Document:

Exhibit 4.1

 

THE BANK OF NEW YORK MELLON

NEW YORK’S FIRST BANK-FOUNDED 1784 BY ALEXANDER HAMILTON

 

 

2 HANSON PLACE, 12TH FLOOR, BROOKLYN,
N.Y. 11217

 

 

 

March 29, 2017

 

Hennion & Walsh, Inc.

2001 Route 46, Waterview Plaza

Parsippany, New Jersey 07054

 

Smart Trust 305

 

Dear Sirs:

The Bank of New York
Mellon is acting as trustee for the series of Smart Trust set forth above (the “Trust”). We enclosed a list
of the Securities to be deposited in the Trust on the date hereof. The prices indicated therein reflect our evaluation of such
Securities as of close of business on March 28, 2017, in accordance with the valuation method set forth in the Standard Terms and
Conditions of Trust and Trust Agreement. We consent to the reference to The Bank of New York Mellon as the party performing the
evaluations of the Trust Securities in the Registration Statement (No. 333-215495) filed with the Securities and Exchange Commission
with respect to the registration of the sale of the Trust Units and to the filing of this consent as an exhibit thereto.

 

 

Very truly yours,

 

/s/ GERARDO CIPRIANO________________

Gerardo Cipriano

Vice PresidentExhibit 4.3

 

Consent of Independent Registered
Public Accounting Firm

We consent to the
reference made to our firm under the caption “Independent Registered Public Accounting Firm” in Part B of the Prospectus
and to the use of our report dated March 29, 2017, in this Registration Statement (Form S-6 No. 333-215495) of Smart Trust 305,
comprising Smart Trust, Tax Free Income Trust, Series 25.

 

/s/ Grant
Thornton LLP

 

Chicago, Illinois

March 29, 2017Exhibit 10.1

 

STELLAR
BIOTECHNOLOGIES, INC.

2017
INCENTIVE COMPENSATION PLAN

 

	1.	Purpose	1
	 	 	 
	2.	Definitions	1
	 	 	 
	3.	Administration.	6
	 	 	 
	4.	Shares Subject to Plan.	7
	 	 	 
	5.	Eligibility; Per-Participant Limitations	9
	 	 	 
	6.	Specific Terms of Awards.	9
	 	 	 
	7.	Certain Provisions Applicable to Awards.	13
	 	 	 
	8.	Change in Control.	15
	 	 	 
	9.	General Provisions.	18

 

     

     

    

 

STELLAR
BIOTECHNOLOGIES, INC.

2017
INCENTIVE COMPENSATION PLAN

 

1.             Purpose .
The purpose of this 2017 INCENTIVE COMPENSATION PLAN (the “Plan”) is to assist Stellar Biotechnologies, Inc., a British
Columbia corporation, and its Related Entities (as hereinafter defined) in attracting, motivating, retaining and rewarding high-quality
executives and other employees, officers, directors, consultants and other persons who provide services to the Company or its
Related Entities by enabling such persons to acquire or increase a proprietary interest in the Company in order to strengthen
the mutuality of interests between such persons and the Company’s shareholders, and providing such persons with performance
incentives to expend their maximum efforts in the creation of shareholder value. This Plan is an amendment and restatement of
the Company’s Fixed Share Option Plan, as amended and restated effective as of December 18, 2013 (the “Initial Plan”),
the terms and conditions of which are superseded hereby, except as explicitly set forth herein.

 

2.             Definitions.
For purposes of the Plan, the following terms shall be defined as set forth below, in addition to such terms defined in Section
1 hereof and elsewhere herein.

 

(a)          “Award”
means any Option, Restricted Share Award or Restricted Share Unit Award, granted to a Participant under the Plan.

 

(b)          “Award
Agreement” means any written agreement, contract or other instrument or document evidencing any Award granted pursuant
to this Plan.

 

(c)          “Beneficiary”
means the person, persons, trust or trusts that have been designated by a Participant in his or her most recent written beneficiary
designation filed with the Committee to receive the benefits specified under the Plan upon such Participant’s death or to
which Awards or other rights are transferred if and to the extent permitted under Section 9(b) hereof. If, upon a Participant’s
death, there is no designated Beneficiary or surviving designated Beneficiary, then the term Beneficiary means the Participant’s
estate.

 

(d)          “Beneficial
Owner” and “Beneficial Ownership” shall have the meaning ascribed to such term in Rule
13d-3 under the Exchange Act and any successor to such Rule.

 

(e)          “Board”
means the Company’s Board of Directors.

 

(f)          “Cause”
shall, with respect to any Participant, have the meaning specified in the Award Agreement. In the absence of any definition in
the Award Agreement, “Cause” shall have the equivalent meaning or the same meaning as “cause” or “for
cause” set forth in any employment, consulting, or other agreement for the performance of services between the Participant
and the Company or a Related Entity or, in the absence of any such agreement or any such definition in such agreement, such term
shall mean (i) the failure by the Participant to perform, in a reasonable manner, his or her duties as assigned by the Company
or a Related Entity, (ii) any violation or breach by the Participant of his or her employment, consulting or other similar agreement
with the Company or a Related Entity, if any, (iii) any violation or breach by the Participant of any non-competition, non-solicitation,
non-disclosure and/or other similar agreement with the Company or a Related Entity, (iv) any act by the Participant of dishonesty
or bad faith with respect to the Company or a Related Entity, (v) use of alcohol, drugs or other similar substances in a manner
that adversely affects the Participant’s work performance, or (vi) the commission by the Participant of any act, misdemeanor,
or crime reflecting unfavorably upon the Participant or the Company or any Related Entity. The good faith determination by the
Committee of whether the Participant’s Continuous Service was terminated by the Company for “Cause” shall be
final and binding for all purposes hereunder.

 

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(g)          “Change
in Control” means a Change in Control as defined in Section 8(b) of the Plan.

 

(h)          “Code”
means the Internal Revenue Code of 1986, as amended from time to time, including regulations thereunder and successor provisions
and regulations thereto.

 

(i)          “Committee”
means a committee designated by the Board to administer the Plan; provided, however, that if the Board fails to designate a committee
or if there are no longer any members on the committee so designated by the Board, or for any other reason determined by the Board,
then the Board shall serve as the Committee. While it is intended that the Committee shall consist of at least two directors, each
of whom shall be (i) a “non-employee director” within the meaning of Rule 16b-3 (or any successor rule) under
the Exchange Act, unless administration of the Plan by “non-employee directors” is not then required in order for exemptions
under Rule 16b-3 to apply to transactions under the Plan, (ii) an “outside director” within the meaning of Section
162(m) of the Code, and (iii) “Independent”, the failure of the Committee to be so comprised shall not invalidate any
Award that otherwise satisfies the terms of the Plan.

 

(j)          “Company”
means Stellar Biotechnologies, Inc., a British Columbia corporation, and any successor thereto.

 

(k)          “Consultant”
means any consultant or advisor who provides services to the Company or any Related Entity, so long as (i) such person renders
bona fide services that are not in connection with the offer and sale of the Company’s securities in a capital-raising transaction,
(ii) such person does not directly or indirectly promote or maintain a market for the Company’s securities, and (iii) the
identity of such person would not preclude the Company from offering or selling securities to such person pursuant to the Plan
in reliance on a registration of those securities on a Form S-8 Registration Statement under the Securities Act of 1933.

 

(l)          “Continuous
Service” means the uninterrupted provision of services to the Company or any Related Entity in any capacity of Employee,
Director, Consultant or other service provider. Continuous Service shall not be considered to be interrupted in the case of (i)
any leave of absence approved by management of the Company, (ii) transfers among the Company, any Related Entities, or any successor
entities, in any capacity of Employee, Director, Consultant or other service provider, or (iii) any change in status as long as
the individual remains in the service of the Company or a Related Entity in any capacity of Employee, Director, Consultant or other
service provider (except as otherwise provided in the Award Agreement). An approved leave of absence shall include sick leave,
military leave, or any other authorized personal leave.

 

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(m)          “Covered
Employee” means the Person who, as of the end of the taxable year, either is the principal executive officer of the
Company or is serving as the acting principal executive officer of the Company, and each other Person whose compensation is required
to be disclosed in the Company’s filings with the Securities and Exchange Commission by reason of that person being among
the three highest compensated officers (other than the chief financial officer) of the Company as of the end of a taxable year,
or such other person as shall be considered a “covered employee” for purposes of Section 162(m) of the Code.

 

(n)          “Director”
means a member of the Board or the board of directors of any Related Entity.

 

(o)          “Disability”
means a permanent and total disability (within the meaning of Section 22(e) of the Code), as determined by a medical doctor satisfactory
to the Committee.

 

(p)          “Dividend
Equivalent” means a right, granted to a Participant under Section 6(g) hereof, to receive cash, Shares, other Awards
or other property equal in value to dividends paid with respect to a specified number of Shares, or other periodic payments.

 

(q)          “Effective
Date” means the effective date of the Plan, which was December 18, 2013.

 

(r)          “Effective
Date of Restated Plan” means the effective date of this Plan, as amended and restated, which was January 27, 2017.

 

(s)          “Eligible
Person” means each officer, Director, Employee, Consultant and other person who provides services to the Company
or any Related Entity. The foregoing notwithstanding, only Employees of the Company, or any parent corporation or subsidiary corporation
of the Company (as those terms are defined in Sections 424(e) and (f) of the Code, respectively), shall be Eligible Persons for
purposes of receiving any Incentive Stock Options. An Employee on a leave of absence approved by management of the Company shall
be considered as still in the employ of the Company or a Related Entity for purposes of eligibility for participation in the Plan.

 

(t)          “Employee”
means any person, including an officer or Director, who is an employee of the Company or any Related Entity, or is a prospective
employee of the Company or any Related Entity (conditioned upon and effective not earlier than, such person becoming an employee
of the Company or any Related Entity). The payment of a director’s fee by the Company or a Related Entity shall not be sufficient
to constitute “employment” by the Company.

 

(u)          “Exchange
Act” means the Securities Exchange Act of 1934, as amended from time to time, including rules thereunder and successor
provisions and rules thereto.

 

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(v)         “Fair
Market Value” means the fair market value of Shares, Awards or other property on the date as of which the value is
being determined, as determined by the Committee, or under procedures established by the Committee, subject to the following:

 

(i)          If,
on such date, the Shares are listed on a national or regional securities exchange or market system, the Fair Market Value of a
Share shall be the closing price of a Share (or the mean of the closing bid and asked prices of a Share if the Share is so quoted
instead) as quoted on the Nasdaq Stock Market, LLC or such other national or regional securities exchange or market system constituting
the primary market for the Share, as reported in The Wall Street Journal or such other source as the Company deems reliable. If
the relevant date does not fall on a day on which the Share has traded on such securities exchange or market system, the date on
which the Fair Market Value shall be established shall be the last day on which the Share was so traded prior to the relevant date,
or such other appropriate day as shall be determined by the Committee, in its discretion.

 

(ii)         If,
on such date, the Share are not listed on a national or regional securities exchange or market system, the Fair Market Value of
a Share shall be as determined by the Committee in good faith without regard to any restriction other than a restriction which,
by its terms, will never lapse.

 

(w)          “Good
Reason” shall, with respect to any Participant, have the meaning specified in the Award Agreement. In the absence
of any definition in the Award Agreement, “Good Reason” shall have the equivalent meaning or the same meaning as “good
reason” or “for good reason” set forth in any employment, consulting or other agreement for the performance of
services between the Participant and the Company or a Related Entity or, in the absence of any such agreement or any such definition
in such agreement, such term shall mean (i) the assignment to the Participant of any duties inconsistent in any material respect
with the Participant’s duties or responsibilities as assigned by the Company or a Related Entity, or any other action by
the Company or a Related Entity which results in a material diminution in such duties or responsibilities, excluding for this purpose
an action which is remedied by the Company or a Related Entity promptly after receipt of notice thereof given by the Participant;
(ii) any material failure by the Company or a Related Entity to comply with its obligations to the Participant as agreed upon,
other than a failure which is remedied by the Company or a Related Entity promptly after receipt of notice thereof given by the
Participant; (iii) the Company’s or Related Entity’s requiring the Participant to be based at any office or location
outside of fifty miles from the location of employment or service as of the date of Award, except for travel reasonably required
in the performance of the Participant’s responsibilities; or (iv) a material breach by the Company or any Related Entity
of any employment, consulting or other agreement under which the Participant provides services to the Company or any Related Entity.
For purposes of this Plan, upon termination of a Participant’s Continuous Service, Good Reason shall not be deemed to exist
unless the Participant’s termination of Continuous Service for Good Reason occurs within 6 months following the initial existence
of one of the conditions specified in clauses (i) through (iv) above, the Participant provides the Company or the Related Entity
for which the Participant provides services with written notice of the existence of such condition with 90 days after the initial
existence of the condition, and the Company fails to remedy the condition within 30 days after its receipt of notice.

 

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(x)          “Incentive
Stock Option” means any Option intended to be designated as an incentive stock option within the meaning of Section
422 of the Code or any successor provision thereto.

 

(y)          “Independent”,
when referring to either the Board or members of the Committee, shall have the same meaning as used in the rules of the Listing
Market.

 

(z)          “Incumbent
Board” means the Incumbent Board as defined in Section 8(b)(ii) hereof.

 

(aa)         “Listing
Market” means any national securities exchange on which any securities of the Company are listed for trading, and
if not listed for trading, by the rules of the Nasdaq Stock Market.

 

(bb)         “Option”
means a right granted to a Participant under Section 6(b) hereof, to purchase Shares or other Awards at a specified price during
specified time periods.

 

(cc)         “Optionee”
means a person to whom an Option is granted under this Plan or any person who succeeds to the rights of such person under this
Plan.

 

(dd)         
“Parent” means any corporation (other than the Company), whether now or hereafter existing, in an unbroken
chain of corporations ending with the Company, if each of the corporations in the chain (other than the Company) owns stock possessing
50% or more of the combined voting power of all classes of stock in one of the other corporations in the chain.

 

(ee)         “Participant”
means a person who has been granted an Award under the Plan which remains outstanding, including a person who is no longer an Eligible
Person.

 

(ff)         “Person”
shall have the meaning ascribed to such term in Section 3(a)(9) of the Exchange Act and used in Sections 13(d) and 14(d) thereof,
and shall include a “group” as defined in Section 13(d) thereof.

 

(gg)         “Related
Entity” means any Parent or Subsidiary, and any business, corporation, partnership, limited liability company or
other entity designated by the Committee in which the Company, a Parent or a Subsidiary holds a substantial ownership interest,
directly or indirectly and with respect to which the Company may offer or sell securities pursuant to the Plan in reliance upon
registration on a Form S-8 Registration Statement under the Securities Act of 1933.

 

(hh)         “Restricted
Share” means any Share issued with such risks of forfeiture and other restrictions as the Committee, 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, as the Committee may deem
appropriate.

 

(ii)          “Restricted
Share Award” means an Award granted to a Participant under Section 6(d) hereof.

 

    5 

     

    

 

(jj)          “Restricted
Share Unit” means a right to receive Shares, including Restricted Share, cash measured based upon the value of Shares,
or a combination thereof, at the end of a specified deferral period.

 

(kk)         “Restricted
Share Unit Award” means an Award of Restricted Share Units granted to a Participant under Section 6(e) hereof.

 

(ll)          “Restriction
Period” means the period of time specified by the Committee that Restricted Share Awards shall be subject to such
restrictions on transferability, risk of forfeiture and other restrictions, if any, as the Committee may impose.

 

(mm)       “Rule
16b-3” means Rule 16b-3, as from time to time in effect and applicable to the Plan and Participants, promulgated
by the Securities and Exchange Commission under Section 16 of the Exchange Act.

 

(nn)        “Shares”
means the common shares of the Company, no par value per share, and such other securities as may be substituted (or resubstituted)
for Shares pursuant to Section 9(c) hereof.

 

(oo)        “Subsidiary”
means any corporation or other entity in which the Company has a direct or indirect ownership interest of 50% or more of the total
combined voting power of the then outstanding securities or interests of such corporation or other entity entitled to vote generally
in the election of directors or in which the Company has the right to receive 50% or more of the distribution of profits or 50%
or more of the assets on liquidation or dissolution.

 

(pp)        “Substitute
Awards” means 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 (i) acquired by the Company or any Related
Entity, (ii) which becomes a Related Entity after the date hereof, or (iii) with which the Company or any Related Entity combines.

 

		3.	Administration.

 

(a)          Authority
of the Committee. The Plan shall be administered by the Committee, except to the extent (and subject to the limitations
imposed by Section 3(b) hereof) the Board elects to administer the Plan, in which case the Plan shall be administered by only
those members of the Board who are Independent members of the Board, in which case references herein to the “Committee”
shall be deemed to include references to the Independent members of the Board. The Committee shall have full and final authority,
subject to and consistent with the provisions of the Plan, to select Eligible Persons to become Participants, grant Awards, determine
the type, number and other terms and conditions of, and all other matters relating to, Awards, prescribe Award Agreements (which
need not be identical for each Participant) and rules and regulations for the administration of the Plan, construe and interpret
the Plan and Award Agreements and correct defects, supply omissions or reconcile inconsistencies therein, and to make all other
decisions and determinations as the Committee may deem necessary or advisable for the administration of the Plan. In exercising
any discretion granted to the Committee under the Plan or pursuant to any Award, the Committee shall not be required to follow
past practices, act in a manner consistent with past practices, or treat any Eligible Person or Participant in a manner consistent
with the treatment of any other Eligible Persons or Participants. Decisions of the Committee shall be final, conclusive and binding
on all persons or entities, including the Company, any Related Entity or any Participant or Beneficiary, or any transferee under
Section 9(b) hereof or any other person claiming rights from or through any of the foregoing persons or entities.

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(b)          Manner
of Exercise of Committee Authority. The Committee, and not the Board, shall
exercise sole and exclusive discretion (i) on any matter relating to a Participant then subject to Section 16 of the Exchange
Act with respect to the Company to the extent necessary in order that transactions by such Participant shall be exempt under Rule
16b-3 under the Exchange Act, (ii) with respect to any Award that is intended to qualify as “performance-based compensation”
under Section 162(m), to the extent necessary in order for such Award to so qualify; and (iii) with respect to any Award to an
Independent Director. The express grant of any specific power to the Committee, and the taking of any action by the Committee,
shall not be construed as limiting any power or authority of the Committee. The Committee may delegate to members of the Board,
or officers or managers of the Company or any Related Entity, or committees thereof, the authority, subject to such terms and limitations
as the Committee shall determine, to perform such functions, including administrative functions as the Committee may determine
to the extent that such delegation will not result in the loss of an exemption under Rule 16b-3(d)(1) for Awards granted to Participants
subject to Section 16 of the Exchange Act in respect of the Company and will not cause Awards intended to qualify as “performance-based
compensation” under Code Section 162(m) to fail to so qualify. The Committee may appoint agents to assist it in administering
the Plan.

 

(c)          Limitation
of Liability. The Committee and the Board, and each member thereof, shall be entitled to, in good faith, rely or act upon
any report or other information furnished to him or her by any officer or Employee, the Company’s independent auditors,
Consultants or any other agents assisting in the administration of the Plan. Members of the Committee and the Board, and any officer
or Employee acting at the direction or on behalf of the Committee or the Board, shall not be personally liable for any action
or determination taken or made in good faith with respect to the Plan, and shall, to the extent permitted by law, be fully indemnified
and protected by the Company with respect to any such action or determination.

 

		4.	Shares Subject to Plan.

 

(a)          Limitation
on Overall Number of Shares Available for Delivery Under Plan. Subject to adjustment as provided in Section 9(c) hereof,
the total number of Shares reserved and available for delivery under the Plan after the Effective Date of Restated Plan shall
be the sum of (i) 700,000 plus (ii) the number of Shares remaining available for delivery under the Plan as of the Effective Date
of Restated Plan. Any Shares that are subject to Awards of Options 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 shall be counted against this limit as one and
one-half (1.5) Shares for every one (1) Share granted. Any Shares delivered under the Plan may consist, in whole or in part, of
authorized and unissued shares.

 

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(b)          Application
of Limitation to Grants of Awards.. No Award may be granted if the number of Shares to be delivered in connection with
such an Award exceeds the number of Shares remaining available for delivery under the Plan, minus the number of Shares that would
be counted against the limit upon settlement of then outstanding Awards. The Committee may adopt reasonable counting procedures
to ensure appropriate counting, avoid double counting (as, for example, in the case of substitute awards) and make adjustments
if the number of Shares actually delivered differs from the number of Shares previously counted in connection with an Award.

 

(c)          Availability
of Shares Not Delivered under Awards and Adjustments to Limits.

 

(i)          If,
after the Effective Date of Restated Plan, (x) Shares subject to any Awards granted under the Plan are forfeited, expire or otherwise
terminate without issuance of such Shares, or (y) any Award is settled for cash or otherwise does not result in the issuance of
all or a portion of the Shares subject to such Award, the Shares to which those Awards were subject shall, to the extent of such
forfeiture, expiration, termination, non-issuance or cash settlement, again be available for delivery with respect to Awards under
the Plan.

 

(ii)         In
the event that, after the Effective Date of Restated Plan, any Option or other Award granted under this Plan, is exercised through
the tendering of Shares (either actually or by attestation) or by the withholding of Shares by the Company, or withholding tax
liabilities arising from such Option or other Award are satisfied by the tendering of Shares (either actually or by attestation)
or by the withholding of Shares by the Company, then only the number of Shares issued net of the Shares tendered or withheld shall
be counted for purposes of determining the maximum number of Shares available for grant under the Plan.

 

(iii)        Substitute
Awards shall not reduce the Shares authorized for delivery under the Plan or authorized for delivery to a Participant in any period.
Additionally, in the event that an entity acquired by the Company or any Related Entity or with which the Company or any Related
Entity combines has shares available under a pre-existing plan approved by its shareholders and not adopted in contemplation of
such acquisition or combination, the shares available for delivery pursuant to the terms of such pre-existing plan (as adjusted,
to the extent appropriate, using the exchange ratio or other adjustment or valuation ratio or formula used in such acquisition
or combination to determine the consideration payable to the holders of common stock of the entities party to such acquisition
or combination) may be used for Awards under the Plan and shall not reduce the Shares authorized for delivery under the Plan if
and to the extent that the use of such Shares would not require approval of the Company’s shareholders under the rules of
the Listing Market. Awards using such available shares shall not be made after the date awards or grants could have been made under
the terms of the pre-existing plan, absent the acquisition or combination, and shall only be made to individuals who were not Employees
or Directors prior to such acquisition or combination.

 

(iv)        Any
Share that again becomes available for delivery pursuant to this Section 4(c) shall be added back as one (1) Share if such Share
was subject to an Option granted under the Plan and as one and one-half (1.5) Shares if such Share was subject to an Award other
than an Option granted under the Plan.

 

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(v)         Notwithstanding
anything in this Section 4(c) to the contrary but subject to adjustment as provided in Section 9(c) hereof, the maximum aggregate
number of Shares that may be delivered under the Plan as a result of the exercise of the Incentive Stock Options shall be 1,500,000
Shares. In no event shall any Incentive Stock Options be granted under the Plan after the tenth anniversary of the date on which
the Board adopts the Plan.

 

(vi)        Notwithstanding
anything in this Section 4 to the contrary, but subject to adjustment as provided in Section 9(c) hereof, in any fiscal year of
the Company during any part of which the Plan is in effect, no Participant who is a Director but is not also an Employee or Consultant
may be granted any Awards that have a “fair value” as of the date of grant, as determined in accordance with FASB ASC
Topic 718 (or any other applicable accounting guidance), that exceeds $250,000 in the aggregate.

 

5.            Eligibility;
Per-Participant Limitations. Awards may be granted under the Plan only to Eligible Persons.
Subject to adjustment as provided in Section 9(c) of this Plan, in any fiscal year of the Company during any part of which the
Plan is in effect, no Participant may be granted Options with respect to more than 100,000 Shares.

 

		6.	Specific Terms of Awards.

 

(a)          General.
Awards may be granted on the terms and conditions set forth in this Section 6. In addition, the Committee may impose on any Award
or the exercise thereof, at the date of grant or thereafter (subject to Section 7(e) hereof), such additional terms and conditions,
not inconsistent with the provisions of the Plan, as the Committee shall determine, including terms requiring forfeiture of Awards
in the event of termination of the Participant’s Continuous Service and terms permitting a Participant to make elections
relating to his or her Award. Except as otherwise expressly provided herein, the Committee shall retain full power and discretion
to accelerate, waive or modify, at any time, any term or condition of an Award that is not mandatory under the Plan. Except in
cases in which the Committee is authorized to require other forms of consideration under the Plan, or to the extent other forms
of consideration must be paid to satisfy the requirements of British Columbia law, no consideration other than services may be
required for the grant (as opposed to the exercise) of any Award.

 

(b)          Options.
The Committee is authorized to grant Options to any Eligible Person on the following terms and conditions:

 

(i)          Exercise
Price. Other than in connection with Substitute Awards, the exercise price per Share purchasable under an Option shall
be determined by the Committee, provided that such exercise price shall not be less than 100% of the Fair Market Value of a Share
on the date of grant of the Option. If an Employee owns or is deemed to own (by reason of the attribution rules applicable under
Section 424(d) of the Code) more than 10% of the combined voting power of all classes of stock of the Company (or any parent corporation
or subsidiary corporation of the Company, as those terms are defined in Sections 424(e) and (f) of the Code, respectively) and
an Incentive Stock Option is granted to such Employee, the exercise price of such Incentive Stock Option (to the extent required
by the Code at the time of grant) shall be no less than 110% of the Fair Market Value of a Share on the date such Incentive Stock
Option is granted. Other than pursuant to Section 9(c)(i) and (ii) of this Plan, the Committee shall not be permitted to (A) lower
the exercise price per Share of an Option after it is granted, (B) cancel an Option when the exercise price per Share exceeds the
Fair Market Value of the underlying Shares in exchange for cash or another Award (other than in connection with Substitute Awards),
(C) cancel an outstanding Option in exchange for an Option with an exercise price that is less than the exercise price of the original
Options or (D) take any other action with respect to an Option that may be treated as a repricing pursuant to the applicable rules
of the Listing Market, without approval of the Company’s shareholders.

 

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(ii)         Time
and Method of Exercise. The Committee shall determine the time or times at which or the circumstances under which an Option
may be exercised in whole or in part (including based on future service requirements), the method by which notice of exercise is
to be given and the form of exercise notice to be used, the time or times at which Options shall cease to be or become exercisable
following termination of Continuous Service or upon other conditions, the methods by which the exercise price may be paid or deemed
to be paid (including in the discretion of the Committee a cashless exercise procedure), the form of such payment, including, without
limitation, cash, Shares (including without limitation the withholding of Shares otherwise deliverable pursuant to the Award),
other Awards or awards granted under other plans of the Company or a Related Entity, or other property, or any rule or regulation
adopted thereunder or any other applicable law), and the methods by or forms in which Shares will be delivered or deemed to be
delivered to Participants.

 

(iii)        Form
of Settlement. The Committee may, in its sole discretion, provide
that the Shares to be issued upon exercise of an Option shall be in the form of Restricted Share or other similar securities.

 

(iv)        Incentive
Stock Options. The terms of any Incentive Stock Option granted under the Plan shall comply in all respects with the provisions
of Section 422 of the Code. Anything in the Plan to the contrary notwithstanding, no term of the Plan relating to Incentive Stock
Options shall be interpreted, amended or altered, nor shall any discretion or authority granted under the Plan be exercised, so
as to disqualify either the Plan or any Incentive Stock Option under Section 422 of the Code, unless the Participant has first
requested, or consents to, the change that will result in such disqualification. Thus, if and to the extent required to comply
with Section 422 of the Code, Options granted as Incentive Stock Options shall be subject to the following special terms and conditions:

 

(A)         the
Option shall not be exercisable for more than ten years after the date such Incentive Stock Option is granted; provided, however,
that if a Participant owns or is deemed to own (by reason of the attribution rules of Section 424(d) of the Code) more than 10%
of the combined voting power of all classes of stock of the Company (or any parent corporation or subsidiary corporation of the
Company, as those terms are defined in Sections 424(e) and (f) of the Code, respectively) and the Incentive Stock Option is granted
to such Participant, the term of the Incentive Stock Option shall be (to the extent required by the Code at the time of the grant)
for no more than five years from the date of grant;

 

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(B)         the
aggregate Fair Market Value (determined as of the date the Incentive Stock Option is granted) of the Shares with respect to which
Incentive Stock Options granted under the Plan and all other option plans of the Company (and any parent corporation or subsidiary
corporation of the Company, as those terms are defined in Sections 424(e) and (f) of the Code, respectively) that become exercisable
for the first time by the Participant during any calendar year shall not (to the extent required by the Code at the time of the
grant) exceed $100,000; and

 

(C)         if
Shares acquired by exercise of an Incentive Stock Option are disposed of within two years following the date the Incentive Stock
Option is granted or one year following the transfer of such Shares to the Participant upon exercise, the Participant shall, promptly
following such disposition, notify the Company in writing of the date and terms of such disposition and provide such other information
regarding the disposition as the Committee may reasonably require.

 

(c)          Restricted
Share Awards. The Committee is authorized to grant Restricted Share Awards to any Eligible Person on the following terms
and conditions:

 

(i)          Grant
and Restrictions. Restricted Share Awards shall be subject to such restrictions on transferability, risk of forfeiture
and other restrictions, if any, as the Committee may impose, or as otherwise provided in this Plan during the Restriction Period.
The terms of any Restricted Share Award granted under the Plan shall be set forth in a written Award Agreement which shall contain
provisions determined by the Committee and not inconsistent with the Plan. The restrictions may lapse separately or in combination
at such times, under such circumstances (including based on future service requirements), in such installments or otherwise, as
the Committee may determine at the date of grant or thereafter. Except to the extent restricted under the terms of the Plan and
any Award Agreement relating to a Restricted Share Award, a Participant granted Restricted Shares shall have all of the rights
of a shareholder, including the right to vote the Restricted Share and the right to receive dividends thereon (subject to any mandatory
reinvestment or other requirement imposed by the Committee). During the period that the Restricted Share Award is subject to a
risk of forfeiture, subject to Section 9(b) below and except as otherwise provided in the Award Agreement, the Restricted Shares
may not be sold, transferred, pledged, hypothecated, margined or otherwise encumbered by the Participant or Beneficiary.

 

(ii)         Forfeiture.
Except as otherwise determined by the Committee, upon termination of a Participant’s Continuous Service during the applicable
Restriction Period, the Participant’s Restricted Shares that are at that time subject to a risk of forfeiture that has not
lapsed or otherwise been satisfied shall be forfeited and reacquired by the Company; provided that the Committee may provide, by
resolution or other action or in any Award Agreement, or may determine in any individual case, that forfeiture conditions relating
to Restricted Share Awards shall be waived in whole or in part in the event of terminations resulting from specified causes, and
the Committee may in other cases waive in whole or in part the forfeiture of Restricted Shares.

 

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(iii)        Certificates
for Shares. Restricted Shares granted under the Plan may be evidenced in such manner as the Committee shall determine.
If certificates representing Restricted Shares are registered in the name of the Participant, the Committee may require that such
certificates bear an appropriate legend referring to the terms, conditions and restrictions applicable to such Restricted Shares,
that the Company retain physical possession of the certificates, and that the Participant deliver a stock power to the Company,
endorsed in blank, relating to the Restricted Shares.

 

(iv)        Dividends
and Splits. As a condition to the grant of a Restricted Share Award, the Committee may require or permit a Participant
to elect that any cash dividends paid on Restricted Shares be automatically reinvested in additional Restricted Shares or applied
to the purchase of additional Awards under the Plan, or may require that payment be delayed (with or without interest at such rate,
if any, as the Committee shall determine) and remain subject to restrictions and a risk of forfeiture to the same extent as the
Restricted Shares with respect to which such cash dividend is payable, in each case in a manner that does not violate the requirements
of Section 409A of the Code. Unless otherwise determined by the Committee, Shares distributed in connection with a share split
or share dividend, and other property distributed as a dividend, shall be subject to restrictions and a risk of forfeiture to the
same extent as the Restricted Shares with respect to which such Shares or other property have been distributed.

 

(d)          Restricted
Share Unit Award. The Committee is authorized to grant Restricted Share Unit Awards to any Eligible Person on the following
terms and conditions:

 

(i)          Award
and Restrictions. Satisfaction of a Restricted Share Unit Award shall occur upon expiration of the deferral period specified
for such Restricted Share Unit Award by the Committee (or, if permitted by the Committee, as elected by the Participant in a manner
that does not violate the requirements of Section 409A of the Code). In addition, a Restricted Share Unit Award shall be subject
to such restrictions (which may include a risk of forfeiture) as the Committee may impose, if any, which restrictions may lapse
at the expiration of the deferral period or at earlier specified times (including based on future service requirements), separately
or in combination, in installments or otherwise, as the Committee may determine. A Restricted Share Unit Award may be satisfied
by delivery of Shares, cash equal to the Fair Market Value of the specified number of Shares covered by the Restricted Share Units,
or a combination thereof, as determined by the Committee at the date of grant or thereafter. Prior to satisfaction of a Restricted
Share Unit Award, a Restricted Share Unit Award carries no voting or dividend or other rights associated with Share ownership.
Prior to satisfaction of a Restricted Share Unit Award, except as otherwise provided in an Award Agreement and as permitted under
Section 409A of the Code, a Restricted Share Unit Award may not be sold, transferred, pledged, hypothecated, margined or otherwise
encumbered by the Participant or any Beneficiary.

 

(ii)         Forfeiture.
Except as otherwise determined by the Committee, upon termination of a Participant’s Continuous Service during the applicable
deferral period or portion thereof to which forfeiture conditions apply (as provided in the Award Agreement evidencing the Restricted
Share Unit Award), the Participant’s Restricted Share Unit Award that is at that time subject to a risk of forfeiture that
has not lapsed or otherwise been satisfied shall be forfeited; provided that the Committee may provide, by resolution or other
action or in any Award Agreement, or may determine in any individual case, that forfeiture conditions relating to a Restricted
Share Unit Award shall be waived in whole or in part in the event of terminations resulting from specified causes, and the Committee
may in other cases waive in whole or in part the forfeiture of any Restricted Share Unit Award.

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		7.	Certain Provisions Applicable to Awards.

 

(a)          Stand-Alone,
Additional, and Substitute Awards. Awards granted under the Plan may, in the discretion of the Committee, be granted either
alone or in addition to, or in substitution or exchange for, any other Award or any award granted under another plan of the Company,
any Related Entity, or any business entity to be acquired by the Company or a Related Entity, or any other right of a Participant
to receive payment from the Company or any Related Entity. Such additional, and substitute or exchange Awards may be granted at
any time. If an Award is granted in substitution or exchange for another Award or award, the Committee shall require the surrender
of such other Award or award in consideration for the grant of the new Award. In addition, Awards may be granted in lieu of cash
compensation, including in lieu of cash amounts payable under other plans of the Company or any Related Entity, in which the value
of Shares subject to the Award is equivalent in value to the cash compensation (for example, Restricted Share or Restricted Share
Units), or in which the exercise price, grant price or purchase price of the Award in the nature of a right that may be exercised
is equal to the Fair Market Value of the underlying Shares minus the value of the cash compensation surrendered (for example,
Options granted with an exercise price or grant price “discounted” by the amount of the cash compensation surrendered),
provided that any such determination to grant an Award in lieu of cash compensation must be made in a manner intended to be exempt
from or comply with Section 409A of the Code.

 

(b)          Term
of Awards. The term of each Award shall be for such period as may be determined by the Committee. The term of any Option
shall not exceed a period of ten years (or in the case of an Incentive Stock Option such shorter term as may be required under
Section 422 of the Code); provided, however, that in the event that on the last day of the term of an Option, other than an Incentive
Stock Option, the exercise of the Option would violate an applicable federal, state, local, or foreign law, the Committee may,
in its sole and absolute discretion, extend the term of the Option for a period of no more than thirty (30) days after the date
on which the exercise of the Option would no longer violate an applicable federal, state, local and foreign law, provided that
such extension of the term of the Option would not cause the Option to violate the requirements of Section 409A of the Code.

 

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(c)          Form
and Timing of Payment Under Awards; Deferrals. Subject to the terms of the Plan and any applicable Award Agreement, payments
to be made by the Company or a Related Entity upon the exercise of an Option or other Award or settlement of an Award may be made
in such forms as the Committee shall determine, including, without limitation, cash, Shares, other Awards or other property, and
may be made in a single payment or transfer, in installments, or on a deferred basis, provided that any determination to pay in
installments or on a deferred basis shall be made by the Committee at the date of grant. Any installment or deferral provided
for in the preceding sentence shall, however, subject to the terms of the Plan, be subject to the Company’s compliance with
the provisions of the Sarbanes-Oxley Act of 2002, as amended, the rules and regulations adopted by the Securities and Exchange
Commission thereunder, all applicable rules of the Listing Market and any other applicable law, and in a manner intended to be
exempt from or otherwise satisfy the requirements of Section 409A of the Code. Subject to Section 7(e) of this Plan, the settlement
of any Award may be accelerated, and cash paid in lieu of Shares in connection with such settlement, in the sole discretion of
the Committee or upon occurrence of one or more specified events (in addition to a Change in Control). Any such settlement shall
be at a value determined by the Committee in its sole discretion, which, without limitation, may in the case of an Option be limited
to the amount if any by which the Fair Market Value of a Share on the settlement date exceeds the exercise price. Installment
or deferred payments may be required by the Committee (subject to Section 7(e) of this Plan, including the consent provisions
thereof in the case of any deferral of an outstanding Award not provided for in the original Award Agreement) or permitted at
the election of the Participant on terms and conditions established by the Committee. The acceleration of the settlement of any
Award, and the payment of any Award in installments or on a deferred basis, all shall be done in a manner that is intended to
be exempt from or otherwise satisfy the requirements of Section 409A of the Code. The Committee may, without limitation, make
provision for the payment or crediting of a reasonable interest rate on installment or deferred payments or the grant or crediting
of other amounts in respect of installment or deferred payments denominated in Shares.

 

(d)          Exemptions
from Section 16(b) Liability. It is the intent of the Company that the grant
of any Awards to or other transaction by a Participant who is subject to Section 16 of the Exchange Act shall be exempt from Section
16 pursuant to an applicable exemption (except for transactions acknowledged in writing to be non-exempt by such Participant).
Accordingly, if any provision of this Plan or any Award Agreement does not comply with the requirements of Rule 16b-3 then applicable
to any such transaction, such provision shall be construed or deemed amended to the extent necessary to conform to the applicable
requirements of Rule 16b-3 so that such Participant shall avoid liability under Section 16(b). 

 

(e)          Code
Section 409A.

 

(i)          The
Award Agreement for any Award that the Committee reasonably determines to constitute a “nonqualified deferred compensation
plan” under Section 409A of the Code (a “Section 409A Plan”), and the provisions of the Section 409A Plan applicable
to that Award, shall be construed in a manner consistent with the applicable requirements of Section 409A of the Code, and the
Committee, in its sole discretion and without the consent of any Participant, may amend any Award Agreement (and the provisions
of the Plan applicable thereto) if and to the extent that the Committee determines that such amendment is necessary or appropriate
to comply with the requirements of Section 409A of the Code.

 

    14 

     

    

 

(ii)         If
any Award constitutes a Section 409A Plan, then the Award shall be subject to the following additional requirements, if and to
the extent required to comply with Section 409A of the Code: 

 

(A)         Payments
under the Section 409A Plan may be made only upon (u) the Participant’s “separation from service”, (v) the date
the Participant becomes “disabled”, (w) the Participant’s death, (x) a “specified time (or pursuant to
a fixed schedule)” specified in the Award Agreement at the date of the deferral of such compensation, (y) a “change
in the ownership or effective control of the corporation, or in the ownership of a substantial portion of the assets” of
the Company, or (z) the occurrence of an “unforeseeble emergency”;

 

(B)         The
time or schedule for any payment of the deferred compensation may not be accelerated, except to the extent provided in applicable
Treasury Regulations or other applicable guidance issued by the Internal Revenue Service;

 

(C)         Any
elections with respect to the deferral of such compensation or the time and form of distribution of such deferred compensation
shall comply with the requirements of Section 409A(a)(4) of the Code; and

 

(D) In the case of any Participant
who is a “specified employee”, a distribution on account of a “separation from service” may not be made
before the date which is six months after the date of the Participant’s “separation from service” (or, if earlier,
the date of the Participant’s death).

 

For purposes of the foregoing, the terms
in quotations shall have the same meanings as those terms have for purposes of Section 409A of the Code, and the limitations set
forth herein shall be applied in such manner (and only to the extent) as shall be necessary to comply with any requirements of
Section 409A of the Code that are applicable to the Award.

 

(iii)        Notwithstanding
the foregoing, or any provision of this Plan or any Award Agreement, the Company does not make any representation to any Participant
or Beneficiary that any Awards made pursuant to this Plan are exempt from, or satisfy, the requirements of, Section 409A of the
Code, and the Company shall have no liability or other obligation to indemnify or hold harmless the Participant or any Beneficiary
for any tax, additional tax, interest or penalties that the Participant or any Beneficiary may incur in the event that any provision
of this Plan, or any Award Agreement, or any amendment or modification thereof, or any other action taken with respect thereto,
is deemed to violate any of the requirements of Section 409A of the Code.

 

		8.	Change in Control.

 

(a)          Effect
of “Change in Control.” If and only to the extent provided in any employment or other agreement between the
Participant and the Company or any Related Entity, or in any Award Agreement, or to the extent otherwise determined by the Committee
in its sole discretion and without any requirement that each Participant be treated consistently, upon the occurrence of a “Change
in Control,” as defined in Section 8(b):

 

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(i)          Any
Option that was not previously vested and exercisable as of the time of the Change in Control, shall become immediately vested
and exercisable, subject to applicable restrictions set forth in Section 9(a) hereof.

 

(ii)         Any
restrictions, deferral of settlement, and forfeiture conditions applicable to a Restricted Share Award, Restricted Share Unit Award
or an Other Share-Based Award subject only to future service requirements granted under the Plan shall lapse and such Awards shall
be deemed fully vested as of the time of the Change in Control, except to the extent of any waiver by the Participant and subject
to applicable restrictions set forth in Section 9(a) hereof.

 

(iii)        Notwithstanding
the foregoing or any provision in any Award Agreement to the contrary, and unless the Committee otherwise determines in a specific
instance, or as is provided in any employment or other agreement between the Participant and the Company or any Related Entity,
each outstanding Option, Restricted Share Award or Restricted Share Unit Award shall not be accelerated as described in Section
8(a)(i), (ii) and (iii), if either (A) the Company is the surviving entity in the Change in Control and the Option, Restricted
Share Award or Restricted Share Unit Award continues to be outstanding after the Change in Control on substantially the same terms
and conditions as were applicable immediately prior to the Change in Control or (B) the successor company or its parent company
assumes or substitutes for the applicable Award, as determined in accordance with Section 9(c)(ii) hereof. Notwithstanding the
foregoing, if and only to the extent provided in an Award Agreement and on such terms and conditions as may be set forth in an
Award Agreement, in the event a Participant’s employment is terminated without Cause by the Company or any Related Entity
or by such successor company or by the Participant for Good Reason within 24 months following such Change in Control, each Award
held by such Participant at the time of the Change in Control shall be accelerated as described in Sections 8(a)(i), (ii) and (iii)
above.

 

(b)          Definition
of “Change in Control”. Unless otherwise specified in any employment or other agreement for services between
the Participant and the Company or any Related Entity, or in an Award Agreement, a “Change in Control” shall mean
the occurrence of any of the following:

 

(i)          The
acquisition by any Person of Beneficial Ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of more
than fifty percent (50%) of either (A) the value of then outstanding equity securities of the Company (the “Outstanding Company
Shares”) or (B) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally
in the election of directors (the “Outstanding Company Voting Securities”) (the foregoing Beneficial Ownership hereinafter
being referred to as a “Controlling Interest”); provided, however, that for purposes of this Section 8(b), the following
acquisitions shall not constitute or result in a Change in Control: (v) any acquisition directly from the Company; (w) any acquisition
by the Company; (x) any acquisition by any Person that as of the Effective Date owns Beneficial Ownership of a Controlling Interest;
(y) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any Related Entity;
or (z) any acquisition by any entity pursuant to a transaction which complies with clauses (1), (2) and (3) of subsection (iii)
below; or

 

    16 

     

    

 

(ii)         During
any period of two (2) consecutive years (not including any period prior to the Effective Date) individuals who constitute the Board
on the Effective Date (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board;
provided, however, that any individual becoming a director subsequent to the Effective Date whose election, or nomination for election
by the Company’s shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent
Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any
such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect
to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a
Person other than the Board; or

 

(iii)        Consummation
of (A) a reorganization, merger, statutory share exchange or consolidation or similar transaction involving (x) the Company or
(y) any of its Related Entities, but in the case of this clause (y) only if equity securities of the Company are issued or
issuable in connection with the transaction (each of the events referred to in this clause (A) being hereinafter referred
to as a “Business Reorganization”), or (B) a sale or other disposition of all or substantially all of the assets of
the Company, or the acquisition of assets or equity of another entity by the Company or any of its Related Entities (each an “Asset
Sale”), in each case, unless, following such Business Reorganization or Asset Sale, (1) all or substantially all of the individuals
and entities who were the Beneficial Owners, respectively, of the Outstanding Company Shares and Outstanding Company Voting Securities
immediately prior to such Business Reorganization or Asset Sale beneficially own, directly or indirectly, more than fifty percent
(50%) of the value of the then outstanding equity securities and the combined voting power of the then outstanding voting securities
entitled to vote generally in the election of members of the board of directors (or comparable governing body of an entity that
does not have such a board), as the case may be, of the entity resulting from such Business Reorganization or Asset Sale (including,
without limitation, an entity which as a result of such transaction owns the Company or all or substantially all of the Company’s
assets either directly or through one or more subsidiaries) (the “Continuing Entity”) in substantially the same proportions
as their ownership, immediately prior to such Business Reorganization or Asset Sale, of the Outstanding Company Shares and Outstanding
Company Voting Securities, as the case may be (excluding any outstanding equity or voting securities of the Continuing Entity that
such Beneficial Owners hold immediately following the consummation of the Business Reorganization or Asset Sale as a result of
their ownership, prior to such consummation, of equity or voting securities of any company or other entity involved in or forming
part of such Business Reorganization or Asset Sale other than the Company), (2) no Person (excluding any employee benefit plan
(or related trust) of the Company or any Continuing Entity or any entity controlled by the Continuing Entity or any Person that
as of the Effective Date owns Beneficial Ownership of a Controlling Interest) beneficially owns, directly or indirectly, fifty
percent (50%) or more of the value of the then outstanding equity securities of the Continuing Entity or the combined voting power
of the then outstanding voting securities of the Continuing Entity except to the extent that such ownership existed prior to the
Business Reorganization or Asset Sale and (3) at least a majority of the members of the Board of Directors or other governing body
of the Continuing Entity were members of the Incumbent Board at the time of the execution of the initial agreement, or of the action
of the Board, providing for such Business Reorganization or Asset Sale; or

 

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(iv)        Approval
by the shareholders of the Company of a complete liquidation or dissolution of the Company.

 

		9.	General Provisions.

 

(a)          Compliance
With Legal and Other Requirements. The Company may, to the extent deemed necessary or advisable by the Committee, postpone
the issuance or delivery of Shares or payment of other benefits under any Award until completion of such registration or qualification
of such Shares or other required action under any federal or state law, rule or regulation, listing or other required action with
respect to the Listing Market, or compliance with any other obligation of the Company, as the Committee may consider appropriate,
and may require any Participant to make such representations, furnish such information and comply with or be subject to such other
conditions as it may consider appropriate in connection with the issuance or delivery of Shares or payment of other benefits in
compliance with applicable laws, rules, and regulations, listing requirements, or other obligations.

 

(b)          Limits
on Transferability; Beneficiaries. No Award or other right or interest granted under the Plan shall be pledged, hypothecated
or otherwise encumbered or subject to any lien, obligation or liability of such Participant to any party, or assigned or transferred
by such Participant otherwise than by will or the laws of descent and distribution or to a Beneficiary upon the death of a Participant,
and such Awards or rights that may be exercisable shall be exercised during the lifetime of the Participant only by the Participant
or his or her guardian or legal representative, except that Awards and other rights (other than Incentive Stock Options) may be
transferred to one or more Beneficiaries or other transferees during the lifetime of the Participant, and may be exercised by
such transferees in accordance with the terms of such Award, but only if and to the extent such transfers are permitted by the
Committee pursuant to the express terms of an Award Agreement (subject to any terms and conditions which the Committee may impose
thereon), are by gift or pursuant to a domestic relations order, and are to a “Permitted Assignee” that is a permissible
transferee under the applicable rules of the Securities and Exchange Commission for registration of securities on a Form S-8 registration
statement. For this purpose, a Permitted Assignee shall mean (i) the Participant’s spouse, children or grandchildren (including
any adopted and step children or grandchildren), parents, grandparents or siblings, (ii) a trust for the benefit of one or more
of the Participant or the persons referred to in clause (i), (iii) a partnership, limited liability company or corporation in
which the Participant or the persons referred to in clauses (i) and (ii) are the only partners, members or shareholders, or (iv)
a foundation in which any person or entity designated in clauses (i), (ii) or (iii) above control the management of assets. A
Beneficiary, transferee, or other person claiming any rights under the Plan from or through any Participant shall be subject to
all terms and conditions of the Plan and any Award Agreement applicable to such Participant, except as otherwise determined by
the Committee, and to any additional terms and conditions deemed necessary or appropriate by the Committee.

 

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		(c)	Adjustments.

 

(i)          Adjustments
to Awards. In the event that any extraordinary dividend or other distribution (whether in the form of cash, Shares, or
other property), recapitalization, forward or reverse split, reorganization, merger, consolidation, spin-off, combination, repurchase,
share exchange, liquidation, dissolution or other similar corporate transaction or event affects the Shares and/or such other securities
of the Company or any other issuer, then the Committee shall, in such manner as it may deem appropriate and equitable, substitute,
exchange or adjust any or all of (A) the number and kind of Shares which may be delivered in connection with Awards granted
thereafter, (B) the number and kind of Shares by which annual per-person Award limitations are measured under Section 4 hereof,
(C) the number and kind of Shares subject to or deliverable in respect of outstanding Awards, (D) the exercise price
or purchase price relating to any Award and/or make provision for payment of cash or other property in respect of any outstanding
Award, and (E) any other aspect of any Award that the Committee determines to be appropriate in order to prevent the reduction
or enlargement of benefits under any Award.

 

(ii)         Adjustments
in Case of Certain Transactions. In the event of any merger, consolidation or other reorganization in which the Company
does not survive, or in the event of any Change in Control (and subject to the provisions of Section 8 of this Plan relating to
the vesting of Awards in the event of any Change in Control), any outstanding Awards may be dealt with in accordance with any of
the following approaches, without the requirement of obtaining any consent or agreement of a Participant as such, as determined
by the agreement effectuating the transaction or, if and to the extent not so determined, as determined by the Committee: (A) the
continuation of the outstanding Awards by the Company, if the Company is a surviving entity, (B) the assumption or substitution
for, as those terms are defined below, the outstanding Awards by the surviving entity or its parent or subsidiary, (C) full exercisability
or vesting and accelerated expiration of the outstanding Awards, or (D) settlement of the value of the outstanding Awards in cash
or cash equivalents or other property followed by cancellation of such Awards (which value, in the case of Options, shall be measured
by the amount, if any, by which the Fair Market Value of a Share exceeds the exercise or grant price of the Option as of the effective
date of the transaction). For the purposes of this Plan, an Option, Restricted Share Award, Restricted Share Unit Award, or Other
Share-Based Award shall be considered assumed or substituted for if following the applicable transaction the Award confers the
right to purchase or receive, for each Share subject to the Option, Restricted Share Award, Restricted Share Unit Award, or Other
Share-Based Award immediately prior to the applicable transaction, on substantially the same vesting and other terms and conditions
as were applicable to the Award immediately prior to the applicable transaction, the consideration (whether stock, cash or other
securities or property) received in the applicable transaction by holders of Shares for each Share held on the effective date of
such transaction (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority
of the outstanding Shares); provided, however, that if such consideration received in the applicable transaction is not solely
common stock of the successor company or its parent or subsidiary, the Committee may, with the consent of the successor company
or its parent or subsidiary, provide that the consideration to be received upon the exercise or vesting of an Option, Restricted
Share Award, Restricted Share Unit Award, or Other Share-Based Award, for each Share subject thereto, will be solely common stock
of the successor company or its parent or subsidiary substantially equal in fair market value to the per share consideration received
by holders of Shares in the applicable transaction. The determination of such substantial equality of value of consideration shall
be made by the Committee in its sole discretion and its determination shall be conclusive and binding. The Committee shall give
written notice of any proposed transaction referred to in this Section 9(c)(ii) a reasonable period of time prior to the closing
date for such transaction (which notice may be given either before or after the approval of such transaction), in order that Participants
may have a reasonable period of time prior to the closing date of such transaction within which to exercise any Awards that are
then exercisable (including any Awards that may become exercisable upon the closing date of such transaction). A Participant may
condition his or her exercise of any Awards upon the consummation of the transaction.

 

    19 

     

    

 

(iii)        Other
Adjustments. The Committee (and the Board if and only to the extent such authority is not required to be exercised by the
Committee to comply with Section 162(m) of the Code) is authorized to make adjustments in the terms and conditions of, and the
criteria included in, Awards (including Awards subject to satisfaction of performance goals, or performance goals and conditions
relating thereto) in recognition of unusual or nonrecurring events (including, without limitation, acquisitions and dispositions
of businesses and assets) affecting the Company, any Related Entity or any business unit, or the financial statements of the Company
or any Related Entity, or in response to changes in applicable laws, regulations, accounting principles, tax rates and regulations
or business conditions or in view of the Committee’s assessment of the business strategy of the Company, any Related Entity
or business unit thereof, performance of comparable organizations, economic and business conditions, and any other circumstances
deemed relevant; provided that no such adjustment shall be authorized or made if and to the extent that such authority or the making
of such adjustment would cause Options granted under the Plan to Participants designated by the Committee as Covered Employees
and intended to qualify as “performance-based compensation” under Code Section 162(m) and the regulations thereunder
to otherwise fail to qualify as “performance-based compensation” under Code Section 162(m) and regulations thereunder.

 

(d)          Award
Agreements. Each Award Agreement shall either be (a) in writing in a form
approved by the Committee and executed by the Company by an officer duly authorized to act on its behalf, or (b) an electronic
notice in a form approved by the Committee and recorded by the Company (or its designee) in an electronic recordkeeping system
used for the purpose of tracking one or more types of Awards as the Committee may provide; in each case and if required by the
Committee, the Award Agreement shall be executed or otherwise electronically accepted by the recipient of the Award in such form
and manner as the Committee may require. The Committee may authorize any officer of the Company to execute any or all Award Agreements
on behalf of the Company. The Award Agreement shall set forth the material terms and conditions of the Award as established by
the Committee consistent with the provisions of the Plan.

 

(e)          Taxes.
The Company and any Related Entity are authorized to withhold from any Award granted, any payment relating to an Award under the
Plan, including from a distribution of Shares, or any payroll or other payment to a Participant, amounts of withholding and other
taxes due or potentially payable in connection with any transaction involving an Award, and to take such other action as the Committee
may deem advisable to enable the Company or any Related Entity and Participants to satisfy obligations for the payment of withholding
taxes and other tax obligations relating to any Award. This authority shall include authority to withhold or receive Shares or
other property and to make cash payments in respect thereof in satisfaction of a Participant’s tax obligations, either on
a mandatory or elective basis in the discretion of the Committee. The amount of withholding tax paid with respect to an Award
by the withholding of Shares otherwise deliverable pursuant to the Award or by delivering Shares already owned shall not exceed
the maximum statutory withholding required with respect to that Award (or such other limit as the Committee shall impose, including
without limitation, any limit imposed to avoid or limit any financial accounting expense relating to the Award).

 

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(f)          Changes
to the Plan and Awards. The Board may amend, alter, suspend, discontinue or terminate the Plan, or the Committee’s
authority to grant Awards under the Plan, without the consent of shareholders or Participants, except that any amendment or alteration
to the Plan shall be subject to the approval of the Company’s shareholders not later than the annual meeting next following
such Board action if such shareholder approval is required by any applicable law or regulation (including, without limitation,
Rule 16b-3 or Code Section 162(m)) or the rules of the Listing Market, and the Board may otherwise, in its discretion, determine
to submit other such changes to the Plan to shareholders for approval; provided that, except as otherwise permitted by the Plan
or Award Agreement, without the consent of an affected Participant, no such Board action may materially and adversely affect the
rights of such Participant under the terms of any previously granted and outstanding Award. The Committee may waive any conditions
or rights under, or amend, alter, suspend, discontinue or terminate any Award theretofore granted and any Award Agreement relating
thereto, except as otherwise provided in the Plan; provided that, except as otherwise permitted by the Plan or Award Agreement,
without the consent of an affected Participant, no such Committee or the Board action may materially and adversely affect the
rights of such Participant under terms of such Award. For the avoidance of doubt, and notwithstanding any other terms of this
Plan to the contrary, the terms of the Initial Plan shall continue to apply to any Awards granted under the Initial Plan prior
to the Effective Date of Restated Plan only if and to the extent required to comply with this Section 9(f) of the Plan.

 

(g)          Clawback
of Benefits..(i)          The Company may (A) cause the cancellation
of any Award, (B) require reimbursement of any Award by a Participant or Beneficiary, and (C) effect any other right of recoupment
of equity or other compensation provided under this Plan or otherwise in accordance with any Company policies that currently exist
or that may from time to time be adopted or modified in the future by the Company and/or applicable law (each, a “Clawback
Policy”). In addition, a Participant may be required to repay to the Company certain previously paid compensation, whether
provided under this Plan or an Award Agreement or otherwise, in accordance with any Clawback Policy. By accepting an Award, a
Participant is also agreeing to be bound by any existing or future Clawback Policy adopted by the Company, or any amendments that
may from time to time be made to the Clawback Policy in the future by the Company in its discretion (including without limitation
any Clawback Policy adopted or amended to comply with applicable laws or stock exchange requirements) and is further agreeing
that all of the Participant’s Award Agreements may be unilaterally amended by the Company, without the Participant’s
consent, to the extent that the Company in its discretion determines to be necessary or appropriate to comply with any Clawback
Policy.

 

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(ii)         If
the Participant, without the consent of the Company, while employed by or providing services to the Company or any Related Entity
or after termination of such employment or service, violates a non-competition, non-solicitation or non-disclosure covenant or
agreement or otherwise engages in activity that is in conflict with or adverse to the interest of the Company or any Related Entity,
as determined by the Committee in its sole discretion, then (i) any outstanding, vested or unvested, earned or unearned portion
of the Award may, at the Committee’s discretion, be canceled and (ii) the Committee, in its discretion, may require the Participant
or other person to whom any payment has been made or Shares or other property have been transferred in connection with the Award
to forfeit and pay over to the Company, on demand, all or any portion of the gain (whether or not taxable) realized upon the exercise
of any Option and the value realized (whether or not taxable) on the vesting or payment of any other Award during the time period
specified in the Award Agreement or otherwise specified by the Committee.

 

(h)          Limitation
on Rights Conferred Under Plan. Neither the Plan nor any action taken hereunder or under any Award shall be construed
as (i) giving any Eligible Person or Participant the right to continue as an Eligible Person or Participant or in the employ
or service of the Company or a Related Entity; (ii) interfering in any way with the right of the Company or a Related Entity
to terminate any Eligible Person’s or Participant’s Continuous Service at any time, (iii) giving an Eligible
Person or Participant any claim to be granted any Award under the Plan or to be treated uniformly with other Participants and
Employees, or (iv) conferring on a Participant any of the rights of a shareholder of the Company or any Related Entity including,
without limitation, any right to receive dividends or distributions, any right to vote or act by written consent, any right to
attend meetings of shareholders or any right to receive any information concerning the Company’s or any Related Entity’s
business, financial condition, results of operation or prospects, unless and until such time as the Participant is duly issued
Shares on the books of the Company or any Related Entity in accordance with the terms of an Award. None of the Company, its officers
or its directors shall have any fiduciary obligation to the Participant with respect to any Awards unless and until the Participant
is duly issued Shares pursuant to the Award on the books of the Company in accordance with the terms of an Award. Neither the
Company, nor any Related Entity, nor any of their respective officers, directors, representatives or agents is granting any rights
under the Plan to the Participant whatsoever, oral or written, express or implied, other than those rights expressly set forth
in this Plan or the Award Agreement.

 

(i)          Unfunded
Status of Awards; Creation of Trusts. The Plan is intended to constitute an “unfunded” plan for incentive
and deferred compensation. With respect to any payments not yet made to a Participant or obligation to deliver Shares pursuant
to an Award, nothing contained in the Plan or any Award Agreement shall give any such Participant any rights that are greater
than those of a general creditor of the Company or Related Entity that issues the Award; provided that the Committee may authorize
the creation of trusts and deposit therein cash, Shares, other Awards or other property, or make other arrangements to meet the
obligations of the Company or Related Entity under the Plan. Such trusts or other arrangements shall be consistent with the “unfunded”
status of the Plan unless the Committee otherwise determines with the consent of each affected Participant. The trustee of such
trusts may be authorized to dispose of trust assets and reinvest the proceeds in alternative investments, subject to such terms
and conditions as the Committee may specify and in accordance with applicable law.

    22 

     

    

 

(j)          Nonexclusivity
of the Plan. Neither the adoption of the Plan by the Board nor its submission to the shareholders of the Company for approval
shall be construed as creating any limitations on the power of the Board or a committee thereof to adopt such other incentive
arrangements as it may deem desirable including incentive arrangements and awards which do not qualify under Section 162(m) of
the Code.

 

(k)          Payments
in the Event of Forfeitures; Fractional Shares. Unless otherwise determined by the Committee, in the event of a forfeiture
of an Award with respect to which a Participant paid cash or other consideration, the Participant shall be repaid the amount of
such cash or other consideration. No fractional Shares shall be issued or delivered pursuant to the Plan or any Award. The Committee
shall determine whether cash, other Awards or other property shall be issued or paid in lieu of such fractional shares or whether
such fractional shares or any rights thereto shall be forfeited or otherwise eliminated.

 

(l)          Governing
Law. Except as otherwise provided in any Award Agreement, the validity, construction and effect of the Plan, any rules
and regulations under the Plan, and any Award Agreement shall be determined in accordance with the laws of British Columbia without
giving effect to principles of conflict of laws, and other applicable laws.

 

(m)          Non-U.S.
Laws. The Committee shall have the authority to adopt such modifications, procedures, and subplans as may be necessary
or desirable to comply with provisions of the laws of any countries in which the Company or its Related Entities may operate to
assure the viability of the benefits from Awards granted to Participants performing services in such countries and to meet the
objectives of the Plan.

 

(n)          Plan
Effective Date and Shareholder Approval; Termination of Plan. The Plan initially became effective on the Effective Date.
The Plan, as amended and restated herein, shall become effective on the Effective Date of Restated Plan, subject to subsequent
approval, within 12 months of its adoption by the Board, by shareholders of the Company eligible to vote in the election of directors,
by a vote sufficient to meet the requirements of Code Sections 162(m) (if applicable) and 422, Rule 16b-3 under the Exchange Act
(if applicable), applicable requirements under the rules of any stock exchange or automated quotation system on which the Shares
may be listed or quoted, and other laws, regulations, and obligations of the Company applicable to the Plan. Awards may be granted
subject to shareholder approval, but may not be exercised or otherwise settled in the event the shareholder approval is not obtained.
The Plan shall terminate at the earliest of (a) such time as no Shares remain available for issuance under the Plan, (b) termination
of this Plan by the Board, or (c) the tenth anniversary of the Effective Date of Restated Plan. Awards outstanding upon expiration
of the Plan shall remain in effect until they have been exercised or terminated, or have expired.

 

(o)          Construction
and Interpretation. Whenever used herein, nouns in the singular shall include the plural, and the masculine pronoun shall
include the feminine gender. Headings of Articles and Sections hereof are inserted for convenience and reference and constitute
no part of the Plan.

 

(p)          Severability.
If any provision of the Plan or any Award Agreement shall be determined to be illegal or unenforceable by any court of law in
any jurisdiction, the remaining provisions hereof and thereof shall be severable and enforceable in accordance with their terms,
and all provisions shall remain enforceable in any other jurisdiction.

 

    23

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