Document:

Exhibit 10.6

SECOND
AMENDED AND RESTATED 1ST UNITED BANCORP/1sT UNITED BANK

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN AGREEMENT

THIS
SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN AGREEMENT (the “Agreement”), originally adopted May 31, 2006 and amended effective
December 18, 2008, by and among 1ST UNITED BANCORP, INC., a Florida bank holding company (the “Company”),
1ST UNITED BANK, a Florida commercial bank (the “Bank”), and JOHN MARINO (the “Executive”),
is hereby amended and restated, effective December 20, 2011.

The
purpose of this Agreement is to provide specified benefits to the Executive, a member of a select group of management or highly
compensated employees who contribute materially to the continued growth, development and future business success of the Company
and the Bank. This Agreement shall be unfunded for tax purposes and for purposes of Title I of the Employee Retirement Income
Security Act of 1974 (“ERISA”), as amended from time to time. Benefits will be paid from the general assets of the
Company and the Bank.

The
Company, the Bank and the Executive agree as provided herein.

Article
1

Definitions

Whenever
used in this Agreement, the following words and phrases shall have the meanings specified:

Section
1.1           
“Applicable PBGC Rate” shall have the meaning set forth in the Employment Agreement.

Section
1.2           
“Beneficiary” means the estate of the deceased Executive or such other person designated in accordance
with Article 4 that is entitled to benefits, if any, upon the death of the Executive determined pursuant to Article 4.

Section
1.3           
“Board” means the Board of Directors of the Company.

Section
1.4           
“Cash Compensation” shall have the meaning set forth in the Employment Agreement.

Section
1.5           
“Change in Control” means a change in the ownership or effective control of the Company or the Bank,
or in the ownership of a substantial portion of the assets of the Company or the Bank, as such change is defined in Section 409A
of the Code and regulations thereunder.

Section
1.6           
“Code” means the Internal Revenue Code of 1986, as amended.

Section
1.7           
“Constructive Early Termination” means that the Executive Separates from Service with the Company or
the Bank for any of the reasons set forth in section 9(a) of the Employment Agreement.

    	 

    	 

    
Section
1.8           
“Disability” means Executive: (i) is unable to engage in any substantial gainful activity by reason
of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last
for a continuous period of not less than twelve (12) months; or (ii) is, by reason of any medically determinable physical or mental
impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve
(12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident and health
plan covering employees of the Bank. Medical determination of Disability may be made by either the Social Security Administration
or by the provider of an accident or health plan covering employees of the Bank. Upon the request of the Plan Administrator, the
Executive must submit proof to the Plan Administrator of the Social Security Administration’s or the provider’s determination.

Section
1.9           
“Early Termination” means a Separation for Service which occurs prior to Normal Retirement Age and Change
in Control, for reasons other than Termination for Cause, death, Disability or Constructive Early Termination.

Section
1.10        “Effective
Date” means June 1, 2006.

Section
1.11        “Employment
Agreement” means that Employment Agreement dated March 4, 2004 among the Executive, the Company and the Bank, as amended
and restated effective as of the effective date hereof.

Section
1.12        “Final
Base Salary” means the average of the two (2) highest annual rates of base salary paid by the Company and/or the Bank
to any of the Company's Named Executive Officers during the five (5) calendar years preceding the triggering event referred to
in Sections 2.1 and/or 2.2, as applicable (including, as the fifth year, the partial year in which such triggering event occurs).

Section
1.13        "Final
Total Cash Compensation" means the average of the two (2) highest total annual amounts of Cash Compensation paid by the
Company and/or the Bank to any of the Company's Named Executive Officers with respect to the five (5) full calendar years of the
Company immediately preceding the year in which the triggering event referred to in Sections 2.3, 2.4, 2.5 and/or 3.1, as applicable,
occurs.

Section
1.14        "Named
Executive Officers" shall have the meaning ascribed thereto by the Securities and Exchange Commission in Item 402(a)(3)
of its Regulation S-K, or any successor regulation.

Section
1.15        “Normal
Retirement Age” means the Executive’s fifty-fifth (55th) birthday.

Section
1.16        “Normal
Retirement Date” means the later of the Normal Retirement Age or the effective date of Separation from Service.

Section
1.17        “Plan
Administrator” means the plan administrator described in Article 8.

Section
1.18        “Plan
Year” means each twelve-month period commencing on the Effective Date.

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Section
1.19        “Separation
from Service” means the Executive’s separation from service (within the meaning of Section 409A of the Code and
the regulations thereunder) with the Bank and the Company.

Section
1.20        “Specified
Employee” means a key employee (as defined in Section 416(i) of the Code without regard to paragraph 5 thereof) of the
Company or the Bank (as determined in accordance with the methodology established by the Company as in effect on the date of the
Executive’s Separation from Service) if any stock of the Company or the Bank is publicly traded on an established securities
market or otherwise.

Section
1.21        “Termination
for Cause” means discharge of the Executive for “cause” as defined in the Employment Agreement.

Section
1.22        “Vesting
Commencement Date” means July 1, 2006, which, for the purposes of this Agreement, is deemed to be the first day of the
calendar month following the calendar quarter in which the Company and the Bank first had consolidated total assets of at least
$250 million, as reported by the Company and the Bank to their banking regulators.

Article
2

Benefits During Lifetime

Section
2.1           
Normal Retirement Benefit. Subject to Sections 2.5 and 2.6, upon Separation from Service on or after the Normal
Retirement Age (for reasons other than death, Constructive Early Termination, Disability, a Change in Control, or Termination
for Cause), the Company and the Bank shall jointly and severally pay to the Executive the benefit described in this Section 2.1
in lieu of any other benefit under this Article.

2.1.1       
Amount of Benefit. The annual benefit under this Section 2.1 is a percentage of the Final Base Salary as set forth
in the following schedule, depending on the Company's calendar year in which the Separation from Service occurs:

 

	Year
    in Which Separation from 

Service Occurs	 	Percentage
        of 

        Final
        Base Salary

	Prior
    to 2013	 	30%
	2013	 	35%
	2014	 	40%
	2015	 	45%
	2016	 	50%
	2017	 	55%
	2018
    and thereafter	 	60%

2.1.2       
Payment of Benefit. The annual benefit shall be paid to the Executive in twelve (12) equal monthly installments
commencing on the first day of the month following the Executive’s Normal Retirement Date, and continuing on the first of
each month thereafter for a total period of twenty (20) years.

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Section
2.2           
Early Termination Benefit. Subject to Sections 2.5 and 2.6, upon Early Termination, the Company and the Bank shall
jointly and severally pay to the Executive the benefit described in this Section 2.2 in lieu of any other benefit under this Article.

2.2.1       
Amount of Benefit. The annual benefit under this Section 2.2 is thirty percent (30%) of Final Base Salary (except
that such percentage shall increase as provided in the schedule set forth in Section 2.1.1), subject to the following vesting
schedule. Prior to the Vesting Commencement Date, the Executive shall not be vested in any Early Termination benefits.

	Full
    Calendar Years Subsequent to the 
 Vesting Commencement Date	 	
Vested
    Portion of Benefit
	1	 	20%
	2	 	40%
	3	 	47.5%
	4	 	55%
	5	 	62.5%
	6	 	70%
	7	 	77.5%
	8	 	85%
	9	 	92.5%
	10
    or more	 	100%

 

2.2.2       
Payment of Benefit. The annual benefit shall be paid to the Executive in twelve (12) equal monthly installments
commencing on the first day of the month following the Executive’s attainment of Normal Retirement Age, and continuing on
the first of each month thereafter for a total period of twenty (20) years.

Section
2.3           
Constructive Early Termination Benefit. Subject to Sections 2.5 and 2.6, upon Constructive Early Termination, the
Company and the Bank shall jointly and severally pay to the Executive the benefit described in this Section 2.3 in lieu of any
other benefit under this Article.

2.3.1       
Amount of Benefit. The annual benefit under this Section 2.3 is seventy percent (70%) of the Final Total Cash Compensation.

2.3.2       
Payment of Benefit. The annual benefit shall be paid to the Executive in twelve (12) equal monthly installments
commencing on the first day of the month following the Executive’s Normal Retirement Age, and continuing on the first of
each month thereafter for a total period of twenty (20) years.

Section
2.4           
Disability Benefit. Subject to Sections 2.5 and 2.6, upon Separation from Service due to Disability prior to Normal
Retirement Age, the Company and the Bank shall jointly and severally pay to the Executive the benefit described in this Section
2.4 in lieu of any other benefit under this Article.

2.4.1       
Amount of Benefit. The annual benefit under this Section 2.4 is seventy percent (70%) of the Final Total Cash Compensation.

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2.4.2       
Payment of Benefit. The annual benefit shall be paid to the Executive in twelve (12) equal monthly installments
commencing on the first day of the month following the Executive’s Normal Retirement Age, and continuing on the first of
each month thereafter for a total period of twenty (20) years.

Section
2.5           
Change in Control Benefit. Notwithstanding any provision of this Agreement to the contrary, upon a Change in Control
while the Executive is in the active service of the Company and the Bank, the Company and the Bank shall jointly and severally
pay to the Executive the benefit described in this Section 2.5 in lieu of any other benefit under this Article.

2.5.1       
Amount of Benefit. The benefit under this Section 2.5 shall equal the lump sum present value as of the date of payment,
determined based on the Applicable PBGC Rate for the month of payment, of a hypothetical annual benefit of seventy percent (70%)
of the Final Total Cash Compensation that would be payable in twelve (12) equal monthly installments commencing on the first day
of the month following the Change in Control, and continuing on the first of each month thereafter for a total period of twenty
(20) years.

2.5.2       
Payment of Benefit. The benefit shall be paid to the Executive within thirty (30) days of the Change in Control.

Section
2.6           
Change in Control Following Separation From Service. In the event that a Change in Control occurs following a Separation
From Service with respect to which the Executive has a future entitlement to payments under this Article 2 or under Article 3
but prior to all such payments having been distributed, the present value (determined as of the date of payment, determined based
on the Applicable PBGC Rate for the month of payment) of all such payments not previously distributed shall be paid to the Executive
within thirty (30) days of the Change in Control (which lump sum payment shall serve in lieu of any subsequent payments hereunder).

Section
2.7           
Restriction on Timing of Distribution. Notwithstanding any provision of this Agreement to the contrary, if the Executive
is considered a Specified Employee at Separation from Service under such procedures as established by the Company and the Bank
in accordance with Section 409A of the Code, benefit distributions that are made upon Separation from Service may not commence
earlier than six (6) months after the date of such Separation from Service. Therefore, in the event this Section 2.7 is applicable
to the Executive, any distribution which would otherwise be paid to the Executive within the first six months following the Separation
from Service shall be accumulated and paid to the Executive in a lump sum on the first day of the seventh month following the
Separation from Service. All subsequent distributions shall be paid in the manner specified.

Section
2.8           
Distributions Upon Income Inclusion Under Section 409A of the Code. Upon the inclusion of any portion of the benefits
payable pursuant to this Agreement into the Executive’s income as a result of the failure of this non-qualified deferred
compensation plan to comply with the requirements of Section 409A of the Code, to the extent such tax liability can be covered
by the Executive’s vested accrued liability, a distribution shall be made as soon as is administratively practicable following
the discovery of the plan failure.

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Section
2.9           
Change in Form or Timing of Distributions. All changes in the form or timing of distributions hereunder must comply
with the following requirements. The changes:

(a)               
may not accelerate the time or schedule of any distribution, except as provided in Section 409A of the Code and the regulations
thereunder;

(b)              
must, for benefits distributable under Sections 2.1, 2.2, 2.3, 2.4 and 2.5, delay the commencement of distributions for
a minimum of five (5) years from the date the first distribution was originally scheduled to be made; and

(c)               
must take effect not less than twelve (12) months after the election is made.

Article
3

Death Benefits

Section
3.1           
Death During Active Service. If the Executive dies prior to a Change in Control while in the active service of the
Company and the Bank, the Company and the Bank shall jointly and severally pay to the Beneficiary the benefit described in this
Section 3.1. This benefit shall be paid in lieu of the benefits under Article 2.

3.1.1       
Amount of Benefit. The annual benefit under this Section 3.1 is seventy percent (70%) of the Final Total Cash Compensation.

3.1.2       
Payment of Benefit. The annual benefit shall be paid to the Beneficiary in twelve (12) equal monthly installments
commencing within sixty (60) days following the Executive’s death, and continuing on the first of each month thereafter
until two hundred forty (240) total payments have been made.

Section
3.2           
Death During Payment of a Benefit. If the Executive dies after any benefit payments have commenced under Article
2 of this Agreement but before receiving all such payments, the Company and the Bank shall jointly and severally pay the remaining
benefits to the Beneficiary at the same time and in the same amounts they would have been paid to the Executive had the Executive
survived.

Section
3.3           
Death After Separation from Service But Before Payment of a Benefit Commences. If the Executive is entitled to any
benefit payments under Article 2 of this Agreement, but dies prior to the commencement of said benefit payments, the Company and
the Bank shall jointly and severally pay the same benefit payments to the Beneficiary that the Executive was entitled to prior
to death except that the benefit payments shall commence within sixty (60) days following the date of the Executive’s death.

Article
4

Beneficiaries

Section
4.1           
Beneficiary. The Executive shall have the right, at any time, to designate a Beneficiary(ies) to receive any benefit
distributions under this Agreement upon the death of the Executive, provided that each such designation is in writing signed by
the Executive and two witnesses. The Beneficiary designated under this Agreement may be the same as or different from the beneficiary
designation under any other plan of the Company or the Bank in which the Executive participates.

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Section
4.2           
Beneficiary Designation: Change. The Executive shall designate a Beneficiary by completing and signing the Beneficiary
Designation Form (including the signature of two witnesses), and delivering it to the Plan Administrator or its designated agent.
The Executive’s beneficiary designation shall be deemed automatically revoked if the Beneficiary predeceases the Executive
or if the Executive names a spouse as Beneficiary and the marriage is subsequently dissolved. The Executive shall have the right
to change a Beneficiary by completing, signing and otherwise complying with the terms of the Beneficiary Designation Form and
the Plan Administrator’s rules and procedures, as in effect from time to time. Upon the acceptance by the Plan Administrator
of a new Beneficiary Designation Form, all Beneficiary designations previously filed shall be cancelled. The Plan Administrator
shall be entitled to rely on the last Beneficiary Designation Form filed by the Executive and accepted by the Plan Administrator
prior to the Executive’s death.

Section
4.3           
Acknowledgment. No designation or change in designation of a Beneficiary shall be effective until received, accepted
and acknowledged in writing by the Plan Administrator or its designated agent.

Section
4.4           
No Beneficiary Designation. If the Executive dies without a valid beneficiary designation, or if all designated
Beneficiaries predecease the Executive, then the Executive’s spouse shall be the designated Beneficiary. If the Executive
has no surviving spouse, the benefits shall be made to the personal representative of the Executive’s estate.

Section
4.5           
Facility of Distribution. If the Plan Administrator determines in its discretion that a benefit is to be distributed
to a minor, to a person declared incompetent, or to a person incapable of handling the disposition of that person’s property,
the Plan Administrator may direct distribution of such benefit to the guardian, legal representative or person having the care
or custody of such minor, incompetent person or incapable person. The Plan Administrator may require proof of incompetence, minority
or guardianship as it may deem appropriate prior to distribution of the benefit. Any distribution of a benefit shall be a distribution
for the account of the Executive and the Executive’s Beneficiary, as the case may be, and shall be a complete discharge
of any liability under the Agreement for such distribution amount.

Article
5

General Limitations

Section
5.1           
Termination for Cause. Notwithstanding any provision of this Agreement to the contrary, the Company and the Bank
shall not pay any benefit under this Agreement if the Executive’s employment with the Company or the Bank terminates due
to Termination for Cause.

Section
5.2           
Suicide or Misstatement. Notwithstanding any provision of this Agreement to the contrary, the Company and the Bank
shall not pay any benefit under this Agreement if the Executive commits suicide within two (2) years after the Effective Date.
In addition, the Company and the Bank shall not pay any benefit under this Agreement if the Executive has made any material misstatement
of fact on any application for life insurance owned by the Company or the Bank on the Executive’s life.

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Article
6

Claims And Review Procedures

Section
6.1           
Claims Procedure. An Executive or Beneficiary (“claimant”) who has not received benefits under the Agreement
that he or she believes should be paid shall make a claim for such benefits as follows:

6.1.1       
Initiation – Written Claim. The claimant initiates a claim by submitting to the Plan Administrator a written
claim for the benefits. If such a claim relates to the contents of a notice received by the claimant, the claim must be made within
sixty (60) days after such notice was received by the claimant. All other claims must be made within one hundred eighty (180)
days of the date on which the event that caused the claim to arise occurred. The claim must state with particularity the determination
desired by the claimant.

6.1.2       
Timing of Plan Administrator Response. The Plan Administrator shall respond to such claimant within ninety (90)
days after receiving the claim. If the Plan Administrator determines that special circumstances require additional time for processing
the claim, the Plan Administrator can extend the response period by an additional 90 days by notifying the claimant in writing,
prior to the end of the initial 90-day period, that an additional period is required. The notice of extension must set forth the
special circumstances and the date by which the Plan Administrator expects to render its decision.

6.1.3       
Notice of Decision. If the Plan Administrator denies part or all of the claim, the Plan Administrator shall notify
the claimant in writing of such denial. The Plan Administrator shall write the notification in a manner calculated to be understood
by the claimant. The notification shall set forth:

(a)               
The specific reasons for the denial;

(b)              
A reference to the specific provisions of the Agreement on which the denial is based;

(c)               
A description of any additional information or material necessary for the claimant to perfect the claim and an explanation
of why it is needed;

(d)              
An explanation of the Agreement’s review procedures and the time limits applicable to such procedures; and

(e)               
A statement of the claimant’s right to bring a civil action under ERISA Section 502(a) following an adverse benefit
determination on review.

Section
6.2           
Review Procedure. If the Plan Administrator denies part or all of the claim, the claimant shall have the opportunity
for a full and fair review by the Plan Administrator of the denial, as follows:

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6.2.1       
Initiation – Written Request. To initiate the review, the claimant, within sixty (60) days after receiving
the Plan Administrator’s notice of denial, must file with the Plan Administrator a written request for review.

6.2.2       
Additional Submissions – Information Access. The claimant shall then have the opportunity to submit written
comments, documents, records and other information relating to the claim. The Plan Administrator shall also provide the claimant,
upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant (as
defined in applicable ERISA regulations) to the claimant’s claim for benefits.

6.2.3       
Considerations on Review. In considering the review, the Plan Administrator shall take into account all materials
and information the claimant submits relating to the claim, without regard to whether such information was submitted or considered
in the initial benefit determination.

6.2.4       
Timing of Plan Administrator Response. The Plan Administrator shall respond in writing to such claimant within sixty
(60) days after receiving the request for review. If the Plan Administrator determines that special circumstances require additional
time for processing the claim, the Plan Administrator can extend the response period by an additional sixty (60) days by notifying
the claimant in writing, prior to the end of the initial 60-day period, that an additional period is required. The notice of extension
must set forth the special circumstances and the date by which the Plan Administrator expects to render its decision.

6.2.5       
Notice of Decision. The Plan Administrator shall notify the claimant in writing of its decision on review. The Plan
Administrator shall write the notification in a manner calculated to be understood by the claimant. The notification shall set
forth:

(a)               
The specific reasons for the denial;

(b)              
A reference to the specific provisions of the Agreement on which the denial is based;

(c)               
A statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies
of, all documents, records and other information relevant (as defined in applicable ERISA regulations) to the claimant’s
claim for benefits; and

(d)              
A statement of the claimant’s right to bring a civil action under ERISA Section 502(a).

Article
7

Amendments and Termination

Section
7.1           
Amendments. This Agreement may be amended only by a written agreement signed by the Company, the Bank and the Executive.
However, the Company and the Bank may unilaterally amend this Agreement to conform with written directives to the Company and
the Bank from its auditors or banking regulators or to comply with legislative or tax law, including without limitation Section
409A of the Code and any and all regulations and guidance promulgated thereunder.

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Section
7.2           
Plan Termination Generally. This Agreement may be terminated only by a written agreement signed by the Company,
the Bank and the Executive, in which case the Executive shall receive the Early Termination Benefit, determined as of the date
the Agreement is terminated. Except as provided in Section 7.3, the termination of this Agreement shall not cause a distribution
of benefits under this Agreement. Rather, upon such termination benefit distributions will be made at the earliest distribution
event permitted under Article 2 or Article 3 (and permissible under Section 409A of the Code and the regulations thereunder).

Section
7.3           
Plan Terminations Under Section 409A. Notwithstanding anything to the contrary in Section 7.2, if this Agreement
terminates in the following circumstances:

(a)               
Within thirty (30) days before, or twelve (12) months after, a Change in Control, provided that all distributions are made
no later than twelve (12) months following such termination of the Agreement and further provided that all the Company’s
and the Bank’s arrangements which are substantially similar to the Agreement are terminated so the Executive and all participants
in the similar arrangements are required to receive all amounts of compensation deferred under the terminated arrangements within
twelve (12) months of such terminations;

(b)              
Upon the Company’s and the Bank’s dissolution or with the approval of a bankruptcy court, provided that the
amounts deferred under the Agreement are included in the Executive’s gross income in the latest of (i) the calendar year
in which the Agreement terminates; (ii) the calendar year in which the amount is no longer subject to a substantial risk of forfeiture;
or (iii) the first calendar year in which the distribution is administratively practical; or

(c)               
Upon the Company’s and the Bank’s termination of this and all other arrangements that would be aggregated with
this Agreement pursuant to Treasury Regulations Section 1.409A-1(c) if the Executive participated in such arrangements (“Similar
Arrangements”), provided that (i) the termination and liquidation does not occur proximate to a downturn in the financial
health of the Company and the Bank, (ii) all termination distributions are made no earlier than twelve (12) months and no
later than twenty-four (24) months following such termination, and (iii) the Company and the Bank do not adopt any new arrangement
that would be a Similar Arrangement for a minimum of three (3) years following the date the Company and the Bank take all necessary
action to irrevocably terminate and liquidate the Agreement;

the Company
and the Bank may distribute the present value (determined as of the date of distribution, based on the Applicable PBGC Rate) of
the Early Termination Benefit (determined as of the date of the termination of the Agreement) to the Executive in a lump sum on
the first date permitted by Treasury Regulations Section 1.409A-3(j)(4)(ix).

    	10

    	 

    
Article
8

Administration of Agreement

Section
8.1           
Plan Administrator Duties. This Agreement shall be administered by a Plan Administrator which shall consist of the
Board, or such committee or person(s) as the Board shall appoint. The Executive may be a member of the Plan Administrator. The
Plan Administrator shall be the named fiduciary for purposes of ERISA, if applicable, and shall also have the discretion and authority
to (i) make, amend, interpret and enforce all appropriate rules and regulations for the administration of this Agreement and (ii)
decide or resolve any and all questions including interpretations of this Agreement, as may arise in connection with the Agreement.

Section
8.2           
Agents. In the administration of this Agreement, the Plan Administrator may employ agents and delegate to them such
administrative duties as it sees fit, (including acting through a duly appointed representative), and may from time to time consult
with counsel who may be counsel to the Company.

Section
8.3           
Binding Effect of Decisions. The decision or action of the Plan Administrator with respect to any question arising
out of or in connection with the administration, interpretation and application of the Agreement and the rules and regulations
promulgated hereunder shall be final and conclusive and binding upon all persons having any interest in the Agreement. No Executive
or Beneficiary shall be deemed to have any right, vested or nonvested, regarding the continued use of any previously adopted assumptions,
including but not limited to the Discount Rate.

Section
8.4           
Indemnity of Plan Administrator. The Company and the Bank shall jointly and severally indemnify and hold harmless
the members of the Plan Administrator against any and all claims, losses, damages, expenses or liabilities arising from any action
or failure to act with respect to this Agreement, except in the case of willful misconduct by the Plan Administrator or any of
its members.

Section
8.5           
Company Information. To enable the Plan Administrator to perform its functions, the Company shall supply full and
timely information to the Plan Administrator on all matters relating to the date and circumstances of the base salary, retirement,
Disability, death, or Separation from Service of the Executive, and such other pertinent information as the Plan Administrator
may reasonably require.

Section
8.6           
Annual Statement. The Plan Administrator shall provide to the Executive, within one hundred twenty (120) days after
the end of each Plan Year, a statement setting forth the benefits payable under this Agreement.

Article
9

Miscellaneous

Section
9.1           
Binding Effect. This Agreement shall inure to the benefit of and bind the Executive, the Company and the Bank, and
their beneficiaries, survivors, executors, successors, administrators and permitted transferees.

Section
9.2           
No Guarantee of Employment. This Agreement is not an employment policy or contract. It does not give the Executive
the right to remain an employee of the Company or the Bank, nor does it interfere with the Company’s or the Bank’s
right to discharge the Executive under the terms of the Employment Agreement. It also does not require the Executive to remain
an employee nor interfere with the Executive’s right to terminate employment at any time.

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Section
9.3           
Non-Transferability. Benefits under this Agreement cannot be sold, transferred, assigned, pledged, attached or encumbered
in any manner, except by the laws of descent and distribution.

Section
9.4           
Tax Withholding. The Company and the Bank shall withhold any taxes that are required to be withheld, including but
not limited to taxes owed under Section 409A of the Code and regulations thereunder, from the benefits provided under this Agreement.
The Executive acknowledges that the Company and the Bank’s sole liability regarding taxes is to forward any amounts withheld
to the appropriate taxing authority(ies). Further, the Company and the Bank shall satisfy all applicable reporting requirements,
including those under Section 409A of the Code and regulations thereunder.

Section
9.5           
Applicable Law. The Agreement and all rights hereunder shall be governed by the laws of the State of Florida (without
regard to principles of conflicts of laws), except to the extent preempted by the laws of the United States of America.

Section
9.6           
Unfunded Arrangement. The Executive and Beneficiary are general unsecured creditors of the Company and the Bank
for the payment of benefits under this Agreement. The benefits represent the mere promise by the Company and the Bank to pay such
benefits. The rights to benefits are not subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge,
encumbrance, attachment, or garnishment by creditors. Any insurance on the Executive’s life is a general asset of the Company
and/or the Bank to which the Executive and Beneficiary have no preferred or secured claim.

Section
9.7           
Reorganization. The Company and/or the Bank shall not merge or consolidate into or with another company or bank,
or reorganize, or sell substantially all of its assets to another company, bank, firm, or person unless such succeeding or continuing
company, bank, firm, or person agrees to assume and discharge the obligations of the Company and the Bank under this Agreement.
Upon the occurrence of such event, the terms “Company” and “Bank” as used in this Agreement shall be deemed
to refer to the successors or survivor entities.

Section
9.8           
Entire Agreement. This Agreement constitutes the entire agreement between the Company, the Bank and the Executive
as to the subject matter hereof. No rights are granted to the Executive by virtue of this Agreement other than those specifically
set forth herein.

Section
9.9           
Interpretation. Wherever the fulfillment of the intent and purpose of this Agreement requires, and the context will
permit, the use of the masculine gender includes the feminine and use of the singular includes the plural.

Section
9.10        Alternative
Action. In the event it shall become impossible for the Company, the Bank or the Plan Administrator to perform any act required
by this Agreement, the Company, the Bank or Plan Administrator may in its discretion perform such alternative act as most nearly
carries out the intent and purpose of this Agreement and is in the best interests of the Company, the Bank, provided that such
alternative acts do not violate Section 409A of the Code.

    	12

    	 

    
Section
9.11        Headings.
Article and section headings are for convenient reference only and shall not control or affect the meaning or construction of
any of its provisions.

Section
9.12        Validity.
In case any provision of this Agreement shall be illegal or invalid for any reason, said illegality or invalidity shall not affect
the remaining parts hereof.

Section
9.13        Notice.
Any notice or filing required or permitted to be given to the Company or the Bank or Plan Administrator under this Agreement shall
be sufficient if in writing and hand-delivered, or sent by overnight delivery, or sent by registered or certified mail, to the
address below:

1st
United Bancorp, Inc.

Attn:
Chairman

One
North Federal Highway

Boca
Raton, FL 33432

Any notice
or filing required or permitted to be given to the Executive under this Agreement shall be sufficient if in writing and hand-delivered,
or sent by mail, to the last known address of the Executive according to the Company’s and the Bank’s records. All
notices shall be deemed given as of the date of delivery or, if delivery is made by mail, as of the date of receipt as shown on
the postmark on the receipt for registration or certification.

Section
9.14        Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which taken
together shall constitute one and the same instrument. Confirmation of execution by electronic transmission of a facsimile signature
page shall be binding upon any party so confirming

Section
9.15        Compliance with
Section 409A. This Agreement shall at all times be administered and the provisions of this Agreement shall be interpreted
consistent with the requirements of Section 409A of the Code and any and all regulations thereunder, including such regulations
as may be promulgated after the Effective Date of this Agreement.

Section
9.16        Rescissions.
Any modification to the terms of this Agreement that would inadvertently result in an additional tax liability on the part of
the Executive, shall have no effect to the extent the change in the terms of the plan is rescinded by the earlier of a date before
the right is exercised (if the change grants a discretionary right) and the last day of the calendar year during which such change
occurred.

    	13

    	 

    
Section
9.17        Arbitration.
Subject to the parties’ right to seek equitable remedies under Section 9.18, all claims for monetary damages and disputes
relating in any way to the performance, interpretation, validity, or breach of this Agreement shall be referred to final and binding
arbitration, before a single arbitrator, under the commercial arbitration rules of the American Arbitration Association in Palm
Beach County, Florida. The arbitrator shall be selected by the parties and if the parties are unable to reach agreement on selection
of the arbitrator within ten (10) days after the notice of arbitration is served, then the arbitrator will be selected by the
American Arbitration Association. All documents, materials, and information in the possession of a party to this Agreement and
in any way relevant to the claims or disputes shall be made available to the other parties for review and copying not later than
60 days after the notice of arbitration is served. To the extent that a party would be required to make confidential information
available to any other, an agreement or an order shall be entered in the proceeding protecting the confidentiality of and limiting
access to such information before a party is required to produce such information. Information produced by a party shall be used
exclusively in the arbitration or litigation that may arise, and shall not otherwise be disclosed. In no event shall a party be
entitled to punitive damages in any arbitration or judicial proceeding and all parties hereby waive their rights to any punitive
damages. In the event an arbitration panel or a court concludes that the punitive damages waiver contained in the previous sentence
is unenforceable, then the parties agree that the court with subject matter jurisdiction over the confirmation of the award shall
have sole and exclusive jurisdiction to determine issues of entitlement and amount of punitive damages. The arbitrator shall NOT
have subject matter jurisdiction to decide any issues relating to the statute of limitations or to any request for injunctive
relief, and the parties hereby stipulate to stay the arbitration proceeding (without the need of a bond) until any such issues
in dispute are resolved. Judgment upon the award rendered by the arbitrator shall be final, binding and conclusive upon the parties
and their respective administrators, personal representatives, legal representatives, heirs, successors and permitted assigns,
and may be entered in any court of competent jurisdiction. The parties expressly acknowledge and agree that the statute of limitations
set forth in Chapter 95 of the Florida Statutes shall apply to any action, arbitration or proceeding brought to enforce the terms
or conditions of this Agreement.

Section
9.18        Equitable Remedies.
Each of the parties acknowledges that the parties will be irreparably damaged (and damages at law would be an inadequate remedy)
if this Agreement is not specifically enforced. Therefore, in the event of a breach or threatened breach by any party of any provision
of this Agreement, then the other parties shall be entitled, in addition to all other rights or remedies, (a) to an injunction
restraining such breach, without being required to show any actual damage or to post an injunction or other bond, or (b) to a
decree for specific performance of the provisions of this Agreement, or both.

Section
9.19        Enforcement
Costs. If any civil action, arbitration or other legal proceeding is brought for the enforcement of this Agreement, or
because of an alleged dispute, breach, default or misrepresentation in connection with any provision of this Agreement, the
successful or prevailing party or parties shall be entitled to recover reasonable attorneys’ fees, court costs, sales
and use taxes and all expenses even if not taxable as court costs (including, without limitation, all such fees, taxes, costs
and expenses incident to arbitration, appellate, bankruptcy and post-judgment proceedings), incurred in that proceeding, in
addition to any other relief to which such party or parties may be entitled. Attorneys’ fees shall include, without
limitation, paralegal fees, investigative fees, administrative costs, sales and use taxes and all other charges billed by the
attorney to the prevailing party (including any fees and costs associated with collecting such amounts).

    	14

    	 

    
IN
WITNESS WHEREOF, the Executive and a duly authorized representative of the Company and of the Bank have signed this Agreement.

	EXECUTIVE:	COMPANY:
	 	1st
    UNITED BANCORP, INC.
	 	 
	/s/
    John Marino                                
               	By:/s/
  Rudy E. Schupp                            
	John
    Marino	Title:Chief
    Executive Officer                
	 	 
	 	BANK:
	 	1st
    UNITED BANK
	 	 
	 	By:/s/
    Rudy E. Schupp                            
	 	Title:Chief
    Executive Officer and President
	 	 

 

    	15Exhibit 4.1

Exhibit 4.1

  WESTERN WIND ENERGY CORP.

  2011 STOCK OPTION PLAN

  Dated for Reference June 29, 2011

   

  ARTICLE 1

  PURPOSE

  	1.1      	The purpose of this stock option plan (the “Stock Option Plan”) is to authorize the grant to directors, officers, employees and other service providers of Western Wind Energy Corp. (“Western Wind”) incentive stock options to purchase common shares in the capital of Western Wind and thus benefit Western Wind. This will allow Western Wind to attract, retain and motivate service providers by providing them with the opportunity, through share purchase options, to acquire an increased proprietary interest in Western Wind.

  ARTICLE 2

  INTERPRETATION

  	2.1      	In this Stock Option Plan, in addition to terms which are parenthetically defined, the following terms shall have the following meanings respectively:

	 	 

  	 	(a)      	“Associate” has the meaning ascribed thereto in the Securities Act (British Columbia);

		 	 
	 	(b)      	“Board” means the board of directors of Western Wind;

		 	 
	 	(c)      	“Cessation Date” means the date an Optionee ceases to be an Eligible Optionee;

		 	 
	 	(d)      	“Change of Control” includes situations where after giving effect to the contemplated transaction and as a result of such transaction:

		 	 

  	 	(i)      	any one Person holds a sufficient number of voting shares of Western Wind or resulting company to affect materially the control of Western Wind or resulting company, or,

	 	 	 
	 	(ii)      	any combination of Persons, acting in concert by virtue of an agreement, arrangement, commitment or understanding, hold in total a sufficient number of voting shares of Western Wind or its successor to affect materially the control of Western Wind or its successor, where such Person or combination of Persons did not previously hold a sufficient number of voting shares to affect materially control of Western Wind or its successor. In the absence of evidence to the contrary, any Person or combination of Persons acting in concert by virtue of an agreement, arrangement, commitment or understanding, holding more than 20% of the voting shares of Western Wind or its successor is deemed to materially affect the control of Western Wind or its successor;

  - 2 -

  	 	(e)      	“Change of Management” means:

	 	 	 

  	 	(i)      	a reconstitution of the board of directors of Western Wind so that the majority of the board of directors is comprised of Persons who were not members of the board of directors before the reconstitution; or,

	 	 	 
	 	(ii)      	a reconstitution in both the senior management and the board of directors of Western Wind so that the control and direction over Western Wind 's business and affairs is predominantly in the hands of Persons who, before the reconstitution, were not senior officers or directors of Western Wind;

	 	 	 

  	 	(f)      	“Common Shares” means common shares in the capital of Western Wind;

	 	 	 
	 	(g)      	“Consultant” means, in relation to Western Wind or its Subsidiaries, an individual or Consultant Company, other than an Employee or a Director of Western Wind, that:

	 	 	 

  	 	(i)      	is engaged to provide on an ongoing bona fide basis, consulting, technical, management or other services to Western Wind or a Subsidiary of Western Wind, other than services provided in relation to a distribution;

	 	 	 
	 	(ii)      	provides the services under a written contract between Western Wind or a Subsidiary of Western Wind and the individual or the Consultant Company;

	 	 	 
	 	(iii)      	in the reasonable opinion of Western Wind, spends or will spend a significant amount of time and attention on the affairs and business of Western Wind or a Subsidiary of Western Wind; and

	 	 	 
	 	(iv)      	has a relationship with Western Wind or a Subsidiary of Western Wind that enables the individual to be knowledgeable about the business and affairs of Western Wind;

	 	 	 

  	 	(h)      	“Consultant Company” means for an individual consultant, a company or partnership of which the individual is an employee, shareholder or partner;

	 	 	 
	 	(i)      	“Director” means a director or senior officer of Western Wind or its Subsidiaries;

	 	 	 
	 	(j)      	“Eligible Optionee” means:

  - 3 -

  	 	(i)      	a Director or Employee of Western Wind or its Subsidiaries;

	 	 	 
	 	(ii)      	a Consultant; or

	 	 	 
	 	(iii)      	a Management Company Employee;

  provided that an exemption from the registration and prospectus requirements under the applicable securities legislation is available to Western Wind;

  	 	(k)      	“Employee” means:

	 	 	 

  	 	(i)      	an individual who is considered an employee of Western Wind or its Subsidiaries under the Income Tax Act (Canada) (i.e. for whom income tax, employment insurance and CPP deductions must be made at source);

	 	 	 
	 	(ii)      	an individual who works full-time for Western Wind or its Subsidiaries providing services normally provided by an employee and who is subject to the same control and direction by Western Wind over the details and methods of work as an employee of Western Wind, but for whom income tax deductions are not made at source; or

	 	 	 
	 	(iii)      	an individual who works for Western Wind or its Subsidiaries on an continuing and regular basis for a minimum amount of time per week providing services normally provide by an employee and who is subject to the same control and direction by Western Wind over the details and methods of work as an employee of Western Wind, but for whom income tax deductions are not made at source;

	 	 	 

  	 	(l)      	“Exchange” means the TSX Venture Exchange, provided that if the Common Shares are not at the relevant time listed and posted for trading on the TSX Venture Exchange, “Exchange” shall mean such stock exchange or quotation system on which the Common Shares are then listed or quoted as may be selected by the Board;

	 	 	 

	 	(m)      	“Exchange Policies” means the policies of the Exchange;

	 	 	 
	 	(n)      	“Existing Options” means stock options granted prior to the Shareholder Approval Date which have not been exercised or cancelled;

	 	 	 
	 	(o)      	“Expiry Date” of an Option means the day on which an Option lapses;

	 	 	 
	 	(p)      	“Insider” has the meaning ascribed thereto in the Exchange Policies;

	 	 	 
	 	(q)      	“Investor Relations Activities” has the meaning ascribed thereto in the Exchange Policies;

	 	 	 
	 	(r)      	“Management Company Employee” means an individual employed by a Person providing management services to Western Wind or its Subsidiaries, which are required for the ongoing successful operation of the business enterprise of Western Wind, but excluding a Person engaged in Investor Relations Activities;

  - 4 -

  	 	(s)      	“Option” means a stock option granted pursuant to the Stock Option Plan;

	 	 	 
	 	(t)      	“Optionee” means an individual to whom an Option is granted by Western Wind under this Stock Option Plan;

	 	 	 
	 	(u)      	“Outstanding Issue” means the number of Common Shares which are issued and outstanding as of a particular time, on a non-diluted basis;

	 	 	 
	 	(v)      	“Person” means a company or an individual;

	 	 	 
	 	(w)      	“Post Cessation Date Exercise Period” means the period after the Cessation Date during which an Optionee may continue to exercise its options;

	 	 	 
	 	(x)      	“Reserved for Issuance” at any particular time refers to Common Shares which may be issued in the future upon the exercise of Options and Existing Options which are outstanding at that time;

	 	 	 
	 	(y)      	“Shareholder Approval Date” means the date disinterested shareholders approve this Stock Option Plan; and

	 	 	 
	 	(z)      	“Subsidiary” has the meaning ascribed thereto in the Business Corporations Act (British Columbia).

  ARTICLE 3

  ADMINISTRATION OF THE PLAN

  	3.1      	The Stock Option Plan shall be administered by the Board. Options to purchase unissued Common Shares may be granted from time to time under this Stock Option Plan by the Board only to Eligible Optionees.

	 	 
	3.2      	Subject to the provisions hereof, the Board shall have full and final authority to determine whether and when Options are to be granted, to determine which Eligible Optionees are to be granted Options under the Stock Option Plan, the number of shares subject to each Option, and all other terms and conditions applicable to each Option.

	 	 
	3.3      	For every grant of stock options to Employees, Consultants or Management Company Employees, Western Wind shall represent that the Optionee is a bona fide Employee, Consultant or Management Company Employee of Western Wind or its Subsidiaries, as the case may be.

  - 5 -

  ARTICLE 4

  SHARES SUBJECT TO PLAN

  	4.1      	Subject to adjustment under the provisions of Article 13 hereof, the aggregate number of Common Shares which may be issued and sold under the Stock Option Plan, together with the number of Common Shares issued after the Shareholder Approval Date pursuant to the exercise of Existing Options, will not exceed 11,871,107 Common Shares.

	 	 
	4.2      	If any Common Shares cannot be issued to any Optionee for whatever reason, the obligation of Western Wind to issue such Common Shares shall terminate and any option exercise price paid to Western Wind shall be returned to the Optionee. Common Shares in respect of which Options or Existing Options have expired unexercised shall be available for subsequent Options granted under the Stock Option Plan.

	 	 
	4.3      	No fractional shares may be issued or purchased under the Stock Option Plan. If Options are surrendered, terminated or expire in accordance with the terms of the Stock Option Plan without being exercised, new Options may be granted covering Common Shares not purchased under such lapsed Options.

	 	 
	4.4      	All Existing Options which are outstanding as of the date the Stock Option Plan becomes effective shall thereafter be governed by the Stock Option Plan.

  ARTICLE 5

  GRANT LIMITATIONS

  	5.1      	Options granted under the Stock Option Plan will be subject to the following limitations:

	 	 

  	 	(a)     	the number of Common Shares reserved for issuance to holders of Options or Existing Options who are Insiders at the time of the particular grant may not exceed, without disinterested shareholder approval, 10% of the Outstanding Issue at the time of such grant;

	 	 	 
	 	(b)      	the number of Options granted within a 12 month period to Optionees who are Insiders at the time of issuance, may not exceed, without disinterested shareholder approval, 10% of the Outstanding Issue at the time of such grant;

	 	 	 
	 	(c)      	the number of Options granted to any one Optionee within any 12 month period may not exceed, without disinterested shareholder approval, 5% of the Outstanding Issue at the time of such grant;

	 	 	 
	 	(d)      	the number of Options granted to any one Consultant in any 12 month period may not exceed 2% of the Outstanding Issue; and

	 	 	 
	 	(e)      	the aggregate number of Options granted to persons employed to provide Investor Relations Activities in any 12 month period may not exceed 2% of the Outstanding Issue.

  - 6 -

  ARTICLE 6

  PRICE

  	6.1      	The option price of any Common Share in respect of which an Option may be granted under the Stock Option Plan shall be fixed by the Board but shall be not less than the minimum price permitted by the Exchange. The Board may determine that the option price per Common Share may escalate at a specified rate dependent upon the year in which any Option to purchase Common Shares may be exercised by the Optionee.

	 	 
	6.2      	Disinterested Shareholder approval will be obtained for any reduction in the exercise price if the Optionee is an Insider of Western Wind at the time of the proposed amendment.

  ARTICLE 7

  PERIOD OF OPTION , RIGHTS TO EXERCISE AND WITHHOLDING TAXES

  	7.1      	Subject to the provisions of this Article 7 and Articles 8, 9 and 10 below, Options will be exercisable in whole or in part, and from time to time, during the currency thereof. Options can be exercisable for a maximum of ten years from the date of grant. The Common Shares to be purchased upon the exercise of any Option (“Option Shares”) shall be paid for in full at the time of such exercise. Except as provided in Articles 9 and 10 below, no Option may be exercised unless the Optionee is at the time of exercise an Eligible Optionee.

	 	 

	7.2      	Should the expiry date of an Option fall within a Black Out Period or within nine business days following the expiration of a Black Out Period, such expiry date of the Option shall be automatically extended without any further act or formality to that date which is the tenth business day after the end of the Black Out Period, such tenth business day to be considered the expiry date for such Option for all purposes under the Plan. The ten business day period referred to in this paragraph may not be extended by the Board. “Black Out Period” means the period during which the relevant Optionee is prohibited from exercising an Option due to trading restrictions imposed by Western Wind pursuant to any policy of Western Wind respecting restrictions on trading that is in effect at that time.

	 	 

	7.3      	The exercise of an Option will be subject to the policies, procedures and conditions adopted by the Board from time to time to comply with Western Wind’s obligations imposed under any law or regulation of any governmental authority whatsoever, including, without limitation, Western Wind's withholding, remittance and other funding liabilities under applicable tax law.

	 	 
	7.4      	Western Wind shall have the authority to deduct and withhold, or require the Optionee to remit to Western Wind, the amount of any taxes or other required source deductions which Western Wind is required by law or regulation of any governmental authority whatsoever to remit in connection with any issuance of shares upon the exercise of options (the “Tax Obligation”), which amount will be determined by Western Wind in its sole discretion. Without limiting the generality of the foregoing, and unless otherwise prohibited by the Board or by applicable law, Western Wind may fund the Tax Obligation by any of the following methods or by a combination of such methods as determined by Western Wind in its sole discretion:

  - 7 -

  	 	(a)      	require, as a condition of the issuance of Option Shares to an Optionee, that the Optionee make, in addition to the exercise price for the Options, a cash payment to Western Wind equal to the Tax Obligation and Western Wind, in its sole discretion, may withhold the issuance or delivery of Option Shares until the Optionee makes such payment;

	 	 	 
	 	(b)      	elect, in its sole discretion, to withhold from the Option Shares being issued upon exercise of the Options such number of Option Shares as Western Wind determines are required to be sold by Western Wind, as trustee, to satisfy the Tax Obligation (net of selling costs). The Optionee consents to such sale and grants to Western Wind an irrevocable power of attorney to effect the sale of such Option Shares and acknowledges and agrees that Western Wind does not accept responsibility for the price obtained on the sale of such Option Shares;

	 	 	 
		(c)      	withhold from any cash payment otherwise due by Western Wind to the Optionee, including salaries, directors fees, consulting fees and any other forms of remuneration, such amount of cash as is required to pay and satisfy the Tax Obligation; or

	 	 	 
		(d)      	make such other arrangements satisfactory to the Optionee and Western Wind.

	 	 	 

  	7.5      	The Optionee (or their beneficiaries) shall be responsible for any taxes or other required source deductions which Western Wind is required by law or regulation of any governmental authority whatsoever with respect to any Options granted or exercised under the Plan.

	 	 
	7.6      	Neither the Board nor Western Wind makes any representations or warranties of any nature or kind whatsoever to any person regarding the tax treatment of Options or payments on account of the Tax Obligation made under the Plan and none of the Board, Western Wind, nor any of its employees or representatives shall have any liability to an Optionee (or its beneficiaries) with respect thereto.

  ARTICLE 8

  VESTING RESTRICTIONS

  	8.1      	Except as otherwise provided for in this section, vesting restrictions, if any, for all Options granted pursuant to this Stock Option Plan will be determined at the discretion of the Board at the time of the grant in accordance with the policies of the Exchange. Vesting restrictions shall be required in the case of options issued to Consultants performing Investor Relations Activities; the vesting period must be at least 12 months with no more than 1/4 of the options vesting in any three month period.

  - 8 -

  	8.2      	If the Board determines with respect to an Optionee that is desirable to alter the vesting periods of any particular Option, it may fix the vesting of that Option before or after its grant in such manner as it determines in its discretion provided such alterations are in compliance with Exchange Policies.

	 	 
	8.3      	If a bona fide offer (an “Offer”):

	 	 

  	 	(a)      	is made to all shareholders of Western Wind for Common Shares, which Offer, if accepted in whole or in part, would result in the offeror becoming a control person of Western Wind, within the meaning of subsection 1(1) of the Securities Act (British Columbia);

	 	 	 
	 	(b)      	is made for all or substantially all of the assets of Western Wind (as such concept is interpreted under the Business Corporations Act (British Columbia); or

	 	 	 
		(c)      	is made for a proposed transaction which a majority of the Board determines is reasonably likely to have a similar effect as either of the transactions referred to in subparagraph (a) or (b) above;

  then Western Wind shall, immediately upon receipt of notice of the Offer, notify each Optionee of full particulars of the Offer. Subject to Exchange approval, any Options that may not be fully vested shall become vested on the date of Exchange approval. Such Options may be exercised in whole or in part by the Optionee so as to permit the Optionee to tender or to vote, as applicable, the Option Shares received upon such exercise, pursuant to the Offer. If:

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

	 	 	 
	 	(e)      	the Optionee does not tender the Option Shares pursuant to the Offer, if applicable;

	 	 	 
	 	(f)      	all of the Option Shares tendered by the Optionee pursuant to the Offer are not taken up or paid for by the offeror in respect thereof; or

	 	 	 
	 	(g)      	the sale or reorganization does not close in accordance with its terms,

  then the Option Shares received upon such exercise, or in the case of clause (f) above, the Option Shares that are not taken up and paid for, shall be returned by the Optionee to Western Wind and reinstated as authorized but unissued Common Shares and with respect to such returned Option Shares, the Option shall be reinstated as if it had not been exercised and the terms upon which such Option Shares were to become vested pursuant to paragraph 8.1 shall be reinstated. If any Option Shares are returned to Western Wind under this paragraph 8.3, Western Wind shall immediately refund the exercise price to the Optionee for such Option Shares. In no event shall the Optionee be entitled to sell the Option Shares otherwise than pursuant to the Offer (in the case of an Offer pursuant to paragraph 8.3(a) hereof) or to sell the Option Shares prior to the closing of any transaction (in the case of an Offer pursuant to paragraph 8.3(b) or (c) hereof).

  - 9 -

  ARTICLE 9

  CESSATION OF PROVISION OF SERVICES

  	9.1      	If an Optionee ceases to be an Eligible Optionee for any reason (except as provided in sections 9.2, 9.4 or 9.5 of this Article or in Article 10), the Options held by the Optionee will expire within a reasonable period following the Cessation Date (the “Post Cessation Date Exercise Period”), which period shall be determined by the Board. The Optionee shall only be entitled to exercise Options which have vested at the Cessation Date. If a Post Cessation Date Exercise Period is not set out in an option agreement, the Board shall determine the Post Cessation Date Exercise Period and Western Wind shall provide notice to the Optionee of the Post Cessation Date Exercise Period within five (5) business days of the Cessation Date. Notwithstanding the foregoing, in no event shall an Optionee be entitled to exercise any Options beyond the Expiry Date of the Optionee’s Option.

		
	9.2      	If an Optionee ceases to be an Eligible Optionee for cause, no Option held by such Optionee may be exercised following the Cessation Date.

		
	9.3      	An Optionee ceases to be an Eligible Optionee if the Optionee ’s employment has been terminated by Western Wind or a Subsidiary of Western Wind:

		

  	 	(a)      	other than for cause, either:

	 	 	 

  	 	(i)      	on the day specified by Western Wind or such Subsidiary in writing to the Eligible Optionee as being the last day on which the Eligible Optionee is to report for work for Western Wind or a Subsidiary of Western Wind; or

	 	 	 
	 	(ii)      	if such Eligible Optionee is given pay in lieu of advance notice of a pending effective date of termination, on the day on which such notice of termination is given in writing by Western Wind or such Subsidiary to the Eligible Optionee and

	 	 	 

  	 	(b)      	for cause, on the day on which the notice of termination was given.

	 	 	 

  	9.4      	If an Optionee ceases to be an Eligible Optionee by reason of death of the Optionee during the currency of the Optionee’s Option, the Optionee’s legal personal representative may, within the period of one year after the Cessation Date and in no event after the expiry date of the Option, exercise any Options vested at the Cessation Date. Before expiry of an Option under this paragraph 9.4, Western Wind shall notify the Optionee’s legal personal representative in writing of such expiry.

	 	 

	9.5      	Notwithstanding the provisions set out in paragraph 9.1, if a Change of Control or Change of Management occurs and if an Optionee ceases to be an Eligible Optionee as a result of the Change of Control or Change of Management, the Optionee may, within the period of ninety days after the Cessation Date and in no event after the Expiry Date of the Optionee’s Option, exercise any Options which were vested at the Cessation Date. Notwithstanding Article 8 and any vesting provisions set out in any agreement relating to the Option, subject to regulatory approval, all Options held by the Optionee shall immediately become vested on the Cessation Date and shall become fully exercisable.

  - 10 -

  ARTICLE 10

  EXTENSION OF OPTION

  	10.1      	Notwithstanding the provisions of Article 9, the Board may extend the period of time within which an Option held by an Optionee who has ceased to be an Eligible Optionee may be exercised, but such an extension shall not be granted beyond the original Expiry Date of the Option. Any extensions of Options granted under this Stock Option Plan are subject to applicable regulatory approval.

  ARTICLE 11

  GRANT OF MULTIPLE OPTIONS

  	11.1      	The grant of an Option to any Eligible Optionee shall not prevent the Board from granting further Options to the same Eligible Optionee and any such further grant of an Option shall, for the purposes of Article 3, be treated as a separate Option.

  ARTICLE 12

  NON-TRANSERABILITY OF OPTIONS

  	12.1      	No Option granted under the Stock Option Plan shall be transferable or assignable by an Optionee, or subject to any other alienation, sale, pledge or encumbrance, otherwise than by will or by the laws of descent and distribution, and, therefore, such Option shall be exercisable, during an Optionee’s lifetime, only by the Optionee.

  ARTICLE 13

  ADJUSTMENTS IN SHARES SUBJECT TO PLAN

  	13.1      	Following the date an Option is granted, the exercise price for and the number of Option Shares which are subject to an Option will be adjusted, with respect to the then unexercised portion thereof, in the events and in accordance with the provisions and rules set out in this Article 13, with the intent that the rights of Optionees 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 and rules will be conclusively determined by the Board, and any such determination will be binding on Western Wind, the Optionee and all other affected parties.

	 	 
	13.2      	If the outstanding Common Shares are changed into or exchanged for a different number of shares or into or for other securities of Western Wind 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 Option Share for which the Option is exercised, the Optionee shall instead receive the number and kind of shares or other securities of Western Wind or other company into which such Option Share would have been changed or for which such Option Share would have been exchanged if it had been outstanding on the date of such event and the exercise price will be similarly adjusted so that the aggregate price to exercise the Option is preserved.

  - 11 -

  	13.3      	If the outstanding Common Shares are changed into or exchanged for a different number of shares or into or for other securities of Western Wind or securities of another company or entity, in a manner other than as specified in paragraph 13.2, 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 principle described in paragraph 13.1, and such adjustments shall be effective and binding upon Western Wind and the Optionee for all purposes.

  ARTICLE 14

  AMENDMENT OF THE PLAN

  	14.1      	The Board of Directors may amend or terminate this Stock Option Plan or any outstanding Option granted hereunder at any time without the approval of the shareholders of Western Wind or any Optionee whose Option is amended or terminated, in order to conform this Stock Option Plan or such Option, as the case may be, to applicable law or regulation or the requirements of the Exchange or any relevant regulatory authority, whether or not such amendment or termination would affect any accrued rights, subject to the approval of the Exchange or such regulatory authority.

	 	 
	14.2      	The Board of Directors may amend or terminate this Stock Option Plan or any outstanding Option granted hereunder for any reason other than the reasons set forth in paragraph 14.1 hereof, subject to the approval of the Exchange or any relevant regulatory authority and the approval of the shareholders of Western Wind if required by the Exchange or such regulatory authority. No such amendment or termination will, without the consent of an Optionee, alter or impair any rights which have accrued to him prior to the effective date thereof.

	 	 
	14.3      	The Stock Option Plan, and any amendments thereto, shall be subject to acceptance and approval by the Exchange. Any Options granted prior to such approval and acceptance shall be conditional upon such approval and acceptance being given and no such Options may be exercised unless and until such approval and acceptance are given.

	 	 
	14.4      	Subject to the prior approval of the Exchange and/or any other applicable regulatory authority, the Board may at any time supersede and replace the Stock Option Plan with a new stock option plan (a “New Plan”). If a New Plan is adopted in place of the Stock Option Plan, such New Plan may provide that all Options granted under the Stock Option Plan which are outstanding as of the date of adoption of the New Plan shall thereafter be governed by the New Plan; provided, however, that no amendment of the Stock Option Plan, or termination of the Stock Option Plan and adoption of a New Plan, may adversely affect the rights under any Option granted prior to such action without the consent of the Optionee.

  - 12 -

  ARTICLE 15

  EVIDENCE OF OPTIONS

  	15.1      	A written agreement will be entered into between Western Wind and each Optionee to whom an Option is granted hereunder, which agreement will set out the number of Common Shares subject to Option, the exercise price, provisions as to vesting (if any) and the expiry date, and any other terms approved by the Board, all in accordance with the provisions of this Stock Option Plan. The agreement will be in such form as the Board may from time to time approve, or authorize the officers of Western Wind to enter into, and may contain such terms as may be considered necessary in order that the Option will comply with this Stock Option Plan and any regulatory body having jurisdiction over Western Wind.

  ARTICLE 16

  EXERCISE OF OPTION

  	16.1      	Subject to the provisions of the Stock Option Plan and the particular Option, an Option may be exercised from time to time by delivering to Western Wind at its registered office a written notice of exercise specifying the number of Common Shares with respect to which the Option is being exercised and accompanied by payment for the full amount of the purchase price of the Common Shares then being purchased.

	 	 
	16.2      	The full purchase price of Common Shares purchased under the Option must be paid in lawful money of Canada or by certified cheque made payable to Western Wind.

	 	 
	16.3      	Subject to the provisions of the Stock Option Plan and the particular Option, upon receipt of a treasury order of an authorized officer directing the issue of Common Shares purchased under the Stock Option Plan, the transfer agent is authorized and directed to issue and countersign share certificates for the Option Shares in the name of such Optionee or the Optionee’s legal personal representative or as may be directed in writing by the Optionee’s legal personal representative.

  ARTICLE 17

  RIGHTS PRIOR TO EXERCISE

  	17.1      	An Optionee shall have no rights whatsoever as a shareholder in respect of any of the Option Shares (including any right to receive dividends or other distributions therefrom or thereon) other than in respect of Option Shares in respect of which the Optionee shall have exercised the Option to purchase hereunder and which the Optionee shall have actually taken up and paid for.

  - 13 -

  ARTICLE 18

  GOVERNING LAW

  	18.1      	This Stock Option Plan shall be construed in accordance with and be governed by the laws of the Province of British Columbia and shall be deemed to have been made in said Province, and shall be in accordance with all applicable securities laws.

  ARTICLE 19

  EXPIRY OF OPTION

  	19.1      	On the expiry date of any Option granted under the Stock Option Plan, and subject to any extension of such expiry date permitted in accordance with the Stock Option Plan, such Option shall forthwith expire and terminate and be of no further force or effect whatsoever as to such of the Option Shares in respect of which the Option has not been exercised.

  ARTICLE 20

  PRIOR PLANS

  	20.1      	On the effective date (as set out in paragraph 21.1 hereof), subject to Exchange approval and, if required, shareholder approval:

		

  	 	(a)      	this Stock Option Plan shall entirely replace and supersede the prior stock option plan dated for reference April 8, 2009; and

	 	 	 
	 	(b)      	all outstanding options shall be deemed to be granted pursuant to this Stock Option Plan.

  ARTICLE 21

  EFFECTIVE DATE OF THE PLAN

  	21.1      	This Stock Option Plan shall become effective as of and from, and the effective date of the Plan shall be June 29, 2011, upon receipt of all necessary shareholder and regulatory approvals.

  ADDENDUM TO

    WESTERN WIND ENERGY CORP.

    2011 STOCK OPTION PLAN

  This Addendum to the Western Wind Energy Corp. 2011 Stock Option Plan (the "Stock Option Plan") applies to Options granted to Optionees who are citizens or residents of the United States (including its territories, possessions and all areas subject to the jurisdiction) ("U.S. Optionees"). This Addendum is incorporated into and made a part of the Stock Option Plan.

  Options granted to U.S. Optionees are intended to be exempt from Section 409A of the Internal Revenue Code of 1986, as amended, of the United States ("Section 409A"). Section 409A does not apply to grants of non-qualified stock options, provided such options satisfy certain specific requirements. In order to confirm the Stock Option Plan's intended exemption from Section 409A, the following provisions apply to any grant of an Option to a U.S. Optionee:

  	 	1.      	An Option granted to a U.S. Optionee is intended to be a non-qualified stock option that is exempt from Section 409A pursuant to United States Treasury Regulation Section 1.409A-1(b)(5) and the Stock Option Plan shall be interpreted consistent with such intent.

			
	 	2.      	The exercise price for any Common Share in respect of which an Option may be granted under the Stock Option Plan shall be fixed by the Board, but shall not be less than the “fair market value” (without discount even if permitted by the Exchange) of such Common Share at the time the Option is granted. For this purpose, “fair market value” means the last per share closing price for the Common Shares on the Exchange before the date of grant of the Option. The number of Common Shares subject to the Option also shall be fixed as of the date of grant.

	 	 	 
	 	3.      	No adjustment to the number or type of Common Shares available for issuance or subject to any Option or to the exercise price for any Options (including, without limitation, pursuant to Section 13 of the Stock Option Plan) shall be made if and to the extent such adjustment would cause an Option to become subject to Section 409A unless the Board determines that such adjustment is necessary and specifically acknowledges that the adjustment will be made notwithstanding any such result. Any determination made under this section by the Board shall be final and conclusive.

	 	 	 
	 	4.      	The Option may only relate to Common Shares that are "service recipient stock" under Section 409A and the related regulations. Generally, "service recipient stock" means the common stock of the corporation or entity for which the U.S. Optionee is providing direct services on the date of grant or any corporation or other entity in a chain of corporations or other entities in which each corporation or other entity has a controlling interest in another corporation or entity in the chain, ending with the corporation or entity that has a controlling interest in the corporation or entity for which the U.S. Optionee is providing direct services on the date of grant. For this purpose, controlling interest generally means ownership of at least fifty percent (50%) of the total combined voting power of all classes of voting stock or at least fifty percent (50%) of the total value of shares of all classes of stock and in the case of a partnership, ownership of at least fifty percent (50%) of the profits interest or capital interest of such partnership. Further, service recipient stock does not include a class of stock that has any preference as to distributions other than distributions of service recipient stock and distributions in liquidation of the issuer; nor does it include any stock that is subject to certain mandatory repurchase obligations (other than the right of first refusal) or put or call rights at other than fair market value as described in Treasury Regulation Section 1.409A-1(b)(5)(iii).

  	 	5.      	The Option shall have no feature for the deferral of option gain contrary to United States Treasury Regulation Section 1.409A-1(b)(5)(i)(A)(3).

	 	 	 
	 	6.      	Under Section 8.3 of the Stock Option Plan and any similar provision in the Plan or any Stock Option Agreement, the vesting and exercise of previously unvested shares pursuant to an Offer shall be contingent on the consummation of the Offer and the tender of the Option Shares by the U.S. Optionee pursuant to the Offer. For purposes of clarity, the vesting and exercise will not be deemed to occur until immediately prior to (and contingent on) the consummation of the Offer and tender of the Option Shares, such that if the Offer is not completed or the Option Shares not tendered, the vesting and exercise will not occur. In the event the Offer is not consummated or Option Shares not tendered, the Options shall continue in effect, unvested and unexercised, in accordance with their terms.

	 	 	 
	 	7.      	The period of time within which an Option held by an Optionee may be exercised may not be extended to the extent such extension would cause the Option to become subject to Section 409A.

	 	 	 
	 	8.      	Notwithstanding any other provision hereof, the Board may amend any outstanding option without a U.S. Optionee’s consent if, as determined by the Board in its sole discretion, such amendment is required either to (A) confirm exemption of any such Option under Section 409A, (B) comply with Section 409A or (C) prevent the U.S. Optionee from being subject to any tax or penalty under Section 409A.

	 	 	 

	 	9.      	To the extent the provisions of this Addendum, any other provision of the Stock Option Plan and any applicable Stock Option Agreement are inconsistent, the terms of this Addendum shall control.

	 	 	 
	 	10.      	Notwithstanding anything in the Stock Option Plan (including this Addendum) or any Stock Option Agreement to the contrary, neither Western Wind, nor any parent, subsidiary or other affiliate, employee, director or other person shall be liable in the event that the Option results in any income inclusion, additional tax or penalty under Section 409A.

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