Document:

ex-4_2.htm

    
      

      

    

    Exhibit 4.2

    ACCESS
PHARMACEUTICALS, INC.

    

    Amendment
to Access Pharmaceuticals, Inc. 2005 Equity Incentive Plan

    

    The Board of Directors of Access
Pharmaceuticals, Inc. (the "Company"), pursuant
to authority reserved in Section 15 of the 2005 Equity Incentive Plan of the
Company (the "2005 Plan"), authorized an
amendment to the 2005 Plan as follows, which amendment was approved by the
stockholders of the Company on May 21, 2008, May 17, 2007 and May 19,
2006:

    

    Sections 4 and 8.1 of the 2005 Plan are
deleted in their entirety and replaced with the following:

    

    4.           Stock Subject to the Plan.  At no time shall
the number of shares of Stock issued pursuant to or subject to outstanding
Awards granted under the Plan (including pursuant to Incentive Options), nor the
number of shares of Stock issued pursuant to Incentive Options, exceed
3,150,0001 shares of Stock; subject, however, to the
provisions of Section 8 of the Plan. For purposes of applying the foregoing
limitation, (a) if any Option or Stock Appreciation Right expires, terminates,
or is cancelled for any reason without having been exercised in full, or if any
other Award is forfeited by the recipient, the shares not purchased by the
Optionee or which are forfeited by the recipient shall again be available for
Awards to be granted under the Plan and (b) if any Option is exercised by
delivering previously owned shares in payment of the exercise price therefor,
only the net number of shares, that is, the number of shares issued minus the
number received by the Company in payment of the exercise price, shall be
considered to have been issued pursuant to an Award granted under the Plan. In
addition, settlement of any Award shall not count against the foregoing
limitations except to the extent settled in the form of Stock. Shares of Stock
issued pursuant to the Plan may be either authorized but unissued shares or
shares held by the Company in its treasury.

    

    8.1.           Adjustment for Corporate
Actions. All of the share numbers set forth in the Plan reflect the
capital structure of the Company as of June 5, 2006. Subject to Section 8.2, if
subsequent to that date the outstanding shares of Stock (or any other securities
covered by the Plan by reason of the prior application of this Section) are
increased, decreased, or exchanged for a different number or kind of shares or
other securities, or if additional shares or new or different shares or other
securities are distributed with respect to shares of Stock, through merger,
consolidation, sale of all or substantially all the property of the Company,
reorganization, recapitalization, reclassification, stock dividend, stock split,
reverse stock split, or other similar distribution with respect to such shares
of Stock, an appropriate and proportionate adjustment will be made in (i) the
maximum numbers and kinds of shares provided in Section 4, (ii) the numbers and
kinds of shares or other securities subject to the then outstanding Awards,
(iii) the exercise price for each share or other unit of any other securities
subject to then outstanding Options and Stock Appreciation Rights (without
change in the aggregate purchase price as to which such Options or Rights remain
exercisable), and (iv) the repurchase price of each share of Restricted Stock
then subject to a Risk of Forfeiture in the form of a Company repurchase
right.

    

     

    
      1 Such number equates to amounts approved
by stockholders on: May 21, 2008 – 3,150,000 shares of Stock; on May 17, 2007 –
1,675,000 shares of Stock; and May 19, 2006 - 1,000,000 shares of Stock
(originally 5,000,000 shares of Stock adjusted as a result of the one-for-five
reverse stock split effected on June 5, 2006).

    

    

    IN WITNESS WHEREOF, the Company has
adopted this Amendment, effective as of the 21st day of May, 2008.

    

    ACCESS
PHARMACEUTICALS

    

    By:  /s/  Stephen B.
Thompson

    Stephen
B. Thompson

    Chief
Financial Officerex10-1.htm

Exhibit 10.1

CHANGE IN TERMS AGREEMENT

	
Principal

$300,000.00
	
Loan Date

08-26-2009
	
Maturity

11-01-2009
	
Loan No.

0000011001
	
Call/Coll

182/802
	
Account

E0000085385
	
Officer

MCKOC
	
Initials

 

References in the boxes above are for Lenders use only and do not limit the applicability of this document to any particular loan or item.

Any item above containing "**" has been omitted due to text length limitations.

	
Borrower:
	
ADCO Surgical Supply, Inc.
	
Lender:
	
KeyBank National Association

	  	
1292 Hammond Street
	  	
ME-CBB-Bangor Kay Plaza

	  	
Bangor, ME 04401
	  	
23 Water Street

	  	  	  	
Bangor, ME 04401

 

	Principal Amount: $300,000.00	 Date of Agreement: August 26, 2009

 

DESCRIPTION OF EXISTING INDEBTEDNESS. Obligor No.: 85385.

Obligation No.: 11001.

 

Original Promissory Note dated April 9, 2008, in the principal amount of $300,000.00, including any and all amendments thereto.

 

DESCRIPTION OF CHANGE IN TERMS. The maturity date of the Loan is hereby extended to November 1, 2009.

 

CONTINUING VALIDITY. Except as expressly changed by this Agreement, the terms of the original obligation or obligations, including all agreements evidenced or securing the obligation(s), remain unchanged and in full force and effect. Consent by Lender to this Agreement does not waive Lenders right to strict
performance of the obligation(s) as changed, nor obligate Lender to make any future change in terms. Nothing in this Agreement will constitute a satisfaction of the obligation(s).  It is the intention of Lender to retain as liable parties all makers and endorsers of the original obligation(s), including accommodation parties, unless a party is expressly released by Lender in writing. Any maker or endorser, including accommodation makers, will not be released by virtue of this Agreement.  If
any person who signed the original obligation does not sign this Agreement below, then all persons signing below acknowledge that this Agreement is given conditionally, based on the representation to Lender that the non-signing party consents to the changes and provisions of this Agreement or otherwise will not be released by it. This waiver applies not only to any initial extension, modification or release, but also to all such subsequent actions.

 

PRIOR TO SIGNING THIS AGREEMENT, BORROWER READ AND UNDERSTOOD ALL THE PROVISIONS OF THIS AGREEMENT. BORROWER AGREES TO THE TERMS OF THE AGREEMENT.

 

BORROWER:

 

ADCO SURGICAL SUPPLY, INC.

By:  /s/ Mark Dumouchel                                                                                

  Mark Dumouchel, President of ADCO Surgical Supply, Inc.BLACK TUSK MINERALS INC. 

        2009 NONQUALIFIED STOCK OPTION PLAN 

          

        ARTICLE I 

        Purpose of Plan

        This 2009 NONQUALIFIED STOCK OPTION PLAN (the “Plan”) of BLACK TUSK MINERALS INC. (the “Company”) for persons employed or associated with the Company, including without limitation any employee, director, general partner, officer, attorney, accountant, consultant or advisor, is intended to advance the best
        interests of the Company by providing additional incentive to those persons who have a substantial responsibility for its management, affairs, and growth by increasing their proprietary interest in the success of the Company, thereby encouraging them to maintain their relationships with the Company. Further, the availability and offering of Stock Options under the Plan supports and increases the Company’s ability to attract, engage and retain individuals of exceptional talent upon
        whom, in large measure, the sustained progress growth and profitability of the Company for the shareholders depends. 

        ARTICLE II 

        Definitions

        For Plan purposes, except where the context might clearly indicate otherwise, the following terms shall have the meanings set forth below: 

        

        “Board” shall mean the Board of Directors of the Company.

        

        “Code” shall mean the Internal Revenue Code of 1986, as amended, and the rules and regulations promulgated thereunder.

        

        “Committee” shall mean the Compensation Committee, or such other committee appointed by the Board, which shall be designated by the Board to administer the Plan. The Committee shall be composed of two or more persons as from time to time are appointed to serve by the Board and may be members of the Board or the
        entire Board. 

        

        “Common Shares” shall mean the Company’s Common Shares $0.001 par value per share, or, in the event that the outstanding Common Shares are hereafter changed into or exchanged for different shares or securities of the Company, such other shares or securities.

        

        “Company” shall mean BLACK TUSK MINERALS INC., a Nevada corporation, and any parent or subsidiary corporation of BLACK TUSK MINERALS INC., as such terms are defined in Section 425(e) and 425(f), respectively of the Code. 

        

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

        

        “Optionee” shall mean any person employed or associated with the affairs of the Company who has been granted one or more Stock Options under the Plan.

         

        “Securities Act” shall mean the United States Securities Act of 1933, as amended.

         

        “Stock Option” or “NQSO” shall mean a stock option granted pursuant to the terms of the Plan.

         

        “Stock Option Agreement” shall mean the agreement between the Company and the Optionee under which the Optionee may purchase Common Shares hereunder. 

        ARTICLE III 

        Administration of the Plan

              1.     The Committee shall administer the plan and accordingly, it shall have full power to grant Stock Options, construe and interpret the Plan, establish rules and regulations and perform all other acts,
        including the delegation of administrative responsibilities, it believes reasonable and proper. 

        

             2.     The determination of those eligible to receive Stock Options, and the amount, price, type and timing of each Stock Option and the terms and conditions of the respective stock option agreements shall rest in the sole discretion of the Committee, subject to the
        provisions of the Plan. 

        

             3.     The Committee may cancel any Stock Options awarded under the Plan if an Optionee conducts himself in a manner which the Committee determines to be inimical to the best interest of the Company and its shareholders as set forth in more detail in paragraph 8 of Article X
        of the Plan.

        

             4.     The Board, or the Committee, may correct any defect, supply any omission or reconcile any inconsistency in the Plan or in any granted Stock Option, in the manner and to the extent it shall deem necessary to carry it into effect. 

        

             5.     Any decision made, or action taken, by the Committee or the Board arising out or in connection with the interpretation and administration of the Plan shall be final and conclusive. 

        

             6.     Meetings of the Committee shall be held at such times and places as shall be determined by the Committee. A majority of the members of the Committee shall constitute a quorum for the transaction of business, and the vote of a majority of those members present at any
        meeting shall decide any question brought before that meeting. In addition, the Company may take any action otherwise proper under the Plan by the affirmative vote, taken without a meeting, of a majority of its members. 

        

             7      No member of the Committee shall be liable for any act or omission of any other member of the Committee or for any act or omission on his own part, including, 

        but not limited to, the exercise of any power or discretion given to him under the Plan except those resulting form his own gross negligence or willful misconduct.

        

        
            

        

        

             8.     The Company, through its management, shall supply full and timely information to the Committee on all matters relating to the eligibility of Optionees, their duties and performance, and current information on any Optionee’s death, retirement, disability or other termination of association with the Company, and such other pertinent information as the Committee may require. The Company shall furnish the Committee with
        such clerical and other assistance as is necessary in the performance of its duties hereunder. 

        

        ARTICLE IV 

        Shares Subject to the Plan

             1.     The total number of shares of the Company available for grants of Stock Options under the Plan shall be 2,500,000 Common Shares, subject to adjustment as herein provided, which shares may be either authorized but unissued or reacquired Common Shares of the
        Company.

        

             2.     If a Stock Option or portion thereof shall expire or terminate for any reason without having been exercised in full, the unpurchased shares covered by such NQSO shall be available for future grants of Stock Options.

        ARTICLE V 

        Stock Option Terms and Conditions

             1.     Consistent with the Plan’s purpose, Stock Options may be granted to any person who is performing or who has been engaged to perform services of special importance to management in the operation, development and growth of the Company.

        

             2.     Determination of the exercise price per share for any Stock Option issues hereunder shall rest in the sole and unfettered discretion of the Committee, provide however, that the exercise price per share shall not be less than the fair market value of the
        Company’s Common Shares on the date the Stock Options are granted, as determined by the closing price, on the date of grant, of the Company’s Common Shares on the Primary Exchange on which such Common Shares are listed for trading as quoted by Bloomberg. “Primary Exchange” shall mean the FINRA OTCBB or any other recognized exchange, which, in the aggregate, constitutes the largest trading volume for such Common Shares during the Company’s most recently
        completed fiscal year.

        

             3.     All Stock Options granted under the Plan shall be evidenced by agreements which shall be subject to applicable provisions of the Plan, and such other provisions as the Committee may adopt, including the provisions set forth in paragraphs 2 through 13 of this Article
        V.

        

        
            

        

         

             4.     All Stock Options granted hereunder must be granted within ten years from the date this Plan is adopted, as set forth in more detail in Article XII of the Plan. 

        

             5.     All Stock Options granted under the Plan shall be evidenced by agreements which shall be subject to applicable provisions of the Plan, The Committee, in its discretion, may provide that an option shall be exercisable during such ten year period or during any lesser
        period of time. The Committee may establish installment exercise terms for a Stock Option such that the NQSO becomes fully exercisable in a series of cumulating portions. If an Optionee shall not, in any given installment period, purchase all the Common Shares which such Optionee is entitled to purchase within such installment period, such Optionee’s right to purchase any Common Shares not purchased in such installment period shall continue until the expiration or sooner
        termination of such NQSO. The Committee may also accelerate the exercise of any NQSO. 

        

             6.     A Stock Option, or portion thereof, shall be exercised by delivery of (i) a written notice of exercise to the Company specifying the number of Common Shares to be purchased, and (ii) payment of the full price of such Common Shares, as fully set forth in paragraph 7 of
        this Article V. No NQSO or installment thereof shall be reusable except with respect to whole shares, and fractional share interests shall be disregarded. Not less than 100 Common Shares may be purchased at one time unless the number purchased is the total number at the time available for purchase under the NQSO. Until the Common Shares represented by an exercised NQSO are issued to an Optionee, he shall have none of the rights of a shareholder.

         

             7.     The exercise price of a Stock Option, or portion thereof, may be paid in United States dollars, in cash or by cashier’s check, certified check, bank draft or money order, payable to the order of the Company in an amount equal to the option price.

        

             8.     The Plan is intended to comply in all respects with Rule 16b-3 of the Exchange Act or any successor provision, as in effect from time to time, and in all events the Plan shall be construed in accordance with the requirements of Rule 16b-3 of the Exchange Act. If any provision of the Plan does not
        comply with Rule 16b-3 of the Exchange Act as hereafter amended or interpreted, the provision shall be deemed inoperative. The Board, in its absolute discretion, may bifurcate the Plan so as to restrict, limit or condition the use of any provision of the Plan with respect to persons who are officers or directors subject to Section 16 of the Exchange Act without so restricting, limiting or conditioning the Plan with respect to other persons eligible to receive Stock Option
        under the Plan. With respect to Stock Options, the Company intends to have the Plan administered in accordance with the requirements for the award of “qualified performance-based compensation” within the meaning of Section 162(m) of the Code.

             9.      With the Optionee’s consent, the Committee may cancel any Stock Option issued under this Plan and issue a new NQSO to such Optionee. 

        

        

             10.     Except by will, the laws of descent and distribution, or with the written consent of the Committee, no right or interest in any Stock Option granted under the Plan shall be assignable or transferable, and no right or interest of any Optionee shall be liable for, or
        subject to, any lien, obligation or liability of the Optionee. Upon petition to, and thereafter with the written consent of the Committee, an Optionee may assign or transfer all or a portion of the Optionee’s rights and interest in any stock option granted hereunder. Stock Options shall be exercisable during the Optionee’s lifetime only by the Optionee or assignees, or the duly appointed legal representative of an incompetent Optionee, including following an assignment
        consented to by the Committee herein. 

        

             11.     No NQSO shall be exercisable while there is outstanding any other NQSO which was granted to the Optionee before the grant of such option under the Plan or any other plan which gives the right to the Optionee to purchase stock in the Company or in a corporation which is a parent corporation (as defined in Section 425(e) of the Code) of the Company, or any predecessor corporation of any of such corporations at the time of the
        grant. An NQSO shall be treated as outstanding until it is either exercised in full or expires by reason of lapse of time. 

         

             12.     Neither the Stock Options nor the Common Shares issuable upon exercise of the Stock Options have been registered under the Securities Act, or any state securities laws, and Stock Options may be granted and Common Shares issued upon exercise pursuant to exemptions
        from such registration requirements. Unless a registration statements has been filed and is effective at the time of exercise, the Common Shares issuable upon exercise shall be restricted securities and shall bear a restrictive legend in the following form:

         

        THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. THE SECURITIES MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED ONLY: (A) TO THE ISSUER, (B) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE U.S.
        SECURITIES ACT AND IN COMPLIANCE WITH APPLICABLE LOCAL LAWS AND REGULATIONS, (C) INSIDE THE UNITED STATES IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE UNITED STATES FEDERAL OR STATE SECURITIES LAWS, AFTER PROVIDING AN OPINION OF COUNSEL OF RECOGNIZED STANDING REASONABLY SATISFACTORY TO THE ISSUER TO THAT EFFECT. HEDGING TRANSACTIONS

        

        
            

        

         

        INVOLVING THESE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE U.S. SECURITIES ACT.

        

         

        The Company is under no obligation to file a registration statement to register the Stock Options or Common Shares issuable upon exercise of the Stock Options. 

        

             13.     Optionees shall comply with all applicable federal and state securities laws, including notification and other requirements under Section 13 and Section 16 of the Exchange Act, and applicable state securities laws. Optionees shall notify the Company upon the
        disposition of Common Shares acquired upon exercise of any Stock Option. 

        ARTICLE VI 

        Adjustments or Changes in Capitalization

             1.     In the event that the outstanding Common Shares of the Company are hereafter changed into or exchanged for a different number of kinds of shares or other securities of the Company by reason of merger, consolidation, other reorganization, recapitalization,
        reclassification, combination of shares, stock split-up or stock dividend:

         

             A. Prompt, proportionate, equitable, lawful and adequate adjustment shall be made of the aggregate number and kind of shares subject to Stock Options which may be granted under the Plan, such that the Optionee shall have the right to purchase such Common Shares as may be issued in exchange for
        the Common Shares purchasable on exercise of the NQSO had such merger, consolidation, other reorganization, recapitalization, reclassification, combination of shares, stock split-up or stock dividend not taken place;

         

             B. Rights under unexercised Stock Options or portions thereof granted prior to any such change, both as to the number or kind of shares and the exercise price per share, shall be adjusted appropriately, provided that such adjustments shall be made without change in the total exercise price
        applicable to the unexercised portion of such NQSO’s but by an adjustment in the price for each share covered by such NQSO’s; or, 

         

             C. Upon any dissolution or liquidation of the Company or any merger or combination in which the Company is not a surviving corporation, each outstanding Stock Option granted hereunder shall terminate, but the Optionee shall have the right, immediately prior to such dissolution, liquidation,
        merger or combination, to exercise his NQSO in whole or in part, to the extent that it shall not have been exercised, without regard to any installment exercise provisions in such NQSO. 

           

          2.     The foregoing adjustment and the manner of application of the foregoing provisions shall be determined solely by the Committee, whose determination as to what adjustments shall be made and the extent thereof, shall be final, binding and conclusive. No fractional Shares shall be issued
        under the Plan on account of any such adjustments. 

        

         

        
            

        

         

        ARTICLE VII

        Merger, Consolidation or Tender Offer

             
1.      If the Company shall be a party to a binding agreement to any merger, consolidation or reorganization or sale of substantially all the assets of the Company, each outstanding Stock Option shall pertain and apply to the securities and/or property which a shareholder
        of the number of Common Shares of the Company subject to the NQSO would be entitled to receive pursuant to such merger, consolidation or reorganization or sale of assets.

        

             2.      In the event that: 

         

                  A. Any person other than the Company shall acquire more than 20% of the Common Shares of the Company through a tender offer, exchange offer or otherwise; 

         

                  B. A change in the “control” of the Company occurs, as such term is defined in Rule 405 under the Securities Act; 

         

        
             C.      There shall be a sale of all or substantially all of the assets of the Company; any then outstanding Stock Option held by an Optionee, who is deemed by the Committee to be a statutory officer (“insider”) for purposes of Section 16 of the Exchange Act shall be entitled to receive, subject to any action by
            the Committee revoking such an entitlement as provided for below, in lieu of exercise of such Stock Option, to the extent that it is then exercisable, a cash payment in an amount equal to the difference between the aggregate exercise price of such NQSO, or portion thereof, and, (i) in the event of an offer or similar event, the final offer price per share paid for Common Shares, or such lower price as the Committee may determine to conform an option to preserve its Stock Option
            status, times the number of Common Shares covered by the NQSO or portion thereof, or (ii) in the case of an event covered by B or C above, the aggregate fair market value of the Common Shares covered by the Stock Option, as determined by the Committee at such time. 

        

             3.      Any payment which the Company is required to make pursuant to paragraph 2 of this Article VII, shall be made within 15 business days, following the event which results in the Optionee’s right to such payment. In the event of a tender offer in which fewer than
        all the shares which are validity tendered in compliance with such offer are purchased or exchanged, then only that portion of the shares covered by an NQSO as results from multiplying such shares by a fraction, the numerator of which is the number of Common Shares acquired pursuant to the offer and the denominator of which is the number of Common Shares tendered in 

        compliance with such offer, shall be used to determine the payment thereupon. To the extent that all or any portion of a Stock Option shall be affected by this provision, all or such portion of the NQSO shall be terminated.

        

        
            

        

         

             4.      Notwithstanding paragraphs 1 and 3 of this Article VII, the Company may, by unanimous vote and resolution, unilaterally revoke the benefits of the above provisions; provided, however, that such vote is taken no later than ten business days following public
        announcement of the intent of an offer or the change of control, whichever occurs earlier. 

        

         

        ARTICLE VIII 

        Amendment and Termination of Plan

             1.      The Board may at any time, and from time to time, suspend or terminate the Plan in whole or in part or amend it from time to time in such respects as the Board may deem appropriate and in the best interest of the Company. 

        

             2.      No amendment, suspension or termination of this Plan shall, without the Optionee’s consent, alter or impair any of the rights or obligations under any Stock Option theretofore granted to him under the Plan.

        

             3.      The Board may amend the Plan, subject to the limitations cited above, in such manner as it deems necessary to permit the granting of Stock Options meeting the requirements of future amendments or issued regulations, if any, to the Code. 

        

             4.      No NQSO may be granted during any suspension of the Plan or after termination of the Plan. 

        ARTICLE IX 

        Government and Other Regulations

        The obligation of the Company to issue, transfer and deliver Common Shares for Stock Options exercised under the Plan shall be subject to all applicable laws, regulations, rules, orders and approval which shall then be in effect and required by the relevant stock exchanges on which the Common Shares are traded and by government
        entities as set forth below or as the Committee in its sole discretion shall deem necessary or advisable. Specifically, in connection with the Securities Act upon exercise of any Stock Option, the Company shall not be required to issue Common Shares unless the Committee has received evidence satisfactory to it to the effect that the Optionee will not transfer such shares except pursuant to a registration statement in effect under such Act or unless an opinion of counsel satisfactory to
        the Company has been received by the Company to the effect that such registration is not required. Any determination in this connection by the Committee shall be final, binding and conclusive. The Company may, but shall in no event be obligated to take any other affirmative action in order to cause the exercise of a Stock Option or the issuance of Common Shares purchase thereto to comply with any law or regulation of any government authority. 

        

         

        

        
            

        

        ARTICLE X 

        Miscellaneous Provisions

             1.      No person shall have any claim or right to be granted a Stock Option under the Plan, and the grant of an NQSO under the Plan shall not be construed as giving an Optionee the right to be retained by the Company. Furthermore, the Company expressly reserves the right at
        any time to terminate its relationship with an Optionee with or without cause, free from any liability, or any claim under the Plan, except as provided herein, in an option agreement, or in any agreement between the Company and the Optionee. 

        

             2.      Any expenses of administering this Plan shall be borne by the Company.

        

             3.      The payment received from Optionee from the exercise of Stock Options under the Plan shall be used for the general corporate purposes of the Company.

        

             4.      The place of administration of the Plan shall be in the State of Nevada, and the validity, contraction, interpretation, administration and effect of the Plan and its rules and regulations, and rights relating to the Plan, shall be determined solely in accordance with
        the laws of the State of Nevada.

        

             5.      Without amending the Plan, grants may be made to persons who are foreign nationals or employed outside the United States, or both, on such terms and conditions, consistent with the Plan’s purpose, different from those specified in the Plan as may, in the
        judgment of the Committee, be necessary or desirable to create equitable opportunities given differences in tax laws in other countries.

        

             6.      In addition to such other rights of indemnification as they may have as members of the Board or Committee, the members of the Committee shall be indemnified by the Company against all costs and expenses reasonably incurred by them in connection with any action, suit
        or proceeding to which they or any of them may be party by reason of any action taken or failure to act under or in connection with the Plan or any Stock Option granted thereunder, and against all amounts paid by them in settlement thereof (provided such settlement is approved by independent legal counsel selected by the Company) or paid by them in satisfaction of a judgment in any such action, suit or proceeding, except a judgment based upon a finding of bad faith; provided that upon
        the institution of any such action, suit or proceeding a Committee member shall in writing, give the Company notice thereof and an opportunity, at its own expense, to handle and defend the same before such Committee member undertakes to handle and defend it on his own behalf.

        

        
            

        

         

             7.      Stock Options may be granted under this Plan from time to time, in substitution for stock options held by employees of other corporations who are about to become employees 

        of the Company as the result of a merger or consolidation of the employing corporation with the Company or the acquisition by the Company of the assets of the employing corporation or the acquisition by the Company of stock of the employing corporation as a result of which it become a subsidiary of the Company. The terms and conditions of such substitute stock options so granted may vary from the terms and conditions set forth in this Plan to such extent as the Board of Directors of the
        Company at the time of grant may deem appropriate to conform, in whole or in part, to the provisions of the stock options in substitution for which they are granted, but no such variations shall be such as to affect the status of any such substitute stock options as a stock option under Section 422A of the Code.

        

             8.      Notwithstanding anything to the contrary in the Plan, if the Committee finds by a majority vote, after full consideration of the facts presented on behalf of both the Company and Optionee, that the Optionee has been engaged in fraud, embezzlement, theft, commission
        of a felony or proven dishonesty in the course of his association with the Company or any subsidiary corporation which damaged the Company or any subsidiary corporation, or for disclosing trade secrets of the Company or any subsidiary corporation, the Optionee shall forfeit all unexercised Stock Options and all exercised NQSO’s under which the Company has not yet delivered the certificates and which have been earlier granted the Optionee by the Committee. The decision of the
        Committee as to the case of an Optionee’s discharge and the damage done to the Company shall be final. No decision of the Committee, however, shall affect the finality of the discharge of such Optionee by the Company or any subsidiary corporation in any manner. Further, if the Optionee voluntarily terminates employment with the Company, the Optionee shall forfeit all unexercised stock options.

        

         

        ARTICLE XI 

        Written Agreement

        Each Stock Option granted hereunder shall be embodied in a written Stock Option Agreement which shall be subject to the terms and conditions prescribed above and shall be signed by the Optionee and by the President or any Vice President of the Company, for and in the name and on behalf of the Company. Such Stock Option Agreement
        shall contain such other provisions as the Committee, in its discretion shall deem advisable. 

        ARTICLE XII 

        Effective Date

        This Plan shall become unconditionally effective as of the effective date of approval of the Plan by the Board of Directors of the Company. No Stock Option may be granted later than ten (10) years from the effective date of the Plan; provided, however, that the Plan and all outstanding Stock Options shall remain in effect until
        such NQSO’s have expired or until such options are cancelled. 

        

         

        

        
            

        

        

        

        	
                    Number of Shares: _______________

                	
                    Date of Grant: _______________ 

                

        

        

        NONQUALIFIED STOCK OPTION AGREEMENT

        AGREEMENT made this _____ day of __________________, 200___, between _________________ ________________________ (the “Optionee”), and BLACK TUSK MINERALS
        INC., a Nevada corporation (the “Company”).

        1. Grant of Option. The Company, pursuant to the provisions of the 2009 BLACK TUSK MINERALS INC. Nonqualified Stock Option Plan (the “2009 Plan”), set forth as Attachment A hereto, hereby grants to the Optionee, subject to the terms and conditions set forth or incorporated herein, an Option to purchase from the Company all or any part of
        an aggregate of _______________ Common Shares, as such Common Shares are now constituted, at the purchase price of $_______________ per share. The provisions of the 2009 Plan governing the terms and conditions of the Option granted hereby are incorporated in full herein by reference. 

        2. Exercise. The Option evidenced hereby shall be exercisable in whole or in part by the delivery to and receipt by the Company of (i) a written notice of election to exercise, in the form set forth in Attachment B hereto, specifying the number of shares to be purchased; (ii) accompanied by payment of the full purchase price thereof in cash or certified check payable to the order of the Company and, (iii) by return of this Stock Option Agreement for endorsement of exercise by the
        Company.

        3. Transferability. The Option evidenced hereby is NOT assignable or transferable by the Optionee other than by the Optionee’s will, by the laws of descent and distribution, as provided in paragraph 10 of Article V of the 2009 Plan. The Option shall be exercisable only by the Optionee during his lifetime. 

          

        

        	
                     

                	
                    BLACK TUSK MINERALS INC.

                
	
                     

                
	
                     

                
	
                     

                
	
                     

                	
                    BY: 

                	
                    _______________________________________ 

                
	
                     

                	
                     

                	
                    Gavin Roy, President 

                
	
                     

                

        

        

        

        

        	
                    ATTEST: 

                
	
                     

                
	
                    ________________________________________ 

                
	
                    Secretary 

                

        

        

        

        

        
            

        

        Optionee hereby acknowledges receipt of a copy of the 2009 Plan, attached hereto and accepts this Option subject to each and every term and provision of such Plan. Optionee hereby agrees to accept as binding, conclusive and final, all decisions or interpretations of the Compensation Committee or the Board of
        Directors administering the 2009 Plan on any questions arising under such Plan. Optionee recognizes that if Optionee’s employment with the Company or any subsidiary thereof shall be terminated with cause, or by the Optionee, all of the Optionee’s rights hereunder shall thereupon terminate; and that, pursuant to paragraph 11 of Article V of the 2009 Plan, this Option may not be exercised while there is outstanding to Optionee any unexercised Stock Option, granted to Optionee
        before the date of grant of this Option, to purchase Common Shares of the Company or any parent or subsidiary thereof. 

        

        	
                    Dated: _________________________________ 

                
	
                     

                
	
                     

                
	
                     

                
	
                     

                	
                    ___________________________________ 

                
	
                     

                	
                    Optionee 

                
	
                     

                
	
                     

                	
                    ___________________________________ 

                
	
                     

                	
                    Type or Print Name 

                
	
                     

                
	
                     

                	
                    ___________________________________ 

                
	
                     

                	
                    Address 

                
	
                     

                
	
                     

                	
                    ___________________________________ 

                
	
                     

                	
                    Social Security No.

                

        

        

          

        

        
            

        

        Secretary

        BLACK TUSK MINERALS INC.

        7425 Arbutus Street

        Vancouver, British Columbia

        Canada V6P 5T2

          

        Dear Sir/Madam:

        1.     Pursuant to the Stock Option Agreement dated _______________, between BLACK TUSK MINERALS INC. and _________________, I hereby elect to purchase ______ shares of the common stock of BLACK TUSK MINERALS INC. at the price of $__________ per share.

        2.     Payments. My check in the amount of $________ is enclosed as the purchase price for ________shares which I am electing to purchase. 

        3.     Certificates. The shares are to be in registered in the name of _________________________ and delivered to the address below.

        4.     Stock Option Agreement. In the event there remains an unexercised balance of common shares under the Option, a new Stock Option Agreement shall be issued for the balance of unexercised common shares and delivered together with the Certificate.

          

        

        	
                    Dated: __________________________________

                    

                	
                    Yours very truly,

                    __________________________________

                    Signature

                      

                      

                    __________________________________

                    Name

                    Address:

                    __________________________________

                    __________________________________

                    __________________________________

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