Document:

Exhibit 10.10

 

Quantum FinTech Acquisition Corporation

4221 W. Boy Scout Blvd.

Suite 300

Tampa, FL 33607

[●], 2021

 

Quantum Ventures LLC

4221 W. Boy Scout Blvd.

Suite 300

Tampa, FL 33607

 

Re:          Administrative Services
Agreement

 

Ladies and Gentlemen:

 

This letter agreement by and between Quantum
FinTech Acquisition Corporation (the “Company”) and Quantum Ventures LLC (“Provider”), dated
as of the date hereof, will confirm our agreement that, commencing on the effective date (the “Effective Date”)
of the Registration Statement on Form S-1 filed with the U.S. Securities and Exchange Commission (the “Registration
Statement”) for the Company’s initial public offering and continuing until the earlier of the consummation by the
Company of an initial business combination or the Company’s liquidation (in each case as described in the Registration Statement)
(such earlier date hereinafter referred to as the “Termination Date”):

 

		i.	Provider shall make available, or cause to be made available, to the Company, at 4221 W. Boy Scout Blvd., Suite 300, Tampa,
FL 33607 (or any successor location of Provider), certain office space, utilities, general and administrative services and secretarial
support as may be reasonably required by the Company. In exchange therefor, the Company shall pay Provider the sum of $10,000 per
month on the Effective Date and continuing monthly thereafter until the Termination Date; and

 

		ii.	Provider hereby irrevocably waives any and all right, title, interest, causes of action and claims of any kind as a result
of, or arising out of, this letter agreement (each, a “Claim”) in or to, and any and all right to seek payment
of any amounts due to it out of, the trust account established for the benefit of the public stockholders of the Company and into
which substantially all of the proceeds of the Company’s initial public offering will be deposited (the “Trust Account”),
and hereby irrevocably waives any Claim it may have in the future, which Claim would reduce, encumber or otherwise adversely affect
the Trust Account or any monies or other assets in the Trust Account, and further agrees not to seek recourse, reimbursement, payment
or satisfaction of any Claim against the Trust Account or any monies or other assets in the Trust Account for any reason whatsoever.

 

This letter agreement constitutes the entire
agreement and understanding of the parties hereto in respect of its subject matter and supersedes all prior understandings, agreements,
or representations by or among the parties hereto, written or oral, to the extent they relate in any way to the subject matter
hereof or the transactions contemplated hereby.

 

This letter agreement may not be amended,
modified or waived as to any particular provision, except by a written instrument executed by all parties hereto.

 

No party hereto may assign either this letter
agreement or any of its rights, interests, or obligations hereunder without the prior written approval of the other party. Any
purported assignment in violation of this paragraph shall be void and ineffectual and shall not operate to transfer or assign any
interest or title to the purported assignee.

 

This letter agreement constitutes the entire
relationship of the parties hereto, and any litigation between the parties (whether grounded in contract, tort, statute, law or
equity) shall be governed by, construed in accordance with, and interpreted pursuant to the laws of the State of New York, without
giving effect to its choice of laws principles.

 

     

     

    

 

	 	Very truly yours,
	 	 	 
	 	QUANTUM FINTECH ACQUISITION CORPORATION
	 	 	 
	 	By: 	                
	 	Name:	 
	 	Title:	 

 

	AGREED TO AND ACCEPTED BY:	 
	 	 	 
	QUANTUM VENTURES LLC	 
	 	 	 
	By:	                       	 
	Name:	 	 
	Title:	 	 

 

[Signature
Page to Administrative Services Agreement]Exhibit 4.1

 

 

NEW FOUND GOLD CORP.

 

2020 AMENDED AND RESTATED STOCK OPTION
PLAN

 

     

     

    

 

NEW FOUND GOLD CORP.

 

2020 AMENDED AND RESTATED STOCK OPTION
PLAN

 

Article
I

DEFINITIONS AND INTERPRETATION

 

		1.1	DEFINITIONS

 

As used herein, unless anything in the
subject matter or context is inconsistent therewith, the following terms shall have the meanings set forth below:

 

“Administrator” means
the Board or such director or other senior officer or employee of the Company as may be designated as Administrator by the Board
from time to time;

 

“Affiliate” means an
affiliate of the Company within the meaning of Section 1.3 of National Instrument 45-106 – Prospectus and Registration
Exemptions, as may be amended or replaced from time to time.

 

“Award Date” means,
in respect of a particular Option, the date on which the Board grants the Option;

 

“Blackout Period” means
an interval of time during which the Company has determined, in accordance with its insider-trading policy, that one or more Plan
participants may not exercise an Option or sell Shares of the Company because they may be in possession of undisclosed material
information pertaining to the Company, or when in anticipation of the release of quarterly or annual financials, to avoid potential
conflicts associated with the Company’s insider-trading policy or applicable securities legislation, (which, for greater
certainty, does not include the period during which a cease trade order is in effect to which the Company or in respect of an Insider,
that Insider, is subject);

 

“Board” means the board
of directors of the Company;

 

“Company” means New
Found Gold Corp. and any subsidiary thereof, as the context may require;

 

“Consultant” means any
individual, corporation, incorporated association or organization, body corporate, partnership, trust, association, or any other
entity other than an individual who:

		(a)	is engaged to provide, on an ongoing bona fide basis, consulting, technical,
management or other services to the Company or any Affiliate of the Company other than services provided in relation to a “distribution”
(as defined in the Securities Act (British Columbia));

		(b)	provides the services under a written contract with the Company or any
Affiliate of the Company;

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

		(d)	has a relationship with the Company or any Affiliate of the Company that
enables the individual to be knowledgeable about the business and affairs of the Company or is otherwise permitted by applicable
securities laws or regulations to be granted Options as a Consultant or as an equivalent thereof.

 

    

    -2-

    

 

“Discounted Market Price”
means the last closing price of the Shares before the date of the Option grant (less the applicable discount), unless in accordance
with the policies of the Exchange, the Company issues a news release to fix the Exercise Price.

 

“Director” means a director,
senior officer and Management Company Employees of the Company or a subsidiary of the Company;

 

“Employee” means (i)
an individual considered an employee under the Income Tax Act, Canada (and for whom income tax, employment insurance and
CPP deductions must be made at source); (ii) an individual who works full-time for the Company or any of its subsidiaries providing
services normally provided by an employee and who is subject to the same control and direction by the Company over the details
and methods of work as an employee of the Company, but for whom income tax deductions are not made at source; or (iii) an individual
who works for the Company or any of its subsidiaries on a continuing and regular basis for a minimum amount of time per week providing
services normally provided by an employee and who is subject to the same control and direction by the Company over the details
and methods of work as an employee of the Company, but for whom income tax deductions are not made at source;

 

“Exchange” means the
TSX Venture Exchange or any other Canadian stock exchange on which the Shares are listed;

 

“Exercise Notice” means
the notice respecting the exercise of an Option, in the form set out as Schedule “A” hereto, duly executed by the Option
Holder;

 

“Exercise Period” means
the period during which a particular Option may be exercised, being the period from and including the Award Date through to and
including the Expiry Date;

 

“Exercise Price” means
the price at which an Option may be exercised as determined in accordance with section 3.7;

 

“Expiry Date” means
the date determined in accordance with section 3.3 and after which a particular Option cannot be exercised;

 

“Exchange Hold
Period” has the meaning ascribed thereto in Policy 1.1 of the policy manual of the Exchange;

 

“Insider” means a Director,
a director or senior officer of a company that is an Insider or subsidiary of the Company, or a person that beneficially owns or
controls, directly or indirectly, voting shares carrying more than 10% of the voting rights attached to all outstanding voting
shares of the Company;

 

“Investor Relations Activities”
has the meaning ascribed thereto in the Exchange’s Corporate Finance Manual;

 

“Management Company Employee”
means an individual employed by a company providing management services to the Company, which are required for the ongoing successful
operation of the business enterprise of the Company, but excluding a person engaged in Investor Relations Activities;

 

“Option” means an option
to acquire Shares, awarded to a Director, Employee or Consultant pursuant to the Plan;

 

“Option Agreement” means
the written agreement between the Company and an Option Holder giving effect to an award of Options;

 

    

    -3-

    

 

“Option Holder” means
a current or former Director, Employee or Consultant who holds an unexercised and unexpired Option or, where applicable, the Personal
Representative of such person;

 

“Person” means any individual,
partnership, joint venture, syndicate, sole proprietorship, company or corporation with or without share capital, trust, trustee,
executor, administrator, or other legal personal representatives, regulatory body or agency, government or governmental agency,
authority or entity howsoever designated or constituted;

 

“Personal Representative”
means (i) in the case of a deceased Option Holder, the executor or administrator of the deceased duly appointed by a court or public
authority having jurisdiction to do so; and (ii) in the case of an Option Holder who for any reason is unable to manage his or
her affairs, the person entitled by law to act on behalf of such Option Holder;

 

“Plan” means this stock
option plan, as it may be amended from time to time;

 

“Securities Act” means
the Securities Act (British Columbia), as it may be amended from time to time;

 

“Share” or “Shares”
means, as the case may be, one or more common shares in the capital of the Company; and

 

“subsidiary” has the
meaning ascribed to that term in the Securities Act.

 

		1.2	CHOICE OF LAW

 

The Plan is established under, and the
provisions of the Plan shall be interpreted and construed solely in accordance with, the laws of the Province of British Columbia
and the federal laws of Canada applicable therein.

 

		1.3	HEADINGS

 

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

 

		1.4	AMENDED AND RESTATED

 

This Plan amends and restates in its entirety,
as of June 17, 2020, the 2017 stock option plan of the Company, approved by the Company’s shareholders in January 2017 (the
 “Original Plan”). Any reference to “Plan” or “Palisades Resource Corp. 2017 Stock Option Plan”
in the Original Plan and any document delivered in connection therewith, or pursuant thereto, will mean this Plan, as amended and
restated hereby.

 

Article
II

PURPOSE AND PARTICIPATION

 

		2.1	PURPOSE

 

The purpose of the Plan is to provide the
Company with an equity-based mechanism to attract, retain and motivate Directors, Employees and Consultants, to reward them by
the grant of Options under the Plan from time to time for their contributions toward the long term goals of the Company and to
enable and encourage them to acquire Shares as long term investments.

 

This Plan amends and restates in its
entirety, as of June 17, 2020, the 2017 stock option plan of the Company, approved by the Company’s shareholders in
January 2017 (the “Original Plan”). Any reference to “Plan” or “Palisades Resource Corp.
2017 Stock Option Plan” in the Original Plan and any document delivered in connection therewith, or pursuant thereto,
will mean this Plan, as amended and restated hereby.

 

    

    -4-

    

 

		2.2	PARTICIPATION

 

The Board shall, from time to time, in
its sole discretion, determine those Directors, Employees and Consultants, if any, to whom Options are to be awarded and, subject
to section 3.2 and 3.5, the number of Options so awarded. For greater certainty, it is the responsibility of the Company and the
Option Holder to ensure and confirm that the Optionee is a bona fide Director, Employee or Consultant, as the case may be.
In determining the number of Options to be awarded to participant under the Plan, the Board may take into account the following
criteria:

 

		(a)	the person’s remuneration as at the Award Date in relation to the total remuneration payable
by the Company to all of its Employees and Consultants as at the Award Date;

 

		(b)	the length of time that the person has provided services to the Company; and

 

		(c)	the nature and quality of work performed by the person.

 

Options awarded to a Director, Employee
or Consultant pursuant to the Plan may, at the request of such Director, Employee or Consultant, be granted to a corporation, incorporated
association or organization, body corporate, partnership, trust, association or any other entity other than an individual that
is wholly-owned by such Director, Employee or Consultant.

 

		2.3	DOCUMENTATION

 

Upon first receiving an award of Options
under the Plan, the Administrator shall provide a copy of the Plan to each Option Holder. Thereafter, a copy of any amendment to
the Plan shall be promptly provided by the Administrator to each Option Holder.

 

Each Option awarded under the Plan shall
be embodied in an Option Agreement which shall give effect to the provisions of the Plan.

 

		2.4	PARTICIPATION VOLUNTARY

 

The participation of any Director, Employee
or Consultant in the Plan is entirely voluntary and not obligatory and shall not be interpreted as conferring any rights or privileges,
other than those rights and privileges expressly provided in the Plan. In particular, participation in the Plan does not constitute
a condition of employment, appointment or engagement to provide services, or constitute a commitment on the part of the Company
to continued employment, appointment or engagement to provide services, and neither the Plan nor any grant of Options under the
Plan shall be construed as granting an Option Holder a right to be retained as an Employee or a Consultant or a claim or right
to any future grant of options under the Plan. Neither the Plan nor any action taken hereunder shall interfere with the right of
the Company to terminate the employment, appointment or provision of services of such Option Holder at any time. The payment of
any sum of money in cash in lieu of notice of termination of employment, appointment or provision of services shall not be considered
as extending the period of employment, appointment or the provision of services for the purposes of the Plan.

 

    

    -5-

    

 

Article
III

 

TERMS AND CONDITIONS OF OPTIONS

 

		3.1	BOARD TO ALLOT SHARES

 

The Shares to be issued to Option Holders
upon the exercise of Options shall be allotted and authorized for issuance by the Board prior to the exercise thereof.

 

		3.2	NUMBER OF SHARES

 

The maximum number of Shares issuable under
the Plan shall not exceed 10% of the number of Shares issued and outstanding as of each Award Date. Notwithstanding the foregoing,
the number of Shares underlying Options that have been cancelled, that have expired without being exercised in full, and that have
been issued upon exercise of Options shall not reduce the number of Shares issuable under the Plan and shall again be available
for issuance hereunder.

 

		3.3	TERM OF OPTION

 

Subject to sections 3.4 and 3.6, the Expiry
Date of an Option shall be the date so fixed by the Board at the time the particular Option is awarded, provided that such date
shall not be later than the tenth anniversary of the Award Date of the Option.

 

		3.4	EXTENSION OF OPTIONS EXPIRING DURING
BLACKOUT PERIOD

 

Should the Expiry Date for an Option fall
within a Blackout Period, or within nine (9) business days following the expiration of a Blackout Period, such Expiry Date shall
be automatically extended without any further act or formality to that day which is the tenth (10th) business day after the end
of the Blackout Period, such tenth business day to be considered the Expiry Date for such Option for all purposes under the Plan.

 

		3.5	LIMITATIONS

 

The maximum number of Shares which may
be issuable, at any time, to Insiders under the Plan, together with any other Share-based compensation arrangements of the Company,
shall be 10% of the total number of Shares issued and outstanding. The maximum number of Shares which may be issued, within any
one-year period, to Insiders under the Plan, together with any other Share-based compensation arrangements of the Company, shall
be 10% of the total number of Shares issued and outstanding.

 

The total number of Options awarded to
any one individual in any twelve month period shall not exceed 5% of the issued and outstanding Shares of the Company at the Award
Date unless the Company has obtained disinterested shareholder approval as required by the Exchange).

 

The total number of Options awarded to
any one Consultant of the Company in any twelve month period shall not exceed 2% of the issued and outstanding Shares of the Company
at the Award Date unless consent is obtained from the Exchange.

 

The total number of Options awarded to
all persons retained by the Company to provide Investor Relations Activities shall not exceed 2% of the issued and outstanding
Shares of the Company, in any twelve month period, calculated at the Award Date unless consent is obtained from the Exchange. Options
granted to persons retained to provide Investor Relations Activities will vest in stages over not less than 12 months with no more
than one quarter of the options vesting in any 3 month period.

 

    

    -6-

    

 

		3.6	TERMINATION OF OPTION

 

An Option Holder may exercise an Option,
in whole or in part, at any time and from time to time during the Exercise Period, provided that, with respect to the exercise
of part of an Option, the Board may at any time and from time to time fix limits, vesting requirements or restrictions in respect
of which an Option Holder may exercise part of any Option held by the Option Holder. Any Option or part thereof not exercised within
the Exercise Period shall terminate and become null, void and of no further force and effect as of 5:00 p.m. (Vancouver time) on
the Expiry Date. Unless otherwise determined by the Board (but subject to the ten-year limit set forth in section 3.3), the Expiry
Date of an Option shall be the earlier of the date so fixed by the Board on the Award Date referred to in section 3.3 above, and
the date established, if applicable, in subsections (a) and (b) below.

 

		(a)	Death. In the event that an Option Holder should die while he or she is still a Director,
Employee or Consultant, as the case may be, the Expiry Date shall be 12 months from the date of death of the Option Holder.

 

		(b)	Cessation of Service or Employment. In the event that an Option Holder ceases to be a Director,
Employee or Consultant of the Company other than by reason of death, the Expiry Date of the Option shall be the 90th day following
the date the Option Holder ceases to be a Director, Employee or Consultant (such date that the Option Holder ceases to be a Director,
Employee or Consultant, the “Termination Date”), unless the Option Holder ceases to be such as a result of termination
for cause, in which case the Expiry Date shall be the Termination Date.

 

For the purposes of this section
3.6, the date on which an Option Holder ceases to be a Director, Employee or Consultant, as the case may be, is deemed to be the
date of resignation or notice of termination of the Option Holder’s service or employment, as the case may be. Furthermore,
an unvested Option (or any portion thereof) which vests on or after the Termination Date (or date of death, if applicable) but
prior to the Expiry Date, in the circumstances set forth in clauses (a) and (b) above, other than as a result of termination for
cause, shall be exercisable by the Option Holder (or the Option Holder’s Personal Representative, in the event of the death
of the Option Holder) until the Expiry Date. An unvested Option (or any portion thereof) held by an Option Holder who ceases to
be a Director, Employee or Consultant, as the case may be, as a result of termination for cause, shall cease to vest and shall
terminate and be of no further force and effect as at the Termination Date.

 

		(c)	Ceasing to Perform Investor Relations Activities. Notwithstanding paragraph (b) immediately
above, in the event that the Option Holder holds his or her Option as an Employee or Consultant retained by the Company to provide
Investor Relations Activities, and such Option Holder ceases to be an Employee or Consultant of the Company other than by reason
of death, the Expiry Date shall be the date such Option Holder ceases to be an Employee or Consultant of the Company.

 

For greater certainty, this section 3.6
shall still apply in the event of that the Option Holder dies or ceases to otherwise be a Director, Employee or Consultant, as
the case may be.

 

    

    -7-

    

 

		3.7	EXERCISE PRICE

 

The Exercise Price shall be that
price per Share, as determined by the Board in its sole discretion, at which an Option Holder may purchase a Share upon the
exercise of an Option, provided that, if the Shares are listed for trading on the Exchange, the Exercise Price shall not be
less than Discounted Market Price (or, if the Shares are not listed for trading on the Exchange, then the permittable
discounted market price on such other exchange or quotation system on which the Shares are then listed or quoted for trading)
or such other price as may be required or permitted by the Exchange from time to time. If the Shares are listed on the
Exchange and on one or more other exchanges, the Exercise Price must be calculated based upon the applicable closing price or
average price of the Shares, as applicable, on the exchange on which the majority of the trading volume of the Shares occurs,
subject to the policies of the Exchange.

 

		3.8	ASSIGNMENT OF OPTIONS

 

Options may not be assigned or transferred,
provided however that the Personal Representatives of an Option Holder may, to the extent permitted by section 4.1, exercise the
Option within the Exercise Period.

 

		3.9	ADJUSTMENTS AND CHANGE OF CONTROL

 

		(a)	If at any time while an Option remains unexercised with respect to any Shares underlying the Option,
the Shares are consolidated, subdivided, converted, exchanged, reclassified or in any way substituted for (any of the foregoing
events, a “Share Capital Event”), the Option, to the extent that it has not been exercised, shall be adjusted
by the Board in accordance with such Share Capital Event in the manner the Board in its sole discretion deems appropriate. No fractional
shares shall be issued upon the exercise of the Options and accordingly, if as a result of the Share Capital Event, an Option Holder
would become entitled to a fractional share, such Option Holder shall have the right to purchase only the next lowest whole number
of shares and no payment or other adjustment will be made with respect to the fractional interest so disregarded. Additionally,
no lots of Shares in an amount less than 100 Shares shall be issued upon the exercise of the Options unless such amount of Shares
represents the balance left to be exercised under the Options.

 

		(b)	If at any time when an Option remains unexercised with respect to any Shares underlying the Option:

 

		(i)	the Company seeks approval from its shareholders for a transaction which, if completed, would constitute
an Acceleration Event; or

 

		(ii)	a third party makes a bona fide formal offer or proposal to the Company or its shareholders which,
if accepted, would constitute an Acceleration Event;

 

the Company shall notify the Option
Holder in writing of such transaction, offer or proposal as soon as practicable and: (i) the Board may permit the Option Holder
to exercise the Option, as to all or any of the Shares in respect of which such Option has not previously been exercised (regardless
of any vesting restrictions), during the period specified in the notice (but in no event later than the Expiry Date of the Option),
so that the Option Holder may participate in such transaction, offer or proposal; and (ii) the Board may require the acceleration
of the time for the exercise of the Option and of the time for the fulfilment of any conditions or restrictions on such exercise.
Any proposed acceleration of vesting provisions is subject to the policies and necessary approvals of the Exchange, if applicable.

 

    

    -8-

    

 

For the purposes
of this Plan an Acceleration Event means:

 

		(i)	the acquisition by any person or any persons acting jointly or in concert, directly or indirectly,
of beneficial ownership of more than 50% of the outstanding voting securities of the Company, by means of a take-over bid or otherwise;

 

		(ii)	any plan of arrangement, amalgamation, consolidation, merger or other business combination of the
Company in which the Company is not the continuing or surviving corporation or pursuant to which shares of the Company would be
converted into cash, securities or other property, other than a merger of the Company in which shareholders immediately prior to
the merger have the same proportionate ownership of stock of the surviving corporation immediately after the merger;

 

		(iii)	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 Company;

 

		(iv)	the approval by the shareholders of the Company of any plan of liquidation or dissolution of the
Company; or

 

		(v)	any other transaction that is deemed to be an “Acceleration Event” for the purposes
of this Plan by the Board in its sole discretion.

 

		(c)	Notwithstanding any other provision of this Plan or the terms of any Option, if
at any time when an Option remains unexercised with respect to any Shares underlying the Option the Corporation completes any transaction
which constitutes an Acceleration Event, all outstanding unvested Options shall automatically vest.

 

		3.10	EXERCISE RESTRICTIONS

 

The Board may, at the time an Option is
awarded or upon renegotiation of the same, attach restrictions relating to the exercise of the Option, including vesting provisions.
Any such restrictions shall be recorded in the applicable Option Agreement.

 

Article
IV

EXERCISE OF OPTION

 

		4.1	EXERCISE OF OPTION

 

An Option may be exercised only by the
Option Holder or Personal Representative. An Option Holder or Personal Representative may exercise an Option in whole or in part,
subject to any applicable exercise restrictions, at any time or from time to time during the Exercise Period up to 5:00 p.m. (Vancouver
time) on the Expiry Date by delivering to the Administrator an Exercise Notice, the applicable Option Agreement and a certified
cheque or bank draft payable to the Company in an amount equal to the aggregate Exercise Price of the Shares to be purchased pursuant
to the exercise of the Option.

 

		4.2	ISSUE OF SHARE CERTIFICATES

 

As soon as practicable following the receipt
of the Exercise Notice, the Administrator shall cause to be delivered to the Option Holder a certificate for the Shares so purchased.
If the number of Shares so purchased is less than the number of Shares subject to the Option Certificate surrendered, the Administrator
shall forward a new Option Certificate to the Option Holder concurrently with delivery of the aforesaid share certificate for the
balance of the Shares available under the Option.

 

    

    -9-

    

 

		4.3	CONDITION OF ISSUE

 

The issue of Shares by the Company pursuant
to the exercise of an Option is subject to this Plan and compliance with the laws, rules and regulations of all regulatory bodies
applicable to the issuance and distribution of such Shares and to the listing requirements of any stock exchange or exchanges on
which the Shares may be listed. The Option Holder agrees to comply with all such laws, rules and regulations and agrees to furnish
to the Company any information, report and/or undertakings required to comply with and to fully cooperate with the Company in complying
with such laws, rules and regulations. The Company shall not be required to issue any Shares to an Option Holder pursuant to the
exercise of Options if such issuance would violate the securities laws of any applicable jurisdiction.

 

Article
V

ADMINISTRATION

 

		5.1	ADMINISTRATION

 

The Plan shall be administered by the Board,
or an Administrator on the instructions of the Board or such committee of the Board formed in respect of matters relating to the
Plan. The Board or such committee may make, amend and repeal at any time and from time to time such regulations not inconsistent
with this Plan as it may deem necessary or advisable for the proper administration and operation of this Plan and such regulations
shall form part of this Plan. The Board may delegate to the Administrator or any Director, Employee or officer of the Company such
administrative duties and powers as it may see fit.

 

		5.2	Withholding Taxes

 

Subject to the policies of the Exchange,
notwithstanding anything else in this Plan, the Company may take such steps as are considered necessary or appropriate for the
withholding of any taxes which the Company is required by any law or regulation of any governmental authority whatsoever to withhold
in connection with the exercise of an Option including, without limiting the generality of the foregoing, the withholding of all
or any portion of any payment or the withholding of the issue of Shares to be issued under the Plan, until such time as the Option
Holder has paid the Company for any amount which the Company is required to withhold with respect to such taxes or other amounts.
Without limitation to the foregoing, the Board may adopt administrative rules under the Plan which provide for the sale of Shares
(or a portion thereof) in the market upon the issuance of such Shares under the provisions of the Plan to satisfy withholding obligations
under the Plan.

 

		5.3	INTERPRETATION

 

The interpretation by the Board or its
authorized committee of any of the provisions of this Plan and any determination by it pursuant thereto shall be final and conclusive
and shall not be subject to any dispute by any Option Holder. No member of the Board or any person acting pursuant to authority
delegated by the Board hereunder shall be liable for any action or determination in connection with this Plan made or taken in
good faith and each member of the Board and each such person shall be entitled to indemnification with respect to any such action
or determination in the manner provided for by the Company.

 

    

    -10-

    

 

Article
VI

 

AMENDMENT AND TERMINATION

 

		6.1	AMENDMENT

 

		(a)	Subject to paragraphs (b) and (c) and any applicable regulatory approval, the Board may from time
to time amend this Plan and the terms and conditions of any Option previously awarded or thereafter to be awarded and, without
limiting the generality of the foregoing, may make such amendments for the purpose of complying with any changes in any relevant
law, Exchange policy, rule or regulation applicable to this Plan, any Option or the Shares, or for any other purpose which the
Board may deem desirable or necessary and may be permitted by all relevant laws, rules and regulations, provided always that any
such amendment shall not materially impair any right of any Option Holder pursuant to any Option awarded prior to such amendment.

 

		(b)	Notwithstanding any provisions to the contrary, the Board may only amend the provisions of this
Plan relating to the following if the Board obtains the approval of the Shareholders of the Company in respect thereof:

 

		(i)	persons eligible to be granted Options under this Plan;

 

		(ii)	the maximum number or percentage of Shares reserved for issuance upon exercise of Options available
under this Plan;

 

		(iii)	the limitations on grants of Options to any one person, Insiders, Consultants, or persons involved
in Investor Relations Activities;

 

		(iv)	the method for determining the Exercise Price for Options;

 

		(v)	the maximum term of Options;

 

		(vi)	the expiry and termination provisions applicable to Options; or

 

		(vii)	any amendment to this section 6.1.

 

		(c)	Disinterested shareholders of the Company must approve any amendment to Options held by an Insider
at the time of the amendment that would have the effect of decreasing the Exercise Price of such Options.

 

		6.2	SHAREHOLDER APPROVAL

 

This Plan must be approved by the Company’s
shareholders annually, at a duly called meeting of the shareholders.

 

		6.3	Exchange Hold Period’s and Resale Restrictions

 

If required by the policies of the Exchange,
the certificate representing the Options and any certificate representing Shares issued upon the exercise of such Options (if exercised
prior to the expiry of the Exchange Hold Period) will bear the following Exchange Hold Period legend:

 

    

    -11-

    

 

“Without prior
written approval of TSX Venture Exchange and compliance with all applicable securities legislation, the securities
represented by this certificate may not be sold, transferred, hypothecated or otherwise traded on or through the facilities
of TSX Venture Exchange or otherwise in Canada or to or for the benefit of a Canadian resident until [insert date that is
four months and a day after the distribution date].”

 

		6.4	TERMINATION

 

The Board may terminate this Plan at any
time provided that such termination shall not alter the terms or conditions of any Option or impair any right of any Option Holder
pursuant to any Option awarded prior to the date of such termination and notwithstanding such termination, the Company, such Options
and such Option Holders shall continue to be governed by the provisions of this Plan.

 

		6.5	AGREEMENT

 

The Company and every person to whom an
Option is awarded hereunder shall be bound by and subject to the terms and conditions of this Plan.

 

		6.6	EFFECTIVE DATE

 

Subject to receipt of all applicable regulatory
approvals, this Plan becomes effective on the date of its approval by the shareholders of the Company.

 

    

    -12-

    

 

Schedule A

 

NEW FOUND GOLD CORP.

STOCK OPTION PLAN

 

OPTION CERTIFICATE

 

This certificate is issued pursuant to
the provisions of the New Found Gold Corp. (the “Company”) Stock Option Plan (the “Plan”)
and evidences that ______________________________________ (Name of Optionee) is the holder of an option (the “Option”)
to purchase up ____________________ (Number of Shares) common shares (the “Shares”) in the capital stock
of the Company at a purchase price of $_________ per Share. Subject to the provisions of the Plan:

 

		(a)	the Award Date of this Option ____________________ (insert date of grant); and

 

		(b)	the Expiry Date of this Option is ___________________ (insert date of expiry).

 

Additional Vesting or Other Restrictions:
(insert as applicable)

 

This Option may be exercised in accordance
with its terms at any time and from time to time from and including the Award Date through to and including up to 5:00 p.m. (Vancouver
time) on the Expiry Date, by delivering to the Company an Exercise Notice, in the form provided in the Plan, together with this
certificate and a certified cheque or bank draft payable to the Company in an amount equal to the aggregate of the Exercise Price
of the Shares in respect of which this Option is being exercised.

 

This certificate and the Option evidenced
hereby is not assignable, transferable or negotiable and is subject to the detailed terms and conditions contained in the Plan.
This certificate is issued for convenience only and in the case of any dispute with regard to any matter in respect hereof, the
provisions of the Plan and the records of the Company shall prevail.

 

Signed this _______ day of ______________,
20____.

 

NEW FOUND GOLD CORP.

by its authorized signatory:

 

	NAME:	 	 
	 
	TITLE:	 	 

 

    

     

    

 

Schedule B

 

EXERCISE NOTICE

 

	To:	The
    Administrator, Stock Option Plan
 New Found Gold Corp. (the “Company”)

 

The undersigned hereby irrevocably gives
notice, pursuant to the Company’s Stock Option Plan (the “Plan”), of the exercise of the Option to acquire
and hereby subscribes for (cross out inapplicable item):

 

		(a)	all of the Shares; or

 

		(b)	_________ of the Shares, which are the subject of the Option Certificate attached hereto.

 

Calculation of total Exercise Price:

 

		(i)	number of Shares to be acquired on exercise:	_________ Shares
	 	 	 	 
		(ii)	multiplied by the Exercise Price per Share:	$________
	 	 	 

		TOTAL EXERCISE PRICE, enclosed herewith:	 $________

 

The undersigned tenders herewith a certified
cheque or bank draft in an amount equal to the total Exercise Price of the aforesaid Shares, as calculated above, and directs the
Company to issue the share certificate evidencing said Shares in the name of the undersigned to be mailed to the undersigned at
the following address:

 

	 	 	 
	 	 	 
	 	 	 

 

DATED the _______ day of ______________,
20____.

 

	 	 
	 	Signature of Option Holder
	 	 
	 	Name of Option Holder (please print)

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