgical processes, PPM shall negotiate in good faith commercial terms
                                            with Impala for such resultant product which terms would come into effect immediately after
                                            any Concentrate were routed to the PPM metallurgical processes. In the event that the Parties
                                            are unable to reach agreement on commercial terms for such resultant product then Impala
                                            would have a right within 10 (ten) Business Days to match bona fide unconditional and irrevocable
                                            terms which PPM may obtain from reputable third parties. For the avoidance of doubt deliveries
                                            of contained metal volumes in such resultant product by PPM to Impala shall in no manner
                                            play any part in discharging PPM‘s minimum obligation to deliver 212 900oz Pt plus
                                            associated Pgms in the form of Concentrate to Impala before 21 May 2022 or within the
                                            three calendar year term 

 

    Page 11

     

    

 

	 	 	within
                                            which PPM delivers Concentrate to Impala under this Agreement.

 

		5.4	By
                                            not later than 31 March of each year, PPM shall deliver to Impala a Concentrate Delivery
                                            Plan. The maximum Concentrate deliveries in any one Metallurgical Month shall be limited
                                            to 4 300 DMT, unless otherwise agreed to in writing by Impala. Impala shall only be required
                                            to maintain sufficient capacity at Impala Processing and the Impala Refinery as advised by
                                            PPM in its then current Concentrate Delivery Plan.

 

		5.5	The
                                            Concentrate shall be delivered by PPM in trucks as Filter Cake to Impala Processing. It is
                                            anticipated that the Filter Cake in each Accounting Batch shall have typically 17.5% but
                                            less than 20% moisture content (defined as the mass of the moisture content of the Filter
                                            Cake expressed as a percentage of the mass of the Filter Cake) as received at Impala Processing.
                                            If in retrospect analysis shows that in any one Metallurgical Month more than five Accounting
                                            Batches had a moisture content in excess of 20% then the Parties agree to discuss the impact
                                            thereof. Impala shall have the right to demand pre-advice of all future moisture content
                                            before delivery based upon a PPM sample and, should the Filter Cake in any Accounting Batch
                                            contain more than 20% moisture content, then Impala may in its sole and absolute discretion
                                            reject such Concentrate.

 

		6.	QUALITY
                                            OF FLOTATION CONCENTRATE

 

The
Parties envisage that the Concentrate will contain the following. approximate concentrations of Pgms and Base Metals:

 

		6.1	Concentrate
                                            is envisaged to contain a typical Metallurgical Monthly average metal distribution as follows:

 

	Metal	 	Concentration
	 	 	 
	Platinum	Pt	62
    	grams
    per Tonne
	 	 	 	 
	Palladium	Pd	28
    	grams
    per Tonne
	 	 	 	 
	Gold	Au	2
    	grams
    per Tonne
	 	 	 	 
	Rhodium	Rh	8
    	grams
    per Tonne
	 	 	 	 
	Ruthenium	Ru	11
    	grams
    per Tonne
	 	 	 	 
	Iridium	Ir	3
    	grams
    per Tonne
	 	 	 	 
	Nickel	Ni	19.5
    	kilograms
    per Tonne
	 	 	 	 
	Copper	Cu	11.4
    	kilograms
    per Tonne
	 	 	 	 
	(all
    Analysis on a dray basis)	 	 

 

		6.2	For
                                            the avoidance of doubt and by way of example, for the period 22 May 2019 to 21 May 2020
                                            or for the first calendar year of this Agreement in a typical Metallurgical Monthly production
                                            quantity of 3 775 DMT of Concentrate, the Parties envisage that the content would typically
                                            be:

 

    Page 12

     

    

 

	Metal	Contained
    Metal	Average
    Concentration
	 	 	 
	Platinum	Pt	7
    525	Troy
    ounces	62	grams
    per Tonne
	 	 	 	 	 	 
	Palladium	Pd	3
    398	Troy
    ounces	28	grams
    per Tonne
	 	 	 	 	 	 
	Gold	Au	243	Troy
    ounces	2	grams
    per Tonne
	 	 	 	 	 	 
	Rhodium	Rh	971	Troy
    ounces	8	grams
    per Tonne
	 	 	 	 	 	 
	Ruthenium	Ru	1
    35	Troy
    ounces	11	grams
    per Tonne
	 	 	 	 	 	 
	Iridium	Ir	364	Troy
    ounces	3	grams
    per Tonne
	 	 	 	 	 	 
	Nickel	Ni	74	Tonnes	19.5	kilograms
    per Tonne
	 	 	 	 	 	 
	Copper	Cu	43	Tonnes	11.4	Kilograms
    per Tonne
	 	 	 	 	 	 
	Chrome
    Oxide	Cr2O3	<46	Tonnes	12.5	kilograms
    per Tonne

 

The
aggregate Platinum, Palladium, Rhodium and Gold content (4E content) in any one Metallurgical Month may vary between 10 950 and 13 350oz
4E in Concentrate in the first calendar year of this Agreement, between 1 O 300 and 12 600oz 4E in the second calendar year of this Agreement
and between 9 000 and 11 000oz 4E in the third calendar year of this Agreement. For the avoidance of doubt, no less than 6 500oz Pt plus
associated Pgms in Concentrate may be delivered by PPM to Impala in any one Metallurgical Month throughout the first two calendar years
of this Agreement and no less than 5 500oz Pt plus associated Pgms in Concentrate may be delivered by PPM to Impala in any one Metallurgical
Month throughout the third calendar year of this Agreement.

 

		6.2.1	During
                                            the period 22 May 2019 to 21 May 2022 or during the three calendar year term within
                                            which PPM delivers Concentrate to Impala under this Agreement (excepting an event·
                                            of Force Majeure as contemplated in clause 20, in which event the provisions of clause 20
                                            shall apply and which period of Force Majeure thereof shall be excluded from the determination
                                            of the minimum rolling average) PPM shall use best endeavours to ensure that a minimum rolling
                                            average of 7 100oz Pt and approximately° 11 450oz 4E in Concentrate is maintained at
                                            all times throughout the first calendar year, a minimum rolling average of 6 700oz Pt and
                                            approximately 10 800oz 4E in Concentrate is maintained at all times throughout the second
                                            calendar year and a minimum rolling average of 6 100oz Pt and approximately 9 840oz 4E is
                                            maintained at all times throughout the third calendar year of this Agreement.

 

		6.2.2	Subject
                                            to the provisions of clause 4.1.1, clause 5.3, clause 6.2.2.1.1 and clause 4.3 by way of
                                            Concentrate delivery breakdown and for the avoidance of doubt the minimum quantities and
                                            the minimum rolling averages of Platinum and 4E to be delivered and maintained within each
                                            defined period of this Agreement shall be as follows:

 

    Page 13

     

    

 

	Period	Duration	Minimum
    Rolling

    Averages

    per month	Average
    delivery

    for Periods 1, 2

    and 3	Minimum
    Totals

    per Defined

    Duration
	 	 	Oz/Pt	Ox/4E	Oz/Pt	Ox/4E	Oz/Pt	Oz/4E
	1.	22/05/2019
                                            to 21/05/2020

    (or
    for the 1st calendar year of Concentrate deliveries under this Agreement)
	7
    100	11
    450	7
    525	12
    137	90
    300	145
    65
	2.	22/05/2019
                                            to 21/05/2020

    (or
    for the 2nd calendar year of Concentrate deliveries under this Agreement)
	6
    700	10
    800	7
    124	11
    490	85
    488	137
    884
	3.	22/05/2019
                                            to 21/05/2020

    (or
    for the 3rd calendar year of Concentrate deliveries under this Agreement)
	6
    100	9
    840	6
    187	9
    979	74
    244*	119
    748
	 	 	Total
    21/05/2022 or within the three Calendar years of Concentrate deliveries under this Agreement	250
    032	403
    277

 

For
the further avoidance of doubt:

 

		6.2.2.1	Should
                                            it happen that during any of the period(s) as defined in the table above that the minimum
                                            totals per such defined duration are exceeded this shall not influence the minimum totals
                                            for the period(s) to follow but shall naturally result in the total quantity of Platinum
                                            and total 4E exceeding the minimum totals as above before 21 May 2022 or within the
                                            three calendar year term within which PPM delivers Concentrate to 6.2.2.2 Impala under this
                                            Agreement;

 

		6.2.2.1.1	*In
                                            accordance with the specific provisions of clause 5.3.1 only in the event that PPM or an
                                            Affiliate of PPM successfully constructs its own. Kell metallurgical process operation within
                                            the term of this Agreement which is capable of processing the total contained metal production
                                            in Concentrate as projected thereafter from the Pilanesberg Platinum Mine then PPM shall
                                            continue to deliver all Concentrate to Impala up to the Commissioning Date for such Kell
                                            operation but subject to clause 5.3.1.2 may at its sole and absolute discretion retain up
                                            to a maximum of 37 122oz Pt plus associated Pgms in Concentrate from the third calendar year
                                            of this Agreement for processing through such Kell operation.

 

		6.2.2.2	As
                                            per the provisions of clause 6.2 above no less than 6 500oz Pt plus associated Pgms in Concentrate
                                            may be delivered by PPM to Impala in any one Metallurgical Month throughout the first two
                                            calendar years of this Agreement term and subject to clause 5.3 and clause 6.2.2.1, no less
                                            than 5 500oz Pt plus associated Pgms in Concentrate may be delivered by PPM to Impala in
                                            any one Metallurgical Month throughout the third calendar year of this Agreement.

 

    Page 14

     

    

 

		6.2.2.3	If
                                            for reasons unforeseen at this stage excluding the establishment of a Kell metallurgical
                                            process operation, PPM using its best endeavours fails to deliver the minimum volume. of·
                                            250 000oz Pt plus associated Pgms in the form of Concentrate to Impala before 21 May 2022
                                            or within the three calendar year term within which PPM delivers Concentrate to Impala under
                                            this Agreement (but not less than 230 000oz Pt plus associated Pgms in the form of Concentrate
                                            to Impala within the three calendar year term within which PPM delivers Concentrate to Impala
                                            under this Agreement) then PPM may deliver the balance of Pt plus associated Pgms in Concentrate
                                            within three Metallurgical Months after the three calendar year term within which PPM delivers
                                            Concentrate to Impala under this Agreement. The associated Smelting and Refining charges
                                            for such Concentrate delivered following the three calendar year term within which PPM delivers
                                            Concentrate to Impala under this Agreement shall be in accordance with the provisions of
                                            clause 8.4.

 

		6.2.3	Should
                                            the Pgm/Base Metal distribution vary materially from that indicated or the Pgm grade (6E)
                                            be less than 97 g/t in any one Metallurgical Month then the Parties will renegotiate with
                                            each other at that time in good faith on a revision of the terms as outlined in this Agreement.

 

		7.	PURCHASE
                                            PRICE

 

		7.1	With
                                            reference to the ruling market prices set out in clause 7.2 below, Impala shall pay
                                            to PPM for the Pgms and Base Metals extracted from the· Concentrate delivered in respect
                                            of the Concentrate delivered during each Metallurgical Month:

 

		7.1.1	[***]
                                            % of the US$ Pt value contained in the Concentrate;

 

		7.1.2	[***]
                                            % of the US$ Pd value contained in the Concentrate;

 

		7.1.3	[***]
                                            % of the US$ Au value contained in the Concentrate;

 

		7.1.4	[***]
                                            % of the US$ Rh value contained in the Concentrate;

 

		7.1.5	[***]
                                            % of the US$ Ru value contained in the Concentrate;

 

		7.1.6	[***]
                                            % of the US$ Ir value contained in the Concentrate;

 

		7.1.7	[***]
                                            % of the US$ Ni value contained in the Concentrate; and

 

		7.1.8	[***]
                                            % of the US$ Cu value contained in the Concentrate.

 

For
the purposes of this clause 7.1, the value of a Pgm or Base Metal shall be the quantity by mass of that Pgm or Base Metal multiplied
by the applicable Ruling Market Price in clause 7.2.

 

		7.2	Ruling
                                            Market prices for:

 

Platinum,
will be [***].

 

Palladium,
will be [***]

 

    Page 15

     

    

 

Gold,
will be [***]

 

Rhodium,
Ruthenium and Iridium will be [***]

 

Nickel
will be the [***]

 

Copper
will be the [***]

 

		7.3	For
                                            the purpose of this Agreement, the ruling exchange rate to be utilised to convert US Dollars
                                            to South African Rands shall be the average of the 09:00 daily rates quoted by the Standard
                                            Bank of South Africa Limited International Branch, Johannesburg over the Month for the Month
                                            prior to the Month of payment.

 

		7.4	All
                                            prices calculated in terms of clauses 7.1, 7.2 and 7.3 are exclusive of VAT.

 

		8.	SMELTING
                                            AND REFINING CHARGES

 

PPM
shall pay to Impala in respect of smelting and refining, the following charges calculated using the formulae below, where G is the grams
per ton of 6 Pgm: Platinum, Palladium, Rhodium, Ruthenium, Iridium and Gold (i.e. 6Pgm g/t, Pt plus Pd plus Rh plus Ru plus Ir plus
Au) in any one Accounting Batch.

 

		8.1	For
                                            all Concentrate deliveries between 22 May 2019 and 21 December 2019

 

		8.1.1	For
                                            all Concentrate grading above 117g/t (6Pgm) in an Accounting Batch up to a ·maximum
                                            of 16Qg/t (6Pgm) in aggregate the charge shall be:

 

[***]
per DMT of Concentrate (excluding VAT).

 

		8.1.2	For
                                            Concentrate grading below 117g/t (6Pgm) the charge shall be a flat [***] per dry tonne of
                                            Concentrate (Excluding VAT).

 

		8.1.3	Charges
                                            for Concentrate grading above 160g/t (6Pgm) shall be subject to further agreement between
                                            the Parties.

 

		8.1.4	Should
                                            the weighted average Nickel plus Copper tenor (for the avoidance of doubt this shall mean
                                            the average sum of the Nickel and Copper tenors) in any one Metallurgical Month be in excess
                                            of 4.0% Nickel plus Copper then all such Concentrate delivered in such Metallurgical Month
                                            shall be subject to an additional charge of [***] per DMT of Concentrate (excluding VAT).

 

		8.1.5	Should
                                            the weighted average Nickel plus Copper tenor (for the avoidance of doubt this shall mean
                                            the average sum of the Nickel and Copper tenors) in any one Metallurgical Month be in excess
                                            of 6.0% Nickel plus Copper then the Parties shall meet in good faith to agree an appropriate
                                            additional charge per DMT of Concentrate.

 

    Page 16

     

    

 

		8.2	For
                                            all Concentrate deliveries between 22 December 2019 and 21 December 2020

 

		8.2.1	For
                                            all Concentrate grading above 11 Og/t (6Pgm) in an Accounting Batch up to a maximum of 160g/t
                                            (6Pgm) in aggregate the charge shall be:

 

		8.2.2	[***]
                                            per DMT of Concentrate (excluding VAT)

 

		8.2.3	For
                                            Concentrate grading below 11 Og/t (6Pgm) the charge shall be a flat [***] per dry tonne of
                                            Concentrate (Excluding VAT).

 

		8.2.4	Charges
                                            for Concentrate grading above 160g/t (6Pgm) shall be subject to further agreement between
                                            the Parties.

 

		8.2.5	Should
                                            the weighted average Nickel plus Copper tenor (for the avoidance of doubt this shall mean
                                            the average sum of the Nickel and Copper tenors) in any one Metallurgical Month be in excess
                                            of 4.0% Nickel plus Copper then all such Concentrate delivered in such Metallurgical Month
                                            shall be subject to an additional charge of [***] per DMT of Concentrate (excluding VAT).

 

		8.2.6	Should
                                            the weighted average Nickel plus Copper tenor (for the avoidance of doubt this shall mean
                                            the average sum of the Nickel and Copper tenors) in any one Metallurgical Month be in excess
                                            of 6.0% Nickel plus Copper then the Parties shall meet in good faith to agree an appropriate
                                            additional charge per DMT of Concentrate.

 

		8.3	For
                                            all Concentrate deliveries between 22 December 2020 and 21 December 2021

 

		8.3.1	For
                                            all Concentrate grading above 11 Og/t (6Pgm) in an Accounting Batch up to a maximum of 160g/t
                                            (6Pgm) in aggregate the charge shall be:

 

		8.3.2	[***]
                                            per DMT of Concentrate (excluding VAT)

 

		8.3.3	For
                                            Concentrate grading below 110 g/t (6Pgm) the charge shall be a flat [***] per dry tonne of
                                            Concentrate (Excluding VAT).

 

		8.3.4	Charges
                                            for Concentrate grading above 160g/t (6Pgm) shall be subject to further agreement between
                                            the Parties.

 

		8.3.5	Should
                                            the weighted average Nickel plus Copper tenor (for the avoidance of doubt this shall mean
                                            the average sum of the Nickel and Copper tenors) in any one Metallurgical Month be in excess
                                            of 4.0% Nickel plus Copper then all such Concentrate delivered in such Metallurgical Month
                                            shall be subject to an additional charge of [***] per DMT of Concentrate (excluding VAT).

 

		8.3.6	Should
                                            the weighted average Nickel plus Copper tenor (for the avoidance of doubt this shall mean
                                            the average sum of the Nickel and Copper tenors) in any one Metallurgical Month be in excess
                                            of 6.0% Nickel plus Copper then the Parties shall meet in good faith to agree an appropriate
                                            additional charge per DMT of Concentrate.

 

		8.4	For
                                            all Concentrate deliveries between 22 December 2021 and 21 May 2022

 

    Page 17

     

    

 

		8.4.1	For
                                            all Concentrate grading above 11 Og/t (6Pgm) in an Accounting Batch up to a maximum of 160g/t
                                            (6Pgm) in aggregate the charge shall be:

 

[***]
per DMT of Concentrate (excluding VAT)

 

		8.4.2	For
                                            Concentrate grading below 110 g/t (6Pgm) the charge shall be a flat [***] per dry tonne of
                                            Concentrate (Excluding VAT).

 

		8.4.3	Charges
                                            for Concentrate grading above 160g/t (6Pgm) shall be subject to further agreement between
                                            the Parties.

 

		8.4.4	Should
                                            the weighted average Nickel plus Copper tenor (for the avoidance of doubt this shall mean
                                            the average sum of the Nickel and Copper tenors) in any one Metallurgical Month be in excess
                                            of 4.0% Nickel plus Copper then all such Concentrate delivered in such Metallurgical Month
                                            shall be subject to an additional charge of [***] per DMT of Concentrate (excluding VAT).

 

		8.4.5	Should
                                            the weighted average Nickel plus Copper tenor (for the avoidance of doubt this shall mean
                                            the average sum of the Nickel and Copper tenors) in any one Metallurgical Month be in excess
                                            of 6.0% Nickel plus Copper then the Parties shall meet in good faith to agree an appropriate
                                            additional charge per DMT of Concentrate.

 

		8.4.6	If
                                            in order for PPM to deliver the minimum quantity’ of a 250 000oz Pt plus associated
                                            Pgms in ratio to Impala under this Agreement Concentrate deliveries must continue beyond
                                            21 May 2022 then for the avoidance of doubt the charge referred under clause8.4.1 shall
                                            be extended for all Concentrate deliveries up to and including 21 December 2022.

 

		9.	PAYMENT

 

		9.1	Subject
                                            to clause 19 below and the deduction of all appropriate smelting and · refining charges
                                            as set out in clause 8 and clause 9.1.1 below, Impala will pay to PPM any amount due
                                            in terms of clause 7 above on the tenth Business Day of the Month following the month of
                                            outturn where the month of outturn shall mean the close of the second Metallurgical Month
                                            after the Metallurgical Month of Concentrate delivery for 80 (eighty) percent of the purchase
                                            percentage for each metal as indicated in clause 7.1 and the close of the fourth Metallurgical
                                            Month after the Metallurgical Month of Concentrate delivery for 20 (twenty) percent of the
                                            purchase percentage for each metal as indicated in clause 7.1.

 

		9.1.1	For
                                            the avoidance of doubt the Parties agree by way of example that for Concentrate delivered
                                            in the October 2019 Metallurgical Month the Month of outturn shall be December 2019
                                            and payment for 80 (eighty) percent of the purchase percentage [***] shall be made by Impala
                                            to PPM on 15 January 2020 with reference to December 2019 prices less all appropriate
                                            smelting and refining charges and penalties applicable to all Concentrate delivered in the
                                            October 2019 Metallurgical Month and payment for 20 (twenty) percent of the purchase
                                            percentage shall be made by Impala to PPM on 13 March 2020 with reference to February 2020
                                            prices.

 

    Page 18

     

    

 

		9.1.2	Impala
                                            shall pay the amounts due inclusive of the VAT portion of such Purchase Price to the credit
                                            of a nominated PPM account in the Republic of South Africa. The rate of conversion will be
                                            determined in accordance with clause 7.3.

 

		9.2	Any
                                            reduction in the Purchase Price pursuant to the provisions of clause 17 below shall be effective
                                            on the date of payment for 80 (eighty) percent of the purchase percentage as provided for
                                            in clause 9.1.1. Impala shall advise PPM in writing of any reduction in the Purchase Price
                                            and the Parties shall agree the final invoice amount in writing a minimum of two Business
                                            Days prior to payment to PPM for 80 (eighty) percent of the purchase percentage as provided
                                            for in clause 9.1.1.

 

		9.3	PPM
                                            shall ensure that invoices (including VAT) are issued to Impala by no later than 2 (two)
                                            Business Days before payment shall be made in terms of this clause 9. Impala shall ensure
                                            the timeous provision of all information required by PPM to enable PPM to provide such invoices.

 

		9.4	In
                                            order to meet PPM‘s ongoing working capital requirements, PPM requires pipeline finance
                                            and/or financing commitments (“the Funding Commitments”) from an established
                                            financial institution (“the Funder”). In the event that, at any point
                                            during the term of this Agreement:

 

		9.4.1	the
                                            Funder withdraws, cancels or elects not to renew the Funding Commitments made or in the case
                                            of renewal to be made available to PPM (whether in part or in whole) for reasons related
                                            to Impala as the purchaser of Pgms and Base Metals from PPM in terms of this Agreement (the
                                            “Withdrawn Funding Commitments”); or

 

		9.4.2	the
                                            Funder indicates or suggests that it may take any action contemplated in clause 9.4.1 above,

 

being
the “Relevant Event”, then PPM shall deliver written notice to Impala advising Impala of such Relevant Event, as soon
as reasonably practicable after bec6ming aware of such Relevant Event (“Withdrawal of Funding Notice”).

 

		9.5	In
                                            the event of a Relevant Event contemplated in clause 9.4.1:

 

		9.5.1	the
                                            Withdrawal of Funding Notice shall (i) specify whether the Funding Commitment has been
                                            withdrawn, cancelled or not renewed in whole or in part and, if in part, the extent of such
                                            withdrawal, cancellation or nonrenewal, as the case may be, (ii) include a confirmation
                                            by PPM that such withdrawal, cancellation or non-renewal by the Funder was as a result of
                                            the Funder's concerns relating to Impala as the purchaser of Pgms and Base Metals from PPM
                                            in terms of this Agreement and, where possible, attaching evidence to that effect, (iii) specify
                                            the resultant shortfall in PPM's ongoing working capital requirements arising as a result
                                            of such withdrawal, cancellation or non-renewal ("Funding Shortfall") and
                                            (iv) specify any applicable notice period provided by the relevant Funder in relation
                                            to such withdrawal, cancellation or nonrenewal ("Funding Withdrawal Notice Period");

 

		9.5.2	the
                                            Parties shall meet as soon as is practically possible after delivery of a Withdrawal of Funding
                                            Notice to Impala in order to discuss in good faith all available options in relation to reinstatement
                                            of the Withdrawn Funding Commitments and/or the procurement of suitable replacement financing
                                            commitments in respect of the Funding Shortfall (on terms and conditions no more onerous
                                            to PPM than the Withdrawn Funding

 

    Page 19

     

    

 

 

	 	 	Commitments)
                                            (“Suitable Replacement Funding”), in either event prior to the expiry
                                            of any Funding Withdrawal Notice Period;

 

		9.5.3	if
                                            prior to expiry of the Funding Withdrawal Notice Period, the Withdrawn Funding Commitments
                                            are reinstated or PPM is able to procure Suitable Replacement Funding, this Agreement shall
                                            continue on the same terms and conditions as if no Withdrawal of Funding Notice had been
                                            delivered;

 

		9.5.4	if
                                            by the date falling 7 (seven) days before the expiry of the Funding Withdrawal Notice Period,
                                            the Withdrawn Funding Commitments have not been reinstated and PPM has been unable in good
                                            faith to procure Suitable Replacement Funding, then Impala shall notify PPM in writing as
                                            to whether, with effect from the date of expiry of the Funding Withdrawal Notice Period that:

 

		9.5.4.1	either
                                            Impala shall provide Suitable Replacement Funding to PPM mutatis mutandis in accordance
                                            with the terms and conditions of the Withdrawn Funding Commitments for a period of 3 (three)
                                            months determined from the date of expiry of the Funding Withdrawal Notice Period, or such
                                            longer period as may be agreed by the Parties in writing ("Additional Financing Period");
                                            or

 

		9.5.4.2	PRM
                                            shall, notwithstanding any other provision of this Agreement, be entitled to take any action
                                            that the Funder may require in order for the Withdrawn Funding Commitments to be re-instated,
                                            including, without limitation that,

 

		9.5.4.2.1	if
                                            the Funding Commitment has been withdrawn, . cancelled or not renewed in part then to supply
                                            Impala with Concentrate volumes in proportion to the percentage of Funding Commitment retained
                                            and to supply the balance of Concentrate to other refiners for the duration of the Additional
                                            Financing Period; or

 

		9.5.4.2.2	if
                                            the Funding Commitment has been withdrawn, cancelled or not renewed in whole then ceasing
                                            to supply Impala with Concentrate under this Agreement and to supply Concentrate to other
                                            refiners for the duration of the Additional Financing Period,

 

provided
that if Impala fails to. deliver a notice contemplated in this clause 9.5.4 on or before the date of expiry of the Funding Withdrawal
Notice Period, PPM shall (in its sole discretion) be entitled to take any action in accordance with clause 9.5.4.2 above;

 

		9.5.5	if
                                            by the date falling 7 (seven) days before the expiry of any applicable Additional Financing
                                            Period, the Withdrawn Funding Commitments have not been reinstated and PPM has in good faith
                                            been unable to procure Suitable Replacement Funding, then Impala shall notify PPM in writing
                                            as to whether, with effect from the date of expiry of the applicable Additional Financing
                                            Period that:

 

    Page 20

     

    

 

		9.5.5.1	either
                                            Impala shall provide Suitable Replacement Funding to PPM mutatis mutandis in accordance
                                            with the terms and conditions of the Withdrawn Funding Commitments for the remaining term
                                            of this Agreement; or

 

		9.5.5.2	PPM
                                            shall, notwithstanding any other provision of this Agreement, be entitled to take any action
                                            that the Funder may require in order for the Withdrawn Funding Commitments to be re-instated,
                                            including, without limitation that,

 

		9.5.5.2.1	if
                                            the Funding Commitment has been withdrawn, cancelled or not renewed in part then to supply
                                            Impala with Concentrate volumes in proportion to the percentage of Funding Commitment retained
                                            and to supply the balance of Concentrate to other refiners for the remaining term of this
                                            Agreement ;or

 

		9.5.5.2.2	if
                                            the Funding Commitment has been withdrawn, cancelled or not renewed in whole then ceasing
                                            to supply Impala with Concentrate under this Agreement and to supply Concentrate to other
                                            refiners for the remaining term of this Agreement, provided that if Impala fails to deliver
                                            a notice contemplated in this clause 9.5.5 on or before the date of expiry of the applicable
                                            Additional Financing Period, PPM shall (in its sole discretion) be entitled to take any action
                                            in accordance with clause 9.5.5.2 above.

 

		9.6	In
                                            the event of a Relevant Event contemplated in clause 9.4.2:

 

		9.6.1	the·
                                            Withdrawal of Funding Notice shall (i) specify whether the Funder has indicated that
                                            the Funding Commitment may be withdrawn, cancelled or not renewed in whole or in part and,
                                            if in part, the extent of such withdrawal, cancellation or non-renewal, as the case may be,
                                            (ii) include a confirmation by PPM that such potential withdrawal, cancellation or non-renewal
                                            by the Funder is as a result of the Funder's concerns relating to Impala as the purchaser
                                            of Pgms and Base Metals from PPM and in terms of this Agreement and, where possible, attaching
                                            evidence to that effect, and (iii) specify the resultant shortfall in PPM's ongoing
                                            working capital requirements that would arise as a result of such withdrawal, cancellation
                                            or non-renewal (being, again, the "Funding Shortfall");

 

		9.6.2	the
                                            Parties shall meet as soon as is practically possible after delivery of a Withdrawal of Funding
                                            Notice to Impala in order to discuss in good faith all available options in relation to the
                                            prevention of the Funding Commitment being withdrawn, cancelled or not renewed and/or the
                                            procurement of suitable replacement financing commitments in respect of the Funding Shortfall
                                            (on terms and conditions no more onerous to PPM than the Withdrawn Funding Commitments) (being,
                                            again, "Suitable Replacement Funding"), in either event 7 (seven) days before
                                            any applicable notice period provided by the relevant Funder in relation to such withdrawal,
                                            cancellation or non-renewal (being again, the "Funding Withdrawal Notice Period");

 

    Page 21

     

    

 

		9.6.3	if
                                            prior to expiry of the Funding Withdrawal Notice Period, the Funder indicates that it shall
                                            not withdraw, cancel or fail to re-new the Funding Commitments or PPM confirms in writing
                                            that it will be able to procure Suitable Replacement Funding, this Agreement shall continue
                                            on the same terms and conditions as if no Withdrawal of Funding Notice had been delivered;

 

		9.6.4	if by the date falling 7 (seven) days before the expiry of the Funding Withdrawal Notice
                                            Period, the Funder has not indicated that it shall not withdraw, cancel or fail to renew
                                            the Funding Commitments and PPM has not confirmed in writing that it will be able to procure
                                            Suitable Replacement Funding, then Impala shall notify PPM in writing as to whether, with
                                            effect from the date on which the Funding Commitment is actually withdrawn, cancelled or
                                            lapses that;

 

		9.6.4.1	either
                                            Impala shall provide Suitable Replacement Funding to PPM mutatis mutandis in accordance
                                            with the terms and conditions of the Withdrawn Funding Commitments for a period of 3 (three)
                                            months determined from the Withdrawal Date, or such longer period as may be agreed by the
                                            Parties in writing ("Additional Financing Period"); or

 

		9.6.4.2	PPM
                                            shall, notwithstanding any other provision of this Agreement, be entitled to take any action
                                            that the Funder may require in order for the Withdrawn Funding Commitments to be re-instated,
                                            including, without limitation that,

 

		9.6.4.2.1	if
                                            the Funding Commitment has been withdrawn, cancelled or not renewed in part then to supply
                                            Impala with Concentrate volumes in proportion to the percentage of Funding Commitment retained
                                            and to supply the balance of Concentrate to other refiners for the duration of the Additional
                                            Financing Period;

 

		9.6.4.2.2	if
                                            the Funding Commitment has been withdrawn, cancelled or not renewed in whole, then ceasing
                                            to supply Impala with Concentrate under this Agreement and to supply Concentrate to other
                                            refiners for the duration of the Additional Financing Period,

 

provided
that if Impala fails to deliver a notice contemplated in this clause 9.6.4 on or before the date of expiry of the Funding Withdrawal
Notice Period, PPM shall (in its sole discretion) be entitled to take any action in accordance with clause 9.6.4.2 above;

 

		9.6.5	If
                                            by the date falling 7 (seven) days before the expiry of any applicable Additional Financing
                                            Period, the Withdrawn Funding Commitments have not been reinstated and PPM has in good faith
                                            been unable to procure Suitable Replacement Funding, then Impala shall notify PPM in writing
                                            as to whether, with effect from the date of expiry of the applicable Additional Financing
                                            Period that:

 

		9.6.5.1	either
                                            Impala shall provide Suitable Replacement Funding to PPM mutatis mutandis in accordance
                                            with the terms and 

 

    Page 22

     

    

 

		 	conditions
                                            of the Withdrawn Funding Commitments for the remaining term of this Agreement; or

 

		9.6.5.2	PPM
                                            shall, notwithstanding any other provision of this Agreement, be entitled to take any action
                                            that the Funder may require in order for the Withdrawn Funding Commitments to be re-instated,
                                            including, without limitation that,

 

		9.6.5.2.1	if
                                            the Funding Commitment has been withdrawn, cancelled or not renewed in part then to supply
                                            Impala with Concentrate volumes in proportion to the percentage of Funding Commitment retained
                                            and to supply the balance of Concentrate to other refiners for the remaining term of this
                                            Agreement.

 

		9.6.5.2.2	if
                                            the Funding Commitment has been withdrawn, cancelled or not renewed in whole then ceasing
                                            to supply Impala with Concentrate under this Agreement and to supply Concentrate to other
                                            refiners for the remaining term of this Agreement,

 

provided
that if Impala fails to deliver a notice contemplated in this clause 9.6.5 on or before the date of expiry of the applicable Additional
Financing Period, PPM shall (in its sole discretion) be entitled to take any action in accordance with clause 9.6.5.2 above.

 

		9.7	Notwithstanding
                                            any other provision of this Agreement, if at any point in time PPM is taking any action in
                                            terms of any of clauses 9.5.4.2, 9.5.5.2, 9.6.4.2 or 9.6.5.2, the Withdrawn Funding Commitments
                                            are reinstated or PPM is able to · procure Suitable Replacement Funding, this Agreement
                                            shall continue on the same terms and conditions as if no Withdrawal of Funding Notice had
                                            been delivered, save that the minimum amount of 250 000oz Pt plus associated Pgms referred
                                            to in clause 4.1 shall be reduced by the volume of Pt plus associated Pgms in Concentrate
                                            which· PPM may have delivered to other refiners under any of the aforesaid clauses.

 

		9.8	Notwithstanding
                                            any other provision of this Agreement, if upon expiry of any Additional Financing Period
                                            and at any point in time thereafter during the term of this Agreement, then only if Withdrawn
                                            Funding Commitments have:

 

		9.8.1	been
                                            withdrawn in whole and have not been reinstated, Impala has not elected to provide Suitable
                                            Replacement Funding to PPM as provided for under clause 9.5.5.1 or clause 9.6.5.1 and PPM
                                            in good faith have been unable to procure Suitable Replacement Funding, then PPM may on 30
                                            (thirty) Business Days' Notice to Impala, terminate this Agreement and neither Party shall
                                            be liable to the other Party for any loss caused by such termination.

 

		10.	DELIVERY
                                            OF CONCENTRATE

 

		10.1	Concentrate
                                            shall be delivered by PPM as a Filter Cake (with a moisture content of typically 17 .5% up
                                            to a maximum of 20% subject to the provisions of clause 5.5) to Impala Processing with all
                                            costs of delivery for the account of PPM.

 

		10.2	Subject
                                            to Clause 4.1.1 the maximum quantity of Concentrate to be delivered in any week shall not
                                            exceed 1 100 ( one thousand one hundred) DMT. PPM shall endeavour to deliver the Concentrate
                                            evenly throughout a 7 (seven) day week, with a maximum of 7 (seven) (typically 30 tonne)
                                            trucks being accepted in any 

 

    Page 23

     

    

 

		 	one
                                            day (midnight to midnight). Deliveries in excess of 4 300 DMT in any one Metallurgical Month
                                            shall be subject to agreement in writing by impala.

 

		10.3	The
                                            point of delivery of each truck load of the Concentrate shall be the area designated by Impala
                                            at Impala Processing.

 

		11.	DELIVERY
                                            TO ALTERNATIVE SMELTER

 

Impala
shall have the right to require PPM to deliver the Concentrate to an alternative smelter and should it wish to do so;

 

		11.1	shall
                                            provide PPM with 30 (thirty) days (or such other period as the Parties may agree) prior written
                                            notification of the change of delivery point and the details of the alternative smelter in
                                            order to afford PPM the opportunity to manage the logistical operations; and

 

		11.2	shall
                                            bear any additional cost of transport should the distance or cost from the Pilanesberg Platinum
                                            Mine to the alternative smelter be more than the distance or cost from the Pilanesberg Platinum
                                            Mine to Impala Processing.

 

		12.	OWNERSHIP
                                            AND RISK

 

		12.1	Ownership
                                            in and to the Pgms and Base Metals resulting from the treatment of Concentrate delivered
                                            by PPM and treated by Impala in terms of this Agreement shall remain with PPM until Impala
                                            has made final payment in terms of clause 9 for the Pgms and Base Metals, in which event
                                            ownership shall pass to Impala. Acceptance of delivery of Concentrate shall be evidenced
                                            by the signature on the delivery documentation by the weighbridge operator of Impala Processing
                                            and risk shall be deemed to have passed from PPM to Impala on the occurrence of such event.

 

		12.2	Upon
                                            acceptance of delivery as referred to in clause 12.1, risk in and to the Concentrate shall
                                            pass from PPM to Impala. Impala shall be responsible for effecting adequate insurance to
                                            cover any and all risks associated with the loss or damage of any Concentrate delivered to
                                            it by PPM as well as the Pgms and Hase Metals derived from such Concentrate until such time
                                            as Impala has made payment in full· to PPM as per clause 9 hereof. Impala also undertakes
                                            to provide PPM upon request with proof of such instance in the form of a letter from their
                                            insurance broker confirming that the insurance contemplated by this clause is in place and
                                            has not been terminated, cancelled or amended.

 

		12.3	The
                                            Parties acknowledge and agree that upon delivery as referred to in clause 12.1 an immediate
                                            lien over and pertaining to the Concentrate and to its constituent metals and minerals shall
                                            vest in favour of Impala.

 

		13.	CONCENTRATE
                                            DISPATCH AND WEIGHT OETERMINATION PROCEDURE

 

		13.1	The
                                            Accounting Weight of Concentrate delivered will be determined from Impala Processing weighbridges
                                            as contemplated in clause 13.3 and from the moisture content determined by Impala using the
                                            Impala sampling process as more fully described in clause 14. The trucks shall be weighed
                                            before and after discharge of the Concentrate on Impala Processing weighbridge.

 

		13.2	The
                                            truck weights and deliveries making up an Accounting Batch will be reported weekly by Impala
                                            to a nominated PPM representative.

 

		13.3	Each
                                            truck shall prior to dispatch to Impala Processing be weighed on the PPM weighbridge by a
                                            PPM representative at the Pilanesberg Platinum Mine. The recorded weight of the truck shall
                                            accompany the truck to Impala Processing. The truck shall be weighed upon arrival at Impala
                                            Processing and the dispatch 

 

    Page 24

     

    

 

		 	and
                                            arrival weights per truck compared. Should the weights differ by more than 1 % then an Impala
                                            representative at Impala Processing shall contact the PPM representative as nominated under
                                            clause 13.2 and the truck shall be diverted to the second Impala Processing weighbridge and
                                            reweighed. Should the weight obtained by the second weighbridge differ from the first Impala
                                            Processing weighbridge by 1.0% or less then the weight obtained from the first Impala Processing
                                            weighbridge shall be accepted as the Accounting Weight. Should this situation persist for
                                            four continuous trucks then all three weighbridges will be recalibrated and assized.

 

		13.4	PPM
                                            shall have the right at its own expense to be represented during the weighing of any truckload
                                            of Concentrate at the Impala Processing weighbridges and Impala shall have the right at its
                                            own expense to be represented during the weighing of any truckload of Concentrate at the
                                            PPM weighbridge.

 

		14.	SAMPLING

 

		14.1	Impala
                                            shall make use of the procedures for site sample preparation and moisture determination set
                                            out in Schedule B hereto, which procedures shall at all times be in accordance with what
                                            Impala considers, in good faith, to be best industry practice. PPM shall have the right at
                                            its own expense to be represented during all and any sampling, sample preparation, moisture
                                            determination and assaying procedures of the Concentrate.

 

		14.2	Impala
                                            Processing samples shall be further prepared by Impala Processing Laboratory in accordance
                                            with its standard procedures. PPM shall have the right at its own expense to witness such
                                            procedures.

 

		14.3	Impala
                                            Processing will make up representative composite Accounting Samples from the individual trucks
                                            which deliver Concentrate. The Accounting Sample will be split with one sample to be delivered
                                            by Impala Processing to Quality Labs or any such laboratory as specified by PPM for analysis
                                            on behalf of PPM, one sample retained for analysis by the Impala Processing Laboratory and
                                            two reserve samples retained by Impala Processing for Umpire.

 

		15.	ASSAY
                                            AND ASSAY SETTLEMENT

 

		15.1	Each
                                            Party shall analyse their Accounting Sample prepared by Impala Processing in accordance with
                                            clause 14.3. The assays thus generated from such Accounting Sample only will be used for
                                            establishing the quality of the Concentrate delivered by PPM.

 

		15.2	Assays
                                            shall be swapped by simultaneous exchange of faxes or scanned emails.

 

		15.3	The
                                            splitting limit will be 2% of the "Dollar Value" calculated in respect of each
                                            Party's metal assays. The "Dollar Value" will be the sum of the value of each of
                                            the individual metals calculated by using the Party's assays and using the prices detailed
                                            in clause 7.2, save that the applicable prices will be those quoted in the Month prior to
                                            delivery of the Concentrate (as opposed to the Month prior to the Month of payment).

 

		15.3.1	For
                                            the avoidance of doubt, the Parties agree by way of example only that for an Accounting Batch
                                            delivered in June 2019 Metallurgical Month then the splitting limit shall be determined
                                            using market prices ruling during May 2019. If the Accounting Batch mass = 100 DMT and
                                            assuming the respective analysis of the individual metals in the Accounting Batch are as
                                            per the table below, then the percent; 

 

    Page 25

     

    

 

		 	difference for the Accounting Batch in the Dollar
                                            Value for each Party shall be the sum of the Dollar differences divided by the average of
                                            the Parties’ Dollar Values.

 

	 	Analysis
 g/t	Contained metal Ox/tonnes	2019 US$ price	Contained metal values US$	$
 difference	%
 difference	Settled 

Assay
	 	Impala	PPM	Impala	PPM	 	Impala	PPM	 	 	 
	Pt	59	60	189.689	192.904	[***]	[***]	[***]	[***]	 	59.5
	Pd	27	26	86.807	83.592	[***]	[***]	[***]	[***]	 	26.5
	Au	2	2	6.430	6.430	[***]	[***]	[***]	[***]	 	2
	Rh	6	7	19.290	22.505	[***]	[***]	[***]	[***]	 	6.5
	Ru	11	12	35.366	38,581	[***]	[***]	[***]	[***]	 	11.5
	Ir	3	2	9.645	6.430	[***]	[***]	[***]	[***]	 	2.5
	Ni	1.9	2	1.900	2.000	[***]	[***]	[***]	[***]	 	1.95
	Cu	1	1	1.00	1.00	[***]	[***]	[***]	[***]	 	1
	 	 	 	 	 	 	[***]	[***]	[***]	[***]	 

 

	 	 	Since
the sum of the values of the individual metals calculated by using the Parties' assays and using the prices for the Month prior to delivery
are less than 2% different then the settlement assay as per the provisions of clause 15.4 shall be the average of the Parties' assays.
	 	 	 
		15.4	If
                                            the results are within the Dollar Value splitting limit then the settlement assay for each
                                            metal will be the average of the Parties' assays.

 

		15.5	If
                                            the results fall outside the splitting limit then the sample shall be sent for independent
                                            assay to SGS or such other laboratories as the Parties may agree to in writing from time
                                            to time.

 

		15.6	The
                                            difference in the Dollar Value of each metal shall be analysed to determine the metal. assay
                                            or assays which is/are significantly causing the Dollar Value to fall outside the splitting
                                            limit. Only that metal assay or assays shall be submitted for independent assay to one of
                                            the independent laboratories contemplated above.

 

		15.7	On
                                            submission of its results to the Parties by the independent laboratory and provided that
                                            the assay of the independent laboratory shall fall between the Parties' assays then the average
                                            between the assay of the independent _ laboratory and the original assay which is closest
                                            to that of the independent laboratory will be the final settlement. The original assay result
                                            which differs by the widest margin from the assay obtained by the independent laboratory
                                            will be rejected. If the assay of the independent laboratory does not fall between the Parties'
                                            assays then the middle of the three assays (Independent laboratory, Impala and PPM)
                                            will be final for settlement.

 

		15.8	If
                                            the assay of the independent laboratory should not fall between the Parties assays and should
                                            it differ by more than 5% in the case of Platinum and Palladium and 10% in the case of the
                                            other Pgms from the Party's original assay which is closest to the independent assay then
                                            such independent assay shall be ignored and the Parties shall agree to split analysis provided
                                            that the difference between the original assays is acceptable to both Parties failing which
                                            the Parties shall elect within seven days to reanalyse or request a repeat of the independent
                                            assay.

 

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		15.9	The
                                            cost of the independent laboratory in conducting the assay shall be for the party whose assay
                                            or assays are furthest from the final settlement assay excepting where such independent assay
                                            shall be ignore as per the provisions of 15.8, in which case, the cost of such independent
                                            assay shall be split between the Parties.

 

		15.10	Notwithstanding
                                            the procedures as above, should either Party after exchange of assays as per the provisions
                                            of clauses 15.1 and 15.2 identify an analytical bias over a period of not less than 2 (two)
                                            consecutive Metallurgical Months relating to Platinum and/or Palladium (or such other recoverable
                                            metals as the Parties may agree in writing from time to time), which is proven to be statistically
                                            significant (at not less than 95% confidence) it shall

 

		15.10.1	have
                                            the right to notify the other Party in writing in such regard and the Parties shall meet
                                            in good faith not later than 2 (two) weeks from such notification to establish a programme
                                            to resolve such bias. In particular the Parties shall then interrogate the respective analytical
                                            methods and procedures, accreditation status and all pertinent qualitative and quantitative
                                            measures of the respective laboratories to make good shortfalls as identified and to eliminate
                                            such systematic differences going forward.

 

		15.10.2	Should
                                            such bias identified continue over a period of not less than 4 (four) consecutive Metallurgical
                                            Months then the Parties’ respective laboratories shall be required to each analyse
                                            a comparable Certified Reference Material (CRM), being AMIS0171 or if such CRM is unavailable
                                            then such other comparable CRM as agreed between the Parties in writing, no less than 8 (eight)
                                            times to confirm the respective laboratories’ accuracy & precision. The Parties
                                            would then compare the averages of these determinations and to determine the within laboratory
                                            standard deviations from the replication of the measurements within the laboratories. Should
                                            either laboratory fail > to evaluate the CRM within the accepted standard deviation from
                                            the consensus value it shall be required to make fundamental changes to its procedures until
                                            it can consistently demonstrate that it can evaluate the CRM within the accepted standard
                                            deviation. Either Party shall have the right at its own expense to witness the other Party’s
                                            evaluation of the CRM

 

		15.11	Impala
                                            shall provide PPM with an estimate of cumulative metal deliveries on a monthly basis based
                                            upon then available Impala Processing laboratory assays.

 

		16.	BREACH

 

		16.1	Notwithstanding
                                            the provisions of clause 4 if a Party (the "Defaulting Party") breaches any provision
                                            of this Agreement and remains in breach for 14 days after written notice by the other Party
                                            (the "Aggrieved Party") to the Defaulting Party requiring the Defaulting Party
                                            to rectify that breach the Aggrieved Party shall be entitled at its option (irrespective
                                            of the materiality of such breach or provision and without prejudice to its other rights
                                            in law including any right to claim damages):

 

		16.1.1	to
                                            claim immediate specific performance of any of the Defaulting Party’s obligations under
                                            this Agreement then due for performance; or

 

		16.1.2	to
                                            cancel this Agreement in which case written notice of the cancellation (the "Cancellation
                                            Notice") shall be given by the 

 

    Page 27

     

    

 

		 	Aggrieved Party to the Defaulting Party whereupon cancellation
                                            shall take effect upon receipt by the Defaulting Party of the Cancellation Notice provided
                                            that no Party shall be entitled to cancel this Agreement unless the breach is a material
                                            breach of a material term of this Agreement.

 

		17.	REDUCTION
                                            IN PURCHASE PRICE AND PREMIUMS

 

		17.1	The
                                            Parties recognise that certain impurities contaminate and retard the smelting and refining
                                            process and as a result any excess of unwanted impurities add to the metal processing cost
                                            incurred by Impala. The Parties agree that Impala
shall be entitled to apply charges for Chrome Oxide on the basis set out below:

 

		17.1.1	For
                                            all Concentrate deliveries between 22 May 2019 and 21 December 2019, PPM shall
                                            pay to Impala [***] per tonne of Chrome Oxide delivered in any single Accounting Batch of
                                            Concentrate with Chrome Oxide tenor in excess of 1.5%. For the avoidance of doubt:

 

	 	 	If for any one Accounting Batch of Concentrate:

 

	 	 	Delivery
    Dry Weight	=	100
    DMT
	 	 	 	 	 
	 	 	Chrome
    oxide assay	=	1.7%
    or 17kg per tonne of dry Concentrate
	 	 	 	 	 
	 	 	Chrome
    Oxide charges	=	100
    DMT x (1.7% - 1.5%)
	 	 	 	 	 
	 	 	 	=	0.2
    tonnes Chrome Oxide
	 	 	 	 	 
	 	 	Chrome
    oxide charge	=	[***]
    per tonne of Cr2 O3 in Concentrate
	 	 	 	 	 
	 	 	Chrome
    oxide charge	=	[***]
    x 0.2 tonne
	 	 	 	 	 
	 	 	 	=	[***]
    for that Accounting Batch

 

		17.1.2	For
                                            all Concentrate deliveries between 22 December 2019 and 21 December 2020, PPM shall
                                            pay to Impala [***] per tonne of Chrome Oxide delivered in any single Accounting Batch of
                                            Concentrate with Chrome Oxide tenor in excess of 1.5%.

 

		17.1.3	For
                                            all Concentrate deliveries between 22 December 2020 and 21 December 2021, PPM shall
                                            pay to Impala [***] per tonne of Chrome Oxide delivered in any single Accounting Batch of
                                            Concentrate with Chrome Oxide tenor in excess of 1.5%.

 

		17.1.4	For
                                            all Concentrate deliveries between 22 December 2021 and 21 May 2022, PPM shall
                                            pay to Impala [***] per tonne of Chrome Oxide delivered in any single Accounting Batch of
                                            Concentrate with Chrome Oxide tenor in excess of 1.5%.

 

If
in order for PPM to deliver the minimum quantity of a 250 000oz Pt plus associated Pgms in ratio in Concentrate to Impala under this
Agreement, Concentrate deliveries must continue beyond 21 May 2022, then for the avoidance of doubt PPM shall pay to Impala [***]
per tonne of Chrome Oxide delivered in any single Accounting Batch of Concentrate with Chrome Oxide tenor in excess of 1.5% for all Concentrate
deliveries up to and including 21 December 2022.

 

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		17.2	If,
                                            in retrospect, analysis shows that in any one Metallurgical Month that any two Accounting
                                            Batches had a chrome oxide tenor in excess of 1.8% then Impala shall have the right to demand
                                            pre-advice of all future Accounting Batch’ chrome oxide tenors before delivery based
                                            on a PPM sample until such time as PPM can demonstrate to Impala that Chrome Oxide tenors
                                            below 1.8% can be achieved on a consistent basis, failing which, Impala shall have the
                                            right to reject all further Concentrates deliveries with a chrome oxide tenor greater than
                                            1.8%.

 

		17.3	In
                                            the event that the overall Chrome Oxide to Platinum ratio exceeds 260:1 for deliveries in
                                            any one Metallurgical Month, Impala shall be entitled to reduce the Purchase Price payable
                                            to PPM by 3.0% for all Concentrate deliveries during that
Metallurgical Month. In the event that the chrome oxide to platinum ratio exceeds 260:1 for any two consecutive Metallurgical Months
the Parties agree to discuss the impact thereof. In addition PPM shall be obliged to ensure that the abovementioned ratio shall not be
exceeded in the third consecutive Metallurgical Month, failing which Impala shall be entitled to reject such Concentrate until PPM can
demonstrate that the said ratio is not exceeded.

 

		17.4	It
                                            is understood that the Concentrate received will be a typical mixed sulphide containing Concentrate
                                            as indicated in the attached Schedule A. If, in retrospect, analysis shows that the Concentrate
                                            delivered contains other constituents at levels which Impala reasonably deems could cause
                                            downstream processing problems at Impala Processing, or at the Impala Refinery, Impala
                                            shall notify PPM in writing thereof and shall be entitled, but not obliged, to immediately
                                            suspend deliveries of Concentrate by PPM under this Agreement.

 

Impala
shall promptly and diligently and, in any event within not more than 10 (ten) Business Days of having notified PPM as contemplated above,
using all reasonable endeavours and in open discussion with PPM, confirm that processing of Concentrate with such other constituent at
such levels as then present in PPM Concentrate deliveries would be detrimental to Impala’s downstream processing.

 

Should
the Parties be unable to agree that such other constituent is detrimental to Impala’s downstream processing then, provided that
an independent third party approved of and appointed by the Chief Operating Officer PPM and the Senior Manager Impala Refining Services
a division of Impala (and in the event of such persons failing to agree on the identity of the independent third party within 3 Business
Days of being requested to do so by each Party, then at the request of either Party the appointment shall be made by the President for
the time being of the Southern African Institute of Mining and Metallurgy) has in writing certified that such levels of constituent would
be detrimental to Impala’s downstream processing then Impala shall be entitled to demand pre-advice of the level of such constituent
in PPM’s Concentrate before delivery, based upon a PPM sample until PPM can demonstrate to Impala that an acceptable level of such
constituent can be achieved on a continuous basis. Impala shall have the right to reject all further Concentrate deliveries with a level
of such constituent which would cause downstream processing problems.

 

		18.	FAIRNESS

 

		18.1	The
                                            Parties recognise that it is impractical to make provision for every contingency which may
                                            arise during the term of this Agreement and the Parties hereby declare that their intention
                                            is that this Agreement shall operate between them with fairness and without undue hardship
                                            to either Party.

 

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		18.2	Should
                                            any Party give written notice to the other of a perceived unfairness and the effects of the
                                            perceived unfairness (the “Unfairness Notice”) arising from the operation of
                                            this Agreement, the Parties shall meet within 7 (seven) days of the date of the Unfairness
                                            Notice and use all efforts reasonable and acting in good faith in the circumstances to agree
                                            upon suitable action to remove the cause of such unfairness. Should the Parties be unable
                                            to reach agreement within 14 (fourteen) days of such meeting, no consequential amendment
                                            to this Agreement shall be made and this Agreement shall continue to be of full force and
                                            effect.

 

		19.	MARKET
                                            AND PRICE SOURCE DISRUPTION

 

		19.1	In
                                            any Month if Impala is unable or unwilling because of market conditions to sell any one or
                                            more Pgms or Base Metals produced during such Metallurgical Month and provided that an independent
                                            third party approved of and appointed by the Chief Operating Officer PPM and the Senior Manager
                                            Impala Refining Services a division of Impala (and in the event of such persons failing to
                                            agree on the identity of the independent third party within 5 Business Days of being requested
                                            to do so by either Party then at the request of either Party the appointment shall be made
                                            by the President for the time being of the Southern African Institute of Mining and Metallurgy)
                                            has in writing certified that this is reasonable in the prevailing circumstances then Impala
                                            shall be entitled to defer payment to PPM for any metal not sold during such Metallurgical
                                            Month until such time as such metal is actually sold. In such circumstances “an equality
                                            of misery” approach shall be adopted. The quantity of metal sold by Impala during any
                                            such Metallurgical Month shall be ratioed to the total quantity of metal produced by Impala
                                            during that Metallurgical Month. Such sales ratio would then be applied to the quantity of
                                            metal attributable to PPM from Concentrate delivered during, such Metallurgical Month.

 

		19.2	If
                                            the Metal Bulletin and/or Platt's Metal Week referred to in clause 7,2 fail for any reason
                                            to publish the price of any Pgm or Base Metal (the "Affected Metal") as provided
                                            in clause 7.2 (the "Price Source Disruption Event") such that the Ruling Market
                                            Price of the Affected Metal cannot be determined, the Parties shall thereupon and in any
                                            event by no later than 5 (five) Business Days after either party has given the other notice
                                            of the Price Source Disruption Event, meet in order to consult and endeavour to agree in
                                            good faith on the Ruling Market Price or the basis for determining the Ruling Market Price,
                                            as the case may be of the Affected Metal until such time as the Price Source Disruption Event
                                            ceases.

 

		19.2.1	If
                                            the Parties are unable within 5 (five) Business Days following their first meeting in terms
                                            of clause 19.2 to agree on the Ruling Market Price or the basis of determining the Ruling
                                            Market Price of the Affected Metal, the matter shall be referred for resolution to an independent
                                            third party who is approved of and appointed by the Chief Operating Officer of PPM and the
                                            Senior Manager Impala Refining Services a division of Impala, who shall be mandated to determine
                                            the Ruling Market Price of the Affected Metal, taking into consideration the latest available
                                            quotations for the Affected Metal and any other information that in his opinion is apposite.
                                            The Ruling Market Price or the basis of determining the Ruling Market Price of the Affected
                                            Metal as provided by the independent third party shall be final and binding on the Parties
                                            for the duration of the Price Source Disruption Event.

 

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		19.2.2	In
                                            the event that the Parties are unable to agree on the appointment of the independent third
                                            party contemplated in clause 19.2.1 within 5 (five) Business Days of either party being requested
                                            to do so by the other party, then at the request of either party such appointment shall be
                                            made by the President for the time being of the Southern African Institute of Mining and
                                            Metallurgy.

 

		20.	FORCE
                                            MAJEURE

 

		20.1	Neither
                                            Party shall be considered to be in default or in breach of its obligations under this Agreement
                                            if the performance of such obligations is prevented by any circumstance of Force Majeure.

 

		20.2	The
                                            term “Force Majeure” as used herein shall mean any of the following events or
                                            circumstances:

 

		20.2.1	acts
                                            of God;

 

		20.2.2	riots,
                                            strikes, lock-outs or other industrial disturbances;

 

		20.2.3	acts
                                            of foreign enemies, wars and hostilities, whether declared or not blockades, insurrection
                                            or civil disturbances;

 

		20.2.4	epidemics,
                                            landslides, earthquakes, storms, lightning, floods, wash-outs, fires, droughts, underground
                                            collapse, accidents or explosions;

 

		20.2.5	electricity
                                            load shedding or any national shortage of energy or fuel supplies;

 

		20.2.6	failure
                                            or refusal by national provincial or local government or other authority to grant any license,
                                            permit, permission or authorisation after proper application has been made therefor or the
                                            withdrawal of such permission or authorization;

 

		20.2.7	failure
                                            in third party delivery of piped hydrogen to the Impala Refinery due to no negligence of
                                            Impala;

 

		20.2.8	failure
                                            of one of the Impala Processing furnaces and/or its gas cleaning equipment or major failure
                                            at the Impala Refinery and/or;

 

		20.2.9	any
                                            other similar event which is reasonably unforeseeable, provided that such event or circumstance:

 

		20.2.9.1	is
                                            beyond the relevant Party’s control;

 

		20.2.9.2	is
                                            such that the relevant Party could not reasonably have provided against it before entering
                                            into this Agreement;

 

		20.2.9.3	which
                                            having arisen such Party could not reasonably have avoided or overcome; and

 

		20.2.9.4	which
                                            is not substantially attributable to the other Party.

 

		20.3	If
                                            a Party (“the Affected Party”) is or will be prevented at any time by Force Majeure
                                            from performing any of its obligations under this Agreement, then the Affected Party shall
                                            as soon as reasonably possible, but not later than five Business Days after becoming aware
                                            of the circumstances giving rise to the Force Majeure, notify the other Party of:

 

		20.3.1	the
                                            event or circumstances constituting the Force Majeure;

 

		20.3.2	the
                                            extent to which its performance is or will be prevented; and

 

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		20.3.3	the
                                            period for which it anticipates such prevention will endure.

 

		20.4	The
                                            Affected Party shall having given notice referred to in clause 20.3 above be excused from
                                            performing such obligations to the extent and for so long as such Force Majeure prevents
                                            it from performing them.

 

		20.5	The
                                            Affected Party shall give notice to the other Party when it ceases to be affected by the
                                            Force Majeure.

 

		20.6	Notwithstanding
                                            any other provision of this clause 20, Force Majeure shall not apply to obligations of either
                                            Party to make payments to the other Party under this Agreement or to perform its obligations
                                            under this Agreement to the extent to which it is possible to do so notwithstanding the occurrence
                                            of an event referred to in clause 20.2.

 

		20.7	Each
                                            Party shall at all times, acting promptly and diligently, use all reasonable endeavours to
                                            minimise any delay in the performance of the Agreement as a result of Force Majeure; provided
                                            that such Party shall not be obliged to settle any strike or other labour dispute on terms
                                            contrary to its policies.

 

		20.8	If
                                            as a result of the Force Majeure:

 

		20.8.1	Impala
                                            (as the Affected Party) is prevented from taking delivery of the Concentrate, PPM shall,
                                            during the period for which such Force Majeure exists be entitled to supply Concentrate to
                                            other refiners for

 

		20.8.2	processing
                                            and/or sale of metals, as well as for a period of no longer than 2 (two) Months thereafter
                                            as may be required to give effect to or enable such alternative arrangements; and

 

		20.9	If
                                            the Force Majeure event or circumstance has continued for 120 (one hundred and twenty) days
                                            then, the non-Affected Party may, on 20 (twenty) Business. Days’ notice to the other
                                            Party, thereafter terminate this Agreement and neither Party shall be liable to the other
                                            Party for any loss caused by such termination.

 

		21.	DISPUTE
                                            RESOLUTION

 

		21.1	All
                                            disputes which may arise between the Parties shall be determined in accordance with the processes
                                            set out in this clause 21.

 

		21.2	Before
                                            any dispute is referred to arbitration in terms of this clause 21 the aggrieved Party shall
                                            by notice to the other declare a dispute and shall in such notice identify the issues in
                                            dispute and the responsible executives of the Parties concerned shall, within 90 (ninety)
                                            days of the receipt of such notice, attempt to resolve the issues. Should such responsible
                                            executives within such period be unable to resolve the issues in dispute, same shall be referred
                                            to the Chief Operating Officer PPM and the Senior Manager Impala Refining Services a division
                                            of Impala and should they within a further 14 (fourteen) days be unable to resolve the issues
                                            in dispute same shall then be referred to arbitration in terms of this clause 21 as follows:

 

		21.2.1	Any
                                            dispute arising out of or in connection with this Agreement shall be finally resolved by
                                            arbitration in terms of this clause 21;

 

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		21.2.2	Any
                                            Party to this Agreement may demand that a dispute be determined in terms of this clause by
                                            written notice to the other Party;

 

		21.2.3	This
                                            clause is a separate divisible agreement from the rest of this Agreement and shall not be
                                            or become void, voidable or unenforceable by reason only of any alleged misrepresentation,
                                            mistake, duress, undue
influence, impossibility (initial or supervening), illegality, immorality, absence of consensus, lack of authority or other cause relating
in substance to the rest of this Agreement and not to this clause. The Parties intend that any such issue shall be subject to arbitration
in terms of this clause;

 

		21.2.4	Any
                                            dispute arising out of or in connection with this Agreement or the subject matter of this
                                            Agreement including, without limitation, any dispute concerning:

 

		21.2.4.1	the
                                            existence of this Agreement, apart from this clause;

 

		21.2.4.2	the
                                            interpretation and effect of this Agreement;

 

		21.2.4.3	the
                                            Parties’ respective rights or obligations under this Agreement;

 

		21.2.4.4	the
                                            rectification of this Agreement;

 

		21.2.4.5	the
                                            breach or any matter arising out of the breach of this Agreement;

 

		21.2.4.6	damages in delict, compensation for unjust enrichment or any other claim whether or not the rest of the Agreement apart from this clause is valid and enforceable,

                                                                                 

                                                                                shall be decided by arbitration as set out in this clause. The decision of the arbitrator shall be final and binding on the Parties.

 

		21.3	The
                                            Parties shall agree on the arbitrator who shall be if the matter in dispute is principally:

 

		21.3.1	a
                                            legal matter, a practising advocate or attorney of Johannesburg of at least 15 (fifteen)
                                            years' standing;

 

		21.3.2	an
                                            accounting matter, a practising chartered accountant of Johannesburg of at least 15 (fifteen)
                                            years' standing;

 

		21.3.3	any
                                            other matter, an independent person agreed upon between the Parties.

 

		21.4	Should
                                            the Parties fail to agree whether the dispute is principally a legal, accounting or other
                                            matter within 7 (seven) days after arbitration was demanded, the matter shall be deemed to
                                            be a legal matter.

 

		21.5	Should
                                            the Parties fail to agree on an arbitrator within 14 (fourteen) days after conclusion of
                                            the mediation process of clause 21.2, the arbitrator shall be appointed at the request of
                                            either Party to the dispute by the President for the time being of the Law Society of the
                                            Northern Provinces (or its successor in Gauteng) according to the provisions of clause 21.3.3.

 

		21.6	The
                                            arbitrator shall have the power to fix all procedural rules for the holding of the arbitration
                                            including discretionary powers to make orders as to any matters which he may consider proper
                                            in the circumstances of the case with regard to 

 

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			submissions, pleadings,
                                                                                                                                                                discovery, inspection of documents, examination of witnesses and any other matter relating to the conduct of the arbitration. The
                                                                                                                                                                arbitrator may receive and act on all such evidence whether oral or written, strictly admissible or not, as he, in his discretion,
                                                                                                                                                                may deem fit. Unless the arbitrator otherwise expressly directs the arbitration shall be conducted according to the procedures laid
                                                                                                                                                                down by the Uniform Rules of the High Court of South Africa, as amended and adapted by any special rules or practices
                                                                                                                                                                applicable in the Southern Gauteng Division of the High Court of South Africa (as presently constituted).

 

		21.7	The
                                            award of the arbitrator, which shall be in writing and supported by reasons, shall be final
                                            and binding upon all the Parties to the dispute (who hereby agree to carry out the award).
                                            The Parties hereby exclude all rights of appeal which might otherwise be conferred on them
                                            by Law.

 

		21.8	The
                                            arbitration shall be held in Sandton and the Parties shall endeavour to ensure that it is
                                            completed within 30 days after notice requiring the claim to be referred to arbitration is
                                            given.

 

		21.9	The
                                            arbitration shall be governed by the Arbitration Act No. 42 of 1965 or any replacement
                                            Act. The Parties agree that section 20 of the Arbitration Act (or the equivalent section
                                            of any replacement Act) shall not be applicable to any arbitration conducted in terms of
                                            this Agreement.

 

		21.10	This
                                            clause 21 shall not preclude any Party from obtaining interim relief on an urgent basis from
                                            a court of competent jurisdiction pending the decision of the arbitrator. The Parties hereby
                                            consent to the non-exclusive jurisdiction of the High Court of South Africa (Southern Gauteng
                                            Division) in respect of the proceedings referred to in this clause and the above Court shall
                                            have jurisdiction to enforce any award made by an arbitrator under this clause.

 

		22.	WARRANTIES
                                            AND UNDERTAKINGS

 

		22.1	PPM
                                            warrants to Impala that:

 

		22.1.1	it
                                            has sole Rights to extract ore from the Pilanesberg Platinum Mine and produce Concentrate
                                            from such ore in order to meet its obligations in terms of this Agreement;

 

		22.1.2	it
                                            will be the owner or will have title to the Concentrate including any metal I mineral derived
                                            from the Concentrate, and is lawfully authorized to deal in any metal or mineral derived
                                            from such Concentrate when deliveries of the Concentrate to Impala commence in terms of this
                                            Agreement;

 

		22.1.3	will
                                            use reasonable endeavours to produce and deliver Concentrate to Impala in the quantities
                                            as indicated in Schedule C and in accordance with the Concentrate Delivery Plan. Provided
                                            that within the three calendar year term within which PPM delivers Concentrate to Impala
                                            under this Agreement the total contained metal production in Concentrate from the Pilanesberg
                                            Platinum Mine shall be not less than 250 000oz Pt plus associated Pgms in ratio typically
                                            as outlined in clause 6 then PPM warrants that subject to clause 5.3, PPM shall deliver a
                                            minimum of 250 000oz Pt plus associated Pgms in ratio typically as outlined in clause 6 in
                                            Concentrate to Impala within the three year calendar year term within which PPM delivers
                                            Concentrate to Impala under this Agreement (As provided for under clause 4.1).

 

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		22.2	Impala
                                            warrants that it will accept and pay for all relevant Pgms and Base Metals derived from Concentrate
                                            delivered by PPM as provided for under clause
7, in accordance with the provisions of this Agreement, save where Impala rejects any Concentrate in accordance with the provisions hereof.

 

		23.	APPLICABLE
                                            LAW

 

This
Agreement shall be governed interpreted and implemented in accordance with the Laws of the Republic of South Africa.

 

		24.	CHANGE
                                            IN LAW

 

The
Parties agree that in the event that any Change in Law has the implication of making the conclusion or implementation of any material
part of this Agreement (i) unlawful; (ii) impossible; or (iii) commercially unfeasible for either Party, the Parties shall
renegotiate the terms of the Agreement in good faith to give effect to the intentions of the Parties in accordance with the terms of
the Agreement without resulting in any undue prejudice to the Parties.

 

		25.	CESSION

 

Save
as may be required by PPM for the purpose of securing pipeline financing wherein PPM may be obliged as security to cede in securitatum
debiti its rights to receive payments due under this Agreement or cession of its rights by Impala to another subsidiary of Implats which
is capable of performing all Impala's obligations under this Agreement, no Party may cede any of that Party’s rights or delegate
any of that Party’s obligations without the prior written consent of the other Party which shall not be unreasonably withheld;
provided that in the event of a sale by PPM of the Pilanesberg Platinum Mine or any sale by PPM which shall have implication regarding
the production of the Concentrate as contemplated under this Agreement such sale shall be subject to applicable Law and unless otherwise
agreed in writing by the Parties be • subject to the acquirer entering into an agreement with Impala on the same terms and conditions
as contained in this Agreement. Upon Impala and the aforementioned acquirer entering into the aforesaid agreement PPM shall immediately
be released from all such rights obligations liabilities and benefits with regard to the associated Concentrate and shall have no further
liability in respect of such Concentrate in terms of this Agreement.

 

		26.	WAIVER

 

No
relaxation or indulgence which any Party may grant to the other shall constitute a waiver of the rights of that Party and shall not preclude
that Party from exercising any rights which may have arisen in the past or which might arise in future.

 

		27.	ENTIRE
                                            CONTRACT

 

This
Agreement contains the entire Agreement of the Parties with respect to the matters stipulated above and supersedes all prior written
oral or implied understandings between them on this subject.

 

		28.	VARIATION,
                                            CANCELLATION AND WAIVER

 

Neither
this Agreement nor any terms or conditions hereof shall be changed, waived, discharged or terminated orally but only by an instrument
in writing signed by both Parties.

 

    Page 35

     

    

 

		29.	NOTICES

 

		29.1	The
                                            Parties choose as their domicilia citandi et executandi for all purposes under this
                                            Agreement whether in respect of court process notices or other documents or communications
                                            of whatsoever nature the following addresses:

 

		29.2	Pilanesberg
                                            Platinum Mines (Pty) Limited

 

Postal:

 

[***]

 

Physical:

 

[***]

 

Telefax:
[***]

 

E-mail:
[***]

 

Attention:
Chief Operating Officer; with a copy to the Company Secretary

 

		29.3	Impala
                                            Platinum Limited:

 

Postal:

 

[***]

 

Physical:

 

[***]

 

Telefax:
[***]

 

E-mail:
[***]

 

Attention:
Senior Manager: Impala Refining Services a division of Impala Platinum Limited

 

		29.4	Notice
                                            or communication required or permitted to be given in terms of this Agreement shall be valid
                                            and effective only if in writing.

 

		29.5	Any
                                            Party may by written notice to any other Party change the physical address chosen as its
                                            domicilium citandi et executandi vis-a-vis that Party to another physical address
                                            where postal delivery occurs in clause 29.1 or its postal address, telefax number or e-mail
                                            address provided that the change shall become effective vis-a-vis that addressee on
                                            the 10th (tenth) Business Day from the receipt of the notice by the addressee.

 

		29.6	Any
                                            notice to a Party shall be delivered by hand to a responsible person at the physical address
                                            chosen as its domicilium citandi et executandi, and shall be deemed to have been received
                                            on the day of delivery if delivered between 08:00 and 19:00 on a Business Day or otherwise
                                            on the following Business Day;

 

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		29.7	The
                                            parties record that whilst they may correspond via email during the currency of the Agreement
                                            for operational reasons, no formal notice required in terms of this Agreement, nor any amendment
                                            of or variation to this Agreement may be given or concluded via email.

 

		29.8	Notwithstanding
                                            anything to the contrary herein contained a written notice or communication actually received
                                            by a Party shall be an adequate written notice or communication to it notwithstanding that
                                            it was not sent to or delivered at its chosen domicilium citandi et executandi.

 

		30.	CONFIDENTIALITY
                                            AND PUBLICITY

 

		30.1	For
                                            the purposes of this clause 30:

 

		30.1.1	“Confidential
                                            Information” shall mean in relation to a Party any technical, commercial, scientific,
                                            marketing or business information, any documentation, know-how, trade secrets, marketing
                                            strategies, processes, machinery designs, technical specifications, development plans, concepts
                                            and ideas, financial information, customer information or records, business plans, customer
                                            and vendor lists, products analysis, tests results, descriptions, drawings, computer software,
                                            programming, hardware configurations, systems, materials and/or data and all other information
                                            of any kind or nature, proprietary to or a trade secret of a Party whether or not formally
                                            designated as confidential and whether in written, oral, magnetic or machine- readable or
                                            other format and which is acquired by another Party pursuant to this Agreement; and

 

		30.1.2	“Representatives”
                                            shall mean in relation to a Party and that Party’s Affiliates, its and their respective
                                            employees, officers, directors consultants, agents, contractors, sub-contractors, advisers,
                                            bankers/lenders/funders and their respective professional advisors.

 

		30.2	Each
                                            Party irrevocably and unconditionally acknowledges that the unauthorized . disclosure of
                                            the other Party’s Confidential Information may give rise to substantial damage to the
                                            other Party.

 

		30.3	Each
                                            Party irrevocably and unconditionally undertakes to the other Party that subject to the provisions
                                            of this clause 30:

 

		30.3.1	any
                                            Confidential Information of the other Party in its possession or under its control obtained
                                            pursuant to this Agreement will be maintained under conditions of strict confidentiality;

 

		30.3.2	Confidential
                                            Information of the other Party has been or will be made available to only those of its Representatives
                                            and professional advisors who need to know such Confidential Information for the purpose
                                            of that Party performing its obligations under this Agreement and/or enforcing and protecting
                                            its rights under this Agreement and/or complying with its legal obligations;

 

		30.3.3	it
                                            will take reasonable steps to ensure that those Representatives and professional advisors
                                            comply with the provisions of this clause 30 and will be liable for any non-compliance by
                                            such Representatives or professional advisors with the provisions of this clause 30; and

 

		30.3.4	it
                                            will not otherwise disclose any Confidential Information of the other Party to any other
                                            Person or entity without the prior written consent 

 

    Page 37

     

    

 

		 	of the other Party (which shall not be
                                            unreasonably withheld or delayed).

 

		30.4	Each
                                            Party irrevocably and unconditionally undertakes in favour of the other Party that if it
                                            becomes aware that there has been, as a result of or in the course of the performance of
                                            this Agreement, unauthorized disclosure or use of the Confidential Information of the other
                                            Party, it shall promptly bring the matter to the attention of the other Party in writing.

 

		30.5	This
                                            clause 30 shall not apply to information which:

 

		30.5.1	becomes
                                            generally available to the public other than as a result of a breach of this Agreement or
                                            a breach of a confidentiality obligation owed to the Party to whom such Confidential Information
                                            relates (and the other Party could not reasonably have been aware of such breach);

 

		30.5.2	a
                                            Party can show by written record made prior to disclosure, was made available by the other
                                            Party on a non-confidential basis;

 

		30.5.3	becomes
                                            available to a Party from a source other than the other Party (being the Party to whom such
                                            Confidential Information relates) and there has not been a breach of a confidentiality obligation
                                            owed to the Party to whom such Confidential Information relates of which the other Party
                                            should have reasonably been aware;

 

		30.5.4	it
                                            is necessary for a Party to disclose in the proper performance of its obligations under this
                                            Agreement and/or enforcing and protecting its rights under this Agreement;

 

		30.5.5	is
                                            at the time of disclosure in the public domain or lawfully in the possession of the Person
                                            to whom disclosure is made; or

 

		30.5.6	is
                                            required to be disclosed by Law by any court or arbitration tribunal order by any regulatory
                                            body to which it is subject or by any securities or stock exchange on which the shares of
                                            any Party (or its Affiliates) are listed or any other competent regulatory authority.

 

		30.6	PPM
                                            shall be entitled to disclose the contents of Schedule D to the persons and in the circumstances
                                            provided in this clause 30.6 as follows:

 

		30.6.1	the
                                            contents of Schedule D hereto to any reputable financial institution for the purposes of
                                            assessing the provisions of pipeline financing to PPM, provided that:

 

		30.6.1.1	prior
                                            to such disclosure, PPM shall obtain a written undertaking from the financial institution
                                            concerned to keep the contents of Schedule D confidential and to use them solely for the
                                            purposes of assessing the provision of pipeline financing as aforesaid; and

 

		30.6.1.2	the
                                            disclosure of the provisions of Schedule D shall be made as a condition precedent to the
                                            provision of pipeline financing and only once all remaining conditions precedent to the transaction
                                            have been fulfilled;

 

		30.7	For
                                            the avoidance of doubt but subject to clause 30.6, no provision of this Agreement shall be
                                            construed in such a way that a Party disclosing Confidential Information (“the Disclosing
                                            Party”) to the other Party (“the Receiving Party”) is 

 

    Page 38

     

    

 

		 	deemed to have granted
                                            its consent to the Receiving Party to disclose the whole or any part of the Confidential
                                            Information notwithstanding that:

 

		30.7.1	the
                                            Receiving Party receives a request for the whole or any part of the Confidential Information
                                            in terms of the provisions of the Promotion of Access to Information Act No. 2 of 2000
                                            as amended (“the Act’’); or

 

		30.7.2	the
                                            Disclosing Party has previously disclosed any of its Confidential Information to a third
                                            party in terms of the provisions of the Act or any other Law or court order.

 

		30.8	The
                                            Parties agree that the disclosure of Confidential Information by the Receiving party otherwise
                                            than in accordance with the provisions of this Agreement, shall entitle the Disclosing Party
                                            to institute action for breach of confidence against the Receiving Party as envisaged by
                                            section 65 of the Act as amended.

 

		30.9	The
                                            Parties acknowledge that the provisions of clause 30.8 shall not be construed in such a manner
                                            as to exclude the applicability of any ground of refusal contained in the Act which may be
                                            applicable in the event that the Receiving Party shall receive a request for the whole or
                                            any part of the Confidential Information in terms of the Act.

 

		30.10	The
                                            receipt by a Party of another Party’s Confidential Information under this Agreement
                                            shall not be construed as granting to the receiving Party any right in or to use, exploit
                                            or further develop such Confidential Information on any basis other than solely to further
                                            the permitted purposes. Upon a Receiving Party ceasing to have any further rights or obligations
                                            under this Agreement or upon the request of the Disclosing Party whose Confidential Information
                                            is held by the Receiving Party either (at the Disclosing Party’s option):

 

		30.10.1	return
                                            all tangible items of Confidential Information in the possession or control of the Receiving
                                            Party (or its Affiliates) to the Disclosing Party; or

 

		30.10.2	destroy
                                            such materials and certify to the Disclosing Party that such materials have been destroyed.

 

		30.11	The
                                            provisions of this clause 30 shall survive the termination for any reason of this Agreement
                                            and shall continue to bind the Parties for a period of 5 years thereafter.

 

		31.	LIMITATION
                                            OF LIABILITY

 

Neither
Party will be liable to the other Party for any indirect, consequential or special damages under or in connection with this Agreement.

 

PPM’s
aggregate liability to Impala for any claims under or in connection with this Agreement shall be limited to the amounts actually paid
to and received by PPM pursuant to clause 9.1 of the Agreement for the last 12 months of uninterrupted delivery of Concentrate by PPM
pursuant to clause 5 and clause 6 preceding the date on which the event giving rise to the liability arises.

 

		32.	SEVERABILITY

 

If
any provision of this Agreement is held by a court of competent authority or an Arbitrator (appointed in terms of this Agreement) to
be invalid, void or unenforceable that clause shall be severed from this Agreement and the remaining clauses shall remain valid binding
and enforceable on the Parties.

 

    Page 39

     

    

 

		33.	COSTS

 

Each
Party shall bear its own costs in relation to the negotiation preparation and conclusion of this Agreement.

 

		34.	SIGNATURE
                                            IN COUNTERPARTS

 

This
Agreement may be executed in counterparts each of which shall be deemed to be an original and which together shall constitute one and
the same agreement.

 

	Signed at	Centurion	on 	23 Aug	2018

 

For
and on behalf of:

 

	ILLEGIBLE	 

PILANESBERG
PLATINUM MINES (PTY) LIMITED

Who warrants that he/she is duly authorized

 

	Name:	ILLEGIBLE	

 

	Title:	C.O.O	 

 

	Date:	23 Aug 2018	 

 

AS
WITNESS:

 

	1.	ILLEGIBLE	 

 

	2.	 	 

 

    Page 40

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