Exhibit 4.7






















FE BATTERY METALS CORP.





RESTRICTED SHARE UNIT PLAN





EFFECTIVE AS OF DECEMBER 31, 2021
















































TABLE OF CONTENTS



|ARTICLE 1 PURPOSE AND INTERPRETATION                 | 2                                   
|---------------------------------------------------- | ------------------------------------
|                                                     |                                     
|Section 1.1                                          | Purpose                             
|Section 1.2                                          | Definitions                         
|Section 1.3                                          | Interpretation                      
|Section 1.4                                          | Governing Law                       
|Section 1.5                                          | Severability                        
|                                                     |                                     
|ARTICLE 2 SHARE CAPITAL                              | 6                                   
|                                                     |                                     
|Section 2.1                                          | Shares Reserved                     
|                                                     |                                     
|ARTICLE 3 ADMINISTRATION                             | 7                                   
|                                                     |                                     
|Section 3.1                                          | General                             
|Section 3.2                                          | Compliance with Legislation         
|Section 3.3                                          | Miscellaneous                       
|                                                     |                                     
|ARTICLE 4 RESTRICTED SHARE UNITS                     | 9                                   
|                                                     |                                     
|Section 4.1                                          | Granting of RSUs                    
|Section 4.2                                          | Dividends                           
|Section 4.3                                          | Settlement of Restricted Share Units
|Section 4.4                                          | Termination of Service              
|Section 4.5                                          | Non-transferability of RSUs         
|Section 4.6                                          | Hold Period                         
|                                                     |                                     
|ARTICLE 5 TERMINATION, AMENDMENTS AND ADJUSTMENTS    | 13                                  
|                                                     |                                     
|Section 5.1                                          | Amendment and Termination           
|Section 5.2                                          | Change of Control                   
|Section 5.3                                          | Adjustments                         
|                                                     |                                     
|ARTICLE 6 GENERAL                                    | 14                                  
|                                                     |                                     
|Section 6.1                                          | Effective Date                      
|Section 6.2                                          | Notice                              
|Section 6.3                                          | Tax Withholdings                    
|Section 6.4                                          | Rights of Participants              
|Section 6.5                                          | Right to Issue Other Shares         
|Section 6.6                                          | Successors and Assigns              
|Section 6.7                                          | Funding of the Plan                 
|Schedule A Restricted Share Unit Grant Letter        | 16                                  
|Schedule B Restricted Share Unit - Settlement Notice | 18                                  



i







RESTRICTED SHARE UNIT PLAN





ARTICLE 1

PURPOSE AND INTERPRETATION



Section 1.1 Purpose



The purpose of the Plan is to promote
and advance the interests of the Company by (i) providing Eligible Persons with additional incentive through an opportunity to receive
discretionary bonuses in the form of Common Shares of the Company, (ii) encouraging stock ownership by such Eligible Persons, (iii) increasing
the proprietary interest of Eligible Persons in the success of the Company, and (iv) increasing the ability to attract, retain and motivate
Eligible Persons.



Section 1.2 Definitions



For the purposes of this Plan, the following
terms shall have the following meanings:



| | (a) | “Account” means a notional account
maintained for each Participant on the books of the Company which will be credited with Restricted Share Units and Dividend RSUs, in accordance
with the terms of the Plan;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | “Affiliate” means any person that
controls or is controlled by the Company or that is controlled by the same person that controls the Company;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | “Associate” has the meaning ascribed to that term under the Securities
Act, R.S.B.C. 1996, c. 418, as amended from time to time;
| | --- | --------------------------------------------------------------------------------------------------------------------------------



| | (d) | “Affiliated Companies”, “Controlled
Companies” and “Subsidiary Companies” have the meanings ascribed to those terms under the Securities Act, R.S.B.C.
1996, c. 418, as amended from time to time;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | “Black-Out Period” means the period
during which designated directors, officers, employees and consultants of the Company and, if applicable, any Subsidiary Company, cannot
trade Common Shares pursuant to the Company s insider trading policy which is in effect at that time (which, for certainty, does not include
the period during which a cease trade order is in effect to which the Company, or in respect of a Reporting Insider, that Reporting Insider,
is subject);
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (f) | “Board” means the board of directors
of the Company or such delegate as referred to by the term in Section 3.1(1);
| | --- | ------------------------------------------------------------------------------------------------------------------



| | (g) | “Business Day” means any day other
than a Saturday, Sunday or a statutory or civic holiday in the City of Vancouver, British Columbia, on which the Stock Exchange is open
for trading;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| | (h) | “Cause” means (i) if the Participant
has a written agreement with the Company or Subsidiary Companies in which cause is defined, cause as defined therein; or otherwise (ii)
(A) the inability of the Participant to perform his or her duties due to a legal impediment such as an injunction, restraining order or
other type of judicial judgment, decree or order entered against the Participant; (B) the failure of the Participant to follow the Company’s
reasonable instructions with respect to the performance of his or her duties; (C) any material breach by the Participant of his or her
obligations under any code of ethics, any other code of business conduct or any lawful policies or procedures of the Company; (D) excessive
absenteeism, flagrant neglect of duties, serious misconduct, or conviction of crime or fraud; and (E) any other act or omission of
the Participant which would in law permit an employer to, without notice or payment in lieu of notice, terminate the employment of an
employee;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | “Change of Control Event” means:
| | --- | --------------------------------



| | (i) | the acquisition of a sufficient number of voting securities in the capital of the Company so that the
acquiror, together with Persons or Entities acting jointly or in concert with the acquiror, becomes entitled, directly or indirectly,
to exercise more than 50% of the voting rights attaching to the outstanding voting securities in the capital of the Company (provided
that, prior to the acquisition, the acquiror was not entitled to exercise more than 50% of the voting rights attaching to the outstanding
voting securities in the capital of the Company);
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | the completion of a consolidation, merger, arrangement or amalgamation of the Company with or into
any other entity whereby the voting securityholders of the Company immediately prior to the consolidation, merger, arrangement or amalgamation
receive less than 50% of the voting rights attaching to the outstanding voting securities of the consolidated, merged, arranged or amalgamated
entity;
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | the completion of a sale whereby all or substantially all of the Company’s undertakings and assets
become the property of any other entity and the voting securityholders of the Company immediately prior to the sale hold less than 50%
of the voting rights attaching to the outstanding voting securities of that other entity immediately following that sale; or
| | ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iv) | an occurrence when a majority of the directors
elected at any annual or extraordinary general meeting of shareholders of the Company are not individuals nominated by the Company’s
then-incumbent Board.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (j) | “Common Shares” means the common shares in the share capital of the Company;
| | --- | ----------------------------------------------------------------------------



| | (k) | “Company” means FE Battery Metals Corp.;
| | --- | ----------------------------------------



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| | (l) | “Consultant” means a corporate entity or an individual, other than an employee, executive
officer or director of the Company or of an Affiliate, that:
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | is engaged to provide services to the Company or an Affiliate, other than services provided in relation
to a distribution of the Company’s securities;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | provides the services under a written contract with the Company or an Affiliate; and
| | ---- | ------------------------------------------------------------------------------------



| | (iii) | spends or will spend a significant amount of time and attention on the affairs and business of the
Company or an Affiliate;
| | ----- | ---------------------------------------------------------------------------------------------------------------------------



and includes, for an individual
consultant, a Company of which the individual consultant is an employee or shareholder, and a partnership of which the individual consultant
is an employee or partner;



| | (m) | “Dividend RSUs” means a bookkeeping entry credited to a Participant’s Account equivalent
in value to the dividend, if any, paid on a Common Share in accordance with Section 4.2 of the Plan;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (n) | “Eligible Person” means:
| | --- | ------------------------



| | (i) | any director, officer, employee or Consultant of the Company or any of its Subsidiary Companies; and
| | --- | ----------------------------------------------------------------------------------------------------



| | (ii) | any Personal Holding Company of any of the persons listed in Section 1.2(m)(i) above;
| | ---- | -------------------------------------------------------------------------------------



who is designated by the Board as eligible
to participate in the Plan;



| | (o) | “Expiry Date” means the expiry date set out by the Board on the date of approval of a grant
and as described in the applicable RSU Grant Letter (which for greater certainty may vary between RSUs granted from time to time), following
which an RSU is expired and is thereafter incapable of settlement, and is of no value whatsoever, provided however that in no event shall
an Expiry Date be a date that is more than three years from the date of grant;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (p) | “Market Price” means, with respect to any particular date, the volume weighted average trading
price of the Common Shares as reported on the Stock Exchange for the five (5) trading days immediately preceding that date;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (q) | “Participant” means an Eligible Person to whom RSUs have been granted and are outstanding;
| | --- | ------------------------------------------------------------------------------------------



| | (r) | “Personal Holding
Company” means a personal holding Company that is either wholly owned, or controlled by, any director, executive officer, employee
or Consultant of the Company or its Affiliates, and the shares of which are held
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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directly
or indirectly by any such person or the person’s spouse, minor children
and/or minor grandchildren;



| | (s) | “Person or Entity” means an individual, natural person, Company, government or political
subdivision or agency of a government, and where two or more persons act as a partnership, limited partnership, syndicate, or other group
for the purpose of acquiring, holding, or disposing of securities of an issuer, such partnership, limited partnership, syndicate, or group
shall be deemed to be a Person or Entity;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (t) | “Plan” means this Restricted Share Unit plan of the Company, as amended from time to time;
| | --- | ------------------------------------------------------------------------------------------



| | (u) | “Reporting Insider” means a reporting insider as defined under National Instrument 55-104
as may be amended from time to time;
| | --- | ------------------------------------------------------------------------------------------------------------------------------



| | (v) | “Restricted Share Unit” or “RSU” means a bookkeeping entry equivalent in value
to a Common Share credited to a Participant’s Account and representing the right of a Participant to whom a grant of such restricted
share units is made to receive one Common Share (or, pursuant to Section 4.3, an amount of cash equal to the Market Value thereof), pursuant
and subject to the terms and conditions set forth in this Plan and in the applicable RSU Grant Letter;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (w) | “RSU Award” means the number of RSUs determined by the Board to be awarded to the Participant
and credited to a Participant’s Account, as evidenced by a RSU Grant Letter;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (x) | “RSU Grant Letter” has the meaning given to that term in Section 3.1(3);
| | --- | ------------------------------------------------------------------------



| | (y) | “Securities Act” means the Securities Act (British Columbia), RSBC 1996, c.418
as from time to time amended.
| | --- | ------------------------------------------------------------------------------------------------------------



| | (z) | “Settlement Date” means the Business Day during the Settlement Period
on which a Participant elects to settle an RSU in accordance with Section 4.3;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------



| | (aa) | “Settlement Notice” has the meaning set out in
Section 4.3;
| | ---- | -----------------------------------------------------------



| | (bb) | “Settlement Period” means the period starting on the Vesting Date and ending on the Expiry
Date;
| | ---- | ------------------------------------------------------------------------------------------------



| | (cc) | “Shareholder” means a holder of a Common Share in the capital of the Company;
| | ---- | -----------------------------------------------------------------------------



| | (dd) | “Share Compensation Arrangement” means any stock
option, stock option plan, employee stock purchase plan, restricted share unit, or any other compensation or incentive mechanism involving
the issuance or potential issuance of Common Shares, including a share purchase from treasury which is financially assisted by the Company
by way of a loan, guarantee or otherwise including, without limitation, this Plan;
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| | (ee) | “Stock Exchange” means the Canadian Securities Exchange or if the Common
Shares are not listed on the Canadian Securities Exchange, any stock exchange on which the Common Shares are listed or traded, as determined
by the Board;
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ff) | “Termination Date” means the date on which a Participant ceases to
be an Eligible Person. For greater certainty, in the case of a Participant whose employment or term of office with the Company or any
Subsidiary Company terminates in the circumstances set out in Section 4.4(1)(a), Section 4.4(1)(b) or Section 4.4(1)(c), the date that
is designated by the Company or any Subsidiary Company, as the last day of the Participant’s employment or term of office with the
Company or such Subsidiary Company, provided that in the case of termination of employment or term of office by voluntary resignation
by the Participant, such date shall not be earlier than the date notice of resignation was given, and “Termination Date” specifically
does not include any period of reasonable notice that the Company or any Subsidiary Company may be required at law to provide to the Participant;
and
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (gg) | “Vesting Date” means the date on which an RSU
is vested for the purposes of the Plan.
| | ---- | -------------------------------------------------------------------------------------



Section 1.3 Interpretation



Words importing
the singular number only shall include the plural and vice versa and words importing the masculine shall include the feminine.



Section 1.4 Governing Law



This Plan and
all matters to which reference is made herein shall be governed by and interpreted in accordance with the laws of the Province of British
Columbia and the laws of Canada applicable therein.



Section 1.5 Severability



The invalidity
or unenforceability of any provision of the Plan shall not affect the validity or enforceability of any other provision and any invalid
or unenforceable provision shall be severed from the Plan.



ARTICLE 2
 SHARE CAPITAL



Section 2.1 Shares Reserved



(1)           Subject
to Section 5.3(1), the securities that may be acquired by Participants pursuant to RSUs granted under this Plan shall consist of authorized
but unissued Common Shares.



(2)           The Company
shall at all times during the term of this Plan ensure that the number of Common Shares it is authorized to issue shall be sufficient
to satisfy the requirements of RSUs granted under this Plan.



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(3)           The maximum
number of Common Shares made available for issuance pursuant to the Plan shall be determined from time to time by the Board, but in any
case, shall not exceed 10% of the Common Shares issued and outstanding from time to time, subject to adjustments as provided in the Plan.



(4)           The Plan
shall be a “rolling plan” and therefore when RSUs are cancelled (whether or not upon payment with respect to vested RSUs)
or terminated, the number of Common Shares in respect of such cancelled or terminated RSUs shall again be available for the purpose of
granting RSU Awards pursuant to the Plan.



ARTICLE 3
 ADMINISTRATION



Section 3.1 General



(1)           This Plan
shall be administered by the Board. Notwithstanding the foregoing or any other provision contained herein, the Board shall have the right
to delegate the administration and operation of this Plan, in whole or in part, to a committee of the Board and/or to any member of the
Board. Any delegation pursuant to this Section 3.1 shall be documented in a resolution of the Board.



(2)           Subject
to the terms and conditions set forth herein, the Board is authorized to provide for the awarding, granting, vesting, settlement and method
of settlement of RSUs, all on such terms (which may vary between RSUs granted from time to time) as it shall determine. In addition, the
Board shall have the authority to:



| | (a) | select any directors, officers, employees or Consultants of the Company or Subsidiary Companies of
the Company to participate in this Plan; provided that RSUs granted to any Participant shall be approved by the Shareholders if the rules
of the Stock Exchange require such approval;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | construe and interpret this Plan and all agreements entered into hereunder;
| | --- | ---------------------------------------------------------------------------



| | (c) | prescribe, amend, and rescind rules and regulations relating to this Plan; and
| | --- | ------------------------------------------------------------------------------



| | (d) | make all other determinations necessary or advisable for the administration of this Plan. All determinations
and interpretations made by the Board shall be binding on all Participants and on their legal, personal representatives and beneficiaries.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



(3)           An RSU Award
shall be evidenced by a restricted share unit grant letter (“RSU Grant Letter”), a form of which is attached as Schedule A
to this Plan, signed on behalf of the Company, subject to amendment by the Board from time to time, and which shall specify:



| | (a) | the number of RSUs subject to the RSU Award to be credited to the Participant’s Account;
| | --- | ----------------------------------------------------------------------------------------



| | (b) | the date of grant of the RSU Award;
| | --- | -----------------------------------



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| | (c) | the Vesting Date or Vesting Dates applicable to the RSUs subject to the RSU Award;
| | --- | ----------------------------------------------------------------------------------



| | (d) | the Settlement Period and Expiry Date applicable to an RSU subject to the RSU Award;
| | --- | ------------------------------------------------------------------------------------



| | (e) | the nature and duration of the restrictions, if any, to be imposed upon the sale or other disposition
of Common Shares acquired upon settlement of the RSU;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------



| | (f) | the nature of the events, if any, and the duration of the period in which any Participant’s rights
in respect of Common Shares acquired upon settlement of an RSU may be forfeited; and
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (g) | such other terms, conditions and limitations permitted by and not inconsistent with this Plan as the
Board may determine.
| | --- | -------------------------------------------------------------------------------------------------------------------------



(4)           No member
of the Board (or person acting under delegated authority, nor the Company, will be liable for any action or determination taken or made
in the administration, interpretation, construction, or application of this Plan, any RSU Grant Letter or any RSU issued pursuant to this
Plan, or otherwise in any way in respect of any Participant’s participation in this Plan or the holding or settlement of RSUs.



Section 3.2 Compliance with Legislation



(1)           The Plan,
the terms of the issue or grant and the settlement of RSUs hereunder and the Company s obligation to sell and deliver Common Shares upon
settlement of RSUs shall be subject to all applicable federal, provincial, and foreign laws, rules and regulations, the rules and regulations
of the Stock Exchange and to such approvals by any regulatory or governmental agency as may, in the opinion of counsel to the Company,
be required. The Company shall not be obliged by any provision of the Plan or the grant of any RSU hereunder to issue or sell Common Shares
in violation of such laws, rules and regulations or any condition of such approvals.



(2)           No RSU shall
be granted and no Common Shares issued or sold thereunder where such grant, issue or sale would require registration of the Plan or of
Common Shares under the securities laws of any foreign jurisdiction and any purported grant of any RSU or issue or sale of Common Shares
hereunder in violation of this provision shall be void.



(3)           The Company
shall have no obligation to issue any Common Shares pursuant to the Plan unless such Common Shares shall have been duly listed, upon official
notice of issuance, with the Stock Exchange. Common Shares issued and sold to Participants pursuant to the settlement of RSUs may be subject
to restrictions or limitations on sale or resale under applicable securities laws.



(4)           If Common
Shares cannot be issued to a Participant upon the settlement of an RSU due to legal or regulatory restrictions, the obligation of the
Company to issue such Common Shares under the Plan shall terminate, at no cost to the Company nor obligation to otherwise compensate a
Participant in any way.



- 8 -







Section 3.3 Miscellaneous



(1)           Nothing
contained herein shall prevent the Board from adopting other or additional compensation arrangements, subject to any required approval.



(2)           Nothing
contained in the Plan nor in any RSU granted hereunder shall be deemed to give any Participant any interest or title in or to any Common
Shares of the Company or any rights as a Shareholder or any other legal or equitable right against the Company whatsoever other than as
set forth in the Plan and pursuant to the settlement of any RSU.



(3)           The Plan
does not give any Participant or any employee of the Company or any of its Affiliated Companies, Subsidiary Companies or Controlled Companies
the right or obligation to continue to serve as a Consultant, director, officer or employee, as the case may be, of the Company or any
of its Affiliated Companies, Subsidiary Companies or Controlled Companies. The awarding of RSUs to any Eligible Person is a matter to
be determined solely in the discretion of the Board. The Plan shall not in any way fetter, limit, obligate, restrict or constrain the
Board with regard to the allotment or issue of any Common Shares or any other securities in the capital of the Company or any of its Subsidiary
Companies other than as specifically provided for in the Plan.



(4)           The existence
of any RSUs shall not affect in any way the right or power of the Company or its Shareholders to make or authorize any adjustment, recapitalization,
reorganization or other change in the Company s capital structure or its business, or any amalgamation, combination, merger or consolidation
involving the Company or to create or issue any bonds, debentures, shares or other securities of the Company or the rights and conditions
attaching thereto or to affect the dissolution or liquidation of the Company or any sale or transfer of all or any part of its assets
or business, or any other corporate act or proceeding, whether of a similar nature or otherwise.



(5)           No fractional
Common Shares shall be issued upon the settlement of RSUs granted under the Plan and, accordingly, if a Participant would become entitled
to a fractional Common Share upon the settlement of an RSU, or from an adjustment pursuant to Section 5.3(1) such Participant shall only
have the right to receive the next lowest whole number of Common Shares and no payment or other adjustment will be made with respect to
the fractional interest so disregarded.



ARTICLE 4
 RESTRICTED
SHARE UNITS



Section 4.1 Granting of RSUs



(1)           Where the
Board determines to grant an RSU Award to an Eligible Person and sets the terms and conditions applicable to such RSU Award, the Company
shall deliver to the Eligible Person a RSU Grant Letter, containing the terms and conditions applicable to such RSU Award.



(2)           On the grant
of an RSU Award, the Company will credit the Participant’s Account with the number of RSUs granted to such Participant under the
terms of the RSU Award.



(3)           The
grant of an RSU Award shall entitle the Participant to the conditional right to receive for each RSU credited to the Participant’s
Account, at the election of the Company, either one



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Common Share or an amount in cash,
net of applicable taxes and contributions to government sponsored plans, as determined by the Board, equal to the Market Price of one
Common Share for each RSU credited to the Participant’s Account on the Settlement Date, subject to the conditions set out in the
RSU Grant Letter and in the Plan, and subject to all other terms of this Plan.



(4)           An Eligible
Person may receive an RSU Award on more than one occasion under the Plan and may receive separate RSU Awards on any one occasion.



(5)           RSUs granted
under this Plan to an Eligible Person in a calendar year will (subject to any applicable terms and conditions) represent a right to a
bonus or similar award to be received for services rendered by such Eligible Person to the Company or an Affiliate, as the case may be,
in the fiscal year ending in, coincident with or before such calendar year, subject to any other determination by the Company.



(6)           Notwithstanding
any other provision of the RSU Plan:



| | (a) | the aggregate number of Shares reserved for issuance pursuant to RSUs granted under
the RSU Plan and other Security Based Compensation Arrangements (as defined in the RSU Plan) cannot exceed 10% of the issued and outstanding
Shares as at the date of grant (on a non-diluted basis);
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | the aggregate number of Shares reserved for issuance pursuant to RSUs granted to
any one individual in any 12 month period shall not exceed 1% of the issued and outstanding Shares, unless disinterested shareholder approval
is obtained;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | the aggregate number of Shares reserved for issuance pursuant to RSUs granted to
Insiders (as defined in the policies of the Exchange) shall not exceed 2% of the issued and outstanding Shares, unless disinterested shareholder
approval is obtained; and
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | all RSUs granted pursuant to the RSU Plan are subject to the policies of the Exchange.
| | --- | --------------------------------------------------------------------------------------



(7)



Section 4.2 Dividends



(1)           Unless
the Board determines otherwise, additional RSUs (“Dividend RSUs”) will be credited to a Participant’s Account where
the Company declares and pays a dividend on Common Shares. The number of Dividend RSUs credited to a Participant’s Account in connection
with the payment of dividends on Common Shares will be based on the actual amount of cash dividends that would have been paid to such
Participant had he been holding such number of Shares equal to the number of RSUs credited to the Participant’s Account on the date
on which cash dividends are paid on the Shares and the Market Price of the Common Shares on the payment date.



(2)           Dividend
RSUs credited to a Participant’s Account shall vest and be settled in the same manner and on the same date as the RSUs to which
they relate.



Section 4.3 Settlement of Restricted
Share Units



(1)           Subject
to the provisions of the Plan and in particular Section 4.4 and Section 5.2 and any vesting limitations imposed by the Board in its sole
unfettered discretion at the time of grant, RSUs subject to an RSU Award may be settled by a Participant during the Settlement Period
applicable to the RSU by delivery to the Company of a notice (the “Settlement Notice”) in a form attached to the RSU Grant
Letter. As soon as practicable following the receipt of the Settlement Notice, RSUs





- 10 -







will be settled
by the Company through the delivery by the Company of such number of Common Shares equal to the number of RSUs then being settled or,
at a Company’s election, an amount in cash, net of applicable taxes, equal to the Market Price at the Settlement Date of one Common
Share for each RSU then being settled. Where, prior to the Expiry Date, a Participant fails to elect to settle an RSU, the Participant
shall be deemed to have elected to settle such RSUs on the day immediately preceding the Expiry Date.



(2)           Notwithstanding
the foregoing, if the Company elects to issue Common Shares in settlement of RSUs:



| | (a) | the Company may arrange for such number of the Common Shares to be sold as it deems necessary or advisable
to raise an amount at least equal to its determination of such applicable taxes, with such amount bring withheld by the Company; or
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | the Company may elect to settle for cash such number of RSUs as it deems necessary or advisable to raise
funds sufficient to cover such withholding taxes with such amount being withheld by the Company; or
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | the Company may, as a condition of settlement in the form of Common Shares, require the Participant
to pay the applicable taxes as determined by the Company or make such other arrangement acceptable to the Company in its discretion (if
at all) as it deems necessary or advisable.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



(3)           Subject
to the terms of the Plan, as soon as practicable after receipt of any of the amount, undertaking or election listed in Section 4.3(2),
the Company will forthwith cause the transfer agent and registrar of the Common Shares to deliver to the Participant a certificate or
certificates in the name of the Participant or a statement of account, at the discretion of the Company, representing in the aggregate
Common Shares issued to the Participant.



(4)           Notwithstanding any other provision of the Plan:



| | (a) | no RSU shall be capable of settlement after the Expiry Date; provided, however, that if the Expiry Date
in respect of an RSU falls on, or within nine (9) Business Days immediately following, a date upon which such Participant is prohibited
from exercising such RSU due to a Black-Out Period or other trading restriction imposed by the Company, then the Expiry Date of such RSU
shall be automatically extended to the tenth (10th) Business Day following the date the relevant Black-Out Period or other trading restriction
imposed by the Company is lifted, terminated or removed. The foregoing extension applies to all RSUs regardless of the date of grant and
shall not be considered an extension of the term thereof as otherwise referred to in the Plan;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | the Settlement Period shall be automatically reduced in accordance with Section 4.4 upon the occurrence
of any of the events referred to therein; and
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | no RSU in respect of which Shareholder approval is required under the rules of the Stock Exchange shall
be settled until such time as such RSU has been so approved.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------



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Section 4.4 Termination of Service



(1)           Except as otherwise determined by the Board:



| | (a) | all RSUs held by the Participant (whether vested or unvested) shall terminate automatically upon the
termination of the Participant’s service with the Company or any Subsidiary Companies for any reason other than as set forth in
paragraph (b) and (c) below;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | in the case of a termination of the Participant’s service by reason of (A) termination by the
Company or any Subsidiary Companies other than for Cause, or (B) the Participant’s death, the Participant’s unvested RSUs
shall vest automatically as of such date, and on the earlier of the original Expiry Date and any time during the ninety (90) day period
commencing on the date of such termination of service (or, if earlier, the Termination Date), the Participant (or his or her executor
or administrator, or the person or persons to whom the Participant’s RSUs are transferred by will or the applicable laws of descent
and distribution) will be eligible to request that the Company settle his vested RSUs. Where, prior to the 90th day following such termination
of service (or, if earlier, the Termination Date) the Participant fails to elect to settle a vested RSU, the Participant shall be deemed
to have elected to settle such RSU on such 90th day (or, if earlier, the Termination Date) and to receive Common Shares in respect thereof;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | in the case of a termination of the Participant’s services by reason of voluntary resignation,
only the Participant’s unvested RSUs shall terminate automatically as of such date, and any time during the ninety (90) day period
commencing on the date of such termination of service (or, if earlier, the Termination Date), the Participant will be eligible to request
that the Company settle his vested RSUs. Where, prior to the 90th day following such termination of service (or, if earlier, the Termination
Date) the Participant fails to elect to settle a vested RSU, the Participant shall be deemed to have elected to settle such RSU on such
90th day (or, if earlier, the Termination Date) and to receive Common Shares in respect thereof;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | for greater certainty, where a Participant’s employment or term of office terminates by reason
of termination by the Company or any Subsidiary Companies for Cause then any RSUs held by the Participant, whether or not vested at the
Termination Date, immediately terminate and are cancelled on the Termination Date or at a time as may be determined by the Board, in its
sole discretion;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | a Participant’s eligibility to receive further grants of RSUs under this Plan ceases as of the
earliest of the date the Participant resigns from the Company or any Subsidiary Company and the date that the Company or any Subsidiary
Company provides the Participant with written notification that the Participant’s employment or term of office, as the case may
be, is terminated, notwithstanding that such date may be prior to the Termination Date; and
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (f) | for the purposes of the Plan, a Participant shall not be deemed to have terminated service where: (i)
the Participant remains in employment or office within or among the Company or any Subsidiary Company or (ii) the Participant is on a
leave of absence approved by the Board.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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Section 4.5 Non-transferability
of RSUs



RSUs shall not be transferable or
assignable by the Participant otherwise than by will or the laws of descent and distribution, and shall be exercisable during the lifetime
of a Participant only by the Participant and after death only by the Participant’s legal representative.



Section 4.6 Hold Period



Pursuant to Stock Exchange Policies,
where a hold period is applicable, the RSU Grant Letter will include a legend stipulating that the RSU Award is subject to a four-month
hold period commencing from the date of grant of the RSU Award.



ARTICLE 5

TERMINATION, AMENDMENTS AND
ADJUSTMENTS



Section 5.1 Amendment and Termination



(1)           The Board
may amend, suspend or terminate the Plan or any portion thereof at any time in accordance with applicable law, and subject to any required
regulatory approval.



(2)           No such
amendment, suspension or termination shall alter or impair any RSUs or any rights pursuant thereto granted previously to any Participant
without the consent of such Participant.



(3)           If the
Plan is terminated, the provisions of the Plan and any administrative guidelines, and other rules and regulations adopted by the Board
and in force at the time of the Plan termination shall continue in effect during such time as an RSU or any rights pursuant thereto remain
outstanding.



(4)           With the
consent of the affected Participant, the Board may amend or modify any outstanding RSU in any manner to the extent that the Board would
have had the authority to initially grant such award as so modified or amended, including without limitation, to change the date or dates
as of which the RSU becomes exercisable, subject to the prior approval of the Stock Exchange where necessary.



Section 5.2 Change of Control



(1)
          Notwithstanding any other provision of this Plan, in the event of an actual or potential Change of Control Event, the Board may, in its
discretion, without the necessity or requirement for the agreement or consent of any Participant: (i) accelerate, conditionally or otherwise,
on such terms as it sees fit, the vesting date of any RSU; (ii) permit the conditional settlement of any RSU, on such terms as it sees
fit; (iii) otherwise amend or modify the terms of the RSU, including for greater certainty permitting Participants to settle any RSU,
to assist the Participants to tender the underlying Common Shares to, or participate in, the actual or potential Change of Control Event
or to obtain the advantage of holding the underlying Common Shares during such Change of Control Event; and (iv) terminate, following
the successful completion of such Change of Control Event, on such terms as it sees fit, the RSUs not settled prior to the successful
completion of such Change of Control Event, including, without limitation, for no payment or other compensation.



The determination of the Board in
respect of any such Change of Control Event shall for the purposes of this Plan be final, conclusive and binding.



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Section 5.3 Adjustments



(1)           If there
is a change in the outstanding Common Shares by reason of any stock dividend or split, recapitalization, amalgamation, consolidation,
combination or exchange of shares, or other corporate change, the Board shall make, subject to the prior approval of the Stock Exchange
where necessary, appropriate substitution or adjustment in



| | (a) | the number or kind of Common Shares or other securities reserved for issuance pursuant to the Plan,
and
| | --- | -------------------------------------------------------------------------------------------------------



| | (b) | the number and kind of Common Shares or other securities subject to unsettled and outstanding RSUs
granted pursuant to the Plan;
| | --- | --------------------------------------------------------------------------------------------------------------------------------



provided, however, that no substitution or adjustment shall
obligate the Company to issue fractional RSUs or Common Shares.



(2)           If the Company
is reorganized, amalgamated with another Company or consolidated, the Board shall make such provisions for the protection of the rights
of Participants as the Board in its discretion deems appropriate.



ARTICLE 6
GENERAL



Section 6.1 Effective Date



The Plan shall be effective upon the approval of the Plan
by the Board.



Section 6.2 Notice



Any Notice
required to be given by this Plan shall be in writing and shall be given by registered mail, postage prepaid, or delivered by courier
or by facsimile transmission addressed, if to the Company, to the operations office of the Company in Vancouver, British Columbia, Attention:
Corporate Secretary; or if to a Participant, to such Participant at his address as it appears on the books of the Company or in the event
of the address of any such Participant not so appearing, then to the last known address of such Participant; or if to any other person,
to the last known address of such person.



Section 6.3 Tax Withholdings



The Company
shall be entitled to withhold such number of Common Shares or amount of cash payable to a Participant, either under this Plan or otherwise,
or make such other arrangement as are contemplated under Section 4.3(2), as it may deem necessary or advisable so as to ensure that the
Company is in compliance with the applicable provisions of any federal, provincial or local law relating to the withholding or remittance
of tax or other relevant amounts. It is the responsibility of the Participant to complete and file any tax returns which may be required
within the periods specified under applicable laws as a result of the Participant’s participation in the Plan. The Company shall
not be responsible for any tax consequences to a Participant as a result of the Participant’s participation in the Plan.



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Section 6.4 Rights of Participants



No person entitled
to settle any RSU granted under this Plan shall have any of the rights or privileges of a Shareholder in respect of any Common Shares
issuable upon settlement of such RSU until such Common Shares have been issued to such person.



Section 6.5 Right to Issue Other Shares



The Company
shall not by virtue of this Plan be in any way restricted from declaring and paying stock dividends, issuing further Common Shares, varying
or amending its share capital or corporate structure or conducting its business in any way whatsoever.



Section 6.6 Successors and Assigns



The Plan shall
be binding on all successors and assigns of the Company and a Participant, including without limitation, the legal representatives of
such Participant or any receiver or trustee in bankruptcy or representative of the Participant’s creditors.



Section 6.7 Funding of the Plan



The Plan shall
be unfunded. No funds will be set aside to guarantee the payment of RSUs, which will remain an unfunded liability recorded on the books
of the Company.



- 15 -







SCHEDULE A



RESTRICTED
SHARE UNIT GRANT AGREEMENT



TO: [Name of Participant]



FE
Battery Metals Corp.(the “Company”) hereby confirms a grant of restricted share units (“RSU Units”)
to l (the “Participant”)
(as defined in the Company’s Restricted Share Unit Plan (the “RSU Plan”) described in the table below pursuant
to the Company’s RSU Plan.



This grant is made pursuant to
the terms and conditions of the Company’s RSU Plan, as amended from time to time, and is incorporated herein by reference and made
a part of this letter agreement. Each RSU Unit granted to the Participant named herein represents the right of the Participant to receive
one Common Share in the share capital of the Company on the date(s) or pursuant to the terms specified below. Capitalized terms not otherwise
defined herein shall have the same meanings as in the RSU Plan.



|No. of RSU Units |  | Grant Date |  | Vesting |  | Expiry Date
|---------------- |  | ---------- |  | ------- |  | -----------
|                 |  |            |  |         |  |            
|                 |  |            |  |         |  |            
|                 |  |            |  |         |  |            



[include any specific/additional vesting
period or other conditions]



The Company and the undersigned
Participant hereby confirms that the undersigned Participant is a bona fide Director, Officer, Consultant, or Employee as the case may
be.



DATED , 20 .

FE Battery Metals Corp.



Per:





______________________________

Authorized Signatory



- 16 -







The undersigned hereby accepts such
grant, acknowledges being a Participant under the RSU Plan, agrees to be bound by the provisions thereof and agrees that the RSU Plan
will be effective as an agreement between the Company and the undersigned with respect to the RSU Units granted or otherwise issued to
him/her/it.





DATED , 20 .



___________________________

Participant’s Signature



____________________________

Name of Participant (print)



OR



[NAME OF COMPANY PARTICIPANT]



Per:



_____________________________

Authorized Signatory



______________________________

Name of Authorized Signatory



- 17 -







SCHEDULE
B

RESTRICTED
SHARE UNIT - SETTLEMENT NOTICE



I, , in respect of the grant
of Unit Award made to me on .

, which Unit Awards
have now vested to RSUs as of the Vesting Date set forth below, hereby elect to settle Restricted Share Units and to receive
(check one):



Date:
___________________



If the Company elects to pay
out any of the settled RSUs in cash, I acknowledge that the Company will deduct applicable withholding taxes. If any of the settled RSUs
are paid out in Shares, I (check one):



|i. | ☐ enclose cash, a certified cheque,
                                 bank draft or money order payable to the Company in the amount of $ as
                                 full payment for the applicable withholding taxes; or
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|ii. | ☐ undertake to direct that such number
                                  of Shares are to be sold, and the proceeds of such Shares delivered to the Company, as is necessary
                                  to put the Company in funds equal to the amount that would have otherwise been required in (i) above.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Date:



_________________________________

Participant’s Signature



_________________________________

Name of Participant (print)





- 18 -