Document:

Enertopia Corporation - Exhibit 10.1 - Filed by newsfilecorp.com

STOCK OPTION AGREEMENT 

ENERTOPIA CORP. 

THIS AGREEMENT is entered into as of the 19th day of March,
2011 (the “Date of Grant”) 

BETWEEN: 

ENERTOPIA CORP., a company
incorporated pursuant to the laws of the State of Nevada, of Suite 950 1130 West
Pender, Vancouver, BC V6E 4A4 

(the “Company”) 

AND: 

(the “Optionee”) 

WHEREAS: 

A. The Board of Directors of the Company (the “Board”) has
approved and adopted the 2011 Stock Option Plan (the “Plan”), pursuant to which
the Board is authorized to grant to employees and other selected persons stock
options to purchase common shares of the Company (the “Common Stock”); 

B. The Plan provides for the granting of stock options that
either (i) are intended to qualify as “Incentive Stock Options” within the
meaning of Section 422 of the Internal Revenue Code of 1986, as amended (the
“Code”), or (ii) do not qualify under Section 422 of the Code (“Non-Qualified
Stock Options”); and 

C. The Board has authorized the grant to the Optionee of
options to purchase a total of XXX shares of Common Stock (the “Options”), which
Options are intended to be (select one): 

[     ] Incentive
Stock Options; 

[ X ] Qualified Stock Options 

NOW THEREFORE, the Company agrees to offer to the Optionee the
option to purchase, upon the terms and conditions set forth herein and in the
Plan, XXX shares of Common Stock. Capitalized terms not otherwise defined
herein shall have the meanings ascribed thereto in the Plan. 

ITEM 1 Exercise price. The exercise price of the options shall
be us $0.15 per share. 

ITEM 2 Limitation on the number of shares. If the options
granted hereby are incentive stock options, the number of shares which may be
acquired upon exercise thereof is subject to the limitations set forth in
section 5.1 of the plan. 

ITEM 3 Vesting schedule. The options shall vest in accordance
with exhibit a. 

ITEM 4 Options not transferable. The options may not be
transferred, assigned, pledged or hypothecated in any manner (whether by
operation of law or otherwise) other than by will, by applicable laws of descent
and distribution or, in the case of a non-qualified stock option, pursuant to a
qualified domestic relations order, and shall not be subject to execution,
attachment or similar process; provided, however, that if the options
represent a non-qualified stock option, such option is transferable without
payment of consideration to immediate family members of the optionee or to
trusts or partnerships established exclusively for the benefit of the optionee
and optionee’s immediate family members. Upon any attempt to transfer, pledge,
hypothecate or otherwise dispose of any option or of any right or privilege
conferred by the plan contrary to the provisions thereof, or upon the sale, levy
or attachment or similar process upon the rights and privileges conferred by the
plan, such option shall thereupon terminate and become null and void. 

ITEM 5 Investment intent. By accepting the options, the
optionee represents and agrees that none of the shares of common stock purchased
upon exercise of the options will be distributed in violation of applicable
federal and state laws and regulations. In addition, the company may require, as
a condition of exercising the options, that the optionee execute an undertaking,
in such a form as the company shall reasonably specify, that the stock is being
purchased only for investment and without any then-present intention to sell or
distribute such shares. 

ITEM 6 Termination of employment and options. Vested options
shall terminate, to the extent not previously exercised, upon the occurrence of
the first of the following events: 

	 	(A) 	
      Expiration. Five (5) years from the date of
  grant.

	 	 	 
	 	(B) 	
      Termination for cause. The date of the first discovery by
      the company of any reason for the termination of an optionee’s employment
      or contractual relationship with the company or any related company for
      cause (as determined in the sole discretion of the plan administrator),
      and, if an optionee’s employment is suspended pending any investigation by
      the company as to whether the optionee’s employment should be terminated
      for cause, the optionee’s rights under this agreement and the plan shall
      likewise be suspended during the period of any such
  investigation.

	 	 	 
	 	(C) 	
      Termination due to death or disability. The expiration of
      one (1) year from the date of the death of the optionee or cessation of an
      optionee’s employment or contractual relationship by reason of disability
      (as defined in section 5.1(g) of the plan). If an optionee’s employment or
      contractual relationship is terminated by death, any option held by the
      optionee shall be exercisable only by the person
or persons to whom such optionee’s rights under such option
      shall pass by the optionee’s will or by the laws of descent and
      distribution.

	 	 	 
	 	(D) 	
      Termination for any other reason. The expiration of
      ninety (90) days from the date of an optionee’s termination of employment
      or contractual relationship with the company or any related corporation
      for any reason whatsoever other than termination of service as a director,
      cause, death or disability (as defined in section 5.1(g) of the
    plan).

Each unvested Option granted pursuant hereto shall terminate
immediately upon termination of the Optionee’s employment or contractual
relationship with the Company for any reason whatsoever, including Disability
unless vesting is accelerated in accordance with Section 5.1(f) of the Plan.

ITEM 7 Stock. In the case of any stock split, stock
dividend or like change in the nature of shares of stock covered by this
agreement, the number of shares and exercise price shall be proportionately
adjusted as set forth in section 5.1(m) of the plan. 

ITEM 8 Exercise of option. Options shall be exercisable,
in full or in part, at any time after vesting, until termination; provided,
however, that any optionee who is subject to the reporting and liability
provisions of section 16 of the securities exchange act of 1934 with
respect to the common stock shall be precluded from selling or transferring any
common stock or other security underlying an option during the six (6) months
immediately following the grant of that option. If less than all of the shares
included in the vested portion of any option are purchased, the remainder may be
purchased at any subsequent time prior to the expiration of the option term. No
portion of any option for less than fifty (50) shares (as adjusted pursuant to
section 5.1(m) of the plan) may be exercised; provided, that if the vested
portion of any option is less than fifty (50) shares, it may be exercised with
respect to all shares for which it is vested. Only whole shares may be issued
pursuant to an option, and to the extent that an option covers less than one (1)
share, it is unexercisable. 

Each exercise of the Option shall be by means of delivery of a
notice of election to exercise (which may be in the form attached hereto as
Exhibit B) to the President of the Company at its principal executive
office, specifying the number of shares of Common Stock to be purchased and
accompanied by payment in cash by certified check or cashier’s check in the
amount of the full exercise price for the Common Stock to be purchased. In
addition to payment in cash by certified check or cashier’s check, an Optionee
or transferee of an Option may pay for all or any portion of the aggregate
exercise price by complying with one or more of the following alternatives: 

	 	(A) 	
      By delivering to the company shares of common stock
      previously held by such person, duly endorsed for transfer to the company,
      or by the company withholding shares of common stock otherwise deliverable
      pursuant to exercise of the option, which shares of common stock received
      or withheld shall have a fair market value at the date of exercise (as
      determined by the plan administrator) equal to
the equal to the aggregate purchase price to be paid by the
      optionee upon such exercise; or

	 	 	 
	 	(B) 	
      By complying with any other payment mechanism approved by
      the plan administrator at the time of exercise.

It is a condition precedent to the issuance of shares of Common
Stock that the Optionee execute and/or deliver to the Company all documents and
withholding taxes required in accordance with Section 5.1 of the Plan. 

ITEM 9 Holding period for incentive stock options. In
order to obtain the tax treatment provided for incentive stock options by
section 422 of the code, the shares of common stock received upon exercising any
incentive stock options received pursuant to this agreement must be sold, if at
all, after a date which is later of two (2) years from the date of this
agreement is entered into or one (1) year from the date upon which the options
are exercised. The optionee agrees to report sales of shares prior to the above
determined date to the company within one (1) business day after such sale is
concluded. The optionee also agrees to pay to the company, within five (5)
business days after such sale is concluded, the amount necessary for the company
to satisfy its withholding requirement required by the code in the manner
specified in section 5.1(l) of the plan. Nothing in this section 9 is intended
as a representation that common stock may be sold without registration under
state and federal securities laws or an exemption therefrom or that such
registration or exemption will be available at any specified time. 

ITEM 10 Resale restrictions may apply. Any resale of the
shares of common stock received upon exercising any options will be subject to
resale restrictions contained in the securities legislation applicable to the
optionee. The optionee acknowledges and agrees that the optionee is solely
responsible (and the company is not in any way responsible) for compliance with
applicable resale restrictions. 

ITEM 11 Subject to 2011 stock option plan. The terms of
the options are subject to the provisions of the plan, as the same may from time
to time be amended, and any inconsistencies between this agreement and the plan,
as the same may be from time to time amended, shall be governed by the
provisions of the plan, a copy of which has been delivered to the optionee, and
which is available for inspection at the principal offices of the company. 

ITEM 12 Professional advice. The acceptance of the
options and the sale of common stock issued pursuant to the exercise of options
may have consequences under federal and state tax and securities laws which may
vary depending upon the individual circumstances of the optionee. Accordingly,
the optionee acknowledges that he or she has been advised to consult his or her
personal legal and tax advisor in connection with this agreement and his or her
dealings with respect to options. Without limiting other matters to be
considered with the assistance of the optionee’s professional advisors, the
optionee should consider: (a) whether upon the exercise of options, the optionee
will file an election with the internal revenue service pursuant to section
83(b) of the code and the implications of alternative minimum tax pursuant to
the code; (b) the merits and risks of an investment in the underlying shares of
common stock; and (c) any resale restrictions that might apply under applicable
securities laws. 

ITEM 13 No employment relationship. Whether or not any
options are to be granted under this plan shall be exclusively within the
discretion of the plan administrator, and nothing contained in this plan shall
be construed as giving any person any right to participate under this plan. The
grant of an option shall in no way constitute any form of agreement or
understanding binding on the company or any related company, express or implied,
that the company or any related company will employ or contract with an
optionee, for any length of time, nor shall it interfere in any way with the
company’s or, where applicable, a related company’s right to terminate
optionee’s employment at any time, which right is hereby reserved. 

ITEM 14 Entire agreement. This agreement is the only
agreement between the optionee and the company with respect to the options, and
this agreement and the plan supersede all prior and contemporaneous oral and
written statements and representations and contain the entire agreement between
the parties with respect to the options. 

ITEM 15 Notices. Any notice required or permitted to be
made or given hereunder shall be mailed or delivered personally to the addresses
set forth below, or as changed from time to time by written notice to the other:

The Company: 

Enertopia Corp. 
Suite 950
1130 West Pender Street 
Vancouver, BC V6E 4A4 
Attention: President 

With a copy to: 

W.L. Macdonald Law Corporation 
400
– 570 Granville Street 
Vancouver, British Columbia V6C 3P1 
Attention:
William Macdonald 

The Optionee: 

_____________________
_____________________
_____________________
_____________________

ENERTOPIA CORP. 

Per:
_____________________
        Authorized
Signatory 

       
_____________________
       [Optionee] 

EXHIBIT A 

TERMS OF THE OPTION 

	Name of the Optionee: 	  
	Date of Grant: 	March 27, 2012 
	Designation: 	Qualified Stock Options
    
	1. Number of Options granted: 	XXX stock options 
	2. Purchase Price: 	$0.15 per share 
	3. Vesting Date: 	XXX options on March 27, 2012; 
	4. Expiration Date: 	March 27, 2017
  

EXHIBIT B 

To: 

Enertopia Corp. 
Suite 950
1130 West Pender 
Vancouver, BC V6E 4A4 
Attention: President 

Notice of Election to Exercise 

This Notice of Election to Exercise shall constitute proper
notice pursuant to Section 5.1(h) of Enertopia Corp.’s (the “Company”) 2011
Stock Option Plan (the “Plan”) and Section 8 of that certain Stock Option
Agreement (the “Agreement”) dated as of the _______day of __________________,
20___, between the Company and the undersigned. 

The undersigned hereby elects to exercise Optionee’s option to
purchase __________________shares of the common stock of the Company at a price
of US$0.15 per share, for aggregate consideration of US$__________, on the terms
and conditions set forth in the Agreement and the Plan. Such aggregate
consideration, in the form specified in Section 8 of the Agreement, accompanies
this notice. 

The Optionee hereby directs the Company to issue, register and
deliver the certificates representing the shares as follows: 

	Registration Information: 	 	Delivery Instructions: 
	 	 	 
	Name to appear on certificates 	 	Name 
	 	 	 
	Address 	 	Address 
	  	 	  
	  	 	Telephone Number

DATED at ____________________________________, the _______day of ________________________, 20___. 

	 	(Name of
      Optionee – Please type or print) 
	 	 
	 	(Signature
      and, if applicable, Office) 
	 	 
	 	(Address of
      Optionee) 
	
  	
  
	
  	(City, State, and Zip Code of Optionee)BE Resources Inc.: Exhibit 10.25 - Filed by newsfilecorp.com

Exhibit 10.25

BE RESOURCES INC.

AMENDMENT AND RESTATEMENT OF 

STOCK OPTION PLAN 

ARTICLE I 
PURPOSE AND SCOPE 

	1.1 	
      The purpose of this Stock Option Plan is to provide a
      means whereby BE Resources Inc., a Colorado corporation (the
      “Corporation”), may attract able persons to remain in or to enter
      the employ of the Corporation or a Subsidiary of the Corporation and to
      provide a means whereby those employees, officers, directors and other
      individuals or entities upon whom the responsibilities of the successful
      administration, management, planning, and/or organization of the
      Corporation may rest, and whose present and potential contributions to the
      welfare of the Corporation or a Subsidiary of the Corporation are of
      importance, can acquire and maintain stock ownership, thereby
      strengthening their concern for the long-term welfare of the Corporation.
      A further purpose of the Plan is to provide such employees and individuals
      or entities with additional incentive and reward opportunities designed to
      enhance the profitable growth of the Corporation over the long term.
      Accordingly, the Plan provides for the grant of Incentive Stock Options
      and Options which do not constitute Incentive Stock Options or any
      combination of the foregoing.

	 	 
	1.2 	
      The terms and conditions set forth in this Plan are
      subject to the rules, regulations and policies of the stock exchange on
      which the Common Shares may be listed or quoted including, if listed on
      the TSX-V, the provisions of Policy 4.4 of the
TSX-V.

ARTICLE II 
DEFINITIONS 

	2.1 	
      The following definitions shall be applicable during the
      term of the Plan unless specifically modified by any paragraph:

	 	 	 
		(i) 	
      “Board” means the board of directors of the
      Corporation.

	 	 	 
		(ii) 	
      “CBCA” means the Colorado Business Corporations
      Act.

	 	 	 
		(iii) 	
      “Code” means the United States Internal Revenue
      Code of 1986, as amended. Reference in the Plan to any Section of the Code
      shall be deemed to include any amendments or successor provisions to such
      Section and any regulations under such Section.

	 	 	 
		(iv) 	
      “Common Shares” means the shares of common stock
      of the Corporation.

	 	 	 
		(v) 	
      “Corporate Change” means one of the following
      events:

1 

	 		(A) 	
      the merger, arrangement, amalgamation, share exchange or
      other business combination involving the Corporation in which the
      outstanding Common Shares are converted into or exchanged for a different
      class of securities of the Corporation, a class of securities of any other
      issuer (except a Subsidiary of the Corporation), cash or other property
      other than a merger, arrangement, amalgamation, share exchange or other
      business combination involving the Corporation which would result in the
      voting shares of the Corporation outstanding immediately prior thereto
      continuing to represent (either by remaining outstanding or by being
      converted into voting securities of the surviving entity) at least sixty
      percent (60%) of the combined voting power of the voting shares of the
      Corporation or such surviving entity outstanding immediately after such
      merger, arrangement, amalgamation, share exchange or other business
      combination involving the Corporation;

	 	 	 	 
	 		(B) 	
      the sale, lease or exchange of all or substantially all
      of the assets of the Corporation to any other corporation or entity
      (except a Subsidiary of the Corporation);

	 	 	 	 
	 		(C) 	
      the adoption by the shareholders of the Corporation of a
      resolution to liquidate or dissolve the Corporation;

	 	 	 	 
	 		(D) 	
      the acquisition (other than acquisition pursuant to any
      other clause of this definition) by any person or group of persons, of
      beneficial ownership of more than fifty percent (50%) (based on voting
      power) of the Corporation’s outstanding Common Shares; or

	 	 	 	 
	 		(E) 	
      as a result of or in connection with a contested election
      of directors, the persons who were directors of the Corporation before
      such election shall cease to constitute a majority of the Board.

	 	 	 	 
	 	(vi) 	
      “Eligible Recipient” means any Employees,
      Directors and Consultants (as defined in Policy 4.4 of the TSX-V, as the
      same may be amended from time to time) of the Corporation or its
      Subsidiaries.

	 	 	 	 
	 	(vii) 	
      “Exchange Act” means the Securities Exchange
      Act of 1934, as amended.

	 	 	 	 
	 	(viii) 	
      “Fair Market Value” means, as of any specified
      date, the closing price of the Common Shares on the TSX-V (or, if the
      Common Shares are not listed on such exchange, such other stock exchange
      on which the Common Shares are then listed or quoted) on the trading day
      immediately preceding that date, or if no prices are reported on that
      date, on the last preceding date on which such prices of the Common Shares
      are so reported. If the Common Shares are not then listed on any stock
      exchange but is traded over the counter at the time determination of Fair
      Market Value is required to be made hereunder, the Fair Market Value shall
      be deemed to be equal to the average between the reported high and low
      sales prices of Common Shares on the last preceding date on which Common
      Shares were publicly traded. If the Common Shares are not publicly traded
      at the time a determination of its value is required to be made hereunder,
      the determination of Fair Market Value shall be made by the Board in such manner as it deems appropriate
      (in the case of Incentive Stock Options, such determination will be made
      in good-faith as required by Section 422(c)(1) of the Code and may be
      based on the advice of an independent investment banker or appraiser
      recognized to be expert in making such valuations).

2 

	 	(ix) 	
      “Incentive Stock Option” means an Option within
      the meaning of Section 422 of the Code.

	 	 	 
	 	(x) 	
      “Option” means an option granted under Section 7
      of the Plan and includes both Incentive Stock Options to purchase Common
      Shares and Options which do not constitute Incentive Stock Options to
      purchase Common Shares.

	 	 	 
	 	(xi) 	
      “Option Agreement” means a written agreement
      between the Corporation and an Optionee with respect to an
  Option.

	 	 	 
	 	(xii) 	
      “Optionee” means an Eligible Recipient who has
      been granted an Option.

	 	 	 
	 	(xiii) 	
      “Plan” means this Stock Option Plan.

	 	 	 
	 	(xiv) 	
      “Rule 16b-3” means Rule 16b-3 of the General Rules
      and Regulations of the Securities and Exchange Commission under the
      Exchange Act, as such rule is currently in effect or as hereafter
      modified or amended.

	 	 	 
	 	(xv) 	
      “Subsidiary” has the meaning ascribed thereto by
      the Securities Act (Ontario), except that solely with respect to
      the issuance of Incentive Stock Options, the term “Subsidiary” shall have
      the same meaning as the term “subsidiary corporation” as defined in
      Section 424(f) of the Code.

	 	 	 
	 	(xvi) 	
      “TSX-V” means the TSX Venture
  Exchange.

ARTICLE III 
LIMITATIONS 

	3.1 	
      If the Common Shares are listed on the TSX-V, the
      following limitations shall apply:

	 	 	 
		(a) 	
      Options for the purchase of no more than 5% of the issued
      and outstanding Common Shares, determined at the date that an Option is
      granted, may be granted in the aggregate to any one individual in any
      twelve month period;

	 	 	 
		(b) 	
      Options for the purchase of no more than 2% of the issued
      and outstanding Common Shares, determined at the date that an Option is
      granted, may be granted in the aggregate to any one Consultant (as defined
      in Policy 4.4 of the TSX-V, as the same may be amended from time to time)
      in any twelve month period;

	 	 	 
		(c) 	
      Options for the purchase of no more than 2% of the issued
      and outstanding Common Shares determined at the date that an Option is
      granted, may be granted in the aggregate to all persons providing Investor
      Relations Activities (as defined in Policy 1.1 of the TSX-V, as the same
      may be amended from time to time) in any twelve month period;
  and

3 

		(d) 	
      Disinterested shareholder approval will be required for
      any reduction in the exercise price of Options granted to an Optionee who
      is an Insider (as defined in Policy 1.1 of the TSX-V, as the same may be
      amended from time to time) of the Corporation at the time of the proposed
      amendment.

	 	 	 
	3.2 	
      If the Common Shares are listed on the TSX-V, unless
      disinterested shareholder approval of the Plan is obtained as required by
      the TSX-V:

	 	 	 
		(a) 	
      the number of Common Shares reserved for issuance under
      Options granted to Insiders (as defined in Policy 1.1 of the TSX-V, as the
      same may be amended from time to time) shall not in the aggregate exceed
      10% of the issued and outstanding Common Shares, determined at the date
      that an Option is granted; and

	 	 	 
		(b) 	
      the Corporation shall not grant to Insiders (as defined
      in Policy 1.1 of the TSX-V, as the same may be amended from time to time),
      within a twelve month period, Options for the purchase of Common Shares
      exceeding in the aggregate 10% of the issued and outstanding Common
      Shares, determined at the date that an Option is
granted.

ARTICLE IV 
ADMINISTRATION 

	4.1 	
      Administration of Plan by Board. The Plan shall be
      administered by the Board or by a committee (“Committee”) of the
      Board established by the Board for that purpose.

	 	 	 
	4.2 	
      Powers. Subject to the terms of the Plan and the
      rules, regulations and policies of the stock exchange on which the Common
      Shares may be listed or quoted, the Board or Committee shall have the
      power:

	 	 	 
		(i) 	
      to determine those Eligible Recipients that should be
      granted an Option;

	 	 	 
		(ii) 	
      to determine when such Option should be
granted;

	 	 	 
		(iii) 	
      to determine the type of Option grant (Incentive Stock
      Options or Options that do not constitute Incentive Stock
  Options);

	 	 	 
		(iv) 	
      to determine the number of Options that should be granted
      and the exercise price of Common Shares; and

	 	 	 
		(v) 	
      the exercise period and vesting provisions applicable to
      Options granted.

In making such determinations, the
Board may take into account the nature of the services rendered by these
individuals, their present and potential contribution to the success of the
Corporation or a Subsidiary of the Corporation, and such other factors as the
Board in its discretion shall deem relevant. If the Common Shares are listed on
the TSX-V, for Options to Employees, Consultants and Management Company
Employees (as each such term is defined in Policy 4.4 of the TSX-V, as the same
may be amended from time to time), the Corporation must represent that the
Optionee is a bona fide Employee, Consultant or Management Company Employee, as
the case may be.

4 

	
4.3 		
Additional Powers. The Board shall have such additional powers as are delegated to it by the other provisions of the Plan. Subject to the express provisions of the Plan, the Board is authorized in its sole discretion, to
construe and interpret the Plan and the respective agreements executed thereunder, to prescribe such rules and regulations relating to the Plan as it may deem advisable to carry out the Plan, and to determine the terms, restrictions and provisions
of each Option grant, including such terms, restrictions and provisions as shall be requisite in the judgment of the Board to cause designated Options to qualify as Incentive Stock Options, and to make all other determinations necessary or advisable
for administering the Plan. The Board may correct any defect or supply any omission or reconcile any inconsistency in any agreement relating to an Option grant in the manner and to the extent it shall deem expedient to carry it into effect. The
determination of the Board on the matters referred to in this Section 4 shall be conclusive.

	
	 	 
	
4.4 		
Compliance with Law. Any Option granted under the Plan shall be subject to the requirement that, if at any time counsel to the Corporation shall determine that the listing, registration or qualification of the Common Shares
subject to such Option upon any stock exchange or under any law or regulation of any jurisdiction, or the consent or approval of any stock exchange or any governmental or regulatory body, is necessary as a condition of, or in connection with, the
grant or exercise of such Option or the issuance or purchase of Common Shares thereunder, such Option may not be accepted or exercised in whole or in part unless such listing, registration, qualification, consent or approval shall have been effected
or obtained on conditions acceptable to the Board or the Committee. Nothing herein shall be deemed to require the Corporation to apply for or to obtain such listing, registration, qualification, consent or approval.

	
	 	 
		
Without limiting the generality of the foregoing, unless a registration statement relating to the Common Shares covered by an Option issued in favour of an Optionee resident in the United States of America has been filed with the
United States Securities and Exchange Commission and is effective on the date of exercise, the exercise of the Option by such Optionee will be contingent upon receipt from the Optionee of a representation in writing satisfactory to the Corporation
that at the time of such exercise it is the Optionee’s then intention to acquire the Common Shares being purchased for investment and not for resale or other distribution thereof to the public in the United States of America.

	
	 	 
		
The Corporation may in its discretion inscribe a legend on any share certificates issued pursuant to the exercise of an Option. The issuance of Common Shares upon the exercise of the Option shall be subject to all applicable laws,
rules and regulations and Common Shares shall not be issued except upon the approval of proper government agencies or stock exchanges as may be required. Provided, however, the Option shall not be exercisable if at any date of exercise, it is the
opinion of counsel for the Corporation that registration of the said Common Shares under the Securities Act of 1933 or other applicable statute or regulation is required and the Option shall again become exercisable only if the Corporation elects to
and thereafter effects a registration of the Common Shares subject to the Option under the Securities Act of 1933 or other applicable statute or regulation within the relevant period. If the Option may not be exercised, the Corporation shall return
to the Optionee, without interest or deduction, any funds received by it in connection with the proposed exercise of the Option.

	

5 

	4.5 	
      Compliance With Code §162(m). In the event the
      Corporation or a Subsidiary of the Corporation becomes a “publicly-held
      corporation” as defined in Section 162(m)(2) of the Code, the Corporation
      may establish a committee of outside directors meeting the requirements of
      Code § 162(m) to (i) approve the grant of Options which might reasonably
      be anticipated to result in the payment of employee remuneration that
      would otherwise exceed the limit on employee remuneration deductible for
      income tax purposes by the Corporation pursuant to Code §162(m) and (ii)
      administer the Plan. In such event, the powers reserved to the Board in
      the Plan shall be exercised by such committee. In addition, Options under
      the Plan shall be granted only upon satisfaction of the conditions to such
      grants provided pursuant to Code §162(m) and any Treasury Regulations
      promulgated thereunder.

ARTICLE V 
SHARES SUBJECT TO THE PLAN 

	5.1 	
      Limits to Number of Common Shares. The maximum
      number of Common Shares which may be reserved and set aside for issue
      under the Plan shall not exceed 10,000,000, provided that the Board shall
      have the right, from time to time, to increase such maximum number subject
      to the approval of the shareholders of the Corporation. The Corporation
      shall at all times reserve a sufficient number of Common Shares to meet
      the requirements of the Plan. Shares shall be deemed to have been issued
      under the Plan only to the extent actually issued and delivered pursuant
      to exercise of an Option. To the extent that an Option expires unexercised
      or is cancelled, any Common Shares subject to such Option shall again be
      available for the grant of an Option. The aggregate number of Common
      Shares which may be issued under the Plan shall be subject to adjustment
      in the same manner as provided in Section 8 of the Plan with respect to
      Common Shares subject to Options then outstanding.

ARTICLE VI 
INCENTIVE STOCK OPTION ELIGIBILITY

	6.1 	
      An Incentive Stock Option granted pursuant to the Plan
      may be granted only to an individual who, at the time of grant, is an
      employee (within the meaning of the Code) of the Corporation or a
      Subsidiary of the Corporation.

	 	 
	6.2 	
      No Incentive Stock Option may be granted hereunder more
      than 5 years from the date the Plan is adopted by the Board without
      further shareholder approval as required by the
Code.

ARTICLE VII 
STOCK OPTIONS/GRANTS 

	7.1 	
      Stock Option Agreement. Each Option shall be
      evidenced by an Option Agreement executed by the Corporation which shall
      contain such terms and conditions not inconsistent with the terms of the
      Plan as may be approved by the Board.

	 	 
	7.2 	
      Option Period. Options shall not be granted for a
      term exceeding five years.

	 	 
	7.3 	
      Vesting of Options. Options granted hereunder
      shall vest at such times and under such conditions as determined by the
      Board or Committee, as applicable, provided that if the Common Shares are
      listed on the TSX-V, the Options shall vest in accordance with the
      rules and policies of the TSX-V in effect from time to time provided that if the options are issued to persons performing Investor Relations Activities, they must vest in stages over 12 months with no more than one-quarter (1/4) of the
options vesting in any three month period. An Option may not be exercised for fractional shares.

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7.4 		
Special Limitations on Incentive Stock Options. To the extent that the aggregate Fair Market Value (determined at the time the respective Incentive Stock Option is granted) of Common Shares with respect to which Incentive
Stock Options are exercisable for the first time by an individual during any calendar year under the Plan and any other plan adopted by the Corporation (and any Subsidiary of the Corporation) exceeds One Hundred Thousand U.S. Dollars
(U.S.$100,000) (within the meaning of Section 422 of the Code), such excess Incentive Stock Options shall be treated as Options which do not constitute Incentive Stock Options. The Board shall determine, in accordance with applicable provisions
of the Code, Treasury Regulations and other administrative pronouncements, which of an Optionee’s Incentive Stock Options will not constitute Incentive Stock Options because of such limitation and shall notify the Optionee of such
determination as soon as practicable after such determination. No Incentive Stock Option shall be granted to an individual if, at the time the Option is granted, such individual owns shares to which are attached more than ten percent (10%) of the
total combined voting power of all classes of shares of the Corporation or of a Subsidiary of the Corporation, within the meaning of Section 422(b)(6) of the Code, unless (i) at the time such Option is granted the Option price is at least one
hundred ten percent (110%) of the Fair Market Value of the Common Shares subject to the Option and (ii) such Option by its terms is not exercisable after the expiration of five years from the date of grant.

	
	 	 
	
7.5 		
Option Price. The exercise price of Common Shares issued under each Option shall be determined by the Board and shall in no event be less than the Fair Market Value of Common Shares subject to the Option on the date the
Option is granted, except that for Incentive Stock Options, the price shall be one hundred ten percent (110%) of the Fair Market Value in the case of any person or entity who owns shares to which are attached more than ten percent (10%) of the total
combined voting power of all classes of shares of the Corporation or of a Subsidiary of the Corporation.

	
	 	 
	
7.6 		
Options and Rights in Substitution for Stock Options Made by Other Corporations.  Options may be granted under the Plan from time to time in substitution for stock options held by employees of corporations who become, or who became prior to the effective date of the Plan, employees of the Corporation or of any
Subsidiary of the Corporation as a result of a merger or consolidation of the employing corporation with the Corporation or such Subsidiary of the Corporation, or the acquisition by the Corporation or a Subsidiary of the Corporation of all or a
portion of the assets of the employing corporation, or the acquisition by the Corporation or a Subsidiary of the Corporation of shares of the employing corporation with the result that such employing corporation becomes a Subsidiary of the
Corporation.

	

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ARTICLE VIII 
ADJUSTMENTS IN THE EVENT OF CERTAIN
CHANGES 
IN CAPITAL STRUCTURE 

	8.1 	
      The aggregate number and kind of shares available under
      the Plan and the exercise price therefor shall be subject to adjustment by
      the Board in the event of a reclassification, recapitalization, stock
      split, stock dividend, merger, consolidation, combination or other change
      in the corporate structure of the Corporation occurring after the date of
      grant of any Options.

	 	 
		
      In the event of a Corporate Change, the Board shall
      either at the time Options are granted, or at any time thereafter, have
      the authority to take such actions as it deems advisable, including,
      without limitation (a) the right to accelerate in whole or in part the
      exercisability of Options, (b) to require the mandatory surrender of
      outstanding Options in exchange for cash for the bargain element the
      Optionee would have realized upon the occurrence of the Corporate Change,
      if any, or (c) provide that upon exercise of the Option, the Optionee will
      be entitled to purchase other securities or property. Nothing herein shall
      obligate the Board to take any action upon a Corporate Change.

	 	 
	8.2 	
      The existence of the Plan and the Option grants made
      hereunder shall not affect in any way the right or power of the Board or
      the shareholders of the Corporation to make or authorize any adjustment,
      reorganization or other change in the capital structure of the Corporation
      or a Subsidiary of the Corporation or their business, any merger or
      consolidation of the Corporation or a Subsidiary of the Corporation, any
      issue of debt or equity securities having any priority or preference with
      respect to or affecting Common Shares or the rights thereof, the
      dissolution or liquidation of the Corporation or a Subsidiary of the
      Corporation, or any sale, lease, exchange or other disposition of all or
      any part of their assets or business or any other corporate act or
      proceeding.

ARTICLE IX 
AMENDMENT OR TERMINATION OF THE PLAN

	9.1 	
      The Board may at any time, subject, if the Common Shares
      are listed on the TSX-V, to the approval of the TSX-V, and the rules,
      regulations and policies of such other stock exchange on which the Common
      Shares may be listed or quoted, amend, suspend or terminate this Plan, or
      any portion thereof, provided that no change in any Option grant
      previously made may be made which would impair the rights of the Optionee
      thereunder without the consent of the affected
Optionee.

ARTICLE X 
OTHER 

	10.1 	
      No Right to an Option. Neither the adoption of the
      Plan nor any action of the Board or Committee shall be deemed to give an
      employee any right to be granted an Option to purchase Common Shares or to
      any other rights hereunder except as expressly approved by the Board or
      Committee.

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10.2 		
No Employment Rights Conferred. Nothing contained in the Plan or in any Option made hereunder shall (i) confer upon any employee any right with respect to continuation of employment with the Corporation or Subsidiary of the
Corporation, or (ii) interfere in any way with the right of the Corporation or Subsidiary of the Corporation to terminate his or her employment at any time.

	
	 	 
	
10.3 		
Other Laws; Withholding. The Corporation shall not be obligated to issue any Common Shares pursuant to any Option made under the Plan at any time if, in the opinion of legal counsel for the Corporation, there is no
exemption from the prospectus or registration requirements of applicable laws, rules or regulations available for the issuance and sale of such shares. No fractional Common Shares shall be delivered, nor shall any cash in lieu of fractional shares
be paid. The Corporation shall have the right to deduct in connection with an Option any taxes required by law to be withheld and to require any payments necessary to enable it to satisfy its withholding obligations. The Board may permit the holder
of an Option to elect to surrender, or authorize the Corporation to withhold Common Shares (valued at their Fair Market Value on the date of surrender or withholding of such shares) in satisfaction of the Corporation’s withholding obligation,
subject to such restrictions as the Board deems necessary to satisfy the requirements of Rule 16b-3.

	
	 	 
	
10.4 		
No Restriction of Corporate Action. Nothing contained in the Plan shall be construed to prevent the Corporation or Subsidiary of the Corporation from taking any corporate action which is deemed by the Corporation or
Subsidiary of the Corporation to be appropriate or in its best interest, whether or not such action would have an adverse effect on the Plan or any Option granted under the Plan. No employee, beneficiary or other person shall have any claim against
the Corporation or Subsidiary of the Corporation as a result of such action.

	
	 	 
	
10.5 		
Restrictions on Transfer and Assignment. An Option shall not be transferable or assignable otherwise than by will or the laws of descent and distribution and shall be exercisable during the lifetime of the Optionee only by
such Optionee or the Optionee’s guardian or legal representative.

	
	 	 
	
10.6 		
Effect of Termination of Employment or Death. Subject to the immediately following paragraph, if any Optionee who is a service provider shall cease to be a service provider for the Corporation or a Subsidiary of the
Corporation for any reason (whether or not for cause), the Optionee may, but only within a period of ninety days following such cessation, but in no event after the expiry of the Optionee’s Option, exercise the Optionee’s Option.
Notwithstanding the foregoing, if the Common Shares are listed on the TSX-V and if an Optionee engaged in Investor Relations Activities (as defined in Policy 1.1 of the TSX-V, as the same may be amended from time to time) ceases to be a service
provider for the Corporation or a Subsidiary of the Corporation, the Optionee may, but only within a period of thirty days following such cessation, but in no event after the expiry of the Optionee’s Option, exercise the Optionee’s
Option. For the purposes of the Plan, the date on which a service provider ceases to be a service provider shall be deemed to be the date notice of termination is actually given, without regard to any notice period applicable under contract or at
law.

	
	 	 
		
In the event of the death of an Optionee during the currency of the Optionee’s Option, the Option theretofore granted to the Optionee shall be exercisable within, but only within, the period of one year following the Optionee’s death, but in no event after the expiry of the Optionee’s death.

	

9 

	
10.7 		
Rule 16b-3. It is intended that the Plan and any grant of an Option made to a person subject to Section 16 of the Exchange Act meet all of the requirements of Rule 16b-3. If any provisions of the Plan or any such Option
would disqualify the Plan or such Option hereunder, or would otherwise not comply with Rule 16b-3, such provision or Option shall be construed or deemed amended to conform to Rule 16b 3.

	
	 	 
	
10.8 		
Governing Law. The Plan shall by construed in accordance with the laws of the State of Colorado without regard to principles of conflicts of laws.

	

ADOPTED BY THE BOARD OF DIRECTORS OF BE RESOURCES INC. AS OF DECEMBER 7, 2007 AND APPROVED BY THE SHAREHOLDERS OF BE RESOURCES INC. AS OF DECEMBER 7, 2007, AND AMENDED BY THE BOARD OF DIRECTORS OF BE RESOURCES INC. AS OF AUGUST 7, 2008 AND APRIL 23,
2010 AND APPROVED BY THE SHAREHOLDERS OF BE RESOURCES INC. ON JUNE 7, 2010, AND AMENDED BY THE BOARD OF DIRECTORS OF BE RESOURCES INC. AS OF [ ] AND APPROVED BY THE SHAREHOLDERS OF BE RESOURCES INC. ON JULY 6, 2011. 

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