Document:

Exhibit 4.11

 

 

SEPARATION
AND DISTRIBUTION AGREEMENT

This
SEPARATION AND DISTRIBUTION AGREEMENT (this "Agreement") dated [●], 2021 is made between Silver Bull Resources,
Inc., a Nevada corporation ("Silver Bull"), and Arras Minerals Corp., a corporation organized under the laws of the
Province of British Columbia ("Arras").

R
E C I T A L S

WHEREAS,
the board of directors of Silver Bull (the "Silver Bull Board") has determined that it is in the best interests of Silver
Bull and its stockholders to create a new corporation that will own and operate certain of its assets located in Kazakhstan, referred
to herein as the Arras Assets;

WHEREAS,
in anticipation of the Distribution (as defined herein), on March 19, 2021, Silver Bull transferred the Transferred Assets to its
newly-formed wholly-owned subsidiary, Arras, in exchange for, among other things, an assumption by Arras of certain liabilities associated
with the Transferred Assets and issuance of an aggregate of 36 million of Arras Shares, all as provided in the Asset Purchase Agreement
and the Conveyance Agreement;

WHEREAS,
the Silver Bull Board has determined that it is appropriate and desirable to make a distribution by way of a special dividend, on a pro
rata basis, of one Arras Share for each Silver Bull Share held by holders thereof on the Record Date of approximately [34.3] million
of Arras Shares owned by Silver Bull (the "Distribution");

WHEREAS,
Silver Bull and Arras have prepared, and Arras has filed with the SEC, the Form 20-F, which sets forth certain disclosure concerning
Arras and the Distribution;

WHEREAS,
each of Silver Bull and Arras has determined that it is appropriate and desirable to set forth the matters required to effect the Distribution
and certain other agreements that will govern the relationship of Silver Bull and Arras following the Distribution; and

WHEREAS,
(a) the Silver Bull Board has (i) determined that the Distribution and the other transactions contemplated by this Agreement
and the Ancillary Agreements have a valid business purpose, are in furtherance of and consistent with its business strategy and are in
the best interests of Silver Bull and its stockholders and (ii) approved this Agreement and each of the Ancillary Agreements, and
(b) the board of directors of Arras (the "Arras Board") has approved this Agreement and each of the Ancillary Agreements.

THEREFORE,
in consideration of the mutual agreements, provisions and covenants contained in this Agreement, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, hereby agree as follows:

ARTICLE
I

DEFINITIONS

For
the purpose of this Agreement, the following terms will have the following meanings:

"Action"
means any demand, action, claim, counterclaim, dispute, suit, countersuit, arbitration, hearing, inquiry, subpoena, proceeding, examination
or investigation of any nature (whether criminal, civil, legislative, administrative, arbitral, regulatory, prosecutorial, appellate
or otherwise) by or before any Governmental Authority or any arbitration or mediation tribunal.

"Affiliate"
means, with respect to any Person, any other Person who directly or indirectly controls, is controlled by, or is under direct or indirect
common control with, such Person, and includes any Person in like relation to an Affiliate. A Person shall be deemed to "control"
another Person if such Person possesses, directly or indirectly, the power to direct or cause the direction of the management and policies
of such other Person, whether through the ownership of voting securities, by contract or otherwise; and the term "controlled"
shall have a similar meaning.

    	  

    	 

    

 

"Agent"
means Olympia Trust Company, in its capacity as the distribution agent, transfer agent and registrar for the Arras Shares in connection
with the Distribution.

"Ancillary
Agreements" means all agreements (other than this Agreement) entered into by the Parties in connection with the Distribution
or the other transactions contemplated by this Agreement.

"Approvals"
or "Notifications" means any consents, waivers, approvals, permits or authorizations to be obtained from, notices, registrations
or reports to be submitted to, or other filings to be made with, any Third Party, including any Governmental Authority.

"Arras
Assets" means the assets of Arras, including but not limited to the Transferred Assets, the Maikain JV Agreement, the Arras
Loans.

"Arras
Loans" means, collectively, (i) the loan agreement between Arras and Ekidos Minerals LLP dated April 22, 2021, whereby
Arras loaned to Ekidos Minerals LLP US$450,000, which loan agreement was subsequently amended on June 30, 2021, (ii) the loan
agreement between Arras and Ekidos Minerals LLP dated May 19, 2021, whereby Arras loaned to Ekidos Minerals LLP US$480,000, which
loan agreement was subsequently amended on July 30, 2021, and (iii) the loan agreement between Arras and Ekidos Minerals LLP
dated June 30, 2021 in the amount of US$480,000, of which Arras has loaned to Ekidos Minerals LLP US$[203,500].

"Arras
Shares" means common shares, without par value, of Arras.

"Asset
Purchase Agreement" means the asset purchase agreement between Silver Bull and Arras dated March 19, 2021.

"Conveyance
Agreement" means the general conveyance and assumption of liabilities agreement between Silver Bull and Arras dated March 19,
2021.

"Distribution
Date" means the date of the consummation of the Distribution, which will be determined by the Silver Bull Board in its sole
and absolute discretion.

"Distribution
Time" means [5:01 p.m. Eastern Time] on the Distribution Date.

"Effective
Time" means immediately after the Distribution Time.

"Exchange
Act" means the U.S. Securities Exchange Act of 1934, as amended, together with the rules and regulations promulgated thereunder.

"Form 20-F"
means the registration statement on Form 20-F (or other appropriate form) filed by Arras with the SEC to effect the registration
of Arras Shares pursuant to Section 12(b) of the Exchange Act in connection with the Distribution, as such registration statement
may be amended or supplemented from time to time prior to the Distribution.

"Governmental
Approvals" means any Approvals or Notifications to be made to, or obtained from, any Governmental Authority.

"Governmental
Authority" means any nation or government, any state, province, municipality or other political subdivision thereof, and any
entity, body, agency, commission, department, board, bureau, court, tribunal or other instrumentality, whether federal, state, provincial,
local, domestic, foreign, supranational or multinational, exercising executive, legislative, judicial, regulatory, administrative or
other similar functions of, or pertaining to, a government and any executive official thereof.

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"Law"
means all applicable national, supranational, federal, state, provincial, local or similar laws (including common law), statutes, ordinances,
orders, decrees, codes, rules, regulations, policies or guidelines promulgated, or judgments, decisions, orders or arbitration awards,
in each case, enacted, promulgated, issued or entered by a Governmental Authority.

"Liabilities"
means all debts, guarantees, assurances, commitments, liabilities, responsibilities, losses, remediation, deficiencies, damages, fines,
penalties, settlements, sanctions, costs, expenses, interest and obligations of any nature or kind, whether fixed, absolute or contingent,
matured or unmatured, accrued or not accrued, asserted or unasserted, liquidated or unliquidated, foreseen or unforeseen, known or unknown,
reserved or unreserved, or determined or determinable, including those arising under any Law, claim, demand, Action, or order, writ,
judgment, injunction, decree, stipulation, determination or award entered by or with any Governmental Authority or arbitration tribunal,
and those arising under any contract, agreement or undertaking, or any fines, damages or equitable relief that is imposed, in each case,
including all costs and expenses relating thereto.

"Maikain
JV Agreement" means the Maikain joint venture agreement between Ekidos Minerals LLP and Orogen LLP dated May 20, 2021 in
connection with mineral license applications for exploration and evaluation of certain properties, including the Akkuduk property located
in Kazakhstan.

"Option
Agreement" mean the option agreement among Silver Bull, Copperbelt AG and its subsidiary Dostyk LLP dated August 12, 2020,
pursuant to which Silver Bull was granted the sole and exclusive option to acquire up to a 100% interest in the Beskauga property located
in Kazakhstan.

"Party"
or "Parties" means a party or the parties to this Agreement.

"Person"
means an individual, a general or limited partnership, a company, a corporation, a trust, a joint venture, an unincorporated organization,
a limited liability entity, any other entity and any Governmental Authority.

"Record
Date" means the close of business on the date to be determined by the Silver Bull Board as the record date for determining holders
of Silver Bull Shares entitled to receive Arras Shares pursuant to the Distribution.

"Record
Holders" means the holders of record of Silver Bull Shares as of the Record Date.

"SEC"
means the U.S. Securities and Exchange Commission.

"Silver
Bull Loans" means, collectively, (i) the loan agreement between Silver Bull and Ekidos Minerals LLP dated August 20,
2020, whereby Silver Bull loaned to Ekidos Minerals LLP US$360,000, which loan agreement was subsequently amended on October 30,
2020, January 21, 2021 and June 30, 2021, (ii) the loan agreement between Silver Bull and Ekidos Minerals LLP dated December 21,
2020, whereby Silver Bull loaned to Ekidos Minerals LLP US$400,000, which loan agreement was subsequently amended on June 30, 2021,
and (iii) the loan agreement between Silver Bull and Ekidos Minerals LLP dated February 23, 2021 in the amount of US$450,000,
of which Silver Bull has loaned to Ekidos Minerals LLP US$[225,000], which loan agreement was subsequently amended on June 30,
2021.

"Silver
Bull Shares" means shares of common stock, par value US$0.01 per share, of Silver Bull.

"Silver
Bull Warrants" means warrants to purchase Silver Bull Shares.

"Stepnoe
and Ekidos JV Agreement" means the joint venture agreement between Silver Bull and Copperbelt AG dated September 1, 2020
in connection with mineral license applications for exploration and evaluation of the Stepnoe and Ekidos properties located in Kazakhstan.

"Third
Party" means any Person other than the Parties.

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"Transferred
Assets" means Silver Bull's right, title and interest in and to the Option Agreement, the Stepnoe and Ekidos JV Agreement and
the Silver Bull Loans.

"TSX"
means the Toronto Stock Exchange.

ARTICLE
II

THE DISTRIBUTION

2.1         
Sole and Absolute Discretion; Cooperation.

(a)          
Silver Bull shall, in its sole and absolute discretion, determine the terms of the Distribution, including the form, structure
and terms of any transaction(s) to effect the Distribution and the timing and conditions to the consummation of the Distribution. In
addition, Silver Bull may, at any time and from time to time until the consummation of the Distribution, modify or change the terms of
the Distribution, including by accelerating or delaying the timing of the consummation of all or part of the Distribution.

(b)          
Arras shall cooperate with Silver Bull to accomplish the Distribution. In this regard, Arras shall, to the extent permitted by
applicable Law, (i) promptly take any and all actions necessary or desirable to effect the Distribution, including in respect of
the registration under the Exchange Act of Arras Shares on the Form 20-F and (ii) upon written request by Silver Bull and subject
to the approval by the Arras Board, issue to Silver Bull such number of Arras Shares that the Silver Bull Board determines is required
for the sole purpose of maintaining the distribution ratio of one Arras Share for each Silver Bull Share, at a price of $0.50 per Arras
Share or such other consideration as determined by the Arras Board. Silver Bull shall provide to the Agent any information required in
order to complete the Distribution.

2.2         
Actions Prior to the Distribution. Prior to the Distribution Time and subject to the terms and conditions set forth herein,
the Parties shall take, or cause to be taken, the following actions in connection with the Distribution:

(a)          
Notice to TSX. Silver Bull shall, to the extent possible and necessary, give the TSX not less than five trading
days' advance notice of the Record Date in compliance with applicable rules of the TSX Company Manual.

(b)          
Securities Law Matters. Arras shall file any registration statements, amendments or supplements to the Form 20-F
as may be necessary or advisable in order to cause the Form 20-F to become and remain effective as required by the SEC or federal,
state or other applicable securities Laws. The Parties shall cooperate in preparing, filing with the SEC and causing to become effective
registration statements or amendments thereof that are required to reflect the establishment of, or amendments to, any employee benefit
and other plans necessary or advisable in connection with the transactions contemplated by this Agreement and the Ancillary Agreements.
The Parties shall prepare, and Arras shall, to the extent required under applicable Law, file with the SEC any such documentation and
any requisite no-action letters that Silver Bull determines are necessary or desirable to effectuate the Distribution, and Silver Bull
and Arras shall each use their respective reasonable best efforts to obtain all necessary approvals from the SEC with respect thereto
as soon as practicable. The Parties shall take all such action as may be necessary or appropriate under applicable securities Laws in
Canada or blue sky Laws of the United States (and any comparable Laws under any foreign jurisdiction) in connection with the Distribution.

(c)          
Mailing of Form 20-F. Silver Bull shall, as soon as is reasonably practical after the Form 20-F is declared
effective by the SEC under the Exchange Act and the Silver Bull Board has approved the Distribution, cause copies of the Form 20-F,
or a notice of Internet availability thereof, to be mailed to the Record Holders.

(d)          
The Distribution Agent. Silver Bull shall enter into a distribution agent agreement, or such other agreement as
may be necessary, with the Agent or otherwise provide instructions to the Agent regarding the Distribution.

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(e)          
Financing Transactions. In connection with the Distribution and prior to the Effective Time, the Parties shall cooperate
with respect to and undertake such financing transactions as Silver Bull determines to be advisable.

2.3         
Conditions to the Distribution.

(a)          
The consummation of the Distribution shall be subject to the satisfaction, or waiver, in whole or in part, by Silver Bull in its
sole and absolute discretion, of the following conditions:

(i)           
All corporate or other action necessary in order to execute, deliver and perform this Agreement and to consummate the transactions
contemplated hereby by each Party shall have been obtained.

(ii)          
The SEC shall have declared effective the Form 20-F; no order suspending the effectiveness of the Form 20-F shall be
in effect; and no proceedings for such purposes shall be pending before or threatened by the SEC.

(iii)         
Copies of the Form 20-F, or notice of Internet availability thereof, shall have been mailed to the Record Holders.

(iv)         
The actions and filings necessary or appropriate under applicable U.S. federal, U.S. state, Canadian or other securities Laws
or blue sky Laws (and any comparable Laws under any foreign jurisdiction) and the rules and regulations thereunder shall have been taken
or made, and, where applicable, shall have become effective or been accepted.

(v)          
Any Governmental Approvals required for the consummation of the Distribution shall have been obtained.

(vi)         
No order, injunction or decree issued by any Governmental Authority of competent jurisdiction or other legal restraint or prohibition
preventing the consummation of the Distribution or any of the transactions related thereto shall be in effect.

(vii)        
Each of the Ancillary Agreements shall have been duly executed and delivered by the applicable parties thereto.

(viii)       
No other event or development shall have occurred or shall exist (including any material breach of the representations, warranties,
covenants or agreements of this Agreement) that, in the judgment of the Silver Bull Board, in its sole discretion, makes it inadvisable
to effect the Distribution or the other transactions contemplated hereby.

(b)          
The foregoing conditions are for the sole benefit of Silver Bull and shall not give rise to or create any duty on the part of
Silver Bull or the Silver Bull Board to waive or not waive any such condition or in any way limit Silver Bull's right to terminate this
Agreement as set forth in Article V or alter the consequences of any such termination from those specified in Article V.
Any determination made by the Silver Bull Board prior to the Distribution concerning the satisfaction or waiver of any or all of the
conditions set forth in Section 2.3(a) shall be conclusive and binding on the Parties.

2.4         
The Distribution.

(a)          
Subject to Section 2.3, at or prior to the Distribution Time, Silver Bull shall deliver to the Agent, for the benefit
of the Record Holders, book-entry transfer authorizations for such number of the Arras Shares as is necessary to effect the Distribution,
and shall cause the transfer agent for the Silver Bull Shares to instruct the Agent to distribute at the Distribution Time the appropriate
number of Arras Shares to each such Record Holder or designated transferee or transferees of such Record Holder by crediting such number
of Arras Shares to book-entry accounts of such Record Holder or designated transferee or transferees of such Record Holder. The Distribution
shall be effective at the Distribution Time.

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(b)          
Subject to Section 2.3, each Record Holder shall be entitled to receive in the Distribution one Arras Shares for every
one Silver Bull Share held by such Record Holder on the Record Date.

(c)          
Until the Arras Shares are duly transferred in accordance with this Section 2.4 and applicable Law, from and after
the Distribution Time, Arras shall regard the Persons entitled to receive such Arras Shares as record holders of such Arras Shares in
accordance with the terms of the Distribution without requiring any action on the part of such Persons. Arras agrees that, subject to
any transfers of such Arras Shares, from and after the Distribution Time (i) each such record holder shall be entitled to receive
all dividends payable on, and exercise voting rights and all other rights and privileges with respect to, the Arras Shares then held
by such record holder, and (ii) each such record holder shall be entitled, without any action on the part of such record holder,
to receive evidence of ownership of the Arras Shares then held by such record holder.

ARTICLE
III

CERTAIN OTHER MATTERS AND COVENANTS

3.1         
Post-Effective Time Conduct. The Parties acknowledge that, after the Effective Time, Silver Bull will be independent of
Arras, and Arras will be independent of Silver Bull, in each case with responsibility for its own respective actions and inactions and
its own respective Liabilities relating to, arising out of or resulting from the conduct of its business, operations and activities following
the Effective Time, except as may otherwise be provided in this Agreement or any Ancillary Agreement, and each Party shall use commercially
reasonable efforts to prevent such Liabilities from being inappropriately borne by the other Party.

3.2         
Salaries and Office-Related Overhead Costs. As Silver Bull has done since the inception of Arras on February 5, 2021,
Silver Bull shall continue to incur the salaries of its employees and other office-related overhead costs (including but not limited
to expenses for office space, furnishings and equipment) and charge Arras for a portion of these costs on a pro-rata cost-recovery basis
until the earlier of (i) the date on which Arras Shares are listed on a stock exchange or (ii) December 31, 2021 (the
earlier of clause (i) or (ii), the "Shared Services Date"). The Parties hereby agree to use commercially reasonable
efforts, prior to the Shared Services Date, to enter into a formal service agreement for common office-related overhead costs on such
terms and conditions to be determined by the Parties, acting reasonably.

3.3         
Agreement Relating to Silver Bull Warrants.

(a)          
Following the Effective Time, Silver Bull may, in its sole discretion, offer holders of outstanding Silver Bull Warrants who exercise
them after the Distribution the right to receive, instead of solely Silver Bull Shares, one Silver Bull Share and one Arras Share for
the original exercise price, subject to compliance with applicable securities Laws.

(b)          
If Silver Bull makes the offer pursuant to Section 3.3(a), Arras shall, subject to compliance with applicable securities
Laws, issue such number of Arras Shares to satisfy the exercise of the Silver Bull Warrants for which the holders thereof elected to
accept Silver Bull's offer to receive Arras Shares and enter into any agreements with Silver Bull or holders of Silver Bull Warrants
as necessary to effect transactions contemplated in this Section 3.3.

(c)          
If Arras issues any Arras Shares to satisfy the cash exercise of the Silver Bull Warrants for which the holders thereof elected
to accept Silver Bull's offer to receive Arras Shares pursuant to Section 3.3(a), then Silver Bull shall remit to Arras an
amount equal to (i) the aggregate cash warrant exercise price received by Silver Bull in respect of such Silver Bull Warrants multiplied
by (ii) the quotient of (A) the fair market value of the Arras Shares distributed in the Distribution divided by (B) the
market capitalization of Silver Bull on the Record Date. For illustrative purposes only, if (i) the aggregate cash warrant exercise
price received by Silver Bull in respect of such Silver Bull Warrants were US$1.0 million, (ii) the total market capitalization
of Silver Bull on the Record Date were US$35.0 million, and (iii) the Silver Bull Board decided that the fair market value
of the Arras Shares distributed in the Distribution was US$14.0 million, then the portion of the US$1.0 million aggregate cash
warrant exercise price received by Silver Bull in respect of such Silver Bull Warrants required to be remitted by Silver Bull to Arras
would be US$400,000 (i.e., US$1,000,000 x (US$14,000,000 / US$35,000,000)).

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3.4         
Agreement Relating to the Option Agreement.

(a)          
Following the Effective Time, Arras may, in its sole discretion, seek the consent of the other parties to the Option Agreement
to make certain amendments thereto such that the bonus payments that Arras or its Affiliate may be obligated to pay to Copperbelt AG
pursuant to Section 2.8 or Section 2.9 of the Option Agreement (collectively, the "Bonus Payments") could
be satisfied, at the option of Arras, in Arras Shares.

(b)          
If Arras is not successful in obtaining the consents referred to in Section 3.4(a), in consideration for the payments
and other consideration received under the Asset Purchase Agreement and the Conveyance Agreement, Silver Bull hereby agrees to use commercially
reasonable efforts to enter into an arrangement with Arras, on such terms and conditions to be determined by the Parties, acting reasonably,
providing for (i) the issuance of Silver Bull Shares to Copperbelt AG upon (A) Arras becoming obligated to make the Bonus Payments
and (B) Arras electing to pay a portion of such Bonus Payments in Silver Bull Shares in accordance with Section 2.8 or Section 2.9
of the Option Agreement and (ii) a payment by Arras to Silver Bull in consideration for the issuance by Silver Bull of Silver Bull
Shares to Copperbelt AG.

ARTICLE
IV

FURTHER ASSURANCES AND ADDITIONAL COVENANTS

4.1         
Further Assurances.

(a)          
In addition to the actions specifically provided for elsewhere in this Agreement, each of the Parties shall use its reasonable
best efforts, prior to, at and after the Effective Time, to take, or cause to be taken, all actions, and to do, or cause to be done,
all things, reasonably necessary, proper or advisable under applicable Laws, regulations and agreements to consummate and make effective
the transactions contemplated by this Agreement and the Ancillary Agreements.

(b)          
Without limiting the foregoing, prior to, at and after the Effective Time, each Party shall cooperate with the other Party, and
without any further consideration, but at the expense of the requesting Party, to execute and deliver, or use its reasonable best efforts
to cause to be executed and delivered, all instruments, including instruments of conveyance, assignment and transfer, and to make all
filings with, and to obtain all Approvals or Notifications of, any Governmental Authority or any other Person under any permit, license,
agreement, indenture or other instrument (including any consents or Governmental Approvals), and to take all such other actions as such
Party may reasonably be requested to take by the other Party from time to time, consistent with the terms of this Agreement and the Ancillary
Agreements, in order to effectuate the provisions and purposes of this Agreement and the Ancillary Agreements and the other transactions
contemplated hereby and thereby. Without limiting the foregoing, each Party shall, at the reasonable request, cost and expense of the
other Party, take such other actions as may be reasonably necessary to vest in such other Party good and marketable title to the assets
transferred or allocated to such Party under this Agreement or any of the Ancillary Agreements, free and clear of any security interest,
if and to the extent it is practicable to do so.

(c)          
Each Party shall (and shall cause their respective Affiliates to) use commercially reasonable efforts to (i) assist in the
preparation and timely filing of tax returns of the other Party; (ii) assist in any audit or other proceedings with respect to taxes
or tax returns; (iii) make available any information, records, or other documents relating to any taxes or tax returns of the other
Party; and (iv) provide any information required to allow the other Party to comply with any information reporting or withholding
requirements under applicable Law.

(d)          
Nothing in this Article IV shall limit or affect the provisions of Section 2.1(a) or Article V.

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ARTICLE
V

TERMINATION

5.1         
Termination. Notwithstanding any provision to the contrary, this Agreement and all Ancillary Agreements may be terminated
and the Distribution may be amended, modified or abandoned at any time prior to the Effective Time by Silver Bull, in its sole and absolute
discretion, without the approval or consent of any other Person, including Arras. After the Effective Time, this Agreement may not be
terminated except by an agreement in writing signed by a duly authorized officer of each of the Parties.

5.2         
Effect of Termination. In the event of any termination of this Agreement prior to the Effective Time, this Agreement and
all Ancillary Agreements shall become void and no Party (nor any of its Affiliates, directors, officers or employees) shall have any
Liability or further obligation to the other Party (or any of its Affiliates) by reason of this Agreement.

ARTICLE
VI

MISCELLANEOUS

6.1         
Counterparts; Entire Agreement; Corporate Power; Facsimile Signatures.

(a)          
This Agreement may be executed in one or more counterparts (including by facsimile, PDF or other electronic transmission), all
of which shall be considered one and the same agreement.

(b)          
This Agreement and the Ancillary Agreements contain the entire agreement between the Parties with respect to the subject matter
hereof, and supersede all previous agreements, negotiations, discussions, writings, understandings, commitments and conversations with
respect to such subject matter.

(c)          
Each Party represents and warrants to the other Party as follows:

(i)           
it has the requisite corporate or other power and authority and has taken all corporate or other action necessary in order to
execute, deliver and perform this Agreement and to consummate the transactions contemplated hereby; and

(ii)          
this Agreement has been duly executed and delivered by it and constitutes a valid and binding agreement of it enforceable in accordance
with the terms hereof.

6.2         
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the Province of British
Columbia and the laws of Canada applicable in such Province, and this Agreement shall be treated, in all respects, as a British Columbia
contract.

6.3         
Coordination with Ancillary Agreements. Except as expressly set forth in the applicable Ancillary Agreement, in the case
of any conflict between this Agreement, on the one hand, and any Ancillary Agreement, on the other, in relation to matters specifically
addressed by such Ancillary Agreement, the applicable Ancillary Agreement shall prevail.

6.4         
Successors and Assigns; Assignment. This Agreement shall enure to the benefit of, and be binding on, the Parties and their
respective successors and permitted assigns. Neither Party may assign or transfer, whether absolutely, by way of security or otherwise,
all or any part of its respective rights or obligations under this Agreement without the prior written consent of the other Party.

6.5         
No Third-Party Beneficiaries. This Agreement is for the sole benefit of the Parties, and nothing in this Agreement, express
or implied, is intended to or shall confer upon any other Person any legal or equitable right, benefit or remedy of any nature whatsoever
under or by reason of this Agreement.

6.6         
Notices. Any notice, direction, certificate, consent, determination or other communication required or permitted to be
given or made under this Agreement shall be in writing and shall be effectively given and made if (i) delivered personally, (ii) sent
by prepaid courier service or mail, or (iii) sent by e-mail (return receipt requested) or other similar means of electronic communication,
in each case to the applicable address set out below:

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If
to Silver Bull, to:

Silver
Bull Resources, Inc.

777
Dunsmuir Street, Suite 1610

Vancouver,
BC V7Y 1K4

Attention:
Timothy Barry

Email:
Tbarry@silverbullresources.com

with
a copy to (which shall not constitute notice):

Blake,
Cassels & Graydon LLP

595
Burrard Street, Suite 2600, Three Bentall Centre

Vancouver,
BC V7X 1L3

Attention:
Susan Tomaine

Email:
susan.tomaine@blakes.com

If
to Arras to:

Arras
Minerals Corp.

777
Dunsmuir Street, Suite 1610

Vancouver,
BC V7Y 1K4

Attention:
Christopher Richards

Email:
CRichards@silverbullresources.com

with
a copy (which shall not constitute notice) to:

Blake,
Cassels & Graydon LLP

595
Burrard Street, Suite 2600, Three Bentall Centre

Vancouver,
BC V7X 1L3

Attention:
Susan Tomaine

Email:
susan.tomaine@blakes.com

A
Party may, by notice to the other Party, change the address to which such notices are to be given. All such notices, requests and other
communications shall be deemed received on the date of actual receipt by the recipient thereof if received prior to 5:00 p.m. local time
in the place of receipt and such day is a business day in the place of receipt. Otherwise, any such notice, request or communication
shall be deemed not to have been received until the next succeeding business day in the place of receipt.

6.7         
Severability. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to that
jurisdiction, be ineffective to the extent of such prohibition or unenforceability and shall be severed from the balance of this Agreement,
all without affecting the remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any
other jurisdiction.

6.8         
Expenses. Except as otherwise expressly set forth in this Agreement or any Ancillary Agreement, or as otherwise agreed
to in writing by the Parties, all out-of-pocket fees, costs and expenses incurred prior to the Effective Time in connection with the
preparation, execution, delivery and implementation of this Agreement and any Ancillary Agreement, the Form 20-F and the Distribution
and the consummation of the transactions contemplated hereby and thereby shall be borne by the Party incurring such fees, costs or expenses.

6.9         
Waivers of Default. A waiver of any default, breach or non-compliance under this Agreement shall not be effective unless
in writing and signed by the Party to be bound by the waiver and then only in the specific instance and for the specific purpose for
which it has been given. No waiver shall be inferred from or implied by any failure to act or delay in acting by a Party in respect of
any default, breach or non-observance or by anything done or omitted to be done by the other Party. The waiver by a Party of any default,
breach or non-compliance under this Agreement shall not operate as a waiver of that Party's rights under this Agreement in respect of
any continuing or subsequent default, breach or non-observance (whether of the same or any other nature).

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6.10       
Amendments. No provisions of this Agreement may be waived, amended, supplemented or modified, unless such waiver, amendment,
supplement or modification is in writing and signed by the authorized representative of the Party against whom it is sought to enforce
such waiver, amendment, supplement or modification.

[Remainder
of page intentionally left blank]

 

 

 

    	9  

    	 

    

IN
WITNESS WHEREOF, the Parties have caused this Separation and Distribution Agreement to be executed by their duly authorized representatives.

	SILVER BULL RESOURCES, INC.
	 	 
	 	 
	By:	 	 

	 	 	Name:
	 	 	Title:
	 
	 
	ARRAS MINERALS CORP.
	 	 
	 	 
	By:	 	 

	 	 	Name:
	 	 	Title:Exhibit 4.13

 

 

 

ARras
Minerals Corp.

EQUITY
Incentive PLAN

 

April 15, 2021

as amended and restated on July 5, 2021

 

 

    	  

    	 

    

 

PART I – GENERAL PROVISIONS

		1.	PREAMBLE AND DEFINITIONS

		1.1	Title and Parts.

The Plan described in this document shall
be called the “Arras Minerals Corp. Equity Incentive Plan”.

The Plan is divided into four Parts. This
Part I contains provisions of general application to all Grants; Part II applies specifically to Options; Part III applies specifically
to Share Units; and Part IV applies specifically to Restricted Stock and other Share-based awards.

		1.2	Eligibility

Only Eligible Persons
shall be eligible to receive Grants under this Plan.

		1.3	Purpose of the Plan.

The purposes of the Plan are:

		(a)	to promote a further alignment of interests between officers, employees and other eligible service providers
and the shareholders of the Corporation;

		(b)	to associate a portion of the compensation payable to officers, employees and other eligible service providers
with the returns achieved by shareholders of the Corporation; and

		(c)	to attract and retain officers, employees and other eligible service providers with the knowledge, experience
and expertise required by the Corporation.

		1.4	Definitions.

		1.4.1	“affiliate” means “affiliated corporations” and a corporation shall be
deemed to be an affiliate of another corporation if one of them is the Subsidiary of the other or if both are Subsidiaries of the same
corporation or if each of them is controlled by the same Person and also includes those issuers that are similarly related, whether or
not any of the issuers are corporations, partnerships, limited partnerships, trusts, income trusts or investment trusts or any other organized
entity issuing securities.

		1.4.2	“Applicable Law” means any applicable provision of law, domestic or foreign, including,
without limitation, applicable securities legislation, together with all regulations, rules, policy statements, rulings, notices, orders
or other instruments promulgated thereunder, and Stock Exchange Rules.

 

    	  

    	 

    

 

		1.4.3	“associate”, where used to indicate a relationship with a Person, means:

		(a)	any corporation of which such Person beneficially owns, directly or indirectly, voting securities carrying
more than 10 per cent of the voting rights attached to all voting securities of the corporation for the time being outstanding;

		(b)	any partner of that Person;

		(c)	any trust or estate in which such Person has a substantial beneficial interest or as to which such Person
serves as trustee or in a similar capacity;

		(d)	any relative of that Person who resides in the same home as that Person;

		(e)	any Person who resides in the same home as that person and to whom that Person is married or with whom
that Person is living in a conjugal relationship outside marriage; or

		(f)	any relative of a Person mentioned in clause (e) who has the same home as that Person.

		1.4.4	“Beneficiary” means, subject to Applicable Law, an individual who has been designated
by a Participant, in such form and manner as the Board may determine, to receive benefits payable under the Plan upon the death of the
Participant, or, where no such designation is validly in effect at the time of death, the Participant’s legal representative.

		1.4.5	“Blackout Period” means a period of time when, pursuant to any policies of the Corporation,
any securities of the Corporation may not be traded by certain persons as designated by the Corporation, including any holder of a Grant.

		1.4.6	“Board” means the Board of Directors of the Corporation.

		1.4.7	“Cause” means:

		(a)	subject to (b) or (c), as applicable, below, “just cause” or “cause” for Termination
by the Corporation or a Subsidiary of the Corporation as determined under Applicable Law;

		(b)	where a Participant has a written employment agreement with the Corporation or a Subsidiary of the Corporation,
“Cause” as defined in such employment agreement, if applicable; or

    	  

    	 

    

 

		(c)	where a Participant provides services as an independent contractor pursuant to a contract for services
with the Corporation or a Subsidiary of the Corporation, any material breach of such contract.

		1.4.8	“Change in Control” means:

		(a)	the acquisition by any “offeror” (as defined in the Securities Act (Ontario)) of beneficial
ownership of more than 50% of the outstanding voting securities of the Corporation, by means of a take-over bid or otherwise;

		(b)	any consolidation, reorganization, merger, amalgamation or statutory amalgamation or arrangement of the
Corporation with or into another corporation, a separation of the business of the Corporation into two or more entities, or pursuant to
which Shares would be converted into cash, securities or other property, other than a merger of the Corporation in which shareholders
immediately prior to the merger have the same proportionate ownership of stock of the surviving corporation immediately after the merger;

		(c)	any sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of
all or substantially all of the assets of the Corporation;

		(d)	the approval by the shareholders of any plan of liquidation or dissolution of the Corporation; or

		(e)	the replacement by way of election or appointment at any time of one-half or more of the total number
of the then incumbent members of the Board, unless such election or appointment is approved by 50% or more of the Board in office immediately
preceding such election or appointment in circumstances where such election or appointment is to be made other than as a result of a dissident
public proxy solicitation, whether actual or threatened.

		1.4.9	“Code” means the United States Internal Revenue Code of 1986, as amended, and any applicable
United States Treasury Regulations and other binding regulatory guidance thereunder.

		1.4.10	“Control” means:

		(a)	when applied to the relationship between a Person and another Person, the beneficial ownership by that
first Person, directly or indirectly, of voting securities or other interests in such second Person entitling the holder to exercise control
and direction in fact over the activities of such second Person, including by way of electing a majority of the members of the board of
the second Person; and

 

    	  

    	 

    

 

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

the words “Controlled
by”, “Controlling” and similar words have corresponding meanings; provided that a Person who Controls a second
Person will be deemed to Control a third Person which is Controlled by such second Person and so on.

		1.4.11	“Corporation” means Arras Minerals Corp., and includes any successor corporation thereof.

		1.4.12	“Director” means a director of the Corporation from time to time.

		1.4.13	“Disability” means:

		(a)	subject to (b) below, a Participant’s physical or mental incapacity that prevents him/her from substantially
fulfilling his or her duties and responsibilities on behalf of the Corporation or, if applicable, a Subsidiary of the Corporation as determined
by the Board and, in the case of a Participant who is an employee of the Corporation or a Subsidiary of the Corporation, in respect of
which the Participant commences receiving, or is eligible to receive, disability benefits under the Corporation’s or Subsidiary’s
long-term disability plan; or

		(b)	where a Participant has a written employment agreement with the Corporation or a Subsidiary of the Corporation,
“Disability” as defined in such employment agreement, if applicable.

		1.4.14	“Disability Date” means, the date of a Participant’s Termination as a result
of a Disability.

		1.4.15	“Eligible Person” means an individual Employed by the Corporation or any Subsidiary
of the Corporation, a Director, Officer and a Service Provider, who, by the nature of his or her position or job is, in the opinion of
the Board, in a position to contribute to the success of the Corporation.

		1.4.16	“Employed” means, with respect to a Participant, that:

		(a)	the Participant is rendering services to the Corporation or a Subsidiary of the Corporation (excluding
services exclusively as a Director) including as a Service Provider (referred to in Section 1.4.42 as “active Employment”);
or

		(b)	the Participant is not actively rendering services to the Corporation or a Subsidiary of the Corporation
due to vacation, temporary illness, maternity or parental leave or leave on account of Disability or other authorized leave of absence
(provided, in the case of a US Taxpayer, that the Participant has not incurred a “Separation From Service”, within the meaning
of Section 409A of the Code).

and “Employment’ has
the corresponding meaning.

    	  

    	 

    

 

		1.4.17	“Exercise Price” means, with respect to an Option, the price payable by a Participant
to purchase one Share on exercise of such Option, which shall not be less than one hundred percent (100%) of the Market Price on the Grant
Date of the Option covering such Share, subject to adjustment pursuant to Section 5.

		1.4.18	“Grant” means a grant or right granted under the Plan consisting of one or more Options,
RSUs or PSUs, shares of Restricted Stock or such other award as may be permitted hereunder.

		1.4.19	“Grant Agreement” means an agreement between the Corporation and a Participant evidencing
a Grant and setting out the terms under which such Grant is made, together with such schedules, amendments, deletions or changes thereto
as are permitted under the Plan.

		1.4.20	“Grant Date” means the effective date of a Grant.

		1.4.21	“Insider” means:

		(a)	a director or officer of the Corporation;

		(b)	a director or officer of a Person that is itself an insider or subsidiary of the Corporation;

		(c)	a Person that has,

		(i)	beneficial ownership of, or control or direction over, directly or indirectly, securities of the Corporation
carrying more than 10 per cent of the voting rights attached to all the Corporation’s outstanding voting securities, excluding,
for the purpose of the calculation of the percentage held, any securities held by the Person as underwriter in the course of a distribution;
or

		(ii)	a combination of beneficial ownership of, and control or direction over, directly or indirectly, securities
of a reporting issuer carrying more than 10 per cent of the voting rights attached to all the Corporation’s outstanding voting securities,
excluding, for the purpose of the calculation of the percentage held, any securities held by the Person as underwriter in the course of
a distribution;

		(d)	the Corporation in the event that it has purchased, redeemed or otherwise acquired a security of its own
issue, for so long as it continues to hold that security;

		(e)	a Person designated as an insider under the Securities Act (Ontario); and

		(f)	an associate or affiliate of any of the foregoing.

 

    	  

    	 

    

 

		1.4.22	“Market Price” means, with respect to any particular date:

		(a)	if the Shares are listed on only one Stock Exchange, the volume weighted average trading price per Share
on such Stock Exchange during the five (5) immediately preceding Trading Days;

		(b)	if the Shares are listed on more than one Stock Exchange, the Market Price as determined in accordance
with paragraph (a) above for the primary Stock Exchange on which the greatest volume of trading of the Shares occurred during the five
(5) immediately preceding Trading Days; and

		(c)	if the Shares are not listed for trading on a Stock Exchange, a price which is determined by the Board
in good faith to be the fair market value of the Shares.

		1.4.23	“Officer” means an officer of the Corporation or any Subsidiary of the Corporation
from time to time.

		1.4.24	“Option” means an option to purchase a Share granted by the Board to an Eligible Person
in accordance with Section 3 and Section 8.1.

		1.4.25	“Participant” means an Eligible Person to whom a Grant is made and which Grant or a
portion thereof remains outstanding.

		1.4.26	“Performance Conditions” means such financial, personal, operational or transaction-based
performance criteria as may be determined by the Board in respect of a Grant to any Participant or Participants and set out in a Grant
Agreement. Performance Conditions may apply to the Corporation, a Subsidiary of the Corporation, the Corporation and its Subsidiaries
as a whole, a business unit of the Corporation or group comprised of the Corporation and some Subsidiaries of the Corporation or a group
of Subsidiaries of the Corporation, either individually, alternatively or in any combination, and measured either in total, incrementally
or cumulatively over a specified performance period, on an absolute basis or relative to a pre-established target or milestone, to previous
years’ results or to a designated comparator group, or otherwise, and may incorporate multipliers or adjustments based on the achievement
of any such performance criteria.

		1.4.27	“Performance Period” means, with respect to PSUs, a period specified by the Board for
achievement of any applicable Performance Conditions as a condition to Vesting.

		1.4.28	“Performance Share Unit” or “PSU” means a right granted to an Eligible
Person in accordance with Section 3.1(c) and (d) and Section 11.1 to receive a Share or the Market Price, as determined by the Board,
that generally becomes Vested, if at all, subject to the attainment of certain Performance Conditions and satisfaction of such other conditions
to Vesting, if any, as may be determined by the Board.

 

    	  

    	 

    

 

		1.4.29	“Person” means an individual, corporation, company, cooperative, sole proprietorship,
partnership, limited partnership, limited liability partnership, joint venture, venture capital fund, limited liability company, unlimited
liability company, trust, trustee, executor, administrator, legal personal representative, estate, unincorporated association, organization
or syndicate, entity with juridical personality or governmental authority or body, or other entity, whether or not having legal status,
however designated or constituted, and pronouns which refer to a Person shall have a similarly extended meaning.

		1.4.30	“Plan” means this Arras Minerals Corp. Equity Incentive Plan, including any schedules
or appendices hereto, as may be amended from time to time.

		1.4.31	“Restricted Share Unit” or “RSU” means a right granted to an Eligible
Person in accordance with Section 3.1(c) and (d) and Section 11.1 to receive a Share or the Market Price, as determined by the Board,
that generally becomes Vested, if at all, following a period of continuous Employment of the Participant.

		1.4.32	“Restricted Stock” means Shares granted to an Eligible Person that are subject to a
Restriction (as defined in Section 15).

		1.4.33	“Restrictive Covenant” means any obligation of a Participant to the Corporation or
a Subsidiary of the Corporation to (A) maintain the confidentiality of information relating to the Corporation or the Subsidiary of the
Corporation and/or its business, (B) not engage in employment or business activities that compete with the business of the Corporation
or the Subsidiary of the Corporation, (C) not solicit employees or other service providers, customers and/or suppliers of the Corporation
or the Subsidiary of the Corporation, whether during or after employment with the Corporation or Subsidiary of the Corporation, and whether
such obligation is set out in a Grant Agreement issued under the Plan or other agreement between the Participant and the Corporation or
Subsidiary of the Corporation, including, without limitation, an employment agreement, or otherwise.

		1.4.34	“Security Based Compensation Arrangement” means an option, option plan, security based
appreciation right, employee unit purchase plan, restricted, performance of deferred unit plan, long-term incentive plan or any other
compensation or incentive mechanism, in each case, involving the issuance or potential issuance of Shares to one or more directors or
officers of the Corporation or a Subsidiary of the Corporation, current or past full-time or part-time employees of the Corporation or
a Subsidiary of the Corporation, Insiders or Service Providers of the Corporation or any Subsidiary of the Corporation including a Share
purchased from treasury by one or more officers, directors or officers of the Corporation or any Subsidiary of the Corporation, current
or past full-time or part-time employees of the Corporation or a Subsidiary of the Corporation, Insiders or Service Providers of the Corporation
or a Subsidiary of the Corporation which is financially assisted by the Corporation or a Subsidiary of the Corporation by way of a loan,
guarantee or otherwise, but a Security Based Compensation Arrangement does not include an arrangement that does not involve the issuance
from treasury or potential issuance from treasury of Shares or other equity securities of the Corporation.

 

    	  

    	 

    

 

		1.4.35	“Service Provider” means a Person, other than an employee, officer or director of the
Corporation or a Subsidiary of the Corporation, that:

		(a)	is engaged to provide, on a bona fide basis, for an initial, renewable or extended period of twelve
(12) months or more, services to the Corporation or a Subsidiary of the Corporation, other than services provided in relation to a distribution
of securities;

		(b)	provides the services under a written contract between the Corporation or a Subsidiary of the Corporation
and the Person;

		(c)	in the reasonable opinion of the Corporation, spends or will spend a significant amount of time and attention
on the affairs and business of the Corporation or a Subsidiary of the Corporation;

and includes

		(d)	for an individual Service Provider, a corporation of which the individual Service Provider is an employee
or shareholder, and a partnership of which the individual Service Provider is an employee or partner; and

		(e)	for a Service Provider that is not an individual, an employee, executive officer, or director of the Service
Provider, provided that the individual employee, executive officer, or director spends or will spend a significant amount of time and
attention on the affairs and business of the Corporation or a Subsidiary of the Corporation.

		1.4.36	“Share” means a common share of the Corporation or, in the event of an adjustment contemplated
by Section 5.1, such other security to which a Participant may be entitled upon the exercise or settlement of a Grant as a result of such
adjustment.

		1.4.37	“Share Unit” means either an RSU or a PSU, as the context requires.

		1.4.38	“Specified Officer” means, for the Corporation, an individual who is:

		(a)	the chief executive officer or chief financial officer;

		(b)	any “executive officer” (as defined under applicable Canadian securities laws) of the Corporation;
or

		(c)	a vice-president of the Corporation.

		1.4.39	“Stock Exchange” means the Toronto Stock Exchange and/or such other stock exchange
on which the Shares are listed.

 

    	  

    	 

    

 

		1.4.40	“Stock Exchange Rules” means the applicable rules of any Stock Exchange upon which
Shares of the Corporation are listed.

		1.4.41	“Subsidiary” means, in respect of a Person, another Person that is Controlled directly
or indirectly by such Person and includes a Subsidiary of that Subsidiary.

		1.4.42	“Termination” means (i) the termination of a Participant’s Employment with the
Corporation or a Subsidiary of the Corporation (other than in connection with the Participant’s transfer to Employment with the
Corporation or another Subsidiary), which shall occur on the date on which the Participant ceases to render services to the Corporation
or Subsidiary, as applicable, whether such termination is lawful or otherwise (including, without limitation, by reason of resignation,
death, frustration of contract, termination for cause, termination without cause, or constructive dismissal), without giving effect to
any pay in lieu of notice (paid by way of lump sum or salary continuance), severance pay, benefits continuance or other termination-related
payments or benefits to which the Participant may be entitled pursuant to the common law or otherwise (except as may be expressly required
to satisfy the minimum requirements of applicable employment or labour standards legislation), but, for greater certainty, a Participant’s
absence from active work during a period of vacation, temporary illness, maternity or parental leave, leave on account of Disability or
any other authorized leave of absence shall not be considered to be a “Termination”, and (ii) in the case of a Participant
who does not return to active Employment with the Corporation or a Subsidiary of the Corporation immediately following a period of absence
due to vacation, temporary illness, maternity or parental leave, leave on account of Disability or other authorized leave of absence,
such cessation shall be deemed to occur on the last day of such period of absence as approved by the Corporation or a Subsidiary of the
Corporation; provided, in each case, that, in the case of any Grant that constitutes deferred compensation subject to Section 409A of
the Code that is issued to a US Taxpayer, the Termination constitutes a “Separation From Service”, within the meaning of Section
409A of the Code, and “Terminated” and “Terminates” shall be construed accordingly.

		1.4.43	“Time Vesting” means any conditions relating to the passage of time or continued service
with the Corporation or Subsidiary of the Corporation for a period of time in respect of a Grant, as may be determined by the Board.

		1.4.44	“Trading Day” means a day on which the Stock Exchange is open for trading and on which
the Shares actually traded.

		1.4.45	“US Taxpayer” means an individual who is subject to tax under the Code in respect of
any Grants, amounts payable or Shares deliverable under this Plan.

 

    	  

    	 

    

 

		1.4.46	“Vested” means, with respect to any Option, Share Unit, share of Restricted Stock or
other award included in a Grant, that the applicable conditions with respect to Time Vesting, achievement of Performance Conditions and/or
any other conditions established by the Board have been satisfied or, to the extent permitted under the Plan, waived, whether or not the
Participant’s rights with respect to such Grant may be conditioned upon prior or subsequent compliance with any Restrictive Covenants
(and any applicable derivative term shall be construed accordingly).

		1.4.47	“Vesting Date” means the date on which the applicable Time Vesting, Performance Conditions
and/or any other conditions for an Option, Share Unit, share of Restricted Stock or other award included in a Grant becoming Vested are
met, deemed to have been met or waived as contemplated in Section 3.1.

		2.	CONSTRUCTION AND INTERPRETATION

		2.1	Gender, Singular, Plural. 

In the Plan, references to one gender include
all genders; and references to the singular shall include the plural and vice versa, as the context shall require.

		2.2	Severability. 

If any provision or part of the Plan is
determined to be void or unenforceable in whole or in part, such determination shall not affect the validity or enforcement of any other
provision or part thereof.

		2.3	Headings and Sections. 

Headings wherever used herein are for reference
purposes only and do not limit or extend the meaning of the provisions herein contained. A reference to a section or schedule shall, except
where expressly stated otherwise, mean a section or schedule of the Plan, as applicable.

		3.	ADMINISTRATION

		3.1	Administration by the Board.

The Plan shall be administered by the Board
in accordance with its terms and subject to Applicable Law. Subject to and consistent with the terms of the Plan, in addition to any authority
of the Board specified under any other terms of the Plan, the Board shall have full and complete discretionary authority to:

		(a)	interpret the Plan and Grant Agreements;

		(b)	prescribe, amend and rescind such rules and regulations and make all determinations necessary or desirable
for the administration and interpretation of the Plan and instruments of grant evidencing Grants;

 

    	  

    	 

    

 

		(c)	determine those Eligible Persons who may receive Grants as Participants, grant one or more Grants to such
Participants and approve or authorize the applicable form and terms of the related Grant Agreement;

		(d)	determine the terms and conditions of Grants granted to any Participant, including, without limitation,
as applicable (i) Grant Value and the number of Shares subject to a Grant, (ii) the Exercise Price for Shares subject to a Grant, (iii)
the conditions to the Vesting of a Grant or any portion thereof, including, as applicable, the period for achievement of any applicable
Performance Conditions as a condition to Vesting, and conditions pertaining to compliance with Restrictive Covenants, and the conditions,
if any, upon which Vesting of any Grant or any portion thereof will be waived or accelerated without any further action by the Board,
(iv) the circumstances upon which a Grant or any portion thereof shall be forfeited, cancelled or expire, including in connection
with the breach by a Participant of any Restrictive Covenant, (v) the consequences of a Termination with respect to a Grant, (vi) the
manner of exercise or settlement of the Vested portion of a Grant, (vii) whether, and the terms upon which, a Grant may be settled
in cash, newly issued Shares or a combination thereof, and (viii) whether, and the terms upon which, any Shares delivered upon exercise
or settlement of a Grant must be held by a Participant for any specified period of time;

		(e)	determine whether, and the extent to which, any Performance Conditions or other conditions applicable
to the Vesting of a Grant have been satisfied or shall be waived or modified;

		(f)	make such rules, regulations and determinations as it deems appropriate under the Plan in respect of any
leave of absence or disability of any Participant. Without limiting the generality of the foregoing, the Board shall be entitled to determine:

		(i)	whether or not any such leave of absence shall constitute a Termination within the meaning of the Plan;

		(ii)	the impact, if any, of any such leave of absence on Grants issued under the Plan made to any Participant
who takes such leave of absence (including, without limitation, whether or not such leave of absence shall cause any Grants to expire
and the impact upon the time or times such Grants shall be exercisable); 

		(g)	amend the terms of any Grant Agreement or other documents evidencing Grants; and

		(h)	determine whether, and the extent to which, adjustments shall be made pursuant to Section 5 and the terms
of such adjustments.

 

    	  

    	 

    

 

		3.2	All determinations, interpretations, rules, regulations, or other acts
of the Board respecting the Plan or any Grant shall be made in its sole discretion and shall be conclusively binding upon all persons.

		3.3	Subject to Section 6.5, the Board may, from time to time, amend the
Plan for the purpose of establishing one or more sub-plans for the benefit of Eligible Persons who are subject to the laws of a jurisdiction
other than Canada in connection with their participation in the Plan.

The
Board may also prescribe terms for Grant Agreements in respect of Eligible Persons who are subject to the laws of a jurisdiction other
than Canada in connection with their participation in the Plan that are different than the terms of the Grant Agreements for Eligible
Persons who are subject to the laws of Canada in connection with their participation in the Plan, and/or deviate from the terms of the
Plan set out herein, for purposes of compliance with Applicable Law in such other jurisdiction or where, in the Board’s opinion,
such terms or deviations are necessary or desirable to obtain more advantageous treatment for the Corporation, a Subsidiary of the Corporation
or the Eligible Person in respect of the Plan under the Applicable Law of the other jurisdiction.

Notwithstanding
the foregoing, the terms of any Grant Agreement authorized pursuant to this Section 3.3 shall be consistent with the Plan to the extent
practicable having regard to the Applicable Law of the jurisdiction in which such Grant Agreement is applicable and in no event shall
contravene the Applicable Law of Canada.

		3.4	The Board may, in its discretion, subject to Applicable Law, delegate
its powers, rights and duties under the Plan, in whole or in part, to a committee of the Board, a person or persons, as it may determine,
from time to time, on terms and conditions as it may determine, except that the Board shall not, and shall not be permitted to delegate
any such powers, rights or duties (i) with respect to the grant, amendment, administration or settlement of any Grant to the extent delegation
is not consistent with Applicable Law and any such purported delegation or action shall not be given effect, and (ii) provided that the
composition of the committee of the Board, person or persons, as the case may be, shall comply with Applicable Law. In addition, provided
it complies with the foregoing, the Board may appoint or engage a trustee, custodian or administrator to administer or implement the Plan
or any aspect of it.

		4.	SHARE RESERVE

		4.1	Subject to Section 4.4 and any adjustment pursuant to Section 5.1, the
aggregate number of Shares that may be issued pursuant to Grants made under the Plan together with all other Security Based Compensation
Arrangements of the Corporation shall be equal (i) for as long as the Corporation’s Shares are listed on a Stock Exchange, to ten
percent (10.0%) of the outstanding Shares from time to time or such other number as may be approved by the applicable Stock Exchange and
the shareholders from time to time or (ii) in all other cases, to twenty percent (20.0%) of the outstanding Shares from time to time.

 

    	  

    	 

    

 

		4.2	For so long as the Corporation’s Shares are listed on a Stock
Exchange, the aggregate number of Shares reserved for issuance to any one Participant under the Plan, together with all other Security
Based Compensation Arrangements of the Corporation, must not exceed five percent (5.0%) of the aggregate issued and outstanding Shares.

		4.3	For so long as the Corporation’s Shares are listed on a Stock
Exchange, the maximum number of Shares of the Corporation 

		(a)	issued to Insiders within any one year period, and

		(b)	issuable to Insiders, at any time,

under the Plan, or when
combined with all of the Corporation’s other Security Based Compensation Arrangements, shall not exceed ten percent (10.0%) of the
number of the aggregate issued and outstanding Shares.

		4.4	For purposes of computing the total number of Shares available for grant
under the Plan or any other Security Based Compensation Arrangement of the Corporation, Shares subject to any Grant (or any portion thereof)
that are forfeited, surrendered, cancelled or otherwise terminated, prior to the issuance of such Shares shall again be available for
grant under the Plan. 

		5.	Alteration of Capital And Change In Control

		5.1	Notwithstanding any other provision of the Plan, and subject to Applicable
Law, in the event of any change in the Shares by reason of any dividend (other than dividends in the ordinary course), split, recapitalization,
reclassification, amalgamation, arrangement, merger, consolidation, combination or exchange of Shares or distribution of rights to holders
of Shares or any other relevant changes to the authorized or issued capital of the Corporation, if the Board shall determine that an equitable
adjustment should be made, such adjustment shall, subject to Applicable Law, be made by the Board to (i) the number of Shares subject
to the Plan; (ii) the securities into which the Shares are changed or are convertible or exchangeable; (iii) any Options then outstanding;
(iv) the Exercise Price in respect of such Options; and/or (v) with respect to the number of Share Units outstanding under the Plan, and
any such adjustment shall be conclusive and binding for all purposes of the Plan.

		5.2	No adjustment provided for pursuant to Section 5.1 shall require the
Corporation to issue fractional Shares or consideration in lieu thereof in satisfaction of its obligations under the Plan. Any fractional
interest in a Share that would, except for the provisions of this Section 5.2, be deliverable upon the exercise of any Grant shall be
cancelled and not deliverable by the Corporation.

 

    	  

    	 

    

 

		5.3	In the event of a Change in Control prior to the Vesting of a Grant,
and subject to the terms of a Participant’s written employment agreement or contract for services with the Corporation or a Subsidiary
of the Corporation and the applicable Grant Agreement, the Board shall have full authority to determine in its sole discretion the effect,
if any, of a Change in Control on the Vesting, exercisability, settlement, payment or lapse of restrictions applicable to a Grant, which
effect may be specified in the applicable Grant Agreement or determined at a subsequent time. Subject to Applicable Law, rules and regulations,
the Board shall, at any time prior to, coincident with or after the effective time of a Change in Control, take such actions as it may
consider appropriate, including, without limitation: (i) provide for the acceleration of any Vesting or exercisability of a Grant; (ii)
provide for the deemed attainment of Performance Conditions relating to a Grant; (iii) provide for the lapse of restrictions relating
to a Grant; (iv) provide for the assumption, substitution, replacement or continuation of any Grant by a successor or surviving corporation
(or a parent or subsidiary thereof) with cash, securities, rights or other property to be paid or issued, as the case may be, by the successor
or surviving corporation (or a parent or subsidiary thereof); (v) provide that that a Grant shall terminate or expire unless exercised
or settled in full on or before a date fixed by the Board; or (vi) terminate or cancel any outstanding Grant in exchange for a cash payment
(provided that, if as of the date of the Change in Control, the Board determines that no amount would have been realized upon the exercise
or settlement of the Grant, then the Grant may be cancelled by the Corporation without payment of consideration). 

		6.	MISCELLANEOUS

		6.1	Compliance with Laws and Policies. 

The Corporation’s obligation to make
any payments or deliver (or cause to be delivered) any Shares hereunder is subject to compliance with Applicable Law. Each Participant
shall acknowledge and agree (and shall be conclusively deemed to have so acknowledged and agreed by participating in the Plan) that the
Participant will, at all times, act in strict compliance with Applicable Law and all other laws and any policies of the Corporation applicable
to the Participant in connection with the Plan including, without limitation, the Insider Trading Policy of the Corporation, and furnish
to the Corporation all information and undertakings as may be required to permit compliance with Applicable Law.

		6.2	Withholdings. 

So as to ensure that the Corporation or
a Subsidiary of the Corporation, as applicable, will be able to comply with the applicable obligations under any federal, provincial,
state or local law relating to the withholding of tax or other required deductions, the Corporation or the Subsidiary of the Corporation
shall withhold or cause to be withheld from any cash amount payable to a Participant, either under this Plan, or otherwise, such amount
as may be necessary to permit the Corporation or the Subsidiary of the Corporation, as applicable, to so comply. The Corporation and any
Subsidiary of the Corporation may also satisfy any liability for any such withholding obligations, on such terms and conditions as the
Corporation may determine in its sole discretion, by (a) selling on such Participant’s behalf, or requiring such Participant to
sell, any Shares issued under this Plan, and retaining any amount payable which would otherwise be provided or paid to such Participant
in connection with any such sale, or (b) requiring, as a condition to the delivery of Shares hereunder, that such Participant make such
arrangements as the Corporation may require so that the Corporation and its Subsidiaries can satisfy such withholding obligations, including
requiring such Participant to remit an amount to the Corporation or a Subsidiary of the Corporation in advance, or reimburse the Corporation
or any Subsidiary of the Corporation for, any such withholding obligations.

    	  

    	 

    

 

		6.3	No Right to Continued Employment. 

Nothing in the Plan or in any Grant Agreement
entered into pursuant hereto shall confer upon any Participant the right to continue in the employ or service of the Corporation or any
Subsidiary of the Corporation, to be entitled to any remuneration or benefits not set forth in the Plan or a Grant Agreement or to interfere
with or limit in any way the right of the Corporation or any Subsidiary of the Corporation to terminate Participant’s employment
or service arrangement with the Corporation or any Subsidiary of the Corporation.

		6.4	No Additional Rights. 

Neither the designation of an individual
as a Participant nor the Grant of any Options, Share Units, Restricted Stock or other award to any Participant entitles any person to
the Grant, or any additional Grant, as the case may be, of any Options, Share Units, Restricted Stock or other award under the Plan. For
greater certainty, the Board’s decision to approve a Grant in any period shall not require the Board to approve a Grant to any Participant
in any other period; nor shall the Board’s decision with respect to the size or terms and conditions of a Grant in any period require
it to approve a Grant of the same or similar size or with the same or similar terms and conditions to any Participant in any other period.
The Board shall not be precluded from approving a Grant to any Participant solely because such Participant may have previously received
a Grant under this Plan or any other similar compensation arrangement of the Corporation or a Subsidiary. No Eligible Person has any claim
or right to receive a Grant except as may be provided in a written employment or services agreement between an Eligible Person and the
Corporation or a Subsidiary of the Corporation.

		6.5	Amendment, Termination.

The Plan and any Grant made pursuant to
the Plan may be amended, modified or terminated by the Board without approval of shareholders, provided that no amendment to the Plan
or Grants made pursuant to the Plan may be made without the consent of a Participant if it adversely alters or impairs the rights of the
Participant in respect of any Grant previously granted to such Participant under the Plan, except that Participant consent shall not be
required where the amendment is required for purposes of compliance with Applicable Law. Notwithstanding the foregoing, the Board may
amend the Plan and any Grant without approval for shareholders or Participants in order to satisfy the requirements of any Stock Exchange.

For greater certainty, for so long as the
Corporation’s Shares are listed on a Stock Exchange, the Plan may not be amended without shareholder approval in accordance with
the Stock Exchange Rules to do any of the following:

		(a)	increase in the maximum number of Shares issuable pursuant to the Plan and as set out in Section 4.1;

 

    	  

    	 

    

 

		(b)	reduce the Exercise Price of an outstanding Option, except as set forth in Section 5;

		(c)	extend the maximum term of any Grant made under the Plan, except pursuant to Section 8.6;

		(d)	amend the assignment provisions contained in Section 6.11;

		(e)	increase the number of Shares that may be issued or issuable to Insiders above the restriction or deleting
the restriction on the number of Shares that may be issued or issuable to Insiders contained in Section 4.3;

		(f)	include other types of equity compensation involving the issuance of Shares under the Plan; or

		(g)	amend this Section 6.5 to amend or delete any of (a) through (k) or grant additional powers to the Board
to amend the Plan or entitlements without shareholder approval.

For greater certainty and without limiting
the foregoing, shareholder approval shall not be required for the following amendments and the Board may make the following changes without
shareholder approval, subject to any regulatory approvals including, where required, the approval of any Stock Exchange:

		(h)	amendments of a “housekeeping” nature;

		(i)	a change to the Vesting provisions of any Grants;

		(j)	a change to the termination provisions of any Grant that does not entail an extension beyond the original
term of the Grant; or

		(k)	amendments to the provisions relating to a Change in Control.

		6.6	Currency.

All
references in the Plan to currency refer to lawful Canadian, U.S. or other currency as determined from time to time by the Board in its
sole discretion, failing which the reference shall be deemed to be to Canadian currency except where the context otherwise requires. To
the extent that any amounts referenced in this Plan are denominated in a currency other than Canadian dollars or U.S. dollars, and are
determined by the Board in its sole discretion to be converted to Canadian dollars, U.S. dollars or other currency, such amounts shall
be converted at the applicable Bank of Canada daily exchange rate on the date as of which the converted amount is required to be determined.

		6.7	Administration Costs. 

The Corporation will be responsible for
all costs relating to the administration of the Plan.

    	  

    	 

    

 

		6.8	Designation of Beneficiary. 

Subject to the requirements of Applicable
Law, a Participant may designate a Beneficiary, in writing, to receive any benefits that are provided under the Plan upon the death of
such Participant. The Participant may, subject to Applicable Law, change such designation from time to time. Such designation or change
shall be in such form as may be prescribed by the Board from time to time. A Beneficiary designation under this Section 6.8 and any subsequent
changes thereto shall be filed with the general counsel of the Corporation.

		6.9	Governing Law.

The Plan and any Grants pursuant to the
Plan shall be governed by and construed in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable
therein, and with respect to Participants who are US Taxpayers, with the Code and applicable federal laws of the US. The Board may provide
that any dispute to any Grant shall be presented and determined in such forum as the Board may specify, including through binding arbitration.
Any reference in the Plan, in any Grant Agreement issued pursuant to the Plan or in any other agreement or document relating to the Plan
to a provision of law or rule or regulation shall be deemed to include any successor law, rule or regulation of similar effect or applicability.
To the extent applicable, with respect to Participants who are US Taxpayers, this Plan shall be interpreted in accordance with the requirements
of Code Sections 409A and the regulations, notices, and other guidance of general applicability issued thereunder.

		6.10	Assignment.

The
Plan shall inure to the benefit of and be binding upon the Corporation, its successors and assigns.

		6.11	Transferability.

Unless otherwise provided
in the Plan or in the applicable Grant Agreement, no Grant, and no rights or interests therein, shall or may be assigned, transferred,
sold, exchanged, encumbered, pledged or otherwise hypothecated or disposed of by a Participant other than by testamentary disposition
by the Participant or the laws of intestate succession. No such interest shall be subject to execution, attachment or similar legal process
including without limitation seizure for the payment of the Participant’s debts, judgments, alimony or separate maintenance.

		7.	EFFECTIVE DATE

		7.1	The Plan is established effective April 15, 2021.

    	  

    	 

    

 

PART II – OPTIONS

		8.	Options

		8.1	The Corporation may, from time to time, make one or more Grants of Options
to Eligible Persons on such terms and conditions, consistent with the Plan, as the Board shall determine. In granting such Options, subject
to the provisions of the Plan, the Corporation shall specify,

		(a)	the maximum number of Shares which the Participant may purchase under the Options;

		(b)	the Exercise Price at which the Participant may purchase his or her Shares under the Options; and

		(c)	the term of the Options, to a maximum of ten (10) years from the Grant Date of the Options, the Vesting
period or periods within this period during which the Options or a portion thereof may be exercised by a Participant and any other Vesting
conditions (including Performance Conditions).

		8.2	The Exercise Price for each Share subject to an Option shall be fixed
by the Board but under no circumstances shall any Exercise Price be less than one hundred percent (100%) of the Market Price on the Grant
Date of such Option.

		8.3	Unless otherwise designated by the Board in the applicable Grant Agreement,
the Options included in a Grant shall Vest in three equal installments over a three (3) year period, with one third of the Options vesting
on each of the Grant Date, the first anniversary of the Grant Date, and the second anniversary of the Grant Date, and, subject to Section
8.6, any such Options shall expire on the tenth anniversary of the Grant Date (unless exercised or terminated earlier in accordance with
the terms of the Plan or the Grant Agreement). 

		8.4	Subject to the provisions of the Plan and the terms governing the granting
of the Option, and subject to payment or other satisfaction of all related withholding obligations in accordance with Section 6.2, Vested
Options or a portion thereof may be exercised from time to time by delivery to the Corporation at its registered office of a notice in
writing signed by the Participant or the Participant’s legal personal representative, as the case may be, and addressed to the Corporation.
This notice shall state the intention of the Participant or the Participant’s legal personal representative to exercise the said
Options and the number of Shares in respect of which the Options are then being exercised and must be accompanied by payment in full of
the Exercise Price under the Options which are the subject of the exercise.

 

    	  

    	 

    

 

		8.5	Notwithstanding Section 8.4, the Board may permit a Participant, in
lieu of paying the aggregate exercise price in cash, to indicate in the exercise notice that such Participant intends
to transfer and dispose of the Options (the “Surrender”) for cancellation and, in
such case, the Participant shall surrender the Options being exercised and elect to receive that number of Shares calculated using the
following formula, subject to acceptance of a notice of Surrender (“Surrender Notice”)
by the Board and provided that arrangements satisfactory to the Corporation have been made to pay any applicable withholding taxes: 

X
= (Y*(A-B))/A

Where:

X
= the number of Shares to be issued to the Participant upon surrendering such Options; provided that if the foregoing calculation results
in a negative number, then no Shares shall be issued.

Y
= the number of Shares underlying the Options to be Surrendered.

A
= the Market Value of the Shares as at the date of the Surrender.

B
= the Exercise Price of such Options.

		8.6	If the normal expiry date of any Option falls within any Blackout Period
or within ten (10) business days (being a day other than a Saturday, Sunday or other than a day when banks in Toronto, Ontario are not
generally open for business) following the end of any Blackout Period, then the expiry date of such Option shall, without any further
action, be extended to the date that is ten (10) business days following the end of such Blackout Period. The foregoing extension applies
to all Options whatever the Grant Date and shall not be considered an extension of the term of the Options as referred to in Section 6.5.

		9.	Termination of Employment, Death, AND Disability – Options

		9.1	Outstanding Options held by a Participant as of the Participant’s
Termination shall be subject to the provisions of this Section 10, as applicable; except that, in all events, the period for exercise
of Options shall end no later than the last day of the maximum term thereof established under Section 8.1(c), 8.6, or 9.4, as the case
may be. Options that are not exercised prior to the expiration of the exercise period, including any extended exercise period authorized
pursuant to this Section 9.1, following a Participant’s date of Termination or Disability Date, as the case may be, shall automatically
expire on the last day of such period.

		9.2	Subject to the applicable Grant Agreement and Section 9.1, in the case
of a Participant’s Termination due to death or Disability, (i) the Participant's outstanding Options that have become Vested prior
to the Participant’s Termination due to death or Disability shall continue to be exercisable during the twelve (12) month period
following the Participant’s date of Termination due to death or Disability Date, and (ii) the Participant’s outstanding Options
that are unvested on the Participant’s date of Termination due to death or Disability Date shall be forfeited.

 

    	  

    	 

    

 

		9.3	Subject to the applicable Grant Agreement and Section 9.1, in the case
of a Participant's Termination due to resignation (including the voluntary withdrawal of services by a Participant who is not an employee
under Applicable Law) or Termination without Cause (including by way of constructive dismissal), (i) the Participant's outstanding Options
that have become Vested prior to the Participant’s Termination shall continue to be exercisable during the ninety (90) day period
following the Participant’s Termination, and (ii) the Participant’s outstanding Options that are unvested on the Participant’s
Termination shall be forfeited.

		9.4	In addition to the Board’s rights under Section 3.1, the Board
may, at the time of a Participant’s Termination or Disability Date, extend the period for exercise of some or all of the Participant’s
Options, but not beyond the original expiry date, and/or allow for the continued Vesting of some or all of the Participant’s Options
during the period for exercise or a portion of it. 

		9.5	Notwithstanding any other provision hereof or in any Grant Agreement,
in the case of a Participant’s Termination for Cause, any and all then outstanding Vested and unvested Options granted to the Participant
shall be immediately forfeited and cancelled, without any consideration as of the Termination.

		9.6	For greater certainty, a Participant shall have no right to receive
Shares or a cash payment, as compensation, damages or otherwise, with respect to any Options that do not become Vested, that have been
forfeited, or that are not exercised before the date on which the Options expire, whether related or attributable to any contractual or
common law termination entitlements or otherwise.

    	  

    	 

    

 

PART III – SHARE UNITS

		10.	DEFINITIONS

		10.1	“Grant Value” means the dollar amount allocated to an Eligible
Person in respect of a Grant of Share Units.

		10.2	“Share Unit Account”
has the meaning set out in Section 12.1.

		10.3	“Valuation Date”
means the date as of which the Market Price is determined for purposes of calculating the number of Share Units included in a Grant, which
unless otherwise determined by the Board shall be the Grant Date.

		10.4	“Vesting Period”
means, with respect to a Grant of Share Units, the period specified by the Board, commencing on the Grant Date and ending on the last
Vesting Date for such Share Units.

		11.	Eligibility and Grant Determination.

		11.1	The Board may from time to time make one or more Grants of Share Units
to Eligible Persons on such terms and conditions, consistent with the Plan, as the Board shall determine, provided that, in determining
the Eligible Persons to whom Grants are to be made and the Grant Value for each Grant, the Board shall take into account the terms of
any written employment agreement or contract for services between an Eligible Person and the Corporation or any Subsidiary of the Corporation
and may take into account such other factors as it shall determine in its sole and absolute discretion.

		11.2	The Board shall determine the Grant Value and the Valuation Date (if
not the Grant Date) for each Grant under this Part III. The number of Share Units to be covered by each such Grant shall be determined
by dividing the Grant Value for such Grant by the Market Price of a Share as at the Valuation Date for such Grant, rounded up to the next
whole number.

		11.3	Each Grant Agreement issued in respect of Share Units shall set forth,
at a minimum, the type of Share Units and Grant Date of the Grant evidenced thereby, the number of RSUs or PSUs subject to such Grant,
the applicable Vesting conditions, the applicable Vesting Period(s) and the treatment of the Grant upon Termination and may specify such
other terms and conditions consistent with the terms of the Plan as the Board shall determine or as shall be required under any other
provision of the Plan. The Board may include in a Grant Agreement under this Part III terms or conditions pertaining to confidentiality
of information relating to the Corporation’s operations or businesses which must be complied with by a Participant including as
a condition of the grant or Vesting of Share Units.

 

    	  

    	 

    

 

		12.	ACCOUNTS AND DIVIDEND EQUIVALENTS

		12.1	Share Unit Account.

An account, called a “Share Unit
Account”, shall be maintained by the Corporation, or a Subsidiary of the Corporation, as specified by the Board, for each Participant
who has received a Grant of Share Units and will be credited with such Grants of Share Units as are received by a Participant from time
to time pursuant to Section 11 and any dividend equivalent Share Units pursuant to Section 12.2. Share Units that fail to Vest to a Participant
and are forfeited pursuant to Section 13, or that are paid out to the Participant or his or her Beneficiary, shall be cancelled and shall
cease to be recorded in the Participant’s Share Unit Account as of the date on which such Share Units are forfeited or cancelled
under the Plan or are paid out, as the case may be. For greater certainty, where a Participant is granted both RSUs and PSUs, such RSUs
and PSUs shall be recorded separately in the Participant’s Share Unit Account.

		12.2	Dividend Equivalent Share Units.

Except as otherwise provided in the Grant
Agreement relating to a Grant of RSUs or PSUs, if and when cash dividends (other than extraordinary or special dividends) are paid with
respect to Shares to shareholders of record as of a record date occurring during the period from the Grant Date under the Grant Agreement
to the date of settlement of the RSUs or PSUs granted thereunder, a number of dividend equivalent RSUs or PSUs, as the case may be, shall
be credited to the Share Unit of Account of the Participant who is a party to such Grant Agreement. The number of such additional RSUs
or PSUs will be calculated by dividing the aggregate dividends or distributions that would have been paid to such Participant if the RSUs
or PSUs in the Participant’s Share Unit Account had been Shares by the Market Price on the date on which the dividends or distributions
were paid on the Shares. The additional RSUs or PSUs granted to a Participant will be subject to the same terms and conditions, including
Vesting and settlement terms, as the corresponding RSUs or PSUs, as the case may be.

		13.	VESTING AND SETTLEMENT OF SHARE UNITS

		13.1	Vesting.

Subject to this Section 13 and the applicable
Grant Agreement, Share Units subject to a Grant and dividend equivalent Share Units credited to the Participant’s Share Unit Account
in respect of such Share Units shall Vest in such proportion(s) and on such Vesting Date(s) as may be specified in the Grant Agreement
governing such Grant provided that the Participant’s Employment has not Terminated on the relevant Vesting Date.

    	  

    	 

    

 

		13.2	Settlement.

A Participant’s RSUs and PSUs, adjusted
in accordance with the applicable multiplier, if any, as set out in the Grant Agreement, and rounded down to the nearest whole number
of RSUs or PSUs, as the case may be, shall be settled, by a distribution as provided below to the Participant or his or her Beneficiary
following the Vesting thereof in accordance with Section 13.1 or 13.6, as the case may be, subject to the terms of the applicable Grant
Agreement. In all events, unless the Grant Agreement specifies that RSUs and PSUs must be settled through the issuance of Shares, settlement
will occur upon or as soon as reasonably practicable following Vesting and, in any event, on or before December 31 of the third year following
the year in which the Participant performed the services to which the Grant of RSUs or PSUs relates. Settlement shall be made by the issuance
of one Share for each RSU or PSU then being settled, a cash payment equal to the Market Price on the Vesting Date of the RSUs or PSUs
being settled in cash (subject to Section 13.3), or a combination of Shares and cash, all as determined by the Board in its discretion,
or as specified in the applicable Grant Agreement, and subject to payment or other satisfaction of all related withholding obligations
in accordance with Section 6.2.

		13.3	Postponed Settlement.

If a Participant’s Share Units would,
in the absence of this Section 13.3 be settled within a Blackout Period applicable to such Participant, such settlement shall be postponed
until the earlier of the tenth Trading Day following the date on which such Blackout Period ends (or as soon as practicable thereafter)
and the otherwise applicable date for settlement of the Participant’s Share Units as determined in accordance with Section 13.2,
and the Market Price of any RSUs or PSUs being settled in cash will be determined as of the earlier of the Trading Day on which the Blackout
Period ends and the day prior to the settlement date.

		13.4	Failure to Vest. 

Subject to the terms of the Grant Agreement
and this Section 13, all Share Units that are not Vested and do not become Vested on the Participant’s Termination shall be immediately
forfeited. For greater certainty, a Participant shall have no right to receive Shares or a cash payment, as compensation, damages or otherwise,
whether related or attributable to any contractual or common law notice period or otherwise, with respect to any RSUs or PSUs that do
not become Vested or are forfeited hereunder.

		13.5	Resignation, Death and Disability. 

Subject to the applicable Grant Agreement
and Section 13.7, in the event a Participant’s employment is Terminated as a result of the Participant’s resignation (which
is not in connection with a constructive dismissal by the Corporation or a Subsidiary of the Corporation), death or Disability, no Share
Units that have not Vested prior to such Termination, including dividend equivalent Share Units in respect of such Share Units, shall
Vest and all such Share Units shall be forfeited immediately.

    	  

    	 

    

 

		13.6	Termination of Employment without Cause. 

Subject to the applicable Grant Agreement
and Section 13.7, in the event a Participant’s Termination without Cause (which shall include a constructive dismissal by the Corporation
or a Subsidiary of the Corporation), no Share Units that have not Vested prior to such Termination, including dividend equivalent Share
Units in respect of such Share Units, shall Vest and all such Share Units shall be forfeited immediately.

		13.7	Extension of Vesting. 

The Board may, at the time of Termination
or a Disability Date, extend the period for Vesting of Share Units, but not beyond the original end of the applicable Vesting Period.

		13.8	Termination of Employment for Cause. 

In the event a Participant’s employment
is Terminated for Cause by the Corporation or a Subsidiary, no Share Units that have not Vested prior to the date of the Participant’s
Termination for Cause, including dividend equivalent Share Units in respect of such Share Units, shall Vest and all such Share Units shall
be forfeited immediately, except only as may be required to satisfy the express minimum requirements of applicable employment or labour
standards legislation. The Participant shall have no further entitlement to Share Units following the Termination and waives any claim
to damages in respect thereof whether related or attributable to any contractual or common law termination entitlements or otherwise.

		14.	SHAREHOLDER RIGHTS

		14.1	No Rights to Shares. 

Share Units are not Shares and a Grant of
Share Units will not entitle a Participant to any shareholder rights, including, without limitation, voting rights, dividend entitlement
or rights on liquidation.

    	  

    	 

    

 

PART IV – RESTRICTED STOCK

		15.	DEFINITIONS

		15.1	“Restriction” means
any restriction on a Participant’s free enjoyment of the Shares granted as Restricted Stock. Restrictions may be based on the passage
of time or the satisfaction of Performance Conditions or the occurrence of one or more events or conditions, and shall lapse separately
or in combination upon satisfaction of such conditions and at such time or times, in instalments or otherwise, as the Board shall specify.

		16.	Restricted Stock

		16.1	Grants.

The
Board may from time to time make one or more Grants of Restricted Stock to Eligible Persons in such amounts and subject to such terms
and conditions as the Board may determine.  Upon the delivery of such Shares, the Participant shall have the rights of a shareholder
with respect to the Restricted Stock, subject to the Restrictions.

		16.2	Dividends; Voting. 

While any Restriction applies to any Participant’s
Restricted Stock, (i) unless the Board provides otherwise, the Participant shall receive the dividends paid on the Restricted Stock and
shall not be required to return those dividends to the Corporation in the event of the forfeiture of the Restricted Stock, (ii) the Participant
shall receive the proceeds of the Restricted Stock in the event of any change in the Shares in respect of which the Board has determined
that an equitable adjustment should be made pursuant to Section 5.1, which proceeds shall automatically and without need for any other
action become Restricted Stock and be subject to all Restrictions then existing as to the Participant’s Restricted Stock, and (iii)
the Participant shall be entitled to vote the Restricted Stock during the Restriction period.

		16.3	Transfer Restrictions. 

The Participant shall not have the right
to sell, transfer, assign, convey, pledge, hypothecate, grant any security interest in or mortgage on, or otherwise dispose of or encumber
any shares of Restricted Stock or any interest therein while the Restrictions remain in effect. The Board may require, as a condition
of a Grant of Restricted Stock, that the Participant deposit the shares of Restricted Stock into an escrow account.

    	  

    	 

    

 

		16.4	Forfeiture. 

Grants of Restricted Stock shall be forfeited
if the applicable Restriction does not lapse prior to such date or the occurrence of such event or the satisfaction of such other criteria
as is specified in the Grant Agreement. Further, unless expressly provided for in the Grant Agreement, or as otherwise determined by the
Board, any Restricted Stock held by the Participant at the time of the Participant’s Termination shall be forfeited by the Participant
to the Corporation and the Participant shall have no claim to damages in lieu thereof, whether related or attributable to any contractual
or common law termination entitlements or otherwise.

		16.5	Evidence of Share Ownership. 

Restricted Stock will be book-entry Shares
only unless the Board decides to issue certificates to evidence shares of the Restricted Stock.

    	  

    	 

    

 

Exhibit “A”

Arras Minerals Corp. Equity Incentive Plan

Special Provisions Applicable to US Taxpayer

This Exhibit sets forth special provisions of
the Arras Minerals Corp. Equity Incentive Plan (the “Plan”) that apply to Participants who are US Taxpayers. This Exhibit
shall apply to such Participants notwithstanding any other provisions of the Plan. Terms defined elsewhere in the Plan and used herein
shall have the meanings set forth in the Plan, as may be amended from time to time.

		1.	Definitions

“Disability” means, (i) solely
with respect to Incentive Stock Options, a Participant’s total and permanent disability within the meaning of Section 22(e)(3) of
the Code, or (ii) solely with respect to an award that constitutes deferred compensation subject to Section 409A of the Code that includes
Disability as a payment date, a “disability” as defined under Section 409A of the Code.

“Eligible Person” means,
solely with respect to Options, an individual Employed by the Corporation or any of its subsidiaries who, by the nature of his or her
position or job is, in the opinion of the Board, in a position to contribute to the success of the Corporation; provided, however, that
only officers and employees of the Corporation or Subsidiary shall be eligible to receive Incentive Stock Options.

“Greater than 10% Shareholder”
means an Eligible Person who, effective as of the Grant Date of an Incentive Stock Option, owns (directly or indirectly, within the meaning
of Section 424(d) of the Code) more than ten percent (10%) of the total combined voting power of all classes of stock of the Corporation
(or any subsidiary or parent of the Corporation within the meaning of Sections 424(e) and 424(f) of the Code).

“Incentive Stock Option”
means an Option awarded under the Plan to a US Taxpayer that is intended to be an “incentive stock option” as defined in Section
422 of the Code.

“Market Price” means, solely
with respect to the term “Exercise Price”, (a) if the Shares are listed on the Stock Exchange, the closing price per Share
on the Stock Exchange on the Grant Date; (b) if the Shares are listed on more than one Stock Exchange, the fair market value as determined
in accordance with paragraph (a) above for the primary Stock Exchange on which the Shares are listed, as determined by the Board; and
(c) if the Shares not listed for trading on a Stock Exchange, a price which is determined by the Board in good faith to be the fair market
value of the Shares in compliance with Section 409A of the Code.

“Nonqualified Stock Option”
means an Option granted under the Plan that is not intended to be, and does not otherwise qualify as, an Incentive Stock Option.

“Separation From Service”
shall have the meaning assigned to it in Section 1.409A-1(h), which generally means that an individual’s employment or service with
the Corporation and any entity that is to be treated as a single employer with the Corporation for purposes of United States Treasury
Regulation Section 1.409A-1(h) terminates such that it is reasonably anticipated that no further services will be performed or that the
level of bona fide services performance would decrease to no more than 20% of the average level of bona fide services performed over the
immediately preceding 36-month period.

    	  

    	 

    

 

“Specified Employee” means
a US Taxpayer who meets the definition of “specified employee,” as defined in Section 409A(a)(2)(B)(i) of the Code.

“Subsidiary” shall have the
meaning assigned to it in Section 424(f) of the Code with respect to any Incentive Stock Option.

		2.	Options

 

		a.	Grant Date. The Grant Date for any Options granted to a US Taxpayer may not be earlier than
the date that the Board approves the Grant.

 

		b.	Shares Available. The aggregate number of Shares that may be issued to US Taxpayers under
the Plan shall be 1,000,000 Shares, all of which may be issued pursuant to Incentive Stock Options.

 

		c.	Grant of Incentive Stock Options. The Board may grant Incentive Stock Options to Eligible
Persons that are US Taxpayers under the Plan. If an Incentive Stock Option is granted to a Greater than 10% Shareholder, then the Exercise
Price may not be less than 110% of the Market Value on the Grant Date, and the expiration of the exercise period shall not be later than
the fifth anniversary of the Grant Date. Any Option that is intended to be an Incentive Stock Option, but fails to so qualify for any
reason, including, without limitation, the portion of an Option becoming exercisable in any year in excess of the $100,000 limitation
described in Treasury Regulation Section 1.422-4, shall be treated as Nonqualified Stock Options. Neither the Corporation nor the Board
shall have any liability to a US Taxpayer, or any other party, if an Option (or any part thereof) which is intended to qualify as an Incentive
Stock Option fails to qualify as such for any reason.

 

		d.	Shareholder Approval for Incentive Stock Options. Incentive Stock Options may only be granted
under the Plan if the Corporation’s shareholders approve the Plan within twelve (12) months of the Effective Date. Any Incentive
Stock Options granted under the Plan prior to such approval shall be conditioned on such approval. No Incentive Stock Options may be granted
after then tenth (10th) anniversary of the Effective Date of the Plan unless the Corporation’s shareholders approve an
extension of the Plan for such purpose.

 

		e.	Notice of Disposition of Shares Acquired from Incentive Stock Options. A Participant shall
give prompt notice to the Corporation of any disposition or other transfer of any Shares acquired upon exercise of an Incentive Stock
Option if such disposition is made before the earlier of (i) the second anniversary of the Grant Date and (ii) the first anniversary of
the date the Shares were issued upon exercise. Such notice shall specify the date of such disposition or transfer and the amount realized
by the Participant as a result of such disposition or transfer.

 

    	  

    	 

    

 

		3.	Transferability.

Notwithstanding anything in the Plan or Grant
Agreement to the contrary, Incentive Stock Options may only be exercised during a Participant’s lifetime by the Participant, and
may only be transferred by will or pursuant to the laws of descent and distribution. Any other awards may only be transferred by will,
the laws of descent and distribution, or as permitted by Rule 701 of the Securities Act of 1933, as amended.

		4.	Impact of Blackout on Exercise or Settlement of Awards. 

Section 8.6 of the Plan shall not apply to Options
granted to US Taxpayers. Section 13.3 of the Plan shall not apply to Share Units granted to US Taxpayers that are deferred compensation
subject to the rules of Code Section 409A unless permitted by Treas. Reg. Section 1.409A-2(b)(7)(ii).

		5.	Change in Control Treatment

Notwithstanding anything to the contrary, if
the Change in Control event does not constitute a change in ownership or effective control of the Corporation or a change in ownership
of a substantial portion of the assets of the Corporation under Section 409A of the Code, and if the Corporation determines any award
under the Plan constitutes deferred compensation subject to Section 409A of the Code, then as determined in the sole discretion of the
Board, the vesting of such award may be accelerated as of the effective date of the Change in Control, but the Corporation shall pay such
award in accordance with the original terms and conditions of the award as if the Change of Control had not occurred.

		6.	Adjustments

Any adjustments made to an award granted to
a US Taxpayer under Section 5 of the Plan shall be intended to comply with the requirements of Section 422 of the Code with respect to
Incentive Stock Options and Section 409A of the Code with respect to any other awards to the extent needed for the award to continue to
be exempt from, or comply with, Section 409A of the Code.

    	  

    	 

    

 

		7.	Compliance with Section 409A

The intent of the parties is that payments and
benefits under this Plan comply with or be exempt from Section 409A of the Code, and accordingly, to the maximum extent permitted, this
Plan shall be interpreted and administered in accordance with such intent. Notwithstanding anything contained herein to the contrary,
to the extent required in order to avoid accelerated taxation and/or tax penalties under Section 409A of the Code, a Participant shall
not be considered to have terminated employment with the Corporation for purposes of this Plan unless the Participant would be considered
to have incurred a Separation from Service from the Corporation. Each amount to be paid or benefit to be provided under this Plan shall
be construed as a separate identified payment for purposes of Section 409A of the Code, and any payments described in this Plan that are
due within the “short term deferral period” as defined in Section 409A of the Code shall not be treated as deferred compensation
unless applicable law requires otherwise. Without limiting the foregoing and notwithstanding anything contained herein to the contrary,
to the extent required in order to avoid accelerated taxation and/or tax penalties under Section 409A of the Code, deferred compensation
amounts that would otherwise be payable and benefits that would otherwise be provided pursuant to this Plan (or any other plan or agreement
of the Corporation) during the six (6) month period immediately following the Specified Employee’s Separation from Service shall
instead be paid on the first business day after the date that is six (6) months following the Specified Employee’s Separation from
Service (or death, if earlier). The Plan and any award agreements issued thereunder may be amended in any respect deemed by the Board
to be necessary in order to preserve compliance with Section 409A of the Code. The Corporation makes no representation that any or all
of the payments described in this Plan will be exempt from or comply with Section 409A of the Code and makes no undertaking to preclude
Section 409A of the Code from applying to any such payment. Each Participant shall be solely responsible for the payment of any taxes
and penalties incurred under Section 409A of the Code.

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