Document:

Exhibit 10.1

 

SCORPIO MINING CORPORATION

 

AMENDED AND RESTATED STOCK OPTION
PLAN

 

As of January
30, 2015

 

     

     

    

 

		1.	GENERAL PROVISIONS

 

		1.1	Interpretation

 

For the purpose of this Plan, the following terms shall
have the following meanings:

 

		(a)	"Administrator" means, initially, the secretary of the Corporation and thereafter
shall mean such director, officer or employee of the Corporation as may be designated from time to time, as Administrator by the
Board or an authorized committee of the Board;

 

		(b)	"Associate"
                                         has the meaning ascribed to that term under section 1 of the Securities Act (British
                                         Columbia);

 

		(c)	"Board" means the board of directors of the Corporation;

 

		(d)	"Certificate" means a certificate, substantially in the form set out as Schedule
"A" hereto, evidencing an Option;

 

		(e)	"Common Shares" means the common shares without par value of the Corporation as currently
constituted;

 

		(f)	"Corporation" means Scorpio Mining Corporation;

 

		(g)	"Consultant" means an individual (including an individual whose services are contracted
through a personal holding corporation) with whom the Corporation or any of its Subsidiaries has a contract for services who is
approved for participation in the Plan by the Board and for whom there exists an exemption from applicable prospectus requirements
permitting the granting of an Option;

 

		(h)	“Exchange” means the Toronto Stock Exchange;

 

		(i)	"Effective Date" means January 30, 2015;

 

		(j)	"Eligible Person" means, subject to all applicable laws, any director, officer,
employee (whether part-time or full-time), or Consultant of the Corporation or any of its Subsidiaries;

 

		(k)	"Exercise Notice" means the notice respecting the exercise of an Option, in substantially
the form set out as Schedule "B" hereto, duly executed by the Option Holder;

 

		(l)	"Insider" means:

 

		(i)	an insider as defined under section 1(1) of the Securities Act (British Columbia), other
than a person who falls within that definition solely by virtue of being a director or senior officer of a subsidiary of the Corporation,
and

 

		(ii)	an Associate of any person who is an insider by virtue of (i) above:

 

    	 	2	 

     

    

 

		(m)	"Option" means an option to purchase Common Shares granted to an Eligible Person
pursuant to the terms of the Plan;

 

		(n)	"Original Stock Option Plan" means the Stock Option Plan of the Corporation with
an effective date of May 1, 2007.

 

		(o)	"Outstanding Issue" is determined on the basis of the number of Common Shares
that are outstanding (on a non-diluted basis) immediately prior to the share issuance or grant of Option in question;

 

		(p)	"Participant" means Eligible Persons to whom Options have been granted;

 

		(q)	"Personal Representative" means:

 

		(i)	in the case of a deceased Participant, the executor or administrator of the deceased duly appointed
by a court or public authority having jurisdiction to do so; and

 

		(ii)	in the case of a Participant who for any reason is unable to manage his or her affairs, the person
entitled by law to act on behalf of such Participant;

 

		(r)	“Plan" means this Amended and Restated Stock Option Plan of the Corporation;

 

		(s)	"Share Compensation Arrangement" means any stock option, stock option plan, employee
stock purchase plan or any other compensation or incentive mechanism involving the issuance or potential issuance of Common Shares
to Eligible Persons, including a share purchase from treasury which is financially assisted by the Corporation by way of a loan,
guarantee or otherwise;

 

		(t)	"Subsidiary" has the meaning ascribed to it under section 1 of the Securities
Act

(British Columbia); and

 

		(u)	"Termination Date" means the date on which a Participant ceases to be an Eligible
Person in any capacity.

 

Words importing the singular number
only shall include the plural and vice versa and words importing the masculine shall include the feminine.

 

This Plan is established under and
the provisions of the Plan shall be interpreted and construed in accordance with the laws of British Columbia.

 

		1.2	Purpose

 

The purpose of the Plan is to advance
the interests of the Corporation by (i) providing Eligible Persons with additional incentive, (ii) encouraging stock ownership
by such Eligible Persons, (iii) increasing the proprietary interest of Eligible Persons in the success of the Corporation, (iv)
encouraging the Eligible Persons to remain with the Corporation or its Subsidiary Companies, and (v) attracting new Eligible Persons.

 

    	 	3	 

     

    

 

		1.3	Administration

 

		(a)	This Plan shall be administered by the Board or a committee of the Board duly authorized for this
purpose by the Board and consisting of not less than three directors, as assisted by the Administrator. If a committee is authorized
for this purpose, all references to the Board will be deemed to be references to the committee.

 

		(b)	Subject to the limitations of the Plan, the Board shall have the authority:

 

		(i)	to grant options to purchase Common Shares to Eligible Persons;

 

		(ii)	to determine the terms, limitations, restrictions and conditions respecting such grants;

 

		(iii)	to interpret the Plan and to adopt, amend and rescind such administrative guidelines and other
rules and regulations relating to the Plan as it shall from time to time deem advisable; and

 

		(iv)	to make all other determinations and to take all other actions in connection with the implementation
and administration of the Plan including, without limitation, for the purpose of ensuring compliance with section 1.6 hereof, as
it may deem necessary or advisable.

 

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

 

		1.4	Shares Reserved

 

		(a)	The number of Common Shares issuable under the Plan combined with the number of Common Shares issuable
under all security-based compensation arrangements of the Company shall not exceed 10% of the issued and outstanding Common Shares
as at the date of such Award.

 

		(b)	Notwithstanding anything else contained herein, the number of Common Shares of the Company which
are (i) issuable at any time, and (ii) issued within any one year period, to insiders (as such term is defined in Part 1 of the
TSX Company Manual) of the Company pursuant to the terms of the Plan and under any other security-based compensation arrangement,
shall not exceed 10% of the Company’s total issued and outstanding Common Shares.

 

		(c)	Any Common Shares subject to an Option which for any reason is cancelled or terminated without
having been exercised shall again be available for grant under the Plan. No fractional shares shall be issued. Reference should
be made to section 1.8(d) for the manner in which fractional share values shall be treated.

 

    	 	4	 

     

    

 

		1.5	Amendment and Termination

 

		(a)	The Board may amend, suspend or terminate the Plan or any portion thereof at any time in accordance
with applicable legislation, and subject to any required stock exchange or shareholder approval. No such amendment, suspension
or termination shall alter or impair any Options or any rights pursuant thereto granted previously to any Participant without the
consent of such Participant. If the Plan is terminated, the provisions of the Plan and any administrative guidelines, and other
rules and regulations adopted by the Board and in force at the time of the Plan shall continue in effect during such time as an
Option or any rights pursuant thereto remain outstanding.

 

		(b)	With the consent of the affected Participants, the Board may amend or modify any outstanding Option
in any manner, to the extent that the Board would have had the authority to initially grant such Option as so modified or amended,
including without limitation, to change the date or dates as of which an Option becomes exercisable, subject to the prior approval
of the Exchange, if required.

 

		(c)	Subject to applicable approval of the Exchange, the Board may, at any time, suspend or terminate
the Plan. Subject to applicable approval of the Exchange, the Board may also at any time amend or revise the terms of the Plan,
provided that no such amendment or revision shall alter the terms of any options theretofore granted under the Plan.

 

		(d)	Pursuant to the policies of the Exchange, the Board may, at any time, without further approval
by the shareholders of the Corporation, amend the Plan or any Option granted hereunder in such respects as it may consider advisable
and, without limiting the generality of the foregoing, it may do so to:

 

		(i)	amend typographical, clerical and grammatical errors;

 

		(ii)	reflect changes to applicable securities laws;

 

		(iii)	change the termination provisions of Options or the Plan which do not entail an extension beyond the
original expiry date;

 

		(iv)	include the addition of a cashless exercise feature, payable in cash or securities.

 

		(v)	ensure that the Options granted under the Plan will comply with any provisions respecting the income
tax and other laws in force in any country or jurisdiction of which a Participant to whom an Option has been granted may from time
to time be resident or a citizen; and

 

		(vi)	reduce the exercise price of an Option for a Participant who is not an Insider.

 

    	 	5	 

     

    

 

		1.6	Compliance with Legislation

 

The Plan, the grant and exercise of
Options hereunder and the Corporation's obligation to issue and deliver Common Shares upon exercise of Options shall be subject
to all applicable federal, provincial and foreign laws, rules and regulations, the rules and regulation of any stock exchange on
which the Common Shares are listed for trading and to such approvals by any regulatory or governmental agency as may, in the opinion
of counsel to the Corporation, be required. The Corporation shall not be obliged by any provision of the Plan or the grant of any
Option hereunder to issue or sell Common Shares in violation of such laws, rules and regulations or any condition of such approvals.
No Option shall be granted and no Common Shares issued or sold hereunder where such grant, issue or sale would require registration
of the Plan or of Common Shares under the securities laws of any foreign jurisdiction and any purported grant of any Option or
issue or sale of Common Shares hereunder in violation of this provision shall be void. In addition, the Corporation shall have
no obligation to issue any Common Shares pursuant to the Plan unless such Common Shares shall have been duly listed, upon official
notice of issuance, with all stock exchanges on which the Common Shares are listed for trading. Common Shares issued and sold to
Participants pursuant to the exercise of Options may be subject to limitations on sale or resale under applicable securities laws
and, if deemed necessary or expedient by the Board, the certificates representing the Common Shares issued upon the exercise of
Options shall have a legend pertaining to such restriction.

 

		1.7	Effective Date

 

This Plan is effective as of the Effective
Date and supersedes and replaces the Original Stock Option Plan. All options outstanding as of the Effective Date under the Original
Stock Option Plan shall be deemed to be outstanding under this Plan.

 

		1.8	Miscellaneous

 

		(a)	Nothing contained herein shall prevent the Board from adopting other or additional compensation
arrangements, subject to any required regulatory or shareholder approval.

 

		(b)	Nothing contained in the Plan nor in any Option granted thereunder shall be deemed to give any
Participant any interest or title in or to any Common Shares of the Corporation or any rights as a shareholder of the Corporation
or any other legal or equitable right against the Corporation whatsoever other than as set forth in the Plan and pursuant to the
exercise of any Option.

 

		(c)	The Plan does not give any Eligible Person the right or obligation to become or to continue to
serve as a director, officer, Consultant, or employee, as the case may be, of the Corporation or any of its Subsidiaries. The awarding
of Options to any Eligible Person is a matter to be determined solely in the discretion of the Board. The Plan shall not in any
way fetter, limit, obligate, restrict or constrain the Board with regard to the allotment or issue of any Common Shares or any
other securities in the capital of the Corporation or any of its Subsidiaries other than as specifically provided for in the Plan.

 

		(d)	No fractional Common Shares shall be issued upon the exercise of Options and, accordingly, if a
Participant would become entitled to a fractional Common Share upon the exercise of an Option, such Participant shall only have
the right to purchase the next lowest whole number of Common Shares and no payment or other adjustment will be made with respect
to the fractional interest so disregarded.

 

		(e)	The grant of an Option shall be conditional upon the Eligible Person to whom the Option is granted
completing, signing and delivering to the Corporation all documents as may be required by the regulatory authorities having jurisdiction.

 

    	 	6	 

     

    

 

		2.	OPTIONS

 

		2.1	Grants

 

Subject to the provisions of the
Plan, the Board shall have the authority to determine the limitation, restrictions and conditions, if any, in addition to or in
variation of those set forth in section 2.3 hereof, applicable to the exercise of an Option, including, without limitation, the
nature and duration of the restrictions, if any, to be imposed upon the exercise of the Option or the sale or other disposition
of Common Shares acquired upon exercise of the Option, and the nature of the events, if any, and the duration of the period in
which any Participant's rights in respect of Common Shares acquired upon exercise of an Option may be forfeited, with the discretion
in the Board to modify or rescind such restrictions in the event of certain corporate developments including but not limited to
a takeover bid, reorganization, merger, change in capital or amalgamation. An Eligible Person may receive Options on more than
one occasion under the Plan and may receive separate Options on any one occasion.

 

		2.2	Option Price

 

The Board shall establish the option
exercise price at the time each Option is granted, which shall in all cases be not less than the closing price of the Common Shares
on the Exchange immediately preceding the date of grant.

 

		2.3	Exercise of Options

 

		(a)	Options granted must be exercised no later than 10 years after the date of grant or such lesser
period as may be determined by the Board.

 

		(b)	An Option may be exercised only by the Participant or the Personal Representative of any Participant.
An Option may be exercised, in whole or in part (subject to any applicable exercise restrictions), at any time or from time to
time up to 4:30 p.m. (Vancouver time) on its expiry date by delivering to the Administrator an Exercise Notice, the applicable
Certificate and a cheque, bank draft or wire transfer payable to the Corporation in an amount equal to the aggregate exercise price
of the Common Shares to be purchased pursuant to the exercise of the Option.

 

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

 

		(d)	Subject to section 2.3(e)(ii), Options shall not be transferable or assignable, in whole or in
part.

 

		(e)	Subject to section 2.3(a) and except as otherwise determined by the Board:

 

		(i)	if a Participant ceases to be an Eligible Person for any reason whatsoever
other than death, each Option held by the Participant will cease to be exercisable on or before the earlier of the expiry date
of the Option and 90 days after the Termination Date. If any portion of an Option is not vested by the Termination Date, that portion
of the Option may not under any circumstances be exercised by the Participant. Without limitation, and for greater certainty
only, this provision will apply regardless of whether the Participant was dismissed with or without cause and regardless of whether
the Participant received compensation in respect of dismissal or is entitled to a period of notice of termination which would otherwise
have permitted a greater portion of the Option to vest with the Participant; and

 

    	 	7	 

     

    

 

		(ii)	if a Participant dies while an Eligible Person, the legal representative of the Participant may
exercise the Participant's Options on or before the earlier of the expiry date of the Option and the date that is twelve months
after the date of the Participant's death, but only to the extent the Options were by their terms exercisable on the date of death.

 

		(f)	In lieu of paying the aggregate exercise price to purchase Common Shares as contemplated in Section
2.3 (b), the Participant may elect to receive, without payment of cash or other consideration except as required by Section 2.8,
upon surrender of the applicable portion of a then vested and exercisable Option to the Company at the address set out in Schedule
B, a number of Common Shares determined in accordance with the following formula (a “Cashless Exercise”):

 

A = B (C – D)/C,

 

where:

 

A = the number of Common Shares to be issued to the
Participant pursuant to this Section 2.3 (f);

 

B = the number of Common Shares otherwise issuable upon
the exercise of the Option or portion of the Option being exercised;

 

C = the closing price of the Common Shares on the Exchange
immediately preceding the date of delivery of the written Exercise Notice referred to in Section 2.3 (b); and

 

D = the exercise price of the Option.

 

For greater certainty, upon the
Cashless Exercise of an Option (or portion thereof), the total number of Common Shares that may be issued pursuant to the exercise
of Options under the Plan, as set forth in Section 1.4, shall be reduced by the total number of Common Shares with respect to which
the Option (or portion thereof) was surrendered.

 

		2.4	Adjustment to Shares

 

(a)          Subject
to the policies, rules and regulations of any lawful authority having jurisdiction (including any exchange with which the shares
of the Corporation are listed for trading), the number of shares in respect of which options may be granted under the Plan shall
be increased or decreased proportionately in the event of the subdivision or consolidation of the shares of the Corporation and,
in the event of any such subdivision or consolidation, an appropriate adjustment shall be made so as to change the number of shares
deliverable upon the exercise of the unexercised portion of any option theretofore granted, without change in the total
price applicable to the unexercised portion of any option but with the corresponding adjustment in the price for each share covered
thereby.

 

    	 	8	 

     

    

 

(b)          In
the event the Corporation is re-organized, amalgamated or merged with or consolidated into another corporation or in the event
there is a change in control of the Corporation, the Board may make such provisions as it deems appropriate for the exercise of
outstanding options or continuance of outstanding Options to prevent any increase or decrease in the number of shares deliverable
upon their exercise.

 

		2.5	Effect of Take-Over

 

If a bona fide takeover offer is made
to a Participant or to shareholders generally or to the Corporation, which includes among other transactions (i) an offer (the
“Offer”) to acquire shares of the Corporation which, if successful, would result in the offeror exercising
control over the Corporation within the meaning of subsection 1(3) of the Securities Act (British Columbia) (as amended
from time to time), or (ii) the completion of a business combination transaction (the “Transaction”) involving
the Corporation under which, following such Transaction, the shareholders of the Corporation hold less than 50% of the total voting
securities of the resulting or successor corporation following such completion, then the Corporation shall, immediately upon receipt
of notice of the Offer or upon announcement of the Transaction, notify each Participant currently holding an Option of the Offer
or the Transaction, with full particulars thereof, whereupon all Options outstanding will become immediately vested and be fully
exercisable notwithstanding any vesting restriction that would otherwise apply. Unless the Board determines otherwise (in its
discretion), upon the expiration of the time period specified in such notice, all rights of the Participants to exercise any outstanding
Options, whether vested or unvested, shall terminate and all such Options shall immediately expire and cease to have any further
force or effect, subject to the completion of the relevant Offer or Transaction.

 

		2.6	Incorporation of Terms of Stock Option Plan

 

Subject to specific variations approved
by the Board, all terms and conditions set out herein will be deemed to be incorporated into and form part of each Certificate
representing an Option granted under this Stock Option Plan.

 

		2.7	Extension of Expiry Date of Stock Options Due to a Blackout Period

 

The expiry date of outstanding Options
held by Participants which may expire during a restricted trading period imposed by the Corporation in accordance with applicable
securities laws (a "Blackout Period"), or within 10 business days of the expiry of a Blackout Period, will be
extended for a period of time ending on the tenth business day after the expiry date of the Blackout Period to provide such Participants
with an extension to the right to exercise such Options.

 

		2.8	Withholding Tax Requirements

 

Upon the exercise of Options, the
Participant shall, upon notification of the amount due and prior to or concurrently with the delivery of the certificates representing
the Common Shares, pay to the Corporation amounts necessary to satisfy applicable federal, state, provincial, local or other taxes
of any kind required by law to be paid in connection with the exercise of Options or shall otherwise make arrangements satisfactory
to the Corporation for such requirements. At its discretion, the Corporation may require a Participant receiving Common Shares
to reimburse the Corporation for any such taxes required to be withheld by the Corporation and withhold any distribution to the
Participant in whole or in part until the Corporation is so reimbursed. The issuance and delivery of Common Shares pursuant to
the exercise of Options is contingent on the Participant reimbursing the Corporation for any applicable withholding tax requirements,
and if the Participant fails to reimburse the Corporation for such amount, the Corporation may cancel such issuance and return
such Common Shares to its treasury.

 

    	 	9	 

     

    

 

In order to satisfy the Corporation’s
or Subsidiaries’ obligation, if any, to remit an amount to a taxation authority on account of such taxes in respect of the
exercise, transfer or other disposition of an Option (the “Withholding Tax Amount”), each of the Corporation
and such Subsidiary shall have the right, as its discretion, to:

 

		(i)	retain and withhold amounts from any amount or amounts owing to the Participant, whether under
this Plan or otherwise;

 

		(ii)	require the Participant to pay to the Corporation the Withholding Tax Amount as a condition of
exercise of the Option by a Participant; and/or

 

		(iii)	withhold from the Shares otherwise deliverable to the Participant on exercise of the Option such
number of Common Shares as have a market value not less than the Withholding Tax Amount and cause such withheld Common Shares to
be sold on the Participant’s behalf to fund the Withholding Tax Amount, provided that any proceeds from such sale in excess
of the Withholding Tax Amount shall be promptly paid over to the Participant.

 

Notwithstanding the foregoing, nothing
shall preclude the Corporation and the Participant from agreeing to use a combination of the methods described in this Section
2.8 or some other method to fund the Withholding Tax Amount.

 

    	 	10	 

     

    

 

SCHEDULE "A"

 

SCORPIO MINING CORPORATION

STOCK OPTION PLAN

OPTION CERTIFICATE

 

This Certificate is issued pursuant
to the provisions of the Amended and Restated Stock Option Plan (the "Plan") of Scorpio Mining Corporation (the "Corporation")
and evidences that _______________ is the holder of an option (the "Option") to purchase up to___________________common
shares (the "Shares") in the capital stock of the Corporation at a purchase price of $__________per Share. Subject to
the provisions of the Plan, the expiry date of this Option is_______________(the "Expiry Date").

 

Other than as disclosed above, this
Option may be exercised at any time up to 4:30 p.m. (Vancouver time) on the Expiry Date, by delivering to the Administrator of
the plan an Exercise Notice, in the form provided in the plan, together with this Certificate and a cheque, bank draft or wire
transfer payable to Scorpio Mining Corporation in an amount equal to the aggregate of the Exercise Price of the Shares in respect
of which this Option is being exercised.

 

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

 

DATED the____ day of___________________,_______.

 

SCORPIO MINING CORPORATION

 

		Per:	Authorized Signatory

 

    	 	A-1	 

     

    

 

SCHEDULE
"B"

 

EXERCISE
NOTICE

 

		To:	The Administrator, Stock Option Plan

Scorpio Mining Corporation

145 King St. W Suite 2870

Toronto, ON M5H 1J8

 

The undersigned hereby irrevocably
gives notice, pursuant to the Amended and Restated Stock Option Plan (the "Plan") of Scorpio Mining Corporation (the
"Corporation"), of the exercise of the Option to acquire and hereby subscribes for (cross out applicable item):

 

		(b)	all of the Shares; or

 

		(c)	________________ of the Shares which may be purchased under the Option.

 

Calculation of total Exercise Price:

 

		(i)	number of Shares to be acquired on exercise:________________Shares

 

		(ii)	times the exercise price per Share: $_________________

 

TOTAL EXERCISE PRICE, enclosed herewith: $__________________

 

The undersigned tenders herewith a cheque, bank draft or
wire transfer (circle one) in the amount of $______________payable to Scorpio Mining Corporation, an amount which is equal
to the total exercise price for the Shares being purchased, as calculated above, and directs the Corporation to issue the share
certificate evidencing the Shares in the name of the undersigned to be mailed to the undersigned at the following address:

 

	 	 
	 	 
	 	 
	 	 
	 	 

 

DATED the___day of_____________________, _______.

 

	 	 	 
	Signature of Witness	 	Signature of Participant
	 	 	 
	 	 	 
	Name of Witness (please print)	 	Name of Participant (please print)

 

    	 	B-1Exhibit
10.2

 

AMERICAS SILVER CORPORATION

 

RESTRICTED SHARE UNIT PLAN

 

Amended
and restated effective as of February 23, 2016

 

    	 

     

    

 

Table of Contents

 

	Article 1	OBJECTIVES AND DEFINITIONS	1
	1.1	Objectives and Definitions	1
	Article 2	GRANT OF RESTRICTED SHARE UNITS	3
	2.1	Grant of RSUs	3
	2.2	Forfeited RSUs	4
	Article 3	RESTRICTED SHARE UNITS	4
	3.1	Restricted Share Unit Grants and Accounts	4
	3.2	Vesting and Forfeiture	4
	3.3	Payment of Benefits in Respect of Restricted Share Units	5
	3.4	Dividends Paid on Shares	6
	3.5	Termination of Employment	6
	3.6	Maximum Number of Common Shares and Limitations	7
	Article 4	ADJUSTMENTS AND MERGER AND ACQUISITION TRANSACTIONS	7
	4.1	Adjustments	7
	Article 5	ADMINISTRATION	8
	5.1	Administration	8
	5.2	Amendments	8
	5.3	Termination	9
	5.4	Applicable Withholding Taxes	9
	5.5	Currency	9
	5.6	Beneficiaries and Claims for Benefits	10
	5.7	General	10
	Exhibit A RESTRICTED SHARE UNIT AWARD AGREEMENT	A-1

 

    	i

     

    

 

AMERICAS SILVER CORPORATION

(the “Company”)

AMENDED & RESTATED RESTRICTED SHARE UNIT PLAN

 

WHEREAS effective January 30, 2015,
in connection with the closing of the merger with U.S. Silver & Gold Inc., the Company adopted a Restricted Share Unit Plan
which allowed for the settlement of RSUs in accordance with the Plan and Applicable Award Agreements to be made in cash; and

 

WHEREAS, the Board determined that
RSUs granted under the Plan should be settled in either cash or Common Shares of the Company and the Plan should be amended and
restated to reflect this and other required amendments.

 

ARTICLE 1

OBJECTIVES AND DEFINITIONS

 

NOW THEREFORE:

 

		1.1	Objectives and Definitions

 

		1.1.1	The Plan is intended as an incentive to enable the Company:

 

		(a)	to attract and retain qualified employees, particularly at the projects of the Company and its
Affiliates who may or may not participate in the Company’s stock option plan or to defer other forms of incentive compensation
awarded to executives of the Company;

 

		(b)	promote a proprietary interest in the Company and its Affiliates among such employees, and

 

		(c)	stimulate the active interest of such persons in the development and financial success of the Company
and its Affiliates.

 

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

 

“Account”
or “Restricted Share Unit Account” has the meaning set forth in Section 3.1.1;

 

“Affiliate”
means (i) any entity that, directly or indirectly through one or more intermediaries, is controlled by the Company and (ii) any
entity in which the Company has a significant equity interest, in each case as determined by the Committee;

 

“Applicable
Law” includes, without limitation, all applicable securities, corporate, tax and other laws, rules, regulations, instruments,
notices, blanket orders, decision documents, statements, circulars, procedures and policies including, without limitation, the
policies and by-laws of the TSX;

 

“Applicable
Withholding Taxes” has the meaning attributed to that term in Section 5.4.1;

 

“Award”
means an award of Restricted Share Units under this Plan;

 

“Award
Agreement” means the agreement in writing evidencing the terms and conditions under which an Award has been granted under
this Plan, substantially in the form attached hereto as Exhibit A for RSUs that are not Vested RSUs;

 

    	 

     

    

 

“Beneficiary”
means, subject to Applicable Law, any person designated by a Participant to receive any amount payable under the Plan in the event
of a Participant’s death or, failing designation, the Participant’s estate;

 

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

 

“Blackout
Period” means the period during which the relevant Participant is prohibited from trading in any securities of the Company
due to trading restrictions imposed by the Company in accordance with its trading policies;

 

“Code”
means the United States Internal Revenue Code of 1986, as amended, and any applicable United States Treasury Regulations and other
binding regulatory guidance thereunder;

 

“Common
Share” means a common share without par value in the capital stock of the Company as the same are presently constituted;

 

“Company”
means Americas Silver Corporation and its successor corporations;

 

“Committee”
means the Corporate Governance and Compensation Committee of the Company.

 

“Date
of Grant” of a RSU means the date such RSU is granted to a Participant under the Plan, as evidenced by an Award Agreement
between the Company and the Participant;

 

“Director”
means a member of the Board;

 

“Eligible
Person” means employees of the Company or its Affiliates or as otherwise determined by the Committee.

 

“Fair
Market Value” means, with respect to a Common Share on any date, the weighted average price of the Common Shares on the
TSX for the five days on which Common Shares were traded immediately preceding that date; provided that if the Common Shares are
not listed for trading on a stock exchange on such date, the Fair Market Value shall be the price per Common Share as the Committee,
acting in good faith, may determine; provided, further, that the Committee may designate in any Award Agreement that Fair Market
Value is to be determined using either Canadian currency or U.S. currency;

 

“Insider
Participation Limited” has the meaning attributed to that term in Section 3.6(b);

 

“Original RSU”
has the meaning attributed to that term in Section 3.4.1;

 

“Participant”
means an Eligible Person who has been designated by the Company for participation in the Plan and who has agreed to participate
in the Plan and to whom RSUs have or will be granted hereunder;

 

“Plan”
means this Restricted Common Share Unit Plan as set forth herein, as the same may be amended from time to time;

 

“Redemption
Date” has the meaning attributed to that term in Section 3.3.

 

    	2

     

    

 

“Restricted
Share Unit” or “RSU” means a bookkeeping entry on the books of the Company whereby a notional unit
equivalent in value to one Common Share, and designated as a Restricted Share Unit, is credited to a Participant’s Account
in accordance with the terms set forth in the Plan;

 

“Restricted
Share Unit Account” has the meaning set forth in Section 3.1.1;

 

“RSU
Final Vesting Date” means, with respect to a Restricted Share Unit granted to a RSU Participant, December 31 of the calendar
year which is three (3) years after the calendar year in which the service was performed in respect of which the particular Award
was made;

 

“RSU
Vesting Date” means, with respect to a Restricted Share Unit granted to a Participant, the date determined in accordance
with Section 3.2.1;

 

“Termination
Date” of a Participant means the earlier of

 

		(i)	the date of the Participant’s death; and

		(ii)	the date of the termination of the Participant’s employment with the Company and/or any Affiliate
for any reason whatsoever, being the Participant’s last day of actual and active employment, without regard to any period
of notice or pay in lieu of notice which follows the Participant’s last day of actual and active employment,

 

“Section
409A” means section 409A of the Code;

 

“Tax
Act” means the Income Tax Act (Canada), as amended.

 

“TSX”
means the Toronto Stock Exchange or, if the Common Shares are not then listed and posted for trading on the Toronto Stock Exchange,
on such stock exchange in Canada on which such Common Shares are listed and posted for trading as may be selected for such purpose
by the Board;

 

“US
Taxpayer” means a Participant whose compensation from the Company is subject to Section 409A; and

 

“Vested
Restricted Share Unit” or “Vested RSU” has the meaning attributed to that term in Section 3.2.3.

 

In this Plan,
unless the context requires otherwise, words importing the singular number may be construed to extend to and include the plural
number, and words importing the plural number may be construed to extend to and include the singular number.

 

ARTICLE
2

GRANT OF RESTRICTED SHARE UNITS

 

		2.1	Grant of RSUs

 

		2.1.1	Subject to the terms of the Plan, the Board may make grants of Restricted Share Units to Eligible
Persons who are, in the opinion of the Board, in a position to contribute to the success of the Company or any of its Affiliates
or who, by virtue of their service to the Company or any predecessors thereof or to any of its Affiliates, are in the opinion of
the Board, worthy of special recognition, or as a means of cash conservation by granting such Eligible Persons Restricted Share
Units in lieu of incentive cash compensation. Except as may be otherwise set out in this Plan, the granting of RSUs is entirely
discretionary. Nothing in this Plan shall be deemed to give any person any right to participate in this Plan or to be granted an
Award and the designation of any Award in any year or at any time shall not require the designation of such person to receive an
Award in any other year or at any other time. The Committee and/or the Board shall consider such factors as it deems pertinent
in selecting participants and in determining the amounts and terms of their respective Awards.

 

    	3

     

    

 

		2.1.2	All grants of Restricted Share Units under this Plan will be evidenced by Award Agreements. Any
one executive officer of the Company is authorized and empowered to execute and deliver, for and on behalf of the Company, an Award
Agreement to each Participant.

 

		2.2	Forfeited RSUs

 

		2.2.1	Unless otherwise approved by the Board and provided for in the applicable Award Agreement, no Participant
shall have any entitlement to receive any payment in respect of any RSUs which have been forfeited under this Plan, by way of damages,
payment in lieu or otherwise.

 

ARTICLE
3

RESTRICTED SHARE UNITS

 

		3.1	Restricted Share Unit Grants and Accounts

 

		3.1.1	An Account, to be known as a “Restricted Share Unit Account”, shall be maintained
by the Company for each Participant who has been granted Restricted Share Units by way of a bookkeeping entry in the books of the
Company. On each Date of Grant, the Account will be credited with the Restricted Share Units granted to a Participant on that date.
The Restricted Share Units credited to the Participant’s Restricted Share Unit Account will be cancelled as of the applicable
Redemption Date.

 

		3.1.2	The establishment of the Plan in respect of Restricted Share Units shall be an unfunded obligation
of the Company. Neither the establishment of the Plan in respect of Restricted Share Units nor the grant of any Restricted Share
Units shall be deemed to create a trust. Amounts payable to any Participant under the Plan in respect of Restricted Share Units
shall be a general, unsecured obligation of the Company. The right of the Participant or Beneficiary to receive payment pursuant
to the Plan in respect of Restricted Share Units shall be no greater than the right of other unsecured creditors of the Company.

 

		3.2	Vesting and Forfeiture

 

		3.2.1	Subject to Section 3.2.2 and unless otherwise approved by the Board and provided for in the applicable
Award Agreement, a Restricted Share Unit granted under this Plan shall vest on the third anniversary of the Date of Grant provided;
however, that all Restricted Share Units granted under a particular Award carrying a different vesting schedule shall vest on or
before the RSU Final Vesting Date for such Restricted Share Units. It being understood the value of both Vested RSUs and unvested
RSUs shall fluctuate with the value of the underlying Common Shares, nothing in this Plan shall be construed to give any Participant
any right to a guaranteed minimum value of a particular RSU, whether at the time of grant, vesting, payment or any other time.

 

		3.2.2	If any Blackout Period, would apply at any particular time to prevent payment in respect of a Restricted
Share Unit pursuant to Section 3.3.1 to be made on or before the RSU Final Vesting Date for such Restricted Share Unit, then the
RSU Vesting Date for such Restricted Share Unit will be accelerated by the Board by up to ten (10) business days after the lifting
of the relevant Blackout Period provided such payment is made on or before the RSU Final Vesting Date for such Restricted Share
Unit.

 

    	4

     

    

 

		3.2.3	All Restricted Share Units recorded in a RSU Participant’s Restricted Share Unit Account
which have vested in accordance with this Plan or as provided for in the applicable respective Award Agreement and are not forfeited
hereunder by the Participant are referred to herein as “Vested Restricted Share Units” or “Vested RSUs”.

 

		3.2.4	For greater certainty, no RSU Participant nor any Beneficiary or other person claiming through
a RSU Participant shall be entitled to any benefit hereunder in respect of any Restricted Share Units that are not Vested Restricted
Share Units.

 

		3.2.5	Notwithstanding anything else herein contained, the Company may, in its discretion, at any time
permit the acceleration of the RSU Vesting Date, all in the manner and on the terms as may be authorized by the Board.

 

		3.3	Payment of Benefits in Respect of Restricted Share Units

 

		3.3.1	Unless otherwise approved by the Board and provided for in the applicable Award Agreement, payment
in redemption of an Award of a Restricted Share Unit granted to a RSU Participant shall become payable on each RSU Vesting Date
for such Restricted Share Unit and redeemed in accordance with Section 3.3.2; provided, however that all payments under a particular
Award shall be made on or before the RSU Final Vesting Date for such Restricted Share Unit (the “Redemption Date”).

 

		3.3.2	Subject to the provisions of this Article 3, on the Redemption Date with respect to a RSU Participant,
the Company shall, in satisfaction of its obligations hereunder and in its sole discretion, either:

 

		(a)	pay to the Participant, or Participant’s Beneficiaries, on the Redemption Date a lump sum
cash payment, net of any Applicable Withholding Taxes, equal to the number of RSUs credited to his or her Participant Account as
of the Redemption Date multiplied by the Fair Market Value of one Common Share on the Redemption Date; or

 

		(b)	subject to Section 3.3.3 herein, deliver to the Participant, or to the Participant’s Beneficiaries,
on the Redemption Date that number of Common Shares equal to the whole number of RSUs credited to his or her Participant Account
as of the Redemption Date, plus a cash settlement of any fraction of a RSU, provided that the Company shall be entitled to sell
a portion of the Common Shares to fund payment of applicable taxes and any associated costs as contemplated in Section 5.4 herein.

 

The Participant shall have
no further entitlement under the Plan upon receipt of the lump sum cash payment referred to in Section 3.3.2(a) or Common Shares
(and where applicable, cash in lieu of fractional Common Shares) under Section 3.3.2(b).

 

		3.3.3	Settlement of RSUs with Common Shares:

 

		(a)	In order to satisfy its settlement obligation where the Company has, subject to TSX approval, elected
to deliver Common Shares on a Redemption Date, the Company, at the discretion of the Board may elect to obtain Common Shares in
respect of a Participant's entitlement through the facilities of the TSX in accordance with the by-laws, regulations and policies
of the TSX and Applicable Law or issue such Common Shares from treasury.

 

		(b)	Any entitlement to fractional Common Shares shall be paid in cash based on the Fair Market Value
of one Common Share on the Redemption Date, less any Applicable Withholding Taxes.

 

    	5

     

    

 

		(c)	If the Company elects to deliver Common Shares on a Redemption Date, the Company shall pay all
fees and commissions arising in connection with the purchase of such Common Shares by the Company.

 

		3.3.4	If payment in respect of an Award of a Restricted Share Unit granted to a Participant shall become
payable to any US Taxpayer, the payment in redemption of such Award shall be made no later than two and a half months after the
end of the Participant’s first taxable year in which the right to the payment is no longer subject to a substantial risk
of forfeiture, such that all payments are exempt from application of Section 409A.

 

		3.4	Dividends Paid on Shares

 

		3.4.1	Subject to Section 3.4.2, in the event the Company pays a dividend on the Common Shares subsequent
to the granting of an Award, the number of Restricted Share Units relating to such Award (the “Original RSU”)
shall be increased by an amount equal to:

 

		(a)	the product of: (i) the aggregate number of Original RSUs held by the Participant on the record
date for such dividend; and (ii) the per Common Share amount of such dividend (or, in the case of any dividend payable in property
other than cash, the per Common Share Fair Market Value of such property as determined by the Committee); divided by

 

		(b)	the Fair Market Value of a Common Share calculated as of the date on which the dividend is declared.

 

		3.4.2	In the event that the Company pays a dividend on the Common Shares in additional Common Shares,
the number of Original RSUs shall be increased by a number equal to the product of: (a) the aggregate number of Original RSUs held
by the Participant on the record date of such dividend; and (b) the number of Common Shares (including any fraction thereof) payable
as a dividend on one Common Share.

 

		3.5	Termination of Employment

 

		3.5.1	Subject to the Board’s discretion to accelerate vesting under Section 3.2.5 and the provisions
of any applicable Award Agreement, upon the Participant incurring a Termination Date prior to the RSU Vesting Date, all Restricted
Share Units previously credited to such RSU Participant’s Restricted Share Unit Account which did not become Vested Restricted
Share Units on or prior to the Participant’s Termination Date shall be terminated and forfeited as of such Termination Date.

 

		3.5.2	If the relationship of the Participant with the Company is terminated for any reason prior to the
vesting of the Restricted Share Units, whether or not such termination is with or without notice, adequate notice or legal notice
or is with or without legal or just cause, the RSU Participant’s rights shall be strictly limited to those provided for in
this Section 3.5, or as otherwise provided in the applicable Award Agreement between the Participant and the Company. Unless otherwise
specifically provided in writing, the Participant shall have no claim to, or in respect of, any Restricted Share Units which may
have or would have vested had due notice of termination of employment been given, nor shall the RSU Participant have any entitlement
to damages or other compensation or any claim for wrongful termination or dismissal in respect of any Restricted Share Units or
loss of profit or opportunity which may have or would have vested or accrued to the Participant if such wrongful termination or
dismissal had not occurred or if due notice of termination had been given.

 

    	6

     

    

 

		3.6	Maximum Number of Common Shares and Limitations.

 

		(a)	The number of Common Shares issuable under the Plan combined with the number of Common Shares issuable
under all security- based compensation arrangements of the Company shall not exceed 10% of the issued and outstanding Common Shares
as at the date of such Award.

 

		(b)	Notwithstanding anything else contained herein, the number of Common Shares of the Company which
are (i) issuable at any time, and (ii) issued within any one year period, to insiders (as such term is defined in Part 1 of the
TSX Company Manual) of the Company pursuant to the terms of the Plan and under any other security-based compensation arrangement,
shall not exceed 10% of the Company’s total issued and outstanding Common Shares (the “Insider Participation Limit”).

 

ARTICLE
4

ADJUSTMENTS AND MERGER AND ACQUISITION TRANSACTIONS

 

		4.1	Adjustments

 

		4.1.1	Appropriate adjustments to this Plan and to Awards shall be made, and shall be conclusively determined,
by the Committee to give effect to adjustments in the number of Common Shares resulting from subdivisions, consolidations, reorganizations
or reclassifications of the Common Shares, the payment of stock dividends by the Company (other than dividends in the ordinary
course) or other changes in the capital of the Company. Any dispute that arises at any time with respect to any such adjustment
will be conclusively determined by the Committee, and any such determination will be binding on the Company, the Participant and
all other affected parties.

 

		4.1.2	The grant of any Awards under this Plan will in no way affect the Company’s right to adjust,
reclassify, reorganize or otherwise change its capital or business structure or to merge, amalgamate, reorganize, consolidate,
dissolve, liquidate or sell or transfer all or any part of its business or assets or engage in any like transaction. For avoidance
of doubt, in the event of any reorganization, merger, consolidation, split-up, spin-off, combination, repurchase or exchange of
Common Shares or other securities of the Company or any other similar corporate transaction or event involving the Company (or
the Company shall enter into a written agreement to undergo such a transaction or event), the Committee or the Board may, in its
sole discretion, provide for any of the following to be effective upon the consummation of the event (or effective immediately
prior to the consummation of the event, provided that the consummation of the event subsequently occurs):

 

		(a)	either (i) termination of any such Award, whether or not vested, in exchange for an amount of cash
and/or other property, if any, equal to the amount that would have been attained upon the exercise of such Award or realization
of the Participant’s rights (and, for the avoidance of doubt, if, as of the date of the occurrence of the transaction or
event, the Committee or the Board determines in good faith that no amount would have been attained upon the realization of the
Participant’s rights, then such Award may be terminated by the Company without any payment) or (ii) the replacement of such
Award with other rights or property selected by the Committee or the Board, in its sole discretion; or

 

		(b)	that such Award be assumed by the successor or survivor corporation, or a parent or subsidiary
thereof, or shall be substituted for by similar rights or awards covering the stock of the successor or survivor corporation, or
a parent or subsidiary thereof, with appropriate adjustments as to the number and kind of shares and prices.

 

    	7

     

    

 

		4.1.3	No adjustment provided for in this Article 4 will require the Company to issue a fractional share
in respect of any or other Awards and the adjustment with respect to each Award will be limited accordingly.

 

ARTICLE
5

ADMINISTRATION

 

		5.1	Administration

 

		5.1.1	The Plan will be administered by the Committee. Notwithstanding the existence of the Committee,
the Board itself will retain independent and concurrent power to undertake any action hereunder delegated to the Committee, whether
with respect to the Plan as a whole or with respect to individual RSUs granted or to be granted under the Plan.

 

		(a)	Subject to the limitations of the Plan, the Committee shall have full power to grant Awards, to
determine the terms, limitations, restrictions and conditions respecting such Awards and to settle, execute and deliver Award Agreements
and bind the Company accordingly, to interpret the Plan and to adopt such rules, regulations and guidelines for carrying out the
Plan as it may deem necessary or proper, all of which powers shall be exercised in the best interests of the Company and in keeping
with the objectives of the Plan.

 

		(b)	The Committee may correct any defect or supply any omission or reconcile any inconsistency in the
Plan or in any Award in the manner and to the extent the Committee deems necessary or desirable to carry it into effect. Any decision
of the Committee in the interpretation and administration of the Plan shall lie within its absolute discretion and shall be final,
conclusive and binding on all parties concerned. No individual shall be liable for anything done or omitted to be done by such
individual or any other individual, in connection with the performance of any duties under the Plan, except those which arise from
such individual’s own willful misconduct or as expressly provided by statute.

 

		(c)	The determination by the Committee of any question which may arise as to the interpretation or
implementation of the Plan or any of the RSUs granted hereunder shall be final and binding on all Participants and other persons
claiming or deriving rights through any of them.

 

		5.1.2	The Committee may delegate to one or more officers or Directors of the Company, subject to such
terms, conditions and limitations as the Committee may establish in its sole discretion, the authority to grant Awards; provided,
however, that the Committee shall not delegate such authority in such a manner as would contravene the by-laws, regulations and
policies of the TSX or any applicable limitations under Applicable Law.

 

		5.1.3	All costs and expenses of administering the Plan will be paid by the Company.

 

		5.2	Amendments

 

		5.2.1	This Plan may be amended at any time by the Board in its sole discretion, subject to applicable
regulatory approval, (including, approval of the TSX), and the terms of this Plan; provided that, no such amendment shall, unless
required by law, adversely affect the rights of any Participant with respect to RSUs to which the Participant is then entitled
under this Plan, without the consent of the Participant, and any amendment shall be such that this Plan continuously meets the
conditions and requirements of Applicable Law.

 

		5.2.2	Without limiting the generality of the foregoing, the Board may make the following amendments to
the Plan, without obtaining shareholder approval:

 

    	8

     

    

 

		(a)	amendments to the vesting provisions of the Plan and any Award Agreement;

		(b)	amendments to the terms and conditions of the Plan necessary to ensure that the Plan complies with
the Applicable Laws, regulations, rules, orders of governmental or regulatory authorities or the requirements of the TSX in place
from time to time;

		(c)	amendments to the provisions of the Plan respecting administration of the Plan;

		(d)	amendments to the provisions of the Plan respecting the terms and conditions on which Awards may
be made pursuant to the Plan;

		(e)	amendments to the Plan that are of a “housekeeping” nature; and

		(f)	any other amendments, fundamental or otherwise, not requiring shareholder approval under Section
5.2.3, Applicable Laws or applicable policies of the TSX.

 

		5.2.3	Without limiting the generality of the foregoing, the Board may not, without the approval of the
Company’s shareholders, make the following amendments to the Plan:

 

		(a)	an increase to the Plan maximum or the number of Common Shares issuable under the Plan;

		(b)	any amendment to the amendment provisions in Sections 5.2.2 and 5.2.3 of the Plan;

		(c)	extension of the termination or expiry of an Award;

		(d)	the removal or increase of Insider Participation Limits;

		(e)	any change that would materially modify the eligibility requirements for participation in this
Plan; and

		(f)	any amendment that permits the assignment or transfer of a RSU other than for normal estate planning
purposes.

 

		5.3	Termination.

 

		5.3.1	The Board may, in its sole discretion and without the consent of any Participant, terminate the
Plan at any time by giving written notice thereof to each Participant. Following termination of the Plan, additional RSUs shall
not be credited to the Accounts of Participants except pursuant to Article 3 hereof. Notwithstanding the termination of the Plan,
all amounts distributable under the Plan shall be paid to the persons entitled thereto on the date on which such distributions
would have been made had the Plan not been terminated.

 

		5.4	Applicable Withholding Taxes.

 

		5.4.1	Prior to the delivery of any Common Shares or cash under this Plan, the Company shall have the
power and the right to deduct or withhold, or to require a Participant to remit to the Company, an amount sufficient to satisfy
any federal, provincial, local and foreign taxes, pension plan contributions, employment insurance premiums and any other required
deductions (collectively referred to herein as “Applicable Withholding Taxes”) that the Company determines is
required to be withheld to comply with applicable laws. The Company shall make any withholdings or deductions in respect of Applicable
Withholding Taxes as required by law or the interpretation or administration thereof. The Company shall be entitled to make arrangements
to sell a sufficient number of Common Shares to be issued pursuant to the Plan to fund the payment and remittance of Applicable
Withholding Taxes that are required to be deducted or withheld and any associated costs (including fees).

 

		5.5	Currency

 

		5.5.1	All payments and benefits under the Plan shall be determined and paid in the lawful currency of
Canada.

 

    	9

     

    

 

		5.6	Beneficiaries and Claims for Benefits

 

		5.6.1	Subject to the requirements of Applicable Law, a Participant shall designate in writing a Beneficiary
to receive any benefits that are payable under the Plan upon the death of such Participant. The Participant may, subject to Applicable
Law, change such designation from time to time. Such designation or change shall be in such form and executed and filed in such
manner as the Committee or the Board may from time to time determine.

 

		5.7	General

 

		5.7.1	Nothing contained in the Plan shall prevent the Company or any of its Affiliates from adopting
or continuing in effect other compensation arrangements (subject to shareholder approval if such approval is required by TSX) and
such arrangements may be either generally applicable or applicable only in specific cases.

 

		5.7.2	The validity, construction and effect of the Plan, the grants of Awards, any rules and regulations
relating to the Plan and Award Agreement, and all determinations made and actions taken pursuant to the Plan, shall be governed
by and determined in accordance with the laws of the Province of Ontario and the laws of Canada applicable therein.

 

		5.7.3	If any provision of the Plan or any Award Agreement is or becomes or is deemed to be invalid, illegal
or unenforceable in any jurisdiction or as to any person or Award, or would disqualify the Plan or any Award under any law deemed
applicable by the Committee, such provision shall be construed or deemed amended to conform to the applicable laws, or if it cannot
be construed or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the
Award, such provision shall be stricken as to such jurisdiction, person, or RSU and the remainder of the Plan and any such Award
Agreement shall remain in full force and effect.

 

		5.7.4	Neither the Plan nor any Award shall create or be construed to create a trust or separate fund
of any kind or a fiduciary relationship between the Company or any of its Affiliates and a Participant or any other person.

 

		5.7.5	Headings are given to the sections of the Plan solely as a convenience to facilitate reference.
Such headings shall not be deemed in any way material or relevant to the construction or interpretation of the Plan or any provision
thereof.

 

		5.7.6	The Plan shall enure to the benefit of and be binding upon the Company and its successors and assigns.
The interest of any Participant under the Plan in any RSU shall not be transferable or alienable by the Participant either by pledge,
assignment or in any other manner whatever, otherwise than by testamentary disposition or in accordance with the laws governing
the devolution of property in the event of death; and after the Participant’s lifetime shall enure to the benefit of and
be binding upon the Participant’s Beneficiary.

 

		5.7.7	Nothing herein or otherwise shall be construed so as to confer on any Participant any rights as
a shareholder of the Company with respect to any Common Shares reserved for the purpose of any Award, including for greater certainty,
no Award shall confer any entitlement as to dividends or voting rights on a Participant until the date of purchase or issuance
of such Common Shares, as determined by the Board, for the Account of such Participant as specifically provided herein.

 

		5.7.8	Neither designation as a Participant nor the grant of any RSUs to any Participant entitles any
Participant to any additional grant of any RSUs under the Plan. Neither the Plan nor any action taken hereunder shall interfere
with the right of the Company to terminate a Participant’s employment, if applicable, at any time. Neither any period of
notice, if any, nor any payment in lieu thereof, upon termination of employment shall be considered as extending the period of
employment for the purposes of the Plan.

 

[***]

 

    	10

     

    

 

Exhibit A

RESTRICTED SHARE UNIT AWARD AGREEMENT

[Unvested]

 

	Name of Participant:	__________________________
	 	 
	U.S. SSN or TIN of Participant, if applicable:	__________________________
	 	 
	Non-U.S. Tax ID No., if applicable	__________________________
	 	 
	Residence Address of Participant:	__________________________
	 	 
	 	__________________________
	 	 
	Total Number of Restricted Share Units:	__________________________
	 	 
	Date of Grant (actual date of issuance):	__________________________

 

THIS AGREEMENT, dated
as of the Date of Grant, between Americas Silver Corporation (the “Company”), and the participant named above
(the “Participant”), is entered into pursuant to the Americas Silver Corporation Restricted Share Unit Plan
(as amended from time to time, the “Plan”). All capitalized terms used but not otherwise defined herein shall
have the meanings given them in the Plan.

 

WHEREAS, the Company
has adopted and maintains the Plan to promote the interests of the Company by providing officers, employees or consultants providing
services to, or for the benefit of, the Company with an appropriate incentive to encourage them to continue providing such services
and to improve the growth and profitability of the Company; and

 

WHEREAS, the Company
desires to grant, and the Participant desires to accept, Restricted Share Units under the Plan in accordance with the terms and
conditions of this Award Agreement and the Plan.

 

NOW, THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:

 

		1.1	Grant of Restricted Share Units. Pursuant to, and subject to, the terms and conditions set
forth herein and in the Plan, the Company hereby grants to the Participant the number of Restricted Share Units specified above.

 

		1.2	Date of Grant. The Restricted Share Units are hereby granted on and effective as of the
Date of Grant specified above.

 

		1.3	Vesting. Restricted Share Units issued under the Plan shall vest as provided in the Plan.

 

		1.4	Entitlement of the Restricted Share Units. Payment in respect of a Vested Restricted Share
Units shall be made as provided in the Plan.

 

		1.5	Incorporation of Plan. All terms, conditions and restrictions of the Plan are incorporated
herein and made part hereof as if stated herein. If there is any conflict between the terms and conditions of the Plan and this
Award Agreement, the terms and conditions of the Plan, as interpreted by the Committee, shall govern. The Participant hereby acknowledges
receipt of a true copy of the Plan and that the Participant has read the Plan carefully and fully understands its content. The
Participant hereby acknowledges that, subject to the powers and limitations established by the Board, all decisions, determinations
and interpretations of the Committee in respect of the Plan, this Award Agreement and the Restricted Share Units evidenced hereby
shall be final and conclusive.

 

    	A-1

     

    

 

		1.6	Tax. Participant should consult his or her own tax advisor regarding the U.S. or Canadian
federal, state and local, and foreign tax consequences of participation in the Plan.

 

		1.7	Termination of Employment. Without limiting the generality of the foregoing, the Participant
hereby acknowledges and agrees that all Restricted Share Units previously credited to the Participant’s Restricted Share
Unit Account which did not become Vested Restricted Share Units on or prior to the Participant’s Termination Date shall be
terminated and forfeited by the Participant as of such Termination Date. For the purposes of the Plan, the Participant’s
Termination Date shall be the earlier of (i) the date of the Participant’s death, or (ii) the date of termination of the
Participant’s employment with the Company and/or any Affiliate for any reason whatsoever, being the Participant’s last
day of actual and active employment, without regard to any period of notice or pay in lieu of notice which follows the Participant’s
last day of actual and active employment.

 

		1.8	Miscellaneous. This Agreement shall be governed by, and shall be construed and administered
according to, the laws of the Province of Ontario, without reference to principles of conflicts of law. This Agreement may be executed
in two or more counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same instrument.

 

IN WITNESS WHEREOF,
the Company has caused this Agreement to be duly executed by its duly authorized officer and the Participant has signed this Award
Agreement on his or her own behalf, thereby representing that he or she has carefully read and understands this Award Agreement
and the Plan, as of the date first written above.

 

	 	AMERICAS SILVER CORPORATION
	 	 	 
	 	By:	
	 	 	Name:
	 	 	Title: 
	 	 	 
	 	 
	 	[Participant Signature]

 

    	A-2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00288-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00288-of-00352.parquet"}]]