Document:

Exhibit 4.7

 

 

 

Suite 1430, 800 West Pender Street

Vancouver, British Columbia V6C 2V6

Phone: 604-562-9664

 

 

Statement of Executive Compensation

 

 

Dated this 20th day of
May 2022

 

     

     

    

 

STATEMENT
OF EXECUTIVE COMPENSATION

 

Statement of Executive
Compensation

 

The following information with respect to New
Found Gold Corp. (the “Company” or “NFG”) is provided in accordance with Form 51-102F6 –
Statement of Executive Compensation (“Form 51-102F6”). Information contained in this Statement of Executive
Compensation is as of December 31, 2021, unless otherwise indicated and all dollar amounts referenced herein are in Canadian dollars,
unless otherwise specified.

 

Named Executive Officers

 

The named executive officers (NEOs) of the Company
for the financial year ended December 31, 2021 were Collin Kettell, Executive Chairman and Chief Executive Officer; Craig A. Roberts,
Former Chief Executive Officer; Denis Laviolette, President; Michael Kanevsky, Chief Financial Officer and Greg Matheson, Chief Operating
Officer.

 

On April 14, 2022, Mr. Roberts resigned as CEO
and a director of the Company and, in his place, Mr. Kettell was appointed CEO as part of a planned leadership transition. Mr. Roberts
continues as a full-time consultant for the Company under the title of Lead Advisor.

 

Compensation Discussion & Analysis

 

Compensation Philosophy and Objectives

 

The objective of the Company’s compensation
program is to attract and continue to retain NEOs that have the necessary attributes, experience, skills and competencies that represent
the best fit for the Company and to ensure that the compensation for its NEOs is appropriate and aligned with shareholder interests.
The Company’s Compensation Committee (the “Compensation Committee”) reviews director and NEO compensation on
an annual basis.

 

The Company’s general philosophy is that
compensation for non-executive directors and NEOs plays an important role in achieving short and long-term business objectives that ultimately
drive business success and should include a mix of cash (base salary and discretionary annual bonus) and equity (stock options (“Options”))
with Options being more heavily weighted than base salary and bonuses to better align the interests of management with that of the shareholders
of the Company.

 

Compensation Elements

 

The compensation of the NEOs consists of three
main components: base salary, discretionary annual cash bonuses and long-term incentives, currently in the form of Options. Each element
of compensation is a subjective decision by the board of directors of the Company (the “Board”) based on recommendations
of the Compensation Committee. The following discussion describes the components of compensation and discusses how each component relates
to the Company’s overall executive compensation objective.

 

Base Salary

 

The Company’s view is that a competitive
base salary or consulting fee is a necessary element for attracting and retaining qualified executive officers. The base salary for each
executive is established by the Board, on the recommendation of the Compensation Committee, based upon the position held by such executive,
competitive market conditions, such executive’s related responsibilities, experience and the NEO’s skill base, the functions
performed by such executive and the salary ranges for similar positions. Individual and corporate performance are also taken into account
in determining base salary levels for executives. To better align the interests of management with those of the shareholders of the Company,
base salary is less heavily weighted in the Company’s overall compensation of NEOs as compared to the other elements of NEO compensation.

 

    1 

     

    

 

STATEMENT OF EXECUTIVE COMPENSATION

 

Bonuses

 

In determining to award annual bonuses, including
the amounts thereof, the Board uses its discretion and takes into consideration the Company’s annual achievements, without assigning
any quantifiable weight or factor in respect of any particular achievement or corporate milestone. Bonuses were granted to NEOs in 2021
based on the Compensation Committee’s assessment of the Company’s performance for the year. The purpose of granting cash
bonuses specifically linked to individual and Company wide performance is to ensure management is motivated to work towards the success
of the Company.

 

Long-term Incentives

 

Long-term incentives for NEOs and directors take
the form of Options which are granted under the direction of the Compensation Committee in accordance with the Company’s shareholder
approved stock option plan (the “Option Plan”). The purpose of granting long-term incentives is to assist the Company
in compensating, attracting, retaining and motivating directors, NEOs, employees and consultants and to closely align the personal interests
of such persons to that of the Company’s shareholders and motivate such individuals to work towards ensuring the long-term success
of the Company. The value of Options granted to NEOs is determined on both qualitative and quantitative levels. Changes in executive
positions or roles and ongoing contribution to the Company are factors which affect the decision-making process. Outstanding Options
and previous grants are reviewed by the Compensation Committee on an annual basis and again when considering new Option grants. The terms
of the Option Plan are also reviewed from time to time by the Compensation Committee and changes suggested are discussed with NEOs prior
to approval by the Board, then regulatory and shareholder approval as necessary.

 

Peer Group

 

While the Board considers amounts paid by other
companies in similar industries at similar stages of development in determining compensation, no specifically selected peer group was
identified in 2021.

 

Performance Goals

 

The Company does not have specific performance
goals in respect of an NEOs compensation. Specific compensation recommendations are made to the Board of Directors by the Compensation
Committee after discussion amongst the members of the Compensation Committee. Each component of compensation and the decisions of the
Compensation Committee about each component have an impact on the Committee’s decisions regarding other compensation components.
All of the compensation components together are intended to meet the Company’s compensation objectives, which are intended to allow
the Company to attract and retain qualified and experienced executives who are motivated to achieve the Company’s business plans,
strategies and goals on an annual and long-term basis, in order to increase shareholder value.

 

Risk Considerations

 

The Board reviews from time to time and at least
once annually, the risks, if any, associated with the Company’s compensation policies and practices at such time. Such a review
occurred at the time of preparation of this Statement of Executive Compensation. Implicit in the Board’s mandate is that the Company’s
policies and practices respecting compensation, including those applicable to the Company’s executives, be designed in a manner
which is in the best interests of the Company and its shareholders, and risk implications is one of many considerations which are taken
into account in such design.

 

A significant portion of the Company’s
executive compensation consists of Options granted under the Option Plan. Such compensation is both “long term” and “at
risk” and, accordingly, is directly linked to the achievement of long-term value creation. As the benefits of such compensation,
if any, are not realized by the executives until a significant period of time has passed, the ability of executives to take inappropriate
or excessive risks that are beneficial to them from the standpoint of their compensation at the expense of the Company and its shareholders
is extremely limited.

 

    2 

     

    

 

STATEMENT OF EXECUTIVE COMPENSATION

 

Due to the relatively small size of the Company,
and the current level of the Company’s activity, the Board is able to closely monitor and consider any risks which may be associated
with the Company’s compensation policies and practices. Risks, if any, may be identified and mitigated through regular Board meetings,
during which financial and other information pertaining to the Company will be reviewed, which review will include executive compensation.
No risks have been identified arising from the Company’s compensation policies and practices that are reasonably likely to have
a material adverse effect on the Company.

 

No director, officer or member of senior management
are permitted to enter into financial instruments that are designed to hedge or offset any decrease in the market value of the Company’s
equity securities that are held directly or indirectly by them or granted as compensation to them. Such prohibited financial instruments
include prepaid variable forward contracts, equity swaps, collars, put or call options and similar financial instruments.

 

Performance Graph

 

The following graph compares the cumulative shareholder
return for C$100 invested in common shares of the Company (the “Common Shares”) on August 11, 2020 against the cumulative
shareholder return for the GDXJ Index for the period beginning August 11, 2020 and ending December 31, 2021, assuming reinvestment of
all dividends. The GDXJ is an exchange traded fund (ETF) and is compiled of stocks from small and medium-capitalization companies in
the gold and/or silver mining industry. The Company believes tracking its share price against the GDXJ is an appropriate measure of the
relative market performance of the Company. The graph also depicts total annual compensation for the NEOs in each particular since the
Company began trading on the TSX Venture Exchange on August 11, 2020.

 

 

Comparison of Cumulative Total Returns

 

The performance graph shows that cumulative shareholder
returns for $100 invested in the Common Shares outperformed the GDXJ index while compensation paid to the Company’s NEOs decreased
in 2021 compared to 2020 as a result of a decrease in option-based awards granted during fiscal 2021.

 

    3 

     

    

 

STATEMENT OF EXECUTIVE COMPENSATION

 

Option-based Awards

 

The Company has the Option Plan in place for
the granting of Options to the directors, officers, employees and consultants of the Company. The purpose of granting such Options is
to assist the Company in compensating, attracting, retaining and motivating such persons and to closely align the personal interests
of such persons to that of the Company’s shareholders. The allocation of Options under the Option Plan is determined by the Board
which, in determining such allocations, considers such factors as previous grants to individuals, overall performance of the Company,
share price, the role and performance of the individual in question, the amount of time directed to the Company’s affairs and time
expended in serving on the Company’s committees.

 

For further information, please see “Incentive
Plan Awards – Option Plan” below for a summary of the material terms of the Option Plan.

 

Compensation Governance

 

Composition of the Compensation Committee

 

The Compensation Committee must consist of three
or more directors, at least two of whom must qualify as “independent” as such term is defined in National Policy 58-101 –
Corporate Governance Guidelines. The Compensation Committee currently consists of three directors, Vijay Mehta (the Chair), Douglas
Hurst and Collin Kettell. Mr. Mehta and Mr. Hurst are independent directors. Mr. Kettell is not considered to be independent as Mr. Kettell
is an executive officer of the Company.

 

Relevant Education and Experience

 

The members of the Composition Committee have
a range of skills and experience which the Company believes provides the expertise necessary to oversee the Company’s executive
compensation structure. The relevant experience of the Compensation Committee members is summarized below.

 

	Vijay
    Mehta (Chair)	Mr.
    Mehta is a co-founder of Arkview Capital, a private equity fund that invests in diversity-oriented companies, where he is directly
    involved in compensation decisions. Prior to founding Arkview, Mr. Mehta was a Managing Director and member of the Investment Committee
    at Ziff Brothers Investments with broad responsibilities across the investment portfolio and also worked at private equity fund,
    Texas Pacific Group and investment bank, Morgan Stanley. Mr. Mehta graduated summa cum laude from the University of Pennsylvania’s
    Huntsman Program and earned an MBA from the Harvard Business School, where he was named a Baker Scholar.
	 	 
	Douglas
    Hurst	Mr.
    Hurst has over 30 years experience in the mining and natural resource industries having acted as a geologist, consultant, mining
    analyst, senior executive and board member. Mr. Hurst was a founding executive of International Royalty Corporation, which was purchased
    by Royal Gold for $700 million and more recently, was one of the founders of Newmarket Gold Inc., which was purchased for $1.0 billion
    by Kirkland Lake Gold Ltd. in November 2016. In his capacity as a senior executive and/or director, Mr. Hurst was involved with compensation
    matters of each of the foregoing companies and is currently or has been involved with the compensation matters of several other public
    companies, including Calibre Mining Inc., Northern Vertex Mining Corp. and Newcore Gold Ltd. Mr. Hurst holds a Bachelor of Science
    in Geology from McMaster University (1986).
	 	 
	Collin
    Kettell	Mr.
    Kettell is the founder, Executive Chairman and Chief Executive Officer of the Company and is responsible for co-founding Nevada King
    Gold Corp., for which he serves as a director and Chief Executive Officer, and Palisades Goldcorp Ltd., for which he serves as a
    director and Chief Executive Officer. In his capacity as a senior executive and/or director, Mr. Kettell is currently, or has been,
    involved with the compensation matters of each of Nevada King Gold Corp. and Palisades Goldcorp Ltd.

 

 

 

    4 

     

    

 

STATEMENT OF EXECUTIVE COMPENSATION

 

Compensation Committee Responsibilities

 

The
Compensation Committee is appointed by and reports to the Board. The Committee assists the Board in discharging the Board’s oversight
responsibilities relating to the attraction, compensation, evaluation and retention of key senior management personnel, and in particular,
the Chief Executive Officer, primarily through:

 

	●	reviewing
                                            and assessing the overall compensation strategy of the Company based on industry standards
                                            and characteristic needs and objectives of the Company, including consultation with independent
                                            experts;

 

	●	setting
                                            compensation parameters;

 

	●	assessing
                                            the CEO’s performance against pre-agreed objectives;

 

	●	reviewing
                                            performance assessments of other senior officers, new executive appointments, terminations
                                            and employment agreements;

 

	●	making
                                            recommendations to the Board on salary changes, short-term and long-term incentive plans
                                            or benefit plans; and

 

	●	reviewing
                                            and recommending disclosure pertaining to all of the foregoing.

 

Summary Compensation Table

 

The
following table contains a summary of the compensation paid to the NEOs of the Company during the three most recently completed financial
years.

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Non-Equity Incentive Plan

 compensation	 	 	 	 	 	 	 	 	 	 
	Name and 
 Principal

Position	 	 	Year	 	 	 	Salary

 ($)	 	 	 	Share- 
 based
 awards

($)	 	 	 	Option- 
 based 
 awards
($)	 	 	 	Annual 
 incentive 
 plans
 ($)	 	 	Long-term 

incentive 
 plans  

($)	 	 	Pension 
 value 
 ($)	 	 	All other 
 compensation

($)	 	 	Total 
 compensation 

($)	 
	Collin Kettell	 	 	2021	 	 	 	300,000	 	 	 	N/A	 	 	 	1,291,220	 	 	 	100,000	 	 	Nil	 	 	N/A	 	 	N/A	 	 	1,691,220	 
	CEO,	 	 	2020	 	 	 	269,070	 	 	 	N/A	 	 	 	15,233,481	 	 	 	75,000	 	 	Nil	 	 	N/A	 	 	N/A	 	 	15,577,551	 
	Executive Chairman and Director (1), (3)	 	 	2019	 	 	 	9,967	 	 	 	N/A	 	 	 	475,140	 	 	 	152,432	 	 	Nil	 	 	N/A	 	 	N/A	 	 	637,539	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Craig Roberts 	 	 	2021	 	 	 	300,000	 	 	 	N/A	 	 	 	1,291,220	 	 	 	100,000	 	 	Nil	 	 	N/A	 	 	N/A	 	 	1,691,220	 
	Former CEO	 	 	2020	 	 	 	250,000	 	 	 	N/A	 	 	 	4,722,549	 	 	 	325,000	 	 	Nil	 	 	N/A	 	 	N/A	 	 	5,297,549	 
	and Former Director (2), (4)	 	 	2019	 	 	 	N/A	 	 	 	N/A	 	 	 	N/A	 	 	 	N/A	 	 	N/A	 	 	N/A	 	 	N/A	 	 	N/A	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Michael Kanevsky	 	 	2021	 	 	 	72,000	 	 	 	N/A	 	 	 	Nil	 	 	 	Nil	 	 	Nil	 	 	N/A	 	 	N/A	 	 	72,000	 
	CFO	 	 	2020	 	 	 	72,900	 	 	 	N/A	 	 	 	Nil	 	 	 	Nil	 	 	Nil	 	 	N/A	 	 	N/A	 	 	72,900	 
		 	 	2019	 	 	 	94,500	 	 	 	N/A	 	 	 	Nil	 	 	 	Nil	 	 	Nil	 	 	N/A	 	 	N/A	 	 	94,500	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Denis Laviolette	 	 	2021	 	 	 	210,000	 	 	 	N/A	 	 	 	1,291,220	 	 	 	70,000	 	 	Nil	 	 	N/A	 	 	N/A	 	 	1,571,220	 
	President and Director (5)	 	 	2020	 	 	 	195,000	 	 	 	N/A	 	 	 	1,281,825	 	 	 	75,000	 	 	Nil	 	 	N/A	 	 	N/A	 	 	1,551,825	 
		 	 	2019	 	 	 	290,000	 	 	 	N/A	 	 	 	589,124	 	 	 	Nil	 	 	Nil	 	 	N/A	 	 	N/A	 	 	879,124	 

 

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STATEMENT OF EXECUTIVE COMPENSATION

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Non-Equity Incentive
    Plan 

compensation	 	 	 	 	 	 	 
	Name and 

Principal 

Position	 	Year	 	 	Salary

    ($)	 	 	Share-
    

based

 awards 

($)	 	 	Option-
    

based

 awards ($)	 	 	Annual
    

incentive

 plans 

($)	 	 	Long-term
 incentive

                                            plans
 ($)
                                            
	 	Pension
    

value 

($)	 	 	All other 

compensation

    ($)	 	Total

 compensation

    ($)	 
	Greg Matheson	 	 	2021	 	 	 	195,000	 	 	 	N/A	 	 	 	544,192	 	 	 	65,000	 	 	Nil	 	 	N/A	 	 	N/A	 	 	804,192	 
	Chief Operating Officer	 	 	2020	 	 	 	157,083	 	 	 	N/A	 	 	 	291,310	 	 	 	33,000	 	 	Nil	 	 	N/A	 	 	N/A	 	 	481,393	 
		 	 	2019	 	 	 	130,000	 	 	 	N/A	 	 	 	66,520	 	 	 	Nil	 	 	Nil	 	 	N/A	 	 	N/A	 	 	196,520	 

 

Notes

	(1)	On
                                            April 14, 2022, Mr. Kettell was appointed CEO. 
	(2)	Mr.
                                            Roberts was appointed CEO on March 6, 2020 and resigned on
                                            April 14, 2022 as part of a planned leadership transition. 
	(3)	Mr.
                                            Kettell served as a director of the Company for the financial years ended December 31, 2021,
                                            December 31, 2020 and December 31, 2019, for which role he was compensated Nil, Nil and Nil,
                                            respectively. 
	(4)	Mr.
                                            Roberts was appointed as a director of the Company on March 6, 2020 and served as a director
                                            for the financial year ended December 31, 2021 and the financial period beginning March 6,
                                            2020 and ended December 31, 2020, for which role he was compensated Nil and Nil, respectively.
                                            Mr. Roberts resigned as a director of the Company on April 14, 2022.
	(5)	Mr.
                                            Laviolette served as a director of the Company for the financial years ended December 31,
                                            2021, December 31, 2020 and December 31, 2019, for which role he was compensated Nil, Nil
                                            and Nil, respectively.
	(6)	The
                                            weighted average grant date fair value of the Options granted during the financial year ended
                                            December 31, 2021 was $4.95 per Option, the weighted average grant date fair value of the
                                            Options granted during the financial year ended December 31, 2020 was $1.68 per Option and
                                            the weighted average grant date fair value of the Options granted during the financial year
                                            ended December 31, 2019 was $0.38 per Option. The Company uses the Black-Scholes Option Pricing
                                            model which is an industry accepted model for valuing share-based payments under IFRS 2.

 

Options were priced using the following
weighted average assumptions to estimate the fair value of options granted:

 

	 	 	Grant date	 	 	Expected	 	 	Average risk-free	 	 	Expected	 	 	Expected	 
	Year	 	share price	 	 	dividend
    yield	 	 	interest
    rate	 	 	life	 	 	volatility	 
	2021	 	$	6.79	 	 	 	Nil	 	 	 	0.93	%	 	 	5.0	 	 	 	97.07	%
	2020	 	$	2.35	 	 	 	Nil	 	 	 	0.40	%	 	 	5.0	 	 	 	97.30	%
	2019	 	$	0.50	 	 	 	Nil	 	 	 	1.64	%	 	 	5.0	 	 	 	103.0	%

 

Employment, Consulting and Management Agreements

 

The
Company has entered into management services agreements with companies controlled by certain NEOs, the material terms of which are summarized
below.

 

Argentum Management Services Agreement

 

Collin
Kettell, Executive Chairman and Director, provides management services to the Company through Argentum Capital Corp. (“Argentum”).
The Company entered into a management services agreement with Argentum dated March 1, 2020, with respect to the provision of certain
management and administrative consulting services provided by Argentum to the Company (the “Argentum Agreement”).
Pursuant to the terms and conditions of the Argentum Agreement, Argentum provides certain management consulting services to the Company
as may be requested by and at the direction of the Board from time to time, including: (i) guidance, advice and services with respect
to strategic planning, future growth, projects and business activities; (ii) guidance and advice in relation to the day to day operation
and business of the Company; (iii) guidance and advice concerning proposed acquisitions, divestitures, joint ventures and business combinations,
(iv) guidance and advice concerning any mineral properties owned by the Company or interests in mineral properties acquired by the Company
and other mutually agreed services. Argentum is paid a base fee rate of $25,000 per month (the “Argentum Base Fee”),
subject to annual review by the Board. Argentum is also eligible for an incentive fee and the grant of Options pursuant to the Option
agreement as determined by the Board at its discretion. See “Termination and Change of Control Benefits” for further
information with respect to certain of the Company’s additional obligations under the Argentum Agreement.

 

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STATEMENT OF EXECUTIVE COMPENSATION

 

Flotsam Management Services Agreement

 

Craig Roberts, former Chief Executive Officer,
provided management services to the Company through Flotsam Cove Holdings Ltd. (“Flotsam”). The Company entered into
a management services agreement with Flotsam dated March 1, 2020, with respect to the provision of certain management and administrative
consulting services provided by Flotsam to the Company (the “Flotsam Agreement”). Pursuant to the terms and conditions
of the Flotsam Agreement, Flotsam provided certain management consulting services to the Company as may be requested by and at the direction
of the Board from time to time, including: (i) guidance, advice and services with respect to strategic planning, future growth, projects
and business activities; (ii) guidance and advice in relation to the day to day operation and business of the Company; (iii) guidance
and advice concerning proposed acquisitions, divestitures, joint ventures and business combinations, (iv) guidance and advice concerning
any mineral properties owned by the Company or interests in mineral properties acquired by the Company and other mutually agreed services.
Flotsam was paid a base fee rate of $25,000 per month (the “Flotsam Base Fee”), subject to annual review by the Board.
The Flotsam Agreement was terminated on April 14, 2022 as part of a planned leadership transition pursuant to which Collin Kettell was
appointed CEO. See “Termination and Change of Control Benefits” for further information with respect to certain of
the Company’s additional obligations under the Flotsam Agreement.

 

Bruno Management Services Agreement

 

Denis Laviolette, President and Director, provides
his management services to the Company through Bruno Management Services Corporation (“Bruno”). The Company entered
into a management services agreement with Bruno dated March 1, 2020, with respect to the provision of certain management and administrative
consulting services provided by Bruno to the Company (the “Bruno Agreement”). Pursuant to the terms and conditions
of the Bruno Agreement, Bruno provides certain management consulting services to the Company as may be requested by and at the direction
of the Board from time to time, including: (i) guidance, advice and services with respect to strategic planning, future growth, projects
and business activities; (ii) guidance and advice in relation to the day to day operation and business of the Company; (iii) guidance
and advice concerning proposed acquisitions, divestitures, joint ventures and business combinations, (iv) guidance and advice concerning
any mineral properties owned by the Company or interests in mineral properties acquired by the Company, (v) guidance and advice in connection
with the communications with our shareholders and responding to shareholder inquiries and other mutually agreed services. Bruno is paid
a base fee rate of $17,500 per month (the “Bruno Base Fee”), subject to annual review by the Board. Bruno is also
eligible for an incentive fee and the grant of Options as determined by the Board at its discretion. See “Termination and Change
of Control Benefits” for further information with respect to certain of the Company’s additional obligations under the
Bruno Agreement.

 

BM Strategic Management Services Agreement

 

Michael Kanevsky, Chief Financial Officer, provides
his services to the Company through a third-party management services agreement with BM Strategic (the “BM Strategic Management
Services Agreement”). Pursuant to the terms of the BM Strategic Management Services Agreement, BM Strategic provides all CFO
services to the Company.

 

Matheson Agreement

 

The Company entered into a management services
agreement with Greg Matheson, Chief Operating Officer (“Matheson”), on August 11, 2020, with respect to the provision
of certain management consulting services provided by Mr. Matheson to the Company (the “Matheson Agreement”). Pursuant
to the terms and conditions of the Matheson Agreement, Matheson provides certain management consulting services to the Company as may
be requested by and at the direction of the Board from time to time, including: (i) overseeing the day-to-day operational functions of
the Company; (ii) leading the Company’s mineral exploration /mining team; (iii) Coordinating studies on the Company’s mineral
exploration/mining projects; (iv) organizing and developing mineral exploration/mining activities; (v) ensuring the safe operation of
all mineral exploration, mining, technical services and other general service activities; (vi) leading the Company in meeting its environmental,

 

    7 

     

    

 

 

STATEMENT OF EXECUTIVE COMPENSATION

 

health
and safety system requirements; (vii) participating in the development of resource development strategies; and (viii) ensuring the workforce
of the Company is informed on direction and targets through a coordinated communication and re-engagement plan. Matheson is paid a base
fee rate of $16,250 per month (the “Matheson Base Fee”), subject to annual review by the Board. Matheson is also eligible
for an incentive fee and the grant of Options as determined by the Board at its discretion. See “Termination and Change of Control
Benefits” for further information with respect to certain of the Company’s additional obligations under the Bruno Agreement.

 

Incentive Plan Awards

 

Outstanding Share-based and Option-based Awards

 

The following
table discloses the particulars of all awards for each NEO outstanding at the end of the Company’s financial year ended December
31, 2021, including awards granted before this most recently completed financial year:

  

	 	 	Option-based
    Awards	 	Share-based
    Awards
	Name	 	Number of
 securities

    underlying
 unexercised
 options
 (#)	 	Option 
 exercise
    price 
 ($)	 	Option 
 expiration

    date	 	Value of
 unexercised

    in-the-
 money 
 Options
 ($)	 	Number of
 shares
    or units
 of shares that
 have not
 vested
 (#)	 	Market or
 payout
    value
 of share-based
 awards that
 have not 
 vested
 ($)	 	Market or
 payout
    value
 of vested
 share-based
 awards not 
 paid out or
 distributed 
 ($)
	Collin Kettell
 CEO,
    Executive Chairman and Director	 	4,280,000

                                                                                261,000
	 	4.10
 6.79	 	2025-12-31
 2026-04-29	 	20,886,400

                                                                                571,590
	 	Nil	 	Nil	 	Nil
	Craig Roberts
 Former
    CEO and Former Director	 	1,100,000

                                                                                125,000

                                                                                1,250,000

                                                                                700,000

                                                                                261,000
	 	1.00

                                                                                1.075

                                                                                1.40

                                                                                4.10

                                                                                6.79
	 	2025-04-15
 2025-05-23
 2025-08-11

    2025-12-31
 2026-04-29	 	8,778,000

                                                                                988,125

                                                                                9,475,000

                                                                                3,416,000

                                                                                571,590
	 	Nil	 	Nil	 	Nil
	Michael Kanevsky

    CFO	 	Nil	 	N/A	 	N/A	 	N/A	 	Nil	 	Nil	 	Nil
	Denis Laviolette

    President and Director	 	100,000

                                                                                50,000

                                                                                1,000,000

                                                                                50,000

                                                                                261,000
	 	1.00

                                                                                1.075

                                                                                1.40

                                                                                4.10

                                                                                6.79
	 	2025-04-15
 2025-05-23
 2025-08-11

    2025-12-31
 2026-04-29	 	798,000

                                                                                395,250

                                                                                7,580,000

                                                                                244,000

                                                                                571,590
	 	Nil	 	Nil	 	Nil
	Greg Matheson

    Chief Operating Officer	 	25,000

                                                                                125,000

                                                                                50,000

                                                                                110,000
	 	1.075

                                                                                1.40

                                                                                4.10

                                                                                6.79
	 	2025-05-23
 2025-08-11
 2025-12-31

    2026-04-29	 	197,625

                                                                                947,500

                                                                                244,000

                                                                                240,900
	 	Nil	 	Nil	 	Nil

 

     8

     

    

 

STATEMENT OF EXECUTIVE COMPENSATION

 

Incentive Plan Awards – Value Vested or Earned During
the Year

 

The following table summarizes the value
of each incentive plan award vested or earned by each NEO during the financial year ended December 31, 2021:

 

	 	 	 	 	 	 	Non-equity incentive plan
	 	 	Option-based awards –	 	Share-based awards – Value	 	compensation – Value earned
	 	 	Value vested during the year	 	vested during the year	 	during the year
	Name	 	($)	 	($)	 	($)
	Collin Kettell 
 CEO,
    Chairman and Director	 	Nil	 	Nil	 	Nil
	Craig Roberts 
 Former
    CEO and Former Director	 	Nil	 	Nil	 	Nil
	Michael Kanevsky
 CFO	 	Nil	 	Nil	 	Nil
	Denis Laviolette 
 President
    and Director	 	Nil	 	Nil	 	Nil
	Greg Matheson 
 Chief
    Operating Officer	 	Nil	 	Nil	 	Nil

 

Option Plan

 

On June
17, 2020, the Company’s shareholders approved the Option Plan. The purpose of the Option Plan is to provide the Company with a
share-related mechanism to attract, retain and motivate qualified directors, officers, employees, and consultants, to reward those individuals
from time to time for their contributions toward the long-term goals of the Company and to enable and encourage those individuals to
acquire Common Shares as long-term investments. The Company is required to obtain shareholder approval of the Option Plan on a yearly
basis in accordance with the policies of the TSX Venture Exchange (the “TSXV”).

 

As at the
date hereof, there are 13,641,125 Options issued and outstanding, with 2,880,800 remaining available for issuance under the Option Plan.
The general terms and conditions of the Option Plan are reflected in the disclosure below.

 

	Administration	The Option Plan
    is administered by the Board, or such director or other senior officer or employee of the Company as may be designated as administrator
    by the Board. The Board or such committee may make, amend and repeal at any time, and from time to time, such regulations not inconsistent
    with the Option Plan.
	 	 
	Number
    of Shares	The
    maximum number of Common Shares issuable under the Option Plan shall not exceed 10% of the number of Common Shares issued and outstanding
    as of each the date on which the Board grants the Option (the “Award
    Date”). The number of Common Shares underlying Options that have been cancelled, that have
    expired without being exercised in full, and that have been issued upon exercise of Options shall not reduce the number of Common
    Shares issuable under the Option Plan and shall again be available for issuance thereunder.
	 	 
	Securities	Each
    Option entitles the holder thereof (an “Option Holder”)
    to purchase one Common Share at an exercise price determined by the Board.

 

     9

     

    

 

STATEMENT OF EXECUTIVE COMPENSATION

 

	Participation	Any director, senior officer, management company,
    employee or consultant of the Company (including any subsidiary of the Company), as the Board may determine.
	 	 
	Exercise Price	The exercise price of an Option will be determined by the
    Board in its sole discretion, provided that the exercise price will not be less than the Discounted Market Price (as defined in the
    policies of the TSXV) (or, if the Common Shares are not listed for trading on the TSXV, then the permittable discounted market price
    on such exchange or quotation system on which the Common Shares are then listed or quoted for trading) or such other price as may
    be required or permitted by the TSXV from time to time.
	 	 
	 	The Board may, at the time an Option is awarded or upon
    renegotiation of the same, attach restrictions relating to the exercise of the Option, including vesting provisions. Any such restrictions
    shall be recorded in the applicable written agreement between the Company and an Option Holder giving effect to an award of Options.
	 	 
	Exercise Period	The exercise period of an Option will be the period from
    and including the Award Date through to and including the expiry date that will be determined by the Board at the time of grant (the
    “Expiry Date”), provided that the Expiry Date of an Option will be no later than the tenth anniversary of the
    Award Date of the Option, provided that such date does not fall within a Blackout Period (as defined in the Option Plan).
	 	 
	Cessation of Employment	Subject
    to certain limitations, in the event that an Option Holder ceases employment with the Company, other than by reason of death, the
    Expiry Date of the Option will be 90 days after the date which the Option Holder ceases employment (the “Termination
    Date”), unless the Option Holder is terminated for cause, in which case the Expiry Date will
    be the Termination Date.
	 	 
	 	In the event that an Option Holder should die while he
    or she is still director, senior officer, management company, employee or consultant of the Company, the Expiry Date will be 12 months
    from the date of death of the Option Holder.
	 	 
	 	Subject to certain limitations, any unvested Option which
    vests on or after the Termination Date (or date of death, if applicable) but prior to the Expiry Date, will be exercisable by the
    Option Holder until the Expiry Date. Any unvested Option held by an Option Holder who ceases employment as a result of termination
    for cause, will not vest and will terminate as of the Termination Date.
	 	 
	 	In the event that the Option Holder holds his or her Option
    as an employee or consultant retained by the Company to provide Investor Relations Activities (as defined in the TSXV’s Corporate
    Finance Manual) and ceases to be an employee or consultant of the Company other than by reason of death, the Expiry Date will be
    the date such Option Holder ceases to be an employee or consultant of the Company.
	 	 
	Acceleration Events	If the Company seeks shareholder approval for a transaction
    which would constitute an Acceleration Event (as defined in the Option Plan) or third party makes a bona fide formal offer to the
    Company or its shareholders which would constitute an Acceleration Event, the Board may (i) permit the Option Holders to exercise
    their Options, as to all or any of such

 

     10

     

    

 

STATEMENT OF EXECUTIVE COMPENSATION

 

	 	Options that have not previously
    been exercised (regardless of any vesting restrictions), but in no event later than the Expiry Date of the Option, so that the Option
    Holders may participate in such transaction; and (ii) require the acceleration of the time for the exercise of the Options and of
    the time for the fulfilment of any conditions or restrictions on such exercise.
	 	 
	 	Notwithstanding any other
    provision of the Option Plan or the terms of any Option, if at any time when Options remains unexercised and the Company completes
    any transaction which constitutes an Acceleration Event, all outstanding unvested Options will automatically vest.
	 	 
	 	Any proposed acceleration
    of vesting provisions is subject to the policies and necessary approvals of the TSXV, if applicable.
	 	 
	Limitations	The maximum number
    of Common Shares which may be issuable, at any time, to Insiders (as defined in the Option Plan) under the Option Plan, together
    with any other share-based compensation arrangements of the Company, will be 10% of the total number of Common Shares issued and
    outstanding. The maximum number of Common Shares which may be issued, within any one-year period, to Insiders under the Option Plan,
    together with any other share-based compensation arrangements of the Company, will be 10% of the total number of Common Shares issued
    and outstanding. The total number of Options awarded to any one individual in any twelve-month period will not exceed 5% of the issued
    and outstanding Common Shares of the Company at the Award Date unless the Company has obtained disinterested shareholder approval
    as required by the TSXV.
	 	 
	 	The total number of Options
    awarded to any one consultant of the Company in any twelve-month period will not exceed 2% of the issued and outstanding Common Shares
    of the Company at the Award Date unless consent is obtained from the TSXV.
	 	 
	 	The total number of Options
    awarded to all persons retained by the Company to provide Investor Relations Activities will not exceed 2% of the issued and outstanding
    Common Shares of the Company, in any twelvemonth period, calculated at the Award Date unless consent is obtained from the TSXV. Options
    granted to persons retained to provide Investor Relations Activities will vest in stages over not less than twelve months with no
    more than one quarter of the Options vesting in any three-month period.
	 	 
	Amendments	Subject to certain exceptions
    and any applicable regulatory approval, the Board may amend the Option Plan and the terms and conditions of any Option previously
    awarded or thereafter to be awarded for the purpose of complying with any changes in any relevant law, TSXV policy, rule or regulation
    applicable to the Option Plan, any Option or the Common Shares, or for any other purpose which the Board may deem desirable or necessary
    and may be permitted by all relevant laws, rules and regulations, provided that any such amendment will not materially impair any
    right of any Option Holder pursuant to any Option awarded prior to such amendment.
	 	 
	 	The Board may only amend
    the provisions of the Option Plan relating to the following if the Board obtains the approval of the shareholders of the Company:
    (i) persons eligible to be granted Options under the Option Plan; (ii) the maximum number or percentage of Common Shares reserved

 

     11

     

    

 

STATEMENT OF EXECUTIVE COMPENSATION

 

	 	for issuance upon exercise of Options
    available under the Option Plan; (iii) the limitations on grants of Options to any one person, Insiders, consultants, or persons
    involved in Investor Relations Activities; (iv) the method for determining the exercise price for Options; (v) the maximum term of
    Options; (vi) the expiry and termination provisions applicable to Options; or (vii) amendments to the amendment provisions of the
    Option Plan.
	 	 
	 	Disinterested shareholders of the Company must approve
    any amendment to Options held by an Insider at the time of the amendment that would have the effect of decreasing the exercise price
    of such Options.
	 	 
	Termination	The Board may terminate the
    Option Plan any time provided that such termination shall not alter the terms or conditions of any Option or impair any right of
    any Option Holder pursuant to any Option awarded prior to the date of such termination and notwithstanding such termination, the
    Company, such Options and such Option Holders shall continue to be governed by the provisions of the Option Plan.

 

The full text of the Option Plan is available
under the Company’s profile on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.

 

Pension Plan Benefits

 

The Company has not established at this time
any pension plans or deferred compensation plans for directors or NEOs that provide for payments or benefits at, following, or in connection
with retirement.

 

Termination and Change of Control Benefits

 

Termination and Change of Control Benefits

 

As of the date hereof, other than as described
below, we do not have any contract, agreement, plan or arrangement that provides for payments to the NEOs at, following, or in connection
with any termination (whether voluntary, involuntary or constructive), resignation, retirement, a change in control of the Company or
a change in a director or NEO’s responsibilities.

 

For the purposes of this section, “Change
of Control” means change in control of the Company, which includes the acquisition by a person of 50% or more of the voting
securities of the Company, the removal of 50% or more of the incumbent members of the Board, or a transaction the result of which is
that the current voting shareholders of the Company own less than 50% of the voting shares of the resulting or successor corporation,
or the sale of all or substantially all of the Company’s assets.

 

Argentum Management Services Agreement

 

Under the terms of the Argentum Agreement, at
any time within 60 days following a Change of Control, Argentum or the Company may elect to terminate the Argentum Agreement. Upon such
termination, the Company is obliged to compensate Argentum (i) a termination fee equal to 24 months of the Argentum Base Fee, (ii) an
amount equal to any incentive fee paid to Argentum within the 24 months preceding termination in connection with a Change of Control
and (iii) any accrued liabilities owing to Argentum under the Argentum Agreement. The estimated incremental payments to Argentum that
would result from a Change of Control occurring as at December 31, 2021 would be $600,000.

 

Flotsam Management Services Agreement

 

Under the terms of the Flotsam Agreement, at
anytime within 60 days following a Change of Control of the Company, Flotsam or the Company may elect to terminate the Flotsam Agreement.
Upon such termination, the Company is obliged to compensate Flotsam (i) a termination fee equal to 24 months of the Flotsam Base Fee,

 

     12

     

    

 

STATEMENT OF EXECUTIVE COMPENSATION

 

(ii) an amount equal to any incentive fee paid
to Flotsam within the 24 months preceding termination in connection with a Change of Control and (iii) any accrued liabilities owing
to Flotsam under the Flotsam Agreement. The estimated incremental payments to Flotsam that would result from a Change of Control occurring
as at December 31, 2021 would be $600,000.

 

Bruno Management Services Agreement

 

Under the terms of the Bruno Agreement, at any
time within 60 days following a Change of Control, Bruno or the Company may elect to terminate the Bruno Agreement. Upon such termination,
the Company is obliged to compensate Bruno (i) a termination fee equal to 24 months of the Bruno Base Fee, (ii) an amount equal to any
incentive fee paid to Bruno within the 24 months preceding termination in connection with a Change of Control and (iii) any accrued liabilities
owing to Bruno under the Bruno Agreement. The estimated incremental payments to Bruno that would result from a Change of Control occurring
as at December 31, 2021 would be $420,000.

 

Matheson Agreement

 

Under the terms of the Matheson Agreement, at
any time within 60 days following a Change of Control, Mr. Matheson or the Company may elect to terminate the Matheson Agreement. Upon
such termination, the Company is obliged to compensate Matheson (i) a termination fee equal to 24 months of the Matheson Base Fee, (ii)
an amount equal to any incentive fee paid to Matheson within the 24 months preceding termination in connection with a Change of Control
and (iii) any accrued liabilities owing to Mr. Matheson under the Matheson Agreement. The estimated incremental payments to Mr. Matheson
that would result from a Change of Control occurring as at December 31, 2021 would be $390,000.

 

Separation Event Benefits

 

The following table presents the estimated total
Change of Control and termination benefits of its NEOs, assuming the separation event occurred on December 31, 2021.

 

	 	 	Separation Event	 
	NEO	 	Resignation	 	Termination with

    Cause	 	Termination

    without Cause	 	 	Change of

    Control	 
	Collin Kettell,

    CEO, Executive Chairman and Director	 	Nil	 	Nil	 	$	450,000	 	 	$	600,000	 
	Craig A. Roberts,

    Former CEO and Former Director	 	Nil	 	Nil	 	$	450,000	 	 	$	600,000	 
	Michael Kanevsky,
    CFO	 	Nil	 	Nil	 	 	Nil	 	 	 	Nil	 
	Denis Laviolette,

    President and Director	 	Nil	 	Nil	 	$	315,000	 	 	$	420,000	 
	Greg Matheson,
    COO	 	Nil	 	Nil	 	$	292,500	 	 	$	390,000	 

 

     13

     

    

 

STATEMENT OF EXECUTIVE COMPENSATION

 

Director Compensation

 

Director Compensation Table

 

The following table discloses all amounts
of compensation provided by the Company to its directors who are not NEOs for the financial period ended December 31, 2021. For further
details with respect to the compensation of directors who are also NEOs, please see “Statement of Executive Compensation –
Summary Compensation Table” herein.

 

	Name	 	Fees

    Earned (1)

    ($)	 	 	Share-

    based

    Awards

    ($)	 	 	Option-

    based 

    Awards 

    ($) (1)	 	 	Non-equity

    incentive 

    plan

    compensation

    ($)	 	Pension

    value

    ($)	 	 	All other

    compensation

    ($)	 	Total

    compensation

    ($)	 
	Dr. Quinton Hennigh, Ph.D.	 	 	40,000	 	 	 	N/A	 	 	 	173,152	 	 	N/A	 	 	N/A	 	 	N/A	 	 	213,152	 
	Douglas
    Hurst	 	 	30,839	 	 	 	N/A	 	 	 	1,200,122	 	 	N/A	 	 	N/A	 	 	N/A	 	 	1,230,961	 
	John
    Anderson (2)	 	 	9,290	 	 	 	N/A	 	 	 	173,152	 	 	N/A	 	 	N/A	 	 	N/A	 	 	213,152	 

 

Notes

 

	(1)	The
                                            weighted average grant date fair value of the Options granted during the financial year ended
                                            December 31, 2021 was $5.73 per Option. The Company uses the Black-Scholes Option
                                            Pricing model which is an industry accepted model for valuing share-based payments under
                                            IFRS 2. Options were priced using the following weighted average assumptions to estimate
                                            the fair value of options granted:

 

	 	 	 	Grant date	 	 	Expected	 	Average risk-free	 	 	Expected	 	 	Expected	 
	Year	 	 	share price	 	 	dividend yield	 	interest
    rate	 	 	life	 	 	volatility	 
	2021	 	 	$	8.15	 	 	Nil	 	 	0.94	%	 	 	5.0	 	 	 	92.27	%

 

(2) John Anderson
ceased to be a director of the Company on May 10, 2021.

 

Outstanding Share-based and Option-based Awards

 

The following
table discloses the particulars of all awards for each director that is not also a NEO outstanding at the end of the Company’s
financial year ended December 31, 2021, including awards granted before this most recently completed financial year:

 

	 	 	 	 	 	Option-based Awards	 	 	Share-based Awards
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Market or
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Market or	 	payout value
	 	 	Number of	 	 	 	 	 	 	 	Value of	 	 	Number of	 	payout value	 	of vested
	 	 	securities	 	 	 	 	 	 	 	unexercised	 	 	shares or units	 	of share-based	 	share-based
	 	 	underlying	 	 	 	 	 	 	 	in-the-	 	 	of shares that	 	awards that	 	awards not
	 	 	unexercised	 	 	Option	 	 	Option	 	money	 	 	have not	 	have not	 	paid out or
	 	 	options	 	 	exercise price	 	 	expiration	 	options	 	 	vested	 	vested	 	distributed
	Name	 	(#)	 	 	($)	 	 	date	 	($)	 	 	(#)	 	($)	 	($)
	
    Dr. Quinton Hennigh, Ph.D.

     

     
	
     

     

     

     
	
     

     

     

     
	
    200,000

    200,000

    150,000

    35,000
	
     

     

     

     
	
     

     

     

     
	
     

     

     

     
	
    0.50

    1.40

    4.10

    6.79
	
     

     

     

     
	
     

     

     

     
	
    2024-12-17

    2025-08-11

    2025-12-31

    2026-04-29
	
     

     

     

     
	
     

     

     

     
	
    1,696,000

    1,516,000

    732,000

    76,650
	
     

     

     

     
	
     

     

     

     
	
    Nil

     

     

     
	
     

     

     

     
	
    Nil

     

     

     
	
     

     

     

     
	
    Nil

     

     

     

	Douglas Hurst	 	 	200,000	 	 	 	8.62	 	 	2026-05-17	 	 	72,000	 	 	Nil	 	Nil	 	Nil

 

     14

     

    

 

STATEMENT OF EXECUTIVE COMPENSATION

 

Incentive Plan Awards – Value Vested or Earned During
the Year

 

The following
table summarizes the value of each incentive plan award vested or earned by each director that is not also a NEO during the financial
year ended December 31, 2021:

 

	 	 	 	 	 	 	Non-equity incentive plan
	 	 	Option-based awards –	 	Share-based awards – Value	 	compensation – Value earned
	 	 	Value
    vested during the year	 	vested
    during the year	 	during the year
	Name	 	($)	 	($)	 	($)
	Dr. Quinton Hennigh, Ph.D.	 	Nil	 	Nil	 	Nil
	Douglas Hurst	 	Nil	 	Nil	 	Nil

 

     15Exhibit 10.1

 

FIRST
AMENDMENT TO

Hilltop
Holdings Inc.

EMPLOYEE
STOCK PURCHASE PLAN

 

This FIRST AMENDMENT TO Hilltop
Holdings Inc. EMPLOYEE STOCK PURCHSE Plan (this “Amendment”), effective as of April 21, 2022 (the
“Effective Date”), is made and entered into by Hilltop Holdings Inc., a Maryland corporation (the “Company”).
Terms used in this Amendment with initial capital letters that are not otherwise defined herein shall have the meanings ascribed to such
terms in the Hilltop Holdings Inc. Employee Stock Purchase Plan (the “Plan”).

 

RECITALS

 

WHEREAS, Section 12(a) of
the Plan provides that the Board may amend the Plan at any time in any respect the Board deems necessary or advisable; provided, however,
that stockholder approval shall be required for any amendment of the Plan for which stockholder approval is required by applicable law
or listing requirements, including any amendment that, among other things, materially increases the number of shares of Common Stock available
for issuance under the Plan;

 

WHEREAS, the Company
desires to amend the Plan to increase the aggregate number of shares of Common Stock that may be issued under the Plan, as set forth in
Section 3(a) of the Plan, subject to the provisions of Section 11(a) relating to Capitalization Adjustments, by an
additional 800,000 shares of Common Stock (the “Increased Share Amount”); and

 

WHEREAS, this Amendment
materially increases the number of shares of Common Stock available for issuance under the Plan, and consequently, the Company intends
to submit this Amendment to the Company’s stockholders for their approval in accordance with Section 12(a) of the Plan.

 

NOW, THEREFORE, in
accordance with Section 12(a) of the Plan, the Plan is hereby amended, effective as of the Effective Date, as follows:

 

1.            Section 3(a) of
the Plan is hereby amended by deleting said section in its entirety and substituting in lieu thereof the following new Section 3(a):

 

(a) Subject to the provisions
of Section 11(a) relating to Capitalization Adjustments, the shares of Common Stock that may be sold pursuant to Purchase Rights
shall not exceed in the aggregate One Million Four Hundred Thousand (1,400,000) shares of Common Stock.

 

2.            This
Amendment shall be effective as of the Effective Date; provided, however, that no Purchase Rights may be exercised by Participants as
to the Increased Share Amount until the Company’s stockholders have timely approved this Amendment. In the event stockholder approval
of this Amendment is not obtained within twelve (12) months of the Effective Date, the additional shares reserved for issuance under the
Plan pursuant to this Amendment shall not be available for grant as shares of Common Stock.

 

3.            Except
as expressly amended by this Amendment, the Plan shall continue in full force and effect in accordance with the provisions thereof.

 

IN WITNESS WHEREOF,
the Company has caused this Amendment to be duly executed as of the Effective Date.

 

	 	Hilltop Holdings Inc.
	 	 
	 	By:	/s/ COREY G. PRESTIDGE
	 	Name:	Corey G. Prestidge
	 	Title:	Executive Vice President, General &
    Secretary

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