# EDGAR Filing Document

**Accession Number:** 0001293135
**File Stem:** 0001104659-26-048554
**Filing Date:** 2026-4
**Character Count:** 328718
**Document Hash:** 1cc5608f5f9673b0a2c0aa0887b6b18c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-048554.hdr.sgml**: 20260424

**ACCESSION NUMBER**: 0001104659-26-048554

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 63

**FILED AS OF DATE**: 20260424

**DATE AS OF CHANGE**: 20260424

**EFFECTIVENESS DATE**: 20260424

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VERMILION ENERGY INC.
- **CENTRAL INDEX KEY:** 0001293135
- **STANDARD INDUSTRIAL CLASSIFICATION:** CRUDE PETROLEUM & NATURAL GAS [1311]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-295305
- **FILM NUMBER:** 26893577

**BUSINESS ADDRESS:**
- **STREET 1:** 3500, 520 - 3RD AVENUE S.W.
- **CITY:** CALGARY
- **STATE:** A0
- **ZIP:** T2P 0R3
- **BUSINESS PHONE:** 403-269-4884

**MAIL ADDRESS:**
- **STREET 1:** 3500, 520 - 3RD AVENUE S.W.
- **CITY:** CALGARY
- **STATE:** A0
- **ZIP:** T2P 0R3

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VERMILION ENERGY TRUST
- **DATE OF NAME CHANGE:** 20040607

**As filed with the Securities and Exchange Commission on April 24, 2026**

**Registration No. 333-** 

**UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM S-8**

**REGISTRATION STATEMENT**

***UNDER THE SECURITIES ACT OF 1933***

**VERMILION ENERGY INC.**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Alberta, Canada**<br> (State or other jurisdiction of incorporation or organization)<br>**3500, 520 - 3<sup>rd</sup> Avenue S.W.**<br> **Calgary, Alberta, Canada**<br> (Address of Principal Executive Offices) | &nbsp;&nbsp; **Not Applicable**<br> (I.R.S. Employer Identification No.)<br>**T2P 0R3**<br> (Zip Code) |

---

**Vermilion Energy Inc. Omnibus Incentive Plan<br> Vermilion Energy Inc. Deferred Share Unit Plan**<br> (Full title of the plan)

**National Corporate Research, Ltd.**

**225 West 34<sup>th</sup> Street, Suite 910**

**New York, New York 10122**

(Name and address of agent for service)

**(212) 947-7200**

(Telephone number, including area code, of agent for service)

*Copies to:*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Tamar Epstein**<br> **General Counsel; Corporate Secretary**<br> **Vermilion Energy Inc.**<br> **3500, 520 – 3<sup>rd</sup> Avenue S.W.**<br> **Calgary, Alberta T2P 0R3 Canada**<br> **(403) 269-4884** | &nbsp;&nbsp; **Christopher R. Bornhorst, Esq.**<br> **Ellie Kang, Esq.<br> Torys LLP**<br> **1114 Avenue of the Americas, 23<sup>rd</sup> Floor**<br> **New York, New York 10036**<br> **(212) 880-6000** | &nbsp;&nbsp; **Stephanie Stimpson, Esq.**<br> **Michael Pedlow, Esq.<br> Torys LLP**<br> **525 – 8<sup>th</sup> Avenue S.W., 46<sup>th</sup> Floor**<br> **Calgary, Alberta T2P 1G1 Canada**<br> **(403) 776-3700** |

---

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ⌧ Accelerated filer ◻ <br> Non-accelerated filer ◻ Smaller reporting company ◻ <br> Emerging growth company ◻

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ◻

**EXPLANATORY NOTE**

Vermilion Energy Inc. (the "Registrant" or the "Company") has filed this Registration Statement on Form S-8 (this "Registration Statement") with the United States Securities and Exchange Commission (the "SEC") under the United States Securities Act of 1933, as amended (the "Securities Act"), to register 400,000 common shares, no par value per share, of the Company ("Common Shares"), issuable pursuant to awards previously granted and to be granted under the Vermilion Energy Inc. Omnibus Incentive Plan effective as of April 25, 2022, as amended (the "Omnibus Plan") and 25,000 Common Shares issuable upon the settlement of deferred share unit awards previously granted under the Vermilion Energy Inc. Deferred Share Unit Plan (the "DSU Plan").

**PART I<br> INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS**

**Item 1. Plan Information.**

The document(s) containing the information specified in Part I of Form S-8 will be sent or given to participants in the Omnibus Plan or the DSU Plan, as applicable, in accordance with Rule 428(b)(1) under the Securities Act. Such documents are not required to be and are not being filed with the SEC either as part of this Registration Statement or as prospectuses or prospectus supplements pursuant to Rule 424 under the Securities Act, but constitute, along with the documents incorporated by reference into this Registration Statement pursuant to Item 3 of Part II hereof, a prospectus that meets the requirements of Section 10(a) of the Securities Act.

**Item 2. Registrant Information and Employee Plan Annual Information.**

The Company will furnish without charge to each person to whom the prospectus is delivered, upon the written or oral request of such person, a copy of any and all of the documents incorporated by reference into this Registration Statement pursuant to Item 3 of Part II hereof, other than exhibits to such documents (unless such exhibits are specifically incorporated by reference in such documents that are incorporated), and the other documents required to be delivered to eligible participants in the Omnibus Plan or the DSU Plan, as applicable, pursuant to Rule 428(b) under the Securities Act. Those documents are incorporated by reference in the Section 10(a) prospectus. Requests should be directed to:

Vermilion Energy Inc.

3500, 520 – 3rd Avenue S.W.

Calgary, Alberta T2P 0R3

Attention: General Counsel & Corporate Secretary

Tel: (403) 269-4884

**PART II<br> INFORMATION REQUIRED IN THE REGISTRATION STATEMENT**

**Item 3. Incorporation of Documents by Reference.**

The Company hereby incorporates by reference into this Registration Statement the following documents which have been previously filed (not furnished) with the SEC:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [The Company's Annual Report on Form 40-F for the year ended December 31, 2025, filed with the SEC on March 4, 2026 (the "Annual Report on Form 40-F");](https://www.sec.gov/ix?doc=/Archives/edgar/data/1293135/000110465926023553/vet-20251231x40f.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all other reports filed by the Company under Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended
(the "Exchange Act") since December 31, 2025; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the description of the Company's Common Shares, under the section captioned "Description of Capital Structure" in
the annual information form included as [exhibit 99.1](https://www.sec.gov/Archives/edgar/data/1293135/000110465926023553/vet-20251231xex99d1.htm) in the Annual Report on Form 40-F including any amendment or report filed for
the purpose of updating such description.

In addition, all other documents filed (not furnished) by the Company pursuant to Section 13(a), Section 13(c), Section 14 or Section 15(d) of the Exchange Act on or after the date of this Registration Statement and prior to the filing of a post-effective amendment to this Registration Statement that indicates that all securities offered hereby have been sold or that deregisters all securities then remaining unsold shall be deemed to be incorporated in this Registration Statement by reference and to be a part of this Registration Statement from the date of filing of such documents; *provided*, *however*, that documents or information deemed to have been furnished to and not filed with the SEC in accordance with the rules of the SEC shall not be deemed incorporated by reference into this Registration Statement.

Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any subsequently filed document which also is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.

**Item 4. Description of Securities.**

Not applicable.

**Item 5. Interests of Named Experts and Counsel.**

Not applicable.

**Item 6. Indemnification of Directors and Officers.**

Section 124 of the *Business Corporations Act* (Alberta) provides that except in respect of an action by or on behalf of the Company to procure a judgment in the Company's favor, the Company may indemnify a director or officer of the Company, a former director or officer of the Company, or a person who acts or acted at the Company's request as a director or officer of another corporation of which the Company is or was a shareholder or creditor, and the director's or officer's heirs and legal representatives, referred to herein as the indemnified persons, against all costs, charges and expenses, including an amount paid to settle an action or satisfy a judgment, reasonably incurred by the director or officer in respect of any civil, criminal, administrative, investigative or other action or proceeding in which the director or officer is involved by reason of being or having been a director or officer of the Company or other body corporate, if: (a) the director or officer acted honestly and in good faith with a view to the best interests of the Company, and (b) in the case of a criminal or administrative action or proceeding that is enforced by a monetary penalty, the director or officer had reasonable grounds for believing that the director's or officer's conduct was lawful.

The Company may also, under the *Business Corporations Act* (Alberta), with court approval, indemnify an indemnified person in respect of an action by or on behalf of the Company or other body corporate to procure a judgment in its favor, to which the person is made a party by reason of being or having been a director or an officer of the Company or other body corporate, against all costs, charges and expenses reasonably incurred by the person in connection with the action if the person fulfills the conditions set out in (a) and (b) above.

An indemnified person is entitled to indemnity from the Company in respect of all costs, charges and expenses reasonably incurred by the person in connection with the defense of any civil, criminal, administrative, investigative or other action or proceeding to which the person is involved by reason of being or having been a director or officer of the Company or other body corporate, if the person is seeking indemnity: (i) was not judged by a court or competent authority to have committed any fault or omitted to do anything that the person ought to have done, and (ii) fulfills the conditions set out in (a) and (b) above. The Company is permitted under the *Business Corporations Act* (Alberta) to advance funds to a person in order to defray the costs, charges and expenses of such a proceeding, but if the person does not meet the conditions described in this paragraph, he or she shall repay the funds advanced.

Under the *Business Corporations Act* (Alberta) the Company may purchase and maintain insurance for the benefit of indemnified persons against any liability incurred by the person (i) in the person's capacity as a director or officer of the Company, or (ii) in the person's capacity as a director or officer of another body corporate if the person acts or acted in that capacity at the Company's request.

The Company or an indemnified person may apply to the Court for an order approving an indemnity and the Court may so order and make any further order it thinks fit. On an application, the Court may order notice to be given to any interested person and that person is entitled to appear and be heard in person or by counsel.

The Company's bylaws provide that directors and officers will not be liable for any loss, damage or misfortune whatsoever which may happen in the execution of the duties of their respective office or trust or in relation thereto unless the same shall happen by or through such director's or officer's failure to exercise the powers and to discharge the duties of his or her office honestly, in good faith and with a view to the best interests of the Company and to exercise the care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances.

The Company's bylaws provide that to the fullest extent permitted by the *Business Corporations Act* (Alberta) or otherwise by law, directors and officers, former directors and officers, persons who act or acted at the Company's request as a director or officer, or an individual acting in a similar capacity, or another entity, and their heirs and legal representatives, are indemnified against all costs, charges and expenses, including amounts paid to settle an action or satisfy a judgment in respect of any civil, criminal, administrative, investigative or other proceeding to which he or she is made a party to or involved by reason of that association with the Company or such other entity. The termination or settlement of any civil, criminal or administrative claim shall not, of itself, create a presumption either that the director or officer did not act honestly and in good faith with a view to the best interests of the Company or other entity, or that, in the case of criminal or administrative action or proceeding that is enforced by a monetary penalty, the director or officer did not have reasonable grounds for believing that his or her conduct was lawful. The Company shall use reasonable commercial efforts to obtain any court or other approvals necessary for this indemnification.

The Company's bylaws also provide that the Company shall, to the maximum extent permitted by the *Business Corporations Act* (Alberta) or otherwise by law, advance moneys to an individual referred to in the preceding paragraph to defray the costs, charges and expenses of a proceeding referred to in the proceeding paragraph, provided such individual shall repay the moneys advanced if the individual does not fulfill the conditions set forth in the *Business Corporations Act* (Alberta).

The Company has written indemnification agreements with its directors and officers. Under these agreements, the Company indemnifies directors and officers against all losses that the director or officer may reasonably suffer or incur in respect of any threatened, pending or completed civil, criminal or administrative action or other proceeding (including formal and informal inquiries and hearings) to which the individual is involved because of the individual having served as a director and/or officer of the Company, other than fines or other obligations or fees that the Company is prohibited by applicable law from paying by way of indemnification. Under the indemnification agreements the Company agrees to use its reasonable best efforts to maintain a comprehensive directors' and officers' insurance policy with respect to liability relating to its directors and officers.

Under the Company's indemnification agreements, the Company is not liable to indemnify directors and officers under certain circumstances. The Company will not indemnify directors and officers with respect to losses: (i) for which payment is actually made to such director or officer under a valid and collectible insurance policy; (ii) for which such director or officer is indemnified by the Company (or a company of which the Company is a direct or indirect shareholder of creditor) otherwise than pursuant to their indemnity agreement; or (iii) to the extent such losses were suffered or incurred as a result of acts of such director or officers which are determined by a court of competent jurisdiction to have been: (A) acts of active and deliberate dishonest, (B) undertaken with actual dishonest purpose and intent, and (C) material to the cause of action in which adjudicated.

The Company has obtained directors' and officers' insurance to cover its directors and officers for certain liabilities.

We maintain a general liability insurance policy that covers certain liabilities of directors and officers of the Company arising out of claims based on acts or omissions in their capacities as directors or officers.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling the Company pursuant to the foregoing provisions, or otherwise, the Company has been advised that in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act, and is, therefore, unenforceable.

**Item 7. Exemption from Registration Claimed.**

Not applicable.

**Item 8. Exhibits.**

The following exhibits are filed with or incorporated by reference into this Registration Statement:

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [4.1\*](tm2612552d1_ex4-1.htm) | [Certificate of Amalgamation dated February 26, 2025 and the Articles of Amalgamation dated February 26, 2025](tm2612552d1_ex4-1.htm) |
| [4.2](https://www.sec.gov/Archives/edgar/data/1293135/000127956913000269/v337039_ex4-4.htm) | [By-Law No. 1 dated July 21, 2010 (incorporated by reference to Exhibit 4.4 to the Company's Registration Statement on Form 8-A filed with the SEC on March 6, 2013 (File No. 001-35829))](https://www.sec.gov/Archives/edgar/data/1293135/000127956913000269/v337039_ex4-4.htm) |
| [4.3\*](tm2612552d1_ex4-3.htm) | [By-Law No. 2 dated February 19, 2024](tm2612552d1_ex4-3.htm) |
| [4.4\*](tm2612552d1_ex4-4.htm) | [Specimen Certificate representing Common Shares of Vermilion Energy Inc.](tm2612552d1_ex4-4.htm) |
| [5.1\*](tm2612552d1_ex5-1.htm) | [Opinion of Torys LLP](tm2612552d1_ex5-1.htm) |
| [23.1\*](tm2612552d1_ex5-1.htm) | [Consent of Torys LLP (included as part of Exhibit 5.1)](tm2612552d1_ex5-1.htm) |
| [23.2\*](tm2612552d1_ex23-2.htm) | [Consent of Deloitte LLP](tm2612552d1_ex23-2.htm) |
| [23.3\*](tm2612552d1_ex23-3.htm) | [Consent of McDaniel & Associates Consultants Ltd.](tm2612552d1_ex23-3.htm) |
| [24.1\*](#a_001) | [Power of Attorney (included on signature page to this Registration Statement)](#a_001) |
| [99.1\*](tm2612552d1_ex99-1.htm) | [Vermilion Energy Inc. Omnibus Incentive Plan](tm2612552d1_ex99-1.htm) |
| [99.2\*](tm2612552d1_ex99-2.htm) | [Vermilion Energy Inc. Deferred Share Unit Plan](tm2612552d1_ex99-2.htm) |
| [107.1\*](tm2612552d1_ex-filinfgees.htm) | [Filing Fee Table](tm2612552d1_ex-filinfgees.htm) |

---

\*Filed herewith.

**Item 9. Undertakings.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) To include any prospectus required by Section 10(a)(3) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective date of the Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the "Calculation of Filing Fee Tables" or "Calculation of Registration Fee" table, as applicable, in the effective registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement or any material change to such information in the Registration Statement;

*Provided*, *however*, that paragraphs (a)(1)(i) and (a)(1)(ii) of this section do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the SEC by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in the Registration Statement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in the Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to the directors, officers, and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer, or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer, or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by final adjudication of such issue.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Calgary, Province of Alberta, Canada, on April 24, 2026.

---

| | |
|:---|:---|
| **VERMILION ENERGY INC.** | **VERMILION ENERGY INC.** |
| By: | /s/ Dion Hatcher |
|  | Name: Dion Hatcher<br> Title: President and Chief Executive Officer |

---

**POWER OF ATTORNEY**

We, the undersigned officers and directors of Vermilion Energy Inc., hereby severally constitute and appoint Dion Hatcher, Lars Glemser and Tamar Epstein, and each of them singly (with full power to each of them to act alone), our true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution in each of them for him and in his name, place and stead, and in any and all capacities, to sign any and all amendments (including post-effective amendments) to this Registration Statement, and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite or necessary to be done in and about the premises, as full to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or any of them, or their or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed by the following persons in the capacities indicated on April 24, 2026.

---

| | |
|:---|:---|
| **Name and Signature** | **Title** |
| /s/ Dion Hatcher | President, Chief Executive Officer and Director<br> (Principal Executive Officer) |
| Dion Hatcher |  |
| /s/ Lars Glemser | Vice President and Chief Financial Officer (Principal Financial and Accounting Officer) |
| Lars Glemser |  |
| /s/ Myron M. Stadnyk | Chairman of the Board |
| Myron M. Stadnyk |  |
| /s/ Corey Bieber | Director |
| Corey Bieber |  |
| /s/ James J. Kleckner Jr. | Director |
| James J. Kleckner Jr. |  |
| /s/ Carin S. Knickel | Director |
| Carin S. Knickel |  |
| /s/ Stephen P. Larke | Director |
| Stephen P. Larke |  |
| /s/ Paul B. Myers | Director |
| Paul B. Myers |  |
| /s/ Judy Steele | Director |
| Judy Steele |  |
| /s/ William Roby | Director |
| William Roby |  |
| /s/ Manjit Sharma | Director |
| Manjit Sharma |  |

---

**AUTHORIZED UNITED STATES REPRESENTATIVE**

Pursuant to the requirements of Section 6(a) of the Securities Act of 1933, as amended, the undersigned, the Registrant's duly authorized representative in the United States, has signed this Registration Statement on April 24, 2026.

---

| | |
|:---|:---|
| **VERMILION ENERGY USA INC.** | **VERMILION ENERGY USA INC.** |
| By: | /s/ Randy McQuaig |
|  | Name: Randy McQuaig<br> Title: Director |

---

## Exhibit 4.1

**Exhibit 4.1**

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---

| | |
|:---|:---|
| &nbsp;&nbsp; ![GRAPHIC](tm2612552d1_ex4-1img046.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SCHEDULE "D" ARTICLES OF AMALGAMATION Vermilion Energy Inc.  |

---

&nbsp;&nbsp; ![GRAPHIC](tm2612552d1_ex4-1img047.jpg)<br>

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&nbsp;&nbsp; ![GRAPHIC](tm2612552d1_ex4-1img052.jpg)<br>

## Exhibit 4.3

**Exhibit 4.3**

**BY-LAW NO. 2**

A By-Law relating to advance notice requirements<br> for shareholder meetings of **VERMILION ENERGY INC.**

**<u>CONTENTS</u>**

---

| | |
|:---|:---|
| **<u>SECTION</u>** | **<u>SUBJECT</u>** |
| One | Interpretation |
| Two | Nomination of Directors |
| Three | Notices |
| Four | Effective Date |

---

WHEREAS this By-Law No. 2 is designed to (i) facilitate an orderly and efficient shareholder meeting process; (ii) ensure that all shareholders receive adequate notice of any director nominations and sufficient information with respect to all nominees; and (iii) allow shareholders to register an informed vote having been afforded reasonable time for appropriate deliberation, generally by fixing a deadline for submitting director nominations and setting forth the information to be included in a director nomination notice.

IT IS HEREBY ENACTED as By-law No. 2 of **VERMILION ENERGY INC.** (hereinafter called the "Corporation") as follows:

**SECTION ONE**

**<u>INTERPRETATION</u>**

**1.01 Definitions**

In the by-laws of the Corporation, unless the context otherwise requires:

"Act" means the *Business Corporations Act* (Alberta), and any statute that may be substituted therefor, including the regulations thereunder, as from time to time amended;

"applicable securities laws" means the applicable securities legislation of each relevant province and territory of Canada, as amended from time to time, the rules, regulations and forms made or promulgated under any such statute and the applicable published national instruments, multilateral instruments, policies, bulletins and notices of the securities commission and similar regulatory authority of each province and territory of Canada;

"appoint" includes "elect" and vice versa;

"articles" means the articles of the Corporation, as defined in the Act, and includes any amendments thereto;

"board" means the board of directors of the Corporation;

"by-laws" means this by-law no. 2, by-law no. 1, and all other by-laws of the Corporation from time to time in force and effect;

"meeting of shareholders" means any meeting of shareholders, including any meeting of one or more classes or series of shareholders;

"notice-and-access" has the meaning set forth in National Instrument 54-101 *Communication with Beneficial Owners of Securities of a Reporting Issuer;*

"proxy-related materials" has the meaning set forth in National Instrument 54-101 *Communication with Beneficial Owners of Securities of a Reporting Issuer;*

"public announcement" means disclosure in a press release disseminated by the Corporation through a national news service in Canada or in a document filed by the Corporation for public access under its profile on the SEDAR+ system at <u>www.sedarplus.ca</u>;

"recorded address" means, in the case of a shareholder, the address of such shareholder as recorded in the securities register; in the case of joint shareholders, the address appearing in the securities register in respect of such joint holding or the first address so appearing if there is more than one; and, in the case of a director, officer, auditor or member of a committee of the board, the latest address of such person as recorded in the records of the Corporation;

Save as aforesaid, words and expressions defined in the Act have the same meanings when used herein; and words importing the singular number include the plural and vice versa; words importing gender include the masculine, feminine and neuter genders; and words importing persons include individuals, bodies corporate, partnerships, trusts, unincorporated organizations and personal representatives.

**1.02 Conflict with the Act or the Articles**

To the extent of any conflict between the provisions of the by-laws and the provisions of the Act or the articles relating to the Corporation, the provisions of the Act or the articles shall govern.

**1.03 Headings and Sections**

The headings used throughout the by-laws are inserted for convenience of reference only and are not to be used as an aid in the interpretation of the by-laws. "Section" followed by a number means or refers to the specified section of this by-law.

**1.04 Invalidity of any Provision of By-laws**

The invalidity or unenforceability of any provision of the by-laws shall not affect the validity or enforceability of the remaining provisions of the by-laws.

**SECTION TWO**

**<u>NOMINATION OF DIRECTO</u>**<u>RS</u>

**2.01 Nomination of Directors**

Subject to the Act, applicable securities laws and the articles, only persons who are nominated in accordance with the following procedures shall be eligible for election as directors of the Corporation. Nominations of persons for election to the board may be made:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by or at the direction of the board, including pursuant to a notice of meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by or at the direction or request of one or more shareholders
 pursuant to a proposal made in accordance with the provisions of the Act or a requisition
 of the shareholders made in accordance with the provisions of the Act; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by any person (a "nominating
 shareholder") who: (i) at the close of business on the date of the giving by the
 nominating shareholder of the notice described in Section 2.02 and at the close of business
 on the record date for determining shareholders entitled to receive notice of and to vote
 at a meeting of shareholders referred to in Section 2.02, is entered in the securities
 register of the Corporation as a holder of one or more shares carrying the right to vote
 at such meeting of shareholders or who beneficially owns shares that are entitled to be voted
 at such meeting; and (ii) complies with the provisions set forth in this Section Two.

In addition to any other requirements under applicable laws, for a nomination to be made by a nominating shareholder, the nominating shareholder must have given notice thereof that is both timely and in proper written form, in each case, in accordance with this by-law.

**2.02 Timely Notice**

A nominating shareholder must give written notice of a nomination (a "nomination notice") that complies with this by-law to the chair of the board:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of an annual meeting of shareholders
 (including an annual and special meeting of shareholders), not less than 30 days before the
 date of the meeting, provided that, if such meeting is to be held on a date that is less
 than 50 days after the date on which the first public announcement of the date of such meeting
 was made (each such date being, the "notice date"), a nomination notice must
 be given not later than the close of business on the 10<sup>th</sup> day following the notice
 date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of a special meeting
 of shareholders (which is not also an annual meeting of shareholders) called for the purpose
 of electing directors (whether or not called for other purposes), not later than the close
 of business on the 15<sup>th</sup> day following the notice date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the case of an annual meeting of shareholders
 (including an annual and special meeting of shareholders) or a special meeting of shareholders
 (which is not also an annual meeting of shareholders) called for the purpose of electing
 directors (whether or not also called for other purposes) where notice-and-access is used
 for delivery of proxy-related materials, not less than 40 days before the date of the meeting,
 provided that, if such meeting is to be held on a date that is less than 50 days after the
 notice date, a nomination notice must be given, in the case of an annual meeting of shareholders,
 not later than the close of business on the 10<sup>th</sup> day following the notice date
 and, in the case of a special meeting of shareholders, not later than the close of business
 on the 15<sup>th</sup> day following the notice date.

In the event of any adjournment or postponement of a meeting of shareholders, or an announcement thereof, the required time periods for the giving of a nomination notice shall be determined with reference to the adjourned or postponed meeting of shareholders and not the originally scheduled meeting of shareholders.

**2.03 Proper Written Form**

To be in proper written form, a nomination notice must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) disclose, as of the date of the nomination notice, as to each person whom the nominating shareholder proposes to nominate for election as a director (a "nominee"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) their name, age, citizenship, business and residential address;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) their principal occupation, business or employment, both at present and within the five years preceding
the nomination notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the number of securities of each class of voting securities of the Corporation owned of record or beneficially
owned, or controlled or directed, directly or indirectly, by the nominee, as of the record date for the meeting of shareholders (if such
date shall then have been made publicly available and shall have occurred) and as of the date of such nomination notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any agreements, arrangements or understandings (including financial, compensation or indemnity related)
between the nominating shareholder and the nominee, or any affiliates or associates of, or any person acting jointly or in concert with
the nominating shareholder or the nominee, in connection with the nominee's nomination and election as a director; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any other information that would be required to be disclosed in a dissident proxy circular in connection
with the solicitation of proxies for election of directors pursuant to the Act or applicable securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) disclose, as of the date of the nomination notice, as to each nominating shareholder giving the nomination notice:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) their name, business and residential address;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the number of securities of each class of voting securities of the Corporation owned of record or beneficially owned, or controlled
or directed, directly or indirectly, by such nominating shareholder or any other person with whom such nominating shareholder is acting
jointly or in concert with respect to the Corporation or any of its securities, as of the record date for the meeting of shareholders
(if such date shall then have been made publicly available and shall have occurred) and as of the date of such nomination notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any proxy, contract, arrangement, agreement or understanding pursuant to which such nominating shareholder, or any of its affiliates
or associates, or any person acting jointly or in concert with such person, has any interests, rights or obligations relating to the voting
of any securities of the Corporation or the nomination of directors to the board; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any other information relating to such person that would be required to be included in a dissident proxy circular in connection with
the solicitation of proxies for election of directors pursuant to the Act or as required by applicable securities laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) include a written consent duly signed by each nominee to being named as a nominee and to serve as a director
of the Corporation, if elected, and that includes a statement that the nominee is not disqualified from being a director of the Corporation
under the Act.

**2.04 Discussion Permitted**

Nothing in this Section Two shall preclude a discussion (as distinct from a director nomination) by a shareholder at a meeting of shareholders of any matter that is properly before the meeting pursuant to the provisions of the Act or the discretion of the chair of such meeting.

**2.05 Notice**

A nomination notice may only be given by personal delivery or by e-mail at such e-mail address as may be stipulated from time to time by the Corporation for purposes of such notice, and shall be deemed to have been given and made only at the time it is served by personal delivery to the chair of the board at the address of the principal executive offices of the Corporation or sent by e-mail (at the address as aforesaid); provided that if such delivery or electronic communication is made on a day which is a not a business day or later than 5:00 p.m. (Calgary time) on a day which is a business day, then such delivery or electronic communication shall be deemed to have been made on the next following day that is a business day.

**2.06 Additional Matters**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The chair of any meeting of shareholders shall have the power to determine whether any proposed nomination
is made in accordance with the provisions of the by-laws, and if any proposed nomination is not in compliance with such provisions, to
declare that such defective nomination shall not be considered at any meeting of shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing, the board may, in its sole discretion, waive any requirement in this Section Two.

**SECTION THREE<br> <u>NOTICES</u>**

**3.01 Method of Giving Notices**

Except as otherwise provided herein, any notice (which term includes any communication, contract document, instrument in writing, or electronic document) to be given (which term includes sent, delivered or served) pursuant to the Act, the articles or the by-laws or otherwise to a shareholder, director, officer, or auditor or member of a committee of the board shall be sufficiently given if delivered personally to the person to whom it is to be given or if delivered to the person's record address or if mailed to such person at such record address by prepaid mail or if sent to such person by electronic means as permitted by, and in accordance with, the Act. The secretary may change or cause to be changed the recorded address of any shareholder, director, officer, auditor or member of a committee of the board in accordance with any information believed by the secretary to be reliable. The foregoing shall not be construed so as to limit the manner or effect of giving notice by any other means of communication otherwise permitted by law.

**3.02 Notice to Joint Holders**

If two or more persons are registered as joint holders of any share, any notice may be addressed to all of such joint holders but notice addressed to one of such persons shall be sufficient notice to all of them.

**3.03 Computation of Time**

In computing the date when notice must be given under any provision requiring a specified number of days' notice of any meeting or other event, the date of giving the notice shall be excluded and the date of the meeting or other event shall be included.

**3.04 Omissions and Errors**

The accidental omission to give any notice to any shareholder, director, officer, auditor or member of a committee of the board or the non-receipt of any notice by any such person or any error in any notice not affecting the substance thereof shall not invalidate any action taken at any meeting held pursuant to such notice or otherwise founded thereon.

**3.05 Persons Entitled by Death or Operation of Law**

Every person who, by operation of law, transfer, death of a shareholder or any other means whatsoever shall become entitled to any share, shall be bound by every notice in respect of such share which shall have been duly given to the shareholder from whom such person derives title to such share prior to such person's name and address being entered on the securities register (whether such notice was given before or after the happening of the event upon which such person became so entitled) and prior to such person furnishing to the Corporation the proof of authority or evidence of such person's entitlement prescribed by the Act.

**SECTION FOUR<br> <u>EFFECTIVE DATE</u>**

**4.01 Effective Date**

This by-law shall come into force when made by the board in accordance with the Act.

**MADE** by the board the 19<sup>th</sup> day of February, 2024.

---

| |
|:---|
| /s/ Dion Hatcher |
| **Dion Hatcher** |
| **Director, President & Chief Executive Officer** |

---

**CONFIRMED** by the shareholders in accordance with the Act the 1st day of May, 2024.

---

| |
|:---|
| /s/ Tamar Epstein |
| **General Counsel** |

---

## Exhibit 4.4

**Exhibit 4.4**

![](tm2612552d1_ex4-4img001.jpg)

![](tm2612552d1_ex4-4img002.jpg)

## Exhibit 5.1

**Exhibit 5.1**

---

| | |
|:---|:---|
| ![](tm2612552d1_ex5-1img001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 525 – 8th Avenue S.W., 46th Floor<br> Eight Avenue Place East<br> Calgary, Alberta T2P 1G1 Canada<br> P. 403.776.3700 \| F. 403.776.3800<br>www.torys.com |

---

April 24, 2026

Vermilion Energy Inc.

3500, 520 – 3rd Avenue S.W.

Calgary, Alberta T2P 0R3 Canada

RE: Registration Statement on Form S-8

Dear Sirs/Mesdames:

---

| | |
|:---|:---|
| **RE:** | **Vermilion Energy Inc. (the "Corporation")** |

---

We have acted as counsel to the Corporation in connection with the filing on the date hereof of a Registration Statement on Form S-8 (the "**Form S-8**") with respect to common shares of the Corporation (the "**Common Shares**") issuable pursuant to (i) the Corporation's Omnibus Incentive Plan effective as of April 25, 2022 and most recently amended on November 5, 2025 (the "**Omnibus Plan**"), and (ii) the Corporation's Deferred Share Unit Plan effective as of April 25, 2019 and most recently amended on August 12, 2021 (the "**DSU Plan**", together with the Omnibus Plan, the "**Plans**" and each, a "**Plan**"). We have made such investigations and examined originals or copies certified or otherwise identified to our satisfaction of documents, records and certificates of the Corporation as we have considered necessary or relevant for the purposes of this opinion including:

&nbsp;&nbsp;&nbsp;&nbsp;(a) the certificate of amalgamation, the articles of amalgamation and by-laws of the Corporation, as amended to date;

&nbsp;&nbsp;&nbsp;&nbsp;(b) the Plans;

&nbsp;&nbsp;&nbsp;&nbsp;(c) the resolutions of the board of directors of the Corporation authorizing and ratifying the issuance of the Common Shares under each
of the Plans;

&nbsp;&nbsp;&nbsp;&nbsp;(d) a certificate of an officer of the Corporation dated the date hereof regarding certain factual matters; and

&nbsp;&nbsp;&nbsp;&nbsp;(e) a certificate of status of the Corporation dated April 24, 2026.

In rendering this opinion, with regard to all documents examined by us, we have assumed the genuineness of all signatures, the authenticity of all documents submitted to us as originals, the conformity to authentic original documents of all documents submitted to us as duplicates, certified, conformed, telecopied or photostatic copies, the authenticity of the originals of such latter documents and the legal capacity of all natural persons who have executed any such documents.

We have also assumed that all Common Shares issued under each Plan will be issued for consideration in property or past services that is not less in value than the fair equivalent of the money that the Corporation would have received if the Common Shares had been issued for money.

Based and relying upon and subject to the foregoing, we are of the opinion that the Common Shares will be validly issued and outstanding as fully paid and non-assessable shares (upon issuance and payment of the exercise price therefor in accordance with the Plans).

The foregoing opinion is limited to the laws of the Province of Alberta and the federal laws of Canada applicable therein.

Our opinion is given as of the date hereof and we do not in any event undertake to advise you of any facts or circumstances occurring or coming to our attention subsequent to the date hereof.

We consent to the filing of this opinion as an exhibit to the Form S-8. In giving such consent, we do not admit that we come within the category of persons whose consent is required under Section 7 of the United States Securities Act of 1933, as amended, or the rules and regulations of the Securities and Exchange Commission thereunder.

---

| |
|:---|
| Yours truly, |
| /s/ Torys LLP |

---

## Exhibit 23.2

**Exhibit 23.2**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the incorporation by reference in this Registration Statement on Form S-8 of our reports dated March 4, 2026 relating to the financial statements of Vermilion Energy Inc. and the effectiveness of Vermilion Energy Inc.'s internal control over financial reporting, appearing in the Annual Report on Form 40-F of Vermilion Energy Inc. for the year ended December 31, 2025.

/s/ Deloitte LLP

Calgary, Canada

April 24, 2026

## Exhibit 23.3

**Exhibit 23.3**

![](tm2612552d1_ex23-3img001.jpg)

**CONSENT OF INDEPENDENT ENGINEERS**

We refer to our report dated March 3, 2026 and effective December 31, 2025, evaluating the petroleum and natural gas reserves attributable to Vermilion Energy Inc. (the "Company") and its affiliates (the "Report").

We hereby consent to the references to our name in the Company's registration statement on Form S-8 to be filed with the United States Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended (together, the "Registration Statement").

We also confirm that we have read the Registration Statement and that we have no reason to believe that there are any misrepresentations in the information contained therein that was derived from the Report or that is within our knowledge as a result of the services we performed in connection with such Report.

Yours truly,

**MCDANIEL & ASSOCIATES CONSULTANTS LTD.**

---

| |
|:---|
| /s/ Michael Verney, P.Eng. |
| Michael Verney, P.Eng. |
| Executive Vice President |

---

Calgary, Alberta<br> April 24, 2026

2000, Eighth Avenue Place, East Tower, 525 – 8 Avenue SW, Calgary, AB, T2P 1G1 Tel: (403) 262-5506 www.mcdan.com

## Exhibit 99.1

**Exhibit 99.1**

**VERMILION ENERGY INC.**

**OMNIBUS INCENTIVE PLAN**

**1.** **Scope and Purposes of the Plan** 

The Board of Vermilion Energy Inc. (the "**Corporation**") has established this Omnibus Incentive Plan (the "**Plan**") governing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the grant of Share Awards to officers, employees and consultants of the Corporation and its Affiliates
in accordance with the provisions of the Plan including Appendix A to provide a competitive long-term incentive program to attract, and
strengthen the ability of the Corporation and its Affiliates to retain, qualified officers, employees and consultants, to focus management
of the Corporation and its Affiliates on operating and financial performance and total long-term shareholder return by providing an increased
incentive to contribute to the Corporation's growth and profitability (including by requiring all Share Awards granted to executives to
be designated 100% as performance based awards) and to promote a proprietary interest in the Corporation through ownership of Common Shares
thereby aligning the interests of officers, employees, consultants with Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the grant of DSUs to non-employee directors and other specified non-employee service providers of the
Corporation and its Affiliates in accordance with the provisions of the Plan including Appendix B to provide a competitive long-term incentive
program to attract, and strengthen the ability of the Corporation and its Affiliates to retain, qualified non-employee directors and other
specified non-employee service providers and to promote a proprietary interest in the Corporation through share ownership thereby aligning
the interests of non-employee directors and other specified non-employee service providers with Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) employee bonuses in accordance with the provisions of the Plan including Appendix C to advance the interests
of the Corporation and its Affiliates by providing for bonuses for employees of the Corporation and its Affiliates who are selected to
participate in the manner hereinafter provided, so as to attract and retain employees, make their compensation competitive with other
opportunities and provide them with an incentive to strive to achieve the Corporation's and its Affiliates' financial and other business
objectives thereby aligning the interests of employees with Shareholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) employee share savings in accordance with the provisions of the Plan including Appendix D as an integral
part of the Corporation's employee benefit program, which provides an opportunity for Canadian employees to accumulate savings through
automatic payroll deductions while increasing ownership in the Corporation and participating in its growth.

**2.** **Definitions** 

In addition to words and phrases defined elsewhere in the Plan (including in the Appendices), the following words and phrases shall have the meanings indicated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Affiliate**" has the meaning set forth in the *Securities Act* (Alberta) and shall
also include Vermilion Resources partnership and any other partnership, corporation or other entity directly or indirectly controlled
by the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Annual Retainer**" has the meaning specified in Appendix B;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Appendices**" means, collectively, Appendix A, Appendix B, Appendix C and Appendix D,
and "**Appendix**" means any such appendix;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Associate**" has the meaning set forth in the *Securities Act* (Alberta);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Average Market Price**" in respect of a particular Dividend payment date, means the arithmetic
average of the daily volume weighted average trading prices of the Common Share on the TSX (after taking into account any trading reversals
or adjustments, corrections or similar changes with respect to the Common Shares) for the trading days on which at least one board lot
of Common Shares is traded on the TSX during the corresponding Pricing Period, subject to such adjustments as the Corporation may, in
its sole discretion, determine to be appropriate to account for (i) a change in the aggregate number of Common Shares outstanding
into a greater or lesser number of Common Shares, (ii) a reclassification of the Common Shares, or (iii) a merger, reorganization
or other transaction affecting the Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Black-Out Period**" means a period of time imposed by the Corporation, pursuant to the
Corporation's policies, upon certain designated Persons during which those Persons may not trade in any securities of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Board**" means the board of directors of the Corporation as it may be constituted from
time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Bonus**" means an employee bonus allocated and payable to a Participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Business Day**" means any day other than Saturday, Sunday or statutory holiday in the
Province of Alberta or the Province of Ontario;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Change of Control**" means the occurrence of any of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the purchase or acquisition of Common Shares of the Corporation and/or securities convertible into Common
Shares of the Corporation or carrying the right to acquire Common Shares of the Corporation ()"**Convertible Securities** ")
as a result of which a Person, group of Persons or Persons acting jointly or in concert, or any Affiliates or Associates of any such Person,
group of Persons or any of such Persons acting jointly or in concert (collectively the "**Holders**") beneficially own or
exercise control or direction over Common Shares and/or Convertible Securities of the Corporation that, assuming the conversion of the
Convertible Securities beneficially owned by the Holders thereof, would have the right to cast more than 33 1/3% of the votes attached
to all Common Shares of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an amalgamation, arrangement, merger or other consolidation or combination of the Corporation with another
corporation or other entity pursuant to which the Shareholders of the Corporation immediately prior to such transaction own securities
of the successor or continuing corporation or other entity following completion of such transaction that would entitle them to cast less
than 50% of the votes attaching to all of the common shares or other voting shares in the capital of the successor or continuing corporation
or other entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a liquidation, dissolution or winding up of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the sale, lease or other disposition of all or substantially all of the assets of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the election at a meeting of the Corporation's Shareholders of a number of directors of the Corporation,
who were not director nominees proposed to the Corporation's Shareholders by the Corporation's prior Board, and would represent a majority
of the Board; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the appointment of a number of directors which would represent a majority of the Board and which were
nominated by any holder of Common Shares of the Corporation or by any group of holders of Common Shares of the Corporation acting jointly
or in concert and not approved by the Corporation's prior Board,

but for certainty shall not include an Unsolicited Bid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**Committee**" has the meaning set forth in Section 3 of the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "**Common Shares**" means common shares in the capital of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "**Corporation**" has the meaning set forth in Section 1 of the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "**Designated Participant**" has the meaning specified in Appendix B;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "**Director**" has the meaning specified in Section 6 of the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "**Director Participation Limit**" means, in respect of Common Shares issued from treasury,
a limit (based on grant date value) of $150,000 per annum per Director across all equity compensation plans of the Corporation or any
Affiliate taken together;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "**Dividend**" means a dividend paid by the Corporation in respect of the Common Shares,
expressed as an amount per Common Share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "**Dividend Payment Date**" means any date that a Dividend is paid to Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "**Dividend Record Date**" means the applicable record date in respect of any Dividend used
to determine the Shareholders entitled to receive such Dividend;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "**DSU**" has the meaning specified in Appendix B;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "**Effective Date**" has the meaning specified in Section 14 of the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "**Employer Contribution**" has the meaning specified in Appendix D;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "**Exchange**" (i) in respect to Appendix A, Appendix C and Appendix D, means the TSX
(or if the Common Shares are not then listed on the TSX, such other stock exchange on which the Common Shares are then listed and posted
for trading from time to time); and (ii) in respect to Appendix B, has the meaning specified in Appendix B;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "**Fair Market Value**" with respect to a Common Share, as at any date, means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) where the Common Shares are then listed and posted for trading on the Exchange, the volume weighted average
of the prices at which the Common Shares traded on the Exchange (or, if the Common Shares are not then listed and posted for trading on
the Exchange, on such stock exchange in Canada on which the Common Shares are then listed and posted for trading as may be selected for
such purpose by the Board) for the five (5) trading days on which the Common Shares traded on the Exchange immediately preceding
such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) where the Common Shares are not then listed and posted for trading on any stock exchange, the Fair Market
Value shall be the fair market value of the Common Shares as determined by the Board in its discretion, acting reasonably and in good
faith; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) where a Change of Control or Unsolicited Bid has occurred or completed, as the case may be, the Fair Market
Value shall be equal to the following, as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the per share amount of cash paid to a Shareholder pursuant to such Change of Control or Unsolicited Bid
in respect of a Common Share then held by such Shareholder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the volume weighted average of the prices at which the shares (or other securities as applicable) received
by Shareholders pursuant to the Change of Control or Unsolicited Bid traded on the Exchange (or such other exchange on which such shares
(or other securities as applicable) are then listed and posted for trading from time to time) for the five (5) trading days on which
the shares (or other securities as applicable) traded on the said exchange immediately preceding such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "**Grantee**" has the meaning specified in Appendix A;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) "**Incentive**" means a Bonus payable, DSU or Share Award granted or Employee Contribution
to be made, as applicable, pursuant to the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) "**Insider**" has the same meaning as found in the OSA and also includes associates and affiliates
of the insider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) "**Insider Participation Limit**" has the meaning specified in Section 5 of the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) "**Meeting Fees**" has the meaning specified in Appendix B;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) "**OSA**" means the *Securities Act* (Ontario) as amended from time to time, the regulations
and policies thereunder and any replacement legislation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) "**Participant**" means a Designated Participant, an employee bonus Participant (as defined
in Appendix C), a employee savings Participant (as defined in Appendix D) or a Grantee, as the case may be;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) "**Plan**" has the meaning set forth in Section 1 above and includes the Appendices
unless otherwise specified;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) "**Person**" means any individual, corporation, company, limited liability company, unlimited
liability corporation, limited or general partnership, joint venture, association, joint-stock corporation, trust, plan or unincorporated
organization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) "**Pricing Period** ", in respect of a particular Dividend, refers to the period beginning
on the later of the 21st Business Day preceding the Dividend payment date and the second Business Day following the record date applicable
to that Dividend payment date, and ending on the second Business Day preceding the Dividend payment date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "**Service Provider**" has the meaning specified in Appendix A;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) "**Share Award**" has the meaning specified in Appendix A;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) "**Shareholder**" means a holder of Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) "**Tax Act**" means the *Income Tax Act* (Canada) and any regulations thereto, as may
be amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) "**TSX**" means the Toronto Stock Exchange; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) "**Unsolicited Bid**" means those circumstances in which an offer is made generally to the
holders of Common Shares in one or more jurisdictions to acquire directly or indirectly Common Shares of the Corporation and which is
in the nature of a "takeover bid" as defined in National Instrument 62-104 – *Take-Over Bids and Issuer Bids* and,
where the Common Shares are listed and posted for trading on a stock exchange, not exempt from the formal bid requirements of National
Instrument 62-104 – *Take-Over Bids and Issuer Bids*, by a Person who neither the Board nor management of the Corporation solicited,
sought out or otherwise arranged for the offeror party to make such offer.

**3.** **Administration** 

The Plan shall be administered by the Board or such committee of the Board as the Board considers appropriate from time to time (the "**Committee**"). The composition of the Committee shall at all times comply with any applicable requirements of the Exchange.

In addition to the authority specified in the Appendices, the Committee shall have the authority in its discretion, subject to and not inconsistent with the express provisions of the Plan, to administer the Plan and to exercise all the powers and authorities either specifically granted to it under the Plan or necessary or advisable in the administration of the Plan, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to determine the Fair Market Value of the Common Shares on any date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to prescribe, amend and rescind rules and regulations relating to the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to interpret the Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to make all other determinations deemed necessary or advisable for the administration of the Plan.

The recommendations and determinations of the Committee shall be subject to review and approval by the Board, and recommendations and determinations approved by the Board shall be conclusive and final and binding on all parties. The Committee may delegate to one or more of its members or to one or more agents such administrative duties as it may deem advisable, including delegation to a third-party agent or trustee the authority to acquire Common Shares for delivery pursuant to the Plan, and the Committee or any member or agent to whom it has delegated duties as aforesaid may employ one or more Persons to render advice with respect to any responsibility the Committee or such Person may have under the Plan.

**4.** **Treasury Reserve and Settlement of Incentives** 

Subject to the prior approval of Shareholders and the Exchange, as applicable, the number of Common Shares reserved for issuance by the Corporation from time to time pursuant to the Plan (and pursuant to any other security based compensation arrangements of the Corporation) shall be equal to 3.5% of the aggregate number of the issued and outstanding Common Shares, calculated on an undiluted basis. In addition to Common Shares issued from treasury, Incentives may be settled with cash or Common Shares acquired through the facilities of the Exchange in accordance with the Plan (or any combination thereof).

**5.** **Insider Participation Limit** 

Pursuant to the Plan: (a) no one Participant may be granted any Incentives which, together with all Incentives then held by such Participant, would entitle such Participant to receive a number of Common Shares which is greater than 5% of the outstanding Common Shares, calculated on an undiluted basis; and (b) the number of Common Shares (i) issued to Insiders, within any one year period, and (ii) issuable to Insiders, at any time, under the Plan (and under any other security based compensation arrangements of the Corporation) shall not exceed 10% of the Corporation's total issued and outstanding Common Shares, respectively (collectively, the "**Insider Participation Limit**").

**6.** **Non-Employee Director Participation** 

A non-employee director of the Corporation or any Affiliate (a "**Director**") shall only be entitled to receive grants of DSUs, and DSUs shall only be granted to a Director in lieu of cash fees (being a Director's Annual Retainer, and, to the extent applicable, any Meeting Fees). In all cases DSUs granted shall have the same value as the cash amount of the Annual Retainer, and, to the extent applicable, any Meeting Fees, elected by a Director to be received in DSUs. Any discretionary grant to a Director under any compensation plan of the Corporation or any Affiliate shall be subject to, and not exceed, the Director Participation Limit. Other than DSUs granted in lieu of cash fees on a value for value basis, no discretionary or other grants of DSUs to a Director are permitted pursuant to the Plan and no other Incentives shall be payable, granted or made available to any Director pursuant to the Plan.

**7.** **Rights as a Shareholder** 

Unless and until any Common Shares are delivered to a Participant in accordance with the terms of the Plan, the Participant shall not possess any incidents of ownership of such Common Shares including the right to exercise voting rights in respect of any such Common Shares. Where the Board exercises its discretion to settle an Incentive by way of delivery of Common Shares, the applicable Participant shall only be considered a Shareholder in respect of such Common Shares when the issuance or receipt of such Common Shares has been entered upon the applicable share register(s).

**8.** **Non-Transferability** 

Common Shares, if any, or cash equivalents delivered or deliverable pursuant to the Plan shall only be delivered to a Participant personally except that if a Participant dies, Common Shares, if any, or cash may be delivered to the Participant's estate. Except for the foregoing and as otherwise provided in the Plan, no assignment, sale, transfer, pledge or charge of any Incentive, whether voluntary, involuntary, by operation of law or otherwise, vests any interest or right in such Incentive whatsoever in any assignee or transferee and, immediately upon any assignment, sale, transfer, pledge or charge or attempt to assign, sell, transfer, pledge or charge, such Incentive shall terminate and be of no further force or effect.

**9.** **Amendment and Termination of the Plan** 

The Corporation retains the right to amend from time to time or to suspend, terminate or discontinue the terms and conditions of the Plan and any Incentives under the Plan by resolution of the Board (subject, in respect of employee savings, to Section 19 of Appendix D). Any amendments shall be subject to the prior consent of any applicable regulatory bodies, including the Exchange, as may be required. Any amendment to the Plan shall take effect only with respect to Incentives payable, granted or to be made, as applicable, after the effective date of such amendment, provided that it may apply to any outstanding Incentives with the mutual consent of the Corporation and the applicable Participant(s). The Board shall have the power and authority to approve amendments relating to the Plan or to Incentives, without further approval of the Shareholders, to the extent that such amendment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is for the purpose of curing any ambiguity, error or omission in the Plan or to correct or supplement
any provision of the Plan that is inconsistent with any other provision of the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is necessary to comply with applicable law or the requirements of any stock exchange on which the Common
Shares are listed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is an amendment to the Plan respecting administration and eligibility for participation under the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) changes the terms and conditions on which Incentives may be (or have been) payable, granted or made, as
applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) changes the early termination provisions of an Incentive or the Plan which does not entail an extension
beyond the original expiry date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) is an amendment to the Plan of a "housekeeping nature";

provided that, without Shareholder approval, the alteration, amendment or variance does not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) increase the number of Common Shares reserved for issuance under the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) remove or exceed the Insider Participation Limit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) result in a material or unreasonable dilution in the number of outstanding Common Shares or any material
benefit to an Insider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) permit the Corporation or any Affiliate to provide any financial assistance to any Participant for the
purpose of exercising or settling any Incentives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) amend the Employer Contribution amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) result in any cancellation and reissue of Incentives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) change the class of eligible participants in the Plan which would have the potential of broadening or
increasing participation by Insiders of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) permit DSUs to be granted other than in lieu of cash fees on a value for value basis, or provide for any
discretionary or other grant of DSUs to any Director pursuant to the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) amend the Director Participation Limit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) provide for any Incentive (other than DSUs) to be payable, granted or made to any Director pursuant to
the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) amend the amendment provision of the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) extend the expiry date of Incentives under the Plan beyond the expiry date provided for under the provisions
of the Plan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) make any amendment to the Plan that permits a Participant to transfer or assign an Incentive to any Person
other than in the case of the death of the Participant for normal estate settlement purposes.

**10.** **Provisions for Foreign Participants** 

The Corporation may, without amending the Plan, modify the terms of Incentives for Participants who are foreign nationals or who provide services to the Corporation or any Affiliate from outside of Canada in order to comply with the applicable laws of such foreign jurisdictions (and reflect any such modification in the applicable award agreement relating thereto).

**11.** **Withholding Taxes** 

Notwithstanding any other provisions of this Plan, the Corporation shall be entitled to deduct and withhold (from any amounts otherwise payable under the Plan to a Participant) such amounts as the Corporation may be required to deduct and withhold therefrom under any provision of any applicable laws in respect of taxes and, to the extent that such amounts are so deducted, withheld and remitted to the relevant governmental entity, such amount shall be treated as having been paid to the Participant. Unless otherwise prohibited by applicable law, the Corporation shall be entitled to satisfy its withholding tax obligations by (as applicable): (i) the withholding of a cash amount; and (or) (ii) the withholding and sale of a number of Common Shares (from any Common Shares otherwise deliverable to the Participant in accordance with the terms of the Plan) that, in aggregate, are sufficient to satisfy the total withholding tax obligations (with any residual cash or proceeds therefrom to be paid or released to the Designated Participant).

**12.** **Miscellaneous** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *<u>Interpretation</u>* – In this Plan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) section and subsection headings are for convenience only and shall not affect the construction hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) words importing the singular number or masculine gender shall include the plural number or the feminine
or neuter genders, and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) unless otherwise indicated or the context otherwise requires, all section references (A) in the Plan
are to the applicable section of the Plan excluding the Appendices; and (B) in an Appendix are to the applicable sections of that
particular Appendix;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) capitalized terms defined in each Appendix shall apply to that Appendix unless the context otherwise requires;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) words and terms denoting inclusiveness (such as "include" or "includes" or "including"),
whether or not so stated, are, as the context requires, not limited by and do not imply limitation of their context or the words or phrases
which precede or succeed them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) reference to any agreement or other instrument in writing means such agreement or other instrument in
writing as amended, modified, replaced or supplemented from time to time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) unless otherwise indicated, reference to a statute shall be deemed to be a reference to such statute as
amended, re-enacted or replaced from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *<u>Effect of Certain Changes</u>* – In the event:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) of any change in the Common Shares through subdivision, consolidation, conversion, reclassification, amalgamation,
merger or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) that any rights are granted to Shareholders to purchase Common Shares at prices substantially below Fair
Market Value; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) that, as a result of any recapitalization, merger, consolidation or other transaction that is not a Change
of Control Transaction or an Unsolicited Bid, the Common Shares are converted into or exchangeable for any other securities;

then, in any such case and subject to provisions of the Plan and the prior approval of the Exchange, if required, the Board may make such adjustments to the Plan and to any Incentives outstanding pursuant to the Plan as the Board may, in its sole discretion, consider appropriate in the circumstances to prevent substantial dilution or enlargement of the rights granted to Participants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *<u>Compliance with Legal Requirements</u>* - The Corporation shall not be obliged to deliver any
Common Shares or make any cash payment if such delivery or payment (as applicable) would violate any law or regulation or any rule of
any government authority or stock exchange. The Corporation, in its sole discretion, may postpone any payment (whether in the form of
cash or Common Shares) as the Board may consider appropriate, and may require any Participant to make such representations and furnish
such information as the Board may consider appropriate in connection with the payment of any cash or the delivery of any Common Shares
in compliance with applicable laws, rules and regulations. The Corporation shall not be required to qualify for resale pursuant to
a prospectus or similar document any Common Shares delivered under the Plan, provided that, if required, the Corporation shall notify
the Exchange and any other appropriate regulatory bodies in Canada of the existence of the Plan and the issuance or grant of Incentives,
as applicable, pursuant to the Plan in accordance with any such requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *<u>No Right to Continued Employment or Membership on the Board</u>* – Nothing in the Plan
or in any award agreement entered into pursuant hereto shall confer upon any (i) employee (whether or not a Participant) the right
to be restricted in the service of the Corporation; or (ii) employee (whether or not a Participant), Director or non-employee service
provider the right to continue in the employ or service of the Corporation or an Affiliate, including as a Director or as a non-employee
service provider, to be entitled to, or the right to claim, including as a beneficiary of any such employee, Director or non-employee
service provider, any remuneration or benefits (present or future) not set forth in the Plan (or any award agreement) or to interfere
with or limit in any way the right of the Corporation or an Affiliate to terminate at any time the employment or service, as the case
may be, of any employee (whether or not a Participant), Director or non-employee service provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *<u>Ceasing to be an Affiliate</u>* – Except (i) as otherwise provided in the Plan, (ii) in
the event of the direct or indirect sale or disposition of, by conveyance, transfer, lease or otherwise, in any single transaction or
series of related transactions, all or substantially all of the assets of an Affiliate of the Corporation, other than to an entity which
was an Affiliate of the Corporation prior to the sale or disposition, (iii) a reorganization, amalgamation, merger, arrangement or
combination of an Affiliate of the Corporation with or into any other entity, which results in all of the persons who were the beneficial
owners of the voting securities of such Affiliate immediately prior to such reorganization, amalgamation, merger, arrangement or combination,
together being entitled to exercise less than 50% of the voting rights attached to the outstanding voting securities of the entity resulting
from the applicable transaction, or (iv) any acquisition of voting securities of an Affiliate of the Corporation being completed
which results in the purchaser, its Affiliates and any other Person acting jointly or in consent with the purchaser together being entitled
to exercise more than 50% of the voting rights attached to the outstanding voting securities of such former Affiliate of the Corporation,
provided that, prior to such acquisition, such Persons were not entitled to exercise more than 50% of the voting rights attached to the
outstanding voting securities of such prior Affiliate of the Corporation, Incentives payable, granted or to be made, as applicable,
under the Plan shall not be affected by any change in the relationship between or ownership of the Corporation and an Affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *<u>Expenses</u>* – Except as may be specified in an Appendix, all expenses in connection with
the Plan shall be borne by the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *<u>Unfunded Plan</u>* –The Plan shall be unfunded. Although accounts may be established with
respect to Participants, any such accounts shall be used merely as a bookkeeping convenience. The Corporation shall not be required to
segregate any assets that may at any time be represented by cash, Common Shares or rights thereto, nor shall the Plan be construed as
providing for such segregation. Any liability or obligation of the Corporation to any Participant with respect to an Incentive under the

no such liability or obligation of the Corporation shall be deemed to be secured by any pledge or other encumbrance on any property of
the Corporation. Neither the Corporation, the Board nor the Committee shall be required to give any security or bond for the performance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *<u>Successors</u>* – The Plan is binding on and will inure to the benefit of any successor
to the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *<u>Financial Assistance</u>* – Neither the Corporation nor any Affiliate shall provide any
financial assistance to any Participant for the purpose of exercising or settling any Incentives, as applicable.

13. **Governing Law** 

The Plan shall be governed by and construed in accordance with the laws in force in the Province of Alberta.

14. **Effective Date** 

The Plan, as may be amended and (or) restated from time to time, is effective as of April 25, 2022 (the "**Effective Date**"). The Plan is amended and restated effective as of March 5, 2025.

**APPENDIX A - SHARE AWARDS**

In addition to the provisions of the Plan, the provisions of this Appendix shall apply to Share Awards.

1. **Purpose** 

Share Awards form an integral component of the Plan as specified in Section 1 of the Plan.

2. **Definitions** 

Capitalized terms referred to in this Appendix and not otherwise defined in the Plan have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Annualized (Absolute) Return**" means the absolute gain or loss the price of the Common
Shares generates over a specific time period as specified in, and determined in accordance with, the LTIP Scorecard (in the shareholder
return category);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Adjustment Ratio**" means, with respect to any Share Award, the ratio used on each Dividend
Payment Date to adjust the number of Reference Shares underlying a Share Award in accordance with the terms of the Plan and this Appendix;
and, in respect of each Share Award, the Adjustment Ratio shall initially be equal to one, and shall be cumulatively adjusted thereafter
on each Dividend Payment Date by increasing the Adjustment Ratio on each Dividend Payment Date by an amount, rounded to the nearest six
decimal places, equal to a fraction having as its numerator the Dividend, expressed as an amount per Common Share, paid on that Dividend
Payment Date, and having as its denominator the Average Market Price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Annual Share Award**" means a Share Award granted in a given year with a vesting date
three years from the Grant Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Consultant**" means an individual or company, other than an employee, Executive or director
of the Corporation that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is engaged to provide services to the Corporation or an Affiliate, other than services provided in relation
to a distribution of securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) provides the services under a written contract with the Corporation 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Corporate Performance Measures**" means, for any fiscal year, three year period or other
period (that the Board in its sole discretion shall determine), the performance measures to be taken into consideration under the Plan
and this Appendix which may include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Relative Total Shareholder Return over such fiscal year, three year period or other period as determined
by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Annualized (Absolute) Return over such fiscal year, three year period or other period as determined by
the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Recycle Ratio for such fiscal year, three year period or other period as determined by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Strategic Plan development and execution for such fiscal year, three year period or other period as determined
by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) ESG Ranking for such fiscal year, three year period or other period as determined by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Activities related to growth of the Corporation and its Affiliates for such fiscal year, three year period
or other period as determined by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Average production volumes of the Corporation and its Affiliates for such fiscal year, three year period
or other period as determined by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Unit costs of production of the Corporation and its Affiliates for such fiscal year, three year period
or other period as determined by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Total proved reserves (on a net basis) of the Corporation and its Affiliates for such fiscal year, three
year period or other period as determined by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Safety performance of the Corporation and its Affiliates for such fiscal year, three year period or other
period as determined by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) HSE Indicators for such fiscal year, three year period or other period as determined by the Board; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) Such additional measures as the Committee or the Board, in its sole discretion, shall consider appropriate
in the circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Date of Termination** ", as referred to in this Appendix, means, in respect of a Service
Provider, the date that is the actual date the Service Provider ceases to provide services to the Corporation, regardless of the reason
for the cessation of services, and not on the date of expiry of any period of reasonable notice, or statutory or common law severance
period that the Corporation or Service Provider may be entitled to provide or receive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Disability**" (i) in respect of a Service Provider that is an employee, means that
such Service Provider is receiving benefits under any long term disability plan of the Corporation or an Affiliate; and (ii) in respect
of a Service Provider that is not an employee, means that such Service Provider is unable to perform the material and substantial duties
that such Service Provider was retained by the Corporation to perform and such inability arises due to sickness or injury;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Double Trigger**" has the meaning set forth in Section 6;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**ESG Ranking**" means the environment, social and governance measure (in the environment,
social and governance category) as specified in, and determined in accordance with, the LTIP Scorecard;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Executive**" means any of the Executive Chairman, Chief Executive Officer, President,
Chief Financial Officer, Chief Operating Officer, Executive Vice-President, Vice President or any other executive of the Corporation or
an Affiliate holding an employee position above Director level;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**First Year Amount**" has the meaning set forth in Section 6(b)(ii)(A);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "**FTE**" in respect of a Service Provider that is an employee means full time equivalent,
expressed numerically as 1.0;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "**Grantee**" has the meaning set forth in Section 4;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "**HSE Indicators**" means key leading and lagging indicators of health, safety and environment
performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "**Leave of Absence**" means a voluntary and temporary absence from employment with the consent
of the Corporation or an Affiliate, as applicable, during which the employment of the Grantee is continued but the Grantee does not receive
employment earnings from the Corporation or any Affiliate, provided that a Leave of Absence shall not include a leave resulting from any
Disability, maternity leave or parental leave;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "**LTIP Multiple**" means the multiple (expressed as a percentage) specified in the LTIP
Scorecard corresponding to the applicable LTIP Total Score;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "**LTIP Scorecard**" means the long-term incentive plan scorecard as supplemented or revised
from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "**LTIP Total Score**" means the total score (expressed as a percentage) calculated pursuant
to the LTIP Scorecard;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "**New Hire Award**" has the meaning set forth in Section 6(b)(ii);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "**Peer Comparison Group**" means, generally, publicly traded issuers which are deemed to
be comparable competitors of the Corporation pursuant to Vermilion's peer group selection criteria which shall be determined from time
to time by the Committee or the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "**Performance Based Award**" means a Share Award designated as a "**Performance Based Award**" in the Award Agreement (as defined herein) pertaining thereto, which shall be settled on the Settlement Date(s) determined
in accordance with Section 6(b), subject to adjustment pursuant to the provisions of such Section 6(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "**Performance Factor**" means the LTIP Multiple based on the LTIP Total Score determined
by the Board based on an assessment of the achievement of the pre-defined Corporate Performance Measures in respect of a particular fiscal
year or three year period or, in respect of a Change of Control, a particular period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "**Recycle Ratio**" means the after-tax recycle ratio measure (in the operational category)
as specified in, and determined in accordance with, the LTIP Scorecard;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "**Reference Shares** ", as referred to in this Appendix, means a bookkeeping entry recorded
in the Share Award Account of each Grantee to evidence the number of Common Shares notionally covered by a Share Award, where each Reference
Share has the same value as one Common Share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "**Relative Total Shareholder Return**" means the relative total shareholder return measure
(in the total shareholder return category) as specified in, and determined in accordance with, the LTIP Scorecard;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) "**Return Date**" means the date on which the Grantee resumes employment with the Corporation
or an Affiliate following a Leave of Absence and receives payment of employment earnings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) "**Restricted Time Based Award**" means a Share Award designated as a "**Restricted Time Based Award**" in the Award Agreement pertaining thereto, which shall be settled on the Settlement Date(s) determined
in accordance with Section 6(b), subject to adjustment pursuant to provisions of such Section 6(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) "**Retirement**" shall have such meaning as the Committee or the Board shall determine from
time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) "**Service Provider**" has the meaning set forth in Section 4;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) "**Settlement Date**" means, with respect to any Share Award, the date upon which such Share
Award is settled in accordance with Section 6(d)(i);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) "**Share Award**" means the right of a Grantee to receive a payment equal to the Fair Market
Value of a Common Share, subject to adjustment pursuant to the provisions of Section 6, in the manner and subject to the terms and
provisions set forth in the Plan and this Appendix;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) "**Share Award Account**" means a bookkeeping account maintained (or caused to be maintained)
by the Corporation in the name of each Grantee showing the number of Reference Shares covered by all Share Awards credited to such Grantee
and whether such Share Awards are Performance Based Awards or Restricted Time Based Awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) "**Strategic Plan**" means the strategic plan and technology and innovation measure (in the
strategic plan category) as specified in, and determined in accordance with, the LTIP Scorecard; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) "**Vesting Date**" means, with respect to any Share Award, the date upon which such Share
Award vests in accordance with the terms of the Plan and this Appendix.

3. **Administration** 

In addition to, and without limiting, Section 3 of the Plan, the Board or designated Committee shall have the authority in its discretion, subject to and not inconsistent with the express provisions of the Plan and this Appendix, to administer this Appendix and to exercise all the powers and authorities either specifically granted to it under the Plan and this Appendix or necessary or advisable in the administration of this Appendix, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the authority to recommend grants of Share Awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to determine the Service Providers to whom, and the time or times at which, Share Awards shall be granted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to determine the number of Reference Shares to be covered pursuant to each Share Award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to approve members of the Peer Comparison Group from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to determine the Corporate Performance Measures and the Performance Factor in respect of a particular
period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to determine the terms and provisions of Award Agreements (which need not be identical) entered into in
connection with Share Awards; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) to determine whether to settle any Share Award by delivery to the Grantee of such Share Award either (i) a
cash payment equal to the Fair Market Value of the Reference Shares underlying such Share Award (as adjusted in accordance with the terms
of this Appendix), (ii) Common Shares or (iii) a combination thereof.

The recommendations and determinations of the Committee pursuant to this Appendix shall, unless expressly authorized by the Committee's mandate or as otherwise determined by the Board, be subject to review and approval by the Board in accordance with Section 3 of the Plan.

For greater certainty and without limiting the discretion conferred on the Committee pursuant to this Section 3, the Committee's decision to approve the grant of a Share Award in any year shall not require the Committee to approve the grant of a Share Award to any Service Provider in any other year; nor shall the Committee's decision with respect to the size or terms and conditions of a Share Award in any year require it to approve the grant of a Share Award of the same size or with the same terms and conditions to any Service Provider in any other year. The Committee shall not be precluded from approving the grant of a Share Award to any Service Provider solely because such Service Provider may previously have been granted a Share Award under the Plan or any other similar compensation arrangement of the Corporation or an Affiliate. No Service Provider has any claim or right to be granted a Share Award.

4. **Eligibility and Award Determination** 

Share Awards may only be granted to employees, Executives or Consultants of the Corporation or any Affiliate, who are providing services to the Corporation or any Affiliate on an on-going basis, or have provided or are expected to provide services to the Corporation or any Affiliate (individually, a "**Service Provider**" and collectively, "**Service Providers**"); provided, however, that the participation of a Service Provider in the Plan is voluntary.

In determining the Service Providers to whom Share Awards may be granted (individually, a "**Grantee**" and collectively, "**Grantees**") and the number of Reference Shares to be covered by each Share Award, the Committee shall take into account such factors as it shall determine in its absolute discretion including, if so determined by the Committee, any one or more of the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) compensation data for comparable benchmark positions among the Peer Comparison Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the duties and seniority of the Service Provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Corporate Performance Measures of the Corporation for the most recently completed fiscal year (or other
applicable period) compared with internally established performance measures approved by the Board and/or similar performance measures
of members of the Peer Comparison Group for the most recently completed fiscal year (or other applicable period), as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) potential contributions to the success of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any cash bonus payments paid or to be paid to the Grantee in respect of his or her individual contributions
and potential contributions to the success of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Fair Market Value of the Common Shares at the time of such Share Award; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) such other factors as the Committee shall deem relevant in connection with accomplishing the purposes
of the Plan.

5. **Common Shares Upon Settlement of Share Awards** 

Any Common Shares to be delivered to Grantees of Share Awards settled by delivery of Common Shares (as determined by the Board in its sole discretion) shall be, in the sole discretion of the Board, either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) acquired through the facilities of the Exchange in accordance with the by-laws, regulations and policies
of the Exchange (in which case the number of Common Shares shall be unlimited as to number); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) subject to the Section 4 of the Plan, issued by the Corporation from treasury (in which case the
number of Common Shares shall be limited as specified in Section 4 of the Plan).

6. **Terms and Conditions of Share Awards** 

Each Share Award granted under the Plan and this Appendix shall be subject to the terms and conditions of the Plan and this Appendix and evidenced by a written agreement between the Corporation and the Grantee (an "**Award Agreement**"), which agreement shall (i) specify that each Share Award is subject to 'double trigger' Change of Control vesting provisions substantially similar to the double trigger provisions of the Corporation's executive employment agreements requiring a Change of Control and termination of employment by the Corporation or by the employee or Executive for good reason (in each case within a specified number of days) (a "**Double Trigger**"); and (ii) comply with, and be subject to, the requirements of the Exchange and, subject to Section 6(f), the following terms and conditions (and with such other terms and conditions not inconsistent with the terms of the Plan and this Appendix as the Committee or the Board, in its discretion, shall establish):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *<u>Number of Reference Shares Underlying Share Awards</u>* – The Committee shall determine
the number of Reference Shares to be awarded to a Grantee pursuant to the Share Award in accordance with the provisions set forth in Section 4
and shall designate such award as either a "Restricted Time Based Award" or a "Performance Based Award", as applicable,
in the Award Agreement relating thereto in accordance with the provisions of this Section 6(a); provided however, that, assuming
the Board exercises its discretion to settle all Share Awards by way of delivery of Common Shares, no one Service Provider may be granted
any Share Award which, together with all Share Awards then held by such Grantee, would entitle such Grantee to receive a number of Common
Shares which exceeds the Insider Participation Limit. Share Awards granted to Executives shall at all times be designated 100% as Performance
Based Awards. The First Year Amount of New Hire Awards granted to Grantees (other than Executives) shall at all times be designated 100%
as Restricted Time Based Awards. Grantees (other than Executives) of Share Awards shall be permitted to designate the applicable Share
Award (other than the First Year Amount of New Hire Awards) as between a Performance Based Award or a Restricted Time Based Award either:
(i) 100% as a Performance Based Award; or (ii) 75% as a Performance Based Award and 25% as a Restricted Time Based Award, provided
that if any such Grantee fails to designate a particular Share Award then such Share Award shall be designated 75% as a Performance Based
Award and 25% as a Restricted Time Based Award. The Share Award designation shall be reflected in the Grantee's Award Agreement. At the
time of award, the Committee shall establish (or cause to be established) a Share Award Account for such Grantee and the number of Reference
Shares underlying the Share Award will be credited to such account and thereafter shall be adjusted by the Adjustment Ratio, and, if applicable,
for changes to FTE status as set forth in Section 6(e).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *<u>Vesting</u>* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Subject to Section 6(f), and except as provided in Section 6(b)(ii), with respect to any Share
Award, the Vesting Date for a Share Award shall occur on April 1 of the third year following the date of the Share Award. Upon the
vesting of a Share Award, all of the Reference Shares underlying either a Performance Based Award or a Restricted Time Based Award credited
to the Grantee's Share Award Account in respect of that Share Award (as adjusted by the Adjustment Ratio (as set forth in Section 6(a)),
and, if applicable, for changes to FTE status (as set forth in Section 6(e)) shall vest and be settled in accordance with Sections
6(c) and 6(d), multiplied in the case of a Performance Based Award by the Performance Factor. In the event of the occurrence of a
Double Trigger prior to any Vesting Date, that number of Reference Shares underlying either a Performance Based Award or a Restricted
Time Based Award equal to all Reference Shares credited to the Grantee's Share Award Account (as adjusted by the Adjustment Ratio (as
set forth in Section 6(a)), and, if applicable, for changes to FTE status (as set forth in Section 6(e)) shall vest on the Date
of Termination, and be settled in accordance with Sections 6(c) and 6(d) and, in the case of a Performance Based Award, the
Board shall determine the applicable Performance Factor for all Performance Based Awards in accordance with the LTIP Scorecard in effect
prior to the Change of Control applied in a manner consistent with its application prior to the Change of Control. In the event of the
occurrence of an Unsolicited Bid prior to any Vesting Date, that number of Reference Shares underlying either a Performance Based Award
or a Restricted Time Based Award equal to all Reference Shares credited to the Grantee's Share Award Account (as adjusted by the Adjustment
Ratio (as set forth in Section 6(a)), and, if applicable, for changes to FTE status (as set forth in Section 6(e)), shall vest
immediately prior to the effective time of an Unsolicited Bid and be settled in accordance with Sections 6(c) and 6(d) and,
in the case of a Performance Based Award, the Board shall in its sole discretion, determine the applicable Performance Factor for all
Performance Based Awards having regard to the LTIP Scorecard in effect prior to the Unsolicited Bid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Subject to Section 6(f), with respect to any Share Award granted to a Service Provider in the first
year of service (a "**New Hire Award** "), or granted to a Service Provider from time to time as a result of a promotion or
in special circumstances, the Vesting Dates for such Share Award shall be as determined by the Committee at the time of entering into
of the Award Agreement, and in the absence of any other determination, the default Vesting Dates shall be as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) on (1) April 1 (in respect of any New Hire Award or promotion Share Award or special circumstances
Share Award granted in the first quarter or second quarter of a calendar year); or (2) on October 1 (in respect of any New Hire
Award or promotion Share Award or special circumstances Share Award granted in the third quarter or fourth quarter of a calendar year),
in either case, of the first year following the date of the Share Award (the "**First Vesting Date** "), 33 1/3% (or
such other percentage pro-rated to give effect to the date of the grant of the Share Award as set forth in the Service Provider's Award
Agreement) (the "**First Year Amount**") of the Reference Shares underlying a Restricted Time Based Award (in respect of
a New Hire Award), or either a Performance Based Award or a Performance Based Award and a Restricted Time Based Award (in respect of a
promotion or special circumstances Share Award), credited to the Grantee's Share Award Account with respect to such Share Award (as adjusted
by the Adjustment Ratio (as set forth in Section 6(a)), and, if applicable, for changes to FTE status (as set forth in Section 6(e)),
multiplied in the case of a Performance Based Award by the Performance Factor determined in accordance with the applicable LTIP Scorecard,
shall vest and be settled in accordance with Sections 6(c) and 6(d) (the "**First Vesting** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) on (1) April 1 (in respect of any New Hire Award or promotion Share Award or special circumstances
Share Award granted in the first quarter or second quarter of a calendar year); or (2) on October 1 (in respect of any New Hire
Award or promotion Share Award or special circumstances Share Award granted in the third quarter or fourth quarter of a calendar year),
in either case, of the second year following the date of the Share Award (the "**Second Vesting Date** "), 33 1/3% (or
such other percentage pro-rated to give effect to the date of the grant of the Share Award as set forth in the Service Provider's Award
Agreement) of the Reference Shares underlying either a Performance Based Award or a Restricted Time Based Award credited to the Grantee's
Share Award Account with respect to such Share Award (as adjusted by the Adjustment Ratio (as set forth in Section 6(a)), and, if
applicable, for changes to FTE status (as set forth in Section 6(e)), multiplied in the case of a Performance Based Award by the
Performance Factor determined in accordance with the applicable LTIP Scorecard, shall vest and be settled in accordance with Sections
6(c) and 6(d) (the "**Second Vesting** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) on (1) April 1 (in respect of any New Hire Award or promotion Share Award or special circumstances
Share Award granted in the first quarter or second quarter of a calendar year); or (2) on October 1 (in respect of any New Hire
Award or promotion Share Award or special circumstances Share Award granted in the third quarter or fourth quarter of a calendar year),
in either case, of the third year following the date of the Share Award (the "**Third Vesting Date** "), 33 1/3% (or such
other percentage pro-rated to give effect to the date of the grant of the Share Award as set forth in the Service Provider's Award Agreement)
of the Reference Shares underlying either a Performance Based Award or a Restricted Time Based Award credited to the Grantee's Share Award
Account with respect to such Share Award (as adjusted by the Adjustment Ratio (as set forth in Section 6(a)), and, if applicable,
for changes to FTE status (as set forth in Section 6(e)), multiplied in the case of a Performance Based Award by the Performance
Factor determined in accordance with the applicable LTIP Scorecard, shall vest and be settled in accordance with Sections 6(c) and
6(d) (the "**Third Vesting** ");

provided, however: (1) that in the event of the occurrence of a Double Trigger prior to any Vesting Date determined in accordance with provisions of this Section 6(b)(ii), that number of Reference Shares underlying either a Performance Based Award or a Restricted Time Based Award equal to all Reference Shares credited to the Grantee's Share Award Account (as adjusted by the Adjustment Ratio (as set forth in Section 6(a)), and, if applicable, for changes to FTE status (as set forth in Section 6(e)) shall vest on the earlier of: (i) the next applicable Vesting Date determined in accordance with the above provisions, or (ii) the Date of Termination, and be settled in accordance with Sections 6(c) and 6(d) and, in the case of a Performance Based Award, the Board shall determine the applicable Performance Factor for all Performance Based Awards in accordance with the LTIP Scorecard in effect prior to the Change of Control applied in a manner consistent with its application prior to the Change of Control; or (2) that in the event of the occurrence of an Unsolicited Bid prior to any Vesting Date determined in accordance with provisions of this Section 6(b)(ii), that number of Reference Shares underlying either a Performance Based Award or a Restricted Time Based Award equal to all Reference Shares credited to the Grantee's Share Award Account (as adjusted by the Adjustment Ratio (as set forth in Section 6(a)), and, if applicable, for changes to FTE status (as set forth in Section 6(e)) that have not yet vested at such time shall vest on the earlier of: (i) the next applicable Vesting Date determined in accordance with the above provisions, or (ii) immediately prior to the effective time of the Unsolicited Bid and be settled in accordance with Sections 6(c) and 6(d) and, in the case of a Performance Based Award, the Board shall in its sole discretion, determine the applicable Performance Factor for all Performance Based Awards having regard to the LTIP Scorecard in effect prior to the Unsolicited Bid.

For greater certainty, the occurrence of a Double Trigger in respect of a particular Grantee shall be governed by and determined in accordance with the applicable Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *<u>Determination of Performance Factor</u>* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Prior to the Vesting Date in respect of any Performance Based Award, the Board shall assess the performance
of the Corporation and determine the applicable Performance Factor for the applicable fiscal year, three year period or other period.
The weighting of the individual measures comprising the Corporate Performance Measures shall be (i) the applicable weighting for
the measures specified in the LTIP Scorecard, subject to Board discretion to adjust such weighting(s) having regard to the principal
purposes of the Plan; and (ii) determined by the Board in its sole discretion having regard to the principal purposes of the Plan
for measures not specified in the LTIP Scorecard, and upon the assessment of all Corporate Performance Measures the Board shall determine
the LTIP Total Score. The applicable Performance Factor in respect of the LTIP Total Score shall be as set forth in the LTIP Scorecard.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) A Performance Factor shall be established in accordance with Section 6(c)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) In respect of a Performance Based Award that vests in accordance with Section 6(b)(i), the Performance
Factor determined in respect of the three fiscal years preceding the Vesting Date in accordance with the applicable LTIP Scorecard shall
be applied to such Share Awards to determine the amount of cash payable or the number of Common Shares deliverable, as the case may be,
on the settlement of such Share Award in accordance with the terms hereof. In the event of a Change of Control or an Unsolicited Bid in
respect of a Performance Based Award that vests in accordance with Section 6(b)(i), the Performance Factor determined in respect
of the fiscal years or other period preceding the Vesting Date and the period prior to the Change of Control or an Unsolicited Bid in
accordance with the applicable LTIP Scorecard shall be applied to such Share Awards to determine the amount of cash payable or the number
of Common Shares deliverable, as the case may be, on the settlement of such Share Award in connection with the Change of Control or an
Unsolicited Bid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) In respect of a Performance Based Award that vests in accordance with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Section 6(b)(ii)(A), the Performance Factor determined in accordance with the applicable LTIP Scorecard
shall be applied to such Share Awards to determine the amount of cash payable or the number of Common Shares deliverable, as the case
may be, pursuant to such Share Award on the Vesting Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Section 6(b)(ii)(B), the Performance Factor determined in accordance with the applicable LTIP Scorecard
shall be applied to such Share Awards to determine the amount of cash payable or the number of Common Shares deliverable, as the case
may be, pursuant to such Share Award on the Vesting Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Section 6(b)(ii)(C), the Performance Factor determined in accordance with the applicable LTIP Scorecard
shall be applied to such Share Awards to determine the amount of cash payable or the number of Common Shares deliverable, as the case
may be, pursuant to such Share Award on the Vesting Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) In the event of a Change of Control or an Unsolicited Bid in respect of a Performance Based Award that
vests in accordance with Section 6(b)(ii), the Performance Factor determined in respect of the fiscal years or other period preceding
the Vesting Date and the period prior to the Change of Control or an Unsolicited Bid in accordance with the applicable LTIP Scorecard
shall be applied to such Share Awards to determine the amount of cash payable or the number of Common Shares deliverable, as the case
may be, pursuant to such Share Award in connection with the Change of Control or an Unsolicited Bid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *<u>Payment in Respect of Share Awards</u>* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Subject to the restriction on discretion during a Black-Out Period below and subject to Section 11
of the Plan, payment in respect of Share Awards that have vested shall be made, at the election of the Board at any time prior to the
Settlement Date, by way of (A) delivering Common Shares to the Grantee, (B) making a cash payment to the Grantee equal to the
aggregate Fair Market Value of such Common Shares or (C) a combination thereof, in each case as soon as practicable and in any event
within 2.5 months after the Vesting Date; provided that in the event of an Unsolicited Bid or a Change of Control, as determined by the
Board, in its sole discretion, the Share Awards that vest in accordance with Section 6(b)(i) or Section 6(b)(ii) shall
be settled, at the election of the Board at any time prior to the Settlement Date, by way of (D) delivering Common Shares to the
Grantee, (E) making a cash payment to the Grantee equal to the aggregate Fair Market Value of such Common Shares or (F) a combination
thereof on the effective date of the Unsolicited Bid or Change of Control, as applicable, and, in all events, such delivery or payment
shall be made no later than December 31 of the third year following the year in which the Share Award was granted. In all cases,
settlement of the Share Awards that have vested shall be in consideration for the surrender by the Grantee to the Corporation of the vested
Share Awards. For greater certainty and notwithstanding anything else to the contrary, the Board shall have complete discretion to determine
whether to settle Share Awards in cash, in Common Shares or in any combination of cash and Common Shares and may exercise its discretion
at any time prior to the Settlement Date of a Share Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Subject to Section 11 of the Plan, in the event the Board exercises its discretion to settle a Share
Award by delivery of Common Shares, the aggregate number of Common Shares to be delivered to the Grantee of such Share Award in respect
of any Settlement Date shall be equal to the number of Reference Shares underlying the Share Award that have vested under such Share Award
(as adjusted pursuant to the Plan and this Appendix), and where such delivery would result in the issuance of a fractional Common Share
(A) and the Common Shares are delivered to a Grantee's Share Award Account, the number of Common Shares may be delivered as fractional
Common Shares; or (B) the Common Shares are delivered (or subsequently transferred) to an account other than a Grantee's Share Award
Account, fractional Common Shares shall be administered in accordance with Section 6(h). For greater certainty and notwithstanding
anything else contained herein, a Grantee does not have a right to receive, or cause the Corporation to issue, Common Shares in settlement
of any Share Awards, as the Board shall have complete discretion to determine whether to settle Share Awards in cash, in Common Shares
or in any combination of cash and Common Shares and may exercise its discretion at any time prior to the Settlement Date of a Share Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Subject to Section 11 of the Plan, for any Vesting Date that occurs during a Black-Out Period, payment
in respect of Share Awards that have vested shall be made by delivering cash in accordance with Section 6(d)(i) above, provided
that if the Board wishes to retain the discretion to settle the Share Awards in Common Shares then, notwithstanding anything else contained
in this Section 6, the Vesting Date of such Share Awards shall be ten (10) business days from the date any Black-Out Period
ends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *<u>Change to Status</u>* – The number of Reference Shares underlying a Share Award granted
in any applicable year (having regard to the grant cycle and not based on a calendar year) shall be adjusted so often as required for
changes to FTE status during such period, such adjustments to be made in accordance with the applicable policies of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *[reserved]* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *<u>Termination of Relationship as Service Provider</u>* – Unless otherwise provided in an
Award Agreement pertaining to a particular Share Award or any written agreement governing a Grantee's role as a Service Provider, the
following provisions shall apply in the event that a Grantee ceases to be a Service Provider:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Voluntary Resignation or Retirement</u> – Subject to any applicable retirement policy of the
Corporation, if a Grantee voluntarily ceases to be a Service Provider for any reason, including as a result of a reduction in salary,
material diminishment of the Grantee's responsibilities, authority, title or office or any other material and adverse change to
the Grantee's benefits, or for any other reason other than due to the Disability or death of such Grantee, effective on the Date
of Termination, all outstanding Award Agreements and all unvested Share Awards credited to a Grantee's Share Award Account shall be terminated,
and all rights to receive payment from the Corporation thereunder (whether in cash or Common Shares or any combination thereof) shall
be forfeited by the Grantee, and the Grantee shall not be entitled to receive any payment (whether in cash or Common Shares or any combination
thereof) or any other compensation in lieu thereof; provided, however, that notwithstanding the foregoing, unvested Share Awards credited
to a Grantee's Share Award Account shall not be affected by a change of employment or term of office or appointment within or among the
Corporation or an Affiliate so long as the Grantee continues to be a Service Provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Termination not for cause</u> – If a Grantee ceases to be a Service Provider as a result of being
terminated for any reason other than a termination for cause, effective on the Date of Termination, and not on the date of expiry of any
period of reasonable notice, or statutory or common law severance period that the Corporation may be required to provide to the Service
Provider, all Share Awards (whether in whole or in part) credited to a Grantee's Share Award Account that do not vest within 90 days of
the Date of Termination (and all outstanding Award Agreements relating thereto) shall immediately terminate and all rights to receive
a payment from the Corporation thereunder (whether in cash or Common Shares or any combination thereof) shall be forfeited by the Grantee,
and the Grantee shall not be entitled to receive any payment (whether in cash or Common Shares or any combination thereof) or any other
compensation in lieu thereof. Share Awards (whether in whole or in part) credited to a Grantee's Share Award Account that, as of the Date
of Termination, vest within 90 days of the Date of Termination (and Award Agreements relating thereto), and not on the date of expiry
of any period of reasonable notice, or statutory or common law severance period that the Corporation may be required to provide to the
Service Provider, shall not be subject to the foregoing immediate termination. For clarity, during the 90 day period following the Date
of Termination and any notice period thereafter (whether actual or compensated in lieu thereof) the Grantee shall not be entitled to pro-rated
vesting of any Share Awards and the Plan shall not be used for the purposes of calculating any entitlements of a Service Provider after
the termination of their relationship with the Corporation, including, but not limited to, severance pay, pay in lieu of notice or any
other termination entitlement whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Termination for cause</u> – If a Grantee ceases to be a Service Provider as a result of termination
for cause, effective on the Date of Termination, all outstanding Award Agreements and unvested Share Awards held by such Grantee shall
be terminated and all rights to receive a payment from the Corporation thereunder (whether in cash or Common Shares or any combination
thereof) shall be forfeited by the Grantee, and the Grantee shall not be entitled to receive any payment (whether in cash or Common Shares
or any combination thereof) or any other compensation in lieu thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Disability</u> – The cessation of a Grantee's relationship as a Service Provider as a result
of such Grantee's Disability shall not affect any Share Awards granted to such Grantee under the Award Plan which will continue to vest
in accordance with the terms of the Award Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Leave of Absence</u> - If a Grantee takes a Leave of Absence the vesting of all Share Awards which
are unvested as of the first day of such Leave of Absence shall be suspended until the Return Date, and following the Return Date the
terms of vesting pertaining to such Share Awards shall be amended such that the unvested Share Awards shall then become vested on a date
which is calculated by taking the Vesting Date and extending such date by the period of the Leave of Absence, provided that, in all events,
such Share Awards shall vest on a date such that, in respect of Share Awards that have vested, payment is made in accordance with Section 6(d)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) <u>Death</u> – If a Grantee ceases to be a Service Provider as a result of such Grantee's death,
the Vesting Date for Reference Shares underlying all Share Awards credited to a Grantee's Share Award Account shall be as of the date
of such Grantee's death, provided that the Committee, taking into consideration the performance of the Corporation since the date of grant
of the Share Award(s), may determine in their sole discretion the Performance Factor to be applied and the number of Reference Shares
underlying all Share Awards which will vest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *<u>Fractions</u>* - Where the Board exercises its discretion to settle a Share Award by way of delivery
of Common Shares and the determination of the number of Common Shares to be delivered to a Grantee pursuant to a Share Award in respect
of a particular Settlement Date (or subsequently transferred from a Share Award Account) would result in the issuance of a fractional
Common Share, the number of fractional Common Shares deliverable on the Settlement Date (or subsequently transferred from the Share Award
Account) shall be rounded down to the next whole number of Common Shares and a cash payment shall be made to the Grantee in lieu of any
such fractional interest in a Common Share being issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *<u>Black-Out Periods</u>* - If the exemption from insider trading rules for participation in
an "automatic plan" ceases to exist and in the event that the date determined by the Board on which Share Awards will vest falls
during, or within the five trading day period immediately following, a Black-Out Period (not including Black-Out Periods imposed due to
a cease trade order), then the vesting date of the Share Awards shall be ten (10) business days from the date any Black-Out Period
ends.

**APPENDIX B - DSUs**

In addition to the provisions of the Plan, the provisions of this Appendix shall apply to DSUs.

1. **Purpose** 

DSUs form an integral component of the Plan as specified in Section 1 of the Plan.

2. **Definitions** 

Capitalized terms referred to in this Appendix and not otherwise defined in the Plan have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Adjustment Ratio**" means, with respect to any DSUs, the ratio used on each Dividend Payment
Date to adjust the number of Reference Shares underlying a DSU in accordance with the terms of the Plan; and, in respect of each DSU,
the Adjustment Ratio shall initially be equal to one, and shall be cumulatively adjusted thereafter on each Dividend Payment Date by increasing
the Adjustment Ratio on each Dividend Payment Date by an amount, rounded to the nearest six decimal places, equal to a fraction having
as its numerator the Dividend, expressed as an amount per Common Share, paid on that Dividend Payment Date, and having as its denominator
the Average Market Price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Annual Retainer**" means the aggregate dollar amount of annual retainer(s) payable
to a Designated Participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Date of Termination** ", as referred to in this Appendix, means the actual date a Designated
Participant ceases to be a director of, or non-employee service provider to, the Corporation or any Affiliate, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Deferred Share Unit**" or "**DSU**" means a unit designated as a deferred
share unit representing a right to receive a payment equal to the Fair Market Value of a Common Share, in the manner and subject to the
terms and provisions set forth in the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Designated Participant**" means each Director, the Corporate Secretary of the Corporation,
and any other non-employee service providers of the Corporation or any Affiliate designated by the Board to participate in the Plan and
who are to receive an Annual Retainer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**DSU Account**" means a bookkeeping account maintained by the Corporation in the name of
each Designated Participant showing the number of DSUs credited to such Designated Participant that have not been redeemed or terminated
in accordance with the terms of the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Election Form**" has the meaning set forth in Section 4(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Exchange**" means: (i) in respect of a Designated Participant that is not a resident
of the United States, the TSX (or if the Common Shares are not then listed on the TSX, such other stock exchange on which the Common Shares
are then listed and posted for trading from time to time); or (ii) in respect of a Designated Participant that is a resident of the
United States, the NYSE (or if the Common Shares are not then listed and posted for trading on the NYSE, the TSX);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Grant Date** ", as referred to in this Appendix, means the date determined as the date
of the annual DSU grant to a Designated Participant subject to the provisions of the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Meeting Fees**" means any meeting fees payable to a Designated Participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**NYSE**" means the New York Stock Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "**Redemption Date**" has the meaning set forth in Section 5(d)(i);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "**Redemption Deadline**" has the meaning set forth in Section 5(d)(ii);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "**Redemption Notice**" has the meaning set forth in Section 5(d)(i);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "**Reference Shares** ", as referred to in this Appendix, means a bookkeeping entry recorded
in the DSU Account of each Designated Participant to evidence the number of Common Shares notionally covered by a DSU, where each Reference
Share has the same value as one Common Share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "**Share Ownership Requirement**" means the share ownership requirement specified in the
policies of the Corporation (as may be revised from time to time by the Board) applicable to the particular Designated Participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "**U.S. Participant**" has the meaning set forth in the U.S. Terms and Conditions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "**U.S. Terms and Conditions**" means the additional terms and conditions for U.S. Participants
attached hereto as Schedule B3.

3. **Administration** 

In addition to, and without limiting, Section 3 of the Plan, the Committee shall have the authority in its discretion, subject to and not inconsistent with the express provisions of the Plan and this Appendix, to administer this Appendix and to exercise all the powers and authorities either specifically granted to it under the Plan and this Appendix or necessary or advisable in the administration of this Appendix, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the authority to recommend grants of DSUs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to determine the Designated Participants to whom, and the date on which, DSUs shall be granted annually
in accordance with the Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to determine whether to settle any DSUs by delivery to the Designated Participants either (i) a cash
payment equal to the Fair Market Value of the Reference Shares underlying such DSU (as adjusted in accordance with the terms of this Appendix),
(ii) Common Shares or (iii) a combination thereof.

The recommendations and determinations of the Committee pursuant to this Appendix shall be subject to review and approval by the Board pursuant to Section 3 of the Plan.

4. **Elections** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Section 4(d) and any other requirement imposed on a Designated Participant by the
Board to receive a specified value or specified minimum value of his or her Annual Retainer in the form of DSUs, a Designated Participant
shall elect to receive such Annual Retainer, and, to the extent applicable, any Meeting Fees, in the form of DSUs or cash or a combination
thereof as provided in Section 4(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A Designated Participant shall, in respect of each particular calendar year and the Annual Retainer for
that year, elect by delivering to the Corporation a written notice in the form of Schedule B1 attached hereto (the "**Election Notice** ")
specifying an amount (expressed as a percentage) of the Annual Retainer to be received by such Designated Participant in that particular
calendar year in the form of DSUs or cash or a combination thereof. In the case of an existing Designated Participant, an Election Notice
must be completed, signed and delivered to the Corporation by no later than the last Business Day prior to the end of the calendar year
preceding the calendar year to which such election is to apply. In the case of a newly appointed or elected Director or other new Designated
Participant, an Election Notice must be completed, signed and delivered to the Corporation as soon as possible, and, in any event, on
or before the earlier of: (i) the last day of the quarter in which such new Designated Participant is appointed or elected; and (ii) 30
days of the Designated Participant's appointment or election, with such Election Notice to be effective as of the appointment or election
date (with DSUs to be credited on the grant date immediately following the date on which the Designated Participant is appointed or elected)
and shall continue in effect until the last day of the calendar year in which such new Designated Participant is appointed or elected.
The foregoing provisions of this subsection (b) shall similarly apply to any Meeting Fees that may be payable from time to time to
the Designated Participant. Notwithstanding any other provision of the Plan, if a Black-Out Period is in effect, a Designated Participant
may not deliver an Election Notice until the first day immediately following the expiration of the Black-Out Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event that a Designated Participant fails to deliver an Election Notice to the Corporation by the
applicable deadline set forth in Section 4(b) above, including as a result of being unable to deliver an Election Notice during
a Black-Out Period, such Designated Participant shall be deemed to have elected the same allocation of compensation as was elected for
the preceding year or the allocation required pursuant to Section 4(d) below, whichever is greater. In the event that no election
was made in the preceding year, the Designated Participant shall be deemed to have elected to receive one hundred percent (100%) of the
Designated Participant's Annual Retainer for the applicable year in the form of DSUs, and, where applicable, Meeting Fees for the applicable
year in the form of cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If a Designated Participant is subject to Share Ownership Requirement and has not yet met the Share Ownership
Requirement, that Designated Participant is required to elect to receive a minimum of 50% of his or her Annual Retainer in the form of
DSUs. If a Designated Participant is subject to Share Ownership Requirement and has met the Share Ownership Requirement, such Designated
Participant is required to elect to receive a minimum of 25% of his or her Annual Retainer in the form of DSUs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A Designated Participant shall, for any particular calendar year, only file one Election Notice in respect
of his or her Annual Retainer, and, to the extent applicable, one Election Notice in respect of his or her Meeting Fees, which Election
Notice(s) shall be irrevocable for that particular calendar year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If a Designated Participant elects to receive any portion of his or her Annual Retainer, or elects, or
is deemed to have elected, to receive, to the extent applicable, Meeting Fees, in the form of cash, any cash, less the amount of cash
withheld pursuant to Section 11 of the Plan, shall be paid by the Corporation to the Designated Participant on a quarterly basis
in arrears determined as of the last day of each calendar quarter (except in the case of the last calendar quarter, where such determination
shall be made as of December 15) and, in respect of a particular Designated Participant, prorated in and for the calendar quarter
in which that particular Designated Participant was newly appointed or elected or ceased to be a Designated Participant (for the period
during that quarter such Designated Participant served as a Designated Participant).

5. **Terms and Conditions of DSUs** 

Each DSU granted under the Plan and this Appendix shall be subject to the terms and conditions of the Plan and this Appendix (and where the Designated Participant is a U.S. Participant, the U.S. Terms and Conditions), and shall comply with and be subject to the requirements of the Exchange and the following terms and conditions (and with such other terms and conditions not inconsistent with the terms of the Plan and this Appendix as the Committee or the Board, in its discretion, shall establish):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *<u>DSU Account</u>* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Corporation shall at all times maintain or cause to be maintained a DSU Account for each Designated
Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The annual DSU grant to a Designated Participant shall, subject to proration as set forth in Section 5(a)(iii) below,
be credited to a DSU Account on an annual basis in each year in which a Designated Participant is granted DSUs (subject to Section 5(a)(iv))
on April 1 (or if such date falls on a day that is not a Business Day, on the Business Day immediately preceding or following such
date (as the Corporation may determine)), and until earned (either in full or on a prorated basis as set forth in Section 5(a)(iii) and
Section 5(a)(iv) below) a Designated Participant shall have no ownership rights to or in any such DSUs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The number of DSUs to be credited to a Designated Participant's DSU Account as of the Grant Date shall
be determined by dividing the portion of the Designated Participant's Annual Retainer for the applicable calendar year elected to be received
in the form of DSUs (expressed as a dollar amount) by the Fair Market Value per Common Share on the Grant Date. In the case of a particular
Designated Participant who is newly appointed or elected, or who ceases to be a Designated Participant during the calendar year, the number
of DSUs to be credited shall be prorated based on the portion of the year such individual served as a Designated Participant (subject
to Section 5(a)(iv)), and, other than with respect to such prorated DSUs, all rights to any remaining DSUs to be credited to that
Designated Participant shall terminate and be forfeited by that Designated Participant and the Designated Participant shall not be entitled
to receive any payment or other compensation in lieu thereof. For greater certainty, to the extent DSUs have already been credited in
excess of the prorated entitlement of a Designated Participant who ceases to serve during the calendar year, the Corporation shall have
the right to cancel such excess DSUs without compensation. In all cases, the DSUs granted shall have the same value on the Grant Date
as the cash amount of the Designated Participant's Annual Retainer for which such DSUs are granted. The foregoing provisions of this subsection
(iii) shall similarly apply to any Meeting Fees payable to the Designated Participant and elected to be received in the form of DSUs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Where (A) a Designated Participant has advised the Corporation in advance that the Designated Participant
will cease to be a Designated Participant during the calendar year; and (B) the Fair Market Value per Common Share on the Grant Date
has been determined and is available prior to the Participant's departure, the Corporation may grant (but shall not be obligated
to), on the next applicable Grant Date, to such Designated Participant's DSU Account the prorated number of DSUs corresponding to the
portion of the calendar year during which such Designated Participant will serve. If the Corporation does not credit the prorated number
of DSUs prior to the Participant's departure pursuant to this Section 5(a)(iv), such DSUs will be credited on the next applicable
Grant Date in accordance with Section 5(a)(iii). To the extent DSUs are granted in advance and the Designated Participant ceases
to serve before the end of the calendar year, the Corporation shall have the right to cancel unearned DSUs or require the repayment of
their value. The provisions of Section 5(a)(iii) shall govern all rights to any remaining DSUs and any payment or other compensation
in lieu thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The annual DSU grant to a Designated Participant shall, subject to proration as set forth in Section 5(a)(iii),
be credited in full to a DSU Account on April 1 of each year (or if such date falls on a day that is not a Business Day, on the Business
Day immediately preceding or following such date, as the Corporation may determine). Notwithstanding such crediting, all DSUs remain subject
to the terms of the Plan, and the Corporation expressly reserves the right to cancel, forfeit or claw back any DSUs (in whole or in part)
that are unearned or attributable to a period of service not completed in the event a Designated Participant resigns, retires, steps down,
or is terminated for any reason prior to the applicable vesting or redemption date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *<u>Number of Common Shares Issuable Pursuant to DSUs</u>* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Notwithstanding the election made, or deemed to have been made, by a Designated Participant pursuant to
Section 4, no one Designated Participant may be granted any DSUs which, together with all DSUs then held by such Designated Participant,
would entitle such Designated Participant to receive a number of Common Shares which exceeds the Insider Participation Limit (assuming
the Board exercises its discretion to settle all DSUs by way of delivery of Common Shares).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any Common Shares to be delivered to a Designated Participant on a Redemption Date in satisfaction of
a DSU that is settled by delivery of Common Shares (as determined by the Board in its sole discretion) shall be, in the sole discretion
of the Board, either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) acquired through the facilities of the applicable Exchange; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) subject to Section 4 of the Plan, issued by the Corporation from treasury (in which case the number
of Common Shares shall be limited as specified in Section 4 of the Plan).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *<u>Vesting</u>* – DSUs will be fully vested upon being credited to a Designated Participant's
DSU Account in accordance with Section 5(a), and the Designated Participant's entitlement to receive such DSUs shall not be subject
to satisfaction of any requirements as to any minimum period of membership on the Board. Notwithstanding the foregoing, to the extent
DSUs are granted in advance and the Designated Participant ceases to serve before the end of the applicable calendar year, the Corporation
shall have the right to cancel or recover any unearned portion of such DSUs or the value thereof, as determined by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *<u>Redemption of DSUs</u>* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **At any date prior to a Designated Participant's Date of Termination or up to 30 days following termination** (or, where the Designated Participant is a U.S. Participant, by the prescribed date in the U.S. Terms and Conditions), a Designated Participant
(or the legal representative in the case of a deceased Designated Participant) may elect up to two separate dates as of which either a
portion (specified in whole percentages or number of DSUs) or all of the DSUs credited to that Designated Participant's DSU Account shall
be redeemed (each such date being a "**Redemption Date**") by filing with the Corporation, where the Designated Participant
is not a U.S. Participant, a written notice in the form of Schedule B2 attached hereto, and where the Designated Participant is a U.S.
Participant, a written notice in the form of Exhibit A to Schedule B3 attached hereto (in either case, a "**Redemption Notice** ").
A Designated Participant who wishes to elect two separate Redemption Dates may complete one Redemption Notice specifying both Redemption
Dates, or may file two separate Redemption Notices, and in either case such Redemption Notice(s) shall be filed with the Corporation
on a timely basis and, in any event, no later than 30 days following the Designated Participant's Date of Termination (or, where the Designated
Participant is a U.S. Participant, by the prescribed date in the U.S. Terms and Conditions). Notwithstanding any other provision of the
Plan, if a Black-Out Period is in effect, a Designated Participant may not deliver a Redemption Notice until the first day immediately
following the expiration of the Black-Out Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Notwithstanding anything under the Plan or this Appendix, no Redemption Date elected by a Designated Participant
pursuant to Section 5(d)(i) shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) be prior to 10 days after that Designated Participant's Date of Termination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) fall within a Black-Out Period that commenced prior to the Designated Participant's Date of Termination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) be later than December 15 of the next calendar year after that Designated Participant's Date of Termination
(the "**Redemption Deadline** "); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) be before the date on which such Redemption Notice is filed with the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If a Designated Participant fails to file a Redemption Notice within the period specified in Section 5(d)(i) (or,
where the Designated Participant is a U.S. Participant, by the prescribed date in the U.S. Terms and Conditions) or fails to elect a Redemption
Date(s) within the parameters specified in Section 5(d)(ii), as the case may be, such Designated Participant will be deemed
to have filed a single Redemption Notice electing to redeem all of the DSUs credited to that Designated Participant's DSU Account on a
single Redemption Date which shall, subject to Section 5(d)(vi), be the date which is six months after that Designated Participant's
Date of Termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) As of and effective upon the date that is as soon as practicable after a Redemption Date and in any event
no later than the applicable Redemption Deadline, the Corporation shall, subject to Section 5(d)(v), Section 5(d)(vi) and
Section 11 of the Plan, satisfy the DSUs to be redeemed on the Redemption Date by, at the election of the Board at any time prior
to the date of payment, (A) delivery of an aggregate number of Common Shares equal to the number of DSUs credited to the applicable
Designated Participant's DSU Account as of the Redemption Date (as adjusted pursuant to this Appendix); (B) making a cash payment
equal to the aggregate Fair Market Value of such Common Shares as at the Redemption Date or (C) a combination thereof, in each case
in consideration for the surrender by the Designated Participant to the Corporation of the DSUs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Subject to Section 5(d)(vi) and Section 11 of the Plan, the restriction on discretion during
a Black-Out Period below, and, where the Designated Participant is a U.S. Participant, the U.S. Terms and Conditions, the Board may elect
in its sole discretion in respect of any Redemption Date (other than a Redemption Date that occurs during a Black-Out Period in which
case no discretion shall be exercisable and payment in respect of the applicable DSUs shall be made by delivering a cash payment in accordance
with Section 5(d)(iv) above), to deliver or pay (as applicable) on the Redemption Date to the Designated Participant to whom
such DSUs were granted (A) the number of Common Shares (issued from treasury) equal to the number of DSUs credited to the Designated
Participant's DSU Account as of the Redemption Date (as adjusted pursuant to this Appendix); (B) a cash amount equal to the aggregate
Fair Market Value of such Common Shares as at the Redemption Date; or (C) a combination thereof, in each case in consideration for
the surrender by the Designated Participant to the Corporation of the DSUs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Notwithstanding any other provision of the Plan and this Appendix, all amounts payable to, or in respect
of, a Designated Participant hereunder, including, without limitation, delivery of Common Shares or a cash payment, shall be paid on or
before the Redemption Deadline.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) For greater certainty, the Board shall have complete discretion to elect whether to settle DSUs in cash,
in Common Shares or in any combination of cash and Common Shares and may exercise its discretion at any time prior to the date upon which
DSUs are settled. Where the Board exercises its discretion to issue Common Shares upon settlement of DSUs granted to a Designated Participant
resident in the United States of America, such issuance shall be contingent upon receipt of completed representations as set forth in
Schedule B4 attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *<u>Fractions</u>* - Where the Board exercises its discretion to settle a DSU by way of delivery
of Common Shares and the determination of the number of Common Shares to be delivered to a Designated Participant pursuant to a DSU in
respect of a particular Redemption Date would result in the issuance of a fractional Common Share, provided that such fractional Common
Share as contained in a DSU Account is transferred to a similar bookkeeping account maintained by the Corporation in the name of the Designated
Participant or a trustee on behalf of such Designated Participant, the number of Common Shares delivered on the Redemption Date may be
delivered as fractional Common Shares. Otherwise, the number of fractional Common Shares delivered on the Redemption Date shall be rounded
down to the next whole number of Common Shares and a cash payment shall be made to the Designated Participant in lieu of any such fractional
interest in a Common Share being issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *<u>Cancellation of DSUs</u>* – Upon the occurrence of the Redemption Date with respect to
the DSUs of a particular Designated Participant, the DSUs in that Designated Participant's DSU Account (as adjusted pursuant to this Appendix)
to be redeemed on that Redemption Date shall automatically be cancelled immediately following payment or satisfaction of such DSUs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *<u>Dividends</u>* – As soon as possible after any Dividend Payment Date, the Corporation shall
determine the Adjustment Ratio applicable to such Dividend and shall forthwith credit each DSU Account by the Adjustment Ratio.

**SCHEDULE B1**

**VERMILION ENERGY INC.**

**OMNIBUS INCENTIVE PLAN**

**DSU ELECTION NOTICE**

Vermilion Energy Inc. (the "**Corporation**") pays an Annual Retainer (as defined in the Vermilion Energy Inc. Omnibus Incentive Plan (the "**Plan**")) to each member of the board of directors (the "**Board**") of the Corporation and other Designated Participants.

Capitalized terms used but not defined herein shall have the meanings attributed to such terms in the Plan.

Subject to certain election restrictions set out in the Plan, the undersigned may elect to receive his or her Annual Retainer in the form of DSUs or cash or a combination thereof. A similar election may be made in respect of Meeting Fees if and to the extent Meeting Fees are payable from time to time.

**In order to receive the election set forth herein, a completed Election Notice must be received no later than the last Business Day prior to the end of the calendar year preceding the calendar year in which such election is to apply. In the case of a newly appointed or elected Director or other new Designated Participant, an Election Notice must be completed, signed and delivered to the Corporation as soon as possible, and, in any event, no later than 30 days after the Designated Participant's appointment or election, with such Election Notice to be effective as of the appointment or election date and shall continue in effect until the last day of the calendar year in which such new Designated Participant is appointed or elected.**

I,<u> </u>, the undersigned Designated Participant acknowledge that:

1. I have received and reviewed a copy of the Plan and agree to be bound by the terms and conditions thereof.

2. I hereby confirm that:

◻ I am not subject to the Share Ownership Requirement;

---

| | |
|:---|:---|
| ◻ | I have met the Share Ownership Requirement, in which case I am required to elect to allocate a minimum of 25% of my Annual Retainer for 20 to DSUs; or |

---

---

| | |
|:---|:---|
| ◻ | I have not met the Share Ownership Requirement, in which case I am required to elect to allocate a minimum of 50% of my Annual Retainer for 20 to DSUs. |

---

3. I hereby elect to receive my Annual Retainer for 20 as follows:

(i) Mandatory DSUs (designated
 as per the above) (%)

(ii) Optional DSUs: (%)

(iii) Cash: (%)

**Total: 100% (i+ii+iii)**

4. <u>DO NOT COMPLETE THE FOLLOWING unless the Corporation advises that Meeting Fees are payable for a particular year</u>: I hereby elect to receive my Meeting Fees for 20 as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) DSUs: (%)

(ii) Cash: (%)

**Total: 100%**

5. I acknowledge and understand that this election is irrevocable for the fiscal year in respect of which
it is being made.

6. I acknowledge and understand that the cash portion of my Annual Retainer, and, to the extent applicable,
Meeting Fees, will be determined on an annual basis and credited on a quarterly basis in arrears in accordance with Section 4(f) of
Appendix B and my election(s) in this Election Notice (with the number of DSUs to be credited determined with reference to the Fair
Market Value per Common Share), and that if I am newly appointed or elected, or the Date of Termination occurs, during a calendar quarter,
my Annual Retainer, and, to the extent applicable, Meeting Fees, for that quarter will be prorated.

7. I acknowledge and understand that the annual DSU grant to a Designated Participant shall, subject to proration
as set forth in Section 5(a)(iii), be credited in full to a DSU Account on April 1 of each year (or if such date falls on a
day that is not a Business Day, on the Business Day immediately preceding or following such date, as the Corporation may determine). Grants
for newly appointed or elected Directors or other new Designated Participants will be prorated in the year of hire and granted on the
next available grant date. Notwithstanding such crediting, all DSUs remain subject to the terms of the Plan, and the Corporation expressly
reserves the right to cancel, forfeit or claw back any DSUs (in whole or in part) that are unearned or attributable to a period of service
not completed in the event a Designated Participant resigns, retires, steps down, or is terminated for any reason prior to the applicable
vesting or redemption date.

8. The value of a DSU at any time is based on the Fair Market Value of a Common Share and is not guaranteed
and, accordingly, the value of Common Shares or cash payment when received, as applicable, may be higher or lower than the value of the
DSU at the time it was credited to my DSU Account under the Plan.

9. I will be liable for all applicable income and other taxes and deductions when DSUs are redeemed in accordance
with the terms of the Plan. Payments under the Plan will be net of applicable withholding taxes, which I understand may include the withholding
or reduction to the number of Common Shares otherwise issuable to me. I understand that the Corporation is making no representation to
me regarding taxes applicable to me under this Plan and that it is my responsibility to confirm the tax treatment of the DSUs or any payment
under the Plan with my own tax advisor.

10. No funds will be set aside to guarantee the payment of any amounts due under the Plan. Future payments
from the Plan are an unfunded liability recorded on the books of the Corporation. Any rights under the Plan by virtue of a grant of DSUs
shall be no greater than the rights of an unsecured creditor.

11. I am receiving DSUs solely in my capacity as a Designated Participant.

12. An election may not be made if a Black-Out Period is in effect.

    <br> Date Witness Signature

---

| | |
|:---|:---|
| Signature of Designated Participant |  |
| Name of Designated Participant (please print) | Witness Name (please print) |

---

B1 - 2

**SCHEDULE B2**

**VERMILION ENERGY INC.**

**OMNIBUS INCENTIVE PLAN**

**DSU REDEMPTION NOTICE<br> (FOR DESIGNATED PARTICIPANTS OTHER THAN U.S. PARTICIPANTS)**

Vermilion Energy Inc. (the "**Corporation**") pays an Annual Retainer (as defined in the Vermilion Energy Inc. Omnibus Incentive Plan (the "**Plan**")) to each non-employee member of the board of directors (the "**Board**") of the Corporation and other specified non-employee service providers, a percentage of which is paid in DSUs. Similarly, Meeting Fees, if and to the extent Meeting Fees are payable from time to time, may be paid in DSUs in accordance with an election to receive Meeting Fees in the form of DSUs.

Capitalized terms used but not defined herein shall have the meanings attributed to such terms in the Plan.

**In order to redeem the DSUs as set out in this Redemption Notice, a completed Redemption Notice must be received on a timely basis and, in any event, no later than 30 days following the Designated Participant's Date of Termination.**

I,<u> </u>, the undersigned Designated Participant:

1. acknowledge that I have received and reviewed a copy of the Plan and agree to be bound by the terms and
conditions thereof;

2. confirm that I am not a U.S. Participant;

3. acknowledge that under the Plan, I am only permitted to select up to two separate dates as of which
either a portion or all of the DSUs credited to my DSU Account will be redeemed, and that such Redemption Date(s) must fall within
the parameters specified in Section 5(d)(ii) of Appendix B;

4. hereby elect to redeem the DSUs credited to my DSU Account as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Number of DSUs to be Redeemed <br> (specify whole percentage or whole number)** | &nbsp;&nbsp;**Redemption Date<sup>(1)</sup>** |

---

Note:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) State either (a) the actual date(s) on which redemption is to occur (in the format month, day,
year) or (b) the date(s) as being a specified number of days or months after the Designated Participant's Date of Termination
(in the format [Number of days] / [Number of months] after the Date of Termination).

5. acknowledge that the amount(s) payable to me on the Redemption Date, at the Board's sole discretion
in accordance with the Plan: will be equal to (A) a cash amount equal to the aggregate Fair Market Value of such Common Shares as
at the Redemption Date; (B) the number of the Common Shares equal to the number of DSUs credited to my DSU Account as of the Redemption
Date (as adjusted pursuant to the Plan); or (C) a combination thereof, in each case in consideration for my surrender to the Corporation
of the DSUs;

6. acknowledge and understand that I am required to file this Redemption Notice with the Corporation no later
than 30 days following the Date of Termination, and that if I fail to file this Redemption Notice prior to such Date of Termination or
if I fail to elect a Redemption Date(s) within the parameters specified in Section 5(d)(ii) of Appendix B, I will
be deemed to have filed with the Corporation a single Redemption Notice electing to redeem all of the DSUs credited to my DSU Account
on a single Redemption Date which will, subject to Section 5(d)(i) of Appendix B, be the date which is six months after my Date
of Termination;

7. acknowledge and understand that this Redemption Notice is irrevocable for the DSUs in respect of which
it is being made;

8. acknowledge that a Redemption Notice may not be filed if a Black-Out Period is in effect;

acknowledge that, if the Redemption Date that I have elected falls within a Black-Out Period that commenced prior to my Date of Termination (excluding a Black-Out Period imposed due to a cease trade order), the Redemption Date shall be the date that is the earlier of (i) ten (10) Business Days from the date such Black-Out Period ends, and (ii) the Redemption Deadline; and

9. acknowledge that I will be liable for all applicable income and other taxes and deductions upon redemption
of DSUs, and all amounts payable to me under the Plan (whether in cash, Common Shares or a combination thereof) will be net of all applicable
withholding taxes.

    <br> Date Witness Signature

---

| | |
|:---|:---|
| Signature of Designated Participant |  |
| Name of Designated Participant (please print) | Witness Name (please print) |

---

B2 - 2

**SCHEDULE B3**

**VERMILION ENERGY INC.**

**OMNIBUS INCENTIVE PLAN**

**TERMS AND CONDITIONS FOR U.S. PARTICIPANTS**

The Board of Directors (the "**Board**") of Vermilion Energy Inc. (the "**Corporation**") established the Omnibus Incentive Plan (including Appendix B thereto) (the "**Plan**") to provide for the issuance of Deferred Share Units ("**DSUs**") to non-employee directors and other specified non-employee service providers of the Corporation and its Affiliates. In accordance with Section 10 of the Plan, the Board has determined it is necessary and appropriate to adopt additional terms and conditions under the Plan applicable to Designated Participants (as such term is defined in the Plan) who are citizens or residents of the United States ("**U.S. Participants**") in order that the Plan comply with the applicable provisions of Section 409A of the United States Internal Revenue Code of 1986, as amended (the "**Code**"), and United States federal and state securities laws. These "Terms and Conditions for U.S. Participants" (the "**U.S. Terms and Conditions**") set forth additional terms and conditions for U.S. Participants eligible to participate in the Plan and shall supersede and override any conflicting provision in the Plan to the extent such provision affects a U.S. Participant.

1. **Incorporation of Plan** 

The Plan is hereby incorporated by reference in its entirety into the U.S. Terms and Conditions, subject to and as modified by the supplemental terms and conditions set forth herein. Capitalized terms not defined herein shall have the meanings ascribed to such terms in the Plan.

2. **Definitions** 

Initially capitalized terms used in the U.S. Terms and Conditions (and not defined in this Section 2 or in the Preamble), will have the meanings ascribed to such terms in the Plan. For the purposes of these U.S. Terms and Conditions, the following words and phrases will have the meanings indicated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Entry Date**" means, with respect to a U.S. Participant, the date on which such U.S. Participant
is first eligible to participate in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Initial DSUs**" means any DSUs credited to a U.S. Participant's DSU Account on or before
December 31 of the calendar year that includes the U.S. Participant's Entry Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Section 409A**" means Section 409A of the Code, including any amendments or
successor provisions to that section and any regulations and other administrative guidance thereunder, in each case as they, from time
to time, may be amended or interpreted through further administrative guidance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**U.S. Securities Act**" means the U.S. Securities Act of 1933 and the rules and regulations
promulgated thereunder, or any successor law, as it may be amended from time to time.

3. **Coverage** 

The Plan, as modified and supplemented by these U.S. Terms and Conditions, shall apply to each U.S. Participant who is eligible to participate in the Plan.

4. **Redemption of DSUs** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A U.S. Participant shall make his or her redemption election pursuant to a Redemption Notice substantially
in the form attached as <u>Exhibit A</u> and these U.S. Terms and Conditions. For the purposes of these U.S. Terms and Conditions,
a U.S. Participant's "Date of Termination" shall be the later of (a) the actual date the U.S. Participant ceases to be
a director or officer of the Corporation or any Affiliate, as applicable, and (b) the date on which the U.S. Participant incurs a
 "separation from service" from the Corporation within the meaning of Section 409A. In addition, if the U.S. Participant
is a "specified employee" (within the meaning of Section 409A) of the Corporation on his or her Date of Termination, no
DSUs credited to the U.S. Participant's DSU Account will be redeemed before the date that is six (6) months following the U.S. Participant's
Date of Termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to any Initial DSUs credited to a U.S. Participant's DSU Account, the U.S. Participant must
file with the Corporation a complete and correct Redemption Notice no later than 30 days following the U.S. Participant's Entry Date.
Any Initial DSUs that are not covered by a timely, complete and correct Redemption Notice filed with the Corporation will be redeemed
in accordance with the rules set forth in Section 5(d)(iii) of Appendix B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) With respect to any DSUs (other than Initial DSUs) credited to a U.S. Participant's DSU Account after
December 31 of the calendar year that includes the U.S. Participant's Entry Date, the U.S. Participant must file with the Corporation
a complete and correct Redemption Notice no later than December 31 of the calendar year immediately preceding the calendar year in
which such DSUs are credited to the U.S. Participant's DSU Account. Any such DSUs that are not covered by a timely, complete and correct
Redemption Notice filed with the Corporation will be redeemed in accordance with the rules set forth Section 5(d)(iii) of
Appendix B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If a Redemption Date selected by a U.S. Participant falls within a Black-Out Period that commenced prior
to the U.S. Participant's Date of Termination (excluding a Black-Out Period imposed due to a cease trade order), then such Redemption
Date shall be on the date that is the earlier of (i) ten (10) Business Days from the date such Black-Out Period ends, (ii) December 31
of the calendar year of the scheduled Redemption Date or (iii) the Redemption Deadline.

5. **Section 409A** 

DSUs credited under the Plan to U.S. Participants are intended to comply with Section 409A and the Plan (including Appendix B) will be construed and administered accordingly. Notwithstanding any other provision of the Plan, payments provided under the Plan may be made only upon an event and in a manner that complies with Section 409A or an applicable exemption. The applicable provisions of Section 409A are hereby incorporated by reference into the Plan with respect to DSUs credited to the DSU Accounts of U.S. Participants and shall control over any provision in conflict therewith. Nothing in the Plan or these U.S. Terms and Conditions is or contains a representation to any U.S. Participant regarding the tax consequences of the grant, settlement, or sale of any DSU (or the Common Shares underlying such DSU), and should not be interpreted as such. In no event shall the Corporation or any of its Affiliates be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by a U.S. Participant on account of non-compliance with Section 409A.

6. **Legal Compliance** 

The Common Shares issuable under the Plan will be issued in compliance with all applicable laws, including, without limitation, the U.S. Securities Exchange Act of 1934, as amended, the U.S. Securities Act, and any other applicable U.S. laws. Any resale or transfer of Common Shares issued to a U.S. Participant under the Plan must also comply with all applicable laws governing the resale or transfer of the Common Shares. The Corporation may impose such restrictions, conditions or limitations as it determines appropriate as to the timing and manner of any sales of Common Shares issued to a U.S. Participant under the Plan or other subsequent transfers by a U.S. Participant of any such Common Shares, including without limitation (a) restrictions that may be necessary in the absence of an effective registration statement under the U.S. Securities Act, and (b) restrictions as to the use of a specified brokerage firm or other agent for such sales or transfers.

7. **Amendments** 

Without limiting Section 9 of the Plan, the Corporation retains the right to amend these U.S. Terms and Conditions and/or any DSU issued to a U.S. Participant to the extent necessary or appropriate to comply with U.S. law.

B3 - 2

**SCHEDULE B3**

**<u>EXHIBIT A</u>**

**VERMILION ENERGY INC.**

**OMNIBUS INCENTIVE PLAN**

**REDEMPTION NOTICE<br> (FOR DESIGNATED PARTICIPANTS WHO ARE U.S. PARTICIPANTS)**

Vermilion Energy Inc. (the "**Corporation**") pays an Annual Retainer (as defined in the Vermilion Energy Inc. Omnibus Incentive Plan (the "**Plan**")) to each non-employee member of the board of directors (the "**Board**") of the Corporation and other specified non-employee service providers, a percentage of which is paid in DSUs. Similarly, Meeting Fees, if and to the extent Meeting Fees are payable from time to time, may be paid in DSUs in accordance with an election to receive Meeting Fees in the form of DSUs.

Capitalized terms used but not defined herein shall have the meanings attributed to such terms in the Plan, as modified by the U.S. Terms and Conditions.

**In order to redeem the DSUs as set out in this Redemption Notice, a completed Redemption Notice must be received prior to a Designated Participant's Date of Termination.**

I,<u> </u>, the undersigned Designated Participant:

1. acknowledge that I have received and reviewed a copy of the Plan (including the U.S. Terms and Conditions)
and agree to be bound by the terms and conditions thereof;

2. confirm that I am a U.S. Participant;

3. acknowledge that under the Plan, I am only permitted to select up to two separate dates as of which
either a a portion or all of the DSUs credited to my DSU Account will be redeemed, and that such Redemption Date(s) must fall within
the parameters specified in Section 5(d)(ii)(B) – (D) of Appendix B;

4. hereby
elect to redeem the DSUs credited to my DSU Account as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Number of DSUs to be Redeemed <br> (specify whole percentage or whole number)** | &nbsp;&nbsp;**Redemption Date<sup>(1)</sup>** |

---

Note:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) State the date(s) as being a specified number of days or months after the Designated Participant's
Date of Termination (in the format [Number of days] / [Number of months] after the Date of Termination).

5. acknowledge that the amount(s) payable to me on the Redemption Date, at the Board's sole discretion
in accordance with the Plan: will be equal to (A) a cash amount equal to the aggregate Fair Market Value of such Common Shares as
at the Redemption Date; (B) the number of the Common Shares equal to the number of DSUs credited to my DSU Account as of the Redemption
Date (as adjusted pursuant to the Plan); or (C) a combination thereof, in each case in consideration for my surrender to the Corporation
of the DSUs;

6. acknowledge and understand that I am required to file this Redemption Notice with the Corporation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no later than 30 days following my Entry Date with respect to any Initial DSUs covered by this Redemption
Notice; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to any other DSUs covered by this Redemption Notice, no later than December 31 of the
calendar year immediately preceding the calendar year in which such DSUs will be credited to my DSU Account;

7. acknowledge and understand that if I fail to timely file this Redemption Notice or if I fail to elect
a Redemption Date(s) within the parameters specified in Section 5(d)(ii)(B) – (D), I will be deemed to have
filed with the Corporation a single Redemption Notice electing to redeem all of the DSUs credited to my DSU Account on a single Redemption
Date which will, subject to Section 5(d)(i) of Appendix B, be the date which is six months after my Date of Termination;

8. acknowledge and understand that this Redemption Notice will become irrevocable on the applicable deadline
date specified in paragraph 5 above;

9. acknowledge that a Redemption Notice may not be filed if a Black-Out Period is in effect;

10. acknowledge that, if the Redemption Date that I have elected falls within a Black-Out Period (excluding
a Black-Out Period imposed due to a cease trade order), the Redemption Date shall be the date that is the earlier of (a) ten (10) Business
Days from the date such Black-Out Period ends, (b) December 31 of the calendar year of the scheduled Redemption Date or (c) the
Redemption Deadline; and

11. acknowledge that I will be liable for all applicable income and other taxes and deductions upon redemption
of DSUs, and all amounts payable to me under the Plan (whether in cash, Common Shares or a combination thereof) will be net of all applicable
withholding taxes.

    <br> Date Witness Signature

---

| | |
|:---|:---|
| Signature of Designated Participant |  |
| Name of Designated Participant (please print) | Witness Name (please print) |

---

B3 - A2

**SCHEDULE B4**

**VERMILION ENERGY INC.**

**OMNIBUS INCENTIVE PLAN**

**CERTIFICATE OF U.S. PARTICIPANT**

This Certificate is delivered pursuant to Section 10 of the Omnibus Incentive Plan of Vermilion Energy Inc. (the "**Corporation**"), and evidences that the undersigned,<u> </u>, being the holder (the "**DSU Holder**") of "deferred share units" (the "**DSUs**") which may entitle the DSU Holder to receive certain shares (the "**Common Shares**") of the capital stock of the Corporation upon such term, conditions and price as set forth in the Plan, hereby represents, warrants, acknowledges and affirms as follows:

1. the
undersigned is a resident of the United States of America; and

2. the undersigned, in his/her capacity as a Designated
 Participant of the Corporation, has had full access to the books and records of the Corporation;
 has had the opportunity to access and review the Corporation's public Internet filings
 on the System for Electronic Document Analysis and Retrieval at <u>www.sedar.com,</u> the
 Electronic Data Gathering and Retrieval System at <u>www.sec.gov,</u> and to consult with
 his/her legal and tax advisors with regard thereto; has been offered the opportunity to ask
 questions and receive answers from management concerning the Corporation and its securities;
 and that any request for such information has been complied with to the undersigned's
 satisfaction; and

3. the undersigned understands and agrees that all certificate(s) representing any Common Shares issued
in respect of the DSUs will be endorsed with, and be subject to the terms and conditions of, the following U.S. restrictive legend:

"**THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT") OR UNDER ANY STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF VERMILION ENERGY INC. ("THE CORPORATION") THAT SUCH SECURITIES MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED ONLY (A) TO THE CORPORATION, (B) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE U.S. SECURITIES ACT AND APPLICABLE STATE LAWS; (C) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH REGULATION S UNDER THE U.S. SECURITIES ACT, (D) WITHIN THE UNITED STATES IN ACCORDANCE WITH AN EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT PROVIDED BY RULE 144 OR 144A THEREUNDER, IF AVAILABLE, AND IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAWS, OR (E) IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR APPLICABLE STATE SECURITIES LAWS, AND THE SELLER HAS FURNISHED TO THE CORPORATION AN OPINION TO SUCH EFFECT, FROM COUNSEL OF RECOGNIZED STANDING REASONABLY SATISFACTORY TO THE CORPORATION, PRIOR TO SUCH OFFER, SALE OR TRANSFER UNDER (D) OR (E) ABOVE. DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE GOOD DELIVERY IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA.**

**SUBJECT TO APPLICABLE CANADIAN LAW, AND PROVIDED THAT THE FOLLOWING PROCEDURE COMPLIES WITH U.S. SECURITIES LAWS AT THE TIME OF SALE, A NEW CERTIFICATE BEARING NO U.S. RESTRICTIVE LEGENDS MAY BE OBTAINED FROM THE CORPORATION'S REGISTRAR AND TRANSFER AGENT UPON DELIVERY OF THIS CERTIFICATE AND A DULY EXECUTED DECLARATION, IN A FORM SATISFACTORY TO THE TRANSFER AGENT AND THE CORPORATION, TO THE EFFECT THAT SUCH SALE IS BEING MADE IN ACCORDANCE WITH REGULATION S UNDER THE U.S. SECURITIES ACT."**

*Provided* that, if the Common Shares bearing such legend are being sold outside the United States in compliance with Rule 904 of such Regulation S and in compliance with applicable local laws and regulations, the Corporation shall use its reasonable best efforts to cause the legend to be timely removed upon delivery of the certificate and a duly executed declaration to the Corporation's registrar and transfer agent in the form attached hereto as <u>Exhibit 1</u> to this Schedule B4 (or as the Corporation may reasonably prescribe from time to time); *provided, further*, that if any such Common Shares are being sold pursuant to Rule 144 under the U.S. Securities Act, the legend may be removed by delivery to the Corporation's registrar and transfer agent of an opinion of U.S. counsel of recognized standing in form and substance satisfactory to the Corporation, to the effect that the legend is no longer required under applicable requirements of the U.S. Securities Act and applicable state securities laws.

Please issue a certificate for the Common Shares (if any) being issued pursuant to my DSUs as follows:

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| |
|:---|
| Name: |
| (please print) |
| Address: |

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Signature of DSU Holder:

    <br> Date Witness Signature

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| | |
|:---|:---|
| Signature of Designated Participant |  |
| Name of Designated Participant (please print) | Witness Name (please print) |

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B4 - A2

**SCHEDULE B4**

**<u>EXHIBIT 1</u>**

**VERMILION ENERGY INC.**

**OMNIBUS INCENTIVE PLAN**

**DECLARATIONS FOR REMOVAL OF U.S. RESTRICTIVE LEGEND**

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| | |
|:---|:---|
| To: | The registrar and transfer agent for the shares of Vermilion Energy Inc. (the "**Corporation**") |

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The undersigned (A) acknowledges that the sale of<u> </u> common shares of the Corporation, represented by certificate number<u> </u>, to which this declaration relates, has been made in reliance on Rule 904 of Regulation S under the United States Securities Act of 1933, as amended (the "**1933 Act**"), and (B) certifies that (1) the undersigned is not an "affiliate" (as defined in Rule 405 under the 1933 Act) of the Corporation, or is an "affiliate" solely by virtue of being an officer and/or director thereof; (2) the offer of such securities was not made to a "US Person" or to a person in the United States and either (a) at the time the buy order was originated, the buyer was outside the United States, or the seller and any person acting on its behalf reasonably believe that the buyer was outside the United States, or (b) the transaction was executed on or through the facilities of the Toronto Stock Exchange, and neither the seller nor any person acting on its behalf knows that the transaction was prearranged with a buyer in the United States; (3) in the case of the undersigned being an officer and/or director of the Corporation, no selling concession, fee or other remuneration will be paid in connection with such offer and sale other than the usual and customary broker's commission; and (4) neither the seller nor any person acting on its behalf engaged in any directed selling efforts in connection with the offer and sale of such securities. Terms used herein have the meanings given to them by Regulation S.

    <br> Date Witness Signature

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| | |
|:---|:---|
| Signature of Designated Participant |  |
| Name of Designated Participant (please print) | Witness Name (please print) |

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**<u>Affirmation by Seller's Broker-Dealer</u>**

We have read the foregoing representations of our customer with regard to the sale of shares described therein, and on behalf of ourselves we certify and affirm that (A) we have no knowledge that the transaction had been prearranged with a buyer in the United States, (B) the transaction was executed on or through the facilities of the Toronto Stock Exchange and (C) neither we, nor any person acting on our behalf, engaged in any directed selling efforts in connection with the offer and sale of such securities. Terms used herein have the meanings given to them by Regulation S.

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| | |
|:---|:---|
| Name of Firm | Name of Firm |
| By: |  |
|  | Signature of Authorized officer |
| Name of Authorized officer (please print) | Name of Authorized officer (please print) |
| Date | Date |

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**APPENDIX C – EMPLOYEE BONUSES**

In addition to the provisions of the Plan, the provisions of this Appendix shall apply to employee bonuses.

1. **Purpose** 

Employee bonuses form an integral component of the Plan as specified in Section 1 of the Plan.

2. **Definitions** 

Capitalized terms referred to in this Appendix and not otherwise defined in the Plan have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Active Employee**" means an employee of the Corporation or an Affiliate other than an
employee who is under a period of working notice or in receipt of reasonable notice in lieu of termination of employment or whose employment
has otherwise has been terminated (for or without cause, including termination due to disability, death or other circumstances), and for
clarity a Participant ceases to be an Active Employee on their Date of Termination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Date of Termination** ", as referred to in this Appendix, means, in respect of a Participant,
the date that is the actual date the Participant ceases to provide services to the Corporation, regardless of the reason for the cessation
of services, and not on the date of expiry of any period of reasonable notice, or statutory or common law severance period that the Corporation
or Participant may be entitled to provide or receive; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Participant** ", as referred to in this Appendix C, means an employee of the Corporation
or an Affiliate selected by the Board to receive a Bonus in accordance with Section 4.

3.  **<u>Eligibility</u>** 

Participants may be selected by the Board from time to time from among the employees of the Corporation and any Affiliate. A Participant must be an Active Employee on the date of payment in order to be eligible for a Bonus. A Participant whose employment is terminated by the Corporation for any reason shall cease to be entitled to the payment of a bonus as of the Date of Termination.

4.  **<u>Bonuses</u>** 

On an annual basis, the Board will assess the performance of the Corporation and its employees and designate Participants in the bonus component of the Plan. The Board may then allocate to a Participant a bonus in such amount as the Board determines appropriate in its sole discretion. In the event of a Change of Control, the Corporation shall, if approved by the Board, pay to each Participant a final bonus in such amount as the Board determines appropriate immediately prior to the Change of Control.

5.  **<u>Payment</u>** 

Subject to this Section 5, payment of bonuses shall be made as soon as is reasonably practicable after the end of each calendar year following determination by the Board of the bonus amount payable to a Participant, by way of: (a) subject to Section 4 of the Plan and the Insider Participation Limit, delivery to a Participant of Common Shares issued by the Corporation from treasury, in which case the number of Common Shares shall be limited as specified in Section 4 of the Plan and the Insider Participation Limit and shall be priced at the Fair Market Value on the day of the determination by the Board of a bonus; (b) a cash payment to the Participant equal to the bonus amount; or (c) a combination thereof as may be determined by the Board in its sole discretion. In the event that (i) the determination by the Board of a bonus occurs within a Black-Out Period, then the Common Shares issuable under any bonus payment shall be priced at the Fair Market Value on the fifth (5th) Business Day immediately following the end of the Black-Out Period; or (ii) the Corporation is unable to issue Common Shares from treasury as payment of a Bonus for any reason, the bonus shall be paid in cash.

**APPENDIX D – EMPLOYEE SHARE SAVINGS**

In addition to the provisions of the Plan, the provisions of this Appendix shall apply to employee share savings.

**1.** **Purpose** 

Employee share savings for Canadian employees form an integral component of the Plan as specified in Section 1 of the Plan.

**2.** **Definitions** 

Capitalized terms referred to this Appendix and not otherwise defined in the Plan have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Administration Agreement**" means an agreement entered into by the Corporation for services
relating to this Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Administrative Agent**" means such company as may from time to time be appointed by the
Board and with whom the Corporation enters into an Administration Agreement with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Contribution Period**" means the period starting on the first day of a payroll cycle and
ending on the last day of a payroll cycle applicable to a given Participant, as may be established and amended by the Corporation from
time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Date of Termination** ", as referred to in this Appendix, means, in respect of a Participant,
the date that is the actual date the Participant ceases to provide services to the Corporation, regardless of the reason for the cessation
of services, and not on the date of expiry of any period of reasonable notice, or statutory or common law severance period that the Corporation
or Participant may be entitled to provide or receive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**deposited with RBC**" means deposited by the Corporation on behalf of a Participant with
RBC subject to and in accordance with the provisions of this Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**deposited with the Administrative Agent**" means deposited by the Corporation on behalf
of a Participant with the Administrative Agent subject to and in accordance with the provisions of this Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**DRIP**" means any dividend reinvestment plan or similar plan of the Corporation, as may
be amended, supplemented, suspended or terminated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Earnings**" means the gross monthly base salary/wage received by an Employee, but does
not include any Employer Contributions, bonus (whether in cash or Common Shares of the Corporation), overtime, shift differential, share
incentive rights or other special compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Employee**" means a regular full-time or part-time Canadian employee in active employment
of the Corporation and, if approved by the Board, of any of its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Employer Contribution**" means a cash contribution made, or Common Shares issued from
treasury in lieu of a cash contribution in accordance with the terms of this Appendix, by the Corporation on behalf of a Participant pursuant
to the Plan and directed to a Participant's registered account or non-registered Personal Account, as applicable, coinciding with the
Participant's Personal Contributions to an RRSP, TFSA or non-registered account under the Plan as directed by the Participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**Excess Contributions**" means a percentage of a Participant's Earnings over and above
a Participant's Personal Contributions which Excess Contributions shall not be matched by any Employer Contributions and which shall not,
together with a Participant's Personal Contributions, exceed the Participant's annual RRSP or TFSA contribution limit, as applicable,
excluding any carry-forward amounts, as may be prescribed from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "**Group RRSP**" means that portion of the Personal Account which qualifies as a Group Registered
Retirement Savings Plan under the Tax Act and under which the annuitant is the Participant or the spouse of the Participant, as selected
by the Participant upon his or her election to participate in the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "**Group TFSA**" means that portion of the Personal Account which qualifies as a Group Tax
Free Savings Account under the Tax Act and under which the annuitant is the Participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "**Market Price** ", in respect of Excess Contributions deposited with the Administrative
Agent and Employer Contributions for a Contribution Period, means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) where (a) all Common Shares are purchased through normal market facilities; or (b) a portion
of Common Shares are purchased through normal market facilities and a portion are issued from treasury, the volume weighted average purchase
price of Common Shares purchased by the Administrative Agent through normal market facilities for such Contribution Period; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) where all Common Shares are issued from treasury for such Contribution Period, the volume weighted average
trading price of the Common Shares on the Exchange on the 5 trading days preceding the treasury issuance date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "**Participant** ", as referred to in this Appendix D, means an Employee who has enrolled
in employee savings in accordance with the provisions hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "**Personal Accounts**" means the accounts maintained for record keeping purposes by the
Administrative Agent in regard to each Participant for their respective Excess Contributions deposited with the Administrative Agent and
Employer Contributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "**Personal Contributions**" means a percentage of a Participant's Earnings contributed by
Participants to an RRSP, TFSA or non-registered account under the Plan as directed by Participants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "**Personal Contribution Limit**" means a percentage maximum of Participant's Earnings as
set out in Schedule D1 attached hereto as established and amended by the Board from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "**President**" means the President of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "**Purchase Date**" means, in respect to Employer Contributions and Excess Contributions
deposited with the Administrative Agent, the date on which the Administrative Agent purchases Common Shares or receives Common Shares
issued from treasury, as applicable, to satisfy all such contributions received during the preceding Contribution Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "**RBC**" means Royal Bank of Canada and its affiliated institutions, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "**RBC Accounts**" means the accounts maintained by RBC in regard to each Participant for
their respective Personal Contributions and Excess Contributions deposited with RBC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "**RRSP**" means a Registered Retirement Savings Plan established under the Tax Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "**TFSA**" means a Tax Free Saving Account established under the Tax Act.

**3.** **Eligibility** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any Employee, unless excluded from participation in the Plan by the Board or by the President, may become
a Participant at any time by enrolling in employee savings as specified in Section 4 and may continue as a Participant unless suspended
or excluded or participation is terminated in accordance with the terms of this Appendix.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In accordance with the provisions of this Appendix, unless suspended or excluded or participation is terminated
in accordance with the terms of this Appendix (i) a Participant's (A) Personal Contributions will be deposited with RBC; and
(B) Excess Contributions will be deposited with RBC or deposited with the Administrative Agent as directed by a Participant in writing
to the Corporation; and (ii) Employer Contributions will be made in respect to a Participant's Personal Contributions and will be
deposited with the Administrative Agent.

**4.** **Enrolment in the Plan** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To enrol as a Participant in employee savings, an Employee must enrol through the procedures established
by the Corporation or Administrative Agent from time to time and thereby:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) authorize the Corporation to deduct from the Employee's Earnings the amount designated by the Employee
in accordance with Section 5(a) until such authorization shall be revised, revoked, suspended or terminated; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) agree to the terms and conditions of the Plan (including this Appendix).

Unless otherwise determined by the Corporation, a newly hired Employee will be enrolled as a Participant in employee savings as of the second pay period after that Employee's start date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All funds and Common Shares held by the Administrative Agent, and funds and investments held by RBC, are
held for the account of each Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A Participant shall be the beneficial owner of all (i) Common Shares purchased (or issued from treasury
or pursuant to a DRIP) on his or her behalf and shall be entitled to receive Dividends in respect to those Common Shares and to vote those
Common Shares at any meeting of the holders of the Common Shares through the Administrative Agent in accordance with Section 9; and
(ii) investments purchased on his or her behalf.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A Participant may elect to hold all or part of the Common Shares and investments acquired with Personal
Contributions, Excess Contributions or Employer Contributions in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a TFSA (applicable to investments acquired with Personal Contributions and Excess Contributions deposited
with RBC, Employer Contributions in respect of which will be deposited with the Administrative Agent in a Participant's non-registered
Personal Account);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an RRSP or spousal RRSP (applicable to investments acquired with Personal Contributions and Excess Contributions
deposited with RBC, and Common Shares acquired with Excess Contributions deposited with the Administrative Agent, Employer Contributions
in respect of which will be deposited with the Administrative Agent in a Participant's registered Personal Account); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a non-registered account (applicable to investments acquired with Personal Contributions and Excess Contributions
deposited with RBC, and Common Shares acquired with Excess Contributions deposited with the Administrative Agent, Employer Contributions
in respect of which will be deposited with the Administrative Agent in a Participant's non-registered account),

in each case by filing the necessary documents as required or requested by or on behalf of the Administrative Agent and RBC, as applicable, from time to time, and indicating the portion of such contributions allocated to the TFSA, the RRSP or spousal RRSP, or non-registered account, as applicable. In the event that a Participant should wish to transfer any such investments into another TFSA, RRSP or spousal RRSP, or non-registered account, as applicable, or such Common Shares into another RRSP or spousal RRSP, or non-registered account, as applicable, he or she may do so by authorizing the Administrative Agent or RBC, as applicable, to transfer the specified number of Common Shares or investments into such TFSA, RRSP or non-registered account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) It is the Participant's sole responsibility to ensure that his or her TFSA, RRSP or spousal RRSP contributions,
as applicable, including Employer Contributions made on his or her behalf, do not, in conjunction with other TFSA or RRSP contributions
of that Participant, exceed the maximum TFSA or RRSP contribution for income tax purposes of that Participant or that Participant's spouse.

**5.** **Employee Contributions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A Participant shall make Personal Contributions to the Plan as specified by the Participant of a minimum
of 1% of the Participant's Earnings to a maximum of his or her Personal Contribution Limit. The Corporation shall deduct from each of
the Participant's Earnings the aggregate amount represented by the percentage of the Participant's Earnings specified by the Participant
as that Participant's Personal Contribution and deposit the Participant's Personal Contribution with RBC on behalf of the Participant
for use by RBC as directed by the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A Participant may change the amount of, or voluntarily suspend, his or her Personal Contributions or cancel
a suspension of his or her Personal Contributions, effective as of the next Contribution Period following the date of the notice, by giving
notice of the change to the Corporation and RBC.<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Personal Contributions not made during a period of suspension cannot be accumulated and carried forward
for later payment within a calendar year. During a period of suspension, a Participant shall continue to be enrolled in employee savings
and be a member of the Group TFSA and Group RRSP for all purposes other than the making of Personal Contributions or Excess Contributions
until that Participant withdraws pursuant to Section 11 or terminates his or her participation pursuant to Section 12.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Subject to the other provisions of the Plan and this Appendix, Participants may make Excess Contributions
to a maximum specified in Schedule D1 hereto, as established and amended by the Board from time to time, directly to the Corporation for
deposit with the Administrative Agent or deposit with RBC, in either case as directed by Participants in writing to the Corporation. Such
Excess Contributions shall be made by way of payroll deduction(s) and further provided that such Excess Contributions will not result
in the Participant exceeding the Participant's annual TFSA contribution limit or the Participant's or the Participant's spouse's annual
RRSP contribution limit, as the case may be, (excluding any carry-forward amounts) as may be prescribed from time to time. It is the Participant's
sole responsibility to ensure that his or her TFSA and RRSP contributions or spousal RRSP contributions, as the case may be, including
Employer Contributions made on his or her behalf, do not, in conjunction with other TFSA contributions of that Participant or RRSP contributions
of that Participant or that Participant's spouse, exceed the maximum TFSA contribution of that Participant or RRSP contribution of that
Participant or that Participant's spouse, as applicable, in each case for income tax purposes.

**6.** **Employer Contributions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Corporation will make Employer Contributions as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) where a Participant has made a Personal Contribution, the Corporation shall make an Employer Contribution
for the benefit of that Participant in an amount set out in Schedule D1 attached hereto, as established and amended by the Board
from time to time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) notwithstanding subsection (i), in addition to any other Employer Contributions, the Corporation may specifically
resolve to make Employer Contributions for the benefit of any Employee or group of Employees in such amounts and at such times as the
Board may, in its discretion approve.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Employer Contributions shall be made at the following times:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Employer Contributions referred to in subsection 6(a)(i) shall be made at the same time as the Personal
Contribution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Employer Contributions referred to in subsection 6(a)(ii) may be made at any time in the Board's
discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Where directed in writing by the Board, the Corporation may (at its option), subject to Section 4
of the Plan and the Insider Participation Limit, elect to satisfy cash Employer Contributions by issuing Common Shares from treasury to
the Administrative Agent on behalf of a Participant in lieu of the cash amount of such Employer Contributions, in which case (i) the
number of Common Shares shall be limited as specified in Section 4 of the Plan and, in respect of a particular Participant, the Insider
Participation Limit; and (ii) be determined with reference to the Market Price. Common Shares issued from treasury to satisfy Employer
Contributions pursuant to this Section 6(c) shall be deemed to be Employer Contributions.

**7.** **Personal Accounts** 

The Administrative Agent shall establish a Personal Account (segregated on a registered and non-registered account basis) for each Participant and shall record in each Personal Account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the number of Common Shares purchased for that Personal Account with Excess Contributions deposited with
the Administrative Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the number of Common Shares purchased with, or issued from treasury in lieu of, Employer Contributions
for that Personal Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the number of Common Shares purchased by the Administrative Agent for that Personal Account from: (i) cash
Dividends paid on Common Shares purchased with Excess Contributions deposited with the Administrative Agent and Employer Contributions
made on behalf of that Participant; and (ii) cash Dividends paid on Common Shares issued by the Corporation from treasury in respect
of Employer Contributions made on behalf of that Participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the number of Common Shares held in such Personal Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all Dividends received on Common Shares held in such Personal Account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the number of Common Shares issued pursuant to a DRIP.

**8.** **Investment of Funds and Acquisition of Common Shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On the last day of each Contribution Period, the Corporation shall deposit with RBC and deposit with the
Administrative Agent, as applicable, the amount of all Personal Contributions, Excess Contributions and Employer Contributions for that
Contribution Period and shall advise RBC and the Administrative Agent, as applicable, of the Personal Contributions and Excess Contributions
received from each Participant and the amount of Employer Contributions (or the number of Common Shares issued from treasury in lieu thereof)
made on behalf of each Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon receipt of the funds, or Common Shares issued from treasury in lieu of Employer Contributions, and
the information outlined in Section 8(a), the Administrative Agent and RBC, as applicable, shall record in each Participant's respective
account the amount of that Participant's Personal Contributions, Excess Contributions and the amount of any Employer Contributions (or
the number of Common Shares issued from treasury in lieu thereof) made on behalf of that Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (i) Unless otherwise directed in writing by the Board in accordance with Section 8(d) and subject to Section 8(g), the Administrative
Agent shall use all funds received by it from Excess Contributions deposited with the Administrative Agent and Employer Contributions
(that are made in cash), as well as any cash dividends paid on the Common Shares held of record by the Administrative Agent for and on
behalf of the Participant (not otherwise reinvested pursuant to a DRIP on behalf of the Participant or elected by the Participant to
be received in cash), to purchase, as directed by the Corporation, Common Shares through normal market facilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) A Participant shall direct RBC as to the use of the Participant's Personal Contributions and Excess Contributions
deposited with RBC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (i) Notwithstanding Section 8(c)(i), where directed in writing by the Board, the Administrative Agent shall use all funds received by
it from all or any combination of Excess Contributions deposited with the Administrative Agent and Employer Contributions (that are made
in cash), as applicable, as well as any cash dividends paid on the Common Shares held of record by the Administrative Agent for and on
behalf of a Participant (not otherwise reinvested pursuant to a DRIP on behalf of the Participant or elected by the Participant to be
received in cash) to purchase as directed by the Corporation all, or such designated portion of, Common Shares under the Plan from the
Corporation at the Market Price, or in lieu thereof, to receive Common Shares issued from treasury at the Market Price pursuant (and
subject) to Section 6(c). The Board shall from time to time authorize the issuance of Common Shares at the Market Price to the Administrative
Agent. Each such authorization shall specify the number of Common Shares to be issued and shall authorize the allotment and issuance
of such Common Shares at the Market Price as fully paid and non-assessable Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Notwithstanding Section 8(d)(i), in the event the Corporation is at any time prohibited, under applicable
corporate or securities laws or the order, rule or directive of any securities commission, stock exchange or other regulatory authority
or court of competent jurisdiction, from issuing its Common Shares to the Administrative Agent, the Administrative Agent shall, upon reviewing
the written directions of the Board, acquire Common Shares in accordance with the provisions of Section 8(c)(i) for the purposes
of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Subject to Section 8(g), the Administrative Agent shall purchase or receive on behalf of Participants
on each Purchase Date, or as soon thereafter as reasonably possible, such number of Common Shares as will satisfy all Excess Contributions
deposited with the Administrative Agent, cash dividends (not otherwise reinvested pursuant to a DRIP on behalf of the Participant or elected
by the Participant to be received in cash) and Employer Contributions that are made in cash received for the preceding Contribution Period
from all Participants under the Plan. Each Participant shall thereupon have an interest in the Common Shares purchased or received by
the Administrative Agent in proportion to his or her Excess Contributions deposited with the Administrative Agent and the Employer Contributions
made on his or her behalf during the preceding Contribution Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Subject to Section 8(g), following the end of a Contribution Period, the Administrative Agent shall
allocate the Common Shares purchased or received during that Contribution Period on behalf of the Participants, on a full or fractional
Common Share basis, as appropriate, to the Personal Account of each Participant in proportion to the Excess Contributions deposited with
the Administrative Agent and Employer Contributions made on behalf of that Participant. Except where the Administrative Agent is unable
to purchase a sufficient number of Common Shares pursuant to Section 8(c)(i), the Administrative Agent shall ensure that the amount
of all Excess Contributions deposited with the Administrative Agent, cash dividends (not otherwise reinvested pursuant to a DRIP on behalf
of the Participant or elected by the Participant to be received in cash) and Employer Contributions are converted to full or fractional
Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) If, for any reason, the Administrative Agent is unable to purchase a sufficient number of Common Shares
pursuant to Section 8(c)(i) on a Purchase Date to satisfy all Excess Contributions deposited with the Administrative Agent,
cash dividends (not otherwise reinvested pursuant to a DRIP on behalf of the Participant or elected by the Participant to be received
in cash) and Employer Contributions for the preceding Contribution Period, the Administrative Agent shall purchase Common Shares, as they
become available, until such time as a sufficient number of Common Shares have been purchased to satisfy all such Excess Contributions
deposited with the Administrative Agent, cash dividends and Employer Contributions (that are made in cash) for such Contribution Period.
In such circumstances, the Common Shares purchased by the Administrative Agent shall be allocated to the respective Participants' Personal
Accounts in such a manner that all such Common Shares are allocated at the same price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Administrative Agent may, on behalf of the Participants, enrol or participate in a DRIP. The Administrative
Agent shall allocate the Common Shares received pursuant to participation in a DRIP to the respective Participants' Personal Accounts
in a manner consistent with Section 8(f).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Brokerage commissions, transfer taxes and other charges or expenses for the purchase of Common Shares
will be paid for by the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Brokerage commissions, transfer taxes and other charges or expenses for the sale of Common Shares will
be deducted from the proceeds of the sale thereof, as applicable.

**9.** **Registration and Voting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Common Shares purchased or received by the Administrative Agent shall be registered in the name of the
Administrative Agent or such other name or in the name of such financial intermediary on behalf of the Administrative Agent as the Corporation
determines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Whole Common Shares allocated to a Participant's Personal Account will be voted by the Administrative
Agent in accordance with the directions, if any, of the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A Participant who has enrolled in employee savings is deemed to have consented to the electronic delivery
of the Corporation's proxy-related materials (including the notice of meeting, management information circular, annual financial statements
and management discussion and analysis, as applicable).

**10.** **Withdrawals While a Participant** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A Participant may make withdrawals of Common Shares from his or her Personal Account or investments from
his or her RBC Account only as set out in this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A Participant may, upon notice to the Administrative Agent or RBC in accordance with Section 10(c),
request that all or a portion of the Common Shares or investments in that Participant's respective account be withdrawn and issued in
his or her name, transferred and issued in his or her name or be sold or, where the Participant holds Common Shares or investments in
the Group TFSA or Group RRSP, as applicable, that all or a portion of the Common Shares or investments in that Participant's TFSA, that
Participant's RRSP or that Participant's spousal RRSP, as applicable, be transferred to, or be sold and the proceeds transferred to another
TFSA in that Participant's name or RRSP in the Participant's name or the Participant's spouse's name, as the case may be. Any fractional
Common Shares credited to the Participant's Personal Account shall be disregarded on any sale or transfer and the Participant shall be
entitled to receive the cash equivalent thereof. Any fractional investments credited to the Participant's RBC Account shall be administered
as determined by RBC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A Participant shall give the Administrative Agent and RBC, as applicable, notice of any withdrawal, sale
or transfer of Common Shares or investments pursuant to Section 10(b). The notice shall specify such information as the Corporation,
the Administrative Agent and RBC, as applicable, may require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Administrative Agent shall provide instructions to sell the specified number of Common Shares and
(or) transfer them to another designated RRSP or non-registered account, as applicable, as soon as possible and in any event within 5
business days of such notice in writing in which the Administrative Agent received the written notice. The timing of any sale by RBC of
the specified investments or transfer of the investments to another designated TFSA, RRSP or non-registered account shall be as determined
by RBC. The proceeds of any sale (net of broker commission, sales administration fees and withholding tax) will be transferred as soon
as practicable to the Participant or such other Person as the Participant may designate in writing but no later than 5 business days after
such sale (or as otherwise determined by RBC, as applicable).

**11.** **Deemed Termination of Participation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A Participant's entitlement to make further Personal Contributions and Excess Contributions and to receive
Employer Contributions in respect to Personal Contributions shall terminate immediately if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Participant becomes totally and permanently disabled;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Participant ceases to be an Employee, including by way of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. resignation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. retirement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. termination for any reason including with or without cause; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Participant dies.

Where a Participant's entitlement to make further Personal Contributions and Excess Contributions and to receive Employer Contributions in respect thereof terminates pursuant to Section 11(a)(ii), such termination shall be effective as of the Date of Termination.

Termination of a Participant's entitlement to make further Personal Contributions and Excess Contributions and to receive Employer Contributions in respect thereof constitutes termination of that Participant's participation in employee savings pursuant to the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A Participant whose entitlement to participate in employee savings pursuant to the Plan has been terminated
as provided in Section 11(a) or his or her heirs, executors or administrators, as the case may be, may elect to deal with the
Common Shares in the Participant's Personal Account by providing notification to the Corporation and the Administrative Agent within 60
days after termination of the Participant's entitlement to participate in the Plan requesting that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all Common Shares in his or her Personal Account be transferred and issued in his or her name or as directed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all such Common Shares be sold and the net proceeds distributed to the Participant; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if the Participant's Common Shares are held in an RRSP or a spousal RRSP, to the extent permitted by law,
that all such shares be transferred to another RRSP in the Participant's name or in the Participant's spouse's name, as the case may be.

All notices received and approved by the Corporation will be forwarded to the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If no notice is filed within 60 days after the termination of a Participant's entitlement to participate
in employee savings pursuant to the Plan, the Participant or his or her heirs, executors or administrators, as the case may be, shall
be deemed to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) request that the Participant's Common Shares be transferred and issued in his or her name, in accordance
with the procedures established by the Administrative Agent from time to time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Participant's Common Shares are held in an RRSP or a spousal RRSP, sell all the Common Shares in
the Participant's Personal Account, and the proceeds, net of broker commission, sales administration fees, and withholding tax, distributed
to the Participant or the Participant's spouse, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding the provisions of Sections 11(a)(iii), 11(b) or 11(c), where a Participant dies and
such Participant's Common Shares are held in an RRSP, the Participant's Common Shares shall be handled in accordance with the provisions
of the Employee Share Savings Plan and Group Retirement Savings Plan Declaration of the Corporation (as amended and (or) restated from
time to time).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A Participant whose participation in the Plan has been terminated as provided in Section 11(a) or
Section 12(c), or his or her heirs, executors or administrators as the case may be, shall direct RBC (with a copy to the Corporation)
regarding the Participant's RBC Account.

**12.** **Termination Upon Notice** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any Participant may terminate his or her participation in the Plan upon 14 days prior notice to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Corporation and the Administrative Agent requesting that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. all Common Shares in his or her Personal Account be transferred and issued in his or her name or as directed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. all Common Shares be sold and the net proceeds distributed to the Participant; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. if the Participant's Common Shares are held in an RRSP or a spousal RRSP, that all such Common Shares
be transferred to another RRSP in the Participant's name or the Participant's spouse, as applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Corporation and RBC directing RBC regarding the Participant's RBC Account.

Thereupon, all Personal Contributions and Excess Contributions by such terminating Participant shall cease from the next pay cheque following receipt of the notice by the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If so requested, the Administrative Agent shall make the necessary arrangements for the transfer of the
Common Shares in a terminating Participant's Personal Account to such terminating Participant or other RRSP or non-registered account
as soon as possible thereafter. The Administrative Agent shall, if requested, sell all of the Common Shares of a terminating Participant
and forward the proceeds therefor (net of broker commission, sales administration fees and withholding tax) within 30 days of receipt
of any notice of termination. In all instances, the Participant shall receive the cash equivalent for any fractional Common Shares credited
to his or her Personal Account based upon the closing price of the Common Shares on the Exchange on the date of transfer. A terminating
Participant shall direct RBC regarding any transfer from or to that Participant's RBC Account, and (or) sale of investments of a terminating
Participant (the timing or matters relating thereto to be determined by RBC).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If, at the end of any calendar year, any Participant has not made a Personal Contribution or an Excess
Contribution to his or her RBC Account or Personal Account during such calendar year, the Corporation shall have the option to give written
notice terminating that Participant's participation in the Plan and withdraw, subject to Section 16, all of his or her Personal Account
in the manner set forth in Section 12(a) in cash or Common Shares. If no election under Section 12(a) is made by the
Participant within a period of 60 days after written notice of termination from the Corporation, the Participant shall be deemed to have
elected to receive the cash value of his or her Personal Account and the Administrative Agent shall sell that Participant's Common Shares
and forward a cheque for the proceeds thereof (net of broker commission, sales administration fees and withholding tax) to the Participant.
Investments in a Participant's RBC Account shall be administered in accordance with Section 11(e).

**13.** **Employer Suspensions** 

Where a Participant continues to be an Employee but is not in receipt of Earnings from the Corporation, that Participant's entitlement to make further Personal Contributions and Excess Contributions and to receive Employer Contributions shall be suspended effective as of the Contribution Period immediately following the month in which the Employee was not in receipt of Earnings. Such Employee's entitlement to participate in employee savings pursuant to the Plan shall be reinstated effective as of the first Contribution Period immediately following the month in which the Employee resumed receiving Earnings from the Corporation.

**14.** **Prohibition of Assignment of Interest** 

All rights of participation in employee savings pursuant to the Plan are personal to the Participant and no assignment or transfer of any interest in the Common Shares held by the Administrative Agent or investments held by RBC under the Plan will be permitted or recognized other than in respect of a withdrawal in accordance with Section 10 or termination in respect of a withdrawal in accordance with Section 11 or Section 12.

**15.** **Taxes** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Participant shall be responsible for paying all income and other taxes of any nature applicable to
Employer Contributions and to transactions involving the Common Shares held by the Administrative Agent and investments held by RBC on
his or her behalf including, without limitation, any taxes payable on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Employer Contributions made and expenses incurred on behalf of a Participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the transfer of Common Shares or investments to the Participant or a Person designated by the Participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the sale or other disposition of Common Shares or investments of a Participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the transfer of investments to a non-registered account or TFSA in the name of the Participant, or the
transfer of Common Shares or investments to a non-registered account or an RRSP in the name of the Participant or an RRSP in the name
of the Participant's spouse in the case of a spousal RRSP or withdrawal therefrom; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) dividends paid on Common Shares or investments, whether received in cash, Common Shares or other securities,
including pursuant to a DRIP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Administrative Agent and RBC are each authorized to deduct from any amounts payable to a Participant
following a sale of that Participant's Common Shares or investments, as applicable, any amounts which are required to be withheld on account
of taxes.

**16.** **Vesting** 

All Common Shares and other investments acquired with the Personal Contributions, Excess Contributions and Employer Contributions of, or on behalf of, a Participant and all of the dividends from such Common Shares and investments, including any dividends from any additional Common Shares or investments purchased, including pursuant to a DRIP, shall at all times be vested in such Participant.

**17.** **Offer for Common Shares** 

In the event that, at any time, a bona fide offer to purchase is made to all holders of Common Shares, notice of such offer shall be given by the Administrative Agent to each Participant to enable a Participant to tender his or her Common Shares should he or she so desire.

**18.** **Adjustments** 

Subject to Section 12(b) of the Plan, in the event that the Common Shares are subdivided, consolidated, converted or reclassified, or any action of a similar nature affecting such Common Shares shall be taken, then the Common Shares held by the Administrative Agent for the benefit of the Participants shall be appropriately adjusted.

**19.** **Amendment or Termination of the Plan** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Corporation may not amend or terminate the Plan in a manner which would deprive a Participant of any
benefits that have accrued to the date of amendment or termination or which would cause or permit any Common Shares, investments or cash
held pursuant to the Plan or any Personal Contributions, Excess Contributions or Employer Contributions to revert to or become the property
of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Plan is terminated, all Common Shares, investments and cash belonging to a Participant as shown
in the Participant's Personal Account and RBC Account, as applicable, shall be paid to the Participant or as directed by the Participant
within 90 days of the termination of the Plan (unless, in respect of investments and cash in a Participant's RBC Account, otherwise directed
by a Participant in accordance with arrangements with RBC under this Plan).

**20.** **Administration of Employee Savings** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Corporation has entered into Administration Agreements with the Administrative Agent and RBC to administer
employee savings pursuant to the Plan in a form agreed to by the Board and/or the President. A copy of the Administration Agreements are
available for inspection in the Corporation's offices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Corporation may from time to time enter into such further agreements with the Administrative Agent,
RBC or other parties as it may deem necessary or desirable to carry out this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Corporation will provide a copy of the Plan or a summary of the Plan to all new Participants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Records of the Administrative Agent, RBC and the Corporation will be conclusive as to all matters involved
in administration of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Except as set out in Sections 8(j), 10(d), 11(c), 12(a), 12(b) and 15(a) all costs and expenses
of administering employee savings pursuant to the Plan, including compensation costs of the Administrative Agent and RBC, will be paid
by the Corporation.

**21.** **Reporting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As soon as possible after the end of the relevant period, the Administrative Agent and RBC will issue
to each annuitant TFSA and RRSP contribution receipts reporting the total amount of contributions to the Participant's TFSA, RRSP and/or
spousal RRSP, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As soon as possible after the end of each calendar year, the Administrative Agent and RBC shall furnish
by mail or otherwise to each Participant a written statement of his or her account. Unless written notice to the contrary is received
by the Administrative Agent or RBC within 45 days following the end of such calendar year, such statement shall be conclusively deemed
to be correct and the Administrative Agent and RBC shall each be relieved of liability for any error contained therein or disclosed thereby.

**22.** **Limitation of Rights of the Employee** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Employee savings pursuant to the Plan is a voluntary program on the part of the Corporation and shall
not constitute an inducement to, or condition of, the employment of any Employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Neither the Corporation, the Administrative Agent nor RBC shall be liable to any Participant for any loss
resulting from a decline in the market value of any Common Shares or investments purchased by the Administrative Agent or RBC, as applicable,
or any change in the market price of the Common Shares or investments between the time a Participant authorizes the purchase or sale of
the Common Shares or investments and the time such purchase or sale takes place.

**23.** **Administrative Agent** 

The Administrative Agent shall hold the office of administrative agent until otherwise determined by the Board. In the event of the resignation of the Administrative Agent, its successor shall be appointed by the Board. Any successor Administrative Agent shall be vested with all the powers, rights, duties and immunities of the Administrative Agent hereunder to the same extent as if originally named as the Administrative Agent.

**SCHEDULE D1**

Personal Contribution, Employer Contribution and Excess Contribution Limits in effect as of the Effective Date shall be as set forth below:

**Personal Contribution Limit** - 7% of a Participant's Earnings.

**Employer Contributions** - an amount equal to 0.33 times the Participant's Personal Contribution.

**Excess Contributions** - shall not exceed Participant's Net Earnings.

## Exhibit 99.2

**Exhibit 99.2**

**VERMILION ENERGY INC.**

**DEFERRED SHARE UNIT PLAN**

The board of directors (the "**Board**") of Vermilion Energy Inc. (the "**Corporation**") has established this Vermilion Deferred Share Unit Plan (the "**Plan**") governing the issuance of DSUs (as defined herein) of the Corporation to non-employee directors and other specified non-employee service providers of the Corporation and its Affiliates (as defined herein).

1. **<u>Purposes</u>**

The principal purposes of the Plan are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to strengthen the ability of the Corporation and its Affiliates to retain qualified non-employee directors
and other specified non-employee service providers which the Corporation and its Affiliates require;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to provide a competitive long-term incentive program to attract qualified non-employee directors and other
specified non-employee service providers which the Corporation and its Affiliates require; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to promote a proprietary interest in the Corporation through share ownership thereby aligning the interests
of non-employee directors and other specified non-employee service providers with shareholders.

2. **<u>Definitions</u>**

As used in this Plan, the following words and phrases shall have the meanings indicated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Adjustment Ratio**" means, with respect to any DSUs, the ratio used on each Dividend Payment
Date to adjust the number of Reference Shares underlying a DSU in accordance with the terms of the Plan; and, in respect of each DSU,
the Adjustment Ratio shall initially be equal to one, and shall be cumulatively adjusted thereafter on each Dividend Payment Date by increasing
the Adjustment Ratio on each Dividend Payment Date by an amount, rounded to the nearest six decimal places, equal to a fraction having
as its numerator the Dividend, expressed as an amount per Common Share, paid on that Dividend Payment Date, and having as its denominator
the Average Market Price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Affiliate**" has the meaning set forth in the *Securities Act* (Alberta) and shall
also include Vermilion Resources partnership and any other partnership, corporation or other entity directly or indirectly controlled
by the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Annual Remuneration**" means the aggregate annual retainer or fee payable to a Designated
Participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Associate**" has the meaning set forth in the *Securities Act* (Alberta);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Average Market Price**" in respect of a particular Dividend payment date, means the arithmetic
average of the daily volume weighted average trading prices of the Common Share on the TSX (after taking into account any trading reversals
or adjustments, corrections or similar changes with respect to the Common Shares) for the trading days on which at least one board lot
of Common Shares is traded on the TSX during the corresponding Pricing Period, subject to such adjustments as the Corporation may, in
its sole discretion, determine to be appropriate to account for (i) a change in the aggregate number of Common Shares outstanding
into a greater or lesser number of Common Shares, (ii) a reclassification of the Common Shares, or (iii) a merger, reorganization
or other transaction affecting the Common Shares;

(f) "**Black-Out Period**" has the meaning set forth in Section 5(g);

(g) "**Business Day**" means any day other than a Saturday, a Sunday or a statutory holiday in the Province of Alberta or
the Province of Ontario;

(h) "**Change of Control**" means the occurrence of any of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the purchase or acquisition of Common Shares of the Corporation and/or securities convertible into Common
Shares of the Corporation or carrying the right to acquire Common Shares of the Corporation ()"**Convertible Securities** ")
as a result of which a Person, group of Persons or Persons acting jointly or in concert, or any Affiliates or Associates of any such Person,
group of Persons or any of such Persons acting jointly or in concert (collectively the "**Holders**") beneficially own or
exercise control or direction over Common Shares and/or Convertible Securities of the Corporation that, assuming the conversion of the
Convertible Securities beneficially owned by the Holders thereof, would have the right to cast more than 33 1/3% of the votes attached
to all Common Shares of the Corporation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) approval by the Shareholders of the Corporation of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an amalgamation, arrangement, merger or other consolidation or combination of the Corporation with another
corporation or other entity pursuant to which the Shareholders of the Corporation immediately prior to such transaction own securities
of the successor or continuing corporation or other entity following completion of such transaction that would entitle them to cast less
than 50% of the votes attaching to all of the common shares or other voting shares in the capital of the successor or continuing corporation
or other entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a liquidation, dissolution or winding-up of the Corporation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the sale, lease or other disposition of all or substantially all of the assets of the Corporation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the election at a meeting of the Corporation's Shareholders of a number of directors of the Corporation,
who were not director nominees proposed to the Corporation's Shareholders by the Corporation's prior Board, and would represent a majority
of the Board; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the appointment of a number of directors which would represent a majority of the Board and which were
nominated by any holder of Common Shares of the Corporation or by any group of holders of Common Shares of the Corporation acting jointly
or in concert and not approved by the Corporation's prior Board,

but for certainty shall not include an Unsolicited Bid;

(i) "**Committee**" means a committee of the Board;

(j) "**Common Shares**" means common shares in the capital of the Corporation;

(k) "**Date of Termination**" means the actual date a Designated Participant ceases to be a director of, or non-employee
service provider to, the Corporation or any Affiliate, as applicable;

(l) "**Deferred Share Unit**" or "**DSU**" means a unit designated as a deferred
share unit representing a right to receive a payment equal to the Fair Market Value of a Common Share, in the manner and subject to the
terms and provisions set forth in the Plan;

(m) "**Designated Broker**" means one or more brokers designated by the Corporation who is "independent"
(within the meaning of the Company Manual of the Exchange) from the Corporation and its Affiliates;

(n) "**Designated Participant**" means each Director, the Corporate Secretary of the Corporation,
and any other non-employee service providers of the Corporation or any Affiliate designated by the Board to participate in the Plan and
who are to receive Annual Remuneration;

(o) "**Designated Quarterly Credit Date**" has the meaning set forth in Section 5(a)(ii);

(p) "**Director**" means a non-employee director of the Corporation or any Affiliate;

(q) "**Dividend**" means a dividend paid by the Corporation in respect of the Common Shares,
expressed as an amount per Common Share;

(r) "**Dividend Payment Date**" means any date that a Dividend is paid to Shareholders;

(s) "**Dividend Record Date**" means the applicable record date in respect of any Dividend used
to determine the Shareholders entitled to receive such Dividend;

(t) "**DSU Account**" means a bookkeeping account maintained by the Corporation in the name of
each Designated Participant showing the number of DSUs credited to such Designated Participant that have not been redeemed or terminated
in accordance with the terms of the Plan;

(u) "**Effective Date**" has the meaning set forth in Section 14;

(v) "**Election Form**" has the meaning set forth in Section 4(b);

(w) "**Exchange**" means: (i) in respect of a Designated Participant that is not a resident
of the United States, the Toronto Stock Exchange (or if the Common Shares are not then listed on the Toronto Stock Exchange, such other
stock exchange on which the Common Shares are then listed and posted for trading from time to time); or (ii) in respect of a Designated
Participant that is a resident of the United States, the NYSE (or if the Common Shares are not then listed and posted for trading on the
NYSE, the Toronto Stock Exchange);

(x) "**Fair Market Value**" with respect to a Common Share, as at any date, means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) where the Common Shares are then listed and posted for trading on the Exchange, the weighted average of
the prices at which the Common Shares traded on the Exchange (or, if the Common Shares are not then listed and posted for trading on the
Exchange, on such stock exchange in Canada on which the Common Shares are then listed and posted for trading as may be selected for such
purpose by the Board) for the five (5) trading days on which the Common Shares traded on the Exchange immediately preceding such
date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) where the Common Shares are not then listed and posted for trading on any stock exchange, the Fair Market
Value shall be the fair market value of the Common Shares as determined by the Board in its discretion, acting reasonably and in good
faith; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) where a Change of Control or Unsolicited Bid has occurred or completed, as the case may be, after the
date hereof, the Fair Market Value shall be equal to the following, as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the per share amount of cash paid to a Shareholder pursuant to such Change of Control or Unsolicited Bid
in respect of a Common Share then held by such Shareholder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the weighted average of the prices at which the shares (or other securities as applicable) received by
Shareholders pursuant to the Change of Control or Unsolicited Bid traded on the Exchange (or such other exchange on which such shares
(or other securities as applicable) are then listed and posted for trading from time to time) for the five (5) trading days on which
the shares (or other securities as applicable) traded on the said exchange immediately preceding such date;

(y) "**Grant Date**" means the date determined as the date of the annual DSU grant to be credited
on a quarterly basis to a Designated Participant subject to the provisions of the Plan;

(z) "**Insider**" means those insiders who are "reporting insiders" as defined in National
Instrument 55-104 - *Insider Reporting Requirements and Exemptions*;

(aa) "**Market Purchased Shares**" means Common Shares acquired through the facilities of the
applicable Exchange in accordance with the bylaws, regulations and policies of the applicable Exchange;

(bb) "**Meeting Fees**" means any meeting fees payable
to a Designated Participant;

(cc) "**NYSE**" means the New York Stock Exchange;

(dd) "**Person**" means any individual, corporation, limited liability corporation, limited or
general partnership, joint venture, association, joint-stock corporation, trust, plan, unincorporated organization or government or any
agency or political subdivisions thereof;

(ee) "**Pricing Period** ", in respect of a particular Dividend, refers to the period beginning
on the later of the 21st Business Day preceding the Dividend payment date and the second Business Day following the record date applicable
to that Dividend payment date, and ending on the second Business Day preceding the Dividend payment date;

(ff) "**Redemption Date**" has the meaning set forth
in Section 5(d)(i);

(gg) "**Redemption Deadline**" has the meaning set
forth in Section 5(d)(ii);

(hh) "**Redemption Notice**" has the meaning set
forth in Section 5(d)(i);

(ii) "**Reference Shares**" means a bookkeeping entry recorded in the DSU Account of each Designated
Participant to evidence the number of Common Shares notionally covered by a DSU, where each Reference Shares has the same value as one
Common Share;

(jj) "**Security Based Compensation Arrangement**" shall have the meaning set forth in the Company
Manual of the Exchange;

(kk) "**Shareholder**" means a holder of Common Shares;

(ll) "**Share Ownership Requirement**" means the share ownership requirement specified in the
policies of the Corporation (as may be revised from time to time by the Board) applicable to the particular Designated Participant;

(mm) "**Tax Act**" means the *Income Tax Act* (Canada)
and any regulations thereto, as may be amended from time to time;

(nn) "**Unsolicited Bid**" means those circumstances in which an offer is made generally to the
holders of Common Shares in one or more jurisdictions to acquire directly or indirectly the Common Shares of the Corporation and which
is in the nature of a "takeover bid" as defined in National Instrument

62-104 **–** *Take-Over Bids and Issuer Bids* and, where the Common Shares are listed and posted for trading on a stock exchange, not exempt from the formal bid requirements of the *Securities Act* (Alberta), by a person who neither the Board nor management of the Corporation solicited, sought out or otherwise arranged for the offeror party to make such offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) "**U.S. Participant**" has the meaning set forth
in the U.S. Terms and Conditions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) "**U.S. Terms and Conditions**" means the additional terms and conditions for U.S. Participants
attached hereto as Schedule "C".

3. **<u>Administration</u>**

The Plan shall be administered by the Board or a Committee of the Board as the Board considers appropriate from time to time. The composition of the Committee shall at all times comply with any applicable requirements of the Exchange.

The Committee shall have the authority in its discretion, subject to and not inconsistent with the express provisions of the Plan, to administer the Plan and to exercise all the powers and authorities either specifically granted to it under the Plan or necessary or advisable in the administration of the Plan, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the authority to recommend grants of DSUs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to determine the Fair Market Value of the Common Shares on any date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to determine the Designated Participants to whom, and the date on which, DSUs shall be granted annually
subject to quarterly crediting in accordance with the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to prescribe, amend and rescind rules and regulations relating to the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to interpret the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to determine whether to settle any DSUs by delivery to the Designated Participants either (i) a cash
payment equal to the Fair Market Value of the Reference Shares underlying such DSU (as adjusted in accordance with the terms hereof) or
(ii) Common Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) to make all other determinations deemed necessary or advisable for the administration of the Plan.

The recommendations and determinations of the Committee shall be subject to review and approval by the Board. The Committee may delegate to one or more of its members or to one or more agents such administrative duties as it may deem advisable, including without limitation delegation to a third-party agent or trustee the authority to acquire Common Shares for delivery to Designated Participants in accordance with the Plan, and the Committee or any person to whom it has delegated duties as aforesaid may employ one or more persons to render advice with respect to any responsibility the Committee or such person may have under the Plan.

4. **<u>Elections</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Section 4(d) and any other requirement imposed on a Designated Participant by the
Board to receive a specified value or specified minimum value of his or her Annual Remuneration in the form of DSUs, a Designated Participant
shall elect to receive such Annual Remuneration and Meeting Fees in the form of DSUs, cash or Market-Purchased Shares or a combination
thereof as provided in Section 4(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A Designated Participant shall, in respect of each particular calendar year and the Annual Remuneration
and Meeting Fees for that year, elect by delivering to the Corporation a written notice in the form of Schedule "A" attached
hereto (the "**Election Notice**") specifying an amount (expressed as a percentage) of the Annual
Remuneration and Meeting Fees to be received by such Designated Participant in that particular calendar year in the form of DSUs, cash
or Market-Purchased Shares or a combination thereof. In the case of an existing Designated Participant, an Election Notice must be completed,
signed and delivered to the Corporation by no later than the last Business Day prior to the end of the calendar year preceding the calendar
year to which such election is to apply. In the case of a newly appointed or elected Director or other new Designated Participant, an
Election Notice must be completed, signed and delivered to the Corporation as soon as possible, and, in any event, no later than 30 days
after the Designated Participant's appointment or election, with such Election Notice to be effective as of the appointment or election
date and shall continue in effect until the last day of the calendar year in which such new Designated Participant is appointed or elected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a Designated Participant fails to elect by written notice delivered to the Corporation by the applicable
date set out in Section 4(b), such Designated Participant shall be deemed to have elected to receive one hundred percent (100%) of
the Designated Participant's Annual Remuneration for the particular year in the form of DSUs and Meeting Fees for that particular
year in the form of cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If a Designated Participant is subject to Share Ownership Requirement and has not yet met the Share Ownership
Requirement, that Designated Participant is required to elect to receive a minimum of 50% of his or her Annual Remuneration in the form
of DSUs. If a Designated Participant is subject to Share Ownership Requirement and has met the Share Ownership Requirement, such Designated
Participant is required to elect to receive a minimum of 25% of his or her Annual Remuneration in the form of DSUs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A Designated Participant shall only file one Election Notice in respect of his or her Annual Remuneration
and Meeting Fees for any particular calendar year, which Election Notice shall be irrevocable for that particular calendar year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If a Designated Participant elects to receive all or any portion of his or her Annual Remuneration or
Meeting Fees in the form of cash and/or Market-Purchased Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Market-Purchased Shares shall be acquired through the facilities of the applicable Exchange in accordance
with the by-laws, regulations and policies of the applicable Exchange through a Designated Broker, in which case the Corporation will
provide the Designated Broker with an amount of cash sufficient to purchase the number of Common Shares to which the Designated Participant
is entitled, less the amount of cash withheld pursuant to Section 11; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any cash, less the amount of cash withheld pursuant to Section 11, shall be paid by the Corporation
to the Designated Participant;

in either case on a quarterly basis in arrears determined as of the last day of each calendar quarter (except in the case of the last calendar quarter, where such determination shall be made as of December 15) and, in respect of a particular Designated Participant, prorated in and for the calendar quarter in which that particular Designated Participant was newly appointed or elected or ceased to be a Designated Participant (for the period during that quarter such Designated Participant served as a Designated Participant).

5. **<u>Terms and Conditions of DSUs</u>**

Each DSU granted under the Plan shall be subject to the terms and conditions of the Plan (and where the Designated Participant is a U.S. Participant, the U.S. Terms and Conditions), and shall comply with and be subject to the requirements of the Exchange and the following terms and conditions (and with such other terms and conditions not inconsistent with the terms of this Plan as the Committee or the Board, in its discretion, shall establish:

(a) *<u>DSU Account</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Corporation shall at all times maintain or cause to be maintained a DSU Account for each Designated
Participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the annual DSU grant to a Designated Participant shall, subject to proration as set forth in Section 5(a)(iii) below,
be credited to a DSU Account on a quarterly basis in each year in which a Designated Participant is granted DSUs as follows: (i) in
respect of the first quarter, on April 1; (ii) in respect of the second quarter, on June 30; (iii) in respect of the
third quarter, on September 30; and (iv) in respect of the fourth quarter, on December 15 (each, the "**Designated Quarterly Credit Date** "), and until credited (either in full or on a prorated basis as set forth in Section 5(a)(iii) below)
a Designated Participant shall have no ownership rights to or in any such DSUs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the number of DSUs to be credited to a Designated Participant's DSU Account as of a Designated Quarterly
Credit Date shall be determined by dividing the portion of the Designated Participant's Annual Remuneration and Meeting Fees for
the applicable calendar year elected to be received in the form of DSUs (expressed as a dollar amount) by the Fair Market Value per Common
Share on the Grant Date, prorated in respect of a particular Designated Participant that is newly appointed or elected, or ceases to be
a Designated Participant, in and for the calendar quarter in which that particular Designated Participant was newly appointed or elected
or ceased to be a Designated Participant (for the period during that year such Designated Participant served as a Designated Participant)
and, other than with respect to such prorated DSUs, all rights to any remaining DSUs to be credited to that Designated Participant shall
terminate and be forfeited by that Designated Participant and the Designated Participant shall not be entitled to receive any payment
or other compensation in lieu thereof. In all cases, the DSUs granted shall have the same value on the Grant Date as the cash amount of
the Designated Participant's Annual Remuneration and Meeting Fees for which such DSUs are being granted.

(b) *<u>Number of Common Shares Issuable Pursuant to DSUs</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Notwithstanding the election made, or deemed to have been made, by a Designated Participant pursuant to
Section 4: (i) no one Designated Participant may be granted any DSUs which, together with all DSUs then held by such Designated
Participant, would entitle such Designated Participant to receive a number of Common Shares which is greater than five percent (5%) of
the outstanding Common Shares, calculated on an undiluted basis; and (ii) the number of Common Shares (A) issued to Designated
Participant and any other Insiders of the Corporation, within any one year period, and (B) issuable to Designated Participant and
any other Insiders of the Corporation, at any time, in each case under the Plan or when combined with all other Security Based Compensation
Arrangements of the Corporation, shall not exceed 10% of the Corporation's total issued and outstanding Common Shares. The foregoing determinations
shall be made on the assumption that the Board will exercise its discretion to settle all DSUs by way of delivery of Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any Common Shares to be delivered to a Designated Participant on a Redemption Date in satisfaction of
a DSU that is settled by delivery of Common Shares (as determined by the Board in its sole discretion) shall, in the sole discretion of
the Board, either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) be acquired through the facilities of the applicable Exchange in the same manner as Market-Purchased Shares
pursuant to Section 4(f)(i); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) subject to the prior approval of the Shareholders and the applicable Exchange, issued by the
 Corporation from treasury, in which case, the number of Common Shares reserved for issuance from time to time pursuant to DSUs and
 all other Security Based Compensation Arrangements
shall be equal to 3.5% of the aggregate number of issued and outstanding Common Shares, calculated on an undiluted basis; provided, however,
that the Corporation shall not issue more than an aggregate of 300,000 Common Shares pursuant to the Plan in any one calendar year.

(c) *<u>Vesting</u>* – DSUs will be fully vested upon being credited to a Designated Participant's
DSU Account in accordance with Section 5(a), and the Designated Participant's entitlement to receive such DSUs shall not be
subject to satisfaction of any requirements as to any minimum period of membership on the Board.

(d) *<u>Redemption of DSUs</u>* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) At any date prior to a Designated Participant's Date of Termination (or, where the Designated Participant
is a U.S. Participant, by the prescribed date in the U.S. Terms and Conditions), a Designated Participant (or the legal representative
in the case of a deceased Designated Participant) may elect up to two separate dates as of which either a portion (specified in whole
percentages or number of DSUs) or all of the DSUs credited to that Designated Participant's DSU Account shall be redeemed (each
such date being a "**Redemption Date**") by filing with the Corporation, where the Designated Participant is not a U.S. Participant,
a written notice in the form of Schedule "B" attached hereto, and where the Designated Participant is a U.S. Participant, a
written notice in the form of Exhibit A to Schedule "C" attached hereto (in either case, a "**Redemption Notice** ").
A Designated Participant who wishes to elect two separate Redemption Dates may complete one Redemption Notice specifying both Redemption
Dates, or may file two separate Redemption Notices, provided that Designated Participant does so on a timely basis in accordance with
Section 5(d)(ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) No Redemption Date elected by a Designated Participant pursuant to Section 5(d)(i) shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) be prior to that Designated Participant's Date of Termination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) fall within a Black-Out Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) be later than December 15 of the next calendar year after that Designated Participant's Date
of Termination (the "**Redemption Deadline** "); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) be before the date on which such Redemption Notice is filed with the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If a Designated Participant fails to file a Redemption Notice before the applicable Date of Termination
(or, where the Designated Participant is a U.S. Participant, by the prescribed date in the U.S. Terms and Conditions) or fails to elect
a Redemption Date(s) within the parameters specified in Section 5(d)(ii), as the case may be, such Designated Participant will
be deemed to have filed a single Redemption Notice electing to redeem all of the DSUs credited to that Designated Participant's
DSU Account on a single Redemption Date which shall, subject to Section 5(d)(vi), be the date which is six months after that Designated
Participant's Date of Termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) As of and effective upon the date that is as soon as practicable after a Redemption Date and in any event
no later than the applicable Redemption Deadline, the Corporation shall, subject to Section 5(d)(vi), satisfy the DSUs to be redeemed
on the Redemption Date by, at the election of the Board at any time prior to the date of payment, (A) delivery of an aggregate number
of Common Shares equal to the number of DSUs credited to the applicable Designated Participant's DSU Account as of the Redemption
Date (as adjusted pursuant to the Plan); (B) making
a cash payment equal to the aggregate Fair Market Value of such Common Shares as at the Redemption Date or (C) a combination thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Subject to Section 5(d)(vi), Section 11, the restriction on discretion during a Black-Out Period
below, and, where the Designated Participant is a U.S. Participant, the U.S. Terms and Conditions, the Board may elect in its sole discretion
in respect of any Redemption Date (other than a Redemption Date that occurs during a Black-Out Period in which case no discretion shall
be exercisable and payment in respect of the applicable DSUs shall be made by delivering a cash payment in accordance with Section 5(d)(iv) above),
to deliver or pay (as applicable) on the Redemption Date to the Designated Participant to whom such DSUs were granted (A) the number
of Common Shares (issued from treasury) equal to the number of DSUs credited to the Designated Participant's DSU Account as of the
Redemption Date (as adjusted pursuant to the Plan); (B) a cash amount equal to the aggregate Fair Market Value of such Common Shares
as at the Redemption Date; or (C) a combination thereof, in each case in consideration for the surrender by the Designated Participant
to the Corporation of the DSUs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Notwithstanding any other provision of the Plan, all amounts payable to, or in respect of, a Designated
Participant hereunder, including, without limitation, delivery of Common Shares or a cash payment, shall be paid on or before the Redemption
Deadline.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) For greater certainty, the Board shall have complete discretion to elect whether to settle DSUs in cash,
in Common Shares or in any combination of cash and Common Shares and may exercise its discretion at any time prior to the date upon which
DSUs are settled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*<u>(e)</u>* *<u>Fractions</u>* - Where the Board exercises its discretion to settle a DSU by way of delivery
of Common Shares and the determination of the number of Common Shares to be delivered to a Designated Participant pursuant to a DSU in
respect of a particular Redemption Date would result in the issuance of a fractional Common Share, provided that such fractional Common
Share as contained in an DSU Account is transferred to a similar bookkeeping account maintained by the Corporation in the name of the
Designated Participant or a trustee on behalf of such Designated Participant, the number of Common Shares delivered on the Redemption
Date may be delivered as fractional Common Shares. Otherwise, the number of fractional Common Shares delivered on the Redemption Date
shall be rounded down to the next whole number of Common Shares and a cash payment shall be made to the Designated Participant in lieu
of any such fractional interest in a Common Share being issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*<u>(f)</u>* *<u>Cancellation of DSUs</u>* – Upon the occurrence of the Redemption Date with respect to
the DSUs of a particular Designated Participant, the DSUs in that Designated Participant's DSU Account (as adjusted pursuant to
the Plan) to be redeemed on that Redemption Date shall automatically be cancelled immediately following payment or satisfaction of such
DSUs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*<u>(g)</u>* *<u>Black-Out Periods</u>* – If the exemption from insider trading rules for participation
in an "automatic plan" ceases to exist and in the event that the Redemption Date falls within a period of time imposed by the
Corporation, pursuant to the Corporation's policies, upon certain designated persons during which those persons may not trade in any securities
of the Corporation (a "**Black-Out Period**") (not including Black-Out Periods imposed due to a cease trade order), then
the Redemption Date, as applicable (and, where the applicable Designated Participant is a U.S. Participant, subject to the U.S. Terms
and Conditions), shall be ten (10) Business Days from the date any Black-Out Period ends.

6. **<u>Adjustments</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *<u>Effect of Certain Changes</u>* – In the event:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) of any change in the Common Shares through subdivision, consolidation, reclassification, amalgamation,
merger or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) that any rights are granted to Shareholders to purchase Common Shares at prices substantially below Fair
Market Value; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) that, as a result of any recapitalization, merger or consolidation, the Common Shares are converted into
or exchangeable for any other securities;

then, in any such case and subject to the prior approval of the Exchange, if required, the Board may make such adjustments to the Plan and to any DSUs outstanding under the Plan as the Board may, in its sole discretion, consider appropriate in the circumstances to prevent substantial dilution or enlargement of the rights granted to Designated Participants hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *<u>Dividends</u>* – As soon as possible after any Dividend Payment Date, the Corporation shall
determine the Adjustment Ratio applicable to such Dividend and shall forthwith credit each DSU Account by the Adjustment Ratio.

**7. <u>Rights as a Shareholder</u>**

Unless and until Common Shares are delivered to a Designated Participant pursuant to any DSU or any election to receive Market-Purchased Shares, as applicable, in accordance with the Plan, that Designated Participant shall not possess any incidents of ownership of such Common Shares including, for greater certainty and without limitation, the right to receive dividends on such Common Shares and the right to exercise voting rights in respect of such Common Shares. Where the Board exercises its discretion to settle a DSU by way of delivery of Common Shares, such Designated Participant shall only be considered a Shareholder in respect of such Common Shares when the issuance or receipt of such Common Shares has been entered upon the applicable share register(s).

**8. <u>Non-Transferability</u>**

Common Shares, if any, or cash payments deliverable pursuant to the Plan shall only be delivered to a Designated Participant personally except that if a Designated Participant dies, Common Shares, if any, or cash payments may be delivered to the Designated Participant's estate. Except for the foregoing and as otherwise provided in this Plan, no assignment, sale, transfer, pledge or charge of a DSU, whether voluntary, involuntary, by operation of law or otherwise, vests any interest or right in such DSU whatsoever in any assignee or transferee and, immediately upon any assignment, sale, transfer, pledge or charge or attempt to assign, sell, transfer, pledge or charge, such DSU shall terminate and be of no further force or effect.

**9. <u>Amendment and Termination of Award Plan</u>**

The Corporation retains the right to amend from time to time or to suspend, terminate or discontinue the terms and conditions of the Plan and the DSUs granted hereunder by resolution of the Board. Any amendments shall be subject to the prior consent of any applicable regulatory bodies, including the Exchange, as may be required. Any amendment to the Plan shall take effect only with respect to DSUs granted after the effective date of such amendment, provided that it may apply to any outstanding DSUs with the mutual consent of the Corporation and the Designated Participants to whom such DSUs have been granted. The Board of Directors shall have the power and authority to approve amendments relating to the Plan or to DSUs, without further approval of the Shareholders, to the extent that such amendment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is for the purpose of curing any ambiguity, error or omission in the Plan or to correct or supplement
any provision of the Plan that is inconsistent with any other provision of the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is necessary to comply with applicable law or the requirements of any stock exchange on which the Common
Shares are listed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is an amendment to the Plan respecting administration and eligibility for participation under the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) is an amendment pursuant to Section 7 of Schedule "C" attached hereto; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) is an amendment to the Plan of a "housekeeping nature";

provided that in the case of any alteration, amendment or variance referred to in this Section 9 the alteration, amendment or variance does not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) increase the maximum number of Common Shares issuable under the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) amend the limits on Designated Participant participation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) result in a material or unreasonable dilution in the number of outstanding Common Shares or any material benefit to a Designated Participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) change the class of eligible participants to the Plan which would have the potential of broadening or increasing participation by
Insiders of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) amend the amendment provision of the Plan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) make any amendment to the Plan that permits a Designated Participant to transfer DSUs to any person, other
than in the case of the death of the Designated Participant.

**10. <u>Provisions for Foreign Participants</u>**

The Corporation may, without amending the Plan, modify the terms of DSUs granted to Designated Participants who are foreign nationals or who provide services to the Corporation or any Affiliate from outside of Canada in order to comply with the applicable laws of such foreign jurisdictions.

**11. <u>Withholding Taxes</u>**

When a Designated Participant or other person becomes entitled to receive payment in respect of any DSU pursuant to the Plan, the Corporation shall have the right to and shall withhold on behalf of the Designated Participant or such other person an amount sufficient to satisfy any withholding tax requirements relating thereto and the Corporation shall remit, on behalf of the Designated Participant or such other person, an amount of cash sufficient to satisfy any withholding tax requirements relating thereto. Unless otherwise prohibited by applicable law, satisfaction of the withholding tax obligation shall be accomplished by (as applicable): (i) the withholding of a cash amount sufficient to satisfy the total withholding tax obligation; or (ii) the withholding and automatic sale of a number of Common Shares (from any Common Shares otherwise deliverable to the Designated Participant in accordance with the terms of the Plan) having a Fair Market Value, determined as of the date the withholding tax obligation arises, sufficient to satisfy the total withholding tax obligation.

**12. <u>Miscellaneous</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *<u>Effect of Headings</u> –* The section and subsection heading contained herein are for convenience
only and shall not affect the construction hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *<u>Compliance with Legal Requirements</u>* - The Corporation shall not be obliged to deliver any
Common Shares or make any cash payment if such delivery or payment (as applicable) would violate any law or regulation or any rule of
any government authority or stock exchange. The Corporation, in its sole discretion, may postpone the payment in respect of any DSU (whether
in the form of cash or Common Shares) or pursuant to any election to receive Market-Purchased Shares, as applicable, as the Board may
consider appropriate, and may require any Designated Participants to make such representations and furnish such information
as it may consider appropriate in connection with the payment of any cash or the delivery of any Common Shares in compliance with applicable
laws, rules and regulations. The Corporation shall not be required to qualify for resale pursuant to a prospectus or similar document
any Common Shares delivered under the Plan, provided that, if required, the Corporation shall notify the Exchange, the NYSE and any other
appropriate regulatory bodies in Canada of the existence of the Plan and the granting of DSUs hereunder in accordance with any such requirements.
In case of the Board exercises its discretion to issue Common Shares upon settlement of DSUs granted to a Designated Participant resident
in the United States of America, such issuance shall be contingent upon receipt of completed representations as set forth in Schedule
 "D" attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *<u>No Right to Continued Membership on the Board</u>* – Nothing in the Plan shall confer upon
any Designated Participant the right to continue in the service as a Director or as a non-employee service provider, as the case may be,
to be entitled to any remuneration or benefits not set forth in the Plan or to interfere with or limit in any way the right of the Corporation
or an Affiliate to terminate the service of a Director or a non-employee service provider, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *<u>Ceasing to be an Affiliate</u>* – Except as otherwise provided in this Plan, DSUs granted
under this Plan shall not be affected by any change in the relationship between or ownership of the Corporation and an Affiliate. For
greater certainty, all outstanding DSUs shall remain valid in accordance with the terms and conditions of this Plan and are not affected
by reason only that, at any time, any corporation, partnership or trust ceases to be an Affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *<u>Expenses</u>* – All expenses in connection with the Plan shall be borne by the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *<u>Unfunded Plan</u>* –This Plan shall be unfunded. Although DSU Accounts may be established
with respect to Designated Participants, any such accounts shall be used merely as a bookkeeping convenience. The Corporation shall not
be required to segregate any assets that may at any time be represented by Common Shares, cash or rights thereto, nor shall this Plan
be construed as providing for such segregation. Any liability or obligation of the Corporation to any Designated Participant with respect

or obligation of the Corporation shall be deemed to be secured by any pledge or other encumbrance on any property of the Corporation.
Neither the Corporation nor the Board nor any Committee shall be required to give any security or bond for the performance of any obligation

**13. <u>Governing Law</u>**

The Plan shall be governed by and construed in accordance with the laws in force in the Province of Alberta.

**14. <u>Effective Date</u>**

The Plan is made effective as of January 1, 2019 (the "**Effective Date**"), as amended and restated effective as of February 27, 2019, January 8, 2020, March 5, 2021 and August 12, 2021.

**SCHEDULE "A"**

**VERMILION ENERGY INC.<br> DEFERRED SHARE UNIT PLAN**

**ELECTION NOTICE**

Vermilion Energy Inc. (the "**Corporation**") pays Annual Remuneration and Meeting Fees (each as defined in the Vermilion Energy Inc. Deferred Share Unit Plan (the "**Plan**")) to each member of the board of directors (the "**Board**") of the Corporation and other Designated Participants.

Capitalized terms used but not defined herein shall have the meanings attributed to such terms in the Plan.

Subject to certain election restrictions set out in the Plan, the undersigned may elect to receive his or her Annual Remuneration and Meeting Fees in the form of DSUs, cash or Market-Purchased Shares or a combination thereof.

**In order to receive the election set forth herein, a completed Election Notice must be received no later than the last Business Day prior to the end of the calendar year preceding the calendar year in which such election is to apply. In the case of a newly appointed or elected Director or other new Designated Participant, an Election Notice must be completed, signed and delivered to the Corporation as soon as possible, and, in any event, no later than 30 days after the Designated Participant's appointment or election, with such Election Notice to be effective as of the appointment or election date and shall continue in effect until the last day of the calendar year in which such new Designated Participant is appointed or elected.**

I, ____________________, the undersigned Designated Participant acknowledge that:

1. I have received and reviewed a copy of the Plan and agree to be bound by the terms and conditions thereof.

2. I hereby confirm that:

◻ I am not subject to the Share Ownership Requirement;

---

| | |
|:---|:---|
| ◻ | I have met the Share Ownership Requirement, in which case I am required to elect to allocate a minimum of 25% of my Annual Remuneration for 20 to DSUs; or |

---

---

| | |
|:---|:---|
| ◻ | I have not met the Share Ownership Requirement, in which case I am required to elect to allocate a minimum of 50% of my Annual Remuneration for 20 to DSUs. |

---

3. I hereby elect to receive my Annual Remuneration for 20 as follows:

(i) DSUs: (%)

(ii) Cash: (%)

(iii) Market-Purchased Shares: (%)

**Total: 100%**

4. I hereby elect to receive my Meeting Fees for 20 as follows:

(i) DSUs: (%)

(ii) Cash: (%)

(iii) Market-Purchased Shares: (%)

**Total: 100%**

5. I acknowledge and understand that this election is irrevocable for the fiscal year in respect of which
it is being made.

6. I acknowledge and understand that my Annual Remuneration and Meeting Fees will be determined on an annual
basis and credited on a quarterly basis in arrears in accordance with my election in Section 3 of this Election Notice, and that
if I am newly appointed or elected, or the Date of Termination occurs, during a calendar quarter, my Annual Remuneration and Meeting Fees
for that quarter will be prorated.

7. The value of a DSU at any time is based on the Fair Market Value of a Common Share and is not guaranteed
and, accordingly, the value of Common Shares or cash payment when received, as applicable, may be higher

or lower than the value of the DSU at the time it was credited to my DSU Account under the Plan.

8. I will be liable for all applicable income and other taxes and deductions when DSUs are redeemed in accordance
with the terms of the Plan. Payments under the Plan will be net of applicable withholding taxes. I understand that the Corporation is
making no representation to me regarding taxes applicable to me under this Plan and that it is my responsibility to confirm the tax treatment
of the DSUs or any payment under the Plan with my own tax advisor.

9. No funds will be set aside to guarantee the payment of any amounts due under the Plan. Future payments
from the Plan are an unfunded liability recorded on the books of the Corporation. Any rights under the Plan by virtue of a grant of DSUs
shall be no greater than the rights of an unsecured creditor.

10. I am receiving DSUs solely in my capacity as a Designated Participant.

    <br> Date Witness Signature

---

| | |
|:---|:---|
| Signature of Designated Participant |  |
| Name of Designated Participant (please print) | Witness Name (please print) |

---

A - 2 -

**SCHEDULE "B"**

**VERMILION ENERGY INC.<br> DEFERRED SHARE UNIT PLAN**

**REDEMPTION NOTICE**

**(FOR DESIGNATED PARTICIPANTS OTHER THAN U.S. PARTICIPANTS)**

Vermilion Energy Inc. (the "**Corporation**") pays Annual Remuneration and Meeting Fees (each as defined in the Vermilion Energy Inc. Deferred Share Unit Plan (the "**Plan**")) to each non-employee member of the board of directors (the "**Board**") of the Corporation and other specified non-employee service providers, a percentage of which is paid in DSUs.

Capitalized terms used but not defined herein shall have the meanings attributed to such terms in the Plan.

**In order to redeem the DSUs as set out in this Redemption Notice, a completed Redemption Notice must be received prior to a Designated Participant's Date of Termination.**

I,<u> </u>, the undersigned Designated Participant:

1. acknowledge that I have received and reviewed a copy of the Plan and agree to be bound by the terms and
conditions thereof;

2. confirm that I am not a U.S. Participant;

3. acknowledge that under the Plan, I am only permitted to select up to two separate dates as of which
either a portion or all of the DSUs credited to my DSU Account will be redeemed, and that such Redemption Date(s) must fall within
the parameters specified in Section 5(d)(ii) of the Plan;

4. hereby elect to redeem the DSUs credited to my DSU Account as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Number of DSUs to be Redeemed <br> (specify whole percentage or whole number)** | &nbsp;&nbsp;**Redemption Date** |

---

5. acknowledge that I will receive on the Redemption Date, at the Board's sole discretion in accordance
with the Plan: (A) a cash amount equal to the aggregate Fair Market Value of such Common Shares as at the Redemption Date; (B) the
number of the Common Shares (issued from treasury) equal to the number of DSUs credited to my DSU Account as of the Redemption Date (as
adjusted pursuant to the Plan); or (C) a combination thereof, in each case in consideration for my surrender to the Corporation of
the DSUs;

6. acknowledge and understand that I am required to file this
Redemption Notice with the Corporation prior to the Date of Termination, and that if I fail to file this Redemption Notice prior to such
Date of Termination or if I fail to elect a Redemption Date(s) within the parameters specified in Section 5(d)(ii), I will be deemed
to have filed with the Corporation a single Redemption Notice electing to redeem all of the DSUs credited to my DSU Account on a single
Redemption Date which will, subject to Section 5(d)(i), be the date which is six months after my Date of Termination; and

7. acknowledge and understand that this Redemption Notice is
irrevocable for the DSUs in respect of which it is being made.

    <br> Date Witness Signature

---

| | |
|:---|:---|
| Signature of Designated Participant |  |
| Name of Designated Participant (please print) | Witness Name (please print) |

---

B - 2 -

**SCHEDULE "C"**

**VERMILION ENERGY INC.<br> DEFERRED SHARE UNIT PLAN**

**TERMS AND CONDITIONS FOR U.S. PARTICIPANTS<br> (EFFECTIVE JANUARY 1, 2019)**

The Board of Directors (the "**Board**") of Vermilion Energy Inc. (the "**Corporation**") established the Deferred Share Unit Plan (the "**Plan**") to provide for the issuance of Deferred Share Units ("**DSUs**") to non-employee directors and other specified non-employee service providers of the Corporation and its Affiliates.

In accordance with Section 10 of the Plan, the Board has determined it is necessary and appropriate to adopt additional terms and conditions under the Plan applicable to Designated Participants (as such term is defined in the Plan) who are citizens or residents of the United States ("**U.S. Participants**") in order that the Plan comply with the applicable provisions of Section 409A of the United States Internal Revenue Code of 1986, as amended (the "**Code**"), and United States federal and state securities laws.

These "Terms and Conditions for U.S. Participants" (the "**U.S. Terms and Conditions**") set forth additional terms and conditions for U.S. Participants eligible to participate in the Plan and shall supersede and override any conflicting provision in the Plan to the extent such provision affects a U.S. Participant.

1. **Incorporation of Plan**

The Plan is hereby incorporated by reference in its entirety into the U.S. Terms and Conditions, subject to and as modified by the supplemental terms and conditions set forth herein. Capitalized terms not defined herein shall have the meanings ascribed to such terms in the Plan.

2. **Definitions**

Initially capitalized terms used in the U.S. Terms and Conditions (and not defined in this Section 2 or in the Preamble), will have the meanings ascribed to such terms in the Plan. Reference to the singular will include references to the plural.

For the purposes of the U.S. Terms and Conditions, the following words and phrases will have the meanings indicated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Entry Date**" means, with respect to a U.S. Participant, the date on which such U.S. Participant
is first eligible to participate in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Initial DSUs**" means any DSUs credited to a U.S. Participant's DSU Account on or
before December 31 of the calendar year that includes the U.S. Participant's Entry Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Section 409A**" means Section 409A of the Code, including any amendments or
successor provisions to that section and any regulations and other administrative guidance thereunder, in each case as they, from time
to time, may be amended or interpreted through further administrative guidance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**U.S. Securities Act**" means the U.S. Securities Act of 1933 and the rules and regulations
promulgated thereunder, or any successor law, as it may be amended from time to time.

3. **Coverage**

The Plan, as modified and supplemented by these U.S. Terms and Conditions, shall apply to each U.S. Participant who is eligible to participate in the Plan.

C- 1 -

4. **Redemption of DSUs**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A U.S. Participant shall make his or her redemption election pursuant to a Redemption Notice substantially in the form attached as <u>Exhibit A</u> and these U.S. Terms and Conditions. For the purposes of these U.S. Terms and Conditions, a U.S. Participant's "Date of Termination" shall be the later of (a) the actual date the U.S. Participant ceases to be a director or officer of the Corporation or any Affiliate, as applicable, and (b) the date on which the U.S. Participant incurs a "separation from service" from the Corporation within the meaning of Section 409A. In addition, if the U.S. Participant is a "specified employee" (within the meaning of Section 409A) of the Corporation on his or her Date of Termination, no DSUs credited to the U.S. Participant's DSU Account will be redeemed before the date that is six (6) months following the U.S. Participant's Date of Termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to any Initial DSUs credited to a U.S. Participant's DSU Account, the U.S. Participant must file with the Corporation a complete and correct Redemption Notice no later than 30 days following the U.S. Participant's Entry Date. Any Initial DSUs that are not covered by a timely, complete and correct Redemption Notice filed with the Corporation will be redeemed in accordance with the rules set forth in Section 5(d)(iii) of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) With respect to any DSUs (other than Initial DSUs) credited to a U.S. Participant's DSU Account after December 31 of the calendar year that includes the U.S. Participant's Entry Date, the U.S. Participant must file with the Corporation a complete and correct Redemption Notice no later than December 31 of the calendar year immediately preceding the calendar year in which such DSUs are credited to the U.S. Participant's DSU Account. Any such DSUs that are not covered by a timely, complete and correct Redemption Notice filed with the Corporation will be redeemed in accordance with the rules set forth Section 5(d)(iii) of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If a Redemption Date selected by a U.S. Participant falls within a Black-Out Period (not including Black-Out Periods imposed due to a cease trade order), then such Redemption Date shall be earlier of (a) ten (10) Business Days from the date the Black-Out Period ends or (b) December 31 of the calendar year of the scheduled Redemption Date.

5. **Section 409A**

DSUs credited under the Plan to U.S. Participants are intended to comply with Section 409A and the Plan will be construed and administered accordingly. Notwithstanding any other provision of the Plan, payments provided under the Plan may be made only upon an event and in a manner that complies with Section 409A or an applicable exemption. The applicable provisions of Section 409A are hereby incorporated by reference into the Plan with respect to DSUs credited to the DSU Accounts of U.S. Participants and shall control over any provision in conflict therewith. Nothing in the Plan or these U.S. Terms and Conditions is or contains a representation to any U.S. Participant regarding the tax consequences of the grant, settlement, or sale of any DSU (or the Common Shares underlying such DSU), and should not be interpreted as such. In no event shall the Corporation or any of its Affiliates be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by a U.S. Participant on account of non-compliance with Section 409A.

6. **Legal Compliance**

The Common Shares issuable under the Plan will be issued in compliance with all applicable laws, including, without limitation, the U.S. Securities Exchange Act of 1934, as amended, the U.S. Securities Act, and any other applicable U.S. laws. Any resale or transfer of Common Shares issued to a U.S. Participant under the Plan must also comply with all applicable laws governing the resale or transfer of the Common Shares. The Corporation may impose such restrictions, conditions or limitations as it determines appropriate as to the timing and manner of any sales of Common Shares issued to a U.S. Participant under the Plan or other subsequent transfers by a U.S. Participant of any such Common Shares, including without limitation (a) restrictions that may be necessary in the absence of an effective registration statement under the U.S. Securities Act, and (b) restrictions as to the use of a specified brokerage firm or other agent for such sales or transfers.

C- 2 -

7. **Amendments**

Without limiting Section 9 of the Plan, the Corporation retains the right to amend these U.S. Terms and Conditions and/or any DSU issued to a U.S. Participant to the extent necessary or appropriate to comply with U.S. law.

C- 3 -

**<u>Exhibit A</u>**

**VERMILION ENERGY INC.<br> DEFERRED SHARE UNIT PLAN**

**REDEMPTION NOTICE**

**(FOR DESIGNATED PARTICIPANTS WHO ARE U.S. PARTICIPANTS)**

Vermilion Energy Inc. (the "**Corporation**") pays Annual Remuneration and Meeting Fees (each as defined in the Vermilion Energy Inc. Deferred Share Unit Plan (the "**Plan**")) to each non-employee member of the board of directors (the "**Board**") of the Corporation and other specified non-employee service providers of the Corporation, a percentage of which is paid in DSUs.

Capitalized terms used but not defined herein shall have the meanings attributed to such terms in the Plan, as modified by the U.S. Terms and Conditions.

**In order to redeem the DSUs as set out in this Redemption Notice, a completed Redemption Notice must be received prior to a Designated Participant's Date of Termination.**

I,<u> </u>, the undersigned Designated Participant:

1. acknowledge that I have received and reviewed a copy of the Plan (including the U.S. Terms and Conditions) and agree to be bound by the terms and conditions thereof;

2. confirm that I am a U.S. Participant;

3. acknowledge that under the Plan, I am only permitted to select up to two separate dates as of which either a portion or all of the DSUs credited to my DSU Account will be redeemed, and that such Redemption Date(s) must fall within the parameters specified in Section 5(d)(ii)(B) – (D) of the Plan;

4. hereby elect to redeem the DSUs credited to my DSU Account as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Number of DSUs to be Redeemed <br> (specify whole percentage or whole number)** | &nbsp;&nbsp;**Redemption Date** |

---

5. acknowledge that I will receive on the Redemption Date, at the Board's sole discretion in accordance with the Plan: (A) a cash amount equal to the aggregate Fair Market Value of such Common Shares as at the Redemption Date; (B) the number of the Common Shares (issued from treasury) equal to the number of DSUs credited to my DSU Account as of the Redemption Date (as adjusted pursuant to the Plan); or (C) a combination thereof, in each case in consideration for my surrender to the Corporation of the DSUs;

6. acknowledge and understand that I am required to file this Redemption Notice with the Corporation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no later than 30 days following my Entry Date with respect to any Initial DSUs covered by this Redemption Notice; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to any other DSUs covered by this Redemption Notice, no later than December 31 of the calendar year immediately preceding the calendar year in which such DSUs will be credited to my DSU Account;

7. acknowledge and understand that if I fail to timely file this Redemption Notice or if I fail to elect a Redemption Date(s) within the parameters specified in Section 5(d)(ii)(B) – (D), I will be deemed to have filed with the Corporation a single Redemption Notice electing to redeem all of the DSUs credited to my DSU Account on a single Redemption Date which will, subject to Section 5(d)(i), be the date which is six months after my Date of Termination; and

8. acknowledge and understand that this Redemption Notice will become irrevocable on the applicable deadline date specified in paragraph 5, above.

    <br> Date Witness Signature

---

| | |
|:---|:---|
| Signature of Designated Participant |  |
| Name of Designated Participant (please print) | Witness Name (please print) |

---

**SCHEDULE "D"**

**VERMILION ENERGY INC.<br> DEFERRED SHARE UNIT PLAN**

**CERTIFICATE OF U.S. PARTICIPANT**

This Certificate is delivered pursuant to Section 12(b) of the Deferred Share Unit Plan of Vermilion Energy Inc. (the

"**Corporation**"), and evidences that the undersigned,_________________________, being the holder (the "**DSU Holder**") of "deferred share units" (the "**DSUs**") which may entitle the DSU Holder to receive certain shares (the "**Common Shares**") of the capital stock of the Corporation upon such term, conditions and price as set forth in the Plan, hereby represents, warrants, acknowledges and affirms as follows:

1. the undersigned is a resident of the United States of America; and

2. the undersigned, in his/her capacity as a Designated Participant of the Corporation, has had full access to the books and records of the Corporation; has had the opportunity to access and review the Corporation's public Internet filings on the System for Electronic Document Analysis and Retrieval at <u>www.sedar.com</u>, the Electronic Data Gathering and Retrieval System at <u>www.sec.gov</u>, and to consult with his/her legal and tax advisors with regard thereto; has been offered the opportunity to ask questions and receive answers from management concerning the Corporation and its securities; and that any request for such information has been complied with to the undersigned's satisfaction; and

3. the undersigned understands and agrees that all certificate(s) representing any Common Shares issued in respect of the DSUs will be endorsed with, and be subject to the terms and conditions of, the following U.S. restrictive legend:

"**THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT") OR UNDER ANY STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF VERMILION ENERGY INC. ("THE CORPORATION") THAT SUCH SECURITIES MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED ONLY (A) TO THE CORPORATION, (B) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE U.S. SECURITIES ACT AND APPLICABLE STATE LAWS; (C) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH REGULATION S UNDER THE U.S. SECURITIES ACT, (D) WITHIN THE UNITED STATES IN ACCORDANCE WITH AN EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT PROVIDED BY RULE 144 OR 144A THEREUNDER, IF AVAILABLE, AND IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAWS, OR (E) IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR APPLICABLE STATE SECURITIES LAWS, AND THE SELLER HAS FURNISHED TO THE CORPORATION AN OPINION TO SUCH EFFECT, FROM COUNSEL OF RECOGNIZED STANDING REASONABLY SATISFACTORY TO THE CORPORATION, PRIOR TO SUCH OFFER, SALE OR TRANSFER UNDER (D) OR (E) ABOVE. DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE GOOD DELIVERY IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA.**

**SUBJECT TO APPLICABLE CANADIAN LAW, AND PROVIDED THAT THE FOLLOWING PROCEDURE COMPLIES WITH U.S. SECURITIES LAWS AT THE TIME OF SALE, A NEW CERTIFICATE BEARING NO U.S. RESTRICTIVE LEGENDS MAY BE OBTAINED FROM THE CORPORATION'S REGISTRAR AND TRANSFER AGENT UPON DELIVERY OF THIS CERTIFICATE AND A DULY EXECUTED DECLARATION, IN A FORM SATISFACTORY TO THE TRANSFER AGENT AND THE CORPORATION, TO THE EFFECT THAT SUCH SALE IS BEING MADE IN ACCORDANCE WITH REGULATION S UNDER THE U.S. SECURITIES ACT."**

*Provided* that, if the Common Shares bearing such legend are being sold outside the United States in compliance with Rule 904 of such Regulation S and in compliance with applicable local laws and regulations, the Corporation shall use its reasonable best efforts to cause the legend to be timely removed upon delivery of the certificate and a duly executed declaration to the Corporation's registrar and transfer agent in the form attached hereto as "Exhibit 1" to this Schedule "D" (or as the Corporation may reasonably prescribe from time to time); *provided, further*, that if any such Common Shares are being sold pursuant to Rule 144 under the U.S. Securities Act, the legend may be removed by delivery to the Corporation's registrar and transfer agent of an opinion of U.S. counsel of recognized standing in form and substance satisfactory to the Corporation, to the effect that the legend is no longer required under applicable requirements of the U.S. Securities Act and applicable state securities laws.

Please issue a certificate for the Common Shares (if any) being issued pursuant to my DSUs as follows:

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|:---|
| Name: |
| (please print) |
| Address: |

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Signature of DSU Holder:

    <br> Date Witness Signature

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| | |
|:---|:---|
| Signature of Designated Participant |  |
| Name of Designated Participant (please print) | Witness Name (please print) |

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**EXHIBIT 1 TO SCHEDULE "D"**

**DECLARATIONS FOR REMOVAL OF U.S. RESTRICTIVE LEGEND**

To: Computershare Investor Services Inc., as registrar and transfer agent for the shares of Vermilion Energy Inc.

(the "**Corporation**")

The undersigned (A) acknowledges that the sale of _________ shares of the Corporation, represented by certificate number _____, to which this declaration relates, has been made in reliance on Rule 904 of Regulation S under the United States Securities Act of 1933, as amended (the "**1933 Act**"), and (B) certifies that (1) the undersigned is not an "affiliate" (as defined in Rule 405 under the 1933 Act) of the Corporation, or is an "affiliate" solely by virtue of being an officer and/or director thereof; (2) the offer of such securities was not made to a "US Person" or to a person in the United States and either (a) at the time the buy order was originated, the buyer was outside the United States, or the seller and any person acting on its behalf reasonably believe that the buyer was outside the United States, or (b) the transaction was executed on or through the facilities of The Toronto Stock Exchange, and neither the seller nor any person acting on its behalf knows that the transaction was prearranged with a buyer in the United States; (3) in the case of the undersigned being an officer and/or director of the Corporation, no selling concession, fee or other remuneration will be paid in connection with such offer and sale other than the usual and customary broker's commission; and (4) neither the seller nor any person acting on its behalf engaged in any directed selling efforts in connection with the offer and sale of such securities. Terms used herein have the meanings given to them by Regulation S.

    <br> Date Witness Signature

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| | |
|:---|:---|
| Signature of Designated Participant |  |
| Name of Designated Participant (please print) | Witness Name (please print) |

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**<u>Affirmation by Seller's Broker-Dealer</u>**

We have read the foregoing representations of our customer with regard to the sale of shares described therein, and on behalf of ourselves we certify and affirm that (A) we have no knowledge that the transaction had been prearranged with a buyer in the United States, (B) the transaction was executed on or through the facilities of The Toronto Stock Exchange and (C) neither we, nor any person acting on our behalf, engaged in any directed selling efforts in connection with the offer and sale of such securities. Terms used herein have the meanings given to them by Regulation S.

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| | |
|:---|:---|
| Name of Firm | Name of Firm |
| By: |  |
|  | Signature of Authorized officer |
| Name of Authorized officer (please print) | Name of Authorized officer (please print) |
| Date | Date |

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## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

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| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Calculation of Filing Fee Tables**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **S-8**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **VERMILION ENERGY INC.**  |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Class Title**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Calculation Rule**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount Registered**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Proposed Maximum Offering Price Per Unit**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum Aggregate Offering Price**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Rate**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount of Registration Fee**  |
| 1 | Equity | Common Shares | Other | 425000 | $11.40 | $4845000.00 | 0.0001381 | $669.09 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: |  | $4845000.00  |  | $669.09  |
| Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  |  |  |  | $0.00  |
| Net Fee Due:  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  |  |  |  | $669.09  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Offering Note** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>1</sup> The common shares of Vermilion Energy Inc. (the "Common Shares") registered are issuable upon (i) exercise of outstanding deferred share units under the Deferred Share Unit Plan (the "DSU Plan") and (ii) exercise of outstanding securities and securities to be granted under the Omnibus Plan (the "Omnibus Plan" and together with the DSU Plan, the "Plans"). Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the "Securities Act"), the number of Common Shares registered hereby is subject to adjustment to prevent dilution by reason of any share dividend, share split, recapitalization or other similar transaction that results in an increase in the number of the outstanding Common Shares. The filing fees were estimated pursuant to Rule 457(h) and Rule 457(c) under the Securities Act, solely for the purpose of computing the registration fee for Common Shares to be issued pursuant to the Plans based on the average of the high and low prices reported for a Common Share on the New York Stock Exchange on April 17, 2026, which was US$11.40 per share.

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| |
|:---|
| |
| **Rule 457(p)** |
| Fee Offset Claims |
| Fee Offset Sources |

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