Document:

Exhibit
10.2

 

NEITHER
THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE CONVERTIBLE
HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT
BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER), IN
A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY
BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.

 

	Principal
    Amount: $53,000.00	Issue
    Date: September 14, 2020
	Purchase
    Price: $53,000.00	 

 

CONVERTIBLE
PROMISSORY NOTE

 

FOR
VALUE RECEIVED, AMERICAN INTERNATIONAL HOLDINGS CORP., a Nevada corporation (hereinafter called the “Borrower”),
hereby promises to pay to the order of GENEVA ROTH REMARK HOLDINGS, INC., a New York corporation, or registered assigns
(the “Holder”) the sum of $53,000.00 together with any interest as set forth herein, on December 14, 2021 (the “Maturity
Date”), and to pay interest on the unpaid principal balance hereof at the rate of eight percent (8%)(the “Interest
Rate”) per annum from the date hereof (the “Issue Date”) until the same becomes due and payable, whether at
maturity or upon acceleration or by prepayment or otherwise. This Note may not be prepaid in whole or in part except as otherwise
explicitly set forth herein. Any amount of principal or interest on this Note which is not paid when due shall bear interest at
the rate of twenty two percent (22%) per annum from the due date thereof until the same is paid (“Default Interest”).
Interest shall commence accruing on the date that the Note is fully paid and shall be computed on the basis of a 365-day year
and the actual number of days elapsed. All payments due hereunder (to the extent not converted into common stock, $0.0001 par
value per share (the “Common Stock”) in accordance with the terms hereof) shall be made in lawful money of the United
States of America. All payments shall be made at such address as the Holder shall hereafter give to the Borrower by written notice
made in accordance with the provisions of this Note. Each capitalized term used herein, and not otherwise defined, shall have
the meaning ascribed thereto in that certain Securities Purchase Agreement dated the date hereof, pursuant to which this Note
was originally issued (the “Purchase Agreement”).

 

This
Note is free from all taxes, liens, claims and encumbrances with respect to the issue thereof and shall not be subject to preemptive
rights or other similar rights of shareholders of the Borrower and will not impose personal liability upon the holder thereof.

 

     

     

    

 

The
following terms shall apply to this Note:

 

Article
I. CONVERSION RIGHTS

 

1.1
Conversion Right. The Holder shall have the right from time to time, and at any time during the period beginning on the
date which is one hundred eighty (180) days following the date of this Note and ending on the later of: (i) the Maturity Date
and (ii) the date of payment of the Default Amount (as defined in Article III), each in respect of the remaining outstanding amount
of this Note to convert all or any part of the outstanding and unpaid amount of this Note into fully paid and non-assessable shares
of Common Stock, as such Common Stock exists on the Issue Date, or any shares of capital stock or other securities of the Borrower
into which such Common Stock shall hereafter be changed or reclassified at the conversion price (the “Conversion Price”)
determined as provided herein (a “Conversion”); provided, however, that in no event shall the Holder
be entitled to convert any portion of this Note in excess of that portion of this Note upon conversion of which the sum of (1)
the number of shares of Common Stock beneficially owned by the Holder and its affiliates (other than shares of Common Stock which
may be deemed beneficially owned through the ownership of the unconverted portion of the Notes or the unexercised or unconverted
portion of any other security of the Borrower subject to a limitation on conversion or exercise analogous to the limitations contained
herein) and (2) the number of shares of Common Stock issuable upon the conversion of the portion of this Note with respect to
which the determination of this proviso is being made, would result in beneficial ownership by the Holder and its affiliates of
more than 4.99% of the outstanding shares of Common Stock. For purposes of the proviso to the immediately preceding sentence,
beneficial ownership shall be determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), and Regulations 13D-G thereunder, except as otherwise provided in clause (1) of such proviso. The
beneficial ownership limitations on conversion as set forth in the section may NOT be waived by the Holder. The number of
shares of Common Stock to be issued upon each conversion of this Note shall be determined by dividing the Conversion Amount (as
defined below) by the applicable Conversion Price then in effect on the date specified in the notice of conversion, in the form
attached hereto as Exhibit A (the “Notice of Conversion”), delivered to the Borrower by the Holder in accordance with
Section 1.4 below; provided that the Notice of Conversion is submitted by facsimile or e-mail (or by other means resulting in,
or reasonably expected to result in, notice) to the Borrower before 6:00 p.m., New York, New York time on such conversion date
(the “Conversion Date”); however, if the Notice of Conversion is sent after 6:00pm, New York, New York time the Conversion
Date shall be the next business day. The term “Conversion Amount” means, with respect to any conversion of this Note,
the sum of (1) the principal amount of this Note to be converted in such conversion plus (2) at the Holder’s option,
accrued and unpaid interest, if any, on such principal amount at the interest rates provided in this Note to the Conversion Date,
plus (3) at the Holder’s option, Default Interest, if any, on the amounts referred to in the immediately preceding
clauses (1) and/or (2) plus (4) at the Holder’s option, any amounts owed to the Holder pursuant to Sections 1.4 hereof.

 

1.2
Conversion Price. The conversion price (the “Conversion Price”) shall equal the Variable Conversion Price (as
defined herein)(subject to equitable adjustments for stock splits, stock dividends or rights offerings by the Borrower relating
to the Borrower’s securities or the securities of any subsidiary of the Borrower, combinations, recapitalization, reclassifications,
extraordinary distributions and similar events). The “Variable Conversion Price” shall mean 1.0 minus the Applicable
Percentage (as defined herein) multiplied by the Market Price (as defined herein). “Market Price” shall equal average
of the two (2) lowest daily VWAP over the ten (10) consecutive Trading Days immediately preceding the date on which the Market
Price is being determined. “VWAP” shall mean the daily dollar volume-weighted average sale price for the Common Stock
on the Principal Market on any particular Trading Day during the period beginning at 9:30 a.m., New York City Time (or such other
time as the Principal Market publicly announces is the official open of trading), and ending at 4:00 p.m., New York City Time
(or such other time as the Principal Market publicly announces is the official close of trading), as reported by Bloomberg through
its “Volume at Price” functions or, if the foregoing does not apply, the dollar volume-weighted average price of such
security in the over-the-counter market on the electronic bulletin board for such security during the period beginning at 9:30
a.m., New York City Time (or such other time as the Principal Market publicly announces is the official open of trading), and
ending at 4:00 p.m., New York City Time (or such other time as the Principal Market publicly announces is the official close of
trading), as reported by Bloomberg, or, if no dollar volume-weighted average price is reported for such security by Bloomberg
for such hours, the average of the highest closing bid price and the lowest closing ask price of any of the market makers for
such security as reported in the OTCBB or the “pink sheets” by the National Quotation Bureau, Inc. If the VWAP cannot
be calculated for such security on such date on any of the foregoing bases, the VWAP of such security on such date shall be the
fair market value as mutually determined by the Company and the holder of the Note. All such determinations of VWAP shall to be
appropriately and equitably adjusted in accordance with the provisions set forth herein for any stock dividend, stock split, stock
combination or other similar transaction occurring during any period used to determine the Market Price (or other period utilizing
VWAPs). “Trading Day” shall mean a day on which there is trading on the Principal Market. “Principal Market”
shall mean the OTCBB or such other principal market, exchange or electronic quotation system on which the Common Stock is then
listed for trading. “Applicable Percentage” shall mean 39%.

 

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1.3
Authorized Shares. The Borrower covenants that during the period the conversion right exists, the Borrower will reserve
from its authorized and unissued Common Stock a sufficient number of shares, free from preemptive rights, to provide for the issuance
of Common Stock upon the full conversion of this Note issued pursuant to the Purchase Agreement. The Borrower is required at all
times to have authorized and reserved five times the number of shares that would be issuable upon full conversion of the Note
(assuming that the 4.99% limitation set forth in Section 1.1 is not in effect)(based on the respective Conversion Price of the
Note (as defined in Section 1.2) in effect from time to time, initially 1,820,680
shares)(the “Reserved Amount”). The Reserved Amount shall be increased (or decreased with the written consent of the
Holder) from time to time in accordance with the Borrower’s obligations hereunder. The Borrower represents that upon issuance,
such shares will be duly and validly issued, fully paid and non-assessable. In addition, if the Borrower shall issue any securities
or make any change to its capital structure which would change the number of shares of Common Stock into which the Notes shall
be convertible at the then current Conversion Price, the Borrower shall at the same time make proper provision so that thereafter
there shall be a sufficient number of shares of Common Stock authorized and reserved, free from preemptive rights, for conversion
of the outstanding Note. The Borrower (i) acknowledges that it has irrevocably instructed its transfer agent to issue certificates
for the Common Stock issuable upon conversion of this Note, and (ii) agrees that its issuance of this Note shall constitute full
authority to its officers and agents who are charged with the duty of executing stock certificates to execute and issue the necessary
certificates for shares of Common Stock in accordance with the terms and conditions of this Note.

 

If,
at any time the Borrower does not maintain the Reserved Amount it will be considered an Event of Default under Section 3.2 of
the Note.

 

1.4
Method of Conversion.

 

(a)
Mechanics of Conversion. As set forth in Section 1.1 hereof, from time to time, and at any time during the period beginning
on the date which is one hundred eighty (180) days following the date of this Note and ending on the later of: (i) the Maturity
Date and (ii) the date of payment of the Default Amount, this Note may be converted by the Holder in whole or in part at any time
from time to time after the Issue Date, by (A) submitting to the Borrower a Notice of Conversion (by facsimile, e-mail or other
reasonable means of communication dispatched on the Conversion Date prior to 6:00 p.m., New York, New York time) and (B) subject
to Section 1.4(b), surrendering this Note at the principal office of the Borrower (upon payment in full of any amounts owed hereunder).

 

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(b)
Surrender of Note Upon Conversion. Notwithstanding anything to the contrary set forth herein, upon conversion of this Note
in accordance with the terms hereof, the Holder shall not be required to physically surrender this Note to the Borrower unless
the entire unpaid principal amount of this Note is so converted. The Holder and the Borrower shall maintain records showing the
principal amount so converted and the dates of such conversions or shall use such other method, reasonably satisfactory to the
Holder and the Borrower, so as not to require physical surrender of this Note upon each such conversion.

 

(c)
Delivery of Common Stock Upon Conversion. Upon receipt by the Borrower from the Holder of a facsimile transmission or e-mail
(or other reasonable means of communication) of a Notice of Conversion meeting the requirements for conversion as provided in
this Section 1.4, the Borrower shall issue and deliver or cause to be issued and delivered to or upon the order of the Holder
certificates for the Common Stock issuable upon such conversion within three (3) business days after such receipt (the “Deadline”)
(and, solely in the case of conversion of the entire unpaid principal amount hereof, surrender of this Note) in accordance with
the terms hereof and the Purchase Agreement. Upon receipt by the Borrower of a Notice of Conversion, the Holder shall be deemed
to be the holder of record of the Common Stock issuable upon such conversion, the outstanding principal amount and the amount
of accrued and unpaid interest on this Note shall be reduced to reflect such conversion, and, unless the Borrower defaults on
its obligations hereunder, all rights with respect to the portion of this Note being so converted shall forthwith terminate except
the right to receive the Common Stock or other securities, cash or other assets, as herein provided, on such conversion. If the
Holder shall have given a Notice of Conversion as provided herein, the Borrower’s obligation to issue and deliver the certificates
for Common Stock shall be absolute and unconditional, irrespective of the absence of any action by the Holder to enforce the same,
any waiver or consent with respect to any provision thereof, the recovery of any judgment against any person or any action to
enforce the same, any failure or delay in the enforcement of any other obligation of the Borrower to the holder of record, or
any setoff, counterclaim, recoupment, limitation or termination, or any breach or alleged breach by the Holder of any obligation
to the Borrower, and irrespective of any other circumstance which might otherwise limit such obligation of the Borrower to the
Holder in connection with such conversion.

 

(d)
Delivery of Common Stock by Electronic Transfer. In lieu of delivering physical certificates representing the Common Stock
issuable upon conversion, provided the Borrower is participating in the Depository Trust Company (“DTC”) Fast Automated
Securities Transfer (“FAST”) program, upon request of the Holder and its compliance with the provisions set forth
herein, the Borrower shall use its best efforts to cause its transfer agent to electronically transmit the Common Stock issuable
upon conversion to the Holder by crediting the account of Holder’s Prime Broker with DTC through its Deposit Withdrawal
Agent Commission (“DWAC”) system.

 

(e)
Failure to Deliver Common Stock Prior to Deadline. Without in any way limiting the Holder’s right to pursue other
remedies, including actual damages and/or equitable relief, the parties agree that if delivery of the Common Stock issuable upon
conversion of this Note is not delivered by the Deadline due to action and/or inaction of the Borrower, the Borrower shall pay
to the Holder $2,000 per day in cash, for each day beyond the Deadline that the Borrower fails to deliver such Common Stock (the
“Fail to Deliver Fee”); provided; however that the Fail to Deliver Fee shall not be due if the failure is a result
of a third party (i.e., transfer agent; and not the result of any failure to pay such transfer agent) despite the best efforts
of the Borrower to effect delivery of such Common Stock. Such cash amount shall be paid to Holder by the fifth day of the month
following the month in which it has accrued or, at the option of the Holder (by written notice to the Borrower by the first day
of the month following the month in which it has accrued), shall be added to the principal amount of this Note, in which event
interest shall accrue thereon in accordance with the terms of this Note and such additional principal amount shall be convertible
into Common Stock in accordance with the terms of this Note. The Borrower agrees that the right to convert is a valuable right
to the Holder. The damages resulting from a failure, attempt to frustrate, interference with such conversion right are difficult
if not impossible to qualify. Accordingly, the parties acknowledge that the liquidated damages provision contained in this Section
1.4(e) are justified.

 

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1.5
Concerning the Shares. The shares of Common Stock issuable upon conversion of this Note may not be sold or transferred
unless: (i) such shares are sold pursuant to an effective registration statement under the Act or (ii) the Borrower or its transfer
agent shall have been furnished with an opinion of counsel (which opinion shall be in form, substance and scope customary for
opinions of counsel in comparable transactions) to the effect that the shares to be sold or transferred may be sold or transferred
pursuant to an exemption from such registration (such as Rule 144 or a successor rule) (“Rule 144”); or (iii) such
shares are transferred to an “affiliate” (as defined in Rule 144) of the Borrower who agrees to sell or otherwise
transfer the shares only in accordance with this Section 1.5 and who is an Accredited Investor (as defined in the Purchase Agreement).

 

Any
restrictive legend on certificates representing shares of Common Stock issuable upon conversion of this Note shall be removed
and the Borrower shall issue to the Holder a new certificate therefore free of any transfer legend if the Borrower or its transfer
agent shall have received an opinion of counsel from Holder’s counsel, in form, substance and scope customary for opinions
of counsel in comparable transactions, to the effect that (i) a public sale or transfer of such Common Stock may be made without
registration under the Act, which opinion shall be accepted by the Company so that the sale or transfer is effected; or (ii) in
the case of the Common Stock issuable upon conversion of this Note, such security is registered for sale by the Holder under an
effective registration statement filed under the Act; or otherwise may be sold pursuant to an exemption from registration. In
the event that the Company does not reasonably accept the opinion of counsel provided by the Holder with respect to the transfer
of Securities pursuant to an exemption from registration (such as Rule 144), at the Deadline, it will be considered an Event of
Default pursuant to Section 3.2 of the Note.

 

1.6
Effect of Certain Events.

 

(a)
Effect of Merger, Consolidation, Etc. At the option of the Holder, the sale, conveyance or disposition of all or substantially
all of the assets of the Borrower, the effectuation by the Borrower of a transaction or series of related transactions in which
more than 50% of the voting power of the Borrower is disposed of, or the consolidation, merger or other business combination of
the Borrower with or into any other Person (as defined below) or Persons when the Borrower is not the survivor shall be deemed
to be an Event of Default (as defined in Article III) pursuant to which the Borrower shall be required to pay to the Holder upon
the consummation of and as a condition to such transaction an amount equal to the Default Amount (as defined in Article III).
“Person” shall mean any individual, corporation, limited liability company, partnership, association, trust or other
entity or organization.

 

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(b)
Adjustment Due to Merger, Consolidation, Etc. If, at any time when this Note is issued and outstanding and prior to conversion
of all of the Note, there shall be any merger, consolidation, exchange of shares, recapitalization, reorganization, or other similar
event, as a result of which shares of Common Stock of the Borrower shall be changed into the same or a different number of shares
of another class or classes of stock or securities of the Borrower or another entity, or in case of any sale or conveyance of
all or substantially all of the assets of the Borrower other than in connection with a plan of complete liquidation of the Borrower,
then the Holder of this Note shall thereafter have the right to receive upon conversion of this Note, upon the basis and upon
the terms and conditions specified herein and in lieu of the shares of Common Stock immediately theretofore issuable upon conversion,
such stock, securities or assets which the Holder would have been entitled to receive in such transaction had this Note been converted
in full immediately prior to such transaction (without regard to any limitations on conversion set forth herein), and in any such
case appropriate provisions shall be made with respect to the rights and interests of the Holder of this Note to the end that
the provisions hereof (including, without limitation, provisions for adjustment of the Conversion Price and of the number of shares
issuable upon conversion of the Note) shall thereafter be applicable, as nearly as may be practicable in relation to any securities
or assets thereafter deliverable upon the conversion hereof. The Borrower shall not affect any transaction described in this Section
1.6(b) unless (a) it first gives, to the extent practicable, ten (10) days prior written notice (but in any event at least five
(5) days prior written notice) of the record date of the special meeting of shareholders to approve, or if there is no such record
date, the consummation of, such merger, consolidation, exchange of shares, recapitalization, reorganization or other similar event
or sale of assets (during which time the Holder shall be entitled to convert this Note) and (b) the resulting successor or acquiring
entity (if not the Borrower) assumes by written instrument the obligations of this Note. The above provisions shall similarly
apply to successive consolidations, mergers, sales, transfers or share exchanges.

 

(c)
Adjustment Due to Distribution. If the Borrower shall declare or make any distribution of its assets (or rights to acquire
its assets) to holders of Common Stock as a dividend, stock repurchase, by way of return of capital or otherwise (including any
dividend or distribution to the Borrower’s shareholders in cash or shares (or rights to acquire shares) of capital stock
of a subsidiary (i.e., a spin-off)) (a “Distribution”), then the Holder of this Note shall be entitled, upon any conversion
of this Note after the date of record for determining shareholders entitled to such Distribution, to receive the amount of such
assets which would have been payable to the Holder with respect to the shares of Common Stock issuable upon such conversion had
such Holder been the holder of such shares of Common Stock on the record date for the determination of shareholders entitled to
such Distribution.

 

1.7
Prepayment. Notwithstanding anything to the contrary contained in this Note, at any time during the periods set forth on
the table immediately following this paragraph (the “Prepayment Periods”) or as otherwise agreed to between the Borrower
and the Holder, the Borrower shall have the right, exercisable on not more than three (3) Trading Days prior written notice to
the Holder of the Note to prepay the outstanding Note (principal and accrued interest), in full, in accordance with this Section
1.7. Any notice of prepayment hereunder (an “Optional Prepayment Notice”) shall be delivered to the Holder of the
Note at its registered addresses and shall state: (1) that the Borrower is exercising its right to prepay the Note, and (2) the
date of prepayment which shall be not more than three (3) Trading Days from the date of the Optional Prepayment Notice. On the
date fixed for prepayment (the “Optional Prepayment Date”), the Borrower shall make payment of the Optional Prepayment
Amount (as defined below) to Holder, or upon the direction of the Holder as specified by the Holder in a writing to the Borrower
(which shall direction to be sent to Borrower by the Holder at least one (1) business day prior to the Optional Prepayment Date).
If the Borrower exercises its right to prepay the Note, the Borrower shall make payment to the Holder of an amount in cash equal
to the percentage (“Prepayment Percentage”) as set forth in the table immediately following this paragraph opposite
the applicable Prepayment Period, multiplied by the sum of: (w) the then outstanding principal amount of this Note plus
(x) accrued and unpaid interest on the unpaid principal amount of this Note to the Optional Prepayment Date plus (y) Default
Interest, if any, on the amounts referred to in clauses (w) and (x) plus (z) any amounts owed to the Holder pursuant to
Section 1.4 hereof (the “Optional Prepayment Amount”).

 

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	Prepayment Period	 	Prepayment Percentage	 
	1. The period beginning on the Issue Date and ending on the date which is ninety (90) days following the Issue Date.	 	 	120	%
	3. The period beginning on the date that is ninety-one (91) days from the Issue Date and ending one hundred twenty (120) days following the Issue Date.	 	 	125	%
	4. The period beginning on the date that is one hundred twenty-one (121) days from the Issue Date and ending one hundred fifty (150) days following the Issue Date.	 	 	130	%
	5. The period beginning on the date that is one hundred fifty-one (151) days from the Issue Date and ending one hundred eighty (180) days following the Issue Date.	 	 	134	%

 

After
the expiration of the Prepayment Periods set forth above, the Holder may submit an Optional Prepayment Notice to the Holder. Upon
receipt by the Holder of the Optional Prepayment Notice post Prepayment Periods, the prepayment shall be subject to the Holder’s
and the Borrower’s agreement with respect to the applicable Prepayment Percentage.

 

Notwithstanding
anything contained herein to the contrary, the Holder’s conversion rights herein shall not be affected in any way until
the Note is fully paid (funds received by the Holder) pursuant to an Optional Prepayment Notice.

 

Article
II. CERTAIN COVENANTS

 

2.1
Sale of Assets. So long as the Borrower shall have any obligation under this Note, the Borrower shall not, without the
Holder’s written consent, sell, lease or otherwise dispose of any significant portion of its assets outside the ordinary
course of business. Any consent to the disposition of any assets may be conditioned on a specified use of the proceeds of disposition.

 

Article
III. EVENTS OF DEFAULT

 

If
any of the following events of default (each, an “Event of Default”) shall occur:

 

3.1
Failure to Pay Principal and Interest. The Borrower fails to pay the principal hereof or interest thereon when due on this
Note, whether at maturity or upon acceleration and such breach continues for a period of five (5) days after written notice from
the Holder.

 

3.2
Conversion and the Shares. The Borrower fails to issue shares of Common Stock to the Holder (or announces or threatens
in writing that it will not honor its obligation to do so) upon exercise by the Holder of the conversion rights of the Holder
in accordance with the terms of this Note, fails to transfer or cause its transfer agent to transfer (issue) (electronically or
in certificated form) any certificate for shares of Common Stock issued to the Holder upon conversion of or otherwise pursuant
to this Note as and when required by this Note, the Borrower directs its transfer agent not to transfer or delays, impairs, and/or
hinders its transfer agent in transferring (or issuing) (electronically or in certificated form) any certificate for shares of
Common Stock to be issued to the Holder upon conversion of or otherwise pursuant to this Note as and when required by this Note,
or fails to remove (or directs its transfer agent not to remove or impairs, delays, and/or hinders its transfer agent from removing)
any restrictive legend (or to withdraw any stop transfer instructions in respect thereof) on any certificate for any shares of
Common Stock issued to the Holder upon conversion of or otherwise pursuant to this Note as and when required by this Note (or
makes any written announcement, statement or threat that it does not intend to honor the obligations described in this paragraph)
and any such failure shall continue uncured (or any written announcement, statement or threat not to honor its obligations shall
not be rescinded in writing) for three (3) business days after the Holder shall have delivered a Notice of Conversion. It is an
obligation of the Borrower to remain current in its obligations to its transfer agent. It shall be an event of default of this
Note, if a conversion of this Note is delayed, hindered or frustrated due to a balance owed by the Borrower to its transfer agent.
If at the option of the Holder, the Holder advances any funds to the Borrower’s transfer agent in order to process a conversion,
such advanced funds shall be paid by the Borrower to the Holder within forty-eight (48) hours of a demand from the Holder.

 

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3.3
Breach of Covenants. The Borrower breaches any material covenant or other material term or condition contained in this
Note and any collateral documents including but not limited to the Purchase Agreement and such breach continues for a period of
twenty (20) days after written notice thereof to the Borrower from the Holder.

 

3.4
Breach of Representations and Warranties. Any representation or warranty of the Borrower made herein or in any agreement,
statement or certificate given in writing pursuant hereto or in connection herewith (including, without limitation, the Purchase
Agreement), shall be false or misleading in any material respect when made and the breach of which has (or with the passage of
time will have) a material adverse effect on the rights of the Holder with respect to this Note or the Purchase Agreement.

 

3.5
Receiver or Trustee. The Borrower or any subsidiary of the Borrower shall make an assignment for the benefit of creditors,
or apply for or consent to the appointment of a receiver or trustee for it or for a substantial part of its property or business,
or such a receiver or trustee shall otherwise be appointed.

 

3.6
Bankruptcy. Bankruptcy, insolvency, reorganization or liquidation proceedings or other proceedings, voluntary or involuntary,
for relief under any bankruptcy law or any law for the relief of debtors shall be instituted by or against the Borrower or any
subsidiary of the Borrower.

 

3.7
Delisting of Common Stock. The Borrower shall fail to maintain the listing of the Common Stock on at least one of the OTC
(which specifically includes the quotation platforms maintained by the OTC Markets Group) or an equivalent replacement exchange,
the Nasdaq National Market, the Nasdaq SmallCap Market, the New York Stock Exchange, or the American Stock Exchange.

 

3.8
Failure to Comply with the Exchange Act. The Borrower shall fail to comply with the reporting requirements of the Exchange
Act; and/or the Borrower shall cease to be subject to the reporting requirements of the Exchange Act.

 

3.9
Liquidation. Any dissolution, liquidation, or winding up of Borrower or any substantial portion of its business.

 

3.10
Cessation of Operations. Any cessation of operations by Borrower or Borrower admits it is otherwise generally unable to
pay its debts as such debts become due, provided, however, that any disclosure of the Borrower’s ability to continue as
a “going concern” shall not be an admission that the Borrower cannot pay its debts as they become due.

 

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3.11
Financial Statement Restatement. The restatement of any financial statements filed by the Borrower with the SEC at any
time after 180 days after the Issuance Date for any date or period until this Note is no longer outstanding, if the result of
such restatement would, by comparison to the un-restated financial statement, have constituted a material adverse effect on the
rights of the Holder with respect to this Note or the Purchase Agreement.

 

3.12
Replacement of Transfer Agent. In the event that the Borrower proposes to replace its transfer agent, the Borrower fails
to provide, prior to the effective date of such replacement, a fully executed Irrevocable Transfer Agent Instructions in a form
as initially delivered pursuant to the Purchase Agreement (including but not limited to the provision to irrevocably reserve shares
of Common Stock in the Reserved Amount) signed by the successor transfer agent to Borrower and the Borrower.

 

3.13
Cross-Default. Notwithstanding anything to the contrary contained in this Note or the other related or companion documents,
a breach or default by the Borrower of any covenant or other term or condition contained in any of the Other Agreements, after
the passage of all applicable notice and cure or grace periods, shall, at the option of the Holder, be considered a default under
this Note and the Other Agreements, in which event the Holder shall be entitled (but in no event required) to apply all rights
and remedies of the Holder under the terms of this Note and the Other Agreements by reason of a default under said Other Agreement
or hereunder. “Other Agreements” means, collectively, all agreements and instruments between, among or by: (1) the
Borrower, and, or for the benefit of, (2) the Holder and any affiliate of the Holder, including, without limitation, promissory
notes; provided, however, the term “Other Agreements” shall not include the related or companion documents to this
Note. Each of the loan transactions will be cross-defaulted with each other loan transaction and with all other existing and future
debt of Borrower to the Holder.

 

Upon
the occurrence and during the continuation of any Event of Default specified in Section 3.1 (solely with respect to failure to
pay the principal hereof or interest thereon when due at the Maturity Date), the Note shall become immediately due and payable
and the Borrower shall pay to the Holder, in full satisfaction of its obligations hereunder, an amount equal to the Default Sum
(as defined herein). UPON THE OCCURRENCE AND DURING THE CONTINUATION OF ANY EVENT OF DEFAULT SPECIFIED IN SECTION 3.2, THE NOTE
SHALL BECOME IMMEDIATELY DUE AND PAYABLE AND THE BORROWER SHALL PAY TO THE HOLDER, IN FULL SATISFACTION OF ITS OBLIGATIONS HEREUNDER,
AN AMOUNT EQUAL TO: (Y) THE DEFAULT SUM (AS DEFINED HEREIN); MULTIPLIED BY (Z) TWO (2). Upon the occurrence and during the continuation
of any Event of Default specified in Sections 3.1 (solely with respect to failure to pay the principal hereof or interest thereon
when due on this Note upon a Trading Market Prepayment Event pursuant to Section 1.7 or upon acceleration), 3.3, 3.4, 3.7, 3.8,
3.10, 3.11, 3.12, 3.13, and/or 3.14 exercisable through the delivery of written notice to the Borrower by such Holders (the “Default
Notice”), and upon the occurrence of an Event of Default specified the remaining sections of Articles III (other than failure
to pay the principal hereof or interest thereon at the Maturity Date specified in Section 3,1 hereof), the Note shall become immediately
due and payable and the Borrower shall pay to the Holder, in full satisfaction of its obligations hereunder, an amount equal to
the greater of (i) 150% times the sum of (w) the then outstanding principal amount of this Note plus (x)
accrued and unpaid interest on the unpaid principal amount of this Note to the date of payment (the “Mandatory Prepayment
Date”) plus (y) Default Interest, if any, on the amounts referred to in clauses (w) and/or (x) plus (z) any
amounts owed to the Holder pursuant to Sections 1.3 and 1.4(g) hereof (the then outstanding principal amount of this Note to the
date of payment plus the amounts referred to in clauses (x), (y) and (z) shall collectively be known as the “Default
Sum”) or (ii) the “parity value” of the Default Sum to be prepaid, where parity value means (a) the highest
number of shares of Common Stock issuable upon conversion of or otherwise pursuant to such Default Sum in accordance with Article
I, treating the Trading Day immediately preceding the Mandatory Prepayment Date as the “Conversion Date” for purposes
of determining the lowest applicable Conversion Price, unless the Default Event arises as a result of a breach in respect of a
specific Conversion Date in which case such Conversion Date shall be the Conversion Date), multiplied by (b) the highest
Closing Price for the Common Stock during the period beginning on the date of first occurrence of the Event of Default and ending
one day prior to the Mandatory Prepayment Date (the “Default Amount”) and all other amounts payable hereunder shall
immediately become due and payable, all without demand, presentment or notice, all of which hereby are expressly waived, together
with all costs, including, without limitation, legal fees and expenses, of collection, and the Holder shall be entitled to exercise
all other rights and remedies available at law or in equity.

 

    	9

     

    

 

If
the Borrower fails to pay the Default Amount within five (5) business days of written notice that such amount is due and payable,
then the Holder shall have the right at any time, so long as the Borrower remains in default (and so long and to the extent that
there are sufficient authorized shares), to require the Borrower, upon written notice, to immediately issue, in lieu of the Default
Amount, the number of shares of Common Stock of the Borrower equal to the Default Amount divided by the Conversion Price then
in effect.

 

Article
IV. MISCELLANEOUS

 

4.1
Failure or Indulgence Not Waiver. No failure or delay on the part of the Holder in the exercise of any power, right or
privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege
preclude other or further exercise thereof or of any other right, power or privileges. All rights and remedies existing hereunder
are cumulative to, and not exclusive of, any rights or remedies otherwise available.

 

4.2
Notices. All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder
shall be in writing and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered
or certified, return receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid,
or (iv) transmitted by hand delivery, telegram, or facsimile, addressed as set forth below or to such other address as such party
shall have specified most recently by written notice. Any notice or other communication required or permitted to be given hereunder
shall be deemed effective (a) upon hand delivery or delivery by facsimile, with accurate confirmation generated by the transmitting
facsimile machine, at the address or number designated below (if delivered on a business day during normal business hours where
such notice is to be received), or the first business day following such delivery (if delivered other than on a business day during
normal business hours where such notice is to be received) or (b) on the second business day following the date of mailing by
express courier service, fully prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first
occur. The addresses for such communications shall be:

 

If
to the Borrower, to:

 

AMERICAN
INTERNATIONAL HOLDINGS CORP.

3990
Vitruvian Way, Suite 1152

Addison,
Texas 75001

Attn:
Jacob D. Cohen, Chief Executive Officer

Fax:

Email:
jacob@amihcorp.com

 

    	10

     

    

 

If
to the Holder:

 

GENEVA
ROTH REMARK HOLDINGS, INC.

111
Great Neck Road, Suite 214

Great
Neck, NY 11021

Attn:
Curt Kramer, Chief Executive Officer

e-mail:
genevarothremark@gmail.com

 

With
a copy by fax only to (which copy shall not constitute notice):

 

Naidich
Wurman LLP

111
Great Neck Road, Suite 216

Great
Neck, NY 11021

Attn:
Allison Naidich

facsimile:
516-466-3555

e-mail:
allison@nwlaw.com

 

4.3
Amendments. This Note and any provision hereof may only be amended by an instrument in writing signed by the Borrower and
the Holder. The term “Note” and all reference thereto, as used throughout this instrument, shall mean this instrument
(and the other Notes issued pursuant to the Purchase Agreement) as originally executed, or if later amended or supplemented, then
as so amended or supplemented.

 

4.4
Most Favored Nation. During the period where any monies are owed to the Holder pursuant to this Note, if the Borrower engages
in any future financing transactions with a third party investor, the Borrower will provide the Holder with written notice (the
“MFN Notice”) thereof promptly but in no event less than 10 days prior to closing any financing transactions. Included
with the MFN Notice shall be a copy of all documentation relating to such financing transaction and shall include, upon written
request of the Holder, any additional information related to such subsequent investment as may be reasonably requested by the
Holder. In the event the Holder determines that the terms of the subsequent investment are preferable to the terms of the securities
of the Borrower issued to the Holder pursuant to the terms of the Purchase Agreement, the Holder will notify the Borrower in writing.
Promptly after receipt of such written notice from the Holder, the Borrower agrees to amend and restate the Securities (which
may include the conversion terms of this Note), to be identical to the instruments evidencing the subsequent investment. Notwithstanding
the foregoing, this Section 4.4 shall not apply in respect of (i) an Exempt Issuance, or (ii) an underwritten public offering
of Common Stock. “Exempt Issuance” means the issuance of: (a) shares of Common Stock or options to employees,
officers, consultants, advisors or directors of the Borrower pursuant to any stock or option plan duly adopted for such purpose
by a majority of the members of the Board of Directors or a majority of the members of a committee of directors established for
such purpose, (b) securities upon the exercise or exchange of or conversion of this Note and/or other securities exercisable or
exchangeable for or convertible into shares of Common Stock issued and outstanding on the date hereof, and (c) securities issued
pursuant to acquisitions or strategic transactions approved by a majority of the disinterested directors of the Borrower, provided
that any such issuance shall only be to a Person which is, itself or through its subsidiaries, an operating company in a business
synergistic with the business of the Borrower and in which the Borrower receives benefits in addition to the investment of funds,
but shall not include a transaction in which the Borrower is issuing securities primarily for the purpose of raising capital or
to an entity whose primary business is investing in securities.

 

    	11

     

    

 

4.5
Assignability. This Note shall be binding upon the Borrower and its successors and assigns, and shall inure to be the benefit
of the Holder and its successors and assigns. Each transferee of this Note must be an “accredited investor” (as defined
in Rule 501(a) of the Securities and Exchange Commission). Notwithstanding anything in this Note to the contrary, this Note may
be pledged as collateral in connection with a bona fide margin account or other lending arrangement; and may be assigned
by the Holder without the consent of the Borrower.

 

4.6
Cost of Collection. If default is made in the payment of this Note, the Borrower shall pay the Holder hereof costs of collection,
including reasonable attorneys’ fees.

 

4.7
Governing Law. This Note shall be governed by and construed in accordance with the laws of the State of New York without
regard to principles of conflicts of laws. Any action brought by either party against the other concerning the transactions contemplated
by this Note shall be brought only in the state courts of New York or in the federal courts located in the state and county of
Nassau. The parties to this Note hereby irrevocably waive any objection to jurisdiction and venue of any action instituted hereunder
and shall not assert any defense based on lack of jurisdiction or venue or based upon forum non conveniens. The Borrower
and Holder waive trial by jury. The prevailing party shall be entitled to recover from the other party its reasonable attorney’s
fees and costs. In the event that any provision of this Note or any other agreement delivered in connection herewith is invalid
or unenforceable under any applicable statute or rule of law, then such provision shall be deemed inoperative to the extent that
it may conflict therewith and shall be deemed modified to conform with such statute or rule of law. Any such provision which may
prove invalid or unenforceable under any law shall not affect the validity or enforceability of any other provision of any agreement.
Each party hereby irrevocably waives personal service of process and consents to process being served in any suit, action or proceeding
in connection with this Note, any agreement or any other document delivered in connection with this Note by mailing a copy thereof
via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for
notices to it under this Note and agrees that such service shall constitute good and sufficient service of process and notice
thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted
by law.

 

4.8
Purchase Agreement. By its acceptance of this Note, each party agrees to be bound by the applicable terms of the Purchase
Agreement.

 

4.9
Remedies. The Borrower acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the
Holder, by vitiating the intent and purpose of the transaction contemplated hereby. Accordingly, the Borrower acknowledges that
the remedy at law for a breach of its obligations under this Note will be inadequate and agrees, in the event of a breach or threatened
breach by the Borrower of the provisions of this Note, that the Holder shall be entitled, in addition to all other available remedies
at law or in equity, and in addition to the penalties assessable herein, to an injunction or injunctions restraining, preventing
or curing any breach of this Note and to enforce specifically the terms and provisions thereof, without the necessity of showing
economic loss and without any bond or other security being required.

 

IN
WITNESS WHEREOF, Borrower has caused this Note to be signed in its name by its duly authorized officer this on September 14, 2020

 

	AMERICAN
    INTERNATIONAL HOLDINGS CORP.	 
	 	 	 
	By:
    	 	 
	 	Jacob
    D. Cohen	 
	 	Chief
    Executive Officer	 

 

    	12

     

    

 

EXHIBIT
A — NOTICE OF CONVERSION

 

The
undersigned hereby elects to convert $_________________ principal amount of the Note (defined below) into that number
of shares of Common Stock to be issued pursuant to the conversion of the Note (“Common Stock”) as set forth
below, of AMERICAN INTERNATIONAL HOLDINGS CORP., a Nevada corporation (the “Borrower”) according to the conditions
of the convertible note of the Borrower dated as of September 14, 2020 (the “Note”), as of the date written below.
No fee will be charged to the Holder for any conversion, except for transfer taxes, if any.

 

Box
Checked as to applicable instructions:

 

	 	[  ]
    	The
    Borrower shall electronically transmit the Common Stock issuable pursuant to this Notice of Conversion to the account of the
    undersigned or its nominee with DTC through its Deposit Withdrawal Agent Commission system (“DWAC Transfer”).
	 	 	 
	 	 	Name
    of DTC Prime Broker:
	 	 	Account
    Number:
	 	 	 
	 	[  ]
    	The
    undersigned hereby requests that the Borrower issue a certificate or certificates for the number of shares of Common Stock
    set forth below (which numbers are based on the Holder’s calculation attached hereto) in the name(s) specified immediately
    below or, if additional space is necessary, on an attachment hereto:

 

	 	GENEVA
    ROTH REMARK HOLDINGS, INC.
	 	111
    Great Neck Road, Suite 214
	 	Great
    Neck, NY 11021
	 	Attention:
    Certificate Delivery 
	 	e-mail:
    genevarothremark@gmail.com

 

	 	Date
    of conversion: 	______________	 
	 	Applicable
    Conversion Price: 	$_____________	 
	 	Number of shares of common stock to be issued

                                                                                pursuant to conversion of the Notes:
	______________	 
	 	Amount of Principal Balance due remaining

                                                                                under the Note after this conversion: 
	______________	 

 

	 	GENEVA
    ROTH REMARK HOLDINGS, INC.	 
	 	 	 	 
	 	By:	 	 
	 	Name:	Curt
    Kramer	 
	 	Title:	Chief
    Executive Officer	 
	 	Date:	 	 

 

    	13Exhibit 4.1

__________

 

 

 

 

 

ELECTRAMECCANICA VEHICLES CORP.

 

 

 

 

 

2020 STOCK INCENTIVE PLAN

 

 

Effective May 29, 2020

 

 

 

 

__________

 

     

     

    

 

TABLE OF CONTENTS

 

	Article	Page
	 	 
	Article 1 PURPOSE	1
	1.1	Purpose	1
	 	 	 
	Article 2 INTERPRETATION	1
	2.1	Definitions	1
	2.2	Interpretation	9
	 	 	 
	Article 3 ADMINISTRATION	9
	3.1	Administration	9
	3.2	Delegation to Committee	10
	3.3	Determinations Binding	11
	3.4	Eligibility	11
	3.5	Plan Administrator Requirements	11
	3.6	Total Shares Subject to Awards	12
	3.7	Award Agreements	12
	3.8	Non-transferability of Awards	12
	 	 	 
	Article 4 OPTIONS	13
	4.1	Granting of Options	13
	4.2	Exercise Price	13
	4.3	Term of Options	13
	4.4	Vesting and Exercisability	13
	4.5	Payment of Exercise Price	13
	 	 	 
	Article 5 RESTRICTED SHARE UNITS	14
	5.1	Granting of RSUs	14
	5.2	RSU Account	15
	5.3	Vesting of RSUs	15
	5.4	Settlement of RSUs	15
	 	 	 
	Article 6 PERFORMANCE SHARE UNITS	15
	6.1	Granting of PSUs	15
	6.2	Terms of PSUs	16
	6.3	Performance Goals	16
	6.4	PSU Account	16
	6.5	Vesting of PSUs	16
	6.6	Settlement of PSUs	17

 

    (i)

     

    

 

	Article 7 DEFERRED SHARE UNITS	17
	7.1	Granting of DSUs	17
	7.2	DSU Account	18
	7.3	Vesting of DSUs	18
	7.4	Settlement of DSUs	19
	7.5	No Additional Amount or Benefit	19
	 	 	 
	Article 8 ADDITIONAL AWARD TERMS	19
	8.1	Dividend Equivalents	19
	8.2	Black-out Period	20
	8.3	Withholding Taxes	20
	8.4	Recoupment	20
	 	 	 
	Article 9 TERMINATION OF EMPLOYMENT OR SERVICES	21
	9.1	Termination of Employee, Consultant or Director	21
	9.2	Discretion to Permit Acceleration of Vesting	24
	 	 	 
	Article 10 EVENTS AFFECTING THE CORPORATION	24
	10.1	General	24
	10.2	Change in Control	24
	10.3	Reorganization of Corporation’s Capital	26
	10.4	Other Events Affecting the Corporation	27
	10.5	Immediate Acceleration of Awards	27
	10.6	Issue by Corporation of Additional Shares	27
	10.7	Fractions	27
	 	 	 
	Article 11 U.S. TAXPAYERS	28
	11.1	Provisions for U.S. Taxpayers	28
	11.2	Certain Defined Terms	28
	11.3	ISOs	28
	11.4	ISO Grants to 10% Shareholders	29
	11.5	$100,000 Per Year Limitation for ISOs	29
	11.6	Disqualifying Dispositions	29
	11.7	Section 409A of the Code	29
	11.8	Section 83(b) Election	30
	11.9	Application of Article 11 to U.S. Taxpayers	30

 

    (ii)

     

    

 

	Article 12 AMENDMENT, SUSPENSION OR TERMINATION OF THE PLAN	30
	12.1	Amendment, Suspension, or Termination of the Plan	30
	12.2	Shareholder Approval	31
	12.3	Permitted Amendments	32
	 	 	 
	Article 13 MISCELLANEOUS	32
	13.1	Legal Requirement	32
	13.2	No Other Benefit	33
	13.3	Rights of Participant	33
	13.4	Corporate Action	33
	13.5	Conflict	33
	13.6	Anti-Hedging Policy	33
	13.7	Participant Information	33
	13.8	Participation in the Plan	34
	13.9	International Participants	34
	13.10	Successors and Assigns	34
	13.11	General Restrictions or Assignment	34
	13.12	Severability	34
	13.13	Notices	34
	13.14	Effective Date	35
	13.15	Governing Law	35
	13.16	Submission to Jurisdiction	35

  

    (iii)

     

    

 

ELECTRAMECCANICA VEHICLES CORP. 

 

STOCK INCENTIVE PLAN

 

Article 1

PURPOSE

 

		1.1	Purpose

 

The purpose of this Plan is to provide
the Corporation with a share-related mechanism to attract, retain and motivate qualified Directors, Employees and Consultants of
the Corporation and its subsidiaries, to reward such of those Directors, Employees and Consultants as may be granted Awards under
this Plan by the Board from time to time for their contributions toward the long-term goals and success of the Corporation and
to enable and encourage such Directors, Employees and Consultants to acquire Shares as long-term investments and proprietary interests
in the Corporation.

 

Article 2

INTERPRETATION

 

		2.1	Definitions

 

When used herein, unless the context otherwise
requires, the following terms have the indicated meanings, respectively:

 

“Affiliate” means any
entity that is an “affiliate” for the purposes of National Instrument 45-106 – Prospectus Exemptions of
the Canadian Securities Administrators, as amended from time to time;

 

“Award” means any Option,
Restricted Share Unit, Performance Share Unit or Deferred Share Unit granted under this Plan which may be denominated or settled
in such form as provided herein;

 

“Award Agreement” means
a signed, written agreement between a Participant and the Corporation, in the form or any one of the forms approved by the Plan
Administrator, evidencing the terms and conditions on which an Award has been granted under this Plan and which need not be identical
to any other such agreements;

 

“Board” means the board
of directors of the Corporation as it may be constituted from time to time;

 

“Business Day” means
a day, other than a Saturday or Sunday, on which the principal commercial banks in the City of Vancouver, British Columbia, are
open for commercial business during normal banking hours;

 

“Canadian Taxpayer”
means a Participant that is resident of Canada for purposes of the Tax Act;

 

“Cash Fees” has the
meaning set forth in Subsection 7.1(a);

 

     

    - 2 -

    

 

“Cashless Exercise”
has the meaning set forth in Subsection 4.5(b);

 

“Cause” means, with
respect to a particular Participant:

 

		(a)	“cause” (or any similar term) as such term is defined in the employment or other written
agreement between the Corporation or a subsidiary of the Corporation and the Employee;

 

		(b)	in the event there is no written or other applicable employment or other agreement between the
Corporation or a subsidiary of the Corporation or “cause” (or any similar term) is not defined in such agreement, “cause”
as such term is defined in the Award Agreement; or

 

		(c)	in the event neither (a) nor (b) apply, then “cause” as such term is defined by applicable
law or, if not so defined, such term shall refer to circumstances where (i) an employer may terminate an individual’s employment
without notice or pay in lieu thereof or other damages or (ii) the Corporation or any subsidiary thereof may terminate the Participant’s
contract without notice or without pay in lieu thereof or other termination fee or damages;

 

“Change in Control”
means the occurrence of any one or more of the following events:

 

		(a)	any transaction at any time and by whatever means pursuant to which any Person or any group of
two or more Persons acting jointly or in concert hereafter acquires the direct or indirect “beneficial ownership” (as
defined in the Securities Act (British Columbia)) of, or acquires the right to exercise Control or direction over, securities
of the Corporation representing more than 50% of the then issued and outstanding voting securities of the Corporation, and including,
without limitation, as a result of a take-over bid, an exchange of securities, an amalgamation of the Corporation with any other
entity, an arrangement, a capital reorganization or any other business combination or reorganization;

 

		(b)	the sale, assignment or other transfer of all or substantially all of the consolidated assets of
the Corporation to a Person other than a subsidiary of the Corporation;

 

		(c)	the dissolution or liquidation of the Corporation, other than in connection with the distribution
of assets of the Corporation to one or more Persons which were Affiliates of the Corporation prior to such event;

 

		(d)	the occurrence of a transaction requiring approval of the Corporation’s shareholders whereby
the Corporation is acquired through consolidation, merger, exchange of securities, purchase of assets, amalgamation, statutory
arrangement or otherwise by any other Person (other than a short-form amalgamation or exchange of securities with a subsidiary
of the Corporation);

 

		(e)	individuals who comprise the Board as of the date hereof (the “Incumbent Board”)
for any reason cease to constitute at least a majority of the members of the Board, unless the election, or nomination for election
by the Corporation’s shareholders, of any new director was approved by a vote of at least a majority of the Incumbent Board,
and in that case such new director shall be considered as a member of the Incumbent Board; or

 

     

    - 3 -

    

 

		(f)	any other event which the Board determines to constitute a change in control of the Corporation;

 

provided that, notwithstanding
clause (a), (b), (c) and (d) above, a Change in Control shall be deemed not to have occurred if immediately following the transaction
set forth in clause (a), (b), (c) or (d) above: (A) the holders of securities of the Corporation that immediately prior to the
consummation of such transaction represented more than 50% of the combined voting power of the then outstanding securities eligible
to vote for the election of directors of the Corporation hold (x) securities of the entity resulting from such transaction (including,
for greater certainty, the Person succeeding to assets of the Corporation in a transaction contemplated in clause (b) above) (the
 “Surviving Entity”) that represent more than 50% of the combined voting power of the then outstanding securities
eligible to vote for the election of directors or trustees (the “voting power”) of the Surviving Entity, or
(y) if applicable, securities of the entity that directly or indirectly has beneficial ownership of 100% of the securities eligible
to elect directors or trustees of the Surviving Entity (the “Parent Entity”) that represent more than 50% of
the combined voting power of the then outstanding securities eligible to vote for the election of directors or trustees of the
Parent Entity; and (B) no Person or group of two or more Persons, acting jointly or in concert, is the beneficial owner, directly
or indirectly, of more than 50% of the voting power of the Parent Entity (or, if there is no Parent Entity, the Surviving Entity)
(any such transaction which satisfies all of the criteria specified in clauses (A) and (B) above being referred to as a “Non-Qualifying
Transaction” and, following the Non-Qualifying Transaction, references in this definition of “Change in Control”
to the “Corporation” shall mean and refer to the Parent Entity (or, if there is no Parent Entity, the Surviving Entity)
and, if such entity is a company or a trust, references to the “Board” shall mean and refer to the board of directors
or trustees, as applicable, of such entity).

 

Notwithstanding the foregoing,
for purposes of any Award that constitutes “deferred compensation” (within the meaning of Section 409A of the Code),
the payment of which is triggered by or would be accelerated upon a Change in Control, a transaction will not be deemed a Change
in Control for Awards granted to any Participant who is a U.S. Taxpayer unless the transaction qualifies as “a change in
control event” within the meaning of Section 409A of the Code.

 

“Code” means the United
States Internal Revenue Code of 1986, as amended from time to time. Any reference to a section of the Code shall be deemed to include
a reference to any regulations promulgated thereunder;

 

“Committee” has the
meaning set forth in Section 3.2;

 

“Consultant” means any
individual or entity engaged by the Corporation or any subsidiary of the Corporation to render consulting or advisory services
(including as a director or officer of any subsidiary of the Corporation), other than as an Employee or Director, and whether or
not compensated for such services;

 

     

    - 4 -

    

 

“Control” means the
relationship whereby a Person is considered to be “controlled” by a Person if:

 

		(a)	when applied to the relationship between a Person and a corporation, the beneficial ownership by
that Person, directly or indirectly, of voting securities or other interests in such corporation entitling the holder to exercise
control and direction in fact over the activities of such corporation;

 

		(b)	when applied to the relationship between a Person and a partnership, limited partnership, trust
or joint venture, means the contractual right to direct the affairs of the partnership, limited partnership, trust or joint venture;
and

 

		(c)	when applied in relation to a trust, the beneficial ownership at the relevant time of more than
50% of the property settled under the trust, and

 

the words “Controlled
by”, “Controlling” and similar words have corresponding meanings; provided that a Person who controls
a corporation, partnership, limited partnership or joint venture will be deemed to Control a corporation, partnership, limited
partnership, trust or joint venture which is Controlled by such Person and so on;

 

“Corporation” means
Electrameccanica Vehicles Corp.;

 

“Date of Grant” means,
for any Award, the date specified by the Plan Administrator at the time it grants the Award or, if no such date is specified, the
date upon which the Award was granted;

 

“Deferred Share Unit”
or “DSU” means a unit equivalent in value to a Share, credited by means of a bookkeeping entry in the books
of the Corporation in accordance with Article 7;

 

“Director” means a director
of the Corporation who is not an Employee;

 

“Director Fees” means
the total compensation (including annual retainer and meeting fees, if any) paid by the Corporation to a Director in a calendar
year for service on the Board;

 

“Disabled” or “Disability”
means, with respect to a particular Participant:

 

		(a)	“disabled” or “disability” (or any similar terms) as such terms are defined
in the employment or other written agreement between the Corporation or a subsidiary of the Corporation and the Participant;

 

		(b)	in the event there is no written or other applicable employment or other agreement between the
Corporation or a subsidiary of the Corporation, or “disabled” or “disability” (or any similar terms) are
not defined in such agreement, “disabled” or “disability” as such term are defined in the Award Agreement;
or

 

     

    - 5 -

    

 

		(c)	in the event neither (a) or (b) apply, then the incapacity or inability of the Participant, by
reason of mental or physical incapacity, disability, illness or disease (as determined by a legally qualified medical practitioner
or by a court) that prevents the Participant from carrying out his or her normal and essential duties as an Employee, Director
or Consultant for a continuous period of six months or for any cumulative period of 180 days in any consecutive twelve month period,
the foregoing subject to and as determined in accordance with procedures established by the Plan Administrator for purposes of
this Plan;

 

“Effective Date” means
the effective date of this Plan, being May 29, 2020;

 

“Elected Amount” has
the meaning set forth in Subsection 7.1(a);

 

“Electing Person” means
a Participant who is, on the applicable Election Date, a Director;

 

“Election Date” means
the date on which the Electing Person files an Election Notice in accordance with Subsection 7.1(b);

 

“Election Notice” has
the meaning set forth in Subsection 7.1(b);

 

“Employee” means an
individual who:

 

		(a)	is considered an employee of the Corporation or a subsidiary of the Corporation for purposes of
source deductions under applicable tax or social welfare legislation; or

 

		(b)	works full-time or part-time on a regular weekly basis for the Corporation or a subsidiary of the
Corporation providing services normally provided by an employee and who is subject to the same control and direction by the Corporation
or a subsidiary of the Corporation over the details and methods of work as an employee of the Corporation or such subsidiary;

 

“Exchange”
means (a) The Nasdaq Stock Market LLC or (b) the primary exchange on which the Shares are then listed, as determined by the Plan
Administrator, if (i) The Nasdaq Stock Market LLC is no longer the Corporation’s primary exchange or (ii) the Shares are
not listed on The Nasdaq Stock Market LLC;

 

“Exchange Act”
means the United States Securities Exchange Act of 1934, as amended;

 

“Exercise Notice”
means a notice in writing, signed by a Participant and stating the Participant’s intention to exercise a particular Option;

 

“Exercise Price”
means the price at which an Option Share may be purchased pursuant to the exercise of an Option;

 

“Expiry Date”
means the expiry date specified in the Award Agreement (which shall not be later than the tenth anniversary of the Date of Grant)
or, if not so specified, means the tenth anniversary of the Date of Grant;

 

     

    - 6 -

    

 

“In the Money
Amount” has the meaning given to it in Subsection 4.5(b);

 

“Insider”
means an “insider” as defined in the rules of the Exchange from time to time;

 

“Market Price” at any
date in respect of the Shares shall be the volume weighted average closing price of Shares on the Exchange for the five trading
days immediately preceding such date; provided that, for so long as the Shares are listed and posted for trading on the Exchange,
the Market Price shall not be less than the market price, as calculated under the policies of the Exchange; and provided, further,
that with respect to an Award made to a U.S. Taxpayer, such Participant, the class of Shares and the number of Shares subject to
such Award shall be identified by the Board or the Committee prior to the start of the applicable five trading day period. In the
event that such Shares are not listed and posted for trading on any Exchange, the Market Price shall be the fair market value of
such Shares as determined by the Board in its sole discretion and, with respect to an Award made to a U.S. Taxpayer, in accordance
with Section 409A of the Code;

 

“Option” means a right
to purchase Shares under Article 4 of this Plan that is non-assignable and non-transferable, unless otherwise approved by
the Plan Administrator;

 

“Option Shares” means
Shares issuable by the Corporation upon the exercise of outstanding Options;

 

“Participant” means
a Director, Employee or Consultant to whom an Award has been granted under this Plan;

 

“Performance Goals”
means performance goals expressed in terms of attaining a specified level of the particular criteria or the attainment of a percentage
increase or decrease in the particular criteria, and may be applied to one or more of the Corporation, a subsidiary of the Corporation,
a division of the Corporation or a subsidiary of the Corporation, or an individual, or may be applied to the performance of the
Corporation or a subsidiary of the Corporation relative to a market index, a group of other companies or a combination thereof,
or on any other basis, all as determined by the Plan Administrator in its discretion;

 

“Performance Share Unit”
or “PSU” means a unit equivalent in value to a Share, credited by means of a bookkeeping entry in the books
of the Corporation in accordance with Article 6;

 

“Person” means an individual,
sole proprietorship, partnership, unincorporated association, unincorporated syndicate, unincorporated organization, trust, body
corporate and a natural person in his or her capacity as trustee, executor, administrator or other legal representative;

 

“Plan” means this 2020
Stock Incentive Plan, as may be amended from time to time;

 

“Plan Administrator”
means the Board, or if the administration of this Plan has been delegated by the Board to the Committee pursuant to Section 3.2,
the Committee;

 

“Prior Plan” means the
Corporation’s 2015 Stock Inventive Plan, as the same may have been amended and/or restated;

 

“PSU Service Year” has
the meaning given to it in Section 6.1;

 

     

    - 7 -

    

 

“Restricted Share Unit”
or “RSU” means a unit equivalent in value to a Share, credited by means of a bookkeeping entry in the books
of the Corporation in accordance with Article 5;

 

“Retirement” means the
termination of the Participant’s working career by reason of retirement, other than on account of the Participant’s
termination of service by the Corporation or its subsidiary for Cause;

 

“RSU Service Year” has
the meaning given to it in Section 5.1;

 

“Section 409A of the Code”
or “Section 409A” means Section 409A of the Code and all regulations, guidance, compliance programs and other interpretive
authority issued thereunder;

 

“Securities Laws” means
securities legislation, securities regulation and securities rules, as amended, and the policies, notices, instruments and blanket
orders in force from time to time that govern or are applicable to the Corporation or to which it is subject;

 

“Security Based Compensation Arrangement”
means a stock option, stock option plan, employee stock purchase plan or any other compensation or incentive mechanism involving
the issuance or potential issuance of Shares to Directors, officers, Employees and/or service providers of the Corporation or any
subsidiary of the Corporation, including a share purchase from treasury which is financially assisted by the Corporation by way
of a loan, guarantee or otherwise;

 

“Share” means one common
share in the capital of the Corporation as constituted on the Effective Date or any share or shares issued in replacement of such
common share in compliance with the laws of the Province of British Columbia or other applicable law, and/or one share of any additional
class of common shares in the capital of the Corporation as may exist from time to time, or, after an adjustment contemplated by
Article 10, such other shares or securities to which the holder of an Award may be entitled as a result of such adjustment;

 

“subsidiary” means an
issuer that is Controlled directly or indirectly by another issuer and includes a subsidiary of that subsidiary, or any other entity
in which the Corporation has an equity interest and is designated by the Plan Administrator, from time to time, for purposes of
this Plan, to be a subsidiary;

 

“Tax Act” has the meaning
set forth in Section 4.5(d);

 

“Termination Date” means,
subject to applicable law which cannot be waived:

 

		(a)	in the case of an Employee whose employment with the Corporation or a subsidiary of the Corporation
terminates, (i) the date designated by the Employee and the Corporation or a subsidiary of the Corporation as the “Termination
Date” (or similar term) in a written employment or other agreement between the Employee and Corporation or a subsidiary of
the Corporation, or (ii) if no such written employment or other agreement exists, the date designated by the Corporation or a subsidiary
of the Corporation, as the case may be, on which the Employee ceases to be an employee of the Corporation or the subsidiary of
the Corporation, as the case may be; provided that, in the case of termination of employment by voluntary resignation by the Participant,
such date shall not be earlier than the date notice of resignation was given; and in any event, the “Termination Date”
shall be determined without including any period of reasonable notice that the Corporation or the subsidiary of the Corporation
(as the case may be) may be required by law to provide to the Participant or any pay in lieu of notice of termination, severance
pay or other damages paid or payable to the Participant;

 

     

    - 8 -

    

 

		(b)	in the case of a Consultant whose agreement or arrangement with the Corporation or a subsidiary
of the Corporation terminates, (i) the date designated by the Corporation or the subsidiary of the Corporation, as the “Termination
Date” (or similar term) or expiry date in a written agreement between the Consultant and Corporation or a subsidiary
of the Corporation, or (ii) if no such written agreement exists, the date designated by the Corporation or a subsidiary of the
Corporation, as the case may be, on which the Consultant ceases to be a Consultant or a service provider to the Corporation or
the subsidiary of the Corporation, as the case may be, or on which the Participant’s agreement or arrangement is terminated,
provided that in the case of voluntary termination by the Participant of the Participant’s consulting agreement or other
written arrangement, such date shall not be earlier than the date notice of voluntary termination was given; in any event, the
 “Termination Date” shall be determined without including any period of notice that the Corporation or the subsidiary
of the Corporation (as the case may be) may be required by law to provide to the Participant or any pay in lieu of notice of termination,
termination fees or other damages paid or payable to the Participant; and

 

		(c)	in the case of a Director, the date such individual ceases to be a Director;

 

and in each case unless
the individual continues to be a Participant in another capacity.

 

Notwithstanding the foregoing,
in the case of a U.S. Taxpayer, a Participant’s “Termination Date” will be the date the Participant experiences
a “Separation from Service” with the Corporation or a subsidiary of the Corporation within the meaning of Section
409A of the Code;

 

“U.S.” or “United
States” means the United States of America, its territories and possessions, any State of the United States, and the
District of Columbia;

 

“U.S. Person” shall
mean a “U.S. person” as such term is defined in Rule 902(k) of Regulation S under the U.S. Securities Act (the definition
of which includes, but is not limited to, (i) any natural person resident in the United States, (ii) any partnership or corporation
organized or incorporated under the laws of the United States, (iii) any partnership or corporation organized outside of the United
States by a U.S. Person principally for the purpose of investing in securities not registered under the U.S. Securities Act, unless
it is organized, or incorporated, and owned, by accredited investors who are not natural persons, estates or trusts and (iv) any
estate or trust of which any executor or administrator or trustee is a U.S. Person);

 

“U.S. Securities Act”
means the United States Securities Act of 1933, as amended; and

 

“U.S. Taxpayer” shall
mean a Participant who, with respect to an Award, is subject to taxation under the applicable U.S. tax laws.

 

     

    - 9 -

    

 

		2.2	Interpretation

 

		(a)	Whenever the Plan Administrator exercises discretion in the administration of this Plan, the term
 “discretion” means the sole and absolute discretion of the Plan Administrator.

 

		(b)	As used herein, the terms “Article”, “Section”, “Subsection”
and “clause” mean and refer to the specified Article, Section, Subsection and clause of this Plan, respectively.

 

		(c)	Words importing the singular include the plural and vice versa, and words importing any gender
include any other gender.

 

		(d)	Unless otherwise specified, time periods within or following which any payment is to be made or
act is to be done shall be calculated by excluding the day on which the period begins, including the day on which the period ends,
and abridging the period to the immediately preceding Business Day in the event that the last day of the period is not a Business
Day. In the event an action is required to be taken or a payment is required to be made on a day which is not a Business Day, such
action shall be taken or such payment shall be made by the immediately preceding Business Day.

 

		(e)	Unless otherwise specified, all references to money amounts are to Canadian currency.

 

		(f)	The headings used herein are for convenience only and are not to affect the interpretation of this
Plan.

 

Article 3

ADMINISTRATION

 

		3.1	Administration

 

This Plan will be administered by the Plan
Administrator and the Plan Administrator has sole and complete authority, in its discretion, to:

 

		(a)	determine the individuals to whom grants of Awards under the Plan may be made;

 

		(b)	make grants of Awards under the Plan relating to the issuance of Shares (including any combination
of Options, Restricted Share Units, Performance Share Units or Deferred Share Units) in such amounts, to such Persons and, subject
to the provisions of this Plan, on such terms and conditions as it determines, and including, without limitation:

 

		(i)	the time or times at which Awards may be granted;

 

     

    - 10 -

    

 

		(ii)	the conditions under which:

 

		(A)	Awards may be granted to Participants; or

 

		(B)	Awards may be forfeited to the Corporation,

 

including any conditions relating
to the attainment of specified Performance Goals;

 

		(iii)	the number of Shares to be covered by any Award;

 

		(iv)	the price, if any, to be paid by a Participant in connection
with the purchase of Shares covered by any Awards;

 

		(v)	whether restrictions or limitations are to be imposed
on the Shares issuable pursuant to grants of any Award, and the nature of such restrictions or limitations, if any; and

 

		(vi)	any acceleration of exercisability or vesting, or waiver
of termination regarding any Award, based on such factors as the Plan Administrator may determine;

 

		(c)	establish the form or forms of Award Agreements;

 

		(d)	cancel, amend, adjust or otherwise change any Award under such circumstances as the Plan Administrator
may consider appropriate in accordance with the provisions of this Plan;

 

		(e)	construe and interpret this Plan and all Award Agreements;

 

		(f)	adopt, amend, prescribe and rescind administrative guidelines and other rules and regulations relating
to this Plan, including rules and regulations relating to sub-plans established for the purpose of satisfying applicable foreign
laws or for qualifying for favorable tax treatment under applicable foreign laws; and

 

		(g)	make all other determinations and take all other actions necessary or advisable for the implementation
and administration of this Plan.

 

		3.2	Delegation to Committee

 

		(a)	The initial Plan Administrator shall be the Board.

 

		(b)	To the extent permitted by applicable law, the Board may, from time to time, delegate to a committee
of the Board (the “Committee”) all or any of the powers conferred on the Plan Administrator pursuant to this
Plan, including the power to sub-delegate to any member(s) of the Committee or any specified officer(s) of the Corporation or its
subsidiaries all or any of the powers delegated by the Board. In such event, the Committee or any sub-delegate will exercise the
powers delegated to it in the manner and on the terms authorized by the delegating party. Any decision made or action taken by
the Committee or any sub-delegate arising out of or in connection with the administration or interpretation of this Plan in this
context is final and conclusive and binding on the Corporation and all subsidiaries of the Corporation, all Participants and all
other Persons.

 

     

    - 11 -

    

 

		(c)	If a Committee has been appointed pursuant to this Section  3.2, such Committee shall continue
to serve in its designated capacity until otherwise directed by the Board. From time to time the Board may increase the size of
any Committee and appoint additional members thereof, remove members (with or without cause) and appoint new members in substitution
therefor, fill vacancies (however caused) and dissolve a Committee and thereafter directly administer the Plan, all to the extent
permitted by applicable laws and, in the case of a Committee administering the Plan in accordance with the requirements of Exchange
Act Rule 16b-3 or Section 162(m) of the Code to the extent it remains applicable with respect to any outstanding Awards issued
under the Corporation’s Prior Plan, to the extent permitted or required by such provisions.

 

		3.3	Determinations Binding

 

Any decision made or action taken by the
Board, the Committee or any sub-delegate to whom authority has been delegated pursuant to Section 3.2 arising out of or in
connection with the administration or interpretation of this Plan is final, conclusive and binding on the Corporation, the affected
Participant(s), their legal and personal representatives and all other Persons.

 

		3.4	Eligibility

 

All Directors, Employees and Consultants
are eligible to participate in the Plan, subject to Section 9.1(f). Participation in the Plan is voluntary and eligibility to participate
does not confer upon any Director, Employee or Consultant any right to receive any grant of an Award pursuant to the Plan. The
extent to which any Director, Employee or Consultant is entitled to receive a grant of an Award pursuant to the Plan will be determined
in the sole and absolute discretion of the Plan Administrator.

 

		3.5	Plan Administrator Requirements

 

Any Award granted under this Plan shall
be subject to the requirement that, if at any time the Plan Administrator shall determine that the listing, registration or qualification
of the Shares issuable pursuant to such Award upon any securities exchange or under any Securities Laws of any jurisdiction, or
the consent or approval of the Exchange and any securities commissions or similar securities regulatory bodies having jurisdiction
over the Corporation is necessary as a condition of, or in connection with, the grant or exercise of such Award or the issuance
or purchase of Shares thereunder, such Award may not be accepted or exercised, as applicable, in whole or in part unless such listing,
registration, qualification, consent or approval shall have been effected or obtained on conditions acceptable to the Plan Administrator.
Without limiting the generality of the foregoing, all Awards shall be issued pursuant to the registration requirements of the U.S.
Securities Act, or pursuant an exemption or exclusion from such registration requirements. Nothing herein shall be deemed to require
the Corporation to apply for or to obtain such listing, registration, qualification, consent or approval. Participants shall, to
the extent applicable, cooperate with the Corporation in complying with such legislation, rules, regulations and policies.

 

     

    - 12 -

    

 

		3.6	Total Shares Subject to Awards

 

		(a)	Subject to adjustment as provided for in Article 10 and any subsequent amendment to this Plan,
the maximum aggregate number of Shares that may be issued pursuant to Awards granted under the Plan shall not exceed 30,000,000
Shares. Such maximum number of Shares consists of (i) 12,850,917 Shares issuable pursuant to Awards previously granted and, if
applicable, outstanding or exercised under the Corporation’s Prior Plan as of the Effective Date, which Awards are covered
by this Plan, and (ii) 17,149,083 additional Shares that may be issued pursuant to Awards to be granted under this Plan. Shares
delivered under the Plan shall be authorized but unissued shares, treasury shares or shares purchased on the open market or by
private purchase.

 

		(b)	To the extent any Awards (or portion(s) thereof) under this Plan terminate or are cancelled for
any reason prior to exercise in full, or are surrendered to the Corporation by the Participant, any Shares subject to such Awards
(or portion(s) thereof) shall be added back to the number of Shares reserved for issuance under this Plan and will again become
available for issuance pursuant to the exercise of Awards granted under this Plan.

 

		(c)	Any Shares issued by the Corporation through the assumption or substitution of outstanding stock
options or other equity-based awards from an acquired company shall not reduce the number of Shares available for issuance pursuant
to the exercise of Awards granted under this Plan.

 

		3.7	Award Agreements

 

Each Award under this Plan will be evidenced
by an Award Agreement. Each Award Agreement will be subject to the applicable provisions of this Plan and will contain such provisions
as are required by this Plan and any other provisions that the Plan Administrator may direct. Any one officer of the Corporation
is authorized and empowered to execute and deliver, for and on behalf of the Corporation, any Award Agreement to a Participant
granted an Award pursuant to this Plan.

 

		3.8	Non-transferability of Awards

 

Except as permitted by the Plan Administrator,
and to the extent that certain rights may pass to a beneficiary or legal representative upon death of a Participant by will or
as required by law, no assignment or transfer of Awards, whether voluntary, involuntary, by operation of law or otherwise, vests
any interest or right in such Awards whatsoever in any assignee or transferee and, immediately upon any assignment or transfer,
or any attempt to make the same, such Awards will terminate and be of no further force or effect. To the extent that certain rights
to exercise any portion of an outstanding Award pass to a beneficiary or legal representative upon death of a Participant, the
period in which such Award can be exercised by such beneficiary or legal representative shall not exceed one year from the Participant’s
death.

 

     

    - 13 -

    

 

Article 4

OPTIONS

 

		4.1	Granting of Options

 

The Plan Administrator may, from time to
time, subject to the provisions of this Plan and such other terms and conditions as the Plan Administrator may prescribe, grant
Options to any Participant. The terms and conditions of each Option grant shall be evidenced by an Award Agreement.

 

		4.2	Exercise Price

 

The Plan Administrator will establish the
Exercise Price at the time each Option is granted, which Exercise Price must in all cases be not less than the Market Price on
the Date of Grant.

 

		4.3	Term of Options

 

Subject to any accelerated termination
as set forth in this Plan, each Option expires on its Expiry Date.

 

		4.4	Vesting and Exercisability

 

		(a)	The Plan Administrator shall have the authority to determine the vesting terms applicable to grants
of Options.

 

		(b)	Once an Option becomes vested, it shall remain vested and shall be exercisable until expiration
or termination of the Option, unless otherwise specified by the Plan Administrator, or as may be otherwise set forth in any written
employment agreement, Award Agreement or other written agreement between the Corporation or a subsidiary of the Corporation and
the Participant. Each vested Option may be exercised at any time or from time to time, in whole or in part, for up to the total
number of Option Shares with respect to which it is then exercisable. The Plan Administrator has the right to accelerate the date
upon which any Option becomes exercisable.

 

		(c)	Subject to the provisions of this Plan and any Award Agreement, Options shall be exercised by means
of a fully completed Exercise Notice delivered to the Corporation.

 

		(d)	The Plan Administrator may provide at the time of granting an Option that the exercise of that
Option is subject to restrictions, in addition to those specified in this Section 4.4, such as vesting conditions relating
to the attainment of specified Performance Goals.

 

		4.5	Payment of Exercise Price

 

		(a)	Unless otherwise specified by the Plan Administrator at the time of granting an Option and set
forth in the particular Award Agreement, the Exercise Notice must be accompanied by payment of the Exercise Price. The Exercise
Price must be fully paid by certified cheque, wire transfer, bank draft or money order payable to the Corporation or by such other
means as might, in the discretion of the Plan Administrator, be specified from time to time by the Plan Administrator, which may
include (i) through an arrangement with a broker approved by the Corporation (or through an arrangement directly with the
Corporation) whereby payment of the Exercise Price is accomplished with the proceeds of the sale of Shares deliverable upon the
exercise of the Option, (ii) through the cashless exercise process set out in Section 4.5(b) or (iii) such other consideration
and method of payment for the issuance of Shares to the extent permitted by Securities Laws, or any combination of the foregoing
methods of payment.

 

     

    - 14 -

    

 

		(b)	Unless otherwise specified by the Plan Administrator and set forth in the particular Award Agreement,
if permitted by the Plan Administrator, at its discretion, a Participant may, in lieu of exercising an Option pursuant to an Exercise
Notice, elect to surrender such Option to the Corporation (a “Cashless Exercise”) in consideration for an amount
from the Corporation equal to (i) the Market Price of the Shares issuable on the exercise of such Option (or portion thereof) as
of the date such Option (or portion thereof) is exercised, less (ii) the aggregate Exercise Price of the Option (or portion thereof)
surrendered relating to such Shares (the “In-the-Money Amount”), by written notice to the Corporation indicating
the number of Options such Participant wishes to exercise using the Cashless Exercise, and such other information that the Corporation
may require. Subject to Section 8.3, the Corporation shall satisfy payment of the In-the-Money Amount by delivering to the Participant
such number of Shares (rounded down to the nearest whole number) having a fair market value equal to the In-the-Money Amount.

 

		(c)	No Shares will be issued or transferred until full payment therefor has been received by the Corporation
or arrangements for such payment have been made to the satisfaction of the Plan Administrator.

 

		(d)	If a Participant surrenders Options through a Cashless Exercise pursuant to Section 4.5(b), to
the extent that such Participant would be entitled to a deduction under paragraph 110(1)(d) of the Income Tax Act
(Canada) (the “Tax Act”) in respect of such surrender if the election described in subsection 110(1.1) of the
Tax Act were made and filed (and the other procedures described therein were undertaken) on a timely basis after such surrender,
the Corporation will, at the written request of the Participant, cause such election to be so made and filed (and such other procedures
to be so undertaken).

 

Article 5

RESTRICTED SHARE UNITS

 

		5.1	Granting of RSUs

 

		(a)	The Plan Administrator may, from time to time, subject to the provisions of this Plan and such
other terms and conditions as the Plan Administrator may prescribe, grant RSUs to any Participant in respect of services rendered
by the applicable Participant in a taxation year (the “RSU Service Year”). If a Participant is to receive RSUs
as remuneration for an RSU Service Year other than as a bonus or similar payment, the RSU grant shall be made before such remuneration
has been earned, and, for greater certainty, if such RSU grants are made at the discretion of the Plan Administrator on a quarterly
basis, each such RSU grant shall be made in advance of the quarter to which it relates. The terms and conditions of each RSU grant
shall be evidenced by an Award Agreement. Each RSU will consist of a right to receive a Share upon the settlement of such RSU (as
provided in Section 0).

 

     

    - 15 -

    

 

		(b)	The number of RSUs (including fractional RSUs) granted at any particular time pursuant to this
Article 5 will be calculated by dividing (i) the amount that is to be paid in RSUs, as determined by the Plan Administrator,
by (ii) the greater of (A) the Market Price of a Share on the Date of Grant and (B) such amount as determined by the Plan Administrator
in its sole discretion.

 

		5.2	RSU Account

 

All RSUs received by a Participant shall
be credited to an account maintained for the Participant on the books of the Corporation as of the Date of Grant.

 

		5.3	Vesting of RSUs

 

The Plan Administrator shall have the authority
to determine any vesting terms applicable to the grant of RSUs, provided that the terms comply with Section 409A with respect to
a U.S. Taxpayer.

 

		5.4	Settlement of RSUs

 

The Plan Administrator shall have the sole
authority to determine the settlement terms applicable to the grant of RSUs, provided that settlement shall in all cases be in
the form of Shares, and further provided that, with respect to a U.S. Taxpayer, the terms comply with Section 409A to the extent
it is applicable. Unless an RSU awarded to a U.S. Taxpayer is designed to be exempt from Section 409A (and the applicable RSU Agreement
properly reflects terms required for such exemption), the applicable RSU Award Agreement will designate the payment date or event
for settlement of the RSUs in accordance with the requirements of Section 409A, specifically setting forth such date or dates that
are the “RSU Designated Payment Date(s)”. Subject to Section 11.7(d) below and except as otherwise provided
in an Award Agreement, on the settlement date for any RSU the Participant shall redeem each vested RSU for one fully paid and non-assessable
Share issued from treasury to the Participant or as the Participant may direct.

 

Article 6

PERFORMANCE SHARE UNITS

 

		6.1	Granting of PSUs

 

The Plan Administrator may, from time to
time, subject to the provisions of this Plan and such other terms and conditions as the Plan Administrator may prescribe, grant
PSUs to any Participant in respect of services rendered by the applicable Participant in a taxation year (the ”PSU
Service Year”). If a Participant is to receive PSUs as remuneration for a PSU Service Year other than as a bonus or similar
payment, the PSU grant shall be made before such remuneration has been earned. The terms and conditions of each PSU grant shall
be evidenced by an Award Agreement, provided that, with respect to a U.S. Taxpayer, the terms comply with Section 409A to the extent
it is applicable. Unless a PSU awarded to a U.S. Taxpayer is designed to be exempt from Section 409A (and the applicable PSU Agreement
properly reflects terms required for such exemption), the applicable PSU Award Agreement will designate the payment date or event
for settlement of the PSUs in accordance with the requirements of Section 409A (the “PSU Designated Payment Date”),
and unless otherwise provided in the PSU Award Agreement, the PSU Designated Payment Date(s) will be the last day of the designated
performance period. Each PSU will consist of a right to receive a Share upon the achievement of such Performance Goals during such
performance periods as the Plan Administrator shall establish.

 

     

    - 16 -

    

 

		6.2	Terms of PSUs

 

The Performance Goals to be achieved during
any performance period, the length of any performance period, the amount of any PSUs granted, the effect of termination of a Participant’s
employment and the settlement terms pursuant to any PSU will be determined by the Plan Administrator and by the other terms and
conditions of any PSU, all as set forth in the applicable Award Agreement, provided that settlement shall in all cases be in the
form of Shares.

 

		6.3	Performance Goals

 

The Plan Administrator will issue Performance
Goals prior to the Date of Grant to which such Performance Goals pertain. The Performance Goals may be based upon the achievement
of corporate, divisional or individual goals, and may be applied to performance relative to an index or comparator group, or on
any other basis determined by the Plan Administrator. Following the Date of Grant, the Plan Administrator may modify the Performance
Goals as necessary to align them with the Corporation’s corporate objectives, subject to any limitations set forth in an
Award Agreement or an employment or other agreement with a Participant. The Performance Goals may include a threshold level of
performance below which no vesting will occur, levels of performance at which specified vesting will occur and a maximum level
of performance above which no additional settlement or vesting will be made (or at which full vesting will occur), all as set forth
in the applicable Award Agreement.

 

		6.4	PSU Account

 

All PSUs received by a Participant shall
be credited to an account maintained for the Participant on the books of the Corporation as of the Date of Grant.

 

		6.5	Vesting of PSUs

 

The Plan Administrator shall have the authority
to determine any vesting terms applicable to the grant of PSUs, provided that the terms comply with Section 409A, to the extent
it is applicable, with respect to a U.S. Taxpayer.

 

     

    - 17 -

    

 

		6.6	Settlement of PSUs

 

The Plan Administrator shall have the authority
to determine the settlement terms applicable to the grant of PSUs provided that settlement shall in all cases be in the form of
Shares, and further provided that, with respect to a U.S. Taxpayer, the terms comply with Section 409A to the extent it is applicable.
Subject to Section 11.7(d) below and except as otherwise provided in an Award Agreement, on the settlement date for any PSU the
Participant shall redeem each vested PSU for one fully paid and non-assessable Share issued from treasury to the Participant or
as the Participant may direct.

 

Article 7

DEFERRED SHARE UNITS

 

		7.1	Granting of DSUs

 

		(a)	The Board may fix from time to time a portion of the Director Fees that is to be payable in the
form of DSUs. In addition, each Electing Person is given, subject to the conditions stated herein, the right to elect in accordance
with Section 7.1(b) to participate in the grant of additional DSUs pursuant to this Article 7. An Electing Person who elects
to participate in the grant of additional DSUs pursuant to this Article 7 shall receive their Elected Amount (as that term
is defined below) in the form of DSUs. The “Elected Amount” shall be an amount, as elected by the Director,
in accordance with applicable tax law, between 0% and 100% of any Director Fees that would otherwise be paid in cash (the “Cash
Fees”).

 

		(b)	Each Electing Person who elects to receive their Elected Amount in the form of DSUs will be required
to file a notice of election in the form of Schedule A hereto (the “Election Notice”) with the Chief
Financial Officer of the Corporation: (i) in the case of an existing Electing Person, by December 31st in the year prior
to the year in which the services giving rise to the Director Fees that are subject to such election are performed (other than
for Director Fees payable for the 2020 financial year, in which case any Electing Person who is not a U.S. Taxpayer as of the date
of this Plan shall file the Election Notice by the date that is 30 days from the Effective Date with respect to compensation paid
for services to be performed after such date); and (ii) in the case of a newly appointed Electing Person who is not a U.S. Taxpayer,
within 30 days of such appointment with respect to compensation paid for services to be performed after such date. In the case
of the first year in which an Electing Person who is a U.S. Taxpayer first becomes an Electing Person under the Plan (or any plan
required to be aggregated with the Plan under Section 409A), an initial Election Notice may be filed within 30 days of such appointment
only with respect to compensation paid for services to be performed after the end of the 30-day election period. If no election
is made within the foregoing time frames, the Electing Person shall be deemed to have elected to be paid the entire amount of his
or her Cash Fees in cash.

 

		(c)	Subject to Subsection 7.1(d), the election of an Electing Person under Subsection 7.1(b) shall
be deemed to apply to all Cash Fees paid subsequent to the filing of the Election Notice. In the case of an Electing Person who
is a U.S. Taxpayer, his or her election under Subsection 7.1(b) shall be deemed to apply to all Cash Fees that are earned in calendar
years beginning after the Election Date. An Electing Person is not required to file another Election Notice for subsequent calendar
years.

 

     

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		(d)	Each Electing Person who is not a U.S. Taxpayer is entitled once per calendar year to terminate
his or her election to receive DSUs by filing with the Chief Financial Officer of the Corporation a termination notice in the form
of Schedule B. Such termination shall be effective immediately upon receipt of such notice, provided that the Corporation has not
imposed a “black-out” on trading. Thereafter, any portion of such Electing Person’s Cash Fees payable or paid
in the same calendar year and, subject to complying with Subsection 7.1(b), all subsequent calendar years shall be paid in cash.
For greater certainty, to the extent an Electing Person terminates his or her participation in the grant of DSUs pursuant to this
Article 7, he or she shall not be entitled to elect to receive the Elected Amount, or any other amount of his or her Cash
Fees in DSUs again until the calendar year following the year in which the termination notice is delivered. An election by a U.S.
Taxpayer to receive the Elected Amount in DSUs for any calendar year (or portion thereof) is irrevocable for that calendar year
after the expiration of the election period for that year and any termination of the election will not take effect until the first
day of the calendar year following the calendar year in which the termination notice in the form of Schedule C is delivered.

 

		(e)	Any DSUs granted pursuant to this Article 7 prior to the delivery of a termination notice
pursuant to Subsection 7.1(d) shall remain in the Plan following such termination and will be redeemable only in accordance with
the terms of the Plan.

 

		(f)	The number of DSUs (including fractional DSUs) granted at any particular time pursuant to this
Article 7 will be calculated by dividing (i) the amount of Director Fees that are to be paid as DSUs, as determined by the
Plan Administrator or Director Fees that are to be paid in DSUs (including any Elected Amount) by (ii) the Market Price of a Share
on the Date of Grant.

 

		(g)	In addition to the foregoing, the Plan Administrator may, from time to time, subject to the provisions
of this Plan and such other terms and conditions as the Plan Administrator may prescribe, grant DSUs to any Participant.

 

		7.2	DSU Account

 

All DSUs received by a Participant (which,
for greater certainty includes Electing Persons) shall be credited to an account maintained for the Participant on the books of
the Corporation as of the Date of Grant. The terms and conditions of each DSU grant shall be evidenced by an Award Agreement.

 

		7.3	Vesting of DSUs

 

Except as otherwise determined by the Plan
Administrator or as set forth in the particular Award Agreement, DSUs shall vest immediately upon grant.

 

     

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		7.4	Settlement of DSUs

 

		(a)	DSUs shall be settled on the date established in the Award Agreement; provided, however, that if
there is no Award Agreement or the Award Agreement does not establish a date for the settlement of the DSUs, then, for a Participant
who is not a U.S. Taxpayer, the settlement date shall be the date determined by the Participant (which date shall not be earlier
than the Termination Date nor later than the end of the first calendar year commencing after the Termination Date), and for a Participant
who is a U.S. Taxpayer, the settlement date shall be the date determined by the Participant in accordance with the Election Notice
(which date shall not be earlier than the Participant’s Separation from Service nor later than the end of the first calendar
year commencing after the Termination Date). On the settlement date for any DSU the Participant shall redeem each vested DSU for:

 

		(i)	one fully paid and non-assessable Share issued from treasury to the Participant or as the Participant
may direct; or

 

		(ii)	at the election of the Participant and subject to the approval of the Plan Administrator, a cash
payment.

 

		(b)	Any cash payments made under this Section 7.4 by the Corporation to a Participant in respect of
DSUs to be redeemed for cash shall be calculated by multiplying the number of DSUs to be redeemed for cash by the Market Price
per Share as at the settlement date.

 

		(c)	Payment of cash to Participants on the redemption of vested DSUs may be made through the Corporation’s
payroll or in such other manner as determined by the Corporation.

 

		7.5	No Additional Amount or Benefit

 

For greater certainty, neither a Participant
to whom DSUs are granted nor any person with whom such Participant does not deal at arm’s length (for purposes of the Tax
Act) shall be entitled, either immediately or in the future, either absolutely or contingently, to receive or obtain any amount
or benefit granted or to be granted for the purpose of reducing the impact, in whole or in part, of any reduction in the Market
Price of the Shares to which the DSUs relate.

 

Article 8

ADDITIONAL AWARD TERMS

 

		8.1	Dividend Equivalents

 

		(a)	Unless otherwise determined by the Plan Administrator and set forth in the particular Award Agreement,
an Award of RSUs, PSUs and DSUs shall include the right for such RSUs, PSUs and DSUs to be credited with dividend equivalents in
the form of additional RSUs, PSUs and DSUs, respectively, as of each dividend payment date in respect of which normal cash dividends
are paid on Shares. Such dividend equivalents shall be computed by dividing (a) the amount obtained by multiplying the amount
of the dividend declared and paid per Share by the number of RSUs, PSUs and DSUs, as applicable, held by the Participant on the
record date for the payment of such dividend by (b) the Market Price at the close of the first Business Day immediately following
the dividend record date, with fractions computed to three decimal places. Dividend equivalents credited to a Participant’s
account shall vest in proportion to the RSUs, PSUs and DSUs to which they relate, and shall be settled in accordance with Sections
5.4, 6.6, and 7.4 respectively.

 

     

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		(b)	The foregoing does not obligate the Corporation to declare or pay dividends on Shares and nothing
in this Plan shall be interpreted as creating such an obligation.

 

		8.2	Black-out Period

 

In the event that an Award expires at a
time when a scheduled blackout is in place or an undisclosed material change or material fact in the affairs of the Corporation
exists, the expiry of such Award will be the date that is 10 Business Days after which such scheduled blackout terminates or there
is no longer such undisclosed material change or material fact.

 

		8.3	Withholding Taxes

 

Notwithstanding any other terms of this
Plan, the granting, vesting or settlement of each Award under this Plan is subject to the condition that if at any time the Plan
Administrator determines, in its discretion, that the satisfaction of withholding tax or other withholding or remittance liabilities
is necessary or desirable in respect of such grant, vesting or settlement, such action is not effective unless related withholding
has been effected to the satisfaction of the Plan Administrator. In such circumstances the Plan Administrator may require that
a Participant pay to the Corporation the amount as the Corporation or a subsidiary of the Corporation is obliged to withhold or
remit to the relevant taxing authority in respect of the granting, vesting or settlement of the Award. Any such additional payment
is due no later than the date on which such amount with respect to the Award is required to be remitted to the relevant tax authority
by the Corporation or a subsidiary of the Corporation, as the case may be, or, at the discretion of the Plan Administrator, at
any earlier date as a condition of vesting or settlement of the Award. Alternatively, and subject to any requirements or limitations
under applicable law, the Corporation or any Affiliate may (a) withhold such amount from any remuneration or other amount
payable by the Corporation or any Affiliate to the Participant, (b) require the sale, on behalf of the applicable Participant,
of a number of Shares issued upon exercise, vesting or settlement of such Award and the remittance to the Corporation of the net
proceeds from such sale sufficient to satisfy such amount or (c) enter into any other suitable arrangements for the receipt
of such amount.

 

		8.4	Recoupment

 

Notwithstanding any other terms of this
Plan, Awards may be subject to potential cancellation, recoupment, rescission, payback or other action in accordance with the terms
of any clawback, recoupment or similar policy adopted by the Corporation or the relevant subsidiary of the Corporation, or as set
out in the Participant’s employment agreement, Award Agreement or other written agreement, or as otherwise required by law
or the rules of the Exchange. The Plan Administrator may at any time waive the application of this Section 8.4 to any Participant
or category of Participants.

 

     

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Article 9

TERMINATION OF EMPLOYMENT OR SERVICES

 

		9.1	Termination of Employee, Consultant or Director

 

Subject to Section 9.2, unless otherwise
determined by the Plan Administrator and set forth in an employment agreement, Award Agreement or other written agreement:

 

		(a)	where a Participant’s employment, consulting agreement or arrangement is terminated or the
Participant ceases to hold office or his or her position, as applicable, by reason of the voluntary resignation by the Participant
or termination by the Corporation or a subsidiary of the Corporation for Cause, then any Option or other Award held by the Participant
that has not been exercised, surrendered or settled as of the Termination Date shall be immediately forfeited and cancelled as
of the Termination Date;

 

		(b)	where a Participant’s employment, consulting agreement or arrangement is terminated by the
Corporation or a subsidiary of the Corporation without Cause (whether such termination occurs with or without any or adequate reasonable
notice, or with or without any or adequate compensation in lieu of such reasonable notice) then a portion of any unvested Options
or other Awards shall immediately vest, such portion to be equal to the number of unvested Options or other Awards held by the
Participant as of the Termination Date that would have vested (including, if applicable, based on the achievement of any Performance
Goals) assuming that no termination had occurred, multiplied by a fraction the numerator of which is the number of days between
the Date of Grant and the Termination Date and the denominator of which is the number of days between the Date of Grant and the
date any unvested Options or other Awards were originally scheduled to vest. Any vested Options may be exercised by the Participant
at any time during the period that terminates on the earlier of (A) the Expiry Date of such Option and (B) the date that is 90
days after the Termination Date. If an Option remains unexercised upon the earlier of (A) or (B), the Option shall be immediately
forfeited and cancelled for no consideration upon the termination of such period. In the case of a vested Award (other than an
Option) of a Participant who is not a U.S. Taxpayer, such Award will be settled within 90 days after the Termination Date. In the
case of a vested RSU or a vested PSU of a U.S. Taxpayer (including RSUs and PSUs that become vested as a result of this Section
9.1(b)), such RSU or PSU will be settled within 90 days after the Termination Date. Vested DSUs of U.S. Taxpayers will be settled
in accordance with the Participant’s Election Notice (the form of which is attached as Schedule A hereto);

 

		(c)	where a Participant’s employment, consulting agreement or arrangement terminates on account
of his or her becoming Disabled, then a portion of any unvested Options or other Awards shall immediately vest, such portion to
be equal to the number of unvested Options or other Awards held by the Participant as of the Termination Date that would have vested
(including, if applicable, based on the achievement of any Performance Goals) assuming that no termination had occurred, multiplied
by a fraction the numerator of which is the number of days between the Date of Grant and the Termination Date and the denominator
of which is the number of days between the Date of Grant and the date any unvested Options or other Awards were originally scheduled
to vest. Any vested Option may be exercised by the Participant at any time until the Expiry Date of such Option. Any vested Award
(other than an Option) of a Participant who is not a U.S. Taxpayer will be settled within 90 days after the Termination Date. In
the case of a vested RSU or a vested PSU of a U.S. Taxpayer (including RSUs and PSUs that become vested as a result of this Section
9.1(c)), such RSU or PSU will be settled within 90 days after the Termination Date. Vested DSUs of U.S. Taxpayers will be settled
in accordance with the Participant’s Election Notice (the form of which is attached as Schedule A hereto);

 

     

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		(d)	where a Participant’s employment, consulting agreement or arrangement is terminated by reason
of the death of the Participant, then a portion of any unvested Options or other Awards shall immediately vest, such portion to
be equal to the number of unvested Options or other Awards held by the Participant as of the Termination Date that would have vested
(including, if applicable, based on the achievement of any Performance Goals) assuming that no termination had occurred, multiplied
by a fraction the numerator of which is the number of days between the Date of Grant and the Termination Date and the denominator
of which is the number of days between the Date of Grant and the date any unvested Options or other Awards were originally scheduled
to vest. Any vested Option may be exercised by the Participant’s beneficiary or legal representative (as applicable) at any
time during the period that terminates on the earlier of (A) the Expiry Date of such Option and (B) the first anniversary of the
date of the death of such Participant. If an Option remains unexercised upon the earlier of (A) or (B), the Option shall be immediately
forfeited and cancelled for no consideration upon the termination of such period. In the case of a vested Award (other than an
Option), of a Participant who is not a U.S. Taxpayer, such Award will be settled with the Participant’s beneficiary or legal
representative (as applicable) within 90 days after the date of the Participant’s death. In the case of a vested RSU or a
vested PSU of a U.S. Taxpayer (including RSUs and PSUs that become vested as a result of this Section 9.1(d)), such RSU or PSU
will be settled with the Participant’s beneficiary or legal representative within 90 days after the Participant’s death.
Vested DSUs of U.S. Taxpayers will be settled in accordance with the Participant’s Election Notice (the form of which is
attached as Schedule A hereto);

 

		(e)	where the employment, consulting agreement or arrangement of a Participant is terminated due to
the Participant’s Retirement, then a portion of any unvested Options or other Awards shall immediately vest, such portion
to be equal to the number of unvested Options or other Awards held by the Participant as of the Termination Date that would have
vested (including, if applicable, based on the achievement of any Performance Goals) assuming that no termination had occurred,
multiplied by a fraction the numerator of which is the number of days between the Date of Grant and the Termination Date and the
denominator of which is the number of days between the Date of Grant and the date any unvested Options or other Awards were originally
scheduled to vest. Any vested Option may be exercised by the Participant at any time during the period that terminates on the earlier
of (A) the Expiry Date of such Option and (B) the third anniversary of the Participant’s date of Retirement. If an Option
remains unexercised upon the earlier of (A) or (B), the Option shall be immediately forfeited and cancelled for no consideration
upon the termination of such period. With respect to Awards of Participants who are not U.S. Taxpayers, in the case of a vested
Award other than an Option, such Award will be settled within 90 days after the Participant’s Retirement. In the case of
a vested Award other than an Option (and with respect to U.S. Taxpayers a Vested Award other than an Option or a DSU), such Award
will be settled at the same time the Award would otherwise have been settled had the Participant remained in active service with
the Corporation or its subsidiary. With respect to Awards of Participants who are U.S. Taxpayers, vested RSUs and vested PSUs (including
RSUs and PSUs that become vested as a result of this Section 9.1(e)) will be settled within 90 days after the Participant’s
Termination Date. Vested DSUs of U.S. Taxpayers will be settled in accordance with the Participant’s Election Notice (the
form is attached as Schedule A hereto). Notwithstanding the foregoing, if, following his or her Retirement, the Participant commences
(the “Commencement Date”) employment, consulting or acting as a Director of the Corporation or any of its subsidiaries
(or in an analogous capacity) or otherwise as a service provider to any Person that carries on or proposes to carry on a business
competitive with the Corporation or any of its subsidiaries, any Option or other Award held by the Participant that has not been
exercised or settled as of the Commencement Date shall be immediately forfeited and cancelled as of the Commencement Date;

 

     

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		(f)	a Participant’s eligibility to receive further grants of Options or other Awards under this
Plan ceases as of:

 

		(i)	the date that the Corporation or a subsidiary of the
Corporation, as the case may be, provides the Participant with written notification that the Participant’s employment, consulting
agreement or arrangement is terminated, notwithstanding that such date may be prior to the Termination Date; or

 

		(ii)	the date of the death, Disability or Retirement of the
Participant;

 

		(g)	notwithstanding Subsection 9.1(b), unless the Plan Administrator, in its discretion, otherwise
determines, at any time and from time to time, but with due regard for Section 409A, Options or other Awards are not affected by
a change of employment or consulting agreement or arrangement or directorship within or among the Corporation or a subsidiary of
the Corporation for so long as the Participant continues to be a Director, Employee or Consultant, as applicable, of the Corporation
or a subsidiary of the Corporation; and

 

		(h)	for greater clarity, RSUs PSUs and DSUs granted to a Participant who is a U.S. Taxpayer are intended
to comply with Section 409A, and unless otherwise provided in the applicable Award Agreement or other written agreement, or unless
exempt from Section 409A, the settlement of vested RSUs and vested PSUs will occur, subject to Subsections 11.7(d) and 10.2(c),
at the earlier of (i) the Participant’s Separation from Service, and (ii) the RSU Designated Payment Date or PSU Designated
Payment Date, as applicable. DSUs granted to a Participant who is a U.S. Taxpayer will be settled and paid out in accordance with
the Participant’s Election Notice (the form of which is attached as Schedule A hereto).

 

     

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		9.2	Discretion to Permit Acceleration of Vesting

 

Notwithstanding the provisions of Section
9.1, the Plan Administrator may, in its discretion, at any time prior to, or following the events contemplated in such Section,
or in an employment agreement, Award Agreement or other written agreement between the Corporation or a subsidiary of the Corporation
and the Participant, permit the acceleration of vesting of any or all Awards or waive termination of any or all Awards, all in
the manner and on the terms as may be authorized by the Plan Administrator, taking into account the requirements of Section 409A
of the Code with respect to Awards of U.S. Taxpayers, to the extent it is applicable, and provided that such acceleration of vesting
will not change the time of settlement of an Award that is subject to Section 409A unless otherwise permitted under Section 409A.

 

Article 10

EVENTS AFFECTING THE CORPORATION

 

		10.1	General

 

The existence of any Awards does not affect
in any way the right or power of the Corporation or its shareholders to make, authorize or determine any adjustment, recapitalization,
reorganization or any other change in the Corporation’s capital structure or its business, or any amalgamation, combination,
arrangement, merger or consolidation involving the Corporation, to create or issue any bonds, debentures, Shares or other securities
of the Corporation or to determine the rights and conditions attaching thereto, to effect the dissolution or liquidation of the
Corporation or any sale or transfer of all or any part of its assets or business or to effect any other corporate act or proceeding,
whether of a similar character or otherwise, whether or not any such action referred to in this Article 10 would have an adverse
effect on this Plan or on any Award granted hereunder.

 

		10.2	Change in Control

 

Except as may be set forth in an employment
agreement, Award Agreement or other written agreement between the Corporation or a subsidiary of the Corporation and the Participant:

 

		(a)	subject to this Section 10.2, but notwithstanding anything else in this Plan or any Award Agreement,
the Plan Administrator may, without the consent of any Participant, take such steps as it deems necessary or desirable, including
to cause: (i) the conversion or exchange of any outstanding Awards into or for rights or other securities of substantially
equivalent value, as determined by the Plan Administrator in its discretion, in any entity participating in or resulting from a
Change in Control; (ii) outstanding Awards to vest and become exercisable, realizable or payable, or restrictions applicable
to an Award to lapse, in whole or in part prior to or upon consummation of such merger or Change in Control, and, to the extent
the Plan Administrator determines, terminate upon or immediately prior to the effectiveness of such merger or Change in Control;
(iii) the termination of an Award in exchange for an amount of cash and/or property, if any, equal to the amount that would have
been attained upon the exercise or settlement of such Award or realization of the Participant’s rights as of the date of
the occurrence of the transaction (and, for the avoidance of doubt, if as of the date of the occurrence of the transaction the
Plan Administrator determines in good faith that no amount would have been attained upon the exercise or settlement of such Award
or realization of the Participant’s rights, then such Award may be terminated by the Corporation without payment); (iv) the
replacement of such Award with other rights or property selected by the Board in its sole discretion where such replacement would
not adversely affect the holder; or (v) any combination of the foregoing. In taking any of the actions permitted under this
Subsection 10.2(a), the Plan Administrator will not be required to treat all Awards similarly in the transaction. Notwithstanding
the foregoing:

 

     

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		(i)	in the case of Options held by a Canadian Taxpayer the Plan Administrator may not cause the Canadian
Taxpayer to receive (pursuant to this Subsection 10.2(a)) any property in connection with a Change in Control other than rights
to acquire shares of a corporation or units of a “mutual fund trust” (as defined in the Tax Act) of the Corporation
or a “qualifying person” (as defined in the Tax Act) that does not deal at arm’s length (for purposes of the
Tax Act) with the Corporation, as applicable, at the time such rights are issued or granted; and

 

		(ii)	in the case of RSUs and PSUs held by a Canadian Taxpayer
the Plan Administrator may not cause the Canadian Taxpayer to receive (pursuant to this Subsection 10.2(a)) any property in connection
with a Change in Control other than rights to acquire shares of a corporation or units of a “mutual fund trust” (as
defined in the Tax Act) of the Corporation or a “qualifying person” (as defined in the Tax Act) that does not deal
at arm’s length (for purposes of the Tax Act) with the Corporation, as applicable, at the time such rights are issued or
granted;

 

		(b)	notwithstanding Section 9.1, and except as otherwise provided in a written employment or other
agreement between the Corporation or a subsidiary of the Corporation and a Participant, if within 12 months following the completion
of a transaction resulting in a Change in Control, a Participant’s employment, consultancy or directorship is terminated
by the Corporation or a subsidiary of the Corporation without Cause:

 

		(i)	any unvested Awards held by the Participant at the Termination
Date shall immediately vest; and

 

		(ii)	any vested Awards of Participants may be exercised, surrendered
or settled by such Participant at any time during the period that terminates on the earlier of (A) the Expiry Date of such Award
and (B) the date that is 90 days after the Termination Date, provided that any vested Awards (other than Options and DSUs) granted
to U.S. Taxpayers will be settled within 90 days of the Participant’s Separation from Service. DSUs of U.S. Taxpayers will
be settled in accordance with the Participant’s Election Notice (the form of which is attached as Schedule A hereto) unless
earlier settlement upon the Participant’s Separation from Service would be permitted under Section 409A. Any Award that
has not been exercised, surrendered or settled at the end of such period will be immediately forfeited and cancelled;

 

     

    - 26 -

    

 

		(c)	notwithstanding Subsection 10.2(a) and unless otherwise determined by the Plan Administrator,
if, as a result of a Change in Control, the Shares will cease trading on an Exchange, then the Corporation may terminate all of
the Awards, other than an Option, RSU or PSU held by a Canadian Taxpayer for the purposes of the Tax Act, granted under this Plan
at the time of and subject to the completion of the Change in Control transaction by paying to each holder at or within a reasonable
period of time following completion of such Change in Control transaction an amount for each Award equal to the fair market value
of the Award held by such Participant as determined by the Plan Administrator, acting reasonably, provided that any vested Awards
granted to U.S. Taxpayers will be settled within 90 days of the Change in Control, and provided further that DSUs of a U.S. Taxpayer
will not be terminated and paid out pursuant to this Subsection 10.2(c) unless otherwise permitted in compliance with Section 409A;
and

 

		(d)	it is intended that any actions taken under this Section 10.2 will comply with the requirements
of Section 409A of the Code with respect to Awards granted to U.S. Taxpayers.

 

		10.3	Reorganization of Corporation’s Capital

 

Should the Corporation effect a subdivision
or consolidation of Shares or any similar capital reorganization or a payment of a stock dividend (other than a stock dividend
that is in lieu of a cash dividend), or should any other change be made in the capitalization of the Corporation that does not
constitute a Change in Control and that would warrant the amendment or replacement of any existing Awards in order to adjust the
number of Shares that may be acquired on the vesting of outstanding Awards and/or the terms of any Award in order to preserve proportionately
the rights and obligations of the Participants holding such Awards, then, subject to the prior approval of the Exchange, if required,
(i) the number of Shares reserved for issuance under the Plan shall be correspondingly adjusted and (ii) the Plan Administrator
will make such adjustments to Awards (such as the number and type of securities subject to an Award, the Exercise Price of an Award
and any performance goals) or to any provisions of this Plan as the Plan Administrator deems equitable to prevent dilution or enlargement
of Awards or as may otherwise be advisable.

 

     

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		10.4	Other Events Affecting the Corporation

 

In the event of an amalgamation, combination,
arrangement, merger or other transaction or reorganization involving the Corporation and occurring by exchange of Shares, by sale
or lease of assets or otherwise, that does not constitute a Change in Control and that warrants the amendment or replacement of
any existing Awards in order to adjust the number and/or type of Shares that may be acquired, or by reference to which such Awards
may be settled, on the vesting of outstanding Awards and/or the terms of any Award in order to preserve proportionately the rights
and obligations of the Participants holding such Awards, the Plan Administrator will, subject to the prior approval of the Exchange,
authorize such steps to be taken as it may consider to be equitable and appropriate to that end.

 

		10.5	Immediate Acceleration of Awards

 

In taking any of the steps provided in
Sections 10.3 and 10.4, the Plan Administrator will not be required to treat all Awards similarly and where the Plan Administrator
determines that the steps provided in Sections 10.3 and 10.4 would not preserve proportionately the rights, value and obligations
of the Participants holding such Awards in the circumstances or otherwise determines that it is appropriate, the Plan Administrator
may, but is not required to, permit the immediate vesting of any unvested Awards, provided that any adjustment of acceleration
of vesting undertaken pursuant to Article 10 shall be undertaken only in a manner, and to the extent, they will not result in adverse
tax consequences under Section 409A of the Code.

 

		10.6	Issue by Corporation of Additional Shares

 

Except as expressly provided in this Article 10,
neither:

 

		(a)	the issue by the Corporation of (i) shares of any class, (ii) securities convertible into or exchangeable
for shares of any class or (iii) securities otherwise entitling the holder to acquire shares of any class (including, without limitation,
stock options and Share purchase warrants); nor

 

		(b)	the issuance of the underlying securities upon the exercise of the conversion, exchange or other
acquisition rights attaching to such securities;

 

affects, and no adjustment
by reason thereof is to be made with respect to, the number of Shares that may be acquired as a result of a grant of Awards.

 

		10.7	Fractions

 

No fractional Shares will be issued pursuant
to an Award. Accordingly, if, as a result of any adjustment under this Article 10 or a dividend equivalent, a Participant
would become entitled to a fractional Share, the Participant has the right to acquire only the adjusted number of full Shares and
no payment or other adjustment will be made with respect to the fractional Shares, which shall be disregarded.

 

     

    - 28 -

    

 

Article 11

U.S. TAXPAYERS

 

		11.1	Provisions for U.S. Taxpayers

 

Options granted under this Plan to U.S.
Taxpayers may be non-qualified stock options or incentive stock options qualifying under Section 422 of the Code (the “ISOs”).
Each Option shall be designated in the Award Agreement as either an ISO or a non-qualified stock option. If an Award Agreement
fails to designate an Option as either an ISO or non-qualified stock option, the Option will be a non-qualified stock option. The
Corporation shall not be liable to any Participant or to any other Person if it is determined that an Option intended to be an
ISO does not qualify as an ISO. Non-qualified stock options will be granted to a U.S. Taxpayer only if (i) such U.S. Taxpayer performs
services for the Corporation or any corporation or other entity in which the Corporation has a direct or indirect controlling interest
or otherwise has a significant ownership interest, as determined under Section 409A, such that the Option will constitute an option
to acquire “service recipient stock” within the meaning of Section 409A, or (ii) such Option otherwise is exempt from
Section 409A.

 

		11.2	Certain Defined Terms

 

For the purposes of this Article 11:

 

		(a)	“employee” means any person who is considered an employee of the Corporation
or any parent corporation or subsidiary of the Corporation for purposes of Treasury Regulation Section 1.421-1(h);

 

		(b)	“parent corporation” has the meaning ascribed thereto in Sections 424(e) of
the Code; and

 

		(c)	“subsidiary corporation” has the meaning ascribed thereto in Sections 424(f)
of the Code.

 

		11.3	ISOs

 

Subject to any limitations in Section 3.6,
the aggregate number of Shares reserved for issuance in respect of granted ISOs shall not exceed 5,000,000 Shares, and the terms
and conditions of any ISOs granted to a U.S. Taxpayer on the Date of Grant hereunder, including the eligible recipients of ISOs,
shall be subject to the provisions of Section 422 of the Code, and the terms, conditions, limitations and administrative procedures
established by the Plan Administrator from time to time in accordance with this Plan. ISOs may be granted at the discretion of
the Plan Administrator, provided that ISOs may only be granted to an individual who is an employee of the Corporation or of a parent
corporation or subsidiary corporation of the Corporation. No ISO may be granted more than ten years after the earlier of (i) the
date on which the Plan is adopted by the Board or (ii) the date on which the Plan is approved by the shareholders.

 

     

    - 29 -

    

 

		11.4	ISO Grants to 10% Shareholders

 

Notwithstanding anything to the contrary
in this Plan, if an ISO is granted to a person who owns shares representing more than 10% of the voting power of all classes of
shares of the Corporation or of a parent corporation or subsidiary corporation on the Date of Grant, the term of the Option shall
not exceed five years from the time of grant of such Option and the Exercise Price shall be at least 110% of the Market Price of
the Shares subject to the Option.

 

		11.5	$100,000 Per Year Limitation for ISOs

 

To the extent the aggregate Market Price
as at the Date of Grant of the Shares for which ISOs are exercisable for the first time by any person during any calendar year
(under all plans of the Corporation and any parent corporation or subsidiary corporation) exceeds US$100,000, such excess ISOs
shall be treated as non-qualified stock options.

 

		11.6	Disqualifying Dispositions

 

Each person awarded an ISO under this Plan
shall notify the Corporation in writing immediately after the date he or she makes a disposition or transfer of any Shares acquired
pursuant to the exercise of such ISO if such disposition or transfer is made (a) within two years from the Date of Grant or (b)
within one year after the date such person acquired the Shares. Such notice shall specify the date of such disposition or
other transfer and the amount realized, in cash, other property, assumption of indebtedness or other consideration, by the person
in such disposition or other transfer. The Corporation may, if determined by the Plan Administrator and in accordance with procedures
established by it, retain possession of any Shares acquired pursuant to the exercise of an ISO as agent for the applicable person
until the end of the later of the periods described in (a) or (b) above, subject to complying with any instructions from such person
as to the sale of such Shares.

 

		11.7	Section 409A of the Code

 

		(a)	This Plan will be construed and interpreted to be exempt from, or where not so exempt, to comply
with Section 409A of the Code to the extent required to preserve the intended tax consequences of this Plan. Any reference in this
Plan to Section 409A of the Code shall also include any regulation promulgated thereunder or any other formal guidance issued by
the Internal Revenue Service with respect to Section 409A of the Code. Each Award shall be construed and administered such that
the Award either (A) qualifies for an exemption from the requirements of Section 409A of the Code or (B) satisfies the requirements
of Section 409A of the Code. If an Award is subject to Section 409A of the Code, (I) distributions shall only be made in a manner
and upon an event permitted under section 409A of the Code, (II) payments to be made upon a termination of employment or service
shall only be made upon a “separation from service” under Section 409A of the Code, (III) unless the Award specifies
otherwise, each installment payment shall be treated as a separate payment for purposes of Section 409A of the Code, and (IV) in
no event shall a Participant, directly or indirectly, designate the calendar year in which a distribution is made except in accordance
with Section 409A of the Code. To the extent that an Award or payment, or the settlement or deferral thereof, is subject to Section
409A of the Code, the Award will be granted, paid, settled or deferred in a manner that will meet the requirements of Section 409A
of the Code, such that the grant, payment, settlement or deferral will not be subject to the additional tax or interest applicable
under Section 409A of the Code. The Corporation reserves the right to amend this Plan to the extent it reasonably determines is
necessary in order to preserve the intended tax consequences of this Plan in light of Section 409A of the Code. In no event will
the Corporation or any of its subsidiaries or Affiliates be liable for any tax, interest or penalties that may be imposed on a
Participant under Section 409A of the Code or any damages for failing to comply with Section 409A of the Code.

 

     

    - 30 -

    

 

		(b)	All terms of the Plan that are undefined or ambiguous must be interpreted in a manner that complies
with Section 409A of the Code if necessary to comply with Section 409A of the Code.

 

		(c)	The Plan Administrator, in its sole discretion, may permit the acceleration of the time or schedule
of payment of a U.S. Taxpayer’s vested Awards in the Plan under circumstances that constitute permissible acceleration events
under Section 409A of the Code.

 

		(d)	Notwithstanding any provisions of the Plan to the contrary, in the case of any “specified
employee” within the meaning of Section 409A of the Code who is a U.S. Taxpayer, distributions of non-qualified deferred
compensation under Section 409A of the Code made in connection with a “separation from service” within the meaning
set forth in Section 409A of the Code may not be made prior to the date which is six months after the date of separation from
service (or, if earlier, the date of death of the U.S. Taxpayer). Any amounts subject to a delay in payment pursuant to the preceding
sentence shall be paid as soon practicable following such six-month anniversary of such separation from service.

 

		11.8	Section 83(b) Election

 

If a Participant makes an election pursuant
to Section 83(b) of the Code with respect to an Award of Shares subject to vesting or other forfeiture conditions, the Participant
shall be required to promptly file a copy of such election with the Corporation.

 

		11.9	Application of Article 11 to U.S. Taxpayers

 

For greater certainty, the provisions of
this Article 11 shall only apply to U.S. Taxpayers.

 

Article 12

AMENDMENT, SUSPENSION OR TERMINATION OF THE PLAN

 

		12.1	Amendment, Suspension, or Termination of the Plan

 

The Plan Administrator may from time to
time, without notice and without approval of the holders of voting shares of the Corporation, amend, modify, change, suspend or
terminate the Plan or any Awards granted pursuant to the Plan as it, in its discretion, determines appropriate; provided, however,
that:

 

     

    - 31 -

    

 

		(a)	no such amendment, modification, change, suspension or termination of the Plan or any Awards granted
hereunder may materially impair any rights of a Participant or materially increase any obligations of a Participant under the Plan
without the consent of the Participant, unless the Plan Administrator determines such adjustment is required or desirable in order
to comply with any applicable Securities Laws or Exchange requirements;

 

		(b)	any amendment that would cause an Award held by a U.S. Taxpayer to be subject to income inclusion
under Section 409A of the Code shall be null and void ab initio with respect to the U.S. Taxpayer unless the consent of
the U.S. Taxpayer is obtained; and

 

		(c)	no such amendment, modification or change may alter the requirement that the settlement of vested
RSUs, PSUs and Options held by a Canadian Taxpayer for the purposes of the Tax Act must be in the form of Shares.

 

		12.2	Shareholder Approval

 

Notwithstanding Section 12.1 and subject
to any rules of the Exchange, approval of the holders of Shares shall be required for any amendment, modification or change that:

 

		(a)	increases the maximum number of Shares reserved for issuance under the Plan, except pursuant to
the provisions under Article 10 which permit the Plan Administrator to make equitable adjustments in the event of transactions
affecting the Corporation or its capital;

 

		(b)	reduces the exercise price of an Option Award (for this purpose, a cancellation or termination
of an Option Award of a Participant prior to its Expiry Date for the purpose of reissuing an Option Award to the same Participant
with a lower exercise price shall be treated as an amendment to reduce the exercise price of an Option Award) except pursuant to
the provisions in the Plan which permit the Plan Administrator to make equitable adjustments in the event of transactions affecting
the Corporation or its capital;

 

		(c)	extends the term of an Option Award beyond the original Expiry Date (except where an Expiry Date
would have fallen within a blackout period applicable to the Participant or within 10 Business Days following the expiry of such
a blackout period);

 

		(d)	permits an Option Award to be exercisable beyond 10 years from its Date of Grant (except where
an Expiry Date would have fallen within a blackout period of the Corporation);

 

		(e)	increases or removes the limits on the participation of Directors;

 

     

    - 32 -

    

 

		(f)	permits Awards to be transferred to a Person;

 

		(g)	changes the eligible participants of the Plan; or

 

		(h)	deletes or reduces the range of amendments which require approval of shareholders under this Section
12.2.

 

		12.3	Permitted Amendments

 

Without limiting the generality of Section 12.1,
but subject to Section 12.2, the Plan Administrator may, without shareholder approval, at any time or from time to time, amend
the Plan for the purposes of:

 

		(a)	making any amendments to the general vesting provisions of each Award;

 

		(b)	making any amendments to the provisions set out in Article 9;

 

		(c)	making any amendments to add covenants of the Corporation for the protection of Participants, as
the case may be, provided that the Plan Administrator shall be of the good faith opinion that such additions will not be prejudicial
to the rights or interests of the Participants, as the case may be;

 

		(d)	making any amendments not inconsistent with the Plan as may be necessary or desirable with respect
to matters or questions which, in the good faith opinion of the Plan Administrator, having in mind the best interests of the Participants,
it may be expedient to make, including amendments that are desirable as a result of changes in law in any jurisdiction where a
Participant resides, provided that the Plan Administrator shall be of the opinion that such amendments and modifications will not
be prejudicial to the interests of the Participants; or

 

		(e)	making such changes or corrections which, on the advice of counsel to the Corporation, are required
for the purpose of curing or correcting any ambiguity or defect or inconsistent provision or clerical omission or mistake or manifest
error, provided that the Plan Administrator shall be of the opinion that such changes or corrections will not be prejudicial to
the rights and interests of the Participants.

 

Article 13

MISCELLANEOUS

 

		13.1	Legal Requirement

 

The Corporation is not obligated to grant
any Awards, issue any Shares or other securities, make any payments or take any other action if, in the opinion of the Plan Administrator,
in its sole discretion, such action would constitute a violation by a Participant or the Corporation of any provision of any applicable
statutory or regulatory enactment of any government or government agency or the requirements of any Exchange upon which the Shares
may then be listed.

 

     

    - 33 -

    

 

		13.2	No Other Benefit

 

No amount will be paid to, or in respect
of, a Participant under the Plan to compensate for a downward fluctuation in the price of a Share, nor will any other form of benefit
be conferred upon, or in respect of, a Participant for such purpose.

 

		13.3	Rights of Participant

 

No Participant has any claim or right to
be granted an Award and the granting of any Award is not to be construed as giving a Participant a right to remain as a Director,
Employee or Consultant. No Participant has any rights as a shareholder of the Corporation in respect of Shares issuable pursuant
to any Award until the allotment and issuance to such Participant, or as such Participant may direct, of certificates representing
such Shares.

 

		13.4	Corporate Action

 

Nothing contained in this Plan or in an
Award shall be construed so as to prevent the Corporation from taking corporate action which is deemed by the Corporation to be
appropriate or in its best interest whether or not such action would have an adverse effect on this Plan or any Award.

 

		13.5	Conflict

 

In the event of any conflict between the
provisions of this Plan and an Award Agreement, the provisions of the Award Agreement shall govern. In the event of any conflict
between or among the provisions of this Plan or any Award Agreement, on the one hand, and a Participant’s employment agreement
with the Corporation or a subsidiary of the Corporation, as the case may be, on the other hand, the provisions of the employment
agreement or other written agreement shall prevail.

 

		13.6	Anti-Hedging Policy

 

By accepting an Award each Participant
acknowledges that he or she is restricted from purchasing financial instruments such as prepaid variable forward contracts, equity
swaps, collars or units of exchange funds that are designed to hedge or offset a decrease in market value of Awards.

 

		13.7	Participant Information

 

Each Participant shall provide the Corporation
with all information (including personal information) required by the Corporation in order to administer the Plan. Each Participant
acknowledges that information required by the Corporation in order to administer the Plan may be disclosed to any custodian appointed
in respect of the Plan and other third parties, and may be disclosed to such persons (including persons located in jurisdictions
other than the Participant’s jurisdiction of residence) in connection with the administration of the Plan. Each Participant
consents to such disclosure and authorizes the Corporation to make such disclosure on the Participant’s behalf.

 

     

    - 34 -

    

 

		13.8	Participation in the Plan

 

The participation of any Participant in
the Plan is entirely voluntary and not obligatory and shall not be interpreted as conferring upon such Participant any rights or
privileges other than those rights and privileges expressly provided in the Plan. In particular, participation in the Plan does
not constitute a condition of employment or engagement nor a commitment on the part of the Corporation to ensure the continued
employment or engagement of such Participant. The Plan does not provide any guarantee against any loss which may result from fluctuations
in the market value of the Shares. The Corporation does not assume responsibility for the income or other tax consequences for
the Participants and they are advised to consult with their own tax advisors.

 

		13.9	International Participants

 

With respect to Participants who reside
or work outside Canada and the United States, the Plan Administrator may, in its sole discretion, amend or otherwise modify, without
shareholder approval, the terms of the Plan or Awards with respect to such Participants in order to conform such terms with the
provisions of local law, and the Plan Administrator may, where appropriate, establish one or more sub-plans to reflect such amended
or otherwise modified provisions.

 

		13.10	Successors and Assigns

 

The Plan shall be binding on all successors
and assigns of the Corporation and its subsidiaries.

 

		13.11	General Restrictions or Assignment

 

Except as required by law, the rights of
a Participant under the Plan are not capable of being assigned, transferred, alienated, sold, encumbered, pledged, mortgaged or
charged and are not capable of being subject to attachment or legal process for the payment of any debts or obligations of the
Participant unless otherwise approved by the Plan Administrator.

 

		13.12	Severability

 

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

 

		13.13	Notices

 

All written notices to be given by a Participant
to the Corporation shall be delivered either personally or by e-mail or mail, postage prepaid, addressed as follows:

 

Electrameccanica Vehicles Corp.

102 East 1st Avenue, Vancouver, British Columbia, Canada V5T 1A4

Attention: Chief Financial Officer.

 

All notices to a Participant will be addressed
to the principal address of the Participant on file with the Corporation. Either the Corporation or the Participant may designate
a different address by written notice to the other. Such notices are deemed to be received, if delivered personally or by e-mail,
on the date of delivery, and if sent by mail, on the fifth Business Day following the date of mailing. Any notice given by either
the Participant or the Corporation is not binding on the recipient thereof until received.

 

     

    - 35 -

    

 

		13.14	Effective Date

 

This Plan becomes effective on a date to
be determined by the Plan Administrator, subject to the approval of the shareholders of the Corporation.

 

		13.15	Governing Law

 

This Plan and all matters to which reference
is made herein shall be governed by and interpreted in accordance with the laws of the Province of British Columbia and the federal
laws of Canada applicable therein, without any reference to conflicts of law rules.

 

		13.16	Submission to Jurisdiction

 

The Corporation and each Participant irrevocably
submits to the exclusive jurisdiction of the courts of competent jurisdiction in the Province of British Columbia in respect of
any action or proceeding relating in any way to the Plan and including, without limitation, with respect to the grant of Awards
and any issuance of Shares made in accordance with the Plan.

__________

 

     

     

    

 

Schedule
A

 

Electrameccanica Vehicles Corp. (the
 “Corporation”)

2020 Stock Incentive Plan (the “Plan”)

 

ELECTION NOTICE

 

All capitalized terms used herein but not
otherwise defined shall have the meanings ascribed to them in the Plan.

 

Pursuant to the Plan, I hereby elect to
participate in the grant of deferred share units (“DSUs”) pursuant to Article 7 of the Plan and to receive
____% of my Cash Fees in the form of DSUs.

 

If I am a U.S. Taxpayer, I hereby further
elect for any DSUs subject to this Election Notice to be settled on the later of (i) my “separation from service” (within
the meaning of Section 409A) or (ii) ______________________________.

 

I confirm that:

 

		(a)	I have received and reviewed a copy of the terms of the Plan and agreed to be bound by them;

 

		(b)	I recognize that when DSUs credited pursuant to this election are redeemed in accordance with the
terms of the Plan income tax and other withholdings as required will arise at that time. Upon redemption of the DSUs, the Corporation
will make all appropriate withholdings as required by law at that time;

 

		(c)	the value of DSUs is based on the value of the Shares of the Corporation and therefore is not guaranteed;
and

 

		(d)	to the extent I am a U.S. Taxpayer, I understand that this election is irrevocable for the calendar
year to which it applies and that any revocation or termination of this election after the expiration of the election period will
not take effect until the first day of the calendar year following the year in which I file the revocation or termination notice
with the Corporation.

 

The foregoing is only a brief outline of
certain key provisions of the Plan. For more complete information, reference should be made to the Plan’s text.

 

I understand that the amount of the Cash
Fees that I elect to defer under this Election Notice are subject to the rights of the Corporation’s creditors in the event
of the Corporation’s insolvency. I further understand that this Election Notice will be effective upon receipt by the Corporation.

 

     

    A-2

    

 

Once I have elected to defer Cash Fees
into additional DSUs by filing this Election Notice, the deferral election will govern the entire period to which it relates and
cannot be revoked. Similarly, to the extent that I am a U.S. Taxpayer and have elected the time of settlement of my DSUs by filing
this Election Notice, the settlement election will be irrevocable and may not be changed at any time prior to settlement of the
DSUs subject to such election.

 

	Date:                                           .	 
	 	
        (Name of Participant)

	 	 
	 	 
	 	 
	 	(Signature of Participant)

 

 

	
        Notice
        to Directors who are not U.S. Taxpayers

         

        If you, as an “Electing Person”
        under the Plan, wish to elect to receive any portion (the “Elected Amount”) of the Director Fees that would
        otherwise be payable to you in cash (the “Cash Fees”) in the form of DSUs, you must file this notice of election
        (the “Election Notice”) with the Chief Financial Officer (the “CFO”) of the Corporation pursuant
        to Section 7.1(b) of the Plan:

         

        (a)       if
        you are an existing Electing Person, by December 31st in the year prior to the year to which such election is to apply; or

         

        (b)       if
        you are a newly appointed as a Director, within 30 days of your appointment with respect to compensation paid for services to be
        performed after such date.

         

        Subject to applicable tax law, the Elected
        Amount can be between 0% and 100% of your Cash Fees.

         

        If no election is made within the foregoing
        time frames, you will be deemed to have elected to be paid the entire amount of you Cash Fees in cash.

         

        Subject to Section 7.1(d) of the Plan,
        your election shall be deemed to apply to all Cash Fees paid subsequent to the filing of the Election Notice with the CFO. You
        are not required to file another Election Notice for subsequent calendar years.

         

        Under Section 7.1(d) of the Plan,
you may elect once per calendar year to terminate your election to receive DSUs by filing with the CFO a termination notice (the
 “Termination Notice”) in the form annexed to the Plan as Schedule B. Such termination shall be effective
immediately upon receipt of such notice by the Corporation, provided that the Corporation has not imposed a “black-out”
on trading. Thereafter, any portion of your Cash Fees payable or paid in the same calendar year and, subject to filing a further
Election Notice in accordance with Section 7.1(b) of the Plan, all subsequent calendar years shall be paid in cash. For greater
certainty, to the extent that you terminate your participation in the grant of DSUs pursuant to Article 7 of the Plan, you will
not be entitled to elect to receive the Elected Amount, or any other amount of your Cash Fees in DSUs again until the calendar
year following the year in which the Termination Notice is delivered.

 

     

    A-3

    

	Please refer to Article 7 of the Plan for further information,
and consult your professional tax adviser as to the tax consequences of making an election. 

 

Notice to Directors
who are U.S. Taxpayers

 

If you, as an “Electing Person” under the
Plan, wish to elect to receive any portion (the “Elected Amount”) of the Director Fees that would otherwise
be payable to you in cash (the “Cash Fees”) in the form of DSUs, you must file this notice of election (the
 “Election Notice”) with the Chief Financial Officer (the “CFO”) of the Corporation pursuant
to Section 7.1(b) of the Plan:

 

(a)       if
you are an existing Electing Person, by December 31st in the year prior to the year in which the services giving rise
to the Director Fees that are subject to such election are performed; or

 

(b)        if
you are a newly appointed, and this is the first year in which you are electing to be an Electing Person under the Plan (or any
plan required to be aggregated with the Plan under Section 409A of the Code), within 30 days of your appointment, provided that
such election shall apply on to compensation paid for services to be performed after the end of the 30-day election period.

 

Subject to applicable tax law, the Elected Amount can be between
0% and 100% of your Cash Fees.

 

If no election is made within the foregoing time frames, you
will be deemed to have elected to be paid the entire amount of you Cash Fees in cash.

 

Subject to Section 7.1(d) of the Plan, your election shall be
deemed to apply to all Cash Fees earned after the date on which you file this Election Notice with the CFO. You are not required
to file another Election Notice for subsequent calendar years.

 

Under Section 7.1(d) of the Plan, you may elect to terminate
your election to receive DSUs by filing with the CFO a termination notice (a “Termination Notice”) in the form
annexed to the Plan as Schedule C. As a U.S. Taxpayer, your election to receive the Elected Amount in DSUs for any calendar
year (or portion thereof) is irrevocable for that calendar year after the expiration of the election period for that year, and
any termination of the election will not take effect until the first day of the calendar year following the calendar year in which
the Termination Notice is delivered.

 

Please refer to Article 7 of the Plan for further information,
and consult your professional tax adviser as to the tax consequences of making an election.

 

__________

 

     

     

    

 

Schedule
B

 

Electrameccanica Vehicles Corp.

2020 Stock Incentive Plan (the “Plan”)

 

ELECTION TO TERMINATE RECEIPT OF ADDITIONAL
DSUs

 

All capitalized terms used herein but not
otherwise defined shall have the meanings ascribed to them in the Plan.

 

Notwithstanding my previous election in
the form of Schedule A to the Plan, I hereby elect that no portion of the Cash Fees accrued after the date hereof shall be paid
in deferred share units (“DSUs”) in accordance with Article 7 of the Plan.

 

I understand that the DSUs already granted
under the Plan cannot be redeemed except in accordance with the Plan.

 

I confirm that I have received and reviewed
a copy of the terms of the Plan and agree to be bound by them.

 

	Date:                                           .	 
	 	
        (Name of Participant)

	 	 
	 	 
	 	 
	 	(Signature of Participant)

 

	Note:	An election to terminate receipt of additional DSUs can
only be made by a Participant once in a calendar year.

 

__________

     

     

    

 

Schedule
C

 

Electrameccanica Vehicles Corp. (the
 “Corporation”)

2020 Stock Incentive Plan (the “Plan”)

 

ELECTION TO TERMINATE RECEIPT OF ADDITIONAL
DSUs (U.S. TAXPAYERS)

 

All capitalized terms used herein but not
otherwise defined shall have the meanings ascribed to them in the Plan.

 

Notwithstanding my previous election in
the form of Schedule A to the Plan, I hereby elect that no portion of the Cash Fees accrued after the effective date of this termination
notice shall be paid in deferred share units (“DSUs”) in accordance with Article 7 of the Plan.

 

I understand that this election to terminate
receipt of additional DSUs will not take effect until the first day of the calendar year following the year in which I file this
termination notice with the Corporation.

 

I understand that the DSUs already granted
under the Plan cannot be redeemed except in accordance with the Plan.

 

I confirm that I have received and reviewed
a copy of the terms of the Plan and agree to be bound by them.

 

	Date:                                           .	 
	 	
        (Name of Participant)

	 	 
	 	 
	 	 
	 	(Signature of Participant)

 

	Note:	An election to terminate receipt of additional DSUs can
only be made by a Participant once in a calendar year.

 

__________

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