Common use of Execution - Authorized Officer to Sign Clause in Contracts

Execution - Authorized Officer to Sign. Each person signing this Agreement as an authorized officer of a Party hereby represents and warrants that he or she is duly authorized to sign this Agreement for that Party and that this Agreement will, upon having been so executed, be binding on that Party in accordance with its terms. In Witness Whereof, the Parties have caused this Agreement to be executed and delivered as of the date first set forth above. By: /s/ ▇▇▇▇▇▇ ▇▇▇▇▇▇ Name: ▇▇▇▇▇▇ ▇▇▇▇▇▇ Title: Director By: /s/ ▇▇▇▇▇▇ ▇▇▇▇▇▇ Name: ▇▇▇▇▇▇ ▇▇▇▇▇▇ Title: Director By: /s/ ▇▇▇▇▇ ▇▇▇▇-▇▇▇▇▇ Name: ▇▇▇▇▇ ▇▇▇▇-▇▇▇▇▇ Title: Director In July 2011, NORI, was granted a polymetallic nodule exploration contract pursuant to the ISA’s Regulations on Prospecting and Exploration for Polymetallic Nodules in the Clarion Clipperton Zone (“CCZ”), providing it exclusive rights to explore 74,830 km2 in the CCZ pursuant to the NORI Exploration Contract (“NORI Exploration Contract”). The NORI Exploration Contract was approved by the ISA Council on July 19, 2011, and entered into on July 22, 2011 between NORI and the ISA, and terminates on July 22, 2026, subject to extension. The NORI Contract Area is located within the CCZ of the northeast Pacific Ocean. The CCZ is located in international waters between Hawaii and Mexico. The western-end of the CCZ is approximately 1,000 km south of the Hawaiian island group. From here, the CCZ extends almost 5,000 km east-northeast, in an approximately 600 km wide trend, with the eastern limits approximately 2,000 km west of southern Mexico. The NORI Contract Area comprises four separate blocks (A, B, C and D) in the CCZ with a combined area of 74,830 km2 and is more particularly identified below: NORI Contract Area extents Area (DD) (DD) (DD) (DD) (m) (m) (m) (m) Zone A 11.5000 13.0000 (134.5830 ) (133.8330 ) 545,220.4 627,276.0 1,271,339 1,437,255 8 B 13.5801 14.0000 (134.0000 ) (133.2000 ) 607,995.7 694,759.8 1,501,590 1,548,425 8 C 12.0000 14.9350 (123.0000 ) (120.5000 ) 500,000.0 769,458.3 1,326,941 1,652,649 10 D 9.8950 11.0833 (117.8167 ) (116.0667 ) 410,465.2 602,326.1 1,093,913 1,225,353 11 DD — Decimal degrees, UTM — Universal Transverse Mercator map projection The NORI Contract Area is an exploration stage property. To date, no exploitation contracts for extracting minerals from the international seafloor have been granted. The ISA is currently working on the development of a legal framework to regulate the exploitation of polymetallic nodules in the of the high seas beyond national jurisdiction, which includes the CCZ. THIS agreement is made as of [●], by and between Low Carbon Royalties Inc (the “Royalty Holder”), [Name], (the “Lender”/“CoC Parent Company”) and Nauru Ocean Resources Inc. (the “Company”).