Document:

ex-4.1

 iWallet Corporation
 (the “Company”)
 

 2015 INCENTIVE PLAN
 

 SECTION 1. PURPOSE
 The purpose of the iWallet Corporation 2015 Incentive Plan is to attract, retain and motivate employees, officers, directors, consultants, agents, advisors and independent contractors of the Company and its Related Companies by providing them the opportunity to acquire a proprietary interest in the Company and to align their interests and efforts to the long-term interests of the Company’s stockholders.
 SECTION 2. DEFINITIONS
 Certain capitalized terms used in the Plan have the meanings set forth in Appendix A.
 SECTION 3. ADMINISTRATION
 3.1
 Administration of the Plan
 The Plan shall be administered by the Board or its Compensation Committee.  The Compensation Committee shall be composed of two or more directors, each of whom is a “non-employee director” within the meaning of Rule 16b-3(b)(3) promulgated under the Exchange Act, or any successor definition adopted by the Securities and Exchange Commission.  As used in this Plan, the term “Compensation Committee” shall be construed as if followed by the words “(if any)”; nothing in this Plan requires the Board to have a Compensation Committee.
 3.2
 Delegation
 Notwithstanding the foregoing, the Board may delegate responsibility for administering the Plan with respect to designated classes of Eligible Persons to different committees consisting of one or more members of the Board, subject to such limitations as the Board deems appropriate, except with respect to Awards to any Participants who are then subject to Section 16 of the Exchange Act.  Members of any committee shall serve for such term as the Board may determine, subject to removal by the Board at any time.  To the extent consistent with applicable law, the Board or the Compensation Committee may authorize one or more officers of the Company to grant Awards to designated classes of Eligible Persons, within limits specifically prescribed by the Board or the Compensation Committee; provided, however, that no such officer shall have or obtain authority to grant Awards to himself or herself or to any person then subject to Section 16 of the Exchange Act.  All references in the Plan to the “Committee” shall be, as applicable, to the Board, the Compensation Committee or any other committee or any officer to whom the Board or the Compensation Committee has delegated authority to administer the Plan.
 3.3
 Administration and Interpretation by Committee
 (a) Except for the terms and conditions explicitly set forth in the Plan and to the extent permitted by applicable law, the Committee shall have full power and exclusive authority, subject to such orders or resolutions not inconsistent with the provisions of the Plan as may from time to time be adopted by the Board, to 
 

 
 

 (i) select the Eligible Persons to whom Awards may from time to time be granted under the Plan;
 (ii) determine the type or types of Awards to be granted to each Participant under the Plan;
 (iii) determine the number of shares of Common Stock, if any, to be covered by each Award granted under the Plan;
 (iv) determine the terms and conditions of any Award granted under the Plan;
 (v) approve the forms of notice or agreement for use under the Plan;
 (vi)  determine whether, to what extent and under what circumstances Awards may be settled in cash, shares of Common Stock or other property or canceled or suspended;
 (vii) determine whether, to what extent and under what circumstances cash, shares of Common Stock, other property and other amounts payable with respect to an Award shall be deferred either automatically or at the election of the Participant;
 (viii) interpret and administer the Plan and any instrument evidencing an Award, notice or agreement executed or entered into under the Plan;
 (ix) establish such rules and regulations as it shall deem appropriate for the proper administration of the Plan;
 (x) delegate ministerial duties to such of the Company’s employees as it so determines; and
 (xi) make any other determination and take any other action that the Committee deems necessary or desirable for administration of the Plan.
 (b) The Committee shall have the right, without stockholder approval, to cancel or amend outstanding Options or SARs for the purpose of repricing, replacing or regranting such Options or SARs with Options or SARs that have a purchase or grant price that is less than the purchase or grant price for the original Options or SARs except in connection with adjustments provided in Section 15.
 (c) The effect on the vesting of an Award of a Company-approved leave of absence or a Participant’s working less than full-time shall be determined by the Company’s chief human resources officer or other person performing that function or, with respect to directors or executive officers, by the Committee, whose determination shall be final.
 (d) Decisions of the Committee shall be final, conclusive and binding on all persons, including the Company, any Participant, any stockholder and any Eligible Person.  A majority of the members of the Committee may determine its actions.
 

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 SECTION 4. SHARES SUBJECT TO THE PLAN
 4.1
 Authorized Number of Shares
 Subject to adjustment from time to time as provided in subsection 15.1, a maximum of 3,000,000 shares of Common Stock shall be available for issuance under the Plan.  Shares issued under the Plan shall be drawn from authorized and unissued shares or shares now held or subsequently acquired by the Company as treasury shares.
 4.2
 Share Usage
 (a) Shares of Common Stock covered by an Award shall not be counted as used unless and until they are actually issued and delivered to a Participant.  If any Award lapses, expires, terminates or is canceled prior to the issuance of shares thereunder or if shares of Common Stock are issued under the Plan to a Participant and thereafter are forfeited to or otherwise reacquired by the Company, the shares subject to such Awards and the forfeited or reacquired shares shall again be available for issuance under the Plan.  Any shares of Common Stock
 (i) tendered by a Participant or retained by the Company as full or partial payment to the Company for the purchase price of an Award or to satisfy tax withholding obligations in connection with an Award, or
 (ii) covered by an Award that is settled in cash, or in a manner such that some or all of the shares of Common Stock covered by the Award are not issued, 
 shall be available for Awards under the Plan.  The number of shares of Common Stock available for issuance under the Plan shall not be reduced to reflect any dividends or dividend equivalents that are reinvested into additional shares of Common Stock or credited as additional shares of Common Stock subject or paid with respect to an Award.
 (b) The Committee shall also, without limitation, have the authority to grant Awards as an alternative to or as the form of payment for grants or rights earned or due under other compensation plans or arrangements of the Company.
 (c) Notwithstanding anything in the Plan to the contrary, the Committee may grant Substitute Awards under the Plan.  Substitute Awards shall not reduce the number of shares authorized for issuance under the Plan.  In the event that an Acquired Entity has shares available for awards or grants under one or more preexisting plans not adopted in contemplation of such acquisition or combination, then, to the extent determined by the Committee, the shares available for grant pursuant to the terms of such preexisting 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 holders of common stock of the entities that are parties to such acquisition or combination) may be used for Awards under the Plan and shall not reduce the number of shares of Common Stock authorized for issuance under the Plan; provided, however, that Awards using such available shares shall not be made after the date awards or grants could have been made under the terms of such preexisting plans, absent the acquisition or combination, and shall only be made to individuals who were not employees or directors of the Company or a Related Company prior to such acquisition or combination.  
 

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 In the event that a written agreement between the Company and an Acquired Entity pursuant to which a merger or consolidation is completed is approved by the Board and that agreement sets forth the terms and conditions of the substitution for or assumption of outstanding awards of the Acquired Entity, those terms and conditions shall be deemed to be the action of the Committee without any further action by the Committee, except as may be required for compliance with Rule 16b-3 under the Exchange Act, and the persons holding such awards shall be deemed to be Participants.
 

 (d) Notwithstanding the other provisions in this subsection, the maximum number of shares that may be issued upon the exercise of Incentive Stock Options shall equal the aggregate share number stated in subsection 4.1, subject to adjustment as provided in subsection 15.1.
 SECTION 5. ELIGIBILITY
 An Award may be granted to any employee, officer or director of the Company or a Related Company whom the Committee from time to time selects.  An Award may also be granted to any consultant, agent, advisor or independent contractor for bona fide services rendered to the Company or any Related Company that:
 (a) are not in connection with the offer and sale of the Company’s securities in a capital-raising transaction, and
 (b) do not directly or indirectly promote or maintain a market for the Company’s securities.
 SECTION 6. AWARDS
 6.1
 Form, Grant and Settlement of Awards
 The Committee shall have the authority, in its sole discretion, to determine the type or types of Awards to be granted under the Plan.  Such Awards may be granted either alone or in addition to or in tandem with any other type of Award.  Any Award settlement may be subject to such conditions, restrictions and contingencies as the Committee shall determine.
 6.2
 Evidence of Awards
 Awards granted under the Plan shall be evidenced by a written, including an electronic, notice or agreement that shall contain such terms, conditions, limitations and restrictions as the Committee shall deem advisable and that are not inconsistent with the Plan.
 6.3
 Deferrals
 The Committee may permit or require a Participant to defer receipt of the payment of any Award if and to the extent set forth in the instrument evidencing the Award at the time of grant.  If any such deferral election is permitted or required, the Committee, in its sole discretion, shall establish rules and procedures for such payment deferrals, which may include the grant of additional Awards or provisions for the payment or crediting of interest or dividend equivalents, including converting such credits to deferred stock unit equivalents; provided, however, that the terms of any deferrals under this subsection shall comply with all applicable law, rules and regulations, including, without limitation, Section 409A of the Code.
 

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 6.4
 Dividends and Distributions
 Participants may, if and to the extent the Committee so determines and sets forth in the instrument evidencing the Award at the time of grant, be credited with dividends paid with respect to shares of Common Stock underlying an Award in a manner determined by the Committee in its sole discretion.  The Committee may apply any restrictions to the dividends or dividend equivalents that the Committee deems appropriate.  The Committee, in its sole discretion, may determine the form of payment of dividends or dividend equivalents, including cash, shares of Common Stock, Restricted Stock or Stock Units.
 SECTION 7. OPTIONS
 7.1
 Grant of Options
 The Committee may grant Options designated as Incentive Stock Options or Nonqualified Stock Options.
 7.2
 Option Exercise Price
 The exercise price for shares purchased under an Option shall be at least 100% of the Fair Market Value on the Grant Date (and shall not be less than the minimum exercise price required by Section 422 of the Code with respect to Incentive Stock Options), except in the case of Substitute Awards.
 7.3
 Term of Options
 Subject to earlier termination in accordance with the terms of the Plan and the instrument evidencing the Option, the maximum term of a Nonqualified Stock Option shall be ten years from the Grant Date.
 7.4
 Exercise of Options
 The Committee shall establish and set forth in each instrument that evidences an Option the time at which, or the installments in which, the Option shall vest and become exercisable, any of which provisions may be waived or modified by the Committee at any time.
 To the extent an Option has vested and become exercisable, the Option may be exercised in whole or from time to time in part by delivery to or as directed or approved by the Company of a properly executed stock option exercise agreement or notice, in a form and in accordance with procedures established by the Committee, setting forth the number of shares with respect to which the Option is being exercised, the restrictions imposed on the shares purchased under such exercise agreement, if any, and such representations and agreements as may be required by the Committee, accompanied by payment in full as described in subsection 7.5 and Section 13.  An Option may be exercised only for whole shares and may not be exercised for less than a reasonable number of shares at any one time, as determined by the Committee.
 

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 7.5
 Payment of Exercise Price
 The exercise price for shares purchased under an Option shall be paid in full to the Company by delivery of consideration equal to the product of the Option exercise price and the number of shares purchased.  Such consideration must be paid before the Company will issue the shares being purchased and must be in a form or a combination of forms acceptable to the Committee for that purchase, which forms may include:
 (a) cash;
 (b) check or wire transfer;
 (c) having the Company withhold shares of Common Stock that would otherwise be issued on exercise of the Option that have an aggregate Fair Market Value equal to the aggregate exercise price of the shares being purchased under the Option;
 (d) tendering (either actually or, so long as the Common Stock is registered under Section 12(b) or 12(g) of the Exchange Act, by attestation) shares of Common Stock owned by the Participant that have an aggregate Fair Market Value equal to the aggregate exercise price of the shares being purchased under the Option;
 (e) so long as the Common Stock is registered under Section 12(b) or 12(g) of the Exchange Act, and to the extent permitted by law, delivery of a properly executed exercise notice, together with irrevocable instructions to a brokerage firm designated or approved by the Company to deliver promptly to the Company the aggregate amount of  proceeds to pay the Option exercise price and any withholding tax obligations that may arise in connection with the exercise, all in accordance with the regulations of the Federal Reserve Board; or
 (f) such other consideration as the Committee may permit.
 7.6
 Effect of Termination of Service
 The Committee shall establish and set forth in each instrument that evidences an Option whether the Option shall continue to be exercisable, and the terms and conditions of such exercise, after a Termination of Service, any of which provisions may be waived or modified by the Committee at any time.  If not so established in the instrument evidencing the Option, the Option shall be exercisable according to the following terms and conditions, which may be waived or modified by the Committee at any time:
 (a) Any portion of an Option that is not vested and exercisable on the date of a Participant’s Termination of Service shall expire on such date.
 (b) Any portion of an Option that is vested and exercisable on the date of a Participant’s Termination of Service shall expire on the earliest to occur of:
 (i) if the Participant’s Termination of Service occurs for reasons other than Cause, Retirement, Disability or death, the date that is three months after such Termination of Service;
 

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 (ii) if the Participant’s Termination of Service occurs by reason of Retirement, Disability or death, the one-year anniversary of such Termination of Service; and
 (iii) the Option Expiration Date.
 Notwithstanding the foregoing, if a Participant dies after his or her Termination of Service but while an Option is otherwise exercisable, the portion of the Option that is vested and exercisable on the date of such Termination of Service shall expire upon the earlier to occur of (y) the Option Expiration Date and (z) the one-year anniversary of the date of death, unless the Committee determines otherwise.  Also notwithstanding the foregoing, in case a Participant’s Termination of Service occurs for Cause, all Options granted to the Participant shall automatically expire upon first notification to the Participant of such termination, unless the Committee determines otherwise.  If a Participant’s employment or service relationship with the Company is suspended pending an investigation of whether the Participant shall be terminated for Cause, all the Participant’s rights under any Option shall likewise be suspended during the period of investigation.  If any facts that would constitute termination for Cause are discovered after a Participant’s Termination of Service, any Option then held by the Participant may be immediately terminated by the Committee, in its sole discretion.
 (c) If the exercise of the Option following a Participant’s Termination of Service, but while the Option is otherwise exercisable, would be prohibited solely because the issuance of Common Stock would violate either the registration requirements under the Securities Act or the Company’s insider trading policy, then the Option shall remain exercisable until the earlier of (i) the Option Expiration Date and (ii) the expiration of a period of three months (or such longer period of time as determined by the Committee in its sole discretion) after the Participant’s Termination of Service during which the exercise of the Option would not be in violation of such Securities Act or insider trading policy requirements.
 SECTION 8. INCENTIVE STOCK OPTION LIMITATIONS
 Notwithstanding any other provisions of the Plan, the terms and conditions of any Incentive Stock Options shall also comply in all respects with Section 422 of the Code, or any successor provision, and any applicable regulations thereunder, including, to the extent required thereunder, the following:
 8.1
 Dollar Limitation
 To the extent the aggregate Fair Market Value (determined as of the Grant Date) of Common Stock with respect to which a Participant’s Incentive Stock Options become exercisable for the first time during any calendar year (under the Plan and all other stock option plans of the Company and its parent and subsidiary corporations) exceeds $100,000, such portion in excess of $100,000 shall be treated as a Nonqualified Stock Option.  In the event the Participant holds two or more such Options that become exercisable for the first time in the same calendar year, such limitation shall be applied on the basis of the order in which such Options are granted.
 8.2
 Eligible Employees.
 Individuals who are not employees of the Company or one of its parent or subsidiary corporations may not be granted Incentive Stock Options.
 

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 8.3
 Exercise Price
 The exercise price of an Incentive Stock Option shall be at least 100% of the Fair Market Value of the Common Stock on the Grant Date, and in the case of an Incentive Stock Option granted to a Participant who owns more than 10% of the total combined voting power of all classes of the stock of the Company or of its parent or subsidiary corporations (a “Ten Percent Stockholder”), shall not be less than 110% of the Fair Market Value of the Common Stock on the Grant Date.  The determination of more than 10% ownership shall be made in accordance with Section 422 of the Code.
 8.4
 Option Term
 Subject to earlier termination in accordance with the terms of the Plan and the instrument evidencing the Option, the maximum term of an Incentive Stock Option shall not exceed ten years, and in the case of an Incentive Stock Option granted to a Ten Percent Stockholder, shall not exceed five years.
 8.5
 Exercisability
 An Option designated as an Incentive Stock Option shall cease to qualify for favorable tax treatment as an Incentive Stock Option to the extent it is exercised (if permitted by the terms of the Option) (a) more than three months after the date of a Participant’s Termination of Service if termination was for reasons other than death or disability, (b) more than one year after the date of a Participant’s Termination of Service if termination was by reason of disability, or (c) after the Participant has been on leave of absence for more than 90 days, unless the Participant’s reemployment rights are guaranteed by statute or contract.
 8.6
 Taxation of Incentive Stock Options
 In order to obtain certain tax benefits afforded to Incentive Stock Options under Section 422 of the Code, the Participant must hold the shares acquired upon the exercise of an Incentive Stock Option for two years after the Grant Date and one year after the date of exercise.
 A Participant may be subject to the alternative minimum tax at the time of exercise of an Incentive Stock Option.  The Participant shall give the Company prompt notice of any disposition of shares acquired on the exercise of an Incentive Stock Option prior to the expiration of such holding periods.
 8.7
 Code Definitions
 For the purposes of this Section, “disability” “parent corporation” and “subsidiary corporation” shall have the meanings attributed to those terms for purposes of Section 422 of the Code.
 SECTION 9. STOCK APPRECIATION RIGHTS
 9.1
 Grant of Stock Appreciation Rights
 The Committee may grant Stock Appreciation Rights to Participants at any time on such terms and conditions as the Committee shall determine in its sole discretion.  An SAR may be granted in tandem with an Option or alone (“freestanding”).  
 

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 The grant price of a tandem SAR shall be equal to the exercise price of the related Option.  The grant price of a freestanding SAR shall be established in accordance with procedures for Options set forth in subsection 7.2.  An SAR may be exercised upon such terms and conditions and for the term as the Committee determines in its sole discretion; provided, however, that, subject to earlier termination in accordance with the terms of the Plan and the instrument evidencing the SAR, the maximum term of a freestanding SAR shall be ten years, and in the case of a tandem SAR, (a) the term shall not exceed the term of the related Option and (b) the tandem SAR may be exercised for all or part of the shares subject to the related Option upon the surrender of the right to exercise the equivalent portion of the related Option, except that the tandem SAR may be exercised only with respect to the shares for which its related Option is then exercisable.
 9.2
 Payment of SAR Amount
 Upon the exercise of an SAR, a Participant shall be entitled to receive payment in an amount determined by multiplying:
 (a) the difference between the Fair Market Value of the Common Stock on the date of exercise over the grant price of the SAR by
 (b) the number of shares with respect to which the SAR is exercised.
 At the discretion of the Committee as set forth in the instrument evidencing the Award, the payment upon exercise of an SAR may be in cash, in shares, in some combination thereof or in any other manner approved by the Committee in its sole discretion.
 9.3
 Waiver of Restrictions
 Subject to subsection 18.5, the Committee, in its sole discretion, may waive any other terms, conditions or restrictions on any SAR under such circumstances and subject to such terms and conditions as the Committee shall deem appropriate.
 SECTION 10. STOCK AWARDS, RESTRICTED STOCK AND STOCK UNITS
 10.1
 Grant of Stock Awards, Restricted Stock and Stock Units
 The Committee may grant Stock Awards, Restricted Stock and Stock Units on such terms and conditions and subject to such repurchase or forfeiture restrictions, if any, which may be based on continuous service with the Company or a Related Company or the achievement of any performance goals, as the Committee shall determine in its sole discretion, which terms, conditions and restrictions shall be set forth in the instrument evidencing the Award.
 10.2
 Vesting of Restricted Stock and Stock Units
 Upon the satisfaction of any terms, conditions and restrictions prescribed with respect to Restricted Stock or Stock Units, or upon a Participant’s release from any terms, conditions and restrictions of Restricted Stock or Stock Units, as determined by the Committee, and subject to the provisions of Section 13:
 (a) the shares of Restricted Stock covered by each Award of Restricted Stock shall become freely transferable by the Participant, and
 

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 (b) Stock Units shall be paid in shares of Common Stock or, if set forth in the instrument evidencing the Awards, in cash or a combination of cash and shares of Common Stock.
 Any fractional shares subject to such Awards shall be paid to the Participant in cash.
 10.3
 Waiver of Restrictions
 Subject to subsection 18.5, the Committee, in its sole discretion, may waive the repurchase or forfeiture period and any other terms, conditions or restrictions on any Restricted Stock or Stock Unit under such circumstances and subject to such terms and conditions as the Committee shall deem appropriate.
 SECTION 11. PERFORMANCE AWARDS
 11.1
 Performance Shares
 The Committee may grant Awards of Performance Shares, designate the Participants to whom Performance Shares are to be awarded and determine the number of Performance Shares and the terms and conditions of each such Award.  Performance Shares shall consist of a unit valued by reference to a designated number of shares of Common Stock, the value of which may be paid to the Participant by delivery of shares of Common Stock or, if set forth in the instrument evidencing the Award, of such property as the Committee shall determine, including, without limitation, cash, shares of Common Stock, other property, or any combination thereof, upon the attainment of performance goals, as established by the Committee, and other terms and conditions specified by the Committee.  Subject to subsection 18.5, the amount to be paid under an Award of Performance Shares may be adjusted on the basis of such further consideration as the Committee shall determine in its sole discretion.
 11.2
 Performance Units
 The Committee may grant Awards of Performance Units, designate the Participants to whom Performance Units are to be awarded and determine the number of Performance Units and the terms and conditions of each such Award.  Performance Units shall consist of a unit valued by reference to a designated amount of property other than shares of Common Stock, which value may be paid to the Participant by delivery of such property as the Committee shall determine, including, without limitation, cash, shares of Common Stock, other property, or any combination thereof, upon the attainment of performance goals, as established by the Committee, and other terms and conditions specified by the Committee.  Subject to subsection 18.5, the amount to be paid under an Award of Performance Units may be adjusted on the basis of such further consideration as the Committee shall determine in its sole discretion.
 SECTION 12. OTHER STOCK OR CASH-BASED AWARDS
 Subject to the terms of the Plan and such other terms and conditions as the Committee deems appropriate, the Committee may grant other incentives payable in cash or in shares of Common Stock under the Plan.
 

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 SECTION 13. WITHHOLDING
 The Company may require the Participant to pay to the Company the amount of:
 (a) any taxes that the Company is required by applicable federal, state, local or foreign law to withhold with respect to the grant, vesting or exercise of an Award (“tax withholding obligations”); and
 (b) any amounts due from the Participant to the Company or to any Related Company (“other obligations”).
 The Company shall not be required to issue any shares of Common Stock or otherwise settle an Award under the Plan until such tax withholding obligations and other obligations are satisfied.  The Committee may permit or require a Participant to satisfy all or part of the Participant’s tax withholding obligations and other obligations by:
 (i) paying cash to the Company,
 (ii) having the Company withhold an amount from any cash amounts otherwise due or to become due from the Company to the Participant,
 (iii) having the Company withhold a number of shares of Common Stock that would otherwise be issued to the Participant (or become vested, in the case of Restricted Stock) having a Fair Market Value equal to the tax withholding obligations and other obligations, or
 (iv) surrendering a number of shares of Common Stock the Participant already owns having a value equal to the tax withholding obligations and other obligations.
 The value of the shares so withheld or tendered may not exceed the employer’s minimum required tax withholding rate.
 SECTION 14. ASSIGNABILITY
 No Award or interest in an Award may be sold, assigned, pledged (as collateral for a loan or as security for the performance of an obligation or for any other purpose) or transferred by a Participant or made subject to attachment or similar proceedings otherwise than by will or by the applicable laws of descent and distribution, except to the extent the Participant designates one or more beneficiaries on a Company-approved form who may exercise the Award or receive payment under the Award after the Participant’s death.  During a Participant’s lifetime, an Award may be exercised only by the Participant.  Notwithstanding the foregoing and to the extent permitted by Section 422 of the Code, the Committee, in its sole discretion, may permit a Participant to assign or transfer an Award subject to such terms and conditions as the Committee shall specify.
 

 

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 SECTION 15. ADJUSTMENTS
 15.1
 Adjustment of Shares
 In the event, at any time or from time to time, a stock dividend, stock split, spin-off, combination or exchange of shares, recapitalization, merger, consolidation, distribution to stockholders other than a normal cash dividend, or other change in the Company’s corporate or capital structure results in
 (a) the outstanding shares of Common Stock, or any securities exchanged therefor or received in their place, being exchanged for a different number or kind of securities of the Company or 
 (b) new, different or additional securities of the Company or any other company being received by the holders of shares of Common Stock, 
 then the Committee shall make proportional adjustments in
 (i) the maximum number and kind of securities available for issuance under the Plan; 
 (ii) the maximum number and kind of securities issuable as Incentive Stock Options as set forth in subsection 4.2; and
 (iii) the number and kind of securities that are subject to any outstanding Award and the per share price of such securities, without any change in the aggregate price to be paid therefor.
 The determination by the Committee, as to the terms of any of the foregoing adjustments shall be conclusive and binding.  Notwithstanding the foregoing, the issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, for cash or property, or for labor or services rendered, either upon direct sale or upon the exercise of rights or warrants to subscribe therefor, or upon conversion of shares or obligations of the Company convertible into such shares or other securities, shall not affect, and no adjustment by reason thereof shall be made with respect to, outstanding Awards.  Also notwithstanding the foregoing, a dissolution or liquidation of the Company or a Company Transaction shall not be governed by this subsection but shall be governed by subsections 15.2 and 15.3, respectively.
 15.2
 Dissolution or Liquidation
 To the extent not previously exercised or settled, and unless otherwise determined by the Committee in its sole discretion, Awards shall terminate immediately prior to the dissolution or liquidation of the Company.  To the extent a vesting condition, forfeiture provision or repurchase right applicable to an Award has not been waived by the Committee, the Award shall be forfeited immediately prior to the consummation of the dissolution or liquidation.
 

 

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 15.3
 Change in Control
 Notwithstanding any other provision of the Plan to the contrary, unless the Committee shall determine otherwise in the instrument evidencing the Award or in a written employment, services or other agreement between the Participant and the Company or a Related Company, in the event of a Change in Control:
 (a) All outstanding Awards, other than Performance Shares and Performance Units, shall become fully and immediately exercisable, and all applicable deferral and restriction limitations or forfeiture provisions shall lapse, immediately prior to the Change in Control and shall terminate at the effective time of the Change in Control; provided, however, that with respect to a Change in Control that is a Company Transaction, such Awards shall become fully and immediately exercisable, and all applicable deferral and restriction limitations or forfeiture provisions shall lapse, only if and to the extent such Awards are not converted, assumed or replaced by the Successor Company.  For the purposes of this paragraph, an Award shall be considered converted, assumed or replaced by the Successor Company if following the Company Transaction the option or right confers the right to purchase or receive, for each share of Common Stock subject to the Award immediately prior to the Company Transaction, the consideration (whether stock, cash or other securities or property) received in the Company Transaction by holders of Common Stock for each share held on the effective date of the 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 Company Transaction is not solely common stock of the Successor Company, the Committee may, with the consent of the Successor Company, provide for the consideration to be received upon the exercise of the Option, for each share of Common Stock subject thereto, to be solely common stock of the Successor Company substantially equal in fair market value to the per share consideration received by holders of Common Stock in the Company Transaction.  The determination of such substantial equality of value of consideration shall be made by the Committee, and its determination shall be conclusive and binding.
 (b) All Performance Shares or Performance Units earned and outstanding as of the date the Change in Control is determined to have occurred shall be payable in full at the target level in accordance with the payout schedule pursuant to the instrument evidencing the Award.  Any remaining Performance Shares or Performance Units (including any applicable performance period) for which the payout level has not been determined shall be prorated at the target payout level up to and including the date of such Change in Control and shall be payable in full at the target level in accordance with the payout schedule pursuant to the instrument evidencing the Award.  Any existing deferrals or other restrictions not waived by the Committee in its sole discretion shall remain in effect.
 (c) Notwithstanding paragraphs 15.3(a) and 15.3(b), the Committee, in its sole discretion, may (unless otherwise provided in the instrument evidencing the Award or in a written employment, services or other agreement between the Participant and the Company or a Related Company) instead provide in the event of a Change in Control that is a Company Transaction.
 

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 (i) for adjustments to the Plan and outstanding Awards as contemplated by subsection 15.1 or
 (ii) that a Participant’s outstanding Awards shall terminate upon or immediately prior to such Company Transaction and that such Participant shall receive, in exchange therefor, a cash payment equal to the amount (if any) by which (x) the value of the per share consideration received by holders of Common Stock in the Company Transaction, or, if the Company Transaction is a sale of assets or otherwise does not result in direct receipt of consideration by holders of Common Stock, the value of the deemed per share consideration received, in each case as determined by the Committee in its sole discretion, multiplied by the number of shares of Common Stock subject to such outstanding Awards (to the extent then vested and exercisable or whether or not then vested and exercisable, as determined by the Committee in its sole discretion) exceeds (y) if applicable, the respective aggregate exercise price or grant price for such Awards.
 15.4
 Further Adjustment of Awards
 Subject to subsections 15.2 and 15.3, the Committee shall have the discretion, exercisable at any time before a sale, merger, consolidation, reorganization, liquidation, dissolution or change in control of the Company, as defined by the Committee, to take such further action as it determines to be necessary or advisable with respect to Awards.  Such authorized action may include (but shall not be limited to) establishing, amending or waiving the type, terms, conditions or duration of, or restrictions on, Awards so as to provide for earlier, later, extended or additional time for exercise, lifting restrictions and other modifications, and the Committee may take such actions with respect to all Participants, to certain categories of Participants or only to individual Participants.  The Committee may take such action before or after granting Awards to which the action relates and before or after any public announcement with respect to such sale, merger, consolidation, reorganization, liquidation, dissolution or change in control that is the reason for such action.
 15.5
 No Limitations
  The grant of Awards shall in no way affect the Company’s right to adjust, reclassify, reorganize or otherwise change its capital or business structure or to merge, consolidate, dissolve, liquidate or sell or transfer all or any part of its business or assets.
 15.6
 Fractional Shares
 In the event of any adjustment in the number of shares covered by any Award, each such Award shall cover only the number of full shares resulting from such adjustment.
 15.7
 Section 409A of the Code
 Notwithstanding anything in this Plan to the contrary,
 (a) any adjustments made pursuant to this Section 15 or any other amendments to Awards that are considered “deferred compensation” within the meaning of Section 409A of the Code shall be made in compliance with the requirements of Section 409A of the Code and
 

 14
 

 
 

 (b) any adjustments made pursuant to this Section 15 or any other amendments to Awards that are not considered “deferred compensation” subject to Section 409A of the Code
 shall be made in such a manner as to ensure that after such adjustment or amendment the Awards either
 (i) continue not to be subject to Section 409A of the Code or
 (ii) comply with the requirements of Section 409A of the Code.
 SECTION 16. MARKET STANDOFF
 In the event of an underwritten public offering by the Company of its equity securities pursuant to an effective registration statement filed under the Securities Act, no person may sell, make any short sale of, loan, hypothecate, pledge, grant any option for the purchase of, or otherwise dispose of or transfer for value or otherwise agree to engage in any of the foregoing transactions with respect to any shares issued pursuant to an Award granted under the Plan without the prior written consent of the Company or its underwriters.  Such limitations shall be in effect for such period of time as may be requested by the Company or such underwriters; provided, however, that in no event shall such period exceed
 (a) 180 days after the effective date of the registration statement for such public offering or
 (b) such longer period requested by the underwriter as is necessary to comply with regulatory restrictions on the publication of research reports (including, but not limited to, NYSE Rule 472 or NASD Conduct Rule 2711).  
 In the event of any stock split, stock dividend, recapitalization, combination of shares, exchange of shares or other change affecting the Company’s outstanding Common Stock effected as a class without the Company’s receipt of consideration, any new, substituted or additional securities distributed with respect to any shares issued as or pursuant to an Award under the Plan shall be immediately subject to the provisions of this Section 16, to the same extent such shares are at such time covered by such provisions.  In order to enforce the limitations of this Section 16, the Company may impose stop-transfer instructions with respect to the purchased shares until the end of the applicable standoff period.
 SECTION 17. AMENDMENT AND TERMINATION
 17.1
 Amendment, Suspension or Termination
 The Board or the Compensation Committee may amend, suspend or terminate the Plan or any portion of the Plan at any time and in such respects as it shall deem advisable; provided, however, that, to the extent required by applicable law, regulation or stock exchange rule, stockholder approval shall be required for any amendment to the Plan; and provided, further, that any amendment that requires stockholder approval may be made only by the Board and not by the Compensation Committee.  Subject to subsection 17.3, the Committee may amend the terms of any outstanding Award, prospectively or retroactively.
 

 15
 

 
 

 17.2
 Term of the Plan
 Unless sooner terminated as provided herein, the Plan shall terminate 10 years from the Effective Date.  After the Plan is terminated, no future Awards may be granted, but Awards previously granted shall remain outstanding in accordance with their applicable terms and conditions and the Plan’s terms and conditions.  Notwithstanding the foregoing, no Incentive Stock Options may be granted more than 10 years after the later of:
 (a) the adoption of the Plan by the Board and
 (b) the adoption by the Board of any amendment to the Plan that constitutes the adoption of a new plan for purposes of Section 422 of the Code.
 17.3
 Consent of Participant
 The amendment, suspension or termination of the Plan or a portion thereof or the amendment of an outstanding Award shall not, without the Participant’s consent, materially adversely affect any rights under any Award theretofore granted to a Participant under the Plan.  Any change or adjustment to an outstanding Incentive Stock Option shall not, without the consent of the Participant, be made in a manner so as to constitute a “modification” that would cause such Incentive Stock Option to fail to continue to qualify as an Incentive Stock Option.  Notwithstanding the foregoing, any adjustments made pursuant to Section 15 shall not be subject to these restrictions.
 SECTION 18. GENERAL
 18.1
 No Individual Rights
 No individual or Eligible Person shall have any claim to be granted any Award under the Plan, and the Company has no obligation for uniformity of treatment of Eligible Persons or Participants under the Plan.  Furthermore, nothing in the Plan or any Award granted under the Plan shall be deemed to constitute an employment contract or confer or be deemed to confer on any Participant any right to continue in the employ of, or to continue any other relationship with, the Company or any Related Company or limit in any way the right of the Company or any Related Company to terminate a Participant’s employment or other relationship at any time, with or without cause.
 18.2
 Issuance of Shares
 Notwithstanding any other provision of the Plan, the Company shall have no obligation to issue or deliver any shares of Common Stock under the Plan or make any other distribution of benefits under the Plan unless, in the opinion of the Company’s counsel, such issuance, delivery or distribution would comply with all applicable laws (including, without limitation, the requirements of the Securities Act or the laws of any state or foreign jurisdiction) and the applicable requirements of any securities exchange or similar entity.  The Company shall be under no obligation to any Participant to register for offering or resale or to qualify for exemption under the Securities Act, or to register or qualify under the laws of any state or foreign jurisdiction, any shares of Common Stock, security or interest in a security paid or issued under, or created by, the Plan, or to continue in effect any such registrations or qualifications if made.  As a condition to the exercise of an Option or any other receipt of Common Stock pursuant to an Award under the Plan, the Company may require:
 

 16
 

 
 

 (a) the Participant to represent and warrant at the time of any such exercise or receipt that such shares are being purchased or received only for the Participant’s own account and without any present intention to sell or distribute such shares and
 (b) such other action or agreement by the Participant as may from time to time be necessary to comply with the federal, state and foreign securities laws.
 At the option of the Company, a stop-transfer order against any such shares may be placed on the official stock books and records of the Company, and a legend indicating that such shares may not be pledged, sold or otherwise transferred, unless an opinion of counsel (satisfactory to the Company, in its sole discretion) is provided stating that such transfer is not in violation of any applicable law or regulation, may be stamped on stock certificates to ensure exemption from registration.  The Committee may also require the Participant to execute and deliver to the Company a purchase agreement or such other agreement as may be in use by the Company at such time that describes certain terms and conditions applicable to the shares.  To the extent the Plan or any instrument evidencing an Award provides for issuance of stock certificates to reflect the issuance of shares of Common Stock, the issuance may be effected on a noncertificated basis, to the extent not prohibited by applicable law or the applicable rules of any stock exchange.
 18.3
 Indemnification
 Each person who is or shall have been a member of the Board, or a committee appointed by the Board, or an officer of the Company to whom authority was delegated in accordance with Section 3, shall be indemnified and held harmless by the Company against and from any loss, cost, liability or expense that may be imposed upon or reasonably incurred by such person in connection with or resulting from any claim, action, suit or proceeding to which such person may be a party or in which such person may be involved by reason of any action taken or failure to act under the Plan and against and from any and all amounts paid by such person in settlement thereof, with the Company’s approval, or paid by such person in satisfaction of any judgment in any such claim, action, suit or proceeding against such person; provided, however, that such person shall give the Company an opportunity, at its own expense, to handle and defend the same before such person undertakes to handle and defend it on such person’s own behalf.  This duty to indemnify shall not apply to the extent that:
 (a) such loss, cost, liability or expense is a result of such person’s own willful misconduct or
 (b) such indemnification is expressly prohibited by statute.
 The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such person may be entitled under the Company’s certificate of incorporation or bylaws, as a matter of law, or otherwise, or of any power that the Company may have to indemnify or hold harmless.
 18.4
 No Rights as a Stockholder
 Unless otherwise provided by the Committee or in the instrument evidencing the Award or in a written employment, services or other agreement, no Award, other than a Stock Award, shall entitle the Participant to any cash dividend, voting or other right of a stockholder unless and until the date of issuance under the Plan of the shares that are the subject of such Award.
 

 17
 

 
 

 18.5
 Compliance with Laws and Regulations
 In interpreting and applying the provisions of the Plan, any Option granted as an Incentive Stock Option pursuant to the Plan shall, to the extent permitted by law, be construed as an “incentive stock option” within the meaning of Section 422 of the Code.  Any Award granted pursuant to the Plan is intended to comply with the requirements of Section 409A of the Code, including any applicable regulations and guidance issued thereunder, and including transition guidance, to the extent Section 409A of the Code is applicable thereto, and the terms of the Plan and any Award granted under the Plan shall be interpreted, operated and administered in a manner consistent with this intention to the extent the Committee deems necessary or advisable to comply with Section 409A of the Code and any official guidance issued thereunder.  Any payment or distribution that is to be made under the Plan (or pursuant to an Award under the Plan) to a Participant who is a “specified employee” of the Company within the meaning of that term under Section 409A of the Code and as determined by the Committee, on account of  a “separation from service” within the meaning of that term under Section 409A of the Code, may not be made before the date which is six months after the date of such “separation from service” unless the payment or distribution is exempt from the application of Section 409A of the Code by reason of the short-term deferral exemption or otherwise.  Notwithstanding any other provision in the Plan, the Committee, to the extent it deems necessary or advisable in its sole discretion, reserves the right, but shall not be required, to unilaterally amend or modify the Plan and any Award granted under the Plan so that the Award qualifies for exemption from or complies with Section 409A of the Code; provided, however, that the Committee makes no representations that Awards granted under the Plan shall be exempt from or comply with Section 409A of the Code and makes no undertaking to preclude  Section 409A of the Code from applying to Awards granted under the Plan.
 18.6
 Participants in Other Countries or Jurisdictions
 Without amending the Plan, the Committee may grant Awards to Eligible Persons who are foreign nationals on such terms and conditions different from those specified in the Plan as may, in the judgment of the Committee, be necessary or desirable to foster and promote achievement of the purposes of the Plan and shall have the authority to adopt such modifications, procedures, subplans and the like as may be necessary or desirable to comply with provisions of the laws or regulations of other countries or jurisdictions in which the Company or any Related Company may operate or have employees to ensure the viability of the benefits from Awards granted to Participants employed in such countries or jurisdictions, meet the requirements that permit the Plan to operate in a qualified or tax-efficient manner, comply with applicable foreign laws or regulations and meet the objectives of the Plan.
 18.7
 No Trust or Fund
 The Plan is intended to constitute an “unfunded” plan.  Nothing contained herein shall require the Company to segregate any monies or other property, or shares of Common Stock, or to create any trusts, or to make any special deposits for any immediate or deferred amounts payable to any Participant, and no Participant shall have any rights that are greater than those of a general unsecured creditor of the Company.
 

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 18.8
 Successors
 All obligations of the Company under the Plan with respect to Awards shall be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all the business and/or assets of the Company.
 18.9
 Severability
 If any provision of the Plan or any Award is determined to be invalid, illegal or unenforceable in any jurisdiction, or as to any person, 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 applicable laws, or, if it cannot be so construed or deemed amended without, in the Committee’s determination, materially altering the intent of the Plan or the Award, such provision shall be stricken as to such jurisdiction, person or Award, and the remainder of the Plan and any such Award shall remain in full force and effect.
 18.10
 Choice of Law and Venue
 The Plan, all Awards granted thereunder and all determinations made and actions taken pursuant hereto, to the extent not otherwise governed by the laws of the United States, shall be governed by the laws of the State of Nevada without giving effect to principles of conflicts of law.  Participants irrevocably consent to the nonexclusive jurisdiction and venue of the state and federal courts located in the State of Nevada.
 18.11
 Legal Requirements
 The granting of Awards and the issuance of shares of Common Stock under the Plan are subject to all applicable laws, rules and regulations and to such approvals by any governmental agencies or national securities exchanges as may be required.
 SECTION 19. EFFECTIVE DATE
 The effective date (the “Effective Date”) is the date on which the Plan is adopted by the Board.  If the stockholders of the Company do not approve the Plan within 12 months after the Board’s adoption of the Plan, any Incentive Stock Options granted under the Plan will be treated as Nonqualified Stock Options.
 

 

 

 

 19
 

 
 

 APPENDIX A
 DEFINITIONS
 “Acquired Entity” means any entity acquired by the Company or a Related Company or with which the Company or a Related Company merges or combines.
 “Award” means any Option, Stock Appreciation Right, Stock Award, Restricted Stock, Stock Unit, Performance Share, Performance Unit, or other incentive payable in shares of Common Stock as may be designated by the Committee from time to time.
 “Board” means the Board of Directors of the Company.
 “Cause” means, unless otherwise defined in the instrument evidencing an Award or in a written employment, services or other agreement between the Participant and the Company or a Related Company, dishonesty, fraud, serious or willful misconduct, unauthorized use or disclosure of confidential information or trade secrets, or conduct prohibited by law (except minor violations), in each case as determined by the Company’s chief human resources officer or other person performing that function or, in the case of directors and executive officers, the Committee, whose determination shall be conclusive and binding.
 “Change in Control” means, unless the Committee determines otherwise with respect to an Award at the time the Award is granted or unless otherwise defined for purposes of an Award in a written employment, services or other agreement between the Participant and the Company or a Related Company, the occurrence of any of the following events:
 (a) An acquisition by any individual, entity or group, within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act, (a “Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of more than fifty percent (50%) of either:
 (i) the then outstanding shares of Common Stock of the Company (the “Outstanding Common Stock”) or
 (ii) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Voting Securities”);
 excluding, however, the following:
 (iii) any acquisition directly from the Company, other than an acquisition by virtue of the exercise, exchange or conversion of any Convertible Securities unless such securities were themselves acquired directly from the Company,
 (iv) any acquisition by the Company;
 (v) any acquisition by any Person pursuant to a transaction which complies with clauses (b)(i), (b)(ii) and (b)(iii) of the definition of Company Transaction; or
 

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 (b) Within any period of 24 consecutive months, a change in the composition of the Board such that the individuals who, immediately prior to such period, constituted the Board (such Board shall be hereinafter referred to as the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, for purposes hereof, that any individual who becomes a member of the Board during such period, whose election, or nomination for election by the Company’s stockholders, was approved by a vote of at least a majority of those individuals who are members of the Board and who were also members of the Incumbent Board (or deemed to be such pursuant to this proviso) shall be considered as though such individual were a member of the Incumbent Board; but, provided further, that any such individual whose initial assumption of office occurs as a result of either an actual or threatened election contest (as such terms are used in Rule 14a-11 of Regulation 14A promulgated under the Exchange Act) or other actual or threatened solicitation of proxies or consents by or on behalf of a person other than the Board shall not be so considered as a member of the Incumbent Board; or
 (c) A Company Transaction; or
 (d) The approval by the stockholders of the Company of a complete liquidation or dissolution of the Company, other than to an entity pursuant to a transaction which would comply with clauses (1), (2) and (3) of the definition of “Company Transaction”, assuming for this purpose that such transaction were a Company Transaction.
 For purposes of the definition of “Change of Control” and “Company Transaction”, a series of transactions undertaken with a common purpose shall be treated as a single transaction that begins at the consummation of the first transaction in the series and ends at the consummation of the last transaction in the series.
 “Company Transaction” means the consummation of
 (a) a reorganization, merger or consolidation of the Company or
 (b) the sale or other disposition of all or substantially all of the assets of the Company and its direct and indirect subsidiaries taken as a whole, except in each case a transaction pursuant to which
 (i) all or substantially all of the individuals and entities who are the beneficial owners, respectively, of the Outstanding Common Stock and Outstanding Voting Securities immediately prior to such transaction will beneficially own, directly or indirectly, more than sixty percent (60%) of, respectively, the outstanding shares of common stock, and the combined voting power of the outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the entity resulting from such transaction (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) in substantially the same proportions as their ownership, immediately prior to such transaction, of the Outstanding Common Stock and Outstanding Voting Securities, as the case may be,
 

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 (ii) no person (other than the Company) will beneficially own, directly or indirectly, more than twenty-five percent (25%) of, respectively, the outstanding shares of common stock of the Company resulting from such transaction or the combined voting power of the outstanding voting securities of such Company entitled to vote generally in the election of directors, except to the extent that such ownership existed with respect to the Company prior to the transaction, and
 (iii) individuals who were members of the Board immediately prior to the approval by the stockholders of the Company of such transaction will constitute at least a majority of the members of the board of directors of the Company resulting from such transaction.
 “Convertible Security” means any security convertible into or exchangeable for shares of Common Stock of the Company, or any option, warrant or other right to acquire shares of Common Stock of the Company.
 “Code” means the Internal Revenue Code of 1986, as amended from time to time.
 “Committee” has the meaning set forth in subsection 3.2.
 “Common Stock” means the common stock of the Company.
 “Company” means iWallet Corporation, a Nevada corporation 
 “Compensation Committee” means the Compensation Committee (if any) of the Board.
 “Disability” means, unless otherwise defined by the Committee for purposes of the Plan or in the instrument evidencing an Award or in a written employment, services or other agreement between the Participant and the Company or a Related Company, a mental or physical impairment of the Participant that is expected to result in death or that has lasted or is expected to last for a continuous period of 12 months or more and that causes the Participant to be unable to perform his or her material duties for the Company or a Related Company and to be engaged in any substantial gainful activity, in each case as determined by the Company’s chief human resources officer or other person performing that function or, in the case of directors and executive officers, the Committee, whose determination shall be conclusive and binding.
 “Effective Date” has the meaning set forth in Section 19.
 “Eligible Person” means any person eligible to receive an Award as set forth in Section 5.
 “Entity” means any individual, entity or group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act).
 “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time.
 “Fair Market Value” means the closing price for the Common Stock on any given date during regular trading, or if not trading on that date, such price on the last preceding date on which the Common Stock was traded, unless determined otherwise by the Committee using such methods or procedures as it may establish.
 

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 “Grant Date” means the later of:
 (c) the date on which the Committee completes the corporate action authorizing the grant of an Award or such later date specified by the Committee and
 (d) the date on which all conditions precedent to an Award have been satisfied, provided that conditions to the exercisability or vesting of Awards shall not defer the Grant Date.
 “Incentive Stock Option” means an Option granted with the intention that it qualify as an “incentive stock option” as that term is defined for purposes of Section 422 of the Code or any successor provision.
 “including”, “include”, “includes” and words of similar import shall be construed broadly as if followed by the phrase “without limitation”.
 “Nonqualified Stock Option” means an Option other than an Incentive Stock Option.
 “Option” means a right to purchase Common Stock granted under Section 7.
 “Option Expiration Date” means the last day of the maximum term of an Option.
 “Outstanding Company Common Stock” has the meaning set forth in the definition of “Change in Control.”
 “Outstanding Company Voting Securities” has the meaning set forth in the definition of “Change in Control.”
 “Parent Company” means a company or other entity which as a result of a Company Transaction owns the Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries.
 “Participant” means any Eligible Person to whom an Award is granted.
 “Performance Award” means an Award of Performance Shares or Performance Units granted under Section 11.
 “Performance Share” means an Award of units denominated in shares of Common Stock granted under subsection 11.1.
 “Performance Unit” means an Award of units denominated in cash or property other than shares of Common Stock granted under subsection 11.2.
 “Plan” means this iWallet Corporation 2015 Incentive Plan.
 ‘‘Related Company” means any entity that is directly or indirectly controlled by, in control of or under common control with the Company.
 “Restricted Stock” means an Award of shares of Common Stock granted under Section 10, the rights of ownership of which are subject to restrictions prescribed by the Committee.
 

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 “Retirement” means, unless otherwise defined in the instrument evidencing the Award or in a written employment, services or other agreement between the Participant and the Company or a Related Company, retirement as defined for purposes of the Plan by the Committee or the Company’s chief human resources officer or other person performing that function or, if not so defined, means Termination of Service on or after the date the Participant reaches “normal retirement age” as that term is defined in Section 411(a)(8) of the Code.
 “Securities Act” means the Securities Act of 1933, as amended from time to time.
 “Stock Appreciation Right” or “SAR” means a right granted under subsection 9.1 to receive the excess of the Fair Market Value of a specified number of shares of Common Stock over the grant price.
 “Stock Award” means an Award of shares of Common Stock granted under Section 10, the rights of ownership of which are not subject to restrictions prescribed by the Committee.
 “Stock Unit” means an Award denominated in units of Common Stock granted under Section 10.
 “Substitute Awards” means Awards granted or shares of Common Stock issued by the Company in substitution or exchange for awards previously granted by an Acquired Entity.
 “Successor Company” means the surviving company, the successor company or Parent Company, as applicable, in connection with a Company Transaction.
 “Termination of Service” means a termination of employment or service relationship with the Company or a Related Company for any reason, whether voluntary or involuntary, including by reason of death, Disability or Retirement.  Any question as to whether and when there has been a Termination of Service for the purposes of an Award and the cause of such Termination of Service shall be determined by the Company’s chief human resources officer or other person performing that function or, with respect to directors and executive officers, by the Committee, whose determination shall be conclusive and binding.  Transfer of a Participant’s employment or service relationship between the Company and any Related Company shall not be considered a Termination of Service for purposes of an Award.  Unless the Committee determines otherwise, a Termination of Service shall be deemed to occur if the Participant’s employment or service relationship is with an entity that has ceased to be a Related Company.  A Participant’s change in status from an employee of the Company or a Related Company to a consultant, advisor or independent contractor of the Company or a Related Company or a change in status from a consultant, advisor or independent contractor of the Company or a Related Company to an employee of the Company or a Related Company, shall not be considered a Termination of Service.
 “Vesting Commencement Date” means the Grant Date or such other date selected by the Committee as the date from which an Award begins to vest.
 

 

 

 

 

 24
 

 
 PLAN ADOPTION AND AMENDMENTS/ADJUSTMENTS
 SUMMARY PAGE
 

 	 	 	 	
	 Date of Board
 Action
	 Action
	 Section/Effect
 of Amendment
	 Date of Shareholder
 Approval

	  
	  
	  
	  

	 October 13, 2015
	 Initial Plan Adoption
	  
	   ____________, 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 25Exhibit 10.1

 

Share
Exchange AGREEMENT

THIS AGREEMENT is made effective as
of the ___ day of ________, 2012

AMONG:

PACIFIC GREEN TECHNOLOGIES INC.,
a Delaware corporation of 5205 Prospect Road, Suite 135-226, San Jose, CA 95129

(“PGT”)

AND:

THE UNDERSIGNED SHAREHOLDERS OF ENVIROTECHNOLOGIES
INC. AS LISTED ON Schedule 1 ATTACHED
HERETO

(the “Selling Shareholders”)

WHEREAS:

	A.	The Selling Shareholders are the registered and beneficial owners of certain issued and outstanding
shares in the capital of EnviroTechnologies, Inc. (“Enviro”);

	B.	PGT has agreed to issue common shares in the capital of PGT as of the Closing Date, as defined
herein, to the Selling Shareholders as consideration for the purchase by PGT of the issued and outstanding common shares of Enviro
held by the Selling Shareholders; and

	C.	Upon the terms and subject to the conditions set forth in this Agreement, the Selling Shareholders
have agreed to sell all of the issued and outstanding common shares of Enviro held by the Selling Shareholders to PGT in exchange
for common shares of PGT.

THEREFORE, in consideration of
the mutual covenants and agreements herein contained and other good and valuable consideration (the receipt and sufficiency of
which are hereby acknowledged), the parties covenant and agree as follows:

	1.	DEFINITIONS

	1.1	Definitions

The following terms have the following
meanings, unless the context indicates otherwise:

		(a)	“Agreement” shall mean this Agreement, and all the exhibits, schedules and other
documents attached to or referred to in this Agreement, and all amendments and supplements, if any, to this Agreement;

		(b)	“Closing” shall mean the completion of the Transaction, in accordance with Section
6 hereof, at which the Closing Documents shall be exchanged by the parties, except for those documents or other items specifically
required to be exchanged at a later time;

  

    

     

    
		(c)	“Closing Date” shall mean a date mutually agreed upon by the parties hereto
in writing and in accordance with Section 9.6 following the satisfaction or waiver by PGT and Enviro of the conditions precedent
set out in Sections 5.1 and 5.2 respectively;

		(d)	“Closing Documents” shall mean the papers, instruments and documents required
to be executed and delivered at the Closing pursuant to this Agreement;

		(e)	“Exchange Act” shall mean the United States Securities Exchange Act of 1934,
as amended;

		(f)	“GAAP” shall mean United States generally accepted accounting principles applied
in a manner consistent with prior periods;

		(g)	“Liabilities” shall include any direct or indirect indebtedness, guaranty, endorsement,
claim, loss, damage, deficiency, cost, expense, obligation or responsibility, fixed or unfixed, known or unknown, asserted choate
or inchoate, liquidated or unliquidated, secured or unsecured;

		(h)	“Enviro Shares” shall mean the certain common shares of Enviro held by the Selling
Shareholders, consisting of the issued and outstanding common shares of Enviro beneficially held, either directly or indirectly,
by the Selling Shareholders;

		(i)	“PGT Shares” shall mean the fully paid and non-assessable common shares of PGT,
to be issued to the Selling Shareholders by PGT on the Closing Date;

		(j)	“SEC” shall mean the Securities and Exchange Commission;

		(k)	“Securities Act” shall mean the United States Securities Act of 1933, as amended;

		(l)	“Taxes” shall include international, federal, state, provincial and local income
taxes, capital gains tax, value-added taxes, franchise, personal property and real property taxes, levies, assessments, tariffs,
duties (including any customs duty), business license or other fees, sales, use and any other taxes relating to the assets of the
designated party or the business of the designated party for all periods up to and including the Closing Date, together with any
related charge or amount, including interest, fines, penalties and additions to tax, if any, arising out of tax assessments; and

		(m)	“Transaction” shall mean the purchase of the Enviro Shares by PGT from the Selling
Shareholders in consideration for the issuance of the PGT Shares.

	1.2	Schedules

The following schedules are
attached to and form part of this Agreement:

	Schedule 1	–	Selling Shareholders
	Schedule 1A	–	Execution Page of Selling Shareholders
	Schedule 2A	–	Certificate of Non-U.S. Shareholder
	Schedule 2B	–	Certificate of U.S Shareholder

	1.3	Currency

All references to currency referred
to in this Agreement are in United States Dollars (US$), unless expressly stated otherwise.

 

    1 

     

    

	2.	THE OFFER, PURCHASE AND Sale of Shares

	2.1	Offer, Purchase and Sale of Shares

Subject to the terms and conditions
of this Agreement, the Selling Shareholders hereby covenant and agree to sell, assign and transfer to PGT, and PGT hereby covenants
and agrees to purchase from the Selling Shareholders all of the Enviro Shares held by the Selling Shareholders.

	2.2	Consideration

As consideration for the sale
of the Enviro Shares by the Selling Shareholders to PGT, PGT shall allot and issue the PGT Shares to the Selling Shareholders in
the amount set out opposite each Selling Shareholder’s name in Schedule 1. The Selling Shareholders acknowledge and agree
that the PGT Shares are being issued pursuant to an exemption from the prospectus and registration requirements of the Securities
Act. As required by applicable securities law, the Selling Shareholders agree to abide by all applicable resale restrictions and
hold periods imposed by all applicable securities legislation. All certificates representing the PGT Shares issued on Closing will
be endorsed with one of the following legends pursuant to the Securities Act in order to reflect the fact that the PGT Shares will
be issued to the Selling Shareholders pursuant to an exemption from the registration requirements of the Securities Act:

For Selling Shareholders not resident
in the United States:

“THE SECURITIES REPRESENTED
HEREBY HAVE BEEN OFFERED IN AN OFFSHORE TRANSACTION TO A PERSON WHO IS NOT A U.S. PERSON (AS DEFINED HEREIN) PURSUANT TO REGULATION
S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”).

NONE OF THE SECURITIES REPRESENTED
HEREBY HAVE BEEN REGISTERED UNDER THE 1933 ACT, OR ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO REGISTERED, MAY NOT BE OFFERED
OR SOLD, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES (AS DEFINED HEREIN) OR TO U.S. PERSONS EXCEPT IN ACCORDANCE WITH THE PROVISIONS
OF REGULATION S UNDER THE 1933 ACT, PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT, OR PURSUANT TO AN AVAILABLE
EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE 1933 ACT AND IN EACH CASE ONLY IN ACCORDANCE
WITH APPLICABLE STATE SECURITIES LAWS. IN ADDITION, HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN
COMPLIANCE WITH THE 1933 ACT. “UNITED STATES” AND “U.S. PERSON” ARE AS DEFINED BY REGULATION S UNDER THE
1933 ACT.”

For Selling Shareholders resident
in the United States:

“NONE OF THE SECURITIES REPRESENTED
HEREBY HAVE BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”), OR ANY U.S.
STATE SECURITIES LAWS, AND, UNLESS SO REGISTERED, MAY NOT BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES (AS
DEFINED HEREIN) OR TO U.S. PERSONS EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S UNDER THE 1933 ACT, PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT
TO, THE REGISTRATION REQUIREMENTS OF THE 1933 ACT AND IN EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. IN
ADDITION, HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE 1933 ACT. “UNITED
STATES” AND “U.S. PERSON” ARE AS DEFINED BY REGULATION S UNDER THE 1933 ACT.”

 

    2 

     

    

		2.3	Share Exchange Procedure

Each Selling Shareholder may exchange
his, her or its certificate representing the Enviro Shares by delivering such certificate to PGT duly executed and endorsed in
blank (or accompanied by duly executed stock powers duly endorsed in blank), in each case in proper form for transfer, with
signatures guaranteed, and, if applicable, with all stock transfer and any other required documentary stamps affixed thereto
and with appropriate instructions to allow the transfer agent to issue certificates for the PGT Shares to the holder thereof, together
with:

		(a)	if the Selling Shareholder is not resident in the United States, a Certificate of Non-U.S. Shareholder
(the “Regulation S Certificate”), a copy of which is set out in Schedule 2A; and

		(b)	if the Selling Shareholder is resident in the United States, a Certificate of U.S. Shareholder
(the “Rule 506 Certificate”), a copy of which is set out in Schedule 2B.

(collectively,
the “Questionnaires”)

	2.4	Fractional Shares

Notwithstanding any other provision
of this Agreement, no certificate for fractional shares of the PGT Shares will be issued in the Transaction. In lieu of any such
fractional shares, if any of the Selling Shareholders would otherwise be entitled to receive a fraction of a share of the PGT Shares
upon surrender of certificates representing the Enviro Shares for exchange pursuant to this Agreement, the Selling Shareholders
will be entitled to have such fraction rounded up to the nearest whole number of PGT Shares and will receive from PGT a stock certificate
representing same.

	2.5	Closing Date

The Closing will take place, subject
to the terms and conditions of this Agreement, on the Closing Date.

 

    3 

     

    

		2.6	Restricted Shares

The Selling Shareholders acknowledge
that the PGT Shares issued pursuant to the terms and conditions set forth in this Agreement will have such hold periods as are
required under applicable securities laws and as a result may not be sold, transferred or otherwise disposed, except pursuant to
an effective registration statement under the Securities Act, or pursuant to an exemption from, or in a transaction not subject
to, the registration requirements of the Securities Act and in each case only in accordance with all applicable securities laws.
In addition to the foregoing, the Selling Shareholders agree that they will not sell, assign or transfer any of the PGT Shares
for a period of 12 months form the Closing Date, and that PGT may place appropriate legends on the PGT Share certificates to reflect
this restriction.

	2.7	Exemptions

The Selling Shareholders acknowledge
that PGT has advised such Selling Shareholders that PGT is relying upon the representations and warranties of the Selling Shareholders
set out in the Questionnaires to issue the PGT Shares under an exemption from the registration requirements of the Securities Act.

	3.	REPRESENTATIONS AND WARRANTIES OF THE SELLING SHAREHOLDERS

As of the Closing, the Selling
Shareholders, represent and warrant to PGT, and acknowledge that PGT is relying upon such representations and warranties, in connection
with the execution, delivery and performance of this Agreement, notwithstanding any investigation made by or on behalf of PGT,
as follows:

	3.1	Title and Authority of Selling Shareholders.

Each of the Selling Shareholders
is and will be as of the Closing, the registered and beneficial owner of and will have good and marketable title to all of the
Enviro Common Stock held by it and will hold such free and clear of all liens, charges and encumbrances whatsoever; and such Enviro
Common Stock held by such Selling Shareholders have been duly and validly issued and are outstanding as fully paid and non-assesable
common shares in the capital of Enviro. Each of the Selling Shareholders has due and sufficient right and authority to enter into
this Agreement on the terms and conditions herein set forth and to transfer the registered, legal and beneficial title and ownership
of the Enviro Common Stock held by it.

Notwithstanding section 9.1 hereof,
the representations and warranties contained in this section shall survive Closing indefinitely.

		4.	REPRESENTATIONS AND WARRANTIES OF PGT

As of the Closing, PGT represents
and warrants to Enviro and the Selling Shareholders and acknowledges that Enviro and the Selling Shareholders are relying upon
such representations and warranties in connection with the execution, delivery and performance of this Agreement, notwithstanding
any investigation made by or on behalf of Enviro or the Selling Shareholders, as follows:

	4.1	Organization and Good Standing

PGT is duly incorporated, organized,
validly existing and in good standing under the laws of the State of Delaware and has all requisite corporate power and authority
to own, lease and to carry on its business as now being conducted. PGT is qualified to do business and is in good standing as a
foreign corporation in each of the jurisdictions in which it owns property, leases property, does business, or is otherwise required
to do so, where the failure to be so qualified would have a material adverse effect on the businesses, operations, or financial
condition of PGT.

    4 

     

    

	4.2	Authority

PGT has all requisite corporate
power and authority to execute and deliver this Agreement and any other document contemplated by this Agreement (collectively,
the “PGT Documents”) to be signed by PGT and to perform its obligations hereunder and to consummate the transactions
contemplated hereby. The execution and delivery of each of the PGT Documents by PGT and the consummation by PGT of the transactions
contemplated hereby have been duly authorized by its board of directors and no other corporate or shareholder proceedings on the
part of PGT is necessary to authorize such documents or to consummate the transactions contemplated hereby. This Agreement has
been, and the other PGT Documents when executed and delivered by PGT as contemplated by this Agreement will be, duly executed and
delivered by PGT and this Agreement is, and the other PGT Documents when executed and delivered by PGT, as contemplated hereby
will be, valid and binding obligations of PGT enforceable in accordance with their respective terms, except:

		(a)	as limited by applicable bankruptcy, insolvency, reorganization, moratorium, and other laws of
general application affecting enforcement of creditors’ rights generally;

		(b)	as limited by laws relating to the availability of specific performance, injunctive relief, or
other equitable remedies; and

		(c)	as limited by public policy.

	4.3	Capitalization of PGT

The entire authorized capital
stock and other equity securities of PGT consists of  shares of common stock with a par value of $0.001 (the “PGT
Common Stock”). As of the date of this Agreement, there are  shares of PGT Common Stock issued and outstanding.

	4.4	Non-Contravention

Neither the execution, delivery
and performance of this Agreement, nor the consummation of the Transaction, will:

		(a)	conflict with, result in a violation of, cause a default under (with or without notice, lapse of
time or both) or give rise to a right of termination, amendment, cancellation or acceleration of any obligation contained in or
the loss of any material benefit under, or result in the creation of any lien, security interest, charge or encumbrance upon any
of the material properties or assets of PGT under any term, condition or provision of any loan or credit agreement, note, debenture,
bond, mortgage, indenture, lease or other agreement, instrument, permit, license, judgment, order, decree, statute, law, ordinance,
rule or regulation applicable to PGT or any of its material property or assets;

		(b)	violate any provision of the applicable incorporation or charter documents of PGT; or

		(c)	violate any order, writ, injunction, decree, statute, rule, or regulation of any court or governmental
or regulatory authority applicable to PGT or any of its material property or assets.

 

    5 

     

    
	4.5	Validity of PGT Common Stock Issuable upon the Transaction

The PGT Shares to be issued to
the Selling Shareholders upon consummation of the Transaction in accordance with this Agreement will, upon issuance, have been
duly and validly authorized and, when so issued in accordance with the terms of this Agreement, will be duly and validly issued,
fully paid and non-assessable.

	4.6	Compliance

		(a)	To the best knowledge of PGT, PGT is in compliance with, is not in default or violation in any
material respect under, and has not been charged with or received any notice at any time of any material violation of any statute,
law, ordinance, regulation, rule, decree or other applicable regulation to the business or operations of PGT;

		(b)	To the best knowledge of PGT, PGT is not subject to any judgment, order or decree entered in any
lawsuit or proceeding applicable to its business and operations that would constitute a PGT Material Adverse Effect;

		(c)	PGT has duly filed all reports and returns required to be filed by it with governmental authorities
and has obtained all governmental permits and other governmental consents, except as may be required after the execution of this
Agreement. All of such permits and consents are in full force and effect, and no proceedings for the suspension or cancellation
of any of them, and no investigation relating to any of them, is pending or to the best knowledge of PGT, threatened, and none
of them will be affected in a material adverse manner by the consummation of the Transaction; and

		(d)	PGT has operated in material compliance with all laws, rules, statutes, ordinances, orders and
regulations applicable to its business. PGT has not received any notice of any violation thereof, nor is PGT aware of any valid
basis therefore.

	4.7	Filings, Consents and Approvals

No filing or registration with,
no notice to and no permit, authorization, consent, or approval of any public or governmental body or authority or other person
or entity is necessary for the consummation by PGT of the Transaction contemplated by this Agreement to continue to conduct its
business after the Closing Date in a manner which is consistent with that in which it is presently conducted.

	4.8	SEC Filings

PGT has furnished or made available
to Enviro and the Selling Shareholders a true and complete copy of each report, schedule, registration statement and proxy statement
filed by PGT with the SEC (collectively, and as such documents have since the time of their filing been amended, the “PGT
SEC Documents”). As of their respective dates, the PGT SEC Documents complied in all material respects with the requirements
of the Securities Act, or the Exchange Act, as the case may be, and the rules and regulations of the SEC thereunder applicable
to such PGT SEC Documents. The PGT SEC Documents constitute all of the documents and reports that PGT was required to file with
the SEC pursuant to the Exchange Act and the rules and regulations promulgated thereunder by the SEC.

 

    6 

     

    

	4.9	Listing and Maintenance Requirements

PGT is not currently quoted on
the OTC Bulletin Board and has not, in the 12 months preceding the date hereof, received any notice from the OTC Bulletin Board
or the FINRA or any trading market to the effect that PGT would not be eligible to list or be quoted on any such trading market.

	5.	CLOSING CONDITIONS

	5.1	Conditions Precedent to Closing by PGT

The obligation of PGT to consummate
the Transaction is subject to the satisfaction or written waiver of the conditions set forth below by a date mutually agreed upon
by the parties hereto in writing and in accordance with Section 9.6. The Closing of the Transaction contemplated by this Agreement
will be deemed to mean a waiver of all conditions to Closing. These conditions precedent are for the benefit of PGT and may be
waived by PGT in its sole discretion.

		(a)	Representations and Warranties

The representations and warranties
of the Selling Shareholders set forth in this Agreement will be true, correct and complete in all respects as of the Closing Date,
as though made on and as of the Closing Date.

		(b)	Performance

All of the covenants and obligations
that the Selling Shareholders are required to perform or to comply with pursuant to this Agreement at or prior to the Closing must
have been performed and complied with in all material respects.

		(c)	No Action

No suit, action, or proceeding will
be pending or threatened which would:

		(i)	prevent the consummation of any of the transactions contemplated by this Agreement; or

		(ii)	cause the Transaction to be rescinded following consummation.

		(d)	Outstanding Shares

Enviro will have no more than
 shares of Enviro Common Stock issued and outstanding on the Closing Date.

		(e)	Due Diligence Generally

PGT and its solicitors will be
reasonably satisfied with their due diligence investigation of Enviro that is reasonable and customary in a transaction of a similar
nature to that contemplated by the Transaction, including:

 

    7 

     

    

		(i)	materials, documents and information in the possession and control of Enviro and the Selling Shareholders
which are reasonably germane to the Transaction;

		(ii)	a physical inspection of the assets of Enviro by PGT or its representatives; and

		(iii)	title to the material assets of Enviro.

		(f)	Compliance with Securities Laws

PGT will have received evidence
satisfactory to PGT that the PGT Shares issuable in the Transaction will be issuable without registration pursuant to the Securities
Act in reliance on an exemption from the registration requirements of the Securities Act provided by Regulation S and/or Regulation
D.

In order to establish the availability
of the safe harbor from the registration requirements of the Securities Act for the issuance of PGT Shares to each Selling Shareholder,
Enviro will deliver to PGT on Closing, a Regulation S Certificate or Rule 506 Certificate, as applicable, and a Questionnaire duly
executed by each Selling Shareholder.

	5.2	Conditions Precedent to Closing by the Selling Shareholders

The obligation of the Selling
Shareholders to consummate the Transaction is subject to the satisfaction or written waiver of the conditions set forth below by
a date mutually agreed upon by the parties hereto in writing and in accordance with Section 9.6. The Closing of the Transaction
will be deemed to mean a waiver of all conditions to Closing. These conditions precedent are for the benefit of the Selling Shareholders
and may be waived by the Selling Shareholders in their discretion.

		(a)	Representations and Warranties

The representations and warranties
of PGT set forth in this Agreement will be true, correct and complete in all respects as of the Closing Date, as though made on
and as of the Closing Date and PGT will have delivered to Enviro a certificate dated the Closing Date, to the effect that the representations
and warranties made by PGT in this Agreement are true and correct.

		(b)	Performance

All of the covenants and obligations
that PGT are required to perform or to comply with pursuant to this Agreement at or prior to the Closing must have been performed
and complied with in all material respects. PGT must have delivered each of the documents required to be delivered by it pursuant
to this Agreement.

		(c)	Transaction Documents

This Agreement, and all other documents
necessary or reasonably required to consummate the Transaction, all in form and substance reasonably satisfactory to Enviro, will
have been executed and delivered by PGT.

 

    8 

     

    

		(d)	No Action

No suit, action, or proceeding will
be pending or threatened before any governmental or regulatory authority wherein an unfavorable judgment, order, decree, stipulation,
injunction or charge would result in and/or:

(i)                
prevent the consummation of any of the transactions contemplated by this Agreement; or

(ii)              
cause the Transaction to be rescinded following consummation.

		(e)	
Outstanding Shares

On the Closing Date, excluding any
shares issuable pursuant to this Agreement, PGT will have no more than 5,027,002 common shares issued and outstanding in the capital
of PGT.

		(f)	Public Market

On
the Closing Date, the shares of PGT Common Stock will be quoted on the OTCQB operated by OTCMarkets.

		(g)	Due Diligence Generally

A Selling Shareholder will be reasonably
satisfied with their respective due diligence investigation of PGT that is reasonable and customary in a transaction of a similar
nature to that contemplated by the Transaction.

	6.	CLOSING

	6.1	Closing

The Closing shall take place on
the Closing Date at the offices of the lawyers for PGT or at such other location as agreed to by the parties. Notwithstanding the
location of the Closing, each party agrees that the Closing may be completed by the exchange of undertakings between the respective
legal counsels provided such undertakings are satisfactory to each party’s respective legal counsel.

	6.2	Closing Deliveries of Enviro and the Selling Shareholders

At Closing, the Selling Shareholders
will deliver or cause to be delivered the following, fully executed and in the form and substance reasonably satisfactory to PGT:

		(a)	if any of the Selling Shareholders appoint any person, by power of attorney or equivalent, to execute
this Agreement or any other agreement, document, instrument or certificate contemplated by this agreement, on behalf of the Selling
Shareholder, a valid and binding power of attorney or equivalent from such Selling Shareholder;

		(b)	share certificates representing the Enviro Shares as required by Section 2.3 of this Agreement;

		(c)	certificates and other documents required by Sections 2.3 and 5.1 of this Agreement;

		(d)	any other necessary documents, each duly executed by Enviro, as required to give effect to the
Transaction;

 

    9 

     

    

 

	6.3	Closing Deliveries of PGT

At Closing, PGT will deliver or
cause to be delivered the following, fully executed and in the form and substance reasonably satisfactory to Enviro:

		(a)	copies of all resolutions and/or consent actions adopted by or on behalf of the board of directors
of PGT evidencing approval of this Agreement and the Transaction;

		(b)	all confirmations and other documents required by Section 5.2 of this Agreement;

	6.4	Additional Post Closing Delivery of PGT

As soon as practicable following
Closing, PGT will deliver or cause to be delivered the share certificates representing the PGT Shares.

	7.	TERMINATION

	7.1	Termination

This Agreement may be terminated
at any time prior to the Closing Date contemplated hereby by:

		(a)	mutual agreement of PGT and a Selling Shareholder;

		(b)	PGT, if there has been a material breach by a Selling Shareholder or any of the Selling Shareholders
of any material representation, warranty, covenant or agreement set forth in this Agreement on the part of a Selling Shareholder
or the Selling Shareholders that is not cured, to the reasonable satisfaction of PGT, within ten business days after notice of
such breach is given by PGT (except that no cure period will be provided for a breach by a Selling Shareholder or the Selling Shareholders
that by its nature cannot be cured);

		(c)	A Selling Shareholder, if there has been a material breach by PGT of any material representation,
warranty, covenant or agreement set forth in this Agreement on the part of PGT that is not cured by the breaching party, to the
reasonable satisfaction of a Selling Shareholder, within ten business days after notice of such breach is given by a Selling Shareholder
(except that no cure period will be provided for a breach by PGT that by its nature cannot be cured);

or

		(d)	PGT or a Selling Shareholder if any permanent injunction or other order of a governmental entity
of competent authority preventing the consummation of the Transaction contemplated by this Agreement has become final and non-appealable.

	7.2	Effect of Termination

In the event of the termination
of this Agreement as provided in Section 7.1, this Agreement will be of no further force or effect, provided, however, that no
termination of this Agreement will relieve any party of liability for any breaches of this Agreement that are based on a wrongful
refusal or failure to perform any obligations.

 

    10 

     

    

	8.	INDEMNIFICATION, REMEDIES, SURVIVAL

	8.1	Certain Definitions

For the purposes of this Article
8 the terms “Loss” and “Losses” mean any and all demands, claims, actions or causes of action,
assessments, losses, damages, Liabilities, costs, and expenses, including without limitation, interest, penalties, fines and reasonable
attorneys, accountants and other professional fees and expenses, but excluding any indirect, consequential or punitive damages
suffered by PGT or Enviro including damages for lost profits or lost business opportunities.

	8.2	Agreement of the Selling Shareholders to Indemnify

The Selling Shareholders will
indemnify, defend, and hold harmless, to the full extent of the law, PGT and its shareholders from, against, and in respect of
any and all Losses asserted against, relating to, imposed upon, or incurred by PGT and its shareholders by reason of, resulting
from, based upon or arising out of:

		(a)	any breach by the Selling Shareholders of Section 2.2 of this Agreement; or

		(b)	any misstatement, misrepresentation or breach of the representations and warranties made by the
Selling Shareholders contained in or made pursuant to the Regulation S Certificate, Rule 506 Certificate or the Questionnaire executed
by each Selling Shareholder as part of the share exchange procedure detailed in Section 2.3 of this Agreement.

		8.3	Agreement of PGT to Indemnify

PGT will indemnify, defend, and
hold harmless, to the full extent of the law, the Selling Shareholders from, against, for, and in respect of any and all Losses
asserted against, relating to, imposed upon, or incurred by the Selling Shareholders by reason of, resulting from, based upon or
arising out of:

		(a)	the breach by PGT of any representation or warranty of PGT contained in or made pursuant to this
Agreement, any PGT Document or any certificate or other instrument delivered pursuant to this Agreement; or

		(b)	the breach or partial breach by PGT of any covenant or agreement of PGT made in or pursuant to
this Agreement, any PGT Document or any certificate or other instrument delivered pursuant to this Agreement.

	9.	MISCELLANEOUS PROVISIONS

	9.1	Effectiveness of Representations; Survival

Each party is entitled to rely
on the representations, warranties and agreements of each of the other parties and all such representation, warranties and agreement
will be effective regardless of any investigation that any party has undertaken or failed to undertake. Unless otherwise stated
in this Agreement, and except for instances of fraud, the representations, warranties and agreements will survive the Closing
Date and continue in full force and effect until one (1) year after the Closing Date.

 

    11 

     

    

	9.2	Further Assurances

Each of the parties hereto will
co-operate with the others and execute and deliver to the other parties hereto such other instruments and documents and take such
other actions as may be reasonably requested from time to time by any other party hereto as necessary to carry out, evidence, and
confirm the intended purposes of this Agreement.

	9.3	Amendment

This Agreement may not be amended
except by an instrument in writing signed by each of the parties.

		9.4	Expenses

PGT will bear all costs incurred
in connection with the preparation, execution and performance of this Agreement and the Transaction contemplated hereby, including
all fees and expenses of agents, representatives and accountants; provided that PGT and Enviro will bear its respective legal costs
incurred in connection with the preparation, execution and performance of this Agreement and the Transaction contemplated hereby.

	9.5	Entire Agreement

This Agreement, the schedules
attached hereto and the other documents in connection with this transaction contain the entire agreement between the parties with
respect to the subject matter hereof and supersede all prior arrangements and understandings, both written and oral, expressed
or implied, with respect thereto. Any preceding correspondence or offers are expressly superseded and terminated by this Agreement.

	9.6	Notices

All notices and other communications
required or permitted under this Agreement must be in writing and will be deemed given if sent by personal delivery, faxed with
electronic confirmation of delivery, internationally-recognized express courier or registered or certified mail (return receipt
requested), postage prepaid, to the parties at the following addresses (or at such other address for a party as will be specified
by like notice):

If to any of the Selling Shareholders:

	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	Attention:    ♦	 
	 	Telephone:   ♦	 

    12 

     

    

If to PGT:

c/o Macdonald Tuskey, Corporate
and Securities Lawyers

Barristers & Solicitors

Suite 400 – 570 Granville Street

Vancouver, British Columbia

Canada V6C 3P1

Attention:Bill Macdonald

Telephone:(604) 648-1670

Facsimile:(604) 681-4760

All such notices and other communications
will be deemed to have been received:

		(a)	in the case of personal delivery, on the date of such delivery;

		(b)	in the case of a fax, when the party sending such fax has received electronic confirmation of its
delivery;

		(c)	in the case of delivery by internationally-recognized express courier, on the business day following
dispatch; and

		(d)	in the case of mailing, on the fifth business day following mailing.

	9.7	Independent Legal Advice. 

Each Selling Shareholder acknowledges
that:

		(a)	this Agreement was prepared by counsel for PGT;

		(b)	counsel received instructions from PGT and does not represent the Selling Shareholder;

		(c)	the Selling Shareholder has been requested to obtain his own independent legal advice on this Agreement
prior to signing this Agreement;

		(d)	the Selling Shareholder has been given adequate time to obtain independent legal advice;

		(e)	by signing this Agreement, the Selling Shareholder confirms that he fully understands this Agreement;
and

		(f)	by signing this Agreement without first obtaining independent legal advice, the Selling Shareholder
waives his right to obtain independent legal advice.

	9.8	Headings

The headings contained in this
Agreement are for convenience purposes only and will not affect in any way the meaning or interpretation of this Agreement.

	9.9	Benefits

This Agreement is and will only
be construed as for the benefit of or enforceable by those persons party to this Agreement.

 

    13 

     

    

	9.10	Assignment

This Agreement may not be assigned
(except by operation of law) by any party without the consent of the other parties.

	9.11	Governing Law

This Agreement will be governed
by and construed in accordance with the laws of the State of Delaware applicable to contracts made and to be performed therein.

	9.12	Construction

The language used in this Agreement
will be deemed to be the language chosen by the parties to express their mutual intent, and no rule of strict construction will
be applied against any party.

	9.13	Gender

All references to any party will
be read with such changes in number and gender as the context or reference requires.

		9.14	Business Days

If the last or appointed day for
the taking of any action required or the expiration of any rights granted herein shall be a Saturday, Sunday or a legal holiday
in the State of Delaware, then such action may be taken or right may be exercised on the next succeeding day which is not a Saturday,
Sunday or such a legal holiday.

	9.15	Counterparts

This Agreement may be executed
in one or more counterparts, all of which will be considered one and the same agreement and will become effective when one or more
counterparts have been signed by each of the parties and delivered to the other parties, it being understood that all parties need
not sign the same counterpart.

	9.16	Fax Execution

This Agreement may be executed
by delivery of executed signature pages by fax and such fax execution will be effective for all purposes.

	9.17	Schedules and Exhibits

The schedules and exhibits are
attached to this Agreement and incorporated herein.

IN WITNESS WHEREOF the parties
hereto have executed this Agreement as of the day and year first above written.

PACIFIC GREEN TECHNOLOGIES INC.

 

	Per:		 	 	 
	 	Authorized Signatory	 	 	 
	 	Name:
    		 	 
	 	Title:	 	 	 	 

    14 

     

    

Schedule
1 

TO THE SHARE EXCHANGE AGREEMENT

AMONG PACIFIC GREEN TECHNOLOGIES INC. AND THE SELLING SHAREHOLDERS AS SET OUT IN THE SHARE EXCHANGE AGREEMENT

THE SELLING SHAREHOLDERS

 

	
        Ref

        No.
	Shareholder’s Name	Address	
        Number of 

        Enviro Shares 

        Held before 

        Closing
	
        Total Number of 

        PGT Shares 

        to be issued by 

        PGT on Closing

	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

    Schedule
                                                                                        1 - 1

     

    

SCHEDULE 1A

TO THE SHARE EXCHANGE AGREEMENT

AMONG PACIFIC GREEN TECHNOLOGIES AND THE SELLING
SHAREHOLDERS AS SET OUT IN THE SHARE EXCHANGE AGREEMENT

ACKNOWLEDGED AND AGREED TO THIS day
of , 2012, BY:

________________________________________________

(Name of Subscriber – Please type or
print)

Per:

 

________________________________________________

(Signature of Authorized Signatory)

________________________________________________

(Name of Authorized Signatory)

________________________________________________

(Office of Authorized Signatory)

________________________________________________

(Address of Subscriber)

________________________________________________

(City, State or Province, Postal Code of Subscriber)

________________________________________________

(Country of Subscriber)

________________________________________________

(Telephone number of Subscriber)

________________________________________________

    Schedule
                                                                                        1A - 1

     

    

Schedule
2A

TO THE SHARE EXCHANGE AGREEMENT

AMONG PACIFIC GREEN TECHNOLOGIES INC., AND THE SELLING SHAREHOLDERS AS SET OUT IN THE SHARE EXCHANGE AGREEMENT

CERTIFICATE OF NON-U.S. SHAREHOLDER

In connection with the issuance of common
stock (the “PGT Shares”) of PACIFIC GREEN TECHNOLOGIES INC., a Delaware corporation (“PGT”), to the undersigned,
pursuant to that certain Share Exchange Agreement dated , 2012 (the “Agreement”), among PGT, and the shareholders of
Enviro as set out in the Agreement (each, a “Selling Shareholder”), the undersigned Selling Shareholder hereby agrees,
acknowledges, represents and warrants that:

1.the undersigned
is not a “U.S. Person” as such term is defined by Rule 902 of Regulation S under the United States Securities Act of
1933, as amended (“U.S. Securities Act”) (the definition of which includes, but is not limited to, an individual resident
in the U.S. and an estate or trust of which any executor or administrator or trust, respectively is a U.S. Person and any partnership
or corporation organized or incorporated under the laws of the U.S.);

2.none of the
PGT Shares have been or will be registered under the U.S. Securities Act, or under any state securities or “blue sky”
laws of any state of the United States, and may not be offered or sold in the United States or, directly or indirectly, to U.S.
Persons, as that term is defined in Regulation S, except in accordance with the provisions of Regulation S or pursuant to an exemption
from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and in compliance with any applicable
state and foreign securities laws;

3.the Selling
Shareholder understands and agrees that offers and sales of any of the PGT Shares prior to the expiration of a period of one year
after the date of original issuance of the PGT Shares (the one year period hereinafter referred to as the “Distribution Compliance
Period”) shall only be made in compliance with the safe harbor provisions set forth in Regulation S, pursuant to the
registration provisions of the U.S. Securities Act or an exemption therefrom, and that all offers and sales after the Distribution
Compliance Period shall be made only in compliance with the registration provisions of the U.S. Securities Act or an exemption
therefrom and in each case only in accordance with applicable state and foreign securities laws;

4.the Selling
Shareholder understands and agrees not to engage in any hedging transactions involving any of the PGT Shares unless such transactions
are in compliance with the provisions of the U.S. Securities Act and in each case only in accordance with applicable state and
provincial securities laws;

5.the Selling
Shareholder is acquiring the PGT Shares for investment only and not with a view to resale or distribution and, in particular, it
has no intention to distribute either directly or indirectly any of the PGT Shares in the United States or to U.S. Persons;

6.the Selling
Shareholder has not acquired the PGT Shares as a result of, and will not itself engage in, any directed selling efforts (as defined
in Regulation S under the U.S. Securities Act) in the United States in respect of the PGT Shares which would include any activities
undertaken for the purpose of, or that could reasonably be expected to have the effect of, conditioning the market in the United
States for the resale of any of the PGT Shares; provided, however, that the Selling Shareholder may sell or otherwise dispose
of the PGT Shares pursuant to registration thereof under the U.S. Securities Act and any applicable state and provincial securities
laws or under an exemption from such registration requirements;

 

    Schedule
                                                                                        2A - 1

     

    

7.the statutory
and regulatory basis for the exemption claimed for the sale of the PGT Shares, although in technical compliance with Regulation
S, would not be available if the offering is part of a plan or scheme to evade the registration provisions of the U.S. Securities
Act or any applicable state and provincial securities laws;

8.PGT has not
undertaken, and will have no obligation, to register any of the PGT Shares under the U.S. Securities Act;

9.PGT is entitled
to rely on the acknowledgements, agreements, representations and warranties and the statements and answers of the Selling Shareholder
contained in the Agreement and this Certificate, and the Selling Shareholder will hold harmless PGT from any loss or damage either
one may suffer as a result of any such acknowledgements, agreements, representations and/or warranties made by the Selling Shareholder
not being true and correct;

10.the undersigned
has been advised to consult their own respective legal, tax and other advisors with respect to the merits and risks of an investment
in the PGT Shares and, with respect to applicable resale restrictions, is solely responsible (and PGT is not in any way responsible)
for compliance with applicable resale restrictions;

11.the undersigned
and the undersigned’s advisor(s) have had a reasonable opportunity to ask questions of and receive answers from PGT in connection
with the acquisition of the PGT Shares under the Agreement, and to obtain additional information, to the extent possessed or obtainable
by PGT without unreasonable effort or expense;

12.the books
and records of PGT were available upon reasonable notice for inspection, subject to certain confidentiality restrictions, by the
undersigned during reasonable business hours at its principal place of business and that all documents, records and books in connection
with the acquisition of the PGT Shares under the Agreement have been made available for inspection by the undersigned, the undersigned’s
attorney and/or advisor(s);

13.the undersigned:

		(a)	is knowledgeable of, or has been independently advised as to, the applicable securities laws of
the securities regulators having application in the jurisdiction in which the undersigned is resident (the “International
Jurisdiction”) which would apply to the acquisition of the PGT Shares;

		(b)	the undersigned is acquiring the PGT Shares pursuant to exemptions from prospectus or equivalent
requirements under applicable securities laws or, if such is not applicable, the undersigned is permitted to acquire the PGT Shares
under the applicable securities laws of the securities regulators in the International Jurisdiction without the need to rely on
any exemptions;

		(c)	the applicable securities laws of the authorities in the International Jurisdiction do not require
PGT to make any filings or seek any approvals of any kind whatsoever from any securities regulator of any kind whatsoever in the
International Jurisdiction in connection with the issue and sale or resale of the PGT Shares; and

 

    Schedule
                                                                                        2A - 2

     

    

 

		(d)	the acquisition of the PGT Shares by the undersigned does not trigger:

		(i)	any obligation to prepare and file a prospectus or similar document, or any other report with respect
to such purchase in the International Jurisdiction; or

		(ii)	any continuous disclosure reporting obligation of PGT in the International Jurisdiction; and

the undersigned will, if requested
by PGT, deliver to PGT a certificate or opinion of local counsel from the International Jurisdiction which will confirm the matters
referred to in Sections 13(c) and 13(d) above to the satisfaction of PGT, acting reasonably;

14.the undersigned
(i) is able to fend for itself in connection with the acquisition of the PGT Shares; (ii) has such knowledge and experience in
business matters as to be capable of evaluating the merits and risks of its prospective investment in the PGT Shares; and (iii)
has the ability to bear the economic risks of its prospective investment and can afford the complete loss of such investment;

15.the undersigned
is not aware of any advertisement of any of the PGT Shares and is not acquiring the PGT Shares as a result of any form of general
solicitation or general advertising including advertisements, articles, notices or other communications published in any newspaper,
magazine or similar media or broadcast over radio or television, or any seminar or meeting whose attendees have been invited by
general solicitation or general advertising;

16.no person
has made to the undersigned any written or oral representations:

		(a)	that any person will resell or repurchase any of the PGT Shares;

		(b)	that any person will refund the purchase price of any of the PGT Shares;

		(c)	as to the future price or value of any of the PGT Shares; or

		(d)	that any of the PGT Shares will be listed and posted for trading on any stock exchange or automated
dealer quotation system or that application has been made to list and post any of the PGT Shares on any stock exchange or automated
dealer quotation system, except that currently certain market makers make market in the common shares of PGT on the OTCQB;

17.the undersigned
is outside the United States when receiving and executing this Agreement and is acquiring the PGT Shares as principal for their
own account, for investment purposes only, and not with a view to, or for, resale, distribution or fractionalization thereof, in
whole or in part, and no other person has a direct or indirect beneficial interest in the PGT Shares;

18.neither the
SEC nor any other securities commission or similar regulatory authority has reviewed or passed on the merits of the PGT Shares;

19.the PGT Shares
are not being acquired, directly or indirectly, for the account or benefit of a U.S. Person or a person in the United States;

20.the undersigned
acknowledges and agrees that PGT shall refuse to register any transfer of PGT Shares not made in accordance with the provisions
of Regulation S, pursuant to registration under the U.S. Securities Act, or pursuant to an available exemption from registration
under the U.S. Securities Act;

 

    Schedule
                                                                                        2A - 3

     

    

21.the undersigned
understands and agrees that the PGT Shares will bear the following legend:

“THE SECURITIES REPRESENTED
HEREBY HAVE BEEN OFFERED IN AN OFFSHORE TRANSACTION TO A PERSON WHO IS NOT A U.S. PERSON (AS DEFINED HEREIN) PURSUANT TO REGULATION
S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”).

NONE OF THE SECURITIES REPRESENTED
HEREBY HAVE BEEN REGISTERED UNDER THE 1933 ACT, OR ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO REGISTERED, MAY NOT BE OFFERED
OR SOLD, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES (AS DEFINED HEREIN) OR TO U.S. PERSONS EXCEPT IN ACCORDANCE WITH THE PROVISIONS
OF REGULATION S UNDER THE 1933 ACT, PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT, OR PURSUANT TO AN AVAILABLE
EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE 1933 ACT AND IN EACH CASE ONLY IN ACCORDANCE
WITH APPLICABLE STATE SECURITIES LAWS. IN ADDITION, HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN
COMPLIANCE WITH THE 1933 ACT. “UNITED STATES” AND “U.S. PERSON” ARE AS DEFINED BY REGULATION S UNDER THE
1933 ACT.”

22.the
address of the undersigned included herein is the sole address of the undersigned as of the date of this certificate.

IN WITNESS WHEREOF, I have executed
this Certificate of Non-U.S. Shareholder.

 
 ________________________________________________              Date:___________________________,
2012
 Signature

________________________________________________

Print Name

________________________________________________

Title (if applicable)

________________________________________________

Address

________________________________________________

    Schedule
                                                                                        2A - 4

     

    

SCHEDULE 2B

TO THE SHARE EXCHANGE AGREEMENT

AMONG PACIFIC GREEN TECHNOLOGIES INC., AND THE SELLING SHAREHOLDERS AS SET OUT IN THE SHARE EXCHANGE AGREEMENT

CERTIFICATE OF
U.S. SHAREHOLDER

In connection with the issuance of common
stock (the “PGT Shares”) of PACIFIC GREEN TECHNOLOGIES INC., a Delaware corporation (“PGT”), to the undersigned,
pursuant to that certain Share Exchange Agreement dated , 2012 (the “Agreement”), among PGT, and the shareholders of
Enviro as set out in the Agreement (each, a “Selling Shareholder”), the undersigned Selling Shareholder hereby agrees,
acknowledges, represents and warrants that:

1.the undersigned
satisfies one or more of the categories of "Accredited Investors", as defined by Regulation D promulgated under the
United States Securities Act of 1933, as amended (the “U.S. Securities Act”), as indicated below: (Please initial
in the space provide those categories, if any, of an "Accredited Investor" which the undersigned satisfies.)

 

	 _____	  Category
1	An organization described in Section 501(c)(3) of the United States Internal Revenue Code, a corporation, a Massachusetts
or similar business trust or partnership, not formed for the specific purpose of acquiring the Shares, with total assets in excess
of US $5,000,000.
	 	 	 
	_____	  Category
2	A natural person whose individual net worth, or joint net worth with that person's spouse, on the date of purchase exceeds
US $1,000,000, excluding the value of such person’s primary residence.
	 	 	 
	_____	  Category
3	A natural person who had an individual income in excess of US $200,000 in each of the two most recent years or joint
income with that person's spouse in excess of US $300,000 in each of those years and has a reasonable expectation of reaching
the same income level in the current year.
	 	 	 
	_____	  Category
4	A "bank" as defined under Section (3)(a)(2) of the 1933 Act or savings and loan association or other institution
as defined in Section 3(a)(5)(A) of the Securities Act acting in its individual or fiduciary capacity; a broker dealer registered
pursuant to Section 15 of the Securities Exchange Act of 1934 (United States); an insurance company as defined in Section 2(13)
of the 1933 Act; an investment company registered under the Investment Company Act of 1940 (United States) or a business
development company as defined in Section 2(a)(48) of such Act; a Small Business Investment Company licensed by the U.S. Small
Business Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958 (United States); a
plan with total assets in excess of $5,000,000 established and maintained by a state, a political subdivision thereof, or an agency
or instrumentality of a state or a political subdivision thereof, for the benefit of its employees; an employee benefit plan within
the meaning of the Employee Retirement Income Security Act of 1974 (United States) whose investment decisions are made by
a plan fiduciary, as defined in Section 3(21) of such Act, which is either a bank, savings and loan association, insurance
company or registered investment adviser, or if the employee benefit plan has total assets in excess of $5,000,000, or, if a self-directed
plan, whose investment decisions are made solely by persons that are accredited investors.

 

    Schedule
                                                                                        2B - 1

     

    

	 	 	 
	_____	  Category
5	A private business development company as defined in Section 202(a)(22) of the Investment Advisers Act of 1940
(United States).
	 	 	 
	_____	  Category
6	A director or executive officer of the Company.
	 	 	 
	_____	  Category
7	A trust with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the Shares, whose purchase
is directed by a sophisticated person as described in Rule 506(b)(2)(ii) under the 1933 Act.
	 	 	 
	_____	  Category
8	An entity in which all of the equity owners satisfy the requirements of one or more of the foregoing categories.

Note that for any of the Selling
Shareholders claiming to satisfy one of the above categories of Accredited Investor may be required to supply the Company with
a balance sheet, prior years' federal income tax returns or other appropriate documentation to verify and substantiate the Subscriber's
status as an Accredited Investor.

If the Selling
Shareholder is an entity which initialled Category 8 in reliance upon the Accredited Investor categories above, state the name,
address, total personal income from all sources for the previous calendar year, and the net worth (exclusive of home, home furnishings
and personal automobiles) for each equity owner of the said entity:

__________________________________________________________________________________

2.     none of the
PGT Shares have been or will be registered under the U.S. Securities Act, or under any state securities or “blue sky”
laws of any state of the United States, and may not be offered or sold in the United States or, directly or indirectly, to U.S.
Persons, as that term is defined in Regulation S, except in accordance with the provisions of Regulation S or pursuant to an exemption
from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and in compliance with any applicable
state and foreign securities laws;

3.     the Selling
Shareholder understands and agrees that offers and sales of any of the PGT Shares shall be made only in compliance with the registration
provisions of the U.S. Securities Act or an exemption therefrom and in each case only in accordance with applicable state and foreign
securities laws;

4.     the Selling
Shareholder understands and agrees not to engage in any hedging transactions involving any of the PGT Shares unless such transactions
are in compliance with the provisions of the U.S. Securities Act and in each case only in accordance with applicable state and
provincial securities laws;

5.     the Selling
Shareholder is acquiring the PGT Shares for investment only and not with a view to resale or distribution and, in particular, it
has no intention to distribute either directly or indirectly any of the PGT Shares in the United States or to U.S. Persons;

6.     PGT has not
undertaken, and will have no obligation, to register any of the PGT Shares under the U.S. Securities Act;

7.     PGT
is entitled to rely on the acknowledgements, agreements, representations and warranties and the statements and answers of the
Selling Shareholder contained in the Agreement and this Certificate, and the Selling Shareholder will hold harmless PGT from any
loss or damage either one may suffer as a result of any such acknowledgements, agreements, representations and/or warranties made
by the Selling Shareholder not being true and correct;

 

    Schedule
                                                                                        2B - 2

     

    

8.     the undersigned
has been advised to consult their own respective legal, tax and other advisors with respect to the merits and risks of an investment
in the PGT Shares and, with respect to applicable resale restrictions, is solely responsible (and PGT is not in any way responsible)
for compliance with applicable resale restrictions;

9.     the undersigned
and the undersigned’s advisor(s) have had a reasonable opportunity to ask questions of and receive answers from PGT in connection
with the acquisition of the PGT Shares under the Agreement, and to obtain additional information, to the extent possessed or obtainable
by PGT without unreasonable effort or expense;

10.     the books
and records of PGT were available upon reasonable notice for inspection, subject to certain confidentiality restrictions, by the
undersigned during reasonable business hours at its principal place of business and that all documents, records and books in connection
with the acquisition of the PGT Shares under the Agreement have been made available for inspection by the undersigned, the undersigned’s
attorney and/or advisor(s);

11.     the undersigned:

		(a)	is knowledgeable of, or has been independently advised as to, the applicable securities laws of
the securities regulators having application in the jurisdiction in which the undersigned is resident (the “International
Jurisdiction”) which would apply to the acquisition of the PGT Shares;

		(b)	the undersigned is acquiring the PGT Shares pursuant to exemptions from prospectus or equivalent
requirements under applicable securities laws or, if such is not applicable, the undersigned is permitted to acquire the PGT Shares
under the applicable securities laws of the securities regulators in the International Jurisdiction without the need to rely on
any exemptions;

		(c)	the applicable securities laws of the authorities in the International Jurisdiction do not require
PGT to make any filings or seek any approvals of any kind whatsoever from any securities regulator of any kind whatsoever in the
International Jurisdiction in connection with the issue and sale or resale of the PGT Shares; and

		(d)	the acquisition of the PGT Shares by the undersigned does not trigger:

		(i)	any obligation to prepare and file a prospectus or similar document, or any other report with respect
to such purchase in the International Jurisdiction; or

		(ii)	any continuous disclosure reporting obligation of PGT in the International Jurisdiction; and

the undersigned will, if requested
by PGT, deliver to PGT a certificate or opinion of local counsel from the International Jurisdiction which will confirm the matters
referred to in Sections 11(c) and 11(d) above to the satisfaction of PGT, acting reasonably;

12.     the
undersigned (i) is able to fend for itself in connection with the acquisition of the PGT Shares; (ii) has such knowledge and experience
in business matters as to be capable of evaluating the merits and risks of its prospective investment in the PGT Shares; and (iii)
has the ability to bear the economic risks of its prospective investment and can afford the complete loss of such investment;

    Schedule
                                                                                        2B - 3

     

    

 13.     the
undersigned is not aware of any advertisement of any of the PGT Shares and is not acquiring the PGT Shares as a result of any
form of general solicitation or general advertising including advertisements, articles, notices or other communications published
in any newspaper, magazine or similar media or broadcast over radio or television, or any seminar or meeting whose attendees have
been invited by general solicitation or general advertising;

14.     no person
has made to the undersigned any written or oral representations:

		(a)	that any person will resell or repurchase any of the PGT Shares;

		(b)	that any person will refund the purchase price of any of the PGT Shares;

		(c)	as to the future price or value of any of the PGT Shares; or

		(d)	that any of the PGT Shares will be listed and posted for trading on any stock exchange or automated
dealer quotation system or that application has been made to list and post any of the PGT Shares on any stock exchange or automated
dealer quotation system, except that currently certain market makers make market in the common shares of PGT on the OTCQB;

15.    the undersigned
is acquiring the PGT Shares as principal for their own account, for investment purposes only, and not with a view to, or for, resale,
distribution or fractionalization thereof, in whole or in part, and no other person has a direct or indirect beneficial interest
in the PGT Shares;

16.    neither the
SEC nor any other securities commission or similar regulatory authority has reviewed or passed on the merits of the PGT Shares;

17.    the undersigned
acknowledges and agrees that PGT shall refuse to register any transfer of PGT Shares not made in accordance with the provisions
of Regulation S, pursuant to registration under the U.S. Securities Act, or pursuant to an available exemption from registration
under the U.S. Securities Act;

18.    the undersigned
understands and agrees that the PGT Shares will bear the following legend:

“NONE OF THE SECURITIES REPRESENTED
HEREBY HAVE BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”), OR ANY U.S.
STATE SECURITIES LAWS, AND, UNLESS SO REGISTERED, MAY NOT BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES (AS
DEFINED HEREIN) OR TO U.S. PERSONS EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S UNDER THE 1933 ACT, PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT
TO, THE REGISTRATION REQUIREMENTS OF THE 1933 ACT AND IN EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. IN
ADDITION, HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE 1933 ACT. “UNITED
STATES” AND “U.S. PERSON” ARE AS DEFINED BY REGULATION S UNDER THE 1933 ACT.”

19.    the
address of the undersigned included herein is the sole address of the undersigned as of the date of this certificate.

IN WITNESS WHEREOF, I have executed
this Certificate of U.S. Shareholder.

________________________________________________      Date:_____________________________, 2012

Signature

________________________________________________

Print Name

________________________________________________

Title (if applicable)

________________________________________________

Address

________________________________________________

SSN/Tax ID

 

Schedule 2B - 4

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