Company: PRMLF
Filing Date: 2025-03-20
Form Type: 10-K
Source: 0001641172-25-000043
Chunk: 122

Company: NexMetals Mining Corp.
Filing Date: 2025-03-20
Form: 10-K
Item: Item 1A
Chunk 122
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 financial year ended December 31, 2024.

Option
Plans and Other Incentive Plans

Option
Plan

The
Company’s option plan (the “Option Plan”), as amended, is a “fixed” share option plan,
pursuant to which PREM may issue up to 27,100,000 Options to eligible persons (as defined below), provided that the number of Common
Shares reserved for issuance from treasury under the Option Plan and all other security-based compensation arrangements of the
Company and its subsidiaries shall not, in the aggregate, exceed 20% of the number of Common Shares then issued and outstanding. As
of December 31, 2024, 19,066,321 Options have been granted and 15,586,771 Options are outstanding under the Option
Plan. The Option Plan was approved by the Company’s shareholders on September 20, 2023.

Options
under the Option Plan may be granted by the Board to “eligible persons”, who are directors, officers, employees or
consultants of PREM or its subsidiaries, eligible persons who are employees of a company providing management services to PREM, or, in
certain circumstances, charitable organizations. Options granted under the Option Plan have a maximum exercise period of up to 10 years,
as determined by the Board.

The
Option Plan limits the number of Options which may be granted to any one individual to not more than 5% of the total Common Shares
in any 12-month period (unless otherwise approved by the “disinterested shareholders” of the Company). A
“disinterested shareholder” is a shareholder who is not a director, officer, promoter, or other insider of the
Company, or its associates or affiliates, as such terms are defined under the Securities Act (Ontario). In addition, unless
otherwise approved by the Company’s disinterested shareholders, the number of Common Shares issuable under the Option Plan to all
insiders of the Company as a group shall not exceed 10% of the total Common Shares at any point in time.

The
number of Options granted to any one consultant or investor relations service provider in any 12-month period must not exceed 2% of the
total issued Common Shares. Options granted to investor relations service providers shall vest in stages over at least a one-year period,
in accordance with the policies of the TSXV. Subject to the foregoing, any Options granted under the Option Plan will not be subject
to any vesting schedule, unless otherwise determined