Document:

Exhibit 4.5

 

DEFERRED SHARE UNIT PLAN

 

NORZINC LTD.

NON-EMPLOYEE DIRECTORS DEFERRED SHARE
UNIT PLAN

 

		1.	PURPOSE OF THE PLAN

 

		1.1	This Plan has been established by the Company to promote
the interests of the Company by attracting and retaining qualified persons to serve on the Board and to promote a greater alignment
of long term interests between such Participants and the shareholders of the Company.

 

		2.	PLAN DEFINITIONS AND INTERPRETATIONS

 

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

 

		(a)	“Account” means an account maintained
for each Participant on the books of the Company which will be credited with Deferred Share Units, in accordance with the terms
of the Plan.

 

		(b)	“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 Stock Exchange Rules.

 

		(c)	“Board” means the Board of Directors
of the Company.

 

		(d)	“Change of Control” means the acquisition
by any person or by any person and a Joint Actor, whether directly or indirectly, of voting securities (as defined in the Securities
Act (British Columbia)) of the Company, which, when added to all other voting securities of the Company at the time held by such
person or by such person and a Joint Actor, totals for the first time not less than fifty percent (50%) of the outstanding voting
securities of the Company or the votes attached to those securities are sufficient, if exercised, to elect a majority of the Board.

 

		(e)	“Committee” means the Compensation
Committee of the Board.

 

		(f)	“Common Shares” means common shares
of the Company and includes any securities of the Company into which such Common Shares may be converted, reclassified, redesignated,
subdivided, consolidated, exchanged or otherwise changed, pursuant to a Reorganization or otherwise.

 

		(g)	“Company” means NorZinc Ltd. and its
respective successors and assigns, and any reference in the Plan to action by the Company means action by or under the authority
of the Board or any person or committee that has been designated for the purpose by the Board including, without limitation, the
Committee.

 

		(h)	“DSU” or “Deferred Share
Unit” means a unit credited to a Participant by way of a bookkeeping entry in the books of the Company pursuant to this
Plan, the value of which is equivalent in value to a Common Share.

 

		(i)	“DSU Limit” has the meaning given such
term in section 6.1

 

		(j)	“Grant” means any Deferred Share Unit
credited to the Account of a Participant.

 

     

     

    

 

		(k)	“Insider” has the meaning provided
for purposes of the TSX relating to Security Based Compensation Arrangements.

 

		(l)	“Insider Limit” has the meaning given
such term in section 6.2.

 

		(m)	“Notice of Redemption” means written
notice, on a prescribed form, by the Participant, or the administrator or liquidator of the estate of the Participant, to the
Company of the Participant’s wish to redeem his or her Deferred Share Units.

 

		(n)	“Participant” means a director of
the Company who is designated by the Committee as eligible to participate in the Plan.

 

		(o)	“Plan” means this 2014 Non-Employee
Directors Deferred Share Unit Plan.

 

		(p)	“Redemption Date” means the date that
a Notice of Redemption is received by the Company; provided in the case of a U.S. Eligible Participant, however, the Redemption
Date will be made the earlier of (i) “separation from service” within the meaning of Section 409A of the Code, or
(ii) within 90 days of the U.S. Eligible Participant’s death.

 

		(q)	“Reorganization” means any (i) capital
reorganization, (ii) merger, (iii) amalgamation, or (iv) arrangement or other scheme of reorganization.

 

		(r)	“Section 409A” means Section 409A
of the U.S. Internal Revenue Code of 1986, as amended, and the Treasury Regulations promulgated thereunder as in effect from time
to time.

 

		(s)	“Security Based Compensation Arrangement” has the meaning defined in the provisions of the TSX Company Manual relating to security based compensation arrangements.

 

		(t)	“Share Price” means the volume-weighted
average price of a Common Share on the TSX over the five (5) consecutive trading days immediately preceding (a) in the case of
a Grant, the last day of the fiscal quarter preceding the date of Grant in respect of a director, or (b) in the case of a redemption,
the Redemption Date, as applicable, or in the event such shares are not traded on the TSX, the fair market value of such shares
as determined by the Committee acting in good faith.

 

		(u)	“Stock Exchange Rules” means the applicable
rules of any stock exchange upon which the Common Shares are listed.

 

		(v)	“Termination Date” means the date
of a Participant’s death, or retirement from, or loss of office or employment with the Company, within the meaning of paragraph
6801(d) of the regulations under the Income Tax Act (Canada), including the Participant’s resignation, retirement, removal
from the Board, death or otherwise.

 

		(w)	“TSX” means the Toronto Stock Exchange.

 

		(x)	“U.S. Eligible Participant” refers
to a Participant who, at any time during the period from the date Deferred Share Units are granted to the Participant to the date
such Deferred Share Units are redeemed by the Participant, is subject to income taxation in the United States on the income received
for his or her services as a director of the Company and who is not otherwise exempt from U.S. income taxation under the relevant
provisions of the U.S. Internal Revenue Code of 1986, as amended, or the Canada-U.S. Income Tax Convention, as amended from time
to time.

 

     

     

    

 

		3.	NON-EMPLOYEE DIRECTOR COMPENSATION

 

		3.1	Establishment of Annual Base Compensation

 

An annual compensation amount
(the “Annual Base Compensation”) payable to non-employee Directors (hereafter “Directors”) of
the Company shall be established from time-to-time by the Board. The amount of Annual Base Compensation will be reported annually
in the Company’s management information circular.

 

		3.2	Payment of Annual Base Compensation

 

		(a)	The Annual Base Compensation shall be payable in quarterly
installments, with each installment payable as promptly as practicable following the last business day of the fiscal quarter to
which it applies. Quarterly payments shall be pro rated if Board service commences or terminates during a fiscal quarter. The
number of DSUs to be paid and the terms of the DSUs shall be determined as provided in the following sections of this Plan.

 

		(b)	Each Director may elect to receive in DSUs up to 50%
of his or her Annual Base Compensation by completing and delivering a written election to the Company on or before November 15th
of the calendar year ending immediately before the calendar year with respect to which the election is made. Such election will
be effective with respect to compensation payable for fiscal quarters beginning during the calendar year following the date of
such election. Further, where an individual becomes a Director for the first time during a fiscal year and such individual has
not previously participated in a plan that is required to be aggregated with this Plan for purposes of Section 409A, such individual
may elect to participate in the Plan with respect to fiscal quarters of the Company commencing after the Company receives such
individual’s written election, which election must be received by the Company no later than 30 days after such individual’s
appointment as a Director. For greater certainty, new Directors will not be entitled to receive DSUs pursuant to an election for
the quarter in which they submit their first election to the Company or any previous quarter. Elections hereunder shall be irrevocable
with respect to compensation earned during the period to which such election relates.

 

		(c)	All DSUs granted with respect to Annual Base Compensation
will be credited to the Director’s Account when such Annual Base Compensation is payable (the “Grant Date”).

 

		(d)	The Director’s Account will be credited with the number
of DSUs calculated to the nearest thousandths of a DSU, determined by dividing the dollar amount of compensation payable in DSUs
on the Grant Date by the Share Price. Fractional Common Shares will not be issued and any fractional entitlements will be rounded
down to the nearest whole number.

 

		3.3	Additional Deferred Share Units

 

In addition to DSUs granted pursuant
to Section 3.2, the Board may award such number of DSUs to a Participant as the Board deems advisable to provide the Participant
with appropriate equity-based compensation for the services he or she renders to the Company. The Board shall determine the date
on which such DSUs may be granted and the date as of which such DSUs shall be credited to a Participant’s Account. The Company
and a Participant who receives an award of DSUs pursuant to this Section 3.3 shall enter into a DSU award agreement to evidence
the award and the terms applicable thereto.

 

     

     

    

 

		4.	ADMINISTRATION OF DSU ACCOUNTS

 

		4.1	Administration of Plan

 

The Committee shall have the
power, where consistent with the general purpose and intent of the Plan and subject to the specific provisions of the Plan:

 

		(a)	to establish policies and to adopt rules and regulations
for carrying out the purposes, provisions and administration of the Plan and to amend and rescind such rules and regulations from
time to time;

 

		(b)	to interpret and construe the Plan and to determine all
questions arising out of the Plan and any such interpretation, construction or determination made by the Committee shall be final,
binding and conclusive for all purposes;

 

		(c)	to prescribe the form of the instruments used in conjunction
with the Plan; and

 

		(d)	to determine which members of the Board are eligible
to participate in the Plan.

 

		4.2	Redemption of Deferred Share Units

 

		(a)	Each Participant shall be entitled to redeem his or her
Deferred Share Units during the period commencing on the business day immediately following the Termination Date and ending on
the 90th day following the Termination Date by providing a written Notice of Redemption to the Company. In the event of death
of a Participant, the Notice of Redemption shall be filed by the legal representative of the Participant. In the case of a U.S.
Eligible Participant, however, the redemption will be deemed to be made on the earlier of (i) “separation from service”
within the meaning of Section 409A, or (ii) within 90 days of the U.S. Eligible Participant’s death.

 

		(b)	Upon redemption, the Participant shall be entitled to
receive, and the Company shall issue or provide:

 

		(i)	subject to shareholder approval of this Plan and the
limitations set forth in Section 6.2 below, a number of Common Shares issued from treasury equal to the number of DSUs in the
Participant’s Account, subject to any applicable deductions and withholdings;

 

		(ii)	subject to and in accordance with any Applicable Law,
a number of Common Shares purchased by an independent administrator of the Plan in the open market for the purposes of providing
Common Shares to Participants under the Plan equal in number to the DSUs in the Participant’s Account, subject to any applicable
deductions and withholdings;

 

		(iii)	the payment of a cash amount to a Participant equal to
the number of DSUs multiplied by the Share Price, subject to any applicable deductions and withholdings; or

 

		(iv)	any combination of the foregoing,

 

		(v)	as determined by the Company, in its sole discretion.

 

     

     

    

 

		4.3	Payment Notwithstanding

 

Notwithstanding any other provision
of this Plan, all amounts payable to, or in respect of, a Participant hereunder shall be paid on or before December 31 of the calendar
year commencing immediately after the Participant’s Termination Date.

 

		5.	ALTERATION OF NUMBER OF SHARES SUBJECT TO THE PLAN

 

		5.1	Subdivisions or Consolidations

 

In the event that the Common
Shares shall be subdivided or consolidated into a different number of Common Shares or a distribution shall be declared upon the
Common Shares payable in Common Shares, the number of DSUs then recorded in the Director’s Account shall be adjusted by replacing
such number by a number equal to the number of Common Shares which would be held by the Director immediately after the distribution,
subdivision or consolidation, should the Director have held a number of Common Shares equal to the number of DSUs recorded in the
Director’s Account on the record date fixed for such distribution, subdivision or consolidation.

 

		5.2	Reorganizations

 

In the event there shall be any
change, other than as specified in Section 5.1, in the number or kind of outstanding Common Shares or of any shares or other securities
into which such Common Shares shall have been changed or for which they shall have been exchanged, pursuant to a Reorganization
or otherwise, then there shall be substituted for each Common Share referred to in the Plan or for each share into which such Common
Share shall have been so changed or exchanged, the kind of securities into which each outstanding Common Share shall be so changed
or exchanged and an equitable adjustment shall be made, if required, in the number of DSUs then recorded in the Director’s
Account, such adjustment, if any, to be reasonably determined by the Committee and to be effective and binding for all purposes.

 

		5.3	Adjustments

 

In the case of any such substitution,
change or adjustment as provided for in this Section 5, the variation shall generally require that the number of DSUs then recorded
in the Director’s Account prior to such substitution, change or adjustment will be proportionately and appropriately varied.

 

		6.	RESTRICTIONS ON ISSUANCES

 

		6.1	Maximum Number of DSUs

 

DSUs may be granted by the Company
in accordance with this Plan provided the aggregate number of Common Shares issuable pursuant to DSUs from time to time shall not
exceed 2% of the number of issued and outstanding Common Shares from time to time (the “DSU Limit”).

 

		6.2	Insider Participation Limits

 

The maximum number of Common
Shares issuable to Insiders pursuant to Section 4.2(b)(i) of the Plan, together with any Common Shares issuable pursuant to any
other Security Based Compensation Arrangement, at any time, shall not exceed 10% of the total number of outstanding Common Shares.
The maximum number of Common Shares issued to Insiders pursuant to Section 4.2(b)(i) of the Plan, together with any Common Shares
issued pursuant to any other Security Based Compensation Arrangement, within any one year period, shall not exceed 10% of the total
number of outstanding Common Shares (the “Insider Limit”).

 

     

     

    

 

		7.	AMENDMENT, SUSPENSION OR TERMINATION OF THE PLAN

 

		7.1	Amendment to the Plan

 

Until such time as the Company
receives shareholder approval of the issuances from treasury contemplated in Section 4.2(b)(i), the Plan may be amended, suspended
or terminated at any time by the Board in whole or in part. No amendment of the Plan shall, without the consent of the Participants
affected by the amendment, or unless required by Applicable Law, adversely affect the rights accrued to such Participants with
respect to DSUs granted prior to the date of the amendment.

 

Following shareholder approval
of any issuances from treasury as contemplated in Section 4.2(b)(i), the Board may at any time, and from time to time, and without
shareholder approval, amend any provision of the Plan, subject to any regulatory or stock exchange requirement at the time of such
amendment, including, without limitation:

 

		(a)	for the purposes of making formal minor or technical
modifications to any of the provisions of the Plan including amendments of a “clerical” or “housekeeping”
nature;

 

		(b)	to correct any ambiguity, defective provision, error
or omission in the provisions of the Plan;

 

		(c)	amendments to the termination provisions of Section 7.2;

 

		(d)	amendments necessary or advisable because of any change
in Applicable Laws;

 

		(e)	amendments to the transferability of Deferred Share Units
provided for in Section 8.10;

 

		(f)	amendments to Section 4.1 relating to the administration
of the Plan; and

 

		(g)	any other amendment, fundamental or otherwise, not requiring
shareholder approval under Applicable Laws;

 

provided, however, that:

 

		(h)	no such amendment of the Plan may be made without the
consent of each affected Participant in the Plan if such amendment would adversely affect the rights of such affected Participant(s)
under the Plan; and

 

		(i)	shareholder approval shall be obtained in accordance
with the requirements of the TSX for any amendment:

 

		(i)	to increase the DSU Limit;

 

		(ii)	to Section 7.1;

 

		(iii)	to the definition of “Participant”;

 

		(iv)	to remove or exceed the Insider Limit; or

 

		(v)	to the definition of Share Price benefitting an Insider.

 

     

     

    

 

		7.2	Plan Termination

 

The Committee may decide to discontinue
granting awards under the Plan at any time in which case no further Deferred Share Units shall be awarded or credited under the
Plan. Any Deferred Share Units which remain outstanding in a Participant’s Account at that time shall continue to be dealt
with according to the terms of the Plan. The Plan shall terminate when all payments owing pursuant to Section 4.2 of the Plan have
been made and all Deferred Share Units have been cancelled in all Participants’ Accounts

 

		8.	GENERAL PROVISIONS

 

		8.1	Withholding

 

The Company may withhold from
any amount payable to a Participant, either under this Plan, or otherwise, such amount as may be necessary so as to ensure that
the Company will be able to comply with the applicable provisions of any federal, provincial, state or local law relating to the
withholding of tax or other required deductions, including on the amount, if any, includable in the income of a Participant. The
Company shall also have the right in its discretion to satisfy any such withholding tax liability by retaining, acquiring or selling
on behalf of a Participant any Common Shares which would otherwise be issued or provided to a Participant hereunder.

 

		8.2	Assignability

 

No right to receive payment of
DSUs and other benefits under the Plan shall be transferable or assignable by a Participant except by will or laws of descent and
distribution.

 

		8.3	Unfunded Plan

 

Unless otherwise determined by
the Committee, the Plan shall be unfunded. To the extent any Participant or his or her estate holds any rights by virtue of a grant
of Deferred Share Units under the Plan, such rights (unless otherwise determined by the Committee) shall be no greater than the
rights of an unsecured creditor of the Company.

 

		8.4	Final Determination

 

Any determination or decision
by or opinion of the Committee made or held pursuant to the terms of the Plan shall be final, conclusive and binding on all parties
concerned. All rights, entitlements and obligations of Participants under the Plan are set forth in the terms of the Plan and cannot
be modified by any other documents, statements or communications, except by Plan amendments referred to in Section 7.1 of the Plan.

 

		8.5	No Right to Employment

 

Participation in the Plan shall
not be construed to give any Participant a right to be retained as a Director.

 

		8.6	No Other Benefit

 

No amount will be paid to, or
in respect of, a Participant under the Plan to compensate for a downward fluctuation in the price of Common Shares nor will any
other form of benefit be conferred upon, or in respect of, a Participant for such purpose.

 

     

     

    

 

		8.7	No Shareholder Rights

 

Under no circumstances shall
Deferred Share Units be considered Common Shares nor shall they entitle any Participant to exercise voting rights or any other
rights attaching to the ownership of Common Shares nor shall any Participant be considered the owner of Common Shares by virtue
of the award of Deferred Share Units.

 

		8.8	Reorganization of the Company

 

The existence of any Deferred
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 any amalgamation,
combination, merger or consolidation involving the Company or to create or issue any bonds, debentures, shares or other securities
of the Company or the rights and conditions attaching thereto or to affect the dissolution or liquidation of 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.

 

		8.9	Successors and Assigns

 

The Plan shall be binding on
all successors and assigns of the Company.

 

		8.10	General Restrictions and Assignment

 

Except as required by law, the
rights of a Participant under the Plan are not capable of being assigned, transferred, alienated, sold, encumbered, pledged, mortgaged
or charged and are not capable of being subject to attachment or legal process for the payment of any debts or obligations of the
Participant.

 

		8.11	Section 409A

 

It is intended that the provisions
of this Plan comply with Section 409A, and all provisions of this Plan shall be construed and interpreted in a manner consistent
with the requirements for avoiding taxes or penalties under Section 409A. Notwithstanding anything in the Plan to the contrary,
the following will apply with respect to the rights and benefits of U.S. Eligible Participants under the Plan:

 

		(a)	Except as permitted under Section 409A, any deferred
compensation (within the meaning of Section 409A) payable to or for the benefit of a U.S. Eligible Participant may not be reduced
by, or offset against, any amount owing by the U.S. Eligible Participant to the Company or any of its affiliates.

 

		(b)	If a U.S. Eligible Participant becomes entitled to receive
payment in respect of any Deferred Share Units as a result of his or her “separation from service” (within the meaning
of Section 409A), and the U.S Eligible Participant is a “specified employee” (within the meaning of Section 409A)
at the time of his or her separation from service, and the Committee makes a good faith determination that (i) all or a portion
of the Deferred Share Units constitute “deferred compensation” (within the meaning of Section 409A) and (ii) any such
deferred compensation that would otherwise be payable during the six-month period following such separation from service is required
to be delayed pursuant to the six-month delay rule set forth in Section 409A in order to avoid taxes or penalties under Section
409A, then payment of such “deferred compensation” shall not be made to the U.S Eligible Participant before the date
which is six months after the date of his or her separation from service (and shall be paid in a single lump sum on the first
day of the seventh month following the date of such separation from service) or, if earlier, the U.S Eligible Participant’s
date of death.

 

     

     

    

 

		(c)	A U.S. Eligible Participant’s status as a specified
employee shall be determined by the Company as required by Section 409A on a basis consistent with the regulations under Section
409A and such basis for determination will be consistently applied to all plans, programs, contracts, agreements, etc. maintained
by the Company that are subject to Section 409A.

 

		(d)	Each U.S Eligible Participant, any beneficiary or the
U.S Eligible Participant’s estate, 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 U.S Eligible Participant in connection with this Plan (including
any taxes and penalties under Section 409A), and neither the Company nor any affiliate shall have any obligation to indemnify
or otherwise hold such U.S Eligible Participant or beneficiary or the U.S Eligible Participant’s estate harmless from any
or all of such taxes or penalties.

 

		(e)	In the event that the Committee determines that any amounts
payable hereunder will be taxable to a Participant under Section 409A prior to payment to such Participant of such amount, the
Company may (i) adopt such amendments to the Plan and Deferred Share Units and appropriate policies and procedures, including
amendments and policies with retroactive effect, that the Committee determines necessary or appropriate to preserve the intended
tax treatment of the benefits provided by the Plan and Deferred Share Units hereunder and/or (ii) take such other actions as the
Committee determines necessary or appropriate to avoid or limit the imposition of an additional tax under Section 409A.

 

		(f)	In the event the Company terminates the Plan in accordance
with Section 7, the time and manner of payment of amounts that are subject to 409A will be made in accordance with the rules under
409A. The Plan will not be terminated except as permitted under 409A.

 

		8.12	Forfeiture Provision

 

If a Participant is subject to
tax under the Income Tax Act (Canada) and also is a U.S. Eligible Participant with respect to DSUs, the following special rules
regarding forfeiture of such Deferred Share Units will apply if the Participant’s DSUs are subject to Section 409A. For greater
clarity, these forfeiture provisions are intended to avoid adverse tax consequences under Section 409A and/or under paragraph 6801(d)
of the regulations under the Income Tax Act (Canada), that may result because of the different requirements as to the time of settlement
of Deferred Share Units with respect to a Participant’s “separation from service” (within the meaning of Section
409A) (“Separation From Service”) and his retirement or loss of office (under tax laws of Canada). If a Participant
otherwise would be entitled to payment of DSUs in any of the following circumstances, such DSUs shall instead be immediately and
irrevocably forfeited (for greater certainty, without any compensation therefore):

 

		(a)	a Participant experiences a Separation From Service as
a result of a permanent decrease in the level of services provided to less than 20% of his past service in circumstances that
do not constitute a retirement from, or loss of office or employment with, the Company or an affiliate thereof, within the meaning
of paragraph 6801(d) of the regulations under the Income Tax Act (Canada); or

 

		(b)	a Participant experiences a Separation From Service upon
ceasing to be a director while continuing to provide services as an employee in circumstances that do not constitute a retirement
from, or loss of office or employment with, the Company or an affiliate thereof, within the meaning of paragraph 6801(d) of the
regulations under the Income Tax Act (Canada); or

 

     

     

    

 

		(c)	a Participant experiences a serious disability that continues
for more than 29 months in circumstances that constitute a Separation from Service and do not constitute a retirement from, or
loss of office or employment with, the Company or an affiliate thereof, within the meaning of paragraph 6801(d) of the regulations
under the Income Tax Act (Canada); or

 

		(d)	a Participant experiences a retirement from, or loss
of office or employment with, the Company or an affiliate thereof, within the meaning of paragraph 6801(d) of the regulations
under the Income Tax Act (Canada) by virtue of ceasing employment as both an employee and as a director, but he continues to provide
services as an independent contractor such that he has not experienced a Separation From Service.

 

		8.13	Interpretation

 

In this text, words importing
the singular meaning shall include the plural and vice versa, and words importing the masculine shall include the feminine and
neuter genders.

 

		8.14	Governing Law

 

The validity, construction and
effect of the Plan and any actions taken or relating to the Plan shall be governed by the laws of the Province of British Columbia
and the federal laws of Canada applicable therein.

 

		8.15	Severability

 

The invalidity or unenforceability
of any provision of the Plan shall not affect the validity or enforceability of any other provision and any invalid or unenforceable
provision shall be severed from the Plan.

 

		8.16	Effective Date

 

EFFECTIVE DATE: September 6,
2018.Exhibit 4.6

 

RESTRICTED SHARE UNIT PLAN

 

NorZinc Ltd.

2018 RESTRICTED SHARE UNIT PLAN

 

		1.	PURPOSE

 

		1.1	This Plan has been established by the Company to assist
the Company in the recruitment and retention of highly qualified employees and consultants by providing a means to reward superior
performance, to motivate Participants under the Plan to achieve important corporate and personal objectives and, through the issuance
of Share Units in the Company to Participants under the Plan, to better align the interests of Participants with the long-term
interests of Shareholders.

 

		2.	PLAN DEFINITIONS AND INTERPRETATIONS

 

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

 

		(a)	“Account” means the bookkeeping account
established and maintained by the Company for each Participant in which the number of Share Units of the Participant are recorded;

 

		(b)	“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 Stock Exchange Rules;

 

		(c)	“Beneficiary” means any person designated
by the Participant as his or her beneficiary under the Plan in accordance with Section 14.1 or, failing any such effective designation,
the Participant’s legal representative;

 

		(d)	“Board” means the Board of Directors
of the Company;

 

		(e)	“Change of Control” means:

 

		(i)	the acquisition whether directly or indirectly, by a
person or company, or any persons or companies acting jointly or in concert (as determined in accordance with the Securities Act
(British Columbia) and the rules and regulations thereunder) of voting securities of the Company which, together with any other
voting securities of the Company held by such person or company or persons or companies, constitute, in the aggregate, more than
50% of all outstanding voting securities of the Company;

 

		(ii)	an amalgamation, arrangement or other form of business
combination of the Company with another company which results in the holders of voting securities of that other company holding,
in the aggregate, 50% or more of all outstanding voting securities of the Company (including a merged or successor company) resulting
from the business combination; or

 

		(iii)	the sale, lease or exchange of all or substantially all
of the property of the Company to another person, other than a subsidiary of the Company or other than in the ordinary course
of business of the Company;

 

     

     

    

 

		(f)	“Committee” means the Compensation
Committee of the Board or any other committee or person designated by the Board to administer the Plan, provided, however, if
the Company ceases to qualify as a “foreign private issuer” (as defined in Rule 3b-4 under the Exchange Act), the
Committee shall be a committee of the Board comprised of not less than two directors, and each member of the Committee shall be
a “non-employee director” within the meaning of Rule 16b-3;

 

		(g)	“Company” means NorZinc Ltd. and its
respective successors and assigns, and any reference in the Plan to action by the Company means action by or under the authority
of the Board or any person or committee that has been designated for the purpose by the Board including, without limitation, the
Committee;

 

		(h)	“Designated Subsidiary” means an entity
(including a partnership) in which the Company holds, directly or indirectly, a majority voting interest and which has been designated
by the Company for purposes of the Plan from time to time;

 

		(i)	“Director” means a director of the
Company;

 

		(j)	“Eligible Consultant” means an individual,
other than an Employee, that (i) is engaged to provide on a bona fide basis consulting, technical, management or other services
to the Company or any Designated Subsidiary under a written contract between the Company or the Designated Subsidiary and the
individual or a company of which the individual consultant is an employee, (ii) in the reasonable opinion of the Company, spends
or will spend a significant amount of time and attention on the affairs and business of the Company or a Designated Subsidiary,
and (iii) does not provide services in connection with the offer or sale of securities in a capital-raising transaction and do
not directly or indirectly promote or maintain a market for the registrant’s securities;

 

		(k)	“Employee” means an employee of the
Company or any of its Designated Subsidiaries or any combination or partnership of such Companies;

 

		(l)	“Employer” means the Company, the
Designated Subsidiary or the combination or partnership of such Companies that employs the Participant or that employed the Participant
immediately prior to the Participant’s Termination Date;

 

		(m)	“Exchange Act” means the U.S. Securities
Exchange Act of 1934, as amended;

 

		(n)	“Expiry Date” means, with respect
to Share Units granted to a Participant, the date determined by the Company for such purpose for such grant, which date shall
be no later than the date which is two years after the Participant’s Termination Date and shall, in all cases, be in compliance
with the requirements pertaining to the exception to the application of the salary deferral arrangement rules in paragraph 248(1)(k)
of the Income Tax Act (Canada), as such section may be amended or re- enacted from time to time;

 

		(o)	“Fiscal Year” means a fiscal year
of the Company;

 

		(p)	“Grant Agreement” means an agreement
between the Company and a Participant under which Share Units are granted, together with such amendments, deletions or changes
thereto as are permitted under the Plan;

 

		(q)	“Grant Date” of a Share Unit means
the date a Share Unit is granted to a Participant under the Plan;

 

		(r)	“Insider” has the meaning provided
for purposes of the TSX relating to Security Based Compensation Arrangements;

 

     

     

    

 

		(s)	“Insider Limit” has the meaning given
such term in section 0;

 

		(t)	“Joint Actor” means a person acting
“jointly or in concert with” another person within the meaning of Section 96 of the Securities Act (British Columbia)
or as such section may be amended or re-enacted from time to time;

 

		(u)	“Market Value” with respect to a Share
as at any date means the volume-weighted average price of the Shares traded on the TSX for the five (5) trading days on which
a board lot was traded immediately preceding such date (or, if the Shares are not then listed and posted for trading on the TSX,
on such stock exchange on which the Shares are then listed and posted for trading as may be selected for such purpose by the Company).
In the event that the Shares are not listed and posted for trading on any stock exchange, the Market Value shall be the Market
Value of the Shares as determined by the Board in its discretion, acting reasonably and in good faith;

 

		(v)	“Participant” means a bona fide full-time
or part-time Employee, an Eligible Consultant or a director who, in any such case, has been designated by the Company for participation
in the Plan;

 

		(w)	“Payout Date” means a date selected
by the Company, in accordance with and as contemplated by Sections 3.2, 6.1 and 7.1;

 

		(x)	“Plan” means this 2014 Restricted
Share Unit Plan;

 

		(y)	“Reorganization” means any (i) capital
reorganization, (ii) merger, (iii) amalgamation, or (iv) arrangement or other scheme of reorganization;

 

		(z)	“Rule 16b-3” means Rule 16b-3 promulgated
by the Securities and Exchange Commission under the Exchange Act or any successor rule or regulation;

 

		(aa)	“Section 409A” means Section 409A
of the U.S. Internal Revenue Code of 1986, as amended, and the Treasury Regulations promulgated thereunder as in effect from time
to time;

 

		(bb)	“Securities Act” means the U.S. Securities
Act of 1933, as amended;

 

		(cc)	“Security
                                         Based Compensation Arrangement” has the meaning defined in the provisions of
                                         the TSX Company Manual relating to security based compensation arrangements;

 

		(dd)	“Shareholders” means the holders of
Shares;

 

		(ee)	“Shares” mean common shares of the
Company and includes any securities of the Company into which such common shares may be converted, reclassified, redesignated,
subdivided, consolidated, exchanged or otherwise changed, pursuant to a Reorganization or otherwise;

 

		(ff)	“Share Unit” means a unit credited
by means of an entry on the books of the Company to a Participant pursuant to the Plan, representing the right to receive, subject
to and in accordance with the Plan, for each Vested Share Unit one Share or cash equal to the Market Value of one Share, at the
time, in the manner, and subject to the terms, set forth in the Plan and the applicable Grant Agreement;

 

		(gg)	“Share Unit Limit” has the meaning given
such term in section 0;

 

     

     

    

 

		(hh)	“Stock Exchange Rules” means the applicable
rules of any stock exchange upon which Shares are listed;

 

		(ii)	“Termination Date” means the date
on which a Participant ceases, for any reason including resignation, termination, death or disability, to be an active Employee,
an Eligible Consultant, or a director, as the case may be, and, in the case of a Participant who is an Employee, where the employment
is terminated by the Employer, whether wrongful or for cause or otherwise, such date shall be the date notice of termination is
provided and, in the case of a Participant who is an Eligible Consultant, the date the written contract between the Eligible Consultant
and the Company or any Designated Subsidiary is terminated or expires and the Eligible Consultant no longer provides services
thereunder;

 

		(jj)	“TSX” means the Toronto Stock Exchange;
and

 

		(kk)	“Vested Share Units” shall mean Share
Units in respect of which all vesting terms and conditions set forth in the Plan and the applicable Grant Agreement have been
either satisfied or waived in accordance with the Plan.

 

		2.2	In this Plan, unless the context requires otherwise,
words importing the singular number may be construed to extend to and include the plural number, and words importing the plural
number may be construed to extend to and include the singular number.

 

		3.	GRANT OF SHARE UNITS AND TERMS

 

		3.1	The Company may grant Share Units to such Participant
or Participants in such number and at such times as the Company may, in its sole discretion, determine, as a bonus or similar
payment in respect of services rendered by the Participant for a Fiscal Year or otherwise as compensation, including as an incentive
for future performance by the Participant.

 

		3.2	In granting any Share Units pursuant to Section 3.1,
the Company shall designate:

 

		(a)	the number of Share Units which are being granted to
the Participant;

 

		(b)	any time based conditions as to vesting of the Share
Units to become Vested Share Units;

 

		(c)	the Payout Date, which shall in no event be later than
the Expiry Date and, unless otherwise determined on the Grant Date, shall be the third anniversary of the Grant Date; and

 

		(d)	the Expiry Date;

 

which shall
be set out in the Grant Agreement.

 

		3.3	The conditions may relate to all or any portion of the
Share Units in a grant and may be graduated such that different percentages of the Share Units in a grant will become Vested Share
Units depending on the extent of satisfaction of one or more such conditions. The Company may, in its discretion and having regard
to the best interests of the Company, subsequent to the Grant Date of a Share Unit, waive any resulting conditions, provided that
the waiver of such conditions will not accelerate the time of payment with respect to such Share Units, and the payout will occur
on the Payout Date as set forth in the Grant Agreement or pursuant to Sections 7.1 or 8.3 of the Plan, if applicable.

 

     

     

    

 

		4.	GRANT AGREEMENT

 

		4.1	Each grant of a Share Unit will be set forth in a Grant
Agreement containing terms and conditions required under the Plan and such other terms and conditions not inconsistent herewith
as the Company may, in its sole discretion, deem appropriate.

 

		5.	SHARE UNIT GRANTS AND ACCOUNTS

 

		5.1	An Account shall be maintained by the Company for each
Participant. On the Grant Date, the Account will be credited with the Share Units granted to a Participant on that date.

 

		6.	PAYOUTS

 

		6.1	On each Payout Date, the Participant shall be entitled
to receive, and the Company shall issue or provide, a payout with respect to those Vested Share Units in the Participant’s
Account to which the Payout Date relates, in one of the following forms:

 

		(a)	subject to shareholder approval of this Plan and the
limitations set forth in Section 11.2 below, Shares issued from treasury equal in number to the Vested Share Units in the Participant’s
Account to which the Payout Date relates, subject to any applicable deductions and withholdings;

 

		(b)	subject to and in accordance with any Applicable Law,
Shares purchased by an independent administrator of the Plan in the open market for the purposes of providing Shares to Participants
under the Plan equal in number to the Vested Share Units in the Participant’s Account to which the Payout Date relates,
subject to any applicable deductions and withholdings;

 

		(c)	the payment of a cash amount to a Participant on the
Payout Date equal to the number of Vested Share Units in respect of which the Company makes such a determination, multiplied by
the Market Value on the Payout Date, subject to any applicable deductions and withholdings; or

 

		(d)	any combination of the foregoing,

 

as determined
by the Company, in its sole discretion.

 

		6.2	No fractional Shares shall be issued and any fractional
entitlements will be rounded down to the nearest whole number.

 

		6.3	Shares issued by the Company from treasury under Section
6.1(a) of this Plan shall be considered fully paid in consideration of past service that is no less in value than the fair equivalent
of the money the Company would have received if the Shares had been issued for money.

 

		6.4	The Company or a Designated Subsidiary may withhold from
any amount payable to a Participant, either under this Plan, or otherwise, such amount as may be necessary so as to ensure that
the Company or the Designated Subsidiary will be able to comply with the applicable provisions of any federal, provincial, state
or local law relating to the withholding of tax or other required deductions, including on the amount, if any, includable in the
income of a Participant. Each of the Company or a Designated Subsidiary shall also have the right in its discretion to satisfy
any such withholding tax liability by retaining, acquiring or selling on behalf of a Participant any Shares which would otherwise
be issued or provided to a Participant hereunder.

 

     

     

    

 

		7.	CHANGE OF CONTROL

 

		7.1	Notwithstanding the conditions as to vesting of Share
Units contained in any individual Grant Agreement, all outstanding Share Units shall become Vested Share Units on any Change of
Control and, except as otherwise provided in Section 16 hereof, the Payout Date in connection with such Vested Share Units shall,
notwithstanding any provisions in the Grant Agreement, be accelerated to the date of such Change of Control and the Company shall,
as soon as practicable following such Change of Control, issue or provide Shares or make payments to such Participants with respect
to such Vested Share Units in accordance with Section 6.

 

		8.	TERMINATION OF EMPLOYMENT AND FORFEITURES

 

		8.1	Unless otherwise determined by the Company pursuant to
Section 8.2, on a Participant’s Termination Date, any Share Units in a Participant’s Account which are not Vested
Share Units shall terminate and be forfeited.

 

		8.2	Notwithstanding Section 8.1, where a Participant ceases
to be an Employee as a result of the termination of his or her employment without cause, then in respect of each grant of Share
Units made to such Participant, at the Company’s discretion, all or a portion of such Participant’s Share Units may
be permitted to continue to vest, in accordance with their terms, during any statutory or common law severance period or any period
of reasonable notice required by law or as otherwise may be determined by the Company in its sole discretion.

 

		8.3	Except as otherwise provided in Section 16, in the event
a Participant’s Termination Date is prior to the Payout Date with respect to any Vested Share Units in such Participant’s
Account, the Payout Date with respect to such Vested Share Units shall, notwithstanding any provision in the Grant Agreement,
be accelerated to the Participant’s Termination Date and the Company shall, as soon as practicable following such Termination
Date, issue or provide Shares or make payment to such Participant, or Beneficiary thereof, as applicable, with respect to such
Vested Share Units in accordance with Section 6.

 

		9.	FORFEITED UNITS

 

		9.1	Notwithstanding any other provision of the Plan or a
Grant Agreement, Share Units granted hereunder shall terminate on, if not redeemed or previously terminated and forfeited in accordance
with the Plan, and be of no further force and effect after, the Expiry Date.

 

		10.	ALTERATION OF NUMBER OF SHARES SUBJECT TO THE PLAN

 

		10.1	In the event that the Shares shall be subdivided or consolidated
into a different number of Shares or a distribution shall be declared upon the Shares payable in Shares, the number of Share Units
then recorded in the Participant’s Account shall be adjusted by replacing such number by a number equal to the number of
Shares which would be held by the Participant immediately after the distribution, subdivision or consolidation, should the Participant
have held a number of Shares equal to the number of Share Units recorded in the Participant’s Account on the record date
fixed for such distribution, subdivision or consolidation.

 

		10.2	In the event there shall be any change, other than as
specified in Section 10.1, in the number or kind of outstanding Shares or of any shares or other securities into which such Shares
shall have been changed or for which they shall have been exchanged, pursuant to a Reorganization or otherwise, then there shall
be substituted for each Share referred to in the Plan or for each share into which such Share shall have been so changed or exchanged,
the kind of securities into which each outstanding Share shall be so changed or exchanged and an equitable adjustment shall be
made, if required, in the number of Share Units then recorded in the Participant’s Account, such adjustment, if any, to
be reasonably determined by the Committee and to be effective and binding for all purposes.

 

     

     

    

 

		10.3	In the case of any such substitution, change or adjustment
as provided for in this Section10, the variation shall generally require that the aggregate Market Value of the Share Units then
recorded in the Participant’s Account prior to such substitution, change or adjustment will be proportionately and appropriately
varied so that it be equal to such aggregate Market Value after the variation.

 

		11.	RESTRICTIONS ON ISSUANCES

 

		11.1	Share Units may be granted by the Company in accordance
with this Plan provided the aggregate number of Shares issuable pursuant to Share Units from time to time shall not exceed 3%
of the number of issued and outstanding Shares from time to time (the “Share Unit Limit”).

 

		11.2	The maximum number of Shares issuable to Insiders pursuant
to Section 6.1(a) of the Plan, together with any Shares issuable pursuant to any other Security Based Compensation Arrangement,
at any time, shall not exceed 10% of the total number of outstanding Shares. The maximum number of Shares issued to Insiders pursuant
to Section 6.1(a) of the Plan, together with any Shares issued pursuant to any other Security Based Compensation Arrangement,
within any one year period, shall not exceed 10% of the total number of outstanding Shares (the “Insider Limit”).

 

		12.	AMENDMENT, SUSPENSION OR TERMINATION OF THE PLAN

 

		12.1	Until such time as the Company receives shareholder approval
of the issuances from treasury contemplated in Section 6.1(a), the Plan may be amended, suspended or terminated at any time by
the Board in whole or in part. No amendment of the Plan shall, without the consent of the Participants affected by the amendment,
or unless required by Applicable Law, adversely affect the rights accrued to such Participants with respect to Share Units granted
prior to the date of the amendment.

 

		12.2	Following shareholder approval of any issuances from
treasury as contemplated by Section 6.1(a), the Company may, without notice, at any time and from time to time, and without shareholder
approval, amend the Plan or any provisions thereof in such manner as the Company, in its sole discretion, determines appropriate,
including, without limitation:

 

		(a)	for the purposes of making formal minor or technical
modifications to any of the provisions of the Plan;

 

		(b)	to correct any ambiguity, defective provision, error
or omission in the provisions of the Plan;

 

		(c)	to change the vesting provisions of Share Units;

 

		(d)	to change the termination provisions of Share Units or
the Plan which does not entail an extension beyond the original Expiry Date of the Share Units;

 

		(e)	to make the amendments contemplated by Section 16.1(f);
or

 

		(f)	to make any amendments necessary or advisable because
of any change in Applicable Law;

 

     

     

    

 

provided, however, that:

 

		(g)	no such amendment of the Plan may be made without the
consent of each affected Participant in the Plan if such amendment would adversely affect the rights of such affected Participant(s)
under the Plan; and

 

		(h)	shareholder approval shall be obtained in accordance
with the requirements of the TSX for any amendment that results in:

 

		(i)	an increase Share Unit Limit;

 

		(ii)	an extension of the Expiry Date for Share Units granted
to Insiders under the Plan;

 

		(iii)	other types of compensation through Share issuance;

 

		(iv)	an expansion of the rights of a Participant to assign
Share Units other than as set forth in Section 15.2;

 

		(v)	the addition of additional categories of Participants
(other than as contemplated by Section 10);

 

		(vi)	an amendment to the definition of Market Value benefitting
an Insider;

 

		(vii)	a change to sections 0 or 0 hereof; or

 

		(viii)	an amendment to remove or exceed the Insider Limit.

 

		12.3	If the Company terminates the Plan, Share Units previously
credited shall, at the discretion of the Company, either (a) be settled immediately in accordance with the terms of the Plan in
effect at such time, or (b) remain outstanding and in effect and settled in due course in accordance with the applicable terms
and conditions, in either case without shareholder approval.

 

		13.	ADMINISTRATION

 

		13.1	Unless otherwise determined by the Board, the Plan shall
be administered by the Committee subject to Applicable Laws. The Committee shall have full and complete authority to interpret
the Plan, to prescribe such rules and regulations and to make such other determinations as it deems necessary or desirable for
the administration of the Plan. All actions taken and decisions made by the Committee shall be final, conclusive and binding on
all parties concerned, including, but not limited to, the Participants and their beneficiaries and legal representatives, each
Designated Subsidiary and the Company. All expenses of administration of the Plan shall be borne by the Company.

 

		13.2	The Company shall keep or cause to be kept such records
and accounts as may be necessary or appropriate in connection with the administration of the Plan and the discharge of its duties.
At such times as the Company shall determine, the Company shall furnish the Participant with a statement setting forth the details
of his or her Share Units including the Grant Date and the Vested Share Units and unvested Share Units held by each Participant.
Such statement shall be deemed to have been accepted by the Participant as correct unless written notice to the contrary is given
to the Company within 30 days after such statement is given to the Participant.

 

     

     

    

 

		13.3	The Company may, at its discretion, appoint one or more
persons or companies to provide services in connection with the Plan including without limitation, administrative and record-keeping
services.

 

		14.	BENEFICIARIES AND CLAIMS FOR BENEFITS

 

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

 

		15.	GENERAL

 

		15.1	The transfer of an Employee from the Company to a Designated
Subsidiary, from a Designated Subsidiary to the Company or from a Designated Subsidiary to another Designated Subsidiary, shall
not be considered a termination of employment for the purposes of the Plan, nor shall it be considered a termination of employment
if a Participant is placed on such other leave of absence which is considered by the Company as continuing intact the employment
relationship.

 

		15.2	The Plan shall enure to the benefit of and be binding
upon the Company, its successors and assigns. The interest of any Participant under the Plan or in any Share Unit shall not be
transferable or assignable other than by operation of law, except, if and on such terms as the Company may permit, to a spouse
or minor children or grandchildren or a personal holding company or family trust controlled by a Participant, the sole shareholders
or beneficiaries of which, as the case may be, are any combination of the Participant, the Participant’s spouse, the Participant’s
minor children or the Participant’s minor grandchildren, and after his or her lifetime shall enure to the benefit of and
be binding upon the Participant’s Beneficiary, on such terms and conditions as are appropriate for such transferees to be
included in the class of transferees who may rely on a Form S-8 registration statement under the Securities Act to sell shares
received pursuant to the Share Unit.

 

		15.3	The Company’s grant of any Share Units or issuance
of any Shares hereunder is subject to compliance with Applicable Law applicable thereto. As a condition of participating in the
Plan, each Participant agrees to comply with all Applicable Law and agrees to furnish to the Company or a Designated Subsidiary
all information and undertakings as may be required to permit compliance with Applicable Law.

 

		15.4	A Participant shall not have the right or be entitled
to exercise any voting rights, receive any distribution or have or be entitled to any other rights as a Shareholder in respect
of any Share Units.

 

		15.5	Neither designation of an Employee as a Participant nor
the grant of any Share Units to any Participant entitles any Participant to the grant, or any additional grant, as the case may
be, of any Share Units under the Plan. Neither the Plan nor any action taken thereunder shall interfere with the right of the
Company or a Designated Subsidiary to terminate a Participant’s employment, or service under contract, at any time. Neither
any period of notice, if any, nor any payment in lieu thereof, upon termination of employment, wrongful or otherwise, shall be
considered as extending the period of employment for the purposes of the Plan.

 

		15.6	Participation in the Plan shall be entirely voluntary
and any decision not to participate shall not affect any Employee’s employment or any consultant’s contractual relationship
with the Company or a Designated Subsidiary.

 

     

     

    

 

		15.7	The Plan shall be an unfunded obligation of the Company.
Neither the establishment of the Plan nor the grant of any Share Units or the setting aside of assets by the Company (if, in its
sole discretion, it chooses to do so) shall be deemed to create a trust. The right of the Participant or Beneficiary to receive
payment pursuant to the Plan shall be no greater than the right of other unsecured creditors of the Company.

 

		15.8	This Plan is established under the laws of the Province
of British Columbia and the rights of all parties and the construction of each and every provision of the Plan and any Share Units
granted hereunder shall be construed according to the laws of the Province of British Columbia.

 

		16.	SECTION 409A

 

		16.1	It is intended that the provisions of this Plan comply
with Section 409A, and all provisions of this Plan shall be construed and interpreted in a manner consistent with the requirements
for avoiding taxes or penalties under Section 409A. Notwithstanding anything in the Plan to the contrary, the Company may provide
in the applicable Grant Agreement with respect to Share Units granted to Participants whose benefits under the Plan are or may
become subject to Section 409A, such terms and conditions as may be required for compliance with Section 409A. In addition, the
following will apply to the extent that a Participant’s Share Units are subject to Section 409A.

 

		(a)	Except as permitted under Section 409A, any Share Units,
or payment with respect to Share Units, may not be reduced by, or offset against, any amount owing by the Participant to the Company
or any Designated Subsidiary.

 

		(b)	If a Participant otherwise would become entitled to receive
payment in respect of any Share Units as a result of his or her ceasing to be an Employee, an Eligible Consultant or director
upon a Termination Date, any payment made on account of such person ceasing to be an Employee or Eligible Consultant shall be
made at that time only if the Participant has experienced a “separation from service” (within the meaning of Section
409A).

 

		(c)	If a Participant is a “specified employee”
(within the meaning of Section 409A) at the time he or she otherwise would be entitled to payment as a result of his or her separation
from service, any payment that otherwise would be payable during the six-month period following such separation from service will
be delayed and shall be paid on the first day of the seventh month following the date of such separation from service or, if earlier,
the Participant’s date of death.

 

		(d)	A Participant’s status as a specified employee
shall be determined by the Company as required by Section 409A on a basis consistent with the regulations under Section 409A and
such basis for determination will be consistently applied to all plans, programs, contracts, agreements, etc. maintained by the
Company that are subject to Section 409A.

 

		(e)	Each Participant, any beneficiary or the Participant’s
estate, 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 Participant in connection with this Plan (including any taxes and penalties under Section 409A),
and neither the Company nor any Designated Subsidiary or affiliate shall have any obligation to indemnify or otherwise hold such
Participant or beneficiary or the Participant’s estate harmless from any or all of such taxes or penalties.

 

     

     

    

 

		(f)	If and to the extent that Share Units would otherwise
become payable upon a Change of Control as defined in the Plan, such payment will occur at that time only if such change of control
also constitutes a “change in ownership”, a “change in effective control” or a “change in the ownership
of a substantial portion of the assets of the Company” as defined under Section 409A and applicable regulations (a “409A
Change in Control”). If a Change of Control as defined in the Plan is not also a 409A Change in Control, unless otherwise
permitted under Section 409A the time for the payment of Share Units will not be accelerated and will be payable pursuant to the
terms of the Plan and applicable Grant Agreement as if such Change of Control had not occurred.

 

		(g)	In the event that the Committee determines that any amounts
payable under the Plan will be taxable to a Participant under Section 409A prior to payment to such Participant of such amount,
the Company may (i) adopt such amendments to the Plan and Share Units and appropriate policies and procedures, including amendments
and policies with retroactive effect, that the Committee determines necessary or appropriate to preserve the intended tax treatment
of the benefits provided by the Plan and Grant Agreement and/or (ii) take such other actions as the Company determines necessary
or appropriate to avoid or limit the imposition of an additional tax under Section 409A.

 

		(h)	In the event the Company terminates the Plan in accordance
with Section 12.3, the time and manner of payment of amounts that are subject to 409A will be made in accordance with the rules
under Section 409A. The Plan will not be terminated except as permitted under Section 409A. No change to the termination provisions
of Share Units or the Plan pursuant to Section 12.2(d) will be made except as permitted under Section 409A.

 

EFFECTIVE
DATE: September 6, 2018

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