Document:

EX-4.1

B2GOLD CORP. 

RESTRICTED SHARE UNIT PLAN 

(AMENDED) 
  

 

	
	  

  

	1.	 GENERAL 

  

	1.1.	 Purpose 

The B2Gold Corp. Restricted Share Unit Plan has been established to provide a greater alignment of interests between
Designated Participants and shareholders of the Company, and to provide a compensation mechanism for Designated Participants that appropriately reflects the responsibility, commitment and risk accompanying their management roles. The Plan is also
intended to assist the Company to attract and retain Designated Participants with experience and ability, and to allow Designated Participants to participate in the success of the Company. This Plan, effective May 7, 2015, amends the Restricted
Share Unit Plan adopted on May 6, 2011, as amended on May 14, 2014. 
  

	2.	 INTERPRETATION 

  

	2.1.	 Definitions 

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

“Acquirer” has the meaning ascribed thereto in Section 6.3(a); 

“Affiliate” has the meaning ascribed thereto in the TSX Company Manual; 

“Applicable Law” means any applicable provision of law, domestic or foreign, including, without limitation,
applicable securities legislation, together with all regulations, rules, policy statements, rulings, notices, orders or other instruments promulgated thereunder, and the TSX Rules; 

“Associate” means an associate as defined in the Securities Act (Ontario); 

“Beneficiary” means any person designated by a Designated Participant by written instrument filed with the
Committee to receive any amount payable in respect of Restricted Share Units in the event of the Designated Participant’s death or, failing any such effective designation, the Designated Participant’s estate; 

“Blackout Period” means, in respect of a Designated Participant, an interval of time during which the Company
has determined pursuant to applicable securities laws or any policy of the Company that no Designated Participant may trade any securities of the Company; 

“Board” means the Board of Directors of the Company; 

 
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 “Cause” means any act, omission or course of conduct
recognized as cause for dismissal under Applicable Law, including, without limitation, embezzlement, theft, fraud, wilful failure to follow any lawful directive of the Company and wilful misconduct detrimental to the interests of the Company; 

“Change of Control” means: 
  

	 	(a)	 the acquisition, directly or indirectly, by any person or group of persons acting jointly or in concert, as such terms are defined in the
Securities Act (British Columbia), of common shares of the Company which, when added to all other common shares of the Company at the time held directly or indirectly by such person or persons acting jointly or in concert, constitutes for the
first time in the aggregate 20% or more of the outstanding common shares of the Company; or 

  

	 	(b)	 the removal, by extraordinary resolution of the shareholders of the Company, of more than 50% of the then incumbent members of the Board, or the
election of a majority of the directors comprising the Board who were not nominated by the Company’s incumbent Board at the time immediately preceding such election; or 

 

	 	(c)	 consummation of a sale of all or substantially all of the assets of the Company; or 

 

	 	(d)	 the consummation of a reorganization, plan of arrangement, merger or other transaction which has substantially the same effect as (a) to
(c) above. 

 “Change of Control Date” means the date on which any Change of Control
becomes effective; 
 “Committee” means Compensation Committee of the Board, or such other committee or
persons (including the Board) as may be designated from time to time to administer the Plan; 
 “Common
Share” means a common share of the Company eligible to be voted at a meeting of shareholders of the Company; 

“Company” means B2Gold Corp. and its successors; 

“Control”, when applied to the relationship between a Person and a company, means: 

 

	 	(a)	 the beneficial ownership by that Person and its Related Entities at the relevant time of securities of that company to which are attached more than
50 per cent of the votes that may be cast to elect directors, otherwise than by way of security only; and 

  

	 	(b)	 the votes carried by such securities being entitled, if exercised, to elect a majority of the board of directors of the company;

 “Designated Participant” means a director, executive officer or employee of the
Company or of a Related Entity of the Company or a person designated by the Company who provides services to the Company or a Related Entity of the Company to whom Restricted Share Units are granted pursuant to Section 4.1 and the Permitted
Assigns of each such director, executive officer, employee or person designated by the Company; 

 
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 “Disability” means any disability with respect to a
Designated Participant, which the Board, in its sole and unfettered discretion, considers likely to prevent permanently the Designated Participant from: 
  

	 	(a)	 being employed or engaged by the Company, its Subsidiaries or another employer, in a position the same as or similar to that in which he was last
employed or engaged by the Company or its Subsidiaries; 

  

	 	(b)	 acting as a director or officer of the Company or its Subsidiaries; or 

 

	 	(c)	 engaging in any substantial gainful activity by reason of any medically determinable mental or physical impairment; 

“Good Reason” means “Good Reason” or “Good Cause” as defined in the employment agreement,
if any, between the relevant Designated Participant and the Company or a Subsidiary of the Company and, if there is no such definition or agreement, “Good Reason” will arise within 12 months following a Change of Control where the
Designated Participant was induced by the actions of the employer to resign or terminate his employment, other than on a purely voluntary basis, as a result of the occurrence of one or more of the following events without the Designated
Participant’s written consent, provided that such resignation shall only be designated as for “Good Reason” if the Designated Participant has provided 10 days’ written notice of such occurrence to the employer immediately upon
occurrence of such an event and the employer has not corrected such occurrence within such 10-day period: 
  

	 	(a)	 a materially adverse change in the Designated Participant’s position, duties, or responsibilities other than as a result of the Designated
Participant’s physical or mental incapacity which impairs the Designated Participant’s ability to materially perform the Designated Participant’s duties or responsibilities as confirmed by a physician; 

 

	 	(b)	 a materially adverse change in the Designated Participant’s reporting relationship that is inconsistent with the Designated Participant’s
title or position; 

  

	 	(c)	 a reduction by the employer of the base salary of the Designated Participant; 

 

	 	(d)	 a reduction by the employer in the aggregate level of benefits made available to the Designated Participant; or 

 

	 	(e)	 the relocation by the employer of the Designated Participant’s principal office to a location that is more than 50 kilometres from the
Designated Participant’s existing principal office; 

 “Grant Date” means with
respect to particular Restricted Share Units, the date a Participant received a grant of such Restricted Share Units; 

“Grant Notice” means with respect to particular Restricted Share Units, a notice substantially in the form of
Schedule A and containing such other terms and conditions relating to the grant of such Restricted Share Units as the Committee may prescribe; 

“Insider” means: 
  

	 	(a)	 an insider as defined in the Securities Act (Ontario) other than a person who is an insider solely by virtue of being a director or senior officer
of a Subsidiary; and 

  

	 	(b)	 an Associate of any person who is an insider under subsection (i); 

 
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 “Market Value” of a Vested Restricted Share Unit or a Common
Share on any date means the volume weighted average trading price of the Common Shares on the TSX (or any other stock exchange on which the majority of the volume of trading of the Common Shares has occurred over the relevant period) over the five
Trading Days immediately preceding such date; provided, however, if the Common Shares are not listed and posted for trading on any stock exchange at the time such calculation is to be made, the Market Value per Common Share shall be the market value
of a Common Share as determined by the Committee acting in good faith, or in the absence of the Committee, by the Board acting in good faith; 

“NI 45-106” means National Instrument 45-106 Prospectus and Registration Exemptions of the Canadian
Securities Administrators; 
 “Permitted Assign” has the meaning ascribed thereto in Section 2.22 of
NI 45-106; 
 “Person” includes an individual, a corporation, a partnership, a trust, an unincorporated
organization, the government of a country or any political subdivision thereof, or any agency or department of any such government; 

“Plan” means this Restricted Share Unit Plan, including any schedules or appendices hereto, all as amended,
restated, supplemented or otherwise modified from time to time; 
 “Redemption Date” for a Vested
Restricted Share Unit means the date that is 5 business days following the Vesting Date; 
 “Related
Entity” means, for the Company, a Person that controls or is controlled by the Company including, for greater certainty, its Subsidiaries, or that is controlled by the same Person that controls the Company; 

“Restricted Share Unit” means a right granted to a Designated Participant to receive payment in the form of
Common Shares in accordance with the provisions of the Plan; 
 “Restricted Share Unit Account” has the
meaning ascribed thereto in Section 4.7; 
 “Retirement” means the retirement of the Designated
Participant from employment with the Company or a Related Entity of the Company, and “retires” shall have a corresponding meaning. The determination of whether a Designated Participant has retired shall be at the sole discretion of the
Committee; 
 “security based compensation arrangement” shall have the meaning ascribed to that term in the
TSX Rules; 
 “Subsidiary” means any corporation or company of which outstanding securities to which are
attached more than 50 per cent of the votes that may be cast to elect directors thereof are held (provided that such votes are sufficient to elect a majority of such directors), other than by way of security only, by or for the benefit of the
Company and/or by or for the benefit of any other corporation or company in like relation to the Company, and includes any corporation or company in like relation to a Subsidiary; 

“Trading Day” means any day on which the TSX (or any other stock exchange on which the majority of the volume
of trading of Common Shares occurs on the relevant day) is open for the trading of the Common Shares; 

 
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 “TSX” means the Toronto Stock Exchange; 

“TSX Rules” means the applicable rules and regulations of the TSX; 

“Vested Restricted Share Units” has the meaning ascribed thereto in Sections 5.1 and 5.2; and 

“Vesting Date” means each date on which Restricted Share Units granted to a Designated Participant, and any
dividend equivalent Restricted Share Units in respect of such Restricted Share Units, shall vest as determined by the Committee, in its sole discretion, in connection with such grant, or as set out in the Grant Notice relating to such grant. 

 

	2.2.	 Number and Gender 

This Plan shall be read with all changes in number and gender required by the context. 

 

	2.3.	 Severability 

If any provision of the Plan is determined to be void or unenforceable in whole or in part, such determination shall not
affect the validity or enforcement of any other provision or part of any provision thereof. 
  

	2.4.	 Headings, Sections, Schedules 

Headings used in the Plan are for reference purposes only and do not limit or extend the meaning of the provisions of the
Plan. A reference to a Section or Schedule shall, except where expressly stated otherwise, mean a Section or Schedule of the Plan, as applicable. 
  

	2.5.	 References to Statutes, etc. 

Any reference to a statute, regulation, rule, instrument or policy statement shall refer to such statute, regulation, rule,
instrument or policy statement as it may be amended, replaced or re-enacted from time to time. 
  

	2.6.	 Currency 

Unless the context otherwise requires or the Committee determines otherwise, all references in the Plan to currency shall be
to lawful money of Canada. 
  

	3.	 ADMINISTRATION 

  

	3.1.	 Administration of the Plan 

Except for matters that are under the jurisdiction of the Board as specified under the Plan, and subject to Applicable Law,
this Plan will be administered by the Committee and the Committee has sole and complete authority, in its discretion, to: 
  

	 	(a)	 establish, amend and rescind such rules and regulations, and make such interpretations and determinations and take such other actions, as it deems
necessary or desirable for the administration of the Plan; 

  

	 	(b)	 exercise rights reserved to the Company under the Plan; 

 
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	 	(c)	 determine vesting terms and conditions for Restricted Share Units granted under the Plan; and 

 

	 	(d)	 make all other determinations and take all other actions as it considers necessary or advisable for the implementation and administration of the
Plan. 

 Any interpretation and determination made, and other action taken, by the Committee shall be
conclusive and binding on all parties concerned, including, without limitation, the Company and Designated Participants and, if applicable, their Beneficiaries and legal representatives. 

 

	3.2.	 Eligibility 

Any individual who at the relevant time is a Designated Participant is eligible to participate in the Plan. The Company
reserves the right to restrict the eligibility or otherwise limit the number of persons eligible for participation in the Plan at any time. Eligibility to participate does not confer upon any individual a right to receive an award of Restricted
Share Units pursuant to the Plan. 
  

	3.3.	 Taxes and Other Source Deductions 

As a condition of and prior to participation in the Plan, each Designated Participant authorizes the Company to withhold from
any amount otherwise payable to him or her any amounts required by any taxing authority to be withheld for taxes of any kind as a consequence of his or her participation in the Plan. The Company shall also have the right in its sole discretion to
satisfy any such liability for withholding or other required deduction amounts by requiring the Designated Participant to complete a sale in respect of such number of Common Shares, which have been issued and would otherwise be delivered to the
Designated Participant under the Plan, and any amount payable from such sale will first be paid to the Company to satisfy any liability for withholding. The Company may require a Designated Participant, as a condition of participation in the Plan,
to pay or reimburse the Company for any cost incurred by the Company as a result of the participation by the Designated Participant in the Plan. 

Each Designated Participant or any Beneficiary, as the case may be, is solely responsible and liable for the satisfaction of
all taxes and penalties that may be imposed on or for the account of such Designated Participant in connection with the Plan (including any taxes and penalties under any Applicable Law), and neither the Company nor any Affiliate shall have any
obligation to indemnify or otherwise hold such Designated Participant or Beneficiary harmless from any or all of such taxes or penalties. 
  

	3.4.	 Exemption from Plan Participation 

Notwithstanding any other provision of the Plan, if a Designated Participant is a resident in a jurisdiction in which an award
of Restricted Share Units under the Plan may be considered to be income that is subject to taxation at the time of such award, the Designated Participant may elect not to participate in the Plan by providing written notice to the Secretary of the
Company by the end of the calendar year prior to the year in which the affected compensation will be earned. 
  

	3.5.	 Appointment of Beneficiaries 

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

 
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	3.6.	 Total Common Shares Subject to Restricted Share Units 

 

	 	(a)	 The aggregate number of Common Shares that may be issued pursuant to the Plan shall be, subject to Sections 4.6 and 8, 15,000,000 and no Restricted
Share Unit may be granted if such grant would have the effect of causing the total number of Common Shares potentially issuable in respect of Restricted Share Units to exceed the above number of Common Shares reserved for issuance under the Plan.

  

	 	(b)	 To the extent Restricted Share Units are cancelled, the Common Shares subject to such Restricted Share Units shall be added back to the number of
Common Shares reserved for issuance under the Plan and such Common Shares will again become available for Restricted Share Unit grants under the Plan. 

  

	4.	 RESTRICTED SHARE UNIT GRANTS 

  

	4.1.	 Grants of Restricted Share Units 

Subject to the provisions of the Plan and such other terms and conditions as the Committee or the Board may prescribe, the
Committee may, from time to time, grant Restricted Share Units to such Designated Participant as may be determined by the Committee in its sole discretion with effect from such dates as the Committee may specify. 

 

	4.2.	 Vesting Provisions 

  

	 	(a)	 The Committee shall, in its sole discretion, determine the Vesting Dates and the proportion of Restricted Share Units to vest on each such Vesting
Date applicable to each grant of Restricted Share Units at the time of such grant and shall specify such Vesting Dates in the Grant Notice relating to such grant. 

 

	 	(b)	 Notwithstanding Section 4.2(a) above, unless otherwise specified herein or determined by the Committee: 

 

	 	(i)	 Restricted Share Units granted to a Designated Participant under Section 4.1 shall vest, as to one-third (1/3) of the number of such
Restricted Share Units, on each of the first, second and third anniversaries of the Grant Date; and 

  

	 	(ii)	 Dividend equivalent Restricted Share Units received by a Designated Participant under Section 4.5 shall vest with the Restricted Share Units
in respect of which they were credited to the Designated Participant’s Restricted Share Unit Account. 

  

	4.3.	 Grant Notice 

Each grant of Restricted Share Units will be evidenced by a Grant Notice. The Grant Notice will be subject to the applicable
provisions of this Plan and will contain such provisions as are required by this Plan and any other provisions that the Committee may direct. Any one officer of the Company is authorized and empowered to execute and deliver, for and on behalf of the
Company, a Grant Notice to each Designated Participant. 

 
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	4.4.	 No Certificates 

No certificates shall be issued with respect to Restricted Share Units. 

 

	4.5.	 Dividend Equivalent Restricted Share Units 

Whenever a dividend is paid on the Common Shares, additional Restricted Share Units will be credited to a Designated
Participant’s Restricted Share Unit Account in accordance with this Section 4.5. The number of such additional Restricted Share Units to be so credited will be calculated by dividing the dividend that would have been paid to such
Designated Participant if the Restricted Share Units recorded in the Designated Participant’s Restricted Share Unit Account as at the record date for the dividend had been Common Shares, whether or not vested, by the Market Value on the Trading
Day immediately preceding the date on which the Common Shares began to trade on an ex-dividend basis, rounded down to the next whole number of Restricted Share Units. No fractional Restricted Share Units will thereby be created. The foregoing does
not obligate the Company to pay dividends on Common Shares and nothing in this Plan shall be interpreted as creating such an obligation. 
  

	4.6.	 Maximum Securities 

Notwithstanding Section 3.6: 
  

	 	(a)	 the number of securities issuable to Insiders, at any time, under all security based compensation arrangements of the Company including, without
limitation, this Plan, shall not exceed 8.5% of the issued and outstanding Common Shares calculated on a non-diluted basis; 

  

	 	(b)	 the number of securities issued to Insiders, within any one year period, under all security based compensation arrangements of the Company
including, without limitation, this Plan, shall not exceed 8.5% of the issued and outstanding Common Shares calculated on a non-diluted basis; and 

  

	 	(c)	 without the prior approval of the shareholders of the Company, the number of securities issuable to non-employee directors, at any time, under all
security based compensation arrangements of the Company including, without limitation, this Plan, shall not exceed 1% of the issued and outstanding Common Shares calculated on a non-diluted basis and the aggregate value of Restricted Share Units
(based on the fair value of the Restricted Share Units at the time of grant) granted to any non-employee director in any calendar year may not exceed $100,000. 

 

	4.7.	 Restricted Share Unit Account 

An account, to be known as a “Restricted Share Unit Account”, shall be maintained by the Company for each
Designated Participant and shall be credited from time to time with such Restricted Share Units as are granted to the Designated Participant and any dividend equivalent Restricted Share Units credited in respect of such Restricted Share Units. 

 

	4.8.	 Statement of Account 

The Company shall mail to each Designated Participant to whom Restricted Share Units have been granted, on an annual basis, a
statement reflecting the status of the Restricted Share Unit Account maintained for such Designated Participant. 

 
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	4.9.	 Cancellation of Restricted Share Units that Fail to Vest or Are Redeemed 

Restricted Share Units that fail to vest in accordance with Section 5 of the Plan, or that are redeemed in accordance
with Section 6 of the Plan, shall be cancelled and shall cease to be recorded in the Restricted Share Unit Account of the relevant Designated Participant as of the date on which such Restricted Share Units fail to vest or are redeemed, as the
case may be, and the Designated Participant will have no further right, title or interest in or to such Restricted Share Units. 
  

	5.	 VESTING OF RESTRICTED SHARE UNITS 

  

	5.1.	 Vesting 

Subject to Sections 6.2 and 6.3, Restricted Share Units and any dividend equivalent Restricted Share Units in respect of such
Restricted Share Units, shall vest on the earliest of: 
  

	 	(a)	 the Vesting Date; 

  

	 	(b)	 the Change of Control Date; or 

  

	 	(c)	 such date as the Committee may determine in accordance with the provisions of this Section 5, 

and such Restricted Share Units shall be considered “Vested Restricted Share Units”. 

 

	5.2.	 Vesting on Death, Retirement, Disability or Termination without Cause 

If a Designated Participant dies, retires, suffers a Disability or is terminated without Cause prior to a Vesting Date, the
Committee may determine, in its sole discretion, whether or not any or all of the Restricted Share Units and any dividend equivalent Restricted Share Units in respect of such Restricted Share Units, shall otherwise be considered to have vested and
the date on which the Committee determines that some or all of the Designated Participant’s Restricted Share Units have vested shall be considered to be the Vesting Date for such Restricted Share Units that have so vested and such Restricted
Share Units shall be considered “Vested Restricted Share Units”. 
  

	5.3.	 Acknowledgement of Grant 

A Designated Participant shall deliver to the Company the completed Grant Notice acknowledging the grant of Restricted Share
Units within 90 days after the date on which the Designated Participant receives the Grant Notice from the Company. If the Grant Notice is not delivered by the Designated Participant within such period, the Committee reserves the right to revoke the
grant of such Restricted Share Units to the Designated Participant and the crediting of such Restricted Share Units to the Designated Participant’s Restricted Share Unit Account. 

 

	6.	 REDEMPTION OF RESTRICTED SHARE UNITS 

  

	6.1.	 Redemption of Vested Restricted Share Units 

Subject to the remaining provisions of this Section 6, on the Redemption Date for each Vested Restricted Share Unit, the
Company shall redeem all such Vested Restricted Share Units by issuing a share certificate in the name of the Designated Participant evidencing the Common Shares issued to the Designated Participant in respect of the Vested Restricted Share Units,
each Vested Restricted Share Unit being redeemed for one Common Share. 

 
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	6.2.	 Cessation of Employment 

If the employment of a Designated Participant ceases prior to the Vesting Date, Restricted Share Units and the dividend
equivalent Restricted Share Units in respect of such Restricted Share Units shall be dealt with as follows: 
  

	 	(a)	 if a Designated Participant’s Restricted Share Units have not vested pursuant to Section 5.2, and the Designated Participant’s
employment ceases because of the death, retirement or Disability of the Designated Participant, a pro-rata portion of the Designated Participant’s Restricted Share Units (and any dividend equivalent Restricted Share Units credited in
respect thereof) that are scheduled to vest on the next scheduled Vesting Date set forth in the Grant Notice for such Restricted Share Units shall vest, based on the number of days since the Grant Date to the date of death, retirement or Disability
in relation to the total number of days from the Grant Date to such Vesting Date, and such Restricted Share Units shall be redeemed and certificates shall be issued to the Designated Participant or the Designated Participant’s Beneficiary or
estate in accordance with Section 6.1 on the next scheduled Vesting Date set forth in the Grant Notice; 

  

	 	(b)	 if the Designated Participant’s employment ceases because of termination for Cause or because of the resignation of the Designated Participant
other than for Good Reason, all Restricted Share Units (and any dividend equivalent Restricted Share Units credited in respect thereof), whether or not vested, shall immediately expire and the Designated Participant shall have no further rights
respecting such Restricted Share Units (and dividend equivalent Restricted Share Units); 

  

	 	(c)	 if a Designated Participant’s Restricted Share Units have not vested pursuant to Section 5.2, and the Designated Participant’s
employment ceases because of termination without Cause or resignation for Good Reason, a pro-rata portion of the Designated Participant’s Restricted Share Units (and any dividend equivalent Restricted Share Units) that are scheduled to
vest on the next scheduled Vesting Date set forth in the Grant Notice shall vest, based on the number of days since the Grant Date to the date of such termination or resignation in relation to the total number of days from the Grant Date to such
Vesting Date, and such Restricted Share Units shall be redeemed and certificates shall be issued to the Designated Participant in accordance with Section 6.1 on the next scheduled Vesting Date set forth in the Grant Notice; and

  

	 	(d)	 the date of cessation of a Designated Participant’s employment shall be the Designated Participant’s last day of active employment and
shall not include any period of statutory, contractual or reasonable notice or any period of deemed employment. 

  

	6.3.	 Change of Control 

  

	 	(a)	 In the event of a Change of Control where the Person that acquires Control (the “Acquirer”), an Affiliate thereof, or the
successor of the Company, agrees to assume all of the obligations of the Company under the Plan and the Committee determines that such assumption is consistent with the objectives of the Plan, the Plan and all outstanding awards will continue on the
same terms and conditions, except that, if applicable, Restricted Share Units may be adjusted to a right to acquire shares of the Acquirer or its Affiliate. 

 
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	 	(b)	 In the event of a Change of Control where the Plan is continued pursuant to Section 6.3(a), the Restricted Share Units of Designated
Participants whose employment thereafter ceases for any reason other than resignation without Good Reason or termination for Cause shall immediately be deemed to be Vested Restricted Share Units and the Company shall, at its option, redeem all such
Vested Restricted Share Units by: 

  

	 	(i)	 issuing a share certificate in the name of the Designated Participant evidencing the Common Shares issued to the Designated Participant in respect
of the Vested Restricted Share Units, each Vested Restricted Share Unit being redeemed for one Common Share and the Vesting Date of such Restricted Share Units shall be the date of the termination of employment; or 

 

	 	(ii)	 paying to such Designated Participant a cash amount equal to the Market Value of such Vested Restricted Share Units as of the date of termination.

  

	 	(c)	 In the event of a Change of Control where the Acquiror or an Affiliate thereof or the successor to the Company does not agree to assume all of the
obligations of the Company under the Plan, or the Committee determines that such assumption is not consistent with the objectives of the Plan, all unvested Restricted Share Units held by each Designated Participant shall immediately be deemed to be
Vested Restricted Share Units and the Company shall, at its option, redeem all such Vested Restricted Share Units: 

  

	 	(i)	 by issuing a share certificate in the name of the Designated Participant evidencing the Common Shares issued to the Designated Participant in
respect of the Vested Restricted Share Units, each Vested Restricted Share Unit being redeemed for one Common Share and the Vesting Date of such Restricted Share Units shall be the Change of Control Date; or 

 

	 	(ii)	 paying to each Designated Participant a cash amount equal to the Market Value of such Vested Restricted Share Units as of the Change of Control
Date. 

 Notwithstanding the foregoing, the Committee may terminate all or part of the Plan if it
determines that it is appropriate to do so upon a Change of Control and in the event of such termination, the Plan shall terminate on the Change of Control Date on such terms and conditions as the Committee may determine. 

 

	6.4.	No Interest 

 For greater certainty, no interest shall be payable to
Designated Participants in respect of any amount payable under the Plan. 
  

	7.	 AMENDMENT OF THE PLAN 

  

	7.1.	 Amendment 

  

	 	(a)	 Subject to Applicable Law and Sections 7.1(b) and 7.1(c) below, the Board may, without notice or shareholder approval, at any time or from time to
time, amend, suspend or terminate the Plan for any purpose which, in the good faith opinion of the Board, may be expedient or desirable. 

  

	 	(b)	 Notwithstanding Section 7.1(a), but subject to Section 7.1(e), the Board shall not materially adversely alter or impair any rights of a
Designated Participant or materially 

 
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increase any obligations of a Designated Participant with respect to Restricted Share Units previously awarded under the Plan without the consent of the Designated Participant.

  

	 	(c)	 Notwithstanding Section 7.1(a), none of the following amendments shall be made to this Plan without approval by shareholders by ordinary
resolution: 

  

	 	(i)	 increasing the number of securities issuable under the Plan, other than in accordance with the terms of this Plan; 

 

	 	(ii)	 making a change to the class of Designated Participants that would have the potential of broadening or increasing participation by Insiders;

  

	 	(iii)	 amending Section 8.6 of the Plan; 

  

	 	(iv)	 permitting awards other than Restricted Share Units to be made under this Plan; and 

 

	 	(v)	 deleting or reducing the amendments that require shareholders’ approval under this Section 7.1(a). 

 

	 	(d)	 Without limiting the generality of the foregoing, the Board shall have the power and authority to approve amendments relating to the Plan, without
obtaining shareholder approval, to the extent that such amendment: 

  

	 	(i)	 is of a typographical, grammatical, clerical or administrative nature or is required to comply with applicable regulatory requirements, including
the TSX Rules, in place from time to time; 

  

	 	(ii)	 is an amendment to the Plan respecting administration of the Plan and eligibility for participation under the Plan; 

 

	 	(iii)	 changes the terms and conditions on which Restricted Share Units may be or have been granted pursuant to the Plan, including change to the vesting
provisions of the Restricted Share Units; 

  

	 	(iv)	 changes the termination provisions of a Restricted Share Unit or the Plan; or 

 

	 	(v)	 is an amendment to the Plan of a “housekeeping nature”. 

 

	 	(e)	 If the Board terminates or suspends the plan, no new Restricted Share Units (other than dividend equivalent Restricted Share Units) will be
credited to the Restricted Share Unit Account of a Designated Participant. On termination of the Plan, the vesting of any and all Restricted Share Units not then vested will be accelerated and, on a date or dates selected by the Board in its
discretion, payment in the form of Common Shares will be made to the Designated Participant in respect of Restricted Share Units. 

  

	 	(f)	 The Board shall not require the consent of any affected Designated Participant in connection with the termination of the Plan in which the vesting
of all Restricted Share Units held by the Designated Participant are accelerated and payment is made to the Designated Participant in respect of all such Restricted Share Units. 

 

	 	(g)	 The Plan will terminate on the date upon which no further Restricted Share Units remain outstanding. 

 
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	8.	GENERAL 

  

	 	8.1.	 Adjustments 

In the event of any stock dividend, stock split, combination or exchange of shares, merger, amalgamation, arrangement or other
scheme of reorganization, spin-off or other distribution of the Company’s assets to shareholders (other than the payment of cash dividends in the ordinary course), or any other change in the capital of the Company affecting Common Shares, such
adjustments, if any, as the Committee in its discretion may deem appropriate to preserve proportionately the interests of Designated Participants under the Plan as a result of such change shall be made with respect to the number of Restricted Share
Units outstanding under the Plan. 
  

	8.2.	Compliance with Laws and Company Policies 

  

	 	(a)	 The terms of the Plan are subject to any Applicable Laws and governmental and regulatory requirements (including the TSX Rules), approvals and
consents, and the provisions of any applicable policies of the Company that may be or become applicable. Without limiting the generality of the foregoing, the Company may, in its sole discretion, delay the crediting of Restricted Share Units to the
accounts of Designated Participants and/or the redemption of Restricted Share Units if and to the extent it considers necessary or appropriate as a result of any Blackout Period. 

 

	 	(b)	 If the Committee determines that the listing, registration or qualification of the Common Shares subject to this Plan upon any securities exchange
or under any provincial, state, federal or other Applicable Law, or the consent or approval of any governmental body or securities exchange or of the shareholders of the Company is necessary or desirable, as a condition of, or in connection with,
the crediting of Restricted Share Units or the issue of Common Shares hereunder, the Company shall be under no obligation to credit Restricted Share Units or issue Common Shares hereunder unless and until such listing, registration, qualification,
consent or approval shall have been affected or obtained free of any conditions not acceptable to the Committee. 

  

	8.3.	Designated Participant’s Entitlement 

 Except as otherwise provided
in this Plan, Restricted Share Units previously granted under this Plan, whether or not then vested, are not affected by any change in the relationship between, or ownership of, the Company and a Related Entity. For greater certainty, all Restricted
Share Units remain valid in accordance with the terms and conditions of this Plan and are not affected by reason only that at any time, a Related Entity ceases to be a Related Entity. 

 

	8.4.	Reorganization of the Corporation 

 The existence of any Restricted
Share Units shall not affect in any way the right or power of the Company or its shareholders to make or authorize any adjustment, recapitalization, reorganization or other change in the Company’s capital structure or its business, or to create
or issue any bonds, debentures, shares or other securities of the Company or to amend or modify the rights and conditions attaching thereto or to effect the dissolution or liquidation of the Company, or any amalgamation, combination, merger or
consolidation involving the Company or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding, whether of a similar nature or otherwise. 

 
 14
 
  

	8.5.	Blackout Periods 

 If a Vested Restricted Share Unit would otherwise be
redeemed during a Blackout Period or within 5 business days after the date on which the Blackout Period ends, then, notwithstanding any other provision of the Plan, the Vested Restricted Share Unit shall instead be redeemed on the date which is 10
business days after the date on which the Blackout Period ends. 
  

	8.6.	Transferability of Restricted Share Units 

 Rights with respect to
Restricted Share Units shall not be transferable or assignable other than by will or the laws of descent and distribution. 
  

	8.7.	Successors and Assigns 

 The Plan shall be binding on the Company and on
Designated Participants and, if applicable, their Beneficiaries and legal representatives. 
  

	8.8.	Unfunded and Unsecured Plan 

 The Plan is an unfunded obligation of the
Company and the Company will not secure its obligations under the Plan. Neither the establishment of the Plan nor the grant of Restricted Share Units (or any action taken in connection therewith) shall be deemed to create a trust. To the extent any
individual holds any rights by virtue of a grant of Restricted Share Units under the Plan, such rights shall be no greater than the rights of an unsecured creditor of the Company. 

 

	8.9.	Market Fluctuations 

 No amount will be paid to, or in respect of, a
Designated Participant under the Plan to compensate for a downward fluctuation on the price of Common Shares, nor will any other form of benefit be conferred upon, or in respect of, a Designated Participant for such purpose. The Company makes no
representations or warranties to the Designated Participants with the respect to the Plan or the Common Shares whatsoever. In seeking the benefits of participation in the Plan, a Designated Participant agrees to accept all risks associate with a
decline in the market price of Common Shares. 
  

	8.10.	Participation is Voluntary; No Additional Rights 

 The Participation of
any Designated Participant in the Plan is entirely voluntary and not obligatory and shall not be interpreted as conferring upon such Designated Participant any rights or privileges other than those rights and privileges expressly provided in the
Plan. Nothing in this Plan shall be construed to provide the Designated Participants with any rights whatsoever to participation or continue participation in this Plan or to compensation or damages in lieu of participation, whether upon termination
of service as a Designated Participant or otherwise. Nothing contained in this Plan shall be deemed to give any person the right to the continuation of employment by the Company or a Related Entity of the Company or interfere in any way with the
right of the Company or a Related Entity of the Company to terminate such employment at any time or to increase or decrease the compensation of such person. For greater certainty, a period of notice, if any, or payment in lieu thereof, upon
termination of employment, wrongful or otherwise, shall not be considered as extending the period of employment for the purposes of the 

 
 15
 
  

 
Plan. The Company does not assume responsibility for the personal income or other tax consequences for the Designated Participants and they are advised to consult with their own tax advisors.

  

	8.11.	No Shareholder Rights 

 No Designated Participant has or is
entitled to obtain, as a result of any entitlement to Restricted Share Units hereunder, any entitlement to Common Shares or any voting rights, rights to receive any distribution or any other rights as a shareholder of the Company. 

 

	8.12.	Subject to Law 

 The Company’s granting of any Restricted Share
Units and its obligation to make any payments in respect thereof are subject to compliance with Applicable Law. 
  

	8.13.	No Salary Deferral Arrangement 

 Notwithstanding any other provision of
the Plan, it is intended that the Plan and Restricted Share Units granted under the Plan not be considered “salary deferral arrangements” under the Income Tax Act (Canada) and the Plan shall be administered in accordance with such
intention. Without limiting the generality of the foregoing, the Committee may make such amendments to the terms of outstanding Restricted Share Units (including, without limitation, changing the Vesting Dates and Redemption Dates thereof) as may be
necessary or desirable, in the sole discretion of the Committee, so that the Plan and Restricted Share Units outstanding thereunder are not considered “salary deferral arrangements”. 

 

	8.14.	Administration Costs 

 The Company will be responsible for all costs
relating to the administration of the Plan. 
  

	8.15.	Governing Law 

 The Plan shall be governed by and construed in
accordance with the laws of the Province of British Columbia and the federal laws of Canada applicable therein. 
  

	8.16.	Effective Date 

 The Plan is adopted with effect from May 7, 2015.

 Schedule A 

Form of Grant Notice and Acknowledgement 

B2Gold Corp. Restricted Share Unit Plan 

B2Gold Corp. (the “Company”) hereby grants the following award to the Designated Participant named below in accordance with
and subject to the terms, conditions and restrictions of this Grant Notice and Acknowledgement (the “Notice”), together with the provisions of the B2Gold Corp. Restricted Share Unit Plan (the “Plan”) dated
May 7, 2015: 
  

					
	 Name and Address of Designated Participant:
		  
		

					
			
	 Date of Grant:
		  
		

					
			
	 Total Number of Restricted Share Units
		  
		

  

	1.	 The terms and conditions of the Plan are hereby incorporated by reference as terms and conditions of this Notice and all capitalized terms used
herein, unless expressly defined in a different manner, have the meanings ascribed thereto in the Plan. 

  

	2.	 Subject to any acceleration in vesting as provided in the Plan, each Restricted Share Unit vests as follows: 

[To be inserted] 
  

	3.	 The payment is respect of Restricted Share Units held by the Designated Participant shall be satisfied by the issuance of Common Shares to the
Designated Participant on the Redemption Date. 

  

	4.	 Nothing in the Plan or in this Notice will affect the right of the Company or any Related Entity to terminate the employment or term of service any
employee at any time for any reason whatsoever. 

  

	5.	 Each notice relating to any award of Restricted Share Units must be in writing and signed by the Designated Participant or its Beneficiary or legal
representative. All notices to the Company must be delivered personally or by prepaid registered mail and must be addressed to the Secretary of the Company. All notices to the Designated Participant will be addressed to the principal address of the
Designated Participant on file with the Company. Either the Company or the Designated Participant may designate a different address by written notice to the other. Any notice given by either the Designated Participant of the Company is not binding
on the recipient thereof until received. 

  

	6.	 The undersigned acknowledges: 

  

	 	(a)	 having received a copy of the Plan and acknowledges and agrees that the terms of the Plan govern the grant of Restricted Share Units to and the
rights of the undersigned hereunder and that such terms include rights of the Company to amend or terminate the Plan or any of its terms and to determine vesting and other matters at its discretion; 

 

	 	(b)	 that the Company or Subsidiary of the Company that employs the undersigned may be required to withhold from the undersigned’s compensation and
remit to the Canada 

 2 
  

	 	 
Revenue Agency or the tax agency of the country in which the Designated Participant resides income taxes and other required source deductions in respect of the redemption of Vested Restricted
Share Units of the Designated Participant provided for in Section 3.3 of the Plan; and 

  

	 	(c)	 and agrees that the undersigned will, at all times, act in strict compliance with Applicable Law and all policies of the Company applicable to the
undersigned in connection with the Plan. Such Applicable Law and policies shall include, without limitation, those governing “insiders” of “reporting issuers” as those terms are construed for the purposes of applicable securities
laws. 

 DATED this              day of
                                        ,
20              . 
  

					
			B2GOLD CORP.
			
			Per:		  

			Name:		
			Title:		

  

					
			)		
			)		
			)		
	  
		)		  

	Witness		)		[Name of Designated Participant]
			)EX-4.2

B2GOLD CORP. 

INCENTIVE STOCK OPTION PLAN 

(AMENDED AND RESTATED) 
  

	1.	Name and Purpose of the Plan 

  

	1.1	 The stock option plan constituted hereby for directors, officers and Service Providers (as defined below) of B2Gold Corp. (the “Company”)
and its subsidiaries shall be known as the Stock Option Plan (Amended and Restated) (the “Plan”). This Plan, effective May 7, 2015, amends, restates and replaces the Stock Option Plan adopted on May 6, 2011, as amended on
May 14, 2014. 

  

	1.2	 The purpose of the Plan is to provide Eligible Persons with an opportunity to purchase Common Shares and to benefit from the appreciation in the
value thereof. This will provide an increased incentive for the Eligible Persons to contribute to the future success and prosperity of the Company, thus enhancing the value of the Common Shares for the benefit of all the shareholders and increasing
the ability of the Company and its associated, affiliated, controlled and subsidiary companies to attract and retain individuals of exceptional skill. 

  

	2.	Interpretation 

  

	2.1	Where used herein, the following terms shall have the following meanings, respectively: 

  

	 	(a)	 “Associate” means an associate as defined in the Securities Act;  

 

	 	(b)	 “Blackout Period” has the meaning ascribed to such term in Section 19; 

 

	 	(c)	 “Board” or “Board of Directors” means the board of directors of the Company, as such may be constituted from time to time;

  

	 	(d)	 “Code” means the U.S. Internal Revenue Code of 1986, as amended; 

 

	 	(e)	 “Common Shares” means the common shares of the Company or, in the event of an adjustment contemplated by Section 10 hereof, such
other shares to which a Participant may be entitled upon the exercise of an Option as a result of such adjustment; 

  

	 	(f)	 “Company” means B2Gold Corp., and includes any successor company thereof; 

 

	 	(g)	 “Disability” means, with respect to any U.S. Participant, that such U.S. Participant is unable to engage in any substantial gainful
activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or that has lasted, or can be expected to last, for a continuous period of not less than twelve (12) months. The preceding
definition of the term “Disability” is intended to comply with, and will be interpreted consistently with, sections 22(e)(3) and 422(c)(6) of the Code; 

	 	(h)	 “Eligible Person” means, subject to all applicable laws, any director, officer, employee or Service Provider of the Company or any of its
associated, affiliated, controlled and subsidiary companies; 

  

	 	(i)	 “Employee” means a person who is an employee of the Company (or any Parent or Subsidiary) for purposes of section 422 of the Code;

  

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

  

	 	(k)	 “Fair Market Value” as of any date, means, with respect to any property (including, without limitation, any Common Share), the fair
market value, as of such date, of such property, determined by such methods or procedures as are established from time to time by the Board. Unless otherwise determined by the Board, the fair market value of a Common Share as of a given date will be
the closing sale price of the Common Shares on the Exchange (or, if such Common Shares are not then listed and posted for trading on the Exchange, on such stock exchange on which such Common Shares are listed and posted for trading as may be
selected for such purpose by the Board) on the trading day immediately preceding such date; 

  

	 	(l)	 “Grant Date” means, with respect to any Option, the date on which the Board makes the determination to grant such Option or any later
date specified by the Board; 

  

	 	(m)	 “Incentive Stock Option” means an Option granted to a U.S. Participant that is intended to qualify as an “incentive stock
option” pursuant to Section 422 of the Code; 

  

	 	(n)	 “Insider” means: 

  

	 	(i)	 an insider as defined in the Securities Act, other than a person who is an insider solely by virtue of being a director or senior officer of
a subsidiary company; and 

  

	 	(ii)	 an Associate of any person who is an insider under paragraph (i) of this definition; 

 

	 	(o)	 “Market Price” of Common Shares at any Grant Date means the closing price per Common Share on the Exchange for the last day Common Shares
were traded prior to the Grant Date; 

  

	 	(p)	 “Non-Employee Director” means any director of the Company or any of its associated, affiliated, controlled or subsidiary companies who
does not have an employment or consulting agreement with the Company or one of its associated, affiliated, controlled or subsidiary companies; 

  

	 	(q)	 “Nonqualified Stock Option” means an Option that is not an Incentive Stock Option; 

 

	 	(r)	 “Option” means an option to purchase Common Shares granted by the Board to a Participant, subject to the provisions contained herein;

  
 2 

	 	(s)	 “Option Price” means the price per share at which Common Shares may be purchased under the Option, as the same may be adjusted in
accordance with Sections 4 and 10 hereof; 

  

	 	(t)	 “Parent” means any corporation (other than the Company) in an unbroken chain of corporations ending with the Company, if each corporation
in such chain (other than the Company) owns stock possessing fifty percent (50%) or more of the total combined voting power of all classes of stock in one of the other corporations in such chain. The preceding definition of the term
“Parent” is intended to comply with, and will be interpreted consistently with, section 424(e) of the Code; 

  

	 	(u)	 “Participant” means an Eligible Person to whom Options are granted by the Board pursuant to the Plan and which Options or a portion
thereof remain unexercised; 

  

	 	(v)	 “Plan” means this Stock Option Plan of the Company, as the same may be amended or varied from time to time; 

 

	 	(w)	 “Securities Act” means the Securities Act (Ontario), as amended or replaced from time to time; 

 

	 	(x)	 “Service Provider” means: 

  

	 	(i)	 an employee (including full-time and part-time employees) of the Company or any of its subsidiary company’s; 

 

	 	(ii)	 any other individual, corporation, partnership or other entity engaged on a bona fide basis to provide ongoing management or consulting
services to the Company, to a subsidiary company controlled company for an initial, renewable or extended period of twelve months or more; and 

  

	 	(iii)	 any individual who is providing ongoing management or consulting services to the Company, to a subsidiary company or controlled company indirectly
through a corporation, partnership or other entity that is a Service Provider under section (ii) of this definition; 

  

	 	(y)	 “Subsidiary” means any corporation (other than the Company) in an unbroken chain of corporations beginning with the Company, if each
corporation (other than the last corporation) in such chain owns stock possessing fifty percent (50%) or more of the total combined voting power of all classes of stock in one of the other corporations in such chain. The preceding definition of
the term “Subsidiary” is intended to comply with, and will be interpreted consistently with, Section 424(f) of the Code; 

  

	 	(z)	 “U.S. Participant” means a Participant who is a citizen of the United States or a resident of the United States, as defined in
Section 7701(a)(30)(A) and Section 7701(b)(1) of the Code; and 

  

	 	(aa)	 “10% Shareholder” means any U.S. Participant who owns, taking into account the constructive ownership rules set forth in
Section 424(d) of the Code, more than ten percent (10%) of the total combined voting power of all classes of stock of the Company (or of any Parent or Subsidiary). 

 

	2.2	 For the purposes of the Plan, associated companies, affiliated companies, controlled companies and subsidiary companies have the meanings set forth
under Section 1 of the Securities Act. 

  
 3 

	3.	Shares Subject to Plan and Granting of Options 

  

	3.1	 The Board of Directors may, from time to time, in its discretion grant Options to Eligible Persons subject to the conditions contained herein and
such additional conditions as may be determined by the Board from time to time. 

  

	3.2	 The maximum number of Common Shares that may be issuable pursuant to Options granted under the Plan, which Options are outstanding but unexercised
and whether or not they are vested, and all of the Company’s other previously established and outstanding or proposed share compensation arrangements, shall be a number equal to 8.5% of the number issued and outstanding Common Shares on a
non-diluted basis at any time. 

  

	3.3	 The Common Shares in respect of which Options are terminated, cancelled or expired unexercised shall be available for subsequent Options pursuant
to Section 21. No fractional Common Shares may be purchased or issued hereunder. 

  

	3.4	 Any grant of Options under the Plan shall be subject to the following restrictions, unless approved by a majority of the disinterested shareholders
of the Company: 

  

	 	(a)	 the aggregate number of Common Shares issuable pursuant to Options granted to Insiders, at any time, pursuant to the Plan and all of the
Company’s other previously established and outstanding or proposed share compensation arrangements may not exceed 8.5% of the issued and outstanding Common Shares (on a non-diluted basis) at the time of
grant; 

  

	 	(b)	 the aggregate number of Common Shares issued to Insiders pursuant to the Plan and all of the Company’s other previously established and
outstanding or proposed share compensation arrangements within any one-year period may not exceed 8.5% of the issued and outstanding Common Shares (on a non-diluted
basis) at the time of grant; 

  

	 	(c)	 the aggregate number of Common Shares issuable to any one individual Participant pursuant to the Plan and all of the Company’s other
previously established and outstanding or proposed share compensation arrangements within any one-year period may not exceed 5% of the outstanding Common Shares (on a non-diluted basis) at the time of the
grant; and 

  

	 	(d)	 the aggregate number of Common Shares issuable pursuant to Options granted to Non Employee Directors, as a group, at any time, pursuant to the Plan
and all of the Company’s other previously established and outstanding or proposed share compensation arrangements may not exceed 1% of the outstanding Common Shares (on a non-diluted basis) at the time of grant and the aggregate value of
Options (based on the fair value of the Options at the time of grant) granted to any Non Employee Director in any calendar year may not exceed $100,000. 

The aforementioned limits of Common Shares reserved for issuance may be formulated on a diluted basis with the consent of the Exchange. 

  
 4 

	4.	Purchase Price 

  

	4.1	 The Option Price of any Option granted shall be fixed by the Board of Directors but shall not be less than the Market Price on the Grant Date or
such other minimum price as the Exchange may require. Notwithstanding any other term in this Plan to the contrary, the Option Price of any Option granted to a U.S. Participant shall not be less than 100% of the Fair Market Value of a Common Share on
the applicable Grant Date. 

  

	5.	Option Term 

  

	5.1	 Common Shares subject to each Option shall become purchasable in whole or in part at such time or times as may be determined by the Board of
Directors. Subject to Sections 16 and 19, each Option shall not be exercisable after the expiration of ten (10) years from the date of the granting of the Option and may expire on such earlier date or dates as may be fixed by the Board of
Directors. Any Common Shares not purchased prior to the expiration of an Option granted hereunder may thereafter be reallocated in accordance with the provisions of the Plan. 

 

	6.	Non-Transferable 

  

	6.1	 Options granted to Participants under the Plan shall be non-transferable and
non-assignable by the Participant to whom it was granted, other than by will or the laws of descent and distribution and, shall be exercisable during the Participant’s lifetime only by the Participant,
provided that, subject to the prior approval of the Board and the Exchange, an Option may be assigned to a corporation controlled by the Participant and 100% beneficially owned by the Participant, which control and ownership shall continue for so
long as any part of the Option remains unexercised. However, see Section 16 for applicable restrictions on transferability for Incentive Stock Options granted to U.S. Participants. 

 

	7.	Employees and Service Providers 

  

	7.1	 The Company represents and warrants that, with respect to the grant of Options under the Plan to Employees or Service Providers, each such the
Eligible Person is a bona fide Employee or Service Provider of the Company, as applicable. 

  

	7.2	 The Plan does not confer upon a Participant any right with respect to continuation of employment by the Company or any of its associated,
affiliated, controlled or subsidiary companies. 

  

	8.	Effect of Termination of Employment or Death 

  

	8.1	 In the event of death of a Participant, any Option held by such Participant at the date of death shall become exercisable in whole or in part, only
if and to the extent that the Participant was entitled to exercise the Option at the date of the Participant’s death, by the person(s) to whom the Participant’s rights under the Option shall pass by the Participant’s will or the laws
of descent and distribution and Options shall be exercisable for a period of one (1) year after the date of death or prior to the expiration of the Option period in respect thereof, whichever is sooner. 

 

	8.2	 If a Participant ceases to be employed or retained by the Company or its associated, affiliated, controlled or subsidiary companies, as the case
may be, for cause or if a Participant is removed from office as a director or becomes disqualified from being a director by law, any Option or the unexercised portion thereof granted to such Participant shall terminate forthwith. If a Participant

  
 5 

	 	 
ceases to be employed or retained by the Company or its associated, affiliated, controlled or subsidiary companies, as the case may be, other than by reason of death or termination for cause, or
if a Participant ceases to be a director other than by reason of death, removal or disqualification, any Option or unexercised portion thereof held by such Participant at the effective date thereof may be exercised in whole or in part for a period
that is the earlier of: (i) ninety (90) days after the Participant ceases active employment with the Company; (ii) ninety (90) days after the date of delivery of written notice of retirement, resignation or termination;
(iii) the expiration date fixed by the Board; or (iv) the date the Option expires in accordance with its terms. 

  

	9.	No Rights As Shareholder 

  

	9.1	 No Participant shall have any of the rights as a shareholder of the Company in respect of the Common Shares subject to an Option until such Common
Shares have been paid for in full and issued. 

  

	10.	Adjustment to Shares 

  

	10.1	 Following the date an Option is granted, the exercise price for and the number of Common Shares which are subject to an Option will be adjusted,
with respect to the then unexercised portion thereof, by the Board from time to time (on the basis of such advice as the Board considers appropriate, including, if considered appropriate by the Board, a certificate of the auditor of the Company) in
the events and in accordance with the provisions set out in this Section 10, with the intent that the rights of Participants under their Options are, to the extent possible, preserved notwithstanding the occurrence of such events. Any dispute
that arises at any time with respect to any adjustment pursuant to such provisions will be conclusively determined by the Board, and any such determination will be binding on the Company, the Participant and all other affected parties.

  

	10.2	 The number of Common Shares to be issued on the exercise of an Option shall be adjusted from time to time to account for each dividend of Common
Shares (other than a dividend in lieu of cash dividends paid in the ordinary course), so that upon exercise of the Option for a Common Share the Participant shall receive, in addition to such Common Share, an additional number of Common Shares
(“Additional Shares”), at no further cost, to adjust for each such dividend of Common Shares. The adjustment shall take into account every dividend of Common Shares which occurs between the date of the grant of the Option and the date of
exercise of the Option for such Common Share. If there has been more than one such dividend, the adjustment shall also take into account that the dividends which are later in time would have been distributed not only on the Common Share had it been
outstanding, but also on all Additional Shares which would have been outstanding as a result of previous dividends. 

  

	10.3	 If the outstanding Common Shares are changed into or exchanged for a different number of shares or into or for other securities of the Company or
securities of another company or entity, whether through an arrangement, amalgamation or other similar procedure or otherwise, or a share recapitalization, subdivision or consolidation, then on each exercise of the Option which occurs following such
events, for each Common Share for which the Option is exercised, the Participant shall instead receive the number and kind of shares or other securities of the Company or other company into which such Common Share would have been changed or for
which such Common Share would have been exchanged if it had been outstanding on the date of such event. 

  
 6 

	10.4	 If the outstanding Common Shares are changed into or exchanged for a different number of shares or into or for other securities of the Company or
securities of another company or entity, in a manner other than as specified in Sections 10.2 or 10.3, then the Board, in its sole discretion, may make such adjustment to the securities to be issued pursuant to any exercise of the Option and the
exercise price to be paid for each such security following such event as the Board in its sole and absolute discretion determines to be equitable to give effect to the adjustment described in Section 10.1, and such adjustments shall be
effective and binding upon the Company and the Participant for all purposes. 

  

	10.5	 If the Company distributes, by way of a dividend or otherwise, to all or substantially all holders of Common Shares, property, evidences of
indebtedness or shares or other securities of the Company (other than Common Shares) or rights, options or warrants to acquire Common Shares or securities convertible into or exchangeable for Common Shares or other securities or property of the
Company, other than as a dividend in the ordinary course, then, if the Board, in its sole discretion, determines that such action equitably requires an adjustment in the exercise price under any outstanding Option or in the number(s) of Common
Shares subject to any such Option, or both, such adjustment may be made by the Board and shall be effective and binding on the Company and the Participant for all purposes. 

 

	10.6	 No adjustment or substitution provided for in this Section 10 shall require the Company to issue a fractional share in respect of any Option.
Fractional shares shall be eliminated. 

  

	10.7	 The grant or existence of an Option shall not in any way limit or restrict the right or power of the Company to effect adjustments,
reclassifications, reorganizations, arrangements or changes of its capital or business structure, or to amalgamate, merge, consolidate, dissolve or liquidate, or to sell or transfer all or any part of its business or assets. 

 

	10.8	 Any adjustment with respect to the exercise price for and number of Common Shares subject to an Option granted to a U.S. Participant pursuant to
this Section 10 will be made so as to comply with, and not create any adverse consequences under, Sections 424 and 409A of the Code. 

  

	11.	Effect of Take-Over Bid 

  

	11.1	 If a bona fide offer (the “Offer”) for Common Shares is made to a Participant or to shareholders generally or to a class of shareholders
which includes Participants, which Offer, if accepted in whole or in part, would result in the offeror acquiring control of more than 20% of the voting rights attached to all the outstanding voting securities of the Company, then the Company shall,
immediately upon receipt of notice of the Offer, notify each Participant currently holding an Option of the Offer, with full particulars thereof; whereupon such Option may be exercised in whole or in part by the Participant so as to permit the
Participant to tender the Common Shares received upon such exercise (the “Optioned Shares”) pursuant to the Offer. 

  

	11.2	 Any such notice of exercise may be made conditional upon the effectiveness or completion of such Offer so that if: 

 

	 	(a)	 the Offer is not completed within the time specified therein; or 

 

	 	(b)	 the Participant does not tender the Optioned Shares pursuant to the Offer; or 

 

	 	(c)	 all of the Optioned Shares tendered by the Participant pursuant to the Offer are not taken up and paid for by the offeror in respect thereof;

  
 7 

 then the Optioned Shares to have been received or, in the case of clause
(c) above, the Optioned Shares that are not taken up and paid for, shall be returned to the Company and reinstated as authorized but unissued Common Shares and the terms of the Option set forth in the Plan shall again apply to the Option. If
any Optioned Shares are returned to the Company under this Section 11.2, the Company shall refund the exercise price to the Participant for such Optioned Shares. In no event shall the Participant be entitled to sell the Optioned Shares
otherwise than pursuant to the Offer. 
  

	12.	Written Agreement 

  

	12.1	 A written agreement shall be entered into between the Company and each Participant, which agreement shall set out the Option Price and the terms
and conditions on which the Option may be exercised, all in accordance with the provisions of the Plan. The agreement shall be in such form as the Board may from time to time approve and may contain such terms as may be considered necessary in order
that the Option will comply with any provisions respecting stock options in the income tax or other laws in force in any country or jurisdiction or which the person to whom the Option is granted may from time to time be a resident or citizen.

  

	13.	Amendment of the Plan 

  

	13.1	 The Board may from time to time, subject to applicable law and to the prior approval, if required, of the Exchange or any other regulatory body
having authority over the Company, the Plan or the shareholders of the Company, suspend, terminate, or discontinue the Plan at any time except with respect to any Option then outstanding under the Plan. 

 

	13.2	 The Board may amend or revise the terms of the Plan or of any Option granted under the Plan and/or the option agreement relating thereto at any
time without the consent of the Participants provided that such amendment shall: 

  

	 	(a)	 not adversely alter or impair any Option previously granted except as permitted by the adjustment provisions of Section 10;

  

	 	(b)	 be subject to any regulatory approvals including, where required, the approval of the Exchange; and 

 

	 	(c)	 be subject to shareholder approval, where required, by law or the requirements of the Exchange, provided that shareholder approval shall not be
required for the following amendments and the Board may make any changes, which may include but are not limited to: 

  

	 	(i)	 amendments of a typographical, grammatical, clerical or administrative nature or which are required to comply with regulatory requirements;

  

	 	(ii)	 a change to the vesting provision of the Plan or any Options; 

 

	 	(iii)	 a change to the termination provision of any Option that does not entail an extension beyond the original expiration date (as such date may be
extended by virtue of Section 19 for a Blackout Period); and 

  

	 	(iv)	 a change to the Eligible Persons of the Plan. 

  
 8 

	13.3	 Notwithstanding this Section 13, the Board shall not be permitted to amend the Option Price except as set out in Section 10 of the Plan.
If the Plan is terminated, the provisions of the Plan and any administrative guidelines and other rules and regulations adopted by the Board and in force on the date of termination will continue in effect as long as any Option or any rights pursuant
thereto remain outstanding and, notwithstanding the termination of the Plan, the Board shall remain able to make such amendments to the Plan or the Options as they would have been entitled to make if the Plan were still in effect.

  

	13.4	 The Board, absent prior approval of the shareholders of the Company and of the Exchange or any other regulatory body having authority over the
Company, will not be entitled to: 

  

	 	(a)	 increase the maximum percentage of Shares issuable by the Company pursuant to the Plan; 

 

	 	(b)	 amend an Option grant to effectively reduce the Exercise Price or extend the Expiry Date; 

 

	 	(c)	 make a change to the class of Eligible Persons which would have the potential of broadening or increasing participation by Insiders;

  

	 	(d)	 add any form of financial assistance; 

  

	 	(e)	 amend the Plan in order to permit Options to be transferable or assignable other than as provided for in Section 6.1; or

  

	 	(f)	 amend this Section 13.4. 

  

	13.5	 Notwithstanding any provision in the Plan to the contrary, any revision to the terms of an Option granted to a U.S. Participant shall be made only
if it complies with, and does not create adverse tax consequences under, Sections 424 and/or 409A of the Code, as applicable. 

  

	14.	Administration of the Plan 

  

	14.1	 Within the foregoing limitations and subject to Section 14.3, the Plan shall be administered by the Board of Directors. The Company shall
effect the grant of Options under the Plan, in accordance with determinations made by the Board of Directors, pursuant to the provisions of the Plan, as to those individuals eligible to be Participants and the number of Common Shares which shall be
the subject of each Option, by the execution and delivery of a stock option agreement in such form which is consistent with the provisions of the Plan as may be approved by the Board. 

 

	14.2	 All decisions and interpretations of the Board of Directors respecting the Plan or Options granted thereunder shall be conclusive and binding on
the Company and the Participants and their respective legal personal representatives and beneficiaries and on all directors, officers, employees and Service Providers of the Company who are eligible under the provisions of the Plan to participate
therein. No member of the Board shall be liable for any action taken or for any determination made in good faith in the administration, interpretation, construction or application of the Plan. 

 

	14.3	 All of the powers exercisable hereunder by the Board of Directors may, to the extent permitted by applicable law and authorized by resolution of
the Board of Directors, be exercised by a duly appointed committee of the Board of Directors (in which case, all references to the Board of Directors will be deemed to be references to such committee). 

  
 9 

	15.	Effective Date and Necessary Approvals 

  

	15.1	 No Options granted pursuant to the Plan or any amendment may be exercised by the Participants until the shareholders of the Company have approved
the Plan or any amendment by the affirmative vote of a majority of the voting Common Shares of the Company at a general meeting of shareholders. 

  

	15.2	 The obligations of the Company to sell and deliver the Common Shares on the exercise of the Options is subject to the approval of any securities
regulatory authority or Exchange, which may be required in connection with the authorization, issuance or sale of such Common Shares by the Company. 

  

	16.	U.S. Provisions 

  

	16.1	 Common Shares shall not be issued with respect to an Option unless the exercise of such Option and the issuance and delivery of such Common Shares
shall comply with all relevant provisions of law, including, without limitation, any applicable state securities laws, the United States Securities Act of 1933, as amended (the “1933 Act”), the rules and regulations thereunder and
the requirements of any stock exchange or automated inter-dealer quotation system of a registered national securities association upon which such Common Shares may then be listed, and such issuance shall be further subject to the approval of counsel
for the Company with respect to such compliance, including the availability of an exemption from registration for the issuance and sale of such Common Shares. The inability of the Company to obtain from any regulatory body the authority deemed by
the Company to be necessary for the lawful issuance and sale of any Common Shares under the Plan, or the unavailability of an exemption from registration for the issuance and sale of any Common Shares under the Plan, shall relieve the Company of any
liability with respect to the non-issuance or sale of such Common Shares. 

  

	16.2	 If the Common Shares issuable upon exercise of the Options have not been registered under the 1933 Act, as a condition to the exercise of an
Option, the Company may require the Participant to represent and warrant in writing at the time of such exercise that the Common Shares are being purchased only for investment and without any then present intention to sell or distribute such Common
Shares. At the option of the Company, a stop-transfer order against such Common Shares may be placed on the shareholder register and records of the Company, and a legend indicating that the Common Share(s) may not be pledged, sold or otherwise
transferred unless an opinion of counsel is provided stating that such transfer is not in violation of any applicable law or regulation, may be stamped on the certificates representing such Common Shares in order to assure an exemption from
registration. The Company also may require such other documentation as may from time to time be necessary to comply with federal and state securities laws. The Company has no obligation to undertake registration of Options or the Common Shares of
stock issuable upon the exercise of Options. 

  

	16.3	 Incentive Stock Options 

  

	 	(a)	 Maximum Number of Shares for Incentive Stock Options. Notwithstanding any other provision of this Plan to the contrary, the aggregate number
of Common Shares available for Incentive Stock Options is 13,000,000, subject to adjustment pursuant to Section 10 of this Plan and subject to the provisions of Sections 422 and 424 of the Code. 

 

	 	(b)	 Designation of Options. Each option agreement with respect to an Option granted to a U.S. Participant shall specify whether the related
Option is an Incentive Stock Option or a Nonqualified Stock Option. If no such specification is made in the option agreement, the related Option will be a Nonqualified Stock Option. 

  
 10 

	 	(c)	 Special Requirements for Incentive Stock Options. In addition to the other terms and conditions of this Plan (and notwithstanding any other
term or condition of this Plan to the contrary, except Section 17, which shall take precedence over this Section 16.3(c) in the event of any conflict between such Sections), the following limitations and requirements will apply to an
Incentive Stock Option: 

  

	 	(i)	 An Incentive Stock Option may be granted only to an Employee. 

 

	 	(ii)	 The aggregate Fair Market Value of the Common Shares (determined as of the applicable Grant Date) with respect to which Incentive Stock Options are
exercisable for the first time by any U.S. Participant during any calendar year (pursuant to this Plan and all other plans of the Company and of any Parent or Subsidiary) will not exceed one hundred thousand United States dollars (U.S.$100,000) or
any other limitation subsequently set forth in Section 422(d) of the Code. 

  

	 	(iii)	 The exercise price per Common Share payable upon exercise of an Incentive Stock Option will be not less than one hundred percent (100%) of the
Fair Market Value of a Common Share on the applicable Grant Date; provided, however, that the exercise price per Common Share payable upon exercise of an Incentive Stock Option granted to a U.S. Participant who is a 10% Shareholder on the
applicable Grant Date will be not less than one hundred ten percent (110%) of the Fair Market Value of a Common Share on the applicable Grant Date. 

  

	 	(iv)	 No Incentive Stock Option may be granted more than ten (10) years after the earlier of (i) the date on which this Plan is adopted by the
Board or (ii) the date on which this Plan is approved by the shareholders of the Company. 

  

	 	(v)	 An Incentive Stock Option will terminate and no longer be exercisable no later than ten (10) years after the applicable Grant Date;
provided, however, that an Incentive Stock Option granted to a U.S. Participant who is a 10% Shareholder on the applicable Grant Date will terminate and no longer be exercisable no later than five (5) years after the applicable Grant
Date. 

  

	 	(vi)	 If a U.S. Participant who has been granted an Incentive Stock Option ceases to be an Employee, the Option Agreement with respect to such Incentive
Stock Option may provide that it is exercisable as follows: 

  

	 	(1)	 If a U.S. Participant who has been granted an Incentive Stock Option ceases to be an Employee due to the death of such U.S. Participant, such
Incentive Stock Option may be exercised (to the extent such Incentive Stock Option was exercisable on the date of death) by the estate of such U.S. Participant, or by any person to whom such Incentive Stock Option was transferred in accordance with
Section (c)(viii) below, for a period of one (1) year after the date of death (but in no event beyond the term of such Incentive Stock Option). 

  
 11 

	 	(2)	 If a U.S. Participant who has been granted an Incentive Stock Option ceases to be an Employee due to the Disability of such U.S. Participant, such
Incentive Stock Option may be exercised (to the extent such Incentive Stock Option was exercisable on the date of Disability) by such U.S. Participant for a period of ninety (90) days after the date of Disability (but in no event beyond the
term of such Incentive Stock Option). 

  

	 	(3)	 If a U.S. Participant who has been granted an Incentive Stock Option ceases to be an Employee due to termination for cause, such Incentive Stock
Option will terminate and become null and void. 

  

	 	(4)	 If a U.S. Participant who has been granted an Incentive Stock Option ceases to be an Employee for any reason other than the death or Disability of
such U.S. Participant or termination for cause, such Incentive Stock Option may be exercised (to the extent such Incentive Stock Option was exercisable on the date of termination) by such U.S. Participant for a period ninety (90) days after the
date of termination (but in no event beyond the term of such Incentive Stock Option). 

  

	 	(5)	 For purposes of this Section (c)(vi) and any option agreement relating to an Incentive Stock Option issued to a U.S. Participant, the employment of
a U.S. Participant who has been granted and Incentive Stock Option will not be considered interrupted or terminated upon (a) sick leave, military leave or any other leave of absence approved by the Board that does not exceed ninety
(90) days in the aggregate; provided, however, that if reemployment upon the expiration of any such leave is guaranteed by contract or applicable law, such ninety (90) day limitation will not apply, or (b) a transfer from one
office of the Company (or of any Parent or Subsidiary) to another office of the Company (or of any Parent or Subsidiary) or a transfer between the Company and any Parent or Subsidiary. 

 

	 	(vii)	 An Incentive Stock Option granted to a U.S. Participant may be exercised during such U.S. Participant’s lifetime only by such U.S.
Participant. 

  

	 	(viii)	 An Incentive Stock Option granted to a U.S. Participant may not be transferred, assigned, pledged, hypothecated or otherwise disposed of by such
U.S. Participant, except by will or by the laws of descent and distribution. 

  

	 	(ix)	 In the event that this Plan is not approved by the shareholders of the Company within twelve (12) months before or after the date on which
this Plan is adopted by the Board, any Incentive Stock Option granted under this Plan will automatically be deemed to be a Nonqualified Stock Option. 

  
 12 

 17.  Options to California Residents 

 

	17.1	 Notwithstanding any other provision of this Plan or any option agreement, if the Company grants an Option to a Participant that is a resident of
the State of California and such Option grant is not exempt from qualification under the California securities laws other than pursuant to Section 25102(o) of the California Corporations Code, or any successor thereto, the following provisions
shall apply: 

  

	 	(a)	 If such a Participant’s employment is terminated other than for cause (as defined by applicable law, the terms of the Plan, the terms of the
award agreement or the terms of a contract of employment), such Option shall continue to be exercisable, to the extent that the Participant is entitled to exercise on the date employment terminates, until a date not earlier than the earliest to
occur of (i) the Option expiration date or (ii)(x) at least six (6) months from the date of termination if termination was caused by death or Disability, or (y) at least thirty (30) days from the date of termination if
termination was caused by other than death or Disability; 

  

	 	(b)	 Each Option shall not be exercisable after the expiration of ten (10) years from the date of the granting of the Option; and

  

	 	(c)	 No Option shall be granted to such a Participant after ten years from the earlier of the date of adoption of the Plan by the Board or the date of
shareholder approval or any earlier date of discontinuation or termination established pursuant to Section 13. 

18.   Withholding 
  

	18.1	 As a condition of and prior to participation in the Plan, each Participant authorizes the Company to withhold from any amount otherwise payable to
him or her any amounts required by any taxing authority to be withheld for taxes of any kind as a consequence of his or her participation in the Plan. The Company shall also have the right in its discretion to satisfy any such liability for
withholding or other required deduction amounts by retaining or acquiring any Option Shares, or retaining any amount payable, which would otherwise be issued or delivered, provided or paid to a Participant under the Plan. The Company may require a
Participant, as a condition to exercise of an Option to pay or reimburse the Company for any such withholding or other required deduction amounts related to the exercise of Options. 

 

	19.	Extension of Expiry Date of Options Expiring During a Trading Ban 

  

	19.1	 If the term of an Option held by a Participant expires during a restricted trading period imposed by the Company pursuant to which the
Company’s management and directors are prohibited from trading in the Company’s securities (the “Blackout Period”), then the term of such Option or unexercised portion thereof shall be extended and shall expire ten
(10) business days after the end of the Blackout Period. 

  

	19.2	 Notwithstanding the foregoing, if at the time the Participant ceases to be a director, officer, employee or Service Provider due to early
retirement, voluntary resignation or termination by the Company for reasons other than Cause, there is a Blackout Period, or if at any time during the ninety (90) day period set out in Section 8.2, there is a Blackout Period, then in
calculating the time that the Option then held by the Participant shall be exercisable to acquire any Common Shares that have vested, the portion of such ninety (90) day period that remains upon commencement of a Blackout Period shall be in
addition to any such blackout period. 

  
 13 

	20.	Government/Exchange Requirements 

  

	20.1	 The Company’s obligation to issue and deliver Common Shares under any Option is subject to: 

 

	 	(a)	 the satisfaction of all requirements under applicable securities laws in respect thereof and obtaining all regulatory approvals as the Company
shall determine to be necessary or advisable in connection with the authorization, issuance or sale thereof; 

  

	 	(b)	 the admission of such Common Shares to listing on any stock exchange on which such Common Shares may then be listed; and 

 

	 	(c)	 the receipt by the Company from the Participant of such representations, warranties, agreements and undertakings as to future dealings in such
Common Shares as the Company determines to be necessary or advisable in order to safeguard against the violation of the securities laws of any jurisdiction. 

The Company shall take all reasonable steps to obtain such approvals and registrations as may be necessary for the issuance of
such Common Shares in compliance with applicable securities laws and for the listing of such Common Shares on any stock exchange on which such Common Shares are then listed. 
  

	21.	Common Shares not Acquired 

  

	21.1	 Any Common Shares not acquired by a Participant under an Option, which have been cancelled or expired in accordance with their terms, may be made
the subject of a further Option grant pursuant to the provisions of the Plan. 

  

	22.	Exchange Rules 

  

	22.1	 All Options granted pursuant to the Plan will be subject to the rules and policies of the Exchange and any other regulatory body having
jurisdiction over the Company. 

  

	23.	No Representation or Warranty 

  

	23.1	 The Company makes no representation or warranty as to the future market value of any Common Shares issued in accordance with the provisions of the
Plan. 

  

	24.	General Provisions 

  

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

 

	24.2	 The validity, construction and effect of the Plan, the grants of Options, the issue of Common Shares, any rules and regulations relating to the
Plan any written agreement, and all determinations made and actions taken pursuant to the Plan, shall be governed by and determined in accordance with the laws of the Province of British Columbia. 

  
 14 

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

  

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

  

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

  

	25.	Effective Date 

  

	25.1	 The Plan shall become effective upon being adopted by the Board. 

  
 15

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