Document:

Exhibit
4.4

 

 

SECURITY
NATIONAL FINANCIAL CORPORATION

2022
EQUITY INCENTIVE PLAN

 

Security
National Financial Corporation (the “Company”), a Utah corporation, hereby establishes and adopts the Security National Financial
Corporation 2022 Equity Incentive Plan (the “Plan”) effective as of the date specified in Section 13.13 below.

 

1.
PURPOSE OF THE PLAN

 

The
purpose of the Plan is to assist the Company and its Subsidiaries in attracting and retaining selected individuals to serve as directors,
employees, consultants and/or advisors of the Company who are expected to contribute to the Company’s success and to achieve long-term
objectives which will inure to the benefit of all shareholders of the Company through the additional incentives inherent in the Awards
hereunder.

 

2.
DEFINITIONS

 

“Administrator”
shall mean (i) the Board; or (ii) to the extent (A) the Board has delegated such power and authority to the Committee (which delegation
may be revoked by the Board at any time), or (B) otherwise required pursuant to Section 4 of the Plan, the Committee.

 

“Award”
shall mean any Option, Stock Appreciation Right, Restricted Stock Award, Restricted Stock Unit Award, Other Share-Based Award or any
other right, interest or option relating to Shares or other property (including cash) granted pursuant to the provisions of the Plan.

 

“Award
Agreement” shall mean any written agreement, contract or other instrument or document evidencing any Award granted by the Administrator
hereunder, including through an electronic medium.

 

“Base
Amount” has the meaning set forth in Section 6.2(b).

 

“Board”
shall mean the board of directors of the Company.

 

“Cause”
shall mean with respect to any Employee or Consultant (unless the applicable Award Agreement states otherwise), any such Employee’s
or Consultant’s: (i) commission of, or plea of guilty or no contest to, a felony or a crime involving moral turpitude or commission
of any other act involving willful malfeasance or material fiduciary breach with respect to the Company or a Subsidiary; (ii) conduct
that results in or is reasonably likely to result in material harm to the reputation or business of the Company or any Subsidiary; (iii)
gross negligence or willful misconduct with respect to the Company or a Subsidiary; (iv) material violation of state or federal securities
laws or any applicable written employment-related policy of the Company or Subsidiary; or (v) conduct, violation or other action that
would be considered Cause pursuant to a definition of Cause in any employment or service agreement, if any, between any such Employee
or Consultant and the Company or any of its Subsidiaries. With respect to any Director, unless the applicable Award Agreement states
otherwise, “Cause” means the commission of, or plea of guilty or no contest to, a felony or a crime involving moral turpitude,
malfeasance in office, gross misconduct or neglect of duties as a Director, false or fraudulent misrepresentation inducing the Director’s
appointment, or repeated failure to participate in Board meetings on a regular basis despite having received proper notice of the meetings
in advance. The Administrator, in its absolute discretion, shall determine the effect of all matters and questions relating to whether
a Participant has been discharged for Cause.

 

    	 

    	 

    

 

“Change
in Control” shall have the meaning set forth in Section 11.4.

 

“Class
A Shares” shall mean Class A Common Stock, par value $2.00 per share, of the Company

 

“Class
C Shares” shall mean Class C Common Stock, par value $2.00 per share, of the Company.

 

“Clawback
Policy” shall have the meaning set forth in Section 13.5(b).

 

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

 

“Committee”
shall mean the Compensation Committee of the Board consisting of no fewer than two Directors, each of whom is: (i) a “Non-Employee
Director” within the meaning of Rule 16b-3 of the Exchange Act; and (ii) an “independent director” for purpose of the
rules and regulations of the NASDAQ Global Market (or such other principal securities market on which the Class A Shares are traded).

 

“Company”
shall mean Security National Financial Corporation, a Utah corporation.

 

“Company
Voting Securities” shall have the meaning set forth in Section 11.4(b).

 

“Consultant”
shall mean any individual or entity which performs bona fide services to the Company or a Subsidiary, other than as an Employee or Director,
and who may be offered Shares under the Plan registerable pursuant to a registration statement on Form S-8 under the Securities Act;
provided such services are not in connection with the offer or sale of securities in a capital-raising transaction.

 

“Continuous
Service” shall mean that the Participant’s service with the Company or a Subsidiary, whether as an Employee, Consultant
or Director, is not terminated. The Participant’s Continuous Service shall not be deemed to have terminated merely because of a
change in the capacity in which the Participant renders service to the Company or a Subsidiary as an Employee, Consultant or Director
or a change in the entity for which the Participant renders such service; provided that (i) there is no interruption or termination of
the Participant’s Continuous Service; and (ii) that if any Award is subject to Section 409A of the Code, this sentence shall only
be given effect to the extent consistent with Section 409A of the Code. For example, a change in status from an Employee of the Company
to a Director of a Subsidiary will not constitute an interruption of Continuous Service. The Administrator or its delegate, in its sole
discretion, may determine whether Continuous Service shall be considered interrupted in the case of any leave of absence approved by
that party, including sick leave, military leave or any other personal or family leave of absence. The Administrator or its delegate,
in its sole discretion, may also determine whether a Company transaction, such as a sale or spin-off of a division or Subsidiary that
employs a Participant, shall be deemed to result in a termination of Continuous Service for purposes of affected Awards, and such decision
shall be final, conclusive and binding.

 

    	 

    	 

    

 

“Deferred
Stock Unit” shall have the meaning set forth in Section 8.2.

 

“Director”
shall mean a non-employee member of the Board.

 

“Disability”
shall mean, unless the applicable Award Agreement says otherwise, that the Participant is unable to engage in any substantial gainful
activity by reason of any medically determinable physical or mental impairment; provided, that for purposes of determining the term of
an Incentive Stock Option, the term Disability shall have the meaning ascribed to it under Section 22(e)(3) of the Code. The determination
of whether an individual has a Disability shall be determined under procedures established by the Administrator. Except in situations
where the Administrator is determining Disability for purposes of the term of an Incentive Stock Option, the Administrator may rely on
any determination that a Participant is disabled for purposes of benefits under any long-term disability plan maintained by the Company
or any Subsidiary in which the Participant participates.

 

“Dividend
Equivalents” shall have the meaning set forth in Section 8.3(b).

 

“Employee”
shall mean any employee of the Company or any Subsidiary and any prospective employee conditioned upon, and effective not earlier than,
such person’s becoming an employee of the Company or any Subsidiary.

 

“Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended.

 

“Fair
Market Value” shall mean, with respect to any property other than Shares, the market value of such property determined by such
methods or procedures as shall be established from time to time by the Administrator. The Fair Market Value of Shares as of any date
shall be the closing trading price of the Shares as reported on the NASDAQ Global Market on that date (or if there were no reported closing
prices on such date, on the last preceding date as of which the closing price per Share was reported) or, if the Company is not then
listed on the NASDAQ Global Market, on such other principal securities exchange on which the Shares are traded. If the Company is not
listed on the NASDAQ Global Market or any other securities exchange, the Fair Market Value of Shares shall be determined by the Administrator
in good faith using such criteria as it determines in its discretion, and such determination shall be conclusive and binding on all persons.

 

“Freestanding
Stock Appreciation Right” shall have the meaning set forth in Section 6.1.

 

“Grant
Date” shall mean the date on which the Administrator adopts a resolution, or takes other appropriate action, expressly granting
an Award to a Participant that specifies the material terms and conditions of the Award or, if a later date is set forth in such resolution,
then such later date as is set forth in such resolution.

 

“Incentive
Stock Option” shall mean an Option that is designated by the Administrator as an incentive stock option within the meaning
of Section 422 of the Code and that meets the requirements set out in the Plan.

 

“Incumbent
Directors” shall have the meaning set forth in Section 11.4(a).

 

    	 

    	 

    

 

“Non-qualified
Stock Option” means an Option that by its terms does not qualify or is not intended to qualify as an Incentive Stock Option.

 

“Non-qualifying
Transaction” shall have the meaning set forth in Section 11.4(c).

 

“Option”
shall mean any right granted to a Participant under the Plan allowing such Participant to purchase Shares at such price or prices and
during such period or periods as the Administrator shall determine.

 

“Option
Exercise Price” shall mean the price at which a Share may be purchased upon the exercise of an Option.

 

“Other
Plan” shall mean the Security National Financial Corporation Amended and Restated 2014 Director Stock Option Plan.

 

“Other
Share-Based Award” shall mean an Award that (i) is not an Option, Stock Appreciation Right, Restricted Stock or Restricted
Stock Unit, (ii) is granted under Section 9; and (iii) is payable by delivery of Shares and/or which is measured by reference to the
value of Shares.

 

“Participant”
shall mean an Employee, Consultant or Director who is selected by the Administrator to receive an Award under the Plan.

 

“Payee”
shall have the meaning set forth in Section 13.1.

 

“Performance
Award” shall mean any Award the exercisability, vesting, payment or settlement of which is subject to or conditioned upon satisfaction
in whole or in part of specific Performance Goals established by the Administrator and set forth in the applicable Award Agreement. For
clarity, Options and other Awards that become exercisable, vest, or otherwise are earned and become payable based solely on conditions
relating to Continuous Service are not Performance Awards.

 

“Performance
Goals” shall mean, as to a Performance Award, the specified levels of attainment of designated Performance Measures established
by the Administrator and set forth in the applicable Award Agreement at which the Performance Award will vest, become exercisable, or
otherwise become payable or earned.

 

“Performance
Measures” shall mean the measures or criteria that the Administrator shall select for purposes of establishing the performance-based
conditions for a Performance Award. The Performance Measures may be based on the attainment of specific levels of performance of the
Company (or any Subsidiary, division, business unit or operational unit of the Company) and may include the following: (i) net earnings
or net income (before or after taxes); (ii) basic or diluted earnings per share (before or after taxes); (iii) net revenue or net revenue
growth; (iv) gross revenue, gross profit or gross profit growth; (v) net operating profit (before or after taxes); (vi) return on assets,
capital, invested capital, equity, or sales; (vii) cash flow (including, but not limited to, operating cash flow, free cash flow, and
cash flow return on capital); (viii) earnings before or after taxes, interest, depreciation and/or amortization; (ix) gross or operating
margins; (x) improvements in capital structure; (xi) budget and expense management; (xii) productivity ratios; (xiii) economic value
added or other value added measurements; (xiv) Share price (including, but not limited to, growth measures and total shareholder return);
(xv) expense targets; (xvi) margins; (xvii) operating efficiency; (xix) working capital targets; (xx) enterprise value; and (xxi) completion
of acquisitions or business expansions.

 

    	 

    	 

    

 

“Performance
Stock Unit” shall have the meaning set forth in Section 8.1.

 

“Permitted
Assignee” shall have the meaning set forth in Section 12.3.

 

“Plan”
shall mean the Security National Financial Corporation 2022 Equity Incentive Plan, as amended from time to time.

 

“Prior
Plan” shall mean the Security National Financial Corporation Amended and Restated 2013 Stock Option and Other Equity Incentive
Awards Plan.

 

“Related
Right” shall have the meaning set forth in Section 6.1.

 

“Restricted
Stock” shall mean any Share issued with the restriction that the holder may not sell, transfer, pledge or assign such Share
and with such other restrictions as the Administrator, in its sole discretion, may impose (including any restriction on the right to
vote such Share and the right to receive any dividends), which restrictions may lapse separately or in combination at such time or times,
in installments or otherwise, or upon the attainment of such specified Performance Goals as the Administrator may deem appropriate.

 

“Restricted
Stock Award” shall have the meaning set forth in Section 7.1.

 

“Restricted
Stock Unit” shall mean an Award of a contractual right to a future payment that is valued by reference to a Share, which value
may be paid to the Participant in Shares or cash as determined by the Administrator in its sole discretion upon the satisfaction of such
vesting restrictions as the Administrator may establish, which restrictions may lapse separately or in combination at such time or times,
in installments or otherwise, as the Administrator may deem appropriate.

 

“Restricted
Stock Unit Award” shall have the meaning set forth in Section 8.1.

 

“Shares”
shall mean Class A Shares and Class C Shares.

 

“Stock
Appreciation Right” shall mean the right granted to a Participant pursuant to Section 6.

 

“Subcommittee”
shall mean a subcommittee of the Committee designated by the Committee under Section 4.2(c) of the Plan.

 

    	 

    	 

    

 

“Subsidiary”
shall mean any (i) corporation (other than the Company) in an unbroken chain of corporations beginning with the Company if, at the time
of the granting of the Award, each of the corporations other than the last corporation in the unbroken chain owns stock possessing more
than 50% of the total combined voting power of all classes of stock in one of the other corporations in the chain; and (ii) any other
entity in which the Company has a greater than 50% direct or indirect voting and economic equity interest.

 

“Substitute
Awards” shall mean Awards granted or Shares issued by the Company in assumption of, or in substitution or exchange for, awards
previously granted, or the right or obligation to make future awards, by a company acquired by the Company or any Subsidiary or with
which the Company or any Subsidiary combines.

 

“Ten
Percent Shareholder” means a person who owns (or is deemed to own pursuant to Section 424(d) of the Code) stock possessing
more than 10% of the total combined voting power of all classes of stock of the Company or of any of its Subsidiaries.

 

“Vesting
Period” shall have the meaning set forth in Section 7.1 in the case of Restricted Stock or Section 8.1 in the case of Restricted
Stock Units, as applicable.

 

“Vested
Unit” shall have the meaning set forth in Section 8.5.

 

3.
SHARES SUBJECT TO THE PLAN

 

3.1
Number of Shares.

 

(a)
Subject to adjustment as provided in Section 12.2, a total of one million (1,000,000) Shares shall be authorized for grant and issuance
under the Plan. Any Shares that are subject to Awards of Options or Stock Appreciation Rights shall be counted against this limit as
one (1) Share for every one (1) Share granted. Any Shares that are subject to Awards other than Options or Stock Appreciation Rights
shall be counted against this limit as two (2) Shares for every one (1) Share granted.

 

(b)
If any Shares subject to an Award under this Plan are forfeited or any Options awarded under this Plan expire unexercised, the Shares
underlying such Award shall, to the extent of such forfeiture or expiration, again be available for Awards under the Plan, subject to
Section 3.1(d) below. For clarity, the following Shares shall not be added to the Shares authorized for grant under Section 3.1(a): (i)
Shares tendered by the Participant or withheld by the Company in payment of the purchase price of an Option, (ii) Shares tendered by
the Participant or withheld by the Company to satisfy any tax withholding obligation with respect to an Award, (iii) Shares repurchased
by the Company with Option proceeds, (iv) Shares subject to a Stock Appreciation Right that are not issued in connection with the settlement
of the Stock Appreciation Right on exercise thereof; (v) Shares authorized for issuance or subject to awards under the Prior Plan, including
Shares subject to awards under the Prior Plan which are forfeited or expire unexercised under the Prior Plan; and (vi) Shares authorized
for issuance or subject to awards under the Other Plan, including Shares subject to awards under the Other Plan which are forfeited or
expire unexercised under the Other Plan.

 

    	 

    	 

    

 

(c)
Substitute Awards shall not reduce the Shares authorized for grant under the Plan or authorized for grant to a Participant in any calendar
year.

 

(d)
Any Shares that again become available for grant pursuant to this Section 3.1 shall be added back as one (1) Share if such Shares were
subject to Options or Stock Appreciation Rights granted under the Plan, or as two (2) Shares if such Shares were subject to Awards other
than Options or Stock Appreciation Rights granted under the Plan.

 

3.2.
Character of Shares. Any Shares issued hereunder may consist, in whole or in part, of authorized and unissued Shares, treasury
Shares or Shares purchased in the open market or otherwise. The Administrator shall determine in connection with each Award whether the
underlying Shares are Class A Shares or Class C Shares.

 

4.
ELIGIBILITY AND ADMINISTRATION

 

4.1.
Eligibility. The persons eligible to receive Awards are the Employees, Consultants and Directors of the Company and its Subsidiaries.

 

4.2.
Administration.

 

(a)
The Plan shall be administered by the Administrator. To the extent required, necessary or desirable to satisfy applicable laws, including
to satisfy the requirements for exemption under Rule 16b-3, the Administrator shall be the Committee. Subject to the foregoing and the
other provisions of the Plan, (x) the Board may delegate authority to the Committee to make recommendations to the Board on any or all
aspects of administering the Plan while the Board retains all of the authority of the Administrator, and (y) different Administrators
(e.g., the Board and the Committee) may administer the Plan with respect to different groups of Participants. Subject to Section 4.2(c)
below, the other provisions of the Plan and such orders or resolutions not inconsistent with the provisions of the Plan as may from time
to time be adopted by the Board, the Administrator shall have full power and authority to: (i) select the Employees, Consultants and
Directors to whom Awards may from time to time be granted hereunder; (ii) determine the type or types of Awards, not inconsistent with
the provisions of the Plan, to be granted to each Participant hereunder; (iii) determine the number and class of Shares to be covered
by each Award granted hereunder; (iv) determine the terms and conditions, not inconsistent with the provisions of the Plan, of any Award
granted hereunder, including conditions on exercisability and vesting; (v) determine whether, to what extent and under what circumstances
Awards may be settled in cash, Shares or other property; (vi) determine whether, to what extent, and under what circumstances cash, Shares,
other property and other amounts payable with respect to an Award made under the Plan shall be deferred either automatically or at the
election of the Participant; (vii) determine whether, to what extent and under what circumstances any Award shall be canceled or suspended;
(viii) interpret and administer the Plan and any instrument or agreement entered into under or in connection with the Plan, including
any Award Agreement; (ix) correct any defect, supply any omission or reconcile any inconsistency in the Plan or any Award in the manner
and to the extent that the Administrator shall deem desirable to carry it into effect; (x) establish such rules and regulations and appoint
such agents as it shall deem appropriate for the proper administration of the Plan and authorize any person to execute, on behalf of
the Company, any instrument required to carry out the purposes of the Plan; (xi) determine whether any Award, other than an Option or
Stock Appreciation Right, will have Dividend Equivalents; (xii) determine whether any Option is intended to be treated as an Incentive
Stock Option or Non-qualified Stock Option; (xiii) accelerate, on a case-by-case basis, the exercisability or vesting of a Participant’s
Awards, in whole or in part, upon such Participant’s death, Disability or other termination of Continuous Service occurring at
least one year after the Grant Date of the Award; (xiv) extend, on a case-by-case basis, the period during which a Participant’s
Options can be exercised upon such Participant’s death, Disability or other termination of Continuous Service; provided that the
extension will not allow any Option to be exercised after the Option’s original expiration date; (xv) make all determinations for
purposes of the Plan with respect to the occurrence, time and basis of any termination of a Participant’s Continuous Service; (xvi)
determine the Performance Measures, performance periods and Performance Goals, if any, that apply to vesting, exercisability or settlement
of a Performance Awards, the degree to which the applicable Performance Goals have been timely attained, and the portion of any Performance
Award that has become vested, exercisable, earned or payable; (xvii) make decisions with respect to outstanding Awards that may become
necessary upon a Change in Control or an event that triggers anti-dilution adjustments; and (xviii) exercise full discretion and make
any other determinations and take any other action that the Administrator deems necessary or desirable for administration of the Plan.

 

    	 

    	 

    

 

(b)
Decisions of the Administrator shall be final, conclusive and binding on all persons, including the Company, any Participant, and any
Subsidiary. A Participant or other holder of an Award may contest a decision or action of the Administrator with respect to such person
or Award only on the grounds that such decision is arbitrary and capricious or unlawful, and any review of such decision or action shall
be limited to determining whether the Administrator’s decision or action was arbitrary and capricious or unlawful.

 

(c)
The Administrator, or the full Committee to the extent it has been delegated the authority by the Board or otherwise has the authority
pursuant to the Plan, may also delegate to a Subcommittee the right to authorize the grant of Options to Employees who are not directors
or officers of the Company and the authority to take action on behalf of the Committee pursuant to the Plan to cancel or suspend Awards
to Employees who are not directors or officers of the Company. Additionally, to the extent not inconsistent with applicable law and the
rules and regulations of any securities exchange on which the Company’s Shares are traded, the Administrator may delegate in writing
to the Company’s Chief Executive Officer, so long as he is also a director of the Company, any of the authority of the Administrator
under the Plan to grant Options to such Employees and on such Plan-compliant terms as are determined by the Chief Executive Officer,
other than to Employees who are officers or other persons subject to Section 16(b) of the Exchange Act. Any such delegation of authority
shall be revocable prospectively by the Administrator at any time and shall be subject to such limitations, including on the number of
Options that can be granted in a specified period, and procedures as the Administrator may specify.

 

(d)
Any action within the scope of its or his authority by a Subcommittee or the Chief Executive Officer under Section 4.2(c) shall be deemed
for all purposes under the Plan to have been taken by the full Committee or Administrator and references in the Plan to the “Committee”
or “Administrator” shall be deemed to include the Subcommittee or the Chief Executive Officer acting within the scope of
its or his delegated authority under Section 4.2(c), as applicable, unless the context otherwise requires.

 

(e)
The Administrator shall act pursuant to a vote of the majority of its members or, in the case of a Committee comprised of only two members,
the unanimous consent of its members, whether present or not, or by the written consent of the majority of its members and minutes shall
be kept of all of its meetings and copies thereof shall be provided to the Board. Subject to the limitations prescribed by the Plan and
the Board, the Administrator may establish and follow such rules and regulations for the conduct of its business as it may determine
to be advisable.

 

    	 

    	 

    

 

5.
OPTIONS

 

5.1.
Grant of Options. Options may be granted hereunder to Participants either alone or in addition to other Awards under the Plan.
Any Option shall be subject to the terms and conditions of this Article 5 and to such additional terms and conditions, not inconsistent
with the provisions of the Plan, as the Administrator shall deem desirable.

 

5.2.
Award Agreements. All Options granted pursuant to this Article 5 shall be evidenced by a written Award Agreement in such form
and containing such terms and conditions as the Administrator shall determine which are not inconsistent with the provisions of the Plan.
All Options shall be separately designated as Incentive Stock Options or as Non-qualified Stock Options at the time of grant in the Award
Agreement. The terms of Options need not be the same with respect to each Participant. Granting an Option pursuant to the Plan shall
impose no obligation on the recipient to exercise such Option. Any individual who is granted an Option pursuant to this Article may hold
more than one Option granted pursuant to the Plan at the same time.

 

5.3.
Option Exercise Price.

 

(a)
The Option Exercise Price per Share purchasable under any Option shall not be less than 100% of the Fair Market Value of such Share on
the Grant Date of such Option. Notwithstanding the foregoing, an Option may be granted with an Option Exercise Price lower than that
set forth in the preceding sentence if such Option is a Substitute Award granted pursuant to an assumption or substitution for another
option in a manner satisfying the provisions of Section 409A of the Code, and Option Exercise Prices may be adjusted as provided in Section
12.2.

 

(b)
Other than pursuant to Section 12.2, the Administrator shall not without the approval of the Company’s shareholders: (a) lower
the Option Exercise Price per Share of an Option after it is granted; (b) cancel an Option when the Option Exercise Price per Share exceeds
the Fair Market Value of the underlying Shares in exchange for another Award (other than in connection with Substitute Awards); or (c)
take any other action with respect to an Option that may be treated as a repricing under the rules and regulations of the NASDAQ Global
Market (or such other principal securities market on which the Shares in question are traded).

 

5.4.
Option Term and Vesting.

 

(a)
The term of each Option shall be fixed by the Administrator in its sole discretion; provided that no Option shall be exercisable after
the expiration of ten (10) years from the Option’s Grant Date, except in the event of death or Disability.

 

(b)
Each Option shall be subject to such terms and conditions on the time or times when it may be exercised (which conditions may be based
on Continuing Service, Performance Goals or a combination thereof) as the Administrator may deem appropriate and set forth in the applicable
Award Agreement. The vesting provisions of individual Options may vary from Award to Award.

 

    	 

    	 

    

 

5.5.
Exercise of Options. Vested Options granted under the Plan shall be exercised by the Participant or by a Permitted Assignee
thereof (or by the Participant’s executors, administrators, guardian or legal representative, as may be provided in an Award Agreement)
as to all or any part of the Shares covered thereby, by the giving of written notice of exercise to the Company or its designated agent,
specifying the number of Shares to be purchased, accompanied by payment of the full Option Exercise Price for the Shares being purchased.
Unless otherwise provided in an Award Agreement, full payment of such Option Exercise Price plus any applicable withholding taxes shall
be due and payable in full at the time of exercise and shall be made (a) by certified check or bank check or wire transfer of immediately
available funds; or (b) if permitted by the applicable Award Agreement or otherwise with the consent of the Administrator in its discretion,
and to the extent permitted by applicable statutes and regulations: (i) by tendering previously acquired Shares (either actually or by
attestation, valued at their then Fair Market Value) provided such previously acquired Shares have been held for more than six months
(or such longer or shorter period of time required to avoid a charge to earnings for financial accounting purposes), (ii) by withholding
Shares otherwise issuable in connection with the exercise of the Option; (iii) through a “cashless” exercise program established
with a broker, (iv) by any combination of any of the foregoing, or (v) through delivery of any other form of legal consideration that
may be acceptable to the Administrator. The notice of exercise, accompanied by such payment, shall be delivered to the Company at its
principal business office or such other office as the Administrator may from time to time direct, and shall be in such form, containing
such further provisions consistent with the provisions of the Plan, as the Administrator may from time to time prescribe. In no event
may any Option granted hereunder be exercised for a fraction of a Share. No adjustment shall be made for cash dividends or other rights
for which the record date is prior to the date of such issuance of the underlying Shares. Notwithstanding any provision to the contrary,
during any period for which the Class A Shares are publicly traded (i.e., the Class A Shares are listed on any established stock exchange
or a national market system) an exercise by a Director or Officer that involves or may involve a direct or indirect extension of credit
or arrangement of an extension of credit by the Company, directly or indirectly, in violation of Section 402(a) of the Sarbanes-Oxley
Act of 2002 shall be prohibited with respect to any Award under this Plan.

 

5.6.
Form of Settlement. In its sole discretion, the Administrator may provide, at the time of grant, that the Shares to be issued
upon an Option’s exercise shall be in the form of Restricted Stock or other similar securities, or may reserve the right so to
provide after the time of grant.

 

5.7.
Incentive Stock Options. The Administrator may grant Options intended to qualify as Incentive Stock Options to any employee
of the Company or any Subsidiary corporation, subject to the requirements of Section 422 of the Code. Solely for the purposes of determining
whether Shares are available for the grant of Incentive Stock Options under the Plan, the maximum aggregate number of Shares with respect
to which Incentive Stock Options may be issued under the Plan shall be one million (1,000,000) Shares, subject to adjustment under Section
12.2. Additionally, a Ten Percent Shareholder shall not be granted an Incentive Stock Option unless the Option Exercise Price is at least
110% of the Fair Market Value of the underlying Shares at the Grant Date and the Option is not exercisable after the expiration of five
years from the Grant Date. To the extent that the aggregate Fair Market Value (determined at the Grant Date) of Shares with respect to
which Incentive Stock Options are exercisable for the first time by any Employee during any calendar year (under all plans of the Company
and its Subsidiaries) exceeds $100,000, the Options or portions thereof which exceed such limit (according to the order in which they
were granted) shall be treated as Non-qualified Stock Options regardless of any designation in an Award Agreement to be treated as Incentive
Stock Options. Any Participant who shall make a “disposition” (as defined in Section 424 of the Code) of all or any portion
of Shares acquired upon exercise of an Incentive Stock Option within two (2) years from the date of grant of such Incentive Stock Option
or within one (1) year after the issuance of Shares acquired upon exercise of such Incentive Stock Option shall be required to immediately
advise the Company in writing as to the occurrence of the sale and the price realized upon the sale of such Shares.

 

    	 

    	 

    

 

5.8.
Effect of Termination of Continuous Service. Unless otherwise provided in the applicable Award Agreement or approved by the
Administrator, in the event a Participant’s Continuous Service terminates (other than upon the Participant’s death or Disability),
the Participant may exercise the Participant’s vested Options (to the extent that the Participant was entitled to exercise such
Options as of the date of termination) but only within such period of time ending on the earlier of (a) the date three months following
the termination of the Participant’s Continuous Service, or (b) the expiration of the term of the Option as set forth in the Award
Agreement; provided that, if the termination of Continuous Service is for Cause, all outstanding Options (whether or not otherwise vested)
shall immediately terminate and cease to be exercisable. If, after termination of Continuous Service, the Options are not timely exercised,
the Options shall automatically terminate. In the event that a Participant’s Continuous Service terminates on account of his or
her death or Disability, the Participant or his or her successors in interest may exercise the Participant’s vested Options (to
the extent that the Participant was entitled to exercise such Options as of the date of termination) but only within such period of time
ending on the earlier of (i) the date that is one year following the termination of the Participant’s Continuous Service, or (ii)
the expiration of the term of the Option as set forth in the Award Agreement.

 

6.
STOCK APPRECIATION RIGHTS

 

6.1.
Grant and Exercise. The Administrator may award Stock Appreciation Rights to a Participant: (a) in conjunction with all or
part of any Option granted under the Plan or at any subsequent time during the term of such Option (a “Related Right”);
(b) in conjunction with all or part of any Award (other than an Option) granted under the Plan or at any subsequent time during the term
of such Award; or (c) without regard to any Option or other Award (a “Freestanding Stock Appreciation Right”), in
each case upon such terms and conditions as the Administrator may establish in its sole discretion.

 

6.2.
Terms and Conditions. Stock Appreciation Rights shall be subject to such terms and conditions, not inconsistent with the provisions
of the Plan, as shall be determined from time to time by the Administrator, including the following:

 

(a)
Each Stock Appreciation Right shall be subject to such terms and conditions on the time or times when it may be exercised (which conditions
may be based on Continuing Service, Performance Goals, or a combination thereof) as the Administrator may deem appropriate and set forth
in the applicable Award Agreement. The vesting provisions of individual Stock Appreciation Rights may vary from Award to Award; provided,
that, in no event shall a Stock Appreciation Right be exercisable prior to the one-year anniversary of the Stock Appreciation Right’s
Grant Date, except as provided in Section 11 of the Plan.

 

(b)
Upon the exercise of a Stock Appreciation Right, the holder shall have the right to receive the excess of: (i) the Fair Market Value
of one Share on the date of exercise, over (ii) a designated base value per Share (the “Base Amount”) with respect
to the right on the applicable Grant Date (or in the case of a Related Right on the Grant Date of the related Option) as specified by
the Administrator in its sole discretion and set forth in the applicable Award Agreement, which Base Amount per Share, except in the
case of Substitute Awards or in connection with an adjustment provided in Section 12.2, shall not be less than the Fair Market Value
of one Share on the Grant Date of the right or the related Option, as the case may be.

 

(c)
Upon the exercise of a Stock Appreciation Right, the Administrator shall determine in its sole discretion whether payment shall be made
in whole Shares, in cash or other property, or any combination thereof.

 

(d)
Any Related Right may be granted at the same time as the related Option is granted or at any time thereafter before exercise or expiration
of such Option.

 

(e)
Any Related Right may be exercised only when the related Option would be exercisable and the Fair Market Value of the Shares subject
to the related Option exceeds the Option Exercise Price at which Shares can be acquired pursuant to the Option. In addition, (i) if a
Related Right exists with respect to less than the full number of Shares covered by a related Option, then an exercise or termination
of such Option shall not reduce the number of Shares to which the Related Right applies until the number of Shares then exercisable under
such Option equals the number of Shares to which the Related Right applies, and (ii) no Related Right granted under the Plan to a person
then subject to Section 16 of the Exchange Act shall be exercised during the first six (6) months of its term for cash, except as provided
in Article 11.

 

(f)
Any Option related to a Related Right shall no longer be exercisable to the extent the Related Right has been exercised.

 

(g)
The provisions of Stock Appreciation Rights need not be the same with respect to each recipient.

 

    	 

    	 

    

 

(h)
The Administrator may impose such other conditions or restrictions on the terms of exercise and the exercise price of any Stock Appreciation
Right, as it shall deem appropriate. Notwithstanding the foregoing provisions of this Section 6.2(h), but subject to Section 12.2, a
Stock Appreciation Right shall have the same terms and conditions as Options, including (i) a Base Amount per Share not less than Fair
Market Value of a Share on the applicable Grant Date, and (ii) a term not greater than ten (10) years. In addition to the foregoing,
but subject to Section 12.2, the Administrator shall not without approval of the Company’s shareholders (A) reduce the Base Amount
per Share under any Stock Appreciation Right after it is granted, (B) cancel a Stock Appreciation Right when the Base Amount per Share
exceeds the Fair Market Value of the underlying Shares in exchange for another Award (other than in connection with Substitute Awards),
or (C) take any other action with respect to a Stock Appreciation Right that may be treated as a repricing under the rules and regulations
of the NASDAQ Global Market (or such other principal securities market on which the Shares are traded).

 

(i)
The Administrator may impose such terms and conditions on Stock Appreciation Rights granted in conjunction with any Award (other than
an Option) as the Administrator shall determine in its sole discretion.

 

7.
RESTRICTED STOCK AWARDS 

 

7.1.
Grants. Shares may be awarded under the Plan to Participants as Restricted Stock either alone or in addition to other Awards
granted under the Plan (a “Restricted Stock Award”). Restricted Stock Awards consist of grants of actual outstanding
Shares on the applicable Grant Date. A Restricted Stock Award shall be subject to vesting restrictions imposed by the Administrator covering
a period of time (“Vesting Period”) specified by the Administrator and may also be subject in whole or in part to
additional performance-based vesting conditions designated by the Administrator. A Restricted Stock Award subject to Performance Goal
vesting conditions may be denominated as “performance shares.” The Administrator has absolute discretion to determine whether
any consideration (other than services) is to be received by the Company or any Subsidiary as a condition precedent to the issuance of
shares of Restricted Stock.

 

7.2.
Award Agreements. The terms of any Restricted Stock Award granted under the Plan shall be set forth in a written Award Agreement
which shall contain provisions determined by the Administrator and not inconsistent with the Plan. The terms of Restricted Stock Awards
need not be the same with respect to each Restricted Stock Award. Each Participant granted Restricted Stock shall execute and deliver
to the Company an Award Agreement with respect to the Restricted Stock. If the Administrator determines that the Restricted Stock shall
be held by the Company or in escrow rather than delivered to the Participant pending the release of the applicable restrictions, the
Administrator may require the Participant to additionally execute and deliver to the Company (a) an escrow agreement satisfactory to
the Administrator, and (b) the appropriate blank stock power with respect to the Restricted Stock covered by such agreement. If a Participant
fails to execute within such time as the Administrator requires an Award Agreement evidencing an Award of Restricted Stock and, if applicable,
an escrow agreement and stock power, the Award shall be null and void.

 

7.3.
Rights of Holders of Restricted Stock. 

 

(a)
Beginning on the Grant Date of the Restricted Stock Award and subject to execution of the Award Agreement, the Participant shall become
a shareholder of the Company with respect to all Shares subject to the applicable Award Agreement and shall have all of the rights of
a shareholder, including the right to vote such Shares and the right to receive distributions made with respect to such Shares; provided
that, except as otherwise provided in an Award Agreement, any cash, Shares or any other property distributed as a dividend or otherwise
with respect to any Restricted Stock as to which the restrictions have not yet lapsed shall be subject to the same restrictions as such
Restricted Stock. Any provision herein to the contrary notwithstanding, unless otherwise provided in the applicable Award Agreement,
cash dividends or with respect to any Restricted Stock Award and any other property (including additional Shares) distributed as a dividend
or otherwise with respect to any Restricted Stock Award shall be: (i) accumulated subject to restrictions and risk of forfeiture to the
same extent as the underlying Restricted Stock with respect to which such cash, Shares or other property has been distributed; and (ii)
either (A) paid to the Participant at the time such restrictions and risk of forfeiture lapse or (B) forfeited to the extent the underlying
Restricted Stock is forfeited.

 

    	 

    	 

    

 

(b)
Shares awarded to a Participant as Restricted Stock shall be subject to the following restrictions until the expiration of the applicable
Vesting Period, and to such other terms and conditions as may be set forth in the applicable Award Agreement: (i) if an escrow arrangement
is used, the Participant shall not be entitled to delivery of the stock certificate representing the Restricted Stock; (ii) the Shares
shall be subject to the restrictions on transferability set forth in the Award Agreement; (iii) the Shares shall be subject to forfeiture
to the extent provided in the applicable Award Agreement; and (iv) to the extent such Shares are forfeited, the applicable stock certificates
shall be returned to the Company, and all rights of the Participant to such Shares and as a shareholder with respect to such Shares shall
immediately terminate without further obligation on the part of the Company. Any certificate representing Restricted Stock awarded under
the Plan shall bear a legend in such form as the Company deems appropriate.

 

7.4.
Vesting. Restricted Stock Awards shall be subject to such terms and conditions on the time or times when they vest (which conditions
may be based on Continuing Service, Performance Goals or a combination thereof) as the Administrator may deem appropriate and set forth
in the applicable Award Agreement; provided, that, in no event shall the Vesting Period for a Restricted Stock Award be less than a period
of time equal to one year, except as provided in Section 11 of the Plan.

 

7.5.
Delivery of Shares. Upon the expiration of the applicable Vesting Period with respect to any Restricted Stock, the restrictions
set forth in this Article 7 and the applicable Award Agreement shall be of no further force or effect with respect to the Shares of Restricted
Stock, except as set forth in the applicable Award Agreement. If an escrow arrangement is used, upon such expiration, the Company shall
deliver to the Participant, or his or her beneficiary, without charge, the stock certificate evidencing the shares of Restricted Stock
which have not then been forfeited and with respect to which the Vesting Period has expired (to the nearest full share) and any cash
dividends or stock dividends credited to the Participant’s account with respect to such Restricted Stock and the interest thereon,
if any.

 

8.
RESTRICTED STOCK UNIT AWARDS

 

8.1.
Grants. Awards of Restricted Stock Units having a value equal to a designated number of Shares (“Restricted Stock
Unit Awards”) may be granted hereunder to Participants, in addition to other Awards granted under the Plan. A Restricted Stock
Unit Award shall be subject to vesting restrictions imposed by the Administrator covering a period of time (“Vesting Period”)
specified by the Administrator and may also be subject to additional Performance Goal vesting conditions designated by the Administrator.
A Restricted Stock Unit Award subject to Performance Goal vesting conditions may be denominated as “Performance Stock Units.”

 

    	 

    	 

    

 

8.2.
Award Agreements. The terms of Restricted Stock Unit Awards granted under the Plan shall be set forth in a written Award Agreement
which shall contain provisions determined by the Administrator and not inconsistent with the Plan. The terms of such Awards need not
be the same with respect to each Restricted Stock Unit Award. Each Participant granted Restricted Stock Units shall execute and deliver
to the Company an Award Agreement with respect to the Restricted Stock Units. The Administrator may also grant Restricted Stock Units
with a deferral feature, consistent with applicable law, including Section 409A of the Code, whereby settlement is deferred beyond the
vesting date until the occurrence of a future payment date or event set forth in an Award Agreement (“Deferred Stock Units”).
To the extent applicable, any reference to Restricted Stock Units in the Plan, includes Deferred Stock Units.

 

8.3.
Rights of Holders of Restricted Stock Units. 

 

(a)
No Shares shall be issued at the time a Restricted Stock Unit, or Deferred Stock Unit, is granted, and the Company will not be required
to set aside Shares or funds for the payment of any such Award. A Participant shall have no voting rights with respect to any Shares
underlying Restricted Stock Units, including Deferred Stock Units, granted hereunder.

 

(b)
At the discretion of the Administrator, each Restricted Stock Unit (representing one Share) may be credited with cash and stock dividends
paid by the Company in respect of one Share (“Dividend Equivalents”). Unless otherwise expressly provided in the applicable
Award Agreement, Dividend Equivalents shall be withheld by the Company and credited to the Participant’s account, and interest
may be credited on the amount of cash Dividend Equivalents credited to the Participant’s account at a rate and subject to such
terms as determined by the Administrator. Dividend Equivalents credited to a Participant’s account and attributable to any particular
Restricted Stock Unit (and earnings thereon, if applicable) shall be distributed in cash or, at the discretion of the Administrator,
in Shares having a Fair Market Value equal to the amount of such Dividend Equivalents and earnings, if applicable, to the Participant
upon settlement of such Restricted Stock Unit and, if such Restricted Stock Unit is forfeited, the Participant shall have no right to
such Dividend Equivalents.

 

(c)
Restricted Stock Units awarded to any Participant shall be subject to (i) forfeiture until the expiration of the applicable Vesting Period,
and satisfaction of any applicable Performance Goals during such period, to the extent provided in the applicable Award Agreement, and
to the extent such Restricted Stock Units are forfeited, all rights of the Participant to such Restricted Stock Units shall automatically
terminate without further obligation on the part of the Company and (ii) such other terms and conditions as may be set forth in the applicable
Award Agreement.

 

8.4.
Vesting. Restricted Stock Unit Awards shall be subject to such terms and conditions on the time or times when they vest and
become earned (which conditions may be based on Continuing Service, Performance Goals or a combination thereof) as the Administrator
may deem appropriate and set forth in the applicable Award Agreement; provided, that, in no event shall the Vesting Period for a Restricted
Stock Unit Award be less than a period of time equal to one year, except as provided in Section 11 of the Plan.

 

    	 

    	 

    

 

8.5.
Settlement and Payment. Except as may be provided in the applicable Award Agreement, upon the expiration of the applicable
Vesting Period with respect to any outstanding Restricted Stock Units (other than Deferred Stock Units), or upon the expiration of the
deferral period with respect to any outstanding Deferred Stock Units, the Company shall deliver to the Participant, or his or her beneficiary,
without charge, one Share for each such outstanding vested Restricted Stock Unit, or Deferred Stock Unit, (“Vested Unit”)
and cash equal to any Dividend Equivalents credited with respect to each such Vested Unit in accordance with Section 8.3(b) hereof and
the interest thereon or, at the discretion of the Administrator, in Shares having a Fair Market Value equal to such Dividend Equivalents
and the interest thereon, if any; provided, however, that, if explicitly provided in the applicable Award Agreement, the Administrator
may, in its sole discretion, elect to pay cash or part cash and part Shares in lieu of delivering only Shares for Vested Units. If a
cash payment is made in lieu of delivering Shares, the amount of such payment shall be equal to the Fair Market Value of the Shares as
of the date on which the Vesting Period lapsed with respect to each Vested Unit that is not a Deferred Stock Unit, or as of the delivery
date in the case of each Vested Unit that is a Deferred Stock Unit. The Company shall issue Shares or make otherwise make payment for
each Vested Unit as soon as reasonably possible after expiration of the applicable Vesting Period and on a date selected by the Company;
provided that in no event shall settlement of any Vested Units be made later than sixty (60) days after expiration of the applicable
Vesting Period (or such shorter period as is necessary to exempt the Award from Section 409A of the Code).

 

9.
OTHER AWARDS

 

The
Administrator may, subject to any restrictions under applicable law or under the rules of any securities exchange on which the Shares
are listed, grant Other Share-Based Awards, either alone or in tandem with other Awards, in such amounts and subject to such conditions
as the Administrator shall determine in its sole discretion. Each Other Share-Based Award shall be evidenced by an Award Agreement and
shall be subject to such conditions, not inconsistent with the Plan, as may be reflected in the applicable Award Agreement. In no event
shall the Vesting Period for an Other Share Based Award be less than a period of time equal to one year from the applicable Grant Date,
except as provided in Section 11 of the Plan. Other Share-Based Awards may be paid in cash, Shares, other property, or any combination
thereof, as specified in the applicable Award Agreement. No Dividend Equivalents shall be paid or credited with respect to Other Share-Based
Awards. Any cash, Shares or any other property distributed as a dividend or otherwise with respect to any issued but unvested Shares
underlying an Other Share-Based Award shall be subject to the same vesting conditions and risk of forfeiture as such Other Share-Based
Award.

 

10.
SECURITIES LAW COMPLIANCE

 

No
Shares shall be issued, purchased or sold under any Award Agreement unless and until (a) any then applicable requirements of federal,
state and foreign laws and regulatory agencies have been fully complied with to the satisfaction of the Company and its counsel and (b)
if required to do so by the Company, the Participant has executed and delivered to the Company a letter of investment intent in such
form and containing such provisions as the Administrator may require. The Company shall use reasonable efforts to seek to obtain from
each regulatory commission or agency having jurisdiction over the Plan such authority as may be required to grant Awards and to issue
and sell Shares upon exercise, vesting or settlement of the Awards; provided that this undertaking shall not require the Company to register
under the Exchange Act or other applicable securities laws the Plan, any Award or any Shares issued or issuable pursuant to any such
Award. If, after reasonable efforts, the Company is unable to obtain from any such regulatory commission or agency the authority which
counsel for the Company deems necessary for the lawful issuance and sale of Shares under the Plan, the Company shall be relieved from
any liability for failure to issue and sell Shares upon exercise, vesting or settlement of such Awards unless and until such authority
is obtained.

 

    	 

    	 

    

 

It
is the intent of the Company that the Plan satisfy, and be interpreted in a manner that satisfies, the applicable requirements of Rule
16b-3 as promulgated under Section 16 of the Exchange Act so that Participants will be entitled to the benefit of Rule 16b-3, or any
other rule promulgated under Section 16 of the Exchange Act, and will not be subject to short-swing liability under Section 16 of the
Exchange Act. Accordingly, if the operation of any provision of the Plan would conflict with the intent expressed in this Section 10,
such provision to the extent possible shall be interpreted and/or deemed amended so as to avoid such conflict.

 

11.
CHANGE IN CONTROL PROVISIONS

 

11.1.
Effect of Change in Control. Notwithstanding any provision of the Plan (other than Section 11.2) or any applicable Award Agreement
to the contrary, in the event of a Change in Control, all then outstanding Awards shall automatically become 100% vested, exercisable,
earned and payable, as of the effective time of the Change in Control. For clarity, to the extent the amount or timing of vesting, exercisability,
payment or settlement of any Award is subject to or conditioned upon attainment of Performance Goals stated in the applicable Award Agreement
(i.e., the Award is a Performance Award), for purposes of this Section 11.1, such Performance Goals shall be deemed to have been attained
at 100% of the applicable target levels.

 

11.2.
Discretionary Cancellation of Awards. In addition, and notwithstanding any contrary provision in this Plan or applicable
Award Agreement, in the event of a pending Change in Control, the Administrator may in its discretion and upon at least 10 days’
advance notice to the affected Participants, elect to cancel under this Section 11.2 all or any portion of the then outstanding Awards
and cause the Company to pay to the holders thereof, in cash or Shares, or any combination thereof, the then current Fair Market Value
of such cancelled Awards. The Administrator shall compute the Fair Market Value of Awards canceled under this Section 11.2 based upon
the price per Share received or to be received by the other shareholders of the Company in the Change in Control transaction. In determining
the Fair Market Value of Awards cancelled under this Section 11.2, all such cancelled Awards shall be valued as if they are 100% vested
and earned (with any Performance Goals deemed satisfied at 100% of the applicable target level). In the case of any Option or Stock Appreciation
Right with an Option Exercise Price (or Base Amount in the case of a Stock Appreciation Right) that equals or exceeds the price paid
or to be paid for a Share in connection with the Change in Control, the Administrator may cancel the Option or Stock Appreciation Right
without the payment of any consideration therefor.

 

11.3.
Successors. The obligations of the Company under the Plan shall be binding upon any successor corporation or organization
resulting from the merger, consolidation or other reorganization of the Company, or upon any successor corporation or organization succeeding
to all or substantially all of the assets and business of the Company and its Subsidiaries, taken as a whole.

 

    	 

    	 

    

 

11.4.
Definition of Change in Control. For purposes of the Plan, unless otherwise provided in an Award Agreement, Change in Control
means the occurrence of any one of the following events:

 

(a)
During any twelve (12) month period beginning after the date hereof, individuals who, as of the beginning of such period, constitute
the Board (the “Incumbent Directors”) cease for any reason to constitute at least a majority of the Board, provided
that any person becoming a director subsequent to the beginning of such period whose election or nomination for election was approved
by a vote of at least a majority of the Incumbent Directors then on the Board (either by a specific vote or by approval of the proxy
statement of the Company in which such person is named as a nominee for director, without written objection to such nomination) shall
be an Incumbent Director; and provided further that no individual initially elected or nominated as a director of the Company as a result
of an actual or threatened election contest with respect to directors or as a result of any other actual or threatened solicitation of
proxies by or on behalf of any person other than the Board shall be deemed to be an Incumbent Director;

 

(b)
any “person” (as such term is defined in the Exchange Act and as used in Sections 13(d)(3) and 14(d)(2) of the Exchange Act)
is or becomes a “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities
of the Company representing 30% or more of the combined voting power of the Company’s then outstanding securities eligible to vote
for the election of the Board (the “Company Voting Securities”); provided that the event described in this paragraph
(b) shall not be deemed to be a Change in Control by virtue of any of the following acquisitions: (i) by the Company or any Subsidiary,
(ii) by any employee benefit plan (or related trust) sponsored or maintained by the Company or any Subsidiary, (iii) by any underwriter
temporarily holding securities pursuant to an offering of such securities, (iv) pursuant to a Non-Qualifying Transaction, as defined
in paragraph (c) below, or (v) by any person of Company Voting Securities from the Company, if a majority of the Incumbent Board approves
in advance the acquisition of beneficial ownership of 30% or more of Company Voting Securities by such person;

 

(c)
the consummation of a merger, consolidation, statutory share exchange or similar form of corporate transaction involving the Company
or any of its subsidiaries that requires the approval of the Company’s shareholders, whether for such transaction or the issuance
of securities in the transaction, unless immediately following such transaction: (i) more than 70% the total voting power of (A) the
surviving corporation resulting from such transaction, or (B) if applicable, the ultimate parent corporation that directly or indirectly
has beneficial ownership of 100% of the voting securities eligible to elect directors of the surviving corporation, is represented by
Company Voting Securities that were outstanding immediately prior to such transaction (or, if applicable, is represented by shares into
which such Company Voting Securities were converted pursuant to such transaction), and such voting power among the holders thereof is
in substantially the same proportion as the voting power of such Company Voting Securities among the holders thereof immediately prior
to the transaction; (ii) no person (other than any employee benefit plan (or related trust) sponsored or maintained by the surviving
corporation or its parent corporation), is or becomes the beneficial owner, directly or indirectly, of more than 30% of the total voting
power of the outstanding voting securities eligible to elect directors of the parent corporation (or, if there is no parent corporation,
the surviving corporation); and (iii) at least a majority of the members of the board of directors of the parent corporation (or, if
there is no parent Corporation, the surviving corporation) following the consummation of the transaction were Incumbent Directors at
the time of the Board’s approval of the execution of the initial agreement providing for such transaction (any transaction which
satisfies all of the criteria specified in (i), (ii) and (iii) above shall be deemed to be a “Non-Qualifying Transaction”);

 

    	 

    	 

    

 

(d)
the date shareholders of the Company approve a plan of complete liquidation or dissolution of the Company; or

 

(e)
the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series
of related transactions, of all or substantially all of the properties or assets of the Company and its Subsidiaries, taken as a whole,
to any person that is not a Subsidiary.

 

Notwithstanding
the foregoing, (x) a transaction will not be deemed to be a Change in Control for purposes of a specific Award unless the transaction
qualifies as a “change in control” event within the meaning of Section 409A of the Code for purposes of such Award; and (y)
a Change in Control shall not be deemed to occur solely because any person acquires beneficial ownership of more than 30% of the Company
Voting Securities as a result of the acquisition of Company Voting Securities by the Company which reduces the number of Company Voting
Securities outstanding; provided, that if after such acquisition by the Company such person becomes the beneficial owner of additional
Company Voting Securities that increases the percentage of outstanding Company Voting Securities beneficially owned by such person, a
Change in Control of the Company shall then occur.

 

12.
GENERALLY APPLICABLE PROVISIONS

 

12.1.
Amendment and Termination of the Plan. The Board may, from time to time, alter, amend, suspend or terminate the Plan as it
shall deem advisable, subject to any requirement for shareholder approval imposed by applicable law, including the rules and regulations
of the NASDAQ Global Market (or such other principal securities market on which the Class A Shares are traded); provided, that the Board
may not amend the Plan in any manner that would result in noncompliance with Rule 16b-3 of the Exchange Act; and further provided that
the Board may not, without the approval of the Company’s shareholders, amend the Plan to (a) increase the number of Shares that
may be the subject of Awards under the Plan (except for adjustments pursuant to Section 12.2), (b) expand the types of awards available
under the Plan; (c) materially expand the class of persons eligible to participate in the Plan; (d) amend any provision of Section 5.3,
(e) increase the maximum permissible term of any Option specified by Section 5.4 or the maximum permissible term of a Stock Appreciation
Right specified by Section 6.2, or (f) take any action with respect to an Option or Stock Appreciation Right that may be treated as a
repricing under the rules and regulations of the NASDAQ Global Market (or such other principal securities market on which the Class A
Shares are traded), including reducing the Option Exercise Price or Base Amount (as applicable) or exchanging an Option or Stock Appreciation
Right for cash or another Award. In addition, no amendments to, or termination of, the Plan shall in any way impair the rights of a Participant
under any Award previously granted without such Participant’s consent.

 

    	 

    	 

    

 

12.2.
Adjustments. In the event of changes in the outstanding Shares or in the capital structure of the Company by reason of any
stock or extraordinary cash dividend, stock split, reverse stock split, an extraordinary corporate transaction such as any recapitalization,
reorganization, merger, consolidation, combination, exchange, or other relevant change in capitalization occurring after the Grant Date
of any Award, Awards granted under the Plan and any Award Agreements, the Option Exercise Price of Options and Base Amount of Stock Appreciation
Rights, the maximum number of Shares subject to all Awards stated in Section 3.1 and the maximum number of Shares with respect to which
Incentive Stock Options may be granted shall be equitably adjusted or substituted, as to the number, price or kind of share of common
stock or other consideration subject to such Awards to the extent necessary to preserve the economic intent of such Award. In the case
of adjustments made pursuant to this Section 12.2, unless the Administrator specifically determines that such adjustment is in the best
interests of the Company or its Subsidiaries, the Administrator shall, in the case of Incentive Stock Options, ensure that any adjustments
under this Section 12.2 will not constitute a modification, extension or renewal of the Incentive Stock Options within the meaning of
Section 424(h)(3) of the Code and in the case of all Stock Options, ensure that any adjustments under this Section 12.2 will not constitute
a modification of such Stock Options within the meaning of Section 409A of the Code. Any adjustments made under this Section 12.2 shall
be made in a manner which does not adversely affect the exemption provided pursuant to Rule 16b-3 under the Exchange Act. The Company
shall give each Participant notice of an adjustment hereunder and, upon notice, such adjustment shall be conclusive and binding for all
purposes.

 

12.3.
Transferability of Awards. Except as provided below, and except as otherwise authorized by the Administrator in an Award Agreement,
no Award and no Shares subject to Awards described in Article 8 that have not been issued or as to which any applicable restriction or
performance period has not lapsed, may be sold, assigned, transferred, pledged or otherwise encumbered, other than by will or the laws
of descent and distribution, and such Award may be exercised during the life of the Participant only by the Participant or the Participant’s
guardian or legal representative. Notwithstanding the foregoing if provided for in an Award Agreement, a Participant may assign or transfer
an Award with the consent of the Administrator (each transferee thereof, a “Permitted Assignee”): (a) to the Participant’s
spouse, children, or grandchildren (including any adopted step children and grandchildren); (b) to a trust or partnership for the benefit
of one or more person referred to in clause (a); or (c) for charitable donations; provided that such Permitted Assignee shall be bound
by and subject to all of the terms and conditions of the Plan and the Award Agreement relating to the transferred Award and shall execute
an agreement satisfactory to the Company evidencing such obligations; and provided further that such Participant shall remain bound by
the terms and conditions of the Plan. The Company shall cooperate with any Permitted Assignee and the Company’s transfer agent
in effectuating any transfer permitted under this Section. Any transfer of an Award or Shares in violation of this Section 12.3 shall
be null and void.

 

12.4.
Deferral. The Administrator may establish one or more programs under the Plan to permit selected Participants the opportunity
to elect to defer receipt of consideration upon exercise of an Award, vesting, satisfaction of Performance Goals, or other event that
absent the election would entitle the Participant to payment or receipt of Shares or other consideration under an Award. The Administrator
may establish the election procedures, the timing of such elections, the mechanisms for payments of, and accrual of interest or other
earnings, if any, on amounts, Shares or other consideration so deferred, and such other terms, conditions, rules and procedures that
the Administrator deems advisable for the administration of any such deferral program. The Administrator shall be authorized to establish
procedures pursuant to which the payment of any Award may be deferred.

 

    	 

    	 

    

 

13.
MISCELLANEOUS

 

13.1.
Tax Withholding. The Company shall have the right to make all payments or distributions pursuant to the Plan to a Participant
(or a Permitted Assignee thereof) (any such person, a “Payee”) net of any applicable federal, state and local taxes
required to be paid or withheld as a result of (a) the grant of any Award, (b) the exercise of an Option or Stock Appreciation Right,
(c) the delivery of Shares or cash, (d) the lapse of any restrictions in connection with any Award or (e) any other event occurring pursuant
to the Plan. The Company or any Subsidiary shall have the right to withhold from wages or other amounts otherwise payable to such Payee
such withholding taxes as may be required by law, or to otherwise require the Payee to pay such withholding taxes. If the Payee shall
fail to make such tax payments as are required, the Company or its Subsidiaries shall, to the extent permitted by law, have the right
to deduct any such taxes from any payment of any kind otherwise due to such Payee or to take such other action as may be necessary to
satisfy such withholding obligations. The Administrator may establish procedures for election by Participants to satisfy such obligation
for the payment of such taxes by tendering previously acquired Shares (either actually or by attestation, valued at their then Fair Market
Value) that have been owned for a period of at least six months (or such other period to avoid accounting charges against the Company’s
earnings), or by directing the Company to retain Shares otherwise deliverable in connection with the Award.

 

13.2.
Right of Discharge Reserved; Claims to Awards. Nothing in the Plan nor the grant of an Award hereunder shall confer upon any
person the right to continue in the employment or service of the Company or any Subsidiary or affect any right that the Company or any
Subsidiary may have to terminate the employment or service of (or to demote or to exclude from future Awards under the Plan) any such
Employee, Consultant or Director at any time for any reason “at will.” Except as specifically provided by the Administrator,
the Company shall not be liable for the loss of existing or potential profit from an Award granted in the event of termination of an
employment or other relationship. No Employee, Consultant or Participant shall have any claim to be granted any Award under the Plan,
and there is no obligation for uniformity of treatment of Employees, Consultants or Participants under the Plan.

 

13.3.
Prospective Recipient. The prospective recipient of any Award under the Plan shall not, with respect to such Award, be deemed
to have become a Participant, or to have any rights with respect to such Award, until and unless such recipient shall have executed an
agreement or other instrument evidencing the Award and delivered a copy thereof to the Company, and otherwise complied with the then
applicable terms and conditions of the Plan and Award Agreement.

 

13.4.
Substitute Awards. Notwithstanding any other provision of the Plan, the terms of Substitute Awards may vary from the terms
set forth in the Plan to the extent the Administrator deems appropriate to conform, in whole or in part, to the provisions of the awards
in substitution for which they are granted.

 

    	 

    	 

    

 

13.5.
Cancellation and Forfeiture of Awards; Clawback.

 

(a)
Notwithstanding anything to the contrary contained herein or in any Award Agreement, all outstanding Awards granted to any Participant
shall be automatically and immediately canceled if the Participant (a) is terminated for Cause or engages following his or her period
of Continuous Service in conduct that would constitute Cause; (b) breaches any non-competition, non-solicitation, confidentiality, or
other restrictive covenants that are contained in the Award Agreement or otherwise applicable to the Participant; or (c) without the
consent of the Company, during or following the Participant’s period of Continuous Service for the Company or any Subsidiary, establishes
a relationship with a competitor of the Company or any Subsidiary or engages in activity that is in conflict with and materially adverse
to the interest of the Company or any Subsidiary, as determined by the Administrator in its discretion.

 

(b)
Notwithstanding any other provisions in this Plan or any Award Agreement, the Company may cancel any Award, require reimbursement of
any Award (or the proceeds thereof) by a Participant, and effect any other right of recoupment of equity or other compensation provided
under the Plan, in accordance with any Company policies that may be adopted and/or modified from time to time by the Company in its discretion
(“Clawback Policy”). A Participant may be required to repay to the Company previously paid compensation, whether provided
pursuant to the Plan or an Award Agreement, in accordance with any Clawback Policy in effect at the time of the execution of the Award
Agreement, as any such policy may be subsequently modified by the Company to comply with applicable law or stock exchange listing requirements.
By accepting an Award, the Participant agrees to be bound by any Clawback Policy as in effect at the time of the execution of the Award
Agreement, as any such policy may be subsequently modified by the Company to comply with applicable law or stock exchange listing requirements.

 

13.6.
Delivery and Stop Transfer Orders. Upon exercise or vesting of an Award, as applicable, the Company shall issue Shares or
pay any amounts due within a reasonable period of time thereafter. Subject to any statutory or regulatory obligations the Company may
otherwise have, and except as otherwise contemplated by this Plan, 30 days shall be considered a reasonable period of time. All certificates
for Shares delivered under the Plan pursuant to any Award shall be subject to such stop-transfer orders and other restrictions as the
Administrator may deem advisable under the rules, regulations and other requirements of the Securities and Exchange Commission, any stock
exchange upon which the Shares are then listed, and any applicable federal or state securities law, and the Administrator may cause a
legend or legends to be put on any such certificates to make appropriate reference to such restrictions. Any provision herein to the
contrary notwithstanding, the Company shall have no obligation to issue any Shares pursuant to an Award if the Administrator determines
in good faith that such issuance would violate applicable federal, state or foreign securities laws.

 

13.7.
Nature of Payments. All Awards made pursuant to the Plan are in consideration of services performed or to be performed for
the Company or any Subsidiary, division or business unit of the Company. Any income or gain realized pursuant to Awards under the Plan
constitute a special incentive payment to the Participant and shall not be taken into account, to the extent permissible under applicable
law, as compensation for purposes of any of the employee benefit plans of the Company or any Subsidiary except as may be determined by
the Administrator.

 

    	 

    	 

    

 

13.8.
Other Plans. Options may continue to be granted under the Prior Plan and the Other Plan. Additionally, nothing contained in
the Plan shall prevent the Board from adopting other or additional compensation arrangements, subject to shareholder approval if such
approval is required; and such arrangements may be either generally applicable or applicable only in specific cases.

 

13.9.
Severability. If any provision of the Plan shall be held unlawful or otherwise invalid or unenforceable in whole or in part
by a court of competent jurisdiction, such provision shall (a) be deemed limited to the extent that such court of competent jurisdiction
deems it lawful, valid and/or enforceable and as so limited shall remain in full force and effect, and (b) not affect any other provision
of the Plan or part thereof, each of which shall remain in full force and effect. If the making of any payment or the provision of any
other benefit required under the Plan shall be held unlawful or otherwise invalid or unenforceable by a court of competent jurisdiction,
such unlawfulness, invalidity or unenforceability shall not prevent any other payment or benefit from being made or provided under the
Plan, and if the making of any payment in full or the provision of any other benefit required under the Plan in full would be unlawful
or otherwise invalid or unenforceable, then such unlawfulness, invalidity or unenforceability shall not prevent such payment or benefit
from being made or provided in part, to the extent that it would not be unlawful, invalid or unenforceable, and the maximum payment or
benefit that would not be unlawful, invalid or unenforceable shall be made or provided under the Plan.

 

13.10.
Construction. As used in the Plan, the words “include” and “including,” and variations
thereof, shall not be deemed to be terms of limitation, but rather shall be deemed to be followed by the words “without limitation.”

 

13.11.
Unfunded Status of the Plan. The Plan is intended to constitute an “unfunded” plan for incentive compensation.
With respect to any payments not yet made to a Participant by the Company, nothing contained herein shall give any such Participant any
rights that are greater than those of a general creditor of the Company. In its sole discretion, the Administrator may authorize the
creation of trusts or other arrangements to meet the obligations created under the Plan to deliver the Shares or payments in lieu of
or with respect to Awards hereunder; provided, however, that the existence of such trusts or other arrangements is consistent with the
unfunded status of the Plan.

 

13.12.
Governing Law. The Plan and all determinations made and actions taken thereunder, to the extent not otherwise governed by
the Code or the laws of the United States, shall be governed by the laws of the State of Utah, without reference to principles of conflict
of laws, and construed accordingly.

 

13.13.
Effective Date of Plan; Termination of Plan. The Plan shall be effective on the date of the approval of the Plan by the holders
of a majority of the Company Voting Securities voted at a duly constituted meeting of the shareholders of the Company. The Plan shall
be null and void and of no effect if the foregoing condition is not fulfilled and no Award shall be granted until the shareholders of
the Company approve the Plan. Awards may be granted under the Plan at any time and from time to time following shareholder approval of
the Plan until the tenth anniversary of the effective date of the Plan, on which date the Plan will expire except as to Awards then outstanding
under the Plan. Such outstanding Awards shall remain in effect until they have been exercised or terminated, or have expired.

 

    	 

    	 

    

 

13.14.
Foreign Employees and Sub-Plans.

 

(a)
Awards may be granted to Participants who are foreign nationals or employed outside the United States, or both, on such terms and conditions
different from those applicable to Awards to Employees employed in the United States as may, in the judgment of the Administrator, be
necessary or desirable in order to recognize differences in local law or tax policy. The Administrator also may impose conditions on
the exercise or vesting of Awards in order to minimize the Company’s obligation with respect to tax equalization for Employees
on assignments outside their home country.

 

(b)
The Administrator may from time to time establish sub-plans under the Plan for purposes of satisfying foreign or state blue sky, securities,
tax, employment, privacy or other laws of various jurisdictions in which the Company intends to grant Awards. Any sub-plans shall contain
such limitations and other terms and conditions as the Administrator determines are necessary or desirable. All sub-plans shall be deemed
a part of the Plan, but each sub-plan shall apply only to the Participants in the jurisdiction for which the sub-plan was designed.

 

13.15.
Compliance with Section 409A of the Code; Taxes. 

 

(a)
The Plan is intended to comply with Section 409A of the Code to the extent subject thereto, and, accordingly, to the maximum extent permitted,
the Plan shall be interpreted and administered to be in compliance therewith. Any payments described in the 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 laws require otherwise. In no event may any Participant, directly or indirectly, designate the calendar year of any payment
to be made under this Plan or any Award Agreement hereunder which constitutes deferred compensation within the meaning of Section 409A
of the Code. Notwithstanding anything to the contrary in the Plan, to the extent required to avoid accelerated taxation and taxation
under Section 409A of the Code, amounts that would otherwise be payable and benefits that would otherwise be provided pursuant to the
Plan during the six (6) month period immediately following the Participant’s termination of Continuous Service shall instead be
paid on the first payroll date after the six-month anniversary of the Participant’s separation from service (or the Participant’s
death, if earlier).

 

(b)
Notwithstanding the foregoing or any other provision of the Plan or any other agreement, neither the Company, any Subsidiary, the Administrator,
nor any of their respective directors, officers, employees or agents shall have any obligation to take any action to prevent the assessment
of any tax or penalty on any Participant under Section 409A of the Code or otherwise with respect to the Plan or any Award. Neither the
Company, any Subsidiary, the Administrator, nor any of their respective directors, officers, employees or agents shall have any liability
to any Participant or any other Person if an Option designated as an Incentive Stock Option fails to qualify as such at any time. Neither
the Company, any Subsidiary, the Administrator, nor any of their respective directors, officers, employees or agents has any liability
or obligation to indemnify, reimburse, gross-up or compensate any Participant for any taxes or tax-related penalties, interest and other
costs arising out of or resulting from the Plan or any Award, including any taxes under Sections 409A and 4999 of the Code.

 

13.16.
Captions. The captions in the Plan are for convenience of reference only, and are not intended to narrow, limit or affect
the substance or interpretation of the provisions contained herein.

 

13.17.
Beneficiary Designation. Each Participant under the Plan may from time to time name any beneficiary or beneficiaries by whom
any Award under the Plan is to be exercised (or to whom any amount or Shares are to be paid or issued) in case of such Participant’s
death. Each designation will revoke all prior designations by the same Participant, shall be in a form reasonably prescribed by the Administrator
and shall be effective only when filed by the Participant in writing with the Company during the Participant’s lifetime.Exhibit 4.1

Exhibit 4.1

 

FIRST ENERGY METALS LTD.

 

STOCK
OPTION PLAN

 

		1.	PURPOSE OF THE PLAN

 

The Company
hereby establishes a stock option plan for directors, senior officers, Employees, Management Company Employees and Consultants (as such
terms are defined below) of the Company and its subsidiaries (collectively “Eligible Persons”), to be known as the “2020
Stock Option Plan” (the “Plan”).

 

The purpose of the Plan is to give to Eligible Persons, as additional compensation,
the opportunity to participate in the success of the Company by granting to such individuals options, exercisable over periods of up to
ten (10) years as determined by the board of directors of the Company, to buy shares of the Company at a price not less than the Market
Price prevailing on the date the option is granted less the applicable discount, if any, permitted by the policies of the Canadian Securities
Exchange (“CSE”) and approved by the Board.

 

		2.	DEFINITIONS

 

In this Plan, the following terms shall
have the following meanings:

 

		2.1	“Associate” means an “Associate”
as defined in the CSE Policies.

 

		2.2	“Black-Out Period” means a period of time
during which, pursuant to the policies of the Company, trading in Shares or Options is prohibited or restricted.

 

		2.3	“Board” means the Board of Directors of
the Company as constituted from time to time.

 

		2.4	“Change of Control” means the acquisition
by any person or by any person and all Joint Actors, whether directly or indirectly, of voting securities (as defined in the Securities
Act) of the Company, which, when added to all other voting securities of the Company at the time held by such person or by such person
and its Joint Actors, totals for the first time not less than fifty percent (50%) of the outstanding voting securities of the Company
or the votes attached to those securities are sufficient, if exercised, to elect a majority of the Board.

 

		2.5	“Company” means First Energy Metals Ltd.
and its successors.

 

		2.6	“Consultant” means a “Consultant”
as defined in the CSE Policies.

 

		2.7	“Consultant Company” means a “Consultant
Company” as defined in the CSE Policies.

 

		2.8	“Disability” means any disability with respect
to an Optionee which the Board, in its sole and unfettered discretion, considers likely to prevent permanently the Optionee from:

 

		(a)	being employed or engaged by the Company, its subsidiaries or another employer,
in a position the same as or similar to that in which he was last employed or engaged by the Company or its subsidiaries; or

 

		(b)	acting as a director or officer of the Company or its subsidiaries.

 

		2.9	“Discounted Market Price” means, in respect
of Shares on a particular Grant Date, the Market Price less the maximum discount permitted by the. Exchange.

 

     

     

    

 

		2.10	“Disinterested Shareholder Approval” means
approval by a majority of the votes attaching to shares voted at a meeting of shareholders of the Company, excluding the votes attaching
to shares held by persons with an interest in the subject matter of the resolution, in accordance with CSE Policies.

 

		2.11	“Eligible Persons” has the meaning given
to that term in section 1 hereof.

 

		2.12	“Employee” means an “Employee”
as defined in the CSE Policies.

 

		2.13	“Entity” means a “Company”
as defined in the CSE Policies.

 

		2.14	“Exchange” means the Canadian Securities
Exchange and, if applicable, any other stock exchange on which the Shares are listed.

 

		2.15	Exchange Hold Period” has the meaning assigned
to it from time to time in the CSE Policies which, as of the date of this Plan, define it to mean a four-month resale restriction imposed
by the Exchange on:

 

		(i)	Listed Shares and securities convertible, exercisable or
exchangeable into Listed Shares (including Options) issued by a Company to:

 

		(A)	directors, officers and Promoters of the Company; or

 

		(B)	to Persons holding securities carrying more than 10% of the
voting rights attached to the Company’s securities both immediately before and after the transaction in which securities are issued,
and who have elected or appointed or have the right to elect or appoint one or more directors or senior officers of the Company;

 

except in the case of securities
whose distribution was qualified by a Prospectus or were issued under a securities exchange take-over bid, rights offering or pursuant
to an amalgamation or other statutory procedure;

 

		(ii)	Listed Shares issued to any Person at a price or deemed price that is at a discount
of more than 10% to the applicable Market Price except in the case of securities whose distribution was qualified by a Prospectus or were
issued under a securities exchange take-over bid, rights offering or pursuant to an amalgamation or other statutory procedure; and

 

		(iii)	Options granted by a Company to any Person with an exercise price that is less
than the applicable Market Price;

 

and capitalized terms used in this
definition and not defined in this Option Plan have the meanings assigned to them in the CSE Policies.

 

		2.16	“Expiry Date” means, in respect of an Option,
the date set by the Board under paragraph 3.1 of the Plan as the last date on which such Option may be exercised, as may be extended
in accordance with paragraph 4.5 of the Plan.

 

    2

     

    

 

		2.17	“Expiry Time” means, in respect of an Option,
4:00 p.m. Pacific Time on the Expiry Date of such Option.

 

		2.18	“Grant Date” means, in respect of an Option,
the date on which such Option is granted, as shall be specified in the Option Agreement for such Option.

 

		2.19	“Insider” means an “Insider” as
defined in the CSE Policies.

 

		2.20	“Investor Relations Activities” means “Investor
Relations Activities” as defined in the CSE Policies.

 

		2.21	“Joint Actor” means a person “acting
jointly or in concert” with another person as that phrase is interpreted in Multilateral Instrument 62-104 Take-Over Bids and
Issuer Bids.

 

		2.22	“Management Company Employee” means a “Management
Company Employee” as defined in the CSE Policies.

 

		2.23	“Market Price” means, in respect of Shares
on a particular Grant Date, the closing price per Share on the last day on which Shares were traded immediately prior to either: (a)
the day on which the Company announces the grant of the Option; or (b) if the grant is not announced, on the Grant Date. If the Shares
are not listed on any stock exchange, “Market Price” of Shares means the price per Share on the over-the-counter market
determined by dividing the aggregate sale price of the Shares sold by the total number of such Shares so sold on the applicable market
for the last day prior to the Grant Date.

 

		2.24	“Option” means an option to purchase Shares
granted pursuant to, or otherwise subject to, this Plan.

 

		2.25	“Option Agreement” means an agreement, in
the form attached hereto as Schedule “A”, whereby the Company grants to an Optionee an Option.

 

		2.26	“Optionee” means each of the Eligible Persons
granted an Option pursuant to this Plan and their heirs, executors and administrators.

 

		2.27	“Option Price” means the exercise price
of an Option, being the per Share price at which the Optionee may acquire Option Shares pursuant to the exercise of such Option, such
price to be specified in the Option Agreement for such Option, as may adjusted from time to time in accordance with the provisions of
section 5.

 

		2.28	“Option Shares” means the Shares which an
Optionee may purchase under an Option.

 

		2.29	“Person” means a “Person”
as defined in the CSE Policies.

 

		2.30	“Plan” means this 2020 Stock Option Plan.

 

		2.31	“Shares” means the common shares in the
capital of the Company as constituted on the Grant Date, provided that, in the event of any adjustment pursuant to section 5, “Shares”
shall thereafter mean the shares or other property resulting from the events giving rise to the adjustment.

 

		2.32	“Securities Act” means the Securities
Act, R.S.B.C. 1996, c.418, as amended, as at the date hereof.

 

    3

     

    

 

		2.33	“CSE Policies” means the policies included in the Canadian Securities
Exchange Corporate Finance Manual and “CSE Policy” means any one of them.

 

		2.34	“Unissued Option Shares” means the number of Shares, at a particular
time, which has been reserved for issuance upon the exercise of an Option but which have not been issued, as adjusted from time to time
in accordance with the provisions of section 5, such adjustments to be cumulative.

 

		2.35	“Vested” means that an Option has become exercisable in respect
of a number of Option Shares by the Optionee pursuant to the terms of the Option Agreement.

 

		3.	GRANT OF OPTIONS

 

		3.1	Option Terms

 

Pursuant to
paragraph 6.3 of the Plan, the Board shall have the authority to issue Options and set the terms of Options in accordance with the terms
of the Plan and applicable policies of the Exchange.

 

The Board
may from time to time authorize the issue of Options to Eligible Persons. The Option Price for each Option shall be not less than the
Discounted Market Price on the Grant Date.

 

Options
shall be subject to an Exchange Hold Period in circumstances prescribed by CSE Policies, and all Option Agreements relating to Options
which are subject to an Exchange Hold Period, and certificates representing Option Shares issued pursuant to the exercise of such Options
prior to the expiry of such Exchange Hold Period, shall bear the Exchange Hold Period legend as well as any legends required by applicable
laws.

 

The Expiry
Date for each Option shall be set by the Board at the time of issue of the Option and shall not be more than ten (10) years after the
Grant Date, subject to the operation of paragraph 4.5. Options shall not be assignable (or transferable) by the Optionee.

 

		3.2	Previously Granted Options

 

In the event
that on the date this Plan is implemented and effective (the “Effective Date”) there are outstanding stock options (the
“Pre-Existing Options”) that were previously granted by the Company pursuant to any stock option plan in place prior
to the Effective Date (a “Pre-Existing Plan”), all such Pre-Existing Options shall, effective as of the Effective Date,
be governed by and subject to the terms of the Plan.

 

		3.3	Limits on Shares Issuable on Exercise of Options

 

The maximum
number of Option Shares which may be reserved for issuance pursuant to Options granted under this Plan and all of the Company’s other
previously established or proposed share compensation arrangements:

 

		(a)	shall not, in aggregate, exceed
that number which is equal to 10% of the Shares which are issued and outstanding on the relevant Grant Date; and for greater certainty,
Shares which were previously subject to Options which have expired or been terminated on the relevant Grant Date shall not be included
in such percentage calculation;

 

    4

     

    

 

		(b)	to any Eligible Person within a 12-month period shall not
exceed 5% of the Shares which are issued and outstanding on the relevant Grant Date unless the Company has obtained Disinterested Shareholder
Approval;

 

		(c)	to any one Consultant within a 12-month period shall not
exceed 2% of the Shares which are issued and outstanding on the relevant Grant Date;

 

		(d)	to Eligible Persons employed by the Company to carry out
Investor Relations Activities shall not, in aggregate, exceed 2% of the Shares which are issued
and outstanding on the relevant Grant Date;

 

		(e)	to Insiders as a group shall not exceed 10% of the Shares
which are issued and outstanding on the relevant Grant Date unless the Company has obtained Disinterested Shareholder Approval; and

 

		(f)	to Insiders within a 12-month period shall not exceed 10%
of the Shares which are issued and outstanding on the relevant Grant Date unless the Company has obtained Disinterested Shareholder Approval;

 

and Options granted to Consultants
retained to carry out Investor Relations Activities must vest in stages over 12 months with no more than 25% of such Options becoming
Vested in any three-month period.

 

		3.4	Option Agreements

 

Each Option
shall be confirmed by the execution of an Option Agreement. Each Optionee shall have the option to purchase from the Company the Option
Shares at the time and in the manner set out in the Plan and in the Option Agreement applicable to that Optionee.

 

In respect
of Options granted to Employees, Consultants, Consultant Companies or Management Company Employees, the Company is representing herein
and in the applicable Option Agreement that the Optionee is a bona fide Employee, Consultant, Consultant Company or Management Company
Employee, as the case may be, of the Company or its subsidiary.

 

The execution
of an Option Agreement by the Company shall constitute conclusive evidence that the Options issued thereunder have been awarded in compliance
with this Plan.

 

		4.	EXERCISE OF OPTION

 

		4.1	When Options May be Exercised

 

Subject
to paragraphs 4.3, 4.4 and 4.5, including, without limitation: (i) any restriction (including vesting requirements) on the number or percentage
of Option Shares which may be purchased by the Optionee during any particular time period; (ii) any restriction on the exercise of Options
pursuant to the requirements of a Black-Out Period or any regulatory authority having jurisdiction; and (iii) termination of the Option
in accordance with the terms of the Plan, the unexercised portion of an Option may be exercised by the Optionee in whole or in part at
any time after the Grant Date up to the Expiry Time and shall not be exercisable thereafter.

 

    5

     

    

 

		4.2	Manner of Exercise

 

The Option
shall be exercisable by delivering to the Company written notice specifying the number of Option Shares in respect of which the Option
is being exercised together with payment in full of the Option Price for each such Option Share by way of certified cheque, bank draft,
money order or cash. Upon receipt of such notice and payment by the Company, there will be a binding contract for the issue of the Option
Shares in respect of which the Option is exercised, upon and subject to the provisions of the Plan. Upon an Optionee exercising an Option
and paying the Company the aggregate purchase price for the Option Shares in respect of which the Option has been exercised, the Company
shall as soon as practicable issue and deliver a certificate representing the Shares so purchased.

 

		4.3	Vesting of Option Shares

 

The Board,
subject to the policies of the Exchange, may determine and impose terms upon which each Option shall become Vested in respect of Option
Shares. Unless otherwise specified by the Board at the time of granting an Option, and subject to the other limits on Option grants set
out in paragraph 3.3 hereof, all Options granted under the Plan shall vest and become exercisable in full upon grant, except Options granted
to Consultants performing Investor Relations Activities, which Options must vest in stages over twelve months with no more than one-quarter
of the Options vesting in any three-month period. Notwithstanding the foregoing, in the event that a Pre-Existing Plan imposed vesting
requirements on a Pre-Existing Option, such vesting requirements must be satisfied before any such Pre- Existing Options shall become
Vested.

 

		4.4	Ceasing to be an Eligible Person and Death

 

		(a)	Death or Disability

 

If an Optionee
(or: (a) in the case of an Optionee that is not an individual, the person that controls such Optionee; or (b) in the case of an Optionee
that is a Consultant Company, all of the individuals who provide services to the Company or its subsidiaries on behalf of such Consultant
Company) shall die, any Option held by such Optionee at the date of death shall be exercisable in whole or in part only by the person
or persons to whom the rights of the Optionee under the Option shall pass by the will of the Optionee or the laws of descent and distribution
for a period ending on the earlier of: (a) one year after the date of death of the Optionee; and (b) the Expiry Time in respect of the
Option, and then only to the extent that such Optionee was entitled to exercise the Option at the date of death of such Optionee.

 

If the Optionee
ceases to be an Eligible Person, due to his or her Disability or, in the case of an Optionee that is a company, the Disability of the
person who provides management or consulting services to the Company or to any entity controlled by the Company, any Option held by such
Optionee at the date of Disability shall be exercisable in whole or in part for a period ending on the earlier of: (a) one year after
the date of Disability of the Optionee; and (b) the Expiry Time in respect of the Option, and then only to the extent that such Optionee
was entitled to exercise the Option at the date of Disability of such Optionee.

 

		(b)	Termination For Cause

 

If the
Optionee ceases to be an Eligible Person as a result of “termination for cause” of such Optionee by the Company or its
subsidiary (or in the case of an Optionee who is a Management Company Employee or Consultant, by the Optionee’s employer), as that
term is interpreted by the courts of the jurisdiction in which the Optionee is employed or engaged, any outstanding Option held by
such Optionee on the date of such termination, whether in respect of Option Shares that are Vested or not, shall be cancelled as of
that date.

 

    6

     

    

 

		(c)	Early Retirement, Voluntary Resignation or Termination
Other than For Cause

 

If the Optionee
ceases to be an Eligible Person due to his or her retirement at the request of his or her employer earlier than the normal retirement
date under the Company’s retirement policy then in force, or due to his or her voluntary resignation, or to his or her termination by
the Company or its subsidiary other than for cause (or, in the case of an Optionee who is a Management Company Employee or a Consultant,
the termination of the company providing management or consultant services to the Company or its subsidiary), any outstanding Option then
held by such Optionee shall be exercisable to acquire Vested Unissued Option Shares at any time up to but not after the earlier of: (i)
the Expiry Time; and (ii) the date that is 90 days (or 30 days if the Optionee was engaged in Investor Relations Activities) after the
Optionee ceases to be an Eligible Person.

 

		(d)	Spin-Out Transactions

 

If pursuant
to the operation of sub-paragraph 5.3(c) an Optionee receives options (the “New Options”) to purchase securities of another
company (the “New Company”) in respect of the Optionee’s Options (the “Subject Options”), the New Options
shall expire on the earlier of: (i) the Expiry Time of the Subject Options; (ii) if the Optionee does not become an Eligible Person in
respect of the New Company, the date that the Subject Options expire pursuant to sub-paragraph 4.4(a), (b) or (c), as applicable; (iii)
if the Optionee becomes an Eligible Person in respect of the New Company, the date that the New Options expire pursuant to the terms of
the New Company’s stock option plan that correspond to sub-paragraphs 4.4(a), (b) or (c) hereof; and (iv) the date that is one (1) year
after the Optionee ceases to be an Eligible Person in respect of the New Company or such shorter period as determined by the Board.

 

		(e)	Interpretation

 

For purposes
of this paragraph 4.4, the dates of death, Disability, termination, retirement, voluntary resignation, ceasing to be an Eligible Person
and incapacity shall be interpreted to be without regard to any period of notice (statutory or otherwise) or whether the Optionee or his
or her estate continues thereafter to receive any compensatory payments from the Company or is paid salary by the Company in lieu of notice
of termination.

 

For greater
certainty, an Option that had not become Vested in respect of certain Unissued Option Shares at the time that the relevant event referred
to in this paragraph 4.4 occurred, shall not be or become vested or exercisable in respect of such Unissued Option Shares and shall be
cancelled.

 

		4.5	Extension of Expiry Date During Black-Out Period

 

If the Expiry
Date in respect of any Option occurs during or within five (5) trading days following a Black-Out Period imposed by the Company, the Expiry
Date of the Option shall be automatically extended to the date that is ten (10) trading days following the end of such Black-Out Period
(the “Extension Period”); provided that if an additional Black-Out Period is subsequently imposed by the Company during
the Extension Period, then such Extension Period shall be deemed to commence following the end of such additional Black-Out Period to
enable the exercise of such Options within ten (10) trading days following the end of the last imposed Black-Out Period.

 

    7

     

    

 

		4.6	Effect of a Take-Over Bid

 

If a bona
fide offer (an “Offer”) for Shares is made to the Optionee or to shareholders of the Company generally or to a class
of shareholders which includes the Optionee, which Offer, if accepted in whole or in part, would result in the offeror becoming a control
person of the Company, within the meaning of subsection 1(1) of the Securities Act, the Company shall, immediately upon receipt of notice
of the Offer, notify each Optionee of full particulars of the Offer, whereupon (subject to the approval of the Exchange) all Option Shares
subject to such Option will become Vested and the Option may be exercised in whole or in part by the Optionee so as to permit the Optionee
to tender the Option Shares received upon such exercise, pursuant to the Offer. However, if:

 

		(a)	the Offer is not completed within the time specified therein;
or

 

		(b)	all of the Option Shares tendered by the Optionee pursuant
to the Offer are not taken up or paid for by the offeror in respect thereof,

 

then the Option
Shares received upon such exercise, or in the case of sub-paragraph (b) above, the Option Shares that are not taken up and paid for, may
be returned by the Optionee to the Company and reinstated as authorized but unissued Shares and with respect to such returned Option Shares,
the Option shall be reinstated as if it had not been exercised and the terms upon which such Option Shares were to become Vested pursuant
to paragraph 4.3 shall be reinstated. If any Option Shares are returned to the Company under this paragraph 4.6, the Company shall immediately
refund the exercise price to the Optionee for such Option Shares.

 

		4.7	Acceleration of Expiry Date

 

If at any time
when an Option granted under the Plan remains unexercised with respect to any Unissued Option Shares, an Offer is made by an offeror,
the Board may, upon notifying each Optionee of full particulars of the Offer, declare all Option Shares issuable upon the exercise of
Options granted under the Plan, Vested, and declare that the Expiry Date for the exercise of all unexercised Options granted under the
Plan is accelerated so that all Options will either be exercised or will expire prior to the date upon which Shares must be tendered pursuant
to the Offer, provided that any accelerated vesting of Options granted to Consultants performing Investor Relations Activities shall be
subject to the prior written approval of the Exchange. The Board shall give each Optionee as much notice as possible of the acceleration
of the Options under this paragraph, except that not less than 5 business days’ and not more than 35 days’ notice
is required.

 

		4.8	Compulsory Acquisition or Going Private Transaction

 

If and whenever,
following a take-over bid or issuer bid, there shall be a compulsory acquisition of the Shares of the Company pursuant to Division 6 of
the Business Corporations Act (British Columbia) or any successor or similar legislation, or any amalgamation, merger or arrangement
in which securities acquired in a formal take-over bid may be voted under the conditions described in Section 8.2 of Multilateral Instrument
61-101 Protection of Minority Security Holders in Special Transactions, then following the date upon which such compulsory acquisition,
amalgamation, merger or arrangement is effective, an Optionee shall be entitled to receive, and shall accept, for the same exercise price,
in lieu of the number of Shares to which such Optionee was theretofore entitled to purchase upon the exercise of his or her Options, the
aggregate amount of cash, shares, other securities or other property which such Optionee would have been entitled to receive as a result
of such bid if he or she had tendered such number of Shares to the take-over bid.

 

    8

     

    

 

		4.9	Effect of a Change of Control

 

If a Change
of Control occurs, all Option Shares subject to each outstanding Option will become Vested, whereupon such Option may be exercised in
whole or in part by the Optionee, subject to the approval of the Exchange, if necessary.

 

		4.10	Exclusion From Severance Allowance, Retirement Allowance
or Termination Settlement

 

If the Optionee
retires, resigns or is terminated from employment or engagement with the Company or any subsidiary of the Company (including, in the case
of a Management Company Employee or Consultant, termination of the company providing such management or consulting services to the Company
or its subsidiary), the loss or limitation, if any, pursuant to the Option Agreement with respect to the right to purchase Option Shares
which were not Vested at that time or which, if Vested, were cancelled, shall not give rise to any right to damages and shall not be included
in the calculation of nor form any part of any severance allowance, retiring allowance or termination settlement of any kind whatsoever
in respect of such Optionee.

 

		4.11	Shares Not Acquired

 

Any Unissued
Option Shares not acquired by an Optionee under an Option which has expired may be made the subject of a further Option pursuant to the
provisions of the Plan.

 

		5.	ADJUSTMENT OF OPTION PRICE AND NUMBER OF OPTION SHARES

 

		5.1	Share Reorganization

 

Whenever the
Company issues Shares to all or substantially all holders of Shares by way of a stock dividend or other distribution, or subdivides all
outstanding Shares into a greater number of Shares, or combines or consolidates all outstanding Shares into a lesser number of Shares
(each of such events being herein called a “Share Reorganization”) then effective immediately after the record date for
such dividend or other distribution or the effective date of such subdivision, combination or consolidation, for each Option:

 

		(a)	the Option Price will be adjusted to a price per Share which
is the product of:

 

		(i)	the Option Price in effect immediately before that effective
date or record date; and

 

		(ii)	a fraction, the numerator of which is the total number of Shares outstanding on
that effective date or record date before giving effect to the Share Reorganization, and the denominator of which is the total number
of Shares that are or would be outstanding immediately after such effective date or record date after giving effect to the Share Reorganization;
and

 

		(b)	the number of Unissued Option Shares will be adjusted by
multiplying (i) the number of Unissued Option Shares immediately before such effective date or record date by (ii) a fraction which is
the reciprocal of the fraction described in clause (a)(ii).

 

    9

     

    

 

		5.2	Special Distribution

 

Subject to the
prior approval of the Exchange, whenever the Company issues by way of a dividend or otherwise distributes to all or substantially all
holders of Shares;

 

		(a)	shares of the Company, other than the Shares;

 

		(b)	evidences of indebtedness;

 

		(c)	any cash or other assets, excluding cash dividends (other
than cash dividends which the Board has determined to be outside the normal course); or

 

		(d)	rights, options or warrants;

 

then to the extent that such
dividend or distribution does not constitute a Share Reorganization (any of such non-excluded events being herein called a “Special
Distribution”), and effective immediately after the record date at which holders of Shares are determined for purposes of the
Special Distribution, for each Option the Option Price will be reduced, and the number of Unissued Option Shares will be correspondingly
increased, by such amount, if any, as is determined by the Board in its sole and unfettered discretion to be appropriate in order to properly
reflect any diminution in value of the Option Shares as a result of such Special Distribution.

 

		5.3	Corporate Organization

 

Whenever there is:

 

		(a)	a reclassification of outstanding Shares, a change of Shares
into other shares or securities, or any other capital reorganization of the Company, other than as described in paragraphs 5.1 or 5.2;

 

		(b)	a consolidation, merger or amalgamation of the Company with or into another corporation
resulting in a reclassification of outstanding Shares into other shares or securities or a change of Shares into other shares or securities;

 

		(c)	an arrangement or other transaction under which, among other things, the business
or assets of the Company become, collectively, the business and assets of two or more companies with the same shareholder group upon the
distribution to the Company’s shareholders, or the exchange with the Company’s shareholders, of securities of the Company, or securities
of another company, or both; or

 

		(d)	a transaction whereby all or substantially all of the Company’s undertaking and
assets become the property of another corporation;

 

(any such event
being herein called a “Corporate Reorganization”) the Optionee will have an option to purchase (at the times, for the
consideration, and subject to the terms and conditions set out in the Plan) and will accept on the exercise of such option, in lieu of
the Unissued Option Shares which he would otherwise have been entitled to purchase, the kind and amount of shares or other securities
or property that he would have been entitled to receive as a result of the Corporate Reorganization if, on the effective date thereof,
he had been the holder of all Unissued Option Shares or if appropriate, as otherwise determined by the Board.

 

    10

     

    

 

		5.4	Determination of Option Price and Number of Unissued Option
Shares

 

If any questions
arise at any time with respect to the Option Price or number of Unissued Option Shares deliverable upon exercise of an Option following
a Share Reorganization, Special Distribution or Corporate Reorganization, such questions shall be conclusively determined by the Company’s
auditor, or, if they decline to so act, any other firm of Chartered Accountants in Vancouver, British Columbia, that the Board may designate
and who will have access to all appropriate records and such determination will be binding upon the Company and all Optionees.

 

		5.5	Regulatory Approval

 

Any adjustment
to the Option Price or the number of Unissued Option Shares purchasable under the Plan pursuant to the operation of any one of paragraphs
5.1, 5.2 or 5.3 is subject to the approval of the Exchange and any other governmental authority having jurisdiction.

 

		6.	MISCELLANEOUS

 

		6.1	Right to Employment

 

Neither this
Plan nor any of the provisions hereof shall confer upon any Optionee any right with respect to employment or continued employment with
the Company or any subsidiary of the Company or interfere in any way with the right of the Company or any subsidiary of the Company to
terminate such employment.

 

		6.2	Necessary Approvals

 

The Plan shall
be effective only upon the approval of the shareholders of the Company given by way of an ordinary resolution. Any Options granted under
this Plan prior to such approval shall only be exercised upon the receipt of such approval. Disinterested Shareholder Approval (as required
by the Exchange) will be obtained for any reduction in the exercise price of any Option granted under this Plan if the Optionee is an
Insider of the Company at the time of the proposed amendment. The obligation of the Company to sell and deliver Shares in accordance with
the Plan is subject to the approval of the Exchange and any governmental authority having jurisdiction. If any Shares cannot be issued
to any Optionee for any reason, including, without limitation, the failure to obtain such approval, then the obligation of the Company
to issue such Shares shall terminate and any Option Price paid by an Optionee to the Company shall be immediately refunded to the Optionee
by the Company.

 

		6.3	Administration of the Plan

 

The Board shall,
without limitation, have full and final authority in their discretion, but subject to the express provisions of the Plan, to interpret
the Plan, to prescribe, amend and rescind rules and regulations relating to the Plan and to make all other determinations deemed necessary
or advisable in respect of the Plan. Except as set forth in paragraph 5.4, the interpretation and construction of any provision of the
Plan by the Board shall be final and conclusive. Administration of the Plan shall be the responsibility of the appropriate officers of
the Company and all costs in respect thereof shall be paid by the Company.

 

    11

     

    

 

		6.4	Withholding Taxes

 

The Company
or any subsidiary of the Company may take such steps as are considered necessary or appropriate for the withholding and/or remittance
of any taxes which the Company or any subsidiary of the Company is required by any law or regulation of any governmental authority whatsoever
to withhold and/or remit in connection with any Option or Option exercise including, without limiting the generality of the foregoing,
the withholding and/or remitting of all or any portion of any payment or the withholding of the issue of Common Shares to be issued upon
the exercise of any Option until such time as the Optionee has paid to the Company or any subsidiary of the Company (in addition to the
exercise price payable for the exercise of Options) the amount which the Company or subsidiary of the Company reasonably determines is
required to be withheld and/or remitted with respect to such taxes.

 

		6.5	Amendments to the Plan

 

The Board
may from time to time, subject to applicable law and to the prior approval, if required, of the shareholders, the Exchange or any other
regulatory body having authority over the Company or the Plan, suspend, terminate or discontinue the Plan at any time, or amend or revise
the terms of the Plan or of any Option granted under the Plan and the Option Agreement relating thereto, provided that no such amendment,
revision, suspension, termination or discontinuance shall in any manner adversely affect any Option previously granted to an Optionee
under the Plan without the consent of that Optionee.

 

		6.6	Form of Notice

 

A notice
given to the Company shall be in writing, signed by the Optionee and delivered to the head business office of the Company.

 

		6.7	No Representation or Warranty

 

The Company
makes no representation or warranty as to the future market value of any Shares issued in accordance with the provisions of the Plan.

 

		6.8	Compliance with Applicable Law

 

If any provision
of the Plan or any Option Agreement contravenes any law or any order, policy, by-law or regulation of any regulatory body or Exchange
having authority over the Company or the Plan, then such provision shall be deemed to be amended to the extent required to bring such
provision into compliance therewith.

 

		6.9	No Assignment

 

No Optionee may assign any of his
or her rights under the Plan or any option granted thereunder.

 

		6.10	Rights of Optionees

 

An Optionee
shall have no rights whatsoever as a shareholder of the Company in respect of any of the Unissued Option Shares (including, without limitation,
voting rights or any right to receive dividends, warrants or rights under any rights offering).

 

    12

     

    

 

		6.11	Conflict

 

In the event
of any conflict between the provisions of this Plan and an Option Agreement, the provisions of this Plan shall govern.

 

		6.12	Governing Law

 

The Plan and
each Option Agreement issued pursuant to the Plan shall be governed by the laws of the province of British Columbia.

 

		6.13	Time of Essence

 

Time is of the
essence of this Plan and of each Option Agreement. No extension of time will be deemed to be or to operate as a waiver of the essentiality
of time.

 

		6.14	Entire Agreement

 

This Plan and
the Option Agreement sets out the entire agreement between the Company and the Optionees relative to the subject matter hereof and supersedes
all prior agreements, undertakings and understandings, whether oral or written.

 

Approved by the Board of Directors
on May 24, 2011

 

Approved by the Shareholders on June 23, 2011

 

Approved by the Shareholders on December 13, 2012

 

Approved, as amended, by the Board of Directors on
August 28, 2013

 

Approved, as amended, by the Shareholders on September 27, 2013

 

Approved, as amended, by the Shareholders on December
8, 2017

 

Approved, as amended, by the Shareholders on December
4, 2020

 

    13

     

    

 

SCHEDULE “A”

 

FIRST ENERGY METALS LTD.

 

STOCK OPTION PLAN - OPTION
AGREEMENT

 

[The
following legend is required in respect of Options with an Option Price based on the Discounted Market Price: Without prior written
approval of the Canadian Securities Exchange and compliance with all applicable securities legislation, the securities represented by
this agreement and any securities issued upon exercise thereof may not be sold, transferred, hypothecated or otherwise traded on or through
the facilities of the Canadian Securities Exchange or otherwise in Canada or to or for the benefit of a Canadian resident until l,
20l [four months and one day
after the date of grant].]

 

This Option Agreement is entered
into between l (the “Company”) and the Optionee named below

 pursuant to the Company’s
Stock Option Plan (the “Plan”), a copy of which is attached hereto, and confirms that:

 

		1.	on l, 20l (the “Grant Date”);

 

		2.	l (the “Optionee”);

 

		3.	was granted the option (the “Option”) to purchase l
Common Shares (the “Option Shares”) of the Company;

 

		4.	for the price (the “Option Price”) of $l per share;

 

		5.	which shall be exercisable immediately commencing on the Grant Date [OR set forth applicable vesting
schedule];

 

		6.	terminating on the l, 20l (the “Expiry
Date”);

 

all on the terms and subject to the conditions set out in
the Plan. For greater certainty, Option Shares continue to be exercisable until the termination or cancellation thereof as provided in
this Option Agreement and the Plan.

 

The Optionee
acknowledges that any Option Shares received by him upon exercise of the Option have not been registered under the United States Securities
Act of 1933, as amended, or the Blue Sky laws of any state (collectively, the “Securities Acts”). The Optionee acknowledges
and understands that the Company is under no obligation to register, under the Securities Acts, the Option Shares received by him or to
assist him in complying with any exemption from such registration if he should at a later date wish to dispose of the Option Shares.

 

The Optionee
acknowledges that the Optionee has had adequate opportunity to obtain advice of independent tax counsel with respect to the tax treatment
of the Option.

 

By signing
this Option Agreement, the Optionee acknowledges that the Optionee has read and understands the Plan and agrees to the terms and conditions
of the Plan and this Option Agreement.

 

Acknowledgement – Personal Information

 

The Optionee hereby acknowledges and consents to:

 

		(a)	the disclosure to the Canadian Securities Exchange and all
other regulatory authorities of all personal information of the undersigned obtained by the Company; and

 

		(b)	the collection, use and disclosure of such personal information
by the Canadian Securities Exchange and all other regulatory authorities in accordance with their requirements, including the provision
to third party service providers, from time to time.

 

IN WITNESS WHEREOF the parties hereto have executed this
Option Agreement as of the l day of l, 20l.

 

	 	 	FIRST ENERGY METALS LTD.
	 	 	 
	Signature 	 	 
	 	 	 
	Print Name	 	Per:	 
	 	 	Authorized Signatory
	Address	 	 

 

    14

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