Document:

Exhibit 4.11

 

SUBSCRIPTION
RECEIPT AGREEMENT

 

Gran
Tierra Energy Inc.

 

- and -

 

[UNDERWRITER]

 

- and -

 

[TRUSTEE]

 

Providing
for the Issue of Subscription Receipts

 

of Gran Tierra
Energy Inc.

 

Made
as of l

 

    	 

    	 

    

 

TABLE OF
CONTENTS

  

	 	 	Page
	 	 	 
	Article
    1
	INTERPRETATION
	 	 	 
	1.1	Definitions	2
	1.2	Headings	5
	1.3	References	5
	1.4	Certain
    Rules of Interpretation	5
	1.5	Day
    Not a Business Day	6
	1.6	Applicable
    Law	6
	1.7	Conflict	6
	1.8	Currency	6
	1.9	Severability	6
	 	 	 
	Article
    2
	ISSUE
    OF SUBSCRIPTION RECEIPTS
	 	 	 
	2.1	Payment
    Acknowledgement	6
	2.2	Terms
    and Issue of Subscription Receipts	7
	2.3	Fractional
    Subscription Receipts	8
	2.4	Register
    for Subscription Receipts	8
	2.5	Registers
    Open for Inspection	8
	2.6	Receiptholder
    not a Shareholder	8
	2.7	Subscription
    Receipts to Rank Pari Passu	8
	2.8	Signing
    of Subscription Receipt Certificates	8
	2.9	Certification
    by the Subscription Receipt Agent	9
	2.10	Issue
    in Substitution for Subscription Receipt Certificates Lost, etc.	9
	2.11	Exchange
    of Subscription Receipt Certificates	10
	2.12	Charges
    for Exchange	10
	2.13	Transfer
    and Ownership of Subscription Receipts	10
	2.14	Global
    Subscription Receipt	11
	2.15	U.S.
    Legends	12
	2.16	Listing
    of Subscription Receipts	14
	2.17	Right
    of Rescission	14
	2.18	Cancellation
    of Surrendered Subscription Receipt Certificates	14
	 	 	 
	Article
    3
	SATISFACTION
    OF ISSUANCE RIGHT OR TERMINATION PAYMENT RIGHT
	 	 	 
	3.1	Notice
    of Acquisition and Release of Funds on Acquisition Date	14
	 	If
    the Acquisition Time occurs prior to the Deadline:	14
	3.2	Issue
    and Delivery of Common Shares	15
	3.3	Payment
    on Termination	16
	3.4	Payment
    of Underwriting Fee	16
	3.5	Additional
    Payments by the Corporation	17

 

    	( i )

    	 

    

 

	Article
        4

	INVESTMENT
    OF PROCEEDS AND PAYMENT OF INTEREST
	 	 	 
	4.1	Investment
    of Proceeds	17
	4.2	Segregation
    of Proceeds	17
	 	 	 
	Article
    5
	RIGHTS
    OF THE CORPORATION AND COVENANTS
	 	 	 
	5.1	Optional
    Purchases by the Corporation	17
	5.2	General
    Covenants	17
	5.3	Subscription
    Receipt Agent’s Remuneration, Expenses and Indemnification	19
	5.4	Performance
    of Covenants by Subscription Receipt Agent	19
	5.5	Accounting	19
	5.6	Payments
    by Subscription Receipt Agent	20
	5.7	Regulatory
    Matters	20
	 	 	 
	Article
    6
	ENFORCEMENT
	 	 	 
	6.1	Suits
    by Receiptholders	20
	6.2	Immunity
    of Shareholders, etc.	20
	 	 	 
	Article
    7
	MEETINGS
    OF RECEIPTHOLDERS
	 	 	 
	7.1	Right
    to Convene Meetings	20
	7.2	Notice	21
	7.3	Chairman	21
	7.4	Quorum	21
	7.5	Power
    to Adjourn	21
	7.6	Show
    of Hands	21
	7.7	Poll
    and Voting	22
	7.8	Regulations	22
	7.9	Corporation
    and Subscription Receipt Agent may be Represented	23
	7.10	Powers
    Exercisable by Extraordinary Resolution	23
	7.11	Meaning
    of Extraordinary Resolution	24
	7.12	Powers
    Cumulative	25
	7.13	Minutes	25
	7.14	Instruments
    in Writing	25
	7.15	Binding
    Effect of Resolutions	26
	7.16	Holdings
    by Corporation Disregarded	26
	 	 	 
	Article
    8
	SUPPLEMENTAL
    AGREEMENTS
	 	 	 
	8.1	Provision
    for Supplemental Agreements for Certain Purposes	26

 

    	( ii )

    	 

    

 

	

        Article
        9

	CONCERNING
    THE Subscription Receipt Agent
	 	 	 
	9.1	Rights
    and Duties of Subscription Receipt Agent	27
	9.2	Evidence,
    Experts and Advisers	28
	9.3	Documents,
    Monies, etc. Held by Subscription Receipt Agent	29
	9.4	Actions
    by Subscription Receipt Agent to Protect Interest	29
	9.5	Third
    Party Interests	29
	9.6	Subscription
    Receipt Agent not Required to Give Security	29
	9.7	Protection
    of Subscription Receipt Agent	29
	9.8	Replacement
    of Subscription Receipt Agent; Successor by Merger	30
	9.9	Conflict
    of Interest	31
	9.10	Acceptance
    of Appointment	31
	9.11	Subscription
    Receipt Agent Not to be Appointed Receiver	31
	9.12	Privacy
    Laws	31
	 	 	 
	Article
    10
	GENERAL
	 	 	 
	10.1	Notice
    to the Corporation, Subscription Receipt Agent and the Lead Underwriter	32
	10.2	Notice
    to Receiptholders	33
	10.3	Ownership
    and Transfer of Subscription Receipts	33
	10.4	Evidence
    of Ownership	33
	10.5	Satisfaction
    and Discharge of Agreement	34
	10.6	Provisions
    of Agreement and Subscription Receipts for the Sole Benefit of Parties and Receiptholders	34
	10.7	Subscription
    Receipts Owned by the Corporation or its Subsidiaries - Certificate to be Provided	34
	10.8	Effect
    of Execution	34
	10.9	Time
    of Essence	35
	10.10	Force
    Majeure	35
	10.11	Counterparts	36

 

    	( iii )

    	 

    

  

THIS
SUBSCRIPTION RECEIPT AGREEMENT is made as of the l day
of l, 201l.

 

AMONG:

 

Gran
Tierra Energy Inc., a corporation incorporated under the laws of Nevada (the “Corporation”)

 

- and
-

 

[UNDERWRITER]
(the “Lead Underwriter”), on its own behalf and on behalf of the underwriters
who are party to the Underwriting Agreement providing for the issue and sale to investors of the Subscription Receipts

 

- and
-

 

[TRUSTEE],
a trust company incorporated under the laws of l and registered to carry on business
in l (the “Subscription Receipt Agent”)

 

WHEREAS
the Corporation is proposing to issue and sell Subscription Receipts, each Subscription
Receipt representing the right to receive one Common Share in certain circumstances described herein;

 

AND
WHEREAS the Corporation is duly authorized to create, authorize, issue and sell the Subscription
Receipts to be issued as herein provided;

 

AND
WHEREAS the Corporation and the Lead Underwriter, on behalf of the Underwriters, have agreed
that:

 

		(a)	the
                                         Proceeds are to be delivered to and held by the Subscription Receipt Agent and invested
                                         on behalf of the holders of Subscription Receipts, the Underwriters and the Corporation
                                         in the manner set forth herein;

 

		(b)	if
                                         the Acquisition Time occurs by the Deadline: (i) each holder of Subscription Receipts
                                         shall be entitled to receive, in the manner described herein, without additional consideration
                                         or further action, one Common Share for each Subscription Receipt held; (ii) the Escrowed
                                         Funds (less the remaining one-half of the Underwriters’ Fee) shall be released
                                         to the Corporation; and (iii) the remaining one-half of the Underwriters’ Fee will
                                         be released to the Underwriters; and

 

		(c)	if
                                         a Termination Event occurs, the subscription for Common Shares represented by each Subscription
                                         Receipt shall be automatically terminated and cancelled and each holder of Subscription
                                         Receipts shall be entitled to receive from the Subscription Receipt Agent an amount equal
                                         to the Subscription Price in respect of each Subscription Receipt held together with
                                         such holder’s pro rata share of Earned Interest, net of applicable withholding
                                         taxes;

 

AND
WHEREAS all things necessary have been done and performed to make the Subscription Receipts,
when certified by the Subscription Receipt Agent and issued as provided in this Agreement, legal, valid and binding obligations
of the Corporation with the benefits and subject to the terms of this Agreement;

 

    	 

    	 

    

 

AND
WHEREAS the foregoing recitals are by the Corporation and the Lead Underwriter, on behalf
of the Underwriters, as the context provides, and not by the Subscription Receipt Agent;

 

NOW
THEREFORE THIS AGREEMENT WITNESSES that for good and valuable consideration mutually given
and received, the receipt and sufficiency of which is hereby acknowledged, it is hereby agreed and declared as follows:

 

Article 1

INTERPRETATION

 

		1.1	Definitions

 

In
this Agreement and the recitals, unless there is something in the subject matter or context inconsistent therewith or unless otherwise
expressly provided, the following terms shall have the respective meanings set out below and grammatical variations of such terms
shall have corresponding meanings:

 

		(a)	“1933
                                         Act” means the United States Securities Act of 1933, as amended;

 

		(b)	“1934
                                         Act” means the United States Securities Exchange Act of 1934, as amended;

 

		(c)	“ABCA”
                                         means the Business Corporations Act (Alberta), as amended, including the regulations
                                         promulgated thereunder;

 

		(d)	“Acquireco”
                                         means l,
                                         a limited liability company formed under the laws of l,
                                         an indirect wholly-owned subsidiary of the Corporation;

 

		(e)	“Acquisition”
                                         means the indirect acquisition by the Corporation through Acquireco of l from the Vendor pursuant to the Purchase Agreement;

 

		(f)	“Acquisition
                                         Date” means the date upon which the closing of the Acquisition takes place;

 

		(g)	“Acquisition
                                         Notice” means a notice, substantially in the form set forth in Schedule 1.1(g),
                                         executed and delivered by the Corporation, certifying that the Acquisition Time has occurred;

 

		(h)	“Acquisition
                                         Time” means the time on the Acquisition Date at which the Escrow Release Condition
                                         has been satisfied;

 

		(i)	“Additional
                                         Closing Time” has the meaning ascribed thereto in the Underwriting Agreement;

 

		(j)	“Agreement”
                                         means this agreement, as amended, supplemented or otherwise modified from time to time
                                         in accordance with the provisions hereof;

 

		(k)	“Beneficial
                                         Holder” means any Person who holds a beneficial interest in a Subscription
                                         Receipt;

 

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		(l)	“Book-Entry
                                         Only System” means the book-based securities transfer system administered by
                                         CDS in accordance with its operating rules and procedures in force from time to time;

 

		(m)	“Business
                                         Day” means a day which is not Saturday or Sunday or a statutory holiday on
                                         which major Canadian chartered banks are not open for business in Calgary, Alberta;

 

		(n)	“CDS”
                                         means CDS Clearing and Depository Services Inc. and its successors in interest;

 

		(o)	“Closing
                                         Time” has the meaning ascribed thereto in the Underwriting Agreement;

 

		(p)	“Common
                                         Shares” means common shares in the capital of the Corporation;

 

		(q)	“Counsel”
                                         means a barrister or solicitor or a firm of barristers or solicitors, who may be counsel
                                         for the Corporation;

 

		(r)	“Deadline”
                                         means 5:00 p.m. (Calgary time) on l;

 

		(s)	“Designated
                                         Office” means the principal office of the Subscription Receipt Agent from time
                                         to time in the city of Calgary;

 

		(t)	“Dividend
                                         Equivalent Payment” means an amount per Subscription Receipt equal to the amount
                                         per Common Share of any cash dividends for which record dates have occurred during the
                                         period from and including the date hereof to but excluding the date the Common Shares
                                         are issued or deemed to be issued hereunder upon exchange of the Subscription Receipts;

 

		(u)	“Earned
                                         Interest” means the interest or other income actually earned on the investment
                                         of the Proceeds between the date hereof and the earlier to occur of the Acquisition Date
                                         and the Termination Date;

 

		(v)	“Escrowed
                                         Funds” means the Proceeds, all Earned Interest or other income earned and any
                                         investments acquired from time to time with such funds;

 

		(w)	“Escrow
                                         Release Condition” means the closing of the Acquisition in all material respects
                                         in accordance with the terms of the Purchase Agreement without amendment or waiver materially
                                         adverse to the Corporation or Acquireco but for the payment of the purchase price to
                                         be satisfied in part by the release of the Escrowed Funds;

 

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

 

		(y)	“Extraordinary
                                         Resolution” has the meaning ascribed thereto in Subsection 7.11(a);

 

		(z)	“Global
                                         Subscription Receipt” means a Subscription Receipt Certificate that is issued
                                         to and registered in the name of CDS or its nominee pursuant to Section 2.14;

 

		(aa)	“including”
                                         and “includes” means “including without limitation” and
                                         “includes without limitation”, respectively;

 

		(bb)	“Irrevocable
                                         Direction” means the written irrevocable direction executed by the Corporation,
                                         to be delivered to the Subscription Receipt Agent pursuant to Section 3.1, substantially
                                         in the form set forth in Schedule 1.1(bb);

 

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		(cc)	“Offering”
                                         means the distribution of up to l Subscription Receipts by the Corporation pursuant to
                                         the Prospectus;

 

		(dd)	“Optioned
                                         Subscription Receipts” means the Subscription Receipts which may be issued
                                         pursuant to the terms of the Underwriting Agreement upon exercise of the Over-Allotment
                                         Option;

 

		(ee)	“Original
                                         Purchasers” has the meaning ascribed thereto in Subsection 2.17(a);

		 	 

		(ff)	“Over-Allotment
                                         Option” has the meaning ascribed thereto in the Underwriting Agreement;

 

		(gg)	“Person”
                                         includes an individual, corporation, company, partnership, joint venture, association,
                                         trust, trustee, unincorporated organization or government or any agency or political
                                         subdivision thereof;

 

		(hh)	“Proceeds”
                                         means the Subscription Price multiplied by the total number of Subscription Receipts
                                         issued (including, for clarity, any Optioned Subscription Receipts issued)[, less 50%
                                         of the Underwriters’ Fee payable as at the Closing Time or the Additional Closing
                                         Time, as applicable];

 

		(ii)	“Prospectus”
means the final short form prospectus of the Corporation dated l qualifying
the distribution of the Subscription Receipts in each of the provinces of Canada and, unless the context otherwise requires, includes
all documents incorporated or deemed to be incorporated therein by reference and any amendments thereto; ;

 

		(jj)	“Purchase
Agreement” means the Purchase Agreement dated l by
and among the Corporation, Acquireco, l and the Vendor pursuant to which Acquireco
will purchase l for an aggregate purchase price of l,
subject to adjustment;

 

		(kk)	“Receiptholders”,
                                         or “holders” means the Persons who are the registered owners of Subscription
                                         Receipts and includes, while the Subscription Receipts are registered in the Book-Entry
                                         Only System, the beneficial owners of Subscription Receipts;

 

		(ll)	“Receiptholders’
                                         Request” means an instrument signed in one or more counterparts by Receiptholders
                                         entitled to acquire in the aggregate not less than 25% of the underlying Common Shares
                                         which could be acquired pursuant to all Subscription Receipts then outstanding, requesting
                                         the Subscription Receipt Agent to take some action or proceeding specified therein;

 

		(mm)	“Shareholders”
                                         means the registered holders from time to time of Common Shares;

 

		(nn)	“Subscription
                                         Price” means the sum of $l.00
                                         per Subscription Receipt;

 

		(oo)	“Subscription
                                         Receipt Certificate” means a certificate evidencing Subscription Receipts substantially
                                         in the form attached as Schedule 1.1(oo) with such appropriate insertions, deletions,
                                         substitutions and variations as may be required or permitted by the terms of this Agreement
                                         or as may be required to comply with any law or the rules of any securities exchange
                                         or as may be not inconsistent with the terms of this Agreement as the Corporation may
                                         deem necessary or desirable;

 

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		(pp)	“Subscription
                                         Receipts” means the subscription receipts issued and certified hereunder and
                                         from time to time outstanding (including, for clarity, the Optioned Subscription Receipts,
                                         if any), each Subscription Receipt evidencing the rights set out in this Agreement;

 

		(qq)	“Termination
                                         Date” means the earliest date on which a Termination Event occurs;

 

		(rr)	“Termination
                                         Event” means: (i) the Purchase Agreement is terminated; (ii) the Corporation
                                         advises the Lead Underwriter, on behalf of the Underwriters, or announces to the public
                                         that it does not intend to proceed with the Acquisition; or (iii) the Acquisition Time
                                         does not occur by the Deadline;

 

		(ss)	“Underwriters”
means, collectively, the Lead Underwriter, l and
l;

 

		(tt)	“Underwriters’
                                         Fee” has the meaning ascribed thereto in the Prospectus;

 

		(uu)	“Underwriting
Agreement” means the underwriting agreement dated as of l between the Corporation and the Underwriters in respect of the Offering;

 

		(vv)	“US
                                         Person” means a US Person as defined in Regulation S under the 1933 Act;

 

		(ww)	“Vendor”
                                         means l;
                                         and

 

		(xx)	“written
                                         request of the Corporation” and “certificate of the Corporation”
                                         mean, respectively, a written request and certificate signed in the name of the Corporation
                                         and may consist of one or more instruments so executed.

 

		1.2	Headings

 

The
headings, the table of contents and the division of this Agreement into Articles, Sections and Subsections are for convenience
of reference only and shall not affect the interpretation of this Agreement.

 

		1.3	References

 

Unless
otherwise specified in this Agreement:

 

		(a)	references
                                         to Articles, Sections, Subsections and Schedules are to Articles, Sections, Subsections
                                         and Schedules in this Agreement; and

 

		(b)	“hereto”,
                                         “herein”, “hereby”, “hereunder”, “hereof’
                                         and similar expressions, without reference to a particular provision, refer to this Agreement.

 

		1.4	Certain Rules of Interpretation

 

Unless
otherwise specified in this Agreement:

 

		(a)	the
                                         singular includes the plural and vice versa; and

 

		(b)	references
                                         to any gender shall include references to all genders.

 

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		1.5	Day Not a Business Day

 

In
the event that any day on or before which any action is required to be taken hereunder is not a Business Day, then such action
shall be required to be taken at or before the requisite time on the next succeeding day that is a Business Day.

 

		1.6	Applicable Law

 

This
Agreement and the Subscription Receipts shall be governed by and construed in accordance with the laws of New York applicable
therein.

 

		1.7	Conflict

 

In
the event of a conflict or inconsistency between a provision in the body of this Agreement and in any Subscription Receipt Certificate
issued hereunder, the provision in the body of this Agreement shall prevail to the extent of the inconsistency.

 

		1.8	Currency

 

All
dollar amounts expressed as “$” in this Agreement and in the Subscription Receipts are in lawful money of Canada,
except as otherwise noted, and all payments required to be made hereunder or thereunder shall be made in Canadian dollars. References
to “US$” in this Agreement are to the currency of the United States.

 

		1.9	Severability

 

Each
of the provisions in this Agreement is distinct and severable and a declaration of invalidity or unenforceability of any such
provision or part thereof by a court of competent jurisdiction shall not affect the validity or enforceability of any of the other
provisions hereof.

 

Article 2

ISSUE OF SUBSCRIPTION RECEIPTS

 

		2.1	Payment Acknowledgement

 

		(a)	The
Subscription Receipt Agent hereby acknowledges receipt from the Lead Underwriter, on behalf of the Underwriters, of a wire transfer
of funds in the aggregate amount of $l and
confirms that such funds have been deposited in a segregated account in the name of the Corporation designated as “Gran
Tierra Energy Inc. - Subscription Receipts”, or as otherwise directed by the Corporation in writing, and the Subscription
Receipt Agent will retain such amount in accordance with the terms of this Agreement pending payment of such amount in accordance
with the terms of this Agreement.

 

		(b)	The
                                         Corporation hereby:

 

		(i)	acknowledges
                                         that the amount received by the Subscription Receipt Agent pursuant to Subsection 2.1(a)
                                         represents payment in full by the Underwriters of the aggregate Subscription Price for
                                         l Subscription Receipts, net of the amount contemplated by Subsection 2.1(c)(ii);
                                         and

 

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		(ii)	irrevocably
                                         directs the Subscription Receipt Agent to retain the amount specified in Subsection 2.1(a)
                                         in accordance with the terms of this Agreement pending payment of such amount in accordance
                                         with the terms of this Agreement.

 

		(c)	On
                                         behalf of the Underwriters, the Lead Underwriter acknowledges:

 

		(i)	receipt
of one or more Global Subscription Receipts representing l Subscription
Receipts registered in the name of CDS (or its nominee)[; and

 

		(ii)	satisfaction
                                         by the Corporation of its obligation to pay the first half of the Underwriters’
                                         Fee payable to the Underwriters pursuant to the Underwriting Agreement].

 

		2.2	Terms and Issue of Subscription
Receipts

 

		(a)	Each
                                         Subscription Receipt shall evidence the right of the holder: (i) if the Acquisition Time
                                         occurs prior to the Deadline, to receive, for no additional consideration and without
                                         further action, one fully paid and non-assessable Common Share, plus such applicable
                                         payments made pursuant to Section 3.2; or (ii) if a Termination Event occurs, to
                                         receive an amount equal to the Subscription Price in respect of each Subscription Receipt
                                         held and such holder’s pro rata share of the Earned Interest, less applicable
                                         withholding taxes, all in the manner and on the terms and conditions set out in this
                                         Agreement.

 

		(b)	A
                                         maximum of l Subscription Receipts are hereby created and authorized to be issued at a price equal
                                         to the Subscription Price.

 

		(c)	The
                                         Subscription Receipt Certificates shall be in the form of one or more Global Subscription
                                         Receipt registered in the name of CDS substantially in the form attached hereto as Schedule 1.1(oo),
                                         shall bear such distinguishing letters and numbers as the Corporation may, with the approval
                                         of the Subscription Receipt Agent and CDS prescribe, and shall be issuable in any whole
                                         number denominations.

 

		(d)	Such
                                         Subscription Receipt Certificates representing Subscription Receipts offered and sold
                                         to purchasers in the Offering in the United States shall be substantially in the form
                                         attached hereto as Schedule 1.1(oo), with such modifications as may be necessary
                                         to include the legend required under Section 2.15.

 

		(e)	The
Subscription Receipt Agent is hereby directed, immediately following the execution and delivery of this Agreement, to execute,
issue and deliver to the Lead Underwriter, on behalf of the Underwriters, one or more definitive Subscription Receipt Certificates
representing an aggregate of l Subscription
Receipts.

 

		(f)	In
                                         the event of the closing of the exercise of the Over-Allotment Option, in whole or in
                                         part, prior to the Acquisition Time, the Underwriters shall transfer to the Subscription
                                         Receipt Agent an amount equal to the number of Optioned Subscription Receipts acquired
                                         by the Underwriters upon such exercise of the Over-Allotment Option multiplied by the
                                         Subscription Price, which amount will be deposited in the segregated account contemplated
                                         by Subsection 2.1(a) and be dealt with in accordance with the terms of this Agreement.
                                         The Corporation shall: (i) issue and shall direct the Subscription Receipt Agent, against
                                         payment of such amount, to certify and deliver to CDS or its nominee, for the benefit
                                         of the Underwriters, one or more Global Subscription Receipts representing the number
                                         of Optioned Subscription Receipts acquired by the Underwriters upon the exercise of the
                                         Over-Allotment Option; and (ii) pay or cause to be paid to the Lead Underwriter, on behalf
                                         of the Underwriters, an amount equal to one-half of the Underwriters’ Fee payable
                                         by the Corporation as a result of the exercise of the Over-Allotment Option.

 

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		2.3	Fractional Subscription
Receipts

 

No
fractional Subscription Receipts shall be issued or otherwise provided for hereunder.

 

		2.4	Register for Subscription
Receipts

 

The
Corporation hereby appoints the Subscription Receipt Agent as registrar and transfer agent of the Subscription Receipts, and the
Corporation shall cause to be kept by the Subscription Receipt Agent at the Designated Office, a securities register in which
shall be entered the names and addresses of holders of Subscription Receipts and the number of Subscription Receipts held by each
holder and any other particulars prescribed by law of the Subscription Receipts held by them. The Corporation shall also cause
to be kept by the Subscription Receipt Agent at the Designated Office the register of transfers, and may also cause to be kept
by the Subscription Receipt Agent, branch registers of transfers in which shall be recorded the particulars of the transfers of
Subscription Receipts registered in that branch register of transfers.

 

		2.5	Registers Open for Inspection

 

The
registers hereinbefore referred to shall be open at all reasonable times during regular business hours of the Subscription Receipt
Agent on a Business Day for inspection by the Corporation, the Subscription Receipt Agent or any Receiptholder. The Subscription
Receipt Agent shall, from time to time when requested to do so by the Corporation, furnish the Corporation with a list of the
names and addresses of Receiptholders entered in the registers kept by the Subscription Receipt Agent and showing the number of
Subscription Receipts held by each such holder.

 

		2.6	Receiptholder not a Shareholder

 

Nothing
in this Agreement or in the holding of a Subscription Receipt evidenced by a Subscription Receipt Certificate or otherwise, shall
confer or be construed as conferring upon a Receiptholder any right or interest whatsoever as a Shareholder, including, but not
limited to, the right to vote at, to receive notice of, or to attend meetings of Shareholders, or the right to receive dividends
or any continuous disclosure materials of the Corporation. Receiptholders are entitled to exercise the rights expressly provided
for in the Subscription Receipts and this Agreement on the terms and conditions set forth herein.

 

		2.7	Subscription Receipts to
Rank Pari Passu

 

All
Subscription Receipts shall rank pari passu, whatever may be the actual date of issue of same.

 

		2.8	Signing of Subscription
Receipt Certificates

 

The
Subscription Receipt Certificates shall be signed by an officer of the Corporation on behalf of the Corporation. The signature
of such officer may be mechanically reproduced in facsimile and Subscription Receipt Certificates bearing such facsimile signature
shall, subject to Section 2.9, be binding upon the Corporation as if they had been manually signed by such officer. Notwithstanding
that the person whose manual or facsimile signature appears on any Subscription Receipt Certificate as such officer may no longer
hold such position at the date of such Subscription Receipt Certificate or at the date of certification or delivery thereof, any
Subscription Receipt Certificate signed as aforesaid shall, subject to Section 2.9, be valid and binding upon the Corporation
and the holder thereof shall be entitled to the benefits of this Agreement.

 

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		2.9	Certification by the Subscription
Receipt Agent

 

		(a)	No
                                         Subscription Receipt Certificate shall be issued or, if issued, shall be valid for any
                                         purpose or entitle the holder to the benefit hereof until it has been certified by manual
                                         signature by or on behalf of the Subscription Receipt Agent, and such certification by
                                         the Subscription Receipt Agent upon any Subscription Receipt Certificate shall be conclusive
                                         evidence as against the Corporation that the Subscription Receipt Certificate so certified
                                         has been duly issued hereunder and that the holder is entitled to the benefits hereof.

 

		(b)	The
                                         certification of the Subscription Receipt Agent on Subscription Receipt Certificates
                                         issued hereunder shall not be construed as a representation or warranty by the Subscription
                                         Receipt Agent as to the validity of this Agreement or the Subscription Receipt Certificates
                                         (except the due certification thereof) and the Subscription Receipt Agent shall in no
                                         respect be liable or answerable for the use made of the Subscription Receipt Certificates
                                         or any of them or of the consideration therefor except as otherwise specified herein.
                                         The certification by or on behalf of the Subscription Receipt Agent on Subscription Receipt
                                         Certificates shall constitute a representation and warranty by the Subscription Receipt
                                         Agent that the said Subscription Receipt Certificates have been duly certified by or
                                         on behalf of the Subscription Receipt Agent pursuant to the provisions of this Agreement.

 

		2.10	Issue in Substitution for
Subscription Receipt Certificates Lost, etc.

 

		(a)	In
                                         case any Subscription Receipt Certificate shall become mutilated or be lost, destroyed
                                         or stolen, the Corporation, subject to applicable law and compliance with Subsection 2.10(b),
                                         shall issue and thereupon the Subscription Receipt Agent shall certify and deliver, a
                                         new Subscription Receipt Certificate of like tenor as the one mutilated, lost, destroyed
                                         or stolen in exchange for and in place of and upon cancellation of such mutilated Subscription
                                         Receipt Certificate, or in lieu of and in substitution for such lost, destroyed or stolen
                                         Subscription Receipt Certificate, and the substituted Subscription Receipt Certificate
                                         shall be in a form approved by the Subscription Receipt Agent and shall be entitled to
                                         the benefits hereof and shall rank equally in accordance with its terms with all other
                                         Subscription Receipt Certificates issued or to be issued hereunder.

 

		(b)	The
                                         applicant for the issue of a new Subscription Receipt Certificate pursuant to this Section 2.10
                                         shall bear the cost of the issue thereof and in case of mutilation, loss, destruction
                                         or theft shall, as a condition precedent to the issue thereof, furnish to the Corporation
                                         and to the Subscription Receipt Agent such evidence of ownership and of the mutilation,
                                         loss, destruction or theft of the Subscription Receipt Certificate so mutilated, lost,
                                         destroyed or stolen as shall be satisfactory to the Corporation and to the Subscription
                                         Receipt Agent in their sole discretion, and such applicant shall also be required to
                                         furnish an indemnity and surety bond or security in amount and form satisfactory to the
                                         Corporation and the Subscription Receipt Agent in their sole discretion and shall pay
                                         the reasonable charges of the Corporation and the Subscription Receipt Agent in connection
                                         therewith.

 

    	- 9 -

    	 

    

  

		2.11	Exchange of Subscription
Receipt Certificates

 

		(a)	Subscription
                                         Receipt Certificates may, upon compliance with the reasonable requirements of the Subscription
                                         Receipt Agent, be exchanged for another Subscription Receipt Certificate or Subscription
                                         Receipt Certificates entitling the holder thereof to, in the aggregate, the same number
                                         of Subscription Receipts as represented by the Subscription Receipt Certificates so exchanged.

 

		(b)	Subscription
                                         Receipt Certificates may be surrendered for exchange only at the Designated Office during
                                         regular business hours of the Subscription Receipt Agent on a Business Day.

 

		2.12	Charges for Exchange

 

Except
as otherwise herein provided, the Subscription Receipt Agent may charge to the holder requesting an exchange a reasonable sum
for each new Subscription Receipt Certificate issued in exchange for Subscription Receipt Certificate(s). Payment of such charges
and reimbursement of the Subscription Receipt Agent or the Corporation for any and all stamp taxes or governmental or other charges
required to be paid shall be made by such holder as a condition precedent to such exchange.

 

		2.13	Transfer and Ownership
of Subscription Receipts

 

		(a)	Subject
                                         to Subsection 2.13(d) and Section 2.15, there are no restrictions on the transfer
                                         of the Subscription Receipts. However, the Subscription Receipts may only be transferred
                                         on the register kept at the Designated Office by the holder or his legal representatives
                                         or his attorney duly appointed by an instrument in writing. Upon surrender for registration
                                         of transfer of Subscription Receipts at the Designated Office and upon compliance with
                                         Section 2.15, the Corporation shall issue and thereupon the Subscription Receipt
                                         Agent shall certify and deliver a new Subscription Receipt Certificate of like tenor
                                         in the name of the designated transferee and register such transfer in accordance with
                                         Section 2.4. If less than all the Subscription Receipts evidenced by the Subscription
                                         Receipt Certificate(s) so surrendered are transferred, the transferor shall be entitled
                                         to receive, in the same manner, a new Subscription Receipt Certificate registered in
                                         his name evidencing the Subscription Receipts not transferred. However, notwithstanding
                                         the foregoing, Subscription Receipts shall only be transferred upon:

 

		(i)	payment
                                         to the Subscription Receipt Agent of a reasonable sum for each new Subscription Receipt
                                         Certificate issued upon such transfer, and reimbursement of the Subscription Receipt
                                         Agent or the Corporation for any and all stamp taxes or governmental or other charges
                                         required to be paid in respect of such transfer; and

 

		(ii)	such
                                         reasonable requirements as the Subscription Receipt Agent may prescribe, and all such
                                         transfers shall be duly noted in such register by the Subscription Receipt Agent.

 

		(b)	The
                                         Corporation and the Subscription Receipt Agent shall deem and treat the registered owner
                                         of any Subscription Receipts as the beneficial owner thereof for all purposes and neither
                                         the Corporation nor the Subscription Receipt Agent shall be affected by any notice to
                                         the contrary.

 

    	- 10 -

    	 

    

 

		(c)	The
                                         transfer register in respect of Subscription Receipts shall be closed at 4:30 p.m. (Calgary
                                         time) at the Designated Office, on the earlier to occur of the Acquisition Date and the
                                         Termination Date (subject to settlement).

 

		(d)	The
                                         Subscription Receipt Agent shall promptly advise the Corporation of any requested transfer
                                         of Subscription Receipts on the register of holders of Subscription Receipts. The Corporation
                                         shall be entitled, and may direct the Subscription Receipt Agent, to refuse to recognize
                                         any transfer, or enter the name of any transferee, of any Subscription Receipts on the
                                         registers referred to in Section 2.4, if such transfer would constitute a violation
                                         of the securities laws of any jurisdiction or the rules, regulations or policies of any
                                         regulatory authority having jurisdiction or may recognize the transfer upon receipt of
                                         evidence of compliance with applicable securities laws in form and substance satisfactory
                                         to it.

 

		(e)	Subject
                                         to the provisions of this Agreement and applicable law, a Receiptholder shall be entitled
                                         to the rights and privileges attaching to the Subscription Receipts. Either the issue
                                         and delivery of Common Shares and applicable Dividend Equivalent Payment, less applicable
                                         withholding taxes, as provided in Section 3.2, or the payment of the Subscription
                                         Price and the holder’s pro rata share of the Earned Interest, less applicable
                                         withholding taxes, as provided in Section 3.3, all in accordance with the terms
                                         and conditions herein contained, shall discharge all responsibilities of the Corporation
                                         and the Subscription Receipt Agent with respect to such Subscription Receipts and neither
                                         the Corporation nor the Subscription Receipt Agent shall be bound to inquire into the
                                         title of a Receiptholder or a transferee of Subscription Receipts who surrenders a Subscription
                                         Receipt Certificate.

 

		2.14	Global Subscription Receipt

 

		(a)	Unless
                                         the Book-Entry Only System is terminated, Subscription Receipt Certificates will only
                                         be issued in the form of one or more Global Subscription Receipt certificates, which
                                         will be registered in the name of and deposited with CDS or its nominee. Subscription
                                         Receipt Certificates sold pursuant to Rule 144A under the 1933 Act will be represented
                                         by separate Global Subscription Receipt certificates issued under a CUSIP number dedicated
                                         to such Rule 144A Subscription Receipts Certificates. Such Rule 144A Global Subscription
                                         Receipt Certificates shall be issued in compliance with Section 2.15 of this Agreement
                                         and substantially in the form set forth in Schedule 2.15(a).

 

		(b)	Unless
                                         the Book-Entry Only System is terminated or required to do so by applicable law, owners
                                         of the beneficial interests in the Subscription Receipts shall not be entitled to have
                                         Subscription Receipts registered in their names, shall not receive or be entitled to
                                         receive Subscription Receipt Certificates in definitive form and shall not be considered
                                         owners or holders thereof under this Agreement or any supplemental agreement except in
                                         circumstances where CDS resigns or is removed from its responsibility and the Subscription
                                         Receipt Agent is unable or does not wish to locate a qualified successor. Beneficial
                                         interests in the Global Subscription Receipts will be represented only through the Book-Entry
                                         Only System. Transfers of Subscription Receipts between CDS participants shall occur
                                         in accordance with CDS’ rules and procedures which rules and procedures reflect
                                         the restrictions on transfers set forth in Section 2.15. Neither the Corporation,
                                         nor the Underwriters nor the Subscription Receipt Agent shall have any responsibility
                                         or liability for any aspects of the records relating to or payments made by CDS, or its
                                         nominee, on account of the beneficial interests in the Subscription Receipts. Nothing
                                         herein shall prevent the owners of beneficial interests in the Subscription Receipts
                                         from voting such Subscription Receipts using duly executed proxies.

 

    	- 11 -

    	 

    

 

		(c)	All
                                         references herein to actions by, notices given or payments made to Receiptholders shall,
                                         where Subscription Receipts are represented by Global Subscription Receipt Certificates
                                         held through CDS, refer to actions taken by, or notices given or payments made to, CDS
                                         upon instruction from the CDS participants in accordance with its rules and procedures.
                                         For the purposes of any provision hereof requiring or permitting actions with the consent
                                         of or at the direction of Receiptholders evidencing a specified percentage of the aggregate
                                         Subscription Receipts outstanding, such direction or consent may be given by holders
                                         of Subscription Receipts acting through CDS and the CDS participants owning Subscription
                                         Receipts evidencing the requisite percentage of the Subscription Receipts. The rights
                                         of a Receiptholder whose Subscription Receipts represented by Global Subscription Receipt
                                         Certificates are held through CDS shall be exercised only through CDS and the CDS participants
                                         and shall be limited to those established by law and agreements between such holders
                                         and CDS and the CDS participants upon instructions from the CDS participants. Each of
                                         the Subscription Receipt Agent and the Corporation may deal with CDS for all purposes
                                         (including the making of payments) as the authorized representative of the respective
                                         Receiptholders and such dealing with CDS shall constitute satisfaction or performance,
                                         as applicable, of their respective obligations hereunder.

 

		(d)	For
                                         so long as Subscription Receipts represented by Global Subscription Receipt Certificates
                                         are held through CDS, if any notice or other communication is required to be given to
                                         Receiptholders, the Subscription Receipt Agent will give such notices and communications
                                         to CDS.

 

		(e)	If
                                         CDS resigns or is removed from its responsibility as depository and the Subscription
                                         Receipt Agent is unable or does not wish to locate a qualified successor, CDS shall surrender
                                         the Global Subscription Receipts to the Subscription Receipt Agent with instructions
                                         for registration of Subscription Receipts in the name and in the amount specified by
                                         CDS and the Corporation shall issue and the Subscription Receipt Agent shall certify
                                         and deliver the aggregate number of Subscription Receipts then outstanding in the form
                                         of definitive Subscription Receipt Certificates representing such Subscription Receipts.

 

		2.15	U.S. Legends

 

The
Subscription Receipt Agent acknowledges and understands that the Subscription Receipts and Common Shares issuable upon exchange
of the Subscription Receipts have not been and will not be registered under the 1933 Act and may be transferred only pursuant
to an exemption from the registration requirement of the 1933 Act and applicable state securities laws, and understands and acknowledges
that upon the original issuance thereof, and until such time as the same is no longer required under applicable requirements of
the 1933 Act or applicable state securities laws, certificates representing the Subscription Receipts originally issued in the
United States and certificates representing Common Shares issued upon exchange of such Subscription Receipts and all certificates
issued in exchange therefor or in substitution thereof, shall bear the following legend:

 

    	- 12 -

    	 

    

 

“THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S.
SECURITIES ACT”), OR STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING THESE SECURITIES, AGREES FOR THE BENEFIT
OF GRAN TIERRA ENERGY INC. (THE “COMPANY”) THAT THESE SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED ONLY (A) TO THE COMPANY, (B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904 OF REGULATION S (“REGULATION
S”) UNDER THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH APPLICABLE CANADIAN LOCAL LAWS AND REGULATIONS, (C) IN ACCORDANCE
WITH (1) RULE 144A UNDER THE U.S. SECURITIES ACT, IF AVAILABLE OR (2) RULE 144 UNDER THE U.S. SECURITIES ACT, IF AVAILABLE, AND,
IN EACH CASE, IN COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS OF THE UNITED STATES, OR (D) IN ANOTHER TRANSACTION THAT DOES
NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS OF THE UNITED STATES AFTER (I)
IN THE CASE OF TRANSFERS PURSUANT TO (B) ABOVE, PROVIDING A DECLARATION TO [TRUSTEE], TOGETHER WITH ANY OTHER EVIDENCE, WHICH
MAY INCLUDE A LEGAL OPINION, REQUIRED BY [TRUSTEE], AND (II) IN THE CASE OF TRANSFERS PURSUANT TO (C)(2) OR (D) ABOVE, PROVIDING
A LEGAL OPINION SATISFACTORY TO THE COMPANY. DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE “GOOD DELIVERY” IN SETTLEMENT
OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA.”

 

provided
that, if the Subscription Receipts or Common Shares issuable upon exchange of the Subscription Receipts are being sold in compliance
with the requirements of Rule 904 of Regulation S under the 1933 Act and in compliance with applicable local laws and regulations
at a time when the Corporation is a “foreign issuer” as defined in Rule 902 of Regulation S under the 1933 Act, the
legend may be removed by providing a declaration to the Corporation and [Trustee], as registrar and transfer agent, in such form
as [Trustee] or the Corporation may from time to time prescribe, substantially in the form set forth in Schedule 2.15
(together with such other evidence of exemption as [Trustee] or the Corporation may from time to time prescribe, which may include
an opinion of counsel in form and substance reasonably satisfactory to the Corporation); provided further that, if any such Subscription
Receipts or Common Shares issuable upon exchange of the Subscription Receipts are being sold under Rule 144 or in another transaction
that does not require registration under the 1933 Act and in compliance with applicable state securities laws, the legend may
be removed by delivery to the Corporation and [Trustee], as registrar and transfer agent, of an opinion of counsel reasonably
satisfactory to the Corporation to the effect that such legend is no longer required under applicable requirements of the 1933
Act or applicable state securities laws.

 

    	- 13 -

    	 

    

  

		2.16	Listing of Subscription
Receipts

 

The
Corporation confirms that the Subscription Receipts will be listed and posted for trading on the Exchange subject only to the
Corporation complying with the usual conditions imposed by the Exchange with respect thereto.

 

		2.17	Right of Rescission

 

		(a)	If
                                         the Prospectus, together with any amendment thereto, contains a misrepresentation (as
                                         such term is defined in the Securities Act (Alberta)) and it was a misrepresentation
                                         on the date thereof or as of the date specified in the documents incorporated by reference
                                         therein, as the case may be, purchasers of Subscription Receipts to whom the Prospectus
                                         was sent or delivered and who were the original purchasers of the Subscription Receipts
                                         (the “Original Purchasers”) shall have a right of action against the
                                         Corporation for rescission to receive the Subscription Price exercisable on notice given
                                         to the Corporation not more than 180 days subsequent to the date hereof. The right of
                                         action for rescission is only available to an Original Purchaser either while he or she
                                         is a holder of the Subscription Receipts purchased or while he or she is a holder of
                                         the Common Shares issuable upon surrender of such Subscription Receipts.

 

		(b)	In
                                         no event shall the Corporation be liable under this Section 2.17 if the Original
                                         Purchaser purchased the Subscription Receipts with knowledge of the misrepresentation.

 

		2.18	Cancellation of Surrendered
Subscription Receipt Certificates

 

All
Subscription Receipt Certificates surrendered to the Subscription Receipt Agent pursuant to Sections 2.10, 2.11 and 5.1 shall
be returned to or received by the Subscription Receipt Agent for cancellation and, if required by the Corporation, the Subscription
Receipt Agent shall furnish the Corporation with a cancellation certificate identifying the Subscription Receipt Certificates
so cancelled and the number of Subscription Receipts evidenced thereby.

 

Article 3

SATISFACTION OF ISSUANCE RIGHT OR TERMINATION PAYMENT RIGHT

 

		3.1	Notice
of Acquisition and Release of Funds on Acquisition Date

 

If
the Acquisition Time occurs prior to the Deadline:

 

		(a)	the
                                         Corporation: (i) shall forthwith cause the Acquisition Notice to be delivered to the
                                         Subscription Receipt Agent and the Lead Underwriter, on behalf of the Underwriters; (ii)
                                         shall concurrently deliver to the Subscription Receipt Agent the Irrevocable Direction;
                                         and (iii) shall, after the Acquisition Time issue a press release confirming that the
                                         Acquisition and the Offering have been completed, setting out the Acquisition Date, confirming
                                         that the underlying Common Shares have been issued to Receiptholders effective as at
                                         the Acquisition Time and stating the date on which the Subscription Receipt transfer
                                         register will close;

 

		(b)	the
                                         Corporation shall be entitled to receive from the Subscription Receipt Agent the Escrowed
                                         Funds, less the amount required to make the payments set forth in Sections 3.4 and
                                         3.5, and the Subscription Receipt Agent shall deliver such funds to or to the order of
                                         the Corporation (or as otherwise may be directed by the Corporation in writing) as soon
                                         as reasonably practicable after the delivery of the documents referred to in Subsections 3.1(a)(i)
                                         and 3.1(a)(ii); and

 

    	- 14 -

    	 

    

 

		(c)	the
                                         Subscription Receipt Agent shall issue and deliver the Common Shares issuable upon exchange
                                         of the Subscription Receipts in accordance with Section 3.2.

 

		3.2	Issue and Delivery of Common
Shares

 

		(a)	Upon
                                         receipt by the Subscription Receipt Agent of the Acquisition Notice and the Irrevocable
                                         Direction prior to the Deadline, the Subscription Receipts shall be deemed to have been
                                         exchanged and converted by the holders thereof into Common Shares, on the basis of one
                                         Common Share per Subscription Receipt, without additional consideration or further action
                                         by the Receiptholders, and the underlying Common Shares shall be, and shall be deemed
                                         to be, issued at such time to the Receiptholders, and the Receiptholders shall be deemed
                                         to have become the holders of record of such Common Shares at such time, provided and
                                         notwithstanding that the issuance of such shares shall be documented by the Corporation
                                         updating or causing to be updated the register maintained for the Common Shares only,
                                         notwithstanding that a certificate or a Book-Entry Only System customer confirmation
                                         therefor may not yet have been issued or entered, as the case may be, and the Persons
                                         to whom such Common Shares are to be issued in accordance with the terms of this Agreement
                                         shall be deemed to have become the holders of record of such Common Shares at the Acquisition
                                         Time.

 

		(b)	Upon
                                         the issuance or deemed issuance of the Common Shares upon exchange of the Subscription
                                         Receipts, the Corporation shall direct CDS to cause to be entered and issued, as the
                                         case may be, to the Person or Persons in whose name or names such Common Shares have
                                         been issued, a Book-Entry Only System customer confirmation.

 

		(c)	Certificates
                                         representing Common Shares issued pursuant to Subscription Receipts bearing the legend
                                         set forth in Section 2.15 shall also be overprinted with the legend set forth in
                                         Section 2.15.

 

		(d)	If
                                         the Acquisition Time occurs by the Deadline, the Receiptholder of record at such time
                                         shall be entitled from and after the Acquisition Time, but shall receive (subject to
                                         Section 3.1) no earlier than on the second Business Day following the Acquisition
                                         Date, an amount equal to such holder’s Dividend Equivalent Payment, if any, less
                                         applicable withholding taxes, provided that to the extent that this amount, if any, represents
                                         amounts in respect of cash dividends for which record dates have occurred but which have
                                         not yet been paid, such amount shall not be payable to holders, unless the Corporation
                                         otherwise elects, until the date such cash dividends are paid to Shareholders; and provided
                                         further any Earned Interest forming part of the Escrowed Funds other than that portion
                                         of the Earned Interest payable pursuant to Section 3.4 shall be paid to the Corporation
                                         unless Dividend Equivalent Payments are required to be paid to each holder, in which
                                         case such Dividend Equivalent Payments shall be satisfied out of the Earned Interest
                                         on the Escrowed Funds other than that portion of the Earned Interest payable pursuant
                                         to Section 3.4. If the Escrowed Funds are not sufficient to meet the payments required
                                         by this Section 3.2(c), the Subscription Receipt Agent shall only make payments
                                         under this section to the extent monies have been deposited with it pursuant to Section 3.5.
                                         Subject to sufficient funds being available to it, the Subscription Receipt Agent agrees
                                         to cause any amounts to be paid to holders of Subscription Receipts pursuant to this
                                         Section 3.2 to be paid on the second Business Day following the Acquisition Date
                                         or the date cash dividends are paid to Shareholders, as applicable.

 

    	- 15 -

    	 

    

 

		(e)	Effective
                                         immediately after the Subscription Receipts have been deemed to have been exchanged and
                                         converted as contemplated in Subsections 3.2(a) and 3.2(b), the Subscription Receipts
                                         relating thereto shall be void and of no value or effect other than representing the
                                         right to receive from the Subscription Receipt Agent the certificates representing the
                                         Common Shares or from CDS, a Book-Entry Only System customer confirmation as contemplated
                                         in this Section 3.2.

 

		(f)	Any
                                         certificate or certificates evidencing the Common Shares delivered upon surrender of
                                         one or more Subscription Receipt Certificates sold pursuant to Rule 144A under the 1933
                                         Act shall be represented by a separate global certificate issued under a CUSIP number
                                         dedicated to such Common Shares. Such global certificate shall be issued in compliance
                                         with Section 2.15 hereof.

 

		3.3	Payment
on Termination

 

If
a Termination Event occurs:

 

		(a)	the
                                         Corporation shall forthwith notify the Subscription Receipt Agent and the Lead Underwriter
                                         thereof in writing and shall issue a press release setting forth the Termination Date;

 

		(b)	the
                                         subscription evidenced by each Subscription Receipt shall be automatically terminated
                                         and cancelled and each Receiptholder shall be entitled from and after the Termination
                                         Date to a payment in the aggregate amount of: (i) the Subscription Price in respect of
                                         each of such holder’s Subscription Receipts; and (ii) such holder’s pro
                                         rata share of the Earned Interest, less applicable withholding taxes. The amount
                                         paid to each Receiptholder under (i) shall be satisfied by the Escrowed Funds and the
                                         amount paid to each Receiptholder under (ii) shall be satisfied by the Earned Interest;

 

		(c)	registers
                                         shall be closed at the close of business on the Termination Date;

 

		(d)	the
                                         obligation to make the payment of the amount specified in Subsection 3.3(b) shall
                                         be satisfied by mailing or delivering payment by cheque or wire transfer to the registered
                                         holder of the Subscription Receipt at its registered address by no later than the second
                                         Business Day following the Termination Date; and

 

		(e)	upon
                                         the mailing or delivery of any cheque or wire transfer as provided in Subsection 3.3(d)
                                         (and provided such cheque has been honoured for payment, if presented for payment within
                                         six months of the date thereof) all rights evidenced by the Subscription Receipts relating
                                         thereto shall be satisfied and such Subscription Receipts shall be void and of no value
                                         or effect.

 

		3.4	Payment of Underwriting
Fee

 

Upon
the release of the Escrowed Funds pursuant to Subsection 3.1(b), the Subscription Receipt Agent shall deliver a cheque or
complete a wire transfer, as per the instructions of the Lead Underwriter, payable to the Lead Underwriter, on behalf of the Underwriters,
in an amount equal to $l plus $l multiplied
by the number of Optioned Subscription Receipts acquired by the Underwriters, if any.

 

    	- 16 -

    	 

    

  

		3.5	Additional Payments by
the Corporation

 

The
Corporation shall, no later than one (1) Business Day before the date upon which the Dividend Equivalent Payment is required to
be paid pursuant to Article 3, pay to the Subscription Receipt Agent such amount, if any, as will be sufficient to allow
the Subscription Receipt Agent to pay in full the Dividend Equivalent Payment as is required under the circumstances.

 

Article 4

INVESTMENT OF PROCEEDS AND PAYMENT OF INTEREST

 

		4.1	Investment of Proceeds

 

Pending
disbursement of the Escrowed Funds, the Subscription Receipt Agent shall hold, invest and reinvest the Proceeds on behalf of the
Receiptholders in short-term obligations of, or guaranteed by, the Government of Canada, corporate commercial paper which is rated
RI (high) by DBRS Inc. or an equivalent rating service, investment certificates of a Canadian bank, in a trust account maintained
by the Subscription Receipt Agent and other approved investments as directed in writing by the Corporation. If at any time the
Proceeds include cash that is not invested and the Corporation has not provided directions to the Subscription Receipt Agent to
invest such cash, the Escrowed Funds shall remain in the Subscription Receipt Agent’s trust account.

 

Any
direction from the Corporation to the Subscription Receipt Agent shall be in writing and shall be provided to the Subscription
Receipt Agent no later than 9:00 a.m. (Calgary time) on the day on which the investment is to be made. Any direction received
by the Subscription Receipt Agent after 9:00 a.m. (Calgary time) or received on a non-Business Day shall be deemed to have been
given on the next Business Day.

 

		4.2	Segregation of Proceeds

 

The
Escrowed Funds received by the Subscription Receipt Agent and any securities or other instruments received by the Subscription
Receipt Agent upon the investment or reinvestment of such Escrowed Funds, shall be received as agent for, and shall be segregated
and kept apart by the Subscription Receipt Agent as agent for, the Receiptholders, the Underwriters and the Corporation.

 

Article 5

RIGHTS OF THE CORPORATION AND COVENANTS

 

		5.1	Optional Purchases by the
Corporation

 

Subject
to applicable law, the Corporation may from time to time purchase, by private contract or otherwise, any of the Subscription Receipts.

 

		5.2	General Covenants

 

		(a)	The
                                         Corporation covenants with the Subscription Receipt Agent and the Lead Underwriter, on
                                         behalf of the Underwriters, that so long as any Subscription Receipts remain outstanding:

 

		(i)	it
                                         will use its reasonable commercial efforts to maintain its existence;

 

    	- 17 -

    	 

    

 

		(ii)	it
                                         will make all requisite filings under applicable Canadian securities legislation including
                                         those necessary to remain a reporting issuer (or the equivalent) not in default in each
                                         of the provinces and territories of Canada in which it is presently a reporting issuer
                                         (or the equivalent);

 

		(iii)	it
                                         will promptly announce by press release the occurrence of the Acquisition Date or the
                                         Termination Date, as the case may be, in accordance with Section 3.1(a) or Section 3.3,
                                         as the case may be;

 

		(iv)	generally,
                                         it will use commercially reasonable efforts to perform and carry out all of the acts
                                         or things to be done by it as provided in this Agreement;

 

		(v)	prior
                                         to the earlier of the Acquisition Date and the Termination Date, it will not sell the
                                         properties or assets of the Corporation as, or substantially as, an entirety, to any
                                         other entity;

 

		(vi)	it
                                         will reserve and keep available a sufficient number of Common Shares for the purpose
                                         of enabling it to satisfy its obligations to issue Common Shares upon exchange of the
                                         Subscription Receipts;

 

		(vii)	it
                                         will cause the Common Shares and the certificates representing the Common Shares from
                                         time to time acquired upon exchange of the Subscription Receipts to be duly issued as
                                         fully paid and non-assessable shares and delivered in accordance with the Subscription
                                         Receipts and the terms hereof;

 

		(viii)	with
                                         respect to any notices to be given or other acts to be performed or which may be given
                                         or performed by the Lead Underwriter and any other Underwriter under or pursuant to this
                                         Agreement, it will provide the Lead Underwriter, on behalf of the Underwriters in a timely
                                         manner all such information and documents as the Underwriters (or any of them) may reasonably
                                         request and which is within the knowledge or control of the Corporation in order to verify
                                         the factual circumstances relating to such notices or acts; and

 

		(ix)	it
                                         will use its commercially reasonable efforts to ensure that (until the earlier of the
                                         Acquisition Date and the Termination Date) the Subscription Receipts and the Common Shares
                                         continue to be or are listed and posted for trading on the Exchange.

 

		(b)	In
                                         addition, the Corporation covenants with the Subscription Receipt Agent and the Lead
                                         Underwriter, on behalf of the Underwriters, that, from the date hereof to the earlier
                                         of the Termination Date and the Acquisition Date, it will not do any of the following:

 

		(i)	subdivide
                                         or redivide the outstanding Common Shares into a greater number of Common Shares;

 

		(ii)	reduce,
                                         combine or consolidate the outstanding Common Shares into a smaller number of Common
                                         Shares;

 

		(iii)	issue
                                         any assets, securities or evidence of the Corporation or any other entity to holders
                                         of all or substantially all of the outstanding Common Shares by way of a dividend or
                                         distribution; or

 

    	- 18 -

    	 

    

 

		(iv)	reclassify
                                         the Common Shares or undertake a reorganization of the Corporation or a consolidation,
                                         amalgamation, arrangement or merger of the Corporation with any other Person or other
                                         entity; or a sale or conveyance of the property and assets of the Corporation as an entirety
                                         or substantially as an entirety to any other Person or entity or a liquidation, dissolution
                                         or winding-up of the Corporation.

 

		5.3	Subscription Receipt Agent’s
Remuneration, Expenses and Indemnification

 

		(a)	The
                                         Corporation covenants that it will pay to the Subscription Receipt Agent from time to
                                         time reasonable remuneration for its services hereunder and will pay or reimburse the
                                         Subscription Receipt Agent upon its request for all reasonable expenses, disbursements
                                         and advances incurred or made by the Subscription Receipt Agent in the administration
                                         or execution of this Agreement (including the reasonable compensation and the disbursements
                                         of its counsel and all other advisers and assistants not regularly in its employ) both
                                         before any default hereunder and thereafter until all duties of the Subscription Receipt
                                         Agent hereunder shall be finally and fully performed, except any such expense, disbursement
                                         or advance as may arise out of or result from the Subscription Receipt Agent’s
                                         negligence, wilful misconduct or fraud. Any amount owing hereunder and remaining unpaid
                                         after 30 days from the invoice date will bear interest at the then current rate charged
                                         by the Subscription Receipt Agent against unpaid invoices and shall be payable on demand.

 

		(b)	The
                                         Corporation hereby indemnifies and saves harmless the Subscription Receipt Agent and
                                         its officers, directors, employees and agents from and against any and all liabilities,
                                         losses, costs, claims, actions or demands whatsoever which may be brought against the
                                         Subscription Receipt Agent or which it may suffer or incur as a result or arising out
                                         of the performance of its duties and obligations under this Agreement, save only in the
                                         event of the negligence, wilful misconduct or fraud of the Subscription Receipt Agent.
                                         It is understood and agreed that this indemnification shall survive the termination or
                                         the discharge of this Agreement or the resignation or replacement of the Subscription
                                         Receipt Agent.

 

		5.4	Performance of Covenants
by Subscription Receipt Agent

 

If
the Corporation shall fail to perform any of its covenants contained in this Agreement, the Subscription Receipt Agent may notify
the Receiptholders and the Lead Underwriter, on behalf of the Underwriters, of such failure on the part of the Corporation or
may itself perform any of the said covenants capable of being performed by it, but shall be under no obligation to perform said
covenants or to notify the Receiptholders and the Lead Underwriter on behalf of the Underwriters of such performance by it. All
sums expended or advanced by the Subscription Receipt Agent in so doing shall be repayable as provided in Section 5.3. No
such performance, expenditure or advance by the Subscription Receipt Agent shall relieve the Corporation of any default hereunder
or of its continuing obligations under the covenants contained herein.

 

		5.5	Accounting

 

The
Subscription Receipt Agent shall maintain accurate books, records and accounts of the transactions effected or controlled by the
Subscription Receipt Agent hereunder and the receipt, investment, reinvestment and disbursement of the Proceeds, and shall provide
to the Corporation and the Underwriters records and statements thereof periodically upon written request. The Corporation shall
have the right to audit any such books, records, accounts and statements.

 

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		5.6	Payments by Subscription
Receipt Agent

 

In
the event that any funds to be disbursed by the Subscription Receipt Agent in accordance herewith are received by the Subscription
Receipt Agent in the form of an uncertified cheque or cheques, the Subscription Receipt Agent shall be entitled to delay the time
for disbursement of such funds hereunder until such uncertified cheque or cheques have cleared in the ordinary course the financial
institution upon which the same are drawn. The Subscription Receipt Agent will disburse monies according to this Agreement only
to the extent that monies have been deposited with it by the Corporation.

 

		5.7	Regulatory Matters

 

The
Corporation shall file all such documents, notices and certificates and take such steps and do such things as may be necessary
under applicable securities laws to permit the issuance of the Common Shares in the circumstances contemplated by Section 3.2
such that: (i) such issuance will comply with the prospectus and registration requirements of applicable securities laws; and
(ii) the first trade in Common Shares will not be subject to, or will be exempt from, the prospectus requirements of applicable
securities laws.

 

Article 6

ENFORCEMENT

 

		6.1	Suits by Receiptholders

 

All
or any of the rights conferred upon any Receiptholder by any of the terms of the Subscription Receipt Certificates or by this
Agreement, or by both, may be enforced by the Receiptholder by appropriate proceedings but without prejudice to the right which
is hereby conferred upon the Subscription Receipt Agent to proceed in its own name to enforce each and all of the provisions contained
herein for the benefit of the Receiptholders.

 

		6.2	Immunity of Shareholders,
etc.

 

The
Subscription Receipt Agent and, by the acceptance of the Subscription Receipt Certificates and as part of the consideration for
the issue of the Subscription Receipts, the Receiptholders hereby waive and release any right, cause of action or remedy now or
hereafter existing in any jurisdiction against any past, present or future Shareholder, director, officer, employee or agent of
the Corporation or any successor entity for the issue of the Common Shares pursuant to any Subscription Receipt or on any covenant,
agreement, representation or warranty by the Corporation contained herein or in the Subscription Receipt Certificate(s).

 

Article 7

MEETINGS OF RECEIPTHOLDERS

 

		7.1	Right to Convene Meetings

 

The
Subscription Receipt Agent may at any time and from time to time, and shall on receipt of a written request of the Corporation
or of a Receiptholders’ Request and upon being funded and indemnified to its reasonable satisfaction by the Corporation
or by the Receiptholders signing such Receiptholders’ Request against the cost which may be incurred in connection with
the calling and holding of such meeting, convene a meeting of the Receiptholders. In the event of the Subscription Receipt Agent
failing to so convene a meeting within ten days after receipt of such written request of the Corporation or such Receiptholders
Request and indemnity given as aforesaid, the Corporation or such Receiptholders, as the case may be, may convene such meeting.
Every such meeting shall be held in the City of Calgary or at such other place as may be determined by the Subscription Receipt
Agent and approved by the Corporation.

 

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		7.2	Notice

 

At
least ten days’ prior notice of any meeting of Receiptholders shall be given to the Receiptholders in the manner provided
for in Section 10.2 and a copy of such notice shall be sent by mail to the Subscription Receipt Agent (unless the meeting
has been called by the Subscription Receipt Agent) and to the Corporation (unless the meeting has been called by the Corporation).
Such notice shall state the date (which must be a Business Day) and time when, and the place where, the meeting is to be held,
shall state briefly the general nature of the business to be transacted thereat and shall contain such information as is reasonably
necessary to enable the Receiptholders to make a reasoned decision on the matter, but it shall not be necessary for any such notice
to set out the terms of any resolution to be proposed or any of the provisions of this Article 7.

 

		7.3	Chairman

 

An
individual (who need not be a Receiptholder) designated in writing by the Subscription Receipt Agent shall be chairman of the
meeting and if no individual is so designated, or if the individual so designated is not present within 15 minutes from the time
fixed for the holding of the meeting, the Receiptholders present in person or by proxy shall choose some individual present to
be chairman.

 

		7.4	Quorum

 

Subject
to the provisions of Section 7.11, at any meeting of the Receiptholders a quorum shall consist of one or more Receiptholders
present in person or by proxy and holding more than 25% of the then outstanding Subscription Receipts. If a quorum of the Receiptholders
shall not be present within 30 minutes from the time fixed for holding any meeting, the meeting, if summoned by the Receiptholders
or on a Receiptholders’ Request, shall be dissolved; but in any other case the meeting shall be adjourned to the same day
in the next week (unless such day is not a Business Day, in which case it shall be adjourned to the next following Business Day)
at the same time and place and no notice of the adjournment need be given. Any business may be brought before or dealt with at
an adjourned meeting that might have been dealt with at the original meeting in accordance with the notice calling the same. No
business shall be transacted at any meeting unless a quorum is present at the commencement of business. At the adjourned meeting,
the Receiptholders present in person or by proxy shall form a quorum and may transact the business for which the meeting was originally
convened notwithstanding that they may not hold at least 25% of the then outstanding Subscription Receipts.

 

		7.5	Power to Adjourn

 

The
chairman of any meeting at which a quorum of the Receiptholders is present may, with the consent of the meeting, adjourn any such
meeting and no notice of such adjournment need be given except such notice, if any, as the meeting may prescribe.

 

		7.6	Show of Hands

 

Every
question submitted to a meeting shall be decided in the first place by a majority of the votes given on a show of hands except
that votes on an Extraordinary Resolution shall be given in the manner hereinafter provided. At any such meeting, unless a poll
is duly demanded as herein provided, a declaration by the chairman that a resolution has been carried or carried unanimously or
by a particular majority or lost or not carried by a particular majority shall be conclusive evidence of the fact.

 

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		7.7	Poll and Voting

 

On
every Extraordinary Resolution, and on any other question submitted to a meeting and after a vote by show of hands when demanded
by the chairman or by one or more of the Receiptholders acting in person or by proxy and holding at least 5% of the then outstanding
Subscription Receipts, a poll shall be taken in such manner as the chairman shall direct. Questions other than those required
to be determined by Extraordinary Resolution shall be decided by a majority of the votes cast on the poll.

 

On
a show of hands, every Person who is present and entitled to vote, whether as a Receiptholder or as proxy for one or more absent
Receiptholders, or both, shall have one vote. On a poll, each Receiptholder present in person or represented by a proxy duly appointed
by instrument in writing shall be entitled to one vote in respect of each Common Share he is entitled to receive pursuant to the
Subscription Receipt(s) then held or represented by him. A proxy need not be a Receiptholder. In the case of joint holders, any
of them present in person or by proxy at the meeting may vote in the absence of the other or others; but in case more than one
of them shall be present in person or by proxy, they shall vote together in respect of Subscription Receipts of which they are
joint registered holders. The chairman of any meeting shall be entitled, both on a show of hands and on a poll, to vote in respect
of the Subscription Receipts, if any, held or represented by him.

 

		7.8	Regulations

 

The
Subscription Receipt Agent, or the Corporation with the approval of the Subscription Receipt Agent, may from time to time make
and from time to time vary such regulations as it shall think fit for:

 

		(a)	the
                                         setting of the record date for a meeting of holders of Subscription Receipts for the
                                         purpose of determining Receiptholders entitled to receive notice of and vote at such
                                         meeting;

 

		(b)	the
                                         issue of voting certificates by any bank, trust company or other depositary satisfactory
                                         to the Subscription Receipt Agent stating that the Subscription Receipt Certificates
                                         specified therein have been deposited with it by a named Person and will remain on deposit
                                         until after the meeting, which voting certificate shall entitle the Persons named therein
                                         to be present and vote at any such meeting and at any adjournment thereof or to appoint
                                         a proxy or proxies to represent them and vote for them at any such meeting and at any
                                         adjournment thereof in the same manner and with the same effect as though the Persons
                                         so named in such voting certificates were the actual holders of the Subscription Receipt
                                         Certificates specified therein;

 

		(c)	the
                                         deposit of voting certificates and instruments appointing proxies at such place and time
                                         as the Subscription Receipt Agent, the Corporation or the Receiptholders, convening the
                                         meeting, as the case may be, may direct in the notice convening the meeting;

 

		(d)	the
                                         deposit of voting certificates and instruments appointing proxies at some approved place
                                         or places other than the place at which the meeting is to be held and enabling particulars
                                         of such instruments appointing proxies to be mailed or sent via facsimile before the
                                         meeting to the Corporation or to the Subscription Receipt Agent at the place where the
                                         same is to be held and for the voting of proxies so deposited as though the instruments
                                         themselves were produced at the meeting;

 

    	- 22 -

    	 

    

 

		(e)	the
                                         form of the instrument of proxy and the manner in which the instrument of proxy must
                                         be executed; and

 

		(f)	generally
                                         for the calling of meetings of Receiptholders and the conduct of business thereat.

 

Any regulations
so made shall be binding and effective and the votes given in accordance therewith shall be valid and shall be counted. Save as
such regulations may provide, the only Persons who shall be recognized at any meeting as a Receiptholder, or be entitled to vote
or be present at the meeting in respect thereof (subject to Section 7.9), as applicable, shall be Receiptholders or their
counsel, or duly appointed proxies of Receiptholders.

 

		7.9	Corporation and Subscription
Receipt Agent may be Represented

 

The
Corporation and the Subscription Receipt Agent, by their respective authorized employees and agents, and the counsel for the Corporation
and for the Subscription Receipt Agent may attend any meeting of the Receiptholders, but shall have no vote as such unless in
their capacity as Receiptholder or a proxy holder.

 

		7.10	Powers Exercisable by Extraordinary
Resolution

 

In
addition to all other powers conferred upon them by any other provisions of this Agreement or by law, the Receiptholders at a
meeting shall, subject to the provisions of Section 7.11, have the power, subject to all applicable regulatory and exchange
approvals, exercisable from time to time by Extraordinary Resolution:

 

		(a)	to
                                         agree to any modification, abrogation, alteration, compromise or arrangement of the rights
                                         of Receiptholders or the Subscription Receipt Agent against the Corporation or against
                                         its undertaking, property and assets or any part thereof whether such rights arise under
                                         this Agreement or the Subscription Receipt Certificates or otherwise;

 

		(b)	to
                                         amend, alter or repeal any Extraordinary Resolution previously passed or sanctioned by
                                         the Receiptholders;

 

		(c)	to
                                         direct or to authorize the Subscription Receipt Agent to enforce any of the covenants
                                         on the part of the Corporation contained in this Agreement or the Subscription Receipt
                                         Certificates or to enforce any of the rights of the Receiptholders in any manner specified
                                         in such Extraordinary Resolution or to refrain from enforcing any such covenant or right;

 

		(d)	to
                                         waive, and to direct the Subscription Receipt Agent to waive, any default on the part
                                         of the Corporation in complying with any provisions of this Agreement or the Subscription
                                         Receipt Certificates either unconditionally or upon any conditions specified in such
                                         Extraordinary Resolution;

 

		(e)	to
                                         restrain any Receiptholder from taking or instituting any suit, action or proceeding
                                         against the Corporation for the enforcement of any of the covenants on the part of the
                                         Corporation in this Agreement or the Subscription Receipt Certificates or to enforce
                                         any of the rights of the Receiptholders;

 

		(f)	to
                                         direct any Receiptholder who, as such, has brought any suit, action or proceeding to
                                         stay or to discontinue or otherwise to deal with the same upon payment of the costs,
                                         charges and expenses reasonably and properly incurred by such Receiptholder in connection
                                         therewith;

 

    	- 23 -

    	 

    

 

		(g)	to
                                         assent to any modification of, change in or omission from the provisions contained in
                                         the Subscription Receipt Certificates and this Agreement or any ancillary or supplemental
                                         instrument which may be agreed to by the Corporation, and to authorize the Subscription
                                         Receipt Agent to concur in and execute any ancillary or supplemental agreement embodying
                                         the change or omission, provided that such modification, change or omission will not
                                         prejudice the rights of the Receiptholders or the Subscription Receipt Agent;

 

		(h)	with
                                         the consent of the Corporation (such consent not to be unreasonably withheld), to remove
                                         the Subscription Receipt Agent or its successor in office and to appoint a new Subscription
                                         Receipt Agent to take the place of the Subscription Receipt Agent so removed;

 

		(i)	to
                                         assent to any compromise or arrangement with any creditor or creditors or any class or
                                         classes of creditors, whether secured or otherwise, and with holders of any Common Shares
                                         or other securities of the Corporation; and

 

		(j)	to
                                         assent to any modification of the Articles of the Corporation in circumstances where,
                                         had the Common Shares then been outstanding, an Extraordinary Resolution of the holders
                                         of Common Shares would have been required.

 

		7.11	Meaning of Extraordinary
Resolution

 

		(a)	The
                                         expression “Extraordinary Resolution” when used in this Agreement
                                         means, subject as hereinafter provided in this Section 7.11 and in Section 7.14,
                                         a resolution proposed at a meeting of Receiptholders duly convened for that purpose and
                                         held in accordance with the provisions of this Article 7 at which there are present
                                         in person or by proxy one or more Receiptholders holding more than 25% of the then outstanding
                                         Subscription Receipts and passed by the affirmative votes of Receiptholders holding not
                                         less than 662/3% of the then outstanding Subscription Receipts represented at the meeting
                                         and voted on the poll upon such resolution.

 

		(b)	If,
                                         at any meeting called for the purpose of passing an Extraordinary Resolution, one or
                                         more Receiptholders holding more than 25% of the then outstanding Subscription Receipts
                                         are not present in person or by proxy within 30 minutes after the time appointed for
                                         the meeting, then the meeting, if convened by Receiptholders or on a Receiptholders’
                                         Request, shall be dissolved; but in any other case it shall stand adjourned to such day,
                                         being not less than 14 or more than 30 days later, and to such place and time as may
                                         be appointed by the chairman. Not less than seven days’ prior notice shall be given
                                         of the time and place of such adjourned meeting in the manner provided for in Section 10.2.
                                         Such notice shall state that at the adjourned meeting the Receiptholders present in person
                                         or by proxy shall, subject to the provisions below, form a quorum but it shall not be
                                         necessary to set forth the purposes for which the meeting was originally called or any
                                         other particulars. At the adjourned meeting:

 

		(i)	if
                                         the Extraordinary Resolution purports to exercise any of the powers conferred pursuant
                                         to Subsections 7.10(a), 7.10(d), 7.10(g), 7.10(i) or 7.10(j) or purports to change
                                         the provisions of this Section 7.11 or of Section 7.14 or purports to amend,
                                         alter or repeal any Extraordinary Resolution previously passed or sanctioned by the Receiptholders
                                         in exercise of the powers referred to in this paragraph, a quorum for the transaction
                                         of business shall consist of Receiptholders holding more than 25% of the then outstanding
                                         Subscription Receipts present in person or by proxy; and

 

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		(ii)	in
                                         any other case, a quorum for the transaction of business shall consist of such Receiptholders
                                         as are present in person or by proxy.

 

		(c)	At
                                         any such adjourned meeting and subject to the provisions in Subsection 7.11(b)(i),
                                         any resolution passed by the requisite votes as provided in Subsection 7.11(a) shall
                                         be an Extraordinary Resolution within the meaning of this Agreement notwithstanding that
                                         Receiptholders holding more than 25% of the then outstanding Subscription Receipts are
                                         not present in person or by proxy at such adjourned meeting.

 

		(d)	Votes
                                         on an Extraordinary Resolution shall always be given on a poll and no demand for a poll
                                         on an Extraordinary Resolution shall be necessary.

 

		7.12	Powers Cumulative

 

Any
one or more of the powers or any combination of the powers in this Agreement stated to be exercisable by the Receiptholders by
Extraordinary Resolution or otherwise may be exercised from time to time and the exercise of any one or more of such powers or
any combination of powers from time to time shall not be deemed to exhaust the right of the Receiptholders to exercise such power
or powers or combination of powers then or thereafter from time to time.

 

		7.13	Minutes

 

Minutes
of all resolutions and proceedings at every meeting of Receiptholders shall be made and duly entered in books to be provided from
time to time for that purpose by the Subscription Receipt Agent at the expense of the Corporation, and any such minutes as aforesaid,
if signed by the chairman or the secretary of the meeting at which such resolutions were passed or proceedings had or by the chairman
or secretary of the next succeeding meeting held shall be prima facie evidence of the matters therein stated and, until the contrary
is proved, every such meeting in respect of the proceedings of which minutes shall have been made shall be deemed to have been
duly convened and held, and all resolutions passed thereat or proceedings taken shall be deemed to have been duly passed and taken.

 

		7.14	Instruments in Writing

 

All
actions which may be taken and all powers that may be exercised by the Receiptholders at a meeting held as provided in this Article 7
may also be taken and exercised by an instrument in writing signed in one or more counterparts
by such Receiptholders in person or by attorney duly appointed in writing, by Receiptholders holding at least: (i) a majority
of the then outstanding Subscription Receipts with respect to a resolution which is not an Extraordinary Resolution; and (ii)
662⁄3% of the then outstanding Subscription Receipts with respect to an Extraordinary Resolution, and the expression “Extraordinary
Resolution” when used in this Agreement shall include an instrument so signed by Receiptholders holding at least 662⁄3%
of the then outstanding Subscription Receipts.

 

    	- 25 -

    	 

    

 

		7.15	Binding Effect of Resolutions

 

Every
resolution and every Extraordinary Resolution passed in accordance with the provisions of this Article 7
at a meeting of Receiptholders shall be binding upon all the Receiptholders, whether present at or absent from such meeting, and
every instrument in writing signed by Receiptholders in accordance with Section 7.14 shall be binding upon all the Receiptholders,
whether signatories thereto or not, and each and every Receiptholder and the Subscription Receipt Agent (subject to the provisions
for indemnity herein contained) shall be bound to give effect accordingly to every such resolution and instrument in writing.

 

		7.16	Holdings by Corporation
Disregarded

 

In
determining whether Receiptholders holding the required number of Subscription Receipts are present at a meeting of Receiptholders
for the purpose of determining a quorum or have concurred in any consent, waiver, Extraordinary Resolution, Receiptholders’
Request or other action under this Agreement, Subscription Receipts owned legally or beneficially by the Corporation or any affiliated
entity of the Corporation shall be disregarded in accordance with the provisions of Section 10.7.

 

Article 8

SUPPLEMENTAL AGREEMENTS

 

		8.1	Provision for Supplemental
Agreements for Certain Purposes

 

From
time to time, and subject to any applicable regulatory approval, the Corporation, the Lead Underwriter, on behalf of the Underwriters,
and the Subscription Receipt Agent may, subject to the provisions hereof, and they shall, when so directed in accordance with
the provisions hereof, execute and deliver by their proper officers, agreements supplemental hereto, which thereafter shall form
part hereof, for any one or more or all of the following purposes:

 

		(a)	adding
                                         to the provisions hereof such additional covenants and enforcement provisions as, in
                                         the opinion of Counsel, are necessary or advisable in the premises, provided that the
                                         same are not in the opinion of the Subscription Receipt Agent, relying on the opinion
                                         of Counsel, prejudicial to the interests of the Receiptholders;

 

		(b)	giving
                                         effect to any Extraordinary Resolution passed as provided in Article 7;

 

		(c)	making
                                         such provisions not inconsistent with this Agreement as may be necessary or desirable
                                         with respect to matters or questions arising hereunder, provided that such provisions
                                         are not, in the opinion of the Subscription Receipt Agent, relying on the opinion of
                                         Counsel, prejudicial to the interests of the Receiptholders;

 

		(d)	adding
                                         to or altering the provisions hereof in respect of the transfer of Subscription Receipts,
                                         making provision for the exchange of Subscription Receipt Certificates, and making any
                                         modification in the form of the Subscription Receipt Certificates which does not affect
                                         the substance thereof,

 

		(e)	modifying
                                         any of the provisions of this Agreement, including relieving the Corporation from any
                                         of the obligations, conditions or restrictions herein contained, provided that such modification
                                         or relief shall be or become operative or effective only if, in the opinion of the Subscription
                                         Receipt Agent, relying on the opinion of Counsel, such modification or relief in no way
                                         prejudices any of the rights of the Receiptholders or of the Subscription Receipt Agent,
                                         and provided further that the Subscription Receipt Agent may in its sole discretion decline
                                         to enter into any such supplemental agreement which in its opinion may not afford adequate
                                         protection to the Subscription Receipt Agent when the same shall become operative; and

 

    	- 26 -

    	 

    

 

		(f)	for
                                         any other purpose not inconsistent with the terms of this Agreement, including the correction
                                         or rectification of any ambiguities, defective or inconsistent provisions, errors, mistakes
                                         or omissions herein, provided that in the opinion of the Subscription Receipt Agent,
                                         relying on the opinion of Counsel, the rights of the Subscription Receipt Agent and of
                                         the Receiptholders are in no way prejudiced thereby.

 

Article 9

CONCERNING THE Subscription Receipt Agent

 

		9.1	Rights and Duties of Subscription
Receipt Agent

 

		(a)	In
                                         the exercise of the rights and duties prescribed or conferred by the terms of this Agreement,
                                         the Subscription Receipt Agent shall exercise that degree of care, diligence and skill
                                         that a reasonably prudent escrow agent would exercise in comparable circumstances. No
                                         provision of this Agreement shall be construed to relieve the Subscription Receipt Agent
                                         from liability for its own gross negligent action, its own gross negligent failure to
                                         act, or its own wilful misconduct or fraud.

 

		(b)	The
                                         obligation of the Subscription Receipt Agent to commence or continue any act, action
                                         or proceeding for the purpose of enforcing any rights of the Subscription Receipt Agent
                                         or the Receiptholders hereunder shall be conditional upon the Receiptholders furnishing,
                                         when required by notice by the Subscription Receipt Agent, sufficient funds to commence
                                         or to continue such act, action or proceeding and an indemnity reasonably satisfactory
                                         to the Subscription Receipt Agent to protect and to hold harmless the Subscription Receipt
                                         Agent against the costs, charges and expenses and liabilities to be incurred thereby
                                         and any loss and damage it may suffer by reason thereof. None of the provisions contained
                                         in this Agreement shall require the Subscription Receipt Agent to expend or to risk its
                                         own funds or otherwise to incur financial liability in the performance of any of its
                                         duties or in the exercise of any of its rights or powers unless indemnified as aforesaid.

 

		(c)	The
                                         Subscription Receipt Agent shall retain the right not to act and shall not be liable
                                         for refusing to act, if, due to a lack of information or for any other reason whatsoever,
                                         the Subscription Receipt Agent, in its sole judgment, determines that such act might
                                         cause it to be in non-compliance with any applicable anti-money laundering or anti-terrorist
                                         legislation, regulation or guideline. Further, should the Subscription Receipt Agent,
                                         in its sole judgment, determine at any time that its acting under this Agreement has
                                         resulted in its being in non-compliance with any applicable anti-money laundering or
                                         anti-terrorist legislation, regulation or guideline, then it shall have the right to
                                         resign on ten days’ written notice to the Corporation and the Lead Underwriter,
                                         provided that: (i) Subscription Receipt Agent’s written notice shall describe the
                                         circumstances of such non-compliance; and (ii) if such circumstances are rectified to
                                         the Subscription Receipt Agent’s satisfaction within such ten day period, then
                                         such resignation shall not be effective.

 

		(d)	The
                                         Subscription Receipt Agent may, before commencing or at any time during the continuance
                                         of any such act, action or proceeding, require the Receiptholders at whose instance it
                                         is acting to deposit with the Subscription Receipt Agent the Subscription Receipts held
                                         by them, for which Subscription Receipts the Subscription Receipt Agent shall issue receipts.

 

    	- 27 -

    	 

    

 

		(e)	Every
                                         provision of this Agreement that by its terms relieves the Subscription Receipt Agent
                                         of liability or entitles it to rely upon any evidence submitted to it is subject to the
                                         provisions of this Section 9.1 and of Section 9.2.

 

		(f)	The
                                         Subscription Receipt Agent shall have no duties except those expressly set forth herein,
                                         and it shall not be bound by any notice of a claim or demand with respect to, or any
                                         waiver, modification, amendment, termination or rescission of, this Agreement, unless
                                         received by it in writing and signed by the other parties hereto and, if its duties herein
                                         are affected, unless it shall have given its prior written consent thereto.

 

		(g)	The
                                         Subscription Receipt Agent shall not be responsible for ensuring that the Proceeds are
                                         used in the manner contemplated by the Prospectus.

 

		(h)	The
                                         Subscription Receipt Agent shall retain the right not to act and shall not be held liable
                                         for refusing to act unless it has received clear and reasonable documentation which complies
                                         with the terms of this Agreement, which documentation does not require the exercise of
                                         any discretion or independent judgment.

 

		(i)	The
                                         Subscription Receipt Agent shall incur no liability whatsoever with respect to the delivery
                                         or non-delivery of any certificates whether delivery by hand, mail or any other means.

 

		(j)	The
                                         Subscription Receipt Agent shall not be responsible or liable in any manner whatsoever
                                         for the deficiency, correctness, genuineness or validity of any securities deposited
                                         with it.

 

		9.2	Evidence, Experts and Advisers

 

		(a)	In
                                         addition to the reports, certificates, opinions and other evidence required by this Agreement,
                                         the Corporation shall furnish to the Subscription Receipt Agent such additional evidence
                                         of compliance with any provision hereof, and in such form, as the Subscription Receipt
                                         Agent may reasonably require by written notice to the Corporation.

 

		(b)	In
                                         the exercise of its rights and duties hereunder, the Subscription Receipt Agent may,
                                         if it is acting in good faith, rely as to the truth of the statements and the accuracy
                                         of the opinions expressed in statutory declarations, opinions, reports, written requests,
                                         consents, or orders of the Corporation, certificates of the Corporation or other evidence
                                         furnished to the Subscription Receipt Agent pursuant to any provision hereof or pursuant
                                         to a request of the Subscription Receipt Agent.

 

		(c)	Whenever
                                         it is provided in this Agreement that the Corporation shall deposit with the Subscription
                                         Receipt Agent resolutions, certificates, reports, opinions, requests, orders or other
                                         documents, it is intended that the truth, accuracy and good faith on the effective date
                                         thereof and the facts and opinions stated in all such documents so deposited shall, in
                                         each and every such case, be conditions precedent to the right of the Corporation to
                                         have the Subscription Receipt Agent take the action to be based thereon.

 

		(d)	Proof
                                         of the execution of an instrument in writing, including a Receiptholders’ Request,
                                         by any Receiptholder may be made by the certificate of a notary public, or other officer
                                         with similar powers, that the person signing such instrument acknowledged to the officer
                                         the execution thereof, or by an affidavit of a witness to such execution or in any other
                                         manner which the Subscription Receipt Agent may consider adequate.

 

    	- 28 -

    	 

    

 

		(e)	The
                                         Subscription Receipt Agent may employ or retain such Counsel, accountants, appraisers
                                         or other experts or advisers as it may reasonably require for the purpose of discharging
                                         its duties hereunder and may pay reasonable remuneration for all services so performed
                                         by any of them, without taxation of costs of any Counsel, and shall not be responsible
                                         for any misconduct or negligence on the part of any such experts or advisers who have
                                         been appointed with due care by the Subscription Receipt Agent.

 

		9.3	Documents, Monies, etc.
Held by Subscription Receipt Agent

 

Any
securities, documents of title or other instruments that may at any time be held by the Subscription Receipt Agent pursuant to
this Agreement may be placed in the deposit vaults of the Subscription Receipt Agent or of any Canadian bank or deposited for
safekeeping with any such bank. If the Subscription Receipt Agent has not received a direction under Section 4.1, any monies
so held pending the application or withdrawal thereof under any provisions of this Agreement may be deposited in the name of the
Subscription Receipt Agent in any Canadian bank, or in the deposit department of the Subscription Receipt Agent or any other loan
or trust company authorized to accept deposits under the laws of Canada or a province thereof, at the rate of interest (if any)
then current on similar deposits.

 

		9.4	Actions by Subscription
Receipt Agent to Protect Interest

 

The
Subscription Receipt Agent shall have power to institute and to maintain such actions and proceedings as it may consider necessary
or expedient to preserve, protect or enforce its interests and the interests of the Receiptholders.

 

		9.5	Third Party Interests

 

Each
party to this Agreement hereby represents to the Subscription Receipt Agent that any account to be opened by, or interest to be
held by, the Subscription Receipt Agent in connection with this Agreement, for or to the credit of such party, either: (i) is
not intended to be used by or on behalf of any third party; or (ii) is intended to be used by or on behalf of a third party, in
which case each of the Lead Underwriter and the Corporation agrees to complete and execute forthwith a declaration in the Subscription
Receipt Agent’s prescribed form as to the particulars of such third party.

 

		9.6	Subscription Receipt Agent
not Required to Give Security

 

The
Subscription Receipt Agent shall not be required to give any bond or security in respect of the execution of this Agreement or
otherwise in respect of the premises.

 

		9.7	Protection of Subscription
Receipt Agent

 

By
way of supplement to the provisions of any law for the time being relating to trustees it is expressly declared and agreed as
follows:

 

		(a)	the
                                         Subscription Receipt Agent shall not be liable for or by reason of any statements of
                                         fact or recitals in this Agreement or in the Subscription Receipt Certificates (except
                                         the representation contained in Section 9.9 or in the certificate of the Subscription
                                         Receipt Agent on the Subscription Receipt Certificates) or be required to verify the
                                         same, but all such statements or recitals are and shall be deemed to be made by the Corporation;

 

    	- 29 -

    	 

    

 

		(b)	nothing
                                         herein contained shall impose any obligation on the Subscription Receipt Agent to see
                                         to or to require evidence of the registration or filing (or renewal thereof) of this
                                         Agreement or any instrument ancillary or supplemental hereto;

 

		(c)	the
                                         Subscription Receipt Agent shall not be bound to give notice to any Person or Persons
                                         of the execution hereof; and

 

		(d)	the
                                         Subscription Receipt Agent shall not incur any liability or responsibility whatsoever
                                         or be in any way responsible for the consequence of any breach on the part of the Corporation
                                         of any of the covenants herein contained or of any acts of any officers, employees, agents
                                         or servants of the Corporation.

 

		9.8	Replacement of Subscription
Receipt Agent; Successor by Merger

 

		(a)	The
                                         Subscription Receipt Agent may resign its appointment and be discharged from all other
                                         duties and liabilities hereunder, subject to this Section 9.8, by giving to the
                                         Corporation not less than 30 days’ prior notice in writing or such shorter prior
                                         notice as the Corporation may accept as sufficient. The Receiptholders by Extraordinary
                                         Resolution shall have power at any time to remove the existing Subscription Receipt Agent
                                         and to appoint a new Subscription Receipt Agent. In the event of the Subscription Receipt
                                         Agent resigning or being removed as aforesaid or being dissolved, becoming bankrupt,
                                         going into liquidation or otherwise becoming incapable of acting hereunder, the Lead
                                         Underwriter, on behalf of the Underwriters, shall forthwith appoint a new escrow agent
                                         unless a new escrow agent has already been appointed by the Receiptholders; failing such
                                         appointment by the Lead Underwriter, on behalf of the Underwriters, the retiring Subscription
                                         Receipt Agent or any Receiptholder may apply to a justice of the Court of Queen’s
                                         Bench (Alberta) on such notice as such justice may direct, for the appointment of a new
                                         escrow agent; but any new escrow agent so appointed by the Lead Underwriter, on behalf
                                         of the Underwriters, or by the Court shall be subject to removal as aforesaid by the
                                         Receiptholders. Any new escrow agent appointed under any provision of this Section 9.8
                                         shall be a corporation authorized to carry on the business of a trust company in the
                                         Provinces of Alberta and Ontario and, if required by the applicable legislation for any
                                         other provinces, in such other provinces. On any such appointment, the new escrow agent
                                         shall be vested with the same powers, rights, duties and responsibilities as if it had
                                         been originally named herein as Subscription Receipt Agent hereunder. At the request
                                         of the Corporation or the new Subscription Receipt Agent, the retiring Subscription Receipt
                                         Agent, upon payment of the amounts, if any, due to it pursuant to Section 5.3, shall
                                         duly assign, transfer and deliver to the new Subscription Receipt Agent all property
                                         and money held and all records kept by the retiring Subscription Receipt Agent hereunder
                                         or in connection herewith.

 

		(b)	Upon
                                         the appointment of a successor escrow agent, the Corporation shall promptly notify the
                                         Receiptholders thereof in the manner provided for in Article 10.

 

		(c)	Any
                                         corporation into or with which the Subscription Receipt Agent may be merged or consolidated
                                         or amalgamated, or any corporation resulting therefrom to which the Subscription Receipt
                                         Agent shall be a party, or any corporation succeeding to the corporate trust business
                                         of the Subscription Receipt Agent shall be the successor to the Subscription Receipt
                                         Agent hereunder without any further act on its part or any of the parties hereto, provided
                                         that such corporation would be eligible for appointment as a successor escrow agent under
                                         Subsection 9.8(a).

 

    	- 30 -

    	 

    

 

		(d)	Any
                                         Subscription Receipt Certificates certified but not delivered by a predecessor escrow
                                         agent may be delivered by the successor escrow agent in the name of the predecessor or
                                         successor escrow agent.

 

		9.9	Conflict of Interest

 

		(a)	The
                                         Subscription Receipt Agent represents to the Corporation and the Lead Underwriter, on
                                         behalf of the Underwriters, that at the time of execution and delivery hereof no material
                                         conflict of interest exists between its role as an escrow agent hereunder and its role
                                         in any other capacity and agrees that in the event of a material conflict of interest
                                         arising hereafter it will, within 30 days after ascertaining that it has such material
                                         conflict of interest, either eliminate the same or assign its appointment as escrow agent
                                         hereunder to a successor escrow agent approved by the Corporation and meeting the requirements
                                         set forth in Subsection 9.8(a). Notwithstanding the foregoing provisions of this
                                         Subsection 9.9(a), if any such material conflict of interest exists or hereafter
                                         shall exist, the validity and enforceability of this Agreement and the Subscription Receipt
                                         Certificates shall not be affected in any manner whatsoever by reason thereof.

 

		(b)	Subject
                                         to Subsection 9.9(a), the Subscription Receipt Agent, in its personal or any other
                                         capacity, may buy, lend upon and deal in securities of the Corporation and generally
                                         may contract and enter into financial transactions with the Corporation or any affiliated
                                         entity of the Corporation without being liable to account for any profit made thereby.

 

		9.10	Acceptance of Appointment

 

The
Subscription Receipt Agent hereby accepts the appointment as escrow agent in this Agreement and agrees to perform its duties hereunder
upon the terms and conditions herein set forth.

 

		9.11	Subscription Receipt Agent
Not to be Appointed Receiver

 

The
Subscription Receipt Agent and any Person related to the Subscription Receipt Agent shall not be appointed a receiver, a receiver
and manager or liquidator of all or any part of the assets or undertaking of the Corporation.

 

		9.12	Privacy Laws

 

The
parties acknowledge that the Subscription Receipt Agent may, in the course of providing services hereunder, collect or receive
financial and other personal information about such parties and/or their representatives, as individuals, or about other individuals
related to the subject matter hereof, and use such information for the following purposes:

 

		(a)	to
                                         provide the services required under this Agreement and other services that may be requested
                                         from time to time;

 

		(b)	to
                                         help the Subscription Receipt Agent manage its servicing relationships with such individuals;

 

		(c)	to
                                         meet the Subscription Receipt Agent’s legal and regulatory requirements; and

 

		(d)	if
                                         Social Insurance Numbers are collected by the Subscription Receipt Agent, to perform
                                         tax reporting and to assist in verification of an individual’s identity for security
                                         purposes.

 

    	- 31 -

    	 

    

 

Each
party acknowledges and agrees that the Subscription Receipt Agent may receive, collect, use and disclose personal information
provided to it or acquired by it in the course of this agreement for the purposes described above and, generally, in the manner
and on the terms described in its privacy code, which the Subscription Receipt Agent shall make available on its website or upon
request, including revisions thereto. Some of this personal information may be transferred to
servicers in the United States for data processing and/or storage. Further, each party agrees that it shall not provide or cause
to be provided to the Subscription Receipt Agent any personal information relating to an individual who is not a party to this
Agreement unless that party has assured itself that such individual understands and has consented to the aforementioned terms,
uses and disclosures.

 

Article 10

GENERAL

 

		10.1	Notice to the Corporation,
Subscription Receipt Agent and the Lead Underwriter

 

		(a)	Unless
                                         herein otherwise expressly provided, any notice to be given hereunder to the Corporation,
                                         the Underwriters or the Subscription Receipt Agent shall be deemed to be validly given
                                         if delivered by hand courier or if transmitted by facsimile:

 

		(i)	if
                                         to the Corporation:

 

Gran
Tierra Energy Inc.

Attention:l

Facsimile:(____) l

 

		(ii)	if
                                         to the Lead Underwriter, on behalf of the Underwriters:

 

[Underwriter]

Attention:l

Facsimile:(____) l

 

		(iii)	if
                                         to the Subscription Receipt Agent:

 

[Trustee]

 

Attention:l

Facsimile:(____) l

 

and
any such notice delivered in accordance with the foregoing shall be deemed to have been received on the date of delivery or, if
sent via facsimile, on the day of transmission or, if such day is not a Business Day, on the first Business Day following the
day of transmission.

 

		(b)	The
                                         Corporation, the Lead Underwriter, on behalf of the Underwriters, or the Subscription
                                         Receipt Agent, as the case may be, may from time to time notify the others in the manner
                                         provided in Subsection 10.1(a) of a change of address which, from the effective
                                         date of such notice and until changed by like notice, shall be the address of the Corporation,
                                         the Lead Underwriter, on behalf of the Underwriters, or the Subscription Receipt Agent,
                                         as the case may be, for all purposes of this Agreement.

 

    	- 32 -

    	 

    

  

		10.2	Notice to Receiptholders

 

		(a)	Any
                                         notice to the Receiptholders under the provisions of this Agreement shall be valid and
                                         effective if delivered or sent by letter or circular through the ordinary post addressed
                                         to such holders at their post office addresses appearing on the register hereinbefore
                                         mentioned and shall be deemed to have been effectively given on the date of delivery
                                         or, if mailed, three Business Days following actual posting of the notice.

 

		(b)	If,
                                         by reason of a strike, lockout or other work stoppage, actual or threatened, involving
                                         postal employees, any notice to be given to the Receiptholders hereunder could reasonably
                                         be considered unlikely to reach its destination, such notice shall be valid and effective
                                         only if it is delivered personally to such Receiptholders or if delivered to the address
                                         for such Receiptholders contained in the register of Subscription Receipts maintained
                                         by the Subscription Receipt Agent.

 

		10.3	Ownership and Transfer
of Subscription Receipts

 

The
Corporation and the Subscription Receipt Agent may deem and treat the registered owner of any Subscription Receipt Certificate
or, in the case of a transferee who has surrendered a Subscription Receipt Certificate in accordance with and as contemplated
in Sections 2.13 and 2.14, such transferee, as the absolute owner of the Subscription Receipt represented thereby for all
purposes, and the Corporation and the Subscription Receipt Agent shall not be affected by any notice or knowledge to the contrary
except where the Corporation or the Subscription Receipt Agent is required to take notice by statute or by order of a court of
competent jurisdiction. A Receiptholder shall be entitled to the rights evidenced by such Subscription Receipt Certificate free
from all equities or rights of set off or counterclaim between the Corporation and the original or any intermediate holder thereof
and all Persons may act accordingly and the receipt of any such Receiptholder for the Common Shares which may be acquired pursuant
thereto shall be a good discharge to the Corporation and the Subscription Receipt Agent for the same and neither the Corporation
nor the Subscription Receipt Agent shall be bound to inquire into the title of any such holder except where the Corporation or
the Subscription Receipt Agent is required to take notice by statute or by order of a court of competent jurisdiction.

 

		10.4	Evidence of Ownership

 

		(a)	Upon
                                         receipt of a certificate of any bank, trust company or other depositary satisfactory
                                         to the Subscription Receipt Agent stating that the Subscription Receipts specified therein
                                         have been deposited by a named Person with such bank, trust company or other depositary
                                         and will remain so deposited until the expiry of the period specified therein, the Corporation
                                         and the Subscription Receipt Agent may treat the Person so named as the owner, and such
                                         certificate as sufficient evidence of the ownership by such Person of such Subscription
                                         Receipt during such period, for the purpose of any requisition, direction, consent, instrument
                                         or other document to be made, signed or given by the holder of the Subscription Receipt
                                         so deposited.

 

		(b)	The
                                         Corporation and the Subscription Receipt Agent may accept as sufficient evidence of the
                                         fact and date of the signing of any requisition, direction, consent, instrument or other
                                         document by any Person: (i) the signature of any officer of any bank, trust company,
                                         or other depositary satisfactory to the Subscription Receipt Agent as witness of such
                                         execution; (ii) the certificate of any notary public or other officer authorized to take
                                         acknowledgments of deeds to be recorded at the place where such certificate is made that
                                         the Person signing acknowledged to him the execution thereof; or (iii) a statutory declaration
                                         of a witness of such execution.

 

    	- 33 -

    	 

    

 

		10.5	Satisfaction and Discharge
of Agreement

 

Upon
the earlier of:

 

		(a)	the
                                         issue of certificates or Book-Entry Only System customer confirmations representing Common
                                         Shares and payment of all monies required as provided in Section 3.2; or

 

		(b)	the
                                         payment of all monies required where the Acquisition is terminated or the Acquisition
                                         Time does not occur by the Deadline as provided in Section 3.3,

 

this Agreement
shall cease to be of further effect and the Subscription Receipt Agent, on demand of and at the cost and expense of the Corporation
and upon delivery to the Subscription Receipt Agent of a certificate of the Corporation stating that all conditions precedent
to the satisfaction and discharge of this Agreement have been complied with, shall execute proper instruments acknowledging satisfaction
of and discharging this Agreement. Notwithstanding the foregoing, the indemnities provided to the Subscription Receipt Agent by
the Corporation hereunder shall remain in full force and effect and survive the termination of this Agreement.

 

		10.6	Provisions of Agreement
and Subscription Receipts for the Sole Benefit of Parties and Receiptholders

 

Nothing
in this Agreement or in the Subscription Receipt Certificates, expressed or implied, shall give or be construed to give to any
Person other than the parties hereto and the Receiptholders any legal or equitable right, remedy or claim under this Agreement,
or under any covenant or provision herein or therein contained, all such covenants and provisions being for the sole benefit of
the parties hereto, the Receiptholders and such transferees.

 

		10.7	Subscription Receipts Owned
by the Corporation or its Subsidiaries - Certificate to be Provided

 

For
the purpose of disregarding any Subscription Receipts owned legally or beneficially by the Corporation or any affiliated entity
of the Corporation in Section 7.16, the Corporation shall provide to the Subscription Receipt Agent, from time to time, a
certificate of the Corporation setting forth as at the date of such certificate the number of Subscription Receipts owned legally
or beneficially by the Corporation or any affiliated entity of the Corporation, and the Subscription Receipt Agent, in making
the computations in Section 7.16, shall be entitled to rely on such certificate without requiring further evidence thereof.

 

		10.8	Effect of Execution

 

Notwithstanding
any provision of this Agreement, should any Subscription Receipt Certificates be issued and certified in accordance with the terms
hereof prior to the actual time of execution of this Agreement by the Corporation and the Subscription Receipt Agent, any such
Subscription Receipt Certificates shall be void and of no value and effect until such actual execution.

 

    	- 34 -

    	 

    

  

		10.9	Time of Essence

 

Time
is and shall remain of the essence of this Agreement.

 

		10.10	Force Majeure

 

No
party hereto shall be liable to another party, or held in breach of this Agreement, if prevented, hindered, or delayed in the
performance or observance of any provision contained herein by reason of act of God, riots, terrorism, acts of war, epidemics,
governmental action or judicial order, earthquakes, or any other similar causes (including, but not limited to, mechanical, electronic
or communication interruptions, disruptions or failures).  Performance times under this Agreement shall be extended for a
period of time equivalent to the time lost because of any delay that is reasonably excusable under this Section.

 

    	- 35 -

    	 

    

 

		10.11	Counterparts

 

This
Agreement may be executed and delivered in counterparts, each of which when so executed and delivered shall be deemed to be an
original and such counterparts together shall constitute one and the same instrument and notwithstanding their date of execution
they shall be deemed to be dated as of the date hereof.

 

IN
WITNESS WHEREOF the parties hereto have executed this Agreement under their respective corporate
seals and the hands of their proper officers in that behalf.

 

	Gran
    Tierra Energy Inc.	 	[UNDERWRITER],
    on its own behalf and on behalf of l and l
	 	 	 
	By:	 	 	By:	 
	 	Name	 	 	Name
	 	 	 	 	 
	 	Title	 	 	Title

 

	 	 	[TRUSTEE]
	 	 	 
	 	 	 	By:	 
	 	 	 	 	Name
	 	 	 	 	 
	 	 	 	 	Title

 

    	- 36 -

    	 

    

 

This
is Schedule 1.1(g) to a Subscription Receipt Agreement made as of l among
Gran Tierra Energy Inc., [Underwriter] and [Trustee]

 

 

ACQUISITION
NOTICE

 

	TO:	[TRUSTEE]
	 	 
	AND TO:	[UNDERWRITER], ON ITS
    OWN BEHALF AND ON BEHALF OF THE OTHER UNDERWRITERS (AS DEFINED BELOW)

 

 

This
Acquisition Notice is being provided pursuant to Subsection 3.1(a) of the Subscription Receipt Agreement (the “Subscription
Receipt Agreement”) made as of l
among Gran Tierra Energy Inc. (the “Corporation”), [Underwriter], on its own behalf and on behalf of l and l (collectively, the “Underwriters”), and [Trustee],
as Subscription Receipt Agent.

 

Capitalized
terms which are not otherwise defined herein shall have the meanings ascribed to such terms in the Subscription Receipt Agreement.

 

The
Subscription Receipt Agent is hereby notified by the Corporation that the Acquisition Time has occurred. DATED at Calgary, Alberta,
this l day of l,
201l.

 

	 	Gran Tierra Energy Inc.
	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title: 

 

    	 

    	 

    

 

This
is Schedule 1.1(bb) – to a Subscription Receipt Agreement made as of l among
Gran Tierra Energy Inc., [Underwriter] and [Trustee]

 

 

IRREVOCABLE
DIRECTION 

 

TO:       [TRUSTEE]

 

This
Irrevocable Direction is being provided pursuant to Subsection 3.1(a) of the Subscription Receipt Agreement (the “Subscription
Receipt Agreement”) made as of l
among Gran Tierra Energy Inc. (the “Corporation”), [Underwriter], on its own behalf and on behalf of l and l (collectively, the “Underwriters”), and [Trustee],
as Subscription Receipt Agent.

 

Capitalized
terms which are not otherwise defined herein shall have the meanings ascribed to such terms in the Subscription Receipt Agreement.

 

The
Subscription Receipt Agent is hereby irrevocably directed and authorized, in its capacity as registrar and transfer agent of the
Common Shares:

 

		(a)	to
issue on behalf of the Corporation, l fully
paid and non-assessable Common Shares to the Person or Persons to whom such Common Shares are to be issued pursuant to the terms
of the Subscription Receipt Agreement and the Subscription Receipt Certificates following the satisfaction of the Acquisition
Time (which occurred on l, 201l), all
in accordance with the provisions of the Subscription Receipt Certificates and the Subscription Receipt Agreement. Such Common
Shares shall be delivered to the Receiptholders through CDS in the case of Global Subscription Receipts;

 

		(b)	to
                                         release the amount of the Dividend Equivalent Payments, if any, less applicable withholding
                                         taxes, in accordance with Section 3.2(c) of the Agreement to the Receiptholders;
                                         and

 

		(c)	to
                                         release to the Lead Underwriter, on behalf of the Underwriters, the sum of $l.

 

DATED
at Calgary, Alberta, this l day of
l, 201l.

 

	 	Gran Tierra Energy Inc.
	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title: 

 

    	 

    	 

    

 

This
is Schedule 1.1(oo) to a Subscription Receipt Agreement made as of l,
201l among Gran Tierra Energy Inc., [Underwriter] and [Trustee]

 

 

FORM OF SUBSCRIPTION
RECEIPT CERTIFICATE (NON-RULE 144A)

 

Unless
this Certificate is presented by an authorized representative of The Canadian Depository for Securities Limited (“CDS”)
to Gran Tierra Energy Inc. or its agent for registration of transfer, exchange or payment, and any certificate issued in respect
thereof is registered in the name of CDS & CO., or in such other name as is requested by an authorized representative of CDS
(and any payment is made to CDS & CO. or to such other entity as is requested by an authorized representative of CDS), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since the registered holder hereof,
CDS & CO., has an interest herein.

 

Gran Tierra
Energy Inc.

 

(a
corporation incorporated under the Canada Business Corporations Act)

Number: l CUSIP/ISIN:
l

 

THIS
IS TO CERTIFY THAT CDS & Co. (the “holder”) is the registered holder of l Subscription
Receipts represented hereby.

 

Reference
is made to the Subscription Receipt Agreement (the “Subscription Receipt Agreement”) made as of l
among Gran Tierra Energy Inc. (the “Corporation”), [Underwriter], on its
own behalf and on behalf of l and l (collectively,
the “Underwriters”), and [Trustee], as Subscription Receipt Agent.

 

Capitalized
terms used in the Subscription Receipt Agreement have the same meaning herein as therein, unless otherwise defined.

 

Each
Subscription Receipt entitles the holder:

 

		(a)	if
                                         the Acquisition Time occurs prior to the Deadline, to receive, for no additional consideration
                                         and without any further action, one fully paid and non-assessable Common Share and any
                                         Dividend Equivalent Payments; or

 

		(b)	if
                                         a Termination Event has occurred, to receive an amount equal to the sum of the Subscription
                                         Price and such holder’s pro rata share of the Earned Interest, less applicable
                                         withholding taxes, all in the manner and on the terms and conditions set out in the Subscription
                                         Receipt Agreement.

 

The
Subscription Receipts represented hereby are issued under and pursuant to the Subscription Receipt Agreement. Reference is hereby
made to the Subscription Receipt Agreement and any and all other instruments supplemental or ancillary thereto for a full description
of the rights of the holders of the Subscription Receipts and the terms and conditions upon which such Subscription Receipts are,
or are to be, issued and held, all to the same effect as if the provisions of the Subscription Receipt Agreement and all instruments
supplemental or ancillary thereto were herein set forth, and to all of which provisions the holder of these Subscription Receipts
by acceptance hereof assents. In the event of a conflict or inconsistency between the terms of the Subscription Receipt Agreement
and this Certificate, the terms of the Subscription Receipt Agreement shall prevail.

 

    	 

    	 

    

 

The
holding of the Subscription Receipts evidenced by this Certificate shall not constitute the holder hereof a Shareholder or entitle
such holder to any right or interest in respect thereof except as herein and in the Subscription Receipt Agreement expressly provided.

 

The
Subscription Receipt Agreement contains provisions making binding upon all holders of Subscription Receipts outstanding thereunder
resolutions passed at meetings of such holders held in accordance with such provisions and by instruments in writing signed by
the holders of a specified majority of the outstanding Subscription Receipts.

 

The
Subscription Receipts evidenced by this Certificate may be transferred on the register kept at the offices of the Subscription
Receipt Agent by the registered holder hereof or his legal representatives or his attorney duly appointed by an instrument in
writing in form and execution satisfactory to the Subscription Receipt Agent, only upon payment of the charges provided for in
the Subscription Receipt Agreement and upon compliance with such reasonable requirements as the Subscription Receipt Agent may
prescribe. The transfer register shall be closed at 4:30 p.m. (Calgary time) on the earlier to occur of the Acquisition Date and
the Termination Date (subject to settlement of trades).

 

This
Certificate shall not be valid for any purpose whatever unless and until it has been countersigned by or on behalf of the Subscription
Receipt Agent.

 

Time
shall be of the essence hereof. This Certificate is governed by the laws of Alberta and the laws of Canada applicable therein.

 

IN
WITNESS WHEREOF the Corporation has caused this Certificate to be signed by a duly authorized
representative as of l.

 

	 	GRAN TIERRA ENERGY INC.
	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title: 
	 	 
	 	Countersigned by:

[TRUSTEE], as Subscription Receipt Agent
	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title: 

  

    	 

    	 

    

 

This
is Schedule 2.15(a) to a Subscription Receipt Agreement made as of l among
Gran Tierra Energy Inc., [Underwriter] and [Trustee]

 

 

FORM OF SUBSCRIPTION
RECEIPT CERTIFICATE (RULE 144A)

 

Unless
this Certificate is presented by an authorized representative of The Canadian Depository for Securities Limited (“CDS”)
to Gran Tierra Energy Inc. or its agent for registration of transfer, exchange or payment, and any certificate issued in respect
thereof is registered in the name of CDS & CO., or in such other name as is requested by an authorized representative of CDS
(and any payment is made to CDS & CO. or to such other entity as is requested by an authorized representative of CDS), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since the registered holder hereof,
CDS & CO., has an interest herein.

 

THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S.
SECURITIES ACT”), OR STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING THESE SECURITIES, AGREES FOR THE BENEFIT OF
GRAN TIERRA ENERGY INC. (THE “COMPANY”) THAT THESE SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED
ONLY (A) TO THE COMPANY, (B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904 OF REGULATION S (“REGULATION S”)
UNDER THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH APPLICABLE CANADIAN LOCAL LAWS AND REGULATIONS, (C) IN ACCORDANCE WITH (1)
RULE 144A UNDER THE U.S. SECURITIES ACT, IF AVAILABLE, OR (2) RULE 144 UNDER THE U.S. SECURITIES ACT, IF AVAILABLE, AND, IN EACH
CASE, IN COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS OF THE UNITED STATES, OR (D) IN ANOTHER TRANSACTION THAT DOES NOT REQUIRE
REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS OF THE UNITED STATES AFTER (I) IN THE CASE
OF TRANSFERS PURSUANT TO (B) ABOVE, PROVIDING A DECLARATION TO [TRUSTEE], TOGETHER WITH ANY OTHER EVIDENCE, WHICH MAY INCLUDE
A LEGAL OPINION, REQUIRED BY [TRUSTEE], AND (II) IN THE CASE OF TRANSFERS PURSUANT TO (C)(2) OR (D) ABOVE, PROVIDING A LEGAL OPINION
SATISFACTORY TO THE COMPANY. DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE “GOOD DELIVERY” IN SETTLEMENT OF TRANSACTIONS
ON STOCK EXCHANGES IN CANADA

 

GRAN TIERRA
ENERGY INC.

 

(a
corporation incorporated under the Canada Business Corporations Act)

Number: l CUSIP/ISIN:
l

 

THIS
IS TO CERTIFY THAT CDS & Co. (the “holder”) is the registered holder of l Subscription
Receipts represented hereby.

 

Reference
is made to the Subscription Receipt Agreement (the “Subscription Receipt Agreement”) made as of l
among Gran Tierra Energy Inc. (the “Corporation”), [Underwriter], on its
own behalf and on behalf of l and l  (collectively,
the “Underwriters”), and [Trustee], as Subscription Receipt Agent.

 

    	 

    	 

    

 

Capitalized
terms used in the Subscription Receipt Agreement have the same meaning herein as therein, unless otherwise defined.

 

Each
Subscription Receipt entitles the holder:

 

		(a)	if
                                         the Acquisition Time occurs prior to the Deadline, to receive, for no additional consideration
                                         and without any further action, one fully paid and non-assessable Common Share and any
                                         Dividend Equivalent Payments; or

 

		(b)	if
                                         a Termination Event has occurred, to receive an amount equal to the sum of the Subscription
                                         Price and such holder’s pro rata share of the Earned Interest, less applicable
                                         withholding taxes, all in the manner and on the terms and conditions set out in the Subscription
                                         Receipt Agreement.

 

The
Subscription Receipts represented hereby are issued under and pursuant to the Subscription Receipt Agreement. Reference is hereby
made to the Subscription Receipt Agreement and any and all other instruments supplemental or ancillary thereto for a full description
of the rights of the holders of the Subscription Receipts and the terms and conditions upon which such Subscription Receipts are,
or are to be, issued and held, all to the same effect as if the provisions of the Subscription Receipt Agreement and all instruments
supplemental or ancillary thereto were herein set forth, and to all of which provisions the holder of these Subscription Receipts
by acceptance hereof assents. In the event of a conflict or inconsistency between the terms of the Subscription Receipt Agreement
and this Certificate, the terms of the Subscription Receipt Agreement shall prevail.

 

The
holding of the Subscription Receipts evidenced by this Certificate shall not constitute the holder hereof a Shareholder or entitle
such holder to any right or interest in respect thereof except as herein and in the Subscription Receipt Agreement expressly provided.

 

The
Subscription Receipt Agreement contains provisions making binding upon all holders of Subscription Receipts outstanding thereunder
resolutions passed at meetings of such holders held in accordance with such provisions and by instruments in writing signed by
the holders of a specified majority of the outstanding Subscription Receipts.

 

The
Subscription Receipts evidenced by this Certificate may be transferred on the register kept at the offices of the Subscription
Receipt Agent by the registered holder hereof or his legal representatives or his attorney duly appointed by an instrument in
writing in form and execution satisfactory to the Subscription Receipt Agent, only upon payment of the charges provided for in
the Subscription Receipt Agreement and upon compliance with such reasonable requirements as the Subscription Receipt Agent may
prescribe. The transfer register shall be closed at 4:30 p.m. (Calgary time) on the earlier to occur of the Acquisition Date and
the Termination Date (subject to settlement of trades).

 

This
Certificate shall not be valid for any purpose whatever unless and until it has been countersigned by or on behalf of the Subscription
Receipt Agent.

 

Time
shall be of the essence hereof. This Certificate is governed by the laws of Alberta and the laws of Canada applicable therein.

 

    	 

    	 

    

 

IN
WITNESS WHEREOF the Corporation has caused this Certificate to be signed by a duly authorized
representative as of l.

 

	 	GRAN TIERRA ENERGY INC.
	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title: 
	 	 	 
	 	Countersigned by:

[TRUSTEE], as Subscription Receipt Agent
	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title: 

 

    	 

    	 

    

 

This
is Schedule 2.15(b) to a Subscription Receipt Agreement made as of l among
Gran Tierra Energy Inc., [Underwriter] and [Trustee]

 

 

FORM OF DECLARATION
FOR REMOVAL OF LEGEND

 

	TO:	GRAN TIERRA
    ENERGY INC.
	 	 
	AND TO:	[TRUSTEE]

 

The
undersigned (A) acknowledges that the sale of securities of Gran Tierra Energy Inc. (the “Corporation”) represented
by certificate number _________________, to which this declaration relates, is being made in reliance on Rule 904 of Regulation
S under the United States Securities Act of 1933, as amended (the “1933 Act”), and (B) certifies that (i) it
is not an “affiliate” (as defined in Rule 405 under the 1933 Act) of the Corporation, (ii) the offer of such securities
was not made to a person in the United States and either (A) at the time the buy order was originated, the buyer was outside the
United States, or the seller and any person acting on its behalf reasonably believe that the buyer was outside the United States
or (B) the transaction was executed on or through the facilities of a designated offshore securities market (such as the Toronto
Stock Exchange) and neither the seller nor any person acting on its behalf knows that the transaction has been prearranged with
a buyer in the United States, (iii) neither the seller nor any person acting on its behalf engaged in any directed selling efforts
in connection with the offer and sale of such securities, (iv) the sale is bona fide and not for the purpose of “washing
off’ the resale restrictions imposed because the securities are “restricted securities” (as that term is defined
in Rule 144(a)(3) under the 1933 Act), (v) the seller does not intend to replace the securities sold in reliance on Rule
904 of Regulation S under the 1933 Act with fungible unrestricted securities, and (vi) the contemplated sale is not a transaction,
or part of a series of transactions which, although in technical compliance with Regulation S under the 1933 Act, is part of a
plan or scheme to evade the registration provisions of the 1933 Act. Terms used herein have the meanings given to them by Regulation
S under the 1933 Act.

 

	Dated:	 	 	 
	 	 	 	Name of Seller
	 	 	 	 
	 	 	 	By:	 
	 	 	 	 	Name: 
	 	 	 	 	Title:slb-ex101_758.htm

 

Exhibit 10.1

OPTION AGREEMENT

SCHLUMBERGER 2013 OMNIBUS STOCK INCENTIVE PLAN

INCENTIVE STOCK OPTION

SCHLUMBERGER LIMITED, a Curaçao corporation (the “Company”), hereby grants to you an incentive stock option (the “ISO”) to purchase common stock of the Company, par value $0.01 per share (“Common Stock”) pursuant to this option agreement (as may be amended, the “Agreement”).  Your ISO is subject to all the terms and conditions of the Schlumberger 2013 Omnibus Stock Incentive Plan, as may be amended (the “Plan”) and this Agreement.  Your ISO is intended to constitute an “incentive stock option” under Section 422 of the U.S. Internal Revenue Code of 1986 and the Treasury Regulations promulgated thereunder.

1.Award. The date of grant of this ISO (the “Grant Date”), the ISO exercise price and the number of shares of Common Stock subject to this ISO (collectively, the “Option Shares”) are set forth in an award notice that has been previously delivered to you.  Except as set forth below, this ISO expires on the tenth anniversary of the Grant Date.

2.Vesting of ISO.

(a)The Option Shares will become purchasable in installments, which are cumulative.  The date on which each installment will become exercisable and the number of shares of Common Stock comprising each installment are as follows:

 

	
DATE
	
OPTION SHARES PURCHASABLE

	
1st Anniversary of the Grant Date
	
 20%

	
 2nd Anniversary of the Grant Date
	
 20%

	
3rd Anniversary of the Grant Date
	
 20%

	
4th Anniversary of the Grant Date
	
 20%

	
5th Anniversary of the Grant Date
	
 20%

(b)In keeping with the Company’s general policy, the terms of this Agreement, including the vesting schedules, are put in place in certain countries to comply with local regulations.  The vesting schedule above, and therefore your ability to exercise your ISO at certain times and certain other terms of the ISO, may change if you move from one country to another.  Currently, the Company has in place a sub-plan for France that governs stock options issued to grantees residing in France or who are on a French payroll.

3.Exercise of ISO.

(a)This ISO may be exercised only by delivering to the Company a written notice (or an electronic notice in the manner specified by the Compensation Committee of the Board of Directors (the “Board”) of the Company (the “Committee”)) specifying the number of shares of Common Stock you wish to purchase.  The Committee, which is authorized by the Board to administer the Plan, hereby notifies you that the ISO price may be paid, subject to such rules and procedures in effect at such time and as the Committee may prescribe from time to time, (1) in 

1

 

cash or certified check, (2) by the delivery of shares of Common Stock with a Fair Market Value at the time of exercise equal to the total ISO price, (3) by a combination of the methods described in (1) and (2), and (4) subject to applicable law, and the Company’s Securities Transactions – Insider Trading Standard through a broker-assisted cashless exercise, or “sell-to-cover” arrangement in accordance with the procedures approved by the Committee.

(b)Please see the Company’s stock options department website, which is set forth in the last paragraph of this Agreement for further information.  Any changes in the terms and procedures of this program, and any additional program that the Committee may authorize in the future, will be communicated to you on the Company’s stock options department website. 

4.Termination of Employment. This ISO will expire earlier than the date set forth above if you terminate employment with the Company and its Subsidiaries.

(a)Termination with Company Consent. If you terminate employment with consent of the Company or a Subsidiary, as applicable, any exercise of this ISO must be made within three (3) months of termination of employment (or expiration date, if earlier) and then only to the extent the ISO was exercisable upon termination, unless you terminate employment due to Retirement (as provided in Section 4(b) below) or Special Retirement (as provided in Section 4(c) below), or terminate employment as a result of death or Disability (as provided in Section 4(d) below).

(b)Retirement. If your employment with the Company and its Subsidiaries is terminated due to Retirement (as defined in Section 10 below), your ISO will, subject to forfeiture provisions in the event you engage in Detrimental Activity (as defined in Section 10 below): (i) continue to vest post-Retirement as if you remained employed with the Company and its Subsidiaries and (ii) have an exercise period of 10 years from the original date of grant (the “Retirement Exercise Period”). As more fully described in the Prospectus related to the Plan, if you exercise your option more than three (3) months following your Retirement or Special Retirement, your Option Shares will be treated as attributable to the exercise of a non-qualified stock option for tax purposes.

(c)Special Retirement. If your employment with the Company and its Subsidiaries is terminated due to Special Retirement (as defined in Section 10 below), your ISO will be exercisable at any time during the period of sixty (60) months after such termination or the remainder of the term of the ISO, whichever is less (the “Special Retirement Exercise Period”), provided that such option may be exercised after such termination and before expiration only to the extent that it is exercisable on the date of such termination.  

(d)Death or Disability. If your employment with the Company and its Subsidiaries is terminated due to death or Disability (as defined in Section 10 below), your ISO will automatically become fully vested and exercisable.  You may exercise the outstanding ISO at any time during the period of 60 months after such termination or the remainder of the term of the ISO, whichever is less (the “Disability Exercise Period” or “Death Exercise Period”, as applicable).  As more fully described in the Prospectus related to the Plan, if you exercise your option more than 12 months after you terminate employment due to Disability, your Option Shares will be treated as attributable to the exercise of a non-qualified stock option for tax 

2

 

purposes. In the event that you die while employed with the Company or any Subsidiary or during the Special Retirement Exercise Period, the Retirement Exercise Period or the Disability Exercise Period, your ISO may be exercised only by the person or persons entitled thereto under your will or under the laws of descent and distribution to the extent exercisable by you on the date of your death and to the extent the term of the ISO has not expired within such Special Retirement Exercise Period, the Retirement Exercise Period or Disability Exercise Period, as applicable.

(e)Breach or Misconduct; Without Consent. If termination of your employment with the Company and its Subsidiaries is because of breach of your employment contract, if any, or your misconduct, this ISO will immediately and automatically expire and terminate. Termination of your employment without consent of the Company or a Subsidiary, as applicable, will cause your ISO to expire immediately.

(f)Detrimental Activity. This ISO may be forfeited, and any exercise you have made of this ISO may be rescinded, as further described below, if you engage in certain Detrimental Activity (as defined in Section 10 below). Specifically, if you engage in Detrimental Activity while employed with the Company or its Subsidiaries or within one year following termination of employment for any reason other than Retirement, Special Retirement or Disability, this ISO will immediately and automatically expire and terminate and the Committee may rescind any exercise that you made under this option within six months preceding or three months following your termination.

If you engage in Detrimental Activity while employed with the Company or its Subsidiaries or within five years following termination of employment by reason of Special Retirement or Disability, this ISO will immediately and automatically expire and terminate and the Committee may rescind any exercise that you made under this option within the period beginning six months prior to your termination by Special Retirement or Disability and ending on the expiration of your Special Retirement Exercise Period or Disability Exercise Period. 

If you engage in Detrimental Activity while employed with the Company or its Subsidiaries or within your Retirement Exercise Period, this ISO will immediately and automatically expire and terminate and the Committee may rescind any exercise that you made under this option within the period beginning six months prior to your termination by Retirement and ending on the expiration of your Retirement Exercise Period.  In the event that any option exercise is rescinded by the Committee as described above, you will be obligated to pay the Company within 10 days following written demand an amount equal to the spread on the shares of Common Stock with respect to which the rescinded exercise applied.   (The “spread” for this purpose is the difference between the aggregate exercise price and aggregate Fair Market Value of the shares as to which you exercised your option, with Fair Market Value determined as of the exercise date.)  

3

 

5.Restrictions Imposed by Law. As contemplated by the Plan, you may not exercise your ISO or any portion thereof, and no obligation exists to issue or release shares of Common Stock or accept an exercise of this ISO, if the issuance or release of shares or the acceptance of the ISO exercise by the Company or a Subsidiary constitutes a violation of any governmental law or regulation.

6.Assignability. This ISO is not transferable or assignable except by will or laws of descent and distribution and then only to the extent exercisable at death.

7. Governing Law. This Agreement will be governed by and construed in accordance with the laws of the State of Texas (except that no effect will be given to any conflicts of law principles thereof that would require the application of the laws of another jurisdiction).  Venue for any dispute arising under this Agreement will lie exclusively in the state and federal courts, as applicable, of Harris County, Texas and the Southern District of Texas, Houston Division, respectively.

8.No Right to Future Awards. The grant of this ISO is subject to the terms of the Plan, which is discretionary in nature, and the terms of this Agreement. The grant of this ISO is a one‐time benefit, and does not create any contractual or other right to receive future grants of options, or benefits in lieu of options.  All determinations with respect to any such future grants, including, but not limited to, the times when options will be granted, the number of shares of Common Stock subject to each option, the option price, and the time or times when each option will be exercisable, will be at the sole discretion of the Committee.  Your participation in the Plan is voluntary.  The grant of this ISO is an extraordinary item of compensation which is outside the scope of your oral, written or implied employment contract, if any.  This ISO is not part of normal or expected compensation for purposes of calculating any severance, resignation, redundancy, end of service payments, bonuses, long‐service awards, pension or retirement benefits or similar payments.  The vesting of this ISO ceases upon termination of employment for any reason except as otherwise explicitly provided in this Agreement.

9.Disclosure. You (i) authorize the Committee, the Company and any affiliated

employer entity, and any agent of the Committee administering the Plan or providing Plan recordkeeping services, to disclose to the Committee, the Company or any of its affiliates such information and data as the Committee or the Company will request in order to facilitate the grant of options and the administration of the Plan; (ii) waive any data privacy rights you may have with respect to such information, to the extent permitted under applicable law; and (iii) authorize the Company and any such agent to store and transmit such information in electronic form.

10.Definitions.

(a)“Agreement” is defined in the introduction.

(b)“Board” is defined in Section 3(a). 

(c)“Clawback Policy” is defined in Section 12.

4

 

(d)“Committee” is defined in Section 3(a).

(e)“Common Stock” is defined in the introduction.

(f)“Company” means Schlumberger Limited.

(g)“Detrimental Activity” means activity that is determined by the Committee in its sole and absolute discretion to be detrimental to the interests of the Company or any of its Subsidiaries, including but not limited to situations where you: (i) divulge trade secrets, proprietary data or other confidential information relating to the Company or to the business of the Company and any Subsidiaries; (ii) enter into employment with or otherwise provides services to (A) any company listed, as of the date of your termination of employment, on the Philadelphia Oil Service Sector Index (or any successor index) or (B) any affiliate of any such listed company, in either case under circumstances suggesting that you will be using unique or special knowledge gained as a Company employee or Subsidiary employee with the effect of competing with the Company or its Subsidiaries; (iii) enter into employment with or otherwise provides services to any Direct Competitor; (iv) engage or employ, or solicit or contact with a view to the engagement or employment of, any person who is an employee of the Company or its Subsidiaries; (v) canvass, solicit, approach or entice away or cause to be canvassed, solicited, approached or enticed away from the Company or its Subsidiaries any person who or which is a customer of any of such entities during the period of time between the Grant Date and the vesting of the Option Shares; (vi) are determined to have engaged (whether or not prior to termination) in either gross misconduct or criminal activity harmful to the Company or a Subsidiary; or (vii) take any action that otherwise harms the business interests, reputation, or goodwill of the Company or its Subsidiaries.  The Committee may delegate, to an officer of the Company or to a subcommittee of the Committee, its authority to determine whether you have engaged in “Detrimental Activity.”

(h)“Direct Competitor” means, as of the date of this Agreement any of the following: (i) Halliburton Company, Baker Hughes, Incorporated, Weatherford International plc, and any other oilfield equipment and services company; and (ii) any entity engaged in seismic data acquisition, processing and reservoir geosciences services to the oil and natural gas industry, including in all cases in (i) and (ii) above, any and all of their parents, subsidiaries, affiliates, joint ventures, divisions, successors, or assigns.

(i)“Death Exercise Period” is defined in Section 4(d).

(j)“Disability” means such disability (whether through physical or mental impairment) which totally and permanently incapacitates you from any gainful employment in any field which you are suited by education, training, or experience, as determined by the Committee in its sole and absolute discretion.

(k)“Disability Exercise Period” is defined in Section 4(d).

(l)“Fair Market Value” means, with respect to a share of Common Stock on a particular date, the mean between the highest and lowest composite sales price per share of the Common Stock, as reported on the consolidated transaction reporting system for the New York Stock Exchange for that date, or, if there will have been no such reported prices for that date, the 

5

 

reported mean price on the last preceding date on which a composite sale or sales were effected on one or more of the exchanges on which the shares of Common Stock were traded will be the Fair Market Value.

(m)“Grant Date” is defined in Section 1.

(n)“ISO” is defined in the introduction.

(o)“Option Shares” is defined in Section 1.

(p)“Plan” is defined in the introduction.

(q)“Retirement” means either: (i) your voluntary election to retire from employment with the Company and its Subsidiaries at any time after you have reached both the age of 60 and 25 years of service, or (ii) your voluntary election to retire from employment with the Company and its Subsidiaries at any time after you have reached both the age of 55 and 20 years of service; subject, however, to the approval of either (A) the Committee, if you are an executive officer of the Company at the time of your election to retire, or (B) the Retirement Committee, if you are not an executive officer of the Company at the time of your election to retire, which approval under clauses (A) or (B) may be granted or withheld in the sole discretion of the Committee or the Retirement Committee, as applicable.

(r)“Retirement Committee” means a committee consisting of the Company’s Vice President of Human Resources, the Director of HR Operations and the Compensation & Benefits Manager. 

(s)“Retirement Exercise Period” is defined in Section 4(b).

(t)“Special Retirement” means termination of your employment with the Company and all Subsidiaries at or after (i) age 55 or (ii) age 50 and completion of at least 10 years of service with the Company and all Subsidiaries. 

(u)“Special Retirement Exercise Period” is defined in Section 4(c).

(v)“Subsidiary” means (i) in the case of a corporation, a “subsidiary corporation” of the Company as defined in Section 424(f) of the Code and (ii) in the case of a partnership or other business entity not organized as a corporation, any such business entity of which the Company directly or indirectly owns 50% or more of the voting, capital or profits interests (whether in the form of partnership interests, membership interests or otherwise). 

11.Acceptance of Award.  If you do not wish to accept this Agreement and the ISO award, please return this Agreement to the Stock Option Department or notify the Stock Option Department in writing.

12.Clawback Policy. The Company’s policy on recoupment of performance-based bonuses, as amended from time to time (its “Clawback Policy”), will apply to the ISO, any shares of Common Stock delivered hereunder, and any profits realized on the sale of such shares to the extent that you are covered by the Clawback Policy. You acknowledge that if you are 

6

 

covered by such policy, the policy may result in the recoupment of the ISO, any shares of Common Stock delivered hereunder and profits realized on the sale of such shares either before, on or after the date on which you become subject to such policy.

13.More Information. The Plan and prospectus are both available on-line at www.myshares.slb.com. A paper copy of the Plan and prospectus may be obtained by contacting the Stock Options Department, Schlumberger Limited, 5599 San Felipe, 17th Floor, Houston, Texas 77056.

 

	
 
	
 
	
SCHLUMBERGER LIMITED
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
By
	
 
	
 

	
 
	
 
	
 
	
Paal Kibsgaard
	
 

 

 

7

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