Document:

ex10-1.htm

    EXHIBIT
10.1

    

    CONTRACT
FOR SALE OF REAL ESTATE

     

                                     JUNE 26, 2009

     

    RECEIVED of GH
Doane Inc., a Maine corporation, or assigns hereinafter called the Purchaser,
the sum of:

     

    TWENTY-FIVE
THOUSAND DOLLARS ($25,000) as a deposit on account of the purchase price of the
following described real estate, situated in Penobscot County, State of Maine,
to wit:

     

    1292 Hammond Street, Bangor, Maine,
further described as a 23,000 +/- sf building situated on a 4.5 acre lot
as shown on Map R9, Lot 13A in the City of Bangor tax assessor's office and
recorded in the Penobscot County Registry of Deeds, Book 5224, Page 331
(hereinafter referred to as the "Premises"),

     

    the TOTAL
purchase price being NINE HUNDRED THOUSAND DOLLARS ($900,000) to be paid as
follows:

     

    $25,000
herewith;

     

    $875,000 balance
in cash or certified check or closing agent check at closing.

     

    Said deposit is
received and held by Epstein Commercial Real Estate, subject to the following
terms and conditions:

    

    1.  Seller
shall have until 5 o'clock p.m. on Friday, June 26, 2009, to accept the within
offer; and if Seller has not accepted the offer by such time, said deposit shall
be returned promptly to Purchaser. Epstein Commercial Real Estate will hold said
deposit and act as escrow agent until the closing.

     

    2.  Within
30 days from the full execution of this Contract, Purchaser shall notify the
Seller of any title defects to which Purchaser objects, and Seller shall have a
reasonable period of time, not to exceed 30 days, to cure such objections. If
Seller is unable to cure the objections after having made reasonable efforts,
Purchaser may either consummate the purchase of the Premises in accordance with
this Contract or terminate this Contract, in which case the Seller shall refund
to Purchaser the deposit made hereunder and the parties shall have no further
obligation to each other.

     

    3.  The
closing shall take place within 15 days of the satisfaction of the contingencies
outlined in Paragraph 11, or at such other time or place as may be agreed by
both parties. Seller shall on the date of closing execute typical closing
documents and title insurance documents and deliver a good and sufficient
warranty deed conveying the Premises to the Purchaser or its nominee, in fee
simple, with good and marketable title thereto. Seller shall deliver possession
of the premises to the Purchaser or its nominee at the time of closing, free of
all tenants and occupants, unless otherwise provided herein. The Premises shall
be broom clean, free of all possessions and debris, and in the same condition as
they are now, reasonable wear and tear accepted. Purchaser may inspect the
Premises on or before the date of closing to verify the condition of the
Premises.

     

    

    
      
        
          
             

          

           

        

        
           

          
            

          

        

        
           

        

      

    

    

    4.  The
following items will be pro-rated as of the Closing: Real estate taxes X ; fuel X ; rents___;
utilities X.

     

    5.  Risk
of loss or damage to the Premises, by fire or otherwise, until title is passed,
remains with the Seller. In the event of any such loss or damage, Purchaser
shall have the option of terminating this Contract and receiving its deposit
back, or to accept available insurance proceeds that cover the damage and to
close the transaction with the Premises in an "as is" condition.

     

    6.  In
case of the failure of the Purchaser to pay the purchase price or to perform any
of the covenants on its part made or entered into, at Seller's option, this
Contract will be terminated and the deposit will be retained by the Seller as
liquidated damages; the escrow agent is hereby authorized by the Purchaser to
deliver the deposit to the Seller under the foregoing
circumstances.

     

    7.  Time
is of the essence under this
Contract. All covenants and agreements herein contained will inure to and be
binding upon the heirs, personal representatives, successors and assigns of the
parties.

     

    8.  The
Seller acknowledges that Bev Uhlenhake of Epstein Commercial Real Estate is
acting solely as the Seller's agent in this transaction.

     

    9.  The
Seller and Purchaser will each pay one-half of the real estate transfer tax
payable as a result of this transaction.

     

    10.  This
Contract may be signed in any number of identical counterparts, such as a faxed
copy, with the same binding effect as if the signatures were on one instrument.
Original or faxed signatures are binding.

     

    11.  Purchaser's
obligations hereunder are subject to and conditioned upon:

     

    
      
        
          
            
              
                	
                        A.

                      	
                        Purchaser
      obtaining a satisfactory "Level One" environmental assessment within 30
      days of the full execution of this agreement. Should the "Level One"
      assessment recommend "Level Two" testing then the Purchaser shall have an
      additional 30 days to complete the "Level Two"
  assessment;

                      
	 	 
	
                        B.

                      	
                        Purchaser
      promptly making application for and obtaining a satisfactory commitment
      for bank financing in the amount of $720,000 within 30 days of the full
      execution of this agreement. If Purchaser is acting in good faith to
      obtain satisfactory bank financing but requires additional time to do so,
      this contingency may be extended for two additional fifteen (15) day
      periods.

                      
	 	 
	
                        C.

                      	
                        Purchaser
      obtaining a satisfactory building inspection within 30 days of the full
      execution of this agreement.

                      
	 	 
	
                        D.

                      	
                        Purchaser
      determining within 30 days of the full execution of this agreement, in
      Purchaser's sole opinion, that the Premises can be
  feasibly

                      

              

            

          

        

      

    

    

    
      
        
          
             

          

           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

     

    
      
        
          
            
              	 
      	
                      and
      economically acquired, developed and operated in accordance with
      Purchaser's intentions; such determination to include, without limitation,
      Purchaser's confirmation, to Purchaser's sole satisfaction, that (a) the
      soil conditions existing on the Premises are adequate for Purchaser's
      anticipated use and that no environmental, toxic waste, or hazardous
      substance problems exist with respect to the Premises, (b) gas, electric
      and other necessary utilities are presently available on or to the
      boundaries of the Premises in adequate capacities to service Purchaser's
      anticipated use, or will be brought to the boundaries of the Premises
      through dedicated easements at Purchaser's sole cost and expense, (c) any
      governmental permit, authorization, variance or curb cuts(s) desired or
      required by Purchaser is available to Purchaser, (d) all zoning
      regulations, including without limitation, all building height, set-back,
      density and other building, health and safety regulations and limitations
      applicable to the Premises, are compatible with Purchaser's proposed use,
      (e) all data furnished to Purchaser by Seller is acceptable to Purchaser
      and their engineers, (f) no governmental or deed restriction affecting the
      Premises or signage thereon is inconsistent with Purchaser's intended use,
      and (g) to the extent applicable, Seller has obtained all subdivision, lot
      split and other approvals, in final and non-appealable from, required from
      any governmental authority to permit the conveyance of the Premises to
      Purchaser hereunder as a separate legal parcel, in the configuration set
      forth on the Survey to be approved by Purchaser.

                    
	 	 
	
                      E.

                    	
                      Purchaser
      obtaining a satisfactory survey or inspection sketch verifying the
      location of lot lines and improvements thereon and lack of encroachments
      within thirty (30) days of the full execution of this
      agreement.

                    
	 	 
	
                      F.

                    	
                      Purchaser
      being able to obtain satisfactory liability and hazard insurance with
      extended coverage on the premises at ordinary rates from an insurer of
      Purchaser's choice within thirty (30) days of the full execution of this
      agreement.

                    

            

          

        

      

    

     

    If any of the
above-referenced contingencies are unsatisfactory to the Purchaser, then the
Purchaser may terminate this Agreement by written notice to Seller within each
specified frame, and the deposit shall be returned to the Purchaser and both
parties shall be released from their prospective obligations hereunder. If
Purchaser does not so elect to terminate this Agreement by notice in writing to
Seller within the specified time periods, then this condition shall be deemed to
have been satisfied.

     

    

    
      
        
          
             

          

           

        

        
           

          
            

          

        

        
           

        

      

    

    

    12.  Within
five days of the full execution of this Contract, Seller shall provide Purchaser
with any existing abstracts of title, or title insurance policies, and surveys
and site plans in its possession related to the Premises. Seller will provide a
copy of a Level I site assessment by S.W. Cole dated November 6, 1992 and
represents to Purchaser that Seller has no knowledge of any potential hazardous
waste beyond the report contents.

     

    13.  Any
dispute or claim arising out of or relating to this Contract or the Premises
address in this Contract shall be submitted to mediation in accordance with the
Maine Residential Real Estate Mediation Rules of the American Arbitration
Association. This clause shall survive the closing of this
transaction.

     

    14.  Seller
shall give Purchaser and Purchaser's agents and representatives'
reasonable access to the Premises during normal business hours. If the
transaction contemplated by this Contract does not close for any reason,
Purchaser shall restore the Premises so examined or tested to its original
condition prior to Purchaser's entry which such changes of condition were caused
by Purchaser. Purchaser hereby agrees to indemnify and defend and hold harmless
Seller for any damage, claim, loss, liability or expense incurred or suffered in
connection with the Inspections by reason of the granting or exercise of the
right and license granted herein. The provisions of this paragraph shall survive
the Closing or other termination of this Contract.

     

    A COPY OF THE
CONTRACT IS TO BE RECEIVED BY ALL PARTIES AND, BY SIGNATURE, RECEIPT OF A COPY
IS ACKNOWLEDGED.

     

    Epstein
Commercial Real Estate, Seller's Broker

     

    I hereby agree to
purchase the Premises at the price and upon the terms and conditions set forth
above.

     

    Signed this 26th
day of June, 2009.

     

    

    PURCHASER:

     

    
      
        	
                ________________________________

              	
                /s/ Gerald Doane

              
	
                Witness

              	
                Gerald
      Doane, President

              
	 
      	
                GH Doane,
      Inc.

              
	 
      	 
      

      

    

    

     

    

    
      
        
          
             

          

           

        

        
           

          
            

          

        

        
           

        

      

    

    

    ACCEPTANCE

     

    I hereby accept
the offer and agree to deliver the Premises at the price and upon the terms and
conditions above stated.

     

    Signed this
25th
day of June, 2009.

     

    SELLER:

     

    

    
      
        	
                __________________________________

              	
                /s/ Mark Dumouchel

              
	
                Witness

              	
                Mark
      Dumouchel

              
	 
      	
                ADCO
      Surgical Supply, Inc.EXHIBIT 4.1

         

        ELDORADO GOLD CORPORATION

        INCENTIVE STOCK OPTION PLAN

        EMPLOYEES, CONSULTANTS & ADVISORS

        Amended and Restated as of May 7, 2009

        
            	
                        1.

                    	
                        Purpose of the Plan  

                    

        

        1.1       The purpose of this Plan is to (a) assist the Company in attracting, retaining and motivating employees and consultants of the Company and of its related entities and directors and officers of the Company’s related entities; and (b) closely align the personal interests of such employees, consultants, directors and officers with those of the shareholders
        by providing them with the opportunity, through options, to acquire common shares in the capital of the Company.

        
            	
                        2.

                    	
                        Definitions

                    

        

        2.1       For the purposes of the Plan, the following terms have the respective meanings set forth below:

        
            	
                         

                    	
                        (a)

                    	
                        “Affiliate” has the same meaning ascribed to that term as set out in the OSA;

                    

        

        
            	
                         

                    	
                        (b)

                    	
                        “Associate” has the same meaning ascribed to that term as set out in the OSA;

                    

        

        
            	
                         

                    	
                        (c)

                    	
                        “Black-Out Period” means that period during which a trading black-out period is imposed by the Company to restrict trades in the Company’s securities by an Eligible Person or Permitted Assign; 

                    

        

        
            	
                         

                    	
                        (d)

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

                    

        

        
            	
                         

                    	
                        (e)

                    	
                        “Change of Control” means:

                    

        

        
            	
                         

                    	
                        (i)

                    	
                        an acquisition of 40% or more of the voting rights attached to all outstanding voting shares of the Company by a person or combination of persons acting in concert by virtue of an agreement, arrangement, commitment or understanding, or by virtue of a related series of such events, and whether by transfer of existing shares or by issuance of shares from
                        treasury or both; or

                    

        

        
            	
                         

                    	
                        (ii)

                    	
                        the amalgamation, consolidation or combination of the Company with, or merger of the Company into, any other person, whether by way of amalgamation, arrangement or otherwise, unless (1) the Company is the surviving person or the person formed by such amalgamation, consolidation or combination, or into which the Company has merged, is a corporation and
                        (2) immediately after giving effect to such transaction at least 60% of the voting rights attached to all outstanding voting shares of the Company or the corporation resulting from such amalgamation, consolidation or combination, or into which the Company is merged, as 

                    

        

         

        
            

        

        
            

            - 2 -

             

            

        

        the case may be are owned by persons who held at least 60% of the voting rights attached to all outstanding voting shares of the Company immediately before giving effect to such transaction; or

        
            	
                         

                    	
                        (iii)

                    	
                        the direct or indirect transfer, conveyance, sale, lease or other disposition, by virtue of a single event or a related series of such events, of 90% or more of the assets of the Company based on gross fair market value to any person unless (1) such disposition is to a corporation and (2) immediately after giving effect of such disposition, at least 60%
                        of the voting rights attached to all outstanding voting shares of such corporation are owned by the Company or its affiliates or by persons who held at least 60% of the voting rights attached to all outstanding voting shares of the Company immediately before giving effect to such disposition; or

                    

        

        
            	
                         

                    	
                        (iv)

                    	
                        individuals who are elected by the shareholders to the Board at the beginning of any one year term to constitute the directors of the Company cease for any reason in such year to constitute at least 50% of the Board; 

                    

        

        
            	
                         

                    	
                        (f)

                    	
                        Company” means Eldorado Gold Corporation;

                    

        

        
            	
                         

                    	
                        (g)

                    	
                        “Compensation Committee” means the compensation committee of the Board and if there is none, means the full Board;

                    

        

        
            	
                         

                    	
                        (h)

                    	
                        “Consultant” has the same meaning ascribed to that term under Section 2.22 of NI 45-106; 

                    

        

        
            	
                         

                    	
                        (i)

                    	
                        “Eligible Person” means, from time to time, a full-time or part-time employee of the Company or of a related entity of the Company, Consultant of the Company or of a related entity of the Company, or director or officer of a related entity of the Company; 

                    

        

        
            	
                         

                    	
                        (j)

                    	
                        “Exchange” means, if the Shares are listed on the TSX, the TSX and, if the Shares are not listed on the TSX, any other principal exchange upon which the Shares are listed; 

                    

        

        
            	
                         

                    	
                        (k)

                    	
                        “Grant Date” has the meaning ascribed to that term in Subsection 5.1 hereof; 

                    

        

        
            	
                         

                    	
                        (l)

                    	
                        “Insider” has the meaning ascribed to that term as set out in the OSA and includes Associates and Affiliates of an Insider, but excludes a director or officer of a subsidiary or Affiliate of the Company unless such director or senior officer 

                    

        

        
            	
                         

                    	
                        (i)

                    	
                        in the ordinary course receives or has access to information as material facts or material changes concerning the Company before the material facts or material changes are generally disclosed; 

                    

        

        
            	
                         

                    	
                        (ii)

                    	
                        is a director or senior officer of a major subsidiary (as defined in National Instrument 55-101); or

                    

        

         

         

        

        
            

        

        
            

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                        (iii)

                    	
                        is an Insider of the Company in a capacity other than as a director or senior officer of the subsidiary or Affiliate;

                    

        

        
            	
                         

                    	
                        (m)

                    	
                        “Market Value” of a Share means, on any given day, the closing board lot sale price per share of Shares on the Exchange on the trading day immediately preceding the relevant date and if there was not a board lot sale on the Exchange on such date, then the last board lot sale prior thereto;

                    

        

        
            	
                         

                    	
                        (n)

                    	
                        “NI 45-106” means National Instrument 45-106 – Prospectus and Registration Exemptions;

                    

        

        
            	
                         

                    	
                        (o)

                    	
                        “Option” means an option, granted pursuant to Section 5 hereof, to purchase a Share;

                    

        

        
            	
                         

                    	
                        (p)

                    	
                        “OSA” means the Securities Act (Ontario);

                    

        

        
            	
                         

                    	
                        (q)

                    	
                        “Option Period” has the meaning ascribed to that term in Subsection 6.3 hereof;

                    

        

        
            	
                         

                    	
                        (r)

                    	
                        “Option Price” means the price per Share at which Shares may be purchased under the Option, as determined pursuant to Paragraph 5.1(b) hereof and as may be adjusted in accordance with Section 10 hereof;

                    

        

        
            	
                         

                    	
                        (s)

                    	
                        “Optionee” means an Eligible Person to whom an Option has been granted;

                    

        

        
            	
                         

                    	
                        (t)

                    	
                        “Permitted Assign” means for an Eligible Person, a holding entity (as defined in Section 2.22 of NI 45-106) or an RRSP or RRIF of that person;

                    

        

        
            	
                         

                    	
                        (u)

                    	
                        “Plan” means the Incentive Stock Option Plan of the Company as set forth herein as the same may be amended and/or restated from time to time;

                    

        

        
            	
                         

                    	
                        (v)

                    	
                        “related entity” has the meaning ascribed to that term in Section 2.23 of NI 45-106;

                    

        

        
            	
                         

                    	
                        (w)

                    	
                        “Securities Regulators” has the meaning ascribed to that term in Section 11 hereof; 

                    

        

        
            	
                         

                    	
                        (x)

                    	
                        “Share” means, subject to Section 10 hereof, a Common share without nominal or par value in the capital of the Company;

                    

        

        
            	
                         

                    	
                        (y)

                    	
                        “Shareholder” means a registered holder of Shares of the Company; and

                    

        

        
            	
                         

                    	
                        (z)

                    	
                        “TSX” means the Toronto Stock Exchange.

                    

        

        2.2       Unless otherwise indicated, all dollar amounts referred to in this Option Plan are in Canadian funds.

        2.3       As used in this Plan, words importing the masculine gender shall include the feminine and neuter genders, words importing the singular shall include the plural and vice versa, unless the context otherwise requires and references to person includes any individual, partnership, 

         

        
            

        

        
            

            - 4 -

             

            

        

        limited partnership, joint venture, syndicate, sole proprietorship, company or corporation (with or without share capital), unincorporated association, trust, trustee, executor, administrator or other legal representative.

        
            	
                        3.

                    	
                        Administration of the Plan

                    

        

        
            	
                        3.1

                    	
                        The Plan shall be administered by the Compensation Committee.

                    

        

        3.2       The Chief Executive Officer of the Company shall periodically make recommendations to the Compensation Committee as to the grant of Options.

        3.3       The Compensation Committee shall, periodically, make recommendations to or, if the power to grant options has been delegated to the Compensation Committee, report to the Board as to the grant of Options. 

        3.4       In addition to the powers granted to the Board under the Plan and subject to the terms of the Plan, the Board shall have full and complete authority to grant Options, to interpret the Plan, to prescribe such rules and regulations as it deems necessary for the proper administration of the Plan and to make such determinations and to take such actions in
        connection therewith as it deems necessary or advisable. Any such interpretation, rule, determination or other act of the Board shall be conclusively binding upon all persons.

        3.5       The Board may delegate any or all of its authority, rights, powers and discretion with respect to the Plan to the Compensation Committee. Upon any such delegation the Compensation Committee as well as the Board, shall be entitled to exercise any or all such authority, rights, power and discretion with respect to the Plan and when used in the context of this
        Plan “Board” shall be deemed to include the Compensation Committee.

        3.6       The Board may authorize one or more officers of the Company to execute and deliver and to receive documents on behalf of the Company.

        
            	
                        4.

                    	
                        Shares Subject to the Plan

                    

        

        4.1       The maximum aggregate number of Shares issuable pursuant to Options granted under the Plan and outstanding from time to time shall not exceed that number which represents 5% of the issued and outstanding Shares from time to time. 

        4.2       In no event shall Options be granted entitling any single individual to purchase in excess of one half of one percent (0.5%) of the then issued and outstanding Shares.

        4.3       The total number of Shares that may be reserved for issuance to all non-executive directors pursuant to Options shall not exceed three-quarters of one percent (0.75%) of the Shares outstanding on a non-diluted basis on the Grant Date of the Options. Within any one financial year period, the total value of Options granted to a non-executive director, as
        determined by the Board on the Grant Date, shall not exceed $100,000. Notwithstanding Subsection 5.1, in determining those non-executive directors entitled to grants of Options and the number of Options to be granted to non-executive directors, the Board shall not discriminate 

         

        
            

        

        
            

            - 5 -

             

            

        

        against any particular non-executive director and shall make such determinations in accordance with its duties to act honestly and in good faith with a view to the best interest of the Company.

        
            	
                        4.4

                    	
                        Notwithstanding anything in this Plan to the contrary:

                    

        

        
            	
                         

                    	
                        (a)

                    	
                        the maximum number of Shares issuable pursuant to Options granted under the Plan to Insiders, together with the number of Shares issuable to Insiders pursuant to Options granted under the Company’s Officers & Directors Incentive Stock Option Plan (as may be amended and restated from time to time) and any other security based compensation
                        arrangements, shall not exceed 9% of the Shares issued and outstanding on a non-diluted basis at the Grant Date of the Options; and

                    

        

        
            	
                         

                    	
                        (b)

                    	
                        within any one-year period, the maximum number of Shares issued pursuant to Options granted under the Plan to Insiders, together with the number of Shares issued to Insiders pursuant to Options granted under the Company’s Officers & Directors Incentive Stock Option Plan (as may be amended and restated from time to time) and any other security
                        based compensation arrangements, shall not exceed 9% of the Shares issued and outstanding on a non-diluted basis.

                    

        

        Any entitlement to acquire Shares granted pursuant to the Plan or otherwise prior to the grantee becoming an Insider shall be excluded for the purpose of the limits set out above.

        4.5       Options may be granted in respect of authorized and unissued Shares. Shares in respect of which Options have expired, were exercised, cancelled or otherwise terminated for any reason shall be available for subsequent Options under the Plan and in the case of exercised Options, the Company shall reserve
        additional Shares for issuance pursuant to such Options. 

        
            	
                        4.6

                    	
                        No fractional Shares may be purchased or issued under the Plan.

                    

        

        
            	
                        5.

                    	
                        Grants of Options

                    

        

        5.1       Subject to the provisions of the Plan, the Board shall, in its sole discretion and from time to time, determine those Eligible Persons to whom Options shall be granted and the date on which such Options are to be granted (the “Grant Date”). The Board shall also determine, in its sole discretion, in connection with each grant of Options:

        
            	
                         

                    	
                        (a)

                    	
                        the number of Options to be granted;

                    

        

        
            	
                         

                    	
                        (b)

                    	
                        the Option Price applicable to each Option, provided that the Option Price shall not be less than the Market Value per Share on the Grant Date; and

                    

        

        
            	
                         

                    	
                        (c)

                    	
                        the other terms and conditions (which need not be identical and which, without limitation, may include non-competition provisions) of all Options covered by any grant.

                    

        

         

        
            

        

        
            

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                        6.

                    	
                        Eligibility, Vesting and Terms of Options

                    

        

        
            	
                        6.1

                    	
                        Options may be granted to Eligible Persons only.

                    

        

        6.2       Subject to the adjustments provided for in Section 10 hereof, each Option shall entitle the Optionee to purchase one Share.

        6.3       The option period (the “Option Period”) of each Option commences on the Grant Date and expires no later than at 4:30 p.m. Vancouver time on the fifth anniversary of the Grant Date. If an Option expires during a Black-Out Period, then, notwithstanding any other provision of the Plan, the Option shall expire 10 business days after the Black-Out
        Period is lifted by the Company. 

        6.4       Without restricting the authority of the Board in respect of the terms of Options to be granted hereunder, the Board may at its discretion, in respect of any such Option, provide that the right to exercise such Option will vest in instalments over the life of the Option, with the Option being fully-exercisable only when such required time period or periods
        have elapsed, and in connection therewith determine the terms under which vesting of the Options may be accelerated.

        
            	
                        6.5

                    	
                        Notwithstanding Section 6.4, Options shall vest immediately upon a Change of Control.

                    

        

        6.6       Subject to Section 8, an Option which is not subject to vesting, may be exercised (in each case to the nearest full Share) at any time during the Option Period. Subject to Section 8, an Option which is subject to vesting, may once vested, be exercised (in each case to the nearest full Share) at any time during the Option Period.

        6.7       An Option is personal to the Optionee and is non-assignable and non-transferable otherwise than:

        
            	
                         

                    	
                        (a)

                    	
                        by will or by the laws governing the devolution of property in the event of death of the Optionee; or

                    

        

        
            	
                         

                    	
                        (b)

                    	
                        with the prior consent of the Board, to a Permitted Assign. 

                    

        

        
            	
                        7.

                    	
                        Option Agreement

                    

        

        7.1       Upon the grant of an Option, the Company and the Optionee shall enter into an option agreement, in a form set out in Appendix A or in such form as approved by the Board, subject to the terms and conditions of the Plan, which agreement shall set out the Optionee’s agreement that the Options are subject to the terms and conditions set forth in the Plan as
        it may be amended or replaced from time to time, the Grant Date, the name of the Optionee, the Optionee’s position with the Company, the number of Options, the Option Price, the expiry date of the Option Period and such other terms and conditions as the Board may deem appropriate.

         

        
            

             

             

            

        

        
            

        

        
            

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                        8.

                    	
                        Termination of Employment, Engagement or Directorship

                    

        

        8.1       In the event an Optionee’s employment, engagement or directorship terminates for any reason other than death or cause, the Optionee may exercise any Option granted hereunder to the extent such Option was exercisable and had vested on the date of termination no later than 30 days after such termination or such later date within the Option Period first
        established by the Board for such Option as the Board may fix; provided, however, that in no event shall any Option be exercisable following the expiration of the Option Period applicable thereto. In the event an Optionee’s employment, engagement or directorship is terminated for cause, each Option held by the Optionee that has not been effectively exercised prior to such termination shall lapse and become null and void immediately upon such termination.

        8.2       In the event of the death of an Optionee, either while in the employment or while a director of the Company, the Optionee’s estate may, within 365 days from the date of the Optionee’s death, exercise any Option granted hereunder to the extent such Option was exercisable and had vested on the date of the Optionee’s death; provided, however,
        that no Option shall be exercisable following the expiration of the Option Period applicable thereto. The Optionee’s estate shall include only the executors or administrators of such estate and persons who have acquired the right to exercise such Option directly from the Optionee by bequest or inheritance.

        8.3       The Board may also in its sole discretion increase the periods permitted to exercise all or any of the Options covered by any Grant following a termination of employment, engagement or directorship as provided in Subsections 8.1 or 8.2 above, if allowable under applicable law; provided, however, that in no event shall any Option be exercisable following the
        expiration of the Option Period applicable thereto.

        8.4       The Plan shall not confer upon any Optionee any right with respect to a continuation of employment, engagement or directorship of, the Company nor shall it interfere in any way with the right of the Company to terminate any Optionee’s employment, engagement or directorship at any time.

        8.5       Unless otherwise agreed to in writing by the Board in accordance with this section, references to “termination”, or similar references in this Section 8:

        
            	
                         

                    	
                        (a)

                    	
                        in the case of an employee (including officers who are also employees), is deemed to be the last day of active employment by the employee with the Company or its related entity, as the case may be, regardless of any salary continuance, notice period required under applicable law or the reason for termination of employment (whether with or without cause
                        or with or without notice);

                    

        

        
            	
                         

                    	
                        (b)

                    	
                        in the case of a Consultant, is deemed to be the termination of the person engaged as a Consultant to provide services to the Company or related entity; and

                    

        

        
            	
                         

                    	
                        (c)

                    	
                        in the case of a Permitted Assign, is deemed to be the termination of the director, officer, employee or Consultant that the Permitted Assign is related to.

                    

        

         

        
            

             

             

            

        

        
            

        

        
            

            - 8 -

             

            

        

        8.6       For greater certainty (and subject to subsection 8.5), an Option that has not become vested on the date that the relevant termination event referred to in this Section 8 occurred, shall not be or become exercisable and shall be cancelled.

        8.7       For the purposes of this Plan, “cause” means the entitlement of the Company to terminate the employment of an Optionee without the obligation to provide the Optionee with a severance package, or any monies, benefits or notice, as specified in the Optionee’s employment agreement, or any act, which at common law in the applicable jurisdiction
        would be considered cause for dismissal without the obligation to provide notice or pay in lieu of notice.

        
            	
                        9.

                    	
                        Exercise of Options

                    

        

        9.1       Subject to the provisions of the Plan, an Option may be exercised from time to time by delivery to the Company at its head office of a written notice of exercise addressed to the President and Chief Executive Officer, the Chief Financial Officer or the Corporate Secretary of the Company specifying the number of Shares with respect to which the Option is being
        exercised, together with the appropriate form of payment (to be determined by the Company) for the aggregate of the Option Prices to be paid for the Shares to be purchased. Certificates for such Shares shall be issued and delivered to the Optionee within a reasonable time following the receipt of such notice and payment. 

        
            	
                        10.

                    	
                        Adjustment on Alteration of Share Capital

                    

        

        10.1     In the event of a subdivision, consolidation or reclassification of outstanding Shares or other capital adjustment, the number of Shares reserved or authorized to be reserved under the Plan, the number of Shares receivable on the exercise of an Option and the Option Price therefor shall be increased or reduced proportionately and such other adjustments shall be made as
        may be deemed necessary or equitable by the Board in its sole discretion and such adjustment shall be binding for all purposes.

        10.2     If the Company amalgamates, consolidates or combines with or merges with or into another body corporate, whether by way of amalgamation, arrangement or otherwise (the right to do so being hereby expressly reserved), any Share receivable on the exercise of an Option shall be converted into the securities, property or cash which the Optionee would have received upon such
        amalgamation, consolidation, combination or merger if the Optionee had exercised his or her Option immediately prior to the effective date of such amalgamation, consolidation, combination or merger and the Option Price shall be adjusted as may be deemed necessary or equitable by the Board in its sole discretion and such adjustment shall be binding for all purposes of the Plan.

        10.3     In the event of a change in the Company’s currently authorized Shares which is limited to a change in the designation thereof, the shares resulting from any such change shall be deemed to be Shares within the meaning of the Plan.

        10.4     In the event of any other change affecting the Shares, such adjustment, if any, shall be made as may be deemed necessary or equitable by the Board in its sole discretion to properly reflect such event and such adjustment be binding for all purposes of the Plan.

        

        

        

        

        

        
            

        

        
            

            - 9 -

             

            

        

        10.5     No adjustment provided in this Section 10 shall require the Company to issue a fractional Share and the total adjustment with respect to each Option shall be limited accordingly.

        10.6     If, at any time when an Option granted under the Plan remains unexercised, an offer (“Take-over Bid”) to purchase all of the Shares of the Company is made by a third party, the Company shall use its best efforts to bring such offer to the attention of the Optionee as soon as practicable and the Company may, in a fair and equitable manner, at its option,
        require the acceleration of the time for the exercise of the Options granted under the Plan and of the time for the fulfillment of any conditions or restrictions on such exercise (including without limitation, vesting requirements).

        10.7     Notwithstanding any other provision herein, if because of a proposed merger, amalgamation or other corporate arrangement or reorganization, the exchange or replacement of shares in the Company of those in another company is imminent (“Business Combination”), the Board may, in a fair and equitable manner, determine the manner in which all unexercised option
        rights granted under the Plan shall be treated including, for example, requiring the acceleration of the time for the exercise of such rights by the Optionees and of the time for the fulfillment of any conditions or restrictions on such exercise (including without limitation, vesting requirements). All determinations of the Board under this Subsection 10.7 shall be binding for all purposes of the Plan.

        10.8     In order to permit Optionees to participate in a proposed Take-over Bid made by means of a take-over bid circular or a proposed Business Combination that could result in a Change of Control, the Board may make appropriate provisions for the exercise of options (whether vested or not) conditional upon the Shares resulting therefrom being taken up and paid for under the
        Take-over Bid or the completion of the Business Combination, as applicable.

        
            	
                        11.

                    	
                        Regulatory Approval

                    

        

        11.1     Notwithstanding any of the provisions contained in the Plan or any Option, the Company’s obligation to grant Optionsand issue Shares and to issue and deliver certificates for such securities to an Optionee pursuant to the exercise of an Option shall be subject to:

        
            	
                         

                    	
                        (a)

                    	
                        compliance with all applicable laws, regulations, rules, orders of governmental or regulatory authorities in Canada and the United States (“Securities Regulators”);

                    

        

        
            	
                         

                    	
                        (b)

                    	
                        compliance with the requirements of the Exchange; and

                    

        

        
            	
                         

                    	
                        (c)

                    	
                        receipt from the Optionee of such covenants, agreements, representations and undertakings, including as to future dealings in such Shares, as the Company determines to be necessary or advisable in order to safeguard against the violation of the securities laws of any jurisdiction.

                    

        

        11.2     The Company shall in no event be obligated to take any action in order to cause the issuance and delivery of such certificates to comply with any laws, regulations, rules, orders or requirements.

         

        
            

             

             

            

        

        
            

        

        
            

            - 10 -

             

            

        

        11.3     Notwithstanding any provisions in the Plan or any Option, if any amendment, modification or termination to the provisions hereof or any Option made pursuant hereto are required by any Securities Regulators, a stock exchange or a market as a condition of approval to a distribution to the public of any Shares or to obtain or maintain a listing or quotation of any Shares,
        the Board is authorized to make such amendments and thereupon the terms of the Plan, any Options, including any option agreement made pursuant hereto, shall be deemed to be amended accordingly without requiring the consent or agreement of any Optionee or shareholder approval.

        
            	
                        12.

                    	
                        Miscellaneous

                    

        

        12.1     An Optionee entitled to Shares as a result of the exercise of an Option shall not be deemed for any purpose to be, or to have rights as, a shareholder of the Company by such exercise, except to the extent Shares are issued therefor and then only from the date such Shares are issued. No adjustment shall be made for dividends or distributions or other rights which the
        record date is prior to the date such Shares are issued pursuant to the exercise of Options.

        12.2     The Company may require an Optionee, as a condition of exercise of an Option, to pay or reimburse any taxes which are required to be withheld in connection with the exercise of such Option and any transfer of an Option. Under no circumstances shall the Company be responsible for the payment of any tax on behalf of any Eligible Person, any Permitted Assign or any
        transferee of an Option as permitted hereunder or for providing any tax advice to them.

        
            	
                        13.

                    	
                        Amendment and Termination

                    

        

        13.1     The Plan has been amended and restated as of May 7, 2009. Any amendments made are effective as of the date amended.

        13.2     The Board may, subject to Shareholder approval, amend the Plan at any time. Notwithstanding the foregoing, the Board is specifically authorized to amend or revise the terms of the Plan without obtaining Shareholder approval in the following circumstances:

        
            	
                         

                    	
                        (a)

                    	
                        to change the termination provisions of the Options or Plan which does not extend beyond the original expiry date;

                    

        

        
            	
                         

                    	
                        (b)

                    	
                        to add a cashless exercise feature, payable in cash or securities, whether or not the feature provides for a full deduction of the number of underlying securities from the reserved Shares;

                    

        

        
            	
                         

                    	
                        (c)

                    	
                        to add a deferred or restricted share unit or any other provision which results in Eligible Persons receiving securities while no cash consideration is received by the Company; and

                    

        

        
            	
                         

                    	
                        (d)

                    	
                        other amendments of a housekeeping nature, including the correction or rectification of any ambiguities, defective or inconsistent provisions, errors, mistakes or omissions herein and updating provisions herein to reflect changes in the governing laws, including tax laws, and the TSX requirements.

                    

        

         

        
            

             

             

            

        

        
            

        

        
            

            - 11 -

             

            

        

        Except as otherwise permitted by the TSX, amendments to the number of Shares issuable under the Plan, (including an increase to a fixed maximum number of Shares or a fixed maximum percentage of Shares, as the case may be, or a change from a fixed maximum percentage to a fixed maximum number of Shares) may not be made without obtaining approval of the Shareholders in accordance with TSX requirements. For
        greater certainty an increase does not include reloading after exercise under a fixed maximum number or percentage provided the fixed maximum or percentage is not increased and the Plan otherwise permits reloading. 

        13.3     The Board may suspend or terminate the Plan at any time. No action by the Board to terminate the Plan pursuant to this Section 13 shall affect any Options granted hereunder which became effective pursuant to the Plan prior to such action.

        13.4     Except as set out below, the Board may (without Shareholder approval) amend, modify or terminate any outstanding Option, including, but not limited to, substituting another award of the same or of a different type or changing the date of exercise; provided, however, that, the Optionee’s consent to such action shall be required unless the Board determines that the
        action when taken with any related action, would not materially and adversely affect the Optionee or is specifically permitted hereunder.

        The exercise price of any outstanding Options may not be reduced and the original Option Period extended unless Shareholder approval is obtained by way of a resolution passed by a majority of the votes cast by the Shareholders at a meeting of Shareholders. The Option Price of any outstanding Options may not be reduced and the original term of the Option Period may not be extended to the benefit of
        Insiders, unless disinterested Shareholder approval is obtained in accordance with TSX requirements.

        13.5     Notwithstanding any provision contained in the Plan, effective April 28, 2005, the Plan must be reconfirmed, every three years, by a resolution passed by a majority of the votes cast by Shareholders at the annual meeting of Shareholders in the third year after April 28, 2005 and after each subsequent reconfirmation and if the Plan is not reconfirmed by the Shareholders
        as required by this provision, no further grants of Options may be made under the Plan. [The Plan was reconfirmed by the Shareholders on May 1, 2008]

         

        
            

             

             

            

        

        
            

        

        APPENDIX A

        INCENTIVE STOCK OPTION PLAN

        EMPLOYEES, CONSULTANTS & ADVISORS

        OF ELDORADO GOLD COMPANY

        (“the Company”)

         

        OPTION AGREEMENT

         

        This Option Agreement is entered into between the Company and the Optionee named below pursuant to the Company’s Incentive Stock Option Plan (the “Plan”) a copy of which is attached hereto, and confirms the following:

         

        
            	
                         

                    	
                        Grant Date:

                    	
                         

                    
	
                    	
                    	 
	
                         

                    	
                        Optionee:

                    	
                         

                    
	
                    	
                    	 
	
                         

                    	
                        Optionee’s Position with the Company:

                    	
                         

                    
	
                    	
                    	 
	
                         

                    	
                        Number of Options:

                    	
                         

                    
	
                    	
                    	 
	
                         

                    	
                        Option Price

                        ($ per Share):

                    	
                        

                        $

                    
	
                    	
                    	 
	
                         

                    	
                        Vesting Period:

                    	
                         

                    
	
                    	
                    	 
	
                         

                    	
                        Expiry Date of Option Period:

                    	
                         

                    

        

        Subject to the Plan, each Option that has vested entitles the Optionee to purchase one Share at any time up to 4:30 p.m. Vancouver time on the expiry date of the Option Period. 

        This Option Agreement is subject to the terms and conditions set out in the Plan, as amended or replaced from time to time. In the case of any inconsistency between this Option Agreement and the Plan, the Plan shall govern.

        The Optionee acknowledges and agrees that the Optionee will, at all times, act in strict compliance with and all applicable laws and any policies of the Company applicable to the Optionee in connection with the Plan.

         

        
            

             

             

            

        

        
            

        

        
            

            - 13 -

             

            

        

        The Optionee hereby acknowledges that he or she has not received any advice from the Corporation as to tax or legal ramification of the grant of Options hereunder and has been advised to seek independent tax advice as he or she deems necessary.

        Unless otherwise indicated, all defined terms shall have the respective meanings attributed thereto in the Plan.

        By signing this agreement, the Optionee acknowledges that he, she, or his or her authorized representative has read and understands the Plan.

         

        IN WITNESS WHEREOF the parties hereto have executed this Option Agreement as of the          day of                       ,
                   .

         

         

        
            	
                         

                    	
                         

                    	
                        ELDORADO GOLD CORPORATION

                    
	
                         

                    	
                         

                    	
                         

                    	
                        Per:

                    	
                         

                    
	
                         

                    	
                         

                    	
                         

                    	
                         

                    	
                        Authorized Signatory

                    

        

         

        Acknowledged and Agreed to:

         

        
            	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                        )

                        )

                        )

                    	
                         

                    
	
                        Signature of Optionee

                    	
                        )

                    	
                        Signature of Witness

                    
	
                         

                    	
                        )

                        )

                        )

                    	
                         

                    
	
                        Name and Title of Optionee

                    	
                        )

                    	
                        Name of Witness

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